The following table summarizes the Partnership’s accounts payable, accrued expenses and other liabilities as of December 31, 2019 and 2018:

	December 31, 2019		December 31, 2018
Accounts payable	$	93,834	$	230,631
Accrued expenses		2,529,982		2,956,368
Accrued interest expense		2,690,076		2,270,348
Operating lease liabilities		2,138,783		-
Other liabilities		1,583,492		2,086,475
Total accounts payable, accrued expenses and other liabilities	$	9,036,167	$	7,543,822

See Note 2 for discussion of the adoption of ASC 842 effective January 1, 2019 and the impact to the reported operating lease liabilities.

The 50/50 MF Property has a ground lease with the University of Nebraska-Lincoln with an initial lease term expiring in March 2048. The Partnership has an option to extend the lease for an additional five-year period, which has not been factored into the calculation of the ROU asset and lease liability. Annual lease payments are $100 per year. The Partnership is also required to make monthly payments, when cash is available at The 50/50 MF Property, to the University of Nebraska-Lincoln. Payment amounts are based on The 50/50 MF Property’s revenues, subject to an annual guaranteed minimum amount. As of December 31, 2019, the minimum aggregate annual payment due under the agreement is approximately $132,000. The minimum aggregate annual payment increases 2% annually until July 31, 2034 and increases 3% annually thereafter. The 50/50 MF Property will be required to make additional payments under the agreement if its gross revenues exceed certain thresholds. The Partnership recognized expenses related to the ground lease of approximately $168,000 for the years ended December 31, 2019 and 2018, respectively, and are reported within “Real estate operating expenses” on the Partnership’s consolidated statements of operations.

The Partnership’s contractual payments related to operating leases for the twelve-month periods ending December 31^st for the next five years and thereafter, and a reconciliation to the carrying value of operating lease liabilities, are as follows:

2020	$	135,812
2021		136,366
2022		139,091
2023		141,871
2024		144,706
Thereafter		4,517,273
Total		5,215,119
Less: Amount representing interest		(3,076,336	)
Total operating lease liabilities	$	2,138,783