OTHER ASSETS AND LIABILITIES

6 Months Ended

Jun. 30, 2012

OTHER ASSETS AND LIABILITIES

OTHER ASSETS AND LIABILITIES

NOTE 12OTHER ASSETS AND LIABILITIES

Prepaid Expenses and Other Assets

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

	June 30,		December 31,
	2012		2011
	(In thousands)
Special Improvement District receivable	$	41,256	$	40,580
Other receivables	4,249		4,181
Federal income tax receivable	5,401		5,393
Prepaid expenses	4,051		6,507
Below-market ground leases	20,510		20,680
Security and escrow deposits	9,888		17,266
Above-market tenant leases	1,078		1,014
Uncertain tax position asset	13,339		11,935
In-place leases	12,009		11,865
Intangibles	3,000		3,074
Other	5,206		4,661
	$	119,987	$	127,156

Accounts Payable and Accrued Expenses

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

	June 30,		December 31,
	2012		2011
	(In thousands)
Construction payable	$	9,519	$	8,923
Accounts payable and accrued expenses	34,300		45,078
Membership deposits	18,279		16,033
Above-market ground leases	2,669		2,748
Deferred gains/income	7,479		5,739
Accrued interest	2,247		2,747
Accrued real estate taxes	6,463		3,439
Tenant and other deposits	6,699		5,966
Insurance reserve	4,658		4,728
Accrued payroll and other employee liabilities	5,743		9,658
Interest rate swaps	6,697		4,367
Other	14,682		15,978
	$	119,435	$	125,404