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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2022
Loss Contingency [Abstract] |
Commitments and Contingencies | 11. Commitments and Contingencies Leases The Company’s operating leases include a ground lease expiring in 2074 related to one of its apartment communities and an office lease expiring in 2028 related to its corporate headquarters. Both leases contain stated rent increases that generally compensate for the impact of inflation. The Company also has other commitments related to negligible office and equipment operating leases. As of December 31, 2022, the Company’s operating leases had a weighted average remaining lease term of approximately 33 years and a weighted average discount rate of approximately 4.5%. The table below reconciles undiscounted cash flows for each of the first five years and total of the remaining years to the right-of-use lease liabilities recorded on the Consolidated Balance Sheets as of December 31, 2022 (in thousands):
|  | Operating Leases |
2023 |  | $ | 2,885 |
2024 |  |  | 2,862 |
2025 |  |  | 2,872 |
2026 |  |  | 2,920 |
2027 |  |  | 2,969 |
Thereafter |  |  | 57,024 |
Total minimum lease payments |  |  | 71,532 |
Net present value adjustments |  |  | (42,861 | )
Right-of-use lease liabilities |  | $ | 28,671 |
Legal Proceedings In October 2022, six plaintiffs individually and on behalf of a purported class of plaintiffs, filed a complaint against RealPage, Inc., Greystar Real Estate Partners, LLC, Lincoln Property Co., FPI Management, Inc., MAA, Avenue5 Residential, LLC, Equity Residential, Essex Property Trust, Inc., Thrive Communities Management, LLC and Security Properties, Inc. in the United States District Court for the Southern District of California. The lawsuit alleges that RealPage and lessors of multifamily residential real estate conspired to artificially inflate the prices of multifamily residential real estate above competitive levels. The plaintiffs are seeking monetary damages and attorneys’ fees and costs and injunctive relief. We believe the lawsuit is without merit and will vigorously defend the action. The Company is unable to predict the outcome of this lawsuit given its early stage. While we do not believe that this matter will have a material adverse effect on our financial condition, we cannot give assurance that this matter will not have a material effect on our results of operations. The Company is subject to various other legal proceedings and claims that arise in the ordinary course of its business operations. While the resolution of these matters cannot be predicted with certainty, management does not currently believe that these matters, either individually or in the aggregate, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows in the event of a negative outcome. Matters that arise out of allegations of bodily injury, property damage and employment practices are generally covered by insurance. As of December 31, 2022 and 2021, the Company’s accrual for loss contingencies relating to unresolved legal matters, including the cost to defend, was $10.0 million and $5.2 million in the aggregate, respectively. The loss contingencies are presented in “Accrued expenses and other liabilities” in the accompanying Consolidated Balance Sheets.

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- Definition The entire disclosure for legal proceedings, legal contingencies, litigation, regulatory and environmental matters and other contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI https://asc.fasb.org/topic&trid=2127136 + Details
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