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,
	2014		2013
	(In thousands)
Special Improvement District receivable	$	39,750	$	39,688
Equipment, net of accumulated depreciation of $1.6 million and $0.7 million, respectively	21,041		21,978
Tenant incentives and other receivables	5,490		6,757
Federal income tax receivable	6,099		6,053
Prepaid expenses	6,832		4,744
Below-market ground leases	19,833		20,002
Condominium deposits	115,645		12,405
Security and escrow deposits	30,838		28,082
Above-market tenant leases	991		1,095
Uncertain tax position asset	20,616		13,528
In-place leases	8,226		9,306
Intangibles	3,654		3,714
Other	3,887		6,588
	$	282,902	$	173,940

The $109.0 million increase as of June 30, 2014 compared to December 31, 2013 primarily relates to the increase of $103.2 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, and the $7.1 million increase in our uncertain tax position asset as more fully discussed in Note 10 — Income Taxes.

Accounts Payable and Accrued Expenses

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

	June 30,		December 31,
	2014		2013
	(In thousands)
Construction payables	$	177,539	$	106,741
Accounts payable and accrued expenses	34,511		46,998
Condominium deposits	115,645		12,405
Membership deposits	22,063		24,830
Above-market ground leases	2,351		2,431
Deferred income	31,084		18,963
Accrued interest	14,916		17,463
Accrued real estate taxes	6,247		8,581
Tenant and other deposits	11,548		9,490
Insurance reserve	1,000		1,417
Accrued payroll and other employee liabilities	12,707		15,666
Special assessment	2,603		2,603
Interest rate swaps	4,076		4,164
Other	14,938		12,239
	$	451,228	$	283,991

The $167.2 million increase as of June 30, 2014 compared to December 31, 2013 is primarily due to the increase of $103.2 million in condominium deposits for the two new market rate towers at Ward Village and a $70.8 million increase in construction payables primarily due to increased development activities at Downtown Summerlin, The Woodlands Resort & Conference Center, Outlet Collection at Riverwalk, South Street Seaport and One Hughes Landing.