MORTGAGES, NOTES AND LOANS PAYABLE (Tables)

12 Months Ended

Dec. 31, 2012

MORTGAGES, NOTES AND LOANS PAYABLE.

Schedule of mortgages, notes and loans payable by property

								December 31,
			Interest Rate			Maximum Facility Amount
	Maturity (a)							2012		2011
								(In thousands)
110 N. Wacker (b)		October 2019		5.21	%			$	29,000	$	29,000
70 Columbia Corporate Center		August 2017		4.25	%				16,037		—
Other Financing Arrangements		July 2015		—					612		—
Bridgeland
Land Loan (c)		June 2022		5.50	%				18,066		—
Development Loan (d)		June 2015		5.00	%	$	30,000		—		—
Various mortgage notes (e)		—		—					—		20,604
Bridgeland Total									18,066		20,604
Special Improvement District bonds
Summerlin South – S108		December 2016		5.95	%				1,067		1,302
Summerlin South – S124		December 2019		5.95	%				324		378
Summerlin South – S128		December 2020		7.30	%				787		862
Summerlin South – S128C		December 2030		6.05	%				5,739		5,956
Summerlin South – S132		December 2020		6.00	%				4,822		5,378
Summerlin South – S151		June 2025		6.00	%				10,501		12,293
Summerlin West – S808		April 2021		5.71	%				—		682
Summerlin West – S809		April 2023		6.65	%				—		1,000
Summerlin West – S810		April 2031		7.13	%				22,185		22,770
The Shops at Summerlin Centre – S128		December 2030		6.05	%				3,701		3,829
The Shops at Summerlin Centre – S108		December 2016		5.95	%				586		713
SID Payable to Nevada Cancer Institute		December 2019		5.95	%				—		50
Special Improvement District bonds Total									49,712		55,213
The Woodlands
Master Credit Facility (f)		March 2015		5.00	%	$	270,000		176,704		183,000
Resort and Conference Center (g)		October 2013		6.00	%				36,100		36,100
2201 Lake Woodlands Drive		November 2016		5.25	%				—		4,803
Weiner Tract		January 2013		6.25	%				—		1,479
Land in Montgomery Co.		December 2012		6.00	%				—		649
Land in Harris Co.		January 2013		6.00	%				—		381
Capital lease obligation		—		2.84	%				41		147
CVS		upon sale		3.25	%				—		101
4 Waterway Square		December 2023		4.88	%				40,140		41,000
9303 New Trails		December 2023		4.88	%				13,706		14,000
3 Waterway Square (h)		January 2017		2.86	%	$	43,295		9,150		—
Hughes Landing (h)		November 2017		2.86	%	$	38,000		10		—
20/25 Waterway		May 2022		4.79	%				14,450		—
Millennium Waterway Apartments (i)		June 2022		3.75	%				55,584		—
The Woodlands Total									345,885		281,660
Ward Centers (j)		September 2016		3.39	%	$	250,000		229,000		220,000
								$	688,312	$	606,477

(a)

Maturity date includes any extension option periods which are within our control.

(b)

Loan has a stated interest rate of one-month LIBOR + 2.25%. The $29.0 million outstanding principal balance is swapped to a 5.21% fixed rate through maturity.

(c)

Loan is for ten year term. First five years interest is fixed at 5.50% and for second five years interest rate is floating based on three-month LIBOR +2.75%.

(d)

Revolving development loan provides for a maximum of $30.0 million outstanding balance at any time with all draws not to exceed $140.0 million. The loan bears interest at three-month LIBOR + 3.25% and has a 5.00% minimum rate.

(e)

The loan was refinanced during the second quarter of 2012.

(f)

Loan bears interest at one-month LIBOR + 4.00% and has a 5.00% minimum rate.

(g)

The loan was fully repaid on February 8, 2013 from the proceeds of a $95.0 million non-recourse construction financing to redevelop the property.

(h)

Loan bears interest at one-month LIBOR + 2.65%.

(i)

Loan payments are interest only until June 2017, then monthly principal and interest payment of $257,418 with unpaid balance due at maturity.

(j)

Loan has a stated interest rate of one-month LIBOR + 2.50%. $143.0 million of the outstanding principal balance is swapped to a 3.80% fixed rate through maturity.

Summary of mortgages, notes and loans payable

	December 31,
	2012		2011
	(In thousands)
Fixed-rate debt:
Collateralized mortgages, notes and loans payable	$	158,636	$	83,164
Special Improvement District bonds		49,712		55,213
Variable-rate debt:
Collateralized mortgages, notes and loans payable		479,964		468,100
Total mortgages, notes and loans payable	$	688,312	$	606,477

Summary of contractual obligations relating to the entity's long-term debt

	Mortgages, notes and loans payable principal payments
	(In thousands)
2013	$	28,722	(a)
2014		34,976
2015		129,170
2016		238,244
2017		35,054
Subsequent/Other		222,146
Total	$	688,312

(a)

Reclassified $36.1 million of The Woodlands Resort and Conference Center debt due in 2013 that was refinanced on February 8, 2013 with a new maturity date of 2016.