MORTGAGES, NOTES AND LOANS PAYABLE (Tables)

9 Months Ended

Sep. 30, 2012

MORTGAGES, NOTES AND LOANS PAYABLE.

Summary of mortgages, notes and loans payable

	September 30,		December 31,
	2012		2011
	(In thousands)
Fixed-rate debt:
Collateralized mortgages, notes and loans payable	$	159,098	$	83,164
Special Improvement District bonds	50,928		55,213
Variable-rate debt:
Collateralized mortgages, notes and loans payable	473,778		468,100
Total mortgages, notes and loans payable	$	683,804	$	606,477

Schedule of mortgages, notes and loans payable by property

				Maximum		Carrying Value
	Final Maturity (a)	Interest Rate		Facility Amount		September 30, 2012		December 31, 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	—				754		—
Bridgeland
Land Loan (d)	June 2022	5.50	%			18,066		—
Development Loan (e)	June 2015	5.00	%	$	30,000	2,757		—
Various mortgage notes	—	—				—		20,604
Bridgeland Total						20,823		20,604
Special Improvement District bonds
Summerlin South - S108	December 2016	5.95	%			1,183		1,302
Summerlin South - S124	December 2019	5.95	%			342		378
Summerlin South - S128	December 2020	7.30	%			825		862
Summerlin South - S128C	December 2030	6.05	%			5,847		5,956
Summerlin South - S132	December 2020	6.00	%			5,067		5,378
Summerlin South - S151	June 2025	6.00	%			11,064		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	%			3,765		3,829
The Shops at Summerlin Centre - S108	December 2016	5.95	%			650		713
SID Payable to Nevada Cancer Institute	December 2019	5.95	%			—		50
Special Improvement District bonds Total						50,928		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	%			67		147
CVS	upon sale	3.25	%			—		101
4 Waterway Square	December 2023	4.88	%			40,359		41,000
9303 New Trails	December 2023	4.88	%			13,781		14,000
3 Waterway Square (h)	January 2017	3.25	%	$	43,295	217		—
20/25 Waterway	May 2022	4.79	%			14,450		—
Millennium Waterway Apartments (i)	June 2022	3.75	%			55,584		—
The Woodlands Total						337,262		281,660
Ward Centers (j)	September 2016	3.40	%	$	250,000	229,000		220,000
						$	683,804	$	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)The loan was refinanced during the second quarter of 2012.

(d)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%.

(e)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.

(f)Loan bears interest at one-month LIBOR + 4.00% and has a 1.00% LIBOR floor.

(g)Loan currently bears interest at one-month LIBOR + 5.00% and has a 1.00% LIBOR floor. The rate increases by 0.5% every six months after March 23, 2012 until maturity.

(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.