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Other Assets | 9 Months Ended
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Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Other Assets | Other Assets As of September 30, 2023 and December 31, 2022, the balances in other assets, net are as follows:
|  | September 30, 2023 |  | December 31, 2022
Derivative instruments (Note 8) |  | $ | 134,017 |  |  | $ | 119,193 |
Amounts deposited and held by others (Note 14) |  | 95,770 |  |  | 97,709 |
Investments in debt securities, net |  | 86,617 |  |  | 86,980 |
Rent and other receivables, net |  | 58,874 |  |  | 54,091 |
Investments in equity securities |  | 55,136 |  |  | 22,413 |
Prepaid expenses |  | 43,333 |  |  | 41,972 |
Held for sale assets(1) |  | 35,778 |  |  | 29,842 |
Corporate fixed assets, net |  | 24,460 |  |  | 24,484 |
ROU lease assets — operating and finance, net |  | 13,723 |  |  | 16,534 |
Deferred financing costs, net |  | 3,702 |  |  | 5,850 |
Other |  | 18,624 |  |  | 14,561 |
Total |  | $ | 570,034 |  |  | $ | 513,629 |
(1)As of September 30, 2023 and December 31, 2022, 159 and 131 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 $86,617, net of unamortized discounts of $1,320 as of September 30, 2023. These investments in debt securities are classified as held to maturity investments. As of September 30, 2023, 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 three months 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 th e three months ended September 30, 2023 and 2022, rental revenues and other property income includes $41,301 and $35,834 of variable lease payments, respectively. For th e nine months ended September 30, 2023 and 2022, rental revenues and other property income includes $113,875 and $102,960 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 September 30, 2023 are as follows:
Year |  | Lease Payments to be Received
Remainder of 2023 |  | $ | 526,668 |
2024 |  | 1,002,245 |
2025 |  | 135,970 |
2026 |  | — |
2027 |  | — |
Thereafter |  | — |
Total |  | $ | 1,664,883 |
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. As of September 30, 2023 and December 31, 2022, the values of our investments in equity securities are as follows:
|  | September 30, 2023 |  | December 31, 2022
Investments without a readily determinable fair value |  | $ | 54,068 |  |  | $ | 21,500 |
Investments with a readily determinable fair value |  | 1,068 |  |  | 913 |
Total |  | $ | 55,136 |  |  | $ | 22,413 |
The components of gains (losses) on investments in equity securities, net as of three and nine months ended September 30, 2023 and 2022 are as follows:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |  |  |  |
|  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Net losses recognized on investments sold during the reporting period — with a readily determinable value |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,452) |  |  |  |  |
Net unrealized gains (losses) on investments still held at the reporting date — with a readily determinable fair value |  | (499) |  |  | (796) |  |  | 113 |  |  | (2,548) |  |  |  |  |
Total |  | $ | (499) |  |  | $ | (796) |  |  | $ | 113 |  |  | $ | (4,000) |  |  |  |  |
Right-of-Use (“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 September 30, 2023 and December 31, 2022:
|  | September 30, 2023 |  | December 31, 2022
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Other assets |  | $ | 9,920 |  |  | $ | 3,803 |  |  | $ | 12,862 |  |  | $ | 3,672 |
Other liabilities (Note 14) |  | 11,828 |  |  | 3,439 |  |  | 14,925 |  |  | 3,483 |
Weighted average remaining lease term |  | 3.2 years |  | 2.4 years |  | 3.0 years |  | 1.4 years
Weighted average discount rate |  | 3.3% |  | 4.6% |  | 3.3% |  | 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 condensed 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 September 30, 2023 and December 31, 2022, the unamortized balances of these deferred financing costs are $3,702 and $5,850, respectively.

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