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Escrow Deposits, Prepaid Expenses and Other Assets
 9 Months Ended
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, 2024December 31, 2023
Escrow deposits, prepaid expenses and other$124,804 $136,640 
Consolidated land not owned124,487 147,330 
Commercial real estate, software, vehicles and FF&E, net101,384 96,862 
Operating lease right-of-use assets14,428 16,623 
Deferred costs and other intangibles, net12,616 7,630 
Notes receivable, net683 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, 2024December 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 
20251,102 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).