MORTGAGES, NOTES AND LOANS PAYABLE (Tables)

6 Months Ended

Jun. 30, 2013

MORTGAGES, NOTES AND LOANS PAYABLE

Summary of mortgages, notes and loans payable

	June 30,		December 31,
	2013		2012
	(In thousands)
Fixed-rate debt:
Collateralized mortgages, notes and loans payable	$	158,310	$	158,636
Special Improvement District bonds	41,723		49,712
Variable-rate debt:
Collateralized mortgages, notes and loans payable (a)	515,497		479,964
Total mortgages, notes and loans payable	$	715,530	$	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		June 30,		December 31,
$ In thousands	Maturity (a)	Rate		Amount		2013		2012
						(In thousands)
Master Planned Communities
The Woodlands Master Credit Facility (b)	March 2015	5.00	%	$	270,000	$	176,663	$	176,704
Bridgeland Land Loan (c)	June 2022	5.50	%			18,066		18,066
Bridgeland Development Loan (d)	June 2015	5.00	%	30,000		10,388		—
Summerlin West - S808/S810	April 2031	7.13	%			18,432		22,185
Summerlin South - S151	June 2025	6.00	%			7,034		10,501
Summerlin South - S128C	December 2030	6.05	%			5,625		5,739
Summerlin South - S132	December 2020	6.00	%			4,478		4,822
Summerlin South - S108	December 2016	5.95	%			947		1,067
Summerlin South - S128	December 2020	7.30	%			747		787
Summerlin South - S124	December 2019	5.95	%			305		324
Master Planned Communities Total						242,685		240,195
Operating Assets
Victoria Ward (e)	September 2016	3.39	%	250,000		229,000		229,000
Millennium Waterway Apartments	June 2022	3.75	%			55,584		55,584
4 Waterway Square	December 2023	4.88	%			39,695		40,140
The Woodlands Resort and Conference Center (f)	February 2019	3.69	%	95,000		36,100		36,100
110 N. Wacker (g)	October 2019	5.21	%			29,000		29,000
3 Waterway Square (h)	January 2017	2.84	%	43,295		26,713		9,150
70 Columbia Corporate Center	August 2017	4.25	%			16,287		16,037
20/25 Waterway Avenue	May 2022	4.79	%			14,450		14,450
9303 New Trails	December 2023	4.88	%			13,554		13,706
Columbia Regional Building (i)	March 2018	2.25	%	23,008		1,266		—
Capital lease obligation	various	3.82	%			13		41
Operating Assets Total						461,662		443,208
Strategic Developments
One Hughes Landing (j)	November 2017	2.84	%	38,000		6,367		10
The Shops at Summerlin - S128	December 2030	6.05	%			3,635		3,701
The Shops at Summerlin - S108	December 2016	5.95	%			520		586
Strategic Developments Total						10,522		4,297
Other Financing Arrangements	July 2015	—				661		612
						$	715,530	$	688,312

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

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

(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 exceeding $140.0 million. The loan bears interest at the greater of 5.00% or LIBOR + 3.25%.

(e) 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.

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

(g) 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.

(h) On August 2, 2013, the loan was refinanced with a $52.0 million loan bearing interest at 3.94% and maturity in August 2028.

(i) Loan bears interest at prime rate for draws less than $0.5 million. For draws over $0.5 million, we may elect to use LIBOR + 2.00% or the prime rate.

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