XML 34 R22.htm IDEA: XBRL DOCUMENT v3.22.2
Prepaid Expenses and Other Assets, net
 6 Months Ended
Jun. 30, 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:
June 30, 2022December 31, 2021
Deposits and pre-development costs for future acquisitions$— $47,605 
Prepaid insurance16,830 5,442 
Non-real estate investments44,302 31,447 
Stock purchase warrant286 1,664 
Deferred financing costs6,805 7,750 
Prepaid property tax— 2,192 
Interest rate derivative assets4,411 368 
Inventory1,981 1,578 
Other24,536 20,954 
PREPAID EXPENSES AND OTHER ASSETS, NET$99,151 $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 (loss) gain on non-real estate investments on the Consolidated Statements of Operations. The Company recognized an unrealized loss of $1.4 million and an unrealized gain of $1.2 million on its non-real estate investments due to the observable changes in fair value during the three and six months ended June 30, 2022, respectively. The Company recognized an unrealized gain of $5.1 million and $9.0 million on its non-real estate investments due to the observable changes in fair value during the three and six months ended June 30, 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 (loss) gain on non-real estate investments on the Consolidated Statements of Operations. The Company recognized an unrealized loss of $0.4 million and $1.4 million due to the change in the fair value of the stock purchase warrant during the three and six months ended June 30, 2022, respectively. The Company recognized an unrealized loss of $0.1 million and an unrealized gain of $1.8 million due to the change in the fair value of the stock purchase warrant during the three and six months ended June 30, 2021, respectively.