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Other Assets
3 Months Ended
Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Other Assets
As of March 31, 2022 and December 31, 2021, the balances in other assets, net are as follows:
March 31, 2022December 31, 2021
Investments in debt securities, net$157,059 $157,173 
Amounts deposited and held by others80,380 62,241 
Prepaid expenses38,840 41,490 
Rent and other receivables, net37,397 37,473 
Held for sale assets(1)
21,929 20,022 
Investments in equity securities18,429 16,337 
Corporate fixed assets, net16,785 16,595 
ROU lease assets — operating and finance, net15,992 16,975 
Deferred financing costs, net8,026 8,751 
Deferred leasing costs, net4,695 5,837 
Derivative instruments (Note 8)56 
Other15,205 12,164 
Total$414,793 $395,064 
(1)As of March 31, 2022 and December 31, 2021, 86 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 $157,059, net of unamortized discounts of $1,849 as of March 31, 2022. These investments in debt securities are classified as held to maturity investments. As of March 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 three months to five years.
Amounts Deposited and Held by Others
Amounts deposited and held by others consists of earnest money deposits for the acquisition of single-family residential properties, including deposits made to homebuilders, and amounts owed to us for sold homes. See Note 14 for additional information about commitments related to these deposits made to homebuilders.
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 March 31, 2022 and 2021, rental revenues and other property income includes $33,048 and $24,394 of variable lease payments, respectively.
Future minimum rental revenues and other property income under leases existing on our single-family residential properties as of March 31, 2022 are as follows:
YearLease Payments
to be Received
Remainder of 2022$999,487 
2023306,885 
202414,169 
2025— 
2026— 
Thereafter— 
Total$1,320,541 
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 March 31, 2022 and December 31, 2021, the values of our investments in equity securities are as follows:
March 31, 2022December 31, 2021
Investments with a readily determinable fair value$1,760 $10,499 
Investments without a readily determinable fair value16,669 5,838 
Total$18,429 $16,337 
The components of gains (losses) on investments in equity securities, net as of three months ended March 31, 2022 and 2021 are as follows:
For the Three Months
Ended March 31,
20222021
Net losses recognized on investments sold during the reporting period — with a readily determinable value$(1,452)$— 
Net unrealized losses on investments still held at the reporting date — with a readily determinable fair value(1,580)(3,140)
Total $(3,032)$(3,140)

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 March 31, 2022 and December 31, 2021:
March 31, 2022December 31, 2021
Operating
Leases
Finance
Leases
Operating
Leases
Finance
Leases
Other assets$10,460 $5,532 $10,959 $6,016 
Other liabilities (Note 14)12,660 5,302 13,256 5,784 
Weighted average remaining lease term3.5 years2.1 years3.7 years2.2 years
Weighted average discount rate3.2 %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 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 March 31, 2022 and December 31, 2021, the unamortized balances of these deferred financing costs are $8,026 and $8,751, respectively.