Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation

Schedule III

TAUBMAN CENTERS, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2019

(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		BI&E		Total			Accumulated Depreciation (A/D)			Total Cost Net of A/D		Encumbrances		Year Opened / Expanded	Year Acquired	Depreciable Life
Shopping Centers:
Beverly Center Los Angeles, CA			$	200,902		$	472,892			$	673,794	$	673,794		$	208,109		$	465,685			1982		40 years
Cherry Creek Shopping Center Denver, CO			99,087			261,221				360,308		360,308			191,539			168,769		$	550,000	1990 / 1998 / 2015		40 years
City Creek Shopping Center Salt Lake City, UT			75,229			7,016				82,245		82,245			21,957			60,288		75,359		2012		30 years
Dolphin Mall, Miami, FL	$	34,881	222,301			134,603		$	34,881	356,904		391,785			149,059			242,726				2001 / 2007 / 2015		50 years
The Gardens on El Paseo Palm Desert, CA	23,500		131,858			14,365		23,500		146,223		169,723			33,386			136,337				1998 / 2010	2011	48 years
Great Lakes Crossing Outlets Auburn Hills, MI	15,506		188,773			77,840		15,506		266,613		282,119			140,261			141,858		193,515		1998		50 years
The Mall at Green Hills Nashville, TN	48,551		332,261			237,314		48,551		569,575		618,126			98,115			520,011		150,000		1955 / 2011 / 2019	2011	40 years
International Market Place Honolulu, HI			539,924			14,007				553,931		553,931			101,235			452,696		250,000		2016		50 years
The Mall of San Juan San Juan, PR	17,617		476,742			21,183		17,617		497,925		515,542			91,654			423,888				2015		50 years
The Mall at Short Hills Short Hills, NJ	25,114		167,595			271,485		25,114		439,080		464,194			220,912			243,282		1,000,000		1980 / 1994 / 1995 / 2011		40 years
Taubman Prestige Outlets Chesterfield Chesterfield, MO	16,079		3,697		(1)			16,079		3,697		19,776					(1)	19,776				2013		50 years
Twelve Oaks Mall Novi, MI	25,410		190,455			108,500		25,410		298,955		324,365			188,181			136,184		292,311		1977 / 1978 / 2007 / 2008		50 years

Other:
Office Facilities	5,123		12,519			51,564		5,123		64,083		69,206			29,201			40,005		12,000			2014	35 years
Peripheral Land	16,994							16,994				16,994						16,994
Construction in Process and Development - pre-construction costs	8,058					94,796		8,058		94,796		102,854						102,854
Assets under CDD Obligations	3,969		58,512			1,889		3,969		60,401		64,370			38,133			26,237
Other			21,729							21,729		21,729			3,249			18,480
Total	$	240,802	$	2,721,584		$	1,768,675	$	240,802	$	4,490,259	$	4,731,061	₍₂₎	$	1,514,992		$	3,216,069

Schedule III

The changes in total real estate assets and accumulated depreciation for the years ended December 31, 2019, 2018, and 2017 are as follows:

TAUBMAN CENTERS, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2019

(in thousands)



	Total Real Estate Assets											Accumulated Depreciation
	2019				2018			2017				2019				2018			2017
Balance, beginning of year	$	4,717,569			$	4,461,045		$	4,173,954		Balance, beginning of year	$	(1,404,692	)		$	(1,276,916	)	$	(1,147,390	)
New development and improvements	172,027				306,032			320,977			Depreciation	(172,960		)		(155,133		)	(161,091		)
Disposals/Write-offs	(158,535		)	₍₁₎	(49,508		)	(33,886		)	Disposals/Write-offs	62,661			₍₁₎	27,357			31,565
Balance, end of year	$	4,731,061			$	4,717,569		$	4,461,045		Balance, end of year	$	(1,514,992	)		$	(1,404,692	)	$	(1,276,916	)

(1)

In May 2018, we closed on a redevelopment agreement for Taubman Prestige Outlets Chesterfield, and all operations at the center, as well as the building and improvements, were transferred to The Staenberg Group (TSG). We have deferred recognition of a sale until our termination right is no longer available, with the right ceasing upon TSG commencing construction of a redevelopment. TSG has made significant progress on its redevelopment plans and the commencement of construction is probable within the year, leading to an expected sale of the property in 2020. Accordingly, the center was classified as held for sale as of December 31, 2019 and an impairment charge of $72.2 million was recognized in the fourth quarter, which reduced the book value of the buildings, improvements, and equipment that were transferred to zero. As a result of the impairment, the related accumulated depreciation was set to zero.

(2) The unaudited aggregate cost for federal income tax purposes as of December 31, 2019 was $5.176 billion.

See accompanying report of independent registered public accounting firm.