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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | 16. Commitments and Contingencies Commitments Real Estate Development Commitments As of December 31, 2023, 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, 2023 (total project costs remaining in thousands):
|  | Projects |  |  | Apartment Units |  |  | Total Project Costs Remaining (1) |
Projects Under Development |  |  |  |  |  |  |  |  |
Consolidated |  |  | 1 |  |  |  | 225 |  |  | $ | 74,585 |
Unconsolidated |  |  | 6 |  |  |  | 1,982 |  |  |  | 144,928 |
Total Projects Under Development |  |  | 7 |  |  |  | 2,207 |  |  | $ | 219,513 |
(1) The Company's share of the $219.5 million in total project costs remaining approximates $76.6 million, with the balance funded by the Company's joint venture partners (approximately $0.7 million) and/or applicable construction loans (approximately $142.2 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. Other Commitments We have entered into, and may continue in the future to enter into, real estate technology and other real estate fund investments. As of December 31, 2023, the Company has invested in ten separate such investments totaling $38.8 million with aggregate remaining commitments of approximatel y $19.2 million. Employment Agreements The Company entered into a retirement benefits agreement with its former Chairman and a deferred compensation agreement with one former executive officer. During the years ended December 31, 2023, 2022 and 2021, the Company recognized compensation expense of $0.6 million, $(0.2) million and $0.1 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, 2023:
|  | (Payments) Due by Year (in thousands) |
|  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | Thereafter |  |  | Total |
Other Long-Term Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred Compensation (1) |  | $ | (840 | ) |  | $ | (840 | ) |  | $ | (840 | ) |  | $ | (840 | ) |  | $ | (840 | ) |  | $ | (3,778 | ) |  | $ | (7,978 | )
(1) Includes payments due to the estate of the Company’s former Chairman. As of December 31, 2023, no payments remain due to the Company's former executive officer. 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 has been named as a defendant in a number of cases filed in late 2022 and 2023 alleging antitrust violations by RealPage, Inc., a seller of revenue management software products, and various owners and/or operators of multifamily housing, including us, that have utilized these products. The complaints allege collusion among the defendants to illegally fix and inflate the pricing of multifamily rents and seek monetary damages, injunctive relief, fees and costs. All of the cases except for one have been consolidated into a single putative class action in the United States District Court for the Middle District of Tennessee. On December 28, 2023, motions to dismiss this consolidated action, filed by RealPage, Inc. as well as us and our multifamily co-defendants, were denied by the Court and the case is proceeding. Another case with similar allegations has been filed by the District of Columbia against RealPage, Inc. and a number of multifamily owners and/or operators, including us. We believe these various lawsuits are without merit and we intend to vigorously defend against them. As these proceedings are in the early stages, it is not possible for the Company to predict the outcome nor is it possible to estimate the amount of loss, if any, which may be associated with an adverse decision in any of these cases. 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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