Restricted Cash, Other Assets and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Restricted Cash, Other Assets And Other Liabilities [Abstract]

The following table summarizes the Company's restricted cash balance:



(In thousands)	March 31, 2020		December 31, 2019
Capital expenditures reserves ⁽¹⁾	$	61,524	$	89,901
Real estate escrow reserves ⁽²⁾	34,061		38,326
Borrower escrow deposits	8,234		8,079
Lender restricted cash ⁽³⁾	39,019		41,591
Other	23,730		26,026
Total restricted cash	$	166,568	$	203,923

__________


⁽¹⁾	Represents primarily cash held by lenders for capital improvements, furniture, fixtures and equipment, tenant improvements, lease renewal and replacement reserves related to real estate assets.


⁽²⁾	Represents primarily insurance, real estate tax, repair and maintenance, tenant security deposits and other escrows related to real estate assets.

⁽³⁾

Represents operating cash from the Company's investment properties that are restricted by lenders in accordance with respective debt agreements.

Schedule of the Company's Other Assets, Net

The following table summarizes the Company's other assets:



(In thousands)	March 31, 2020		December 31, 2019
Straight-line rents	$	39,111	$	37,352
Hotel-related deposits and reserves ⁽¹⁾	19,247		18,065
Investment deposits and pending deal costs	36,199		32,994
Deferred financing costs, net ⁽²⁾	2,168		2,794
Derivative assets(Note 11)	26,919		21,386
Prepaid taxes and deferred tax assets, net	64,459		82,344
Receivables from resolution of investments ⁽³⁾	47,702		63,984
Operating lease right-of-use asset, net	202,764		220,560
Accounts receivable, net ⁽⁴⁾	83,047		83,723
Prepaid expenses	43,449		30,761
Other assets	31,957		30,413
Fixed assets, net	43,198		44,768
Total other assets	$	640,220	$	669,144

__________


⁽¹⁾	Represents reserves held by third party managers at certain hotel properties to fund furniture, fixtures and equipment ("FF&E") expenditures and to a lesser extent, working capital deposits. Funding of FF&E reserves is made periodically based on a percentage of hotel operating income.


⁽²⁾	Deferred financing costs relate to revolving credit arrangements.


⁽³⁾	Represents proceeds from loan repayments and real estate sales held in escrow, and sales of equity investments pending settlement.

⁽⁴⁾

Includes receivables from tenants, hotel operating income, resident fees, property level insurance, and asset management fees, net of allowance for doubtful accounts, where applicable, of $3.0 million at March 31, 2020 and $2.8 million at December 31, 2019.

Schedule of Accrued and Other Liabilities

The following table summarizes the Company's accrued and other liabilities:



(In thousands)	March 31, 2020		December 31, 2019
Tenant security deposits and payable	$	15,628	$	15,293
Borrower escrow deposits	8,234		9,903
Deferred income ⁽¹⁾	37,896		32,318
Interest payable	36,325		38,487
Derivative liabilities (Note 11)	84,271		127,531
Current and deferred income tax liability	208,818		222,206
Operating lease liability	178,692		181,297
Accrued compensation	34,963		83,351
Accrued carried interest and incentive fee compensation	1,179		50,360
Accrued real estate and other taxes	37,709		39,923
Accounts payable and accrued expenses	136,439		143,852
Other liabilities	57,127		71,377
Total accrued and other liabilities	$	837,281	$	1,015,898

__________

⁽¹⁾

Represents primarily prepaid rental income, prepaid interest from borrowers held in reserve accounts, deferred asset management fees from private funds, and deferred base management fees assumed in the DBH acquisition. Deferred management fees totaling $22.1 million at March 31, 2020 and $18.3 million at December 31, 2019 will be recognized as fee income over a weighted average period of 1.5 years and 1.2 years, respectively.