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Commitments and Contingencies
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Operating Leases

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 nine years before any unexercised options to extend. For the years ended December 31, 2022, 2021 and 2020, operating lease costs were as follows (amounts in thousands):
 For the Years Ended December 31,
 202220212020
Lease costs$3,897 $3,957 $3,447 

Other information related to our operating lease terms and discount rates were as follows:
December 31, 2022December 31, 2021
Weighted-average remaining lease term6.6 years7.9 years
Weighted-average discount rate2.6 %2.8 %

Future lease obligations for our operating leases as of December 31, 2022 were as follows (amounts in thousands):
Operating Lease Obligations
2023$3,917 
20243,889 
20253,526 
20262,703 
20272,276 
Thereafter6,453 
Total lease payments22,764 
Less: imputed interest(2,009)
Operating lease liabilities$20,755 

Other Commitments

As of December 31, 2022, the Company had commitments to acquire 52 single-family properties for an aggregate purchase price of $12.3 million, as well as $228.9 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. Purchase commitments exclude option contracts where we have acquired the right to purchase land for our AMH Development Program or single-family properties because the contracts do not contain provisions requiring our specific performance.

As of December 31, 2022, the Company had sales in escrow for approximately 237 of our single-family properties and 50 of our land lots for an aggregate selling price of $73.8 million.

As of December 31, 2022, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $185.3 million.

401(k) Retirement Savings Plan

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 $3.1 million, $2.5 million and $2.0 million for the years ended December 31, 2022, 2021 and 2020, 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 (the “Georgia AG”) seeking certain information relevant to an investigation they are conducting about our customary landlord-tenant matters. We have been cooperating with the Georgia AG and have been discussing a possible negotiated resolution with the Georgia AG.

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.