OTHER ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2020


5. Other Assets and Liabilities

Prepaid Expenses and Other Assets The following table summarizes the significant components of Prepaid expenses and other assets as of December 31:


thousands	2020		2019		$ Change
Straight-line rent	$	59,289	$	56,223	$	3,066
Condominium inventory	55,883		56,421		(538)
Special Improvement District receivable (a)	54,770		42,996		11,774
In-place leases (b)	49,161		54,471		(5,310)
Security, escrow and other deposits (c)	48,576		17,464		31,112
Intangibles	32,595		33,275		(680)
Prepaid expenses (d)	17,455		13,263		4,192
Other	11,781		9,252		2,529
Tenant incentives and other receivables	9,612		7,556		2,056
Food and beverage and lifestyle inventory	1,060		4,310		(3,250)
TIF receivable	893		3,931		(3,038)
Above-market tenant leases	315		556		(241)
Federal income tax receivable	—		655		(655)




Prepaid expenses and other assets, net	$	341,390	$	300,373	$	41,017

(a)Proceeds from SID bonds are held in escrow by a third-party and are used to reimburse the Company for a portion of the development costs. The increase in Special Improvement District receivable is primarily attributable to a third quarter 2020 SID Bond issuance in Summerlin.

(b)The decrease in In-place leases is primarily attributable to routine amortization.

(c)The increase in Security, escrow and other deposits is primarily attributable to rate-lock and security deposits for The Woodlands Towers at the Waterway.

(d)The increase in Prepaid expenses is mainly due to the timing of insurance and property tax prepayments, as well as assets being place into service.

Accounts Payable and Accrued Expenses The following table summarizes the significant components of Accounts payable and accrued expenses as of December 31:


thousands	2020		2019		$ Change
Condominium deposit liabilities (a)	$	309,884	$	194,794	$	115,090
Construction payables (b)	253,626		261,523		(7,897)
Deferred income	66,656		63,483		3,173
Interest rate swap liabilities (c)	51,920		40,135		11,785
Accrued real estate taxes (d)	38,863		27,559		11,304
Accrued interest (e)	37,007		23,838		13,169
Accounts payable and accrued expenses	28,589		37,480		(8,891)
Accrued payroll and other employee liabilities (f)	27,419		44,082		(16,663)
Tenant and other deposits	25,801		24,080		1,721
Other	12,493		16,173		(3,680)


Accounts payable and accrued expenses	$	852,258	$	733,147	$	119,111

(a)The increase in Condominium deposit liabilities is primarily due to the increase in contracted condominium unit sales at Victoria Place, Kō'ula and ‘A‘ali‘i.

(b)The decrease in Construction payables is primarily attributable to a decrease of $39.5 million related to the deconsolidation of 110 North Wacker in the third quarter of 2020 (see Note 2 - Rea l Estate and Other A f filiates for details) as well as a reduction in construction spend of $63.3 million primarily due to placing a number of assets into service in 2020 and several projects approaching completion. These decreases were partially offset by an increase of $97.9 million related to a charge for repairs and remediation on certain alleged construction defects at the Waiea condominium tower in the first quarter of 2020 (see Note 10 - Commitments and Contingencies for details).

(c)The increase in Interest rate swap liabilities is due to a decrease of the one-month London Interbank Offered Rate (LIBOR) forward curve for the period presented, partially offset by a decrease of $15.2 million related to the deconsolidation of 110 North Wacker.

(d)The increase in Accrued real estate taxes is primarily related to the acquisition of The Woodlands Towers at the Waterway at the end of 2019 and new assets placed in service in 2020.

(e)The increase in Accrued interest was primarily related to new loan agreements entered into in 2020.

(f)The decrease in Accrued payroll and other employee liabilities is primarily due to relocation, retention and severance expenses related to the corporate restructuring that were accrued in 2019 and paid in 2020.