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,
	2015		2014
	(In thousands)
Special Improvement District receivable	$	31,866	$	33,318
Equipment, net of accumulated depreciation of $3.2 million and $2.4 million, respectively		19,528		20,284
Tenant incentives and other receivables		19,843		14,264
Federal income tax receivable		8,623		8,629
Prepaid expenses		7,869		9,196
Below-market ground leases		19,494		19,663
Condominium deposits		79,590		151,592
Condominium receivables		42,491		—
Security and escrow deposits		12,353		9,829
Above-market tenant leases		4,089		4,656
Uncertain tax position asset		422		383
In-place leases		26,558		32,715
Intangibles		3,932		3,593
Other		1,593		2,014
	$	278,251	$	310,136

The $31.9 million decrease as of June 30, 2015 compared to December 31, 2014 primarily relates to a $72.0 million decrease in condominium deposits at Ward Village due to utilization of deposits for construction costs. The $6.2 million decrease related to in-place leases is attributable to normal amortization of these intangibles, and is primarily due to the recently acquired 10-60 Columbia Corporate Center office buildings. These decreases are partially offset by a $42.5 million increase in condominium receivables, which represents revenue recognized in excess of buyer deposits received for our Waiea and Anaha projects.

Accounts Payable and Accrued Expenses

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


	June 30,		December 31,
	2015		2014
	(In thousands)
Construction payables	$	192,210	$	170,935
Accounts payable and accrued expenses		27,009		34,154
Condominium deposits		22,102		82,150
Membership deposits		21,346		21,023
Above-market ground leases		2,192		2,272
Deferred income		69,502		65,675
Accrued interest		15,239		14,791
Accrued real estate taxes		9,639		9,903
Tenant and other deposits		31,181		12,756
Accrued payroll and other employee liabilities		16,822		25,838
Interest rate swaps		2,993		3,144
Other		27,763		23,376
	$	437,998	$	466,017

The $28.0 million decrease as of June 30, 2015 compared to December 31, 2014 is primarily due to the decrease of $60.0 million in condominium deposits for the two market rate towers at Ward Village as revenue was recognized during the period, $9.0 million decrease in accrued payroll and other employee liabilities due to annual incentive compensation payments, which are accrued for throughout the year and typically paid in the first quarter, and a $7.1 million decrease in accounts payable and accrued expenses. These decreases are partially offset by a $21.3 million increase in construction payables primarily due to continued development activities at Ward Village, 1725-35 Hughes Landing Boulevard, South Street Seaport, Waterway Hotel, Hughes Landing Hotel and Three Hughes Landing, and an $18.4 million increase in tenant and other deposits primarily related to tenant incentives at 1725-35 Hughes Landing Boulevard.