NOTE 12 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,
	2014		2013
	(In thousands)
Special Improvement District receivable	$	39,712	$	39,688
Equipment, net of accumulated depreciation of $1.1 million and $0.7 million, respectively	21,551		21,978
Tenant incentives and other receivables	5,750		6,757
Federal income tax receivable	6,099		6,053
Prepaid expenses	8,528		4,744
Below-market ground leases	19,917		20,002
Condominium deposits	50,232		12,405
Security and escrow deposits	32,762		28,082
Above-market tenant leases	1,042		1,095
Uncertain tax position asset	14,178		13,528
In-place leases	8,755		9,306
Intangibles	3,683		3,714
Other	4,110		6,588
	$	216,319	$	173,940

The $42.4 million increase as of March 31, 2014 compared to December 31, 2013 primarily relates to the increase of $37.8 million in restricted condominium cash deposits for the two new market rate towers at Ward Village for which we began public sales on February 1, 2014.

Accounts Payable and Accrued Expenses

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

	March 31,		December 31,
	2014		2013
	(In thousands)
Construction payables	$	140,724	$	106,741
Accounts payable and accrued expenses	37,770		46,998
Condominium deposits	50,232		12,405
Membership deposits	26,167		24,830
Above-market ground leases	2,391		2,431
Deferred income	23,893		18,963
Accrued interest	28,338		17,463
Accrued real estate taxes	4,811		8,581
Tenant and other deposits	10,374		9,490
Insurance reserve	577		1,417
Accrued payroll and other employee liabilities	7,919		15,666
Special assessment	2,603		4,164
Interest rate swaps	3,956		2,603
Other	14,336		12,239
	$	354,091	$	283,991

The $70.1 million increase as of March 31, 2014 compared to December 31, 2013 is primarily due to the increase of $37.8 million in condominium deposits for the two new market rate towers at Ward Village and a $34.0 million increase in construction payables primarily due to increased development activities at The Shops at Summerlin, The Woodlands Resort & Conference Center, Outlet Collection at Riverwalk, South Street Seaport and One Hughes Landing.