MORTGAGES, NOTES AND LOANS PAYABLE (Tables)

3 Months Ended

Mar. 31, 2013

MORTGAGES, NOTES AND LOANS PAYABLE.

Summary of mortgages, notes and loans payable

	March 31,		December 31,
	2013		2012
	(In thousands)
Fixed-rate debt:
Collateralized mortgages, notes and loans payable	$	158,610	$	158,636
Special Improvement District bonds	46,257		49,712
Variable-rate debt:
Collateralized mortgages, notes and loans payable (a)	491,894		479,964
Total mortgages, notes and loans payable	$	696,761	$	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

				Maximum		Carrying Value
		Interest		Facility		March 31,		December 31,
$ In Thousands	Maturity (a)	Rate		Amount		2013		2012
						(In thousands)
110 N. Wacker (b)	October 2019	5.21	%			$	29,000	$	29,000
70 Columbia Corporate Center	August 2017	4.25	%			16,037		16,037
Columbia Regional Building (c)	March 2018	3.25	%	$	23,008	212		—
Other Financing Arrangements	July 2015	—				897		612
Bridgeland
Land Loan (d)	June 2022	5.50	%			18,066		18,066
Development Loan (e)	June 2015	5.00	%	$	30,000	4,963		—
Bridgeland Total						23,029		18,066
Special Improvement District bonds
Summerlin South - S108	December 2016	5.95	%			1,067		1,067
Summerlin South - S124	December 2019	5.95	%			324		324
Summerlin South - S128	December 2020	7.30	%			787		787
Summerlin South - S128C	December 2030	6.05	%			5,739		5,739
Summerlin South - S132	December 2020	6.00	%			4,757		4,822
Summerlin South - S151	June 2025	6.00	%			7,419		10,501
Summerlin West - S810	April 2031	7.13	%			21,877		22,185
The Shops at Summerlin Centre - S108	December 2016	5.95	%			586		586
The Shops at Summerlin Centre - S128	December 2030	6.05	%			3,701		3,701
Special Improvement District bonds Total						46,257		49,712
The Woodlands
Master Credit Facility (f)	March 2015	5.00	%	$	270,000	176,663		176,704
Resort and Conference Center (g)	February 2019	3.70	%	$	95,000	36,100		36,100
Capital lease obligation	various	3.31	%			26		41
4 Waterway Square	December 2023	4.88	%	$	41,000	39,919		40,140
9303 New Trails	December 2023	4.88	%	$	14,000	13,631		13,706
3 Waterway Square (h)	January 2017	2.85	%	$	43,295	15,946		9,150
One Hughes Landing (h)	November 2017	2.85	%	$	38,000	10		10
20/25 Waterway Avenue	May 2022	4.79	%	$	14,450	14,450		14,450
Millennium Waterway Apartments	June 2022	3.75	%	$	55,600	55,584		55,584
The Woodlands Total						352,329		345,885
Ward Centers (i)	September 2016	3.39	%	$	250,000	229,000		229,000
						$	696,761	$	688,312

(a) Maturity date includes any extension periods which can be exercised at our option.

(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 bears interest at prime rate for draws less than $0.5 million. For draws over $0.5 million, we make election to use LIBOR+2.00% or the prime rate. Loan payments are interest only until March 2016.

(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 aggregate draws not to exceed $140.0 million. The loan bears interest at the greater of 5.00% or LIBOR + 3.25%.

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

(g) Loan was refinanced in February 2013 and bears interest at one-month LIBOR + 3.50%.

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

(i) 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.