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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2015
Commitments and Contingencies [Abstract] |
Commitments and Contingencies |
16. | Commitments and Contingencies
The Company, as an owner of real estate, is subject to various Federal, state and local environmental laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or changed laws or regulations on its current properties or on properties that it may acquire in the future. The Company is party to a housing discrimination lawsuit brought by a non-profit civil rights organization in April 2006 in the U.S. District Court for the District of Maryland. The suit alleges that the Company designed and built certain of its properties in violation of the accessibility requirements of the Fair Housing Act and Americans With Disabilities Act. The suit seeks actual and punitive damages, injunctive relief (including modification of non-compliant properties), costs and attorneys' fees. The Company believes it has a number of viable defenses, including that a majority of the named properties were completed before the operative dates of the statutes in question and/or were not designed or built by the Company. Accordingly, the Company is defending the suit vigorously. Due to the pendency of the Company's defenses and the uncertainty of many other critical factual and legal issues, it is not possible to determine or predict the outcome of the suit or a possible loss or a range of loss, and no amounts have been accrued at December 31, 2015. While no assurances can be given, the Company does not believe that the suit, if adversely determined, would have a material adverse effect on the Company. The Company has established a reserve related to various litigation matters associated with its Massachusetts properties and periodically assesses the adequacy of the reserve and makes adjustments as necessary. During the year ended December 31, 2015, the Company recorded a reduction to the reserve of approximately $3.0 million, resulting in a total reserve of approximately $3.0 million at December 31, 2015. While no assurances can be given, the Company does not believe that the ultimate resolution of these litigation matters, if adversely determined, would have a material adverse effect on the Company. The Company does not believe there is any other litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company. As of December 31, 2015, the Company has 10 wholly owned projects totaling 3,989 apartment units in various stages of development with commitments to fund of approximately $762.3 million and estimated completion dates ranging through September 30, 2017, as well as other completed development projects that are in various stages of lease up or are stabilized. As of December 31, 2015, the Company has two completed unconsolidated development projects that are stabilized. Both projects were co-developed with the same third party development partner in different ventures. The development venture agreements with this partner are primarily deal-specific regarding profit-sharing, equity contributions, returns on investment, buy-sell agreements and other customary provisions. The Company currently has no further funding obligations related to these projects. While the Company is the managing member of both of the joint ventures, was responsible for constructing both of the projects and gave certain construction cost overrun guarantees, the joint venture partner has significant participating rights and has active involvement in and oversight of the ongoing operations. The buy-sell arrangements contain provisions that provide the right, but not the obligation, for the Company to acquire the partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events (including at stabilization) described in the development venture agreements. See Note 6 for further discussion. During the years ended December 31, 2015, 2014 and 2013, total operating lease payments expensed for office space, including a portion of real estate taxes, insurance, repairs and utilities, and including rent due under 12 ground leases, aggregated $17.8 million, $14.7 million and $13.2 million, respectively. The Company has entered into a retirement benefits agreement with its Chairman of the Board of Trustees and deferred compensation agreements with its Vice Chairman and two former chief executive officers (one of which was fully paid out in January 2013). During the years ended December 31, 2015, 2014 and 2013, the Company recognized compensation expense of $0.4 million, $0.5 million and $0.5 million, respectively, related to these agreements. The following table summarizes the Company’s contractual obligations for minimum rent payments under operating leases and deferred compensation for the next five years and thereafter as of December 31, 2015:
(Payments)/Receipts Due by Year (in thousands)
|  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | Thereafter |  | Total
Operating Leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum Rent Payments (a) |  | $ | (15,723 | ) |  | $ | (15,721 | ) |  | $ | (15,712 | ) |  | $ | (15,567 | ) |  | $ | (15,158 | ) |  | $ | (839,521 | ) |  | $ | (917,402 | )
Minimum Rent Receipts (b) |  | 70,360 |  |  | 56,759 |  |  | 50,134 |  |  | 45,956 |  |  | 42,050 |  |  | 210,149 |  |  | 475,408 |
Other Long-Term Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred Compensation (c) |  | (1,387 | ) |  | (1,724 | ) |  | (1,724 | ) |  | (1,130 | ) |  | (1,080 | ) |  | (4,797 | ) |  | (11,842 | )
(a) | Minimum basic rent due for various office space the Company leases and fixed base rent due on ground leases for 12 properties.
(b) | Minimum basic rent receipts due for various retail/commercial space where the Company is the lessor.
(c) | Estimated payments to the Company's Chairman, Vice Chairman and one former CEO based on actual and planned retirement dates.

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