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Other Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2021
OTHER ASSETS AND LIABILITIES  
Summary of the significant components of prepaid expenses and other assets The following table summarizes the significant components of Prepaid expenses and other assets:
thousandsJune 30, 2021December 31, 2020$ Change
Special Improvement District receivable $49,864 $54,770 $(4,906)
In-place leases 46,611 49,161 (2,550)
Intangibles 31,390 32,595 (1,205)
Prepaid expenses 20,909 17,455 3,454 
Security, escrow and other deposits (a)19,266 48,576 (29,310)
Other 19,086 12,096 6,990 
Condominium inventory (b)11,123 55,883 (44,760)
Tenant incentives and other receivables 7,420 9,612 (2,192)
Food and beverage and lifestyle inventory 1,457 1,060 397 
TIF receivable 937 893 44 
Prepaid expenses and other assets, net$208,063 $282,101 $(74,038)
(a)The decrease in Security, escrow, and other deposits is primarily attributable to the settlement of the rate-lock agreement associated with the loans for 1201 Lake Robbins and The Woodlands Warehouse upon repayment in February 2021.
(b)The decrease in Condominium inventory is attributable to closing on inventory units at Waiea and Anaha.
Summary of the significant components of accounts payable and accrued expenses The following table summarizes the significant components of Accounts payable and accrued expenses:
thousandsJune 30, 2021December 31, 2020$ Change
Condominium deposit liabilities (a)$343,517 $309,884 $33,633 
Construction payables (b)295,997 253,626 42,371 
Deferred income 68,548 66,656 1,892 
Accrued interest (c)45,561 37,007 8,554 
Interest rate swap liabilities (d)39,827 51,920 (12,093)
Tenant and other deposits (e)38,197 25,801 12,396 
Accounts payable and accrued expenses 31,786 28,589 3,197 
Accrued real estate taxes (f)27,878 38,863 (10,985)
Accrued payroll and other employee liabilities 22,674 27,419 (4,745)
Other 11,860 12,493 (633)
Accounts payable and accrued expenses$925,845 $852,258 $73,587 
(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 $78.2 million primarily related to increased construction spend at Ward Village, the Tin Building, and the Summerlin and Bridgeland MPC developments, and a $21.0 million charge for additional remediation costs at Waiea. These increases are partially offset by decreases of $35.8 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 half of 2021.
(c)The increase in Accrued interest is primarily due to the accrual of interest due August 2021 on the Company’s $1.3 billion Senior Notes issued in February 2021, as compared to accrued interest on the Company’s $1.0 billion Senior Notes repurchased in the first quarter of 2021. See Note 6 - Mortgages, Notes and Loans Payable, Net for additional information.
(d)The decrease in Interest rate swap liabilities is due to an increase of the one-month LIBOR forward curve for the periods presented.
(e)The increase in Tenant and other deposits is primarily due to a $13.5 million deposit received in the second quarter of 2021 related to a 216-acre superpad sale in Summerlin. The sale is expected to close in the fourth quarter of 2021.
(f)The decrease in Accrued real estate taxes is primarily due to the payment of 2020 real estate taxes in the first quarter of 2021.