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ACCRUED AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 2023

ACCRUED AND OTHER LIABILITIES

ACCRUED AND OTHER LIABILITIES

NOTE 18. ACCRUED AND OTHER LIABILITIES

Accrued and other liabilities consisted of the following (in thousands):


		As of
		December 31, 2023			December 31, 2022
Accrued Property Taxes		$	2,090		$	716
Reserve for Tenant Improvements			1,168			6,186
Tenant Security Deposits			2,301			2,719
Accrued Construction Costs			1,170			903
Accrued Interest			773			872
Environmental Reserve			54			67
Cash Flow Hedge - Interest Rate Swaps			4,879			397
Operating Leases - Liability			417			64
Other			5,521			6,104
Total Accrued and Other Liabilities		$	18,373		$	18,028

Reserve for Tenant Improvements. In connection with recent acquisitions, the Company received, an aggregate $8.0 million from the sellers of the properties for tenant improvement allowances, leasing commissions and other capital improvements. These amounts are included in accrued and other liabilities on the consolidated balance sheets. Through December 31, 2023, payments totaling $4.0 million were made and $2.8 million in contingent obligations to fund certain tenant improvements were extinguished through an increase in investment and other income, leaving a remaining reserve for tenant improvements of $1.2 million.