Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Provision for Income Taxes Attributable to Income (Loss) Before Income Taxes

The provision for income taxes attributable to income (loss) before income taxes is as follows:

	Year Ended December 31,
	2018			2017		2016
	(in thousands)
Federal:
Current	$	—		$	—	$	—
Deferred	(1,142		)	—		—
Provision for federal income taxes on continuing operations	$	(1,142	)	$	—	$	—
State:
Current	$	5,746		$	1,729	$	2,156
Deferred	1,175			3,177		108
Provision for state income taxes on continuing operations	$	6,921		$	4,906	$	2,264

Reconciliation of Federal Income Tax Statutory Rate and Effective Tax Rate

A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate on income from continuing operations is as follows:

	Year Ended December 31,
	2018		2017		2016
Federal income tax statutory rate	21.0	%	35.0	%	35.0	%
Federal valuation allowance	—		—		—
Income not subject to federal income tax	(21.5	)	(35.0	)	(35.0	)
State taxes	3.1		2.9		6.0
Effective tax rate on income from continuing operations	2.6	%	2.9	%	6.0	%

Major Tax-Effected Components of Net Deferred Tax Liability

The major tax-effected components of the Company’s net deferred tax liability are as follows:

	December 31,
	2018			2017
	(in thousands)
Deferred tax asset – federal and state
Accruals, reserves and other	$	1,844		$	—
Total deferred tax asset	$	1,844		$	—
Deferred tax liability – federal and state
Real estate investments, net	$	(33,466	)	$	(28,544	)
Other intangible assets, net	(2,012		)	—
Total deferred tax liability	(35,478		)	(28,544		)
Net deferred tax liability	$	(33,634	)	$	(28,544	)