MORTGAGES, NOTES AND LOANS PAYABLE (Tables)

3 Months Ended

Mar. 31, 2014

MORTGAGES, NOTES AND LOANS PAYABLE

Summary of mortgages, notes and loans payable

	March 31,		December 31,
	2014		2013
	(In thousands)
Fixed-rate debt:
Collateralized mortgages, notes and loans payable	$	971,559	$	971,786
Special Improvement District bonds	30,841		33,100
Variable-rate debt:
Collateralized mortgages, notes and loans payable (a)	556,981		509,737
Total mortgages, notes and loans payable	$	1,559,381	$	1,514,623

(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		2014			2013
Master Planned Communities
Bridgeland Land Loan (b)	June 2022	5.50	%			$	18,084		$	18,066
Bridgeland Development Loan (c)	June 2015	5.00	%	$	30,000	—			—
Summerlin West SID Bonds - S808/S810	April 2031	7.13	%			8,974			11,168
Summerlin South SID Bonds - S151	June 2025	6.00	%			6,625			6,623
Summerlin South SID Bonds - S128C	December 2030	6.05	%			5,511			5,511
Summerlin South SID Bonds - S132	December 2020	6.00	%			3,895			3,962
Summerlin South SID Bonds - S108	December 2016	5.95	%			823			823
Summerlin South SID Bonds - S128	December 2020	7.30	%			707			707
Summerlin South SID Bonds - S124	December 2019	5.95	%			285			285
The Woodlands Master Credit Facility	August 2018	2.90	%	250,000		176,663			176,663
Master Planned Communities Total						221,567			223,808
Operating Assets
70 Columbia Corporate Center (d)	August 2017	4.25	%			16,287			16,287
Columbia Regional Building	March 2018	2.15	%	23,008		14,926			9,207
One Hughes Landing (e)	November 2017	2.80	%	38,000		27,593			19,128
Millennium Waterway Apartments	June 2022	3.75	%			55,584			55,584
110 N. Wacker (f)	October 2019	5.21	%			29,000			29,000
9303 New Trails	December 2023	4.88	%			13,318			13,398
Outlet Collection at Riverwalk	October 2018	2.90	%	64,400		14,733			—
The Woodlands Resort & Conference Center	February 2019	3.65	%	95,000		45,036			36,100
Victoria Ward (g)	September 2016	3.35	%	250,000		238,716			238,716
20/25 Waterway Avenue	May 2022	4.79	%			14,450			14,450
3 Waterway Square	August 2028	3.94	%			52,000			52,000
4 Waterway Square	December 2023	4.88	%			39,004			39,237
Capital lease obligations	Various	3.60	%			186			205
Operating Assets Total						560,833			523,312
Strategic Developments
Hughes Landing Retail	December 2018	2.10	%	36,575		918			913
Two Hughes Landing (e)	September 2018	2.80	%	41,230		9,396			10
One Lake’s Edge	November 2018	2.65	%	73,525		—			—
The Shops at Summerlin SID Bonds - S128	December 2030	6.05	%			3,569			3,569
The Shops at Summerlin SID Bonds - S108	December 2016	5.95	%			452			452
Strategic Developments Total						14,335			4,944
Other Corporate Financing Arrangements	Various	3.00	%	22,700		21,052			21,309
Senior Notes	October 2021	6.88	%			750,000			750,000
Unamortized underwriting fees						(8,406		)	(8,750		)
						$	1,559,381		$	1,514,623

(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 plus 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 plus 3.25%.
(d)	On April 15, 2014 this loan was fully repaid using cash on hand. Please refer to Note 16 — Subsequent Events for a description of the repayment.
(e)	Loan bears interest at one-month LIBOR plus 2.65%.
(f)	Loan has a stated interest rate of one-month LIBOR plus 2.25%. The $29.0 million outstanding principal balance is swapped to a 5.21% fixed rate through maturity.
(g)	Loan has a stated interest rate of one-month LIBOR plus 2.50%. $143.0 million of the outstanding principal balance is swapped to a 3.80% fixed rate through maturity.