11. Other Liabilities

Other liabilities consist of the following:


	March 31,		December 31,
	2020		2019
Accounts payable	$	23,603	$	16,207
Finance lease liability		193		204
Operating lease liabilities		710		691
Accrued compensation		1,859		3,151
Other accrued liabilities		4,616		3,277
Deferred revenue		18,934		18,972
Club initiation fees		6,648		6,917
Club membership deposits		3,985		3,985
Advance deposits		1,899		946
Accrued interest expense for Senior Notes held by SPE		713		2,850
Total other liabilities	$	63,160	$	57,200

Accounts payable as of March 31, 2020 and December 31, 2019 includes payables for new projects under development and construction.

Other accrued liabilities include $1.2 million and $0.1 million of accrued property taxes as of March 31, 2020 and December 31, 2019, respectively, which are generally paid annually in November.

Deferred revenue as of March 31, 2020 and December 31, 2019 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, 2020		Cash Received		Revenue Recognized		March 31, 2020
Contract liabilities
Club initiation fees	$	6,917	$	327	$	(596)	$	6,648


		Balance		Increases Due To		Decreases Due to		Balance
		January 1, 2019		Cash Received		Revenue Recognized		March 31, 2019
Contract liabilities
Club initiation fees	$	5,676	$	753	$	(453)	$	5,976

Advance deposits consist of deposits received on hotel rooms and related hospitality activities. 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.