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Escrow Deposits, Prepaid Expenses and Other Assets | 9 Months Ended
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Sep. 30, 2024
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, 2024 and December 31, 2023 (amounts in thousands):
| September 30, 2024 |  | December 31, 2023
Escrow deposits, prepaid expenses and other | $ | 124,804 |  |  | $ | 136,640 |
Consolidated land not owned | 124,487 |  |  | 147,330 |
Commercial real estate, software, vehicles and FF&E, net | 101,384 |  |  | 96,862 |
Operating lease right-of-use assets | 14,428 |  |  | 16,623 |
Deferred costs and other intangibles, net | 12,616 |  |  | 7,630 |
Notes receivable, net | 683 |  |  | 1,053 |
Total | $ | 378,402 |  |  | $ | 406,138 |
Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $4.9 million and $4.5 million for the three months ended September 30, 2024 and 2023, respectively, and $14.3 million and $12.9 million for the nine months ended September 30, 2024 and 2023, respectively. Deferred Costs and Other Intangibles, Net Deferred costs and other intangibles, net consisted of the following as of September 30, 2024 and December 31, 2023 (amounts in thousands):
| September 30, 2024 |  | December 31, 2023
Deferred leasing costs | $ | 3,297 |  |  | $ | 2,865 |
Deferred financing costs (1) | 11,452 |  |  | 22,491 |
| 14,749 |  |  | 25,356 |
Less: accumulated amortization (1) | (2,133) |  |  | (17,726) |
Total | $ | 12,616 |  |  | $ | 7,630 |
(1)Unamortized deferred financing costs associated with the Company’s previous revolving credit facility were written off in July 2024 as a result of the termination of that facility. As of September 30, 2024, deferred financing costs and accumulated amortization reflect costs and related amortization incurred as a result of the Company entering into its current revolving credit facility in July 2024 (see Note 8. Debt). Amortization expense related to deferred leasing costs was $0.9 million and $0.8 million for the three months ended September 30, 2024 and 2023, respectively, and $2.5 million and $2.2 million for the nine months ended September 30, 2024 and 2023, 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, 2024 and 2023 and $2.1 million and $2.0 million for the nine months ended September 30, 2024 and 2023, 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, 2024 for future periods (amounts in thousands):
| Deferred Leasing Costs |  | Deferred Financing Costs (1) |  |  |  | Total
Remaining 2024 | $ | 670 |  |  | $ | 456 |  |  |  |  | $ | 1,126 |
2025 | 1,102 |  |  | 2,288 |  |  |  |  | 3,390 |
2026 | — |  |  | 2,288 |  |  |  |  | 2,288 |
2027 | — |  |  | 2,288 |  |  |  |  | 2,288 |
2028 | — |  |  | 2,297 |  |  |  |  | 2,297 |
Thereafter | — |  |  | 1,227 |  |  |  |  | 1,227 |
Total | $ | 1,772 |  |  | $ | 10,844 |  |  |  |  | $ | 12,616 |
(1)Unamortized deferred financing costs associated with the Company’s previous revolving credit facility were written off in July 2024 as a result of the termination of that facility. Estimated annual amortization expense related to deferred financing costs as of September 30, 2024 reflect costs incurred as a result of the Company entering into its current revolving credit facility (see Note 8. Debt).

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