NOTE 13 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,
(In thousands)	2016		2015
Condominium receivables (a)	$	423,906	$	191,037
Condominium deposits		91,661		55,749
Special Improvement District receivable		72,594		72,558
In-place leases		17,033		22,139
Below-market ground leases		19,155		19,325
Above-market tenant leases		2,714		3,581
Equipment, net of accumulated depreciation of $4.7 million and $3.9 million, respectively		18,182		18,772
Security and escrow deposits		9,855		17,599
Tenant incentives and other receivables		9,873		10,480
Prepaid expenses		8,205		8,474
Federal income tax receivable		12,106		11,972
Intangibles		4,124		4,045
Uncertain tax position asset		143		112
Other		3,080		5,347
	$	692,631	$	441,190

(a)

Of the total Condominium receivables, $329.7 million are expected to be collected in 2016 and $94.2 million are expected to be collected in 2017, consistent with anticipated closings of the respective condominium projects.

The $251.4 million net increase primarily relates to the following increases: a $232.9 million increase in condominium receivables, which represents revenue recognized in excess of buyer deposits received for our Ward Village Condominium projects, an increase in condominium deposits of $35.9 million due to deposits for sales of units and $0.2 million in other increases.

These increases were partially offset by the following decreases: a net $7.7 million decrease in security and escrow deposits mostly attributable to our January 2016 investment in the Grandview SHG, LLC joint venture; a decrease of $5.1 million relating primarily to the amortization of in-place leases; a net decrease in other prepaids of $2.3 million which was primarily due to the reimbursement from a tenant in the three months ended June 30, 2016; and a $2.5 million decrease in other small net changes.

Accounts Payable and Accrued Expenses

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


	June 30,		December 31,
(In thousands)	2016		2015
Construction payables	$	193,847	$	185,731
Deferred income		114,634		117,700
Condominium deposit liabilities		87,428		50,192
Accounts payable and accrued expenses		37,687		33,928
Tenant and other deposits		32,896		31,193
Accrued interest		16,627		16,504
Accrued payroll and other employee liabilities		20,142		31,271
Accrued real estate taxes		12,935		15,134
Interest rate swaps		27,729		4,217
Above-market ground leases		2,034		2,113
Other		26,813		27,371
	$	572,772	$	515,354

Total accounts payable and accrued expenses increased by $57.4 million. This net increase primarily includes the following increases: a $37.2 million increase in condominium deposits liability; an increase of $3.8 million in accounts payable and accrued expenses; an increase of $8.1 million in construction payables; an increase of $23.5 million in interest rate swaps liability primarily due to a decrease in fair value of the forward-starting swaps; and $1.8 million in other immaterial increases.

These increases are partially offset by the following decreases: decrease of $11.1 million in accrued payroll and other employee liabilities due to payment in the first quarter 2016 of the 2015 annual incentive bonus; a decrease of $2.2 million in accrued real estate taxes related to timing of payments; a decrease of $3.1 million in deferred income; and $0.6 million in other immaterial decreases.