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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2023
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 eight years before any unexercised options to extend. For the years ended December 31, 2023, 2022 and 2021, operating lease costs were as follows (amounts in thousands):
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Lease costs | $ | 4,014 |  |  | $ | 3,897 |  |  | $ | 3,957 |
Other information related to our operating lease terms and discount rates were as follows:
| December 31, 2023 |  | December 31, 2022
Weighted-average remaining lease term | 5.9 years |  | 6.6 years
Weighted-average discount rate | 2.9 | % |  | 2.6 | %
Future lease obligations for our operating leases as of December 31, 2023 were as follows (amounts in thousands):
|  | Operating Lease Obligations
2024 |  | $ | 4,080 |
2025 |  | 3,764 |
2026 |  | 2,916 |
2027 |  | 2,470 |
2028 |  | 2,010 |
Thereafter |  | 4,728 |
Total lease payments |  | 19,968 |
Less: imputed interest |  | (1,680) |
Operating lease liabilities |  | $ | 18,288 |
Other Commitments As of December 31, 2023, the Company had commitments to acquire 29 single-family properties through our National Builder Program for an aggregate purchase price of $6.6 million, as well as $75.6 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, 2023, the Company had sales in escrow for approximately 173 of our single-family properties and 202 of our land lots for an aggregate selling price of $78.4 million. As of December 31, 2023, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $220.9 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 $3.6 million, $3.1 million and $2.5 million for the years ended December 31, 2023, 2022 and 2021, 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.

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