EX-99 7 form10q1q08ex99.htm MORTGAGE AND OTHER NOTES PAYABLE form10q1q08ex99.htm

Exhibit 99
 
MORTGAGE AND OTHER NOTES PAYABLE
 
INCLUDING WEIGHTED AVERAGE INTEREST RATES AT MARCH 31, 2008
(in millions of dollars, amounts may not add due to rounding)
                                         
                                         
         
Beneficial
Effective
 LIBOR
 
                  
     
100%
  
Interest
Rate
  
Rate
  
Principal Amortization and Debt Maturities
     
3/31/08
  
3/31/08
3/31/08
(a)
Spread
  
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Total
Consolidated Fixed Rate Debt:
                                  
Beverly Center
  
337.5
  
337.5
5.28%
      
3.8
5.4
5.7
6.0
6.3
6.6
303.8
      
337.5
Cherry Creek Shopping Center
50.00%
280.0
  
140.0
5.24%
                      
140.0
  
140.0
Great Lakes Crossing
  
139.8
  
139.8
5.25%
      
1.9
2.7
2.9
3.0
3.2
126.0
        
139.8
MacArthur Center
95.00%
134.7
  
128.1
6.90%
(b)
  
2.1
3.0
122.9
              
128.0
Northlake Mall
  
215.5
  
215.5
5.41%
                      
215.5
  
215.5
Regency Square
  
76.4
  
76.4
6.75%
      
0.9
1.3
1.4
72.8
            
76.4
Stony Point Fashion Park
110.0
  
110.0
6.24%
      
1.1
1.6
1.8
1.9
2.0
2.1
99.5
      
110.0
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
2,168.9
  
1,971.9
        
9.8
14.1
134.6
83.7
11.4
134.8
403.3
720.0
355.5
104.6
1,971.8
Weighted Rate
  
5.59%
  
5.61%
        
5.87%
5.87%
6.78%
6.58%
5.44%
5.27%
5.52%
5.46%
5.34%
6.01%
  
                                         
Consolidated Floating Rate Debt:
                                  
Dolphin Mall (c)
  
124.0
  
124.0
3.82%
(d)
0.70%
        
124.0
(f)
          
124.0
Fairlane Town Center (c)
80.0
  
80.0
3.82%
(d)
0.70%
        
80.0
(f)
          
80.0
International Plaza
50.10%
325.0
  
162.8
5.01%
(e)
        
162.8
(g)
          
162.8
The Mall at Partridge Creek
68.5
  
68.5
3.97%
(d)
1.15%
      
68.5
              
68.5
TRG Revolving Credit
  
14.1
  
14.1
3.38%
(h)
    
14.1
                
14.1
Twelve Oaks Mall (c)
  
60.0
  
60.0
3.82%
(d)
0.70%
        
60.0
(f)
          
60.0
Other
  
0.4
  
0.2
5.25%
      
0.1
0.1
                
0.2
Total Consolidated Floating
672.0
  
509.6
        
0.1
14.2
68.5
426.8
0.0
0.0
0.0
0.0
0.0
0.0
509.6
Weighted Rate
  
4.40%
  
4.21%
        
5.25%
3.39%
3.97%
4.27%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
  
                                         
Total Consolidated
  
2,841.0
  
2,481.5
        
10.0
28.3
203.1
510.5
11.4
134.8
403.3
720.0
355.5
104.6
2,481.4
Weighted Rate
  
5.31%
  
5.32%
        
5.86%
4.63%
5.83%
4.65%
5.44%
5.27%
5.52%
5.46%
5.34%
6.01%
  
                                         
Joint Ventures Fixed Rate Debt:
                                  
Arizona Mills
50.00%
135.5
  
67.8
7.90%
      
0.7
1.0
66.0
              
67.7
Fair Oaks
50.00%
140.0
  
70.0
6.60%
(i)
    
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
        
105.1
Sunvalley
50.00%
125.3
  
62.7
5.67%
      
0.8
1.2
1.2
1.3
58.2
          
62.7
Waterside Shops at Pelican Bay
25.00%
165.0
  
41.3
5.54%
                      
41.3
  
41.3
Westfarms
78.94%
194.6
  
153.6
6.10%
      
1.9
2.7
2.9
3.1
142.9
          
153.5
Total Joint Venture Fixed
970.5
  
500.3
        
74.3
6.3
71.7
6.0
202.7
98.1
0.0
0.0
41.3
0.0
500.3
Weighted Rate
  
6.13%
  
6.18%
        
5.58%
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%
(j)
            
15.0
          
15.0
Other
  
1.0
  
0.6
5.25%
      
0.2
0.3
0.1
              
0.6
Total Joint Venture Floating
31.0
  
15.6
        
0.2
0.3
0.1
0.0
15.0
0.0
0.0
0.0
0.0
0.0
15.6
Weighted Rate
  
5.93%
  
5.92%
        
5.25%
5.25%
5.25%
0.00%
5.95%
0.00%
0.00%
0.00%
0.00%
0.00%
  
                                         
Total Joint Venture
  
1,001.5
  
516.0
        
74.6
6.6
71.8
6.0
217.7
98.1
0.0
0.0
41.3
0.0
515.9
Weighted Rate
  
6.13%
  
6.17%
        
6.57%
6.13%
7.73%
5.84%
5.97%
5.46%
0.00%
0.00%
5.54%
0.00%
  
                                         
TRG Beneficial Interest Totals
                                  
Fixed Rate Debt
  
3,139.5
  
2,472.3
        
84.2
20.4
206.3
89.7
214.1
232.9
403.3
720.0
396.8
104.6
2,472.1
     
5.76%
  
5.72%
        
6.49%
5.96%
7.11%
6.53%
5.94%
5.35%
5.52%
5.46%
5.36%
6.01%
  
Floating Rate Debt
  
703.0
  
525.3
        
0.3
14.5
68.6
426.8
15.0
0.0
0.0
0.0
0.0
0.0
525.2
     
4.47%
  
4.26%
        
5.25%
3.43%
3.97%
4.27%
5.95%
0.00%
0.00%
0.00%
0.00%
0.00%
  
Total
  
3,842.4
  
2,997.5
        
84.5
34.9
274.9
516.5
229.1
232.9
403.3
720.0
396.8
104.6
2,997.5
     
5.52%
  
5.47%
        
6.49%
4.91%
6.33%
4.66%
5.94%
5.35%
5.52%
5.46%
5.36%
6.01%
  
                                         
         
Average Maturity Fixed Debt
6
                  
         
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) Debt includes $1.9 million of purchase accounting premium from acquisition which reduces the stated rate on the debt of 7.59% to an effective rate of 6.90%.
(c) TRG revolving credit facility of $550 million.  Dolphin, Fairlane and Twelve Oaks are the direct borrowers under this facility.
  
(d) The debt is floating month to month at LIBOR plus spread.
                        
(e) Debt is swapped to an effective rate of 5.01% until maturity.
                        
(f) One year extension option available.
                              
(g) Two one year extension options available.
                              
(h) Rate floats daily.
                                      
(i) The entity owning Fair Oaks has entered into a three year swap starting 4/1/08 totaling $250 million (beneficial interest $125 million) to hedge the refinancing of Fair Oaks, which closed 4/1/08.  The $250 million debt is swapped to an effective rate of 4.22% until maturity.
(j)  Debt is swapped to an effective rate of 5.95% until maturity.