EX-99 7 q313exhibit99.htm EXHIBIT Q313 Exhibit 99


TAUBMAN CENTERS, INC.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit 99
 
Debt Summary
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of September 30, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in millions of dollars, amounts may not add due to rounding)
 
 
 
 
 
 
 
 
 
 
MORTGAGE AND OTHER NOTES PAYABLE (a)
 
 
INCLUDING WEIGHTED AVERAGE INTEREST RATES AT SEPTEMBER 30, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100%
 
Beneficial Interest
 
Effective Rate
 
LIBOR Rate
 
Principal Amortization and Debt Maturities
 
 
 
 
 
 
9/30/2013
 
9/30/2013
 
9/30/2013
(b)
Spread
 
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total
 
Consolidated Fixed Rate Debt:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beverly Center
 
 
305.5

 
305.5

 
5.28
%
 
 
 
1.7

303.8

 
 
 
 
 
 
 
 
 
 
305.5

 
Cherry Creek Shopping Center
50.00
%
 
280.0

 
140.0

 
5.24
%
 
 
 
 
 
 
140.0

 
 
 
 
 
 
 
 
140.0

 
City Creek Center
 
 
84.9

 
84.9

 
4.37
%
 
 
 
0.3

1.4

1.4

1.5

1.6

1.6

1.7

1.8

1.9

2.0

69.8

 
84.9

 
El Paseo Village
 
 
16.4

(c)
16.4

 
3.87
%
(c)
 
 
0.1

0.4

15.9

 
 
 
 
 
 
 
 
 
16.4

(k)
Great Lakes Crossing Outlets
 
 
222.6

 
222.6

 
3.60
%
 
 
 
1.0

4.3

4.4

4.6

4.8

4.9

5.1

5.3

5.5

5.7

177.0

 
222.6

 
International Plaza
 
 
325.0

 
325.0

 
4.85
%
 
 
 
 
 
4.9

5.2

5.4

5.7

6.0

6.3

291.5

 
 
 
325.0

 
Northlake Mall
 
 
215.5

 
215.5

 
5.41
%
 
 
 
 
 
 
215.5

 
 
 
 
 
 
 
 
215.5

 
Stony Point Fashion Park
 
 
100.1

 
100.1

 
6.24
%
 
 
 
0.5

99.5

 
 
 
 
 
 
 
 
 
 
100.1

 
The Gardens on El Paseo
 
 
84.5

(d)
84.5

 
4.56
%
(d)
 
 
0.3

1.1

1.1

81.9

 
 
 
 
 
 
 
 
84.5

(k)
The Mall at Partridge Creek
 
 
79.4

 
79.4

 
6.15
%
 
 
 
0.3

1.1

1.2

1.3

1.4

1.4

1.5

71.2

 
 
 
 
79.4

 
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
 
 
2,453.9

 
2,293.9

 
 
 
 
 
4.3

411.6

749.0

449.9

13.1

13.7

14.3

84.6

298.9

7.7

246.8

 
2,293.9

 
Weighted Rate
 
 
5.13
%
 
5.12
%
 
 
 
 
 
4.90
%
5.49
%
5.41
%
5.18
%
4.47
%
4.48
%
4.49
%
5.86
%
4.82
%
3.80
%
3.82
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Floating Rate Debt:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MacArthur Center
 
95.00
%
 
129.6

 
123.1

 
4.99
%
(f)
 
 
0.3

1.4

1.5

1.6

1.7

1.8

2.0

112.8

 
 
 
 
123.1

 
The Mall at Green Hills
 
 
 
105.6

(e)
105.6

 
0.00
%
(e)
1.85
%
 
105.6

 
 
 
 
 
 
 
 
 
 
 
105.6

(k)
TRG $65M Revolving Credit
 
 
 
16.9

 
16.9

 
1.58
%
(g)
1.40
%
 
 
16.9

 
 
 
 
 
 
 
 
 
 
16.9

 
TRG $1.1B Revolving Credit Facility
 
 
 
280.0

 
280.0

 
1.63
%
(h)
1.45
%
 
 
 
 
 
280.0

(h)
 
 
 
 
 
 
280.0

 
Total Consolidated Floating
 
 
532.0

 
525.6

 
 
 
 
 
105.9

18.3

1.5

1.6

281.7

1.8

2.0

112.8

 
 
 
 
525.6

 
Weighted Rate
 
 
2.12
%
 
2.09
%
 
 
 
 
 
0.02
%
1.84
%
4.99
%
4.99
%
1.65
%
4.99
%
4.99
%
4.99
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Consolidated
 
 
2,986.0

 
2,819.5

 
 
 
 
 
110.2

429.9

750.5

451.5

294.8

15.5

16.3

197.3

298.9

7.7

246.8

 
2,819.5

 
Weighted Rate
 
 
4.60
%
 
4.56
%
 
 
 
 
 
0.21
%
5.34
%
5.41
%
5.18
%
1.78
%
4.54
%
4.55
%
5.36
%
4.82
%
3.80
%
3.82
%
 
 
 
Joint Ventures Fixed Rate Debt:
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Arizona Mills
50.00
%
 
168.0

 
84.0

 
5.76
%
 
 
 
0.3

1.3

1.4

1.4

1.5

1.6

1.7

74.7

 
 
 
 
84.0

 
The Mall at Millenia
50.00
%
 
350.0

 
175.0

 
4.00
%
 
 
 
 
 
 
0.5

3.1

3.2

3.4

3.5

3.6

3.8

3.9

149.9

175.0

(l)
Sunvalley
50.00
%
 
187.0

 
93.5

 
4.44
%
 
 
 
0.4

1.6

1.6

1.7

1.8

1.9

2.0

2.1

2.2

78.3

 
 
93.5

 
Taubman Land Associates
50.00
%
 
23.6

 
11.8

 
3.84
%
 
 
 
0.1

0.2

0.2

0.2

0.2

0.3

0.3

0.3

0.3

9.7

 
 
11.8

 
Waterside Shops
50.00
%
 
165.0

 
85.7

(i)
4.14
%
(i)
 
 
0.3

1.1

1.1

83.3

 
 
 
 
 
 
 
 
85.7

(k)
Westfarms
78.94
%
 
314.0

 
247.8

 
4.50
%
 
 
 
1.1

4.3

4.5

4.8

5.0

5.2

5.4

5.7

5.9

205.9

 
 
247.8

 
Total Joint Venture Fixed
 
 
1,207.6

 
697.8

 
 
 
 
 
2.1

8.5

8.8

91.9

11.6

12.2

12.8

86.3

12.0

297.8

3.9

149.9

697.8

 
Weighted Rate
 
 
4.46
%
 
4.46
%
 
 
 
 
 
4.62
%
4.62
%
4.62
%
4.18
%
4.51
%
4.51
%
4.51
%
5.57
%
4.32
%
4.46
%
4.00
%
4.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Joint Ventures Floating Rate Debt:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Oaks
50.00
%
 
275.0

 
137.5

 
4.10
%
(j)
 
 
 
0.8

2.0

2.2

2.3

130.2

 
 
 
 
 
 
137.5

 
Total Joint Venture Floating
 
 
275.0

 
137.5

 
 
 
 
 
 
0.8

2.0

2.2

2.3

130.2

 
 
 
 
 
 
137.5

 
Weighted Rate
 
 
4.10
%
 
4.10
%
 
 
 
 
 
 
4.10
%
4.10
%
4.10
%
4.10
%
4.10
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Joint Venture
 
 
1,482.6

 
835.3

 
 
 
 
 
2.1

9.3

10.8

94.1

14.0

142.4

12.8

86.3

12.0

297.8

3.9

149.9

835.3

 
Weighted Rate
 
 
4.39
%
 
4.40
%
 
 
 
 
 
4.62
%
4.57
%
4.53
%
4.18
%
4.44
%
4.14
%
4.51
%
5.57
%
4.32
%
4.46
%
4.00
%
4.00
%
 
 
TRG Beneficial Interest Totals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Rate Debt
 
 
3,661.5

 
2,991.7

(c),(d),(e),(i)
 
 
 
6.4

420.1

757.9

541.8

24.7

25.9

27.1

170.8

310.9

305.4

250.7

149.9

2,991.7

 
 
 
 
 
4.91
%
 
4.97
%
 
 
 
 
 
4.81
%
5.47
%
5.40
%
5.01
%
4.49
%
4.50
%
4.50
%
5.71
%
4.80
%
4.44
%
3.82
%
4.00
%
 
 
Floating Rate Debt
 
 
807.0

 
663.1

 
 
 
 
 
105.9

19.1

3.5

3.8

284.0

132.0

2.0

112.8

 
 
 
 
663.1

 
 
 
 
 
2.80
%
 
2.51
%
 
 
 
 
 
0.02
%
1.93
%
4.48
%
4.48
%
1.67
%
4.11
%
4.99
%
4.99
%
 
 
 
 
 
 
Total
 
 
4,468.5

 
3,654.8

(c),(d),(e),(i)
 
 
 
112.3

439.2

761.4

545.6

308.8

157.9

29.1

283.6

310.9

305.4

250.7

149.9

3,654.8

 
 
 
 
 
4.53
%
 
4.52
%
 
 
 
 
 
0.29
%
5.32
%
5.39
%
5.00
%
1.90
%
4.18
%
4.53
%
5.42
%
4.80
%
4.44
%
3.82
%
4.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Maturity Fixed Debt
 
 
5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Maturity Total Debt
 
 
5

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

Rate floats daily at LIBOR plus spread. Letters of credit totaling $5.5 million are also outstanding on the facility.
 
 
 
(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.
 
(h)

TRG is the direct borrower under the $1.1 billion unsecured revolving credit facility. The facility bears interest at a range of LIBOR + 1.45% to 1.85% with a facility fee ranging from 0.20% to 0.35% based on the Company's total leverage ratio. At September 30, 2013, the interest rate is LIBOR + 1.45% with a 0.20% facility fee. A one year extension option is available.
 
 
 
 
 
(c)
Debt includes $0.2 million of purchase accounting premium from acquisition which reduces the stated rate on the debt of 4.42% to an effective rate of 3.87%.
 
 
 
 
 
(i)

Beneficial interest in debt includes $3.2 million of purchase accounting premium from acquisition of an additional 25% investment in Waterside Shops which reduces the stated rate on the debt of 5.54% to an effective rate of 4.14% on total beneficial interest in debt.
 
(d)
Debt includes $3.0 million of purchase accounting premium from acquisition which reduces the stated rate on the debt of 6.10% to an effective rate of 4.56%.
 
 
 
 
 
(j)

Debt is swapped to an effective rate of 4.10% until 2.5 months prior to maturity.
 
(e)
On September 1, 2013, the interest rate changed from fixed at 6.89% to floating at LIBOR plus 1.85% until maturity. Debt includes $0.3 million of purchase accounting premium from acquisition which reduces the rate on the debt from 2.03% to 0.00% as of September 30, 2013.
 
(k)

Principal amortization includes amortization of purchase accounting adjustments.
 
 
 
 
 
(l)

The loan on The Mall at Millenia is interest only until November 2016 and then amortizes principal based on 30 years. The interest only period may be extended until the maturity date provided that the net income available for debt service equals or exceeds a certain amount for the calendar year 2015.
 
(f)
Debt is swapped to the effective rate indicated until maturity.