Prepaid Expenses and Other Assets, Net

12 Months Ended

Dec. 31, 2021

Prepaid Expense and Other Assets [Abstract]

Prepaid expenses and other assets, net consisted of the following (in thousands):


	December 31,
	2021		2020
Lease incentives, net	$	51,486	$	35,642
Construction contract costs in excess of billings, net	22,384		10,343
Prepaid expenses	20,058		19,690
Furniture, fixtures and equipment, net	9,599		10,433
Net investment in sales-type leases	6,194		6,573
Non-real estate equity investments	5,544		5,509
Restricted cash	4,054		3,664
Marketable securities in deferred compensation plan	2,556		3,027
Deferred tax asset, net	1,841		1,989
Deferred financing costs, net (1)	1,314		2,439

Other assets	5,708		5,274
Prepaid expenses and other assets, net	$	130,738	$	104,583

(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,
	2021		2020
Operating loss carry forward	$	1,835	$	2,087
Property	30		103


Valuation allowance	(24)		(201)
Deferred tax asset, net	$	1,841	$	1,989

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, 2021 net deferred tax asset.