Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

The Company leases office space from third parties for our corporate and property management operations under non-cancelable operating lease agreements. For the years ended December 31, 2019, 2018 and 2017, operating lease costs, which are recognized on a straight-line basis over the lease term and net of amounts capitalized, were as follows (in thousands):



	For the Years Ended December 31,
	2019		2018			2017
Lease costs	$	2,612	$	2,829		$	2,614
Less: income from subleases	—		(347		)	(418		)
Net lease costs	$	2,612	$	2,482		$	2,196

Our operating leases have remaining lease terms of one to five years of which some include options for extension. Future lease obligations under our operating leases as of December 31, 2019 were as follows (in thousands):



	Operating Lease Obligations
2020	$	1,792
2021	970
2022	749
2023	367
2024	223
Thereafter	9
Total lease payments	4,110
Less: imputed interest	(194		)
Operating lease liability	$	3,916

As of December 31, 2019, the Company had commitments to acquire 289 single-family properties for an aggregate purchase price of $75.1 million, as well as $44.3 million in purchase commitments that relate to both third-party developer agreements and land for our internal construction program. As of December 31, 2018, the Company had commitments to acquire 88 single-family properties for an aggregate purchase price of $25.3 million, as well as $58.1 million in purchase commitments that relate to both third-party developer agreements and land for our internal construction program.

As of December 31, 2019 and 2018, the Company had sales in escrow for approximately 305 and 78, respectively, of our single-family properties for aggregate selling prices of $57.5 million and $13.6 million, respectively.

As of December 31, 2019 and 2018, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $14.5 million and $5.1 million, respectively.

We have a retirement savings plan pursuant to Section 401(k) of the Code whereby our employees may contribute a portion of their compensation to their respective retirement accounts in an amount not to exceed the maximum allowed under the Code. In addition to employee contributions, we have elected to provide company contributions (subject to statutory limitations), which amounted to approximately $1.6 million, $1.3 million and $0.9 million for the years ended December 31, 2019, 2018 and 2017, respectively.

We are involved in various legal and administrative proceedings that are incidental to our business. We believe these matters will not have a materially adverse effect on our financial position or results of operations upon resolution.

On January 16, 2018, we received a letter from the staff of the SEC stating that it is conducting an investigation captioned “Trading in Silver Bay Realty Trust Corp.” On February 4, 2020, we were advised by the SEC that it had concluded its investigation and no further action would be taken.