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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | 16. Commitments and Contingencies Commitments Real Estate Development Commitments As of December 31, 2022, the Company has both consolidated and unconsolidated real estate projects under development. The following table summarizes the gross remaining total project costs for the Company’s projects under development at December 31, 2022 (total project costs remaining in thousands):
|  | Projects |  |  | Apartment Units |  |  | Total Project Costs Remaining (1) |
Projects Under Development |  |  |  |  |  |  |  |  |
Consolidated |  |  | 2 |  |  |  | 537 |  |  | $ | 147,708 |
Unconsolidated |  |  | 6 |  |  |  | 1,982 |  |  |  | 358,277 |
Total Projects Under Development |  |  | 8 |  |  |  | 2,519 |  |  | $ | 505,985 |
(1) The Company's share of the $506.0 million in total project costs remaining approximates $146.4 million, with the balance funded by the Company's joint venture partners (approximately $11.2 million) and/or applicable construction loans (approximately $348.4 million). 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. In 2021, the Company entered into a commitment agreement (the “Commitment Agreement”) with Toll to pursue the joint development of multifamily rental properties with an initial term of three years. The Company intends to invest 75% of the equity for each selected project and Toll intends to invest 25%. It is expected that each project will also be financed with approximately 60% non-recourse construction debt. The parties have targeted an initial minimum co-investment of approximately $750.0 million in combined equity. The Company and Toll have and expect to continue to enter into separate joint venture agreements for each property, and the Company has and expects to continue to account for these unconsolidated joint ventures under the equity method of accounting. As of December 31, 2022, the Company and Toll have entered into four separate joint venture agreements under the Commitment Agreement, with three projects currently under development. Other Commitments We have entered into, and may continue in the future to enter into, real estate technology and other real estate fund investments. At December 31, 2022, the Company has invested in eight real estate technology funds and one other real estate investment fund with aggregate remaining commitments of approximately $19.9 million. Employment Agreements The Company has entered into a retirement benefits agreement with its Chairman and a deferred compensation agreement with one former executive officer. During the years ended December 31, 2022, 2021 and 2020, the Company recognized compensation expense of $(0.2) million, $0.1 million and $0.5 million, respectively, related to these agreements. The following table summarizes the Company’s contractual obligations for deferred compensation for the next five years and thereafter as of December 31, 2022:
|  | (Payments) Due by Year (in thousands) |
|  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | Thereafter |  |  | Total |
Other Long-Term Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred Compensation (1) |  | $ | (666 | ) |  | $ | (767 | ) |  | $ | (767 | ) |  | $ | (767 | ) |  | $ | (767 | ) |  | $ | (4,220 | ) |  | $ | (7,954 | )
(1) Estimated payments to the Company’s Chairman and one former executive officer based on actual and estimated retirement dates. 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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