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Escrow Deposits, Prepaid Expenses and Other Assets
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 (amounts in thousands):
March 31, 2025December 31, 2024
Commercial real estate, software, vehicles and FF&E, net$106,604 $104,188 
Escrow deposits, prepaid expenses and other101,764 115,801 
Consolidated land not owned67,447 89,745 
Operating lease right-of-use assets14,680 14,729 
Deferred costs and other intangibles, net12,000 12,401 
Notes receivable, net495 515 
Total$302,990 $337,379 

Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $5.4 million and $4.6 million for the three months ended March 31, 2025 and 2024, respectively.

Deferred Costs and Other Intangibles, Net

Deferred costs and other intangibles, net consisted of the following as of March 31, 2025 and December 31, 2024 (amounts in thousands):
 March 31, 2025December 31, 2024
Deferred leasing costs$4,074 $3,746 
Deferred financing costs11,512 11,512 
 15,586 15,258 
Less: accumulated amortization(3,586)(2,857)
Total$12,000 $12,401 


Amortization expense related to deferred leasing costs was $1.1 million and $0.8 million for the three months ended March 31, 2025 and 2024, 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 $0.6 million and $0.7 million for the three months ended March 31, 2025 and 2024, 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 March 31, 2025 for future periods (amounts in thousands):
Deferred
Leasing Costs		Deferred
Financing Costs		Total
Remaining 2025$1,934 $1,733 $3,667 
2026188 2,300 2,488 
2027— 2,300 2,300 
2028— 2,309 2,309 
2029— 1,236 1,236 
Total$2,122 $9,878 $12,000