EX-99 7 a2q11exhibit99.htm MORTGAGE AND OTHER NOTES PAYABLE 2Q11 Exhibit 99


TAUBMAN CENTERS, INC.
 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit 99
Debt Summary
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of June 30, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in millions of dollars, amounts may not add due to rounding)
 
 
 
 
 
 
 
MORTGAGE AND OTHER NOTES PAYABLE (a)
 
INCLUDING WEIGHTED AVERAGE INTEREST RATES AT JUNE 30, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100%
 
Beneficial Interest
 
Effective Rate
 
LIBOR Rate
 
Principal Amortization and Debt Maturities
 
 
 
 
 
6/30/2011
 
6/30/2011
 
6/30/2011
(b)
Spread
 
2011
 
2012
2013
2014
2015
2016
2017
2018
2019
2020
Total
Consolidated Fixed Rate Debt:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beverly Center
 
 
319.7

 
319.7

 
5.28
%
 
 
 
3.0

 
6.3

6.6

303.8

 
 
 
 
 
 
319.7

Cherry Creek Shopping Center
50.00
%
 
280.0

 
140.0

 
5.24
%
 
 
 
 
 
 
 
 
 
140.0

 
 
 
 
140.0

Great Lakes Crossing Outlets
 
 
130.8

 
130.8

 
5.25
%
 
 
 
1.5

 
3.2

126.0

 
 
 
 
 
 
 
130.8

Northlake Mall
 
 
215.5

 
215.5

 
5.41
%
 
 
 
 
 
 
 
 
 
215.5

 
 
 
 
215.5

Regency Square
 
 
72.2

(c)
72.2

 
10.75
%
(c)
 
 
72.2

(c)
 
 
 
 
 
 
 
 
 
72.2

Stony Point Fashion Park
 
 
104.6

 
104.6

 
6.24
%
 
 
 
0.9

 
2.0

2.1

99.5

 
 
 
 
 
 
104.6

The Mall at Partridge Creek
 
 
81.7

 
81.7

 
6.15
%
 
 
 
0.5

 
1.0

1.1

1.1

1.2

1.3

1.4

1.4

1.5

71.2

81.7

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
 
 
2,079.4

 
1,889.0

 
 
 
 
 
182.7

 
12.4

135.9

404.5

721.2

356.8

1.4

1.4

1.5

71.2

1,889.0

Weighted Rate
 
 
5.93
%
 
5.92
%
(e)
 
 
 
10.16
%
 
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
%
 
272.4

 
136.5

 
1.34
%
(i)
1.15
%
 
 
 
136.5

(f)
 
 
 
 
 
 
 
136.5

MacArthur Center
95.00
%
 
131.0

 
124.5

 
4.99
%
(g)
 
 
 
 
0.4

1.3

1.4

1.5

1.6

1.7

1.8

2.0

112.8

124.5

TRG $65M Revolving Credit
 
 
1.6

 
1.6

 
1.19
%
(h)
1.00
%
 
 
 
1.6

 
 
 
 
 
 
 
 
1.6

TRG $550M Revolving Credit Facility:
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Dolphin Mall (j)
 
 
0.0

 
0.0

 
 
 
0.70
%
 
 
 
0.0

 
 
 
 
 
 
 
 
0.0

  Fairlane Town Center (j)
 
 
20.0

 
20.0

 
0.89
%
(i)
0.70
%
 
 
 
20.0

 
 
 
 
 
 
 
 
20.0

  Twelve Oaks Mall (j)
 
 
0.0

 
0.0

 
 
 
0.70
%
 
 
 
0.0

 
 
 
 
 
 
 
 
0.0

Total Consolidated Floating
 
 
425.0

 
282.5

 
 
 
 
 
0.0

 
158.4

1.3

1.4

1.5

1.6

1.7

1.8

2.0

112.8

282.5

Weighted Rate
 
 
2.44
%
 
2.91
%
 
 
 
 
 
0.00%

 
1.29
%
4.99
%
4.99
%
4.99
%
4.99
%
4.99
%
4.99
%
4.99
%
4.99
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Consolidated
 
 
2,504.3

 
2,171.5

 
 
 
 
 
182.7

 
170.8

137.2

405.9

722.7

358.4

3.1

3.3

3.5

184.0

2,171.5

Weighted Rate
 
 
5.34
%
 
5.53
%
(e)
 
 
 
 
10.16
%
 
1.60
%
5.27
%
5.52
%
5.46
%
5.34
%
5.50
%
5.50
%
5.50
%
5.44
%
 
Joint Ventures Fixed Rate Debt:
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Arizona Mills
50.00
%
 
173.1

 
86.5

 
5.76
%
 
 
 
0.5

 
1.1

1.2

1.3

1.4

1.4

1.5

1.6

1.7

74.7

86.5

The Mall at Millenia
50.00
%
 
201.0

 
100.5

 
5.46
%
 
 
 
0.8

 
1.6

98.1

 
 
 
 
 
 
 
100.5

Sunvalley
50.00
%
 
117.6

 
58.8

 
5.67
%
 
 
 
0.7

 
58.2

 
 
 
 
 
 
 
 
58.8

Waterside Shops
25.00
%
 
165.0

 
41.3

 
5.54
%
 
 
 
 
 
 
 
 
 
41.3

 
 
 
 
41.3

Westfarms
78.94
%
 
183.1

 
144.5

 
6.10
%
 
 
 
1.6

 
142.9

 
 
 
 
 
 
 
 
144.5

Total Joint Venture Fixed
 
 
839.7

 
431.6

 
 
 
 
 
3.6

 
203.9

99.3

1.3

1.4

42.7

1.5

1.6

1.7

74.7

431.6

Weighted Rate
 
 
5.71
%
 
5.77
%
 
 
 
 
 
5.83
%
 
5.97
%
5.46
%
5.76
%
5.76
%
5.55
%
5.76
%
5.76
%
5.76
%
5.76
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Joint Ventures Floating Rate Debt:
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Oaks
50.00
%
 
250.0

 
125.0

 
1.59
%
(i)
1.40
%
 
 
 
125.0

(l)
 
 
 
 
 
 
 
125.0

Taubman Land Associates
50.00
%
 
30.0

 
15.0

 
5.95
%
(k)
 
 
 
 
15.0

 
 
 
 
 
 
 
 
15.0

Total Joint Venture Floating
 
 
280.0

 
140.0

 
 
 
 
 
0.0

 
140.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

140.0

Weighted Rate
 
 
2.06
%
 
2.06
%
 
 
 
 
 
0.00%

 
2.06
%
0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Joint Venture
 
 
1,119.7

 
571.6

 
 
 
 
 
3.6

 
343.9

99.3

1.3

1.4

42.7

1.5

1.6

1.7

74.7

571.6

Weighted Rate
 
 
4.79
%
 
4.86
%
 
 
 
 
 
5.83
%
 
4.38
%
5.46
%
5.76
%
5.76
%
5.55
%
5.76
%
5.76
%
5.76
%
5.76
%
 
TRG Beneficial Interest Totals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Rate Debt
 
 
2,919.1

 
2,320.6

 
 
 
 
 
186.3

 
216.3

235.1

405.8

722.6

399.4

2.9

3.1

3.3

146.0

2,320.6

 
 
 
 
5.87
%
 
5.89
%
(e)
 
 
 
10.07
%
 
5.94
%
5.35
%
5.52
%
5.46
%
5.37
%
5.94
%
5.94
%
5.94
%
5.95
%
 
Floating Rate Debt
 
 
705.0

 
422.5

 
 
 
 
 
0.0

 
298.4

1.3

1.4

1.5

1.6

1.7

1.8

2.0

112.8

422.5

 
 
 
 
2.29
%
 
2.63
%
 
 
 
 
 
0.00%

 
1.65
%
4.99
%
4.99
%
4.99
%
4.99
%
4.99
%
4.99
%
4.99
%
4.99
%
 
Total
 
 
3,624.1

 
2,743.1

 
 
 
 
 
186.3

 
514.7

236.4

407.1

724.0

401.0

4.6

4.9

5.2

258.7

2,743.1

 
 
 
 
5.17
%
 
5.39
%
(e)
 
 
 
10.07
%
 
3.45
%
5.35
%
5.52
%
5.46
%
5.37
%
5.59
%
5.59
%
5.58
%
5.53
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Maturity Fixed Debt
 
 
4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Maturity Total Debt
 
 
4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
All debt is secured and non-recourse to TRG unless otherwise indicated.
 
(f)

A one year extension option is available.
(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.
 
(g)

Debt is swapped to an effective rate of 4.99% until maturity.
 
 
(h)

Rate floats daily at LIBOR plus spread. Letters of credit totaling $28.1 million are also outstanding on the facility.
(c)
The Regency Square loan is in default. As of June 2011, interest accrues at the default rate of 10.75% rather than the original stated rate of 6.75% and is accumulating in interest payable. Accrued interest and late fees total $1.1 million as of June 30, 2011.
 
(i)

The debt is floating month to month at LIBOR plus spread.
 
 
(j)

TRG revolving credit facility of $550 million. Dolphin, Fairlane and Twelve Oaks are the direct borrowers under this facility. Debt is guaranteed by TRG.
(d)
The Pier Shops' loan is in default. Interest accrues at the default rate of 10.01% rather than the original stated rate of 6.01% and is accumulating in interest payable. At 100%, accrued interest and late fees total $24 million as of June 30, 2011. Including the impact of compounding default interest and late fees, the effective rate on the $135 million loan balance is 11.94% and 11.79%, respectively, for the quarter and six months ended June 30, 2011.
 
 
 
 
(k)

Debt is swapped to an effective rate of 5.95% until maturity.
 
 
(l)

In July 2011, the Fair Oaks loan was refinanced with a 7 year, $275 million ($137.5M beneficial interest) loan. The loan was swapped to an all-in fixed rate of 4.27%.
(e)
The weighted rate is calculated using TRG's 77.5% beneficial interest in The Pier Shops' debt.