Other Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Other Assets and Liabilities [Abstract]

Summary of the significant components of prepaid expenses and other assets

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

thousands	June 30, 2022		December 31, 2021		$ Change
Special Improvement District receivable (a)	$	80,093	$	86,165	$	(6,072)
Security, escrow and other deposits	43,936		45,546		(1,610)
In-place leases	41,912		44,225		(2,313)
Condominium inventory (b)	31,259		57,507		(26,248)
Intangibles	28,115		29,752		(1,637)
Prepaid expenses	20,218		21,370		(1,152)
Interest rate derivative assets (c)	14,082		1,258		12,824
Other	9,533		6,616		2,917
Tenant incentives and other receivables	7,472		6,623		849
TIF receivable	1,469		855		614
Food and beverage and lifestyle inventory	1,041		1,039		2
Prepaid expenses and other assets, net	$	279,130	$	300,956	$	(21,826)

(a)The decrease in Special Improvement District receivable is primarily attributable to increased SID Bond collections in Summerlin.

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

(c)The increase in Interest rate derivative assets related to mark-to-market adjustments, primarily attributable to increases in projected interest rates and inflation.

Summary of the significant components of accounts payable and accrued expenses

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

thousands	June 30, 2022		December 31, 2021		$ Change
Condominium deposit liabilities (a)	$	444,314	$	368,997	$	75,317
Construction payables	292,397		284,384		8,013
Deferred income	65,873		71,902		(6,029)
Accrued interest	48,817		47,738		1,079
Accounts payable and accrued expenses (b)	47,508		72,828		(25,320)
Tenant and other deposits (c)	41,417		30,943		10,474
Accrued real estate taxes	27,823		26,965		858
Accrued payroll and other employee liabilities (d)	19,373		29,648		(10,275)
Other	18,843		23,310		(4,467)
Interest rate derivative liabilities (e)	—		26,452		(26,452)
Accounts payable and accrued expenses	$	1,006,365	$	983,167	$	23,198

(a)The increase in Condominium deposit liabilities is primarily attributable to contracted sales at The Park Ward Village, Ulana Ward Village, and Kō'ula.

(b)The decrease in Accounts payable and accrued expenses is primarily attributable to the payment of property tax assessments in 2022 and a change in accrual amounts related to repurchases of common stock in December 2021 and June 2022.

(c)The increase in Tenant and other deposits is primarily attributable to the receipt of a $10.0 million payment related to the outstanding Douglas Ranch purchase option. See Note 3 - Acquisitions and Dispositions for details.

(d)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.

(e)The decrease in Interest rate derivative liabilities related to mark-to-market adjustments, primarily attributable to increases in projected interest rates and inflation.