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Other Assets and Liabilities (Tables)
 9 Months Ended
Sep. 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:
thousandsSeptember 30, 2021December 31, 2020$ Change
Special Improvement District receivable (a)$89,677 $54,770 $34,907 
Security, escrow and other deposits (b)45,425 48,576 (3,151)
In-place leases 45,400 49,161 (3,761)
Intangibles 30,571 32,595 (2,024)
Prepaid expenses (c)28,597 17,455 11,142 
Condominium inventory (d)18,473 55,883 (37,410)
Tenant incentives and other receivables 7,115 9,612 (2,497)
Other 7,053 12,096 (5,043)
Food and beverage and lifestyle inventory 1,035 1,060 (25)
TIF receivable 751 893 (142)
Prepaid expenses and other assets, net$274,097 $282,101 $(8,004)
(a)The increase in Special Improvement District receivable is primarily attributable to a third quarter 2021 SID Bond issuance in Summerlin. 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.
(b)The decrease in Security, escrow and other deposits is primarily attributable to a $29.5 million settlement of the rate-lock agreement associated with the loans for 1201 Lake Robbins and The Woodlands Warehouse upon repayment in February 2021, partially offset by a $27.5 million deposit related to the loan for Bridgeland entered into in September 2021.
(c)The increase in Prepaid expenses is mainly due to the timing of insurance and property tax prepayments.
(d)The decrease in Condominium inventory is attributable to closing on inventory units at Waiea and Anaha.
Summary of the significant components of accounts payable and accrued expenses The following table summarizes the significant components of Accounts payable and accrued expenses:
thousandsSeptember 30, 2021December 31, 2020$ Change
Condominium deposit liabilities (a)$550,619 $309,884 $240,735 
Construction payables (b)312,767 253,626 59,141 
Deferred income 63,157 66,656 (3,499)
Tenant and other deposits (c)38,016 25,801 12,215 
Accounts payable and accrued expenses 36,961 28,589 8,372 
Accrued real estate taxes 35,748 38,863 (3,115)
Interest rate swap liabilities (d)35,367 51,920 (16,553)
Accrued payroll and other employee liabilities 25,794 27,419 (1,625)
Accrued interest (e)22,972 37,007 (14,035)
Other 20,360 12,493 7,867 
Accounts payable and accrued expenses$1,141,761 $852,258 $289,503 
(a)The increase in Condominium deposit liabilities is attributable to contracted sales at ‘A‘ali‘i, The Park Ward Village, Victoria Place and Kō'ula.
(b)The increase in Construction payables is attributable to an increase of $119.4 million primarily related to increased construction spend at Ward Village, the Summerlin and Bridgeland MPC developments and the Tin Building, as well as a $21.0 million charge for additional remediation costs at Waiea. These increases are partially offset by decreases of $60.3 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 2021.
(c)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.
(d)The decrease in Interest rate swap liabilities is due to an increase of the one-month London Interbank Offered Rate (LIBOR) forward curve for the periods presented.
(e)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. See Note 6 - Mortgages, Notes and Loans Payable, Net for additional detail.