EX-99 9 a1q12exhibit99.htm 1Q12 Exhibit 99


TAUBMAN CENTERS, INC.
 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit 99
 
Debt Summary
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of March 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in millions of dollars, amounts may not add due to rounding)
 
 
 
 
 
 
 
 
MORTGAGE AND OTHER NOTES PAYABLE (a)
 
 
INCLUDING WEIGHTED AVERAGE INTEREST RATES AT MARCH 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100%
 
Beneficial Interest
 
Effective Rate
 
LIBOR Rate
 
Principal Amortization and Debt Maturities
 
 
 
 
 
 
3/31/2012
 
3/31/2012
 
3/31/2012
(b)
Spread
 
2012
 
2013
2014
2015
2016
2017
2018
2019
2020
2021
Total
 
Consolidated Fixed Rate Debt:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beverly Center
 
 
315.2

 
315.2

 
5.28
%
 
 
 
4.7

 
6.6

303.8

 
 
 
 
 
 
 
315.2

 
Cherry Creek Shopping Center
50.00
%
 
280.0

 
140.0

 
5.24
%
 
 
 
 
 
 
 
 
140.0
 
 
 
 
 
140.0

 
El Paseo Village
 
 
17.0

(c)
17.0

 
3.85
%
(c)
 
 
0.3

 
0.4

0.4

15.9
 
 
 
 
 
 
17.0

(j)
Great Lakes Crossing Outlets
 
 
128.4

 
128.4

 
5.25
%
 
 
 
2.4

 
126.0

 
 
 
 
 
 
 
 
128.4

 
International Plaza
50.10
%
 
325.0

 
162.8

 
4.85
%
 
 
 
 
 
 
 
2.5
2.6
2.7

2.9
3.0
3.1
146.1
162.8

 
Northlake Mall
 
 
215.5

 
215.5

 
5.41
%
 
 
 
 
 
 
 
 
215.5
 
 
 
 
 
215.5

 
Stony Point Fashion Park
 
 
103.1

 
103.1

 
6.24
%
 
 
 
1.5

 
2.1

99.5

 
 
 
 
 
 
 
103.1

 
The Gardens on El Paseo
 
 
86.2

(d)
86.2

 
4.46
%
(d)
 
 
0.9

 
1.1

1.1

1.1

81.9

 
 
 
 
 
86.2

(j)
The Mall at Green Hills
 
 
110.9

(e)
110.9

 
4.68
%
(e)
 
 
2.6

 
108.3

 
 
 
 
 
 
 
 
110.9

(j)
The Mall at Partridge Creek
 
 
81.0

 
81.0

 
6.15
%
 
 
 
0.7

 
1.1

1.1

1.2

1.3

1.4

1.4

1.5

71.2

 
81.0

 
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

 
Total Consolidated Fixed
 
 
2,402.3

 
2,080.1

 
 
 
 
 
13.1

 
245.7

406.0

740.7

441.3

4.1

4.3

4.5

74.4

146.1

2,080.1

 
Weighted Rate
 
 
5.29
%
 
5.32
%
 
 
 
 
 
5.23
%
 
5.00
%
5.51
%
5.42
%
5.18
%
5.28
%
5.29
%
5.29
%
6.10
%
4.85
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Floating Rate Debt:
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MacArthur Center
95.00
%
 
131.0

 
124.5

 
4.99
%
(f)
 
 
0.4

 
1.3

1.4

1.5

1.6

1.7

1.8

2.0

112.8

 
124.5

 
TRG $40M Revolving Credit
 
 
22.5

 
22.5

 
1.24
%
(g)
1.00
%
 
22.5

 
 
 
 
 
 
 
 
 
 
22.5

 
TRG $650M Revolving Credit Facility:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Dolphin Mall (i)
 
 
290.0

 
290.0

 
1.99
%
 
1.75
%
 
 
 
 
 
290.0
(i)
 
 
 
 
 
290.0

 
  Fairlane Town Center (i)
 
 
80.0

 
80.0

 
1.98
%
 
1.75
%
 
 
 
 
 
80.0
(i)
 
 
 
 
 
80.0

 
  Twelve Oaks Mall (i)
 
 
20.0

 
20.0

 
1.96
%
 
1.75
%
 
 
 
 
 
20.0

(i)
 
 
 
 
 
20.0

 
Total Consolidated Floating
 
 
543.5

 
537.0

 
 
 
 
 
23.0

 
1.3

1.4

391.5

1.6

1.7

1.8

2.0

112.8



537.0

 
Weighted Rate
 
 
2.68
%
 
2.65
%
 
 
 
 
 
1.31
%
 
4.99
%
4.99
%
2.00
%
4.99
%
4.99
%
4.99
%
4.99
%
4.99
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Consolidated
 
 
2,945.8

 
2,617.1

 
 
 
 
 
36.0

 
247.0

407.4

1,132.2

442.9

5.8

6.1

6.5

187.1

146.1

2,617.1

 
Weighted Rate
 
 
4.80
%
 
4.77
%
 
 
 
 
 
2.73
%
 
5.00
%
5.51
%
4.24
%
5.18
%
5.20
%
5.20
%
5.20
%
5.43
%
4.85
%
 
 
Joint Ventures Fixed Rate Debt:
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Arizona Mills
50.00
%
 
171.4

 
85.7

 
5.76
%
 
 
 
0.8

 
1.2

1.3

1.4

1.4

1.5

1.6

1.7

74.7

 
85.7

 
The Mall at Millenia
50.00
%
 
198.6

 
99.3

 
5.46
%
 
 
 
1.2

 
98.1

 
 
 
 
 
 
 
 
99.3

 
Sunvalley
50.00
%
 
115.6

 
57.8

 
5.67
%
 
 
 
57.8

 
 
 
 
 
 
 
 
 
 
57.8

 
Waterside Shops
25.00
%
 
165.0

 
41.3

 
5.54
%
 
 
 
 
 
 
 
 
41.3
 
 
 
 
 
41.3

 
Westfarms
78.94
%
 
180.0

 
142.1

 
6.10
%
 
 
 
142.1

 
 
 
 
 
 
 
 
 
 
142.1

 
Total Joint Venture Fixed
 
 
830.7

 
426.2

 
 
 
 
 
202.0

 
99.3

1.3

1.4

42.7

1.5

1.6

1.7

74.7



426.2

 
Weighted Rate
 
 
5.71
%
 
5.77
%
 
 
 
 
 
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
%
 
275.0

 
137.5

 
4.10
%
(h)
 
 
 
 
 
0.8

2.0
2.2
2.3
130.2
 
 
 
137.5

 
Taubman Land Associates
50.00
%
 
30.0

 
15.0

 
5.95
%
(f)
 
 
15.0
 
 
 
 
 
 
 
 
 
 
15.0

 
Total Joint Venture Floating
 
 
305.0

 
152.5

 
 
 
 
 
15.0

 


0.8

2.0

2.2

2.3

130.2







152.5

 
Weighted Rate
 
 
4.28
%
 
4.28
%
 
 
 
 
 
5.95
%
 
 
4.10
%
4.10
%
4.10
%
4.10
%
4.10
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Joint Venture
 
 
1,135.7

 
578.7

 
 
 
 
 
217.0

 
99.3

2.1

3.4

44.8

3.9

131.8

1.7

74.7



578.7

 
Weighted Rate
 
 
5.32
%
 
5.38
%
 
 
 
 
 
5.97
%
 
5.46
%
5.13
%
4.77
%
5.48
%
4.76
%
4.12
%
5.76
%
5.76
%
 
 
 
TRG Beneficial Interest Totals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Rate Debt
 
 
3,233.0

 
2,506.3

(c),(d),(e)
 
 
 
215.1

 
344.9

407.3

742.1

484.0

5.6

5.9

6.2

149.1

146.1

2,506.3

 
 
 
 
 
5.39
%
 
5.40
%
 
 
 
 
 
5.93
%
 
5.14
%
5.51
%
5.42
%
5.21
%
5.41
%
5.42
%
5.42
%
5.93
%
4.85
%
 
 
Floating Rate Debt
 
 
848.5

 
689.5

 
 
 
 
 
38.0

 
1.3

2.2

393.5

3.8

4.0

132.0

2.0

112.8



689.5

 
 
 
 
 
3.26
%
 
3.01
%
 
 
 
 
 
3.14
%
 
4.99
%
4.66
%
2.01
%
4.48
%
4.48
%
4.11
%
4.99
%
4.99
%
 
 
 
Total
 
 
4,081.5

 
3,195.8

 
 
 
 
 
253.1

 
346.2

409.5

1,135.6

487.7

9.6

138.0

8.2

261.9

146.1

3,195.8

 
 
 
 
 
4.95
%
 
4.88
%
(c),(d),(e)
 
 
 
5.51
%
 
5.14
%
5.51
%
4.24
%
5.21
%
5.02
%
4.17
%
5.32
%
5.52
%
4.85
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Maturity Fixed Debt
 
 
3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Maturity Total Debt
 
 
4

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

Debt includes $3.6 million of purchase accounting premium from acquisition which reduces the stated rate on the debt of 6.89% to an effective rate of 4.68%.
 
(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.
 
 
 
 
 
(f)

Debt is swapped to an effective rate indicated until maturity.
 
(c)
Debt includes $0.3 million of purchase accounting premium from acquisition which reduces the stated rate on the debt of 4.42% to an effective rate of 3.85%.
 
(g)

Rate floats daily at LIBOR plus spread. Letters of credit totaling $3.9 million are also outstanding on facility.
 
 
 
(h)

Debt is swapped to an effective rate of 4.10% until 2.5 months prior to maturity.
 
(d)
Debt includes $4.7 million of purchase accounting premium from acquisition which reduces the stated rate on the debt of 6.10% to an effective rate of 4.46%.
 
(i)

TRG revolving credit facility of $650 million. Dolphin, Fairlane and Twelve Oaks are the direct borrowers under this facility. Debt is guaranteed by TRG. A one year extension option is available.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(j)

Principal amortization includes amortization of purchase accounting adjustments.