Accounts Payable and Other Liabilities

The following represents the composition of Accounts Payable and Other Liabilities as of December 31, 2014 and 2013:



	December 31,
	2014			2013
	(In thousands)
Office and parking property payables:
Accrued expenses and accounts payable	$	43,359		$	51,572
Accrued property taxes	25,652			16,529
Prepaid rents	16,311			16,923
Deferred revenues	105			654
Security deposits	7,964			4,991
Below market lease value	105,504			86,046
Accumulated amortization – below market lease value	(29,251		)	(10,050		)
Corporate payables	11,854			5,486
Deferred tax liability	470			11
Accrued payroll	3,210			3,081
Fair value of interest rate swaps	11,077			8,429
Interest payable	6,158			5,249
	$	202,413		$	188,921

Restructuring charges reflected in the accompanying consolidated statements of operations and comprehensive income (loss) relate primarily to one-time termination benefits. The Company recognizes these severance and other charges when the requirements of FASB ASC 420, "Exit or Disposal Cost Obligations," have been met regarding a plan of termination and when communication has been made to employees. During the years ended December 31, 2014 and 2013, the Company recorded $1.6 million and $4.7 million, respectively, of restructuring charges in general and administrative expenses in the consolidated statements of operations and comprehensive income (loss) related primarily to severance costs associated with the departure of management and other personnel as a result of the Company's closing of its Jackson, Mississippi office. Total cumulative restructuring costs expected to be incurred include approximately $18.1 million of severance costs associated with the merger.



Cost Type	Restructuring Costs Liability at December 31, 2013		Restructuring Costs Incurred for the Year Ended December 31, 2014		Cash Payments for the Year Ended December 31, 2014		Restructuring Costs Liability at December 31, 2014		Total Cumulative Restructuring Costs Expected to Be Incurred
Severance - management and other personnel	$	21,691	$	1,130	$	22,821	$	—	$	22,821
Other	—		489		399		90		489
Total restructuring costs	$	21,691	$	1,619	$	23,220	$	90	$	23,310