ACCRUED AND OTHER LIABILITIES

6 Months Ended

Jun. 30, 2023

ACCRUED AND OTHER LIABILITIES

ACCRUED AND OTHER LIABILITIES

NOTE 17. ACCRUED AND OTHER LIABILITIES

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

	As of
	June 30, 2023		December 31, 2022
Accrued Property Taxes	$	4,634	$	716
Reserve for Tenant Improvements		3,396		6,186
Tenant Security Deposits		2,796		2,719
Accrued Construction Costs		650		903
Accrued Interest		689		872
Environmental Reserve		61		67
Cash Flow Hedge - Interest Rate Swaps		—		397
Operating Leases - Liability		468		64
Other		5,653		6,104
Total Accrued and Other Liabilities	$	18,347	$	18,028

Reserve for Tenant Improvements. In connection with recent acquisitions, the Company received an aggregate of $8.6 million from the sellers of certain 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 June 30, 2023, payments totaling $2.9 million were made and a $2.3 million contingent obligation to fund certain tenant improvements was extinguished, leaving a remaining reserve for tenant improvements of $3.4 million.