Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2015

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation

Schedule III

TAUBMAN CENTERS, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2015

(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			$	209,093	$	97,215			$	306,308	$	306,308		$	178,118	$	128,190				1982		40 years
Cherry Creek Shopping Center Denver, CO			99,087		201,697				300,784		300,784			146,871		153,913		$	280,000		1990 / 1998 / 2015		40 years
City Creek Shopping Center Salt Lake City, UT			75,229		1,410				76,639		76,639			10,166		66,473		81,756			2012		30 years
Dolphin Mall, Miami, FL	$	34,881	222,301		128,586		$	34,881	350,887		385,768			108,844		276,924					2001 / 2007 / 2015		50 years
The Gardens on El Paseo/ El Paseo Village Palm Desert, CA	23,500		131,858		6,388		23,500		138,246		161,746			15,999		145,747		81,920		(1)	1998 / 2010	2011	40 Years / 48 Years
Great Lakes Crossing Outlets Auburn Hills, MI	15,506		188,773		44,133		15,506		232,906		248,412			123,108		125,304		212,863			1998		50 years
The Mall at Green Hills Nashville, TN	48,551		332,261		32,808		48,551		365,069		413,620			42,437		371,183		150,000			1955 / 2011	2011	40 years
The Mall of San Juan San Juan, PR	17,617		496,645				17,617		496,645		514,262			14,081		500,181		258,250			2015		50 years
The Mall at Short Hills Short Hills, NJ	25,114		167,595		170,626		25,114		338,221		363,335			185,033		178,302		1,000,000			1980 / 1994 / 1995 / 2011		40 years
Taubman Prestige Outlets Chesterfield Chesterfield, MO	16,079		108,934		3,988		16,079		112,922		129,001			12,677		116,324					2013		50 years
Twelve Oaks Mall Novi, MI	25,410		190,455		91,686		25,410		282,141		307,551			153,518		154,033					1977 / 1978 / 2007 / 2008		50 years
Other:
Office Facilities	5,123		12,519		34,419		5,123		46,938		52,061			29,354		22,707		12,000				2014	35 years
Peripheral Land	28,120						28,120				28,120					28,120
Construction in Process and Development - pre-construction costs	6,920		119,780		235,307		6,920		355,087		362,007					362,007		92,169
Assets under CDD Obligations	3,969		58,512				3,969		58,512		62,481			31,054		31,427
Other			1,120						1,120		1,120			767		353
Total	$	250,790	$	2,414,162	$	1,048,263	$	250,790	$	3,462,425	$	3,713,215	(2)	$	1,052,027	$	2,661,188

Schedule III

The changes in total real estate assets and accumulated depreciation for the years ended December 31, 2015, 2014, and 2013 are as follows:

TAUBMAN CENTERS, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2015

(in thousands)

	Total Real Estate Assets											Accumulated Depreciation
	2015			2014				2013				2015			2014				2013
Balance, beginning of year	$	3,262,505		$	4,485,090			$	4,246,000		Balance, beginning of year	$	(970,045	)	$	(1,516,982	)		$	(1,395,876	)
Acquisitions				17,642			(3)				Depreciation	(98,846		)	(110,129		)		(142,458		)
New development and improvements	466,307			448,462				280,972			Disposals/Write-offs	16,864			530,916			(4)	21,352
Disposals/Write-offs	(15,597		)	(1,308,529		)	(4)	(35,964		)	Transfers (In)/Out				126,150			(5)
Transfers In/(Out)				(380,160		)	(5)	(5,918		)	Balance, end of year	$	(1,052,027	)	$	(970,045	)		$	(1,516,982	)
Balance, end of year	$	3,713,215		$	3,262,505			$	4,485,090

(1) Balance includes a purchase accounting premium of $0.4 million for the mortgage note on The Gardens on El Paseo.

(2) The unaudited aggregate cost for federal income tax purposes as of December 31, 2015 was $3.521 billion.

(3) Primarily represents the book value of the Company's acquisition of the U.S. Headquarters building in February 2014 (Note 2).

(4) Primarily represents the book balances of the Sale Centers that were sold to Starwood in the fourth quarter of 2014 (Note 2).

(5) Primarily represents the book balances of International Plaza. In January 2014, the Company sold a total of 49.9% of its interests in the entity that owns International Plaza. The disposition decreased the Company's ownership in the center to a noncontrolling 50.1% interest. Subsequent to the disposition, International Plaza is accounted for as an Unconsolidated Joint Venture.

See accompanying report of independent registered public accounting firm.