Other Assets

12 Months Ended

Dec. 31, 2022

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

As of December 31, 2022 and 2021, the balances in other assets, net are as follows:


	December 31, 2022		December 31, 2021
Derivative instruments (Note 8)	$	119,193	$	6
Amounts deposited and held by others (Note 14)	97,709		62,241
Investments in debt securities, net	86,980		157,173
Rent and other receivables, net	54,091		37,473
Prepaid expenses	41,972		41,490
Held for sale assets(1)	29,842		20,022
Corporate fixed assets, net	24,484		16,595
Investments in equity securities	22,413		16,337
ROU lease assets — operating and finance, net	16,534		16,975
Deferred financing costs, net	5,850		8,751

Other	14,561		18,001
Total	$	513,629	$	395,064

(1)As of December 31, 2022 and 2021, 131 and 80 properties, respectively, are classified as held for sale.

Investments in Debt Securities, net

In connection with certain of our Securitizations (as defined in Note 7), we have retained and purchased certificates totaling $86,980, net of unamortized discounts of $1,584 as of December 31, 2022. These investments in debt securities are classified as held to maturity investments. As of December 31, 2022, we have not recognized any credit losses with respect to these investments in debt securities, and our retained certificates are scheduled to mature over the next one month to four years.

Rent and Other Receivables, net

We lease our properties to residents pursuant to leases that generally have an initial contractual term of at least 12 months, provide for monthly payments, and are cancelable by the resident and us under certain conditions specified in the related lease agreements. Rental revenues and other property income and the corresponding rent and other receivables are recorded net of any concessions and bad debt (including actual write-offs, credit reserves, and uncollectible amounts) for all periods presented.

Variable lease payments consist of resident reimbursements for utilities, and various other fees, including late fees and lease termination fees, among others. Variable lease payments are charged based on the terms and conditions included in the resident leases. For the years ended December 31, 2022, 2021, and 2020, rental revenues and other property income includes $139,829, $118,016, and $91,573 of variable lease payments, respectively.

Future minimum rental revenues and other property income under leases on our single-family residential properties in place as of December 31, 2022 are as follows:


Year	Lease Payments to be Received
2023	$	1,278,193
2024	198,155
2025	—
2026	—
2027	—
Thereafter	—
Total	$	1,476,348

Investments in Equity Securities

We hold investments in equity securities both with and without a readily determinable fair value. Investments with a readily determinable fair value are measured at fair value, and those without a readily determinable fair value are measured at cost, less any impairment, plus or minus changes resulting from observable price changes for identical or similar investments in the same issuer. On January 5, 2023, we made a $30,000 investment in the preferred stock of a property services company (see Note 15). As of December 31, 2022 and 2021, the values of our investments in equity securities are as follows:


	December 31, 2022		December 31, 2021
Investments without a readily determinable fair value	$	21,500	$	5,838
Investments with a readily determinable fair value	913		10,499
Total	$	22,413	$	16,337

The components of gains (losses) on investments in equity securities, net as of years ended December 31, 2022, 2021, and 2020 are as follows:


	For the Years Ended December 31,

	2022		2021		2020
Net losses recognized on investments sold during the reporting period — with a readily determinable value	$	(1,452)	$	(5,483)	$	—
Net unrealized gains (losses) on investments still held at the reporting date — with a readily determinable fair value	(2,487)		(3,937)		29,689
Unrealized gains on investments still held at the reporting date — without a readily determinable fair value	—		—		34
Total	$	(3,939)	$	(9,420)	$	29,723

ROU Lease Assets — Operating and Finance, net

The following table presents supplemental information related to leases into which we have entered as a lessee as of December 31, 2022 and 2021:


	December 31, 2022						December 31, 2021
	Operating Leases			Finance Leases			Operating Leases			Finance Leases
Other assets	$	12,862		$	3,672		$	10,959		$	6,016
Other liabilities (Note 14)	14,925			3,483			13,256			5,784
Weighted average remaining lease term	3.0 years			1.4 years			3.7 years			2.2 years
Weighted average discount rate	3.3		%	4.0		%	3.2		%	4.0		%

Deferred Financing Costs, net

In connection with the amended and restated Revolving Facility (see Note 7), we incurred $11,846 of financing costs, which have been deferred as other assets, net on our consolidated balance sheets. We amortize deferred financing costs as interest expense on a straight-line basis over the term of the Revolving Facility and accelerate amortization if debt is retired before the maturity date. As of December 31, 2022 and 2021, the unamortized balances of these deferred financing costs are $5,850 and $8,751, respectively.