XML 67 R36.htm IDEA: XBRL DOCUMENT v2.4.0.8
MORTGAGES, NOTES AND LOANS PAYABLE (Tables)
 12 Months Ended
Dec. 31, 2013
MORTGAGES, NOTES AND LOANS PAYABLE  
Summary of mortgages, notes and loans payable

 

 

 
   December 31,  
 
   2013   2012  
 
   (In thousands)
  

Fixed-rate debt:

              

Collateralized mortgages, notes and loans payable

   $ 971,786   $ 158,636  

Special Improvement District bonds

     33,100     49,712  

Variable-rate debt:

              

Collateralized mortgages, notes and loans payable (a)

     509,737     479,964  
           
​ ​ ​ ​ ​ ​ ​ ​

Total mortgages, notes and loans payable

   $ 1,514,623   $ 688,312  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
(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.
Schedule of mortgages, notes and loans payable by property

 

 

 
    
    
    
   Carrying Value  
 
    
    
    
   December 31,   December 31,  
 
    
   Interest
Rate		   Maximum
Facility Amount		  
$ In thousands
  Maturity (a)   2013   2012  
 
    
    
    
   (In thousands)
  

Master Planned Communities

                              

Bridgeland Land Loan (b)

   June 2022     5.50 %       $ 18,066   $ 18,066  

Bridgeland Development Loan (c)

   June 2015     5.00 % $ 30,000     —       —    

Summerlin West SID Bonds – S808/S810

   April 2031     7.13 %         11,168     22,185  

Summerlin South SID Bonds – S151

   June 2025     6.00 %         6,623     10,501  

Summerlin South SID Bonds – S128C

   December 2030     6.05 %         5,511     5,739  

Summerlin South SID Bonds – S132

   December 2020     6.00 %         3,962     4,822  

Summerlin South SID Bonds – S108

   December 2016     5.95 %         823     1,067  

Summerlin South SID Bonds – S128

   December 2020     7.30 %         707     787  

Summerlin South SID Bonds – S124

   December 2019     5.95 %         285     324  

The Woodlands Master Credit Facility (d)

   August 2018     2.92 %   250,000     176,663     176,704  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Master Planned Communities Total

                     223,808     240,195  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating Assets

                              

110 N. Wacker (e)

   October 2019     5.21 %         29,000     29,000  

20/25 Waterway Avenue

   May 2022     4.79 %         14,450     14,450  

3 Waterway Square (f)

   August 2028     3.94 %         52,000     9,150  

4 Waterway Square

   December 2023     4.88 %         39,237     40,140  

70 Columbia Corporate Center

   August 2017     4.25 %         16,287     16,037  

9303 New Trails

   December 2023     4.88 %         13,398     13,706  

Columbia Regional Building (g)

   March 2018     2.17 %   23,008     9,207     —    

Millennium Waterway Apartments

   June 2022     3.75 %         55,584     55,584  

One Hughes Landing (h)

   November 2017     2.82 %   38,000     19,128     10  

Riverwalk Marketplace (i)

   October 2018     2.92 %   64,400     —       —    

The Woodlands Resort & Conference Center (j)

   February 2019     3.67 %   95,000     36,100     36,100  

Victoria Ward (k)

   September 2016     3.35 %   250,000     238,716     229,000  

Capital lease obligation

   various     3.60 %         205     41  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating Assets Total

                     523,312     443,218  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Strategic Developments

                              

Hughes Landing Retail (m)

   December 2018     2.12 %   36,575     913     —    

One Lake's Edge (l)

   November 2018     2.67 %   73,525     —       —    

The Shops at Summerlin SID Bonds – S128

   December 2030     6.05 %         3,569     3,701  

The Shops at Summerlin SID Bonds – S108

   December 2016     5.95 %         452     586  

Two Hughes Landing (h)

   September 2018     2.82 %   41,230     10     —    
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Strategic Developments Total

                     4,944     4,287  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other Corporate Financing Arrangements (n)

   Various     3.00 %   22,700     21,309     612  

Senior Notes (o)

   October 2021     6.88 %         750,000     —    

Unamortized underwriting fees

   n/a     n/a           (8,750 )   —    
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total mortgages, notes, and loans payable

                   $ 1,514,623   $ 688,312  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           
(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.
Summary of contractual obligations relating to the entity's long-term debt based on initial maturity dates

 

 

 
   Mortgages, notes
and loans payable
principal payments		  
 
   (In thousands)
  

2014

   $ 5,462  

2015

     26,958  

2016

     470,784  

2017

     25,885  

2018

     26,683  

Thereafter

     958,851  
       
​ ​ ​ ​ ​

Total

   $ 1,514,623  
       
​ ​ ​ ​ ​
​ ​ ​ ​ ​