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Prepaid Expenses and Other Assets, net | 9 Months Ended
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Sep. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Prepaid Expenses and Other Assets, net | Prepaid Expenses and Other Assets, net The following table summarizes the Company’s prepaid expenses and other assets, net as of:
| September 30, 2021 |  | December 31, 2020
Deposits and pre-development costs for future acquisitions | $ | 37,902 |  |  | $ | 28,488 |
Prepaid insurance | 9,459 |  |  | 5,100 |
Non-real estate investments | 24,682 |  |  | 4,088 |
Stock purchase warrant | 1,684 |  |  | — |
Deferred financing costs | 434 |  |  | 1,216 |
Prepaid property tax | 3,288 |  |  | 2,138 |
Interest rate cap derivative asset | 112 |  |  | 5 |
Inventory | 1,483 |  |  | — |
Other | 19,649 |  |  | 14,434 |
PREPAID EXPENSES AND OTHER ASSETS, NET | $ | 98,693 |  |  | $ | 55,469 |
Non-Real Estate Investments The Company measures its investments in common stock and convertible preferred stock at fair value based on Level 1 and Level 2 inputs, respectively. The Company measures its investments in funds that do not have a readily determinable fair value using the Net Asset Value (“NAV”) practical expedient and uses NAV reported without adjustment unless it is aware of information indicating the NAV reported does not accurately reflect the fair value of the investment. Changes in the fair value of these non-real estate investments are included in unrealized gain (loss) on non-real estate investments on the Consolidated Statements of Operations. The Company recognized an unrealized gain of $1.0 million and $9.9 million on its non-real estate investments due to the observable changes in fair value during the three and nine months ended September 30, 2021, respectively. The Company recognized an unrealized gain of $0.5 million and an unrealized loss of $2.3 million on its non-real estate investments due to the observable changes in fair value during the three and nine months ended September 30, 2020, respectively. Stock Purchase Warrant The Company holds an investment in a stock purchase warrant that gives the Company the right to purchase a fixed number of shares of common stock of a non-real estate investee. The warrant meets the definition of a derivative and is measured at fair value based on Level 2 inputs. Changes in the fair value of the derivative asset are included in unrealized gain (loss) on non-real estate investments on the Consolidated Statements of Operations. The Company recognized an unrealized loss of $0.2 million and an unrealized gain of $1.7 million due to the change in the fair value of the stock purchase warrant during the three and nine months ended September 30, 2021, respectively. No gain or loss was recognized related to the change in the fair value of the stock purchase warrant during the three and nine months ended September 30, 2020.

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