MORTGAGES, NOTES AND LOANS PAYABLE (Tables)

9 Months Ended

Sep. 30, 2014

MORTGAGES, NOTES AND LOANS PAYABLE

Summary of mortgages, notes and loans payable

	September 30, 2014		December 31, 2013
	(In thousands)
Fixed-rate debt:
Collateralized mortgages, notes and loans payable	$	956,739	$	971,786
Special Improvement District bonds	24,554		33,100
Variable-rate debt:
Collateralized mortgages, notes and loans payable (a)	899,623		509,737
Total mortgages, notes and loans payable	$	1,880,916	$	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

						Carrying Value
		Interest		Maximum		September 30,			December 31,
$ In thousands	Maturity (a)	Rate		Facility		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	24,200			—
Summerlin South SID Bonds - S108	December 2016	5.95	%			694			823
Summerlin South SID Bonds - S124	December 2019	5.95	%			256			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	%			3,232			3,962
Summerlin South SID Bonds - S151	June 2025	6.00	%			6,421			6,623
Summerlin West SID Bonds - S808/S810	April 2031	7.13	%			4,000			11,168
The Woodlands Master Credit Facility	August 2018	2.90	%(d)	250,000		176,663			176,663
Master Planned Communities Total						237,397			223,808
Operating Assets
70 Columbia Corporate Center (b)	June 2019	2.40	%(d)			20,000			16,287
Columbia Regional Building	March 2018	2.15	%(d)	23,008		18,960			9,207
One Hughes Landing	November 2017	2.80	%(d)	38,000		34,417			19,128
Two Hughes Landing	September 2018	2.80	%(d)	41,230		17,828			10
1701 Lake Robbins	April 2017	5.81	%			4,600			—
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	%			13,157			13,398
Outlet Collection at Riverwalk	October 2018	2.90	%(d)	64,400		44,703			—
The Woodlands Resort & Conference Center	February 2019	3.65	%(d)	95,000		66,177			36,100
Victoria Ward	September 2016	3.34	%(d)	250,000		238,716			238,716
20/25 Waterway Avenue	May 2022	4.79	%			14,383			14,450
3 Waterway Square	August 2028	3.94	%			52,000			52,000
4 Waterway Square	December 2023	4.88	%			38,530			39,237
Capital lease obligations	various	3.60	%			156			205
Operating Assets Total						648,211			523,322
Strategic Developments
Downtown Summerlin	July 2019	2.40	%(d)	311,800		172,913			—
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		23,702			—
Hughes Landing Retail	December 2018	2.10	%(d)	36,575		14,259			913
One Lake’s Edge	November 2018	2.65	%(d)	73,525		18,085			—
Waterway Hotel	August 2019	2.80	%(d)	69,300		—			—
Strategic Developments Total						232,853			4,934
Other Corporate Financing Arrangements	July 2018	3.00	%	22,700		20,434			21,309
Senior Notes	October 2021	6.88	%			750,000			750,000
Unamortized underwriting fees						(7,979		)	(8,750		)
						$	1,880,916		$	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 $20.0 million mortgage loan 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, as applicable, at September 30, 2014.