Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

The Company invests in a real estate technology venture capital fund with a commitment to contribute up to $20.0 million. As of March 31, 2021, the Company has contributed $6.1 million to this fund, net of distributions, with $13.9 million remaining to be contributed. The Company also invests in a supportive housing venture capital fund with a commitment to contribute up to $3.0 million. As of March 31, 2021, the Company has contributed $0.2 million to this fund, with $2.8 million remaining to be contributed.

Legal

From time to time, the Company is party to various lawsuits, claims and other legal proceedings arising out of, or incident to, the ordinary course of business. Management believes, based in part upon consultation with legal counsel, that the ultimate resolution of all such claims will not have a material adverse effect on the Company’s results of operations, financial position or cash flows. As of March 31, 2021, the risk of material loss from such legal actions impacting the Company’s financial condition or results from operations has been assessed as remote.

Letters of Credit

As of March 31, 2021, the Company had outstanding letters of credit totaling approximately $3.4 million under the unsecured revolving credit facility. The letters of credit are primarily related to utility company security deposit requirements.

Contractual Obligations

The Company has entered into a number of construction agreements related to its development activities at various properties. As of March 31, 2021, the Company had $192.7 million in outstanding obligations under the agreements.