| TAUBMAN CENTERS, INC. | Exhibit 99 | |||||||||||||||||||||||||||||||||||||||||||
| Debt Summary | ||||||||||||||||||||||||||||||||||||||||||||
| As of March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
| (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, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
| 100% | Beneficial Interest | Effective Rate | LIBOR Rate | Principal Amortization and Debt Maturities | ||||||||||||||||||||||||||||||||||||||||
| 3/31/2013 | 3/31/2013 | 3/31/2013 | (b) | Spread | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Total | |||||||||||||||||||||||||||
| Consolidated Fixed Rate Debt: | ||||||||||||||||||||||||||||||||||||||||||||
| Beverly Center | 308.8 | 308.8 | 5.28 | % | 5.0 | 303.8 | 308.8 | |||||||||||||||||||||||||||||||||||||
| Cherry Creek Shopping Center | 50.00 | % | 280.0 | 140.0 | 5.24 | % | 140.0 | 140.0 | ||||||||||||||||||||||||||||||||||||
| El Paseo Village | 16.6 | (c) | 16.6 | 3.86 | % | (c) | 0.3 | 0.4 | 15.9 | 16.6 | (k) | |||||||||||||||||||||||||||||||||
| Great Lakes Crossing Outlets | 224.6 | 224.6 | 3.60 | % | 3.1 | 4.3 | 4.4 | 4.6 | 4.8 | 4.9 | 5.1 | 5.3 | 5.5 | 5.7 | 177.0 | 224.6 | ||||||||||||||||||||||||||||
| 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 | 101.1 | 101.1 | 6.24 | % | 1.6 | 99.5 | 101.1 | |||||||||||||||||||||||||||||||||||||
| The Gardens on El Paseo | 85.1 | (d) | 85.1 | 4.50 | % | (d) | 0.9 | 1.1 | 1.1 | 81.9 | 85.1 | (k) | ||||||||||||||||||||||||||||||||
| The Mall at Green Hills | 107.4 | (e) | 107.4 | 4.74 | % | (e) | 107.4 | 107.4 | (k) | |||||||||||||||||||||||||||||||||||
| The Mall at Partridge Creek | 79.9 | 79.9 | 6.15 | % | 0.8 | 1.1 | 1.2 | 1.3 | 1.4 | 1.4 | 1.5 | 71.2 | 79.9 | |||||||||||||||||||||||||||||||
| 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 | 2,484.0 | 2,324.0 | 118.9 | 410.3 | 747.6 | 448.4 | 11.5 | 12.1 | 12.6 | 82.8 | 297.0 | 5.7 | 177.0 | 2,324.0 | ||||||||||||||||||||||||||||||
| Weighted Rate | 5.14 | % | 5.13 | % | 4.76 | % | 5.49 | % | 5.41 | % | 5.17 | % | 4.49 | % | 4.50 | % | 4.50 | % | 5.89 | % | 4.83 | % | 3.60 | % | 3.60 | % | ||||||||||||||||||
| Consolidated Floating Rate Debt: | ||||||||||||||||||||||||||||||||||||||||||||
| MacArthur Center | 95.00 | % | 130.2 | 123.7 | 4.99 | % | (f) | 1.0 | 1.4 | 1.5 | 1.6 | 1.7 | 1.8 | 2.0 | 112.8 | 123.7 | ||||||||||||||||||||||||||||
| TRG $65M Revolving Credit | 13.2 | 13.2 | 1.60 | % | (g) | 1.40 | % | 13.2 | 13.2 | |||||||||||||||||||||||||||||||||||
| TRG $1.1B Revolving Credit Facility | 205.0 | 205.0 | 1.64 | % | (h) | 1.45 | % | 205.0 | (h) | 205.0 | ||||||||||||||||||||||||||||||||||
| Total Consolidated Floating | 348.4 | 341.9 | 1.0 | 14.6 | 1.5 | 1.6 | 206.7 | 1.8 | 2.0 | 112.8 | 341.9 | |||||||||||||||||||||||||||||||||
| Weighted Rate | 2.89 | % | 2.85 | % | 4.99 | % | 1.93 | % | 4.99 | % | 4.99 | % | 1.67 | % | 4.99 | % | 4.99 | % | 4.99 | % | ||||||||||||||||||||||||
| Total Consolidated | 2,832.4 | 2,665.9 | 119.9 | 424.8 | 749.1 | 450.0 | 218.2 | 13.9 | 14.6 | 195.5 | 297.0 | 5.7 | 177.0 | 2,665.9 | ||||||||||||||||||||||||||||||
| Weighted Rate | 4.86 | % | 4.84 | % | 4.76 | % | 5.37 | % | 5.41 | % | 5.17 | % | 1.82 | % | 4.56 | % | 4.57 | % | 5.37 | % | 4.83 | % | 3.60 | % | 3.60 | % | ||||||||||||||||||
| Joint Ventures Fixed Rate Debt: | ||||||||||||||||||||||||||||||||||||||||||||
| Arizona Mills | 50.00 | % | 169.1 | 84.6 | 5.76 | % | 0.9 | 1.3 | 1.4 | 1.4 | 1.5 | 1.6 | 1.7 | 74.7 | 84.6 | |||||||||||||||||||||||||||||
| 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 | % | 188.5 | 94.2 | 4.44 | % | 1.1 | 1.6 | 1.6 | 1.7 | 1.8 | 1.9 | 2.0 | 2.1 | 2.2 | 78.3 | 94.2 | |||||||||||||||||||||||||||
| Taubman Land Associates | 50.00 | % | 23.9 | 11.9 | 3.84 | % | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 9.7 | 11.9 | |||||||||||||||||||||||||||
| Waterside Shops | 50.00 | % | 165.0 | 86.2 | (i) | 4.08 | % | (i) | 0.8 | 1.1 | 1.1 | 83.3 | 86.2 | (k) | ||||||||||||||||||||||||||||||
| Westfarms | 78.94 | % | 316.6 | 249.9 | 4.50 | % | 3.1 | 4.3 | 4.5 | 4.8 | 5.0 | 5.2 | 5.4 | 5.7 | 5.9 | 205.9 | 249.9 | |||||||||||||||||||||||||||
| Total Joint Venture Fixed | 1,213.1 | 701.8 | 6.1 | 8.5 | 8.8 | 91.9 | 11.6 | 12.2 | 12.8 | 86.3 | 12.0 | 297.8 | 3.9 | 149.9 | 701.8 | |||||||||||||||||||||||||||||
| Weighted Rate | 4.45 | % | 4.46 | % | 4.60 | % | 4.61 | % | 4.62 | % | 4.14 | % | 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 | 1,488.1 | 839.3 | 6.1 | 9.3 | 10.8 | 94.1 | 14.0 | 142.4 | 12.8 | 86.3 | 12.0 | 297.8 | 3.9 | 149.9 | 839.3 | |||||||||||||||||||||||||||||
| Weighted Rate | 4.39 | % | 4.40 | % | 4.60 | % | 4.57 | % | 4.52 | % | 4.14 | % | 4.44 | % | 4.14 | % | 4.51 | % | 5.57 | % | 4.32 | % | 4.46 | % | 4.00 | % | 4.00 | % | ||||||||||||||||
| TRG Beneficial Interest Totals | ||||||||||||||||||||||||||||||||||||||||||||
| Fixed Rate Debt | 3,697.0 | 3,025.8 | (c),(d),(e),(i) | 125.0 | 418.7 | 756.4 | 540.3 | 23.2 | 24.3 | 25.4 | 169.0 | 309.1 | 303.5 | 181.0 | 149.9 | 3,025.8 | ||||||||||||||||||||||||||||
| 4.91 | % | 4.97 | % | 4.75 | % | 5.48 | % | 5.40 | % | 4.99 | % | 4.50 | % | 4.50 | % | 4.51 | % | 5.73 | % | 4.81 | % | 4.44 | % | 3.61 | % | 4.00 | % | |||||||||||||||||
| Floating Rate Debt | 623.4 | 479.4 | 1.0 | 15.3 | 3.5 | 3.8 | 209.0 | 132.0 | 2.0 | 112.8 | 479.4 | |||||||||||||||||||||||||||||||||
| 3.42 | % | 3.21 | % | 4.99 | % | 2.04 | % | 4.48 | % | 4.48 | % | 1.69 | % | 4.11 | % | 4.99 | % | 4.99 | % | |||||||||||||||||||||||||
| Total | 4,320.4 | 3,505.2 | (c),(d),(e),(i) | 126.0 | 434.1 | 759.9 | 544.1 | 232.2 | 156.3 | 27.3 | 281.8 | 309.1 | 303.5 | 181.0 | 149.9 | 3,505.2 | ||||||||||||||||||||||||||||
| 4.70 | % | 4.73 | % | 4.76 | % | 5.35 | % | 5.40 | % | 4.99 | % | 1.97 | % | 4.17 | % | 4.54 | % | 5.43 | % | 4.81 | % | 4.44 | % | 3.61 | % | 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 $5.4 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 ration. At March 31, 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 3.86%. | |||||||||||||||||||||||||||||||||||||||||||
| (i) | Beneficial interest in debt includes $3.7 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 4.08% on total beneficial interest in debt. | |||||||||||||||||||||||||||||||||||||||||||
| (d) | Debt includes $3.6 million of purchase accounting premium from acquisition which reduces the stated rate on the debt of 6.10% to an effective rate of 4.50%. | |||||||||||||||||||||||||||||||||||||||||||
| (j) | Debt is swapped to an effective rate of 4.10% until 2.5 months prior to maturity. | |||||||||||||||||||||||||||||||||||||||||||
| (e) | Debt includes $1.4 million of purchase accounting premium from acquisition which reduces the stated rate on the debt of 6.89% to an effective rate of 4.74%. | (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. | |||||||||||||||||||||||||||||||||||||||||||
Taubman Centers (TCO)
Filed: 30 Apr 13, 12:00am