MORTGAGES, NOTES AND LOANS PAYABLE, NET (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Summary of mortgages, notes and loans payable

Mortgages, notes and loans payable, net are summarized as follows:

	December 31,
(In thousands)	2018			2017
Fixed-rate debt:
Unsecured 5.375% Senior Notes	$	1,000,000		$	1,000,000
Secured mortgages, notes and loans payable	648,707			499,299
Special Improvement District bonds	15,168			27,576
Variable-rate debt:
Mortgages, notes and loans payable (a)	1,551,336			1,350,914
Unamortized bond issuance costs	(6,096		)	(6,898		)
Deferred financing costs	(27,902		)	(12,946		)
Total mortgages, notes and loans payable, net	$	3,181,213		$	2,857,945

(a) As more fully described below, $615.0 million and $428.3 million of variable rate debt has been swapped to a fixed rate for the term of the related debt as of December 31, 2018 and 2017, respectively. An additional $50.0 million of variable rate debt was subject to interest rate collars as of December 31, 2018. As of December 31, 2018 and 2017, $75.0 million and $108.6 million, respectively, of variable rate debt was capped at a maximum interest rate.

Schedule of mortgages, notes and loans payable by property

The following table presents the Company's mortgages, notes, and loans payable by property, presented within each segment in order of extended maturity date:

					Maximum		Carrying Value
	Initial / Extended	Interest			Facility		December 31,		December 31,
($ in thousands)	Maturity (a)	Rate			Amount		2018		2017
Master Planned Communities
Summerlin South SID Bonds - S124	December 2019	5.95	%				$	—	$	84
Summerlin South SID Bonds - S128	December 2020	7.30	%				213		390
Summerlin South SID Bonds - S132	December 2020	6.00	%				562		912
The Woodlands Master Credit Facility	April 2020 / April 2021	5.25	%	(b)	$	180,000	150,000		150,000
Bridgeland Credit Facility	November 2020 / November 2022	5.96	%	(b)	65,000		65,000		65,000
Summerlin South SID Bonds - S151	June 2025	6.00	%				913		3,763
Summerlin South SID Bonds - S128C	December 2030	6.05	%				3,211		4,283
Summerlin South SID Bonds - S159	June 2035	6.00	%				—		139
Summerlin West SID Bonds - S812	October 2035	6.00	%				6,709		15,193
Master Planned Communities Total							226,608		239,764
Operating Assets
1725-1735 Hughes Landing Boulevard	June 2018 / June 2019	3.14	%	(b), (c)	143,000		—		117,417
The Westin at The Woodlands	August 2018 / August 2019	4.14	%	(b), (c)	57,946		—		57,946
Outlet Collection at Riverwalk	October 2019 / October 2020	5.00	%	(b)			47,552		53,841
Three Hughes Landing	December 2019 / December 2020	5.10	%	(b)	62,000		55,759		45,058
Lakeland Village Center at Bridgeland	May 2018 / May 2020	3.84	%	(b), (c)	14,000		—		11,470
Embassy Suites at Hughes Landing	October 2018 / October 2020	3.99	%	(b), (c)	37,100		—		31,245
The Woodlands Resort & Conference Center	February 2019 / February 2021	5.75	%	(b)			62,500		65,500

One Merriweather	February 2020 / February 2021	3.64	%	(b), (c)	49,929	—			42,332
Downtown Summerlin	September 2020 / September 2021	4.65	%	(b)		266,755			274,088
Two Merriweather	October 2020 / October 2021	5.00	%	(b)	33,156	24,000			19,429
HHC 242 Self-Storage	October 2019 / October 2021	5.10	%	(b)	6,658	6,604			6,243
HHC 2978 Self-Storage Facility	January 2020 / January 2022	5.10	%	(b)	6,368	6,042			5,634
70 Columbia Corporate Center	May 2020 / May 2022	3.49	%	(b), (c)		—			20,000
One Mall North	May 2020 / May 2022	3.74	%	(b), (c)		—			14,463
10-60 Columbia Corporate Centers	May 2020 / May 2022	3.33	%	(b), (c)		—			80,000
20/25 Waterway Avenue	May 2022	4.79	%			13,395			13,646
Millennium Waterway Apartments	June 2022	3.75	%			54,083			55,095
Aristocrat	October 2022	5.90	%	(b)	31,118	21,296			—
Two Summerlin	October 2022	5.90	%	(b)	33,432	14,431			—
Lake Woodlands Crossing Retail	January 2023	4.30	%	(b)	15,523	9,539			—
Ward Village	September 2021 / September 2023	3.82	%	(b), (c)		—			238,718
Lakefront North	December 2022 / December 2023	4.50	%	(b)	51,821	21,120			—
Senior Secured Credit Facility	September 2023	4.61	%	(f)	700,000	615,000			—
9303 New Trails	December 2023	4.88	%			11,610			12,003
4 Waterway Square	December 2023	4.88	%			33,998			35,151
3831 Technology Forest Drive	March 2026	4.50	%			21,571			21,954
Kewalo Basin Harbor	September 2027	5.25	%	(b)	11,562	3,499			—
Millennium Six Pines Apartments	August 2028	3.39	%			42,500			42,500
3 Waterway Square	August 2028	3.94	%			49,013			50,327
One Hughes Landing	December 2029	4.30	%			52,000			52,000
Two Hughes Landing	December 2030	4.20	%			48,000			48,000
Hockey Ground Lease SIDS	December 2020 - December 2030	6.05% - 7.30%				141			—
Downtown Summerlin SID Bonds - S128	December 2030	6.05	%			2,652			2,812
One Lakes Edge	March 2029	4.50	%			69,440			69,440
Constellation Apartments	January 2033	4.07	%			24,200			24,200
Hughes Landing Retail	December 2036	3.50	%			35,000			35,000
Columbia Regional Building	February 2037	4.48	%			25,000			25,000
Operating Assets Total						1,636,700			1,570,512
Strategic Developments
250 Water Street	December 2018 / June 2020	6.00	%			129,723			—
Ke Kilohana	December 2019 / December 2020	5.75	%	(b)	142,656	96,757			—
Ae‘o	December 2019 / December 2021	5.49	%	(b)	215,000	—			33,603
100 Fellowship Drive	May 2022	4.00	%	(b)	51,426	35,481			1
Lakeside Row	July 2022 / July 2023	4.75	%	(b)	34,231	—			—
Two Lakes Edge	October 2022 / October 2023	4.65	%	(b)	74,000	—			—
110 North Wacker (d)	April 2022 / April 2024	5.50	%	(b), (d)	512,573	50,000			18,926
6100 Merriweather	September 2022 / September 2024	5.25	%	(b)	89,844	—			—
Columbia Multi-family	September 2022 / September 2024	5.25	%	(b)	85,657	—			—
Tanager Apartments	October 2021 / October 2024	4.75	%	(b)	44,100	—			—
Other SID Bonds	December 2020 - December 2030	6.00% - 7.30%		(e)		767			—
Summerlin Ballpark	December 2039	4.92	%		51,231	26,766			—
Strategic Developments Total						339,494			52,530
Other corporate financing arrangements	May 2023	4.33	%			12,409			14,983
Senior Notes	March 2025	5.38	%			1,000,000			1,000,000
Unamortized bond issuance costs						(6,096		)	(6,898		)
Deferred financing costs						(27,902		)	(12,946		)
Total mortgages, notes, and loans payable						$	3,181,213		$	2,857,945

(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 HHC's option at the initial maturity date, subject to customary extension terms that are based on current property performance projections. 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, HHC 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, three-month LIBOR or Prime rate, as applicable, which was 2.50%, 2.81% and 5.50%, respectively, at December 31, 2018.

(c) Rates and maturities were not changed as the line is retained for prior year presentation purposes only. Property is collateral for the Senior Secured Credit Facility, and their prior balances were repaid upon execution of the Senior Secured Credit Facility agreement on September 18, 2018.

(d) 100.0% of the outstanding principal of $50.0 million is subject to fixed interest rate collar contracts for the remaining term of the debt.

(e) Includes SID Bonds related to Two Summerlin, Aristocrat, Tanager Apartments, and Summerlin Ballpark. Maturity dates range between December 2020 and December 2030 and interest rates range between 6.00% and 7.30%.

(f) 100.0% of the outstanding principal of the $615.0 million Term Loan is swapped to a fixed rate equal to 4.61%.

Summary of contractual obligations relating to mortgages, notes, and loans payable

The following table summarizes the contractual obligations relating to the Company's mortgages, notes and loans payable as of December 31, 2018 based on extended maturity dates:

	Mortgages, notes
	and loans payable
(In thousands)	principal payments
2019	$	93,358
2020	357,246
2021	419,697
2022	216,471
2023	696,248
Thereafter	1,432,191
Total principal payments	3,215,211
Deferred financing costs, net and unamortized underwriting fees	(33,998		)
Total mortgages, notes and loans payable	$	3,181,213