Annual report pursuant to Section 13 and 15(d)

Prepaid Expenses and Other Assets, Net

v3.20.4
Prepaid Expenses and Other Assets, Net
 12 Months Ended
Dec. 31, 2020
Prepaid Expense and Other Assets [Abstract]  
Prepaid Expenses and Other Assets, Net Prepaid Expenses and Other Assets, Net
 
Prepaid expenses and other assets, net consisted of the following (in thousands):
 
December 31,
2020 2019
Lease incentives, net $ 35,642  $ 28,433 
Prepaid expenses 19,690  18,835 
Furniture, fixtures and equipment, net 10,433  7,823 
Construction contract costs in excess of billings, net 10,343  17,223 
Net investment in sales-type leases 6,573  — 
Non-real estate equity investments 5,509  6,705 
Restricted cash 3,664  3,397 
Deferred financing costs, net (1) 2,439  3,633 
Deferred tax asset, net 1,989  2,328 
Other assets 5,274  4,639 
Total for COPLP and subsidiaries 101,556  93,016 
Marketable securities in deferred compensation plan 3,027  3,060 
Total for COPT and subsidiaries $ 104,583  $ 96,076 
(1)Represents deferred costs, net of accumulated amortization, attributable to our Revolving Credit Facility and interest rate derivatives.

Deferred tax asset, net reported above includes the following tax effects of temporary differences and carry forwards of our TRS (in thousands):
December 31,
2020 2019
Operating loss carry forward $ 2,087  $ 2,885 
Property
 103  (77)
Valuation allowance
 (201) (480)
Deferred tax asset, net $ 1,989  $ 2,328 

We recognize a valuation allowance on our deferred tax asset if we believe all or some portion of the asset may not be realized. An increase or decrease in the valuation allowance resulting from a change in circumstances that causes a change in our judgment about the realizability of our deferred tax asset is included in income. We believe it is more likely than not that the results of future operations in our TRS will generate sufficient taxable income to realize our December 31, 2020 net deferred tax asset.