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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract] |
Commitments and Contingencies |
1 2. | Commitments and Contingencies
Commitments Real Estate Development Commitments As of March 31, 2022, the Company has both consolidated and unconsolidated real estate projects under development. We have entered into, and may continue in the future to enter into, joint venture agreements with third-party partners for the development of multifamily rental properties. The joint venture agreements with each development partner include buy-sell provisions that provide the right, but not the obligation, for the Company to acquire each respective partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events described in the joint venture agreements. See Note 6 for additional discussion. The following table summarizes the gross remaining total project costs for the Company’s projects under development at March 31, 2022 (total project costs remaining in thousands):
|  | Projects |  |  | Apartment Units |  |  | Total Project Costs Remaining (1) |
Projects Under Development |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  |  | 1 |  |  |  | 312 |  |  | $ | 71,309 |
Unconsolidated |  |  | 3 |  |  |  | 929 |  |  |  | 247,498 |
Total Projects Under Development |  |  | 4 |  |  |  | 1,241 |  |  | $ | 318,807 |
(1) | The Company’s share of the $318.8 million in total project costs remaining approximates $25.0 million, with the balance funded by the Company’s joint venture partners (approximately $8.8 million) and/or applicable construction loans (approximately $285.0 million).
Real Estate Technology Fund Commitments We have entered into, and may continue in the future to enter into, real estate technology fund investments. At March 31, 2022, the Company has invested in 10 real estate technology investment funds with remaining commitments of approximately $27.0 million. Contingencies Litigation and Legal Matters The Company, as an owner of real estate, is subject to various federal, state and local 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 does not believe there is any 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.

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