MORTGAGES, NOTES AND LOANS PAYABLE (Tables)-K

12 Months Ended

Dec. 31, 2014

MORTGAGES, NOTES AND LOANS PAYABLE

Summary of mortgages, notes and loans payable

	December 31,
	2014		2013
	(In thousands)
Fixed-rate debt:
Collateralized mortgages, notes and loans payable	$	1,008,165	$	971,786
Special Improvement District bonds		22,389		33,100
Variable-rate debt:
Collateralized mortgages, notes and loans payable (a)		962,916		509,737
Total mortgages, notes and loans payable	$	1,993,470	$	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		December 31,		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	%	(b)	$	30,000		10		-
Summerlin South SID Bonds - S108	December 2016	5.95	%					563		823
Summerlin South SID Bonds - S124	December 2019	5.95	%					236		285
Summerlin South SID Bonds - S128	December 2020	6.05	%					623		707
Summerlin South SID Bonds - S128C	December 2030	6.05	%					5,274		5,511
Summerlin South SID Bonds - S132	December 2020	6.00	%					2,936		3,962
Summerlin South SID Bonds - S151	June 2025	6.00	%					6,211		6,623
Summerlin West SID Bonds - S808/S810	April 2031	6.00	%					2,805		11,168
The Woodlands Master Credit Facility	August 2018	2.91	%	(b)		250,000		176,663		176,663
Master Planned Communities Total								211,195		223,808
Operating Assets
70 Columbia Corporate Center (c)	July 2019	2.41	%	(b)				20,000		16,287
Columbia Regional Building	March 2018	2.16	%	(b)		23,008		20,513		9,207
Downtown Summerlin	July 2019	2.41	%	(b)		311,800		229,153		-
Downtown Summerlin SID Bonds - S108	December 2016	5.95	%					310		452
Downtown Summerlin SID Bonds - S128	December 2030	6.05	%					3,431		3,569
One Hughes Landing	December 2029	4.30	%					52,000		19,128
Two Hughes Landing	September 2018	2.81	%	(b)		41,230		19,992		10
1701 Lake Robbins	April 2017	5.81	%					4,600		-
Millennium Waterway Apartments	June 2022	3.75	%					55,584		55,584
110 N. Wacker (d)	October 2019	5.21	%	(b)				29,000		29,000
9303 New Trails	December 2023	4.88	%					13,074		13,398
Outlet Collection at Riverwalk	October 2018	2.91	%	(b)		64,400		47,118		-
The Woodlands Resort & Conference Center	February 2019	3.66	%	(b)		95,000		76,027		36,100
Victoria Ward	September 2016	3.35	%	(b)		250,000		238,716		238,716
20/25 Waterway Avenue	May 2022	4.79	%					14,330		14,450
3 Waterway Square	August 2028	3.94	%					52,000		52,000
4 Waterway Square	December 2023	4.88	%					38,289		39,237
Capital lease obligations	Various	3.60	%					135		205
Operating Assets Total								914,272		527,343
Strategic Developments
1725-35 Hughes Landing Boulevard	June 2019	2.06	%	(b)		143,000		47,513		-
Three Hughes Landing	December 2019	2.51	%			65,455		-		-
Hughes Landing Hotel	October 2020	2.66	%			37,100		-		-
Hughes Landing Retail	December 2018	2.11	%	(b)		36,575		17,424		913
One Lake's Edge	November2018	2.66	%	(b)		73,525		40,787		-
Waiea and Anaha Condominiums	November 2019	6.91	%			600,000		-		-
Waterway Square Hotel	August 2019	2.81	%	(b)		69,300		-		-
Strategic Developments Total								105,724		913
Other Corporate Financing Arrangements	June 2018	3.00	%			22,700		19,968		21,309
Senior Notes	October 2021	6.88	%					750,000		750,000
Unamortized underwriting fees								(7,689)		(8,750)
Total mortgages, notes, and loans payable							$	1,993,470	$	1,514,623

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

(b) The interest rate presented is based on the one month LIBOR rate, as applicable, at December 31, 2014 which was 0.1635%.

(c) 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%.

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

Schedule of maturities of long-term debt

	Mortgages,notes
	and loans payable
	principal payments
	(In thousands)
2015	$	7,970
2016		247,655
2017		13,773
2018		348,294
2019		394,996
Thereafter		980,782
Total	$	1,993,470