Note 4—Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets that sum to the total of such amounts shown in the condensed consolidated statements of cash flows:



	As of June 30,				As of December 31,
	2018		2017		2017		2016
Cash and cash equivalents	$	166,874	$	158,934	$	179,878	$	198,119
Restricted cash	243,048		138,264		236,684		222,092
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	409,922	$	297,198	$	416,562	$	420,211

Pursuant to the terms of the mortgage loans described in Note 6, we are required to establish, maintain, and fund from time to time (generally either monthly or at the time borrowings are funded) certain specified reserve accounts. These reserve accounts include, but are not limited to, the following types of accounts: (i) property tax reserves; (ii) insurance reserves; (iii) capital expenditure reserves; and (iv) HOA reserves. The reserve accounts associated with the mortgage loans are under the sole control of the loan servicer. Additionally, we hold security deposits pursuant to resident lease agreements that are required to be segregated. Until April 3, 2018, we were required to post collateral related to certain of our interest rate swap agreements, and we hold letters of credit as required by certain of our insurance policies. Accordingly, amounts funded to these reserve accounts, security deposit accounts, and other restricted accounts have been classified on our condensed consolidated balance sheets as restricted cash.

The amounts funded, and to be funded, to the reserve accounts are subject to formulae included in the mortgage loan agreements and are to be released to us subject to certain conditions specified in the mortgage loan agreements being met. To the extent that an event of default were to occur, the loan servicer has discretion to use such funds to either settle the applicable operating expenses to which such reserves relate or reduce the allocated loan amount associated with a residential property of ours.

The balances of our restricted cash accounts, as of June 30, 2018 and December 31, 2017, are set forth in the table below. As of June 30, 2018 and December 31, 2017, no amounts were funded to the insurance accounts as the conditions specified in the mortgage loan agreements that require such funding did not exist.



	June 30, 2018		December 31, 2017
Resident security deposits	$	151,885	$	147,098
Property taxes	51,631		20,785
Collections	24,526		40,607
Standing and capital expenditure reserves	8,351		5,257
Letters of credit	3,441		3,567
Special and other reserves	3,214		4,250
Derivative collateral	—		15,120
Total	$	243,048	$	236,684