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Commitments and Contingencies
12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Lease Commitments
The following table sets forth our fixed lease payment commitments as a lessee as of December 31, 2022, for the periods below:
YearOperating
Leases
Finance
Leases
2023$4,523 $2,603 
20244,544 843 
20253,157 137 
20261,999 
20271,264 — 
Thereafter429 — 
Total lease payments15,916 3,589 
Less: imputed interest(991)(106)
Total lease liability$14,925 $3,483 
The components of lease expense for the years ended December 31, 2022, 2021, and 2020 are as follows:
For the Years Ended December 31,
202220212020
Operating lease cost:
Fixed lease cost$3,284 $3,970 $4,324 
Variable lease cost1,498 1,239 1,155 
Total operating lease cost$4,782 $5,209 $5,479 
Finance lease cost:
Amortization of ROU assets$2,676 $2,825 $2,341 
Interest on lease liabilities234 279 456 
Total finance lease cost$2,910 $3,104 $2,797 

New-Build Commitments
We have entered into binding purchase agreements with certain homebuilders for the purchase of 2,370 homes over the next six years. Estimated remaining commitments under these agreements total approximately $770,000 as of December 31, 2022. See Note 6 for additional information about deposits related to these commitments.
Insurance Policies
Pursuant to the terms of certain of our loan agreements (see Note 7), laws and regulations of the jurisdictions in which our properties are located, and general business practices, we are required to procure insurance on our properties. As of December 31, 2022, there are no material contingent liabilities related to uninsured losses with respect to our properties except as described below.
Hurricane-Related Losses
During the third and fourth quarters of 2022, Hurricanes Ian and Nicole damaged certain of our properties in Florida and the Carolinas. As of December 31, 2022, we have recorded $7,500 of receivables for the portion of the related damages we believe will be recoverable through our property and casualty insurance policies which provide coverage for wind and flood damage, as well as business interruption costs during the period of remediation and repairs, subject to specified deductibles and limits. Additionally, as of December 31, 2022, the accounts payable and accrued expenses balance in our consolidated balance sheet includes a $20,200 accrual representing our estimate for expenditures required to complete repairs.
Legal Matters
We are subject to various legal proceedings and claims that arise in the ordinary course of our business as well as congressional and regulatory inquiries and engagements. We accrue a liability when we believe that it is both probable that a liability has been incurred and that we can reasonably estimate the amount of the loss. We do not believe that the final outcome of these proceedings or matters will have a material adverse effect on our consolidated financial statements.