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Escrow Deposits, Prepaid Expenses and Other Assets | 6 Months Ended
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Jun. 30, 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 June 30, 2025 and December 31, 2024 (amounts in thousands):
| June 30, 2025 |  | December 31, 2024
Commercial real estate, software, vehicles and FF&E, net | $ | 107,855 |  |  | $ | 104,188 |
Escrow deposits, prepaid expenses and other | 107,517 |  |  | 115,801 |
Consolidated land not owned | 65,530 |  |  | 89,745 |
Operating lease right-of-use assets | 14,554 |  |  | 14,729 |
Deferred costs and other intangibles, net | 11,402 |  |  | 12,401 |
Notes receivable, net | 380 |  |  | 515 |
Total | $ | 307,238 |  |  | $ | 337,379 |
Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $5.5 million and $4.8 million for the three months ended June 30, 2025 and 2024, respectively, and $10.9 million and $9.4 million for the six months ended June 30, 2025 and 2024, respectively. Deferred Costs and Other Intangibles, Net Deferred costs and other intangibles, net consisted of the following as of June 30, 2025 and December 31, 2024 (amounts in thousands):
| June 30, 2025 |  | December 31, 2024
Deferred leasing costs | $ | 4,154 |  |  | $ | 3,746 |
Deferred financing costs | 11,512 |  |  | 11,512 |
| 15,666 |  |  | 15,258 |
Less: accumulated amortization | (4,264) |  |  | (2,857) |
Total | $ | 11,402 |  |  | $ | 12,401 |
Amortization expense related to deferred leasing costs was $1.1 million and $0.8 million for the three months ended June 30, 2025 and 2024, respectively, and $2.2 million and $1.6 million for the six months ended June 30, 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 $0.5 million and $0.7 million for the three months ended June 30, 2025 and 2024, respectively, and $1.1 million and $1.4 million for the six months ended June 30, 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 June 30, 2025 for future periods (amounts in thousands):
| Deferred Leasing Costs |  | Deferred Financing Costs |  |  |  | Total
Remaining 2025 | $ | 1,414 |  |  | $ | 1,154 |  |  |  |  | $ | 2,568 |
2026 | 689 |  |  | 2,300 |  |  |  |  | 2,989 |
2027 | — |  |  | 2,300 |  |  |  |  | 2,300 |
2028 | — |  |  | 2,309 |  |  |  |  | 2,309 |
2029 | — |  |  | 1,236 |  |  |  |  | 1,236 |
Total | $ | 2,103 |  |  | $ | 9,299 |  |  |  |  | $ | 11,402 |

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