Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

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.