OTHER ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2012

OTHER ASSETS AND LIABILITIES

OTHER ASSETS AND LIABILITIES

NOTE 11OTHER ASSETS AND LIABILITIES

Prepaid Expenses and Other Assets

The following table summarizes the significant components of prepaid expenses and other assets.

	March 31,		December 31,
	2012		2011
	(In thousands)
Special Improvement District receivables	$	40,696	$	40,580
Other receivables	4,178		4,181
Federal income tax receivable	5,401		5,393
Prepaid expenses	7,995		6,507
Below-market ground leases	20,595		20,680
Security and escrow deposits	18,585		17,266
Above-market tenant leases	1,114		1,014
Uncertain tax position asset	12,633		11,935
In-place leases	11,411		11,865
Intangibles	3,000		3,074
Other	5,011		4,661
	$	130,619	$	127,156

Accounts Payable and Accrued Expenses

The following table summarizes the significant components of accounts payable and accrued expenses.

	March 31, 2012		December 31, 2011
	(In thousands)
Construction payable	$	8,194	$	8,923
Accounts payable and accrued expenses	37,035		45,078
Membership deposits	17,028		16,033
Above-market ground leases	2,709		2,748
Deferred gains/income	8,450		5,739
Accrued interest	2,493		2,747
Accrued real estate taxes	4,695		3,439
Tenant and other deposits	6,401		5,966
Insurance reserve	4,025		4,728
Accrued payroll and other employee liabilities	5,063		9,658
Interest rate swap	4,166		4,367
Other	13,685		15,978
	$	113,944	$	125,404