XML 36 R23.htm IDEA: XBRL DOCUMENT
v3.22.4

Commitments and Contingencies | 12 Months Ended
--- | ---
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Lease Commitments The following table sets forth our fixed lease payment commitments as a lessee as of December 31, 2022, for the periods below:
Year |  | Operating Leases |  | Finance Leases
2023 |  | $ | 4,523 |  |  | $ | 2,603 |
2024 |  | 4,544 |  |  | 843 |
2025 |  | 3,157 |  |  | 137 |
2026 |  | 1,999 |  |  | 6 |
2027 |  | 1,264 |  |  | — |
Thereafter |  | 429 |  |  | — |
Total lease payments |  | 15,916 |  |  | 3,589 |
Less: imputed interest |  | (991) |  |  | (106) |
Total lease liability |  | $ | 14,925 |  |  | $ | 3,483 |
The components of lease expense for the years ended December 31, 2022, 2021, and 2020 are as follows:
|  | For the Years Ended December 31, |  |
|  | 2022 |  | 2021 |  | 2020 |  |  |  |  |  |  |  |
Operating lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed lease cost |  | $ | 3,284 |  |  | $ | 3,970 |  |  | $ | 4,324 |  |  |  |  |  |  |  |  |
Variable lease cost |  | 1,498 |  |  | 1,239 |  |  | 1,155 |  |  |  |  |  |  |  |  |
Total operating lease cost |  | $ | 4,782 |  |  | $ | 5,209 |  |  | $ | 5,479 |  |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of ROU assets |  | $ | 2,676 |  |  | $ | 2,825 |  |  | $ | 2,341 |  |  |  |  |  |  |  |  |
Interest on lease liabilities |  | 234 |  |  | 279 |  |  | 456 |  |  |  |  |  |  |  |  |
Total finance lease cost |  | $ | 2,910 |  |  | $ | 3,104 |  |  | $ | 2,797 |  |  |  |  |  |  |  |  |
New-Build Commitments We have entered into binding purchase agreements with certain homebuilders for the purchase of 2,370 homes over the next six years. Estimated remaining commitments under these agreements total approximately $770,000 as of December 31, 2022. See Note 6 for additional information about deposits related to these commitments. Insurance Policies Pursuant to the terms of certain of our loan agreements (see Note 7), laws and regulations of the jurisdictions in which our properties are located, and general business practices, we are required to procure insurance on our properties. As of December 31, 2022, there are no material contingent liabilities related to uninsured losses with respect to our properties except as described below. Hurricane-Related Losses During the third and fourth quarters of 2022, Hurricanes Ian and Nicole damaged certain of our properties in Florida and the Carolinas. As of December 31, 2022, we have recorded $7,500 of receivables for the portion of the related damages we believe will be recoverable through our property and casualty insurance policies which provide coverage for wind and flood damage, as well as business interruption costs during the period of remediation and repairs, subject to specified deductibles and limits. Additionally, as of December 31, 2022, the accounts payable and accrued expenses balance in our consolidated balance sheet includes a $20,200 accrual representing our estimate for expenditures required to complete repairs. Legal Matters We are subject to various legal proceedings and claims that arise in the ordinary course of our business as well as congressional and regulatory inquiries and engagements. We accrue a liability when we believe that it is both probable that a liability has been incurred and that we can reasonably estimate the amount of the loss. We do not believe that the final outcome of these proceedings or matters will have a material adverse effect on our consolidated financial statements.

X
- References No definition available. + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI https://asc.fasb.org/topic&trid=2144648 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 440 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6491277&loc=d3e6429-115629 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI https://asc.fasb.org/topic&trid=2127136 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 4 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123406679&loc=d3e25336-109308 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 4 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123406679&loc=d3e25336-109308 + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration