Restricted Cash, Other Assets and Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Restricted Cash, Other Assets And Other Liabilities [Abstract]

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


(In thousands)	September 30, 2020		December 31, 2019
Capital expenditures reserves (1)	$	13,802	$	18,314
Real estate escrow reserves (2)	21,247		15,455
Borrower escrow deposits	6,707		8,079
Lender restricted cash (3)	87,155		27,409
Other (4)	38,198		21,806
Total restricted cash	$	167,109	$	91,063

__________

(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.

(4) Includes investment sales proceeds held in escrow.

Schedule of the Company's Other Assets, Net

The following table summarizes the Company's other assets:


(In thousands)	September 30, 2020		December 31, 2019
Straight-line rents	$	52,878	$	37,230
Investment deposits and pending deal costs	14,844		32,994
Prefunded capital expenditures for Vantage SDC	75,235		—
Deferred financing costs, net (1)	2,448		2,794
Derivative assets (Note 11)	6,007		21,382
Prepaid taxes and deferred tax assets, net	53,171		69,328
Receivables from resolution of investments (2)	3,049		63,984
Operating lease right-of-use asset, net	178,603		180,486
Accounts receivable, net (3)	63,241		53,387
Prepaid expenses	33,491		22,417
Other assets	22,965		29,219
Fixed assets, net (4)	28,802		44,768
Total other assets	$	534,734	$	557,989

__________

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

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

(3) Includes receivables from tenants, resident fees, property level insurance, and asset management fees, net of allowance for doubtful accounts, where applicable, of $1.5 million at September 30, 2020 and $0.1 million at December 31, 2019.

(4) 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)	September 30, 2020		December 31, 2019
Tenant security deposits and payable	$	13,676	$	12,457
Borrower escrow deposits	6,707		9,903
Deferred income (1)	40,067		30,040
Interest payable	28,072		28,902
Derivative liabilities (Note 11)	96,944		127,531


Current and deferred income tax liability	170,962		222,206
Operating lease liability	159,026		156,147
Accrued compensation	56,546		72,859
Accrued carried interest and incentive fee compensation	1,151		50,360
Accrued real estate and other taxes	34,444		22,091
Accounts payable and accrued expenses	111,840		91,614
Other liabilities	70,431		63,409
Total accrued and other liabilities	$	789,866	$	887,519

__________

(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 $13.4 million at September 30, 2020 and $18.3 million at December 31, 2019 will be recognized as fee income over a weighted average period of 1.6 years and 1.2 years, respectively. Deferred management fees recognized as income of $6.2 million and $0.3 million in the three months ended September 30, 2020 and 2019, respectively, and $12.0 million and $1.0 million in the nine months ended September 30, 2020 and 2019, respectively, pertain to the deferred management fee balance at the beginning of each respective period.