Restricted Cash, Other Assets and Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2020

Restricted Cash, Other Assets And Other Liabilities [Abstract]

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



(In thousands)	June 30, 2020		December 31, 2019
Capital expenditures reserves ⁽¹⁾	$	36,779	$	89,901
Real estate escrow reserves ⁽²⁾	33,811		38,326
Borrower escrow deposits	7,327		8,079
Lender restricted cash ⁽³⁾	46,722		41,591
Other	20,590		26,026
Total restricted cash	$	145,229	$	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)	June 30, 2020		December 31, 2019
Straight-line rents	$	45,061	$	37,352
Hotel-related deposits and reserves ⁽¹⁾	17,718		18,065
Investment deposits and pending deal costs	33,876		32,994
Deferred financing costs, net ⁽²⁾	3,158		2,794
Derivative assets(Note 11)	4,933		21,386
Prepaid taxes and deferred tax assets, net	52,591		82,344
Receivables from resolution of investments ⁽³⁾	3,836		63,984
Operating lease right-of-use asset, net	200,854		220,560
Accounts receivable, net ⁽⁴⁾	72,572		83,723
Prepaid expenses	32,004		30,761
Other assets	31,148		30,413
Fixed assets, net ⁽⁵⁾	29,558		44,768
Total other assets	$	527,309	$	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 $6.4 million at June 30, 2020 and $2.8 million at December 31, 2019.

⁽⁵⁾

Reflects impairment of $12.3 million on the corporate aircraft in the second quarter of 2020 to estimated recoverable value based upon a shortened holding period.

Schedule of Accrued and Other Liabilities

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



(In thousands)	June 30, 2020		December 31, 2019
Tenant security deposits and payable	$	15,719	$	15,293
Borrower escrow deposits	7,327		9,903
Deferred income ⁽¹⁾	33,787		32,318
Interest payable	63,972		38,487
Derivative liabilities (Note 11)	94,677		127,531
Current and deferred income tax liability	195,278		222,206
Operating lease liability	178,000		181,297
Accrued compensation	48,115		83,351
Accrued carried interest and incentive fee compensation	230		50,360
Accrued real estate and other taxes	42,967		39,923
Accounts payable and accrued expenses	131,047		143,852
Other liabilities	58,828		71,377
Total accrued and other liabilities	$	869,947	$	1,015,898

__________

⁽¹⁾

Represents primarily prepaid rental income, prepaid interest from borrowers held in reserve accounts, and deferred management fees, primarily from digital investment vehicles. Deferred management fees totaling $17.7 million at June 30, 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. Deferred management fees recognized as income of $6.6 million and $0.4 million in the three months ended June 30, 2020 and 2019, respectively, and $8.7 million and $0.7 million in the six months ended June 30, 2020 and 2019, respectively, pertain to the deferred management fee balance at the beginning of each respective period.