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Escrow Deposits, Prepaid Expenses and Other Assets

9 Months Ended

Sep. 30, 2018

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Escrow Deposits, Prepaid Expenses and Other Assets

Escrow Deposits, Prepaid Expenses and Other Assets

The following table summarizes escrow deposits, prepaid expenses and other assets as of September 30, 2018, and December 31, 2017 (in thousands):

	September 30, 2018				December 31, 2017
Escrow deposits, prepaid expenses and other	$	40,934			$	33,964
Investments in joint ventures	52,747				42,341
Commercial real estate, vehicles and FF&E, net	44,187				43,608
Land held for development	73,752				39,079
Homebuilding construction in progress	39,625				12,859
Total	$	251,245			$	171,851

In August 2018, the Operating Partnership entered into a $156.3 million joint venture with a leading institutional investor for the purpose of developing, leasing and operating newly constructed single-family rental homes located in select submarkets in the Southeast. The initial term of the joint venture is five years, during which the Company is entitled to a proportionate share of the joint venture’s cash flows based on our 20% ownership interest, along with an opportunity for a promoted interest, and also receives fees for services the Company provides to the joint venture. In evaluating the Company’s 20% ownership interest in the joint venture, we concluded that the joint venture is not a variable interest entity after applying the variable interest model and, therefore, we account for our interest in the joint venture as an investment in an unconsolidated subsidiary after applying the voting interest model using the equity method of accounting. During the third quarter of 2018, the Company contributed $40.9 million of single-family properties and land, as well as $3.8 million of cash, to the joint venture and received $32.8 million in distributions from the joint venture in respect of its contributions. As of September 30, 2018, the balance of the Company’s investment in the joint venture was $13.4 million, which is included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets.

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- References

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- Definition

Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.17)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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