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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 ContingenciesThe Company is subject, from time to time, to various types of third-party legal claims or litigation that arise in the ordinary course of business, including, but not limited to, property loss claims, personal injury or other damages resulting from contact with the Company's properties. These claims and lawsuits and any resulting damages are generally covered by the Company's insurance policies. The Company accrues for legal costs associated with loss contingencies when these costs are probable and reasonably estimable. While the resolution of these matters cannot be predicted with certainty, based on currently available information, management does not expect that the final outcome of any pending claims or legal proceedings will have a material adverse effect on the financial condition, results of operations or cash flows of the Company. University House Communities Group, Inc., Indemnity Claims The Company received an indemnity notice from UHC Acquisition Sub LLC ("UHC") regarding certain matters under the Stock Purchase Agreement, dated January 3, 2016, for University House Communities Group, Inc., which was sold in June 2016. The notice set forth various items for which UHC believed they were entitled to indemnification from the Company. On June 14, 2019, UHC and the Company, through various negotiations, reached a final settlement for the claims in the amount of $30,000, which was paid by the Company on June 24, 2019. The Company recognized losses from discontinued operations related to these claims of $25,500 during the year ended December 31, 2019. Operating and Finance Lease Commitments The Company has non-cancelable contracts of property improvements that have been deemed to contain finance leases that, prior to the adoption of Topic 842, were previously classified as capital leases. In addition, the Company has non-cancelable operating leases for office space used in its business and, upon the adoption of Topic 842, the Company recognized operating lease right-of-use ("ROU") assets of $2,890 and lease liabilities of $3,114. In conjunction with the adoption of Topic 842, the Company elected the following practical expedients and accounting policies: •to combine lease and non-lease components and apply Topic 842 to the combined component; •to utilize a portfolio approach for determining a discount rate for groups of leases which are similar in nature and have similar contract provisions; •to not recognize assets and liabilities related to leases with terms of 12 months or less; and •to exclude variable lease payments from initial recognition of the lease liabilities and all lease options from the determination of minimum lease terms. The following table reflects the Company's operating and finance lease arrangements as of December 31, 2020 and 2019:
|  |  | As of
| Balance Sheet Caption |  | December 31, 2020 |  | December 31, 2019
Operating lease ROU assets | Deferred costs and other assets, net |  | $ | 2,696 |  |  | $ | 2,515 |
Operating lease ROU accumulated amortization | Deferred costs and other assets, net |  | $ | (896) |  |  | $ | (539) |
Operating lease liabilities | Other liabilities |  | $ | 1,976 |  |  | $ | 2,169 |
Finance lease ROU assets | Building and other improvements |  | $ | 1,641 |  |  | $ | 1,641 |
Finance lease ROU accumulated amortization | Accumulated depreciation |  | $ | (297) |  |  | $ | (187) |
Finance lease liabilities | Other liabilities |  | $ | 673 |  |  | $ | 1,050 |
The following table reflects the Company's total lease cost, weighted-average lease terms and weighted-average discount rates for the years ended December 31, 2020 and 2019:
| Statement of Operations and Comprehensive (Loss) Income Caption |  | Year ended December 31,
|  | 2020 |  | 2019
Minimum operating lease payments | General and administrative |  | $ | 663 |  |  | $ | 672 |
Variable operating lease payments | General and administrative |  | 276 |  |  | 122 |
Short-term operating lease payments | General and administrative |  | 124 |  |  | 313 |
ROU amortization of finance leases | Depreciation and amortization |  | 109 |  |  | 133 |
Interest expense of finance leases | Interest expense, net |  | 37 |  |  | 60 |
Total lease cost |  |  | $ | 1,209 |  |  | $ | 1,300 |
Weighted-average remaining lease term of operating leases |  | 4.0 years |  | 4.7 years
Weighted-average remaining lease term of finance leases |  | 1.8 years |  | 2.8 years
Weighted-average discount rate of operating leases |  | 4.44 | % |  | 4.44 | %
Weighted-average discount rate of finance leases |  | 3.50 | % |  | 3.50 | %
The following table reflects the Company's future minimum lease obligations as of December 31, 2020:
| Future Minimum Lease Payments
Scheduled minimum payments by year: | Operating Leases |  | Finance Leases
2021 | $ | 547 |  |  | $ | 408 |
2022 | 522 |  |  | 279 |
2023 | 536 |  |  | 21 |
2024 | 550 |  |  | — |
2025 | 53 |  |  | — |
Thereafter | — |  |  | — |
Total expected minimum lease obligation | 2,208 |  |  | 708 |
Less: Amount representing interest (a) | (232) |  |  | (35) |
Present value of net minimum lease payments | $ | 1,976 |  |  | $ | 673 |
(a)Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company's incremental borrowing rate.

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 4 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121559207&loc=d3e25336-109308 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 4 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121559207&loc=d3e25336-109308 + Details
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