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Other Assets
9 Months Ended
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, net86,617 86,980 
Rent and other receivables, net58,874 54,091 
Investments in equity securities55,136 22,413 
Prepaid expenses43,333 41,972 
Held for sale assets(1)
35,778 29,842 
Corporate fixed assets, net24,460 24,484 
ROU lease assets — operating and finance, net13,723 16,534 
Deferred financing costs, net3,702 5,850 
Other18,624 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 the 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 the 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:
YearLease Payments
to be Received
Remainder of 2023$526,668 
20241,002,245 
2025135,970 
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 value1,068 913 
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,
2023202220232022
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, 2023December 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 term3.2 years2.4 years3.0 years1.4 years
Weighted average discount rate3.3%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.