EX-99 15 a2018q4exhibit99.htm EXHIBIT 99 Exhibit


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit 99
 
 
UNCONSOLIDATED JOINT VENTURES OF THE TAUBMAN REALTY GROUP LIMITED PARTNERSHIP
 
 
 
 
 
 
 
 
REAL ESTATE AND ACCUMULATED DEPRECIATION
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Initial Cost to Company
 
 
 
Gross Amount at Which Carried at Close of Period
 
 
 
 
 
 
 
 
 
 
Land
 
Buildings, Improvements, and Equipment
 
Cost Capitalized Subsequent to Acquisition
 
Land
 
Buildings, Improvements, and Equipment
 
Total
 
Accumulated Depreciation (A/D)
 
Total Cost Net of A/D
 
Encumbrances
 
Year Opened / Expanded
 
Year Acquired
 
Depreciable Life
Shopping Centers:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CityOn.Xi'an, Xi'an,China
 
$
40,480

 
$
234,417

 
 
 
$
40,480

 
$
234,417

 
$
274,897

 
$
27,370

 
$
247,527

 
 
 
2016
 
 
 
50 Years
CityOn.Zhengzhou, Zhengzhou,China
 
52,139

 
252,715

 
$
1,696

 
52,139

 
254,411

 
306,550

 
19,211

 
287,339

 
$
81,057

 
2017
 
 
 
50 Years
Country Club Plaza, Kansas City, MO
 
29,917

 
525,244

 
9,562

 
29,917

 
534,806

 
564,723

 
41,944

 
522,779

 
320,000

 
1922 / 1977 / 2000 / 2015
 
2016
 
50 Years
Fair Oaks, Fairfax, VA
 
7,666

 
33,147

 
113,807

 
7,666

 
146,954

 
154,620

 
84,487

 
70,133

 
258,067

 
1980 / 1987 / 1988 / 2000
 
 
 
55 Years
International Plaza, Tampa, FL
 
 
 
281,473

 
43,004

 
 
 
324,477

 
324,477

 
147,713

 
176,764

 
465,975

 
2001 / 2015
 
 
 
50 Years
The Mall at Millenia, Orlando, FL
 
22,517

 
177,322

 
6,626

 
22,517

 
183,948

 
206,465

 
87,320

 
119,145

 
450,000

 
2002
 
 
 
50 Years
Stamford Town Center, Stamford, CT
 
9,537

 
40,044

 
99,190

 
9,537

 
139,234

 
148,771

 
83,725

 
65,046

 
 
 
1982 / 2007
 
 
 
40 Years
Starfield Hanam, Hanam, South Korea
 
250,536

 
628,340

 
10,861

 
250,536

 
639,201

 
889,737

 
68,843

 
820,894

 
332,062

 
2016
 
 
 
50 Years
Sunvalley, Concord, CA
 
350

 
65,740

 
57,780

 
350

 
123,520

 
123,870

 
74,318

 
49,552

 
168,998

 
1967 / 1981
 
2002
 
40 Years
The Mall at University Town Center, Sarasota, FL
 
78,008

 
231,592

 
8,729

 
78,008

 
240,321

 
318,329

 
53,661

 
264,668

 
280,000

 
2014
 
 
 
50 Years
Waterside Shops, Naples, FL
 
12,604

 
66,930

 
74,075

 
12,604

 
141,005

 
153,609

 
55,813

 
97,796

 
165,000

 
1992 / 2006 / 2008
 
2003
 
50 Years
Westfarms, Farmington, CT
 
5,287

 
38,638

 
163,118

 
5,287

 
201,756

 
207,043

 
124,970

 
82,073

 
282,464

 
1974 / 1983 / 1997
 
 
 
34 Years
Other:
 
 
 
 
 
 
 
 
 
 
 


 
 
 

 
 
 
 
 
 
 
 
Taubman Land Associates
     (Sunvalley), Concord, CA
 
42,693

 
 
 
 
 
42,693

 
 
 
42,693

 
 
 
42,693

 
21,164

 
2006
 
 
 
 
Peripheral Land
 
4

 
 
 
 
 
4

 
 
 
4

 
 
 
4

 
 
 
 
 
 
 
 
Construction in Process and Development
     - Pre-construction costs
 
 
 
 
 
13,058

 
 
 
13,058

 
13,058

 
 
 
13,058

 
 
 
 
 
 
 
 
Total
 
$
551,738

 
$
2,575,602

 
$
601,506

 
$
551,738

 
$
3,177,108

 
$
3,728,846

(1) 
$
869,375

 
$
2,859,471

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit 99
 
 
UNCONSOLIDATED JOINT VENTURES OF THE TAUBMAN REALTY GROUP LIMITED PARTNERSHIP
 
 
 
 
 
 
 
 
REAL ESTATE AND ACCUMULATED DEPRECIATION
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The changes in total real estate assets and accumulated depreciation for the years ended December 2018, 2017, and 2016 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Real Estate Assets
 
 
 
 
 
 
 
Accumulated Depreciation
 
 
 
 
 
 
 
 
2018
 
2017
 
2016
 
 
 
 
 
 
 
2018
 
2017
 
2016
 
 
 
 
 
 
Balance, beginning of year
 
$
3,756,890

 
$
3,371,216

 
$
1,628,492

 
 
 
Balance, beginning of year
$
(767,678
)
 
$
(661,611
)
 
$
(589,145
)
 
 
 
 
 
 
Acquisitions
 
 
 
 
 
618,515

 
 
 
Depreciation for year
(109,582
)
 
(119,261
)
 
(80,093
)
 
 
 
 
 
 
New development and improvements
 
41,771

 
363,601

 
1,131,952

 
 
 
Disposals
 
 
 
5,456

 
14,654

 
7,627

 
 
 
 
 
 
Disposals/Write-offs
 
(21,135
)
 
(78,189
)
(2) 
(7,743
)
 
 
 
Changes in exchange rates
2,429

 
(1,460
)
 
 
 
 
 
 
 
 
Changes in exchange rates
 
(48,680
)
 
100,262

 
 
 
 
 
Balance, end of year
$
(869,375
)
 
$
(767,678
)
 
$
(661,611
)
 
 
 
 
 
 
Balance, end of year
 
$
3,728,846

 
$
3,756,890

 
$
3,371,216

 
 
 
 


 

 

 
 
 
 
 
 
 
 


 

 

 
 
 
 


 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The unaudited aggregate cost for federal income tax purposes as of December 31, 2018 was $4.408 billion.
(2) Primarily represents the book balance of the Valencia Place office tower at Country Club Plaza, which was sold in March 2017.