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Prepaid Expenses and Other Current Assets and Other Assets
3 Months Ended
Mar. 31, 2023
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

March 31, 2023

December 31, 2022

(in thousands)

Short-term investments

$

1,864

$

1,331

Prepaid real estate taxes

3,594

3,333

Prepaid taxes

10,500

10,639

Other current assets

24,256

17,846

Total prepaid expenses and other current assets

$

40,214

$

33,149


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

As of

As of

March 31, 2023

December 31, 2022

(in thousands)

Straight-line rent receivable

$

396,617

$

388,638

Interest rate swap asset (1)

151,464

182,860

Loans receivable (2)

117,880

39,922

Deferred lease costs, net

8,509

7,747

Deferred tax asset - long term

11,736

16,173

Long-term investments

37,068

40,696

Other

47,781

46,337

Total other assets

$

771,055

$

722,373

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

(2)On March 17, 2023, 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 $120.0 million in aggregate principal amount, consisting of a $73.0 million initial term loan and $47.0 million of delayed draw term loans. The final maturity date of the loans is November 30, 2024. The loans accrue interest at a variable rate, adjusting monthly, plus the applicable margin. Interest on the loans is received monthly. The funding of the loans is recorded in Other investing activities on the Consolidated Statements of Cash Flows. As of March 31, 2023, the outstanding principal balance of the loan was $78.0 million and was accruing interest at 9.49%.