Escrow Deposits, Prepaid Expenses and Other Assets

12 Months Ended

Dec. 31, 2018

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

Escrow Deposits, Prepaid Expenses and Other Assets

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



	December 31, 2018		December 31, 2017
Escrow deposits, prepaid expenses and other	$	44,654	$	33,964
Investments in joint ventures	56,789		42,341
Commercial real estate, vehicles and FF&E, net	44,591		43,608
Total	$	146,034	$	119,913

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 year ended December 31, 2018, the Company contributed $40.9 million of single-family properties and land, as well as $8.4 million of cash, to the joint venture and received $32.8 million in distributions from the joint venture in respect of its contributions.