OTHER ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2020

Prepaid Expenses and Other Assets

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



	March 31,		December 31,
(In thousands)	2020		2019
Straight-line rent	$	59,082	$	56,223
Condominium inventory	55,577		56,421
In-place leases	53,059		54,471
Security, escrow, and other deposits	51,197		17,464
Special Improvement District receivable	42,103		42,996
Intangibles	33,105		33,275
Prepaid expenses	14,132		13,263
Other	8,127		9,252
Tenant incentives and other receivables	7,527		7,556
TIF receivable	3,854		3,931
Federal income tax receivable	2,389		655
Food and beverage and lifestyle inventory	1,914		4,310
Above-market tenant leases	491		556
Prepaid expenses and other assets, net	$	332,557	$	300,373

The $32.2 million net increase primarily relates to a $33.7 million increase in Security, escrow, and other deposits from December 31, 2019, primarily attributable to rate-lock and security deposits for The Woodlands Towers at the Waterway; a $2.9 million increase in Straight-line rent mainly due to the acquisition of The Woodlands Towers at the Waterway and Operating Assets placed in service during the year; and a $1.7 million increase in Federal income tax receivable due to a decrease in income before taxes. These increases are partially offset by a $2.4 million decrease in Food and beverage and lifestyle inventory predominantly due to the write-off of inventory at 10 Corso Como Retail and Café; a $1.4 million decrease in In-place leases partially as a result of amortization of the leases at The Woodlands Towers at the Waterway; and a $1.1 million decrease in Other attributable to tenant improvement write-offs related to the sale of 100 Fellowship Drive in the first quarter of 2020.

Accounts Payable and Accrued Expenses

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



	March 31,		December 31,
(In thousands)	2020		2019
Construction payables	$	327,557	$	261,523
Condominium deposit liabilities	240,980		194,794
Interest rate swap liabilities	77,363		40,135
Deferred income	63,817		63,483
Accounts payable and accrued expenses	31,651		37,480
Tenant and other deposits	27,632		24,080
Accrued payroll and other employee liabilities	21,697		44,082
Accrued real estate taxes	15,577		27,559
Other	14,101		16,173
Accrued interest	11,418		23,838
Accounts payable and accrued expenses	$	831,793	$	733,147

The $98.6 million net increase primarily relates to a $66.0 million increase in Construction payables primarily attributable to a $97.9 million charge for repairs and remediation on certain alleged construction defects at the Waiea condominium tower (see Note 10 - Commitments and Contingencies for details), partially offset by reduced construction spend at several projects approaching completion including Juniper Apartments, Bridgeland, 8770 New Trails, 110 North Wacker, Lakefront North and 6100 Merriweather; a $46.2 million increase in Condominium deposit liabilities primarily attributable to sales at Victoria Place, Kō'ula, and ‘A‘ali‘i and a $37.2 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. These increases are offset by a $22.4 million decrease in Accrued payroll and other employee liabilities primarily due to the 2019 annual incentive bonus payment in the first quarter of 2020; a $12.4 million decrease in Accrued interest attributable to the semi-annual payment of interest on the $1.0 billion Unsecured 5.375% Senior Notes; a $12.0 million decrease in Accrued real estate taxes primarily related to tax payments in the first quarter of 2020 for 2019; and a $5.8 million decrease in Accounts payable and accrued expenses.