Other Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Summary of the significant components of prepaid expenses and other assets

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


thousands	2021		2020		Change
Special Improvement District receivable (a)	$	86,165	$	54,770	$	31,395
Condominium inventory (b)	57,507		55,883		1,624
Security, escrow and other deposits (c)	45,546		48,576		(3,030)
In-place leases (d)	44,225		49,161		(4,936)
Intangibles	29,752		32,595		(2,843)
Prepaid expenses	21,370		17,455		3,915
Other	7,874		12,096		(4,222)
Tenant incentives and other receivables	6,623		9,612		(2,989)
Food and beverage and lifestyle inventory	1,039		1,060		(21)
TIF receivable	855		893		(38)










Prepaid expenses and other assets, net	$	300,956	$	282,101	$	18,855

(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 increase in Condominium inventory is attributable to the addition of inventory units at the newly completed ‘A‘ali‘i, partially offset by closing on inventory units at Waiea and Anaha.

(c)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.

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

Summary of the significant components of accounts payable and accrued expenses

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


thousands	2021		2020		Change
Condominium deposit liabilities (a)	$	368,997	$	309,884	$	59,113
Construction payables (b)	284,384		253,626		30,758
Accounts payable and accrued expenses (c)	72,828		28,589		44,239
Deferred income	71,902		66,656		5,246
Accrued interest (d)	47,738		37,007		10,731
Tenant and other deposits	30,943		25,801		5,142
Accrued payroll and other employee liabilities	29,648		27,419		2,229
Accrued real estate taxes (e)	26,965		38,863		(11,898)
Interest rate swap liabilities (f)	26,452		51,920		(25,468)
Other	23,310		12,493		10,817










Accounts payable and accrued expenses	$	983,167	$	852,258	$	130,909

(a)The increase in Condominium deposit liabilities is primarily due to the increase in contracted condominium unit sales at The Park Ward Village, Victoria Place and Kō'ula, partially offset by a decrease in deposits at ‘A‘ali‘i as customers close on the sale of completed units.

(b)The increase in Construction payables is attributable to an increase of $120.6 million primarily related to increased construction spend at Ward Village, the Summerlin, Bridgeland and Columbia MPC developments and the Tin Building, as well as a $21.0 million charge for additional remediation costs at Waiea. These increases were partially offset by decreases of $89.9 million related to a reduction of construction spend for projects placed in service in 2020 and 2021 or approaching completion, as well as costs incurred and paid for Waiea remediation activities during 2021.

(c)The increase in Accounts Payable and accrued expenses is primarily attributable to repurchases of common stock executed in December 2021.

(d)The increase in Accrued interest is primarily due to new loan agreements entered into in 2021, partially offset by the repayment of certain loans in 2021. See Note 7 - Mortgages, Notes and Loans Payable, Net for additional detail.

(e)The decrease in Accrued real estate taxes is primarily related to annual tax payments being made at year-end 2021.

(f)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.