Prepaid Expenses and Other Current Assets and Other Assets

3 Months Ended

Mar. 31, 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
	March 31, 2024		December 31, 2023
		(in thousands)
Short-term investments	$	1,585	$	1,046
Prepaid real estate taxes		3,666		3,522
Interest receivable		4,223		2,102
Prepaid taxes		8,747		9,064
Prepaid ground rent		2,832		3,712
Other current assets		23,282		19,147
Total prepaid expenses and other current assets	$	44,335	$	38,593

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

	As of		As of
	March 31, 2024		December 31, 2023
		(in thousands)
Straight-line rent receivable	$	417,597	$	415,100
Interest rate swap asset (1)		93,514		104,674
Loans receivable (2)		155,580		148,104
Deferred lease costs, net		8,706		8,713
Deferred tax asset - long term		64,593		67,473
Long-term investments		22,020		24,540
Other		44,529		43,872
Total other assets	$	806,539	$	812,476

(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 funding of the loans is recorded in Other investing activities on the Consolidated Statements of Cash Flows. As of March 31, 2024, the outstanding principal balance of the loan was $106.4 million and was accruing interest at 10.076%.