EX-99 7 form10q2q07ex99.htm DEBT SUMMARY, JUNE 30, 2007 form10q2q07ex99.htm

TAUBMAN CENTERS, INC. 
                                  
 Exhibit 99
Debt Summary
                                        
As of June 30, 2007
                                        
(in millions of dollars, amounts may not add due to rounding)   
                            
 MORTGAGE AND OTHER NOTES PAYABLE
 INCLUDING WEIGHTED AVERAGE INTEREST RATES AT JUNE 30, 2007
                                           
       
Beneficial
Effective
  
LIBOR
                            
     
100%
Interest
Rate
(a)
Rate
                            
     
6/30/07
6/30/07
6/30/07
  
Spread
2007
2008
  
2009 
2010
2011
2012
2013
2014
2015
2016
2017
Total
Consolidated Fixed Rate Debt: 
                                    
Beverly Center
  
341.2
341.2
5.28%
    
2.4
5.0
  
5.4
  
5.7
6.0
6.3
6.6
303.8
      
341.2
Cherry Creek Shopping Center
50.00%
280.0
140.0
5.24%
                          
140.0
  
140.0
Great Lakes Crossing
  
141.7
141.7
5.25%
    
1.2
2.6
  
2.7
  
2.9
3.0
3.2
126.0
        
141.7
International Plaza (b)
50.10%
176.9
88.6
4.38%
(c)
0.9
87.8
  (b)                    
88.6
MacArthur Center
95.00%
136.8
130.1
6.87%
(d)
  
1.4
2.8
  
3.0
  
122.9
              
130.1
Northlake Mall
  
215.5
215.5
5.41%
                          
215.5
  
215.5
Regency Square
  
77.2
77.2
6.75%
    
0.6
1.2
  
1.3
  
1.4
72.8
            
77.2
Stony Point Fashion Park
  
111.1
111.1
6.24%
    
0.7
1.5
  
1.6
  
1.8
1.9
2.0
2.1
99.5
      
111.1
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
The Pier Shops at Caesars
77.50%
135.0
104.6
6.01%
                            
104.6
104.6
Total Consolidated Fixed
  
2,355.6
2,070.1
      
7.2
100.9
  
14.1
  
134.6
83.7
11.4
134.8
403.3
720.0
355.5
104.6
2,070.1
Weighted Rate
  
5.50%
5.56%
      
5.68%
4.57%
  
5.86%
  
6.76%
6.58%
5.44%
5.27%
5.52%
5.46%
5.34%
6.01%
  
                                           
Consolidated Floating Rate Debt: 
                                    
Dolphin Mall (e)
  
95.0
95.0
6.02%
(f)
0.70%
      
95.0
(g)
                
95.0
Fairlane Town Center (e)
  
80.0
80.0
6.02%
(f)
0.70%
      
80.0
(g)
                
80.0
The Mall at Partridge Creek
  
36.0
36.0
6.47%
(f)
1.15%
          
36.0
              
36.0
TRG Revolving Credit
  
15.4
15.4
6.32%
(h)
        
15.4
                  
15.4
Twelve Oaks Mall (e)
  
0.0
0.0
  
(f)
0.70%
                            
Other
  
0.6
0.3
8.25%
    
0.1
0.1
  
0.1
                  
0.3
Total Consolidated Floating
  
227.0
226.7
      
0.1
0.1
  
190.5
  
36.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
226.7
Weighted Rate
  
6.12%
6.12%
      
8.25%
8.25%
  
6.05%
  
6.47%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
  
                                           
Total Consolidated
  
2,582.6
2,296.8
      
7.2
101.0
  
204.6
  
170.6
83.7
11.4
134.8
403.3
720.0
355.5
104.6
2,296.8
Weighted Rate
  
5.56%
5.61%
      
5.71%
4.57%
  
6.03%
  
6.70%
6.58%
5.44%
5.27%
5.52%
5.46%
5.34%
6.01%
  
                                           
Joint Ventures Fixed Rate Debt:
                                      
Arizona Mills
50.00%
136.9
68.5
7.90%
    
0.4
0.9
  
1.0
  
66.0
              
68.5
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%
126.9
63.5
5.67%
    
0.5
1.1
  
1.2
  
1.2
1.3
58.2
          
63.5
Waterside Shops at Pelican Bay
25.00%
165.0
41.3
5.54%
                          
41.3
  
41.3
Westfarms
78.94%
197.0
155.5
6.10%
    
1.2
2.6
  
2.7
  
2.9
3.1
142.9
          
155.5
Total Joint Venture Fixed
  
975.8
503.7
      
2.2
75.5
  
6.3
  
71.7
6.0
202.7
98.1
0.0
0.0
41.3
0.0
503.7
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%
0.00%
  
                                           
Joint Ventures Floating Rate Debt: 
                                    
Taubman Land Associates
50.00%
30.0
15.0
5.95%
(i)
                
15.0
          
15.0
Other
  
1.5
1.0
8.25%
    
0.2
0.3
  
0.3
  
0.1
              
1.0
Total Joint Venture Floating
  
31.5
16.0
      
0.2
0.3
  
0.3
  
0.1
0.0
15.0
0.0
0.0
0.0
0.0
0.0
16.0
Weighted Rate
  
6.06%
6.09%
      
8.25%
8.25%
  
8.25%
  
8.25%
0.00%
5.95%
0.00%
0.00%
0.00%
0.00%
0.00%
  
                                           
Total Joint Venture
  
1,007.3
519.6
      
2.4
75.8
  
6.6
  
71.8
6.0
217.7
98.1
0.0
0.0
41.3
0.0
519.6
Weighted Rate
  
6.13%
6.18%
      
6.54%
6.58%
  
6.26%
  
7.73%
5.84%
5.97%
5.46%
0.00%
0.00%
5.54%
0.00%
  
                                           
TRG Beneficial Interest Totals 
                                      
Fixed Rate Debt
  
3,331.4
2,573.8
      
9.4
176.4
  
20.4
  
206.3
89.7
214.1
232.9
403.3
720.0
396.8
104.6
2,573.8
     
5.69%
5.68%
      
5.84%
5.43%
  
5.96%
  
7.10%
6.53%
5.94%
5.35%
5.52%
5.46%
5.36%
6.01%
  
Floating Rate Debt
  
258.5
242.7
      
0.3
0.5
  
190.8
  
36.1
0.0
15.0
0.0
0.0
0.0
0.0
0.0
242.7
     
6.11%
6.11%
      
8.25%
8.25%
  
6.05%
  
6.48%
0.00%
5.95%
0.00%
0.00%
0.00%
0.00%
0.00%
  
Total
  
3,589.9
2,816.5
      
9.6
176.8
  
211.2
  
242.4
89.7
229.1
232.9
403.3
720.0
396.8
104.6
2,816.5
     
5.72%
5.72%
      
5.91%
5.43%
  
6.04%
  
7.01%
6.53%
5.94%
5.35%
5.52%
5.46%
5.36%
6.01%
  
                                           
       Average Maturity Fixed Debt
7
                          
       Average Maturity Total Debt
6
                          

                                             
(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 $0.1 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 $2.4 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 Mall, Fairlane Town Center and Twelve Oaks Mall 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% until maturity.