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Other Assets
12 Months Ended
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Other Assets
As of December 31, 2023 and 2022, the balances in other assets, net are as follows:
December 31,
2023
December 31, 2022
Amounts deposited and held by others (Note 14)$92,151 $97,709 
Investments in debt securities, net86,471 86,980 
Derivative instruments (Note 8)75,488 119,193 
Rent and other receivables, net60,810 54,091 
Investments in equity securities55,991 22,413 
Prepaid expenses47,770 41,972 
Held for sale assets(1)
46,203 29,842 
Corporate fixed assets, net31,474 24,484 
ROU lease assets — operating and finance, net13,532 16,534 
Deferred financing costs, net2,972 5,850 
Other16,034 14,561 
Total$528,896 $513,629 
(1)As of December 31, 2023 and 2022, 189 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 $86,471, net of unamortized discounts of $1,232 as of December 31, 2023. These investments in debt securities are classified as held to maturity investments. As of December 31, 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 one month to three 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, 2023, 2022, and 2021, rental revenues and other property income includes $153,016, $139,829, and $118,016 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, 2023 are as follows:
YearLease Payments
to be Received
2024$1,410,362 
2025243,253 
2026— 
2027— 
2028— 
Thereafter— 
Total$1,653,615 
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 December 31, 2023 and 2022, the values of our investments in equity securities are as follows:
December 31,
2023
December 31, 2022
Investments without a readily determinable fair value$54,686 $21,500 
Investments with a readily determinable fair value1,305 913 
Total$55,991 $22,413 
The components of gains (losses) on investments in equity securities, net as of years ended December 31, 2023, 2022, and 2021 are as follows:
 For the Years Ended December 31,
202320222021
Net losses recognized on investments sold during the reporting period — with a readily determinable value$— $(1,452)$(5,483)
Net unrealized gains (losses) on investments still held at the reporting date — with a readily determinable fair value350 (2,487)(3,937)
Total $350 $(3,939)$(9,420)
                                                 
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, 2023 and 2022:
December 31, 2023December 31, 2022
Operating
Leases
Finance
Leases
Operating
Leases
Finance
Leases
Other assets$9,236 $4,296 $12,862 $3,672 
Other liabilities (Note 14)11,097 3,796 14,925 3,483 
Weighted average remaining lease term3.3 years2.9 years3.0 years1.4 years
Weighted average discount rate3.6%5.2%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 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, 2023 and 2022, the unamortized balances of these deferred financing costs are $2,972 and $5,850, respectively.