OTHER ASSETS AND LIABILITIES

6 Months Ended

Jun. 30, 2013

OTHER ASSETS AND LIABILITIES

OTHER ASSETS AND LIABILITIES

NOTE 12 OTHER 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,
	2013		2012
	(In thousands)
Special Improvement District receivable	$	39,644	$	39,659
Tenant and other receivables	9,457		2,346
Federal income tax receivable	5,349		5,367
Prepaid expenses	3,947		4,757
Below-market ground leases	20,171		20,341
Condominium deposits	—		19,616
Security and escrow deposits	9,689		12,865
Above-market tenant leases	1,200		1,896
Uncertain tax position asset	14,165		12,801
In-place leases	10,517		11,516
Intangibles	3,714		3,714
Other	7,950		8,592
	$	125,803	$	143,470

The decrease of $19.6 million in condominium deposits as of June 30, 2013 compared to December 31, 2012 is due to the sale of our condominium rights.  The increase of $7.1 million in tenant and other receivables is primarily related to $2.0 million of lease incentives at Ward and a $4.5 million legal settlement at Riverwalk.

Accounts Payable and Accrued Expenses

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

	June 30,		December 31,
	2013		2012
	(In thousands)
Construction payable	$	29,380	$	17,501
Accounts payable and accrued expenses	53,737		39,634
Condominium deposits	—		19,616
Membership deposits	22,416		20,248
Above-market ground leases	2,510		2,590
Deferred gains/income	13,770		7,767
Accrued interest	2,316		2,425
Accrued real estate taxes	5,259		6,622
Tenant and other deposits	11,832		8,096
Insurance reserve	2,832		9,037
Accrued payroll and other employee liabilities	9,073		11,514
Interest rate swaps	4,281		7,183
Special assessment	2,868		2,868
Other	17,958		15,420
	$	178,232	$	170,521

The increase of $11.9 million in construction payable as of June 30, 2013 compared to December 31, 2012 is primarily due to construction and renovation activities at a number of properties under development. The decrease of $19.6 million in condominium deposits as of June 30, 2013 compared to December 31, 2012 is due to the sale of our condominium rights. The increase of $6.0 million in deferred gains/income is primarily due to increased land sales and the deferral of a portion of the income for post-sale land development obligations at our Summerlin MPC.