MORTGAGES, NOTES AND LOANS PAYABLE (Tables)

3 Months Ended

Mar. 31, 2015

MORTGAGES, NOTES AND LOANS PAYABLE

Summary of mortgages, notes and loans payable

	March 31,		December 31,
	2015		2014
	(In thousands)
Fixed-rate debt:
Collateralized mortgages, notes and loans payable	$	1,030,671	$	1,008,165
Special Improvement District bonds		18,736		22,389
Variable-rate debt:
Collateralized mortgages, notes and loans payable (a)		1,074,210		962,916
Total mortgages, notes and loans payable	$	2,123,617	$	1,993,470

(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		2015		2014
Master Planned Communities
Bridgeland Land Loan	June 2022	5.50	%			$	15,874	$	15,874
Bridgeland Development Loan	June 2015	5.00	%(b)	$	30,000		15,389		10
Summerlin South SID Bonds - S108	December 2016	5.95	%				548		563
Summerlin South SID Bonds - S124	December 2019	5.95	%				236		236
Summerlin South SID Bonds - S128	December 2020	6.05	%				623		623
Summerlin South SID Bonds - S128C	December 2030	6.05	%				5,097		5,274
Summerlin South SID Bonds - S132	December 2020	6.00	%				2,538		2,936
Summerlin South SID Bonds - S151	June 2025	6.00	%				4,885		6,211
Summerlin West SID Bonds - S808/S810	April 2031	6.00	%				1,069		2,805
The Woodlands Master Credit Facility	August 2018	2.93	%(b)		250,000		196,663		176,663
Master Planned Communities Total							242,922		211,195
Operating Assets
70 Columbia Corporate Center	July 2019	2.43	%(b)				20,000		20,000
Columbia Regional Building	March 2018	2.18	%(b)		23,008		20,627		20,513
Downtown Summerlin	July 2019	2.43	%(b)		311,800		256,955		229,153
Downtown Summerlin SID Bonds - S108	December 2016	5.95	%				310		310
Downtown Summerlin SID Bonds - S128	December 2030	6.05	%				3,431		3,431
One Hughes Landing	December 2029	4.30	%(b)				52,000		52,000
Two Hughes Landing	September 2018	2.83	%(b)		41,230		27,927		19,992
Hughes Landing Retail	December 2018	2.13	%(b)		36,575		21,518		17,424
1701 Lake Robbins	April 2017	5.81	%				4,600		4,600
Millennium Waterway Apartments	June 2022	3.75	%				55,584		55,584
110 N. Wacker (c)	October 2019	5.21	%(b)				29,000		29,000
9303 New Trails	December 2023	4.88	%				12,991		13,074
Outlet Collection at Riverwalk	October 2018	2.93	%(b)		64,400		51,306		47,118
3831 Technology Forest Drive	March 2026	4.50	%				23,000		—
The Woodlands Resort & Conference Center	February 2019	3.68	%(b)		95,000		83,109		76,027
Ward Village (d)	September 2016	3.35	%(b)		250,000		238,716		238,716
20/25 Waterway Avenue	May 2022	4.79	%				14,274		14,330
3 Waterway Square	August 2028	3.94	%				52,000		52,000
4 Waterway Square	December 2023	4.88	%				38,044		38,289
Capital lease obligations	various	3.60	%				123		135
Operating Assets Total							1,005,515		931,696
Strategic Developments
1725-35 Hughes Landing Boulevard	June 2019	2.08	%(b)		143,000		63,815		47,513
Three Hughes Landing	December 2019	2.53	%(b)		65,455		—		—
Hughes Landing Hotel	October 2020	2.68	%(b)		37,100		—		—
One Lake's Edge	November 2018	2.68	%(b)		73,525		49,184		40,787
Waiea and Anaha Condominiums	November 2019	6.93	%(b)		600,000		—		—
Waterway Square Hotel	August 2019	2.83	%(b)		69,300		—		—
Strategic Developments Total							112,999		88,300
Other Corporate Financing Arrangements	June 2018	3.00	%		22,700		19,645		19,968
Senior Notes	October 2021	6.88	%				750,000		750,000
Unamortized underwriting fees							(7,464)		(7,689)
						$	2,123,617	$	1,993,470

(a) Maturity date includes any extension periods which can be exercised at our option and are subject to customary extension terms.

(b) The interest rate presented is based on the one month LIBOR rate, as applicable, at March 31, 2015 which was 0.1756%.

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

(d) $143.0 million of the outstanding principal balance is swapped to a 3.81% fixed rate maturity.