NOTE 13 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,
(In thousands)	2016		2015
Condominium receivables (a)	$	307,464	$	191,037
Condominium deposits		62,523		55,749
Special Improvement District receivable		72,575		72,558
In-place leases		20,245		22,139
Below-market ground leases		19,240		19,325
Above-market tenant leases		3,348		3,581
Equipment, net of accumulated depreciation of $4.3 million and $3.9 million, respectively		19,343		18,772
Security and escrow deposits		8,854		17,599
Tenant incentives and other receivables		10,117		10,480
Prepaid expenses		10,331		8,474
Federal income tax receivable		10,577		11,972
Intangibles		4,006		4,045
Uncertain tax position asset		117		112
Other		2,199		5,347
	$	550,939	$	441,190

(a)

Of the total Condominium receivables, $249.4 million are expected to be collected in 2016 and $58.1 million are expected to be collected in 2017, consistent with anticipated closings of the respective condominium projects.

The $109.7 million net increase primarily relates to a $116.4 million increase in condominium receivables, which represents revenue recognized in excess of buyer deposits received for our Waiea and Anaha projects, and an increase in condominium deposits of $6.8 million due to deposits for sales of units. These increases were partially offset by a net $8.7 million decrease in security and escrow deposits mostly attributable to funding of our investment in 33 Peck Slip, a decrease in other of $3.1 million relating primarily to the collection of a tenant improvement reimbursement receivable and $1.7 million in other net changes.

Accounts Payable and Accrued Expenses

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


	March 31,		December 31,
(In thousands)	2016		2015
Construction payables	$	194,052	$	185,731
Deferred income		135,672		117,700
Condominium deposit liabilities		61,906		50,192
Accounts payable and accrued expenses		42,716		33,928
Tenant and other deposits		31,936		31,193
Accrued interest		29,535		16,504
Accrued payroll and other employee liabilities		15,603		31,271
Accrued real estate taxes		7,171		15,134
Interest rate swaps		19,214		4,217
Above-market ground leases		2,073		2,113
Other		24,743		27,371
	$	564,621	$	515,354

Total accounts payable and accrued expenses increased by $49.3 million. This net increase reflects a deferred income increase of $18.0 million primarily related to a bulk land sale at Summerlin, an increase of $11.7 million in condominium deposits liability, an increase of $8.8 million in accounts payable and accrued expenses, $13.0 million of increased accrued interest on the Senior Notes for which interest is paid semiannually, an increase in construction payables of $8.3 million, and an increase of $15.0 million in interest rate swaps liability primarily due to a decrease in fair value of the forward starting swaps. These increases are partially offset by a decrease of $15.7 million in accrued payroll and other employee liabilities due to payment in the first quarter 2016 of 2015 annual incentive bonus, a decrease of $8.0 million in accrued real estate taxes related to timing of payments, and $1.8 million in other immaterial decreases.