
					Maximum		Carrying Value
	Initial / Extended	Interest			Facility		March 31,		December 31,
($ in thousands)	Maturity (a)	Rate			Amount		2017		2016
Master Planned Communities
The Woodlands Master Credit Facility	August 2018	3.68	%	(b)	$	150,000		150,000		150,000
Summerlin South SID Bonds - S124	December 2019	5.95	%				$	123	$	123
Summerlin South SID Bonds - S128	December 2020	7.30	%					440		440
Summerlin South SID Bonds - S132	December 2020	6.00	%					1,248		1,268
Bridgeland Credit Facility	November 2020 / November 2022	4.60	%	(b)		65,000		65,000		65,000
Summerlin South SID Bonds - S151	June 2025	6.00	%					4,159		4,159
Summerlin South SID Bonds - S128C	December 2030	6.05	%					4,600		4,600
Summerlin South SID Bonds - S159	June 2035	6.00	%					2,389		2,389
Summerlin West SID Bonds - S812	October 2035	6.00	%					24,576		27,459
Master Planned Communities Total								252,535		255,438

Operating Assets
1701 Lake Robbins	April 2017	5.81	%					4,600		4,600
1725-35 Hughes Landing Boulevard	June 2018 / June 2019	2.58	%	(b)		143,000		109,876		105,647
70 Columbia Corporate Center	July 2017 / July 2019	3.18	%	(b)				20,000		20,000
Downtown Summerlin (c)	July 2017 / July 2019	3.18	%	(b)		311,800		305,888		302,981
The Westin at The Woodlands (c)	August 2018 / August 2019	3.58	%	(b)		69,300		58,077		58,077
110 N. Wacker	October 2019	5.21	%	(d)				21,759		22,704
Outlet Collection at Riverwalk	October 2017 / October 2019	3.68	%	(b)		56,100		55,293		55,778
Three Hughes Landing (c)	December 2017 / December 2019	3.28	%	(b)		65,455		36,462		35,053
Lakeland Village Center at Bridgeland	May 2018 / May 2020	3.28	%	(b)		14,000		10,644		9,979
Embassy Suites at Hughes Landing	October 2018 / October 2020	3.43	%	(b)		37,100		30,223		29,461
The Woodlands Resort & Conference Center	December 2018 / December 2020	4.18	%	(b)				70,000		70,000
One Merriweather	February 2020 / February 2021	3.08	%	(b)		49,900		34,072		23,588
HHC 242 Self-Storage	October 2019 / October 2021	3.53	%	(b)		6,658		4,995		3,708
10-60 Columbia Corporate Centers / One Mall North	May 2020 / May 2022	3.04	%	(b)(e)				94,463		80,000
20/25 Waterway Avenue	May 2022	4.79	%					13,825		13,886
Millennium Waterway Apartments	June 2022	3.75	%					55,584		55,584
Ward Village	September 2021 / September 2023	3.54	%	(b)(f)				238,718		238,718
9303 New Trails	December 2023	4.88	%					12,286		12,378
4 Waterway Square	December 2023	4.88	%					35,979		36,249
3831 Technology Forest Drive	March 2026	4.50	%					22,282		22,383
Millennium Six Pines Apartments	August 2028	3.39	%					42,500		42,500
3 Waterway Square	August 2028	3.94	%					51,279		51,590
One Lakes Edge	March 2029	4.50	%					69,440		68,874
One Hughes Landing	December 2029	4.30	%					52,000		52,000
Downtown Summerlin SID Bonds - S128	December 2030	6.05	%					3,350		3,350
Two Hughes Landing	December 2030	4.20	%					48,000		48,000
Hughes Landing Retail	December 2036	3.50	%			35,000		35,000		35,000
Columbia Regional Building	February 2037	4.48	%			25,000		25,000		22,188
Other								237		235
Capital lease obligations	various	3.60	%					—		1
Operating Assets Total								1,561,832		1,524,512

Strategic Developments
Waiea and Anaha (g)	November 2017 / November 2019	7.68	%	(b)		410,000		137,689		160,847
Ke Kilohana	December 2019 / December 2020	4.18	%	(b)		142,656		—		—
Two Merriweather	October 2020 / October 2021	3.43	%	(b)		33,156		—		—
Ae`o	December 2019 / December 2021	4.93	%	(b)		230,000		—		—
HHC 2978 Self-Storage Facility	January 2020 / January 2022	3.53	%	(b)		6,368		3,729		1,715
Strategic Developments Total								141,418		162,562

Other Corporate Financing Arrangements	June 2018	3.00	%					15,707		15,948
Senior Notes	October 2021	6.88	%					—		750,000
Senior Notes	March 2025	5.38	%					800,000		—
Deferred Financing Costs (h)								(21,238)		(17,713)
Total mortgages, notes, and loans payable							$	2,750,254	$	2,690,747

(a)

Maturity dates presented include initial maturity date as well as the extended or final maturity date as contractually stated. Extension periods generally can be exercised at our option at the initial maturity date, subject to customary extension terms that are based on property performance at the initial maturity date. Such extension terms may include, but are not limited to, minimum debt service coverage, minimum occupancy levels or condominium sales levels, as applicable and other performance criteria. In certain cases due to property performance not meeting covenants, we may have to pay down a portion of the loan in order to obtain the extension.

(b)

The interest rate presented is based on the one month LIBOR rate, which was 0.93% at March 31, 2017.

(c)

Based on current performance of Downtown Summerlin, Three Hughes Landing and The Westin at The Woodlands, a paydown may be required in order to exercise the extension option.

(d)

The $21.8 million outstanding principal balance is swapped to a 5.21% fixed-rate through maturity.

(e)

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

(f)

$119.4 million of the outstanding principal balance is swapped to a 3.64% fixed-rate through maturity.

(g)

The Waiea and Anaha facility originally provided available financing of up to $600 million and is now reduced to $410 million subsequent to paydowns made on the loan in fourth quarter 2016. The facility is a non-recourse construction loan cross-collateralized by the condominium towers bearing interest at one-month LIBOR plus 6.75% with an initial maturity date of November 6, 2017, and two, one-year extension options. In August 2016, the original financing agreement was modified. The modification allowed for an immediate advance on the loan of $50 million, returning a substantial portion of the project’s prior cash equity contribution to us and provided for an additional distribution of up to $113 million from Waiea’s initial bulk closing in November 2016. Waiea and Anaha sales proceeds are to be applied to the loan balance as well as fund any construction costs remaining for the condominium towers until the loan is repaid in full. The interest rate and maturity date remained unchanged.

(h)

As of December 31, 2016, this amount included $5.6 million of unamortized underwriting fees which were written-off in March 2017 in conjunction with the redemption of the senior notes due 2021. See Note 5 – Recent Transactions for additional information.