Quarterly report pursuant to Section 13 or 15(d)

Prepaid Expenses and Other Assets

v2.4.0.6
Prepaid Expenses and Other Assets
3 Months Ended
Mar. 31, 2012
Prepaid Expenses and Other Assets  
Prepaid Expenses and Other Assets

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.