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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 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 September 30, 2023, for the periods below:
Year |  | Operating Leases |  | Finance Leases
Remainder of 2023 |  | $ | 1,154 |  |  | $ | 782 |
2024 |  | 4,544 |  |  | 1,372 |
2025 |  | 3,157 |  |  | 621 |
2026 |  | 1,940 |  |  | 577 |
2027 |  | 1,264 |  |  | 314 |
Thereafter |  | 429 |  |  | — |
Total lease payments |  | 12,488 |  |  | 3,666 |
Less: imputed interest |  | (660) |  |  | (227) |
Total lease liability |  | $ | 11,828 |  |  | $ | 3,439 |
The components of lease expense for the three and nine months ended September 30, 2023 and 2022 are as follows:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |  |
|  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |  |  |
Operating lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed lease cost |  | $ | 793 |  |  | $ | 800 |  |  | $ | 2,514 |  |  | $ | 2,466 |  |  |  |  |  |  |
Variable lease cost |  | 444 |  | 384 |  |  | 1,174 |  | 1,133 |  |  |  |  |  |
Total operating lease cost |  | $ | 1,237 |  |  | $ | 1,184 |  |  | $ | 3,688 |  |  | $ | 3,599 |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of ROU assets |  | $ | 717 |  |  | $ | 675 |  |  | $ | 2,011 |  |  | $ | 2,055 |  |  |  |  |  |  |
Interest on lease liabilities |  | 106 |  | 51 |  | 247 |  | 178 |  |  |  |  |  |
Total finance lease cost |  | $ | 823 |  |  | $ | 726 |  |  | $ | 2,258 |  |  | $ | 2,233 |  |  |  |  |  |  |
New-Build Commitments We have entered into binding purchase agreements with certain homebuilders for the purchase of 1,931 homes over the next seven years. Estimated remaining commitments under these agreements total approximately $680,000 as of September 30, 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 September 30, 2023, there are no material contingent liabilities related to uninsured losses with respect to our properties. 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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