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Prepaid Expenses and Other Assets, net | 6 Months Ended
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Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Prepaid Expenses and Other Assets, net | Prepaid Expenses and Other Assets, net The following table summarizes the Company’s prepaid expenses and other assets, net as of:
| June 30, 2025 |  | December 31, 2024
Non-real estate investments | $ | 48,460 |  |  | $ | 50,373 |
Deferred tax assets | 27 |  |  | 8 |
Interest rate derivative assets | 4,047 |  |  | 4,325 |
Prepaid insurance | 17,033 |  |  | 10,074 |
Deferred financing costs, net | 1,716 |  |  | 2,165 |
Prepaid property tax | — |  |  | 2,129 |
Other | 26,196 |  |  | 21,040 |
PREPAID EXPENSES AND OTHER ASSETS, NET | $ | 97,479 |  |  | $ | 90,114 |
Non-Real Estate Investments The Company measures its investments in funds that do not have a readily determinable fair value using the Net Asset Value (“NAV”) practical expedient and uses NAV reported without adjustment unless it is aware of information indicating the NAV reported does not accurately reflect the fair value of the investment. Changes in the fair value of these non-real estate investments are included in unrealized gain (loss) on non-real estate investments on the Conso lidated Statements of Operations. During the three and six months ended June 30, 2025, the Company recognized an unrealized gain of $0.2 million and an unrealized loss of $0.2 million, respectively, on its non-real estate investments due to the changes in fair value. During the three and six months ended June 30, 2024, the Company recognized unrealized losses of $1.0 million and $1.9 million, respectively, on its non-real estate investments due to the observable changes in fair value. As of June 30, 2025, the cumulative unrealized gain of the the investments is $6.6 million.

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