EX-99 7 a2015q2exhibit99.htm EXHIBIT 99 2015 Q2 Exhibit 99


TAUBMAN CENTERS, INC.
 
 
 
 
 
 
 
 
 
MORTGAGE AND OTHER NOTES PAYABLE (a)
 
 
 
Exhibit 99
Debt Summary
 
 
 
 
INCLUDING WEIGHTED AVERAGE INTEREST RATES AT JUNE 30, 2015
 
 
 
 
 
As of June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in millions of dollars, amounts may not add due to rounding)
 
 
 
 
 
 
 
 
 
 
 
 

100%
 
Beneficial Interest
 
Effective Rate
 
LIBOR Rate
Principal Amortization and Debt Maturities
 
Consolidated Fixed Rate Debt:
 
 
6/30/2015
 
6/30/2015
 
6/30/2015
(b)
Spread
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total
 
Cherry Creek Shopping Center
50.00
%
 
280.0

 
140.0

 
5.24
%
 
 
 
140.0

 
 
 
 
 
 
 
 
140.0

 
City Creek Center
 
 
82.5

 
82.5

 
4.37
%
 
 
0.7

1.5

1.6

1.6

1.7

1.8

1.9

2.0

69.8

 
82.5

 
El Paseo Village
 
 
15.7

(c)
15.7

 
3.89
%
(c)
 
15.7

 
 
 
 
 
 
 
 
 
15.7

(n)
The Gardens on El Paseo
 
 
82.5

(d)
82.5

 
4.66
%
(d)
 
0.6

81.9

 
 
 
 
 
 
 
 
82.5

(n)
Great Lakes Crossing Outlets
 
 
215.1

 
215.1

 
3.60
%
 
 
2.2

4.6

4.8

4.9

5.1

5.3

5.5

5.7

177.0

 
215.1

 
The Mall at Short Hills
 
540.0

 
540.0

 
5.47
%
 
 
540.0

 
 
 
 
 
 
 
 
 
540.0

 
Total Consolidated Fixed
 
 
1,215.8

 
1,075.8

 
 
 
 
559.2

228.0

6.3

6.6

6.8

7.1

7.4

7.7

246.8



1,075.8

 
Weighted Rate
 
 
4.93
%
 
4.89
%
 
 
 
 
5.41
%
4.99
%
3.79
%
3.79
%
3.79
%
3.79
%
3.80
%
3.80
%
3.82
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Floating Rate Debt:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Mall at Green Hills
 
 
150.0

 
150.0

 
1.78
%
 
1.60
%
 
 
 
150.0

(o)
 
 
 
 
 
150.0

 
The Mall of San Juan
95.00%

 
234.8

(e)
223.0

 
2.19
%
 
2.00
%
 
 
223.0

(e)
 
 
 
 
 
 
223.0

 
TRG $65M Revolving Credit Facility
 
19.9

 
19.9

 
1.59
%
(f)
1.40
%
 
19.9

(f)
 
 
 
 
 
 
 
19.9
 
TRG $1.1B Revolving Credit Facility
 
105.0

 
105.0

 
1.33
%
(g)
1.15
%
 
 
 
 
105.0

(g)
 
 
 
 
105.0

 
Total Consolidated Floating
 
 
509.7

 
497.9

 
 
 
 
 
19.9

223.0

150.0

105.0

 
 
 
 
 
497.9

 
Weighted Rate
 
 
1.87
%
 
1.86
%
 
 
 
 
 
1.59
%
2.19
%
1.78
%
1.33
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Floating Rate Debt Swapped to Fixed:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRG Term Loan
475.0

 
475.0

 
3.00
%
(h)
1.35
%
 
 
 
 
475.0

 
 
 
 
 
475.0

 
U.S. Headquarters
 
 
12.0

(i)
12.0

 
3.49
%
(i)
 
 
 
 
 
 
 
 
 
 
12.0

12.0

 
Total Consolidated Floating Swapped to Fixed
 
 
487.0

 
487.0

 
 
 
 
 
 
 
 
475.0

 
 
 
 
12.0

487.0

 
Weighted Rate
 
 
3.01
%
 
3.01
%
 
 
 
 
 
 
 
 
3.00
%
 
 
 
 
3.49
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Consolidated
 
 
2,212.5

 
2,060.7

 
 
 
 
559.2

247.9

229.4

156.6

586.8

7.1

7.4

7.7

246.8

12.0

2,060.7

 
Weighted Rate
 
 
3.80
%
 
3.72
%
 
 
 
 
5.41
%
4.72
%
2.23
%
1.86
%
2.71
%
3.79
%
3.80
%
3.80
%
3.82
%
3.49
%
 
 
Joint Ventures Fixed Rate Debt:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
International Plaza
50.10
%
 
322.6

 
161.6

 
4.85
%
 
 
1.2

2.6

2.7

2.9

3.0

3.1

146.1

 
 
 
161.6

 
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

(p)
Sunvalley
50.00
%
 
181.5

 
90.7

 
4.44
%
 
 
0.8

1.7

1.8

1.9

2.0

2.1

2.2

78.3

 
 
90.7

 
Taubman Land Associates
50.00
%
 
22.9

 
11.4

 
3.84
%
 
 
0.1

0.2

0.2

0.3

0.3

0.3

0.3

9.7

 
 
11.4

 
Waterside Shops
50.00
%
 
165.0

 
83.8

(j)
4.21
%
(j)
 
0.5

83.3

 
 
 
 
 
 
 
 
83.8

(n)
Westfarms
78.94
%
 
304.3

 
240.2

 
4.50
%
 
 
2.3

4.8

5.0

5.2

5.4

5.7

5.9

205.9

 
 
240.2

 
Total Joint Venture Fixed
 
 
1,346.2

 
762.8

 
 
 
 
5.0

93.1

12.8

13.4

14.0

14.7

158.1

297.8

3.9

149.9

762.8

 
Weighted Rate
 
 
4.40
%
 
4.41
%
 
 
 
 
4.53
%
4.25
%
4.43
%
4.43
%
4.43
%
4.43
%
4.81
%
4.46
%
4.00
%
4.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Joint Ventures Floating Rate Debt:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Mall at University Town Center
50.00
%
 
215.1

(k)
107.5

 
1.88
%
 
1.70
%
 
107.5

(k)
 
 
 
 
 
 
 
107.5

 
Rate
 
 
1.88
%
 
1.88
%
 
 
 
 
 
1.88
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Joint Venture Floating Rate Debt Swapped to Fixed:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
International Plaza
50.10
%
 
173.7

 
87.0

 
3.58
%
(l)
 
0.8

1.6

1.7

1.7

1.8

1.9

77.6

 
 
 
87.0

 
Fair Oaks
50.00
%
 
271.4

 
135.7

 
4.10
%
(m)
 
1.0

2.2

2.3

130.2

 
 
 
 
 
 
135.7

 
Total Joint Venture Floating Swapped to Fixed
 
 
445.2

 
222.8

 
 
 
 
1.8

3.8

4.0

131.9

1.8

1.9

77.6

 
 
 
222.8

 
Weighted Rate
 
 
3.90
%
 
3.90
%
 
 
 
 
3.88
%
3.88
%
3.88
%
4.09
%
3.58
%
3.58
%
3.58
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Joint Venture
 
 
2,006.4

 
1,093.1

 
 
 
 
6.8

204.4

16.8

145.4

15.8

16.5

235.7

297.8

3.9

149.9

1,093.1

 
Weighted Rate
 
 
4.02
%
 
4.06
%
 
 
 
 
4.36
%
3.00
%
4.30
%
4.12
%
4.34
%
4.34
%
4.40
%
4.46
%
4.00
%
4.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRG Beneficial Interest Totals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Rate Debt
 
 
2,561.9

 
1,838.6

(c),(d),(j)
 
 
564.3

321.1

19.2

20.0

20.9

21.7

165.5

305.4

250.7

149.9

1,838.6

 
 
 
 
 
4.65
%
 
4.69
%
 
 
 
 
5.40
%
4.78
%
4.22
%
4.22
%
4.22
%
4.23
%
4.76
%
4.44
%
3.82
%
4.00
%
 
 
Floating Rate Debt
 
 
724.8

 
605.5

 
 
 
 


127.5

223.0

150.0

105.0











605.5

 
 
 
 
 
1.87
%
 
1.86
%
 
 
 
 
 
1.84
%
2.19
%
1.78
%
1.33
%
 
 
 
 
 
 
 
Floating Rate Swapped to Fixed
932.2

 
709.8

 
 
 
1.8

3.8

4.0

131.9

476.8

1.9

77.6

 
 
12.0

709.8

 
 
 
 
 
 
3.43
%
 
3.29
%
 
 
 
 
3.88
%
3.88
%
3.88
%
4.09
%
3.00
%
3.58
%
3.58
%
 
 
3.49
%
 
 
Total
 
 
4,218.9

 
3,153.8

(c),(d),(j)
 
 
566.1

452.3

246.2

301.9

602.7

23.6

243.0

305.4

250.7

161.9

3,153.8

 
 
 
 
 
 
3.91
%
 
3.83
%
 
 
 
 
5.40
%
3.94
%
2.37
%
2.95
%
2.75
%
4.18
%
4.39
%
4.44
%
3.82
%
3.96
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Maturity Fixed Debt
 
4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Maturity Total Debt
 
4

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

Debt is swapped to an effective rate of 3.49% until maturity.
(b)
Includes the impact of interest rate swaps that qualify for hedge accounting, 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.
(j)

Beneficial interest in debt include $1.3 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 4.21% on total beneficial interest in debt.
 
 
(c)
Debt includes $0.03 million of purchase accounting premium from acquisition which reduces the stated rate on the debt of 4.42% to an effective rate of 3.89%.
(k)

$225 million construction facility which bears interest at LIBOR + 1.70% and decreases to LIBOR + 1.60% upon achieving certain performance measures. Four one-year extension options are available. TRG has provided an unconditional guarantee of 25% of the principal balance of the facility and 50% of the interest. The principal guarantee may be reduced to 12.5% of the outstanding principal balance upon achievement of certain performance measures. Upon stabilization, the unconditional guarantee may be released.
(d)
Debt includes $1.0 million of purchase accounting premium from acquisition which reduces the stated rate on the debt of 6.10% to an effective rate of 4.66%.
 
(e)
$320 million construction facility which bears interest at LIBOR + 2.0% and decreases to LIBOR + 1.75% upon achieving certain performance measures. Two one-year extension options are available. TRG has provided an unconditional guarantee of the principal balance and all accrued but unpaid interest during the term of the loan.
 
 
 
(f)
Rate floats daily at LIBOR plus spread. Letters of credit totaling $4.9 million are also outstanding on facility. The facility is recourse to TRG and secured by an indirect interest in 40% of The Mall at Short Hills.
(l)

Debt is swapped to an effective rate of 3.58% until maturity. TRG has provided a several guarantee of 50.1% of the swap obligations.
 
(m)

Debt is swapped to an effective rate of 4.10% until 2.5 months prior to maturity.
(g)
The unsecured facility bears interest at a range of LIBOR + 1.15% to 1.70% with a facility fee ranging from 0.20% to 0.30% based on the Company's total leverage ratio. A one year extension option is available.
(n)

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

A one-year extension option is available.
(h)
The unsecured loan bears interest at a range of LIBOR + 1.35% to 1.90% based on the Company's leverage ratio. The LIBOR rate is swapped until maturity to a fixed rate of 1.65%, which results in an effective interest rate in the range of 3.0% to 3.55%.
(p)

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.