EX-99.3 8 0008.txt MORTGAGES PAYABLE EXHIBIT 99.3 Mortgages Payable Mortgages payable at December 31, 2000 consisted of the following (dollar amounts in thousands):
Principal Effective Scheduled Periodic Balloon Balance at Interest Maturity Payment Payment Due December 31, Community Rate(1) Date Terms at Maturity 2000 --------- ----------- ------------ ---------- ----------------- ------------------ Conventional fixed rate: Cameron Hidden Harbor....................... 6.86% 05/12/01 (2) $ 4,869 $ 4,959 Archstone Knoxbridge........................ 7.63 07/01/03 (2) 14,741 15,261 Foxfire..................................... 7.32 10/01/05 (2) 7,334 8,000 Archstone Shadowbluff....................... 7.10 12/01/05 (2) 4,926 5,595 Canyon Creek II............................. 7.63 02/10/06 (4) 6,600 7,698 Cameron Palm Harbor......................... 7.10 11/01/06 (2) 4,661 5,407 Country Place Village I..................... N/A 11/01/00 (3) N/A - Cameron at Hickory Grove.................... N/A 07/10/03 (3) N/A - Archstone Tewksbury I....................... 8.45 01/01/07 (2) 2,621 3,022 Ashton Place................................ 8.25 10/01/23 (2) N/A 44,876 Redmond Hill West........................... 9.63 08/31/06 (2) 5,785 6,197 Wendemere at the Ranch...................... 8.00 04/01/09 (2) 12,545 12,545 Archstone Dakota Ridge...................... 8.00 04/01/09 (2) 25,675 25,675 Archstone Northcross........................ 7.99 04/01/09 (2) 15,308 15,308 Archstone Canton............................ 7.08 01/02/08 (2) 14,153 15,853 Stone Ends.................................. 6.94 04/01/09 (2) 12,158 13,859 Archstone Sausalito......................... 7.33 01/01/05 (2) 15,656 16,439 -------- ------------------ 7.76% $ 200,694 -------- ------------------ Tax-exempt fixed rate(6): Cloverland.................................. 6.64% 03/01/10 (2) 4,350 $ 4,054 The Crossroads.............................. 6.65 12/15/18 (7) 4,435 4,435 Carrington Place............................ 7.93 04/01/19 (5) N/A 3,287 Eden Commons................................ 7.88 03/01/25 (5) N/A 5,900 -------- ------------------ 7.30% $ 17,676 -------- ------------------ Tax-exempt floating rate(6): Archstone Burlington........................ 5.49% 06/15/04 (8) 36,346 $ 36,346 Archstone Chattahochee...................... N/A 06/01/25 (3) N/A - Prairie Court............................... 4.96 12/01/06 (8) 7,250 7,250 Archstone Bellevue.......................... 5.64 07/01/13 (9) 3,702 4,902 Garden Glen................................. 5.19 12/01/13 (8) 33,410 33,410 Archstone University Towne Centre........... 4.86 08/01/14 (8) 13,232 20,900 Archstone Quincy Commons.................... 5.20 12/15/14 (8) 8,500 8,500 Archstone Del Mar........................... 4.53 11/15/15 (8) 13,608 13,608 Cameron Brook............................... 5.17 06/01/25 (5) N/A 18,558 Cameron Cove................................ 5.35 06/01/25 (5) N/A 8,078 Archstone Gwinnett Place.................... 5.19 06/01/25 (5) N/A 9,898 Winterscreek................................ 5.29 06/01/25 (5) N/A 4,779 Cameron Station............................. 4.94 05/01/07 (2) 12,563 14,751 Redwood Shores.............................. 4.96 10/01/08 (8) 21,040 21,040 Studio Colony............................... 4.78 05/01/07 (8) 24,679 24,305 -------- ------------------ 5.10% $ 226,325 -------- ------------------
Principal Effective Scheduled Periodic Balloon Balance at Interest Maturity Payment Payment Due December 31, Community Rate(1) Date Terms at Maturity 2000 --------- ----------- ------------ ---------- ----------------- ---------------- Other: Mello-Roos bonds (10)....................... 5.65% Various (5) N/A $ 24,120 ---------------- Fannie Mae secured debt (11)................ 6.96 (12) (12) 401,501 $ 406,989 ----------- ---------------- Total/Average............................. 6.63% $ 875,804 =========== ================
(1) Represents the effective interest rate, including interest rate hedges, loan cost amortization and other ongoing fees and expenses, where applicable. (2) Regular amortization with a balloon payment due at maturity. (3) Mortgage was prepaid by Archstone or assumed by the buyer upon disposition of the community. (4) Apartment community has two notes; one note is interest only with a balloon payment of $6.6 million and the second note is fully amortizing. (5) Fully amortizing. (6) Tax-exempt effective interest rates include credit enhancement and other bond-related costs, where applicable. (7) Semi-annual payments are interest only until December 2003 at 5.4%, at which time the interest rate is adjusted to the current market rate. (8) Payments are interest only until maturity and the interest rate is adjusted weekly or monthly. (9) Requires annual principal payments of $100,000 each year until maturity and variable interest is paid monthly to the sub-servicers. (10) Primarily represents bonded indebtedness associated with improvements to public facilities and infrastructure in certain California taxing jurisdictions known as "Mello-Roos districts." The bonds have a weighted- average rate of 5.65% and mature at dates ranging from 2007 to 2027. (11) The Fannie Mae debt is secured by 23 apartment communities. (12) In December 1998, Archstone closed on a $268.5 million long-term secured debt agreement with Fannie Mae that matures on January 1, 2006 and has a balloon payment due at maturity. In March 1999, Archstone closed on an additional $36.2 million at an effective fixed interest rate of 6.68% that matures on April 1, 2008 and has a regular amortization with a $31.6 million balloon payment due at maturity. In June 2000, Archstone issued an additional $103.0 million of Fannie Mae secured debt that matures on July 1, 2009 and has a balloon payment due at maturity.