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)	2019		2018
Condominium inventory	$	69,110	$	198,352
Straight-line rent	51,985		50,493
Intangibles	33,785		33,955
Security and escrow deposits	20,129		17,670
Special Improvement District receivables	18,054		18,838
Prepaid expenses	15,202		16,981
Equipment, net of accumulated depreciation of $8.7 million and $8.3 million, respectively	15,125		15,543
Other	10,950		20,364
Tenant incentives and other receivables	8,625		8,745
In-place leases	5,677		6,539
TIF receivable	3,896		2,470
Above-market tenant leases	906		1,044
Federal income tax receivable	200		2,000
Interest rate swap derivative assets	—		346
Below-market ground leases	—		18,296
Prepaid expenses and other assets, net	$	253,644	$	411,636

The $158.0 million net decrease primarily relates to $129.2 million and $18.3 million decreases in Condominium inventory and Below-market ground leases, respectively. Condominium inventory represents units at completed projects for which sales have not yet closed. The decrease from December 31, 2018 is primarily attributable to all of the contracted units at Ae‘o, which have closed in the first quarter of 2019. The decrease in Below-market ground leases is attributable to the adoption of the New Leases Standard as of January 1, 2019. The balance of unamortized below-market ground leases was reclassified to Operating lease right-of-use assets upon adoption.

Accounts Payable and Accrued Expenses

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



	March 31,		December 31,
(In thousands)	2019		2018
Construction payables	$	298,235	$	258,749
Condominium deposit liabilities	147,861		263,636
Deferred income	54,082		42,734
Accounts payable and accrued expenses	26,512		38,748
Interest rate swap derivative liabilities	24,160		16,517
Tenant and other deposits	21,805		20,893
Accrued payroll and other employee liabilities	17,109		42,591
Other	16,150		29,283
Accrued real estate taxes	12,542		26,171
Accrued interest	10,515		23,080
Straight-line ground rent liability	—		16,870
Accounts payable and accrued expenses	$	628,971	$	779,272

The $150.3 million net decrease in total Accounts payable and accrued expenses primarily relates to a $115.8 million decrease in Condominium deposit liabilities primarily attributable to all of the contracted units at Ae‘o, which have closed in the first quarter of 2019; a $25.5 million decrease in Accrued payroll and other employee liabilities due to payment in the first quarter of 2019 of annual incentive bonus for 2018; and a $16.9 million decrease in Straight-line ground rent liability attributable to the adoption of the New Leases Standard as of January 1, 2019.