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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2021
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 10 years before any unexercised options to extend. For the years ended December 31, 2021, 2020 and 2019, operating lease costs were as follows (in thousands):
| For the Years Ended December 31,
| 2021 |  | 2020 |  | 2019
Lease costs | $ | 3,957 |  |  | $ | 3,447 |  |  | $ | 2,612 |
Other information related to our operating lease terms and discount rates were as follows:
| December 31, 2021 |  | December 31, 2020
Weighted-Average Remaining Lease Term | 7.9 years |  | 8.7 years
Weighted-Average Discount Rate | 2.8 | % |  | 2.9 | %
Future lease obligations under our operating leases as of December 31, 2021 were as follows (in thousands):
|  | Operating Lease Obligations
2022 |  | $ | 3,140 |
2023 |  | 2,851 |
2024 |  | 2,745 |
2025 |  | 2,372 |
2026 |  | 1,806 |
Thereafter |  | 8,084 |
Total lease payments |  | 20,998 |
Less: imputed interest |  | (2,275) |
Operating lease liabilities |  | $ | 18,723 |
As of December 31, 2021, the Company had commitments to acquire 482 single-family properties for an aggregate purchase price of $160.4 million, as well as $409.0 million in purchase commitments for land relating to our AMH Development Program, which includes certain land deals expected to close beyond twelve months when development is ready to commence. 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 for land relating to our AMH Development Program. As of December 31, 2021 and 2020, the Company had sales in escrow for approximately 111 and 97, respectively, of our single-family properties for aggregate selling prices of $39.2 million and $24.0 million, respectively. As of December 31, 2021 and 2020, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $112.4 million and $36.7 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 $2.5 million, $2.0 million and $1.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. Captive Insurance Company During the first quarter of 2021, the Company formed a wholly owned captive insurance company, American Dream Insurance, LLC, which provides general liability insurance coverage for losses below the deductible under the Company’s third-party liability insurance policy. The Company created American Dream Insurance, LLC as part of its overall risk management program and to stabilize its insurance costs, manage exposure and recoup expenses through the functions of the captive program. The captive insurance company’s impact on the Company’s consolidated financial statements is immaterial. Legal Matters 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 continuing to cooperate 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 may continue to negatively impact our business and results of operations for fiscal year 2022 and likely beyond. The degree 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 duration, spread and severity of the pandemic, including with respect to resurgences, new variants or strains, such as the Delta and Omicron variants, the impact of government regulations, vaccine adoption rates (including boosters), the effectiveness of vaccines against any future variants or strains, employee retention issues resulting from vaccine mandates, and the direct and indirect economic effects of the pandemic and containment measures, among others.

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