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Escrow Deposits, Prepaid Expenses and Other Assets

12 Months Ended

Dec. 31, 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 December 31, 2022 and 2021 (amounts in thousands):

			December 31, 2022						December 31, 2021
Consolidated land not owned (see Note 2)			$	108,114					$	—
Escrow deposits, prepaid expenses and other			105,811						88,414
Commercial real estate, software, vehicles and FF&E, net			85,772						62,462
Operating lease right-of-use assets			19,129						17,269
Deferred costs and other intangibles, net			10,237						13,134
Notes receivable, net			2,383						35,346
Total			$	331,446					$	216,625

Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $13.4 million, $11.2 million and $8.9 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Deferred Costs and Other Intangibles, Net

Deferred costs and other intangibles, net, consisted of the following as of December 31, 2022 and 2021 (amounts in thousands):

			December 31, 2022						December 31, 2021
Deferred leasing costs			$	2,375					$	3,090
Deferred financing costs			22,491						22,491
			24,866						25,581
Less: accumulated amortization			(14,629)						(12,447)
Total			$	10,237					$	13,134

Amortization expense related to deferred leasing costs was $2.7 million, $3.9 million and $4.1 million for the years ended December 31, 2022, 2021 and 2020, respectively, and is included in depreciation and amortization within the consolidated statements of operations. Amortization of deferred financing costs that relate to our revolving credit facility was $2.7 million, $2.5 million and $2.0 million for the years ended December 31, 2022, 2021 and 2020, respectively, and is included in gross interest, prior to interest capitalization (see Note 7. Debt).

The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of December 31, 2022 for future periods (amounts in thousands):

			Deferred Leasing Costs						Deferred Financing Costs						Total
2023			$	1,279					$	2,722					$	4,001
2024			—						2,730						2,730
2025			—						2,722						2,722
2026			—						784						784
Total			$	1,279					$	8,958					$	10,237

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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.

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