MORTGAGES, NOTES AND LOANS PAYABLE (Tables)

12 Months Ended

Dec. 31, 2015

MORTGAGES, NOTES AND LOANS PAYABLE

Summary of mortgages, notes and loans payable

	December 31,
(In thousands)	2015		2014
Fixed-rate debt:
Collateralized mortgages, notes and loans payable	$	1,087,642	$	1,008,165
Special Improvement District bonds		53,739		22,389
Variable-rate debt:
Collateralized mortgages, notes and loans payable (a)		1,314,973		962,916
Deferred Financing Costs, net of accumulated    amortization of $12.7 million and $6.9 million, respectively		(12,392)		(14,663)
Total mortgages, notes and loans payable	$	2,443,962	$	1,978,807

(a) As more fully described below, $209.5 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		2015		2014
Master Planned Communities
Bridgeland Land Loan	November 2022	4.60	%	(b)	$	65,000	$	40,072	$	15,874
Bridgeland Development Loan	N/A	5.00	%					—		10
Summerlin South SID Bonds - S108	December 2016	5.95	%					—		563
Summerlin South SID Bonds - S124	December 2019	5.95	%					159		236
Summerlin South SID Bonds - S128	December 2020	6.05	%					534		623
Summerlin South SID Bonds - S128C	December 2030	6.05	%					4,856		5,274
Summerlin South SID Bonds - S132	December 2020	6.00	%					1,676		2,936
Summerlin South SID Bonds - S151	June 2025	6.00	%					4,534		6,211
Summerlin South SID Bonds - S159	June 2035	6.00	%					9,020		—
Summerlin West SID Bonds - S808/S810	April 2031	6.00	%					1,047		2,805
Summerlin West SID Bonds - S812	October 2035	6.00	%					28,328		—
The Woodlands Master Credit Facility	August 2018	3.11	%	(b)		200,000		192,663		176,663
Master Planned Communities Total								282,889		211,195
Operating Assets
10-60 Columbia Corporate Centers	May 2022	2.76	%	(b)(d)				80,000		—
70 Columbia Corporate Center	July 2019	2.61	%	(b)				20,000		20,000
Columbia Regional Building	March 2018	2.36	%	(b)		23,008		22,188		20,513
Downtown Summerlin	July 2019	2.61	%	(b)		311,800		289,804		229,153
Downtown Summerlin SID Bonds - S108	December 2016	5.95	%					235		310
Downtown Summerlin SID Bonds - S128	December 2030	6.05	%					3,350		3,431
One Hughes Landing	December 2029	4.30	%					52,000		52,000
Two Hughes Landing	December 2030	4.20	%					48,000		19,992
1725-35 Hughes Landing Boulevard	June 2019	2.01	%	(b)		143,000		89,677		47,513
Hughes Landing Hotel	October 2020	2.86	%	(b)		37,100		20,064		—
Hughes Landing Retail	December 2018	2.31	%	(b)		36,575		28,726		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	October 2019	5.21	%	(e)				26,481		29,000
9303 New Trails	December 2023	4.88	%					12,734		13,074
One Lake's Edge	November 2018	2.86	%	(b)		73,525		67,517		40,787
Outlet Collection at Riverwalk	October 2018	3.11	%	(b)		64,400		56,100		47,118
3831 Technology Forest Drive	March 2026	4.50	%					22,759		—
The Woodlands Resort & Conference Center	December 2020	3.11	%	(b)				85,000		76,027
Ward Village	September 2016	3.42	%	(b)(c)		250,000		238,716		238,716
20/25 Waterway Avenue	May 2022	4.79	%					14,112		14,330
3 Waterway Square	August 2028	3.94	%					52,000		52,000
4 Waterway Square	December 2023	4.88	%					37,293		38,289
Capital lease obligations	various	3.60	%					52		135
Operating Assets Total								1,326,992		1,019,996
Strategic Developments
HHC 242 Self Storage Facility	October 2021	2.96	%	(b)		6,658		—		—
Lakeland Village Center	May 2020	2.71	%	(b)		14,000		—		—
Three Hughes Landing	December 2019	2.71	%	(b)		65,455		23,268		—
Waiea and Anaha Condominiums	November 2019	7.11	%	(b)		600,000		27,817		—
Waterway Square Hotel	August 2019	3.01	%	(b)		69,300		33,361		—
Strategic Developments Total								84,446		—
Other Corporate Financing Arrangements	June 2018	3.00	%					18,794		19,968
Senior Notes	October 2021	6.88	%					750,000		750,000
Unamortized underwriting fees								(6,767)		(7,689)
Deferred Financing Costs, net of accumulated amortization of $12.7 million and $6.9 million, respectively							(12,392)			(14,663)
Total mortgages, notes, and loans payable							$	2,443,962	$	1,978,807

(a) Maturity date includes any extension periods that can be exercised at our option and are subject to customary extension terms such as minimum debt service coverage, minimum occupancy levels and other performance criteria.

(b) The interest rate presented is based on the one month LIBOR rate which was 0.36% at December 31, 2015.

(c) $143.0 million of the outstanding principal balance is swapped to a 3.81% fixed rate to maturity. As of December 31, 2015, there is no undrawn availability on this facility.

(d) $40.0 million of the outstanding principal balance is swapped to a 3.41% fixed rate to maturity.

The $26.5 million outstanding principal balance is swapped to a 5.21% fixed rate to maturity.

Schedule of maturities of long-term debt

	Mortgages,notes
	and loans payable
(In thousands)	principal payments
2016	$	272,269
2017		38,464
2018		342,670
2019		504,135
2020		111,488
Thereafter		1,187,328
Total	$	2,456,354