Quarterly report pursuant to Section 13 or 15(d)

Prepaid Expenses and Other Assets

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Prepaid Expenses and Other Assets
9 Months Ended
Sep. 30, 2012
Prepaid Expense and Other Assets [Abstract]  
Prepaid Expenses and Other Assets
Prepaid Expenses and Other Assets
 
Prepaid expenses and other assets consisted of the following (in thousands):
 
 
September 30,
2012
 
December 31,
2011
Mortgage and other investing receivables
$
40,761

 
$
27,998

Prepaid expenses
24,396

 
20,035

Furniture, fixtures and equipment, net
8,657

 
10,177

Deferred tax asset
6,666

 
10,892

Lease incentives
5,595

 
5,233

Other assets
6,472

 
13,284

Prepaid expenses and other assets
$
92,547

 
$
87,619


 
Mortgage and Other Investing Receivables
 
Mortgage and other investing receivables consisted of the following (in thousands):
 
 
September 30,
2012
 
December 31,
2011
Notes receivable from City of Huntsville
$
30,623

 
$
17,741

Mortgage loans receivable
10,138

 
10,257

 
$
40,761

 
$
27,998


 
Our notes receivable from the City of Huntsville funded infrastructure costs in connection with our LW Redstone Company, LLC joint venture (see Note 5).  Our mortgage loans receivable reflected above consists of two loans secured by properties in Greater Baltimore and the Baltimore/Washington Corridor.  We did not have an allowance for credit losses in connection with these receivables at September 30, 2012 or December 31, 2011.  The fair value of our mortgage and other investing receivables totaled $40.7 million at September 30, 2012 and $28.0 million at December 31, 2011.

Operating Notes Receivable
 
We had operating notes receivable due from tenants with terms exceeding one year totaling $373,000 at September 30, 2012 and $530,000 at December 31, 2011.  We carried allowances for estimated losses for most of these balances.