ACCRUED AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 2024

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, 2024		December 31, 2023
Accrued Property Taxes	$	2,619	$	2,090
Reserve for Tenant Improvements		1,424		1,168
Tenant Security Deposits		2,833		2,301
Accrued Construction Costs		3,988		1,170
Accrued Interest		1,133		773
Environmental Reserve		47		54
Cash Flow Hedge - Interest Rate Swaps		—		4,879
Operating Leases - Liability		293		417
Construction and Other Reserves from Commercial Loans and Investments		2,279		—
Other		6,652		5,521
Total Accrued and Other Liabilities	$	21,268	$	18,373

Reserve for Tenant Improvements. In connection with recent acquisitions, the Company received, an aggregate $2.3 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, 2024, payments totaling $0.9 million were made leaving a remaining reserve for tenant improvements of $1.4 million.