MORTGAGES, NOTES AND LOANS PAYABLE (Tables)

6 Months Ended

Jun. 30, 2016

MORTGAGES, NOTES AND LOANS PAYABLE

Summary of mortgages, notes and loans payable

	June 30,		December 31,
(In thousands)	2016		2015
Fixed-rate debt:
Collateralized mortgages, notes and loans payable	$	1,059,210	$	1,087,642
Special Improvement District bonds		49,243		53,739
Variable-rate debt:
Collateralized mortgages, notes and loans payable (a)		1,553,786		1,314,973
Deferred Financing Costs, net of accumulated amortization of $14.7 million and $12.7 million, respectively		(10,434)		(12,392)
Total mortgages, notes and loans payable	$	2,651,805	$	2,443,962

(a) As more fully described below, $207.6 million and $209.5 million of variable‑rate debt has been swapped to a fixed-rate for the term of the related debt as of June 30, 2016 and December 31, 2015, respectively.

Schedule of mortgages, notes and loans payable by property

					Maximum		Carrying Value
		Interest			Facility		June 30,		December 31,
($ In thousands)	Maturity (a)	Rate			Amount		2016		2015
Master Planned Communities
Bridgeland Credit Facility	November 2022	4.60	%		$	65,000	$	59,349	$	40,072
Summerlin South SID Bonds - S124	December 2019	5.95	%					141		159
Summerlin South SID Bonds - S128	December 2020	6.05	%					487		534
Summerlin South SID Bonds - S128C	December 2030	6.05	%					4,728		4,856
Summerlin South SID Bonds - S132	December 2020	6.00	%					1,494		1,676
Summerlin South SID Bonds - S151	June 2025	6.00	%					4,349		4,534
Summerlin South SID Bonds - S159	June 2035	6.00	%					6,614		9,020
Summerlin West SID Bonds - S808/S810	April 2031	6.00	%					—		1,047
Summerlin West SID Bonds - S812	October 2035	6.00	%					27,844		28,328
The Woodlands Master Credit Facility	August 2018	3.20	%	(b)		200,000		192,662		192,663
Master Planned Communities Total								297,668		282,889
Operating Assets
10-60 Columbia Corporate Centers	May 2022	2.81	%	(b)(c)				80,000		80,000
70 Columbia Corporate Center	July 2019	2.70	%	(b)				20,000		20,000
Columbia Regional Building	March 2018	2.45	%	(b)		23,008		22,188		22,188
Downtown Summerlin	July 2019	2.70	%	(b)		311,800		293,732		289,804
Downtown Summerlin SID Bonds - S108	December 2016	5.95	%					235		235
Downtown Summerlin SID Bonds - S128	December 2030	6.05	%					3,350		3,350
Embassy Suites at Hughes Landing	October 2020	2.95	%	(b)		37,100		28,829		20,064
One Hughes Landing	December 2029	4.30	%					52,000		52,000
Two Hughes Landing	December 2030	4.20	%					48,000		48,000
1725-35 Hughes Landing Boulevard	June 2019	2.10	%	(b)		143,000		103,968		89,677
Hughes Landing Retail	December 2018	2.40	%	(b)		36,575		32,465		28,726
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	%	(d)				24,593		26,481
9303 New Trails	December 2023	4.88	%					12,558		12,734
One Lakes Edge	November 2016	2.70	%	(b)		73,525		69,646		67,517
Outlet Collection at Riverwalk	October 2018	3.20	%	(b)		64,400		56,100		56,100
3831 Technology Forest Drive	March 2026	4.50	%					22,573		22,759
The Westin at The Woodlands	August 2019	3.10	%	(b)		69,300		49,788		33,361
The Woodlands Resort & Conference Center	December 2020	3.20	%	(b)				85,000		85,000
Ward Village	September 2016	3.46	%	(b)(e)		250,000		238,716		238,716
20/25 Waterway Avenue	May 2022	4.79	%					14,000		14,112
3 Waterway Square	August 2028	3.94	%					52,000		52,000
4 Waterway Square	December 2023	4.88	%					36,777		37,293
Capital lease obligations	various	3.60	%					28		52
Operating Assets Total								1,406,730		1,360,353
Strategic Developments
HHC 242 Self Storage Facility	October 2021	3.05	%	(b)		6,658		866		—
HHC 2978 Self Storage Facility	January 2022	3.05	%	(b)		6,368		—		—
Lakeland Village Center	May 2020	2.80	%	(b)		14,000		8,514		—
Merriweather Post Pavilion	October 2021	2.45	%	(b)		9,500		158		—
One Merriweather	February 2020	2.60	%	(b)		49,900		3,988		—
Three Hughes Landing	December 2017	2.80	%	(b)		65,455		33,200		23,268
Waiea and Anaha Condominiums	November 2019	7.20	%	(b)		600,000		150,025		27,817
Strategic Developments Total								196,751		51,085
Other Corporate Financing Arrangements	June 2018	3.00	%					17,372		18,794
Senior Notes	October 2021	6.88	%					750,000		750,000
Unamortized underwriting fees								(6,282)		(6,767)
Deferred Financing Costs, net								(10,434)		(12,392)
Total mortgages, notes, and loans payable							$	2,651,805	$	2,443,962

(a) Maturity date includes any extension periods that can be exercised at our option at the initial maturity date, subject to customary extension terms that based on current property performance projections, we expect to meet. Such terms may include but are not limited to 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 0.45% at June 30, 2016.

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

(d) The $24.6 million outstanding principal balance is swapped to a 5.21% fixed-rate through maturity.

(e) $143.0 million of the outstanding principal balance is swapped to a 3.81% fixed-rate through maturity. As of June 30, 2016 there is no undrawn availability on this facility. Management expects to refinance this note in the third quarter 2016.