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Escrow Deposits, Prepaid Expenses and Other Assets

9 Months Ended

Sep. 30, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Escrow Deposits, Prepaid Expenses and Other Assets

Escrow Deposits, Prepaid Expenses and Other Assets

    The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of September 30, 2021 and December 31, 2020 (in thousands):

			September 30, 2021						December 31, 2020
Escrow deposits, prepaid expenses and other			$	72,716					$	51,886
Commercial real estate, software, vehicles and FF&E, net			59,886						52,130
Notes receivable, net			34,677						35,519
Operating lease ROU assets			17,611						18,772
Deferred costs and other intangibles, net			13,946						4,864
Total			$	198,836					$	163,171

    Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $2.9 million and $2.3 million for the three months ended September 30, 2021 and 2020, respectively, and $8.3 million and $6.4 million for the nine months ended September 30, 2021 and 2020, respectively.

Deferred Costs and Other Intangibles, Net

    Deferred costs and other intangibles, net, consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands):

			September 30, 2021						December 31, 2020
Deferred leasing costs			$	3,341					$	3,782
Deferred financing costs			22,488						11,244
			25,829						15,026
Less: accumulated amortization			(11,883)						(10,162)
Total			$	13,946					$	4,864

    Amortization expense related to deferred leasing costs was $1.0 million for both the three months ended September 30, 2021 and 2020 and $3.1 million for both the nine months ended September 30, 2021 and 2020 and was included in depreciation and amortization within the condensed consolidated statements of operations. Amortization of deferred financing costs that relate to our revolving credit facility was $0.7 million and $0.5 million for the three months ended September 30, 2021 and 2020, respectively, and $1.8 million and $1.5 million for the nine months ended September 30, 2021 and 2020, respectively, and was included in gross interest, prior to interest capitalization (see Note 8. Debt).

    The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of September 30, 2021 for future periods (in thousands):

			Deferred Leasing Costs						Deferred Financing Costs												Total
Remaining 2021			$	748					$	687											$	1,435
2022			832						2,722												3,554
2023			—						2,722												2,722
2024			—						2,730												2,730
2025			—						2,722												2,722
Thereafter			—						783												783
Total			$	1,580					$	12,366											$	13,946

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- References

No definition available.

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- Definition

Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.17)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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