OTHER ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2019

Prepaid Expenses and Other Assets

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



	December 31,
(In thousands)	2019		2018
Condominium inventory	$	56,421	$	198,352
Straight-line rent	56,223		50,493
In-place leases	54,471		6,539
Special Improvement District receivable	42,996		18,838
Intangibles	33,275		33,955
Security and escrow deposits	17,464		17,670
Prepaid expenses	13,263		16,981
Other	9,252		18,429
Tenant incentives and other receivables	7,556		8,745
Food and beverage and lifestyle inventory	4,310		1,935
TIF receivable	3,931		2,470
Federal income tax receivable	655		2,000
Above-market tenant leases	556		1,044
Equipment, net of accumulated depreciation of $0.0 million and $8.3 million, respectively	—		15,543
Below-market ground leases	—		18,296
Interest rate swap derivative assets	—		346
Prepaid expenses and other assets, net	$	300,373	$	411,636

The $111.3 million net decrease primarily relates to $141.9 million, $18.3 million, $15.5 million, and $9.2 million decreases in Condominium inventory, Below-market ground leases, Equipment, net of accumulated depreciation and Other, 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 closed in 2019. The decrease in Below-market ground leases is attributable to the adoption of the New Leases Standard as of the Adoption Date as the balance of unamortized Below-market ground leases was reclassified to Operating lease right-of-use assets, net upon adoption. The Equipment decrease is due to the sale of the corporate aircraft in the fourth quarter of 2019. The decrease in Other is due to fewer tenant improvements reimbursable at year end December 31, 2019 compared to 2018 for 100 Fellowship Drive, Ae‘o and Anaha. These decreases are partially offset by a $24.2 million increase in Special Improvement District receivable primarily related to a $32.0 million SID issued to Summerlin MPC West in December of 2019, but not fully drawn; and a $2.4 million increase in Food and beverage and lifestyle inventory primarily due to Seaport openings in 2019 and an increase in inventory for 10 Corso Como Retail, which opened in the third quarter of 2018.

Accounts Payable and Accrued Expenses

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



	December 31,
(In thousands)	2019		2018
Construction payables	$	261,523	$	258,749
Condominium deposit liabilities	194,794		263,636
Deferred income	63,483		42,734
Accrued payroll and other employee liabilities	44,082		42,591
Interest rate swap liabilities	40,135		16,517
Accounts payable and accrued expenses	37,480		38,748
Accrued real estate taxes	27,559		26,171
Tenant and other deposits	24,080		20,893
Accrued interest	23,838		23,080
Other	16,173		29,283
Straight-line ground rent liability	—		16,870
Accounts payable and accrued expenses	$	733,147	$	779,272

The $46.1 million net decrease in total Accounts payable and accrued expenses primarily relates to a $68.8 million decrease in Condominium deposit liabilities predominately due to closings at Ae‘o and Ke Kilohana, partially offset by contracted units at Kō'ula, which began sales in 2019; 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; and a $13.1 million decrease in Other due to a decrease in other liabilities including a reduction in warranty liabilities for Anaha, Waiea and Ae‘o. These decreases are partially offset by a $23.6 million increase in Interest rate swap liabilities due to a decrease of the one-month London Interbank Offered Rate (“LIBOR”) forward curve for the periods presented; and a $20.7 million increase in Deferred income due to deferred land sales at the Summerlin MPC.