Accounts Payable and Other Liabilities

The following represents the composition of Accounts Payable and Other Liabilities as of December 31, 2013 and 2012:



	December 31,
	2013			2012
	(In thousands)
Office property payables:
Accrued expenses and accounts payable	$	51,572		$	13,111
Accrued property taxes	16,529			6,868
Prepaid rents	16,923			9,488
Deferred revenues	654			315
Security deposits	4,991			4,680
Below market lease value	86,046			27,745
Accumulated amortization – below market lease value	(10,050		)	(5,355		)
Capital lease obligations	—			57
Corporate payables	5,486			1,930
Deferred tax liability non-current	11			1,959
Accrued payroll	3,081			2,980
Fair value of interest rate swaps	8,429			16,285
Interest payable	5,249			2,653
	$	188,921		$	82,716

Restructuring charges reflected in the accompanying Consolidated Statements of Operations and Comprehensive Income (Loss) relate primarily to one-time termination benefits. The Company recognizes these severance and other charges when the requirements of Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 420, "Exit or Disposal Cost Obligations," have been met regarding a plan of termination and when communication has been made to employees. During the year ended December 31, 2013, the Company recorded $4.7 million of restructuring charges in general and administrative expenses in the consolidated statements of operations and comprehensive loss related primarily to severance costs associated with the departure of management and other personnel as a result of the Company's closing of its Jackson, Mississippi office. Total cumulative restructuring costs expected to be incurred include approximately $18.1 million of severance costs associated with the merger.



Cost Type	Restructuring Costs Liability at December 31, 2012		Restructuring Costs Incurred for the Year Ended December 31, 2013		Cash Payments for the Year Ended December 31, 2013		Restructuring Costs Liability at December 31, 2013		Total Cumulative Restructuring Costs Expected to Be Incurred
Severance - management and other personnel	$	—	$	3,971	$	1,539	$	21,691	$	23,230
Other	—		689		—		—		689
Total restructuring costs	$	—	$	4,660	$	1,539	$	21,691	$	23,919