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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies The Company leases office space from third parties for our corporate and property management operations under non-cancelable operating lease agreements. Our operating leases have remaining lease terms of one to 11 years before any unexercised options to extend. For the years ended December 31, 2020, 2019 and 2018, operating lease costs were as follows (in thousands):
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Lease costs | $ | 3,447 |  |  | $ | 2,612 |  |  | $ | 2,829 |
Less: income from subleases | — |  |  | — |  |  | (347) |
Net lease costs | $ | 3,447 |  |  | $ | 2,612 |  |  | $ | 2,482 |
Other information related to our operating lease terms and discount rates were as follows:
| December 31, 2020 |  | December 31, 2019
Weighted-Average Remaining Lease Term | 8.7 years |  | 3.0 years
Weighted-Average Discount Rate | 2.9 | % |  | 3.3 | %
Future lease obligations under our operating leases as of December 31, 2020 were as follows (in thousands):
|  | Operating Lease Obligations
2021 |  | $ | 2,104 |
2022 |  | 2,862 |
2023 |  | 2,533 |
2024 |  | 2,452 |
2025 |  | 2,100 |
Thereafter |  | 9,889 |
Total lease payments |  | 21,940 |
Less: imputed interest |  | (2,774) |
Operating lease liabilities |  | $ | 19,166 |
As of December 31, 2020, the Company had commitments to acquire 323 single-family properties for an aggregate purchase price of $81.7 million, as well as $72.3 million in purchase commitments that relate to both third-party developer agreements and land for our AMH Development Program. As of December 31, 2019, the Company had commitments to acquire 289 single-family properties for an aggregate purchase price of $75.1 million, as well as $44.3 million in purchase commitments that relate to both third-party developer agreements and land for our AMH Development Program. As of December 31, 2020 and 2019, the Company had sales in escrow for approximately 97 and 305, respectively, of our single-family properties for aggregate selling prices of $24.0 million and $57.5 million, respectively. As of December 31, 2020 and 2019, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $36.7 million and $14.5 million, respectively. We have a retirement savings plan pursuant to Section 401(k) of the Code whereby our employees may contribute a portion of their compensation to their respective retirement accounts in an amount not to exceed the maximum allowed under the Code. In addition to employee contributions, we have elected to provide company contributions (subject to statutory limitations), which amounted to approximately $2.0 million, $1.6 million and $1.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. During the third quarter of 2020, we received a notice from the Georgia Attorney General’s Office seeking certain information relevant to an investigation they are conducting about our customary landlord-tenant matters. We are cooperating with the Georgia Attorney General’s Office on this matter. We are involved in various other legal and administrative proceedings that are incidental to our business. We believe these matters will not have a materially adverse effect on our financial position or results of operations upon resolution. COVID-19 Pandemic The global economy has continued to be severely impacted by the COVID-19 pandemic. We are actively monitoring the impact of the COVID-19 pandemic, which we anticipate will negatively impact our business and results of operations for the first quarter of 2021 and likely beyond. The extent to which our operations will be impacted will depend largely on future developments, which are highly uncertain and cannot be accurately predicted, including new information which may emerge concerning the severity of the pandemic, the speed and effectiveness of vaccine distribution and actions by government authorities to contain the pandemic or treat its impact, among other things.

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