Accounts payable, accrued expenses, and other liabilities (Notes)

12 Months Ended

Dec. 31, 2023

Accounts payable, accrued expenses, and tenant security deposits

The following table summarizes the components of accounts payable, accrued expenses, and other liabilities as of December 31, 2023 and 2022 (in thousands):


	December 31,
	2023			2022
Accounts payable and accrued expenses	$	524,439		$	389,741
Accrued construction	606,333			624,440
Acquired below-market leases	322,040			417,656
Conditional asset retirement obligations	53,083			52,723
Deferred rent liabilities	15,183			18,321
Operating lease liability	382,883			406,700
Unearned rent and tenant security deposits	548,529			449,622
Other liabilities	158,453		(1)	112,056
Total	$	2,610,943		$	2,471,259

(1)Balance as of December 31, 2023 includes a $35.3 million liability related to the acquisition of our partner’s partial noncontrolling interest in one of our real estate joint ventures, which was paid in full in January 2024. Refer to Note 19 – “Subsequent events” for additional information.

As of December 31, 2023 and 2022, our conditional asset retirement obligations liability primarily consisted of the soil and groundwater remediation liabilities associated with certain of our properties. Some of our properties may contain asbestos or may be subjected to other hazardous or toxic substances, which, under certain conditions, requires remediation. We engage independent environmental consultants to conduct Phase I or similar environmental assessments at our properties. This type of assessment generally includes a site inspection, interviews, and a public records review; asbestos, lead-based paint, and mold surveys; subsurface sampling; and other testing. We recognize a liability for the fair value of a conditional asset retirement obligation (including asbestos) when the fair value of the liability can be reasonably estimated. In addition, environmental laws and regulations subject our tenants, and potentially us, to liability that may result from our tenants’ routine handling of hazardous substances and wastes as part of their operations at our properties. These assessments and investigations of our properties have not to date revealed any additional environmental liability we believe would have a material adverse effect on our business and financial statements or that would require additional disclosures or recognition in our consolidated financial statements.