MORTGAGES, NOTES AND LOANS PAYABLE (Tables)

9 Months Ended

Sep. 30, 2013

MORTGAGES, NOTES AND LOANS PAYABLE

Summary of mortgages, notes and loans payable

	September 30,		December 31,
	2013		2012
	(In thousands)
Fixed-rate debt:
Collateralized mortgages, notes and loans payable	$	231,036	$	158,636
Special Improvement District bonds	36,794		49,712
Variable-rate debt:
Collateralized mortgages, notes and loans payable (a)	498,150		479,964
Total mortgages, notes and loans payable	$	765,980	$	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
		Interest		Maximum		September 30,		December 31,
$ In thousands	Maturity (a)	Rate		Facility Amount		2013		2012
						(In thousands)
Master Planned Communities
The Woodlands Master Credit Facility (b)	August 2018	2.93	%	$	250,000	$	176,662	$	176,704
Bridgeland Land Loan (c)	June 2022	5.50	%			18,066		18,066
Bridgeland Development Loan (d)	June 2015	5.00	%	30,000		5,950		—
Summerlin West SID Bonds - S808/S810	April 2031	7.13	%			13,704		22,185
Summerlin South SID Bonds - S151	June 2025	6.00	%			6,889		10,501
Summerlin South SID Bonds - S128C	December 2030	6.05	%			5,625		5,739
Summerlin South SID Bonds - S132	December 2020	6.00	%			4,423		4,822
Summerlin South SID Bonds - S108	December 2016	5.95	%			946		1,067
Summerlin South SID Bonds - S128	December 2020	7.30	%			747		787
Summerlin South SID Bonds - S124	December 2019	5.95	%			305		324
Master Planned Communities Total						233,317		240,195
Operating Assets
Victoria Ward (e)	September 2016	3.38	%	250,000		228,716		229,000
Millennium Waterway Apartments	June 2022	3.75	%			55,584		55,584
3 Waterway Square (f)	August 2028	3.94	%			52,000		9,150
4 Waterway Square	December 2023	4.88	%			39,467		40,140
The Woodlands Resort and Conference Center (g)	February 2019	3.68	%	95,000		36,100		36,100
110 N. Wacker (h)	October 2019	5.21	%			29,000		29,000
One Hughes Landing (i)	November 2017	2.83	%	38,000		17,467		10
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	%			13,476		13,706
Columbia Regional Building (j)	March 2018	2.18	%	23,008		4,255		—
Capital lease obligation	various	3.60	%			12		41
Operating Assets Total						506,814		443,218
Strategic Developments
Two Hughes Landing (i)	September 2018	2.83	%	41,230		—		—
The Shops at Summerlin SID Bonds - S128	December 2030	6.05	%			3,635		3,701
The Shops at Summerlin SID Bonds - S108	December 2016	5.95	%			520		586
Strategic Developments Total						4,155		4,287
Other Corporate Financing Arrangements (k)	Various	Various				21,694		612
						$	765,980	$	688,312

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

(b) 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.

(c) Loan is fixed at 5.50% through June 2017 and is floating based on three-month LIBOR +2.75% thereafter.

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

(h) 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.

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

(j) Loan bears interest at prime rate for draws less than $0.5 million. For draws over $0.5 million, we make election to use one-month LIBOR + 2.00% or the prime rate.

(k) Includes the partial funding of a $22.7 million loan used to acquire a company airplane. The loan bears interest at 3.00% and requires approximately $1.0 million annual amortization through maturity in July 2018.