Prepaid Expenses and Other Current Assets and Other Assets

12 Months Ended

Dec. 31, 2023

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

Prepaid Expenses and Other Current Assets and Other Assets

6.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
	December 31, 2023		December 31, 2022
		(in thousands)
Short-term investments	$	1,046	$	1,331
Prepaid real estate taxes		3,522		3,333
Interest receivable		2,102		529
Prepaid taxes		9,064		10,639
Prepaid ground rent		3,712		3,867
Other current assets		19,147		13,450
Total prepaid expenses and other current assets	$	38,593	$	33,149

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

	As of		As of
	December 31, 2023		December 31, 2022
		(in thousands)
Straight-line rent receivable	$	415,100	$	388,638
Interest rate swap asset (1)		104,674		182,860
Loans receivable (2)		148,104		39,922
Deferred lease costs, net		8,713		7,747
Deferred tax asset - long term		67,473		16,173
Long-term investments		24,540		40,696
Other		43,872		46,337
Total other assets	$	812,476	$	722,373

(1)Refer to Note 21 for more information on the Company’s interest rate swaps.

(2)On March 17, 2023 (and as amended on August 25, 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 January 31, 2027. 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 December 31, 2023, the outstanding principal balance of the loan was $100.5 million and was accruing interest at 10.093%.