NOTE 11 OTHER ASSETS AND LIABILITIES

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


	December 31,
(In thousands)	2017		2016
Condominium receivables (a)	$	158,516	$	210,219
Condominium deposits		82,605		193,197
Straight-line rent		39,136		31,518
Security and escrow deposits		37,585		61,304
Intangibles		34,802		4,046
Special Improvement District receivable		26,430		61,603
Below-market ground leases		18,647		18,986
In-place leases		10,821		16,015
Above-market tenant leases		1,648		2,457
Equipment, net of accumulated depreciation of $6.9 million and $5.3 million, respectively		16,955		17,556
Prepaid expenses		11,731		11,177
Tenant incentives and other receivables		8,482		8,773
Interest rate swap derivative assets		4,470		—
Federal income tax receivable		2,198		15,763
Other		19,242		13,902
	$	473,268	$	666,516

(a)

We expect $4.4 million related to Anaha will be collected in 2018, and $151.5 million and $2.7 million relating to Ae`o and Ke Kilohana, respectively, will be collected in 2019.

The $193.2 million net decrease primarily relates to the following decreases: a $110.6 million decrease in condominium deposits due to net sales activity primarily at Waiea, Ae’o and Ke Kilohana; a decrease of $51.7 million in Condominium receivables due to closings at our Waiea and Anaha projects; a decrease of $35.2 million in Special Improvement District Receivable used to fund development costs incurred at Summerlin due to collections; a decrease of $23.7 million in security and escrow deposits primarily relating to the utilization of escrowed sales proceeds to fund remaining construction costs at Waiea; a $13.6 million decrease in Federal income tax receivables due to two IRS tax refunds; a $5.2 million decrease in In-place leases; and $2.0 million in other decreases related to above and below-market ground leases, Equipment and Tenant incentives related primarily to normally scheduled amortization.

These decreases were offset by the following: an increase of $30.8 million in Intangible Assets due to our acquisition of our partner’s 50.0% interest in the Las Vegas 51s; an increase of $7.6 million in Straight-line rent due to additional Operating Assets placed in service during the year; a $5.3 million increase in Other assets relating a receivable recorded relating to reimbursable costs by the Howard County TIF District; an increase of $4.5 million in Interest rate swap derivative assets; and a $0.6 million increase in prepaid expenses.

Accounts Payable and Accrued Expenses

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


	December 31,
(In thousands)	2017		2016
Construction payables	$	217,838	$	207,917
Condominium deposit liabilities		55,975		117,015
Deferred income		53,337		85,158
Accounts payable and accrued expenses		35,887		33,050
Tenant and other deposits		18,937		28,559
Accrued payroll and other employee liabilities		41,236		36,937
Accrued interest		20,322		16,897
Accrued real estate taxes		22,289		16,726
Straight-line ground rent liability		14,944		13,126
Interest rate swaps		5,961		(149)
Above-market ground leases		293		1,762
Other		34,699		15,012
	$	521,718	$	572,010

The $50.3 million net decrease in total accounts payable and accrued expenses primarily relates to the following decreases: $61.0 million in Condominium deposit liabilities for the towers under construction at Ward Village as the projects move toward completion; a decrease of $31.8 million in deferred income related to recognition of income from previously deferred land sales at our Summerlin and Bridgeland MPCs; a decrease of $9.6 million in tenant and other deposits primarily related to amortization of a tenant’s prepaid rent; and a decrease of $1.5 million related to our Above-Market Ground Leases.

These decreases were partially offset by the following increases: a $19.7 million increase in Other payables which primarily relates to costs of $13.4 million accrued for our Ward Village master plan common costs; an increase of $9.9 million in construction payables primarily due to continued development activities at both Ward Village and the Merriweather District; a $6.1 million increase in Interest rate swaps liability primarily due to a decrease in fair value of the forward-starting swaps; an increase of $1.8 million in Straight-line ground rent liability due to additional Operating Assets placed in service during the year.