Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 23, 2015 | Jun. 30, 2014 |
Entity Information [Line Items] | |||
Entity Registrant Name | TAUBMAN CENTERS INC. | ||
Entity Central Index Key | 890319 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 63,315,227 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $4.70 |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Properties (Notes 4 and 8) | $3,262,505 | $4,485,090 |
Accumulated depreciation and amortization | -970,045 | -1,516,982 |
Properties, net | 2,292,460 | 2,968,108 |
Investment in Unconsolidated Joint Ventures (Notes 2 and 5) | 370,004 | 327,692 |
Cash and cash equivalents | 276,423 | 40,993 |
Restricted cash (Note 8) | 37,502 | 5,046 |
Accounts and notes receivable, less allowance for doubtful accounts of $2,927 and $1,934 in 2014 and 2013 (Note 6) | 49,245 | 73,193 |
Accounts receivable from related parties (Note 12) | 832 | 1,804 |
Deferred charges and other assets (Note 7) | 188,435 | 89,386 |
Total Assets | 3,214,901 | 3,506,222 |
Liabilities: | ||
Notes payable (Note 8) | 2,025,505 | 3,058,053 |
Accounts payable and accrued liabilities | 292,802 | 292,280 |
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures (Note 5) | 476,651 | 371,549 |
Total Liabilities | 2,794,958 | 3,721,882 |
Commitments and contingencies (Notes 2, 8, 9, 10, 11, 13, and 15) | ||
Equity: | ||
Series B Non-Participating Convertible Preferred Stock, $0.001 par and liquidation value, 40,000,000 shares authorized, 25,117,000 and 25,151,069 shares issued and outstanding at December 31, 2014 and 2013 | 25 | 25 |
Common Stock, $0.01 par value, 250,000,000 shares authorized, 63,324,409 and 63,101,614 shares issued and outstanding at December 31, 2014 and 2013 | 633 | 631 |
Additional paid-in capital | 815,961 | 796,787 |
Accumulated other comprehensive income (loss) (Note 19) | -15,068 | -8,914 |
Dividends in excess of net income | -483,188 | -908,656 |
Stockholders' Equity Attributable to Parent | 318,363 | -120,127 |
Noncontrolling interests (Note 9) | 101,580 | -95,533 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 419,943 | -215,660 |
Total Liabilities and Equity | $3,214,901 | $3,506,222 |
CONSOLIDATED_BALANCE_SHEET_Par
CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Allowance for doubtful accounts | ($2,927,000) | ($1,934,000) |
Common stock, par value per share | $0.01 | $0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 63,324,409 | 63,101,614 |
Common stock, shares outstanding | 63,324,409 | 63,101,614 |
Series B Preferred Stock [Member] | ||
Preferred Stock, par value per share | $0.00 | $0.00 |
Preferred Stock, liquidation value per share | $0.00 | $0.00 |
Preferred Stock, shares authorized | 40,000,000 | 40,000,000 |
Preferred Stock, shares issued | 25,117,000 | 25,151,069 |
Preferred Stock, Shares Outstanding | 25,117,000 | 25,151,069 |
Series J Preferred Stock [Member] | ||
Preferred Stock, par value per share | $0 | $0 |
Preferred Stock, liquidation value per share | $25 | |
Preferred Stock, Liquidation Preference, Value | 192,500,000 | 192,500,000 |
Preferred Stock, shares authorized | 7,700,000 | 7,700,000 |
Preferred Stock, shares issued | 7,700,000 | 7,700,000 |
Preferred Stock, Shares Outstanding | 7,700,000 | 7,700,000 |
Series K Preferred Stock [Member] | ||
Preferred Stock, par value per share | $0 | $0 |
Preferred Stock, liquidation value per share | $25 | |
Preferred Stock, Liquidation Preference, Value | $170,000,000 | $170,000,000 |
Preferred Stock, shares authorized | 6,800,000 | 6,800,000 |
Preferred Stock, shares issued | 6,800,000 | 6,800,000 |
Preferred Stock, Shares Outstanding | 6,800,000 | 6,800,000 |
CONSOLIDATED_STATEMENT_OF_OPER
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Minimum rents | $371,454 | $417,729 | $398,306 |
Percentage rents | 22,929 | 28,512 | 28,026 |
Expense recoveries | 239,782 | 272,494 | 258,252 |
Management, leasing, and development services | 12,349 | 16,142 | 31,811 |
Other | 32,615 | 32,277 | 31,579 |
Total Revenues | 679,129 | 767,154 | 747,974 |
Expenses: | |||
Maintenance, taxes, utilities, and promotion | 190,119 | 215,825 | 201,552 |
Other operating | 65,142 | 71,235 | 73,203 |
Management, leasing, and development services | 6,220 | 5,321 | 27,417 |
General and administrative | 48,292 | 50,014 | 39,659 |
Restructuring charge (Note 2) | 3,706 | ||
Interest expense | 90,803 | 130,023 | 142,616 |
Depreciation and amortization | 120,207 | 155,772 | 149,517 |
Total Expenses | 524,489 | 628,190 | 633,964 |
Nonoperating income (expense) (Notes 2 and 10) | -42,807 | 1,348 | 277 |
Income before income tax expense, equity in income of Unconsolidated Joint Ventures, and gain on dispositions, net of tax | 111,833 | 140,312 | 114,287 |
Income tax expense (Note 3) | -2,267 | -3,409 | -4,964 |
Equity in income of Unconsolidated Joint Ventures (Note 5) | 62,002 | 52,465 | 48,494 |
Income before gain on dispositions, net of tax | 171,568 | 189,368 | 157,817 |
Gain on dispositions, net of tax (Note 2) | 1,106,554 | ||
Net income | 1,278,122 | 189,368 | 157,817 |
Net income attributable to noncontrolling interests (Note 9) | -385,109 | -56,778 | -51,643 |
Net income attributable to Taubman Centers, Inc. | 893,013 | 132,590 | 106,174 |
Distributions to participating securities of TRG (Note 13) | -6,018 | -1,749 | -1,612 |
Preferred stock dividends (Note 14) | -23,138 | -20,933 | -21,051 |
Net income attributable to Taubman Centers, Inc. common shareowners | 863,857 | 109,908 | 83,511 |
Other comprehensive income (Note 19): | |||
Unrealized gain (loss) on interest rate instruments and other | -18,004 | 8,817 | -4,506 |
Cumulative translation adjustment | -7,193 | 4,407 | 2,644 |
Reclassification adjustment for amounts recognized in net income | 16,729 | 5,583 | 793 |
Other Comprehensive Income (Loss), Net of Tax | -8,468 | 18,807 | -1,069 |
Comprehensive income | 1,269,654 | 208,175 | 156,748 |
Comprehensive income attributable to noncontrolling interests | -382,825 | -62,443 | -51,238 |
Comprehensive income attributable to Taubman Centers, Inc. | $886,829 | $145,732 | $105,510 |
Basic earnings per common share (Note 16): | |||
Basic earnings per common share (Note 16) | $13.65 | $1.73 | $1.39 |
Diluted earnings per common share (Note 16) | |||
Diluted earnings per common share (Note 16) | $13.47 | $1.71 | $1.37 |
Weighted average number of common shares outstanding b basic | 63,267,800 | 63,591,523 | 59,884,455 |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Distributions in Excess of Net Income [Member] | Noncontrolling Interest [Member] |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance at Dec. 31, 2011 | ($340,448) | $26 | $580 | $673,923 | ($27,613) | ($863,040) | ($124,324) |
Balance, shares at Dec. 31, 2011 | 33,941,958 | 58,022,475 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock, net of offering costs | 208,939 | 29 | 208,910 | ||||
Stock Issued During Period, Shares, New Issues | 7,700,000 | 2,875,000 | |||||
Preferred Stock Issued During Period, Value, New Issues | 186,215 | 186,215 | |||||
Issuance of stock pursuant to Continuing Offer | -1 | 11 | -10 | ||||
Issuance of stock pursuant to Continuing Offer, shares | -1,132,359 | 1,132,424 | |||||
Repurchase of common stock, shares | -1,900 | ||||||
Redemption of Series G and H Preferred Stock | -180,588 | -180,588 | |||||
Redemption of Series G and H Preferred Stock, shares | -7,480,000 | ||||||
Share-based compensation under employee and director benefit plans | 19,846 | 13 | 19,833 | ||||
Share-based compensation under employee and director benefit plans, shares | 1,280,249 | ||||||
Tax impact of share-based compensation | 1,020 | 1,020 | |||||
Expiration of redemption feature on redeemable noncontrolling interests | 72,035 | 72,035 | |||||
Acquisition of additional ownership | -275,000 | -339,170 | 64,170 | ||||
Adjustments of noncontrolling interests | 14,903 | 6,212 | -21,115 | ||||
Contributions from noncontrolling interests (excludes contributions attributable to redeemable noncontrolling interests) | 4,567 | 4,567 | |||||
Other | -140 | -140 | |||||
Dividend and distributions (excludes dividends attributable to redeemable noncontrolling interests) | -199,145 | -134,277 | -64,868 | ||||
Net income (excludes net loss attributable to redeemable noncontrolling interests) | 158,793 | 106,174 | 52,619 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period (excluding redeemable noncontrolling interests), Net of Tax | -4,457 | -3,117 | -1,340 | ||||
Net income | 157,817 | ||||||
Unrealized gain (loss) on interest rate instruments and other | -4,506 | ||||||
Cumulative translation adjustment | 2,644 | 1,888 | 756 | ||||
Reclassification adjustment for amounts recognized in net income | 793 | 566 | 227 | ||||
Balance at Dec. 31, 2012 | -344,926 | 25 | 633 | 657,071 | -22,064 | -891,283 | -89,308 |
Balance, shares at Dec. 31, 2012 | 33,027,699 | 63,310,148 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock Issued During Period, Shares, New Issues | 6,800,000 | ||||||
Preferred Stock Issued During Period, Value, New Issues | 164,395 | 164,395 | |||||
Issuance of stock pursuant to Continuing Offer | 2 | -2 | |||||
Issuance of stock pursuant to Continuing Offer, shares | -176,630 | 176,640 | |||||
Repurchase of common stock | -52,287 | -8 | -52,279 | ||||
Repurchase of common stock, shares | -786,805 | ||||||
Share-based compensation under employee and director benefit plans | 13,055 | 4 | 13,051 | ||||
Share-based compensation under employee and director benefit plans, shares | 401,631 | ||||||
Tax impact of share-based compensation | 472 | 472 | |||||
Adjustments of noncontrolling interests | 15,129 | 8 | -15,137 | ||||
Contributions from noncontrolling interests (excludes contributions attributable to redeemable noncontrolling interests) | 4,729 | 4,729 | |||||
Dividends and distributions (excludes dividends attributable to redeemable noncontrolling interests) | -208,047 | -149,787 | -58,260 | ||||
Other | -1,226 | -1,050 | -176 | ||||
Net income | 189,368 | 132,590 | 56,778 | ||||
Unrealized gain (loss) on interest rate instruments and other | 8,817 | 6,117 | 2,700 | ||||
Cumulative translation adjustment | 4,407 | 3,150 | 1,257 | ||||
Reclassification adjustment for amounts recognized in net income | 5,583 | 3,875 | 1,708 | ||||
Balance at Dec. 31, 2013 | -215,660 | 25 | 631 | 796,787 | -8,914 | -908,656 | -95,533 |
Balance, shares at Dec. 31, 2013 | 39,651,069 | 63,101,614 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock Issued During Period, Shares, New Issues | 2,875,000 | ||||||
Issuance of stock pursuant to Continuing Offer | |||||||
Issuance of stock pursuant to Continuing Offer, shares | -35,500 | 35,500 | |||||
Repurchase of common stock | -17 | -17 | |||||
Repurchase of common stock, shares | -266 | ||||||
Share-based compensation under employee and director benefit plans | 18,932 | 2 | 18,930 | ||||
Share-based compensation under employee and director benefit plans, shares | 187,561 | ||||||
Tax impact of share-based compensation | 87 | 87 | |||||
Acquisition of additional ownership | |||||||
Adjustments of noncontrolling interests | 83 | 30 | -113 | ||||
Contributions from noncontrolling interests (excludes contributions attributable to redeemable noncontrolling interests) | 22,345 | 22,345 | |||||
Dividends and distributions (excludes dividends attributable to redeemable noncontrolling interests) | -674,685 | -466,731 | -207,954 | ||||
Other, Shares | 1,431 | ||||||
Other | -713 | 91 | -814 | 10 | |||
Net income | 1,278,122 | 893,013 | 385,109 | ||||
Unrealized gain (loss) on interest rate instruments and other | -18,004 | -12,783 | -5,221 | ||||
Cumulative translation adjustment | -7,193 | -5,148 | -2,045 | ||||
Reclassification adjustment for amounts recognized in net income | 16,729 | 11,747 | 4,982 | ||||
Balance at Dec. 31, 2014 | $419,943 | $25 | $633 | $815,961 | ($15,068) | ($483,188) | $101,580 |
Balance, shares at Dec. 31, 2014 | 39,617,000 | 63,324,409 |
CONSOLIDATED_STATEMENT_OF_CHAN1
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Parenthetical (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Contibutions attributable to redeemable noncontrolling interests | $231 | ||
Dividends attributable to redeemable noncontrolling interests | -2,456 | ||
Net income (loss) attributable to redeemable noncontrolling interest | -976 | ||
Other comprehensive income (loss) attributable to redeemable noncontrolling interest | ($49) |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows From Operating Activities: | |||
Net income | $1,278,122 | $189,368 | $157,817 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 120,207 | 155,772 | 149,517 |
Provision for bad debts | 2,900 | 489 | 1,397 |
Gain on dispositions (Note 2) | -1,116,287 | ||
Debt extinguishment costs (Note 2) | 36,372 | ||
Discontinuation of hedge accounting (Note 10) | 7,763 | ||
Income from Unconsolidated Joint Ventures in excess of distributions | -3,076 | ||
Other | 18,728 | 11,315 | 12,165 |
Increase (decrease) in cash attributable to changes in assets and liabilities: | |||
Receivables, restricted cash, deferred charges, and other assets | -595 | -12,053 | -24,445 |
Accounts payable and other liabilities | 16,476 | 29,557 | 27,898 |
Net Cash Provided By Operating Activities | 363,686 | 371,372 | 324,349 |
Cash Flows From Investing Activities: | |||
Additions to properties | -442,991 | -283,864 | -247,637 |
Cash in escrow or deposits related to center construction projects (Notes 7 and 8) | -70,607 | ||
Proceeds from dispositions, net of transaction costs (Note 2) | 1,776,394 | ||
Release of restricted cash (Note 2) | 289,389 | ||
Collection and release of TCBL related proceeds (Note 2) | 12,903 | 4,414 | |
Contributions to Unconsolidated Joint Ventures (Note 2) | -45,974 | -108,918 | -146,458 |
Distributions from Unconsolidated Joint Ventures in excess of income | 68,388 | 220,662 | |
Other | 7,329 | 8,446 | 5,974 |
Net Cash Provided By (Used In) Investing Activities | 1,292,539 | -371,433 | 126,344 |
Cash Flows From Financing Activities: | |||
Debt proceeds | 163,779 | 429,745 | 105,740 |
Extinguishment of debt (Note 2) | -658,092 | ||
Other debt payments | -264,884 | -317,365 | -11,462 |
Repayment of installment notes | -281,467 | ||
Debt issuance costs | -8,208 | -9,479 | -4,711 |
Repurchase of common stock (Note 14) | -17 | -52,287 | |
Issuance of common stock, net of offering costs | 208,939 | ||
Issuance of common stock and/or partnership units in connection with incentive plans | -943 | -1,644 | 6,503 |
Issuance of Preferred Stock, net of offering costs | 164,395 | 186,215 | |
Redemptions of Series G and H Preferred Stock | -187,000 | ||
Acquisition of noncontrolling interest in International Plaza | -275,000 | ||
Distributions to noncontrolling interests | -207,954 | -58,260 | -67,325 |
Distributions to participating securities of TRG (Note 2) | -6,018 | -1,749 | -1,612 |
Contributions from noncontrolling interests | 22,345 | 4,729 | 4,798 |
Cash dividends to preferred shareowners | -23,138 | -20,933 | -14,639 |
Cash dividends to common shareowners (Note 2) | -437,665 | -127,105 | -111,543 |
Other | -1,050 | -105 | |
Net Cash Provided By (Used In) Financing Activities | -1,420,795 | 8,997 | -442,669 |
Net Increase In Cash and Cash Equivalents | 235,430 | 8,936 | 8,024 |
Cash and Cash Equivalents at Beginning of Year | 40,993 | 32,057 | 24,033 |
Cash and Cash Equivalents at End of Year | $276,423 | $40,993 | $32,057 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |||||||||||||
Organization and Basis of Presentation | ||||||||||||||
General | ||||||||||||||
Taubman Centers, Inc. (the Company or TCO) is a Michigan corporation that operates as a self-administered and self-managed real estate investment trust (REIT). The Taubman Realty Group Limited Partnership (the Operating Partnership or TRG) is a majority-owned partnership subsidiary of TCO that owns direct or indirect interests in all of the Company’s real estate properties. In this report, the term “Company" refers to TCO, the Operating Partnership, and/or the Operating Partnership's subsidiaries as the context may require. The Company engages in the ownership, management, leasing, acquisition, disposition, development, and expansion of regional and super-regional retail shopping centers and interests therein. The Company’s owned portfolio as of December 31, 2014 included 18 urban and suburban shopping centers operating in 10 states. | ||||||||||||||
Taubman Properties Asia LLC and its subsidiaries (Taubman Asia), which is the platform for the Company’s operations and developments in China and South Korea, is headquartered in Hong Kong. | ||||||||||||||
Dollar amounts presented in tables within the notes to the financial statements are stated in thousands, except share data or as otherwise noted. | ||||||||||||||
Consolidation | ||||||||||||||
The consolidated financial statements of the Company include all accounts of the Company, the Operating Partnership, and its consolidated subsidiaries, including The Taubman Company LLC (the Manager) and Taubman Asia. All intercompany transactions have been eliminated. The entities included in these consolidated financial statements are separate legal entities and maintain records and books of account separate from any other entity. However, inclusion of these separate entities in the consolidated financial statements does not mean that the assets and credit of each of these legal entities are available to satisfy the debts or other obligations of any other such legal entity included in the consolidated financial statements. | ||||||||||||||
Investments in entities not controlled but over which the Company may exercise significant influence (Unconsolidated Joint Ventures or UJVs) are accounted for under the equity method. The Company has evaluated its investments in the Unconsolidated Joint Ventures under guidance for determining whether an entity is a variable interest entity and has concluded that the ventures are not variable interest entities. Accordingly, the Company accounts for its interests in these entities under general accounting standards for investments in real estate ventures (including guidance for determining effective control of a limited partnership or similar entity). The Company’s partners or other owners in these Unconsolidated Joint Ventures have substantive participating rights including approval rights over annual operating budgets, capital spending, financing, admission of new partners/members, or sale of the properties and the Company has concluded that the equity method of accounting is appropriate for these interests. Specifically, the Company’s 79% and 50.1% investments in Westfarms and International Plaza, respectively, are through general partnerships in which the other general partners have participating rights over annual operating budgets, capital spending, refinancing, or sale of the property. | ||||||||||||||
The Operating Partnership | ||||||||||||||
At December 31, 2014 and December 31, 2013, the Operating Partnership’s equity included two classes of preferred equity (Series J and K Preferred Equity) and the net equity of the partnership unitholders (Note 14). Net income and distributions of the Operating Partnership are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in the Operating Partnership in accordance with their percentage ownership. The Series J and K Preferred Equity are owned by the Company and are eliminated in consolidation. | ||||||||||||||
The partnership equity of the Operating Partnership and the Company's ownership therein are shown below: | ||||||||||||||
Year | TRG units outstanding at December 31 | TRG units owned by TCO at December 31(1) | TRG units owned by noncontrolling interests at December 31 | TCO's % interest in TRG at December 31 | TCO's average interest % in TRG | |||||||||
2014 | 88,459,859 | 63,324,409 | 25,135,450 | 72% | 72% | |||||||||
2013 | 88,271,133 | 63,101,614 | 25,169,519 | 71 | 72 | |||||||||
2012 | 88,656,297 | 63,310,148 | 25,346,149 | 71 | 69 | |||||||||
-1 | There is a one-for-one relationship between TRG units owned by TCO and TCO common shares outstanding; amounts in this column are equal to TCO’s common shares outstanding as of the specified dates. | |||||||||||||
Outstanding voting securities of the Company at December 31, 2014 consisted of 25,117,000 shares of Series B Preferred Stock (Note 14) and 63,324,409 shares of Common Stock. | ||||||||||||||
Revenue Recognition | ||||||||||||||
Shopping center space is generally leased to tenants under short and intermediate term leases that are accounted for as operating leases. Minimum rents are recognized on the straight-line method. Percentage rent is accrued when lessees' specified sales targets have been met. For traditional net leases, where tenants reimburse the landlord for an allocation of reimbursable costs incurred, the Company recognizes revenue in the period the applicable costs are chargeable to tenants. For tenants paying a fixed common area maintenance charge (which typically includes fixed increases over the lease term), the Company recognizes revenue on a straight-line basis over the lease terms. Management, leasing, and development revenue is recognized as services are rendered, when fees due are determinable, and collectibility is reasonably assured. Fees for management, leasing, and development services are established under contracts and are generally based on negotiated rates, percentages of cash receipts, and/or actual costs incurred. Fixed-fee development services contracts are generally accounted for under the percentage-of-completion method, using cost to cost measurements of progress. Profits on real estate sales are recognized whenever (1) a sale is consummated, (2) the buyer has demonstrated an adequate commitment to pay for the property, (3) the Company’s receivable is not subject to future subordination, and (4) the Company has transferred to the buyer the risks and rewards of ownership. Other revenues, including fees paid by tenants to terminate their leases, are recognized when fees due are determinable, no further actions or services are required to be performed by the Company, and collectibility is reasonably assured. Taxes assessed by government authorities on revenue-producing transactions, such as sales, use, and value-added taxes, are primarily accounted for on a net basis on the Company’s income statement. | ||||||||||||||
Allowance for Doubtful Accounts and Notes | ||||||||||||||
The Company records a provision for losses on accounts receivable to reduce them to the amount estimated to be collectible. The Company records a provision for losses on notes receivable to reduce them to the present value of expected future cash flows discounted at the loans’ effective interest rates or the fair value of the collateral if the loans are collateral dependent. | ||||||||||||||
Depreciation and Amortization | ||||||||||||||
Buildings, improvements, and equipment are primarily depreciated on straight-line bases over the estimated useful lives of the assets, which generally range from 3 to 50 years. Capital expenditures that are recoverable from tenants are generally depreciated over the estimated recovery period. Intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets. Tenant allowances are depreciated on a straight-line basis over the shorter of the useful life of the leasehold improvements or the lease term. Deferred leasing costs are amortized on a straight-line basis over the lives of the related leases. In the event of early termination of such leases, the unrecoverable net book values of the assets are recognized as depreciation and amortization expense in the period of termination. | ||||||||||||||
Capitalization | ||||||||||||||
Direct and indirect costs that are clearly related to the acquisition, development, construction, and improvement of properties are capitalized. Compensation costs are allocated based on actual time spent on a project. Costs incurred on real estate for ground leases, property taxes, insurance, and interest costs for qualifying assets are capitalized during periods in which activities necessary to get the property ready for its intended use are in progress. | ||||||||||||||
The viability of all projects under construction or development, including those owned by Unconsolidated Joint Ventures, are regularly evaluated on an individual basis under the accounting for abandonment of assets or changes in use. To the extent a project, or individual components of the project, are no longer considered to have value, the related capitalized costs are charged against operations. Additionally, all properties are reviewed for impairment on an individual basis whenever events or changes in circumstances indicate that their carrying value may not be recoverable. Impairment of a shopping center owned by consolidated entities is recognized when the sum of expected cash flows (undiscounted and without interest charges) is less than the carrying value of the property. Other than temporary impairment of an investment in an Unconsolidated Joint Venture is recognized when the carrying value of the investment is not considered recoverable based on evaluation of the severity and duration of the decline in value, including the results of discounted cash flow and other valuation techniques. To the extent impairment has occurred, the excess carrying value of the asset over its estimated fair value is charged to income. | ||||||||||||||
In leasing a shopping center space, the Company may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, the Company determines whether the allowance represents funding for the construction of leasehold improvements and evaluates the ownership, for accounting purposes, of such improvements. If the Company is considered the owner of the leasehold improvements for accounting purposes, the Company capitalizes the amount of the tenant allowance and depreciates it over the shorter of the useful life of the leasehold improvements or the lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements for accounting purposes, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of rental revenue. Factors considered during this evaluation usually include (1) who holds legal title to the improvements, (2) evidentiary requirements concerning the spending of the tenant allowance, and (3) other controlling rights provided by the lease agreement (e.g. unilateral control of the tenant space during the build-out process). Determination of the accounting for a tenant allowance is made on a case-by-case basis, considering the facts and circumstances of the individual tenant lease. Substantially all of the Company’s tenant allowances have been determined to be leasehold improvements. | ||||||||||||||
Cash and Cash Equivalents | ||||||||||||||
Cash equivalents consist of highly liquid investments with a maturity of 90 days or less at the date of purchase. The Company deposits cash and cash equivalents with institutions with high credit quality. From time to time, cash and cash equivalents may be in excess of FDIC insurance limits. Included in cash equivalents at December 31, 2014 was $251.0 million that is not insured or guaranteed by the FDIC or any other government agency. The majority of the $251.0 million was invested across three separate financial institutions as of December 31, 2014. | ||||||||||||||
The Company is required to escrow cash balances for specific uses stipulated by certain of its lenders. As of December 31, 2014 and December 31, 2013, the Company’s cash balances restricted for these uses were $37.5 million and $5.0 million, respectively. As of December 31, 2014, $33.6 million of the $37.5 million of restricted cash was required under certain debt agreements to be in escrow for certain major construction projects. Included in restricted cash is $36.1 million at December 31, 2014 on deposit in excess of the FDIC insured limit. | ||||||||||||||
Acquisitions | ||||||||||||||
The Company recognizes the assets acquired, the liabilities assumed, and any noncontrolling interests in the acquiree at their fair values as of the acquisition date. The cost of acquiring a controlling ownership interest or an additional ownership interest (if not already consolidated) is allocated to the tangible assets acquired (such as land and building) and to any identifiable intangible assets based on their estimated fair values at the date of acquisition. The fair value of a property is determined on an “as-if-vacant” basis. Management considers various factors in estimating the "as-if-vacant" value including an estimated lease up period, lost rents, and carrying costs. The identifiable intangible assets would include the estimated value of “in-place” leases, above and below market “in-place” leases, and tenant relationships. The portion of the purchase price that management determines should be allocated to identifiable intangible assets is amortized in depreciation and amortization or as an adjustment to rental revenue, as appropriate, over the estimated life of the associated intangible asset (for instance, the remaining life of the associated tenant lease). The Company records goodwill when the cost of an acquired entity exceeds the net of the amounts assigned to assets acquired and liabilities assumed. Costs related to the acquisition of a controlling interest, including due diligence costs, professional fees, and other costs to effect an acquisition, are expensed as incurred. | ||||||||||||||
Deferred Charges and Other Assets | ||||||||||||||
Direct financing costs are deferred and amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related agreements as a component of interest expense. Direct costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. Cash expenditures for leasing costs are recognized in the Statement of Cash Flows as operating activities. All other deferred charges are amortized on a straight-line basis over the terms of the agreements to which they relate. | ||||||||||||||
Share-Based Compensation Plans | ||||||||||||||
The cost of share-based compensation is measured at the grant date, based on the calculated fair value of the award, and is recognized over the requisite employee service period which is generally the vesting period of the grant. The Company recognizes compensation costs for awards with graded vesting schedules on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. | ||||||||||||||
Interest Rate Hedging Agreements | ||||||||||||||
All derivatives, whether designated in hedging relationships or not, are recorded on the balance sheet at fair value. If a derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive income (OCI) and are recognized in the income statement when the hedged item affects income. Ineffective portions of changes in the fair value of a cash flow hedge are recognized in the Company’s income generally as interest expense (Note 10). | ||||||||||||||
The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged items. | ||||||||||||||
Income Taxes | ||||||||||||||
The Company operates in such a manner as to qualify as a REIT under the applicable provisions of the Internal Revenue Code. To qualify as a REIT, the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains, to its shareowners and meet certain other requirements. As a REIT, the Company is entitled to a dividends paid deduction for the dividends it pays to its shareowners. Therefore, the Company will generally not be subject to federal income taxes as long as it currently distributes to its shareowners an amount equal to or in excess of its taxable income. REIT qualification reduces but does not eliminate the amount of state and local taxes paid by the Company. In addition, a REIT may be subject to certain excise taxes if it engages in certain activities. | ||||||||||||||
No provision for federal income taxes for consolidated partnerships has been made, as such taxes are the responsibility of the individual partners. There are certain state income taxes incurred which are provided for in the Company’s financial statements. | ||||||||||||||
The Company has made Taxable REIT Subsidiary (TRS) elections for all of its corporate subsidiaries pursuant to section 856 (I) of the Internal Revenue Code. The TRSs are subject to corporate level income taxes, including federal, state, and certain foreign income taxes for foreign operations, which are provided for in the Company’s financial statements. | ||||||||||||||
Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the bases of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence, including expected taxable earnings. The Company’s temporary differences primarily relate to deferred compensation, depreciation, and net operating loss carryforwards. | ||||||||||||||
Noncontrolling Interests | ||||||||||||||
Noncontrolling interests in the Company are comprised of the ownership interests of (1) noncontrolling interests in the Operating Partnership and (2) the noncontrolling interests in joint ventures controlled by the Company through ownership or contractual arrangements. Consolidated net income and comprehensive income includes amounts attributable to the Company and the noncontrolling interests. Transactions that change the Company's ownership interest in a subsidiary are accounted for as equity transactions if the Company retains its controlling financial interest in the subsidiary. | ||||||||||||||
The Company evaluates whether noncontrolling interests are subject to any redemption features outside of the Company's control that would result in presentation outside of permanent equity pursuant to general accounting standards regarding the classification and measurement of redeemable equity instruments. Certain noncontrolling interests in the Operating Partnership and consolidated ventures of the Company qualify as redeemable noncontrolling interests (Note 9). To the extent such noncontrolling interests are currently redeemable or it is probable that they will eventually become redeemable, these interests are adjusted to the greater of their redemption value or their carrying value at each balance sheet date. | ||||||||||||||
Foreign Currency Translation | ||||||||||||||
The Company has certain entities in Asia for which the functional currency is the local currency. The assets and liabilities of the entities are translated from their functional currency into U.S. Dollars at the rate of exchange in effect on the balance sheet date. Income statement accounts are generally translated using the average exchange rate for the period. Income statement amounts of significant transactions are translated at the rate in effect as of the date of the transaction. The Company's share of unrealized gains and losses resulting from the translation of the entities' financial statements are reflected in shareholders' equity as a component of Accumulated Other Comprehensive Income (loss) in the Company's Consolidated Balance Sheet (Note 19). | ||||||||||||||
Discontinued Operations | ||||||||||||||
Prior to 2014, the Company reclassified to discontinued operations any material operations and gains or losses on disposal related to properties that are held for sale or disposed of during the period in accordance with the applicable accounting standards. In 2014 the Company early adopted Accounting Standards Update (ASU) No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" issued by the Financial Accounting Standards Board (FASB). ASU No. 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. The Company applied the revised definition to all disposals on a prospective basis beginning January 1, 2014. | ||||||||||||||
Use of Estimates | ||||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||
Segments and Related Disclosures | ||||||||||||||
The Company has one reportable operating segment: it owns, develops, and manages regional shopping centers. The Company has aggregated its shopping centers into this one reportable segment, as the shopping centers share similar economic characteristics and other similarities. The shopping centers are located in major metropolitan areas, have similar tenants (most of which are national chains), are operated using consistent business strategies, and are expected to exhibit similar long-term financial performance. Earnings before interest, income taxes, depreciation, and amortization (EBITDA) is often used by the Company's chief operating decision makers in assessing segment operating performance. EBITDA is believed to be a useful indicator of operating performance as it is customary in the real estate and shopping center business to evaluate the performance of properties on a basis unaffected by capital structure. | ||||||||||||||
No single retail company represents 10% or more of the Company's revenues. Although the Company does business in China and South Korea, there are not yet any material revenues from customers or long-lived assets attributable to a country other than the United States of America. At December 31, 2014, the Company's investments in Asia are in Unconsolidated Joint Ventures and accounted for under the equity method. |
Acquisitions_Dispositions_and_
Acquisitions, Dispositions and Development | 12 Months Ended |
Dec. 31, 2014 | |
Acquisitions, Dispositions, and Development [Abstract] | |
Acquisitions Dispositions and Development [Text Block] | Dispositions, Acquisitions, and Developments |
Dispositions | |
Sale of Centers to Starwood | |
In October 2014, the Company completed the disposition of a portfolio of seven centers to an affiliate of the Starwood Capital Group (Starwood). The following centers (Sale Centers) were included in the agreements: MacArthur Center in Norfolk, Virginia, Stony Point Fashion Park in Richmond, Virginia, Northlake Mall in Charlotte, North Carolina, The Mall at Wellington Green in Wellington, Florida, The Shops at Willow Bend in Plano, Texas, The Mall at Partridge Creek in Clinton Township, Michigan, and Fairlane Town Center in Dearborn, Michigan. | |
In connection with the sale, the Company received consideration of $1.4 billion. The proceeds were used to prepay or defease $623 million of property-level debt and accrued interest and to pay $51.2 million of transaction and debt extinguishment costs. The net cash proceeds were used to pay $424.3 million to shareholders and unitholders as a special dividend (Note 3). The debt extinguished consisted of four loans secured by Northlake Mall, The Mall at Wellington Green, MacArthur Center, and The Mall at Partridge Creek (Note 8). | |
The Company recognized a gain of $629.7 million ($606.2 million at TRG's beneficial share) as a result of the disposition of the Sale Centers. In addition, the Company recorded debt extinguishment costs of $36.4 million, ($36.0 million at TRG's beneficial share) which were classified as Nonoperating Expense on the Consolidated Statement of Operations and Comprehensive Income. | |
In 2014, the Company incurred $7.8 million of expenses ($7.4 million at TRG's beneficial share) related to the discontinuation of hedge accounting on the swap previously designated to hedge the MacArthur Center note payable. In addition, the Company incurred $3.3 million of disposition costs related to the Sale Centers. These expenses are included in Nonoperating Expense on the Consolidated Statement of Operations and Comprehensive Income. | |
As a result of the sale, the Company underwent a restructuring plan to reduce its workforce across various areas of the organization. In 2014, the Company incurred $3.7 million of expenses related to the reduction in workforce. These expenses are classified as Restructuring Charge on the Consolidated Statement of Operations and Comprehensive Income. As of December 31, 2014, $1.7 million of restructuring costs were unpaid and remained accrued. | |
International Plaza | |
In January 2014, the Company sold a total of 49.9% of the Company's interests in the entity that owns International Plaza, including certain governance rights, for $499 million (excluding transaction costs), which consisted of $337 million of cash and approximately $162 million of beneficial interest in debt. A gain of $368 million (net of tax of $9.7 million) was recognized as a result of the transaction. The Company's ownership in the center decreased to a noncontrolling 50.1% interest, which is accounted for under the equity method subsequent to the disposition. | |
Arizona Mills/Oyster Bay | |
In January 2014, the Company completed the sale of its 50% interest in Arizona Mills, an Unconsolidated Joint Venture, and land in Syosset, New York related to the former Oyster Bay project, to Simon Property Group (SPG). The consideration, excluding transaction costs, consisted of $60 million of cash and 555,150 partnership units in Simon Property Group Limited Partnership. The number of partnership units received was determined based on a value of $154.91 per unit. The fair value of the partnership units recognized for accounting purposes was $77.7 million, after considering the one-year restriction on the sale of these partnership units (Note 17). The number of partnership units subsequently increased to 590,124, in lieu of the Company's participation in a distribution of certain partnership units of another entity by SPG and Simon Property Group Limited Partnership. The increase in the number of partnership units was neutral to the market value of the Company's holdings as of the transaction date. The Company's investment in the partnership units is classified within Deferred Charges and Other Assets on the Consolidated Balance Sheet. As a result of the sale, the Company was relieved of its $84 million share of the $167 million mortgage loan outstanding on Arizona Mills at the time of the sale. A gain of $109 million was recognized as a result of the transaction. | |
TCBL | |
In November 2012, assets of the Taubman TCBL business were sold for $15.5 million. Additionally, the purchase price was adjusted for certain working capital and other transition costs. The total sale consideration was approximately equal to Taubman's investment in the business. As part of the sale, the non-controlling owners in Taubman TCBL relinquished the capital that was credited to them in connection with the Company's 2011 acquisition of Taubman TCBL. In connection with the sale, the Company received cash of approximately $4.4 million, while the remaining consideration consisted of approximately $3.6 million held in an escrow account pending receipt of consideration in an equivalent amount of Chinese Renminbi, a note receivable of approximately $8.5 million, and other receivables of approximately $0.8 million. Additionally, the Company incurred a tax liability of $3.2 million, which is included within Income Tax Expense on the Consolidated Statement of Operations and Comprehensive Income during 2012. In 2013, the Company collected the remaining consideration from the sale. | |
Acquisitions | |
Purchase of U.S. Headquarters Building | |
In February 2014, the Company purchased the U.S. headquarters building located in Bloomfield Hills, Michigan for approximately $16.1 million from an affiliate of the Taubman family. In exchange for the building, the Company assumed the $17.4 million, 5.90% fixed rate loan on the building, issued 1,431 Operating Partnership units (and a corresponding number of shares of Series B Preferred Stock), and received $1.4 million in escrowed and other cash from the affiliate. A purchase accounting premium adjustment of $0.7 million, recorded to recognize the loan at fair value, is being amortized as a reduction to interest expense over the remaining term of the loan which matures April 1, 2015. | |
International Plaza | |
In December 2012, the Company acquired an additional 49.9% interest in International Plaza from CSAT, LP, which increased the Company's ownership in the center to 100%. The $437 million purchase price for CSAT, LP's interest in the center consisted of $275 million of cash and approximately $162 million of beneficial interest in debt. The acquisition of the additional interest in a consolidated subsidiary was accounted for as an equity transaction. Consequently, the difference of $339.2 million between the consideration paid for the interest and the book value of the noncontrolling interest was recognized as an adjustment to additional paid-in-capital and the noncontrolling partners in TRG. | |
Waterside Shops | |
In December 2012, the Company acquired an additional 25% interest in Waterside Shops, which brought the Company's ownership interest in the center to 50%. The acquisition of the additional interest was accomplished by purchasing an affiliate of Oregon PERS' 50% interest in the center on a pari passu basis with an affiliate of The Forbes Company. The $155.0 million purchase price for Oregon PERS' interest in the center consisted of $72.5 million of cash and $82.5 million of beneficial interest in debt. The Company's share of the consideration for the additional interest was $77.5 million, which consisted of cash and beneficial interest in debt of $36.3 million and $41.3 million, respectively. After the acquisition, the Company continues to recognize its investment in Waterside Shops in Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet. The Company's share of the difference between the purchase price and the net book value of the additional interest in the Unconsolidated Joint Venture was $52.7 million, which was allocated to land, buildings, improvements, and equipment. In addition, beneficial interest in debt was increased by a $3.9 million purchase accounting premium to record the debt at fair value. The premium is being amortized as a reduction to interest expense over the remaining term of the debt and had a balance of $1.8 million as of December 31, 2014. | |
The Mall at Green Hills, The Gardens on El Paseo and El Paseo Village | |
In 2011 cash was drawn from the Company's revolving lines of credit primarily to collateralize the $281.5 million in installment notes that were issued as part of the consideration for the acquisition of The Mall at Green Hills, The Gardens on El Paseo and El Paseo Village. In 2012, the installment notes were repaid. | |
U.S. Development | |
International Market Place | |
International Market Place, a 0.4 million square foot center is under construction in Waikiki, Honolulu, Hawaii. The center will be anchored by Saks Fifth Avenue and is expected to open in spring 2016. The Company owns a 93.5% interest in the project, which is subject to a participating ground lease. As of December 31, 2014, the Company's capitalized costs for the project were $107.6 million ($100.8 million at TRG's share). | |
The Mall of San Juan | |
The Mall of San Juan, a 0.7 million square foot center, is under construction in San Juan, Puerto Rico. The Company owns 80% of the project. The center will be anchored by Nordstrom and Saks Fifth Avenue and is expected to open in March 2015. As of December 31, 2014, the Company had capitalized costs of $384.4 million ($309.5 million at TRG's share). | |
The Mall at University Town Center | |
The Mall at University Town Center, a 0.9 million square foot center in Sarasota, Florida, opened in October 2014. The Company owns a 50% interest in the project. As of December 31, 2014, the Company's share of project costs were $161.4 million. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet. | |
Asia Development | |
CityOn.Zhengzhou | |
In 2013, the Company formed a joint venture with Beijing Wangfujing Department Store (Group) Co., Ltd (Wangfujing), one of China's largest department store chains. The joint venture owns a majority interest in and will manage an approximately 1.0 million square foot multi-level shopping center (CityOn.Zhengzhou) under construction in Zhengzhou, China. Through this joint venture, the Company beneficially owns a 32% interest in the shopping center, which is scheduled to open in spring 2016. As of December 31, 2014, the Company's share of project costs were $41.2 million, as decreased for immaterial cumulative currency translation adjustments. The investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet. | |
CityOn.Xi'an | |
In 2012, the Company formed a joint venture with Wangfujing. The joint venture will own a 60% controlling interest in and manage an approximately 1.0 million square foot shopping center (CityOn.Xi'an) located at Xi'an Saigao City Plaza, a large-scale mixed-use development under construction in Xi'an, China. Through this joint venture, the Company will beneficially own a 30% interest in the shopping center, which is scheduled to open in late 2015. As of December 31, 2014, the Company's share of project costs were $75.1 million, as increased by $0.6 million of cumulative currency translation adjustments. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet. | |
Hanam Union Square | |
In 2011, the Company formed a joint venture with Shinsegae Group, South Korea's largest retailer, to develop an approximately 1.7 million square foot shopping mall (Hanam Union Square) under construction in Hanam, Gyeonggi Province, South Korea, which is scheduled to open in late 2016. In August 2014, the Company partnered with a major institution in Asia to acquire an additional 19% interest from Shinsegae Group, increasing the partnership ownership interest to 49%. The new institutional partner owns 14.7% of the project, bringing the Company's effective ownership to 34.3%, an increase from the Company's previous 30% share. As of December 31, 2014, the Company's share of project costs were $132.3 million, as decreased by $1.0 million of cumulative currency translation adjustments. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||
Income Taxes | Income Taxes | |||||||||||||||||||||
Income Tax Expense | ||||||||||||||||||||||
The Company’s income tax expense for the years ended December 31, 2014, 2013, and 2012 consisted of the following: | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
State current | $ | 1,361 | $ | 230 | $ | 205 | ||||||||||||||||
State deferred | (3 | ) | (77 | ) | (13 | ) | ||||||||||||||||
Federal current | 8,036 | 547 | 1,011 | |||||||||||||||||||
Federal deferred | 1,354 | 632 | 257 | |||||||||||||||||||
Foreign current | 1,300 | 2,193 | 3,324 | (1) | ||||||||||||||||||
Foreign deferred | (48 | ) | (116 | ) | 180 | (1) | ||||||||||||||||
$ | 12,000 | $ | 3,409 | $ | 4,964 | |||||||||||||||||
Less income tax expense allocated to Gain on Dispositions (2) | 9,733 | |||||||||||||||||||||
Total income tax expense | $ | 2,267 | $ | 3,409 | $ | 4,964 | ||||||||||||||||
-1 | The Company recognized $3.2 million of income tax expense related to the sale of Taubman TCBL's assets (Note 2), of which $2.8 million is included in foreign current tax expense and $0.4 million is included in foreign deferred tax expense. | |||||||||||||||||||||
-2 | Amount represents the income taxes incurred as part of the Company's sale of interests in International Plaza in January 2014. The tax on the sale is classified within Gain on Dispositions, Net of Tax on the Consolidated Statement of Operations and Comprehensive Income. | |||||||||||||||||||||
Net Operating Loss Carryforwards | ||||||||||||||||||||||
As of December 31, 2014, the Company had a foreign net operating loss carryforward of $5.1 million. Of the $5.1 million, $0.7 million had a carryforward period of 10 years and $4.4 million had an indefinite carryforward period. | ||||||||||||||||||||||
Deferred Taxes | ||||||||||||||||||||||
Deferred tax assets and liabilities as of December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||
Federal | $ | 1,382 | $ | 2,746 | ||||||||||||||||||
Foreign | 1,806 | 1,821 | ||||||||||||||||||||
State | 471 | 527 | ||||||||||||||||||||
Total deferred tax assets | $ | 3,659 | $ | 5,094 | ||||||||||||||||||
Valuation allowances | (1,703 | ) | (1,831 | ) | ||||||||||||||||||
Net deferred tax assets | $ | 1,956 | $ | 3,263 | ||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||
Federal | $ | 592 | $ | 602 | ||||||||||||||||||
Foreign | 473 | 449 | ||||||||||||||||||||
State | 89 | 107 | ||||||||||||||||||||
Total deferred tax liabilities | $ | 1,154 | $ | 1,158 | ||||||||||||||||||
The Company believes that it is more likely than not the results of future operations will generate sufficient taxable income to recognize the net deferred tax assets. These future operations are primarily dependent upon the Manager's profitability, the timing and amounts of gains on peripheral land sales, the profitability of Taubman Asia's operations, and other factors affecting the results of operations of the Taxable REIT Subsidiaries. The valuation allowances relate to net operating loss carryforwards and tax basis differences where there is uncertainty regarding their realizability. | ||||||||||||||||||||||
International Plaza | ||||||||||||||||||||||
In November 2013, substantially all of the interest in International Plaza acquired by the Company in 2012 was transferred to a Taxable REIT Subsidiary of the Company. Prior to the transfer in November 2013, substantially all of the interest was held by a nontaxable subsidiary of the Company. No deferred taxes were recorded related to any book-tax basis differences related to this transaction because of its intercompany nature. | ||||||||||||||||||||||
Tax Status of Dividends | ||||||||||||||||||||||
Dividends declared on the Company’s common and preferred stock and their tax status are presented in the following tables. The tax status of the Company’s dividends in 2014, 2013, and 2012 may not be indicative of future periods. | ||||||||||||||||||||||
Year | Dividends per common share declared | Return of capital | Ordinary income | Long term capital gain | Unrecaptured Sec. 1250 capital gain | |||||||||||||||||
2014 | $ | 4.75 | (1) | $ | 0.7057 | $ | 0 | $ | 1.8748 | (2) | $ | 2.1695 | (2) | |||||||||
2014 | 2.16 | 0.3208 | 1.7773 | 0.0287 | (2) | 0.0332 | (2) | |||||||||||||||
2013 | 2 | 0.2636 | 1.7364 | 0 | 0 | |||||||||||||||||
2012 | 1.85 | 0.5429 | 1.3071 | 0 | 0 | |||||||||||||||||
-1 | Includes a special dividend of $4.75 per share of common stock declared and paid during December 2014, which was declared as a result of the Company's disposition of a portfolio of seven centers to Starwood in October 2014 (Note 2). | |||||||||||||||||||||
-2 | The portion of the per share common dividends paid on December 31, 2014 designated as capital gain (long term and unrecaptured Sec. 1250) dividends for tax purposes is $0.0619 per share of the $0.54 dividend and $4.0443 per share of the $4.75 dividend). | |||||||||||||||||||||
Year | Dividends per Series G Preferred share declared | Ordinary income | Long term capital gain | Unrecaptured Sec. 1250 capital gain | ||||||||||||||||||
2012 | $ | 1.35 | $ | 1.35 | $ | 0 | $ | 0 | ||||||||||||||
Year | Dividends per Series H Preferred share declared | Ordinary income | Long term capital gain | Unrecaptured Sec. 1250 capital gain | ||||||||||||||||||
2012 | $ | 1.28672 | $ | 1.28672 | $ | 0 | $ | 0 | ||||||||||||||
Year | Dividends per Series J Preferred share declared | Ordinary income | Long term capital gain | Unrecaptured Sec. 1250 capital gain | ||||||||||||||||||
2014 | $ | 1.625 | $ | 0.49072 | $ | 0.5258 | (1) | $ | 0.60848 | (1) | ||||||||||||
2013 | 1.625 | 1.625 | 0 | 0 | ||||||||||||||||||
2012 | 0.6184 | 0.6184 | 0 | 0 | ||||||||||||||||||
-1 | The portion of the per share Series J preferred dividends designated as capital gain (long term and unrecaptured Sec. 1250) for tax purposes is as follows; $0.32178 per share of the $0.40625 paid on June 30, 2014, 0.40625 per share of the $0.40625 paid on September 30, 2014, and $0.40625 per share of the $0.40625 paid on December 31, 2014. | |||||||||||||||||||||
Year | Dividends per Series K Preferred share declared | Ordinary income | Long term capital gain | Unrecaptured Sec. 1250 capital gain | ||||||||||||||||||
2014 | $ | 1.5625 | $ | 0.47185 | $ | 0.50558 | (1) | $ | 0.58507 | (1) | ||||||||||||
2013 | 1.24132 | 1.24132 | 0 | 0 | ||||||||||||||||||
-1 | The portion of the per share Series K preferred dividends designated as capital gain (long term and unrecaptured Sec. 1250) for tax purposes is as follows; $0.30939 per share of the $0.39063 paid on June 30, 2014, $0.39063 per share of the $0.39063 paid on September 30, 2014, and $0.39063 per share of the $0.39063 paid on December 31, 2014. | |||||||||||||||||||||
Tax Benefits | ||||||||||||||||||||||
During the years ended December 31, 2014, 2013, and 2012, the Company realized a $0.1 million, $0.5 million, and $1.0 million tax benefit, respectively, as additional paid-in capital relating to the redemption of certain share-based compensation awards. This benefit represents the amount of reduced Federal income tax attributed to the tax deduction that exceeds the recognized deferred tax asset relating to the awards, which was based on their cumulative book compensation cost. This excess tax deduction is due to changes in the fair value of the Company's shares between the grant date (the measurement date for book purposes) and the exercise date (the measurement date for tax purposes) of the awards. | ||||||||||||||||||||||
Uncertain Tax Positions | ||||||||||||||||||||||
The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2014. The Company has no material interest or penalties relating to income taxes recognized in the Consolidated Statement of Operations and Comprehensive Income for the years ended December 31, 2014, 2013, and 2012 or in the Consolidated Balance Sheet as of December 31, 2014 and 2013. As of December 31, 2014, returns for the calendar years 2011 through 2014 remain subject to examination by U.S. and various state and foreign tax jurisdictions. |
Properties
Properties | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Real Estate Disclosure [Text Block] | Properties | |||||||
Properties at December 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||
2014 | 2013 | |||||||
Land | $ | 226,252 | $ | 336,360 | ||||
Buildings, improvements, and equipment | 2,457,660 | 3,896,401 | ||||||
Construction in process and pre-development costs | 578,593 | 252,329 | ||||||
$ | 3,262,505 | $ | 4,485,090 | |||||
Accumulated depreciation and amortization | (970,045 | ) | (1,516,982 | ) | ||||
$ | 2,292,460 | $ | 2,968,108 | |||||
Depreciation expense for 2014, 2013, and 2012 was $110.1 million, $142.5 million, and $134.9 million, respectively. | ||||||||
The charge to operations in 2014, 2013, and 2012 for domestic and non-U.S. pre-development activities was $4.2 million, $10.6 million, and $19.8 million, respectively. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Joint Ventures | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures | |||||||||||
General Information | ||||||||||||
The Company owns beneficial interests in joint ventures that own shopping centers. The Operating Partnership is the sole direct or indirect managing general partner or managing member of Fair Oaks, International Plaza, Stamford Town Center, Sunvalley, and Westfarms. The Operating Partnership also provides certain management, leasing, and/or development services to the other shopping centers noted below. | ||||||||||||
Shopping Center | Ownership as of | |||||||||||
December 31, 2014 and 2013 | ||||||||||||
Arizona Mills (Note 2) | 0/50% | |||||||||||
CityOn.Xi'an (under construction) | Note 2 | |||||||||||
CityOn.Zhengzhou (under construction) | Note 2 | |||||||||||
Fair Oaks | 50 | |||||||||||
Hanam Union Square (under construction) | Note 2 | |||||||||||
International Plaza (Note 2) | 50.1/100 | |||||||||||
The Mall at Millenia | 50 | |||||||||||
Stamford Town Center | 50 | |||||||||||
Sunvalley | 50 | |||||||||||
The Mall at University Town Center (Note 2) | 50 | |||||||||||
Waterside Shops | 50 | |||||||||||
Westfarms | 79 | |||||||||||
The Company's carrying value of its Investment in Unconsolidated Joint Ventures differs from its share of the partnership or members’ equity reported in the combined balance sheet of the Unconsolidated Joint Ventures due to (i) the Company's cost of its investment in excess of the historical net book values of the Unconsolidated Joint Ventures and (ii) the Operating Partnership’s adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the Unconsolidated Joint Ventures. The Company's additional basis allocated to depreciable assets is recognized on a straight-line basis over 40 years. The Operating Partnership’s differences in bases are amortized over the useful lives or terms of the related assets and liabilities. | ||||||||||||
In its Consolidated Balance Sheet, the Company separately reports its investment in Unconsolidated Joint Ventures for which accumulated distributions have exceeded investments in and net income of the Unconsolidated Joint Ventures. The net equity of certain joint ventures is less than zero because distributions are usually greater than net income, as net income includes non-cash charges for depreciation and amortization. In addition, any distributions related to refinancing of the centers further decrease the net equity of the centers. | ||||||||||||
Combined Financial Information | ||||||||||||
Combined balance sheet and results of operations information is presented in the following table for the Unconsolidated Joint Ventures, followed by the Operating Partnership's beneficial interest in the combined operations information. The combined information of the Unconsolidated Joint Ventures as of December 31, 2014 and December 31, 2013 exclude the balances of Hanam Union Square, CityOn.Xi'an, and CityOn.Zhengzhou, which are currently under construction (Note 2). Beneficial interest is calculated based on the Operating Partnership's ownership interest in each of the Unconsolidated Joint Ventures. | ||||||||||||
December 31 2014 | December 31 2013 | |||||||||||
Assets: | ||||||||||||
Properties | $ | 1,580,926 | $ | 1,305,658 | ||||||||
Accumulated depreciation and amortization | (548,646 | ) | (478,820 | ) | ||||||||
$ | 1,032,280 | $ | 826,838 | |||||||||
Cash and cash equivalents | 49,765 | 28,782 | ||||||||||
Accounts and notes receivable, less allowance for doubtful accounts of $1,590 and $977 in 2014 and 2013 | 38,788 | 33,626 | ||||||||||
Deferred charges and other assets | 33,200 | 28,095 | ||||||||||
$ | 1,154,033 | $ | 917,341 | |||||||||
Liabilities and accumulated deficiency in assets: | ||||||||||||
Mortgage notes payable | $ | 1,989,546 | $ | 1,551,161 | ||||||||
Accounts payable and other liabilities | 103,161 | 70,226 | ||||||||||
TRG's accumulated deficiency in assets | (525,759 | ) | (412,204 | ) | ||||||||
Unconsolidated Joint Venture Partners' accumulated deficiency in assets | (412,915 | ) | (291,842 | ) | ||||||||
$ | 1,154,033 | $ | 917,341 | |||||||||
TRG's accumulated deficiency in assets (above) | $ | (525,759 | ) | $ | (412,204 | ) | ||||||
TRG's investment in projects under development (Note 2) | 232,091 | 193,306 | ||||||||||
TRG basis adjustments, including elimination of intercompany profit | 132,058 | 118,132 | ||||||||||
TCO's additional basis | 54,963 | 56,909 | ||||||||||
Net Investment in Unconsolidated Joint Ventures | $ | (106,647 | ) | $ | (43,857 | ) | ||||||
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures | 476,651 | 371,549 | ||||||||||
Investment in Unconsolidated Joint Ventures | $ | 370,004 | $ | 327,692 | ||||||||
Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues | $ | 338,017 | $ | 294,720 | $ | 282,136 | ||||||
Maintenance, taxes, utilities, promotion, and other operating expenses | $ | 106,249 | $ | 92,901 | $ | 91,094 | ||||||
Interest expense | 74,806 | 68,998 | 68,760 | |||||||||
Depreciation and amortization | 47,377 | 36,644 | 37,342 | |||||||||
Total operating costs | $ | 228,432 | $ | 198,543 | $ | 197,196 | ||||||
Nonoperating income (expense) | (22 | ) | 18 | |||||||||
Net income | $ | 109,563 | $ | 96,177 | $ | 84,958 | ||||||
Net income attributable to TRG | $ | 60,690 | $ | 53,166 | $ | 47,763 | ||||||
Realized intercompany profit, net of depreciation on TRG’s basis adjustments | 3,258 | 1,245 | 2,677 | |||||||||
Depreciation of TCO's additional basis | (1,946 | ) | (1,946 | ) | (1,946 | ) | ||||||
Equity in income of Unconsolidated Joint Ventures | $ | 62,002 | $ | 52,465 | $ | 48,494 | ||||||
Beneficial interest in Unconsolidated Joint Ventures’ operations: | ||||||||||||
Revenues less maintenance, taxes, utilities, promotion, and other operating expenses | $ | 132,652 | $ | 114,939 | $ | 107,044 | ||||||
Interest expense | (40,416 | ) | (37,554 | ) | (35,862 | ) | ||||||
Depreciation and amortization | (30,234 | ) | (24,920 | ) | (22,688 | ) | ||||||
Equity in income of Unconsolidated Joint Ventures | $ | 62,002 | $ | 52,465 | $ | 48,494 | ||||||
Other | ||||||||||||
The provision for losses on accounts receivable of the Unconsolidated Joint Ventures was $1.7 million, $0.6 million, and $0.3 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||
Deferred charges and other assets of $33.2 million at December 31, 2014 were comprised of leasing costs of $37.2 million, before accumulated amortization of $(16.6) million, net deferred financing costs of $9.6 million, and other net charges of $3.0 million. Deferred charges and other assets of $28.1 million at December 31, 2013 were comprised of leasing costs of $34.0 million, before accumulated amortization of $(17.7) million, net deferred financing costs of $9.0 million, and other net charges of $2.8 million. | ||||||||||||
In December 2014, an additional $175 million financing was completed on International Plaza, a 50.1% owned Unconsolidated Joint Venture. The loan has a seven-year term and bears interest at LIBOR plus 1.75%. In connection with this financing, the Unconsolidated Joint Venture also entered into an interest rate swap to fix the rate on the loan at 3.58% (Note 10). | ||||||||||||
The estimated fair value of the Unconsolidated Joint Ventures’ mortgage notes payable was $2.0 billion and $1.5 billion at December 31, 2014 and 2013, respectively. The methodology for determining this fair value is consistent with that used for determining the fair value of consolidated mortgage notes payable (Note 17). | ||||||||||||
Depreciation expense on properties for 2014, 2013, and 2012 was $40.9 million, $35.6 million, and $31.1 million, respectively. |
Accounts_and_Notes_Receivable
Accounts and Notes Receivable | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Receivables [Abstract] | ||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Accounts and Notes Receivable | |||||||
Accounts and notes receivable at December 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||
2014 | 2013 | |||||||
Trade | $ | 24,757 | $ | 32,162 | ||||
Notes | 2,037 | 9,407 | ||||||
Straight-line rent and recoveries | 25,378 | 33,558 | ||||||
$ | 52,172 | $ | 75,127 | |||||
Less: Allowance for doubtful accounts | (2,927 | ) | (1,934 | ) | ||||
$ | 49,245 | $ | 73,193 | |||||
Notes receivable as of December 31, 2013 included a $7.4 million note related to a February 2013 sale of peripheral land. In January 2014, the $7.4 million note was repaid in full. |
Deferred_Charges_Other_Assets
Deferred Charges Other Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deferred Charges and Other Assets [Abstract] | ||||||||
Deferred Charges and Other Assets [Text Block] | Deferred Charges and Other Assets | |||||||
Deferred charges and other assets at December 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||
2014 | 2013 | |||||||
Leasing costs | $ | 27,454 | $ | 39,529 | ||||
Accumulated amortization | (10,659 | ) | (16,807 | ) | ||||
$ | 16,795 | $ | 22,722 | |||||
In-place leases, net | 11,765 | 16,651 | ||||||
Investment in SPG partnership units (Notes 2 and 17) | 77,711 | |||||||
Deferred financing costs, net | 15,815 | 16,319 | ||||||
Insurance deposit (Note 17) | 13,059 | 12,225 | ||||||
Deposits | 40,257 | 4,320 | ||||||
Prepaid expenses | 5,496 | 4,952 | ||||||
Deferred tax asset, net | 1,956 | 3,263 | ||||||
Other, net | 5,581 | 8,934 | ||||||
$ | 188,435 | $ | 89,386 | |||||
As of December 31, 2014, the Company had $37.0 million in restricted deposits related to its Asia investments. |
Beneficial_Interest_in_Debt_an
Beneficial Interest in Debt and Interest Expense | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||
Beneficial Interest in Debt and Interest Expense | Notes Payable | ||||||||||||||||||
Notes payable at December 31, 2014 and December 31, 2013 consist of the following: | |||||||||||||||||||
2014 | 2013 | Stated Interest Rate | Maturity Date | Balance Due on Maturity | Facility Amount | ||||||||||||||
Cherry Creek Shopping Center | $ | 280,000 | $ | 280,000 | 5.24% | 6/8/16 | $280,000 | ||||||||||||
City Creek Center | 83,189 | (1) | 84,560 | (1) | 4.37% | 8/1/23 | 68,575 | ||||||||||||
El Paseo Village | 15,932 | (2) | 16,322 | (2) | 4.42% | 12/6/15 | 15,565 | ||||||||||||
The Gardens on El Paseo | 83,059 | (3) | 84,197 | (3) | 6.10% | 6/11/16 | 81,480 | ||||||||||||
Great Lakes Crossing Outlets | 217,281 | 221,541 | 3.60% | 1/6/23 | 177,038 | ||||||||||||||
The Mall at Green Hills | 150,000 | 150,000 | LIBOR+1.60% | 12/1/18 | (4) | 150,000 | |||||||||||||
International Plaza | 325,000 | (5) | 4.85% | ||||||||||||||||
MacArthur Center | 129,205 | (6) | LIBOR + 2.35% | ||||||||||||||||
Northlake Mall | 215,500 | (6) | 5.41% | ||||||||||||||||
The Mall at Partridge Creek | 79,162 | (6) | 6.15% | ||||||||||||||||
The Mall of San Juan | 163,779 | (7) | LIBOR + 2.00% | 4/2/17 | (7) | 163,779 | $ | 320,000 | |||||||||||
The Mall at Short Hills | 540,000 | 540,000 | 5.47% | 12/14/15 | 540,000 | ||||||||||||||
Stony Point Fashion Park | 99,526 | (8) | 6.24% | ||||||||||||||||
The Mall at Wellington Green | 200,000 | (6) | 5.44% | ||||||||||||||||
U.S. Headquarters Building | 17,265 | (9) | 5.90% | 4/1/15 | 16,974 | ||||||||||||||
$65M Revolving Credit Facility | LIBOR + 1.40% | 4/30/16 | 65,000 | (10) | |||||||||||||||
$65M Revolving Credit Facility | 33,040 | LIBOR + 1.40% | 4/30/14 | (10) | 33,040 | 65,000 | |||||||||||||
$1.1B Revolving Credit Facility | (11) (12) | LIBOR + 1.15% | (11) | 2/28/19 | (11) | 1,100,000 | (11) | ||||||||||||
$1.1B Revolving Credit Facility | 125,000 | (11) | LIBOR + 1.45% | (11) | 3/29/17 | 125,000 | 1,100,000 | ||||||||||||
$475M Unsecured Term Loan | 475,000 | (12) (13) | 475,000 | (13) | LIBOR + 1.35% | (13) | 2/28/19 | 475,000 | |||||||||||
$ | 2,025,505 | $ | 3,058,053 | ||||||||||||||||
-1 | The Operating Partnership has provided a limited guarantee of the repayment of the City Creek loan, which could be triggered only upon a decline in center occupancy to a level that the Company believes is remote. | ||||||||||||||||||
-2 | Balance includes purchase accounting adjustment of $0.1 million and $0.2 million premium in 2014 and 2013, respectively, for an above market interest rate upon acquisition of the center in December 2011. | ||||||||||||||||||
-3 | Balance includes purchase accounting adjustment of $1.6 million and $2.7 million premium in 2014 and 2013, respectively, for an above market interest rate upon acquisition of the center in December 2011. | ||||||||||||||||||
-4 | Has a one-year extension option. | ||||||||||||||||||
-5 | In January 2014, the Company sold a total of 49.9% of its interests in the entity that owns International Plaza (Note 2). | ||||||||||||||||||
-6 | In October 2014, the remaining debt on the center was prepaid or defeased in connection with the Company's disposition of a portfolio of seven centers to Starwood (Note 2). | ||||||||||||||||||
-7 | The Operating Partnership has provided an unconditional guaranty of the principal balance and all accrued but unpaid interest during the term of the loan. Loan has two one-year extension options. | ||||||||||||||||||
-8 | In January 2014, the Company paid off the mortgage note payable on Stony Point Fashion Park. | ||||||||||||||||||
-9 | Balance includes purchase accounting adjustment of $0.2 million for an above market interest rate upon acquisition of the building in February 2014 (Note 2). | ||||||||||||||||||
-10 | In March 2014, the maturity date on the Company's $65 million secondary revolving line of credit was extended through April 2016. The unused borrowing capacity at December 31, 2014 was $60.8 million, after considering $4.2 million of letters of credit outstanding on the facility. | ||||||||||||||||||
-11 | TRG is the borrower under the $1.1 billion unsecured revolving credit facility with an accordion feature to increase the borrowing capacity to $1.5 billion, subject to certain conditions including having the borrowing capacity based on the unencumbered asset pool EBITDA and obtaining lender commitments. As of December 31, 2014, the Company cannot fully utilize the accordion feature unless additional assets are added to the unencumbered asset pool. The facility bears interest at a range of LIBOR plus 1.15% to LIBOR plus 1.70% and a facility fee of 0.20% to 0.30% based on the Company's total leverage ratio. Prior to the amendment of the facility in November 2014, the interest rate was at a range of LIBOR plus 1.45% to LIBOR plus 1.85%. The facility has a one-year extension option. The unused borrowing capacity at December 31, 2014 was $1.1 billion. | ||||||||||||||||||
-12 | As of December 31, 2014, the entities that own Beverly Center, Dolphin Mall, and Twelve Oaks Mall are guarantors under the $475 million unsecured term loan and the $1.1 billion unsecured revolving credit facility. | ||||||||||||||||||
-13 | TRG is the borrower under the $475 million unsecured term loan with an accordion feature to increase the borrowing capacity to $600 million, subject to certain conditions including having the borrowing capacity based on the unencumbered asset pool EBITDA and obtaining lender commitments. As of December 31, 2014, the Company cannot fully utilize the accordion feature unless additional assets are added to the unencumbered asset pool. The loan bears interest at a range of LIBOR plus 1.35% to LIBOR plus 1.90% based on the Company's total leverage ratio. From January 2014 until maturity, the LIBOR rate is swapped to a fixed rate of 1.65%, resulting in an effective rate in the range of 3.00% to 3.55% (Note 10). | ||||||||||||||||||
Notes payable are collateralized by properties with a net book value of $1.4 billion at December 31, 2014. | |||||||||||||||||||
The following table presents scheduled principal payments on notes payable as of December 31, 2014: | |||||||||||||||||||
2015 | $ | 578,790 | |||||||||||||||||
2016 | 367,527 | ||||||||||||||||||
2017 | 170,095 | (1) | |||||||||||||||||
2018 | 156,563 | (2) | |||||||||||||||||
2019 | 481,820 | ||||||||||||||||||
Thereafter | 268,874 | ||||||||||||||||||
Total principal maturities | $ | 2,023,669 | |||||||||||||||||
Net unamortized debt premiums | 1,836 | ||||||||||||||||||
Total notes payable | $ | 2,025,505 | |||||||||||||||||
-1 | Includes 163.8 million with two one-year extension options. | ||||||||||||||||||
-2 | Includes $150.0 million with one-year extension option. | ||||||||||||||||||
2015 Maturities | |||||||||||||||||||
During the second half of 2015, the Company expects to complete a refinancing of the loan on The Mall at Short Hills. The existing $540.0 million, 5.47% fixed rate loan is scheduled to mature in December 2015 and is prepayable without penalty beginning September 2015. Also in 2015, the Company expects to complete a refinancing on the U.S headquarters building loan. The existing $17.3 million, 5.9% fixed rate loan on the U.S. headquarters building is scheduled to mature in April 2015. | |||||||||||||||||||
The $15.9 million, 4.42% fixed rate loan on El Paseo Village matures in December 2015. The Company expects to pay off the loan in October 2015, the earliest prepayment date without penalty. | |||||||||||||||||||
Debt Covenants and Guarantees | |||||||||||||||||||
Certain loan agreements contain various restrictive covenants, including the following corporate covenants on the Company’s unsecured primary revolving line of credit, unsecured term loan, and the construction facilities on The Mall at University Town Center and The Mall of San Juan: a minimum net worth requirement, a maximum total leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a maximum recourse secured debt ratio and a maximum payout ratio. In addition, the Company’s primary revolving line of credit and term loan have unencumbered pool covenants, which currently apply to Beverly Center, Dolphin Mall, and Twelve Oaks Mall on a combined basis. These covenants include a minimum number and minimum value of eligible unencumbered assets, a maximum unencumbered leverage ratio, a minimum unencumbered interest coverage ratio and a minimum unencumbered asset occupancy ratio. As of December 31, 2014, the corporate minimum fixed charge coverage ratio is the most restrictive covenant. The Company was in compliance with all of its covenants and loan obligations as of December 31, 2014. The maximum payout ratio covenant limits the payment of distributions generally to 95% of funds from operations, as defined in the loan agreements, except as required to maintain the Company’s tax status, pay preferred distributions, and for distributions related to the sale of certain assets | |||||||||||||||||||
In connection with the financing of the construction facility at The Mall at University Town Center, owned by an Unconsolidated Joint Venture, the Operating Partnership provided an unconditional guarantee of 25% of the principal balance and 50% of all accrued but unpaid interest. The maximum amount of the construction facility is $225 million. The outstanding balance of the Mall at University Town Center construction financing facility as of December 31, 2014 was $187.8 million. Accrued but unpaid interest as of December 31, 2014 was $0.3 million. The principal guaranty may be reduced to 12.5% of the outstanding principal balance upon achievement of certain performance measures. Upon stabilization, the unconditional guaranty may be released. The Company believes the likelihood of a payment under the guarantee to be remote. | |||||||||||||||||||
In connection with the financing of the construction facility at The Mall of San Juan, the Operating Partnership has provided an unconditional guarantee of the construction loan principal balance and all accrued but unpaid interest during the term of the loan. In addition, the Operating Partnership has provided a guarantee as to the completion of the center. The outstanding balance of The Mall of San Juan construction financing facility as of December 31, 2014 was $163.8 million. Accrued but unpaid interest as of December 31, 2014 was $0.2 million. The center is expected to open in March 2015 and the Company believes the likelihood of a payment under the guarantees to be remote. | |||||||||||||||||||
In connection with the December 2014 additional $175 million financing at International Plaza, which is owned by an Unconsolidated Joint Venture, the Operating Partnership provided an unconditional and several guarantee of 50.1% of all obligations and liabilities related to an interest rate swap that was required on the debt for the term of the loan. As of December 31, 2014, the interest rate swap was in an asset position and had unpaid interest of $0.1 million. The Company believes the likelihood of a payment under the guarantee to be remote. | |||||||||||||||||||
Other | |||||||||||||||||||
The Company is required to escrow cash balances for specific uses stipulated by certain of its lenders. As of December 31, 2014 and December 31, 2013, the Company's cash balances restricted for these uses were $37.5 million and $5.0 million, respectively. The Company is required under certain debt agreements to escrow cash for certain major construction projects. As of December 31, 2014, $33.6 million of the $37.5 million of restricted cash was required under certain debt agreements to be in escrow for certain major construction projects. | |||||||||||||||||||
Beneficial Interest in Debt and Interest Expense | |||||||||||||||||||
The Operating Partnership's beneficial interest in the debt, capitalized interest, and interest expense of its consolidated subsidiaries and its Unconsolidated Joint Ventures is summarized in the following table. The Operating Partnership's beneficial interest in the consolidated subsidiaries excludes debt and interest related to the noncontrolling interests in Cherry Creek Shopping Center (50%), The Mall at Wellington Green (10%), and MacArthur Center (5%). In October 2014, the Company disposed of The Mall at Wellington Green and MacArthur Center as part of the sale to Starwood (Note 2). | |||||||||||||||||||
At 100% | At Beneficial Interest | ||||||||||||||||||
Consolidated Subsidiaries | Unconsolidated Joint Ventures | Consolidated Subsidiaries | Unconsolidated Joint Ventures | ||||||||||||||||
Debt as of: | |||||||||||||||||||
December 31, 2014 | $ | 2,025,505 | $ | 1,989,546 | $ | 1,852,749 | $ | 1,085,991 | |||||||||||
December 31, 2013 | 3,058,053 | 1,551,161 | 2,891,592 | 868,942 | |||||||||||||||
Capitalized interest: | |||||||||||||||||||
Year Ended December 31, 2014 | $ | 27,255 | (1) | $ | 3,121 | $ | 26,227 | $ | 1,578 | ||||||||||
Year Ended December 31, 2013 | 16,385 | (1) | 587 | 15,839 | 320 | ||||||||||||||
Interest expense: | |||||||||||||||||||
Year Ended December 31, 2014 | $ | 90,803 | $ | 74,806 | $ | 82,702 | $ | 40,416 | |||||||||||
Year Ended December 31, 2013 | 130,023 | 68,998 | 121,353 | 37,554 | |||||||||||||||
-1 | The Company capitalizes interest costs incurred in funding its equity contributions to development projects accounted for as UJVs. The capitalized interest cost is included in the Company's basis in its investment in UJVs. Such capitalized interest reduces interest expense in the Company's Consolidated Statement of Operations and Comprehensive Income and in the table above is included within Consolidated Subsidiaries. |
Noncontrolling_Interests
Noncontrolling Interests | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Noncontrolling Interest [Abstract] | ||||||||||||
Noncontrolling Interests | Noncontrolling Interests | |||||||||||
Redeemable Noncontrolling Interests | ||||||||||||
The Company's president of Taubman Asia (the Asia President) has an ownership interest in Taubman Asia, a consolidated subsidiary. The Asia President is entitled to 10% of Taubman Asia's dividends, with 85% of his dividends being withheld as contributions to capital. These withholdings will continue until he contributes and maintains his capital consistent with a 10% ownership interest, including all capital funded by the Operating Partnership for Taubman Asia's operating and investment activities subsequent to the Asia President obtaining his ownership interest. The Operating Partnership will have a preferred investment in Taubman Asia to the extent the Asia President has not yet contributed capital commensurate with his ownership interest. This preferred investment will accrue an annual preferential return equal to the Operating Partnership's average borrowing rate (with the preferred investment and accrued return together being referred to herein as the preferred interest). In April 2014, the Taubman Asia operating agreement was amended to provide that so long as the Taubman Asia President is employed by Taubman Asia on April 1, 2016, then during the month ended April 30, 2016, he will have the right to exercise an option to put up to 40% of his ownership interest for cash in December 2016 at a valuation determined as of October 31, 2016. In addition, under the amended agreement, Taubman Asia has the ability to call, and the Asia President has the ability to put, the Asia President’s ownership interest upon specified terminations of the Asia President’s employment, although such put or call right may not be exercised for specified time periods after certain termination events. The redemption price for the ownership interest is 50% (increasing to 100% as early as June 2017) of the fair value of the ownership interest less the amount required to return the Operating Partnership's preferred interest. The Company has determined that the Asia President's ownership interest in Taubman Asia qualifies as an equity award, considering its specific redemption provisions, and accounts for it as a contingently redeemable noncontrolling interest, with a carrying value of zero at December 31, 2014 and December 31, 2013. Any adjustments to the redemption value are recorded through equity. | ||||||||||||
The Company owns a 93.5% controlling interest in a joint venture that is redeveloping International Market Place in Waikiki, Honolulu, Hawaii. The 6.5% joint venture partner has no obligation nor the right to contribute capital. The Company is entitled to a preferential return on its capital contributions. The Company has the right to purchase the joint venture partner's interest and the joint venture partner has the right to require the Company to purchase the joint venture partner's interest after the third anniversary of the opening of the center, and annually thereafter. The purchase price of the joint venture partner's interest will be based on fair value. Considering the redemption provisions, the Company accounts for the joint venture partner's interest as a contingently redeemable noncontrolling interest with a carrying value of zero at December 31, 2014 and December 31, 2013. Any adjustments to the redemption value are recorded through equity. | ||||||||||||
Partnership Units Issued in Connection with 2011 Acquisition | ||||||||||||
In December 2011, the Company acquired The Mall at Green Hills and The Gardens on El Paseo and El Paseo Village from affiliates of Davis Street Properties, LLC (Note 2). The purchase price consideration included 1.3 million Operating Partnership units determined based on a value of $55 per unit. These partnership units became eligible to be converted into the Company's common shares in December 2012 pursuant to the Continuing Offer (Note 15). Prior to that date, the holders had the ability to put the units back to the Operating Partnership for cash at the lesser of the current market price of the Company's common shares or $55 per share. Considering the redemption provisions, the Company accounted for these Operating Partnership units as a redeemable noncontrolling interest through December 2012 when they became subject to the Continuing Offer. In December 2012, upon the expiration of the redemption right of these redeemable noncontrolling interests, the carrying value of these units were classified within Noncontrolling Interests on the Consolidated Balance Sheet. As of December 31, 2014, of the 1.3 million Operating Partnership units originally issued as consideration, approximately 1.0 million units were tendered under the Continuing Offer. | ||||||||||||
Reconciliation of Redeemable Noncontrolling Interests | ||||||||||||
2012 | ||||||||||||
Balance January 1 | $ | 84,235 | ||||||||||
Contributions | 231 | |||||||||||
Distributions | (2,456 | ) | ||||||||||
Allocation of net income (loss) | (976 | ) | ||||||||||
Allocation of other comprehensive income (loss) | (49 | ) | ||||||||||
Capital relinquished in connection with TCBL disposition (Note 2) | (8,855 | ) | ||||||||||
Transfer to nonredeemable equity | (72,035 | ) | ||||||||||
Adjustments of redeemable noncontrolling interests | (95 | ) | ||||||||||
Balance December 31 | $ | — | ||||||||||
There was no significant activity regarding redeemable noncontrolling interests during the years ended December 31, 2014 or December 31, 2013. | ||||||||||||
Equity Balances of Nonredeemable Noncontrolling Interests | ||||||||||||
The net equity balance of the nonredeemable noncontrolling interests as of December 31, 2014 and December 31, 2013 includes the following: | ||||||||||||
2014 | 2013 | |||||||||||
Non-redeemable noncontrolling interests: | ||||||||||||
Noncontrolling interests in consolidated joint ventures | $ | (14,796 | ) | $ | (37,191 | ) | ||||||
Noncontrolling interests in partnership equity of TRG | 116,376 | (58,342 | ) | |||||||||
$ | 101,580 | $ | (95,533 | ) | ||||||||
Income Allocable to Noncontrolling Interests | ||||||||||||
Net income attributable to the noncontrolling interests for the years ended December 31, 2014, 2013, and 2012 includes the following: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income (loss) attributable to noncontrolling interests: | ||||||||||||
Non-redeemable noncontrolling interests: | ||||||||||||
Noncontrolling share of income of consolidated joint ventures | $ | 34,239 | $ | 10,344 | $ | 14,867 | ||||||
Noncontrolling share of income of TRG | 350,870 | 46,434 | 37,752 | |||||||||
$ | 385,109 | $ | 56,778 | $ | 52,619 | |||||||
Redeemable noncontrolling interests | (976 | ) | ||||||||||
$ | 385,109 | $ | 56,778 | $ | 51,643 | |||||||
Equity Transactions | ||||||||||||
The following schedule presents the effects of changes in Taubman Centers, Inc.’s ownership interest in consolidated subsidiaries on Taubman Centers, Inc.’s equity for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income attributable to Taubman Centers, Inc. common shareowners | $ | 863,857 | $ | 109,908 | $ | 83,511 | ||||||
Transfers (to) from the noncontrolling interest: | ||||||||||||
Increase (Decrease) in Taubman Centers, Inc.’s paid-in capital for the adjustments of noncontrolling interest (1) | 83 | 15,129 | 14,903 | |||||||||
Decrease in Taubman Centers, Inc.’s paid-in capital related to the acquisition of additional ownership interest in International Plaza | (339,170 | ) | ||||||||||
Decrease in Taubman Centers, Inc.’s paid-in capital related to the acquisition of additional ownership interest in an outlet joint venture | (1,050 | ) | ||||||||||
Net transfers (to) from noncontrolling interests | 83 | 14,079 | (324,267 | ) | ||||||||
Change from net income attributable to Taubman Centers, Inc. and transfers (to) from noncontrolling interests | $ | 863,940 | $ | 123,987 | $ | (240,756 | ) | |||||
-1 | In 2014, 2013, and 2012, adjustments of the noncontrolling interest were made as a result of changes in the Company's ownership of the Operating Partnership in connection with the Company's share-based compensation under employee and director benefit plans (Note 13), issuances of stock pursuant to the continuing offer (Note 15), issuances of common stock in 2012 (Note 14), the acquisition of additional ownership interest in International Plaza in 2012, redemption of the outlet joint venture partner's interest in 2013, 2013 stock repurchases (Note 14), issuances of Operating Partnership units in connection with the acquisition of centers (Note 2), and redemptions of certain redeemable Operating Partnership Units. | |||||||||||
Finite Life Entities | ||||||||||||
Accounting Standards Codification Topic 480, “Distinguishing Liabilities from Equity” establishes standards for classifying and measuring as liabilities certain financial instruments that embody obligations of the issuer and have characteristics of both liabilities and equity. At December 31, 2014, the Company held a controlling interest in a consolidated entity with a specified termination date in 2083. The noncontrolling owners’ interest in this entity is to be settled upon termination by distribution or transfer of either cash or specific assets of the underlying entity. The estimated fair value of this noncontrolling interest was approximately $430 million at December 31, 2014, compared to a book value of $(23.0) million that is classified in Noncontrolling Interests in the Company’s Consolidated Balance Sheet. The fair value of the noncontrolling interest was calculated as the noncontrolling interest's ownership shares of the underlying property's fair value. The property's fair value was estimated by considering its in-place net operating income, current market capitalization rate, and mortgage debt outstanding. |
Derivative_and_Hedging_Activit
Derivative and Hedging Activities | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||
Derivative and Hedging Activities | Derivative and Hedging Activities | |||||||||||||||||||||||||
Risk Management Objective and Strategies for Using Derivatives | ||||||||||||||||||||||||||
The Company uses derivative instruments, such as interest rate swaps and interest rate caps, primarily to manage exposure to interest rate risks inherent in variable rate debt and refinancings. The Company may also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed-rate financing. The Company’s interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. In a forward starting swap or treasury lock agreement that the Company cash settles in anticipation of a fixed rate financing or refinancing, the Company will receive or pay an amount equal to the present value of future cash flow payments based on the difference between the contract rate and market rate on the settlement date. | ||||||||||||||||||||||||||
The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging. | ||||||||||||||||||||||||||
As of December 31, 2014, the Company had the following outstanding interest rate derivatives that were designated and are expected to be effective as cash flow hedges of the interest payments on the associated debt. | ||||||||||||||||||||||||||
Instrument Type | Ownership | Notional Amount | Swap Rate | Credit Spread on Loan | Total Swapped Rate on Loan | Maturity Date | ||||||||||||||||||||
Consolidated Subsidiaries: | ||||||||||||||||||||||||||
Receive variable (LIBOR) /pay-fixed swap (1) | 100 | % | $ | 200,000 | 1.64 | % | 1.35 | % | (1) | 2.99 | % | (1) | Feb-19 | |||||||||||||
Receive variable (LIBOR) /pay-fixed swap (1) | 100 | % | 175,000 | 1.65 | % | 1.35 | % | (1) | 3 | % | (1) | Feb-19 | ||||||||||||||
Receive variable (LIBOR) /pay-fixed swap (1) | 100 | % | 100,000 | 1.64 | % | 1.35 | % | (1) | 2.99 | % | (1) | Feb-19 | ||||||||||||||
Unconsolidated Joint Ventures: | ||||||||||||||||||||||||||
Receive variable (LIBOR) /pay-fixed swap (2) | 50 | % | 136,706 | 2.4 | % | 1.7 | % | 4.1 | % | Apr-18 | ||||||||||||||||
Receive variable (LIBOR) /pay-fixed swap (2) | 50 | % | 136,706 | 2.4 | % | 1.7 | % | 4.1 | % | Apr-18 | ||||||||||||||||
Receive variable (LIBOR) /pay-fixed swap (3) | 50.1 | % | 175,000 | 1.83 | % | 1.75 | % | 3.58 | % | Dec-21 | ||||||||||||||||
-1 | The hedged forecasted transaction for each of these swaps is the first previously unhedged one-month LIBOR-indexed interest payments accrued and made each month on a debt principal amount equal to the swap notional, regardless of the specific debt agreement from which they may flow. The Company is currently using these swaps to manage interest rate risk on the $475 million TRG Term Loan. The credit spread on this loan can also vary within a range of 1.35% to 1.90%, depending on the Company's leverage ratio at the measurement date. | |||||||||||||||||||||||||
-2 | The notional amount on each of these swaps is equal to 50% of the outstanding principal balance of the loan on Fair Oaks Mall. | |||||||||||||||||||||||||
-3 | The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on International Plaza, which begins amortizing in February 2015 (Note 5). | |||||||||||||||||||||||||
Non-designated Derivatives | ||||||||||||||||||||||||||
Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. | ||||||||||||||||||||||||||
In June 2014, in connection with entering into the Starwood Purchase and Sale Agreement, the Company discontinued hedge accounting on the MacArthur Center swap and accelerated the reclassification of amounts in Accumulated Other Comprehensive Income (Loss) (AOCI) to earnings as a result of it becoming probable that the center's debt would be early extinguished and the hedged interest payments would not occur. The accelerated amount was a loss of $4.9 million recorded as a component of Nonoperating Expense on the Consolidated Statement of Operations and Comprehensive Income. The Company also recorded a loss of $2.9 million to Nonoperating Expense for the year ended December 31, 2014 for changes in the fair value of this swap subsequent to the June 2014 discontinuation of hedge accounting. In October 2014, this swap was terminated and the debt was paid off with the proceeds from the sale to Starwood (Note 2). As of December 31, 2014, the Company does not have any derivatives not designated as hedging instruments. | ||||||||||||||||||||||||||
Cash Flow Hedges of Interest Rate Risk | ||||||||||||||||||||||||||
For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the unrealized gain or loss on the derivative is reported as a component of Other Comprehensive Income (OCI). The ineffective portion of the change in fair value, if any, is recognized directly in earnings. Net realized gains or losses resulting from derivatives that were settled in conjunction with planned fixed-rate financings or refinancings continue to be included in AOCI during the term of the hedged debt transaction. | ||||||||||||||||||||||||||
Amounts reported in AOCI related to currently outstanding derivatives are recognized as an adjustment to income as interest payments are made on the Company’s variable-rate debt. Realized gains or losses on settled derivative instruments included in AOCI are recognized as an adjustment to income over the term of the hedged debt transaction. | ||||||||||||||||||||||||||
The Company expects that approximately $10.5 million of the AOCI of Taubman Centers, Inc. and the noncontrolling interests will be reclassified from AOCI and recognized as a reduction of income in the following 12 months. | ||||||||||||||||||||||||||
The following tables present the effect of derivative instruments on the Company’s Consolidated Statement of Operations and Comprehensive Income for the years ended December 31, 2014, 2013, and 2012. The tables include the amount of gains or losses on outstanding derivative instruments recognized in OCI in cash flow hedging relationships and the location and amount of gains or losses reclassified from AOCI into income resulting from outstanding derivative instruments and settled derivative instruments associated with hedged debt. | ||||||||||||||||||||||||||
During the year ended December 31, 2014, the Company had an immaterial amount of hedge ineffectiveness related to the swap on MacArthur Center (prior to discontinuation of hedge accounting), which was classified as Nonoperating Income on the Consolidated Statement of Operations and Comprehensive Income. For the years ended December 31, 2013, and December 31, 2012 the Company did not have any hedge ineffectiveness or amounts that were excluded from the assessment of hedge effectiveness recorded in earnings. | ||||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||||||||||||||||
Interest rate contracts – consolidated subsidiaries (1) | Nonoperating Expense (1) | $ | (4,880 | ) | ||||||||||||||||||||||
Interest rate contracts – consolidated subsidiaries (1) | $ | (7,362 | ) | $ | 9,990 | $ | (2,821 | ) | Interest Expense (1) | $ | (8,663 | ) | $ | (3,221 | ) | $ | (3,190 | ) | ||||||||
Interest rate contracts – UJVs | 893 | 5,083 | (1,976 | ) | Equity in Income of UJVs | (3,186 | ) | (3,080 | ) | (3,600 | ) | |||||||||||||||
Total derivatives in cash flow hedging relationships | $ | (6,469 | ) | $ | 15,073 | $ | (4,797 | ) | $ | (16,729 | ) | $ | (6,301 | ) | $ | (6,790 | ) | |||||||||
Realized losses on settled cash flow hedges: | ||||||||||||||||||||||||||
Interest rate contracts – consolidated subsidiaries | Interest Expense | $ | (605 | ) | $ | (605 | ) | |||||||||||||||||||
Interest rate contract – UJVs | Equity in Income of UJVs | (188 | ) | |||||||||||||||||||||||
Total realized losses on settled cash flow hedges | $ | — | $ | (605 | ) | $ | (793 | ) | ||||||||||||||||||
(1) Includes the MacArthur Center swap for the period that it was effective as a hedge until June 2014, when hedge accounting was discontinued. | ||||||||||||||||||||||||||
The Company records all derivative instruments at fair value in the Consolidated Balance Sheet. The following table presents the location and fair value of the Company’s derivative financial instruments as reported in the Consolidated Balance Sheet as of December 31, 2014 and 2013. | ||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
Consolidated Balance Sheet Location | December 31 2014 | December 31 | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||
Asset derivatives: | ||||||||||||||||||||||||||
Interest rate contracts – consolidated subsidiaries | Deferred Charges and Other Assets | $ | 1,543 | |||||||||||||||||||||||
Interest rate contracts - UJVs | Investment in UJVs | $ | 109 | |||||||||||||||||||||||
Total assets designated as hedging instruments | $ | 109 | $ | 1,543 | ||||||||||||||||||||||
Liability derivatives: | ||||||||||||||||||||||||||
Interest rate contracts – consolidated subsidiaries | Accounts Payable and Accrued Liabilities | $ | (4,044 | ) | $ | (3,418 | ) | |||||||||||||||||||
Interest rate contracts – UJVs | Investment in UJVs | (5,154 | ) | (5,938 | ) | |||||||||||||||||||||
Total liabilities designated as hedging instruments | $ | (9,198 | ) | $ | (9,356 | ) | ||||||||||||||||||||
Contingent Features | ||||||||||||||||||||||||||
Two of the Company's outstanding derivatives contain provisions that state if the hedged entity defaults on any of its indebtedness in excess of $1 million, then the derivative obligation could also be declared in default. One of the Company's outstanding derivatives contain provisions that state if the hedged entity defaults on any of its recourse indebtedness in excess of $50 million, then the derivative obligation could also be declared in default. Three of the Company’s outstanding derivatives contain provisions that state if the Operating Partnership defaults on any of its recourse indebtedness in excess of $50 million, then the derivative obligation could also be declared in default. As of December 31, 2014, the Company is not in default on any indebtedness that would trigger a credit risk related default on its current outstanding derivatives. | ||||||||||||||||||||||||||
As of December 31, 2014 and 2013, the fair value of derivative instruments with credit-risk-related contingent features that are in a liability position was $9.2 million and $9.4 million, respectively. As of December 31, 2014 and 2013, the Company was not required to post any collateral related to these agreements. If the Company breached any of these provisions it would be required to settle its obligations under the agreements at their fair value. See Note 17 for fair value information on derivatives. |
Leases
Leases | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
Leases Disclosure [Text Block] | Leases | |||
Shopping center space is leased to tenants and certain anchors pursuant to lease agreements. Tenant leases typically provide for minimum rent, percentage rent, and other charges to cover certain operating costs. Future minimum rent under operating leases in effect at December 31, 2014 for operating centers assuming no new or renegotiated leases or option extensions on anchor agreements, is summarized as follows: | ||||
2015 | $ | 282,484 | ||
2016 | 260,605 | |||
2017 | 233,552 | |||
2018 | 207,722 | |||
2019 | 182,095 | |||
Thereafter | 535,127 | |||
Certain shopping centers, as lessees, have ground and building leases expiring at various dates through the year 2104. In addition, one center has an option to extend the term for three 10-year periods and another center has the option to extend the lease term for one additional 10-year period. Ground rent is recognized on a straight-line basis over the lease terms. | ||||
The Company also leases certain of its office facilities and certain equipment. Office facility and equipment leases expire at various dates through the year 2019. | ||||
Rental expense on a straight-line basis under operating leases was $12.6 million in 2014, $13.4 million in 2013, and $12.0 million in 2012. Included in these amounts are related party office rental expense of $2.5 million in 2013 and $2.2 million in 2012. As a result of the Company's purchase of the U.S. headquarters building in February 2014 (Note 2), which was previously rented from an affiliate of the Taubman family, related party office rental expense decreased to $0.2 million in 2014. Contingent rent expense under operating leases was $1.7 million in 2014, $1.4 million in 2013, and $0.9 million in 2012. Payables representing straight-line rent adjustments under lease agreements were $44.8 million and $41.2 million, as of December 31, 2014, and 2013, respectively. | ||||
The following is a schedule of future minimum rental payments required under operating leases: | ||||
2015 | $ | 9,935 | ||
2016 | 12,834 | |||
2017 | 13,240 | |||
2018 | 13,200 | |||
2019 | 12,737 | |||
Thereafter | 755,342 | |||
City Creek Center, a mixed-use project in Salt Lake City, Utah, opened in March 2012. The Company owns the retail space subject to a long-term participating lease. City Creek Reserve, Inc. (CCRI), an affiliate of the LDS Church is the participating lessor. The Company owns 100% of the leasehold interest in the retail buildings and property. CCRI has an option to purchase the Company’s interest at fair value at various points in time over the term of the lease. In addition to the minimum rent included in the table above, the Company pays contingent rent based on the performance of the center. | ||||
International Market Place, a regional mall redevelopment project located in Waikiki, Honolulu, Hawaii, is expected to open in spring 2016. The project is subject to a long-term participating ground lease. In addition to minimum rent included in the table above, the Company will pay contingent rent based on the performance of the center. |
The_Manager
The Manager | 12 Months Ended |
Dec. 31, 2014 | |
The Manager [Abstract] | |
The Manager [Text Block] | The Manager |
The Taubman Company LLC (the Manager), which is 99% beneficially owned by the Operating Partnership, provides property management, leasing, development, and other administrative services to the Company, the shopping centers, Taubman affiliates, and other third parties. Accounts receivable from related parties include amounts due from Unconsolidated Joint Ventures or other affiliates of the Company, primarily relating to services performed by the Manager. These receivables include certain amounts due to the Manager related to reimbursement of third party (non-affiliated) costs. | |
A. Alfred Taubman and certain of his affiliates receive various management services from the Manager. For such services, Mr. Taubman and affiliates paid the Manager approximately $2.9 million, $3.1 million, and $3.2 million in 2014, 2013, and 2012, respectively. These amounts are classified in Management, Leasing, and Development Services revenues within the Consolidated Statement of Operations and Comprehensive Income. | |
Other related party transactions are described in Note 13 and Note 15. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||
Share-Based Compensation | Share-Based Compensation and Other Employee Plans | |||||||||||||||||
The Taubman Company 2008 Omnibus Long-Term Incentive Plan (2008 Omnibus Plan), as amended, which is shareowner approved, provides for the award to directors, officers, employees, and other service providers of the Company of restricted shares, restricted units of limited partnership in the Operating Partnership, options to purchase shares or Operating Partnership units, unrestricted shares or Operating Partnership units, and other awards to acquire up to an aggregate of 8.5 million Company common shares or Operating Partnership units. In addition, non-employee directors have the option to defer their compensation under a deferred compensation plan. | ||||||||||||||||||
Non-option awards granted after an amendment of the 2008 Omnibus Plan in 2010 are deducted at a ratio of 1.85 Company common shares or Operating Partnership units, while non-option awards granted prior to the amendment are deducted at a ratio of 2.85. Options are deducted on a one-for-one basis. The amount available for future grants is adjusted when the number of contingently issuable shares or units are settled, for grants that are forfeited, and for options that expire without being exercised. | ||||||||||||||||||
Prior to the adoption of the 2008 Omnibus Plan, the Company provided share-based compensation through an incentive option plan and non-employee directors' stock grant and deferred compensation plans. | ||||||||||||||||||
The compensation cost charged to income for the Company’s share-based compensation plans was $17.1 million, $12.9 million, and $11.9 million for the years ended December 31, 2014, 2013, and 2012, respectively. Compensation cost capitalized as part of properties and deferred leasing costs was $2.0 million, $1.6 million, and $1.1 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||
The Company estimated the grant-date fair values of options, performance share units, and restricted share units using the methods discussed in the separate sections below for each type of grant. Expected volatility and dividend yields are based on historical volatility and yields of the Company’s common stock, respectively, as well as other factors. The risk-free interest rates used are based on the U.S. Treasury yield curves in effect at the times of grants. The Company assumes no forfeitures of options or performance share units due to the small number of participants and low turnover rate. | ||||||||||||||||||
Modification of Grants for Special Dividend | ||||||||||||||||||
In December 2014, the Company paid a special dividend of $4.75 per share of common stock to all shareholders of record as of the close of business on December 15, 2014. In connection with this special dividend, the Board of Directors approved award adjustments to all outstanding PSU and RSU grants and to options that had not been exercised prior to the ex-dividend date for the special dividend to ensure that the holders were in a neutral economic position after giving effect to the payment of the special dividend. | ||||||||||||||||||
The number of units subject to each such PSU and RSU grant was increased and for option holders, the exercise price was decreased, so that each grant or option had the same intrinsic value to the holder before and after giving effect to the payment of the special dividend. | ||||||||||||||||||
The total additional compensation related to the award adjustments was approximately $4.5 million, which will be recognized over the remaining vesting period, if any, of the grants. Amounts relating to vested options were recognized immediately. | ||||||||||||||||||
Options | ||||||||||||||||||
Options are granted to purchase units of limited partnership interest in the Operating Partnership, which are exchangeable for new shares of the Company’s stock under the Continuing Offer (Note 15). The options have ten-year contractual terms. | ||||||||||||||||||
A summary of option activity for the years ended December 31, 2014, 2013, and 2012 is presented below: | ||||||||||||||||||
Number of Options | Weighted Average | Weighted Average Remaining Contractual Term (in years) | Range of Exercise Prices | |||||||||||||||
Exercise Price | ||||||||||||||||||
Outstanding at January 1, 2012 | 1,321,990 | $ | 37.13 | 4.8 | $ | 13.83 | - | $ | 55.9 | |||||||||
Exercised | -632,188 | 31.28 | ||||||||||||||||
Outstanding at December 31, 2012 | 689,802 | $ | 42.5 | 3.8 | $ | 24.74 | - | $ | 55.9 | |||||||||
Exercised | -126,366 | 36.67 | ||||||||||||||||
Outstanding at December 31, 2013 | 563,436 | $ | 43.81 | 2.6 | $ | 31.31 | - | $ | 55.9 | |||||||||
Exercised | -42,143 | 42.16 | ||||||||||||||||
Outstanding at December 31, 2014 | 521,293 | $ | 39.2 | 1.6 | $ | 26.56 | - | $ | 51.15 | (1) | ||||||||
Fully vested options at December 31, 2014 | 521,293 | $ | 39.2 | 1.6 | ||||||||||||||
(1) Range of exercise prices as of December 31, 2014 reflects adjustments to the exercise price as a result of the grant modification in December 2014. | ||||||||||||||||||
As of December 31, 2014 and 2013, all options outstanding were fully vested and there was no unrecognized compensation cost related to options. | ||||||||||||||||||
The aggregate intrinsic value (the difference between the period end stock price and the option exercise price) of in-the-money options outstanding was $19.4 million as of December 31, 2014. | ||||||||||||||||||
The total intrinsic value of options exercised during the years ended December 31, 2014, 2013, and 2012 was $1.4 million, $4.8 million, and $28.7 million, respectively. Cash received from option exercises for the years ended December 31, 2014, 2013, and 2012 was $1.8 million, $4.6 million, and $19.8 million, respectively. | ||||||||||||||||||
Under both the prior option plan and the 2008 Omnibus Plan, vested unit options can be exercised by tendering mature units with a market value equal to the exercise price of the unit options. In 2002, Robert S. Taubman, the Company’s chief executive officer, exercised options for 3.0 million units by tendering 2.1 million mature units and deferring receipt of 0.9 million units under the unit option deferral election. As the Operating Partnership pays distributions, the deferred option units receive their proportionate share of the distributions, including the special distribution, in the form of cash payments. Under an amendment executed in January 2011, beginning in December 2017 (unless Mr. Taubman retires earlier), the deferred partnership units will be issued in ten annual installments. The deferred units are accounted for as participating securities of the Operating Partnership. | ||||||||||||||||||
In December 2014, the Company modified all outstanding option awards to ensure that holders were in a neutral economic position after giving effect to the payment of the special dividend by decreasing the exercise price of each award by $4.75. With the exception of the decrease to the exercise price, all terms of the modified awards remained the same as the original awards. The Company estimated the incremental fair values of the modification as of the modification date using a Black-Scholes valuation model considering: the Company’s common stock price at the modification date; before and after modification exercise prices ranging from $31.31 to $55.90 and $26.56 to $51.15, respectively; expected volatility of 13.62% to 19.14%, expected dividend yield of 2.70%, remaining contractual term (in years) of 0.46 to 3.24, and a risk-free interest rate of 0.07% to 0.98%. Expected volatility and dividend yields are based on historical volatility and yields of the Company’s common stock, respectively. The risk-free interest rates used are based on the U.S. Treasury yield curves in effect on the modification date. | ||||||||||||||||||
Performance Share Units | ||||||||||||||||||
In 2014, 2013, and 2012 the Company granted Performance Share Units (PSU) under the 2008 Omnibus Plan. Each PSU represents the right to receive, upon vesting, shares of the Company’s common stock ranging from 0-300% of the PSU based on the Company’s market performance relative to that of a peer group. The vesting date is March 2017, March 2016, and March 2015, for the 2014, 2013, and 2012 grants, respectively, if continuous service has been provided, or upon retirement or certain other events (such as death or disability) if earlier. No dividends accumulate during the vesting period. | ||||||||||||||||||
The Company estimated the value of the PSU granted in 2014, 2013, and 2012 using a Monte Carlo simulation, considering the Company’s common stock price at the grant date less the present value of the expected dividends during the vesting periods, historical returns of the Company and the peer group of companies, and risk-free interest rates and measurement periods existing at the grant dates. Specific assumptions and the valuation results are shown below. | ||||||||||||||||||
Grant Dates | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Risk-free interest rate | 0.70% | 0.30% to 0.40% | 0.35% to 0.45% | |||||||||||||||
Measurement period | 3 years | 3 years | 3 years | |||||||||||||||
Weighted average grant-date fair value | $93.07 | $103.37 | $107.45 | |||||||||||||||
In 2013, the Company also granted additional PSU under the 2008 Omnibus Plan that represent the right to receive, upon vesting, shares of the Company’s common stock ranging from 0-400% of the PSU based on the Company’s market performance relative to that of a peer group. The units vest in March 2017, if continuous service has been provided, or upon certain other events (such as death or disability) if earlier. No dividends accumulate during the vesting period. The Company estimated the value of these PSU granted using a Monte Carlo simulation, considering the Company’s common stock price at the grant date less the present value of the expected dividends during the vesting periods, historical returns of the Company and the peer group of companies, a risk-free interest rate of 0.46% to 0.62%, and a measurement period of approximately four years. The resulting weighted average grant-date fair value was $171.05 per PSU. | ||||||||||||||||||
In 2012, the Company also granted additional PSU under the 2008 Omnibus Plan that represent the right to receive, upon vesting, shares of the Company’s common stock ranging from 0-400% of the PSU based on the Company’s market performance relative to that of a peer group. The units vest in March 2017, if continuous service has been provided, or upon certain other events (such as death or disability) if earlier. No dividends accumulate during the vesting period. The Company estimated the value of these PSU granted using a Monte Carlo simulation, considering the Company’s common stock price at the grant date less the present value of the expected dividends during the vesting period, historical returns of the Company and the peer group of companies, a risk-free interest rate of 0.70% to 0.90%, and a measurement period of five years. The resulting weighted average grant-date fair value was $189.23 per PSU. | ||||||||||||||||||
In December 2014, the Company modified all outstanding PSU grants to ensure that holders were in a neutral economic position after giving effect to the payment of the special dividend by increasing the number of PSU granted in each award. With the exception of the number of PSU granted, all terms of the modified awards remained the same as the original awards. The Company estimated the incremental fair values of the modification as of the modification date using a Monte Carlo simulation, considering the Company’s common stock price at the modification date less the special dividend and the present value of the expected dividends during the remaining vesting periods, historical returns of the Company and the peer group of companies, a risk-free interest rate of 0.03% to 0.65%, and a measurement period of 0.24 to 2.25 years. | ||||||||||||||||||
A summary of PSU activity for the years ended December 31, 2014, 2013, and 2012 is presented below: | ||||||||||||||||||
Number of Performance Stock Units | Weighted Average Grant Date Fair Value | |||||||||||||||||
Outstanding at January 1, 2012 | $ | 326,151 | $ | 38.2 | ||||||||||||||
Granted (three-year vesting) | 50,041 | 107.45 | ||||||||||||||||
Granted (five-year vesting) | 108,224 | 189.23 | ||||||||||||||||
Forfeited | (24,733 | ) | 123.41 | |||||||||||||||
Vested | (196,943 | ) | (1) | 15.6 | ||||||||||||||
Outstanding at December 31, 2012 | $ | 262,740 | $ | 122.52 | ||||||||||||||
Granted (three-year vesting) | 42,178 | 103.37 | ||||||||||||||||
Granted (four-year vesting) | 15,444 | 171.05 | ||||||||||||||||
Forfeited | (12,240 | ) | 140.49 | |||||||||||||||
Vested | (73,259 | ) | (1) | 65.29 | ||||||||||||||
Outstanding at December 31, 2013 | $ | 234,863 | $ | 139.18 | ||||||||||||||
Granted | 49,157 | 93.07 | ||||||||||||||||
Forfeited | (771 | ) | 160.09 | |||||||||||||||
Vested | (43,858 | ) | (1) | 85.4 | ||||||||||||||
Special dividend adjustment (2) | 15,260 | 57 | ||||||||||||||||
Outstanding at December 31, 2014 | $ | 254,651 | $ | 132.86 | ||||||||||||||
(1) Based on the Company's market performance relative to that of a peer group, the actual number of shares of common stock issued upon vesting during the year ended December 31, 2014, 2013, and 2012 equaled 172%, 300%, and 240%, respectively, of the number of PSU awards vested in the table above. | ||||||||||||||||||
(2) Represents an adjustment made to the PSU as a result of the grant modification in December 2014. | ||||||||||||||||||
The total intrinsic value of PSU vested during the years ended December 31, 2014, 2013, and 2012 was $5.3 million, $16.9 million, and $32.8 million, respectively. | ||||||||||||||||||
None of the PSU outstanding at December 31, 2014 were vested. As of December 31, 2014, there was $14.6 million of total unrecognized compensation cost related to nonvested PSU outstanding. This cost is expected to be recognized over an average period of 1.93 years. | ||||||||||||||||||
Restricted Share Units | ||||||||||||||||||
In 2014, 2013, and 2012, restricted share units (RSU) were issued under the 2008 Omnibus Plan and represent the right to receive upon vesting one share of the Company’s common stock. The vesting date is March 2017, March 2016, and March 2015 for the 2014, 2013, and 2012 grants, respectively, if continuous service has been provided through that period, or upon retirement or certain other events if earlier. No dividends accumulate during the vesting period. | ||||||||||||||||||
The Company estimated the values of the RSU granted in 2014 using the Company’s common stock at the grant dates deducting the present value of expected dividends during the vesting periods using a risk-free rate of 0.70%. The result of the Company’s valuations was a weighted average grant-date fair value of $63.95 per RSU granted during 2014. The Company estimated the value of the RSU granted in 2013 using the Company’s common stock at the grant dates deducting the present value of expected dividends during the vesting period using a risk-free rate of 0.30% to 0.49%. The result of the Company’s valuations was a weighted average grant-date fair value of $71.67 per RSU granted during 2013. The Company estimated the value of the RSU granted in 2012 using the Company's common stock at the grant date deducting the present value of expected dividends during the vesting period using a risk-free interest rate of 0.35% to 0.50%. The result of the Company's valuation was a weighted average grant-date fair value of $65.14 per RSU granted 2012. | ||||||||||||||||||
In 2014, Restricted Share Units (RSU) were granted under the 2008 Omnibus Plan and represent the right to receive upon vesting one share of the Company’s common stock. The units vest in March 2017, if continuous service has been provided, or upon retirement or certain other events (such as death or disability) if earlier. No dividends accumulate during the vesting period. The Company estimated the values of these RSU using the Company’s common stock at the grant dates deducting the present value of expected dividends during the vesting periods using a risk-free interest rate of 0.70%. The result of the Company’s valuation was a weighted average grant-date fair value of $63.95 per RSU. | ||||||||||||||||||
In 2014, the Company also granted a limited number of additional RSU that represent the right to receive upon vesting one share of the Company’s common stock. The units have staggered vesting dates from March 2015 to March 2017, if continuous service has been provided through those periods, or upon retirement or certain other events (such as death or disability) if earlier. No dividends accumulate during the vesting periods. The Company estimated the value of these additional RSU using the Company's common stock price at the grant date deducting the present value of expected dividends during the vesting periods using a risk-free interest rate of 0.13% to 0.71%. The result of the Company's valuation was a weighted average grant-date fair value of $66.19 per RSU. | ||||||||||||||||||
In 2013, the Company also granted a limited number of additional RSU that represent the right to receive upon vesting one share of the Company’s common stock. The units have staggered vesting dates from March 2014 to March 2015, if continuous service has been provided through those periods, or upon retirement or certain other events (such as death or disability) if earlier. No dividends accumulate during the vesting periods. The Company estimated the value of these additional RSU using the Company's common stock price at the grant date deducting the present value of expected dividends during the vesting periods using a risk-free interest rate of 0.10% to 0.19%. The result of the Company's valuation was a weighted average grant-date fair value of $81.38 per RSU. | ||||||||||||||||||
In December 2014, the Company modified all outstanding RSU grants to ensure that holders were in a neutral economic position after giving effect to the payment of the special dividend by increasing the number of RSU granted in each award. With the exception of the number of RSU granted, all terms of the modified awards remained the same as the original awards. The Company estimated the incremental fair values of the modification as of the modification date using the Company’s common stock price at the modification date less the special dividend and the present value of the expected dividends during the remaining vesting periods using a risk free interest rate of 0.03% to 0.65% and a measurement period of 0.24 to 2.25 years. | ||||||||||||||||||
A summary of RSU activity for the years ended December 31, 2014, 2013, and 2012 is presented below: | ||||||||||||||||||
Number of Restricted Stock Units | Weighted average Grant Date Fair Value | |||||||||||||||||
Outstanding at January 1, 2012 | $ | 605,927 | $ | 22.06 | ||||||||||||||
Granted | 107,653 | 65.14 | ||||||||||||||||
Forfeited | (26,665 | ) | 46.48 | |||||||||||||||
Vested | (364,610 | ) | 9.9 | |||||||||||||||
Outstanding at December 31, 2012 | $ | 322,305 | $ | 48.19 | ||||||||||||||
Granted (three-year vesting) | 92,103 | 71.67 | ||||||||||||||||
Granted (staggered vesting) | 5,197 | 81.38 | ||||||||||||||||
Forfeited | (11,678 | ) | 57.6 | |||||||||||||||
Vested | (138,028 | ) | 37.03 | |||||||||||||||
Outstanding at December 31, 2013 | $ | 269,899 | $ | 62 | ||||||||||||||
Granted (three-year vesting) | 106,540 | 63.95 | ||||||||||||||||
Granted (staggered vesting) | 8,505 | 66.19 | ||||||||||||||||
Forfeited | (4,843 | ) | 65.44 | |||||||||||||||
Vested | (104,302 | ) | 51.96 | |||||||||||||||
Special dividend adjustment (1) | 17,852 | 72.27 | ||||||||||||||||
Outstanding at December 31, 2014 | $ | 293,651 | $ | 67 | ||||||||||||||
. | ||||||||||||||||||
(1) Represents an adjustment made to the RSU as a result of the grant modification in December 2014. | ||||||||||||||||||
Based on an analysis of historical employee turnover, the Company has made an annual forfeiture assumption of approximately 2.02% of grants when recognizing compensation costs relating to the RSU. | ||||||||||||||||||
The total intrinsic value of RSU vested during the years ended December 31, 2014, 2013, and 2012 was $7.4 million, $10.6 million, and $25.2 million, respectively. | ||||||||||||||||||
None of the RSU outstanding at December 31, 2014 were vested. As of December 31, 2014, there was $7.9 million of total unrecognized compensation cost related to nonvested RSU outstanding. This cost is expected to be recognized over an average period of 1.58 years. | ||||||||||||||||||
Non-Employee Directors’ Stock Grant and Deferred Compensation | ||||||||||||||||||
The 2008 Omnibus Plan provides a quarterly grant to each non-employee director of the Company shares of the Company's common stock based on the fair value of the Company's common stock on the last business day of the preceding quarter. The annual fair market value of the grant was $120,000 in 2014 and 2013, and $70,000 in 2012. As of December 31, 2014, 11,106 shares have been issued under the 2008 Omnibus Plan. Certain directors have elected to defer receipt of their shares as described below. | ||||||||||||||||||
The Non-Employee Directors’ Deferred Compensation Plan (DCP), which was approved by the Company’s Board of Directors, allows each non-employee director of the Company the right to defer the receipt of all or a portion of his or her annual director retainer until the termination of his or her service on the Company’s Board of Directors and for such deferred compensation to be denominated in restricted stock units. The number of restricted stock units received equals the deferred retainer fee divided by the fair market value of the common stock on the business day immediately before the date the director would otherwise have been entitled to receive the retainer fee. The restricted stock units represent the right to receive equivalent shares of common stock at the end of the deferral period. During the deferral period, when the Company pays cash dividends on its common stock, including special dividends, the directors’ deferral accounts will be credited with dividend equivalents on their deferred restricted stock units, payable in additional restricted stock units based on the fair market value of the Company’s common stock on the business day immediately before the record date of the applicable dividend payment. There were 113,839 restricted stock units outstanding under the DCP at December 31, 2014. | ||||||||||||||||||
Other Employee Plans | ||||||||||||||||||
As of December 31, 2014 and 2013, the Company had fully vested awards outstanding for 11,508 and 10,536 notional shares of stock, respectively, under a previous long-term performance compensation plan. These awards will be settled in cash based on a twenty day average of the market value of the Company's common stock. The liability for the eventual payout of these awards is marked to market quarterly based on the twenty day average of the Company's stock price. The Company recorded compensation costs related to the plan of $0.2 million for the year ended December 31, 2014, $0.1 million in 2013, and $0.3 million in 2012. In 2012, $0.7 million was paid out under this plan. No awards under this plan were paid out during 2014 or 2013. | ||||||||||||||||||
The Company has a voluntary retirement savings plan established in 1983 and amended and restated effective January 1, 2012 (the Plan). The Company believes the Plan is qualified in accordance with Section 401(k) of the Internal Revenue Code (the Code). The Company contributes an amount equal to 2% of the qualified wages of all qualified employees and matches employee contributions in excess of 2% up to 7% of qualified wages. In addition, the Company may make discretionary contributions within the limits prescribed by the Plan and imposed in the Code. The Company’s contributions and costs relating to the Plan were $3.3 million in 2014, $3.2 million in 2013, and $3.0 million in 2012. |
Common_and_Preferred_Stock_and
Common and Preferred Stock and Equity of TRG | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Common and Preferred Stock and Equity of TRG [Text Block] | Common and Preferred Stock and Equity of TRG |
Common Stock | |
In August 2013, the Company’s Board of Directors authorized a share repurchase program under which the Company may repurchase up to $200 million of its outstanding common stock. The Company plans to repurchase shares from time to time on the open market or in privately negotiated transactions or otherwise, depending on market prices and other conditions. As of December 31, 2014, the Company repurchased 787,071 shares of its common stock at an average price of $66.45 per share for a total of $52.3 million under the authorization. All shares repurchased have been cancelled. For each share of the Company’s stock repurchased, an equal number of the Company’s Operating Partnership units are redeemed. Repurchases of common stock were financed through general corporate funds, including borrowings under existing lines of credit. | |
In August 2012, the Company sold 2,875,000 of its common shares. The proceeds were used by the Company to acquire an equal number of Operating Partnership units. The Operating Partnership paid all offering costs. The Operating Partnership used the net proceeds, after offering costs, of $208.9 million to reduce outstanding borrowings under its revolving lines of credit. No common shares were sold in 2014 or 2013. | |
Preferred Stock | |
The Company is obligated to issue to the noncontrolling partners of TRG, upon subscription, one share of Series B Non-Participating Convertible Preferred Stock (Series B Preferred Stock) for each of the Operating Partnership units held by the noncontrolling partners. Each share of Series B Preferred Stock entitles the holder to one vote on all matters submitted to the Company's shareowners. The holders of Series B Preferred Stock, voting as a class, have the right to designate up to four nominees for election as directors of the Company. On all other matters, including the election of directors, the holders of Series B Preferred Stock will vote with the holders of common stock. The holders of Series B Preferred Stock are not entitled to dividends or earnings of the Company. The Series B Preferred Stock is convertible into common stock at a ratio of 14,000 shares of Series B Preferred Stock for one share of common stock. During the years ended December 31, 2014, 2013, and 2012, 35,500 shares, 176,630 shares, and 1,132,359 shares of Series B Preferred Stock, respectively, were converted to one share, 10 shares, and 65 shares of the Company’s common stock, respectively, as a result of tenders of units under the Continuing Offer (Note 15). | |
In March 2013, the Company issued 6,800,000 shares of 6.25% Series K Preferred Stock. Net proceeds from the offering were $164.4 million, net of offering costs of $5.6 million. The Series K Preferred Stock has no stated maturity, sinking fund, or mandatory redemption requirements and generally is not convertible into any other security of the Company. The Series K Preferred Stock has a liquidation preference of $170.0 million ($25 per share). Dividends are cumulative and are paid in arrears on the last day of each calendar quarter. The Series K Preferred Stock will be redeemable by the Company at par, $25 per share, plus accrued dividends, generally beginning in March 2018. The Company owns corresponding Series K Preferred Equity interests in the Operating Partnership that entitle the Company to income and distributions (in the form of guaranteed payments) in amounts equal to the dividends payable on the Company's Series K Preferred Stock. The Series K Preferred Stock is generally non-voting. The Company's Series K Preferred Stock ranks on parity with its Series J Preferred Stock with respect to the payment of dividends and distributions of assets upon liquidation, dissolution or winding up of its affairs. | |
In September 2012, the Company redeemed the 8% Series G Cumulative Redeemable Preferred Stock (Series G Preferred Stock) and 7.625% Series H Cumulative Redeemable Preferred Stock (Series H Preferred Stock) at prices per share of $25.35 and $25.33, respectively, which include accrued and unpaid dividends. The Company previously had 4,000,000 shares (par value $100 million) of its Series G Preferred Stock outstanding and 3,480,000 shares (par value $87 million) of its Series H Preferred Stock outstanding. As a result of the redemptions in 2012, the Company recognized charges of $3.3 million and $3.1 million, representing the difference between the carrying values and the redemption prices of its Series G Preferred Stock and Series H Preferred Stock, respectively. These charges are included within Preferred Stock Dividends on the Consolidated Statement of Operations and Comprehensive Income for the year ended December 31, 2012. The Series G Preferred Stock had no stated maturity, sinking fund, or mandatory redemption requirements. Dividends were cumulative and payable on the last day of each calendar quarter. The Series H Preferred Stock had no stated maturity, sinking fund, or mandatory redemption requirements. Dividends were cumulative and payable in arrears on or before the last day of each calendar quarter. | |
The Series G Preferred Stock and Series H Preferred Stock were redeemed with the net proceeds of $186.2 million from the issuance of 7,700,000 shares of 6.5% Series J Cumulative Redeemable Preferred Stock (Series J Preferred Stock) in August 2012. Offering costs of $6.3 million were incurred in connection with this issuance. The Series J Preferred Stock has no stated maturity, sinking fund, or mandatory redemption requirements and generally is not convertible into any other security of the Company. The Series J Preferred Stock has a liquidation preference of $192.5 million ($25 per share). Dividends are cumulative and are paid on the last business day of each calendar quarter. All accrued dividends have been paid. The Series J Preferred Stock will be redeemable by the Company at par, $25 per share, plus accrued dividends, generally beginning in August 2017. The Company owns corresponding Series J Preferred Equity interests in the Operating Partnership that entitle the Company to income and distributions (in the form of guaranteed payments) in amounts equal to the dividends payable on the Company's Series J Preferred Stock. The Series J Preferred Stock is generally non-voting. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Cash Tender | |
At the time of the Company's initial public offering and acquisition of its partnership interest in the Operating Partnership in 1992, the Company entered into an agreement (the Cash Tender Agreement) with A. Alfred Taubman, who owns an interest in the Operating Partnership, whereby he has the annual right to tender to the Company partnership units in the Operating Partnership (provided that the aggregate value is at least $50 million) and cause the Company to purchase the tendered interests at a purchase price based on a market valuation of the Company on the trading date immediately preceding the date of the tender. At A. Alfred Taubman's election, his family may participate in tenders. The Company will have the option to pay for these interests from available cash, borrowed funds, or from the proceeds of an offering of the Company's common stock. Generally, the Company expects to finance these purchases through the sale of new shares of its stock. The tendering partner will bear all market risk if the market price at closing is less than the purchase price and will bear the costs of sale. Any proceeds of the offering in excess of the purchase price will be for the sole benefit of the Company. The Company accounts for the Cash Tender Agreement between the Company and Mr. Taubman as a freestanding written put option. As the option put price is defined by the current market price of the Company's stock at the time of tender, the fair value of the written option defined by the Cash Tender Agreement is considered to be zero. | |
Based on a market value at December 31, 2014 of $76.42 per share for the Company's common stock, the aggregate value of interests in the Operating Partnership that may be tendered under the Cash Tender Agreement was $1.8 billion. The purchase of these interests at December 31, 2014 would have resulted in the Company owning an additional 27% interest in the Operating Partnership. | |
Continuing Offer | |
The Company has made a continuing, irrevocable offer to all present holders (other than certain excluded holders, including A. Alfred Taubman), permitted assignees of all present holders, those future holders of partnership interests in the Operating Partnership as the Company may, in its sole discretion, agree to include in the continuing offer, all existing optionees under the previous option plan, and all existing and future optionees under the 2008 Omnibus Plan to exchange shares of common stock for partnership interests in the Operating Partnership (the Continuing Offer). Under the Continuing Offer agreement, one unit of the Operating Partnership interest is exchangeable for one share of the Company's common stock. Upon a tender of Operating Partnership units, the corresponding shares of Series B Preferred Stock, if any, will automatically be converted into the Company’s common stock at a ratio of 14,000 shares of Series B Preferred Stock for one share of common stock. | |
Litigation | |
In December 2014, the Company settled a previously ongoing litigation in the United States District Court for the Eastern District of Pennsylvania (Case No. 09-CV-01619 and Case No. 11-CV-05676) related to The Pier Shops. No material losses were incurred as a result of the settlement. | |
The Company carries liability insurance to mitigate its exposure to certain losses, including those relating to personal injury claims. We believe the Company's insurance policy terms and conditions and limits are appropriate and adequate given the relative risk of loss and industry practice. However, there are certain types of losses, such as punitive damage awards, that may not be covered by insurance, and not all potential losses are insured against. | |
Other | |
See Note 8 for the Operating Partnership's guarantees of certain notes payable, including guarantees relating to Unconsolidated Joint Ventures, Note 9 for contingent features relating to certain joint venture agreements, Note 10 for contingent features relating to derivative instruments, and Note 13 for obligations under existing share-based compensation plans. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share | Earnings Per Share | |||||||||||
Basic earnings per share amounts are based on the weighted average of common shares outstanding for the respective periods. Diluted earnings per share amounts are based on the weighted average of common shares outstanding plus the dilutive effect of potential common stock. Potential common stock includes outstanding partnership units exchangeable for common shares under the Continuing Offer (Note 15), outstanding options for partnership units, PSU, RSU, deferred shares under the Non-Employee Directors’ Deferred Compensation Plan, and unissued partnership units under a unit option deferral election (Note 13). In computing the potentially dilutive effect of potential common stock, partnership units are assumed to be exchanged for common shares under the Continuing Offer, increasing the weighted average number of shares outstanding. The potentially dilutive effects of partnership units outstanding and/or issuable under the unit option deferral elections are calculated using the if-converted method, while the effects of other potential common stock are calculated using the treasury method. Contingently issuable shares are included in diluted EPS based on the number of shares, if any, that would be issuable if the end of the reporting period were the end of the contingency period. | ||||||||||||
Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator): | ||||||||||||
Basic | $ | 863,857 | $ | 109,908 | $ | 83,511 | ||||||
Impact of additional ownership of TRG | 10,933 | 497 | 672 | |||||||||
Diluted | $ | 874,790 | $ | 110,405 | $ | 84,183 | ||||||
Shares (Denominator) – basic | 63,267,800 | 63,591,523 | 59,884,455 | |||||||||
Effect of dilutive securities | 1,653,264 | 983,889 | 1,491,989 | |||||||||
Shares (Denominator) – diluted | 64,921,064 | 64,575,412 | 61,376,444 | |||||||||
Earnings per common share - basic | $ | 13.65 | $ | 1.73 | $ | 1.39 | ||||||
Earnings per common share - diluted | $ | 13.47 | $ | 1.71 | $ | 1.37 | ||||||
The calculation of diluted earnings per share in certain periods excluded certain potential common stock including outstanding partnership units and unissued partnership units under a unit option deferral election, both of which may be exchanged for common shares of the Company under the Continuing Offer. The table below presents the potential common stock excluded from the calculation of diluted earnings per share as they were anti-dilutive in the period presented. | ||||||||||||
Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Weighted average noncontrolling partnership units outstanding | 4,351,727 | 4,428,624 | 5,063.74 | |||||||||
Unissued partnership units under unit option deferral elections | 871,262 | 871,262 | ||||||||||
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Disclosures | Fair Value Disclosures | ||||||||||||||||
This note contains required fair value disclosures for assets and liabilities remeasured at fair value on a recurring basis and financial instruments carried at other than fair value, as well as assumptions employed in deriving these fair values. | |||||||||||||||||
Recurring Valuations | |||||||||||||||||
Derivative Instruments | |||||||||||||||||
The fair value of interest rate hedging instruments is the amount that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the reporting date. The Company’s valuations of its derivative instruments are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative, and therefore fall into Level 2 of the fair value hierarchy. The valuations reflect the contractual terms of the derivatives, including the period to maturity, and use observable market-based inputs, including forward curves. The fair values of interest rate hedging instruments also incorporate credit valuation adjustments to appropriately reflect both the Company’s own nonperformance risk and the respective counterparty's nonperformance risk. | |||||||||||||||||
Other | |||||||||||||||||
The Company's valuation of an insurance deposit utilizes unadjusted quoted prices determined by active markets for the specific securities the Company has invested in, and therefore falls into Level 1 of the fair value hierarchy. | |||||||||||||||||
For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of the fair value for each major category of assets and liabilities is presented below: | |||||||||||||||||
Fair Value Measurements as of December 31, 2014 Using | Fair Value Measurements as of December 31, 2013 Using | ||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 1) | (Level 2) | ||||||||||||||
Insurance deposit | $ | 13,059 | $ | 12,225 | |||||||||||||
Derivative interest rate contracts (Note 10) | $ | 1,543 | |||||||||||||||
Total assets | $ | 13,059 | $ | — | $ | 12,225 | $ | 1,543 | |||||||||
Derivative interest rate contracts (Note 10) | $ | (4,044 | ) | $ | (3,418 | ) | |||||||||||
Total liabilities | $ | (4,044 | ) | $ | (3,418 | ) | |||||||||||
The insurance deposit shown above represents an escrow account maintained in connection with a property and casualty insurance arrangement for the Company’s shopping centers, and is classified within Deferred Charges and Other Assets on the Consolidated Balance Sheet. Corresponding deferred revenue relating to amounts billed to tenants for this arrangement has been classified within Accounts Payable and Accrued Liabilities on the Consolidated Balance Sheet. | |||||||||||||||||
Financial Instruments Carried at Other Than Fair Values | |||||||||||||||||
Simon Property Group Limited Partnership Units | |||||||||||||||||
As of December 31, 2014, the Company owned 590,124 partnership units in Simon Property Group Limited Partnership (Note 2). The fair value of the partnership units, derived from SPG's common stock price after considering the one-year restriction on the sale of the units, and therefore falling into Level 2 of the fair value hierarchy, was $105.2 million at December 31, 2014. The partnership units were classified as Deferred Charges and Other Assets on the Consolidated Balance Sheet and had a book value of $77.7 million at December 31, 2014. | |||||||||||||||||
Notes Payable | |||||||||||||||||
The fair value of notes payable is estimated using cash flows discounted at current market rates and therefore falls into Level 2 of the fair value hierarchy. When selecting discount rates for purposes of estimating the fair value of notes payable at December 31, 2014 and 2013, the Company employed the credit spreads at which the debt was originally issued. For debt refinanced prior to 2010, excluding debt assumed from acquisitions, an additional 0.75% and 1.00% credit spread was added to the discount rate at December 31, 2014 and December 31, 2013, respectively, to attempt to account for current market conditions. This additional spread is an estimate and is not necessarily indicative of what the Company could obtain in the market at the reporting date. The Company does not believe that the use of different interest rate assumptions would have resulted in a materially different fair value of notes payable as of December 31, 2014 or 2013. To further assist financial statement users, the Company has included with its fair value disclosures an analysis of interest rate sensitivity. | |||||||||||||||||
The estimated fair values of notes payable at December 31, 2014 and 2013 were as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
Notes payable | $ | 2,025,505 | $ | 2,056,474 | $ | 3,058,053 | $ | 3,107,119 | |||||||||
The fair values of the notes payable are dependent on the interest rates used in estimating the values. An overall 1% increase in rates employed in making these estimates would have decreased the fair values of the debt shown above at December 31, 2014 by $29.6 million or 1.4%. | |||||||||||||||||
Cash Equivalents and Notes Receivable | |||||||||||||||||
The fair value of cash equivalents and notes receivable approximates their carrying value due to their short maturity. The fair value of cash equivalents is derived from quoted market prices and therefore falls into Level 1 of the fair value hierarchy. The fair value of notes receivable are estimated using cash flows discounted at current market rates and therefore fall into Level 2 of the fair value hierarchy. | |||||||||||||||||
See Note 5 regarding the fair value of the Unconsolidated Joint Ventures’ notes payable, and Note 10 regarding additional information on derivatives. |
Cash_Flow_Disclosures_NonCash_
Cash Flow Disclosures & Non-Cash Investing and Financing Activities | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Cash Flow Disclosures and Non-Cash Investing and Financing Activties [Abstract] | ||||||||||||
Cash Flow, Supplemental Disclosures [Text Block] | Cash Flow Disclosures and Non-Cash Investing and Financing Activities | |||||||||||
Interest paid in 2014, 2013, and 2012, net of amounts capitalized of $27.3 million, $16.4 million, and $3.6 million, respectively, was $88.5 million, $128.2 million, and $142.0 million, respectively. In 2014, $11.9 million of income taxes were paid. Income tax payments in 2013 and 2012 were immaterial. The following non-cash investing and financing activities occurred during 2014, 2013, and 2012. This table excludes any non-cash adjustments of noncontrolling interests as a result of equity transactions (Note 9). | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Issuance of a note receivable in connection with the sale of peripheral land | $ | 7,411 | ||||||||||
Receipt of Simon Property Group Limited Partnership units in connection with the sale of Arizona Mills (Note 2) | $ | 77,711 | ||||||||||
Issuance of TRG partnership units in connection with the purchase of the U.S. headquarters building (Note 2) | 91 | |||||||||||
Assumption of debt in connection with the purchase of the U.S. headquarters building (Note 2) | 18,215 | |||||||||||
Issuance of note and other receivable in connection with the sale of Taubman TCBL's assets (Note 2) | $ | 9,353 | ||||||||||
Receipt of escrow in connection with the sale of Taubman TCBL (Note 2) | 3,550 | |||||||||||
Relinquishment of redeemable equity in connection with disposition of Taubman TCBL (Note 2) | 8,855 | |||||||||||
Other non-cash additions to properties | 24,315 | 14,030 | 19,952 | |||||||||
Other non-cash additions to properties primarily represent accrued construction and tenant allowance costs. Various assets and liabilities were also adjusted upon the disposition of interests in International Plaza and the deconsolidation of the Company's remaining interest (Note 2). |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Income | |||||||||||||||||||||||
Changes in the balance of each component of Accumulated Other Comprehensive Income (AOCI) for the years ended December 31, 2014, 2013, and 2012 were as follows: | ||||||||||||||||||||||||
Taubman Centers, Inc. AOCI | Noncontrolling Interests AOCI | |||||||||||||||||||||||
Cumulative translation adjustment | Unrealized gains (losses) on interest rate instruments and other | Total | Cumulative translation adjustment | Unrealized gains (losses) on interest rate instruments and other | Total | |||||||||||||||||||
1-Jan-12 | $ | (27,613 | ) | $ | (27,613 | ) | $ | 9,113 | $ | 9,113 | ||||||||||||||
Current Period Other Comprehensive Income | $ | 1,888 | (2,551 | ) | (663 | ) | $ | 756 | (1,162 | ) | (406 | ) | ||||||||||||
Amounts due to changes in ownership | 6,212 | 6,212 | (6,212 | ) | (6,212 | ) | ||||||||||||||||||
31-Dec-12 | $ | 1,888 | $ | (23,952 | ) | $ | (22,064 | ) | $ | 756 | $ | 1,739 | $ | 2,495 | ||||||||||
Other comprehensive income/(loss) before reclassifications | 3,150 | 6,117 | 9,267 | 1,257 | 2,700 | 3,957 | ||||||||||||||||||
Amounts reclassified from AOCI | 3,875 | 3,875 | 1,708 | 1,708 | ||||||||||||||||||||
Net current period other comprehensive income | 3,150 | 9,992 | 13,142 | 1,257 | 4,408 | 5,665 | ||||||||||||||||||
Adjustments due to changes in ownership | 2 | 6 | 8 | (2 | ) | (6 | ) | (8 | ) | |||||||||||||||
31-Dec-13 | $ | 5,040 | $ | (13,954 | ) | $ | (8,914 | ) | $ | 2,011 | $ | 6,141 | $ | 8,152 | ||||||||||
Other comprehensive income/(loss) before reclassifications | (5,148 | ) | (12,783 | ) | (17,931 | ) | (2,045 | ) | (5,221 | ) | (7,266 | ) | ||||||||||||
Amounts reclassified from AOCI | 11,747 | 11,747 | 4,982 | 4,982 | ||||||||||||||||||||
Net current period other comprehensive income/(loss) | (5,148 | ) | (1,036 | ) | (6,184 | ) | (2,045 | ) | (239 | ) | (2,284 | ) | ||||||||||||
Adjustments due to changes in ownership | 7 | 23 | 30 | (7 | ) | (23 | ) | (30 | ) | |||||||||||||||
31-Dec-14 | $ | (101 | ) | $ | (14,967 | ) | $ | (15,068 | ) | $ | (41 | ) | $ | 5,879 | $ | 5,838 | ||||||||
The following table presents reclassifications out of AOCI for the year ended December 31, 2014: | ||||||||||||||||||||||||
Details about AOCI Components | Amounts reclassified from AOCI | Affected line item in Consolidated Statement of Operations | ||||||||||||||||||||||
Losses on interest rate instruments and other: | ||||||||||||||||||||||||
Discontinuation of hedge accounting - consolidated subsidiary | $ | 4,880 | Nonoperating Expense | |||||||||||||||||||||
Realized loss on interest rate contracts - consolidated subsidiaries | 8,663 | Interest Expense | ||||||||||||||||||||||
Realized loss on interest rate contracts - UJVs | 3,186 | Equity in Income in UJVs | ||||||||||||||||||||||
Total reclassifications for the period | $ | 16,729 | ||||||||||||||||||||||
The following table presents reclassifications out of AOCI for the year ended December 31, 2013: | ||||||||||||||||||||||||
Details about AOCI Components | Amounts reclassified from AOCI | Affected line item in Consolidated Statement of Operations | ||||||||||||||||||||||
(Gains)/losses on interest rate instruments and other: | ||||||||||||||||||||||||
Realized loss on interest rate contracts - consolidated subsidiaries | $ | 3,826 | Interest Expense | |||||||||||||||||||||
Realized loss on interest rate contracts - UJVs | 3,080 | Equity in Income of UJVs | ||||||||||||||||||||||
Realized gain on sale of securities | (1,323 | ) | Nonoperating Income | |||||||||||||||||||||
Total reclassifications for the period | $ | 5,583 | ||||||||||||||||||||||
New_Accounting_Pronouncements_
New Accounting Pronouncements (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
New Accounting Pronouncements, Policy [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Note 21 - New Accounting Pronouncement |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers". This standard provides a single comprehensive model to use in accounting for revenue arising from contracts with customers and gains and losses arising from transfers of non-financial assets including sales of property, plant, and equipment, real estate, and intangible assets. ASU No. 2014-09 supersedes most current revenue recognition guidance, including industry-specific guidance. ASU No. 2014-09 is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2016. ASU No. 2014-09 may be applied either retrospectively or as a cumulative effect adjustment as of the date of adoption. Early adoption is prohibited. The Company is currently evaluating the application of this ASU and its effect on the Company's financial position and results of operations. |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | Quarterly Financial Data (Unaudited) | ||||||||||||||||
The following is a summary of quarterly results of operations for 2014 and 2013: | |||||||||||||||||
2014 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Revenues | $ | 174,778 | $ | 169,985 | $ | 176,044 | $ | 158,322 | |||||||||
Equity in income of Unconsolidated Joint Ventures | 12,068 | 14,675 | 14,479 | 20,780 | |||||||||||||
Net income | 526,157 | 39,054 | 56,637 | 656,274 | |||||||||||||
Net income attributable to TCO common shareowners | 369,125 | 21,344 | 33,682 | 439,706 | |||||||||||||
Earnings per common share – basic | $ | 5.84 | $ | 0.34 | $ | 0.53 | $ | 6.94 | |||||||||
Earnings per common share – diluted | $ | 5.74 | $ | 0.33 | $ | 0.53 | $ | 6.86 | |||||||||
2013 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Revenues | $ | 183,257 | $ | 178,187 | $ | 193,938 | $ | 211,772 | |||||||||
Equity in income of Unconsolidated Joint Ventures | 10,346 | 11,481 | 12,220 | 18,418 | |||||||||||||
Net income | 46,356 | 33,603 | 43,243 | 66,166 | |||||||||||||
Net income attributable to TCO common shareowners | 27,744 | 17,842 | 24,488 | 39,834 | |||||||||||||
Earnings per common share – basic | $ | 0.44 | $ | 0.28 | $ | 0.38 | $ | 0.63 | |||||||||
Earnings per common share – diluted | $ | 0.43 | $ | 0.28 | $ | 0.38 | $ | 0.62 | |||||||||
During the first quarter of 2014, the Company recognized a $476.9 million gain, net of tax, from the dispositions of interests in International Plaza, Arizona Mills, and land in Syosset, New York related to the former Oyster Bay project. Subsequent to the disposition, International Plaza was accounted for as an Unconsolidated Joint Venture and included in Equity in income of Unconsolidated Joint Ventures. | |||||||||||||||||
During the fourth quarter of 2014, the Company recognized a $629.7 million gain on the dispositions of the seven centers to Starwood. Also in the fourth quarter as a result of the Starwood disposition, the Company recognized an expense charge of $36.4 million related to the loss on extinguishment of debt at MacArthur Center, Northlake Mall, The Mall at Partridge Creek, and The Mall at Wellington Green. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||
Valuation and Qualifying Accounts | Schedule II | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||||
For the years ended December 31, 2014, 2013, and 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Additions | ||||||||||||||||||||||
Balance at beginning of year | Charged to costs and expenses | Charged to other accounts | Write-offs | Transfers, net | Balance at end of year | |||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||
Allowance for doubtful receivables | $ | 1,934 | $ | 2,900 | $ | (1,145 | ) | $ | (762 | ) | (1) | $ | 2,927 | |||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||
Allowance for doubtful receivables | $ | 3,424 | $ | 489 | $ | (1,979 | ) | $ | 1,934 | |||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||
Allowance for doubtful receivables | $ | 3,303 | $ | 1,397 | $ | (1,276 | ) | $ | 3,424 | |||||||||||||
-1 | Amount represents balances associated with portfolio of seven centers sold to Starwood that were sold in the fourth quarter of 2014. | |||||||||||||||||||||
See accompanying report of independent registered public accounting firm. |
Real_Estate_and_Accumulated_De
Real Estate and Accumulated Depreciation | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | Schedule III | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TAUBMAN CENTERS, INC. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Gross Amount at Which Carried at Close of Period | REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shopping Centers: | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beverly Center | $ | 209,093 | $ | 93,915 | $ | 303,008 | $ | 303,008 | $ | 169,849 | $ | 133,159 | 1982 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles, CA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cherry Creek Shopping Center | 99,087 | 140,160 | 239,247 | 239,247 | 141,297 | 97,950 | $ | 280,000 | 1990 / 1998 | 40 years | Initial Cost to Company | Gross Amount at Which Carried at Close of Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Denver, CO | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
City Creek Shopping Center | 75,229 | 873 | 76,102 | 76,102 | 7,569 | 68,533 | 83,189 | 2012 | 30 years | Shopping Centers: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salt Lake City, UT | Beverly Center | $ | 209,093 | $ | 93,915 | $ | 303,008 | $ | 303,008 | $ | 169,849 | $ | 133,159 | 1982 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dolphin Mall, Miami, FL | $ | 34,881 | 222,301 | 68,401 | $ | 34,881 | 290,702 | 325,583 | 103,066 | 222,517 | 2001 / 2007 | 50 years | Los Angeles, CA | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cherry Creek Shopping Center | 99,087 | 140,160 | 239,247 | 239,247 | 141,297 | 97,950 | $ | 280,000 | 1990 / 1998 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Gardens on El Paseo/ | 23,500 | 131,858 | 6,073 | 23,500 | 137,931 | 161,431 | 11,793 | 149,638 | 83,059 / 15,932 | (1) | 1998 / 2010 | 2011 | 40 Years / 48 Years | Denver, CO | ||||||||||||||||||||||||||||||||||||||||||||||||||||
El Paseo Village | City Creek Shopping Center | 75,229 | 873 | 76,102 | 76,102 | 7,569 | 68,533 | 83,189 | 2012 | 30 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Palm Desert, CA | Salt Lake City, UT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Great Lakes Crossing Outlets | 15,506 | 188,773 | 46,465 | 15,506 | 235,238 | 250,744 | 122,375 | 128,369 | 217,281 | 1998 | 50 years | Dolphin Mall, Miami, FL | $ | 34,881 | 222,301 | 68,401 | $ | 34,881 | 290,702 | 325,583 | 103,066 | 222,517 | 2001 / 2007 | 50 years | ||||||||||||||||||||||||||||||||||||||||||
Auburn Hills, MI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Mall at Green Hills | 48,551 | 332,261 | 13,506 | 48,551 | 345,767 | 394,318 | 31,358 | 362,960 | 150,000 | 1955 / 2011 | 2011 | 40 years | The Gardens on El Paseo/ | 23,500 | 131,858 | 6,073 | 23,500 | 137,931 | 161,431 | 11,793 | 149,638 | 83,059 / 15,932 | (1) | 1998 / 2010 | 2011 | 40 Years / 48 Years | ||||||||||||||||||||||||||||||||||||||||
Nashville, TN | El Paseo Village | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Mall at Short Hills | 25,114 | 167,595 | 166,243 | 25,114 | 333,838 | 358,952 | 175,565 | 183,387 | 540,000 | 1980 / 1994 / 1995 | 40 years | Palm Desert, CA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short Hills, NJ | Great Lakes Crossing Outlets | 15,506 | 188,773 | 46,465 | 15,506 | 235,238 | 250,744 | 122,375 | 128,369 | 217,281 | 1998 | 50 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taubman Prestige Outlets Chesterfield | 16,079 | 108,934 | 757 | 16,079 | 109,691 | 125,770 | 7,075 | 118,695 | 2013 | 50 years | Auburn Hills, MI | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chesterfield, MO | The Mall at Green Hills | 48,551 | 332,261 | 13,506 | 48,551 | 345,767 | 394,318 | 31,358 | 362,960 | 150,000 | 1955 / 2011 | 2011 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Twelve Oaks Mall | 25,410 | 190,455 | 89,471 | 25,410 | 279,926 | 305,336 | 144,332 | 161,004 | 1977 / 1978 / 2007 / 2008 | 50 years | Nashville, TN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Novi, MI | The Mall at Short Hills | 25,114 | 167,595 | 166,243 | 25,114 | 333,838 | 358,952 | 175,565 | 183,387 | 540,000 | 1980 / 1994 / 1995 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other: | Short Hills, NJ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taubman Prestige Outlets Chesterfield | 16,079 | 108,934 | 757 | 16,079 | 109,691 | 125,770 | 7,075 | 118,695 | 2013 | 50 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chesterfield, MO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office Facilities | 5,123 | 12,519 | 34,058 | 5,123 | 46,577 | 51,700 | 27,440 | 24,260 | 17,265 | (2) | 2014 | 35 years | Twelve Oaks Mall | 25,410 | 190,455 | 89,471 | 25,410 | 279,926 | 305,336 | 144,332 | 161,004 | 1977 / 1978 / 2007 / 2008 | 50 years | |||||||||||||||||||||||||||||||||||||||||||
Novi, MI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Peripheral Land | 28,120 | 28,120 | 28,120 | 28,120 | Other: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction in Process and Development - pre-construction costs | 33,382 | 466,601 | 78,610 | 33,382 | 545,211 | 578,593 | 578,593 | 163,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office Facilities | 5,123 | 12,519 | 34,058 | 5,123 | 46,577 | 51,700 | 27,440 | 24,260 | 17,265 | (2) | 2014 | 35 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets under CDD Obligations | 3,969 | 58,512 | 3,969 | 58,512 | 62,481 | 27,583 | 34,898 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Peripheral Land | 28,120 | 28,120 | 28,120 | 28,120 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 1,120 | 1,120 | 1,120 | 743 | 377 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction in Process and Development - pre-construction costs | 33,382 | 466,601 | 78,610 | 33,382 | 545,211 | 578,593 | 578,593 | 163,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 259,635 | $ | 2,264,338 | $ | 738,532 | $ | 259,635 | $ | 3,002,870 | $ | 3,262,505 | (3) | $ | 970,045 | $ | 2,292,460 | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets under CDD Obligations | 3,969 | 58,512 | 3,969 | 58,512 | 62,481 | 27,583 | 34,898 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 1,120 | 1,120 | 1,120 | 743 | 377 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 259,635 | $ | 2,264,338 | $ | 738,532 | $ | 259,635 | $ | 3,002,870 | $ | 3,262,505 | (3) | $ | 970,045 | $ | 2,292,460 | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The changes in total real estate assets and accumulated depreciation for the years ended December 31, 2014, 2013, and 2012 are as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TAUBMAN CENTERS, INC. | Schedule III | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | The changes in total real estate assets and accumulated depreciation for the years ended December 31, 2014, 2013, and 2012 are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TAUBMAN CENTERS, INC. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Real Estate Assets | Accumulated Depreciation | REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 4,485,090 | $ | 4,246,000 | $ | 4,020,954 | Balance, beginning of year | $ | (1,516,982 | ) | $ | (1,395,876 | ) | $ | (1,271,943 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Real Estate Assets | Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | 17,642 | (4) | Depreciation | (110,129 | ) | (142,458 | ) | (134,858 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New development and improvements | 448,462 | 280,972 | 237,877 | Disposals/Write-offs | 530,916 | (5) | 21,352 | 10,925 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 4,485,090 | $ | 4,246,000 | $ | 4,020,954 | Balance, beginning of year | $ | (1,516,982 | ) | $ | (1,395,876 | ) | $ | (1,271,943 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Disposals/Write-offs | (1,308,529 | ) | (5) | (35,964 | ) | (11,972 | ) | Transfers (In)/Out | 126,150 | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | 17,642 | (4) | Depreciation | (110,129 | ) | (142,458 | ) | (134,858 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers In/(Out) | (380,160 | ) | (6) | (5,918 | ) | (859 | ) | Balance, end of year | $ | (970,045 | ) | $ | (1,516,982 | ) | $ | (1,395,876 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
New development and improvements | 448,462 | 280,972 | 237,877 | Disposals/Write-offs | 530,916 | (5) | 21,352 | 10,925 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of year | $ | 3,262,505 | $ | 4,485,090 | $ | 4,246,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposals/Write-offs | (1,308,529 | ) | (5) | (35,964 | ) | (11,972 | ) | Transfers (In)/Out | 126,150 | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers In/(Out) | (380,160 | ) | (6) | (5,918 | ) | (859 | ) | Balance, end of year | $ | (970,045 | ) | $ | (1,516,982 | ) | $ | (1,395,876 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Balances represent the two different mortgage notes held separately on The Gardens on El Paseo and El Paseo Village for $83.1 million and $15.9 million, respectively, which include $1.6 million and $0.1 million, respectively, of purchase accounting premiums. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of year | $ | 3,262,505 | $ | 4,485,090 | $ | 4,246,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Balance includes purchase accounting adjustment of $0.2 million. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-3 | The unaudited aggregate cost for federal income tax purposes as of December 31, 2014 was $3.513 billion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Balances represent the two different mortgage notes held separately on The Gardens on El Paseo and El Paseo Village for $83.1 million and $15.9 million, respectively, which include $1.6 million and $0.1 million, respectively, of purchase accounting premiums. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-4 | Primarily represents the book value of the Company's acquisition of the U.S. Headquarters building in February 2014 (Note 2). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Balance includes purchase accounting adjustment of $0.2 million. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-5 | Primarily represents the book balances of the Sale Centers that were sold to Starwood in the fourth quarter of 2014 (Note 2). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-3 | The unaudited aggregate cost for federal income tax purposes as of December 31, 2014 was $3.513 billion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-6 | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-4 | Primarily represents the book value of the Company's acquisition of the U.S. Headquarters building in February 2014 (Note 2). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-5 | Primarily represents the book balances of the Sale Centers that were sold to Starwood in the fourth quarter of 2014 (Note 2). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-6 | 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. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||
Consolidation, policy | Consolidation | |||||||||||||
The consolidated financial statements of the Company include all accounts of the Company, the Operating Partnership, and its consolidated subsidiaries, including The Taubman Company LLC (the Manager) and Taubman Asia. All intercompany transactions have been eliminated. The entities included in these consolidated financial statements are separate legal entities and maintain records and books of account separate from any other entity. However, inclusion of these separate entities in the consolidated financial statements does not mean that the assets and credit of each of these legal entities are available to satisfy the debts or other obligations of any other such legal entity included in the consolidated financial statements. | ||||||||||||||
Investments in entities not controlled but over which the Company may exercise significant influence (Unconsolidated Joint Ventures or UJVs) are accounted for under the equity method. The Company has evaluated its investments in the Unconsolidated Joint Ventures under guidance for determining whether an entity is a variable interest entity and has concluded that the ventures are not variable interest entities. Accordingly, the Company accounts for its interests in these entities under general accounting standards for investments in real estate ventures (including guidance for determining effective control of a limited partnership or similar entity). The Company’s partners or other owners in these Unconsolidated Joint Ventures have substantive participating rights including approval rights over annual operating budgets, capital spending, financing, admission of new partners/members, or sale of the properties and the Company has concluded that the equity method of accounting is appropriate for these interests. Specifically, the Company’s 79% and 50.1% investments in Westfarms and International Plaza, respectively, are through general partnerships in which the other general partners have participating rights over annual operating budgets, capital spending, refinancing, or sale of the property. | ||||||||||||||
Operating Partnership Ownership [Table Text Block] | The Operating Partnership | |||||||||||||
At December 31, 2014 and December 31, 2013, the Operating Partnership’s equity included two classes of preferred equity (Series J and K Preferred Equity) and the net equity of the partnership unitholders (Note 14). Net income and distributions of the Operating Partnership are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in the Operating Partnership in accordance with their percentage ownership. The Series J and K Preferred Equity are owned by the Company and are eliminated in consolidation. | ||||||||||||||
The partnership equity of the Operating Partnership and the Company's ownership therein are shown below: | ||||||||||||||
Year | TRG units outstanding at December 31 | TRG units owned by TCO at December 31(1) | TRG units owned by noncontrolling interests at December 31 | TCO's % interest in TRG at December 31 | TCO's average interest % in TRG | |||||||||
2014 | 88,459,859 | 63,324,409 | 25,135,450 | 72% | 72% | |||||||||
2013 | 88,271,133 | 63,101,614 | 25,169,519 | 71 | 72 | |||||||||
2012 | 88,656,297 | 63,310,148 | 25,346,149 | 71 | 69 | |||||||||
-1 | There is a one-for-one relationship between TRG units owned by TCO and TCO common shares outstanding; amounts in this column are equal to TCO’s common shares outstanding as of the specified dates. | |||||||||||||
Business Description and Basis of Presentation [Text Block] | Organization and Basis of Presentation | |||||||||||||
General | ||||||||||||||
Taubman Centers, Inc. (the Company or TCO) is a Michigan corporation that operates as a self-administered and self-managed real estate investment trust (REIT). The Taubman Realty Group Limited Partnership (the Operating Partnership or TRG) is a majority-owned partnership subsidiary of TCO that owns direct or indirect interests in all of the Company’s real estate properties. In this report, the term “Company" refers to TCO, the Operating Partnership, and/or the Operating Partnership's subsidiaries as the context may require. The Company engages in the ownership, management, leasing, acquisition, disposition, development, and expansion of regional and super-regional retail shopping centers and interests therein. The Company’s owned portfolio as of December 31, 2014 included 18 urban and suburban shopping centers operating in 10 states. | ||||||||||||||
Taubman Properties Asia LLC and its subsidiaries (Taubman Asia), which is the platform for the Company’s operations and developments in China and South Korea, is headquartered in Hong Kong. | ||||||||||||||
Dollar amounts presented in tables within the notes to the financial statements are stated in thousands, except share data or as otherwise noted. | ||||||||||||||
Consolidation | ||||||||||||||
The consolidated financial statements of the Company include all accounts of the Company, the Operating Partnership, and its consolidated subsidiaries, including The Taubman Company LLC (the Manager) and Taubman Asia. All intercompany transactions have been eliminated. The entities included in these consolidated financial statements are separate legal entities and maintain records and books of account separate from any other entity. However, inclusion of these separate entities in the consolidated financial statements does not mean that the assets and credit of each of these legal entities are available to satisfy the debts or other obligations of any other such legal entity included in the consolidated financial statements. | ||||||||||||||
Investments in entities not controlled but over which the Company may exercise significant influence (Unconsolidated Joint Ventures or UJVs) are accounted for under the equity method. The Company has evaluated its investments in the Unconsolidated Joint Ventures under guidance for determining whether an entity is a variable interest entity and has concluded that the ventures are not variable interest entities. Accordingly, the Company accounts for its interests in these entities under general accounting standards for investments in real estate ventures (including guidance for determining effective control of a limited partnership or similar entity). The Company’s partners or other owners in these Unconsolidated Joint Ventures have substantive participating rights including approval rights over annual operating budgets, capital spending, financing, admission of new partners/members, or sale of the properties and the Company has concluded that the equity method of accounting is appropriate for these interests. Specifically, the Company’s 79% and 50.1% investments in Westfarms and International Plaza, respectively, are through general partnerships in which the other general partners have participating rights over annual operating budgets, capital spending, refinancing, or sale of the property. | ||||||||||||||
The Operating Partnership | ||||||||||||||
At December 31, 2014 and December 31, 2013, the Operating Partnership’s equity included two classes of preferred equity (Series J and K Preferred Equity) and the net equity of the partnership unitholders (Note 14). Net income and distributions of the Operating Partnership are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in the Operating Partnership in accordance with their percentage ownership. The Series J and K Preferred Equity are owned by the Company and are eliminated in consolidation. | ||||||||||||||
The partnership equity of the Operating Partnership and the Company's ownership therein are shown below: | ||||||||||||||
Year | TRG units outstanding at December 31 | TRG units owned by TCO at December 31(1) | TRG units owned by noncontrolling interests at December 31 | TCO's % interest in TRG at December 31 | TCO's average interest % in TRG | |||||||||
2014 | 88,459,859 | 63,324,409 | 25,135,450 | 72% | 72% | |||||||||
2013 | 88,271,133 | 63,101,614 | 25,169,519 | 71 | 72 | |||||||||
2012 | 88,656,297 | 63,310,148 | 25,346,149 | 71 | 69 | |||||||||
-1 | There is a one-for-one relationship between TRG units owned by TCO and TCO common shares outstanding; amounts in this column are equal to TCO’s common shares outstanding as of the specified dates. | |||||||||||||
Outstanding voting securities of the Company at December 31, 2014 consisted of 25,117,000 shares of Series B Preferred Stock (Note 14) and 63,324,409 shares of Common Stock. | ||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | |||||||||||||
Shopping center space is generally leased to tenants under short and intermediate term leases that are accounted for as operating leases. Minimum rents are recognized on the straight-line method. Percentage rent is accrued when lessees' specified sales targets have been met. For traditional net leases, where tenants reimburse the landlord for an allocation of reimbursable costs incurred, the Company recognizes revenue in the period the applicable costs are chargeable to tenants. For tenants paying a fixed common area maintenance charge (which typically includes fixed increases over the lease term), the Company recognizes revenue on a straight-line basis over the lease terms. Management, leasing, and development revenue is recognized as services are rendered, when fees due are determinable, and collectibility is reasonably assured. Fees for management, leasing, and development services are established under contracts and are generally based on negotiated rates, percentages of cash receipts, and/or actual costs incurred. Fixed-fee development services contracts are generally accounted for under the percentage-of-completion method, using cost to cost measurements of progress. Profits on real estate sales are recognized whenever (1) a sale is consummated, (2) the buyer has demonstrated an adequate commitment to pay for the property, (3) the Company’s receivable is not subject to future subordination, and (4) the Company has transferred to the buyer the risks and rewards of ownership. Other revenues, including fees paid by tenants to terminate their leases, are recognized when fees due are determinable, no further actions or services are required to be performed by the Company, and collectibility is reasonably assured. Taxes assessed by government authorities on revenue-producing transactions, such as sales, use, and value-added taxes, are primarily accounted for on a net basis on the Company’s income statement. | ||||||||||||||
Receivables, Policy [Policy Text Block] | Allowance for Doubtful Accounts and Notes | |||||||||||||
The Company records a provision for losses on accounts receivable to reduce them to the amount estimated to be collectible. The Company records a provision for losses on notes receivable to reduce them to the present value of expected future cash flows discounted at the loans’ effective interest rates or the fair value of the collateral if the loans are collateral dependent. | ||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Depreciation and Amortization | |||||||||||||
Buildings, improvements, and equipment are primarily depreciated on straight-line bases over the estimated useful lives of the assets, which generally range from 3 to 50 years. Capital expenditures that are recoverable from tenants are generally depreciated over the estimated recovery period. Intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets. Tenant allowances are depreciated on a straight-line basis over the shorter of the useful life of the leasehold improvements or the lease term. Deferred leasing costs are amortized on a straight-line basis over the lives of the related leases. In the event of early termination of such leases, the unrecoverable net book values of the assets are recognized as depreciation and amortization expense in the period of termination. | ||||||||||||||
Capitalization | ||||||||||||||
Direct and indirect costs that are clearly related to the acquisition, development, construction, and improvement of properties are capitalized. Compensation costs are allocated based on actual time spent on a project. Costs incurred on real estate for ground leases, property taxes, insurance, and interest costs for qualifying assets are capitalized during periods in which activities necessary to get the property ready for its intended use are in progress. | ||||||||||||||
The viability of all projects under construction or development, including those owned by Unconsolidated Joint Ventures, are regularly evaluated on an individual basis under the accounting for abandonment of assets or changes in use. To the extent a project, or individual components of the project, are no longer considered to have value, the related capitalized costs are charged against operations. Additionally, all properties are reviewed for impairment on an individual basis whenever events or changes in circumstances indicate that their carrying value may not be recoverable. Impairment of a shopping center owned by consolidated entities is recognized when the sum of expected cash flows (undiscounted and without interest charges) is less than the carrying value of the property. Other than temporary impairment of an investment in an Unconsolidated Joint Venture is recognized when the carrying value of the investment is not considered recoverable based on evaluation of the severity and duration of the decline in value, including the results of discounted cash flow and other valuation techniques. To the extent impairment has occurred, the excess carrying value of the asset over its estimated fair value is charged to income. | ||||||||||||||
In leasing a shopping center space, the Company may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, the Company determines whether the allowance represents funding for the construction of leasehold improvements and evaluates the ownership, for accounting purposes, of such improvements. If the Company is considered the owner of the leasehold improvements for accounting purposes, the Company capitalizes the amount of the tenant allowance and depreciates it over the shorter of the useful life of the leasehold improvements or the lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements for accounting purposes, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of rental revenue. Factors considered during this evaluation usually include (1) who holds legal title to the improvements, (2) evidentiary requirements concerning the spending of the tenant allowance, and (3) other controlling rights provided by the lease agreement (e.g. unilateral control of the tenant space during the build-out process). Determination of the accounting for a tenant allowance is made on a case-by-case basis, considering the facts and circumstances of the individual tenant lease. Substantially all of the Company’s tenant allowances have been determined to be leasehold improvements. | ||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | |||||||||||||
Cash equivalents consist of highly liquid investments with a maturity of 90 days or less at the date of purchase. The Company deposits cash and cash equivalents with institutions with high credit quality. From time to time, cash and cash equivalents may be in excess of FDIC insurance limits. Included in cash equivalents at December 31, 2014 was $251.0 million that is not insured or guaranteed by the FDIC or any other government agency. The majority of the $251.0 million was investe | ||||||||||||||
Business Combinations Policy [Policy Text Block] | Acquisitions | |||||||||||||
The Company recognizes the assets acquired, the liabilities assumed, and any noncontrolling interests in the acquiree at their fair values as of the acquisition date. The cost of acquiring a controlling ownership interest or an additional ownership interest (if not already consolidated) is allocated to the tangible assets acquired (such as land and building) and to any identifiable intangible assets based on their estimated fair values at the date of acquisition. The fair value of a property is determined on an “as-if-vacant” basis. Management considers various factors in estimating the "as-if-vacant" value including an estimated lease up period, lost rents, and carrying costs. The identifiable intangible assets would include the estimated value of “in-place” leases, above and below market “in-place” leases, and tenant relationships. The portion of the purchase price that management determines should be allocated to identifiable intangible assets is amortized in depreciation and amortization or as an adjustment to rental revenue, as appropriate, over the estimated life of the associated intangible asset (for instance, the remaining life of the associated tenant lease). The Company records goodwill when the cost of an acquired entity exceeds the net of the amounts assigned to assets acquired and liabilities assumed. Costs related to the acquisition of a controlling interest, including due diligence costs, professional fees, and other costs to effect an acquisition, are expensed as incurred | ||||||||||||||
Deferred Charges, Policy [Policy Text Block] | Deferred Charges and Other Assets | |||||||||||||
Direct financing costs are deferred and amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related agreements as a component of interest expense. Direct costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. Cash expenditures for leasing costs are recognized in the Statement of Cash Flows as operating activities. All other deferred charges are amortized on a straight-line basis over the terms of the agreements to which they relate. | ||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation Plans | |||||||||||||
The cost of share-based compensation is measured at the grant date, based on the calculated fair value of the award, and is recognized over the requisite employee service period which is generally the vesting period of the grant. The Company recognizes compensation costs for awards with graded vesting schedules on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. | ||||||||||||||
Derivatives, Methods of Accounting, Hedging Derivatives [Policy Text Block] | Interest Rate Hedging Agreements | |||||||||||||
All derivatives, whether designated in hedging relationships or not, are recorded on the balance sheet at fair value. If a derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive income (OCI) and are recognized in the income statement when the hedged item affects income. Ineffective portions of changes in the fair value of a cash flow hedge are recognized in the Company’s income generally as interest expense (Note 10). | ||||||||||||||
The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged items. | ||||||||||||||
Income Tax, Policy [Policy Text Block] | Income Taxes | |||||||||||||
The Company operates in such a manner as to qualify as a REIT under the applicable provisions of the Internal Revenue Code. To qualify as a REIT, the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains, to its shareowners and meet certain other requirements. As a REIT, the Company is entitled to a dividends paid deduction for the dividends it pays to its shareowners. Therefore, the Company will generally not be subject to federal income taxes as long as it currently distributes to its shareowners an amount equal to or in excess of its taxable income. REIT qualification reduces but does not eliminate the amount of state and local taxes paid by the Company. In addition, a REIT may be subject to certain excise taxes if it engages in certain activities. | ||||||||||||||
No provision for federal income taxes for consolidated partnerships has been made, as such taxes are the responsibility of the individual partners. There are certain state income taxes incurred which are provided for in the Company’s financial statements. | ||||||||||||||
The Company has made Taxable REIT Subsidiary (TRS) elections for all of its corporate subsidiaries pursuant to section 856 (I) of the Internal Revenue Code. The TRSs are subject to corporate level income taxes, including federal, state, and certain foreign income taxes for foreign operations, which are provided for in the Company’s financial statements. | ||||||||||||||
Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the bases of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence, including expected taxable earnings. The Company’s temporary differences primarily relate to deferred compensation, depreciation, and net operating loss carryforwards | ||||||||||||||
Noncontrolling Interests [Policy Text Block] | Noncontrolling Interests | |||||||||||||
Noncontrolling interests in the Company are comprised of the ownership interests of (1) noncontrolling interests in the Operating Partnership and (2) the noncontrolling interests in joint ventures controlled by the Company through ownership or contractual arrangements. Consolidated net income and comprehensive income includes amounts attributable to the Company and the noncontrolling interests. Transactions that change the Company's ownership interest in a subsidiary are accounted for as equity transactions if the Company retains its controlling financial interest in the subsidiary. | ||||||||||||||
The Company evaluates whether noncontrolling interests are subject to any redemption features outside of the Company's control that would result in presentation outside of permanent equity pursuant to general accounting standards regarding the classification and measurement of redeemable equity instruments. Certain noncontrolling interests in the Operating Partnership and consolidated ventures of the Company qualify as redeemable noncontrolling interests (Note 9). To the extent such noncontrolling interests are currently redeemable or it is probable that they will eventually become redeemable, these interests are adjusted to the greater of their redemption value or their carrying value at each balance sheet date | ||||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation | |||||||||||||
The Company has certain entities in Asia for which the functional currency is the local currency. The assets and liabilities of the entities are translated from their functional currency into U.S. Dollars at the rate of exchange in effect on the balance sheet date. Income statement accounts are generally translated using the average exchange rate for the period. Income statement amounts of significant transactions are translated at the rate in effect as of the date of the transaction. The Company's share of unrealized gains and losses resulting from the translation of the entities' financial statements are reflected in shareholders' equity as a component of Accumulated Other Comprehensive Income (loss) in the Company's Consolidated Balance Sheet (Note 19). | ||||||||||||||
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations | |||||||||||||
Prior to 2014, the Company reclassified to discontinued operations any material operations and gains or losses on disposal related to properties that are held for sale or disposed of during the period in accordance with the applicable accounting standards. In 2014 the Company early adopted Accounting Standards Update (ASU) No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" issued by the Financial Accounting Standards Board (FASB). ASU No. 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. The Company applied the revised definition to all disposals on a prospective basis beginning January 1, 2014. | ||||||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates | ||||||||||||||
Segment Reporting Disclosure [Text Block] | Segments and Related Disclosures | |||||||||||||
The Company has one reportable operating segment: it owns, develops, and manages regional shopping centers. The Company has aggregated its shopping centers into this one reportable segment, as the shopping centers share similar economic characteristics and other similarities. The shopping centers are located in major metropolitan areas, have similar tenants (most of which are national chains), are operated using consistent business strategies, and are expected to exhibit similar long-term financial performance. Earnings before interest, income taxes, depreciation, and amortization (EBITDA) is often used by the Company's chief operating decision makers in assessing segment operating performance. EBITDA is believed to be a useful indicator of operating performance as it is customary in the real estate and shopping center business to evaluate the performance of properties on a basis unaffected by capital structure. | ||||||||||||||
No single retail company represents 10% or more of the Company's revenues. Although the Company does business in China and South Korea, there are not yet any material revenues from customers or long-lived assets attributable to a country other than the United States of America. At December 31, 2014, the Company's investments in Asia are in Unconsolidated Joint Ventures and accounted for under the equity method |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||
Operating Partnership Ownership [Table Text Block] | The Operating Partnership | |||||||||||||
At December 31, 2014 and December 31, 2013, the Operating Partnership’s equity included two classes of preferred equity (Series J and K Preferred Equity) and the net equity of the partnership unitholders (Note 14). Net income and distributions of the Operating Partnership are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in the Operating Partnership in accordance with their percentage ownership. The Series J and K Preferred Equity are owned by the Company and are eliminated in consolidation. | ||||||||||||||
The partnership equity of the Operating Partnership and the Company's ownership therein are shown below: | ||||||||||||||
Year | TRG units outstanding at December 31 | TRG units owned by TCO at December 31(1) | TRG units owned by noncontrolling interests at December 31 | TCO's % interest in TRG at December 31 | TCO's average interest % in TRG | |||||||||
2014 | 88,459,859 | 63,324,409 | 25,135,450 | 72% | 72% | |||||||||
2013 | 88,271,133 | 63,101,614 | 25,169,519 | 71 | 72 | |||||||||
2012 | 88,656,297 | 63,310,148 | 25,346,149 | 71 | 69 | |||||||||
-1 | There is a one-for-one relationship between TRG units owned by TCO and TCO common shares outstanding; amounts in this column are equal to TCO’s common shares outstanding as of the specified dates. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||
Income tax expense (benefit) | The Company’s income tax expense for the years ended December 31, 2014, 2013, and 2012 consisted of the following: | |||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
State current | $ | 1,361 | $ | 230 | $ | 205 | ||||||||||||||||
State deferred | (3 | ) | (77 | ) | (13 | ) | ||||||||||||||||
Federal current | 8,036 | 547 | 1,011 | |||||||||||||||||||
Federal deferred | 1,354 | 632 | 257 | |||||||||||||||||||
Foreign current | 1,300 | 2,193 | 3,324 | (1) | ||||||||||||||||||
Foreign deferred | (48 | ) | (116 | ) | 180 | (1) | ||||||||||||||||
$ | 12,000 | $ | 3,409 | $ | 4,964 | |||||||||||||||||
Less income tax expense allocated to Gain on Dispositions (2) | 9,733 | |||||||||||||||||||||
Total income tax expense | $ | 2,267 | $ | 3,409 | $ | 4,964 | ||||||||||||||||
-1 | The Company recognized $3.2 million of income tax expense related to the sale of Taubman TCBL's assets (Note 2), of which $2.8 million is included in foreign current tax expense and $0.4 million is included in foreign deferred tax expense. | |||||||||||||||||||||
-2 | Amount represents the income taxes incurred as part of the Company's sale of interests in International Plaza in January 2014. The tax on the sale is classified within Gain on Dispositions, Net of Tax on the Consolidated Statement of Operations and Comprehensive Income. | |||||||||||||||||||||
Deferred tax assets and liabilities | Deferred tax assets and liabilities as of December 31, 2014 and 2013 are as follows: | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||
Federal | $ | 1,382 | $ | 2,746 | ||||||||||||||||||
Foreign | 1,806 | 1,821 | ||||||||||||||||||||
State | 471 | 527 | ||||||||||||||||||||
Total deferred tax assets | $ | 3,659 | $ | 5,094 | ||||||||||||||||||
Valuation allowances | (1,703 | ) | (1,831 | ) | ||||||||||||||||||
Net deferred tax assets | $ | 1,956 | $ | 3,263 | ||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||
Federal | $ | 592 | $ | 602 | ||||||||||||||||||
Foreign | 473 | 449 | ||||||||||||||||||||
State | 89 | 107 | ||||||||||||||||||||
Total deferred tax liabilities | $ | 1,154 | $ | 1,158 | ||||||||||||||||||
Tax Status of Dividends, Common Stock [Table Text Block] | ||||||||||||||||||||||
Year | Dividends per common share declared | Return of capital | Ordinary income | Long term capital gain | Unrecaptured Sec. 1250 capital gain | |||||||||||||||||
2014 | $ | 4.75 | (1) | $ | 0.7057 | $ | 0 | $ | 1.8748 | (2) | $ | 2.1695 | (2) | |||||||||
2014 | 2.16 | 0.3208 | 1.7773 | 0.0287 | (2) | 0.0332 | (2) | |||||||||||||||
2013 | 2 | 0.2636 | 1.7364 | 0 | 0 | |||||||||||||||||
2012 | 1.85 | 0.5429 | 1.3071 | 0 | 0 | |||||||||||||||||
-1 | Includes a special dividend of $4.75 per share of common stock declared and paid during December 2014, which was declared as a result of the Company's disposition of a portfolio of seven centers to Starwood in October 2014 (Note 2). | |||||||||||||||||||||
-2 | The portion of the per share common dividends paid on December 31, 2014 designated as capital gain (long term and unrecaptured Sec. 1250) dividends for tax purposes is $0.0619 per share of the $0.54 dividend and $4.0443 per share of the $4.75 dividend). | |||||||||||||||||||||
Tax Status of Dividends, Series G Preferred [Table Text Block] | ||||||||||||||||||||||
Year | Dividends per Series G Preferred share declared | Ordinary income | Long term capital gain | Unrecaptured Sec. 1250 capital gain | ||||||||||||||||||
2012 | $ | 1.35 | $ | 1.35 | $ | 0 | $ | 0 | ||||||||||||||
Tax Status of Dividends, Series H Preferred [Table Text Block] | ||||||||||||||||||||||
Year | Dividends per Series H Preferred share declared | Ordinary income | Long term capital gain | Unrecaptured Sec. 1250 capital gain | ||||||||||||||||||
2012 | $ | 1.28672 | $ | 1.28672 | $ | 0 | $ | 0 | ||||||||||||||
Tax Status of Dividends, Series J [Table Text Block] | ||||||||||||||||||||||
Year | Dividends per Series J Preferred share declared | Ordinary income | Long term capital gain | Unrecaptured Sec. 1250 capital gain | ||||||||||||||||||
2014 | $ | 1.625 | $ | 0.49072 | $ | 0.5258 | (1) | $ | 0.60848 | (1) | ||||||||||||
2013 | 1.625 | 1.625 | 0 | 0 | ||||||||||||||||||
2012 | 0.6184 | 0.6184 | 0 | 0 | ||||||||||||||||||
-1 | The portion of the per share Series J preferred dividends designated as capital gain (long term and unrecaptured Sec. 1250) for tax purposes is as follows; $0.32178 per share of the $0.40625 paid on June 30, 2014, 0.40625 per share of the $0.40625 paid on September 30, 2014, and $0.40625 per share of the $0.40625 paid on December 31, 2014. | |||||||||||||||||||||
Tax Status of Dividends, Series K [Table Text Block] | ||||||||||||||||||||||
Year | Dividends per Series K Preferred share declared | Ordinary income | Long term capital gain | Unrecaptured Sec. 1250 capital gain | ||||||||||||||||||
2014 | $ | 1.5625 | $ | 0.47185 | $ | 0.50558 | (1) | $ | 0.58507 | (1) | ||||||||||||
2013 | 1.24132 | 1.24132 | 0 | 0 | ||||||||||||||||||
-1 | The portion of the per share Series K preferred dividends designated as capital gain (long term and unrecaptured Sec. 1250) for tax purposes is as follows; $0.30939 per share of the $0.39063 paid on June 30, 2014, $0.39063 per share of the $0.39063 paid on September 30, 2014, and $0.39063 per share of the $0.39063 paid on December 31, 2014. |
Properties_Tables
Properties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Schedule of Real Estate Properties [Table Text Block] | Properties at December 31, 2014 and December 31, 2013 are summarized as follows: | |||||||
2014 | 2013 | |||||||
Land | $ | 226,252 | $ | 336,360 | ||||
Buildings, improvements, and equipment | 2,457,660 | 3,896,401 | ||||||
Construction in process and pre-development costs | 578,593 | 252,329 | ||||||
$ | 3,262,505 | $ | 4,485,090 | |||||
Accumulated depreciation and amortization | (970,045 | ) | (1,516,982 | ) | ||||
$ | 2,292,460 | $ | 2,968,108 | |||||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||
Beneficial Interests In Joint Ventures | ||||||||||||
Shopping Center | Ownership as of | |||||||||||
December 31, 2014 and 2013 | ||||||||||||
Arizona Mills (Note 2) | 0/50% | |||||||||||
CityOn.Xi'an (under construction) | Note 2 | |||||||||||
CityOn.Zhengzhou (under construction) | Note 2 | |||||||||||
Fair Oaks | 50 | |||||||||||
Hanam Union Square (under construction) | Note 2 | |||||||||||
International Plaza (Note 2) | 50.1/100 | |||||||||||
The Mall at Millenia | 50 | |||||||||||
Stamford Town Center | 50 | |||||||||||
Sunvalley | 50 | |||||||||||
The Mall at University Town Center (Note 2) | 50 | |||||||||||
Waterside Shops | 50 | |||||||||||
Westfarms | 79 | |||||||||||
Equity Method Investment Summarized Financial Information Text Block | ||||||||||||
December 31 2014 | December 31 2013 | |||||||||||
Assets: | ||||||||||||
Properties | $ | 1,580,926 | $ | 1,305,658 | ||||||||
Accumulated depreciation and amortization | (548,646 | ) | (478,820 | ) | ||||||||
$ | 1,032,280 | $ | 826,838 | |||||||||
Cash and cash equivalents | 49,765 | 28,782 | ||||||||||
Accounts and notes receivable, less allowance for doubtful accounts of $1,590 and $977 in 2014 and 2013 | 38,788 | 33,626 | ||||||||||
Deferred charges and other assets | 33,200 | 28,095 | ||||||||||
$ | 1,154,033 | $ | 917,341 | |||||||||
Liabilities and accumulated deficiency in assets: | ||||||||||||
Mortgage notes payable | $ | 1,989,546 | $ | 1,551,161 | ||||||||
Accounts payable and other liabilities | 103,161 | 70,226 | ||||||||||
TRG's accumulated deficiency in assets | (525,759 | ) | (412,204 | ) | ||||||||
Unconsolidated Joint Venture Partners' accumulated deficiency in assets | (412,915 | ) | (291,842 | ) | ||||||||
$ | 1,154,033 | $ | 917,341 | |||||||||
TRG's accumulated deficiency in assets (above) | $ | (525,759 | ) | $ | (412,204 | ) | ||||||
TRG's investment in projects under development (Note 2) | 232,091 | 193,306 | ||||||||||
TRG basis adjustments, including elimination of intercompany profit | 132,058 | 118,132 | ||||||||||
TCO's additional basis | 54,963 | 56,909 | ||||||||||
Net Investment in Unconsolidated Joint Ventures | $ | (106,647 | ) | $ | (43,857 | ) | ||||||
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures | 476,651 | 371,549 | ||||||||||
Investment in Unconsolidated Joint Ventures | $ | 370,004 | $ | 327,692 | ||||||||
Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues | $ | 338,017 | $ | 294,720 | $ | 282,136 | ||||||
Maintenance, taxes, utilities, promotion, and other operating expenses | $ | 106,249 | $ | 92,901 | $ | 91,094 | ||||||
Interest expense | 74,806 | 68,998 | 68,760 | |||||||||
Depreciation and amortization | 47,377 | 36,644 | 37,342 | |||||||||
Total operating costs | $ | 228,432 | $ | 198,543 | $ | 197,196 | ||||||
Nonoperating income (expense) | (22 | ) | 18 | |||||||||
Net income | $ | 109,563 | $ | 96,177 | $ | 84,958 | ||||||
Net income attributable to TRG | $ | 60,690 | $ | 53,166 | $ | 47,763 | ||||||
Realized intercompany profit, net of depreciation on TRG’s basis adjustments | 3,258 | 1,245 | 2,677 | |||||||||
Depreciation of TCO's additional basis | (1,946 | ) | (1,946 | ) | (1,946 | ) | ||||||
Equity in income of Unconsolidated Joint Ventures | $ | 62,002 | $ | 52,465 | $ | 48,494 | ||||||
Beneficial interest in Unconsolidated Joint Ventures’ operations: | ||||||||||||
Revenues less maintenance, taxes, utilities, promotion, and other operating expenses | $ | 132,652 | $ | 114,939 | $ | 107,044 | ||||||
Interest expense | (40,416 | ) | (37,554 | ) | (35,862 | ) | ||||||
Depreciation and amortization | (30,234 | ) | (24,920 | ) | (22,688 | ) | ||||||
Equity in income of Unconsolidated Joint Ventures | $ | 62,002 | $ | 52,465 | $ | 48,494 | ||||||
Accounts_and_Notes_Receivable_
Accounts and Notes Receivable (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Receivables [Abstract] | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts and notes receivable at December 31, 2014 and December 31, 2013 are summarized as follows: | |||||||
2014 | 2013 | |||||||
Trade | $ | 24,757 | $ | 32,162 | ||||
Notes | 2,037 | 9,407 | ||||||
Straight-line rent and recoveries | 25,378 | 33,558 | ||||||
$ | 52,172 | $ | 75,127 | |||||
Less: Allowance for doubtful accounts | (2,927 | ) | (1,934 | ) | ||||
$ | 49,245 | $ | 73,193 | |||||
Deferred_Charges_Other_Assets_
Deferred Charges Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deferred Charges and Other Assets [Abstract] | ||||||||
Deferred Charges and Other Assets [Table Text Block] | Deferred charges and other assets at December 31, 2014 and December 31, 2013 are summarized as follows: | |||||||
2014 | 2013 | |||||||
Leasing costs | $ | 27,454 | $ | 39,529 | ||||
Accumulated amortization | (10,659 | ) | (16,807 | ) | ||||
$ | 16,795 | $ | 22,722 | |||||
In-place leases, net | 11,765 | 16,651 | ||||||
Investment in SPG partnership units (Notes 2 and 17) | 77,711 | |||||||
Deferred financing costs, net | 15,815 | 16,319 | ||||||
Insurance deposit (Note 17) | 13,059 | 12,225 | ||||||
Deposits | 40,257 | 4,320 | ||||||
Prepaid expenses | 5,496 | 4,952 | ||||||
Deferred tax asset, net | 1,956 | 3,263 | ||||||
Other, net | 5,581 | 8,934 | ||||||
$ | 188,435 | $ | 89,386 | |||||
Beneficial_Interest_in_Debt_an1
Beneficial Interest in Debt and Interest Expense (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||
Mortgage Notes Payable [Table Text Block] | Notes payable at December 31, 2014 and December 31, 2013 consist of the following: | ||||||||||||||||||
2014 | 2013 | Stated Interest Rate | Maturity Date | Balance Due on Maturity | Facility Amount | ||||||||||||||
Cherry Creek Shopping Center | $ | 280,000 | $ | 280,000 | 5.24% | 6/8/16 | $280,000 | ||||||||||||
City Creek Center | 83,189 | (1) | 84,560 | (1) | 4.37% | 8/1/23 | 68,575 | ||||||||||||
El Paseo Village | 15,932 | (2) | 16,322 | (2) | 4.42% | 12/6/15 | 15,565 | ||||||||||||
The Gardens on El Paseo | 83,059 | (3) | 84,197 | (3) | 6.10% | 6/11/16 | 81,480 | ||||||||||||
Great Lakes Crossing Outlets | 217,281 | 221,541 | 3.60% | 1/6/23 | 177,038 | ||||||||||||||
The Mall at Green Hills | 150,000 | 150,000 | LIBOR+1.60% | 12/1/18 | (4) | 150,000 | |||||||||||||
International Plaza | 325,000 | (5) | 4.85% | ||||||||||||||||
MacArthur Center | 129,205 | (6) | LIBOR + 2.35% | ||||||||||||||||
Northlake Mall | 215,500 | (6) | 5.41% | ||||||||||||||||
The Mall at Partridge Creek | 79,162 | (6) | 6.15% | ||||||||||||||||
The Mall of San Juan | 163,779 | (7) | LIBOR + 2.00% | 4/2/17 | (7) | 163,779 | $ | 320,000 | |||||||||||
The Mall at Short Hills | 540,000 | 540,000 | 5.47% | 12/14/15 | 540,000 | ||||||||||||||
Stony Point Fashion Park | 99,526 | (8) | 6.24% | ||||||||||||||||
The Mall at Wellington Green | 200,000 | (6) | 5.44% | ||||||||||||||||
U.S. Headquarters Building | 17,265 | (9) | 5.90% | 4/1/15 | 16,974 | ||||||||||||||
$65M Revolving Credit Facility | LIBOR + 1.40% | 4/30/16 | 65,000 | (10) | |||||||||||||||
$65M Revolving Credit Facility | 33,040 | LIBOR + 1.40% | 4/30/14 | (10) | 33,040 | 65,000 | |||||||||||||
$1.1B Revolving Credit Facility | (11) (12) | LIBOR + 1.15% | (11) | 2/28/19 | (11) | 1,100,000 | (11) | ||||||||||||
$1.1B Revolving Credit Facility | 125,000 | (11) | LIBOR + 1.45% | (11) | 3/29/17 | 125,000 | 1,100,000 | ||||||||||||
$475M Unsecured Term Loan | 475,000 | (12) (13) | 475,000 | (13) | LIBOR + 1.35% | (13) | 2/28/19 | 475,000 | |||||||||||
$ | 2,025,505 | $ | 3,058,053 | ||||||||||||||||
-1 | The Operating Partnership has provided a limited guarantee of the repayment of the City Creek loan, which could be triggered only upon a decline in center occupancy to a level that the Company believes is remote. | ||||||||||||||||||
-2 | Balance includes purchase accounting adjustment of $0.1 million and $0.2 million premium in 2014 and 2013, respectively, for an above market interest rate upon acquisition of the center in December 2011. | ||||||||||||||||||
-3 | Balance includes purchase accounting adjustment of $1.6 million and $2.7 million premium in 2014 and 2013, respectively, for an above market interest rate upon acquisition of the center in December 2011. | ||||||||||||||||||
-4 | Has a one-year extension option. | ||||||||||||||||||
-5 | In January 2014, the Company sold a total of 49.9% of its interests in the entity that owns International Plaza (Note 2). | ||||||||||||||||||
-6 | In October 2014, the remaining debt on the center was prepaid or defeased in connection with the Company's disposition of a portfolio of seven centers to Starwood (Note 2). | ||||||||||||||||||
-7 | The Operating Partnership has provided an unconditional guaranty of the principal balance and all accrued but unpaid interest during the term of the loan. Loan has two one-year extension options. | ||||||||||||||||||
-8 | In January 2014, the Company paid off the mortgage note payable on Stony Point Fashion Park. | ||||||||||||||||||
-9 | Balance includes purchase accounting adjustment of $0.2 million for an above market interest rate upon acquisition of the building in February 2014 (Note 2). | ||||||||||||||||||
-10 | In March 2014, the maturity date on the Company's $65 million secondary revolving line of credit was extended through April 2016. The unused borrowing capacity at December 31, 2014 was $60.8 million, after considering $4.2 million of letters of credit outstanding on the facility. | ||||||||||||||||||
-11 | TRG is the borrower under the $1.1 billion unsecured revolving credit facility with an accordion feature to increase the borrowing capacity to $1.5 billion, subject to certain conditions including having the borrowing capacity based on the unencumbered asset pool EBITDA and obtaining lender commitments. As of December 31, 2014, the Company cannot fully utilize the accordion feature unless additional assets are added to the unencumbered asset pool. The facility bears interest at a range of LIBOR plus 1.15% to LIBOR plus 1.70% and a facility fee of 0.20% to 0.30% based on the Company's total leverage ratio. Prior to the amendment of the facility in November 2014, the interest rate was at a range of LIBOR plus 1.45% to LIBOR plus 1.85%. The facility has a one-year extension option. The unused borrowing capacity at December 31, 2014 was $1.1 billion. | ||||||||||||||||||
-12 | As of December 31, 2014, the entities that own Beverly Center, Dolphin Mall, and Twelve Oaks Mall are guarantors under the $475 million unsecured term loan and the $1.1 billion unsecured revolving credit facility. | ||||||||||||||||||
-13 | TRG is the borrower under the $475 million unsecured term loan with an accordion feature to increase the borrowing capacity to $600 million, subject to certain conditions including having the borrowing capacity based on the unencumbered asset pool EBITDA and obtaining lender commitments. As of December 31, 2014, the Company cannot fully utilize the accordion feature unless additional assets are added to the unencumbered asset pool. The loan bears interest at a range of LIBOR plus 1.35% to LIBOR plus 1.90% based on the Company's total leverage ratio. From January 2014 until maturity, the LIBOR rate is swapped to a fixed rate of 1.65%, resulting in an effective rate in the range of 3.00% to 3.55% (Note 10). | ||||||||||||||||||
Schedule of Future Minimum Principal Payments for Notes Payable [Table Text Block] | The following table presents scheduled principal payments on notes payable as of December 31, 2014: | ||||||||||||||||||
2015 | $ | 578,790 | |||||||||||||||||
2016 | 367,527 | ||||||||||||||||||
2017 | 170,095 | (1) | |||||||||||||||||
2018 | 156,563 | (2) | |||||||||||||||||
2019 | 481,820 | ||||||||||||||||||
Thereafter | 268,874 | ||||||||||||||||||
Total principal maturities | $ | 2,023,669 | |||||||||||||||||
Net unamortized debt premiums | 1,836 | ||||||||||||||||||
Total notes payable | $ | 2,025,505 | |||||||||||||||||
-1 | Includes 163.8 million with two one-year extension options. | ||||||||||||||||||
-2 | Includes $150.0 million with one-year extension option. | ||||||||||||||||||
Operating Partnership's beneficial interest | |||||||||||||||||||
At 100% | At Beneficial Interest | ||||||||||||||||||
Consolidated Subsidiaries | Unconsolidated Joint Ventures | Consolidated Subsidiaries | Unconsolidated Joint Ventures | ||||||||||||||||
Debt as of: | |||||||||||||||||||
December 31, 2014 | $ | 2,025,505 | $ | 1,989,546 | $ | 1,852,749 | $ | 1,085,991 | |||||||||||
December 31, 2013 | 3,058,053 | 1,551,161 | 2,891,592 | 868,942 | |||||||||||||||
Capitalized interest: | |||||||||||||||||||
Year Ended December 31, 2014 | $ | 27,255 | (1) | $ | 3,121 | $ | 26,227 | $ | 1,578 | ||||||||||
Year Ended December 31, 2013 | 16,385 | (1) | 587 | 15,839 | 320 | ||||||||||||||
Interest expense: | |||||||||||||||||||
Year Ended December 31, 2014 | $ | 90,803 | $ | 74,806 | $ | 82,702 | $ | 40,416 | |||||||||||
Year Ended December 31, 2013 | 130,023 | 68,998 | 121,353 | 37,554 | |||||||||||||||
-1 | The Company capitalizes interest costs incurred in funding its equity contributions to development projects accounted for as UJVs. The capitalized interest cost is included in the Company's basis in its investment in UJVs. Such capitalized interest reduces interest expense in the Company's Consolidated Statement of Operations and Comprehensive Income and in the table above is included within Consolidated Subsidiaries. |
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Noncontrolling Interest [Abstract] | ||||||||||||
Reconciliation of redeemable noncontrolling interests | Reconciliation of Redeemable Noncontrolling Interests | |||||||||||
2012 | ||||||||||||
Balance January 1 | $ | 84,235 | ||||||||||
Contributions | 231 | |||||||||||
Distributions | (2,456 | ) | ||||||||||
Allocation of net income (loss) | (976 | ) | ||||||||||
Allocation of other comprehensive income (loss) | (49 | ) | ||||||||||
Capital relinquished in connection with TCBL disposition (Note 2) | (8,855 | ) | ||||||||||
Transfer to nonredeemable equity | (72,035 | ) | ||||||||||
Adjustments of redeemable noncontrolling interests | (95 | ) | ||||||||||
Balance December 31 | $ | — | ||||||||||
There was no significant activity regarding redeemable noncontrolling interests during the years ended December 31, 2014 or December 31, 2013. | ||||||||||||
Net equity balance of noncontrolling interests | Equity Balances of Nonredeemable Noncontrolling Interests | |||||||||||
The net equity balance of the nonredeemable noncontrolling interests as of December 31, 2014 and December 31, 2013 includes the following: | ||||||||||||
2014 | 2013 | |||||||||||
Non-redeemable noncontrolling interests: | ||||||||||||
Noncontrolling interests in consolidated joint ventures | $ | (14,796 | ) | $ | (37,191 | ) | ||||||
Noncontrolling interests in partnership equity of TRG | 116,376 | (58,342 | ) | |||||||||
$ | 101,580 | $ | (95,533 | ) | ||||||||
Net income (loss) attributable to noncontrolling interests | Income Allocable to Noncontrolling Interests | |||||||||||
Net income attributable to the noncontrolling interests for the years ended December 31, 2014, 2013, and 2012 includes the following: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income (loss) attributable to noncontrolling interests: | ||||||||||||
Non-redeemable noncontrolling interests: | ||||||||||||
Noncontrolling share of income of consolidated joint ventures | $ | 34,239 | $ | 10,344 | $ | 14,867 | ||||||
Noncontrolling share of income of TRG | 350,870 | 46,434 | 37,752 | |||||||||
$ | 385,109 | $ | 56,778 | $ | 52,619 | |||||||
Redeemable noncontrolling interests | (976 | ) | ||||||||||
$ | 385,109 | $ | 56,778 | $ | 51,643 | |||||||
Effects of changes in ownership interest in consolidated subsidiaries on equity | Equity Transactions | |||||||||||
The following schedule presents the effects of changes in Taubman Centers, Inc.’s ownership interest in consolidated subsidiaries on Taubman Centers, Inc.’s equity for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income attributable to Taubman Centers, Inc. common shareowners | $ | 863,857 | $ | 109,908 | $ | 83,511 | ||||||
Transfers (to) from the noncontrolling interest: | ||||||||||||
Increase (Decrease) in Taubman Centers, Inc.’s paid-in capital for the adjustments of noncontrolling interest (1) | 83 | 15,129 | 14,903 | |||||||||
Decrease in Taubman Centers, Inc.’s paid-in capital related to the acquisition of additional ownership interest in International Plaza | (339,170 | ) | ||||||||||
Decrease in Taubman Centers, Inc.’s paid-in capital related to the acquisition of additional ownership interest in an outlet joint venture | (1,050 | ) | ||||||||||
Net transfers (to) from noncontrolling interests | 83 | 14,079 | (324,267 | ) | ||||||||
Change from net income attributable to Taubman Centers, Inc. and transfers (to) from noncontrolling interests | $ | 863,940 | $ | 123,987 | $ | (240,756 | ) | |||||
-1 | In 2014, 2013, and 2012, adjustments of the noncontrolling interest were made as a result of changes in the Company's ownership of the Operating Partnership in connection with the Company's share-based compensation under employee and director benefit plans (Note 13), issuances of stock pursuant to the continuing offer (Note 15), issuances of common stock in 2012 (Note 14), the acquisition of additional ownership interest in International Plaza in 2012, redemption of the outlet joint venture partner's interest in 2013, 2013 stock repurchases (Note 14), issuances of Operating Partnership units in connection with the acquisition of centers (Note 2), and redemptions of certain redeemable Operating Partnership Units |
Derivative_and_Hedging_Activit1
Derivative and Hedging Activities (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||
Interest rate derivatives designated as cash flow hedges | As of December 31, 2014, the Company had the following outstanding interest rate derivatives that were designated and are expected to be effective as cash flow hedges of the interest payments on the associated debt. | |||||||||||||||||||||||||
Instrument Type | Ownership | Notional Amount | Swap Rate | Credit Spread on Loan | Total Swapped Rate on Loan | Maturity Date | ||||||||||||||||||||
Consolidated Subsidiaries: | ||||||||||||||||||||||||||
Receive variable (LIBOR) /pay-fixed swap (1) | 100 | % | $ | 200,000 | 1.64 | % | 1.35 | % | (1) | 2.99 | % | (1) | Feb-19 | |||||||||||||
Receive variable (LIBOR) /pay-fixed swap (1) | 100 | % | 175,000 | 1.65 | % | 1.35 | % | (1) | 3 | % | (1) | Feb-19 | ||||||||||||||
Receive variable (LIBOR) /pay-fixed swap (1) | 100 | % | 100,000 | 1.64 | % | 1.35 | % | (1) | 2.99 | % | (1) | Feb-19 | ||||||||||||||
Unconsolidated Joint Ventures: | ||||||||||||||||||||||||||
Receive variable (LIBOR) /pay-fixed swap (2) | 50 | % | 136,706 | 2.4 | % | 1.7 | % | 4.1 | % | Apr-18 | ||||||||||||||||
Receive variable (LIBOR) /pay-fixed swap (2) | 50 | % | 136,706 | 2.4 | % | 1.7 | % | 4.1 | % | Apr-18 | ||||||||||||||||
Receive variable (LIBOR) /pay-fixed swap (3) | 50.1 | % | 175,000 | 1.83 | % | 1.75 | % | 3.58 | % | Dec-21 | ||||||||||||||||
-1 | The hedged forecasted transaction for each of these swaps is the first previously unhedged one-month LIBOR-indexed interest payments accrued and made each month on a debt principal amount equal to the swap notional, regardless of the specific debt agreement from which they may flow. The Company is currently using these swaps to manage interest rate risk on the $475 million TRG Term Loan. The credit spread on this loan can also vary within a range of 1.35% to 1.90%, depending on the Company's leverage ratio at the measurement date. | |||||||||||||||||||||||||
-2 | The notional amount on each of these swaps is equal to 50% of the outstanding principal balance of the loan on Fair Oaks Mall. | |||||||||||||||||||||||||
-3 | The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on International Plaza, which begins amortizing in February 2015 (Note 5). | |||||||||||||||||||||||||
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income | During the year ended December 31, 2014, the Company had an immaterial amount of hedge ineffectiveness related to the swap on MacArthur Center (prior to discontinuation of hedge accounting), which was classified as Nonoperating Income on the Consolidated Statement of Operations and Comprehensive Income. For the years ended December 31, 2013, and December 31, 2012 the Company did not have any hedge ineffectiveness or amounts that were excluded from the assessment of hedge effectiveness recorded in earnings. | |||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||||||||||||||||
Interest rate contracts – consolidated subsidiaries (1) | Nonoperating Expense (1) | $ | (4,880 | ) | ||||||||||||||||||||||
Interest rate contracts – consolidated subsidiaries (1) | $ | (7,362 | ) | $ | 9,990 | $ | (2,821 | ) | Interest Expense (1) | $ | (8,663 | ) | $ | (3,221 | ) | $ | (3,190 | ) | ||||||||
Interest rate contracts – UJVs | 893 | 5,083 | (1,976 | ) | Equity in Income of UJVs | (3,186 | ) | (3,080 | ) | (3,600 | ) | |||||||||||||||
Total derivatives in cash flow hedging relationships | $ | (6,469 | ) | $ | 15,073 | $ | (4,797 | ) | $ | (16,729 | ) | $ | (6,301 | ) | $ | (6,790 | ) | |||||||||
Realized losses on settled cash flow hedges: | ||||||||||||||||||||||||||
Interest rate contracts – consolidated subsidiaries | Interest Expense | $ | (605 | ) | $ | (605 | ) | |||||||||||||||||||
Interest rate contract – UJVs | Equity in Income of UJVs | (188 | ) | |||||||||||||||||||||||
Total realized losses on settled cash flow hedges | $ | — | $ | (605 | ) | $ | (793 | ) | ||||||||||||||||||
(1) Includes the MacArthur Center swap for the period that it was effective as a hedge until June 2014, when hedge accounting was discontinued. | ||||||||||||||||||||||||||
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet | The Company records all derivative instruments at fair value in the Consolidated Balance Sheet. The following table presents the location and fair value of the Company’s derivative financial instruments as reported in the Consolidated Balance Sheet as of December 31, 2014 and 2013. | |||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
Consolidated Balance Sheet Location | December 31 2014 | December 31 | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||
Asset derivatives: | ||||||||||||||||||||||||||
Interest rate contracts – consolidated subsidiaries | Deferred Charges and Other Assets | $ | 1,543 | |||||||||||||||||||||||
Interest rate contracts - UJVs | Investment in UJVs | $ | 109 | |||||||||||||||||||||||
Total assets designated as hedging instruments | $ | 109 | $ | 1,543 | ||||||||||||||||||||||
Liability derivatives: | ||||||||||||||||||||||||||
Interest rate contracts – consolidated subsidiaries | Accounts Payable and Accrued Liabilities | $ | (4,044 | ) | $ | (3,418 | ) | |||||||||||||||||||
Interest rate contracts – UJVs | Investment in UJVs | (5,154 | ) | (5,938 | ) | |||||||||||||||||||||
Total liabilities designated as hedging instruments | $ | (9,198 | ) | $ | (9,356 | ) |
Leases_Tables
Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Operating Leased Assets [Line Items] | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum rent under operating leases in effect at December 31, 2014 for operating centers assuming no new or renegotiated leases or option extensions on anchor agreements, is summarized as follows: | |||
2015 | $ | 282,484 | ||
2016 | 260,605 | |||
2017 | 233,552 | |||
2018 | 207,722 | |||
2019 | 182,095 | |||
Thereafter | 535,127 | |||
Operating Leases of Lessee Disclosure [Table Text Block] | The following is a schedule of future minimum rental payments required under operating leases: | |||
2015 | $ | 9,935 | ||
2016 | 12,834 | |||
2017 | 13,240 | |||
2018 | 13,200 | |||
2019 | 12,737 | |||
Thereafter | 755,342 | |||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of option activity for the years ended December 31, 2014, 2013, and 2012 is presented below: | |||||||||||||||||
Number of Options | Weighted Average | Weighted Average Remaining Contractual Term (in years) | Range of Exercise Prices | |||||||||||||||
Exercise Price | ||||||||||||||||||
Outstanding at January 1, 2012 | 1,321,990 | $ | 37.13 | 4.8 | $ | 13.83 | - | $ | 55.9 | |||||||||
Exercised | -632,188 | 31.28 | ||||||||||||||||
Outstanding at December 31, 2012 | 689,802 | $ | 42.5 | 3.8 | $ | 24.74 | - | $ | 55.9 | |||||||||
Exercised | -126,366 | 36.67 | ||||||||||||||||
Outstanding at December 31, 2013 | 563,436 | $ | 43.81 | 2.6 | $ | 31.31 | - | $ | 55.9 | |||||||||
Exercised | -42,143 | 42.16 | ||||||||||||||||
Outstanding at December 31, 2014 | 521,293 | $ | 39.2 | 1.6 | $ | 26.56 | - | $ | 51.15 | (1) | ||||||||
Fully vested options at December 31, 2014 | 521,293 | $ | 39.2 | 1.6 | ||||||||||||||
(1) Range of exercise prices as of December 31, 2014 reflects adjustments to the exercise price as a result of the grant modification in December 2014. | ||||||||||||||||||
Schedule of Valuation Assumptions [Table Text Block] | ||||||||||||||||||
Grant Dates | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Risk-free interest rate | 0.70% | 0.30% to 0.40% | 0.35% to 0.45% | |||||||||||||||
Measurement period | 3 years | 3 years | 3 years | |||||||||||||||
Weighted average grant-date fair value | $93.07 | $103.37 | $107.45 | |||||||||||||||
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | A summary of PSU activity for the years ended December 31, 2014, 2013, and 2012 is presented below: | |||||||||||||||||
Number of Performance Stock Units | Weighted Average Grant Date Fair Value | |||||||||||||||||
Outstanding at January 1, 2012 | $ | 326,151 | $ | 38.2 | ||||||||||||||
Granted (three-year vesting) | 50,041 | 107.45 | ||||||||||||||||
Granted (five-year vesting) | 108,224 | 189.23 | ||||||||||||||||
Forfeited | (24,733 | ) | 123.41 | |||||||||||||||
Vested | (196,943 | ) | (1) | 15.6 | ||||||||||||||
Outstanding at December 31, 2012 | $ | 262,740 | $ | 122.52 | ||||||||||||||
Granted (three-year vesting) | 42,178 | 103.37 | ||||||||||||||||
Granted (four-year vesting) | 15,444 | 171.05 | ||||||||||||||||
Forfeited | (12,240 | ) | 140.49 | |||||||||||||||
Vested | (73,259 | ) | (1) | 65.29 | ||||||||||||||
Outstanding at December 31, 2013 | $ | 234,863 | $ | 139.18 | ||||||||||||||
Granted | 49,157 | 93.07 | ||||||||||||||||
Forfeited | (771 | ) | 160.09 | |||||||||||||||
Vested | (43,858 | ) | (1) | 85.4 | ||||||||||||||
Special dividend adjustment (2) | 15,260 | 57 | ||||||||||||||||
Outstanding at December 31, 2014 | $ | 254,651 | $ | 132.86 | ||||||||||||||
(1) Based on the Company's market performance relative to that of a peer group, the actual number of shares of common stock issued upon vesting during the year ended December 31, 2014, 2013, and 2012 equaled 172%, 300%, and 240%, respectively, of the number of PSU awards vested in the table above. | ||||||||||||||||||
(2) Represents an adjustment made to the PSU as a result of the grant modification in December 2014. | ||||||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | A summary of RSU activity for the years ended December 31, 2014, 2013, and 2012 is presented below: | |||||||||||||||||
Number of Restricted Stock Units | Weighted average Grant Date Fair Value | |||||||||||||||||
Outstanding at January 1, 2012 | $ | 605,927 | $ | 22.06 | ||||||||||||||
Granted | 107,653 | 65.14 | ||||||||||||||||
Forfeited | (26,665 | ) | 46.48 | |||||||||||||||
Vested | (364,610 | ) | 9.9 | |||||||||||||||
Outstanding at December 31, 2012 | $ | 322,305 | $ | 48.19 | ||||||||||||||
Granted (three-year vesting) | 92,103 | 71.67 | ||||||||||||||||
Granted (staggered vesting) | 5,197 | 81.38 | ||||||||||||||||
Forfeited | (11,678 | ) | 57.6 | |||||||||||||||
Vested | (138,028 | ) | 37.03 | |||||||||||||||
Outstanding at December 31, 2013 | $ | 269,899 | $ | 62 | ||||||||||||||
Granted (three-year vesting) | 106,540 | 63.95 | ||||||||||||||||
Granted (staggered vesting) | 8,505 | 66.19 | ||||||||||||||||
Forfeited | (4,843 | ) | 65.44 | |||||||||||||||
Vested | (104,302 | ) | 51.96 | |||||||||||||||
Special dividend adjustment (1) | 17,852 | 72.27 | ||||||||||||||||
Outstanding at December 31, 2014 | $ | 293,651 | $ | 67 | ||||||||||||||
. | ||||||||||||||||||
(1) Represents an adjustment made to the RSU as a result of the grant modification in December 2014. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Basic and diluted earnings per share | ||||||||||||
Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator): | ||||||||||||
Basic | $ | 863,857 | $ | 109,908 | $ | 83,511 | ||||||
Impact of additional ownership of TRG | 10,933 | 497 | 672 | |||||||||
Diluted | $ | 874,790 | $ | 110,405 | $ | 84,183 | ||||||
Shares (Denominator) – basic | 63,267,800 | 63,591,523 | 59,884,455 | |||||||||
Effect of dilutive securities | 1,653,264 | 983,889 | 1,491,989 | |||||||||
Shares (Denominator) – diluted | 64,921,064 | 64,575,412 | 61,376,444 | |||||||||
Earnings per common share - basic | $ | 13.65 | $ | 1.73 | $ | 1.39 | ||||||
Earnings per common share - diluted | $ | 13.47 | $ | 1.71 | $ | 1.37 | ||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ||||||||||||
Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Weighted average noncontrolling partnership units outstanding | 4,351,727 | 4,428,624 | 5,063.74 | |||||||||
Unissued partnership units under unit option deferral elections | 871,262 | 871,262 | ||||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of the fair value for each major category of assets and liabilities is presented below: | ||||||||||||||||
Fair Value Measurements as of December 31, 2014 Using | Fair Value Measurements as of December 31, 2013 Using | ||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 1) | (Level 2) | ||||||||||||||
Insurance deposit | $ | 13,059 | $ | 12,225 | |||||||||||||
Derivative interest rate contracts (Note 10) | $ | 1,543 | |||||||||||||||
Total assets | $ | 13,059 | $ | — | $ | 12,225 | $ | 1,543 | |||||||||
Derivative interest rate contracts (Note 10) | $ | (4,044 | ) | $ | (3,418 | ) | |||||||||||
Total liabilities | $ | (4,044 | ) | $ | (3,418 | ) | |||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | The estimated fair values of notes payable at December 31, 2014 and 2013 were as follows: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
Notes payable | $ | 2,025,505 | $ | 2,056,474 | $ | 3,058,053 | $ | 3,107,119 | |||||||||
Cash_Flow_Disclosures_NonCash_1
Cash Flow Disclosures & Non-Cash Investing and Financing Activities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Cash Flow Disclosures and Non-Cash Investing and Financing Activties [Abstract] | ||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following non-cash investing and financing activities occurred during 2014, 2013, and 2012. This table excludes any non-cash adjustments of noncontrolling interests as a result of equity transactions (Note 9). | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Issuance of a note receivable in connection with the sale of peripheral land | $ | 7,411 | ||||||||||
Receipt of Simon Property Group Limited Partnership units in connection with the sale of Arizona Mills (Note 2) | $ | 77,711 | ||||||||||
Issuance of TRG partnership units in connection with the purchase of the U.S. headquarters building (Note 2) | 91 | |||||||||||
Assumption of debt in connection with the purchase of the U.S. headquarters building (Note 2) | 18,215 | |||||||||||
Issuance of note and other receivable in connection with the sale of Taubman TCBL's assets (Note 2) | $ | 9,353 | ||||||||||
Receipt of escrow in connection with the sale of Taubman TCBL (Note 2) | 3,550 | |||||||||||
Relinquishment of redeemable equity in connection with disposition of Taubman TCBL (Note 2) | 8,855 | |||||||||||
Other non-cash additions to properties | 24,315 | 14,030 | 19,952 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in the balance of each component of Accumulated Other Comprehensive Income (AOCI) for the years ended December 31, 2014, 2013, and 2012 were as follows: | |||||||||||||||||||||||
Taubman Centers, Inc. AOCI | Noncontrolling Interests AOCI | |||||||||||||||||||||||
Cumulative translation adjustment | Unrealized gains (losses) on interest rate instruments and other | Total | Cumulative translation adjustment | Unrealized gains (losses) on interest rate instruments and other | Total | |||||||||||||||||||
1-Jan-12 | $ | (27,613 | ) | $ | (27,613 | ) | $ | 9,113 | $ | 9,113 | ||||||||||||||
Current Period Other Comprehensive Income | $ | 1,888 | (2,551 | ) | (663 | ) | $ | 756 | (1,162 | ) | (406 | ) | ||||||||||||
Amounts due to changes in ownership | 6,212 | 6,212 | (6,212 | ) | (6,212 | ) | ||||||||||||||||||
31-Dec-12 | $ | 1,888 | $ | (23,952 | ) | $ | (22,064 | ) | $ | 756 | $ | 1,739 | $ | 2,495 | ||||||||||
Other comprehensive income/(loss) before reclassifications | 3,150 | 6,117 | 9,267 | 1,257 | 2,700 | 3,957 | ||||||||||||||||||
Amounts reclassified from AOCI | 3,875 | 3,875 | 1,708 | 1,708 | ||||||||||||||||||||
Net current period other comprehensive income | 3,150 | 9,992 | 13,142 | 1,257 | 4,408 | 5,665 | ||||||||||||||||||
Adjustments due to changes in ownership | 2 | 6 | 8 | (2 | ) | (6 | ) | (8 | ) | |||||||||||||||
31-Dec-13 | $ | 5,040 | $ | (13,954 | ) | $ | (8,914 | ) | $ | 2,011 | $ | 6,141 | $ | 8,152 | ||||||||||
Other comprehensive income/(loss) before reclassifications | (5,148 | ) | (12,783 | ) | (17,931 | ) | (2,045 | ) | (5,221 | ) | (7,266 | ) | ||||||||||||
Amounts reclassified from AOCI | 11,747 | 11,747 | 4,982 | 4,982 | ||||||||||||||||||||
Net current period other comprehensive income/(loss) | (5,148 | ) | (1,036 | ) | (6,184 | ) | (2,045 | ) | (239 | ) | (2,284 | ) | ||||||||||||
Adjustments due to changes in ownership | 7 | 23 | 30 | (7 | ) | (23 | ) | (30 | ) | |||||||||||||||
31-Dec-14 | $ | (101 | ) | $ | (14,967 | ) | $ | (15,068 | ) | $ | (41 | ) | $ | 5,879 | $ | 5,838 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents reclassifications out of AOCI for the year ended December 31, 2014: | |||||||||||||||||||||||
Details about AOCI Components | Amounts reclassified from AOCI | Affected line item in Consolidated Statement of Operations | ||||||||||||||||||||||
Losses on interest rate instruments and other: | ||||||||||||||||||||||||
Discontinuation of hedge accounting - consolidated subsidiary | $ | 4,880 | Nonoperating Expense | |||||||||||||||||||||
Realized loss on interest rate contracts - consolidated subsidiaries | 8,663 | Interest Expense | ||||||||||||||||||||||
Realized loss on interest rate contracts - UJVs | 3,186 | Equity in Income in UJVs | ||||||||||||||||||||||
Total reclassifications for the period | $ | 16,729 | ||||||||||||||||||||||
The following table presents reclassifications out of AOCI for the year ended December 31, 2013: | ||||||||||||||||||||||||
Details about AOCI Components | Amounts reclassified from AOCI | Affected line item in Consolidated Statement of Operations | ||||||||||||||||||||||
(Gains)/losses on interest rate instruments and other: | ||||||||||||||||||||||||
Realized loss on interest rate contracts - consolidated subsidiaries | $ | 3,826 | Interest Expense | |||||||||||||||||||||
Realized loss on interest rate contracts - UJVs | 3,080 | Equity in Income of UJVs | ||||||||||||||||||||||
Realized gain on sale of securities | (1,323 | ) | Nonoperating Income | |||||||||||||||||||||
Total reclassifications for the period | $ | 5,583 | ||||||||||||||||||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||||||||||
Revenues | $ | 174,778 | $ | 169,985 | $ | 176,044 | $ | 158,322 | Revenues | $ | 183,257 | $ | 178,187 | $ | 193,938 | $ | 211,772 | |||||||||||||||||
Equity in income of Unconsolidated Joint Ventures | 12,068 | 14,675 | 14,479 | 20,780 | Equity in income of Unconsolidated Joint Ventures | 10,346 | 11,481 | 12,220 | 18,418 | |||||||||||||||||||||||||
Net income | 526,157 | 39,054 | 56,637 | 656,274 | Net income | 46,356 | 33,603 | 43,243 | 66,166 | |||||||||||||||||||||||||
Net income attributable to TCO common shareowners | 369,125 | 21,344 | 33,682 | 439,706 | Net income attributable to TCO common shareowners | 27,744 | 17,842 | 24,488 | 39,834 | |||||||||||||||||||||||||
Earnings per common share – basic | $ | 5.84 | $ | 0.34 | $ | 0.53 | $ | 6.94 | Earnings per common share – basic | $ | 0.44 | $ | 0.28 | $ | 0.38 | $ | 0.63 | |||||||||||||||||
Earnings per common share – diluted | $ | 5.74 | $ | 0.33 | $ | 0.53 | $ | 6.86 | Earnings per common share – diluted | $ | 0.43 | $ | 0.28 | $ | 0.38 | $ | 0.62 | |||||||||||||||||
Real_Estate_and_Accumulated_De1
Real Estate and Accumulated Depreciation Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] | Schedule III | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TAUBMAN CENTERS, INC. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Gross Amount at Which Carried at Close of Period | REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shopping Centers: | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beverly Center | $ | 209,093 | $ | 93,915 | $ | 303,008 | $ | 303,008 | $ | 169,849 | $ | 133,159 | 1982 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles, CA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cherry Creek Shopping Center | 99,087 | 140,160 | 239,247 | 239,247 | 141,297 | 97,950 | $ | 280,000 | 1990 / 1998 | 40 years | Initial Cost to Company | Gross Amount at Which Carried at Close of Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Denver, CO | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
City Creek Shopping Center | 75,229 | 873 | 76,102 | 76,102 | 7,569 | 68,533 | 83,189 | 2012 | 30 years | Shopping Centers: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salt Lake City, UT | Beverly Center | $ | 209,093 | $ | 93,915 | $ | 303,008 | $ | 303,008 | $ | 169,849 | $ | 133,159 | 1982 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dolphin Mall, Miami, FL | $ | 34,881 | 222,301 | 68,401 | $ | 34,881 | 290,702 | 325,583 | 103,066 | 222,517 | 2001 / 2007 | 50 years | Los Angeles, CA | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cherry Creek Shopping Center | 99,087 | 140,160 | 239,247 | 239,247 | 141,297 | 97,950 | $ | 280,000 | 1990 / 1998 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Gardens on El Paseo/ | 23,500 | 131,858 | 6,073 | 23,500 | 137,931 | 161,431 | 11,793 | 149,638 | 83,059 / 15,932 | (1) | 1998 / 2010 | 2011 | 40 Years / 48 Years | Denver, CO | ||||||||||||||||||||||||||||||||||||||||||||||||||||
El Paseo Village | City Creek Shopping Center | 75,229 | 873 | 76,102 | 76,102 | 7,569 | 68,533 | 83,189 | 2012 | 30 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Palm Desert, CA | Salt Lake City, UT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Great Lakes Crossing Outlets | 15,506 | 188,773 | 46,465 | 15,506 | 235,238 | 250,744 | 122,375 | 128,369 | 217,281 | 1998 | 50 years | Dolphin Mall, Miami, FL | $ | 34,881 | 222,301 | 68,401 | $ | 34,881 | 290,702 | 325,583 | 103,066 | 222,517 | 2001 / 2007 | 50 years | ||||||||||||||||||||||||||||||||||||||||||
Auburn Hills, MI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Mall at Green Hills | 48,551 | 332,261 | 13,506 | 48,551 | 345,767 | 394,318 | 31,358 | 362,960 | 150,000 | 1955 / 2011 | 2011 | 40 years | The Gardens on El Paseo/ | 23,500 | 131,858 | 6,073 | 23,500 | 137,931 | 161,431 | 11,793 | 149,638 | 83,059 / 15,932 | (1) | 1998 / 2010 | 2011 | 40 Years / 48 Years | ||||||||||||||||||||||||||||||||||||||||
Nashville, TN | El Paseo Village | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Mall at Short Hills | 25,114 | 167,595 | 166,243 | 25,114 | 333,838 | 358,952 | 175,565 | 183,387 | 540,000 | 1980 / 1994 / 1995 | 40 years | Palm Desert, CA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short Hills, NJ | Great Lakes Crossing Outlets | 15,506 | 188,773 | 46,465 | 15,506 | 235,238 | 250,744 | 122,375 | 128,369 | 217,281 | 1998 | 50 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taubman Prestige Outlets Chesterfield | 16,079 | 108,934 | 757 | 16,079 | 109,691 | 125,770 | 7,075 | 118,695 | 2013 | 50 years | Auburn Hills, MI | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chesterfield, MO | The Mall at Green Hills | 48,551 | 332,261 | 13,506 | 48,551 | 345,767 | 394,318 | 31,358 | 362,960 | 150,000 | 1955 / 2011 | 2011 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Twelve Oaks Mall | 25,410 | 190,455 | 89,471 | 25,410 | 279,926 | 305,336 | 144,332 | 161,004 | 1977 / 1978 / 2007 / 2008 | 50 years | Nashville, TN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Novi, MI | The Mall at Short Hills | 25,114 | 167,595 | 166,243 | 25,114 | 333,838 | 358,952 | 175,565 | 183,387 | 540,000 | 1980 / 1994 / 1995 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other: | Short Hills, NJ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taubman Prestige Outlets Chesterfield | 16,079 | 108,934 | 757 | 16,079 | 109,691 | 125,770 | 7,075 | 118,695 | 2013 | 50 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chesterfield, MO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office Facilities | 5,123 | 12,519 | 34,058 | 5,123 | 46,577 | 51,700 | 27,440 | 24,260 | 17,265 | (2) | 2014 | 35 years | Twelve Oaks Mall | 25,410 | 190,455 | 89,471 | 25,410 | 279,926 | 305,336 | 144,332 | 161,004 | 1977 / 1978 / 2007 / 2008 | 50 years | |||||||||||||||||||||||||||||||||||||||||||
Novi, MI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Peripheral Land | 28,120 | 28,120 | 28,120 | 28,120 | Other: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction in Process and Development - pre-construction costs | 33,382 | 466,601 | 78,610 | 33,382 | 545,211 | 578,593 | 578,593 | 163,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office Facilities | 5,123 | 12,519 | 34,058 | 5,123 | 46,577 | 51,700 | 27,440 | 24,260 | 17,265 | (2) | 2014 | 35 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets under CDD Obligations | 3,969 | 58,512 | 3,969 | 58,512 | 62,481 | 27,583 | 34,898 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Peripheral Land | 28,120 | 28,120 | 28,120 | 28,120 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 1,120 | 1,120 | 1,120 | 743 | 377 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction in Process and Development - pre-construction costs | 33,382 | 466,601 | 78,610 | 33,382 | 545,211 | 578,593 | 578,593 | 163,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 259,635 | $ | 2,264,338 | $ | 738,532 | $ | 259,635 | $ | 3,002,870 | $ | 3,262,505 | (3) | $ | 970,045 | $ | 2,292,460 | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets under CDD Obligations | 3,969 | 58,512 | 3,969 | 58,512 | 62,481 | 27,583 | 34,898 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 1,120 | 1,120 | 1,120 | 743 | 377 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 259,635 | $ | 2,264,338 | $ | 738,532 | $ | 259,635 | $ | 3,002,870 | $ | 3,262,505 | (3) | $ | 970,045 | $ | 2,292,460 | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The changes in total real estate assets and accumulated depreciation for the years ended December 31, 2014, 2013, and 2012 are as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TAUBMAN CENTERS, INC. | Schedule III | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | The changes in total real estate assets and accumulated depreciation for the years ended December 31, 2014, 2013, and 2012 are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TAUBMAN CENTERS, INC. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Real Estate Assets | Accumulated Depreciation | REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 4,485,090 | $ | 4,246,000 | $ | 4,020,954 | Balance, beginning of year | $ | (1,516,982 | ) | $ | (1,395,876 | ) | $ | (1,271,943 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Real Estate Assets | Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | 17,642 | (4) | Depreciation | (110,129 | ) | (142,458 | ) | (134,858 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New development and improvements | 448,462 | 280,972 | 237,877 | Disposals/Write-offs | 530,916 | (5) | 21,352 | 10,925 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 4,485,090 | $ | 4,246,000 | $ | 4,020,954 | Balance, beginning of year | $ | (1,516,982 | ) | $ | (1,395,876 | ) | $ | (1,271,943 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Disposals/Write-offs | (1,308,529 | ) | (5) | (35,964 | ) | (11,972 | ) | Transfers (In)/Out | 126,150 | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | 17,642 | (4) | Depreciation | (110,129 | ) | (142,458 | ) | (134,858 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers In/(Out) | (380,160 | ) | (6) | (5,918 | ) | (859 | ) | Balance, end of year | $ | (970,045 | ) | $ | (1,516,982 | ) | $ | (1,395,876 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
New development and improvements | 448,462 | 280,972 | 237,877 | Disposals/Write-offs | 530,916 | (5) | 21,352 | 10,925 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of year | $ | 3,262,505 | $ | 4,485,090 | $ | 4,246,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposals/Write-offs | (1,308,529 | ) | (5) | (35,964 | ) | (11,972 | ) | Transfers (In)/Out | 126,150 | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers In/(Out) | (380,160 | ) | (6) | (5,918 | ) | (859 | ) | Balance, end of year | $ | (970,045 | ) | $ | (1,516,982 | ) | $ | (1,395,876 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Balances represent the two different mortgage notes held separately on The Gardens on El Paseo and El Paseo Village for $83.1 million and $15.9 million, respectively, which include $1.6 million and $0.1 million, respectively, of purchase accounting premiums. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of year | $ | 3,262,505 | $ | 4,485,090 | $ | 4,246,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Balance includes purchase accounting adjustment of $0.2 million. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-3 | The unaudited aggregate cost for federal income tax purposes as of December 31, 2014 was $3.513 billion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Balances represent the two different mortgage notes held separately on The Gardens on El Paseo and El Paseo Village for $83.1 million and $15.9 million, respectively, which include $1.6 million and $0.1 million, respectively, of purchase accounting premiums. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-4 | Primarily represents the book value of the Company's acquisition of the U.S. Headquarters building in February 2014 (Note 2). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Balance includes purchase accounting adjustment of $0.2 million. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-5 | Primarily represents the book balances of the Sale Centers that were sold to Starwood in the fourth quarter of 2014 (Note 2). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-3 | The unaudited aggregate cost for federal income tax purposes as of December 31, 2014 was $3.513 billion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-6 | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-4 | Primarily represents the book value of the Company's acquisition of the U.S. Headquarters building in February 2014 (Note 2). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-5 | Primarily represents the book balances of the Sale Centers that were sold to Starwood in the fourth quarter of 2014 (Note 2). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-6 | 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. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | ||
Number of Reportable Segments | one | |
Number of urban and suburban shopping centers in the Company's owned portfolio | 18 | |
Number of states in which the Company has shopping centers | 10 | |
Number Of Classes Of Preferred Equity | two | two |
Real Estate and Accumulated Depreciation, Life Used for Depreciation, Range, Low | 3 | |
Real Estate and Accumulated Depreciation, Life Used for Depreciation, Range, High | 50 | |
Number of days, or less, to maturity for a highly liquid investment to be considered a cash equivalent | 90 | |
Cash, Uninsured Amount | $251,000,000 | |
Cash in escrow related to construction projects | 33,600,000 | |
Restricted Cash and Cash Equivalents | 37,502,000 | 5,046,000 |
Restricted Cash, Uninsured Amount | $36,100,000 | |
Real Estate Investment Trust, required distribution | 90.00% | |
Percentage of revenues of which no single retail company exceeds | 10.00% | |
Westfarms [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 79.00% | 79.00% |
International Plaza [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.10% | |
Series B Preferred Stock [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Preferred Stock, Shares Outstanding | 25,117,000 | 25,151,069 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Operating Partnership) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Class of Stock [Line Items] | |||
Common stock, shares outstanding | 63,324,409 | 63,101,614 | |
The Operating Partnership [Abstract] | |||
Number of Operating Partnership units outstanding (in shares) | 88,459,859 | 88,271,133 | 88,656,297 |
Number Of Operating Partnership Units Outstanding Owned By Company | 63,324,409 | 63,101,614 | 63,310,148 |
Number of Operating Partnership units outstanding owned by noncontrolling interests | 25,135,450 | 25,169,519 | 25,346,149 |
Noncontrolling Interest, Ownership Percentage by Parent | 72.00% | 71.00% | 71.00% |
Average ownership percentage of the Company in the Operating Partnership (in hundredths) | 72.00% | 72.00% | 69.00% |
Relationship between TRG units owned by TCO and TCO common shares outstanding | one-for-one |
Acquisitions_Dispositions_and_1
Acquisitions, Dispositions and Development (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2014 | |
Business Disposition [Line Items] | ||||||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | $476,900,000 | $1,106,554,000 | ||||
Gains (Losses) on Extinguishment of Debt | 36,372,000 | |||||
Restructuring and Related Cost, Cost Incurred to Date | 3,706,000 | |||||
Gain (Loss) on Sale of Properties, Applicable Income Taxes | -9,733,000 | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 72.00% | 71.00% | 71.00% | |||
Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Fair Value at Acquisition Date | 77,711,000 | |||||
Notes Payable | 2,025,505,000 | 3,058,053,000 | ||||
Notes | 2,037,000 | 9,407,000 | ||||
Other Tax Expense (Benefit) | 2,267,000 | 3,409,000 | 4,964,000 | |||
Debt Instrument, Unamortized Premium | 1,836,000 | |||||
Payments to Noncontrolling Interests | 275,000,000 | |||||
Construction in process | 578,593,000 | 252,329,000 | ||||
Increase (Decrease) in Company's Share of Project Costs due to the Cumulative Foreign Currency Translation Adjustment, Net of Tax | ||||||
International Plaza [Member] | ||||||
Business Disposition [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||
The Mall at Green Hills, The Gardens on El Paseo and El Paseo Village [Member] | ||||||
Business Disposition [Line Items] | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 1,300,000 | |||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Installment note | 281,500,000 | |||||
International Plaza [Member] | ||||||
Business Disposition [Line Items] | ||||||
Noncash or Part Noncash Divestiture, Total Consideration Received | 499,000,000 | |||||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | 368,000,000 | |||||
Noncash or Part Noncash Disposition, Interest Sold | 49.90% | 49.90% | ||||
Proceeds from Divestiture of Real Estate Partnership, net of Transaction Costs | 337,000,000 | |||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 162,000,000 | |||||
Gain (Loss) on Sale of Properties, Applicable Income Taxes | -9,700,000 | |||||
Equity Method Investment, Ownership Percentage | 50.10% | |||||
Notes Payable | 325,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.85% | |||||
Value of additional interest in subsidiary acquired from noncontrolling owner | 437,000,000 | |||||
Payments to Noncontrolling Interests | 275,000,000 | |||||
Value of additional interest in subsidiary debt acquired from noncontrolling owner | 162,000,000 | |||||
Equity used for acquisition of additional ownership interest in center | 339,200,000 | |||||
Arizona Mills Member | ||||||
Business Disposition [Line Items] | ||||||
Noncash or Part Noncash Disposition, Interest Sold | 50.00% | |||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 84,000,000 | |||||
Notes Payable | 167,000,000 | |||||
SPG Units [Member] | ||||||
Business Disposition [Line Items] | ||||||
Number of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Original Number of Units Received, Prior to Equity Transaction | 555,150 | |||||
Restriction Period on Sale of Partnership Units Received, years | one | |||||
Number of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, total units after equity transaction | 590,124 | |||||
Waterside Shops [Member] | ||||||
Business Disposition [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Debt Instrument, Unamortized Premium | 1,800,000 | 3,900,000 | ||||
Noncash or Part Noncash Acquisition, Interest Acquired | 25.00% | |||||
Outside Partner, Ownership Percentage | 50.00% | |||||
Acquisition of additional interest in equity method joint venture | 155,000,000 | |||||
Acquisition of additional interest in equity method joint venture, cash portion of consideration | 72,500,000 | |||||
Acquisition of additional interest in equity method joint venture, beneficial interest assumed portion of consideration | 82,500,000 | |||||
Beneficial share of acquisition of additional interest in equity method joint venture | 77,500,000 | |||||
Beneficial share of acquisition of additional interest in equity method joint venture, cash portion of consideration | 36,300,000 | |||||
Beneficial share of acquisition of additional interest in equity method joint venture, beneficial interest assumed portion of consideration | 41,300,000 | |||||
Difference between consideration paid and the net book value of the additional interest acquired in an equity method joint venture | 52,700,000 | |||||
International Market Place [Member] | ||||||
Business Disposition [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 93.50% | |||||
Area of Real Estate Property | 400,000 | |||||
Construction in process | 107,600,000 | |||||
Construction in Progress, Gross, Company's Share | 100,800,000 | |||||
The Mall of San Juan [Member] | ||||||
Business Disposition [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 80.00% | |||||
Notes Payable | 163,779,000 | |||||
Debt Instrument, Maturity Date | 2-Apr-17 | |||||
Area of Real Estate Property | 700,000 | |||||
Construction in process | 384,400,000 | |||||
Construction in Progress, Gross, Company's Share | 309,500,000 | |||||
The Mall at University Town Center [Member] | ||||||
Business Disposition [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Companybs Share of Project Costs in Equity Method Investments | 161,400,000 | |||||
Area of Real Estate Property | 900,000 | |||||
Zhengzhou Vancouver Times Square [Member] [Member] | ||||||
Business Disposition [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 32.00% | |||||
Companybs Share of Project Costs in Equity Method Investments | 41,200,000 | |||||
Area of Real Estate Property | 1,000,000 | |||||
Xi'an Saigao City Plaza [Member] | ||||||
Business Disposition [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 30.00% | |||||
Companybs Share of Project Costs in Equity Method Investments | 75,100,000 | |||||
Area of Real Estate Property | 1,000,000 | |||||
Joint Venture, Ownership Percentage | 60.00% | |||||
Increase (Decrease) in Company's Share of Project Costs due to the Cumulative Foreign Currency Translation Adjustment, Net of Tax | 600,000 | |||||
Hanam Union Square [Member] | ||||||
Business Disposition [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 34.30% | 30.00% | ||||
Companybs Share of Project Costs in Equity Method Investments | 132,300,000 | |||||
Outside Partner, Ownership Percentage | 14.70% | |||||
Area of Real Estate Property | 1,700,000 | |||||
Joint Venture Cash Acquisition, Interest Acquired | 19.00% | |||||
Joint Venture, Ownership Percentage | 49.00% | |||||
Increase (Decrease) in Company's Share of Project Costs due to the Cumulative Foreign Currency Translation Adjustment, Net of Tax | -1,000,000 | |||||
Arizona Mills and Oyster Bay [Domain] | ||||||
Business Disposition [Line Items] | ||||||
Noncash or Part Noncash Divestiture, Total Consideration Received | 60,000,000 | |||||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | 109,000,000 | |||||
Value of Partnership Unit Received in Connection with Disposition | $154.91 | |||||
Office Building [Member] | ||||||
Business Disposition [Line Items] | ||||||
Notes Payable | 17,265,000 | |||||
Net Consideration Paid to Acquire U.S. Headquarters Building | 16,100,000 | |||||
Noncash or Part Noncash Acquisition, Debt Assumed | 17,400,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.90% | 5.90% | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 1,431 | |||||
Restricted and Other Cash Proceeds Received as Part of the Acquisition of the U.S. Headquarters Building | 1,400,000 | |||||
Debt Instrument, Unamortized Premium | 700,000 | 200,000 | ||||
Debt Instrument, Maturity Date | 1-Apr-15 | 1-Apr-15 | ||||
Starwood Transaction [Member] | ||||||
Business Disposition [Line Items] | ||||||
Number of centers disposed | seven | |||||
Proceeds from Sale of Real Estate | 1,400,000,000 | |||||
Repayments of Other Long-term Debt | 623,000,000 | |||||
Transaction Costs Incurred | 51,200,000 | |||||
Number of Loans to be Defeased or Assumed | four | |||||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | 629,700,000 | |||||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes, At Beneficial Interest | 606,200,000 | |||||
Gains (Losses) on Extinguishment of Debt | 36,372,000 | |||||
Gain (Loss) on Debt Extinguishment, At Beneficial Interest | 36,000,000 | |||||
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Inclusive of the Adjustment to Fair Value | 7,800,000 | |||||
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Inclusive of Adjustments to Fair Value, At Beneficial Interest | 7,400,000 | |||||
Disposition Costs Incurred | 3,300,000 | |||||
Restructuring and Related Cost, Cost Incurred to Date | 3,706,000 | |||||
Restructuring Reserve | 1,700,000 | |||||
Taubman TCBL [Member] | ||||||
Business Disposition [Line Items] | ||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 15,500,000 | |||||
Proceeds from disposition of Taubman TCBL (Note 2) | 4,400,000 | |||||
TCBL disposition escrow (Note 2) | 3,600,000 | |||||
Notes | 8,500,000 | |||||
Other Receivables | 800,000 | |||||
Other Tax Expense (Benefit) | 3,200,000 | |||||
Special Dividend [Member] | Starwood Transaction [Member] | ||||||
Business Disposition [Line Items] | ||||||
Dividends, Cash | $424,300,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income tax expense (benefit) [Abstract] | ||||||
State current | $1,361,000 | $230,000 | $205,000 | |||
State deferred | -3,000 | -77,000 | -13,000 | |||
Federal current | 8,036,000 | 547,000 | 1,011,000 | |||
Federal deferred | 1,354,000 | 632,000 | 257,000 | |||
Foreign current | 1,300,000 | 2,193,000 | 3,324,000 | |||
Foreign deferred | -48,000 | -116,000 | 180,000 | |||
Income Tax Expense (Benefit), Gross of Tax on Gain | 12,000,000 | 3,409,000 | 4,964,000 | |||
Gain (Loss) on Sale of Properties, Applicable Income Taxes | 9,733,000 | |||||
Income Tax Expense (Benefit) | 2,267,000 | 3,409,000 | 4,964,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 700,000 | 700,000 | ||||
Operating Loss Carryforwards, Expiration Dates | 10 | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 4,400,000 | 4,400,000 | ||||
Deferred tax assets: | ||||||
Deferred Tax Assets, Gross | 3,659,000 | 3,659,000 | 5,094,000 | |||
Deferred Tax Assets, Valuation Allowance | -1,703,000 | -1,703,000 | -1,831,000 | |||
Deferred Tax Assets, Net of Valuation Allowance | 1,956,000 | 1,956,000 | 3,263,000 | |||
Deferred tax liabilities: | ||||||
Deferred Tax Liabilities, Net | 1,154,000 | 1,154,000 | 1,158,000 | |||
Common Stock, Dividends, Per Share, Declared | $0.54 | $2.16 | $2 | $1.85 | ||
Common Stock, Dividends, Per Share, Designated as Capital Gain | $0.06 | |||||
Common Stock, Dividends, Per Share, Designated as Return of Capital | $0.32 | $0.26 | $0.54 | |||
Common Stock, Dividends, Per Share, Designated as Ordinary Income | $1.78 | $1.74 | $1.31 | |||
Common Stock, Dividends, Per Share, Designated as Long Term Capital Gain | $0.03 | $0 | $0 | |||
Common Stock, Dividends, Per Share, Designated as Unrecaptured Sec. 1250 Capital Gain | $0.03 | $0 | $0 | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 87,000 | 472,000 | 1,020,000 | |||
Domestic Tax Authority [Member] | ||||||
Deferred tax assets: | ||||||
Deferred Tax Assets, Gross | 1,382,000 | 1,382,000 | 2,746,000 | |||
Deferred tax liabilities: | ||||||
Deferred Tax Liabilities, Net | 592,000 | 592,000 | 602,000 | |||
Foreign Country [Member] | ||||||
Income tax expense (benefit) [Abstract] | ||||||
Operating Loss Carryforwards | 5,100,000 | 5,100,000 | ||||
Deferred tax assets: | ||||||
Deferred Tax Assets, Gross | 1,806,000 | 1,806,000 | 1,821,000 | |||
Deferred tax liabilities: | ||||||
Deferred Tax Liabilities, Net | 473,000 | 473,000 | 449,000 | |||
State and Local Jurisdiction [Member] | ||||||
Deferred tax assets: | ||||||
Deferred Tax Assets, Gross | 471,000 | 471,000 | 527,000 | |||
Deferred tax liabilities: | ||||||
Deferred Tax Liabilities, Net | 89,000 | 89,000 | 107,000 | |||
Taubman TCBL [Member] | ||||||
Income tax expense (benefit) [Abstract] | ||||||
Foreign current | 2,800,000 | |||||
Foreign deferred | 400,000 | |||||
Income Tax Expense (Benefit) | $3,200,000 | |||||
Series G Preferred Stock [Member] | ||||||
Deferred tax liabilities: | ||||||
Preferred Stock, Dividends Per Share, Declared | $1.35 | |||||
Preferred Stock, Dividends Per Share, Designated as Ordinary Income | $1.35 | |||||
Preferred Stock, Dividends, Per Share, Designated as Long Term Capital Gain | $0 | |||||
Preferred Stock, Dividends Per Share, Designated as Unrecaptured Sec. 1250 Capital Gain | $0 | |||||
Series H Preferred Stock [Member] | ||||||
Deferred tax liabilities: | ||||||
Preferred Stock, Dividends Per Share, Declared | $1.29 | |||||
Preferred Stock, Dividends Per Share, Designated as Ordinary Income | $1.29 | |||||
Preferred Stock, Dividends, Per Share, Designated as Long Term Capital Gain | $0 | |||||
Preferred Stock, Dividends Per Share, Designated as Unrecaptured Sec. 1250 Capital Gain | $0 | |||||
Series J Preferred Stock [Member] | ||||||
Deferred tax liabilities: | ||||||
Preferred Stock, Dividends Per Share, Declared | $0.41 | $0.41 | $0.41 | $1.63 | $1.63 | $0.62 |
Preferred Stock, Dividends Per Share, Designated as Ordinary Income | $0.49 | $1.63 | $0.62 | |||
Preferred Stock, Dividends, Per Share, Designated as Long Term Capital Gain | $0.41 | $0.41 | $0.32 | $0.53 | $0 | $0 |
Preferred Stock, Dividends Per Share, Designated as Unrecaptured Sec. 1250 Capital Gain | $0.61 | $0 | $0 | |||
Series K Preferred Stock [Member] | ||||||
Deferred tax liabilities: | ||||||
Preferred Stock, Dividends Per Share, Declared | $0.39 | $0.39 | $0.39 | $1.56 | $1.24 | |
Preferred Stock, Dividends Per Share, Designated as Ordinary Income | $0.47 | $1.24 | ||||
Preferred Stock, Dividends, Per Share, Designated as Long Term Capital Gain | $0.39 | $0.39 | $0.31 | $0.51 | $0 | |
Preferred Stock, Dividends Per Share, Designated as Unrecaptured Sec. 1250 Capital Gain | $0.59 | $0 | ||||
Special Dividend [Member] | ||||||
Deferred tax liabilities: | ||||||
Common Stock, Dividends, Per Share, Declared | $4.75 | |||||
Common Stock, Special Dividend, Per Share, Designated as Capital Gain | $4.04 | |||||
Common Stock, Dividends, Per Share, Designated as Return of Capital | $0.71 | |||||
Common Stock, Dividends, Per Share, Designated as Ordinary Income | $0 | |||||
Common Stock, Dividends, Per Share, Designated as Long Term Capital Gain | $1.87 | |||||
Common Stock, Dividends, Per Share, Designated as Unrecaptured Sec. 1250 Capital Gain | $2.17 |
Properties_Details
Properties (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Land | $226,252,000 | $336,360,000 | |
Buildings, improvements, and equipment | 2,457,660,000 | 3,896,401,000 | |
Construction in process | 578,593,000 | 252,329,000 | |
Real Estate Investment Property, at Cost | 3,262,505,000 | 4,485,090,000 | |
Accumulated depreciation and amortization | -970,045,000 | -1,516,982,000 | |
Properties, net | 2,292,460,000 | 2,968,108,000 | |
Real Estate Accumulated Depreciation, Depreciation Expense | 110,129,000 | 142,458,000 | 134,858,000 |
Pre-development activities expense | $4,200,000 | $10,600,000 | $19,800,000 |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Equity Method Investments [Line Items] | |||
Depreciable basis (in years) of Company's additional basis | 40 years | ||
Equity of certain joint ventures | less than zero | ||
Equity Method Investment, Provision for Loan and Lease Losses | $1,700,000 | $600,000 | $300,000 |
Equity Method Investment Summarized Financial Information Deferred Charges Other Assets | 33,200,000 | 28,095,000 | |
Deferred Costs, Leasing, Gross | 37,200,000 | 34,000,000 | |
Equity Method Investment, Summarized Financial Information, Deferred Costs, Leasing, Accumulated Amortization | -16,600,000 | -17,700,000 | |
Equity Method Investment, Summarized Financial Information, Deferred Finance Costs, Net | 9,600,000 | 9,000,000 | |
Equity Method Investment, Summarized Financial Information, Other Deferred Costs, Net | 3,000,000 | 2,800,000 | |
Notes Payable | 2,025,505,000 | 3,058,053,000 | |
Equity Method Investment, Summarized Financial Information, Depreciation Expense | 40,900,000 | 35,600,000 | 31,100,000 |
Notes Payable, Fair Value Disclosure | 2,056,474,000 | 3,107,119,000 | |
Arizona Mills [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 0.00% | 50.00% | |
Fair Oaks [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |
International Plaza [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.10% | ||
Debt Instrument, Term | seven | ||
Debt Instrument, Interest Rate Terms | LIBOR plus 1.75% | ||
Total Swapped Rate On Loan | 3.58% | ||
Notes Payable | 175,000,000 | ||
Company's Percentage Share of Debt Guarantee | 50.10% | ||
The Mall at Millenia [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |
Stamford Town Center [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |
Sunvalley [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |
The Mall at University Town Center [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Waterside Shops [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |
Westfarms [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 79.00% | 79.00% | |
Unconsolidated Properties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Notes Payable, Fair Value Disclosure | $2,000,000,000 | $1,500,000,000 |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Joint Ventures (Combined Financial Information Balance Sheet) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment Summarized Financial Information Allowance For Doubtful Accounts | $1,590 | $977 |
Equity Method Investment Summarized Financial Information Properties | 1,580,926 | 1,305,658 |
Equity Method Investment Summarized Financial Information Accumulated Depreciation Amortization | -548,646 | -478,820 |
Assets: | ||
Properties, net | 1,032,280 | 826,838 |
Equity Method Investment Summarized Financial Information Cash Cash Equivalents | 49,765 | 28,782 |
Equity Method Investment Summarized Financial Information Accounts Notes Receivable Net | 38,788 | 33,626 |
Equity Method Investment Summarized Financial Information Deferred Charges Other Assets | 33,200 | 28,095 |
Total Assets | 1,154,033 | 917,341 |
Liabilities and accumulated deficiency in assets: | ||
Mortgage notes payable | 1,989,546 | 1,551,161 |
Accounts payable and other liabilities | 103,161 | 70,226 |
TRG's accumulated deficiency in assets | -525,759 | -412,204 |
Unconsolidated Joint Venture Partners' accumulated deficiency in assets | -412,915 | -291,842 |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | 1,154,033 | 917,341 |
TRG's investment in projects under development (Note 2) | 232,091 | 193,306 |
TRG basis adjustments, including elimination of intercompany profit | 132,058 | 118,132 |
TCO's additional basis | 54,963 | 56,909 |
Equity Method Investment Difference Between Carrying Amount And Underlying Equity Net Investment | -106,647 | -43,857 |
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures | 476,651 | 371,549 |
Equity Method Investments | $370,004 | $327,692 |
Investments_in_Unconsolidated_4
Investments in Unconsolidated Joint Ventures (Combined Financial Information Income Statement) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity method investment, summarized financial information, income statement [Abstract] | |||||||||||
Revenues | $338,017 | $294,720 | $282,136 | ||||||||
Maintenance, taxes, utilities, promotion, and other operating expenses | 106,249 | 92,901 | 91,094 | ||||||||
Interest expense | 74,806 | 68,998 | 68,760 | ||||||||
Depreciation and amortization | 47,377 | 36,644 | 37,342 | ||||||||
Total operating costs | 228,432 | 198,543 | 197,196 | ||||||||
Nonoperating income (expense) | -22 | 18 | |||||||||
Net income | 109,563 | 96,177 | 84,958 | ||||||||
Net income attributable to TRG | 60,690 | 53,166 | 47,763 | ||||||||
Realized intercompany profit, net of depreciation on TRGbs basis adjustments | 3,258 | 1,245 | 2,677 | ||||||||
Depreciation of TCO's additional basis | -1,946 | -1,946 | -1,946 | ||||||||
Equity in income of Unconsolidated Joint Ventures | 20,780 | 14,479 | 14,675 | 12,068 | 18,418 | 12,220 | 11,481 | 10,346 | 62,002 | 52,465 | 48,494 |
Beneficial interest in Unconsolidated Joint Venturesb operations: | |||||||||||
Revenues less maintenance, taxes, utilities, promotion, and other operating expenses | 132,652 | 114,939 | 107,044 | ||||||||
Interest expense | -40,416 | -37,554 | -35,862 | ||||||||
Depreciation and amortization | ($30,234) | ($24,920) | ($22,688) |
Accounts_and_Notes_Receivable_1
Accounts and Notes Receivable (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade | $24,757 | $32,162 |
Notes | 2,037 | 9,407 |
Straight-line rent and recoveries | 25,378 | 33,558 |
Total Receivables, Gross | 52,172 | 75,127 |
Less: Allowance for doubtful accounts | -2,927 | -1,934 |
Accounts and Notes Receivable, Net | 49,245 | 73,193 |
Land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes | $7,411 |
Deferred_Charges_Other_Assets_1
Deferred Charges Other Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Leasing costs | $27,454,000 | $39,529,000 |
Accumulated amortization | -10,659,000 | -16,807,000 |
Deferred Costs, Leasing, Net | 16,795,000 | 22,722,000 |
In-place leases, net | 11,765,000 | 16,651,000 |
Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Fair Value at Acquisition Date | 77,711,000 | |
Deferred financing costs, net | 15,815,000 | 16,319,000 |
Prepaid Insurance | 13,059,000 | 12,225,000 |
Deposit Assets | 40,257,000 | 4,320,000 |
Prepaid expenses | 5,496,000 | 4,952,000 |
Deferred tax asset, net | 1,956,000 | 3,263,000 |
Other, net | 5,581,000 | 8,934,000 |
Total deferred charges and other assets | 188,435,000 | 89,386,000 |
Deposit Assets, Foreign | $37,000,000 |
Beneficial_Interest_in_Debt_an2
Beneficial Interest in Debt and Interest Expense (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | |
Noncontrolling Interest [Line Items] | ||||
Notes Payable | $2,025,505,000 | $3,058,053,000 | ||
Debt Instrument, Unamortized Premium | 1,836,000 | |||
Debt Instrument, Collateral Amount | 1,400,000,000 | |||
Maturities of Long-term Debt [Abstract] | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 578,790,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 367,527,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 170,095,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 156,563,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 481,820,000 | |||
Thereafter | 268,874,000 | |||
Total principal maturities | 2,023,669,000 | |||
Debt covenants and guarantees [Abstract] | ||||
Other Restrictions on Payment of Dividends | 0.95 | |||
At 100% [Abstract] | ||||
Mortgage notes payable | 1,989,546,000 | 1,551,161,000 | ||
Capitalized interest, consolidated subsidiaries at 100% | 27,255,000 | 16,385,000 | ||
Capitalized interest, unconsolidated joint ventures at 100% | 3,121,000 | 587,000 | ||
Interest expense, consolidated subsidiaries at 100% | 90,803,000 | 130,023,000 | 142,616,000 | |
Interest Expense, unconsolidated joint ventures, at 100% | 74,806,000 | 68,998,000 | ||
At beneficial interest [Abstract] | ||||
Debt, consoldiated subsidiaries at beneficial interest | 1,852,749,000 | 2,891,592,000 | ||
Debt, unconsolidated joint ventures at beneficial interest | 1,085,991,000 | 868,942,000 | ||
Capitalized interest, consolidated subsidiaries at beneficial interest | 26,227,000 | 15,839,000 | ||
Capitalized interest, unconsolidated joint ventures at beneficial interest | 1,578,000 | 320,000 | ||
Interest expense, consolidated subsidiaries at beneficial interest | 82,702,000 | 121,353,000 | ||
Interest expense, unconsolidated joint ventures at beneficial interest | 40,416,000 | 37,554,000 | 35,862,000 | |
Cash in escrow related to construction projects | 33,600,000 | |||
Restricted Cash and Cash Equivalents | 37,502,000 | 5,046,000 | ||
Secondary Line of Credit [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Debt Instrument, Interest Rate Terms | LIBOR + 1.40% | |||
Debt Instrument, Maturity Date | 30-Apr-16 | 30-Apr-14 | ||
Balance Due on Maturity | 33,040,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 65,000,000 | 65,000,000 | ||
Long-term Line of Credit | 33,040,000 | |||
Line of Credit Facility, Current Borrowing Capacity | 65,000,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 60,800,000 | |||
Letters of Credit Outstanding, Amount | 4,200,000 | |||
Line of Credit [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Debt Instrument, Interest Rate Terms | LIBOR + 1.15% | LIBOR + 1.45% | ||
Debt Instrument, Maturity Date | 28-Feb-19 | 29-Mar-17 | ||
Balance Due on Maturity | 125,000,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 1,100,000,000 | 1,100,000,000 | ||
Long-term Line of Credit | 125,000,000 | |||
Length Of Extension Option | one-year | |||
Line of Credit Facility, Current Borrowing Capacity | 1,100,000,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 1,100,000,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity Including Accordion Feature | 1,500,000,000 | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Unsecured Debt [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Debt Instrument, Interest Rate Terms | LIBOR + 1.35% | |||
Unsecured Debt | 475,000,000 | 475,000,000 | ||
Debt Instrument, Maturity Date | 28-Feb-19 | |||
Balance Due on Maturity | 475,000,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity Including Accordion Feature | 600,000,000 | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Derivative, Fixed Interest Rate | 1.65% | |||
The Mall at University Town Center [Member] | ||||
Debt covenants and guarantees [Abstract] | ||||
Unconditional Guaranty Liability, Principal Balance, Percent | 25.00% | |||
Unconditional Guaranty Liability, Interest, Percent | 50.00% | |||
Construction Loan | 187,800,000 | |||
Unconditional Guaranty Liability Upon Achievement of Performance Inventives, Principal Balance, Percent, | 12.50% | |||
Interest Payable | 300,000 | |||
Cherry Creek Shopping Center [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Notes Payable | 280,000,000 | 280,000,000 | ||
Debt Instrument, Maturity Date | 8-Jun-16 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.24% | |||
Balance Due on Maturity | 280,000,000 | |||
Beneficial Interest in Debt and Interest Expense [Abstract] | ||||
Percentage of noncontrolling interests (in hundredths) | 50.00% | |||
City Creek Center [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Notes Payable | 83,189,000 | 84,560,000 | ||
Debt Instrument, Maturity Date | 1-Aug-23 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.37% | |||
Balance Due on Maturity | 68,575,000 | |||
El Paseo Village [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Notes Payable | 15,932,000 | 16,322,000 | ||
Debt Instrument, Maturity Date | 6-Dec-15 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.42% | |||
Balance Due on Maturity | 15,565,000 | |||
Debt Instrument, Unamortized Premium | 100,000 | 200,000 | ||
The Gardens on El Paseo [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Notes Payable | 83,059,000 | 84,197,000 | ||
Debt Instrument, Maturity Date | 11-Jun-16 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.10% | |||
Balance Due on Maturity | 81,480,000 | |||
Debt Instrument, Unamortized Premium | 1,600,000 | 2,700,000 | ||
Great Lakes Crossing [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Notes Payable | 217,281,000 | 221,541,000 | ||
Debt Instrument, Maturity Date | 6-Jan-23 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | |||
Balance Due on Maturity | 177,038,000 | |||
International Plaza [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Notes Payable | 325,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.85% | |||
Noncash or Part Noncash Disposition, Interest Sold | 49.90% | 49.90% | ||
MacArthur Center Member | ||||
Noncontrolling Interest [Line Items] | ||||
Notes Payable | 129,205,000 | |||
Debt Instrument, Interest Rate Terms | LIBOR + 2.35% | |||
Beneficial Interest in Debt and Interest Expense [Abstract] | ||||
Percentage of noncontrolling interests (in hundredths) | 5.00% | |||
Northlake [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Notes Payable | 215,500,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.41% | |||
Mall At Partridge Creek Member | ||||
Noncontrolling Interest [Line Items] | ||||
Notes Payable | 79,162,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.15% | |||
The Mall of San Juan [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Notes Payable | 163,779,000 | |||
Debt Instrument, Interest Rate Terms | LIBOR + 2.00% | |||
Debt Instrument, Maturity Date | 2-Apr-17 | |||
Balance Due on Maturity | 163,779,000 | |||
Construction Facility, Maximum Borrowing Capacity | 320,000,000 | |||
Length Of Extension Option | one-year | |||
Number of Extension Options | two | |||
Debt covenants and guarantees [Abstract] | ||||
Construction Loan | 163,800,000 | |||
Interest Payable | 200,000 | |||
The Mall at Green Hills [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Notes Payable | 150,000,000 | 150,000,000 | ||
Debt Instrument, Interest Rate Terms | LIBOR+1.60% | |||
Debt Instrument, Maturity Date | 1-Dec-18 | |||
Balance Due on Maturity | 150,000,000 | |||
Length Of Extension Option | one-year | |||
Short Hills [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Notes Payable | 540,000,000 | 540,000,000 | ||
Debt Instrument, Maturity Date | 14-Dec-15 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.47% | |||
Balance Due on Maturity | 540,000,000 | |||
Stony Point [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Notes Payable | 99,526,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.24% | |||
Mall At Wellington Green [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Notes Payable | 200,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.44% | |||
Beneficial Interest in Debt and Interest Expense [Abstract] | ||||
Percentage of noncontrolling interests (in hundredths) | 10.00% | |||
Minimum [Member] | Line of Credit [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | |||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | 1.45% | ||
Minimum [Member] | Unsecured Debt [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | |||
Total Swapped Rate On Loan | 3.00% | |||
Maximum [Member] | Line of Credit [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | |||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | 1.85% | ||
Maximum [Member] | Unsecured Debt [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.90% | |||
Total Swapped Rate On Loan | 3.55% | |||
Maximum [Member] | The Mall at University Town Center [Member] | ||||
Debt covenants and guarantees [Abstract] | ||||
Construction Loan | 225,000,000 | |||
Office Building [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Notes Payable | 17,265,000 | |||
Debt Instrument, Maturity Date | 1-Apr-15 | 1-Apr-15 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.90% | 5.90% | ||
Balance Due on Maturity | 16,974,000 | |||
Debt Instrument, Unamortized Premium | 200,000 | 700,000 | ||
International Plaza [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Notes Payable | 175,000,000 | |||
Debt Instrument, Interest Rate Terms | LIBOR plus 1.75% | |||
Total Swapped Rate On Loan | 3.58% | |||
Debt covenants and guarantees [Abstract] | ||||
Company's Percentage Share of Debt Guarantee | 50.10% | |||
Interest Payable | $100,000 |
Noncontrolling_Interests_Detai
Noncontrolling Interests (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Temporary Equity Disclosure [Abstract] | ||||||||||||
Ownership percentage in consolidated subsidiary (in hundredths) | 72.00% | 71.00% | 72.00% | 71.00% | 71.00% | |||||||
Reconciliation of redeemable noncontrolling interests [Roll Forward] | ||||||||||||
Balance January 1 | $0 | $0 | $0 | $84,235,000 | ||||||||
Contributions | 231,000 | |||||||||||
Distributions | -2,456,000 | |||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | -976,000 | |||||||||||
Allocation of other comprehensive loss | -49,000 | |||||||||||
Capital relinquished in connection with TCBL disposition (Note 2) | -8,855,000 | |||||||||||
Transfer to nonredeemable equity | -72,035,000 | |||||||||||
Adjustments of redeemable noncontrolling interests | -95,000 | |||||||||||
Non-redeemable noncontrolling interests: | ||||||||||||
Noncontrolling interests in consolidated joint ventures | -14,796,000 | -37,191,000 | -14,796,000 | -37,191,000 | ||||||||
Noncontrolling interests in partnership equity of TRG | 116,376,000 | -58,342,000 | 116,376,000 | -58,342,000 | ||||||||
Total Noncontrolling interests | 101,580,000 | -95,533,000 | 101,580,000 | -95,533,000 | ||||||||
Net income (loss) attributable to noncontrolling interests: | ||||||||||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | 34,239,000 | 10,344,000 | 14,867,000 | |||||||||
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable | 350,870,000 | 46,434,000 | 37,752,000 | |||||||||
Net income (loss) attributable to non-redeemable noncontrolling interests | 385,109,000 | 56,778,000 | 52,619,000 | |||||||||
Net income (loss) attributable to noncontrolling interests | 385,109,000 | 56,778,000 | 51,643,000 | |||||||||
Effects of changes in ownership interest in consolidated subsidiaries on equity [Abstract] | ||||||||||||
Net income attributable to TCO common shareowners | 439,706,000 | 33,682,000 | 21,344,000 | 369,125,000 | 39,834,000 | 24,488,000 | 17,842,000 | 27,744,000 | 863,857,000 | 109,908,000 | 83,511,000 | |
Transfers (to) from the noncontrolling interest b | ||||||||||||
Decrease in Taubman Centers, Inc.bs paid-in capital related to the acquisition of additional ownership interests | -275,000,000 | |||||||||||
Decrease in Taubman Centers, Inc. paid in capital related to the acquisition of additional ownership interest in an outlet joint venture | -713,000 | -1,226,000 | -140,000 | |||||||||
Net Income Loss Available To Common Stockholders Basic Net Of Transfers To From Noncontrolling Interest | 863,940,000 | 123,987,000 | -240,756,000 | |||||||||
Additional Paid-in Capital [Member] | ||||||||||||
Reconciliation of redeemable noncontrolling interests [Roll Forward] | ||||||||||||
Transfer to nonredeemable equity | -72,035,000 | |||||||||||
Transfers (to) from the noncontrolling interest b | ||||||||||||
Increase (Decrease) in Taubman Centers, Inc.bs paid-in capital for the adjustments of noncontrolling interest (1) | 83,000 | 15,129,000 | 14,903,000 | |||||||||
Decrease in Taubman Centers, Inc.bs paid-in capital related to the acquisition of additional ownership interests | -339,170,000 | |||||||||||
Decrease in Taubman Centers, Inc. paid in capital related to the acquisition of additional ownership interest in an outlet joint venture | 91,000 | -1,050,000 | ||||||||||
Net transfers (to) from noncontrolling interests | 83,000 | 14,079,000 | -324,267,000 | |||||||||
Taubman Asia Member | ||||||||||||
Temporary Equity Disclosure [Abstract] | ||||||||||||
Percentage of dividends to which the President is entitled (in hundredths) | 10.00% | |||||||||||
Percentage of President's dividends withheld as contributions to capital (in hundredths) | 85.00% | |||||||||||
Percentage of noncontrolling interests (in hundredths) | 10.00% | 10.00% | ||||||||||
Temporary Equity, Redemption Percentage | 40.00% | 40.00% | ||||||||||
Temporary Equity, Carrying Amount, Attributable to Noncontrolling Interest | 0 | 0 | ||||||||||
Temporary Equity, Redemption Percentage 2014 to as Early as June 2017. | 50.00% | |||||||||||
Temporary Equity, Redemption Percentage beginning as early as June 2017 | 100.00% | |||||||||||
International Market Place [Member] | ||||||||||||
Temporary Equity Disclosure [Abstract] | ||||||||||||
Percentage of noncontrolling interests (in hundredths) | 6.50% | 6.50% | ||||||||||
Temporary Equity, Carrying Amount, Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | ||||||||
Ownership percentage in consolidated subsidiary (in hundredths) | 93.50% | 93.50% | ||||||||||
Finite Life Entities [Member] | ||||||||||||
Non-redeemable noncontrolling interests: | ||||||||||||
Total Noncontrolling interests | -23,000,000 | -23,000,000 | ||||||||||
Finite Life Entities [Abstract] | ||||||||||||
Terminaton date of partnership agreement | 1-Jan-83 | |||||||||||
Estimated fair value of noncontrolling interests in finite life entities | $430,000,000 | $430,000,000 | ||||||||||
The Mall at Green Hills, The Gardens on El Paseo and El Paseo Village [Member] | ||||||||||||
Partnership Units Issued in Connection with Acquisition [Abstract] | ||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 1,300,000 | |||||||||||
Temporary Equity, Put Redemption Price Per Share for Davis units | $55 | |||||||||||
Issuance of stock pursuant to Continuing Offer, shares | 1,000,000 | 1,000,000 |
Derivative_and_Hedging_Activit2
Derivative and Hedging Activities (Interest Rate Derivatives Designated as Cash Flow Hedges) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative [Line Items] | |||
Number of Interest Rate Derivatives Held Subject to Certain Contingencies | Two | ||
Interest Rate Cash Flow Hedges [Abstract] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 72.00% | 71.00% | 71.00% |
Consolidated Subsidiaries Interest Rate Swap 2 [Domain] | |||
Interest Rate Cash Flow Hedges [Abstract] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||
Notional amount | 200,000,000 | ||
Swap rate (in hundredths) | 1.64% | ||
Credit spread on the loan (in hundredths) | 1.35% | ||
Total swapped rate on loan (in hundredths) | 2.99% | ||
Derivative, Maturity Date | 1-Feb-19 | ||
Consolidated Subsidiaries Interest Rate Swap 3 [Domain] | |||
Interest Rate Cash Flow Hedges [Abstract] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||
Notional amount | 175,000,000 | ||
Swap rate (in hundredths) | 1.65% | ||
Credit spread on the loan (in hundredths) | 1.35% | ||
Total swapped rate on loan (in hundredths) | 3.00% | ||
Derivative, Maturity Date | 1-Feb-19 | ||
Consolidated Subsidiaries Interest Rate Swap 4 [Domain] | |||
Interest Rate Cash Flow Hedges [Abstract] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||
Notional amount | 100,000,000 | ||
Swap rate (in hundredths) | 1.64% | ||
Credit spread on the loan (in hundredths) | 1.35% | ||
Total swapped rate on loan (in hundredths) | 2.99% | ||
Derivative, Maturity Date | 1-Feb-19 | ||
Consolidated Subsidiaries Interest Rate Swap1 - Non-Designated Derivative [Member] | |||
Interest Rate Cash Flow Hedges [Abstract] | |||
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | 4,880,000 | ||
Derivative, Loss on Derivative | 2,900,000 | ||
Unconsolidated Joint Ventures Interest Rate Swap 1 [Member] | |||
Interest Rate Cash Flow Hedges [Abstract] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | ||
Notional amount | 136,706,000 | ||
Swap rate (in hundredths) | 2.40% | ||
Credit spread on the loan (in hundredths) | 1.70% | ||
Total swapped rate on loan (in hundredths) | 4.10% | ||
Derivative, Maturity Date | 1-Apr-18 | ||
Unconsolidated Joint Ventures Interest Rate Swap2 Member | |||
Interest Rate Cash Flow Hedges [Abstract] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | ||
Notional amount | 136,706,000 | ||
Swap rate (in hundredths) | 2.40% | ||
Credit spread on the loan (in hundredths) | 1.70% | ||
Total swapped rate on loan (in hundredths) | 4.10% | ||
Derivative, Maturity Date | 1-Apr-18 | ||
Unconsolidated Joint Ventures Interest Rate Swap3 [Member] | |||
Interest Rate Cash Flow Hedges [Abstract] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 50.10% | ||
Notional amount | 175,000,000 | ||
Swap rate (in hundredths) | 1.83% | ||
Credit spread on the loan (in hundredths) | 1.75% | ||
Total swapped rate on loan (in hundredths) | 3.58% | ||
Derivative, Maturity Date | 1-Dec-21 | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate Cash Flow Hedges [Abstract] | |||
Derivative, Description of Variable Rate Basis | one-month LIBOR | ||
Unsecured Debt [Member] | |||
Derivative [Line Items] | |||
Balance Due on Maturity | 475,000,000 | ||
Interest Rate Cash Flow Hedges [Abstract] | |||
Swap rate (in hundredths) | 1.65% | ||
Unsecured Debt | 475,000,000 | 475,000,000 | |
Derivative, Lower Range of Basis Spread on Variable Rate | 1.35% | ||
Derivative, Higher Range of Basis Spread on Variable Rate | 1.90% | ||
Debt Instrument, Interest Rate Terms | LIBOR + 1.35% |
Derivative_and_Hedging_Activit3
Derivative and Hedging Activities (Effect of Derivative Instruments on the Consolidated Statement of Operations and Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative instruments, gain (loss) [Line Items] | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $10,500,000 | ||
Cash Flow Hedging [Member] | |||
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract] | |||
Amount of gain or (loss) recognized in OCI on derivative (effective portion) | -6,469,000 | 15,073,000 | -4,797,000 |
Amount of gain or (loss) reclassified from AOCI into income (effective portion) | -16,729,000 | -6,301,000 | -6,790,000 |
Realized losses on settled cash flow hedges | 0 | -605,000 | -793,000 |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Equity Method Investments [Member] | |||
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract] | |||
Amount of gain or (loss) reclassified from AOCI into income (effective portion) | -3,186,000 | -3,080,000 | -3,600,000 |
Realized losses on settled cash flow hedges | -188,000 | ||
Consolidated Properties [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Other comprehensive income [Member] | |||
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract] | |||
Amount of gain or (loss) recognized in OCI on derivative (effective portion) | -7,362,000 | 9,990,000 | -2,821,000 |
Consolidated Properties [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Interest expense [Member] | |||
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract] | |||
Amount of gain or (loss) reclassified from AOCI into income (effective portion) | -8,663,000 | -3,221,000 | -3,190,000 |
Realized losses on settled cash flow hedges | -605,000 | -605,000 | |
Unconsolidated Properties [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Other comprehensive income [Member] | |||
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract] | |||
Amount of gain or (loss) recognized in OCI on derivative (effective portion) | 893,000 | 5,083,000 | -1,976,000 |
Consolidated Subsidiaries Interest Rate Swap1 - Non-Designated Derivative [Member] | |||
Derivative instruments, gain (loss) [Line Items] | |||
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | -4,880,000 | ||
Consolidated Subsidiaries Interest Rate Swap1 - Non-Designated Derivative [Member] | Cash Flow Hedging [Member] | Nonoperating Income (Expense) [Member] | |||
Derivative instruments, gain (loss) [Line Items] | |||
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | ($4,880,000) |
Derivative_and_Hedging_Activit4
Derivative and Hedging Activities (Location and Fair Value of Derivative Instruments as Reported in the Consoiidated Balance Sheet) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract] | ||
Interest rate contract | $109,000 | $1,543,000 |
Total liability derivatives designated as hedging instruments | -9,198,000 | -9,356,000 |
Contingent features [Abstract] | ||
Maximum amount of defaults on any of the hedged entity's indebtedness before the derivative obligation could also be declared in default | 1,000,000 | |
Credit Derivative, Recourse Provisions | provisions that state if the Operating Partnership defaults on any of its recourse indebtedness in excess of $50 million, then the derivative obligation could also be declared in default | |
Interest Rate Contract [Member] | Deferred Charges And Other Assets [Member] | ||
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract] | ||
Interest rate contract | 1,543,000 | |
Interest Rate Contract [Member] | Accounts Payable and Accrued Liabilities [Member] | ||
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract] | ||
Total liability derivatives designated as hedging instruments | -4,044,000 | -3,418,000 |
Interest Rate Contract [Member] | Equity Method Investments [Member] | ||
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract] | ||
Total liability derivatives designated as hedging instruments | -5,154,000 | -5,938,000 |
Interest Rate Contracts Ujvs Member | Investment In Ujvs Member | ||
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract] | ||
Interest rate contract | $109,000 | |
Credit Default Option [Member] | ||
Contingent features [Abstract] | ||
Number of Interest Rate Derivatives Held | 3 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||
Operating Leases, Future Minimum Payments Receivable, Current | $282,484,000 | ||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 260,605,000 | ||
Operating Leases, Future Minimum Payments Receivable, in Three Years | 233,552,000 | ||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 207,722,000 | ||
Operating Leases, Future Minimum Payments Receivable, in Five Years | 182,095,000 | ||
Operating Leases, Future Minimum Payments Receivable, Thereafter | 535,127,000 | ||
Number of centers with option to extend lease term for three 10-year periods | one | ||
Number of 10-year periods that one center has the option to extend | three | ||
NumberofLeaseExtensionOptions | one | ||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 10 years | ||
Operating Leases, Rent Expense | 12,600,000 | 13,400,000 | 12,000,000 |
Related Party Transaction, Expenses from Transactions with Related Party | 200,000 | 2,500,000 | 2,200,000 |
Operating Leases, Rent Expense, Contingent Rentals | 1,700,000 | 1,400,000 | 900,000 |
Payables representing straightline rent adjustments under lease agreements | 44,800,000 | 41,200,000 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 9,935,000 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 12,834,000 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 13,240,000 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 13,200,000 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 12,737,000 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | $755,342,000 | ||
Company's ownership in leasehold interest | 100.00% |
The_Manager_Details
The Manager (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction, Revenues from Transactions with Related Party | $2.90 | $3.10 | $3.20 |
Operating Partnership [Member] | |||
Beneficial ownership percentage, Operating Partnership | 99.00% |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2011 | |
Rate | Rate | |||||
Deferred compensation arrangements [Abstract] | ||||||
The ratio at which non-option awards granted after the May 2010 amendment are deducted from the shares available for grant | 1.85 | 1.85 | ||||
The ratio at which non-option awards granted prior to the May 2010 amendment are deducted from the shares available for grant | 2.85 | 2.85 | ||||
The ratio at which options awards granted are deducted from the shares available for grant | one-for-one | |||||
Share-based compensation, allocation and classification in financial statements [Abstract] | ||||||
Compensation cost charged to income for the Company's share-based compensation plans | $17,100,000 | $12,900,000 | $11,900,000 | |||
Compensation cost capitalized as part of properties and deferred leasing costs | 2,000,000 | 1,600,000 | 1,100,000 | |||
Common Stock, Dividends, Per Share, Declared | $0.54 | $2.16 | $2 | $1.85 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | 4,500,000 | |||||
Non-Employee Directors' Stock Grant And Deferred Compensation [Abstract] | ||||||
Defined Contribution Plan, Cost Recognized | 3,300,000 | 3,200,000 | 3,000,000 | |||
Total Restricted Share Units [Member] | ||||||
Summary of non-option activity, additional disclosures [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeiture Assumption | 2.02% | |||||
Employee Stock Option [Member] | ||||||
Summary of option activity, additional disclosures [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | ten-year | |||||
Summary of option activity [Roll Forward] | ||||||
Outstanding options at beginning of period (in shares) | 563,436 | 689,802 | 1,321,990 | 563,436 | ||
Exercised, Number of Options | -42,143 | -126,366 | -632,188 | |||
Outstanding options at end of period (in shares) | 521,293 | 521,293 | 563,436 | 689,802 | 1,321,990 | |
Outstanding at beginning of period, weighted average exercise price (in dollars per share) | $43.81 | $42.50 | $37.13 | $43.81 | ||
Exercised, weighted average exercise price (in dollars per share) | $42.16 | $36.67 | $31.28 | |||
Outstanding at end of period, weighted average exercise price (in dollars per share) | $39.20 | $39.20 | $43.81 | $42.50 | $37.13 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term, Beginning of Period | 1.6 | 2.6 | 3.8 | 4.8 | ||
Fully vested options, number (in shares) | 521,293 | 521,293 | ||||
Fully vested options, weighted average exercise price (in dollars per share) | $39.20 | $39.20 | ||||
Fully vested options, weighted average remaining contractual term (in years) | 1.6 | 1.6 | ||||
Aggregate intrinsic value of in-the-money options outstanding | 19,400,000 | 19,400,000 | ||||
Total intrinsic value of options exercised during the period | 1,400,000 | 4,800,000 | 28,700,000 | |||
Cash received from options exercised during the period | 1,800,000 | 4,600,000 | 19,800,000 | |||
Employee service share-based compensation, aggregate disclosures [Abstract] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $31.31 | $24.74 | $31.31 | $13.83 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $55.90 | $55.90 | $55.90 | $55.90 | ||
Unissued Partnership Units Under Unit Option Deferral Election Member | ||||||
Employee service share-based compensation, aggregate disclosures [Abstract] | ||||||
Options exercised under unit option deferral election plan (in shares) | 3,000,000 | |||||
The number of mature units tendered for the exercise of previously issued stock options under the unit option deferral election plan (in shares) | 2,100,000 | |||||
The number of units deferred under the unit option deferral election upon the exercise of previously issued stock options (in shares) | 900,000 | |||||
Date at which deferred partnership units begin to be issued | Dec-17 | |||||
Number of Annual Installments during which Deferred Partnership Units will be issued | ten | |||||
2014 Option Modification [Domain] | ||||||
Employee service share-based compensation, aggregate disclosures [Abstract] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $26.56 | $26.56 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $51.15 | $51.15 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 13.62% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 19.14% | |||||
Performance Shares [Member] | ||||||
Summary of option activity [Roll Forward] | ||||||
Total intrinsic value of options exercised during the period | 5,300,000 | 16,900,000 | 32,800,000 | |||
Employee service share-based compensation, aggregate disclosures [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Period | 3 years | 3 years | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.70% | |||||
Summary of non-option activity, additional disclosures [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Description | Each PSU represents the right to receive, upon vesting, shares of the Companybs common stock ranging from 0-300% of the PSU based on the Companybs market performance relative to that of a peer group | represent the right to receive, upon vesting, shares of the Companybs common stock ranging from 0-400% of the PSU based on the Companybs market performance relative to that of a peer group | represent the right to receive, upon vesting, shares of the Companybs common stock ranging from 0-400% of the PSU based on the Companybs market performance relative to that of a peer group | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.30% | 0.35% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 0.40% | 0.45% | ||||
Granted, weighted average grant date fair value (in dollars per share) | $93.07 | $103.37 | $107.45 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 14,600,000 | 14,600,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 23 months 5 days | |||||
Summary of non-option activity [Roll Forward] | ||||||
Outstanding at beginning of period (in shares) | 234,863 | 262,740 | 326,151 | 234,863 | ||
Granted (in shares) | 49,157 | |||||
Forfeited (in shares) | -771 | -12,240 | 24,733 | |||
Vested (in shares) | -43,858 | -73,259 | -196,943 | |||
Outstanding at end of period (in shares) | 254,651 | 254,651 | 234,863 | 262,740 | ||
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $139.18 | $122.52 | $38.20 | $139.18 | ||
Vested, weighted average grant date fair value (in dollars per share) | $85.40 | $65.29 | $15.60 | |||
Forfeited, weighted average grant date fair value (in dollars per share) | $160.09 | $140.49 | $123.41 | |||
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $132.86 | $132.86 | $139.18 | $122.52 | ||
Right to Receive Upon Vesting Shares of Common Stock as Percentage of PSU, Actual Vested During Period | 172.00% | 300.00% | 240.00% | |||
Additional Performance Share Units [Member] | ||||||
Employee service share-based compensation, aggregate disclosures [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Period | four years | five years | ||||
Summary of non-option activity, additional disclosures [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.46% | 0.70% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 0.62% | 0.90% | ||||
Granted, weighted average grant date fair value (in dollars per share) | $171.05 | $189.23 | ||||
Additional Restricted Share Units [Member] | ||||||
Summary of non-option activity, additional disclosures [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Description | represent the right to receive upon vesting one share of the Companybs common stock | represent the right to receive upon vesting one share of the Companybs common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.70% | 0.30% | 0.35% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 0.49% | 0.50% | ||||
Granted, weighted average grant date fair value (in dollars per share) | $63.95 | $71.67 | $65.14 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 7,900,000 | 7,900,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 18 months 29 days | |||||
Summary of non-option activity [Roll Forward] | ||||||
Outstanding at beginning of period (in shares) | 269,899 | 322,305 | 605,927 | 269,899 | ||
Granted (in shares) | 107,653 | |||||
Forfeited (in shares) | -4,843 | -11,678 | -26,665 | |||
Vested (in shares) | -104,302 | -138,028 | -364,610 | |||
Outstanding at end of period (in shares) | 293,651 | 293,651 | 269,899 | 322,305 | ||
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $62 | $48.19 | $22.06 | $62 | ||
Vested, weighted average grant date fair value (in dollars per share) | $51.96 | $37.03 | $9.90 | |||
Forfeited, weighted average grant date fair value (in dollars per share) | $65.44 | $57.60 | $46.48 | |||
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $67 | $67 | $62 | $48.19 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | 7,400,000 | 10,600,000 | 25,200,000 | |||
Additional Restricted Share Units [Member] | ||||||
Summary of non-option activity, additional disclosures [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.13% | 0.10% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 0.71% | 0.19% | ||||
Granted, weighted average grant date fair value (in dollars per share) | $66.19 | $81.38 | ||||
2008 Omnibus Plan [Member] | ||||||
Deferred compensation arrangements [Abstract] | ||||||
Aggregate number of Company common shares or Operating Partnership units approved for awards under the 2008 Omnibus Plan, original (in shares) | 8,500,000 | 8,500,000 | ||||
Non-Employee Directors' Stock Grant And Deferred Compensation [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity, Instruments Other than Options, Outstanding | 11,106 | 11,106 | ||||
Non-Employee Directors' Deferred Compensation Plan [Member] | ||||||
Summary of non-option activity, additional disclosures [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | 120,000 | 120,000 | 70,000 | |||
Non-Employee Directors' Stock Grant And Deferred Compensation [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 113,839 | 113,839 | ||||
Other Employee Plans [Member] | ||||||
Share-based compensation, allocation and classification in financial statements [Abstract] | ||||||
Compensation cost charged to income for the Company's share-based compensation plans | 200,000 | 100,000 | 300,000 | |||
Non-Employee Directors' Stock Grant And Deferred Compensation [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 11,508 | 11,508 | 10,536 | |||
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | $0 | $0 | $700,000 | |||
2014 RSU Grant Modification [Domain] | ||||||
Summary of non-option activity, additional disclosures [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.03% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 0.65% | |||||
2014 PSU Grant Modification [Domain] | ||||||
Summary of non-option activity, additional disclosures [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.03% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 0.65% | |||||
Granted, weighted average grant date fair value (in dollars per share) | $57 | |||||
Summary of non-option activity [Roll Forward] | ||||||
Granted (in shares) | 15,260 | |||||
Minimum [Member] | ||||||
Non-Employee Directors' Stock Grant And Deferred Compensation [Abstract] | ||||||
Defined Contribution Plan, Contribution Percent | 2.00% | |||||
Minimum [Member] | 2014 Option Modification [Domain] | ||||||
Employee service share-based compensation, aggregate disclosures [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.70% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Period | 0.46 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.07% | |||||
Minimum [Member] | 2014 RSU Grant Modification [Domain] | ||||||
Employee service share-based compensation, aggregate disclosures [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Period | 0.24 | |||||
Minimum [Member] | 2014 PSU Grant Modification [Domain] | ||||||
Employee service share-based compensation, aggregate disclosures [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Period | 0.24 | |||||
Maximum [Member] | ||||||
Non-Employee Directors' Stock Grant And Deferred Compensation [Abstract] | ||||||
Defined Contribution Plan, Contribution Percent | 7.00% | |||||
Maximum [Member] | 2014 Option Modification [Domain] | ||||||
Employee service share-based compensation, aggregate disclosures [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Period | 3.24 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.98% | |||||
Maximum [Member] | 2014 RSU Grant Modification [Domain] | ||||||
Employee service share-based compensation, aggregate disclosures [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Period | 2.25 | |||||
Maximum [Member] | 2014 PSU Grant Modification [Domain] | ||||||
Employee service share-based compensation, aggregate disclosures [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Period | 2.25 | |||||
Share-based Compensation Award, Tranche One [Member] | Performance Shares [Member] | ||||||
Summary of non-option activity, additional disclosures [Abstract] | ||||||
Granted, weighted average grant date fair value (in dollars per share) | $103.37 | $107.45 | ||||
Summary of non-option activity [Roll Forward] | ||||||
Granted (in shares) | 42,178 | 50,041 | ||||
Share-based Compensation Award, Tranche One [Member] | Additional Restricted Share Units [Member] | ||||||
Summary of non-option activity, additional disclosures [Abstract] | ||||||
Granted, weighted average grant date fair value (in dollars per share) | $63.95 | $71.67 | ||||
Summary of non-option activity [Roll Forward] | ||||||
Granted (in shares) | 106,540 | 92,103 | ||||
Share-based Compensation Award, Tranche Two [Member] | Performance Shares [Member] | ||||||
Summary of non-option activity, additional disclosures [Abstract] | ||||||
Granted, weighted average grant date fair value (in dollars per share) | $171.05 | $189.23 | ||||
Summary of non-option activity [Roll Forward] | ||||||
Granted (in shares) | 15,444 | 108,224 | ||||
Share-based Compensation Award, Tranche Two [Member] | Additional Restricted Share Units [Member] | ||||||
Summary of non-option activity, additional disclosures [Abstract] | ||||||
Granted, weighted average grant date fair value (in dollars per share) | $66.19 | $81.38 | ||||
Summary of non-option activity [Roll Forward] | ||||||
Granted (in shares) | 8,505 | 5,197 | ||||
2014 RSU Grant Modification [Domain] | Additional Restricted Share Units [Member] | ||||||
Summary of non-option activity [Roll Forward] | ||||||
Granted (in shares) | 17,852 | |||||
Special Dividend [Member] | ||||||
Share-based compensation, allocation and classification in financial statements [Abstract] | ||||||
Common Stock, Dividends, Per Share, Declared | $4.75 |
Common_and_Preferred_Stock_and1
Common and Preferred Stock and Equity of TRG (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $200,000,000 | ||||
Stock Repurchased and Retired Since Program Inception, shares | 787,071 | ||||
Stock Acquired and Retired Since Program Inception, Cost Per Share | $66.45 | ||||
Stock Repurchased And Retired, Total Shares Repurchased, Value | 52,300,000 | ||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Stock Issued During Period, Shares, New Issues | 2,875,000 | ||||
Issuance of common stock, net of offering costs | 208,939,000 | 208,939,000 | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Preferred Stock Issued During Period, Value, New Issues | 164,395,000 | 186,215,000 | |||
Conversion of Stock, Number of shares of Common Stock issued from the conversion of Series B Preferred Stock | one | 10 | 65 | ||
Series B Preferred Stock [Member] | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Convertible Preferred Stock, Terms of Conversion | ratio of 14,000 shares of Series B Preferred Stock for one share of common stock | ||||
Conversion of Stock, Shares Converted | 35,500 | 176,630 | 1,132,359 | ||
Preferred Stock, liquidation value per share | $0.00 | $0.00 | |||
Preferred Stock, Shares Outstanding | 25,117,000 | 25,151,069 | |||
Series K Preferred Stock [Member] | |||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Stock Issued During Period, Shares, New Issues | 6,800,000 | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Preferred Stock, Dividend Rate, Percentage | 6.25% | ||||
Preferred Stock Issued During Period, Value, New Issues | 164,400,000 | ||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | 5,600,000 | ||||
Preferred Stock, Liquidation Preference, Value | 170,000,000 | 170,000,000 | |||
Preferred Stock, liquidation value per share | $25 | ||||
Preferred Stock, Redemption Price Per Share | $25 | ||||
Preferred Stock, Shares Outstanding | 6,800,000 | 6,800,000 | |||
Series G Preferred Stock [Member] | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Preferred Stock, Dividend Rate, Percentage | 8.00% | ||||
Preferred Stock, Liquidation Preference, Value | 100,000,000 | ||||
Preferred Stock, Redemption Price Per Share | $25.35 | ||||
Preferred Stock, Shares Outstanding | 4,000,000 | ||||
Preferred Stock, Redemption Charge | 3,300,000 | ||||
Series H Preferred Stock [Member] | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Preferred Stock, Dividend Rate, Percentage | 7.63% | ||||
Preferred Stock, Liquidation Preference, Value | 87,000,000 | ||||
Preferred Stock, Redemption Price Per Share | $25.33 | ||||
Preferred Stock, Shares Outstanding | 3,480,000 | ||||
Preferred Stock, Redemption Charge | 3,100,000 | ||||
Series J Preferred Stock [Member] | |||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Issuance of common stock, net of offering costs | 186,200,000 | ||||
Preferred Stock Issued During Period, Shares, New Issues | 7,700,000 | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Preferred Stock, Dividend Rate, Percentage | 6.50% | ||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | 6,300,000 | ||||
Preferred Stock, Liquidation Preference, Value | $192,500,000 | $192,500,000 | |||
Preferred Stock, liquidation value per share | $25 | ||||
Preferred Stock, Redemption Price Per Share | $25 | ||||
Preferred Stock, Shares Outstanding | 7,700,000 | 7,700,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Cash tender [Abstract] | |
Minimum aggregate value of Operating Partnership units to be tendered | $50,000,000 |
Fair Value of Written Option, Cash Tender Agreement | zero |
Market value per common share (in dollars per share) | $76.42 |
Approximate aggregate value of interests in the Operating Partnership that may be tendered | $1,800,000,000 |
Additional interest the Company would have owned in the Operating Partnership upon purchase of interests (in hundredths) | 27.00% |
Continuing offer [Abstract] | |
Common Stock, Conversion Basis | one unit of the Operating Partnership interest is exchangeable for one share of the Company's common stock |
Series B Preferred Stock [Member] | |
Continuing offer [Abstract] | |
Convertible Preferred Stock, Terms of Conversion | ratio of 14,000 shares of Series B Preferred Stock for one share of common stock |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator): | |||
Basic | $863,857 | $109,908 | $83,511 |
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities | 10,933 | 497 | 672 |
Income from continuing operations - diluted | $874,790 | $110,405 | $84,183 |
Shares b basic | 63,267,800 | 63,591,523 | 59,884,455 |
Effect of dilutive securities | 1,653,264 | 983,889 | 1,491,989 |
Shares (Denominator) b diluted | 64,921,064 | 64,575,412 | 61,376,444 |
Basic earnings per common share | $13.65 | $1.73 | $1.39 |
Diluted earnings per common share (Note 16) | $13.47 | $1.71 | $1.37 |
Outstanding partnership units exchangeable for common shares under the Continuing Offer [Member] | |||
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator): | |||
Anti-dilutive effect (in shares) | 4,351,727 | 4,428,624 | 5,063,736 |
Unissued partnership units under a unit option deferral election [Member] | |||
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator): | |||
Anti-dilutive effect (in shares) | 871,262 | 871,262 |
Fair_Value_Disclosures_Fair_Va
Fair Value Disclosures (Fair Value Assets and Liabilities Measured on Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Derivative interest rate contracts (Note 10) | $109 | $1,543 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 13,059 | 12,225 |
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Total assets | 13,059 | 12,225 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Derivative interest rate contracts (Note 10) | ||
Derivative Asset | 1,543 | |
Total assets | 0 | 1,543 |
Derivative interest rate contract (Note 10) | -4,044 | -3,418 |
Total liabilities | ($4,044) | ($3,418) |
Fair_Value_Disclosures_Details
Fair Value Disclosures (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Financial Statement Captions [Line Items] | |
Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Fair Value at Reporting Date | $105,200,000 |
Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Fair Value at Acquisition Date | $77,711,000 |
SPG Units [Member] | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Financial Statement Captions [Line Items] | |
Number of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, total units after equity transaction | 590,124 |
Restriction Period on Sale of Partnership Units Received, years | one |
Fair_Value_Disclosures_Estimat
Fair Value Disclosures (Estimated Fair Value of Notes Payable) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Estimated fair values of notes payable [Abstract] | ||
Notes Payable | $2,025,505,000 | $3,058,053,000 |
Notes payable, fair value disclosure | 2,056,474,000 | 3,107,119,000 |
Additional Credit Spread Included In Discount Rate To Estimate Fair Value Of Notes Payable | 0.75% | 1.00% |
Notes Payable Fair Values Hypothetical Percent Increase In Interest Rates | 1.00% | |
Impact Of Overall One Percent Increase In Interest Rates Decrease In Fair Values Of Notes Payable | $29,600,000 | |
Impact Of Overall One Percent Increase In Interest Rates Decrease In Fair Values Of Notes Payable Percent | 1.40% |
Cash_Flow_Disclosures_NonCash_2
Cash Flow Disclosures & Non-Cash Investing and Financing Activities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Gross | $2,037,000 | $9,407,000 | |
Interest Paid, Capitalized | 27,300,000 | 16,400,000 | 3,600,000 |
Interest Paid, Net | 88,500,000 | 128,200,000 | 142,000,000 |
Income Taxes Paid, Net | 11,900,000 | ||
Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Fair Value at Acquisition Date | 77,711,000 | ||
Issuance of partnership units in connection with the purchase of the U.S. headquarters building | 91,000 | ||
Assumption of debt in connection with acquisitions of The Mall at Green Hills and The Gardens on El Paseo and El Paseo Village (Note 2) | 18,215,000 | ||
Other non-cash additions to properties | 24,315,000 | 14,030,000 | 19,952,000 |
Accounts and notes receivable, less allowance for doubtful accounts of $2,927 and $1,934 in 2014 and 2013 (Note 6) | 49,245,000 | 73,193,000 | |
Capital relinquished in connection with disposition | 8,855,000 | ||
Land [Member] | |||
Financing Receivable, Gross | 7,411,000 | ||
Taubman TCBL [Member] | |||
Accounts and notes receivable, less allowance for doubtful accounts of $2,927 and $1,934 in 2014 and 2013 (Note 6) | 9,353,000 | ||
Restricted Investments | 3,550,000 | ||
Capital relinquished in connection with disposition | $8,855,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income Components [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -15,068 | -8,914 | ||
Reclassification adjustment for amounts recognized in net income | 16,729 | 5,583 | 793 | |
Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income Components [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -101 | 5,040 | 1,888 | |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | -14,967 | -13,954 | -23,952 | -27,613 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -15,068 | -8,914 | -22,064 | -27,613 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | -5,148 | 3,150 | 1,888 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | -12,783 | 6,117 | ||
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | -17,931 | 9,267 | ||
Reclassification adjustment for amounts recognized in net income | 11,747 | 3,875 | 566 | |
Cumulative Translation Adjustment, Net of Tax, Period Increase (Decrease) | 5,148 | -3,150 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent | -1,036 | 9,992 | -2,551 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -6,184 | 13,142 | -663 | |
OtherComprehensiveIncomeLossAdjustmentForeignCurrencyAttributableToParent | 7 | 2 | ||
Other comprehensive income (loss), adjustments, attributable to parent | 23 | 6 | 6,212 | |
Other comprehensive income (loss), total adjustments attributable to parent | 30 | 8 | 6,212 | |
Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income Components [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -41 | 2,011 | 756 | |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 5,879 | 6,141 | 1,739 | 9,113 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 5,838 | 8,152 | 2,495 | 9,113 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | -2,045 | 1,257 | 756 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | -5,221 | 2,700 | ||
Other Comprehensive (Income) Loss, before Tax, Portion Attributable to Noncontrolling Interest | -7,266 | 3,957 | ||
Reclassification adjustment for amounts recognized in net income | 4,982 | 1,708 | 227 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | -2,045 | 1,257 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Noncontrolling Interest | -239 | 4,408 | -1,162 | |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -2,284 | 5,665 | -406 | |
Other Comprehensive Income Loss Adjustment Foreign Currency Attributable To Noncontrolling Interest | -7 | -2 | ||
Other comprehensive income (loss), adjustments, attributable to noncontrolling interests | -23 | -6 | -6,212 | |
Other comprehensive income (loss), total adjustments attributable to noncontrolling interests | -30 | -8 | -6,212 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income Components [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 4,880 | |||
Reclassification adjustment for amounts recognized in net income | 16,729 | 5,583 | ||
Amount of gain/loss on interest rate contract reclassfied from AOCI for unconsolidated joint ventures | 8,663 | 3,826 | ||
Gain on sale of marketable securities (Note 17) | 3,186 | 3,080 | ||
Available-for-sale Securities, Gross Realized Gains | ($1,323) |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Gain on dispositions, net of tax (Note 2) | $476,900 | $1,106,554 | |||||||||
Revenues | 158,322 | 176,044 | 169,985 | 174,778 | 211,772 | 193,938 | 178,187 | 183,257 | 679,129 | 767,154 | 747,974 |
Equity in income of Unconsolidated Joint Ventures | 20,780 | 14,479 | 14,675 | 12,068 | 18,418 | 12,220 | 11,481 | 10,346 | 62,002 | 52,465 | 48,494 |
Net income | 656,274 | 56,637 | 39,054 | 526,157 | 66,166 | 43,243 | 33,603 | 46,356 | 1,278,122 | 189,368 | 157,817 |
Net income attributable to TCO common shareowners | 439,706 | 33,682 | 21,344 | 369,125 | 39,834 | 24,488 | 17,842 | 27,744 | 863,857 | 109,908 | 83,511 |
Earnings per common share b basic | $6.94 | $0.53 | $0.34 | $5.84 | $0.63 | $0.38 | $0.28 | $0.44 | |||
Earnings per common share b diluted | $6.86 | $0.53 | $0.33 | $5.74 | $0.62 | $0.38 | $0.28 | $0.43 | |||
Gains (Losses) on Extinguishment of Debt | -36,372 | ||||||||||
Starwood Transaction [Member] | |||||||||||
Gain on dispositions, net of tax (Note 2) | 629,700 | ||||||||||
Gains (Losses) on Extinguishment of Debt | ($36,372) |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Details) (Allowance for doubtful receivables [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for doubtful receivables [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $1,934 | $3,424 | $3,303 |
Charged to costs and expenses | 2,900 | 489 | 1,397 |
Write-offs | -1,145 | -1,979 | -1,276 |
Transfers, net | -762 | ||
Balance at end of year | $2,927 | $1,934 | $3,424 |
Real_Estate_and_Accumulated_De2
Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2014 |
Real Estate and Accumulated Depreciation [Line Items] | |||||
Debt Instrument, Unamortized Premium | $1,836 | ||||
Land, Initial Cost of Company | 259,635 | ||||
Buildings, Improvements, and Equipment, Initial Cost to Company | 2,264,338 | ||||
Cost Capitalized Subsequent to Acquisition | 738,532 | ||||
Land, Gross Amount at Which Carried at Close of Period | 259,635 | ||||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 3,002,870 | ||||
Total, Gross Amount at Which Carried at Close of Period | 3,262,505 | 4,485,090 | 4,246,000 | 4,020,954 | |
Accumulated Depreciation (A/D) | 970,045 | 1,516,982 | 1,395,876 | 1,271,943 | |
Properties, net | 2,292,460 | 2,968,108 | |||
SEC Schedule III, Real Estate, Other Acquisitions | 17,642 | ||||
Beverly Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land, Initial Cost of Company | |||||
Buildings, Improvements, and Equipment, Initial Cost to Company | 209,093 | ||||
Cost Capitalized Subsequent to Acquisition | 93,915 | ||||
Land, Gross Amount at Which Carried at Close of Period | |||||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 303,008 | ||||
Total, Gross Amount at Which Carried at Close of Period | 303,008 | ||||
Accumulated Depreciation (A/D) | 169,849 | ||||
Properties, net | 133,159 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 1982 | ||||
Depreciable Life | 40 years | ||||
Cherry Creek Shopping Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land, Initial Cost of Company | |||||
Buildings, Improvements, and Equipment, Initial Cost to Company | 99,087 | ||||
Cost Capitalized Subsequent to Acquisition | 140,160 | ||||
Land, Gross Amount at Which Carried at Close of Period | |||||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 239,247 | ||||
Total, Gross Amount at Which Carried at Close of Period | 239,247 | ||||
Accumulated Depreciation (A/D) | 141,297 | ||||
Properties, net | 97,950 | ||||
Encumbrances | 280,000 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 1990 / 1998 | ||||
Depreciable Life | 40 years | ||||
City Creek Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land, Initial Cost of Company | |||||
Buildings, Improvements, and Equipment, Initial Cost to Company | 75,229 | ||||
Cost Capitalized Subsequent to Acquisition | 873 | ||||
Land, Gross Amount at Which Carried at Close of Period | |||||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 76,102 | ||||
Total, Gross Amount at Which Carried at Close of Period | 76,102 | ||||
Accumulated Depreciation (A/D) | 7,569 | ||||
Properties, net | 68,533 | ||||
Encumbrances | 83,189 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 2012 | ||||
Depreciable Life | 30 years | ||||
Dolphin Mall [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land, Initial Cost of Company | 34,881 | ||||
Buildings, Improvements, and Equipment, Initial Cost to Company | 222,301 | ||||
Cost Capitalized Subsequent to Acquisition | 68,401 | ||||
Land, Gross Amount at Which Carried at Close of Period | 34,881 | ||||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 290,702 | ||||
Total, Gross Amount at Which Carried at Close of Period | 325,583 | ||||
Accumulated Depreciation (A/D) | 103,066 | ||||
Properties, net | 222,517 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 2001 / 2007 | ||||
Depreciable Life | 50 years | ||||
The Gardens on El Paseo and El Paseo Village [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land, Initial Cost of Company | 23,500 | ||||
Buildings, Improvements, and Equipment, Initial Cost to Company | 131,858 | ||||
Cost Capitalized Subsequent to Acquisition | 6,073 | ||||
Land, Gross Amount at Which Carried at Close of Period | 23,500 | ||||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 137,931 | ||||
Total, Gross Amount at Which Carried at Close of Period | 161,431 | ||||
Accumulated Depreciation (A/D) | 11,793 | ||||
Properties, net | 149,638 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 1998 / 2010 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | 28-Dec-11 | ||||
The Gardens on El Paseo [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 83,059 | ||||
Depreciable Life | 40 years | ||||
El Paseo Village [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 15,932 | ||||
Depreciable Life | 48 years | ||||
Great Lakes Crossing [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land, Initial Cost of Company | 15,506 | ||||
Buildings, Improvements, and Equipment, Initial Cost to Company | 188,773 | ||||
Cost Capitalized Subsequent to Acquisition | 46,465 | ||||
Land, Gross Amount at Which Carried at Close of Period | 15,506 | ||||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 235,238 | ||||
Total, Gross Amount at Which Carried at Close of Period | 250,744 | ||||
Accumulated Depreciation (A/D) | 122,375 | ||||
Properties, net | 128,369 | ||||
Encumbrances | 217,281 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 1998 | ||||
Depreciable Life | 50 years | ||||
The Mall at Green Hills [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land, Initial Cost of Company | 48,551 | ||||
Buildings, Improvements, and Equipment, Initial Cost to Company | 332,261 | ||||
Cost Capitalized Subsequent to Acquisition | 13,506 | ||||
Land, Gross Amount at Which Carried at Close of Period | 48,551 | ||||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 345,767 | ||||
Total, Gross Amount at Which Carried at Close of Period | 394,318 | ||||
Accumulated Depreciation (A/D) | 31,358 | ||||
Properties, net | 362,960 | ||||
Encumbrances | 150,000 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 1955 / 2011 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | 28-Dec-11 | ||||
Depreciable Life | 40 years | ||||
Short Hills [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land, Initial Cost of Company | 25,114 | ||||
Buildings, Improvements, and Equipment, Initial Cost to Company | 167,595 | ||||
Cost Capitalized Subsequent to Acquisition | 166,243 | ||||
Land, Gross Amount at Which Carried at Close of Period | 25,114 | ||||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 333,838 | ||||
Total, Gross Amount at Which Carried at Close of Period | 358,952 | ||||
Accumulated Depreciation (A/D) | 175,565 | ||||
Properties, net | 183,387 | ||||
Encumbrances | 540,000 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 1980 / 1994 / 1995 | ||||
Depreciable Life | 40 years | ||||
Taubman Prestige Outlets of Chesterfield [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land, Initial Cost of Company | 16,079 | ||||
Buildings, Improvements, and Equipment, Initial Cost to Company | 108,934 | ||||
Cost Capitalized Subsequent to Acquisition | 757 | ||||
Land, Gross Amount at Which Carried at Close of Period | 16,079 | ||||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 109,691 | ||||
Total, Gross Amount at Which Carried at Close of Period | 125,770 | ||||
Accumulated Depreciation (A/D) | 7,075 | ||||
Properties, net | 118,695 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 2013 | ||||
Depreciable Life | 50 years | ||||
Twelve Oaks Mall Member | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land, Initial Cost of Company | 25,410 | ||||
Buildings, Improvements, and Equipment, Initial Cost to Company | 190,455 | ||||
Cost Capitalized Subsequent to Acquisition | 89,471 | ||||
Land, Gross Amount at Which Carried at Close of Period | 25,410 | ||||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 279,926 | ||||
Total, Gross Amount at Which Carried at Close of Period | 305,336 | ||||
Accumulated Depreciation (A/D) | 144,332 | ||||
Properties, net | 161,004 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 1977 / 1978 / 2007 / 2008 | ||||
Depreciable Life | 50 years | ||||
Construction In Process And Development Pre Construction Costs [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land, Initial Cost of Company | 33,382 | ||||
Buildings, Improvements, and Equipment, Initial Cost to Company | 466,601 | ||||
Cost Capitalized Subsequent to Acquisition | 78,610 | ||||
Land, Gross Amount at Which Carried at Close of Period | 33,382 | ||||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 545,211 | ||||
Total, Gross Amount at Which Carried at Close of Period | 578,593 | ||||
Properties, net | 578,593 | ||||
Encumbrances | 163,779 | ||||
Assets under CDD Obligations [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land, Initial Cost of Company | 3,969 | ||||
Buildings, Improvements, and Equipment, Initial Cost to Company | 58,512 | ||||
Cost Capitalized Subsequent to Acquisition | |||||
Land, Gross Amount at Which Carried at Close of Period | 3,969 | ||||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 58,512 | ||||
Total, Gross Amount at Which Carried at Close of Period | 62,481 | ||||
Accumulated Depreciation (A/D) | 27,583 | ||||
Properties, net | 34,898 | ||||
Office Building [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Debt Instrument, Unamortized Premium | 200 | 700 | |||
Land, Initial Cost of Company | 5,123 | ||||
Buildings, Improvements, and Equipment, Initial Cost to Company | 12,519 | ||||
Cost Capitalized Subsequent to Acquisition | 34,058 | ||||
Land, Gross Amount at Which Carried at Close of Period | 5,123 | ||||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 46,577 | ||||
Total, Gross Amount at Which Carried at Close of Period | 51,700 | ||||
Accumulated Depreciation (A/D) | 27,440 | ||||
Properties, net | 24,260 | ||||
Encumbrances | 17,265 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | 28-Feb-14 | ||||
Depreciable Life | 35 years | ||||
Peripheral Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land, Initial Cost of Company | 28,120 | ||||
Land, Gross Amount at Which Carried at Close of Period | 28,120 | ||||
Total, Gross Amount at Which Carried at Close of Period | 28,120 | ||||
Properties, net | 28,120 | ||||
Other Property [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Buildings, Improvements, and Equipment, Initial Cost to Company | 1,120 | ||||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 1,120 | ||||
Total, Gross Amount at Which Carried at Close of Period | 1,120 | ||||
Accumulated Depreciation (A/D) | 743 | ||||
Properties, net | $377 |
Real_Estate_and_Accumulated_De3
Real Estate and Accumulated Depreciation Changes in Total Real Estate Assets and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance, beginning of year | $4,485,090,000 | $4,246,000,000 | $4,020,954,000 |
Real Estate, Acquisitions | 17,642,000 | ||
Real Estate, New development and improvements | 448,462,000 | 280,972,000 | 237,877,000 |
Real Estate, Disposals / Write-offs | -1,308,529,000 | -35,964,000 | -11,972,000 |
Real Estate, Transfers In/(Out) | -380,160,000 | -5,918,000 | -859,000 |
Balance, end of year | 3,262,505,000 | 4,485,090,000 | 4,246,000,000 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Real Estate, Accumulated Depreciations | -1,516,982,000 | -1,395,876,000 | -1,271,943,000 |
Real Estate Accumulated Depreciation, Depreciation Expense | -110,129,000 | -142,458,000 | -134,858,000 |
Real Estate Accumulated Depreciation, Other Deductions | 530,916,000 | 21,352,000 | 10,925,000 |
SEC Schedule III, Real Estate Accumulated Depreciation, Period Increase (Decrease) | 126,150,000 | ||
Real Estate, Accumulated Depreciations | -970,045,000 | -1,516,982,000 | -1,395,876,000 |
Debt Instrument, Unamortized Premium | 1,836,000 | ||
Notes Payable | 2,025,505,000 | 3,058,053,000 | |
Tax Basis of Investments, Cost for Income Tax Purposes | 3,513,000,000 | ||
Real Estate Investment Property, Net | 2,292,460,000 | 2,968,108,000 | |
The Gardens on El Paseo [Member] | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 83,059,000 | ||
El Paseo Village [Member] | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 15,932,000 | ||
International Plaza [Member] | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Noncash or Part Noncash Disposition, Interest Sold | 49.90% | 49.90% | |
Notes Payable | 325,000,000 | ||
Equity Method Investment, Ownership Percentage | 50.10% | ||
El Paseo Village [Member] | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Debt Instrument, Unamortized Premium | 100,000 | 200,000 | |
Notes Payable | 15,932,000 | 16,322,000 | |
The Gardens on El Paseo [Member] | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Debt Instrument, Unamortized Premium | 1,600,000 | 2,700,000 | |
Notes Payable | $83,059,000 | $84,197,000 |