11. Other Liabilities

Other liabilities consist of the following:


	September 30,		December 31,
	2019		2018
Accounts payable	$	17,537	$	10,148
Finance lease liability		215		—
Operating lease liabilities		744		—
Accrued compensation		2,793		3,112
Other accrued liabilities		7,083		2,560
Deferred revenue		19,525		17,478
Club initiation fees		6,845		5,676
Club membership deposits		4,097		4,286
Advance deposits		1,298		1,277
Accrued interest expense for Senior Notes held by SPE		713		2,850
Total other liabilities	$	60,850	$	47,387

Accounts payable increased to $17.5 million as of September 30, 2019, compared to $10.1 million as of December 31, 2018, due to the timing of payables related to new projects under development and construction.

Other accrued liabilities include $3.5 million of accrued property taxes as of September 30, 2019, which are generally paid annually in November. As of December 31, 2018 the Company had no accrued property taxes.

Deferred revenue as of September 30, 2019 and December 31, 2018 includes $12.5 million related to a 2006 agreement pursuant to which the Company agreed to sell land to the Florida Department of Transportation. Revenue is recognized when title to a specific parcel is legally transferred.

Club initiation fees are recognized as revenue over the estimated average duration of membership, which is evaluated periodically. The following table presents the changes in club initiation fees related to contracts with customers:


		Balance		Increases Due To		Decreases Due to		Balance
		January 1, 2019		Cash Received		Revenue Recognized		September 30, 2019
Contract liabilities
Club initiation fees	$	5,676	$	2,518	$	(1,349)	$	6,845


		Balance		Increases Due To		Decreases Due to		Balance
		January 1, 2018		Cash Received		Revenue Recognized		September 30, 2018
Contract liabilities
Club initiation fees	$	5,199	$	1,395	$	(1,073)	$	5,521

Advance deposits consist of deposits received on hotel rooms and lodging rentals. Advance deposits are recorded as other liabilities in the condensed consolidated balance sheets without regard to whether they are refundable and are recognized as income at the time the service is provided for the related deposit.