NOTE 11 OTHER 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,
	2013		2012
	(In thousands)
Special Improvement District receivable	$	39,666	$	39,659
Other receivables	829		2,346
Federal income tax receivable	5,580		5,367
Prepaid expenses	6,497		4,757
Below-market ground leases	20,256		20,341
Condominium deposits	33,349		19,616
Security and escrow deposits	10,356		12,865
Above-market tenant leases	1,981		1,896
Uncertain tax position asset	13,528		12,801
In-place leases	10,336		11,516
Intangibles	3,714		3,714
Other	8,145		8,592
	$	154,237	$	143,470

The increase of $13.7 million in condominium deposits as of March 31, 2013 as compared to December 31, 2012 is attributed to the cash deposits received for the condominium pre-sales at ONE Ala Moana condominium tower. The asset and liability for these condominium deposits will be contributed, along with our condominium declaration and condominium rights, to the joint venture at closing of the construction loan. See also Note 6 — Real Estate Affiliates. The decrease of $2.5 million in security and escrow deposits is primarily related to the utilization of $2.1 million of escrow funds established at the acquisition of 70 CCC.

Accounts Payable and Accrued Expenses

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

	March 31,		December 31,
	2013		2012
	(In thousands)
Construction payable	$	18,249	$	17,501
Accounts payable and accrued expenses	52,504		39,634
Condominium deposits	33,349		19,616
Membership deposits	21,166		20,248
Above-market ground leases	2,550		2,590
Deferred gains/income	7,445		7,767
Accrued interest	2,368		2,425
Accrued real estate taxes	3,883		6,622
Tenant and other deposits	9,906		8,096
Insurance reserve	4,876		9,037
Accrued payroll and other employee liabilities	5,889		11,514
Interest rate swaps	6,691		7,183
Special assessment	2,868		2,868
Other	16,098		15,420
	$	187,842	$	170,521

The increase of $12.9 million in accounts payable and accrued expenses as of March 31, 2013 as compared to December 31, 2012 is primarily due to a lease termination payment obligation relating to one of the properties under development. Payments of approximately $3.3 million are due in 2014 and 2015. The decrease of $5.6 million in accrued payroll and other employee liabilities is primarily due to the annual incentive compensation payout in the first quarter of 2013.