EX-99 11 form10q2q04ex99.htm MORTGAGE AND OTHER NOTES PAYABLE Mortgage and Other Notes Payable

MORTGAGE AND OTHER NOTES PAYABLE
INCLUDING WEIGHTED INTEREST RATES AT JUNE 30, 2004


100% 		Beneficial
Interest 		Effective
Rate
(a) 		LIBOR
Rate
6/30/04  6/30/04 6/30/04   Spread 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Total

Consolidated Fixed Rate Debt:		                                    
Beverly Center
Great Lakes Crossing
MacArthur Center
Regency Square
Stony Point Fashion Park
The Mall at Short Hills
Other 		347.5
148.5
144.6
 80.3
115.0
263.5
 20.0 		347.5
148.5
137.6
 80.3
115.0
263.5
(k)           20.0 		 5.28%
 5.25%
 6.83%
 6.75%
 6.24%
 6.70%
13.00% 		   
   
(b)
   
   
    		 
  1.1
  1.2
  0.5
  0.5
  1.7
  0.0 		   
2.2
2.4
1.0
1.3
3.5
0.0 		3.9
2.3
2.6
1.1
1.4
3.7
0.0 		4.8
2.5
2.7
1.1
1.5
4.0
0.0 		5.0
2.6
2.8
1.2
1.5
4.2
0.0 		  5.4
  2.7
  3.0
  1.3
  1.6
246.4
 20.0 		  5.7
  2.9
122.9
  1.4
  1.8
     
   		 6.0
 3.0
    
72.7
 1.9
    
     		6.3
3.2


2.0


 6.6
126.0


2.1


 303.8
 
 

99.5
 
 
 347.5
148.5
137.6
 80.3
115.0
263.5
 20.0
   
Total Consolidated Fixed
Weighted Rate

Consolidated Floating Rate Debt:
Dolphin Mall
Oyster Bay
The Mall at Wellington Green
The Shops at Willow Bend
The Shops at Willow Bend
Taubman Realty Group
Taubman Realty Group 		1,119.4
6.15%


144.5
 35.9
140.0
 98.7
 49.4
 13.4
  0.0		 1,112.4
6.15%


144.5
 35.9
126.0
 98.7
 49.4
 13.4
  0.0		  
 


4.06%
3.34%
5.18%
2.74%
4.99%
2.44%
0.00% 		   
   


(c)

(e)
(f)
(g)
(h)
(i) 		      
      


2.15%
2.00%
1.50%
1.50%
3.75%
      
0.90% 		  4.9
6.38%


  1.0
     

  0.7
  0.4
  13.4
 0.0 		  10.4
6.37%


  2.2
 35.9
     
  1.6
  0.8
     
      		  14.9
6.09%


141.3
(d)        
     
 96.4
 48.2
     
      		 16.5
6.05%


 
 
126.0
 
 
 
 		  17.4
6.06%

     
     
     
     
     
     
     
      		280.5
7.11%

     
     
     
     
     
     
     
      		134.6
6.72%

     
     
     
     
     
     
     
      		 83.6
6.58%

     
     
     
     
     
     
     
      		 11.4
5.44%

     
     
     
     
     
     
     
      		134.8
5.27%

     
     
     
     
     
     
     
      		403.3
5.52%

     
     
     
     
     
     
     
      		1,112.4



144.5
 35.9
126.0
 98.7
 49.4
 13.4
  0.0
   
Total Consolidated Floating
Weighted Rate

Total Consolidated
Weighted Rate 		  481.9
  3.92%

1,601.2
  5.48% 		  467.9
  4.08%

1,580.2
  5.54% 		15.5
2.62%

20.4
3.52% 		 40.4
3.39%

50.8
4.00% 		285.9
3.77%

300.8
3.89% 		126.0
5.18%

142.5
5.28% 		     


 17.4
6.06% 		     


280.5
7.11% 		     


134.6
6.72% 		     


 83.6
6.58% 		     


 11.4
5.44% 		     


134.8
5.27% 		     


403.3
5.52% 		  467.9


1,580.2

Joint Ventures Fixed Rate Debt:
Arizona Mills
Cherry Creek
Fair Oaks
International Plaza
Mall at Millenia
Sunvalley
Westfarms Mall 		50.00%
50.00%
50.00%
26.49%
50.00%
50.00%
78.94% 		141.6
177.0
140.0
(l)          187.5
210.0
132.6
205.4 		 70.8
 88.5
 70.0
 49.7
105.0
 66.3
162.2 		7.90%
7.68%
6.60%
4.21%
5.46%
5.67%
6.10% 		 0.3
 0.5
    
 0.4
    
 0.4
 1.0 		0.8
1.3
   
0.9
   
0.9
2.1 		 0.8
86.7
    
 0.9
    
 1.0
 2.3 		0.9
   
   
1.0
   
1.0
2.4 		 0.9
    
70.0
46.4
 0.9
 1.1
 2.6 		1.0
   
   
   
1.4
1.2
2.7 		66.0
    
    
    
 1.5
 1.2
 2.9 		   
   
   
   
1.6
1.3
3.1 		     
     
     
     
  1.6
 58.2
142.9 		     
     
     
     
 98.1
     
      		     
     
     
     
 
     
     		  70.8
 88.5
 70.0
 49.7
105.0
 66.3
162.2
   
Total Joint Venture Fixed
Weighted Rate

Joint Ventures Floating Rate Debt:
Stamford Town Center
Other 		      
      


50.00%
       		1,194.1
  6.15%


   76.0
    3.9 		612.4
6.28%


 38.0
  2.1 		     
     


2.04%
3.40% 		   
   


(j)
    		     
     


0.80%
      		 2.7
6.24%


 38.0
  0.4 		  6.0
6.30%


     
  0.7 		 91.8
7.59%


     
  0.6 		  5.3
5.96%


     
  0.4 		121.9
5.67%


     
  0.0 		  6.3
6.17%


     
      		 71.7
7.73%


     
      		  6.0
5.84%


     
      		202.7
5.97%


     
      		 98.1
5.46%


     
      		 



     
      		612.4



 38.0
  2.1
   
Total Joint Venture Floating
Weighted Rate

Total Joint Venture
Weighted Rate 		   79.9
  2.11%

1,274.0
  5.89% 		 40.1
2.11%

652.5
6.03% 		 38.4
2.05%

 41.1
2.33% 		  0.7
3.40%

  6.6
6.02% 		  0.6
3.40%

 92.4
7.56% 		  0.4
3.40%

  5.7
5.79% 		  0.0
3.40%

121.9
5.67% 		     


  6.3
6.17% 		     


 71.7
7.73% 		     


  6.0
5.84% 		     


202.7
5.97% 		     


 98.1
5.46% 		     


 
  		  40.1


 652.5

TRG Beneficial Interest Totals
Fixed Rate Debt
                               
Floating Rate Debt
                               
Total
                               

                                		 

 2,313.5
   6.15%
   561.7
   3.66%
 2,875.3
   5.66%

 1,724.8
   6.20%
   507.9
   3.92%
 2,232.7
   5.68%

Average
Maturity 		     

 7.6
6.33%
53.9
2.22%
61.5
2.72%


 6.82
 ==== 		     

 16.4
6.35%
 41.1
3.39%
57.4
4.23% 		     

106.7
7.38%
286.5
3.77%
393.2
4.75% 		     

 21.9
6.03%
126.4
5.18%
148.3
5.30% 		     

139.3
5.72%
 0.0
3.40%
139.3
5.72% 		     

286.8
7.09%
  

286.8
7.09% 		     

206.3
7.07%
  

206.3
7.07% 		     

 89.6
6.53%
  

 89.6
6.53% 		     

214.1
5.94%
  

214.1
5.94% 		     

232.9
5.35%
  

232.9
5.35% 		     

403.3
5.52%
  

403.3
5.52% 		        

1,724.8

 507.9

2,232.7

(a) Includes the impact of interest rate swaps but does not include effect of amortization of debt issuance costs, losses on settlement of derivatives used to hedge the refinancing of certain fixed rate debt, or interest rate cap premiums.
(b) Debt includes $4.7 million of purchase accounting premium from acquisition which reduces the stated rate on the debt of 7.59% to an effective rate of 6.83%.
(c) $120 million of this debt is swapped to 2.05% plus spread to October 2004. The remaining debt is floating month to month at LIBOR plus spread. $24.5 million of this debt is capped at 7% plus spread to September 2004. The notional amount of the cap increases to $144 million in September 2004 and amortizes at the same rate as debt to February 2006.
(d) If construction commences prior to 12/31/05,the maturity date is automatically extended from 12/31/05 to three years from the commencement of construction.
(e) $100 million of this debt is swapped to 4.35% plus spread to October 2004, and to 5.25% plus spread from October 2004 to May 2005. The remainder is floating month to month at LIBOR plus spread.
(f) LIBOR rate is floating month to month. $98.0 million of this debt is capped at 4.6% plus spread to July 2006.
(g) LIBOR rate is floating month to month. $49.0 million of this debt is capped at 5.75% plus spread to July 2006.
(h) Rate floats daily.
(i) LIBOR rate floats month to month.
(j) LIBOR rate is floating month to month. This debt is capped at 8.2% plus spread to August 2004.
(k) Loan was repaid on 7/1/04.
(l) On July 1, 2004, an additional 23.6% interest was acquired, increasing the ownership interest and beneficial interest in debt to 50.1%.