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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2023
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 March 31, 2023, for the periods below:
Year |  | Operating Leases |  | Finance Leases
Remainder of 2023 |  | $ | 3,393 |  |  | $ | 2,067 |
2024 |  | 4,544 |  |  | 1,005 |
2025 |  | 3,157 |  |  | 316 |
2026 |  | 1,960 |  |  | 184 |
2027 |  | 1,264 |  |  | — |
Thereafter |  | 429 |  |  | — |
Total lease payments |  | 14,747 |  |  | 3,572 |
Less: imputed interest |  | (872) |  |  | (107) |
Total lease liability |  | $ | 13,875 |  |  | $ | 3,465 |
The components of lease expense for the three months ended March 31, 2023 and 2022 are as follows:
|  | For the Three Months Ended March 31, |  |  |  |  |  |
|  | 2023 |  | 2022 |  |  |  |  |  |  |  |  |  |
Operating lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed lease cost |  | $ | 893 |  |  | $ | 835 |  |  |  |  |  |  |  |  |  |  |
Variable lease cost |  | 326 |  |  | 372 |  |  |  |  |  |  |  |  |  |  |
Total operating lease cost |  | $ | 1,219 |  |  | $ | 1,207 |  |  |  |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of ROU assets |  | $ | 622 |  |  | $ | 685 |  |  |  |  |  |  |  |  |  |  |
Interest on lease liabilities |  | 56 |  |  | 68 |  |  |  |  |  |  |  |  |  |  |
Total finance lease cost |  | $ | 678 |  |  | $ | 753 |  |  |  |  |  |  |  |  |  |  |
New-Build Commitments We have entered into binding purchase agreements with certain homebuilders for the purchase of 2,233 homes over the next seven years. Estimated remaining commitments under these agreements total approximately $720,000 as of March 31, 2023. 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 March 31, 2023, 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 March 31, 2023, we have recorded $6,000 of receivables for the portion of the hurricane 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 March 31, 2023, the accounts payable and accrued expenses balance in our condensed consolidated balance sheet includes a $6,800 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 condensed consolidated financial statements.

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