|
6. Prepaid Expenses and Other Assets
Prepaid expenses and other assets consisted of the following (in thousands):
|
|
|
March 31,
|
|
December 31,
|
|
|
|
|
2012
|
|
2011
|
|
|
Mortgage and other investing receivables
|
|
$
|
32,739
|
|
$
|
27,998
|
|
|
Prepaid expenses
|
|
14,196
|
|
20,035
|
|
|
Proceeds from sale of KEYW stock receivable (1)
|
|
11,934
|
|
5,057
|
|
|
Construction contract costs incurred in excess of billings
|
|
10,592
|
|
2,094
|
|
|
Furniture, fixtures and equipment, net
|
|
9,607
|
|
10,177
|
|
|
Deferred tax asset
|
|
6,746
|
|
10,892
|
|
|
Lease incentives
|
|
5,360
|
|
5,233
|
|
|
Other assets
|
|
5,358
|
|
6,133
|
|
|
Prepaid expenses and other assets
|
|
$
|
96,532
|
|
$
|
87,619
|
|
(1) Represents unsettled proceeds from sales of KEYW common stock that settled shortly following the respective reporting dates.
Mortgage and Other Investing Receivables
Mortgage and other investing receivables consisted of the following (in thousands):
|
|
|
March 31,
|
|
December 31,
|
|
|
|
|
2012
|
|
2011
|
|
|
Notes receivable from City of Huntsville
|
|
$
|
22,526
|
|
$
|
17,741
|
|
|
Mortgage loans receivable
|
|
10,213
|
|
10,257
|
|
|
|
|
$
|
32,739
|
|
$
|
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 March 31, 2012 or December 31, 2011. The fair value of our mortgage and other investing receivables totaled $32.7 million at March 31, 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 $482,000 at March 31, 2012 and $530,000 at December 31, 2011. We carried allowances for estimated losses for most of these balances.
|