Note 5—Other Assets

As of September 30, 2018 and December 31, 2017, the balances in other assets, net are as follows:



	September 30, 2018		December 31, 2017
Investments in debt securities, net	$	392,860	$	378,545
Held for sale assets⁽¹⁾	309,708		46,814
Derivative instruments (Note 7)	157,392		57,612
Investment in unconsolidated joint venture	56,667		57,078
Rent and other receivables, net	36,114		24,525
Prepaid expenses	29,181		37,869
Corporate fixed assets, net	12,254		16,595
Amounts deposited and held by others	7,798		12,598
Deferred leasing costs, net	6,991		7,018
Deferred financing costs, net	5,729		7,504
In-place leases, net	—		37,517
Other	17,755		12,930
Total	$	1,032,449	$	696,605


(1)	As of September 30, 2018 and December 31, 2017, 1,966 and 236 properties, respectively, are classified as held for sale. Of the 1,966 properties classified as held for sale as of September 30, 2018, 1,486 were related to bulk sale transactions (see Note 16).

Investments in Debt Securities, net

As of September 30, 2018, in connection with certain of our Securitizations (as defined in Note 6), we have retained and purchased certificates totaling $392,860, net of unamortized discounts of $3,081. These investments in debt securities are classified as held to maturity investments. As of September 30, 2018 and December 31, 2017, there were no gross unrecognized holding gains or losses, and there were no other than temporary impairments recognized in accumulated other comprehensive income. As of September 30, 2018, our retained certificates are scheduled to mature over the next 10 months to nine years.

Investment in Unconsolidated Joint Venture

In connection with the Mergers, we acquired a 10% interest in a joint venture with FNMA to operate, lease, and manage a portfolio of properties primarily located in Arizona, California, and Nevada. A wholly-owned subsidiary of INVH LP is the managing member of the joint venture and is responsible for the operation and management of the properties, subject to FNMA’s approval on major decisions. As of September 30, 2018 and December 31, 2017, the joint venture owned 756 and 776 properties, respectively.

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.

Included in other assets, net on the condensed consolidated balance sheets, is an allowance for doubtful accounts of $2,887 and $4,094, as of September 30, 2018 and December 31, 2017, respectively.

Deferred Financing Costs, net

In connection with our Revolving Facility (as defined in Note 6), we incurred $9,673 of financing costs during the year ended December 31, 2017, which have been deferred as other assets, net on our condensed consolidated balance sheet due to the line of credit features of the Revolving Facility. These deferred financing costs are being amortized as interest expense on a straight-line basis over the term of the Revolving Facility. As of September 30, 2018 and December 31, 2017, the unamortized balances of these deferred financing costs are $5,729 and $7,504, respectively.

In-Place Leases, net

In connection with the Mergers, we acquired in-place leases with a fair value of $45,740. The amortization period assigned at the Merger Date was approximately eight months, which represents the weighted average remaining lease period, and amortization expense of $4,624 and $37,517 is included in depreciation and amortization expense in the condensed consolidated statements of operations for the three and nine months ended September 30, 2018, respectively. As of September 30, 2018 and December 31, 2017, the unamortized balances of the in-place lease intangible asset are $0 and $37,517, respectively. The balance was fully amortized during the nine months ended September 30, 2018.