Accounts payable, accrued expenses, and tenant security deposits |
Accounts payable, accrued expenses, and other liabilities
The following table summarizes the components of accounts payable, accrued expenses, and other liabilities as of September 30, 2019, and December 31, 2018 (in thousands): | | | | | | | | | | September 30, 2019 | | December 31, 2018 | Accounts payable and accrued expenses | $ | 203,910 |
| | $ | 215,539 |
| Accrued construction | 287,809 |
| | 275,882 |
| Acquired below-market leases | 149,268 |
| | 134,808 |
| Conditional asset retirement obligations | 14,155 |
| | 10,343 |
| Deferred rent liabilities(1) | 2,932 |
| | 29,547 |
| Interest rate hedge liabilities | — |
| | 768 |
| Operating lease liability(1) | 270,614 |
| | — |
| Unearned rent and tenant security deposits | 249,667 |
| | 250,923 |
| Other liabilities | 62,921 |
| | 63,897 |
| Total | $ | 1,241,276 |
| | $ | 981,707 |
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| | (1) | Refer to Note 2 – “Summary of Significant Accounting Policies” and Note 5 – “Leases” to these unaudited consolidated financial statements for additional information. |
Some of our properties may contain asbestos, which, under certain conditions, requires remediation. Although we believe that the asbestos is appropriately contained in accordance with environmental regulations, our practice is to remediate the asbestos upon the development or redevelopment of the affected property. We recognize a liability for the fair value of a conditional asset retirement obligation (including asbestos) when the fair value of the liability can be reasonably estimated. For certain properties, we do not recognize an asset retirement obligation when there is an indeterminate settlement date for the obligation because the period in which we may remediate the obligation may not be estimated with any level of precision to provide for a meaningful estimate of the retirement obligation.
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