EX-99 7 form10q2q10ex99.htm MORTGAGE AND OTHER NOTES PAYABLE form10q2q10ex99.htm
                                              Exhibit
 99
 
MORTGAGE AND OTHER NOTES PAYABLE (a)
 
INCLUDING WEIGHTED AVERAGE INTEREST RATES AT JUNE 30, 2010
 
(in millions of dollars, amounts may not add due to rounding)
                                                 
         
Beneficial
Effective
LIBOR
                             
     
100%
 
Interest
 
Rate
 
Rate
 
Principal Amortization and Debt Maturities
     
6/30/10
 
6/30/10
 
6/30/10
(b)
Spread
 
2010
 
2011
 
2012
2013
2014
2015
2016
2017
2018
2019
2020
Total
Consolidated Fixed Rate Debt:
                                         
Beverly Center
 
325.5
 
325.5
 
5.28%
     
2.8
 
6.0
 
6.3
6.6
303.8
           
325.5
Cherry Creek Shopping Center
50.00%
280.0
 
140.0
 
5.24%
                     
140.0
       
140.0
Great Lakes Crossing
 
133.7
 
133.7
 
5.25%
     
1.5
 
3.0
 
3.2
126.0
             
133.7
MacArthur Center
95.00%
127.7
 
121.3
 
6.96%
(c)
   
121.3
                       
121.3
Northlake Mall
 
215.5
 
215.5
 
5.41%
                     
215.5
       
215.5
Regency Square
 
73.5
 
73.5
 
6.75%
     
0.7
 
72.8
                   
73.5
Stony Point Fashion Park
106.4
 
106.4
 
6.24%
     
0.9
 
1.9
 
2.0
2.1
99.5
           
106.4
The Mall at Partridge Creek
82.5
 
82.5
 
6.15%
     
0.4
 
0.9
 
1.0
1.1
1.1
1.2
1.3
1.4
1.4
1.5
71.2
82.5
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
(d)
104.6
 
10.01%
(d)
   
104.6
(d)
                   
104.6
Total Consolidated Fixed
2,219.8
 
2,023.1
         
232.2
 
84.6
 
12.4
135.9
404.4
721.2
356.8
1.4
1.4
1.5
71.2
2,023.1
Weighted Rate
 
5.86%
 
5.84%
         
8.30%
 
6.57%
 
5.49%
5.27%
5.52%
5.46%
5.35%
6.15%
6.15%
6.15%
6.15%
 
                                                 
Consolidated Floating Rate Debt:
                                           
International Plaza
50.10%
325.0
 
162.8
 
5.01%
(e)
       
162.8
(f)
                 
162.8
TRG Revolving Credit
 
18.4
 
18.4
 
1.31%
(g)
       
18.4
                   
18.4
TRG $550M Revolving Credit Facility:
                                         
  Dolphin Mall (j)
 
45.0
 
45.0
 
1.05%
(h)
0.70%
     
45.0
(j)
                 
45.0
  Fairlane Town Center (j)
 
80.0
 
80.0
 
1.05%
(h)
0.70%
     
80.0
(j)
                 
80.0
  Twelve Oaks Mall (j)
 
0.0
 
0.0
     
0.70%
     
0.0
(j)
                 
0.0
Total Consolidated Floating
468.4
 
306.2
         
0.0
 
306.2
 
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
306.2
Weighted Rate
 
3.81%
 
3.17%
         
0.00%
 
3.17%
 
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
 
                                                 
Total Consolidated
 
2,688.2
 
2,329.3
         
232.2
 
390.9
 
12.4
135.9
404.5
721.2
356.8
1.4
1.4
1.5
71.2
2,329.3
Weighted Rate
 
5.50%
 
5.49%
         
8.30%
 
3.91%
 
5.49%
5.27%
5.52%
5.46%
5.35%
6.15%
6.15%
6.15%
6.15%
 
Joint Ventures Fixed Rate Debt:
                                           
Arizona Mills (k)
50.00%
131.0
 
65.5
 
7.90%
     
65.5
                       
65.5
The Mall at Millenia
50.00%
204.0
 
102.0
 
5.46%
     
0.7
 
1.6
 
1.6
98.1
             
102.0
Sunvalley
50.00%
120.2
 
60.1
 
5.67%
     
0.6
 
1.3
 
58.2
               
60.1
Waterside Shops
25.00%
165.0
 
41.3
 
5.54%
                     
41.3
       
41.3
Westfarms
78.94%
186.9
 
147.5
 
6.10%
     
1.5
 
3.1
 
142.9
               
147.5
Total Joint Venture Fixed
807.0
 
416.3
         
68.3
 
6.0
 
202.7
98.1
0.0
0.0
41.3
0.0
0.0
0.0
0.0
416.3
Weighted Rate
 
6.05%
 
6.11%
         
7.81%
 
5.84%
 
5.97%
5.46%
0.00%
0.00%
5.54%
0.00%
0.00%
0.00%
0.00%
 
                                                 
Joint Ventures Floating Rate Debt:
                                         
Fair Oaks
50.00%
250.0
 
125.0
 
4.22%
(l)
       
125.0
(f)
                 
125.0
Taubman Land Associates
50.00%
30.0
 
15.0
 
5.95%
(m)
           
15.0
               
15.0
Other (n)
 
0.1
 
0.0
 
3.25%
     
0.0
                       
0.0
Total Joint Venture Floating
280.1
 
140.0
         
0.0
 
125.0
 
15.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
140.0
Weighted Rate
 
4.40%
 
4.40%
         
3.25%
 
4.22%
 
5.95%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
 
                                                 
Total Joint Venture
 
1,087.1
 
556.4
         
68.4
 
131.0
 
217.7
98.1
0.0
0.0
41.3
0.0
0.0
0.0
0.0
556.4
Weighted Rate
 
5.63%
 
5.68%
         
7.81%
 
4.29%
 
5.97%
5.46%
0.00%
0.00%
5.54%
0.00%
0.00%
0.00%
0.00%
 
                                                 
TRG Beneficial Interest Totals
                                           
Fixed Rate Debt
 
3,026.8
 
2,439.4
         
300.5
 
90.6
 
215.1
233.9
404.4
721.2
398.0
1.4
1.4
1.5
71.2
2,439.4
     
5.91%
 
5.88%
         
8.19%
 
6.53%
 
5.94%
5.35%
5.52%
5.46%
5.37%
6.15%
6.15%
6.15%
6.15%
 
Floating Rate Debt
 
748.5
 
446.3
         
0.0
 
431.2
 
15.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
446.3
     
4.03%
 
3.56%
         
3.25%
 
3.47%
 
5.95%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
 
Total
 
3,775.3
 
2,885.7
         
300.5
 
521.8
 
230.1
233.9
404.4
721.2
398.0
1.4
1.4
1.5
71.2
2,885.7
     
5.54%
 
5.52%
         
8.19%
 
4.00%
 
5.94%
5.35%
5.52%
5.46%
5.37%
6.15%
6.15%
6.15%
6.15%
 
                                                 
         
Average Maturity Fixed Debt
 
4
                         
         
Average Maturity Total Debt
 
4
                         
                                                 
(a)
All debt is secured and non-recourse to TRG unless otherwise indicated.
                             
(b)
 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.
(c)
Debt includes $0.2 million of purchase accounting premium from acquisition which reduces the stated rate on the debt of 7.59% to an effective rate of 6.96%.
   
(d)
The Pier Shops' loan is in default.  As of December 2009, interest accrues at the default rate of 10.01% rather than the original stated rate of 6.01%.  Debt maturity is shown in 2010 when the debt obligation is expected to be extinguished.
(e)
Debt is swapped to an effective rate of 5.01% until maturity.
                             
(f)
Two one year extension options available.
                                       
(g)
Rate floats daily.
                                             
(h)
The debt is floating month to month at LIBOR plus spread.
                                 
(i)
TRG revolving credit facility of $550 million.  Dolphin, Fairlane and Twelve Oaks are the direct borrowers under this facility. Debt is guaranteed by TRG. 
 
(j)
One year extension option available.
                                         
(k)
The debt was refinanced for $175 million on July 1, 2010 at a rate of 5.76% and has a 10 year maturity.
                 
(l)
Debt is swapped to an effective rate of 4.22% until maturity.
                                 
(m)
Debt is swapped to an effective rate of 5.95% until maturity.
                                 
(n)
Debt is unsecured.