NOTE 13 OTHER ASSETS AND LIABILITIES

Prepaid Expenses and Other Assets

The following table summarizes the significant components of prepaid expenses and other assets.


	September 30,		December 31,
	2015		2014

	(In thousands)
Condominium receivables	$	95,521		—
Condominium deposits		71,507	$	151,592
Special Improvement District receivable		30,843		33,318
In-place leases		24,225		32,715
Below-market ground leases		19,409		19,663
Above-market tenant leases		3,806		4,656
Equipment, net of accumulated depreciation of $3.5 million and $2.4 million, respectively		19,150		20,284
Tenant incentives and other receivables		23,240		14,264
Security and escrow deposits		12,556		9,829
Prepaid expenses		9,997		9,196
Federal income tax receivable		8,268		8,629
Intangibles		3,880		3,593
Uncertain tax position asset		443		383
Other		751		2,014
	$	323,596	$	310,136

The $13.5 million net increase primarily relates to a $95.5 million increase in condominium receivables, which represents revenue recognized in excess of buyer deposits received for our Waiea and Anaha projects, partially offset by a net $80.1 million decrease in condominium deposits at Ward Village due to utilization of deposits for construction costs. Tenant incentives and other receivables increased by $9.0 million primarily due to construction progress on ExxonMobil tenant improvements at our 1725-35 Hughes Landing development project. The $8.5 million decrease related to in-place leases is attributable to the normal amortization of these intangibles primarily for the 10-60 Columbia Corporate Center assets acquired in December 2014.

Accounts Payable and Accrued Expenses

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


	September 30,		December 31,
	2015		2014
	(In thousands)
Construction payables	$	184,966	$	170,935
Deferred income		101,390		65,675
Condominium deposit liability		29,718		82,150
Tenant and other deposits		31,688		12,756
Accounts payable and accrued expenses		34,318		34,154
Accrued interest		28,282		14,791
Accrued payroll and other employee liabilities		22,856		25,838
Accrued real estate taxes		14,830		9,903
Interest rate swaps		3,651		3,144
Above-market ground leases		2,153		2,272
Membership deposits		—		21,023
Other		35,183		23,376
	$	489,035	$	466,017

Accounts payable and accrued expenses increased by $23.0 million. This net increase reflects increases of $35.7 million of deferred income related to deferred rental income on our ExxonMobil lease in The Woodlands and two commercial land sales in our Bridgeland MPC, $18.9 million in tenant and other deposits primarily due to tenant improvements at our 1725-35 Hughes Landing project, $13.5 million of accrued interest on the Senior Notes, $14.0 million 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 $11.8 million in Other accrued items. These increases are partially offset by a decrease of $52.4 million in the condominium deposit liability for the two towers at Ward Village due to the revenue recognized during the period, and a $21.0 million decrease in membership deposits resulting from the sale of The Club at Carlton Woods.