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)	2018		2017
Condominium inventory	$	46,780	$	—
Straight-line rent	44,560		39,136
Intangibles	34,295		34,802
Special Improvement District receivable	25,206		26,430
Below-market ground leases	18,478		18,647
Security and escrow deposits	16,986		16,949
Equipment, net of accumulated depreciation of $7.5 million and $6.9 million, respectively	16,380		16,955
Other	13,127		4,798
Prepaid expenses	10,599		11,731
Tenant incentives and other receivables	9,135		8,482
In-place leases	9,091		10,821
Interest rate swap derivative assets	7,269		4,470
TIF receivable	6,872		14,444
Federal income tax receivable	2,000		2,198
Above-market tenant leases	1,347		1,648
Condominium receivables	—		158,516
Prepaid expenses and other assets, net	$	262,125	$	370,027

The $107.9 million net decrease primarily relates to the following: (i) $158.5 million decrease in Condominium receivables of which $99.6 million relates to the adoption of the New Revenue Standard; (ii) $1.7 million decrease in In-place leases; (iii) $1.2 million decrease in Special Improvement District receivable; and (iv) $1.1 million decrease in Prepaid expenses, which were partially offset by the following: (i) $46.8 million increase in Condominium inventory; (ii) $5.4 million increase in Straight-line rent due to additional Operating Assets placed in service during the year; and (iii) $2.8 million increase in Interest rate swap derivative assets.

Accounts Payable and Accrued Expenses

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



	June 30,		December 31,
(In thousands)	2018		2017
Construction payables	$	290,991	$	217,838
Condominium deposit liabilities	203,481		55,975
Deferred income	51,894		53,337
Other	28,154		34,699
Accrued payroll and other employee liabilities	25,790		41,236
Tenant and other deposits	25,138		18,937
Accrued interest	22,135		20,322
Accounts payable and accrued expenses	21,922		35,887
Accrued real estate taxes	17,471		22,289
Straight-line ground rent liability	15,844		14,944
Interest rate swaps	694		5,961
Above-market ground leases	—		293
Accounts payable and accrued expenses	$	703,514	$	521,718

The $181.8 million net increase in total Accounts payable and accrued expenses primarily relates to the following: (i) $147.5 million increase in Condominium deposit liabilities, $99.6 million of which relates to the impact of the adoption of the New Revenue Standard, with the remainder representing new sales, primarily at Ae‘o and ‘A‘ali‘i; (ii) $73.2 million increase in Construction payables predominantly related to the towers under construction at Ward Village as the projects move toward completion; and (iii) $6.2 million increase in Tenant and other deposits, which were partially offset by the following: (i) $15.4 million decrease in Accrued payroll and other employee liabilities due to payment in the first quarter of 2018 of annual incentive bonus for 2017; (ii) $14.0 million decrease in Accounts payable and accrued expenses; (iii) $6.5 million decrease in Other; (iv) $5.3 million decrease in Interest rate swaps; and (v) $4.8 million decrease in Accrued real estate taxes.