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Prepaid Expenses and Other Assets, net
 3 Months Ended
Mar. 31, 2022
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:
March 31, 2022December 31, 2021
Deposits and pre-development costs for future acquisitions$56,818 $47,605 
Prepaid insurance287 5,442 
Non-real estate investments44,591 31,447 
Stock purchase warrant704 1,664 
Deferred financing costs7,262 7,750 
Prepaid property tax1,096 2,192 
Interest rate cap derivative asset2,739 368 
Inventory1,755 1,578 
Other25,524 20,954 
PREPAID EXPENSES AND OTHER ASSETS, NET$140,776 $119,000 

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 on non-real estate investments on the Consolidated Statements of Operations. The Company recognized an unrealized gain of $2.6 million and $3.9 million on its non-real estate investments due to the observable changes in fair value during the three months ended March 31, 2022 and 2021, 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 on non-real estate investments on the Consolidated Statements of Operations. The Company recognized an unrealized loss of $0.9 million and
an unrealized gain of $1.9 million due to the change in the fair value of the stock purchase warrant during the three months ended March 31, 2022 and 2021, respectively.