ACCRUED AND OTHER LIABILITIES

6 Months Ended

Jun. 30, 2024

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, 2024		December 31, 2023
Accrued Property Taxes	$	5,153	$	2,090
Reserve for Tenant Improvements		1,212		1,168
Tenant Security Deposits		2,516		2,301
Accrued Construction Costs		484		1,170
Accrued Interest		734		773
Environmental Reserve		47		54
Cash Flow Hedge - Interest Rate Swaps		666		4,879
Operating Leases - Liability		344		417
Other		3,557		5,521
Total Accrued and Other Liabilities	$	14,713	$	18,373

Reserve for Tenant Improvements. In connection with recent acquisitions, the Company received an aggregate of $5.8 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, 2024, payments totaling $4.6 million were made leaving a remaining reserve for tenant improvements of $1.2 million.