Accounts Payable and Accrued Expenses

9 Months Ended

Sep. 30, 2016

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Accounts Payable and Accrued Expenses

The following table summarizes accounts payable and accrued expenses as of September 30, 2016, and December 31, 2015 (in thousands):

	September 30, 2016		December 31, 2015
Accounts payable	$	—	$	1,173
Accrued property taxes	108,102		46,024
Other accrued liabilities	31,096		26,031
Accrued construction and maintenance liabilities	12,661		11,429
Resident security deposits	69,743		53,819
Prepaid rent	19,465		16,275
Total	$	241,067	$	154,751

Accounts payable and accrued expenses rose $86.3 million to $241.1 million as of September 30, 2016, compared to $154.8 million as of December 31, 2015, primarily due to increases in accrued property taxes and resident security deposits, which are primarily related to the acquisition of 8,936 properties in connection with the Merger with ARPI (see Note 10).