TAUBMAN CENTERS, INC. Exhibit 99
Debt Summary
As of September 30, 2002
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(in millions of dollars)
BENEFICIAL EFFECTIVE
100% INTEREST RATE (a) MATURITIES AT BENEFICIAL INTEREST
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09/30/02 09/30/02 09/30/02 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL
-------- -------- -------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
CONSOLIDATED FIXED RATE DEBT:
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Beverly Center 146.0 146.0 8.36% 146.0 146.0
Biltmore Fashion Park 78.4 78.4 7.68% 0.2 0.8 0.9 1.0 1.1 1.2 1.2 72.0 78.4
MacArthur Center 142.6 99.8 7.59% 0.3 1.1 1.1 1.2 1.3 1.4 1.5 1.7 90.2 99.8
Regency Square 81.8 81.8 6.75% 0.2 0.9 0.9 1.0 1.1 1.1 1.2 1.3 1.4 72.8 81.8
The Mall at Short Hills 268.8 268.8 6.70% 0.7 3.0 3.2 3.5 3.7 4.0 4.2 246.4 268.8
Other 22.1 22.1 12.38% 0.3 0.3 0.3 0.3 0.4 0.4 0.1 20.0 22.1
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TOTAL CONSOLIDATED FIXED 739.7 696.9 1.7 6.1 152.5 7.0 7.5 8.1 8.3 341.4 91.5 72.8 696.9
WEIGHTED RATE 7.48% 7.47% 6.90% 6.98% 8.30% 6.98% 6.98% 6.99% 7.01% 7.28% 7.58% 6.75%
CONSOLIDATED FLOATING RATE DEBT:
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Great Lakes Crossing 144.4 122.7 4.58% (b) 0.5 122.2 122.7
Stony Point Fashion Park 11.1 11.1 3.67% (c) 11.1 11.1
The Shops at Willow Bend 198.7 198.7 4.11% (d) 198.7 198.7
The Mall at Wellington Green 138.1 124.3 4.39% (e) 124.3 124.3
Taubman Realty Group 5.5 5.5 2.75% (f) 5.5 5.5
Taubman Realty Group 130.0 130.0 2.98% (g) 130.0 130.0
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TOTAL CONSOLIDATED FLOATING 627.8 592.3 0.5 321.0 259.8 11.1 592.3
WEIGHTED RATE 4.03% 4.00% 4.58% 4.29% 3.65% 3.67%
TOTAL CONSOLIDATED 1,367.5 1,289.3 2.2 327.1 412.3 18.1 7.5 8.1 8.3 341.4 91.5 72.8 1289.2
WEIGHTED RATE 5.89% 5.88% 6.38% 4.34% 5.37% 4.96% 6.98% 6.99% 7.01% 7.28% 7.58% 6.75%
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JOINT VENTURES FIXED RATE DEBT:
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Arizona Mills 50.00% 143.8 71.9 7.90% 0.1 0.6 0.7 0.8 0.8 0.9 0.9 1.0 66.0 71.9
Cherry Creek 50.00% 177.0 88.5 7.68% 0.5 1.3 86.7 88.5
Fair Oaks 50.00% 140.0 70.0 6.60% 70.0 70.0
Sunvalley Bonds 50.00% 0.8 0.4 7.20% 0.1 0.2 0.1 0.4
Westfarms 78.94% 209.7 165.5 6.10% 0.5 1.9 2.0 2.1 2.3 2.4 2.6 2.7 2.9 3.1 142.9 165.5
Woodland 50.00% 66.0 33.0 8.20% 33.0 33.0
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TOTAL JOINT VENTURE FIXED 737.3 429.3 0.7 2.8 36.3 4.2 89.8 3.3 73.5 3.8 69.0 3.1 142.9 429.3
WEIGHTED RATE 7.11% 6.97% 6.54% 6.60% 8.07% 6.90% 7.64% 6.58% 6.60% 6.59% 7.82% 6.10% 6.10%
JOINT VENTURES FLOATING RATE DEBT:
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Dolphin Mall 50.00% 189.0 94.5 4.46% (h) 94.5 94.5
International Plaza 26.49% 188.0 49.8 4.30% (i) 49.8 49.8
The Mall at Millenia 50.00% 106.5 53.3 3.57% (c) 53.3 53.3
Stamford Town Center 50.00% 76.0 38.0 2.62% (c) 38.0 38.0
Sunvalley 50.00% 110.0 55.0 2.74% (c) 55.0 55.0
Sunvalley 50.00% 10.0 5.0 4.82% (c) 5.0 5.0
Other 4.3 2.2 4.17% 0.1 0.4 0.3 0.2 0.1 1.1 2.2
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TOTAL JOINT VENTURE FLOATING 683.8 297.7 144.4 113.7 38.3 0.2 0.1 1.1 297.7
WEIGHTED RATE 3.80% 3.73% 4.41% 3.23% 2.64% 4.17% 4.17% 4.17%
TOTAL JOINT VENTURE 1,421.1 727.0 145.1 116.4 74.6 4.3 90.0 4.4 73.5 3.8 69.0 3.1 142.9 727.0
WEIGHTED RATE 5.52% 5.64% 4.41% 3.31% 5.28% 6.80% 7.64% 5.99% 6.60% 6.59% 7.82% 6.09% 6.10%
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TRG BENEFICIAL INTEREST TOTALS
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FIXED RATE DEBT 1,477.0 1,126.2 2.4 8.9 188.8 11.2 97.4 11.4 81.8 345.2 160.5 75.9 142.9 1126.2
7.30% 7.28% 6.80% 6.86% 8.26% 6.95% 7.59% 6.87% 6.64% 7.27% 7.68% 6.72% 6.10%
FLOATING RATE DEBT 1,311.6 890.0 144.9 434.6 298.1 11.2 0.1 1.1 890.0
3.91% 3.91% 4.41% 4.01% 3.52% 3.68% 4.17% 4.17%
TOTAL 2,788.6 2,016.3 147.3 443.5 486.9 22.4 97.5 12.4 81.8 345.2 160.5 75.9 142.9 2016.3
5.70% 5.79% 4.44% 4.07% 5.36% 5.31% 7.59% 6.64% 6.64% 7.27% 7.68% 6.72% 6.10%
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Average Maturity 5.09
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(a) Does not include effect of amortization of debt issuance costs or interest rate hedging costs.
(b) LIBOR rate plus spread is locked to April 2003 on $143.2 M at 4.59% with the remainder floating month to month.
(c) LIBOR rate is floating month to month.
(d) LIBOR rate plus spread is locked to November 2002 on $182.4 M at 4.15% and floating month to month on the remainder.
In addition, beginning in November 2002, $100M of this debt is swapped to 4.13% + spread to July 2004.
(e) LIBOR rate plus spread is locked to October 2002 on $106.7 M at 4.5% and to November 2002 on $17.6 M at 4.32% with
the remainder floating month to month. In addition, the LIBOR rate on $100 M is swapped to 2.5% from October 2002 to
October 2003, to 4.35% from October 2003 to October 2004 and to 5.25% from October 2004 to May 2005.
(f) Rate floats daily.
(g) LIBOR rate plus spread is locked to November 2002 on $75 M at 3.17% and floating month to month on the remainder.
In addition, beginning in November 2002, $100M of this debt is swapped to 4.3% + spread to November 2003.
(h) LIBOR rate plus spread is locked to October 2002 on $164.6 M at 4.53% and floating month to month on the remainder.
In October 2002, the Company acquired its partner's 50% interest in Dolphin Mall and paid down the construction facility
to $165M. As of November 2002, $140M (decreasing to $120M in December 2003) of this debt is swapped to 2.05% +2.25%
spread to October 2004. The maturity date of the facility has also been extended to October 2004.
(i) LIBOR rate plus spread is locked to October 2002 on $160.4 M at 4.40%, and floating month to month on the remainder.
