OTHER ASSETS AND LIABILITIES

6 Months Ended

Jun. 30, 2020

Prepaid Expenses and Other Assets

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



	June 30,		December 31,
(In thousands)	2020		2019
Straight-line rent	$	61,060	$	56,223
Condominium inventory	58,151		56,421
Security, escrow, and other deposits	55,836		17,464
In-place leases	51,723		54,471
Special Improvement District receivable	40,963		42,996
Intangibles	32,935		33,275
Prepaid expenses	16,683		13,263
Tenant incentives and other receivables	10,145		7,556
Other	9,313		9,252
TIF receivable	4,032		3,931
Food and beverage and lifestyle inventory	1,166		4,310
Federal income tax receivable	655		655
Above-market tenant leases	428		556
Prepaid expenses and other assets, net	$	343,090	$	300,373

The $42.7 million net increase primarily relates to a $38.4 million increase in Security, escrow, and other deposits, primarily attributable to rate-lock and security deposits for The Woodlands Towers at the Waterway, a $4.8 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, as well as a $3.4 million increase in Prepaid expenses. These increases are partially offset by a $3.1 million decrease in Food and beverage and lifestyle inventory predominantly due to the write-off of inventory at 10 Corso Como Retail and Café in the first quarter of 2020 and a $2.7 million decrease in In-place leases, partially as a result of amortization of the leases at The Woodlands Towers at the Waterway.

Accounts Payable and Accrued Expenses

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



	June 30,		December 31,
(In thousands)	2020		2019
Construction payables	$	327,006	$	261,523
Condominium deposit liabilities	289,438		194,794
Interest rate swap liabilities	77,737		40,135
Deferred income	66,142		63,483
Accrued real estate taxes	28,647		27,559
Accounts payable and accrued expenses	26,655		37,480
Accrued payroll and other employee liabilities	26,172		44,082
Tenant and other deposits	24,555		24,080
Accrued interest	23,120		23,838
Other	13,022		16,173
Accounts payable and accrued expenses	$	902,494	$	733,147

The $169.3 million net increase primarily relates to a $94.6 million increase in Condominium deposit liabilities primarily attributable to sales at Victoria Place, Kō'ula, and ‘A‘ali‘i; a $65.5 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; and a $37.6 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. These increases are partially offset by a $17.9 million decrease in Accrued payroll and other employee liabilities primarily due to the 2019 annual incentive bonus payment in the first quarter of 2020; and a $10.8 million decrease in Accounts payable and accrued expenses.