NOTE 11 OTHER ASSETS AND LIABILITIES

The following table summarizes the significant components of Prepaid expenses and other assets:


	December 31,		December 31,
(In thousands)	2015		2014
Condominium receivables (a)	$	191,037	$	—
Condominium deposits		55,749		151,592
Special Improvement District receivable		72,558		33,318
In-place leases		22,139		32,715
Below-market ground leases		19,325		19,663
Above-market tenant leases		3,581		4,656
Equipment, net of accumulated depreciation of $3.9 million and $2.4 million, respectively		18,772		20,284
Security and escrow deposits		17,599		9,829
Tenant incentives and other receivables		10,480		14,264
Prepaid expenses		8,474		9,196
Federal income tax receivable		11,972		8,629
Intangibles		4,045		3,593
Uncertain tax position asset		112		383
Other		5,347		2,014
	$	441,190	$	310,136

(a)

Of the total Condominium receivables, $168.3 million are expected to be collected in 2016 and $22.7 million are expected to be collected in 2017.

The $131.1 million increase as of December 31, 2015 compared to 2014 primarily relates to a $191.0 million increase in condominium receivables, representing revenue recognized in excess of buyer deposits received for our Waiea and Anaha projects, partially offset by a net $95.8 million decrease in condominium deposits at Ward Village due to utilization of deposits for construction costs. Special improvement district receivables increased by $39.2 million primarily due to closing on new SID bonds in the fourth quarter 2015, the proceeds of which are held in escrow by a third party and will be used to reimburse us for a portion of the development costs incurred in our Summerlin MPC. Security and escrow deposits increased $7.8 million primarily due to escrowed funds relating to an investment in a hotel property. The $10.6 million decrease related to in-place leases is attributable to the amortization of intangibles primarily related to leases associated with the 10-60 Columbia Corporate Center assets acquired in December 2014.

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


	December 31,		December 31,
(In thousands)	2015		2014
Construction payables	$	185,731	$	170,935
Deferred income		113,122		65,675
Condominium deposits		50,192		82,150
Accounts payable and accrued expenses		33,928		34,154
Accrued payroll and other employee liabilities		31,271		25,838
Tenant and other deposits		31,193		12,756
Accrued interest		16,504		14,791
Accrued real estate taxes		15,134		9,903
Interest rate swaps liability		4,217		3,144
Above-market ground leases		2,113		2,272
Membership deposits		—		21,023
Other		31,949		23,376
	$	515,354	$	466,017

Accounts payable and accrued expenses increased by $49.3 million. The increase reflects increases of $47.4 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, $18.4 million in tenant and other deposits primarily due to the rent credits at 1725-35 Hughes Landing Boulevard, and $14.8 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. These increases are partially offset by a decrease of $32.0 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 deposit liability resulting from the sale of The Club at Carlton Woods.