Annual report pursuant to Section 13 and 15(d)

Prepaid Expenses and Other Assets, Net

v3.22.4
Prepaid Expenses and Other Assets, Net
 12 Months Ended
Dec. 31, 2022
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,
2022 2021
Construction contract costs in excess of billings, net $ 22,331  $ 22,384 
Prepaid expenses 21,058  20,058 
Furniture, fixtures and equipment, net 8,286  9,599 
Non-real estate equity investments 5,974  5,544 
Net investment in sales-type leases 5,666  6,194 
Deferred financing costs, net (1) 5,210  1,314 
Deposits 4,616  3,910 
Restricted cash 4,172  4,054 
Interest rate derivatives 2,631  355 
Property - finance right-of-use assets 2,207  2,238 
Marketable securities in deferred compensation plan 1,831  2,556 
Deferred tax asset, net 1,405  1,841 
Other assets 1,230  1,443 
Prepaid expenses and other assets, net $ 86,617  $ 81,490 
(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,
2022 2021
Operating loss carry forward $ 1,533  $ 1,835 
Property (128) 30 
Valuation allowance —  (24)
Deferred tax asset, net $ 1,405  $ 1,841 

We recognize a valuation allowance on our deferred tax asset if we believe that 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, 2022 net deferred tax asset.