OTHER ASSETS AND LIABILITIES

9 Months Ended

Sep. 30, 2019

Prepaid Expenses and Other Assets

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



	September 30,		December 31,
(In thousands)	2019		2018
Condominium inventory	$	56,547	$	198,352
Straight-line rent	55,342		50,493
Intangibles	33,445		33,955
Prepaid expenses	19,918		16,981
Special Improvement District receivables	17,352		18,838
Security and escrow deposits	17,291		17,670
Equipment, net of net of accumulated depreciation of $9.6 million and $8.3 million, respectively	14,288		15,543
Other	9,865		18,429
Tenant incentives and other receivables	8,154		8,745
TIF receivable	5,792		2,470
In-place leases	4,252		6,539
Food and beverage and lifestyle inventory	3,782		1,935
Above-market tenant leases	678		1,044
Federal income tax receivable	200		2,000
Below-market ground leases	—		18,296
Interest rate swap derivative assets	—		346
Prepaid expenses and other assets, net	$	246,906	$	411,636

The $164.7 million net decrease primarily relates to $141.8 million and $18.3 million decreases in Condominium inventory and Below-market ground leases, respectively. Condominium inventory represents completed units for which sales have not yet closed. The decrease in Condominium inventory from December 31, 2018 is primarily attributable to the contracted units at Ae‘o and Waiea, which have closed in the first nine months of 2019. The decrease in Below-market ground leases is attributable to the adoption of the New Leases Standard as of the Adoption Date. The balance of unamortized Below-market ground leases was reclassified to Operating lease right-of-use assets, net upon adoption.

Accounts Payable and Accrued Expenses

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



	September 30,		December 31,
(In thousands)	2019		2018
Construction payables	$	276,290	$	258,749
Condominium deposit liabilities	170,105		263,636
Deferred income	52,235		42,734
Interest rate swap liabilities	48,788		16,517
Tenant and other deposits	32,569		20,893
Accounts payable and accrued expenses	32,299		38,748
Accrued payroll and other employee liabilities	31,403		42,591
Accrued real estate taxes	28,551		26,171
Other	16,722		29,283
Accrued interest	10,547		23,080
Straight-line ground rent liability	—		16,870
Accounts payable and accrued expenses	$	699,509	$	779,272

The $79.8 million net decrease in total Accounts payable and accrued expenses primarily relates to a $93.5 million decrease in Condominium deposit liabilities primarily attributable to the contracted units at Ae‘o and Ke Kilohana, which have closed in the first nine months of 2019; a $32.3 million increase in Interest rate swap liabilities due to a decrease in the one-month London Interbank Offered Rate ("LIBOR") forward curve for the periods presented; a $17.5 million increase in Construction payables predominately related to higher construction spend at the Summerlin MPC, ‘A‘ali‘i, 110 North Wacker and Juniper Apartments for projects under construction, partially offset by lower construction payables at Ae‘o and Ke Kilohana; a $16.9 million decrease in Straight-line ground rent liability attributable to the adoption of the New Leases Standard as of the Adoption Date; a $12.5 million decrease in Accrued interest due to the semi-annual payment of interest on the $1.0 billion Unsecured 5.375% Senior Notes; an $11.7 million increase in Tenant and other deposits related to an increase in land sales deposits for the Summerlin and Bridgeland MPCs; and an $11.2 million decrease in Accrued payroll and other employee liabilities due to payment in the first quarter of 2019 of annual incentive bonus for 2018.