EX-99 7 form10q3q06ex99.htm MORTGAGE AND OTHER NOTES PAYABLE Mortgage and Other Notes Payable
TAUBMAN CENTERS, INC.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Exhibit 99
Debt Summary
                                    
As of September 30, 2006
                                    
(in millions of dollars, amounts may not add due to rounding)
                              
MORTGAGE AND OTHER NOTES PAYABLE
INCLUDING WEIGHTED AVERAGE INTEREST RATES AT SEPTEMBER 30, 2006
                                       
     
 
Beneficial
Effective
 
LIBOR
                        
     
100%
Interest
Rate
(a)
Rate
                       
     
9/30/06
9/30/06
9/30/06
 
Spread
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Total
Consolidated Fixed Rate Debt:
                                    
Beverly Center
  
344.8
344.8
5.28%
 
 
1.2
4.8
5.0
5.4
5.7
6.0
6.3
6.6
303.8
 
 
344.8
Cherry Creek Shopping Center
50.00%
280.0
140.0
5.24%
 
 
 
 
 
 
 
 
 
 
 
 
140.0
140.0
Great Lakes Crossing
  
143.5
143.5
5.25%
 
 
0.6
2.5
2.6
2.7
2.9
3.0
3.2
126.0
 
 
 
143.5
International Plaza (g)
50.10%
179.6
89.9
4.38%
(b)
 
0.4
1.7
87.8
 
 
 
 
 
 
 
 
89.9
MacArthur Center
95.00%
138.9
132.1
6.86%
(c)
  
0.7
2.7
2.8
3.0
122.9
 
 
 
 
 
 
132.1
Northlake Mall
  
215.5
215.5
5.41%
 
 
 
 
 
 
 
 
 
 
 
 
215.5
215.5
Regency Square
  
78.1
78.1
6.75%
 
 
0.3
1.1
1.2
1.3
1.4
72.8
 
 
 
 
 
78.1
Stony Point Fashion Park
  
112.2
112.2
6.24%
 
 
0.4
1.5
1.5
1.6
1.8
1.9
2.0
2.1
99.5
 
 
112.2
The Mall at Short Hills
  
540.0
540.0
5.47%
 
 
 
 
 
 
 
 
 
 
 
540.0
 
540.0
The Mall at Wellington Green
90.00%
200.0
180.0
5.44%
 
 
 
 
 
 
 
 
 
 
 
180.0
 
180.0
Total Consolidated Fixed
  
2,232.6
1,976.1
 
 
 
3.5
14.3
100.9
14.1
134.6
83.7
11.4
134.8
403.3
720.0
355.5
1,976.1
Weighted Rate
  
5.47%
5.53%
 
 
 
5.68%
5.68%
4.57%
5.86%
6.75%
6.58%
5.44%
5.27%
5.52%
5.46%
5.34%
 
                                       
Consolidated Floating Rate Debt: 
                                  
Dolphin Mall (h)
  
5.0
5.0
6.02%
(d)
0.70%
 
 
 
5.0
(f)
            
5.0
Fairlane Town Center (h)
  
20.0
20.0
6.02%
(d)
0.70%
 
 
 
20.0
(f)
            
20.0
The Mall at Partridge Creek
  
12.1
12.1
6.48%
(d)
1.15%
 
 
 
 
12.1
 
 
 
 
 
 
12.1
TRG Revolving Credit
  
12.8
12.8
6.31%
(e)
  
 
 
12.8
 
 
 
 
 
 
 
 
12.8
Twelve Oaks Mall (h)
 
0.0
0.0
    
0.70%
                      
0.0
Other 
  
0.9
0.4
8.25%
 
 
0.0
0.2
0.1
0.1
 
 
 
 
 
 
 
0.4
Total Consolidated Floating
  
50.7
50.3
 
 
 
0.0
0.2
12.9
25.1
12.1
 
 
 
 
 
 
50.3
Weighted Rate
  
6.24%
6.23%
 
 
 
8.25%
8.25%
6.33%
6.03%
6.48%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
  
                                       
Total Consolidated
  
2,283.4
2,026.4
 
 
 
3.5
14.4
113.8
39.2
146.7
83.7
11.4
134.8
403.3
720.0
355.5
2,026.4
Weighted Rate
  
5.49%
5.55%
 
 
 
5.71%
5.71%
4.77%
5.97%
6.73%
6.58%
5.44%
5.27%
5.52%
5.46%
5.34%
  
                                       
Joint Ventures Fixed Rate Debt: 
                                  
Arizona Mills
50.00%
138.2
69.1
7.90%
 
 
0.2
0.9
0.9
1.0
66.0
 
 
 
 
 
 
69.1
Fair Oaks
50.00%
140.0
70.0
6.60%
 
 
 
 
70.0
 
 
 
 
 
 
 
 
70.0
The Mall at Millenia
50.00%
210.0
105.0
5.46%
 
 
 
 
0.9
1.4
1.5
1.6
1.6
98.1
 
 
 
105.0
Sunvalley
50.00%
128.5
64.2
5.67%
 
 
0.3
1.0
1.1
1.2
1.2
1.3
58.2
 
 
 
 
64.2
Waterside Shops at Pelican Bay
25.00%
165.0
41.3
5.54%
 
 
 
 
 
 
 
 
 
 
 
 
41.3
41.3
Westfarms
78.94%
199.3
157.3
6.10%
 
 
0.6
2.4
2.6
2.7
2.9
3.1
142.9
 
 
 
 
157.3
Total Joint Venture Fixed
  
980.9
506.9
 
 
 
1.1
4.3
75.5
6.3
71.7
6.0
202.7
98.1
0.0
0.0
41.3
506.9
Weighted Rate
  
6.14%
6.18%
 
 
 
6.36%
6.36%
6.57%
6.17%
7.73%
5.84%
5.97%
5.46%
0.00%
0.00%
5.54%
 
                                       
Joint Ventures Floating Rate Debt:
                                  
Other
    
2.5
1.6
8.07%
 
 
0.2
0.6
0.3
0.3
0.1
 
 
 
 
 
 
1.6
Total Joint Venture Floating
2.5
1.6
 
 
 
0.2
0.6
0.3
0.3
0.1
 
 
 
 
 
 
1.6
Weighted Rate
  
8.07%
8.07%
 
 
 
8.07%
8.07%
8.07%
8.07%
8.07%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
 
                                       
Total Joint Venture
  
983.5
508.5
 
 
 
1.3
5.0
75.8
6.6
71.8
6.0
202.7
98.1
 
 
41.3
508.5
Weighted Rate
  
6.14%
6.19%
 
 
 
6.65%
6.57%
6.58%
6.25%
7.73%
5.84%
5.97%
5.46%
0.00%
0.00%
5.54%
  
                                       
TRG Beneficial Interest Totals
                                  
Fixed Rate Debt
  
3,213.5
2,483.0
 
 
 
4.5
18.6
176.4
20.4
206.3
89.7
214.1
232.9
403.3
720.0
396.8
2,483.0
     
5.67%
5.66%
 
 
 
5.84%
5.84%
5.43%
5.96%
7.09%
6.53%
5.94%
5.35%
5.52%
5.46%
5.36%
 
Floating Rate Debt
  
53.3
51.9
 
 
 
0.3
0.8
13.3
25.4
12.2
 
 
 
 
 
 
51.9
     
6.33%
6.28%
 
 
 
8.10%
8.11%
6.37%
6.06%
6.50%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
 
Total
    
3,266.8
2,534.9
 
 
 
4.8
19.4
189.6
45.8
218.5
89.7
214.1
232.9
403.3
720.0
396.8
2,534.9
     
5.68%
5.68%
 
 
 
5.96%
5.93%
5.49%
6.01%
7.06%
6.53%
5.94%
5.35%
5.52%
5.46%
5.36%
  
                                       
   
 Average Maturity Fixed Debt
      
7
                     
     Average Maturity Total Debt      
7
                     
                                       
(a)
Includes the impact of interest rate swaps, if any, 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 is reduced by $.2 million of purchase accounting discount from acquisition which increases the stated rate on the debt of 4.21% to an effective rate of 4.38%.
(c)
Debt includes $3.0 million of purchase accounting premium from acquisition which reduces the stated rate on the debt of 7.59% to an effective rate of 6.86%.
(d)
The debt is floating month to month at LIBOR plus spread.
(e)
Rate floats daily.
(f)
One year extension option available.
(g)
The Company has entered into three forward starting swaps totaling $150 million (beneficial interest $75 million) to partially hedge the planned refinancing of International Plaza in January 2008.  The weighted average forward swap rate for these three swaps is 5.33%, excluding the credit spread.
(h)
TRG's $350 million revolving credit facility was amended in August 2006. Dolphin, Fairlane and Twelve Oaks are now direct borrowers under this facility.