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Accrued Expenses and Other Liabilities
 12 Months Ended
Dec. 31, 2019
Payables and Accruals [Abstract]  
Accrued Expenses and Other Liabilities
Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consisted of the following as of December 31, 2019 and 2018:
 
December 31,
 
2019
 
2018
Real estate taxes payable
$
13,385

 
$
23,258

Prepaid tenant rent
20,510

 
15,204

Deferred compensation
9,209

 
—

Interest payable
12,264

 
9,310

Property operating expense payable
7,752

 
9,159

Accrued CIP
16,596

 
4,662

Other liabilities
16,673

 
19,023

Total
$
96,389

 
$
80,616


Deferred Compensation Plan
The Company maintains a voluntary, contributory, nonqualified deferred compensation plan which, for each year, permits key employees to defer a percentage of their compensation. The retirement benefit to be provided under the plan is a function of the participant's deferred compensation and earnings thereupon. The plan is designed to primarily fund the retirement benefit liability through maintenance of certain investments, including participant cash deferrals. The liability to the deferred compensation plan participants as of December 31, 2019 was $9.2 million and is included in "Accrued expenses and other liabilities" in the consolidated balance sheet. The Company has certain investments, including corporate-owned life insurance policies ("COLI"), which had a market value that offset the participant liabilities.