Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12.Commitments and Contingencies

Commitments

Real Estate Development Commitments

As of June 30, 2023, the Company has both consolidated and unconsolidated real estate projects under development. The following table summarizes the gross remaining total project costs for the Company’s projects under development at June 30, 2023 (total project costs remaining in thousands):

	Projects		Apartment Units		Total Project Costs Remaining (1)
Projects Under Development
Consolidated		1		225	$	101,705
Unconsolidated		6		1,982		243,293
Total Projects Under Development		7		2,207	$	344,998

(1)The Company’s share of the $345.0 million in total project costs remaining approximates $109.7 million, with the balance funded by the Company’s joint venture partners (approximately $2.7 million) and/or applicable construction loans (approximately $232.6 million).

We have entered into, and may continue in the future to enter into, joint venture agreements with third-party partners for the development of multifamily rental properties. The joint venture agreements with each development partner include buy-sell provisions that provide the right, but not the obligation, for the Company to acquire each respective partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events described in the joint venture agreements. See Note 6 for additional discussion.

Other Commitments

We have entered into, and may continue in the future to enter into, real estate technology and other real estate fund investments. As of June 30, 2023, the Company has invested in nine separate such investments totaling $36.9 million with aggregate remaining commitments of approximately $16.1 million.

Contingencies

Litigation and Legal Matters

The Company, as an owner of real estate, is subject to various federal, state and local laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or changed laws or regulations on its current properties or on properties that it may acquire in the future.

The Company does not believe there is any litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company.