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Escrow Deposits, Prepaid Expenses and Other Assets | 9 Months Ended
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Sep. 30, 2022
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, 2022 and December 31, 2021 (amounts in thousands):
| September 30, 2022 |  | December 31, 2021
Consolidated land not owned | $ | 103,942 |  |  | $ | — |
Escrow deposits, prepaid expenses and other | 102,993 |  |  | 88,414 |
Commercial real estate, software, vehicles and FF&E, net | 76,745 |  |  | 62,462 |
Operating lease right-of-use assets | 18,815 |  |  | 17,269 |
Deferred costs and other intangibles, net | 10,835 |  |  | 13,134 |
Notes receivable, net | 2,459 |  |  | 35,346 |
Total | $ | 315,789 |  |  | $ | 216,625 |
Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $3.5 million and $2.9 million for the three months ended September 30, 2022 and 2021, respectively, and $9.6 million and $8.3 million for the nine months ended September 30, 2022 and 2021, respectively. Consolidated Land Not Owned During the three and nine months ended September 30, 2022, the Company entered into land option agreements whereby it sold land to a third party with an option to repurchase finished lots on a predetermined schedule. Because of our options to repurchase the finished lots, in accordance with ASC 606-10-55-70, we accounted for these transactions as financing arrangements rather than a sale. Consolidated land not owned is included in escrow deposits, prepaid expenses and other assets and the liability for consolidated land not owned, which represents proceeds received from the third party net of our deposits on the optioned land, is included in accounts payable and accrued expenses in the condensed consolidated balance sheets (see Note 9. Accounts Payable and Accrued Expenses). Deferred Costs and Other Intangibles, Net Deferred costs and other intangibles, net, consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands):
| September 30, 2022 |  | December 31, 2021
Deferred leasing costs | $ | 2,336 |  |  | $ | 3,090 |
Deferred financing costs | 22,491 |  |  | 22,491 |
| 24,827 |  |  | 25,581 |
Less: accumulated amortization | (13,992) |  |  | (12,447) |
Total | $ | 10,835 |  |  | $ | 13,134 |
Amortization expense related to deferred leasing costs was $0.7 million and $1.0 million for the three months ended September 30, 2022 and 2021, respectively, and $2.2 million and $3.1 million for the nine months ended September 30, 2022 and 2021, respectively, and is included in depreciation and amortization within the condensed consolidated statements of operations. Amortization of deferred financing costs related to our revolving credit facility was $0.7 million for both the three months ended September 30, 2022 and 2021 and $2.1 million and $1.8 million for the nine months ended September 30, 2022 and 2021, respectively, and is 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, 2022 for future periods (amounts in thousands):
| Deferred Leasing Costs |  | Deferred Financing Costs |  |  |  | Total
Remaining 2022 | $ | 527 |  |  | $ | 686 |  |  |  |  | $ | 1,213 |
2023 | 664 |  |  | 2,722 |  |  |  |  | 3,386 |
2024 | — |  |  | 2,730 |  |  |  |  | 2,730 |
2025 | — |  |  | 2,722 |  |  |  |  | 2,722 |
2026 | — |  |  | 784 |  |  |  |  | 784 |
Total | $ | 1,191 |  |  | $ | 9,644 |  |  |  |  | $ | 10,835 |

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