| Summary of mortgages, notes and loans payable |
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December 31, |
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2013 |
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2012 |
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(In thousands)
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Fixed-rate debt: |
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Collateralized mortgages, notes and loans payable |
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$ |
971,786 |
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$ |
158,636 |
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Special Improvement District bonds |
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33,100 |
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49,712 |
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Variable-rate debt: |
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Collateralized mortgages, notes and loans payable (a) |
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509,737 |
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479,964 |
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Total mortgages, notes and loans payable |
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$ |
1,514,623 |
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$ |
688,312 |
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- (a)
- As more fully described below, $172.0 million of variable-rate debt has been swapped to a fixed rate for the term of the related debt.
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| Schedule of mortgages, notes and loans payable by property |
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Carrying Value |
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December 31, |
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December 31, |
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Interest
Rate |
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Maximum
Facility Amount |
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$ In thousands |
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Maturity (a) |
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2013 |
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2012 |
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(In thousands)
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Master Planned Communities |
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Bridgeland Land Loan (b) |
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June 2022 |
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5.50 |
% |
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$ |
18,066 |
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$ |
18,066 |
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Bridgeland Development Loan (c) |
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June 2015 |
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5.00 |
% |
$ |
30,000 |
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— |
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— |
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Summerlin West SID Bonds – S808/S810 |
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April 2031 |
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7.13 |
% |
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11,168 |
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22,185 |
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Summerlin South SID Bonds – S151 |
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June 2025 |
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6.00 |
% |
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6,623 |
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10,501 |
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Summerlin South SID Bonds – S128C |
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December 2030 |
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6.05 |
% |
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5,511 |
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5,739 |
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Summerlin South SID Bonds – S132 |
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December 2020 |
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6.00 |
% |
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3,962 |
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4,822 |
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Summerlin South SID Bonds – S108 |
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December 2016 |
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5.95 |
% |
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823 |
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1,067 |
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Summerlin South SID Bonds – S128 |
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December 2020 |
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7.30 |
% |
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707 |
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787 |
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Summerlin South SID Bonds – S124 |
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December 2019 |
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5.95 |
% |
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285 |
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324 |
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The Woodlands Master Credit Facility (d) |
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August 2018 |
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2.92 |
% |
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250,000 |
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176,663 |
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176,704 |
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Master Planned Communities Total |
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223,808 |
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240,195 |
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Operating Assets |
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110 N. Wacker (e) |
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October 2019 |
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5.21 |
% |
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29,000 |
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29,000 |
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20/25 Waterway Avenue |
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May 2022 |
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4.79 |
% |
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14,450 |
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14,450 |
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3 Waterway Square (f) |
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August 2028 |
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3.94 |
% |
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52,000 |
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9,150 |
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4 Waterway Square |
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December 2023 |
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4.88 |
% |
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39,237 |
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40,140 |
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70 Columbia Corporate Center |
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August 2017 |
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4.25 |
% |
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16,287 |
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16,037 |
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9303 New Trails |
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December 2023 |
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4.88 |
% |
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13,398 |
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13,706 |
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Columbia Regional Building (g) |
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March 2018 |
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2.17 |
% |
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23,008 |
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9,207 |
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— |
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Millennium Waterway Apartments |
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June 2022 |
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3.75 |
% |
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55,584 |
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55,584 |
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One Hughes Landing (h) |
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November 2017 |
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2.82 |
% |
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38,000 |
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19,128 |
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10 |
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Riverwalk Marketplace (i) |
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October 2018 |
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2.92 |
% |
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64,400 |
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— |
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— |
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The Woodlands Resort & Conference Center (j) |
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February 2019 |
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3.67 |
% |
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95,000 |
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36,100 |
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36,100 |
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Victoria Ward (k) |
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September 2016 |
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3.35 |
% |
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250,000 |
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238,716 |
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229,000 |
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Capital lease obligation |
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various |
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3.60 |
% |
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205 |
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41 |
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Operating Assets Total |
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523,312 |
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443,218 |
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Strategic Developments |
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Hughes Landing Retail (m) |
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December 2018 |
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2.12 |
% |
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36,575 |
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913 |
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— |
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One Lake's Edge (l) |
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November 2018 |
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2.67 |
% |
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73,525 |
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— |
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— |
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The Shops at Summerlin SID Bonds – S128 |
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December 2030 |
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6.05 |
% |
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3,569 |
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3,701 |
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The Shops at Summerlin SID Bonds – S108 |
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December 2016 |
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5.95 |
% |
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452 |
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586 |
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Two Hughes Landing (h) |
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September 2018 |
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2.82 |
% |
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41,230 |
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10 |
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— |
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Strategic Developments Total |
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4,944 |
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4,287 |
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Other Corporate Financing Arrangements (n) |
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Various |
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3.00 |
% |
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22,700 |
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21,309 |
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612 |
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Senior Notes (o) |
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October 2021 |
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6.88 |
% |
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750,000 |
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— |
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Unamortized underwriting fees |
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n/a |
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n/a |
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(8,750 |
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— |
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Total mortgages, notes, and loans payable |
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$ |
1,514,623 |
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$ |
688,312 |
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- (a)
- Maturity date includes any extension periods which can be exercised at our option.
- (b)
- Loan is fixed at 5.50% through June 2017 and is floating based on three-month LIBOR +2.75% thereafter.
- (c)
- Revolving development loan provides for a maximum of $30.0 million outstanding balance at any one time with all draws not exceeding $140.0 million. The loan bears interest at the greater of 5.00% or LIBOR + 3.25%.
- (d)
- On August 8, 2013, the loan was modified and extended to a August 2018 final maturity date. The interest rate was reduced from one-month LIBOR + 4.00%, with a 5.00% minimum rate to a LIBOR + 2.75% with no floor. The maximum available balance was reduced to $250.0 million from $270.0 million.
- (e)
- 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.
- (f)
- On August 2, 2013, the loan was refinanced with a $52.0 million loan bearing interest at 3.94% and maturity in August 2028.
- (g)
- Loan bears interest at prime rate for draws less than $0.5 million. For draws over $0.5 million, we elect to use one-month LIBOR + 2.00% or the prime rate.
- (h)
- Loan bears interest at one-month LIBOR + 2.65%.
- (i)
- On October 24, 2013, we closed on a $64.4 million partial-recourse construction loan bearing interest at one-month LIBOR plus 2.75% with an initial maturity date of October 24, 2016, with two, one-year extension options.
- (j)
- Loan was refinanced in February 2013 and bears interest at one-month LIBOR + 3.50%.
- (k)
- 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.
- (l)
- On November 25, 2013, we closed on a $73.5 million non-recourse loan bearing interest at one-month LIBOR plus 2.50% with an initial maturity date of November 25, 2016, with two, one-year extension options.
- (m)
- On December 20, 2013, we closed on a $36.6 million non-recourse loan bearing interest at one-month LIBOR plus 1.95% with an initial maturity date of December 20, 2016, with two, one-year extension options.
- (n)
- Includes the partial funding of a $22.7 million loan used to acquire a company airplane, of which $21.3 million is drawn as of December 31, 2013. The loan bears interest at 3.00% and requires approximately $1.0 million annual amortization through maturity in July 2018.
- (o)
- On October 2, 2013, we issued $750.0 million in aggregate principal amount of 6.875% Senior Notes due 2021 (the "Senior Notes"). Interest is payable semiannually, on April 1 and October 1 of each year starting in April 2014. At any time prior to October 1, 2016, we may redeem up to 35% of the Notes using the proceeds from equity offerings or we may redeem some or all of the Notes at a price equal to 106.875% of the principal amount. We may redeem all or part of the Notes at any time on or after October 1, 2016 with a declining call premium thereafter to maturity.
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