Exhibit 99 (b)
UNCONSOLIDATED JOINT VENTURES OF THE TAUBMAN REALTY GROUP LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2009
(in thousands)
REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2009
(in thousands)
Initial Cost | ||||||||||||||||||||||||||||||||||||||||||||
to Company | ||||||||||||||||||||||||||||||||||||||||||||
Date of | ||||||||||||||||||||||||||||||||||||||||||||
Buildings, | Cost Capitalized | Gross Amount at Which | Accumulated | Completion of | ||||||||||||||||||||||||||||||||||||||||
Improvements, | Subsequent to | Carried at Close of Period | Depreciation | Total Cost | Construction | Depreciable | ||||||||||||||||||||||||||||||||||||||
Land | and Equipment | Acquisition | Land | BI&E | Total | (A/D) | Net of A/D | Encumbrances | or Acquisition | Life | ||||||||||||||||||||||||||||||||||
Shopping Centers: | ||||||||||||||||||||||||||||||||||||||||||||
Arizona Mills, Tempe, AZ | $ | 22,017 | $ | 150,364 | $ | 5,673 | $ | 22,017 | $ | 156,037 | $ | 178,054 | $ | 53,917 | $ | 124,137 | $ | 132,073 | 1997 | 50 Years | ||||||||||||||||||||||||
Fair Oaks, Fairfax, VA | 7,667 | 36,043 | 68,424 | 7,667 | 104,467 | 112,134 | 58,099 | 54,035 | 250,000 | 1980 | 55 Years | |||||||||||||||||||||||||||||||||
The Mall at Millenia, Orlando, FL | 22,516 | 177,024 | 7,635 | 22,516 | 184,659 | 207,175 | 53,917 | 153,258 | 205,458 | 2002 | 50 Years | |||||||||||||||||||||||||||||||||
Stamford Town Center, Stamford, CT | 9,537 | 40,044 | 85,324 | 9,537 | 125,368 | 134,905 | 52,860 | 82,045 | 1982 | 40 Years | ||||||||||||||||||||||||||||||||||
Sunvalley, Concord, CA | 350 | 65,740 | 16,627 | 350 | 82,367 | 82,717 | 55,162 | 27,555 | 121,387 | 1967 | 40 Years | |||||||||||||||||||||||||||||||||
Waterside Shops, Naples, FL | 12,604 | 66,960 | 86,575 | 12,604 | 153,535 | 166,139 | 40,829 | 125,310 | 165,000 | 2003 | 40 Years | |||||||||||||||||||||||||||||||||
Westfarms, Farmington, CT | 5,287 | 38,638 | 123,407 | 5,287 | 162,045 | 167,332 | 81,734 | 85,598 | 188,718 | 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 | 2,263 | 2,263 | 2,263 | 2,263 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 124,222 | $ | 574,813 | $ | 395,928 | $ | 124,222 | $ | 970,741 | $ | 1,094,963 | (1) | $ | 396,518 | $ | 698,445 | |||||||||||||||||||||||||||
The changes in total real estate assets and accumulated depreciation for the years ended December 31, 2009, 2008, and 2007 are as follows:
Total Real Estate Assets | ||||||||||||
2009 | 2008 | 2007 | ||||||||||
Balance, beginning of year | $ | 1,087,341 | $ | 1,056,380 | $ | 1,157,872 | ||||||
New development and improvements | 12,423 | 47,908 | 78,885 | |||||||||
Disposals/Write-offs | (4,801 | ) | (16,947 | ) | (3,907 | ) | ||||||
Transfers In/(Out) | (176,470 | )(2) | ||||||||||
Balance, end of year | $ | 1,094,963 | $ | 1,087,341 | $ | 1,056,380 | ||||||
Accumulated Depreciation | ||||||||||||
2009 | 2008 | 2007 | ||||||||||
Balance, beginning of year | $ | (366,168 | ) | $ | (347,459 | ) | $ | (320,256 | ) | |||
Depreciation for year | (33,795 | ) | (36,108 | ) | (33,173 | ) | ||||||
Disposals/Write-offs | 3,157 | 16,676 | 3,928 | |||||||||
Transfers In/(Out) | 288 | 723 | 2,042 | (2) | ||||||||
Balance, end of year | $ | (396,518 | ) | $ | (366,168 | ) | $ | (347,459 | ) | |||
(1) | The unaudited aggregate cost for federal income tax purposes as of December 31, 2009 was $1.427 billion. | |
(2) | Includes costs related to The Pier Shops at Caesars, which became a consolidated center in 2007. |