XML 34 R21.htm IDEA: XBRL DOCUMENT v3.25.2
Prepaid Expenses and Other Assets, net
 6 Months Ended
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, 2025December 31, 2024
Non-real estate investments$48,460 $50,373 
Deferred tax assets27 8 
Interest rate derivative assets4,047 4,325 
Prepaid insurance17,033 10,074 
Deferred financing costs, net1,716 2,165 
Prepaid property tax— 2,129 
Other26,196 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 Consolidated 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.