XML 28 R14.htm IDEA: XBRL DOCUMENT v3.19.1
Prepaid Expenses and Other Assets, net
3 Months Ended
Mar. 31, 2019
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:
March 31, 2019December 31, 2018
Derivative assets$10,463 $16,687 
Goodwill8,754 8,754 
Non-real estate investments3,138 2,713 
Investment in unconsolidated joint venture86 86 
Other(1)
60,000 27,393 
PREPAID EXPENSES AND OTHER ASSETS, NET(2)
$82,441 $55,633 
_____________ 
1.Includes deposits of $35.6 million for future acquisitions as of March 31, 2019 and no deposits for future acquisitions at December 31, 2018.
2.Excludes balances related to properties that have been classified as held for sale.
Goodwill

No goodwill impairment indicators have been identified during the three months ended March 31, 2019.

Non-Real Estate Investments

The Company holds investments in privately traded companies. The investments require accounting under the equity method unless the interest in the entity is deemed to be so insubstantial such that the Company has virtually no influence over the entity’s operating and financial policies.

The Company holds investments in entities that do not report NAV. The Company marks the these investments to fair value based on Level 2 inputs, whenever fair value is readily available or observable. Changes in fair value are included in the unrealized gain on non-real estate investment line item on the Consolidated Statements of Operations. In the first quarter of 2019 and 2018, there was no gain or loss recognized due to observable changes in fair value. For one of the investments, the Company is committed to funding up to $20.0 million in a real estate technology venture capital fund. During the first quarter of 2019, the Company has contributed $425 thousand to this fund with $19.6 million remaining to be contributed. 

Investment in Unconsolidated Joint Venture

As of March 31, 2019, the Company has determined it is not the primary beneficiary of one joint venture. Due to its significant influence over the unconsolidated entity, the Company accounts for it using the equity method of accounting.

On June 16, 2016, the Company entered into a joint venture to co-originate a loan secured by land in Santa Clara, California. The Company owns 21% of the unconsolidated entity. On July 10, 2018, the Company received a return of capital related to its share of the repayment of the notes receivable.