Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Impact of COVID-19

As further discussed in Note 2, the full extent of the impact of the COVID-19 pandemic on the global economy generally, and the Company's business in particular, is uncertain. As of December 31, 2021, no contingencies have been recorded on our consolidated balance sheets as a result of the COVID-19 pandemic; however, as the global pandemic and its economic implications continue, it may have long-term impacts on the Company's operations, financial condition, liquidity or cash flows.

Outstanding Litigation

The Company is at times subject to various legal proceedings arising in the ordinary course of business. As of December 31, 2021, the Company does not believe that any of its current legal proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s operations, financial condition or cash flows.

Leases

As of December 31, 2021, the Company has entered into multi-year lease agreements for office space accounted for as non-cancelable operating leases. Total property lease expense on these leases for the years ended December 31, 2021, 2020, and 2019 amounted to $1.7 million, $1.6 million, and $1.2 million, respectively. The leases are secured by cash deposits in the amount of $0.7 million.

As of December 31, 2021, obligations under non-cancelable operating leases are as follows (dollar amounts in thousands):


Year Ending December 31,	Total
2022	$	1,721
2023	1,732
2024	1,548
2025	1,604
2026	1,617
Thereafter	3,478
Total	$	11,700

Investment Commitment

The Company has entered into an agreement to fund joint venture equity investments in multi-family properties totaling $40.0 million with certain members of its existing joint venture equity investments.