Taubman Centers (TCO) 10-K 2014 FY Annual report

																												Exhibit 99.2
	UNCONSOLIDATED JOINT VENTURES OF THE TAUBMAN REALTY GROUP LIMITED PARTNERSHIP
	REAL ESTATE AND ACCUMULATED DEPRECIATION
	December 31, 2014
	(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:
Fair Oaks, Fairfax, VA	$	7,666			$	33,147		$	101,952		$	7,666	$	135,099	$	142,765		$	72,043			$	70,722		$	273,412		1980 / 1987 / 1988 / 2000		55 Years
International Plaza, Tampa, FL					281,473			4,018					285,491		285,491			117,981				167,510			500,000			2001		50 Years
The Mall at Millenia, Orlando, FL	22,517				176,577			705			22,517		177,282		199,799			70,803				128,996			350,000			2002		50 Years
Stamford Town Center, Stamford, CT	9,537				40,044			90,789			9,537		130,833		140,370			67,632				72,738						1982 / 2007		40 Years
Sunvalley, Concord, CA	350				65,740			36,409			350		102,149		102,499			62,242				40,257			183,097			1967 / 1981	2002	40 Years
The Mall at University Town Center, Sarasota, FL	78,008				231,780						78,008		231,780		309,788			2,986				306,802			187,819			2014		50 Years
Waterside Shops, Naples, FL	12,604				66,930			72,790			12,604		139,720		152,324			49,086				103,238			165,000			1992 / 2006 / 2008	2003	50 Years
Westfarms, Farmington, CT	5,287				38,638			152,265			5,287		190,903		196,190			105,873				90,317			307,116			1974 / 1983 / 1997		34 Years
Other:
Taubman Land Associates      (Sunvalley), Concord, CA	42,693										42,693				42,693							42,693			23,102			2006
Peripheral Land	4										4				4							4
Construction in Process and Development      - Pre-construction costs (2)								9,003					9,003		9,003							9,003
Total	$	178,666			$	934,329		$	467,931		$	178,666	$	1,402,260	$	1,580,926	(1) (2)	$	548,646			$	1,032,280
The changes in total real estate assets and accumulated depreciation for the years ended December 2014, 2013, and 2012 are as follows:
	Total Real Estate Assets																	Accumulated Depreciation
	2014				2013			2012										2014				2013			2012
Balance, beginning of year	$	1,305,658			$	1,129,647		$	1,107,314				Balance, beginning of year					$	(478,820	)		$	(473,101	)	$	(446,059	)
New development and improvements	193,394				199,099			26,131					Depreciation for year					(40,898		)		(35,615		)	(31,060		)
Disposals/Write-offs	(201,446		)	(3)	(29,006		)	(3,798		)			Disposals					81,287			(3)	29,896			4,018
Transfers In (Out)	283,320			(4)	5,918								Transfers (In) Out					(110,215		)	(4)
Balance, end of year	$	1,580,926			$	1,305,658		$	1,129,647				Balance, end of year					$	(548,646	)		$	(478,820	)	$	(473,101	)
(1) Excludes $248.7 million relating to the Company's investments in new center properties under development in Asia, including cumulative translation adjustments.
(2) The unaudited aggregate cost for federal income tax purposes as of December 31, 2014 was $2.331 billion.
(3) Primarily represents book balances of Arizona Mills, which was sold in January 2014.
(4) 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. Prior to the disposition, International Plaza was accounted for as a consolidated center.