MORTGAGES, NOTES AND LOANS PAYABLE (Tables)

6 Months Ended

Jun. 30, 2014

MORTGAGES, NOTES AND LOANS PAYABLE

Summary of mortgages, notes and loans payable

	June 30,		December 31,
	2014		2013
	(In thousands)
Fixed-rate debt:
Collateralized mortgages, notes and loans payable	$	952,491	$	971,786
Special Improvement District bonds	26,585		33,100
Variable-rate debt:
Collateralized mortgages, notes and loans payable (a)	660,057		509,737
Total mortgages, notes and loans payable	$	1,639,133	$	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		June 30,			December 31,
$ In thousands	Maturity (a)	Rate		Amount		2014			2013
Master Planned Communities
Bridgeland Land Loan	June 2022	5.50	%			$	15,874		$	18,066
Bridgeland Development Loan	June 2015	5.00	%(d)	$	30,000	16,447			—
Summerlin South SID Bonds - S108	December 2016	5.95	%			696			823
Summerlin South SID Bonds - S124	December 2019	5.95	%			263			285
Summerlin South SID Bonds - S128	December 2020	7.30	%			665			707
Summerlin South SID Bonds - S128C	December 2030	6.05	%			5,392			5,511
Summerlin South SID Bonds - S132	December 2020	6.00	%			3,272			3,962
Summerlin West SID Bonds - S808/S810	April 2031	7.13	%			5,982			11,168
Summerlin South SID Bonds - S151	June 2025	6.00	%			6,421			6,623
The Woodlands Master Credit Facility	August 2018	2.90	%(d)	250,000		176,663			176,663
Master Planned Communities Total						231,675			223,808
Operating Assets
70 Columbia Corporate Center (b)	July 2019	2.40	%(d)			20,000			16,287
Columbia Regional Building	March 2018	2.15	%(d)	23,008		18,037			9,207
One Hughes Landing	November 2017	2.80	%(d)	38,000		32,884			19,128
Millennium Waterway Apartments	June 2022	3.75	%			55,584			55,584
110 N. Wacker (c)	October 2019	5.21	%(d)			29,000			29,000
9303 New Trails	December 2023	4.88	%			13,238			13,398
Outlet Collection at Riverwalk	October 2018	2.90	%(d)	64,400		35,555			—
The Woodlands Resort & Conference Center	February 2019	3.65	%(d)	95,000		54,222			36,100
Victoria Ward	September 2016	3.35	%(d)	250,000		238,716			238,716
20/25 Waterway Avenue	May 2022	4.79	%			14,434			14,450
3 Waterway Square	August 2028	3.94	%			52,000			52,000
4 Waterway Square	December 2023	4.88	%			38,768			39,237
Capital lease obligations	Various	3.60	%			168			205
Operating Assets Total						602,606			523,312
Strategic Developments
Downtown Summerlin SID Bonds - S108	December 2016	5.95	%			388			452
Downtown Summerlin SID Bonds - S128	December 2030	6.05	%			3,506			3,569
ExxonMobil	June 2019	2.05	%(d)	143,000		7,512			—
Two Hughes Landing	September 2018	2.80	%(d)	41,230		16,937			10
Hughes Landing Retail	December 2018	2.10	%(d)	36,575		11,145			913
One Lake’s Edge	November 2018	2.65	%(d)	73,525		2,939			—
Strategic Developments Total						42,427			4,944
Other Corporate Financing Arrangements	Various	3.00	%	22,700		20,620			21,309
Senior Notes	October 2021	6.88	%			750,000			750,000
Unamortized underwriting fees						(8,195		)	(8,750		)
						$	1,639,133		$	1,514,623

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

(b) The note we assumed on August 15, 2012 was fully paid with cash on hand on April 15, 2014. On June 30, 2014, we entered into a new loan agreement for $20.0 million at one-month LIBOR plus 2.25%.

(c) The $29.0 million outstanding principal balance is swapped to a 5.21% fixed rate through maturity.

(d) The interest rate presented is based on the one or three month LIBOR rate at June 30, 2014.