Other Assets and Liabilities

3 Months Ended

Mar. 31, 2021


5. Other Assets and Liabilities

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


thousands	March 31, 2021		December 31, 2020		$ Change
Special Improvement District receivable	$	51,952	$	54,770	$	(2,818)
In-place leases	47,861		49,161		(1,300)
Intangibles	32,209		32,595		(386)
Condominium inventory (a)	23,616		55,883		(32,267)
Security, escrow and other deposits (b)	18,881		48,576		(29,695)
Prepaid expenses	16,208		17,455		(1,247)
Other	14,527		11,781		2,746
Tenant incentives and other receivables	7,680		9,612		(1,932)
TIF receivable	1,103		893		210
Food and beverage and lifestyle inventory	1,040		1,060		(20)

Above-market tenant leases	276		315		(39)


Interest rate swap derivative assets	204		—		204

Prepaid expenses and other assets, net	$	215,557	$	282,101	$	(66,544)

(a)The decrease in Condominium inventory is attributable to closing on inventory units at Waiea and Anaha.

(b)The decrease in Security, escrow, and other deposits is primarily attributable to the settlement of the rate-lock agreement associated with the loans for 1201 Lake Robbins and The Woodlands Warehouse upon repayment in February 2021.

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


thousands	March 31, 2021		December 31, 2020		$ Change
Condominium deposit liabilities (a)	$	325,413	$	309,884	$	15,529
Construction payables (b)	276,213		253,626		22,587
Deferred income	67,885		66,656		1,229
Interest rate swap liabilities (c)	43,015		51,920		(8,905)
Accounts payable and accrued expenses	26,989		28,589		(1,600)
Tenant and other deposits	26,384		25,801		583
Accrued interest (d)	21,993		37,007		(15,014)
Accrued real estate taxes (e)	17,610		38,863		(21,253)
Accrued payroll and other employee liabilities (f)	15,545		27,419		(11,874)
Other	12,326		12,493		(167)


Accounts payable and accrued expenses	$	833,373	$	852,258	$	(18,885)

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

(b)The increase in Construction payables is attributable to an increase of $47.8 million primarily related to increased construction spend at Ward Village, the Tin Building, and the Summerlin and Bridgeland MPC developments, and a $20.5 million charge for additional remediation costs at Waiea. These increases are partially offset by decreases of $25.2 million related to a reduction of construction spend for projects placed in service in 2020 or approaching completion, as well as costs incurred and paid for Waiea remediation activities during the first quarter of 2021.

(c)The decrease in Interest rate swap liabilities is due to an increase of the one-month LIBOR forward curve for the periods presented.

(d)The decrease in Accrued interest is primarily due to the repurchase of the $1.0 billion 5.375% Senior Notes due 2025, partially offset by the issuance of $650 million in 4.125% Senior Notes due 2029 and $650 million in 4.375% Senior Notes due 2031, in the first quarter of 2021.

(e)The decrease in Accrued real estate taxes is primarily due to the payment of 2020 real estate taxes in the first quarter of 2021.

(f)The decrease in Accrued payroll and other employee liabilities is primarily due to the payment of the 2020 annual incentive bonus payment in the first quarter of 2021.