Prepaid Expenses and Other Current Assets and Other Assets

9 Months Ended

Sep. 30, 2024

Prepaid Expenses and Other Current Assets and Other Assets [Abstract]

Prepaid Expenses and Other Current Assets and Other Assets

5.PREPAID EXPENSES AND OTHER CURRENT ASSETS AND OTHER ASSETS

The Company’s prepaid expenses and other current assets are comprised of the following:



	As of		As of
	September 30, 2024		December 31, 2023

		(in thousands)
Short-term investments	$	16,245	$	1,046
Prepaid real estate taxes		5,099		3,522
Interest receivable		6,996		2,102
Prepaid insurance		3,058		1,522
Prepaid taxes		11,870		9,064
Prepaid ground rent		2,911		3,712
Other current assets		20,970		17,625
Total prepaid expenses and other current assets	$	67,149	$	38,593

The Company’s other assets are comprised of the following:



	As of		As of
	September 30, 2024		December 31, 2023

		(in thousands)
Straight-line rent receivable	$	420,783	$	415,100
Interest rate swap asset ⁽¹⁾		44,934		104,674
Loans receivable ⁽²⁾		164,775		148,104
Deferred lease costs, net		8,690		8,713
Deferred tax asset - long term		59,652		67,473
Long-term investments		26,587		24,540
Other		47,523		43,872
Total other assets	$	772,944	$	812,476

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(1)Refer to Note 17 for more information on the Company’s interest rate swaps.

(2)On March 17, 2023 (and as amended on August 25, 2023 and March 31, 2024), the Company entered into a loan with one of its unconsolidated joint ventures (“the Investee”). As part of the loan agreement, the Investee may borrow up to $115.0 million in aggregate principal amount, consisting of a $73.0 million initial term loan and $42.0 million of delayed draw term loans. The final maturity date of the loans is January 31, 2025. The loans accrue interest at a variable rate, adjusting monthly, plus the applicable margin. The loans are collateralized by equity securities in the Investee. The funding of the loans is recorded in Other investing activities on the Consolidated Statements of Cash Flows. As of September 30, 2024, the outstanding principal balance of the loan was $114.2 million and was accruing interest at a blended rate of 9.947%.