Other Assets and Liabilities

3 Months Ended

Mar. 31, 2022

Other Assets and Liabilities [Abstract]

Other Assets and Liabilities

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, 2022		December 31, 2021		$ Change
Special Improvement District receivable	$	82,413	$	86,165	$	(3,752)
Security, escrow and other deposits	47,307		45,546		1,761
Condominium inventory (a)	46,155		57,507		(11,352)
In-place leases	43,064		44,225		(1,161)
Intangibles	28,933		29,752		(819)
Prepaid expenses	18,898		21,370		(2,472)
Other	13,197		7,874		5,323
Tenant incentives and other receivables	7,826		6,623		1,203
TIF receivable	1,186		855		331
Food and beverage and lifestyle inventory	808		1,039		(231)
Prepaid expenses and other assets, net	$	289,787	$	300,956	$	(11,169)

(a)The decrease in Condominium inventory is primarily attributable to the closing on inventory units at ‘A’ali’i.

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

thousands	March 31, 2022		December 31, 2021		$ Change
Condominium deposit liabilities (a)	$	406,053	$	368,997	$	37,056
Construction payables	291,676		284,384		7,292
Deferred income	64,133		71,902		(7,769)
Other (b)	54,272		23,310		30,962
Accounts payable and accrued expenses (c)	48,734		72,828		(24,094)
Tenant and other deposits	36,689		30,943		5,746
Accrued interest (d)	24,390		47,738		(23,348)
Accrued real estate taxes	18,060		26,965		(8,905)
Accrued payroll and other employee liabilities (e)	15,133		29,648		(14,515)
Interest rate swap liabilities (f)	7,613		26,452		(18,839)
Accounts payable and accrued expenses	$	966,753	$	983,167	$	(16,414)

(a)The increase in Condominium deposit liabilities is primarily attributable to contracted sales at The Park Ward Village.

(b)The increase in Other is primarily attributable to the reclassification of the 110 North Wacker redeemable noncontrolling interest of $22.1 million from temporary equity to Other. The amount was distributed in April 2022. See Note 2 - Investment in Real Estate and Other Affiliates for details.

(c)The decrease in Accounts payable and accrued expenses is primarily attributable to a change in accrual amounts related to repurchases of common stock in December 2021 and March 2022.

(d)The decrease in Accrued interest is primarily due to the timing of semi-annual interest payments on the Company’s Senior Notes.

(e)The decrease in Accrued payroll and other employee liabilities is primarily due to the payment of the 2021 annual incentive bonus in the first quarter of 2022.

(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.