Escrow Deposits, Prepaid Expenses and Other Assets (Tables)

12 Months Ended

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Summary of Escrow Deposits, Prepaid Expenses and Other Assets

The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of December 31, 2024 and 2023 (amounts in thousands):

	December 31, 2024		December 31, 2023
Escrow deposits, prepaid expenses and other	$	115,801	$	136,640
Commercial real estate, software, vehicles and FF&E, net	104,188		96,862
Consolidated land not owned (see Note 2)	89,745		147,330
Operating lease right-of-use assets	14,729		16,623
Deferred costs and other intangibles, net	12,401		7,630
Notes receivable, net	515		1,053
Total	$	337,379	$	406,138

Summary of Deferred Costs and Other Intangibles

Deferred costs and other intangibles, net consisted of the following as of December 31, 2024 and 2023 (amounts in thousands):

	December 31, 2024		December 31, 2023
Deferred leasing costs	$	3,746	$	2,865
Deferred financing costs (1)	11,512		22,491
	15,258		25,356
Less: accumulated amortization (1)	(2,857)		(17,726)
Total	$	12,401	$	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 December 31, 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 7. Debt).

Summary of Amortization Expense Related to Deferred Costs and Other Intangibles

The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of December 31, 2024 for future periods (amounts in thousands):

	Deferred Leasing Costs		Deferred Financing Costs (1)		Total
2025	$	1,956	$	2,300	$	4,256
2026	—		2,300		2,300
2027	—		2,300		2,300
2028	—		2,309		2,309
2029	—		1,236		1,236
Total	$	1,956	$	10,445	$	12,401

(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 December 31, 2024 reflect costs incurred as a result of the Company entering into its current revolving credit facility in July 2024 (see Note 7. Debt).