EX-99.A 11 form10k07ex99a.htm MORTGAGE AND OTHER NOTES PAYABLE form10k07ex99a.htm

                                   
  Exhibit 99 (a) 
 
MORTGAGE AND OTHER NOTES PAYABLE
 
INCLUDING WEIGHTED AVERAGE INTEREST RATES AT DECEMBER 31, 2007
(in millions of dollars, amounts may not add due to rounding)
                                         
       
Beneficial
Effective
  LIBOR
 
                      
     
100%
Interest
Rate
Rate
                          
     
12/31/07
12/31/07
12/31/07 (a)
Spread
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Total
Consolidated Fixed Rate Debt:
                                  
Beverly Center
  
338.8
338.8
5.28%
    
5.0
  
5.4
5.7
6.0
  
6.3
6.6
303.8
      
338.8
Cherry Creek Shopping Center
50.00%
280.0
140.0
5.24%
                        
140.0
  
140.0
Great Lakes Crossing
  
140.4
140.4
5.25%
    
2.6
  
2.7
2.9
3.0
  
3.2
126.0
        
140.4
International Plaza
50.10%
175.2
87.8
4.37%
(b)(c)
87.8
(c)
                  
87.8
MacArthur Center
95.00%
135.4
128.8
6.90%
(d)
  
2.8
  
3.0
122.9
                
128.8
Northlake Mall
  
215.5
215.5
5.41%
                        
215.5
  
215.5
Regency Square
  
76.6
76.6
6.75%
    
1.1
  
1.3
1.4
72.8
              
76.6
Stony Point Fashion Park
  
110.4
110.4
6.24%
    
1.5
  
1.6
1.8
1.9
  
2.0
2.1
99.5
      
110.4
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
The Pier Shops at Caesars
77.50%
135.0
104.6
6.01%
                          
104.6
104.6
Total Consolidated Fixed
  
2,347.3
2,062.9
      
100.8
  
14.1
134.6
83.7
  
11.4
134.8
403.3
720.0
355.5
104.6
2,062.9
Weighted Rate
  
5.50%
5.56%
      
4.57%
  
5.87%
6.78%
6.58%
  
5.44%
5.27%
5.52%
5.46%
5.34%
6.01%
  
                                         
Consolidated Floating Rate Debt:
                                  
Dolphin Mall (e)
  
139.0
139.0
5.93%
(f)
0.70%
        
139.0
(g)
          
139.0
Fairlane Town Center (e)
  
80.0
80.0
5.93%
(f)
0.70%
        
80.0
(g)
          
80.0
The Mall at Partridge Creek
62.1
62.1
6.18%
(f)
1.15%
      
62.1
                
62.1
TRG Revolving Credit
  
12.0
12.0
5.25%
(h)
      
12.0
                  
12.0
Twelve Oaks Mall (e)
  
60.0
60.0
5.88%
(f)
0.70%
        
60.0
(g)
          
60.0
Other
  
0.5
0.2
7.25%
    
0.1
  
0.1
                  
0.2
Total Consolidated Floating
353.6
353.3
      
0.1
  
12.1
62.1
279.0
  
0.0
0.0
0.0
0.0
0.0
0.0
353.3
Weighted Rate
  
5.94%
5.94%
      
7.25%
  
5.27%
6.18%
5.92%
  
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
  
                                         
Total Consolidated
  
2,701.0
2,416.3
      
100.9
  
26.2
196.7
362.7
  
11.4
134.8
403.3
720.0
355.5
104.6
2,416.2
Weighted Rate
  
5.56%
5.61%
      
4.57%
  
5.59%
6.59%
6.07%
  
5.44%
5.27%
5.52%
5.46%
5.34%
6.01%
  
                                         
Joint Ventures Fixed Rate Debt:
                                    
Arizona Mills
50.00%
136.0
68.0
7.90%
    
0.9
  
1.0
66.0
                
67.9
Fair Oaks
50.00%
140.0
70.0
6.60%
    
70.0
                      
70.0
The Mall at Millenia
50.00%
210.0
105.0
5.46%
    
0.9
  
1.4
1.5
1.6
  
1.6
98.1
        
105.1
Sunvalley
50.00%
125.9
62.9
5.67%
    
1.1
  
1.2
1.2
1.3
  
58.2
          
63.0
Waterside Shops at Pelican Bay
25.00%
165.0
41.3
5.54%
                        
41.3
  
41.3
Westfarms
78.94%
195.4
154.3
6.10%
    
2.6
  
2.7
2.9
3.1
  
142.9
          
154.2
Total Joint Venture Fixed
  
972.3
501.5
      
75.5
  
6.3
71.7
6.0
  
202.7
98.1
0.0
0.0
41.3
0.0
501.5
Weighted Rate
  
6.13%
6.18%
      
6.57%
  
6.17%
7.73%
5.84%
  
5.97%
5.46%
0.00%
0.00%
5.54%
0.00%
  
                                         
Joint Ventures Floating Rate Debt:
                                  
Taubman Land Associates
50.00%
30.0
15.0
5.95%
(i)
              
15.0
          
15.0
Other
  
1.1
0.7
7.25%
    
0.3
  
0.3
0.1
                
0.7
Total Joint Venture Floating
31.1
15.7
      
0.3
  
0.3
0.1
0.0
  
15.0
0.0
0.0
0.0
0.0
0.0
15.7
Weighted Rate
  
6.00%
6.01%
      
7.25%
  
7.25%
7.25%
0.00%
  
5.95%
0.00%
0.00%
0.00%
0.00%
0.00%
  
                                         
Total Joint Venture
  
1,003.5
517.2
      
75.8
  
6.6
71.8
6.0
  
217.7
98.1
0.0
0.0
41.3
0.0
517.2
Weighted Rate
  
6.13%
6.17%
      
6.58%
  
6.22%
7.73%
5.84%
  
5.97%
5.46%
0.00%
0.00%
5.54%
0.00%
  
                                         
TRG Beneficial Interest Totals
                                  
Fixed Rate Debt
  
3,319.7
2,564.4
      
176.3
  
20.4
206.3
89.7
  
214.1
232.9
403.3
720.0
396.8
104.6
2,564.3
     
5.69%
5.68%
      
5.42%
  
5.96%
7.11%
6.53%
  
5.94%
5.35%
5.52%
5.46%
5.36%
6.01%
  
Floating Rate Debt
  
384.8
369.2
      
0.5
  
12.5
62.3
279.0
  
15.0
0.0
0.0
0.0
0.0
0.0
369.1
     
5.95%
5.94%
      
7.25%
  
5.32%
6.18%
5.92%
  
5.95%
0.00%
0.00%
0.00%
0.00%
0.00%
  
Total
  
3,704.4
2,933.5
      
176.7
  
32.9
268.5
368.7
  
229.1
232.9
403.3
720.0
396.8
104.6
2,933.5
     
5.71%
5.71%
      
5.43%
  
5.72%
6.90%
6.06%
  
5.94%
5.35%
5.52%
5.46%
5.36%
6.01%
  
                                         
       
Average Maturity Fixed Debt
  
 6
                    
       
Average Maturity Total Debt
  
 6
                    

(a) 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.
(b) Amortization of purchase accounting discount from acquisition increases the stated rate on the debt of 4.21% to an effective rate of 4.37%
(c) The entity owning International Plaza has entered into a three year swap starting 1/8/08 to hedge the refinancing of International Plaza which closed 1/8/08.  The new $325 million debt (beneficial interest $163 million) is swapped to an all-in rate of 3.375% until maturity.
(d) Debt includes $2.1 million of purchase accounting premium from acquisition which, reduces the stated rate on the debt of 7.59% to an effective rate of 6.90%.
(e) TRG's  revolving credit facility was amended in November 2007 to increase the total facility from $350 million to $550 million.  Dolphin, Fairlane and Twelve Oaks are the direct borrowers under this facility.
(f) The debt is floating month to month at LIBOR plus spread.
                              
(g) One year extension option available.
                                      
(h) Rate floats daily.
                                            
(i)  Debt is swapped to an effective rate of 5.95% until maturity.