Exhibit 99 (b)
UNCONSOLIDATED JOINT VENTURES OF THE TAUBMAN REALTY GROUP LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2008
(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 | Date of Completion of Construction or Acquisition | Depreciable Life | ||||||||
| Shopping Centers: | ||||||||||||||||||
Arizona Mills, Tempe, AZ | $22,017 | $150,581 | $6,529 | $22,017 | $157,110 | $179,127 | $51,214 | $127,913 | $134,139 | 1997 | 50 Years | |||||||
Fair Oaks, Fairfax, VA | 7,667 | 36,043 | 64,957 | 7,667 | 101,000 | 108,667 | 53,814 | 54,853 | 250,000 | 1980 | 55 Years | |||||||
The Mall at Millenia, Orlando, FL | 22,516 | 177,774 | 7,032 | 22,516 | 184,806 | 207,322 | 46,494 | 160,828 | 208,246 | 2002 | 50 Years | |||||||
Stamford Town Center, Stamford, CT | 9,537 | 41,668 | 84,088 | 9,537 | 125,756 | 135,293 | 49,190 | 86,103 | 1982 | 40 Years | ||||||||
Sunvalley, Concord, CA | 350 | 66,010 | 13,090 | 350 | 79,100 | 79,450 | 52,649 | 26,801 | 123,708 | 1967 | 40 Years | |||||||
Waterside Shops, Naples, FL | 12,604 | 67,115 | 86,050 | 12,604 | 153,165 | 165,769 | 36,315 | 129,454 | 165,000 | 2003 | 40 Years | |||||||
Westfarms, Farmington, CT | 5,287 | 38,638 | 120,931 | 5,287 | 159,569 | 164,856 | 76,492 | 88,364 | 192,200 | 1974 | 34 Years | |||||||
| Other: | ||||||||||||||||||
Taubman Land Associates (Sunvalley), Concord, CA | 42,697 | 42,697 | 42,697 | 42,697 | 30,000 | 2006 | ||||||||||||
Peripheral Land | 1,547 | 1,547 | 1,547 | 1,547 | ||||||||||||||
Construction in Process and Development Pre-Construction Costs | 2,613 | 2,613 | 2 ,613 | 2,613 | ||||||||||||||
| Total | $124,222 | $ 577,829 | $385,290 | $124,222 | $963,119 | $1,087,341 | (1) | $366,168 | $721,173 | |||||||||
The changes in total real estate assets and accumulated depreciation for the years ended December 31, 2008, 2007, and 2006 are as follows:
Total Real Estate Assets | Total Real Estate Assets | Total Real Estate Assets | Accumulated Depreciation | Accumulated Depreciation | Accumulated Depreciation | ||||||||||||||||||||
| 2008 | 2007 | 2006 | 2008 | 2007 | 2006 | ||||||||||||||||||||
| Balance, beginning of year | $ | 1,056,380 | $ | 1,157,872 | $ | 1,076,743 | Balance, beginning of year | $ | (347,459 | ) | $ | (320,256 | ) | $ | (363,394 | ) | |||||||||
| New development and improvements | 47,908 | 78,885 | 48,800 | Depreciation for year | (36,108 | ) | (33,173 | ) | (40,224 | ) | |||||||||||||||
| Acquisitions | 42,697 | (2) | Disposals/Write-offs | 16,676 | 3,928 | 8,270 | |||||||||||||||||||
| Disposals/Write-offs | (16,947 | ) | (3,907 | ) | (8,272 | ) | Transfers In/(Out) | 723 | 2,042 | (3) | 75,092 | (4) | |||||||||||||
| Transfers In/(Out) | (176,470 | ) (3) | (2,096 | ) (4) | Balance, end of year | $ | (366,168 | ) | $ | (347,459 | ) | $ | (320,256 | ) | |||||||||||
| Balance, end of year | $ | 1,087,341 | $ | 1,056,380 | $ | 1,157,872 | |||||||||||||||||||
| (1) | The unaudited aggregate cost for federal income tax purposes as of December 31, 2008 was $1.331 billion. |
| (2) | Includes costs related to the purchase of the land under Sunvalley, acquired by a 50% owned joint venture. |
| (3) | Includes costs related to The Pier Shops at Caesars, which became a consolidated center in 2007. |
| (4) | Primarily includes a $174.8 million transfer out of costs relating to Cherry Creek Shopping Center, which became a consolidated center in 2006, offset by a $176.5 million transfer in of costs relating to The Pier Shops at Caesars. |