EX-99.A 12 form10k2006ex99_a.htm MORTGAGE AND OTHER NOTES PAYABLE Mortgage and Other Notes Payable
 
                       Exhibit 99 (a)    
MORTGAGE AND OTHER NOTES PAYABLE
INCLUDING WEIGHTED AVERAGE INTEREST RATES AT DECEMBER 31, 2006
                                     
     
 
Beneficial
Effective
 
LIBOR
                      
     
100%
Interest
Rate
(a)
Rate
                     
     
12/31/06
12/31/06
12/31/06
 
Spread
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Total
Consolidated Fixed Rate Debt:
                                  
Beverly Center
  
343.6
343.6
5.28%
 
 
4.8
5.0
5.4
5.7
6.0
6.3
6.6
303.8
 
 
343.6
Cherry Creek Shopping Center
50.00%
280.0
140.0
5.24%
 
 
 
 
 
 
 
 
 
 
 
140.0
140.0
Great Lakes Crossing
  
142.9
142.9
5.25%
 
 
2.5
2.6
2.7
2.9
3.0
3.2
126.0
 
 
 
142.9
International Plaza (b)
50.10%
178.7
89.5
4.38%
(c)
 
1.7
87.8
(b)
 
 
 
 
 
 
 
89.5
MacArthur Center
95.00%
138.2
131.5
6.87%
(d)
  
2.7
2.8
3.0
122.9
 
 
 
 
 
 
131.5
Northlake Mall
  
215.5
215.5
5.41%
 
 
 
 
 
 
 
 
 
 
 
215.5
215.5
Regency Square
  
77.8
77.8
6.75%
 
 
1.1
1.2
1.3
1.4
72.8
 
 
 
 
 
77.8
Stony Point Fashion Park
  
111.9
111.9
6.24%
 
 
1.5
1.5
1.6
1.8
1.9
2.0
2.1
99.5
 
 
111.9
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
  
2,228.7
1,972.6
 
 
 
14.3
100.9
14.1
134.6
83.7
11.4
134.8
403.3
720.0
355.5
1,972.6
Weighted Rate
  
5.47%
5.53%
 
 
 
5.68%
4.57%
5.86%
6.76%
6.58%
5.44%
5.27%
5.52%
5.46%
5.34%
 
                                     
Consolidated Floating Rate Debt: 
                                
Dolphin Mall (e)
  
5.0
5.0
6.05%
(f)
0.70%
 
 
5.0
(g)
            
5.0
Fairlane Town Center (e)
  
55.0
55.0
6.05%
(f)
0.70%
 
 
55.0
(g)
            
55.0
The Mall at Partridge Creek
  
22.0
22.0
6.50%
(f)
1.15%
 
 
 
22.0
 
 
 
 
 
 
22.0
TRG Revolving Credit
  
8.1
8.1
6.31%
(h)
  
 
8.1
 
 
 
 
 
 
 
 
8.1
Twelve Oaks Mall (e)
 
0.0
0.0
   (f)
0.70%
                    
0.0
Other 
  
0.8
0.4
8.25%
 
 
0.2
0.1
0.1
 
 
 
 
 
 
 
0.4
Total Consolidated Floating
  
90.9
90.5
 
 
 
0.2
8.2
60.1
22.0
0.0
0.0
0.0
0.0
0.0
0.0
90.5
Weighted Rate
  
6.20%
6.19%
 
 
 
8.25%
6.34%
6.05%
6.50%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
  
                                     
Total Consolidated
  
2,319.5
2,063.1
 
 
 
14.4
109.1
74.2
156.6
83.7
11.4
134.8
403.3
720.0
355.5
2,063.1
Weighted Rate
  
5.50%
5.56%
 
 
 
5.71%
4.70%
6.02%
6.72%
6.58%
5.44%
5.27%
5.52%
5.46%
5.34%
  
                                     
Joint Ventures Fixed Rate Debt: 
                                
Arizona Mills
50.00%
137.8
68.9
7.90%
 
 
0.9
0.9
1.0
66.0
 
 
 
 
 
 
68.9
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%
128.0
64.0
5.67%
 
 
1.0
1.1
1.2
1.2
1.3
58.2
 
 
 
 
64.0
Waterside Shops at Pelican Bay
25.00%
165.0
41.3
5.54%
 
 
 
 
 
 
 
 
 
 
 
41.3
41.3
Westfarms
78.94%
198.5
156.7
6.10%
 
 
2.4
2.6
2.7
2.9
3.1
142.9
 
 
 
 
156.7
Total Joint Venture Fixed
  
979.3
505.8
 
 
 
4.3
75.5
6.3
71.7
6.0
202.7
98.1
0.0
0.0
41.3
505.8
Weighted Rate
  
6.14%
6.18%
 
 
 
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:
                                
Taubman Land Associates   
 50.00%
 30.0
15.0
6.21%
 (i)            
 15.0
        
 15.0
Other
    
2.1
1.4
8.12%
 
 
0.6
0.3
0.3
0.1
 
 
 
 
 
 
1.4
Total Joint Venture Floating (j)
32.1
16.4
 
 
 
0.6
0.3
0.3
0.1
0.00
15.0
0.0
0.0
0.0
0.0
16.4
Weighted Rate
  
6.34%
6.37%
 
 
 
8.12%
8.12%
8.12%
8.12%
0.00%
6.21%
0.00%
0.00%
0.00%
0.00%
 
                                     
Total Joint Venture
  
1,011.4
522.2
 
 
 
5.0
75.8
6.6
71.8
6.0
217.7
98.1
0.0
0.0
41.3
522.2
Weighted Rate
  
6.14%
6.19%
 
 
 
6.58%
6.58%
6.26%
7.73%
5.84%
5.99%
5.46%
0.00%
0.00%
5.54%
  
                                     
TRG Beneficial Interest Totals
                                
Fixed Rate Debt
  
3,207.9
2,478.5
 
 
 
18.6
176.4
20.4
206.3
89.7
214.1
232.9
403.3
720.0
396.8
2,478.5
     
5.73%
5.66%
 
 
 
5.84%
5.43%
5.96%
7.10%
6.53%
5.94%
5.35%
5.52%
5.46%
5.36%
 
Floating Rate Debt
  
123.0
106.8
 
 
 
0.8
8.5
60.4
22.1
0.00
15.0
0.0
0.0
0.0
0.0
106.8
     
6.24%
6.22%
 
 
 
8.14%
6.41%
6.06%
6.51%
0.00%
6.21%
0.00%
0.00%
0.00%
0.00%
 
Total
    
3,330.9
2,585.3
 
 
 
19.4
184.9
80.8
228.4
89.7
229.1
232.9
403.3
720.0
396.8
2,585.3
     
5.75%
5.69%
 
 
 
5.93%
5.47%
6.04%
7.04%
6.53%
5.96%
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) 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.
(c)
Debt is reduced by $0.2 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%.
(d)
Debt includes $2.8 million of purchase accounting premium from acquisition which reduces the stated rate on the debt of 7.59% to an effective rate of 6.87%.
(e)
 TRG's $350 million revolving credit facility was amended in August 2006.  Dolphin, Fairlane, and Twelve Okas are now direct borrowers under this facility.
(f)
The debt is floating month to month at LIBOR plus spread.
(g)
One year extension option available.
(h)
Rate floats daily.
(i)
Debt is swapped to an effective rate of 5.95% from January 2, 2007 to maturity.
(j)
Excludes The Pier Shops at Caesars' mortgage of $86.0 million at 100%.  The loan has an effective rate of 8% at December 31, 2006 and matures in 2007 with two one-year extension options available.  The debt floats month to month at LIBOR plus 2.65% spread.  The debt is guaranteed 100% by the joint venture partner.