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Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Operating Leases

The Company leases office space from third parties for our corporate and property management operations under non-cancelable operating lease agreements. Our operating leases have remaining lease terms of one to seven years before any unexercised options to extend. For the years ended December 31, 2024, 2023 and 2022, operating lease costs were as follows (amounts in thousands):
 For the Years Ended December 31,
 202420232022
Lease costs$4,018 $4,014 $3,897 

Other information related to our operating lease terms and discount rates were as follows:
December 31, 2024December 31, 2023
Weighted-average remaining lease term5.3 years5.9 years
Weighted-average discount rate3.2 %2.9 %

Future lease obligations for our operating leases as of December 31, 2024 were as follows (amounts in thousands):
Operating Lease Obligations
2025$4,081 
20263,329 
20272,888 
20282,361 
20292,231 
Thereafter2,884 
Total lease payments17,774 
Less: imputed interest(1,465)
Operating lease liabilities$16,309 

Other Commitments

As of December 31, 2024, the Company had commitments to acquire one single-family property through our traditional acquisition channel for a purchase price of $0.3 million as well as $81.1 million in purchase commitments for land relating to our AMH Development Program, which includes certain land deals expected to close beyond twelve months when development is ready to commence. Purchase commitments exclude option contracts where we have acquired the right to purchase land for our AMH Development Program or single-family properties because the contracts do not contain provisions requiring our specific performance.

As of December 31, 2024, the Company had sales in escrow for 158 of our single-family properties and 663 of our land lots for an aggregate selling price of $121.4 million.

As of December 31, 2024, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $233.6 million.

401(k) Retirement Savings Plan

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 $3.8 million, $3.6 million and $3.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Captive Insurance Company

The Company has a wholly owned captive insurance company, American Dream Insurance, LLC, which provides general liability insurance coverage for losses below the deductible under the Company’s third-party liability insurance policy. The Company created American Dream Insurance, LLC as part of its overall risk management program and to stabilize its insurance costs, manage exposure and recoup expenses through the functions of the captive program. The captive insurance company’s impact on the Company’s consolidated financial statements is immaterial.

Legal Matters

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.