OTHER ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2012

OTHER ASSETS AND LIABILITIES

OTHER ASSETS AND LIABILITIES

NOTE 11 OTHER ASSETS AND LIABILITIES

The following table summarizes the significant components of Prepaid expenses and other assets:

	December 31,
	2012		2011
	(In thousands)
Special Improvement District receivable	$	39,659	$	40,580
Other receivables		2,346		4,181
Federal income tax receivable		5,367		5,393
Prepaid expenses		4,757		6,507
Below-market ground leases (Note 12)		20,341		20,680
Condominium deposits		19,616		—
Security and escrow deposits		12,865		17,266
Above-market tenant leases (Note 12)		1,896		1,014
Uncertain tax position asset		12,801		11,935
In-place leases (Note 12)		11,516		11,865
Intangibles		3,714		3,074
Other		8,592		8,466
	$	143,470	$	130,961

The increase in condominium deposits as of December 31, 2012 compared to December 31, 2011 relates to condominium deposits received for the ONE Ala Moana condominium tower. We launched condominium pre-sales in December 2012 and have received $19.6 million of deposits at December 31, 2012. These deposits are being held in escrow and are non-refundable after 30 day cancellation period expires.

Security and escrow deposits decreased in 2012 over 2011 due to the $5.7 million repayment of the conference center cash collateral and $3.8 million utilization of tenant improvement escrow funds for 4 Waterway Square and 9303 New Trails loans, offset by an increase of $4.2 million for the operations escrow established in conjunction with the acquisition of 70 Columbia Corporate Center and an $0.8 million increase in escrow deposits on 20/25 Waterway Avenue and Millennium Waterway Apartment loans.

The following table summarizes the significant components of Accounts payable and accrued expenses:

	December 31,
	2012		2011
	(In thousands)
Construction payable	$	17,501	$	10,241
Accounts payable and accrued expenses		39,634		43,764
Condominium deposits		19,616		—
Membership deposits		20,248		16,033
Above-market ground leases (Note 12)		2,590		2,748
Deferred gains/income		7,767		5,739
Accrued interest		2,425		2,747
Accrued real estate taxes		6,622		3,439
Tenant and other deposits		8,096		5,966
Insurance reserve		9,037		6,939
Accrued payroll and other employee liabilities		11,514		9,658
Interest rate swap		7,183		4,367
Special Assessement		2,868		2,234
Other		15,420		15,973
	$	170,521	$	129,848

The construction payable increased as of December 31, 2012 compared to December 31, 2011 due to the increase in construction spending and activity at The Shops at Summerlin, 3 Waterway Square and Bridgeland. Membership deposits increased $4.2 million in 2012 due to increased membership at Carlton Woods. The interest rate swap liability increased $2.8 million in 2012 over 2011 due to falling interest rates. The increase in the condominium deposits as of December 31, 2012 compared to December 31, 2011 is described above under the Prepaid expenses and other assets table.