Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
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-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 61,809,208 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Properties | $3,392,167 | $3,262,505 |
Accumulated depreciation and amortization | -989,649 | -970,045 |
Real Estate Investment Property, Net | 2,402,518 | 2,292,460 |
Investment in Unconsolidated Joint Ventures (Notes 2 and 4) | 386,986 | 370,004 |
Cash and cash equivalents | 105,539 | 276,423 |
Restricted cash (Note 5) | 28,042 | 37,502 |
Accounts and notes receivable, less allowance for doubtful accounts of $3,258 and $2,927 in 2015 and 2014 | 45,498 | 49,245 |
Accounts receivable from related parties | 3,223 | 832 |
Deferred charges and other assets | 190,646 | 188,435 |
Total Assets | 3,162,452 | 3,214,901 |
Liabilities: | ||
Notes payable (Note 5) | 2,057,403 | 2,025,505 |
Accounts payable and accrued liabilities | 306,883 | 292,802 |
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures (Notes 2 and 4) | 475,794 | 476,651 |
Total Liabilities | 2,840,080 | 2,794,958 |
Commitments and contingencies (Notes 5, 7, 8, 9, and 10) | ||
Equity: | ||
Series B Non-Participating Convertible Preferred Stock, $0.001 par and liquidation value, 40,000,000 shares authorized, 25,044,939 and 25,117,000 shares issued and outstanding at March 31, 2015 and December 31, 2014 | 25 | 25 |
Common Stock, $0.01 par value, 250,000,000 shares authorized, 62,307,024 and 63,324,409 shares issued and outstanding at March 31, 2015 and December 31, 2014 | 623 | 633 |
Additional paid-in capital | 757,125 | 815,961 |
Accumulated other comprehensive income (loss) (Note 13) | -21,124 | -15,068 |
Dividends in excess of net income | -488,849 | -483,188 |
Stockholders' Equity Attributable to Parent | 247,800 | 318,363 |
Noncontrolling interests (Note 7) | 74,572 | 101,580 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 322,372 | 419,943 |
Total Liabilities and Equity | $3,162,452 | $3,214,901 |
CONSOLIDATED_BALANCE_SHEET_Par
CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Allowance for doubtful accounts | $3,258,000 | $2,927,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 62,307,024 | 63,324,409 |
Common stock, shares outstanding | 62,307,024 | 63,324,409 |
Series B Preferred Stock [Member] | ||
Preferred Stock, par or value | $0.00 | $0.00 |
Preferred Stock, liquidation preference per share | $0.00 | $0.00 |
Preferred Stock, shares authorized | 40,000,000 | 40,000,000 |
Preferred Stock, shares issued | 25,044,939 | 25,117,000 |
Preferred Stock, shares outstanding | 25,044,939 | 25,117,000 |
Series J Preferred Stock [Member] | ||
Preferred Stock, par or value | $0 | $0 |
Preferred Stock, liquidation preference | 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 or value | $0 | $0 |
Preferred Stock, liquidation preference | $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 $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Minimum rents | $74,567 | $97,890 |
Percentage rents | 2,930 | 4,662 |
Expense recoveries | 43,912 | 62,709 |
Management, leasing, and development services | 2,957 | 2,505 |
Other | 4,623 | 7,012 |
Total Revenues | 128,989 | 174,778 |
Expenses: | ||
Maintenance, taxes, utilities, and promotion | 31,633 | 47,941 |
Other operating | 13,218 | 15,496 |
Management, leasing, and development services | 1,130 | 1,285 |
General and administrative | 11,925 | 11,537 |
Interest expense | 13,525 | 26,130 |
Depreciation and amortization | 24,041 | 35,118 |
Operating Expenses | 95,472 | 137,507 |
Nonoperating income, net | 1,246 | 1,103 |
Income before income tax expense, equity in income of Unconsolidated Joint Ventures, and gain on dispositions, net of tax | 34,763 | 38,374 |
Income tax expense (Note 3) | -838 | -699 |
Equity in income of Unconsolidated Joint Ventures (Note 4) | 17,075 | 12,068 |
Income before gain on dispositions, net of tax | 51,000 | 49,743 |
Gain on dispositions, net of tax (Note 2) | 476,414 | |
Net income | 51,000 | 526,157 |
Net income attributable to noncontrolling interests (Note 7) | -15,102 | -150,780 |
Net income attributable to Taubman Centers, Inc. | 35,898 | 375,377 |
Distributions to participating securities of TRG (Note 9) | -492 | -468 |
Preferred stock dividends | -5,784 | -5,784 |
Net income attributable to Taubman Centers, Inc. common shareowners | 29,622 | 369,125 |
Other comprehensive income (Note 13): | ||
Unrealized loss on interest rate instruments and other | -9,389 | -5,512 |
Cumulative translation adjustment | -1,917 | -3,186 |
Reclassification adjustment for amounts recognized in net income | 2,893 | 3,304 |
Other comprehensive income (loss) | -8,413 | -5,394 |
Comprehensive income | 42,587 | 520,763 |
Comprehensive income attributable to noncontrolling interests | -12,690 | -149,212 |
Comprehensive income attributable to Taubman Centers, Inc. | $29,897 | $371,551 |
Basic earnings per common share (Note 11) | $0.47 | $5.84 |
Diluted earnings per common share (Note 11) | $0.47 | $5.74 |
Cash dividends declared per common share | $0.56 | $0.54 |
Weighted average number of common shares outstanding b basic | 63,039,777 | 63,165,611 |
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 (Loss) [Member] | Accumulated Distributions in Excess of Net Income [Member] | Noncontrolling Interest [Member] |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance at Dec. 31, 2013 | ($215,660) | $25 | $631 | $796,787 | ($8,914) | ($908,656) | ($95,533) |
Balance (in shares) at Dec. 31, 2013 | 39,651,069 | 63,101,614 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of stock pursuant to Continuing Offer, shares | -25,250 | 25,250 | |||||
Repurchase of common stock, Shares | -266 | ||||||
Repurchase of common stock | -17 | -17 | |||||
Share-based compensation under employee and director benefit plans (Note 9) | 1,800 | 2 | 1,798 | ||||
Share-based compensation under employee and director benefit plans (in shares) | 135,447 | ||||||
Adjustments of noncontrolling interests (Note 7) | 0 | -6 | -21 | 15 | |||
Contributions from noncontrolling interests | 22,345 | ||||||
Dividends and distributions | -55,585 | -40,424 | |||||
Stockholders' Equity, Other Shares | 1,431 | ||||||
Distributions to noncontrolling interests | -15,161 | ||||||
Other | 101 | 143 | -52 | 10 | |||
Net income | 526,157 | 375,377 | 150,780 | ||||
Unrealized loss on interest rate instruments and other | -5,512 | -3,882 | -1,630 | ||||
Cumulative translation adjustment | -3,186 | -2,280 | -906 | ||||
Reclassification adjustment for amounts recognized in net income | 3,304 | 2,336 | 968 | ||||
Balance at Mar. 31, 2014 | 273,747 | 25 | 633 | 798,705 | -12,719 | -573,755 | 60,858 |
Balance (in shares) at Mar. 31, 2014 | 39,627,250 | 63,262,045 | |||||
Balance at Dec. 31, 2014 | 419,943 | 25 | 633 | 815,961 | -15,068 | -483,188 | 101,580 |
Balance (in shares) at Dec. 31, 2014 | 39,617,000 | 63,324,409 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of stock pursuant to Continuing Offer, shares | -72,061 | 72,065 | |||||
Issuance of stock pursuant to Continuing Offer | 1 | -1 | |||||
Repurchase of common stock, Shares | -1,153,230 | ||||||
Repurchase of common stock | -84,982 | -12 | -84,970 | ||||
Share-based compensation under employee and director benefit plans (Note 9) | 2,809 | 1 | 2,808 | ||||
Share-based compensation under employee and director benefit plans (in shares) | 63,780 | ||||||
Adjustments of noncontrolling interests (Note 7) | 0 | 23,324 | 55 | -23,269 | |||
Dividends and distributions | -57,889 | -41,460 | |||||
Distributions to noncontrolling interests | -16,429 | ||||||
Other | -96 | 3 | -99 | ||||
Net income | 51,000 | 35,898 | 15,102 | ||||
Unrealized loss on interest rate instruments and other | -9,389 | -6,698 | -2,691 | ||||
Cumulative translation adjustment | -1,917 | -1,367 | -550 | ||||
Reclassification adjustment for amounts recognized in net income | 2,893 | 2,064 | 829 | ||||
Balance at Mar. 31, 2015 | $322,372 | $25 | $623 | $757,125 | ($21,124) | ($488,849) | $74,572 |
Balance (in shares) at Mar. 31, 2015 | 39,544,939 | 62,307,024 |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows From Operating Activities: | ||
Net income | $51,000 | $526,157 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 24,041 | 35,118 |
Provision for bad debts | 456 | 240 |
Gain on dispositions | -486,620 | |
Income from Unconsolidated Joint Ventures in excess of distributions | -1,448 | |
Other | 517 | 4,138 |
Decrease in cash attributable to changes in assets and liabilities: | ||
Receivables, restricted cash, deferred charges, and other assets | -2,696 | -2,802 |
Accounts payable and accrued liabilities | -20,385 | -13,717 |
Net Cash Provided By Operating Activities | 51,485 | 62,514 |
Cash Flows From Investing Activities: | ||
Additions to properties | -97,414 | -64,845 |
Cash drawn from (provided to) escrow related to center construction projects (Note 5) | -7,784 | 44,992 |
Proceeds from dispositions, net of transaction costs (Note 2) | 385,598 | |
Contributions to Unconsolidated Joint Ventures | -20,242 | -11,767 |
Distributions from Unconsolidated Joint Ventures in excess of income | 9,350 | |
Other | 323 | 7,345 |
Net Cash Provided by (Used in) Investing Activities | -109,549 | 280,689 |
Cash Flows From Financing Activities: | ||
Payments on revolving line of credit, net | -69,150 | |
Debt proceeds | 51,031 | |
Other debt payments | -18,645 | -101,256 |
Debt issuance costs | -182 | |
Repurchase of common stock | -84,982 | -17 |
Issuance of common stock and/or partnership units in connection with incentive plans | -2,153 | -2,395 |
Distributions to noncontrolling interests | -16,429 | -15,161 |
Distributions to participating securities of TRG | -492 | -468 |
Contributions from noncontrolling interests | 22,345 | |
Cash dividends to preferred shareowners | -5,784 | -5,784 |
Cash dividends to common shareowners | -35,184 | -34,172 |
Net Cash Used In Financing Activities | -112,820 | -206,058 |
Net Increase (Decrease) In Cash and Cash Equivalents | -170,884 | 137,145 |
Cash and Cash Equivalents at Beginning of Period | 276,423 | 40,993 |
Cash and Cash Equivalents at End of Period | $105,539 | $178,138 |
Interim_Financial_Statements
Interim Financial Statements | 3 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements [Abstract] | |
Interim Financial Statements | Interim Financial Statements |
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 March 31, 2015 included 19 urban and suburban shopping centers operating in 10 states and Puerto Rico. | |
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. | |
The unaudited interim financial statements should be read in conjunction with the audited financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. The results of interim periods are not necessarily indicative of the results for a full year. | |
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. | |
Ownership | |
In addition to the Company’s common stock, there were three classes of preferred stock outstanding (Series B, J, and K) as of March 31, 2015. Dividends on the 6.5% Series J Cumulative Redeemable Preferred Stock (Series J Preferred Stock) and the 6.25% Series K Cumulative Redeemable Preferred Stock (Series K Preferred Stock) are cumulative and are paid on the last day of each calendar quarter. The Company owns corresponding Series J and 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 J and Series K Preferred Stock. | |
The Company also is obligated to issue to partners in the Operating Partnership other than the Company, upon subscription, one share of nonparticipating Series B Preferred Stock per each Operating Partnership unit. The Series B Preferred Stock entitles its holders to one vote per share on all matters submitted to the Company’s shareowners and votes together with the common stock on all matters as a single class. The holders of Series B Preferred Stock are not entitled to dividends or earnings. The Series B Preferred Stock is convertible into the Company’s common stock at a ratio of 14,000 shares of Series B Preferred Stock for one share of common stock. | |
Outstanding voting securities of the Company at March 31, 2015 consisted of 25,044,939 shares of Series B Preferred Stock and 62,307,024 shares of common stock. | |
The Operating Partnership | |
At March 31, 2015, the Operating Partnership’s equity included two classes of preferred equity (Series J and K) and the net equity of the partnership unitholders. 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 Series K Preferred Equity are owned by the Company and are eliminated in consolidation. | |
The Company's ownership in the Operating Partnership at March 31, 2015 consisted of a 71% managing general partnership interest, as well as the Series J and Series K Preferred Equity interests. The Company's average ownership percentage in the Operating Partnership for both the three months ended March 31, 2015 and 2014 was 72%. At March 31, 2015, the Operating Partnership had 87,370,413 partnership units outstanding, of which the Company owned 62,307,024 units. |
Dispositions_Acquisition_and_D
Dispositions, Acquisition, and Developments | 3 Months Ended |
Mar. 31, 2015 | |
Dispositions, Acquisition, and Development [Abstract] | |
Acquisitions Dispositions and Development [Text Block] | Dispositions, Acquisition, 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 were sold: 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. The results of the seven centers are in the Company's continuing operations for all periods prior to the October 2014 sale, pursuant to the Company's previous adoption of ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" beginning January 1, 2014. | |
As a result of the sale, the Company underwent a restructuring plan to reduce its workforce across various areas of the organization. As of March 31, 2015, substantially all of the restructuring costs were paid. | |
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. During the three months ended March 31, 2014, a gain of $367 million (net of tax of $10.2 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 12). 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. | |
Acquisition | |
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. In March 2015, the Company refinanced the loan on the building (Note 5). | |
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 August 2016. The Company owns a 93.5% interest in the project, which is subject to a participating ground lease. As of March 31, 2015, the Company's capitalized costs for the project were $136.2 million ($127.5 million at TRG's share). | |
The Mall of San Juan | |
The Mall of San Juan, a 0.6 million square foot center in San Juan, Puerto Rico opened in March 2015. The center is anchored by Nordstrom and Saks Fifth Avenue. As of March 31, 2015, the Company owned an 80% interest in the project. In April 2015, the Company acquired an additional 15% interest, bringing the Company's ownership interest to 95%. The additional interest was acquired at cost. As of March 31, 2015, the Company had capitalized costs of $454.9 million ($432.5 million at TRG's increased share). | |
Asia Development | |
CityOn.Xi'an | |
The Company has a joint venture with Beijing Wangfujing Department Store (Group) Co., Ltd (Wangfujing), one of China's largest department store chains, which will own a 60% controlling interest in and manage an approximately 1.0 million square foot shopping center, CityOn.Xi'an, to be 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 spring 2016. As of March 31, 2015, the Company's share of total project costs were $86.7 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. | |
CityOn.Zhengzhou | |
The Company also has a second joint venture with Wangfujing which 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 March 31, 2015, the Company's share of total project costs were $52.4 million, as increased by immaterial cumulative currency translation adjustments. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet. | |
Hanam Union Square | |
The Company's joint venture with Shinsegae Group, South Korea's largest retailer, is developing an approximately 1.7 million square foot shopping center, Hanam Union Square, under construction in Hanam, Gyeonggi Province, South Korea, which is scheduled to open in early fall 2016. The Company has partnered with a major institution in Asia for a 49% ownership interest in Hanam Union Square. The institutional partner owns 14.7% of the project, bringing the Company's effective ownership to 34.3%. As of March 31, 2015, the Company's share of total project costs were $148.1 million, as decreased by $3.0 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 | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Income Taxes | Income Taxes | |||||||
Income Tax Expense | ||||||||
The Company’s income tax expense (benefit) for the three months ended March 31, 2015 and 2014 consisted of the following: | ||||||||
2015 | 2014 | |||||||
Federal current | $ | 496 | $ | 8,905 | ||||
Federal deferred | (85 | ) | 193 | |||||
Foreign current | 274 | 217 | ||||||
Foreign deferred | 29 | (4 | ) | |||||
State current | 120 | 1,594 | ||||||
State deferred | 4 | |||||||
$ | 838 | $ | 10,905 | |||||
Less income tax expense allocated to Gain on Dispositions (1) | (10,206 | ) | ||||||
Total income tax expense | $ | 838 | $ | 699 | ||||
-1 | 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 and was subsequently adjusted to $9.7 million during the quarter ended June 30, 2014. | |||||||
Deferred Taxes | ||||||||
Deferred tax assets and liabilities as of March 31, 2015 and December 31, 2014 were as follows: | ||||||||
2015 | 2014 | |||||||
Deferred tax assets: | ||||||||
Federal | $ | 1,501 | $ | 1,382 | ||||
Foreign | 1,761 | 1,806 | ||||||
State | 432 | 471 | ||||||
Total deferred tax assets | $ | 3,694 | $ | 3,659 | ||||
Valuation allowances | (1,633 | ) | (1,703 | ) | ||||
Net deferred tax assets | $ | 2,061 | $ | 1,956 | ||||
Deferred tax liabilities: | ||||||||
Federal | $ | 626 | $ | 592 | ||||
Foreign | 486 | 473 | ||||||
State | 135 | 89 | ||||||
Total deferred tax liabilities | $ | 1,247 | $ | 1,154 | ||||
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. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Joint Ventures | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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, The Mall at University Town Center, 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 | |||||||
March 31, 2015 and | ||||||||
31-Dec-14 | ||||||||
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 | 50.1 | |||||||
The Mall at Millenia | 50 | |||||||
Stamford Town Center | 50 | |||||||
Sunvalley | 50 | |||||||
The Mall at University Town Center | 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. | ||||||||
The estimated fair value of the Unconsolidated Joint Ventures’ mortgage notes payable was $2.0 billion at both March 31, 2015 and December 31, 2014. The methodology for determining this fair value is consistent with that used for determining the fair value of consolidated mortgage notes payable (Note 12). | ||||||||
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 March 31, 2015 and December 31, 2014 excluded 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. | ||||||||
March 31 | December 31 | |||||||
2015 | 2014 | |||||||
Assets: | ||||||||
Properties | $ | 1,593,495 | $ | 1,580,926 | ||||
Accumulated depreciation and amortization | (559,503 | ) | (548,646 | ) | ||||
$ | 1,033,992 | $ | 1,032,280 | |||||
Cash and cash equivalents | 39,262 | 49,765 | ||||||
Accounts and notes receivable, less allowance for doubtful accounts of $2,156 and $1,590 in 2015 and 2014 | 37,413 | 38,788 | ||||||
Deferred charges and other assets | 40,044 | 33,200 | ||||||
$ | 1,150,711 | $ | 1,154,033 | |||||
Liabilities and accumulated deficiency in assets: | ||||||||
Notes payable | $ | 2,002,957 | $ | 1,989,546 | ||||
Accounts payable and other liabilities | 84,279 | 103,161 | ||||||
TRG's accumulated deficiency in assets | (524,082 | ) | (525,759 | ) | ||||
Unconsolidated Joint Venture Partners' accumulated deficiency in assets | (412,443 | ) | (412,915 | ) | ||||
$ | 1,150,711 | $ | 1,154,033 | |||||
TRG's accumulated deficiency in assets (above) | $ | (524,082 | ) | $ | (525,759 | ) | ||
TRG's investment in properties under construction (Note 2) | 250,116 | 232,091 | ||||||
TRG basis adjustments, including elimination of intercompany profit | 130,682 | 132,058 | ||||||
TCO's additional basis | 54,476 | 54,963 | ||||||
Net investment in Unconsolidated Joint Ventures | $ | (88,808 | ) | $ | (106,647 | ) | ||
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures | 475,794 | 476,651 | ||||||
Investment in Unconsolidated Joint Ventures | $ | 386,986 | $ | 370,004 | ||||
Three Months Ended March 31 | ||||||||
2015 | 2014 | |||||||
Revenues | $ | 91,914 | $ | 77,225 | ||||
Maintenance, taxes, utilities, promotion, and other operating expenses | $ | 26,995 | $ | 24,998 | ||||
Interest expense | 21,229 | 18,147 | ||||||
Depreciation and amortization | 12,752 | 10,858 | ||||||
Total operating costs | $ | 60,976 | $ | 54,003 | ||||
Nonoperating income, net | 8 | 2 | ||||||
Net income | $ | 30,946 | $ | 23,224 | ||||
Net income attributable to TRG | $ | 17,053 | $ | 12,758 | ||||
Realized intercompany profit, net of depreciation on TRG’s basis adjustments | 508 | (203 | ) | |||||
Depreciation of TCO's additional basis | (486 | ) | (487 | ) | ||||
Equity in income of Unconsolidated Joint Ventures | $ | 17,075 | $ | 12,068 | ||||
Beneficial interest in Unconsolidated Joint Ventures’ operations: | ||||||||
Revenues less maintenance, taxes, utilities, promotion, and other operating expenses | $ | 36,506 | $ | 29,090 | ||||
Interest expense | (11,363 | ) | (9,844 | ) | ||||
Depreciation and amortization | (8,068 | ) | (7,178 | ) | ||||
Equity in income of Unconsolidated Joint Ventures | $ | 17,075 | $ | 12,068 | ||||
Beneficial_Interest_in_Debt_an
Beneficial Interest in Debt and Interest Expense | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Beneficial interest in Debt and Interest Expense | 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 interest in Cherry Creek Shopping Center (50%) and The Mall of San Juan (20% as of March 31, 2015), as well as the noncontrolling interests in The Mall at Wellington Green (10%) and MacArthur Center (5%) through the disposition of the centers in October 2014 (Note 2). | ||||||||||||||||
At 100% | At Beneficial Interest | |||||||||||||||
Consolidated Subsidiaries | Unconsolidated Joint Ventures | Consolidated Subsidiaries | Unconsolidated Joint Ventures | |||||||||||||
Debt as of: | ||||||||||||||||
March 31, 2015 | $ | 2,057,403 | $ | 2,002,957 | $ | 1,876,841 | $ | 1,092,023 | ||||||||
December 31, 2014 | 2,025,505 | 1,989,546 | 1,852,749 | 1,085,991 | ||||||||||||
Capitalized interest: | ||||||||||||||||
Three Months Ended March 31, 2015 | $ | 8,672 | -1 | $ | 56 | $ | 8,335 | $ | 28 | |||||||
Three Months Ended March 31, 2014 | 5,392 | (1) | 768 | 5,173 | 384 | |||||||||||
Interest expense: | ||||||||||||||||
Three Months Ended March 31, 2015 | $ | 13,525 | $ | 21,229 | $ | 11,871 | $ | 11,363 | ||||||||
Three Months Ended March 31, 2014 | 26,130 | 18,147 | 24,066 | 9,844 | ||||||||||||
-1 | The Company capitalizes interest costs incurred in funding its equity contributions to development projects accounted for as Unconsolidated Joint Ventures. The capitalized interest cost is included in the Company's basis in its investment in Unconsolidated Joint Ventures. 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. | |||||||||||||||
2015 Financing | ||||||||||||||||
In March 2015, the Company completed a $12.0 million non-recourse refinancing on its U.S. headquarters building. The loan is interest only for the entire nine-year term, bears interest at LIBOR plus 1.40%, and is prepayable at any time. The rate on the loan is fixed at 3.49% as a result of an interest rate swap (Note 8). The proceeds from the new loan and available cash were used to pay off the existing $17.0 million, 5.90% fixed rate loan. | ||||||||||||||||
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 March 31, 2015, the corporate minimum fixed charge coverage ratio was the most restrictive covenant. The Company was in compliance with all of its covenants and loan obligations as of March 31, 2015. 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, which is 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 March 31, 2015 was $206.3 million. Accrued but unpaid interest as of March 31, 2015 was $0.3 million. The principal guarantee may be reduced to 12.5% of the outstanding principal balance upon achievement of certain performance measures. Upon stabilization, the unconditional guarantee 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 maximum amount of the construction facility is $320 million. The outstanding balance of The Mall of San Juan construction financing facility as of March 31, 2015 was $202.8 million. Accrued but unpaid interest as of March 31, 2015 was $0.2 million. The Company believes the likelihood of a payment under the guarantees to be remote. | ||||||||||||||||
In connection with the 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 March 31, 2015, the interest rate swap was in a liability position of $2.6 million and had unpaid interest of $0.2 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 March 31, 2015 and December 31, 2014, the Company’s cash balances restricted for these uses were $28.0 million and $37.5 million, respectively. As of March 31, 2015, $25.8 million of the $28.0 million of restricted cash was required under certain debt agreements to be in escrow for certain major construction projects. |
Equity_Transactions
Equity Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Equity Transactions [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Equity Transactions |
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. In March 2015, the Company's Board of Directors increased the authorization by $250 million, bringing the total authorization to $450 million. 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 March 31, 2015, the Company repurchased 1,940,301 shares of its common stock at an average price of $70.75 per share for a total of $137.3 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. |
Noncontrolling_Interests
Noncontrolling Interests | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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). The Taubman Asia operating agreement provides 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, 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 March 31, 2015 and December 31, 2014. 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 March 31, 2015 and December 31, 2014. Any adjustments to the redemption value are recorded through equity. | ||||||||
Equity Balances of Nonredeemable Noncontrolling Interests | ||||||||
The net equity balance of the nonredeemable noncontrolling interests as of March 31, 2015 and December 31, 2014 included the following: | ||||||||
2015 | 2014 | |||||||
Non-redeemable noncontrolling interests: | ||||||||
Noncontrolling interests in consolidated joint ventures | $ | (14,451 | ) | $ | (14,796 | ) | ||
Noncontrolling interests in partnership equity of TRG | 89,023 | 116,376 | ||||||
$ | 74,572 | $ | 101,580 | |||||
Income Allocable to Noncontrolling Interests | ||||||||
Net income attributable to the noncontrolling interests for the three months ended March 31, 2015 and March 31, 2014 included the following: | ||||||||
2015 | 2014 | |||||||
Net income attributable to non-redeemable noncontrolling interests: | ||||||||
Noncontrolling share of income of consolidated joint ventures | $ | 2,591 | $ | 3,118 | ||||
Noncontrolling share of income of TRG | 12,511 | 147,662 | ||||||
$ | 15,102 | $ | 150,780 | |||||
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 three months ended March 31, 2015 and March 31, 2014: | ||||||||
2015 | 2014 | |||||||
Net income attributable to Taubman Centers, Inc. common shareowners | $ | 29,622 | $ | 369,125 | ||||
Transfers (to) from the noncontrolling interest: | ||||||||
Increase (decrease) in Taubman Centers, Inc.’s paid-in capital for adjustments of noncontrolling interest (1) | 23,324 | (6 | ) | |||||
Net transfers (to) from noncontrolling interests | 23,324 | (6 | ) | |||||
Change from net income attributable to Taubman Centers, Inc. and transfers (to) from noncontrolling interests | $ | 52,946 | $ | 369,119 | ||||
-1 | In 2015 and 2014 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 9), issuances of stock pursuant to the Continuing Offer (Note 10), and stock repurchases (Note 6). | |||||||
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 March 31, 2015, 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 March 31, 2015, compared to a book value of $(22.7) 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 | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
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 March 31, 2015, 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 | |||||||
Receive variable (LIBOR) /pay-fixed swap (2) | 100 | % | 12,000 | 2.09 | % | 1.4 | % | 3.49 | % | Mar-24 | |||||||||
Unconsolidated Joint Ventures: | |||||||||||||||||||
Receive variable (LIBOR) /pay-fixed swap (3) | 50 | % | 136,218 | 2.4 | % | 1.7 | % | 4.1 | % | Apr-18 | |||||||||
Receive variable (LIBOR) /pay-fixed swap (3) | 50 | % | 136,218 | 2.4 | % | 1.7 | % | 4.1 | % | Apr-18 | |||||||||
Receive variable (LIBOR) /pay-fixed swap (4) | 50.1 | % | 174,495 | 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 amount, 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 this swap is equal to the outstanding principal balance of the floating rate loan on the U.S. headquarters building. | ||||||||||||||||||
-3 | The notional amount on each of these swaps is equal to 50% of the outstanding principal balance of the loan on Fair Oaks Mall. | ||||||||||||||||||
-4 | The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on International Plaza. | ||||||||||||||||||
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 Accumulated Other Comprehensive Income (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 $10.4 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 three months ended March 31, 2015 and March 31, 2014. 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 three months ended March 31, 2015, the Company had $0.2 million of hedge ineffectiveness related to the swaps used to hedge the TRG term loan. During the three months ended March 31, 2014, the Company had an immaterial amount of hedge ineffectiveness related to the swap on MacArthur Center. The hedge ineffectiveness for both periods was classified as Nonoperating Income, Net on the Consolidated Statement of Operations and Comprehensive Income. | |||||||||||||||||||
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 Loss Reclassified from AOCI into Income (Effective Portion) | |||||||||||||||||
Three Months Ended March 31 | Three Months Ended March 31 | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||||
Interest rate contracts – consolidated subsidiaries | $ | (4,538 | ) | $ | (2,451 | ) | Interest Expense | $ | (1,770 | ) | $ | (2,536 | ) | ||||||
Interest rate contracts – UJVs | (1,959 | ) | 243 | Equity in Income of UJVs | (1,123 | ) | (768 | ) | |||||||||||
Total derivatives in cash flow hedging relationships | $ | (6,497 | ) | $ | (2,208 | ) | $ | (2,893 | ) | $ | (3,304 | ) | |||||||
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 March 31, 2015 and December 31, 2014. | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Consolidated Balance Sheet Location | March 31 | December 31 | |||||||||||||||||
2015 | 2014 | ||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Asset derivatives: | |||||||||||||||||||
Interest rate contract – UJV | Investment in UJVs | $ | 109 | ||||||||||||||||
Liability derivatives: | |||||||||||||||||||
Interest rate contracts – consolidated subsidiaries | Accounts Payable and Accrued Liabilities | $ | (8,809 | ) | $ | (4,044 | ) | ||||||||||||
Interest rate contracts – UJVs | Investment in UJVs | (7,003 | ) | (5,154 | ) | ||||||||||||||
Total liabilities designated as hedging instruments | $ | (15,812 | ) | $ | (9,198 | ) | |||||||||||||
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 contains 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. One of the Company's outstanding derivatives contains provisions that state if the hedged entity defaults on any of its indebtedness in excess of $0.1 million, then the derivative obligation could also be declared in default. As of March 31, 2015, the Company is not in default on any indebtedness that would trigger a credit-risk-related default on its current outstanding derivatives. | |||||||||||||||||||
As of March 31, 2015 and December 31, 2014, the fair value of derivative instruments with credit-risk-related contingent features that were in a liability position was $15.8 million and $9.2 million, respectively. As of March 31, 2015 and December 31, 2014, 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 12 for fair value information on derivatives. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Share-Based Compensation | Share-Based Compensation | ||||||||||||||||
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 $4.3 million and $3.6 million for the three months ended March 31, 2015 and 2014, respectively. Compensation cost capitalized as part of properties and deferred leasing costs was $0.8 million and $0.5 million for the three months ended March 31, 2015 and 2014, 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. | |||||||||||||||||
Options | |||||||||||||||||
A summary of option activity for the three months ended March 31, 2015 is presented below: | |||||||||||||||||
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Range of Exercise Prices | ||||||||||||||
Outstanding at January 1, 2015 | 521,293 | $ | 39.2 | 1.6 | $ | 26.56 | - | $ | 51.15 | ||||||||
Outstanding at March 31, 2015 | 521,293 | $ | 39.2 | 1.4 | $ | 26.56 | - | $ | 51.15 | ||||||||
Fully vested options at March 31, 2015 | 521,293 | $ | 39.2 | 1.4 | |||||||||||||
No options were granted during the three months ended March 31, 2015. | |||||||||||||||||
The aggregate intrinsic value (the difference between the period end stock price and the option exercise price) of in-the-money options outstanding was $19.8 million as of March 31, 2015. | |||||||||||||||||
No options were exercised in the three months ended March 31, 2015 or 2014. As of March 31, 2015, all options outstanding were fully vested, and there was no unrecognized compensation cost related to options. | |||||||||||||||||
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 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. | |||||||||||||||||
Performance Share Units | |||||||||||||||||
In March 2015, 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, plus a cash payment equal to the aggregate cash dividends that would have been paid on such shares of common stock from the date of grant of the award to the vesting date. The units vest in March 2018 if continuous service has been provided, or upon retirement or certain other events (such as death or disability) if earlier. | |||||||||||||||||
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, historical returns of the Company and the peer group of companies, a risk-free interest rate of 1.12% and a measurement period of approximately three years. The resulting weighted average grant-date fair value was $112.30 per PSU. | |||||||||||||||||
A summary of PSU activity for the three months ended March 31, 2015 is presented below: | |||||||||||||||||
Number of Performance Share Units | Weighted Average Grant Date Fair Value | ||||||||||||||||
Outstanding at January 1, 2015 | 254,651 | $ | 132.86 | ||||||||||||||
Vested | (43,575 | ) | (1) | 97.44 | |||||||||||||
Granted | 50,256 | 112.3 | |||||||||||||||
Forfeited | (3,358 | ) | 180.73 | ||||||||||||||
Outstanding at March 31, 2015 | 257,974 | $ | 134.84 | ||||||||||||||
-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 three months ended March 31, 2015 was zero. | ||||||||||||||||
None of the PSU outstanding at March 31, 2015 were vested. As of March 31, 2015, there was $17.6 million of total unrecognized compensation cost related to nonvested PSU outstanding. This cost is expected to be recognized over an average period of 2.1 years. | |||||||||||||||||
Restricted Share Units | |||||||||||||||||
In March 2015, 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, plus a cash payment equal to the aggregate cash dividends that would have been paid on such shares of common stock from the date of grant of the award to the vesting date. The units vest in March 2018, if continuous service has been provided, or upon retirement or certain other events (such as death or disability) if earlier. The Company estimated the values of these RSU using the Company’s common stock price at the grant date. The Company’s valuation was a grant-date fair value of $74.36 per RSU. | |||||||||||||||||
A summary of RSU activity for the three months ended March 31, 2015 is presented below: | |||||||||||||||||
Number of Restricted Share Units | Weighted Average Grant Date Fair Value | ||||||||||||||||
Outstanding at January 1, 2015 | 293,651 | $ | 67 | ||||||||||||||
Vested | (92,628 | ) | 65.48 | ||||||||||||||
Granted | 100,682 | 74.36 | |||||||||||||||
Forfeited | (508 | ) | 69.13 | ||||||||||||||
Outstanding at March 31, 2015 | 301,197 | $ | 69.92 | ||||||||||||||
None of the RSU outstanding at March 31, 2015 were vested. As of March 31, 2015, there was $13.0 million of total unrecognized compensation cost related to nonvested RSU outstanding. This cost is expected to be recognized over an average period of 2.2 years. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
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 (as later amended and restated, the Cash Tender Agreement) with A. Alfred Taubman, as trustee of the A. Alfred Taubman Restated Revocable Trust (the Revocable Trust) and TRA Partners (now Taubman Ventures Group LLC or TVG), each of whom owned an interest in the Operating Partnership, whereby each of the revocable trust and TVG has the 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. Control of TVG is shared by the Revocable Trust and entities affiliated with the children of A. Alfred Taubman (Robert S. Taubman, William S. Taubman, and Gayle Taubman Kalisman). At the election of the person making a tender, partnership units in the Operating Partnership held by members of A. Alfred Taubman’s family and partnership units held by entities in which his family members hold interests may be included in such a tender. Upon the death of A. Alfred Taubman in April 2015, the successor trustees of the trust (Robert S. Taubman, William S. Taubman and Gayle Taubman Kalisman) act on behalf of the trust. | |
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 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 March 31, 2015 of $77.13 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 $1.9 billion. The purchase of these interests at March 31, 2015 would have resulted in the Company owning an additional 28% interest in the Operating Partnership. | |
Continuing Offer | |
The Company has made a continuing, irrevocable offer to all present holders (other than certain excluded holders, currently TVG and the Revocable Trust), 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 | |
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 5 for the Operating Partnership's guarantees of certain notes payable, including guarantees relating to Unconsolidated Joint Ventures, Note 7 for contingent features relating to certain joint venture agreements, Note 8 for contingent features relating to derivative instruments, and Note 9 for obligations under existing share-based compensation plans. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 10), 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 9). 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. | ||||||||
Three Months Ended March 31 | ||||||||
2015 | 2014 | |||||||
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator): | ||||||||
Basic | $ | 29,622 | $ | 369,125 | ||||
Impact of additional ownership of TRG | 125 | 3,055 | ||||||
Diluted | $ | 29,747 | $ | 372,180 | ||||
Shares (Denominator) – basic | 63,039,777 | 63,165,611 | ||||||
Effect of dilutive securities | 895,503 | 1,655,992 | ||||||
Shares (Denominator) – diluted | 63,935,280 | 64,821,603 | ||||||
Earnings per common share - basic | $ | 0.47 | $ | 5.84 | ||||
Earnings per common share – diluted | $ | 0.47 | $ | 5.74 | ||||
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. | ||||||||
Three Months Ended March 31 | ||||||||
2015 | 2014 | |||||||
Weighted average noncontrolling partnership units outstanding | 4,149,149 | 4,338,681 | ||||||
Unissued partnership units under unit option deferral elections | 871,262 | |||||||
Fair_Value_Disclosures
Fair Value Disclosures | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 | Fair Value Measurements as of | ||||||||||||||||
March 31, 2015 Using | December 31, 2014 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 | $ | 13,037 | $ | 13,059 | |||||||||||||
Total assets | $ | 13,037 | $ | — | $ | 13,059 | $ | — | |||||||||
Derivative interest rate contracts (Note 8) | $ | (8,809 | ) | $ | (4,044 | ) | |||||||||||
Total liabilities | $ | (8,809 | ) | $ | (4,044 | ) | |||||||||||
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 March 31, 2015, the Company owned 590,124 partnership units in Simon Property Group Limited Partnership (Note 2). The fair value of the partnership units is derived from SPG's common stock price, and therefore falls into level 2 of the fair value hierarchy, was $115.5 million at March 31, 2015 and $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 both March 31, 2015 and 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 March 31, 2015 and December 31, 2014, 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% credit spread was added to the discount rate at March 31, 2015 and December 31, 2014 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 March 31, 2015 or December 31, 2014. 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 March 31, 2015 and December 31, 2014 were as follows: | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
Notes payable | $ | 2,057,403 | $ | 2,087,651 | $ | 2,025,505 | $ | 2,056,474 | |||||||||
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 March 31, 2015 by $27.2 million or 1.3%. | |||||||||||||||||
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 is estimated using cash flows discounted at current market rates and therefore falls into Level 2 of the fair value hierarchy. | |||||||||||||||||
See Note 4 regarding the fair value of the Unconsolidated Joint Ventures’ notes payable, and Note 8 regarding additional information on derivatives. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Notes) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Income | |||||||||||||||||||||||
Changes in the balance of each component of AOCI for the three months ended March 31, 2015 are 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-15 | $ | (101 | ) | $ | (14,967 | ) | $ | (15,068 | ) | $ | (41 | ) | $ | 5,879 | $ | 5,838 | ||||||||
Other comprehensive income/(loss) before reclassifications | (1,367 | ) | (6,698 | ) | (8,065 | ) | (550 | ) | (2,691 | ) | (3,241 | ) | ||||||||||||
Amounts reclassified from AOCI | 2,064 | 2,064 | 829 | 829 | ||||||||||||||||||||
Net current period other comprehensive income/(loss) | $ | (1,367 | ) | $ | (4,634 | ) | $ | (6,001 | ) | $ | (550 | ) | $ | (1,862 | ) | $ | (2,412 | ) | ||||||
Adjustments due to changes in ownership | (55 | ) | (55 | ) | 55 | 55 | ||||||||||||||||||
March 31, 2015 | $ | (1,468 | ) | $ | (19,656 | ) | $ | (21,124 | ) | $ | (591 | ) | $ | 4,072 | $ | 3,481 | ||||||||
Changes in the balance of each component of AOCI for the three months ended March 31, 2014 are 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-14 | $ | 5,040 | $ | (13,954 | ) | $ | (8,914 | ) | $ | 2,011 | $ | 6,141 | $ | 8,152 | ||||||||||
Other comprehensive income/(loss) before reclassifications | (2,280 | ) | (3,882 | ) | (6,162 | ) | (906 | ) | (1,630 | ) | (2,536 | ) | ||||||||||||
Amounts reclassified from AOCI | 2,336 | 2,336 | 968 | 968 | ||||||||||||||||||||
Net current period other comprehensive income/(loss) | $ | (2,280 | ) | $ | (1,546 | ) | $ | (3,826 | ) | $ | (906 | ) | $ | (662 | ) | $ | (1,568 | ) | ||||||
Adjustments due to changes in ownership | 5 | 16 | 21 | (5 | ) | (16 | ) | (21 | ) | |||||||||||||||
March 31, 2014 | $ | 2,765 | $ | (15,484 | ) | $ | (12,719 | ) | $ | 1,100 | $ | 5,463 | $ | 6,563 | ||||||||||
The following table presents reclassifications out of AOCI for the three months ended March 31, 2015: | ||||||||||||||||||||||||
Details about AOCI Components | Amounts reclassified from AOCI | Affected line item in Consolidated Statement of Operations | ||||||||||||||||||||||
Losses on interest rate instruments and other: | ||||||||||||||||||||||||
Realized loss on interest rate contracts - consolidated subsidiaries | 1,770 | Interest Expense | ||||||||||||||||||||||
Realized loss on interest rate contracts - UJVs | 1,123 | Equity in Income of UJVs | ||||||||||||||||||||||
Total reclassifications for the period | $ | 2,893 | ||||||||||||||||||||||
The following table presents reclassifications out of AOCI for the three months ended March 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: | ||||||||||||||||||||||||
Realized loss on interest rate contracts - consolidated subsidiaries | $ | 2,536 | Interest Expense | |||||||||||||||||||||
Realized loss on interest rate contracts - UJVs | 768 | Equity in Income of UJVs | ||||||||||||||||||||||
Total reclassifications for the period | $ | 3,304 | ||||||||||||||||||||||
Cash_Flow_Disclosures_Suppleme
Cash Flow Disclosures, Supplemental (Notes) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||
Cash Flow, Supplemental Disclosures [Text Block] | Cash Flow Disclosures and Non-Cash Investing and Financing Activities | |||||||
Interest paid for the three months ended March 31, 2015 and 2014, net of amounts capitalized of $8.7 million and $5.4 million, respectively, was $12.8 million and $18.2 million, respectively. Income taxes paid for the three months ended March 31, 2015 and 2014 were $0.2 million and $5.5 million, respectively. The following non-cash investing and financing activities occurred during the three months ended March 31, 2015 and March 31, 2014. This table excludes any non-cash adjustments of noncontrolling interests as a result of equity transactions (Note 7). | ||||||||
Three Months Ended March 31 | ||||||||
2015 | 2014 | |||||||
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 | |||||||
Other non-cash additions to properties | $ | 44,559 | 43,664 | |||||
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). |
New_Accounting_Pronouncement_N
New Accounting Pronouncement (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncement [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncement |
In May 2014, the Financial Accounting Standards Board (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 currently effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2016. Early adoption is prohibited. In April 2015, the FASB voted to propose an amendment to the ASU, deferring the effective date one year to annual reporting periods beginning after December 15, 2017 for public entities. | |
ASU No. 2014-09 may be applied either retrospectively or as a cumulative effect adjustment as of the date of adoption. The Company is currently evaluating the application of this ASU and its effect on the Company's financial position and results of operations. |
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The Company’s income tax expense (benefit) for the three months ended March 31, 2015 and 2014 consisted of the following: | |||||||
2015 | 2014 | |||||||
Federal current | $ | 496 | $ | 8,905 | ||||
Federal deferred | (85 | ) | 193 | |||||
Foreign current | 274 | 217 | ||||||
Foreign deferred | 29 | (4 | ) | |||||
State current | 120 | 1,594 | ||||||
State deferred | 4 | |||||||
$ | 838 | $ | 10,905 | |||||
Less income tax expense allocated to Gain on Dispositions (1) | (10,206 | ) | ||||||
Total income tax expense | $ | 838 | $ | 699 | ||||
-1 | 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 and was subsequently adjusted to $9.7 million during the quarter ended June 30, 2014. | |||||||
Deferred tax assets and liabilities | Deferred tax assets and liabilities as of March 31, 2015 and December 31, 2014 were as follows: | |||||||
2015 | 2014 | |||||||
Deferred tax assets: | ||||||||
Federal | $ | 1,501 | $ | 1,382 | ||||
Foreign | 1,761 | 1,806 | ||||||
State | 432 | 471 | ||||||
Total deferred tax assets | $ | 3,694 | $ | 3,659 | ||||
Valuation allowances | (1,633 | ) | (1,703 | ) | ||||
Net deferred tax assets | $ | 2,061 | $ | 1,956 | ||||
Deferred tax liabilities: | ||||||||
Federal | $ | 626 | $ | 592 | ||||
Foreign | 486 | 473 | ||||||
State | 135 | 89 | ||||||
Total deferred tax liabilities | $ | 1,247 | $ | 1,154 | ||||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Joint Ventures (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Beneficial Interests In Joint Ventures | 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, The Mall at University Town Center, 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 | |||||||
March 31, 2015 and | ||||||||
31-Dec-14 | ||||||||
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 | 50.1 | |||||||
The Mall at Millenia | 50 | |||||||
Stamford Town Center | 50 | |||||||
Sunvalley | 50 | |||||||
The Mall at University Town Center | 50 | |||||||
Waterside Shops | 50 | |||||||
Westfarms | 79 | |||||||
Equity Method Investment Summarized Financial Information Text Block | 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 March 31, 2015 and December 31, 2014 excluded 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. | ||||||||
March 31 | December 31 | |||||||
2015 | 2014 | |||||||
Assets: | ||||||||
Properties | $ | 1,593,495 | $ | 1,580,926 | ||||
Accumulated depreciation and amortization | (559,503 | ) | (548,646 | ) | ||||
$ | 1,033,992 | $ | 1,032,280 | |||||
Cash and cash equivalents | 39,262 | 49,765 | ||||||
Accounts and notes receivable, less allowance for doubtful accounts of $2,156 and $1,590 in 2015 and 2014 | 37,413 | 38,788 | ||||||
Deferred charges and other assets | 40,044 | 33,200 | ||||||
$ | 1,150,711 | $ | 1,154,033 | |||||
Liabilities and accumulated deficiency in assets: | ||||||||
Notes payable | $ | 2,002,957 | $ | 1,989,546 | ||||
Accounts payable and other liabilities | 84,279 | 103,161 | ||||||
TRG's accumulated deficiency in assets | (524,082 | ) | (525,759 | ) | ||||
Unconsolidated Joint Venture Partners' accumulated deficiency in assets | (412,443 | ) | (412,915 | ) | ||||
$ | 1,150,711 | $ | 1,154,033 | |||||
TRG's accumulated deficiency in assets (above) | $ | (524,082 | ) | $ | (525,759 | ) | ||
TRG's investment in properties under construction (Note 2) | 250,116 | 232,091 | ||||||
TRG basis adjustments, including elimination of intercompany profit | 130,682 | 132,058 | ||||||
TCO's additional basis | 54,476 | 54,963 | ||||||
Net investment in Unconsolidated Joint Ventures | $ | (88,808 | ) | $ | (106,647 | ) | ||
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures | 475,794 | 476,651 | ||||||
Investment in Unconsolidated Joint Ventures | $ | 386,986 | $ | 370,004 | ||||
Three Months Ended March 31 | ||||||||
2015 | 2014 | |||||||
Revenues | $ | 91,914 | $ | 77,225 | ||||
Maintenance, taxes, utilities, promotion, and other operating expenses | $ | 26,995 | $ | 24,998 | ||||
Interest expense | 21,229 | 18,147 | ||||||
Depreciation and amortization | 12,752 | 10,858 | ||||||
Total operating costs | $ | 60,976 | $ | 54,003 | ||||
Nonoperating income, net | 8 | 2 | ||||||
Net income | $ | 30,946 | $ | 23,224 | ||||
Net income attributable to TRG | $ | 17,053 | $ | 12,758 | ||||
Realized intercompany profit, net of depreciation on TRG’s basis adjustments | 508 | (203 | ) | |||||
Depreciation of TCO's additional basis | (486 | ) | (487 | ) | ||||
Equity in income of Unconsolidated Joint Ventures | $ | 17,075 | $ | 12,068 | ||||
Beneficial interest in Unconsolidated Joint Ventures’ operations: | ||||||||
Revenues less maintenance, taxes, utilities, promotion, and other operating expenses | $ | 36,506 | $ | 29,090 | ||||
Interest expense | (11,363 | ) | (9,844 | ) | ||||
Depreciation and amortization | (8,068 | ) | (7,178 | ) | ||||
Equity in income of Unconsolidated Joint Ventures | $ | 17,075 | $ | 12,068 | ||||
Beneficial_Interest_in_Debt_an1
Beneficial Interest in Debt and Interest Expense (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Operating Partnership's beneficial interest | 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 interest in Cherry Creek Shopping Center (50%) and The Mall of San Juan (20% as of March 31, 2015), as well as the noncontrolling interests in The Mall at Wellington Green (10%) and MacArthur Center (5%) through the disposition of the centers in October 2014 (Note 2). | |||||||||||||||
At 100% | At Beneficial Interest | |||||||||||||||
Consolidated Subsidiaries | Unconsolidated Joint Ventures | Consolidated Subsidiaries | Unconsolidated Joint Ventures | |||||||||||||
Debt as of: | ||||||||||||||||
March 31, 2015 | $ | 2,057,403 | $ | 2,002,957 | $ | 1,876,841 | $ | 1,092,023 | ||||||||
December 31, 2014 | 2,025,505 | 1,989,546 | 1,852,749 | 1,085,991 | ||||||||||||
Capitalized interest: | ||||||||||||||||
Three Months Ended March 31, 2015 | $ | 8,672 | -1 | $ | 56 | $ | 8,335 | $ | 28 | |||||||
Three Months Ended March 31, 2014 | 5,392 | (1) | 768 | 5,173 | 384 | |||||||||||
Interest expense: | ||||||||||||||||
Three Months Ended March 31, 2015 | $ | 13,525 | $ | 21,229 | $ | 11,871 | $ | 11,363 | ||||||||
Three Months Ended March 31, 2014 | 26,130 | 18,147 | 24,066 | 9,844 | ||||||||||||
-1 | The Company capitalizes interest costs incurred in funding its equity contributions to development projects accounted for as Unconsolidated Joint Ventures. The capitalized interest cost is included in the Company's basis in its investment in Unconsolidated Joint Ventures. 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) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Noncontrolling Interest [Abstract] | ||||||||
Net equity balance of noncontrolling interests | The net equity balance of the nonredeemable noncontrolling interests as of March 31, 2015 and December 31, 2014 included the following: | |||||||
2015 | 2014 | |||||||
Non-redeemable noncontrolling interests: | ||||||||
Noncontrolling interests in consolidated joint ventures | $ | (14,451 | ) | $ | (14,796 | ) | ||
Noncontrolling interests in partnership equity of TRG | 89,023 | 116,376 | ||||||
$ | 74,572 | $ | 101,580 | |||||
Net income (loss) attributable to noncontrolling interests | Net income attributable to the noncontrolling interests for the three months ended March 31, 2015 and March 31, 2014 included the following: | |||||||
2015 | 2014 | |||||||
Net income attributable to non-redeemable noncontrolling interests: | ||||||||
Noncontrolling share of income of consolidated joint ventures | $ | 2,591 | $ | 3,118 | ||||
Noncontrolling share of income of TRG | 12,511 | 147,662 | ||||||
$ | 15,102 | $ | 150,780 | |||||
Effects of changes in ownership interest in consolidated subsidiaries on equity | 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 three months ended March 31, 2015 and March 31, 2014: | |||||||
2015 | 2014 | |||||||
Net income attributable to Taubman Centers, Inc. common shareowners | $ | 29,622 | $ | 369,125 | ||||
Transfers (to) from the noncontrolling interest: | ||||||||
Increase (decrease) in Taubman Centers, Inc.’s paid-in capital for adjustments of noncontrolling interest (1) | 23,324 | (6 | ) | |||||
Net transfers (to) from noncontrolling interests | 23,324 | (6 | ) | |||||
Change from net income attributable to Taubman Centers, Inc. and transfers (to) from noncontrolling interests | $ | 52,946 | $ | 369,119 | ||||
-1 | In 2015 and 2014 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 9), issuances of stock pursuant to the Continuing Offer (Note 10), and stock repurchases (Note 6). |
Derivative_and_Hedging_Activit1
Derivative and Hedging Activities (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Interest rate derivatives designated as cash flow hedges | As of March 31, 2015, 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 | |||||||
Receive variable (LIBOR) /pay-fixed swap (2) | 100 | % | 12,000 | 2.09 | % | 1.4 | % | 3.49 | % | Mar-24 | |||||||||
Unconsolidated Joint Ventures: | |||||||||||||||||||
Receive variable (LIBOR) /pay-fixed swap (3) | 50 | % | 136,218 | 2.4 | % | 1.7 | % | 4.1 | % | Apr-18 | |||||||||
Receive variable (LIBOR) /pay-fixed swap (3) | 50 | % | 136,218 | 2.4 | % | 1.7 | % | 4.1 | % | Apr-18 | |||||||||
Receive variable (LIBOR) /pay-fixed swap (4) | 50.1 | % | 174,495 | 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 amount, 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 this swap is equal to the outstanding principal balance of the floating rate loan on the U.S. headquarters building. | ||||||||||||||||||
-3 | The notional amount on each of these swaps is equal to 50% of the outstanding principal balance of the loan on Fair Oaks Mall. | ||||||||||||||||||
-4 | The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on International Plaza. | ||||||||||||||||||
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income | |||||||||||||||||||
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 Loss Reclassified from AOCI into Income (Effective Portion) | |||||||||||||||||
Three Months Ended March 31 | Three Months Ended March 31 | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||||
Interest rate contracts – consolidated subsidiaries | $ | (4,538 | ) | $ | (2,451 | ) | Interest Expense | $ | (1,770 | ) | $ | (2,536 | ) | ||||||
Interest rate contracts – UJVs | (1,959 | ) | 243 | Equity in Income of UJVs | (1,123 | ) | (768 | ) | |||||||||||
Total derivatives in cash flow hedging relationships | $ | (6,497 | ) | $ | (2,208 | ) | $ | (2,893 | ) | $ | (3,304 | ) | |||||||
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 March 31, 2015 and December 31, 2014. | ||||||||||||||||||
Fair Value | |||||||||||||||||||
Consolidated Balance Sheet Location | March 31 | December 31 | |||||||||||||||||
2015 | 2014 | ||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Asset derivatives: | |||||||||||||||||||
Interest rate contract – UJV | Investment in UJVs | $ | 109 | ||||||||||||||||
Liability derivatives: | |||||||||||||||||||
Interest rate contracts – consolidated subsidiaries | Accounts Payable and Accrued Liabilities | $ | (8,809 | ) | $ | (4,044 | ) | ||||||||||||
Interest rate contracts – UJVs | Investment in UJVs | (7,003 | ) | (5,154 | ) | ||||||||||||||
Total liabilities designated as hedging instruments | $ | (15,812 | ) | $ | (9,198 | ) |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 three months ended March 31, 2015 is presented below: | ||||||||||||||||
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Range of Exercise Prices | ||||||||||||||
Outstanding at January 1, 2015 | 521,293 | $ | 39.2 | 1.6 | $ | 26.56 | - | $ | 51.15 | ||||||||
Outstanding at March 31, 2015 | 521,293 | $ | 39.2 | 1.4 | $ | 26.56 | - | $ | 51.15 | ||||||||
Fully vested options at March 31, 2015 | 521,293 | $ | 39.2 | 1.4 | |||||||||||||
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | A summary of PSU activity for the three months ended March 31, 2015 is presented below: | ||||||||||||||||
Number of Performance Share Units | Weighted Average Grant Date Fair Value | ||||||||||||||||
Outstanding at January 1, 2015 | 254,651 | $ | 132.86 | ||||||||||||||
Vested | (43,575 | ) | (1) | 97.44 | |||||||||||||
Granted | 50,256 | 112.3 | |||||||||||||||
Forfeited | (3,358 | ) | 180.73 | ||||||||||||||
Outstanding at March 31, 2015 | 257,974 | $ | 134.84 | ||||||||||||||
-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 three months ended March 31, 2015 was zero | ||||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | A summary of RSU activity for the three months ended March 31, 2015 is presented below: | ||||||||||||||||
Number of Restricted Share Units | Weighted Average Grant Date Fair Value | ||||||||||||||||
Outstanding at January 1, 2015 | 293,651 | $ | 67 | ||||||||||||||
Vested | (92,628 | ) | 65.48 | ||||||||||||||
Granted | 100,682 | 74.36 | |||||||||||||||
Forfeited | (508 | ) | 69.13 | ||||||||||||||
Outstanding at March 31, 2015 | 301,197 | $ | 69.92 | ||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Basic and diluted earnings per share | ||||||||
Three Months Ended March 31 | ||||||||
2015 | 2014 | |||||||
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator): | ||||||||
Basic | $ | 29,622 | $ | 369,125 | ||||
Impact of additional ownership of TRG | 125 | 3,055 | ||||||
Diluted | $ | 29,747 | $ | 372,180 | ||||
Shares (Denominator) – basic | 63,039,777 | 63,165,611 | ||||||
Effect of dilutive securities | 895,503 | 1,655,992 | ||||||
Shares (Denominator) – diluted | 63,935,280 | 64,821,603 | ||||||
Earnings per common share - basic | $ | 0.47 | $ | 5.84 | ||||
Earnings per common share – diluted | $ | 0.47 | $ | 5.74 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 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. | |||||||
Three Months Ended March 31 | ||||||||
2015 | 2014 | |||||||
Weighted average noncontrolling partnership units outstanding | 4,149,149 | 4,338,681 | ||||||
Unissued partnership units under unit option deferral elections | 871,262 | |||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 | Fair Value Measurements as of | ||||||||||||||||
March 31, 2015 Using | December 31, 2014 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 | $ | 13,037 | $ | 13,059 | |||||||||||||
Total assets | $ | 13,037 | $ | — | $ | 13,059 | $ | — | |||||||||
Derivative interest rate contracts (Note 8) | $ | (8,809 | ) | $ | (4,044 | ) | |||||||||||
Total liabilities | $ | (8,809 | ) | $ | (4,044 | ) | |||||||||||
Estimated fair value of notes payable | The estimated fair values of notes payable at March 31, 2015 and December 31, 2014 were as follows: | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
Notes payable | $ | 2,057,403 | $ | 2,087,651 | $ | 2,025,505 | $ | 2,056,474 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income Components [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in the balance of each component of AOCI for the three months ended March 31, 2015 are as follows: | Changes in the balance of each component of AOCI for the three months ended March 31, 2014 are 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 | Taubman Centers, Inc. AOCI | Noncontrolling Interests AOCI | |||||||||||||||||||||||||||||||||||||||||
1-Jan-15 | $ | (101 | ) | $ | (14,967 | ) | $ | (15,068 | ) | $ | (41 | ) | $ | 5,879 | $ | 5,838 | 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-14 | $ | 5,040 | $ | (13,954 | ) | $ | (8,914 | ) | $ | 2,011 | $ | 6,141 | $ | 8,152 | ||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) before reclassifications | (1,367 | ) | (6,698 | ) | (8,065 | ) | (550 | ) | (2,691 | ) | (3,241 | ) | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | 2,064 | 2,064 | 829 | 829 | Other comprehensive income/(loss) before reclassifications | (2,280 | ) | (3,882 | ) | (6,162 | ) | (906 | ) | (1,630 | ) | (2,536 | ) | |||||||||||||||||||||||||||||||
Net current period other comprehensive income/(loss) | $ | (1,367 | ) | $ | (4,634 | ) | $ | (6,001 | ) | $ | (550 | ) | $ | (1,862 | ) | $ | (2,412 | ) | Amounts reclassified from AOCI | 2,336 | 2,336 | 968 | 968 | |||||||||||||||||||||||||
Adjustments due to changes in ownership | (55 | ) | (55 | ) | 55 | 55 | ||||||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive income/(loss) | $ | (2,280 | ) | $ | (1,546 | ) | $ | (3,826 | ) | $ | (906 | ) | $ | (662 | ) | $ | (1,568 | ) | ||||||||||||||||||||||||||||||
March 31, 2015 | $ | (1,468 | ) | $ | (19,656 | ) | $ | (21,124 | ) | $ | (591 | ) | $ | 4,072 | $ | 3,481 | Adjustments due to changes in ownership | 5 | 16 | 21 | (5 | ) | (16 | ) | (21 | ) | ||||||||||||||||||||||
March 31, 2014 | $ | 2,765 | $ | (15,484 | ) | $ | (12,719 | ) | $ | 1,100 | $ | 5,463 | $ | 6,563 | ||||||||||||||||||||||||||||||||||
OtherComprehensiveIncomeLossReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax [Table Text Block] | The following table presents reclassifications out of AOCI for the three months ended March 31, 2015: | The following table presents reclassifications out of AOCI for the three months ended March 31, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||
Details about AOCI Components | Amounts reclassified from AOCI | Affected line item in Consolidated Statement of Operations | Details about AOCI Components | Amounts reclassified from AOCI | Affected line item in Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||||
Losses on interest rate instruments and other: | Losses on interest rate instruments and other: | |||||||||||||||||||||||||||||||||||||||||||||||
Realized loss on interest rate contracts - consolidated subsidiaries | 1,770 | Interest Expense | Realized loss on interest rate contracts - consolidated subsidiaries | $ | 2,536 | Interest Expense | ||||||||||||||||||||||||||||||||||||||||||
Realized loss on interest rate contracts - UJVs | 1,123 | Equity in Income of UJVs | Realized loss on interest rate contracts - UJVs | 768 | Equity in Income of UJVs | |||||||||||||||||||||||||||||||||||||||||||
Total reclassifications for the period | $ | 2,893 | Total reclassifications for the period | $ | 3,304 | |||||||||||||||||||||||||||||||||||||||||||
Cash_Flow_Disclosures_Suppleme1
Cash Flow Disclosures, Supplemental (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following non-cash investing and financing activities occurred during the three months ended March 31, 2015 and March 31, 2014. This table excludes any non-cash adjustments of noncontrolling interests as a result of equity transactions (Note 7). | |||||||
Three Months Ended March 31 | ||||||||
2015 | 2014 | |||||||
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 | |||||||
Other non-cash additions to properties | $ | 44,559 | 43,664 | |||||
Interim_Financial_Statements_D
Interim Financial Statements (Details) | Mar. 31, 2015 | Dec. 31, 2014 |
Westfarms [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in hundredths) | 79.00% | 79.00% |
International Plaza [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in hundredths) | 50.10% | 50.10% |
Interim_Financial_Statements_O
Interim Financial Statements (Operating Partnership) (Details) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
The Operating Partnership [Abstract] | |||
Number of urban and suburban shopping centers in the Company's owned portfolio | 19 | ||
Number of states in which Company operates | 10 | ||
Number Of Classes Of Preferred Stock | three | ||
Convertible Preferred Stock, Terms of Conversion | ratio of 14,000 shares of Series B Preferred Stock for one share of common stock | ||
Common stock, shares outstanding | 62,307,024 | 63,324,409 | |
Number Of Classes Of Preferred Equity | two | ||
Noncontrolling Interest, Ownership Percentage by Parent | 71.00% | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 72.00% | 72.00% | |
Units of Partnership Interest, Amount | 87,370,413 | ||
Number Of Operating Partnership Units Outstanding Owned By Company | 62,307,024 | ||
Series J Preferred Stock [Member] | |||
The Operating Partnership [Abstract] | |||
Dividend rate (in hundredths) | 6.50% | ||
Preferred Stock, Shares Outstanding | 7,700,000 | 7,700,000 | |
Series K Preferred Stock [Member] | |||
The Operating Partnership [Abstract] | |||
Dividend rate (in hundredths) | 6.25% | ||
Preferred Stock, Shares Outstanding | 6,800,000 | 6,800,000 | |
Series B Preferred Stock [Member] | |||
The Operating Partnership [Abstract] | |||
Units of Partnership Interest, Terms of Conversion | one share of nonparticipating Series B Preferred Stock per each Operating Partnership unit | ||
Preferred Stock, voting rights | one vote per share | ||
Convertible Preferred Stock, Terms of Conversion | ratio of 14,000 shares of Series B Preferred Stock for one share of common stock | ||
Preferred Stock, Shares Outstanding | 25,044,939 | 25,117,000 |
Dispositions_Acquisition_and_D1
Dispositions, Acquisition, and Developments (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Apr. 30, 2015 | |
Dispositions, Acquisitions, and Development [Line items] | |||||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | $476,414,000 | ||||
Gain (Loss) on Sale of Properties, Applicable Income Taxes | -10,206,000 | -9,733,000 | |||
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 | ||||
Notes Payable | 2,057,403,000 | 2,025,505,000 | |||
Noncontrolling Interest, Ownership Percentage by Parent | 71.00% | ||||
Starwood Transaction [Member] | |||||
Dispositions, Acquisitions, and Development [Line items] | |||||
Number of centers disposed | seven | ||||
International Plaza [Member] | |||||
Dispositions, Acquisitions, and Development [Line items] | |||||
Noncash Or Part Noncash, Acquisition Interest Sold | 49.90% | ||||
Noncash or Part Noncash Divestiture, Total Consideration Received | 499,000,000 | ||||
Proceeds from dispositions, net of transaction costs (Note 2) | 337,000,000 | ||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 162,000,000 | ||||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | 367,000,000 | ||||
Gain (Loss) on Sale of Properties, Applicable Income Taxes | -10,206,000 | ||||
Equity Method Investment, Ownership Percentage | 50.10% | ||||
Notes Payable | 175,000,000 | ||||
Arizona Mills [Member] | |||||
Dispositions, Acquisitions, and Development [Line items] | |||||
Noncash Or Part Noncash, Acquisition Interest Sold | 50.00% | ||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 84,000,000 | ||||
Notes Payable | 167,000,000 | ||||
Arizona Mills and Oyster Bay [Domain] | |||||
Dispositions, Acquisitions, and Development [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 | ||||
SPG Units [Member] | |||||
Dispositions, Acquisitions, and Development [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 | ||||
Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Fair Value at Reporting Date | 115,500,000 | 77,711,000 | 105,200,000 | ||
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 | ||||
International Market Place [Member] | |||||
Dispositions, Acquisitions, and Development [Line items] | |||||
Area of Real Estate Property | 400,000 | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 93.50% | ||||
Construction in Progress, Gross | 136,200,000 | ||||
Construction in Progress, Gross, Company's Share | 127,500,000 | ||||
The Mall of San Juan [Member] | |||||
Dispositions, Acquisitions, and Development [Line items] | |||||
Area of Real Estate Property | 600,000 | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 80.00% | 95.00% | |||
Joint Venture Acquisition, Interest Acquired | 15.00% | ||||
Construction in Progress, Gross | 454,900,000 | ||||
Construction in Progress, Gross, Company's Share | 432,500,000 | ||||
Xi'an Saigao City Plaza [Member] | |||||
Dispositions, Acquisitions, and Development [Line items] | |||||
Equity Method Investment, Ownership Percentage | 30.00% | ||||
Companybs Share of Project Costs in Equity Method Investments | 86,700,000 | ||||
Area of Real Estate Property | 1,000,000 | ||||
Cumulative translation adjustment | 600,000 | ||||
Joint Venture, Ownership Percentage | 60.00% | ||||
Zhengzhou Vancouver Times Square [Member] [Member] | |||||
Dispositions, Acquisitions, and Development [Line items] | |||||
Equity Method Investment, Ownership Percentage | 32.00% | ||||
Companybs Share of Project Costs in Equity Method Investments | 52,400,000 | ||||
Area of Real Estate Property | 1,000,000 | ||||
Hanam Union Square [Member] | |||||
Dispositions, Acquisitions, and Development [Line items] | |||||
Equity Method Investment, Ownership Percentage | 34.30% | ||||
Companybs Share of Project Costs in Equity Method Investments | 148,100,000 | ||||
Area of Real Estate Property | 1,700,000 | ||||
Cumulative translation adjustment | -3,000,000 | ||||
Joint Venture, Ownership Percentage | 49.00% | ||||
Outside Partner, Ownership Percentage | 14.70% | ||||
Office Building [Member] | |||||
Dispositions, Acquisitions, and Development [Line items] | |||||
Net Consideration Paid to Acquire U.S. Headquarters Building | 16,100,000 | ||||
Noncash or Part Noncash Acquisition, Debt Assumed | 17,400,000 | ||||
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 | ||||
Long-term Debt [Member] | Office Building [Member] | |||||
Dispositions, Acquisitions, and Development [Line items] | |||||
Notes Payable | $12,000,000 | 17,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.90% | 5.90% |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 |
Income tax expense (benefit) [Abstract] | ||||
Federal current | $496 | $8,905 | ||
Federal deferred | -85 | 193 | ||
Foreign current | 274 | 217 | ||
Foreign deferred | 29 | -4 | ||
State current | 120 | 1,594 | ||
State deferred | 4 | |||
Income Tax Expense (Benefit), Gross of Tax on Gain | 10,905 | |||
Less income tax expense allocated to Gain on Dispositions | -10,206 | -9,733 | ||
Total income tax expense | 838 | 699 | ||
Deferred tax assets: | ||||
Deferred tax assets | 3,694 | 3,659 | ||
Valuation allowances | -1,633 | -1,703 | ||
Net deferred tax assets | 2,061 | 1,956 | ||
Deferred tax liabilities: | ||||
Deferred tax liabilities | 1,247 | 1,154 | ||
Domestic Country [Member] | ||||
Deferred tax assets: | ||||
Deferred tax assets | 1,501 | 1,382 | ||
Deferred tax liabilities: | ||||
Deferred tax liabilities | 626 | 592 | ||
Foreign Country [Member] | ||||
Deferred tax assets: | ||||
Deferred tax assets | 1,761 | 1,806 | ||
Deferred tax liabilities: | ||||
Deferred tax liabilities | 486 | 473 | ||
State and Local Jurisdiction [Member] | ||||
Deferred tax assets: | ||||
Deferred tax assets | 432 | 471 | ||
Deferred tax liabilities: | ||||
Deferred tax liabilities | 135 | 89 | ||
International Plaza [Member] | ||||
Income tax expense (benefit) [Abstract] | ||||
Less income tax expense allocated to Gain on Dispositions | ($10,206) |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Depreciable Basis In Years | 40 years | |
Equity of certain joint ventures | less than zero | |
Notes Payable, Fair Value Disclosure | $2,087,651 | $2,056,474 |
Fair Oaks [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in hundredths) | 50.00% | 50.00% |
International Plaza [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in hundredths) | 50.10% | 50.10% |
The Mall at Millenia [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in hundredths) | 50.00% | 50.00% |
Stamford Town Center [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in hundredths) | 50.00% | 50.00% |
Sunvalley [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in hundredths) | 50.00% | 50.00% |
Waterside Shops [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in hundredths) | 50.00% | 50.00% |
Westfarms [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in hundredths) | 79.00% | 79.00% |
The Mall at University Town Center [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in hundredths) | 50.00% | 50.00% |
Unconsolidated Properties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Notes Payable, Fair Value Disclosure | $2,000,000 | $2,000,000 |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Joint Ventures (Combined Financial Information Balance Sheet) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Properties | $1,593,495 | $1,580,926 |
Accumulated depreciation and amortization | -559,503 | -548,646 |
Properties, net | 1,033,992 | 1,032,280 |
Cash and cash equivalents | 39,262 | 49,765 |
Allowance for doubtful accounts | 2,156 | 1,590 |
Accounts and notes receivable, less allowance for doubtful accounts of $2,156 and $1,590 in 2015 and 2014 | 37,413 | 38,788 |
Deferred charges and other assets | 40,044 | 33,200 |
Total Assets | 1,150,711 | 1,154,033 |
Liabilities and accumulated deficiency in assets: | ||
Notes payable | 2,002,957 | 1,989,546 |
Accounts payable and other liabilities | 84,279 | 103,161 |
TRG's accumulated deficiency in assets | -524,082 | -525,759 |
Unconsolidated Joint Venture Partners' accumulated deficiency in assets | -412,443 | -412,915 |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | 1,150,711 | 1,154,033 |
TRG's accumulated deficiency in assets (above) | -524,082 | -525,759 |
TRG's investment in properties under construction (Note 2) | 250,116 | 232,091 |
TRG basis adjustments, including elimination of intercompany profit | 130,682 | 132,058 |
TCO's additional basis | 54,476 | 54,963 |
Net investment in Unconsolidated Joint Ventures | -88,808 | -106,647 |
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures | 475,794 | 476,651 |
Investment in Unconsolidated Joint Ventures | $386,986 | $370,004 |
Investments_in_Unconsolidated_4
Investments in Unconsolidated Joint Ventures (Combined Financial Information Income Statement) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Equity method investment, summarized financial information, income statement [Abstract] | ||
Revenues | $91,914 | $77,225 |
Maintenance, taxes, utilities, promotion, and other operating expenses | 26,995 | 24,998 |
Interest expense | 21,229 | 18,147 |
Depreciation and amortization | 12,752 | 10,858 |
Total operating costs | 60,976 | 54,003 |
Nonoperating income, net | 8 | 2 |
Net income | 30,946 | 23,224 |
Net income attributable to TRG | 17,053 | 12,758 |
Realized intercompany profit, net of depreciation on TRGbs basis adjustments | 508 | -203 |
Depreciation of TCO's additional basis | -486 | -487 |
Equity in income of Unconsolidated Joint Ventures | 17,075 | 12,068 |
Beneficial interest in Unconsolidated Joint Venturesb operations: | ||
Revenues less maintenance, taxes, utilities, promotion, and other operating expenses | 36,506 | 29,090 |
Interest expense | -11,363 | -9,844 |
Depreciation and amortization | ($8,068) | ($7,178) |
Beneficial_Interest_in_Debt_an2
Beneficial Interest in Debt and Interest Expense (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
At 100% [Abstract] | |||
Notes Payable | $2,057,403 | $2,025,505 | |
Debt, unconsolidated joint ventures at 100% | 2,002,957 | 1,989,546 | |
Capitalized interest, consolidated subsidiaries at 100% | 8,672 | 5,392 | |
Capitalized interest, unconsolidated joint ventures @100% | 56 | 768 | |
Interest expense, consolidated subsidiaries at 100% | 13,525 | 26,130 | |
Interest Expense, Unconsolidated Joint Ventures, at 100% | 21,229 | 18,147 | |
At beneficial interest [Abstract] | |||
Debt Consolidated Subsidiaries At Beneficial Interest | 1,876,841 | 1,852,749 | |
Debt, unconsolidated joint ventures at beneficial interest | 1,092,023 | 1,085,991 | |
Capitalized interest, consolidated subsidiaries at beneficial interest | 8,335 | 5,173 | |
Capitalized Interest, Unconsolidated Joint Ventures at Beneficial Interest | 28 | 384 | |
Interest expense, consolidated subsidiaries at beneficial interest | 11,871 | 24,066 | |
Interest expense, unconsolidated joint ventures at beneficial interest | $11,363 | $9,844 | |
Cherry Creek Shopping Center [Member] | |||
Debt Instrument [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | ||
The Mall of San Juan [Member] | |||
Debt Instrument [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20.00% | ||
Mall At Wellington Green [Member] | |||
Debt Instrument [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 10.00% | ||
Mac Arthur Center Member | |||
Debt Instrument [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5.00% |
Beneficial_Interest_in_Debt_an3
Beneficial Interest in Debt and Interest Expense (Specific Debt Instrument Detail) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Debt Instrument [Line Items] | |||
Notes Payable | $2,057,403 | $2,025,505 | |
Office Building [Member] | Long-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Term (in years) | nine | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||
Debt Instrument, Basis Spread on Variable Rate | 1.40% | ||
Derivative, Fixed Interest Rate | 3.49% | ||
Notes Payable | 12,000 | 17,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.90% | 5.90% | |
International Plaza [Member] | |||
Debt Instrument [Line Items] | |||
Notes Payable | 175,000 |
Beneficial_Interest_in_Debt_an4
Beneficial Interest in Debt and Interest Expense (Debt Covenants and Guarantees) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
Guarantor Obligations [Line Items] | |||
Other Restrictions on Payment of Dividends | 0.95 | ||
Notes Payable | $2,057,403,000 | $2,025,505,000 | |
Restricted cash | 28,042,000 | 37,502,000 | |
Cash in escrow related to construction projects | 25,800,000 | ||
The Mall at University Town Center [Member] | |||
Guarantor Obligations [Line Items] | |||
Unconditional Guaranty Liability, Principal Balance, Percent | 25.00% | ||
Unconditional Guaranty Liability, Interest, Percent | 50.00% | ||
Construction Facility, Maximum Borrowing Capacity | 225,000,000 | ||
Construction Loan | 206,300,000 | ||
Interest Payable | 300,000 | ||
Unconditional Guaranty Liability Upon Achievement of Performance Inventives, Principal Balance, Percent, | 12.50% | ||
The Mall of San Juan [Member] | |||
Guarantor Obligations [Line Items] | |||
Construction Facility, Maximum Borrowing Capacity | 320,000,000 | ||
Construction Loan | 202,800,000 | ||
Interest Payable | 200,000 | ||
International Plaza [Member] | |||
Guarantor Obligations [Line Items] | |||
Interest Payable | 200,000 | ||
Notes Payable | 175,000,000 | ||
Equity Method Investment, Ownership Percentage | 50.10% | ||
Derivative, Net Liability Position, Aggregate Fair Value | $2,600,000 |
Equity_Transactions_Details
Equity Transactions (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Schedule of Equity Transactions [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $450 | $200 |
Stock Repurchase, Additional Authorization | 250 | |
Stock Repurchased and Retired Since Program Inception, shares | 1,940,301 | |
Stock Acquired and Retired Since Program Inception, Average Cost Per Share | $70.75 | |
Stock Repurchased And Retired, Value | $137.30 |
Noncontrolling_Interests_Detai
Noncontrolling Interests (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Noncontrolling Interest [Line Items] | |||
Ownership percentage in consolidated subsidiary (in hundredths) | 71.00% | ||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | $2,591,000 | $3,118,000 | |
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable | 12,511,000 | 147,662,000 | |
Net Income (Loss) Attributable to Noncontrolling Interest | 15,102,000 | 150,780,000 | |
Non-redeemable noncontrolling interests: | |||
Noncontrolling interests in consolidated joint ventures | -14,451,000 | -14,796,000 | |
Noncontrolling interests in partnership equity of TRG | 89,023,000 | 116,376,000 | |
Noncontrolling interests (Note 7) | 74,572,000 | 101,580,000 | |
Effects of changes in ownership interest in consolidated subsidiaries on equity [Abstract] | |||
Net income attributable to Taubman Centers, Inc. common shareowners | 29,622,000 | 369,125,000 | |
Adjustments to Additional Paid in Capital, Reallocation of Noncontrolling Interests | 0 | 0 | |
Change from net income attributable to Taubman Centers, Inc. and transfers (to) from noncontrolling interests | 52,946,000 | 369,119,000 | |
Taubman Asia [Member] | |||
Noncontrolling Interest [Line Items] | |||
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% | ||
Temporary Equity, Redemption Percentage | 40.00% | ||
Temporary Equity, Redemption Percentage 2014 - June 2017 | 50.00% | ||
Temporary Equity, Redemption Percentage beginning June 2017 | 100.00% | ||
Temporary Equity, Carrying Amount, Attributable to Noncontrolling Interest | 0 | 0 | |
International Market Place [Member] | |||
Noncontrolling Interest [Line Items] | |||
Percentage of noncontrolling interests (in hundredths) | 6.50% | ||
Temporary Equity, Carrying Amount, Attributable to Noncontrolling Interest | 0 | 0 | |
Ownership percentage in consolidated subsidiary (in hundredths) | 93.50% | ||
Finite Life Entities [Member] | |||
Non-redeemable noncontrolling interests: | |||
Noncontrolling interests (Note 7) | -22,700,000 | ||
Finite Life Entities [Abstract] | |||
Terminaton date of partnership agreement | 1-Jan-83 | ||
Estimated Fair Value Of Noncontrolling Interests | 430,000,000 | ||
Additional Paid-in Capital [Member] | |||
Effects of changes in ownership interest in consolidated subsidiaries on equity [Abstract] | |||
Adjustments to Additional Paid in Capital, Reallocation of Noncontrolling Interests | 23,324,000 | -6,000 | |
Net transfers (to) from noncontrolling interests | $23,324,000 | ($6,000) |
Derivative_and_Hedging_Activit2
Derivative and Hedging Activities (Interest Rate Derivatives) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Cash flow hedges of interest rate risk [Abstract] | |
Noncontrolling Interest, Ownership Percentage by Parent | 71.00% |
Unsecured Debt [Member] | |
Cash flow hedges of interest rate risk [Abstract] | |
Unsecured Debt | 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% |
London Interbank Offered Rate (LIBOR) [Member] | |
Cash flow hedges of interest rate risk [Abstract] | |
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR |
Consolidated Subsidiaries Interest Rate Swap 2 [Domain] | |
Cash flow hedges of interest rate risk [Abstract] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Derivative, Notional Amount | 200,000,000 |
Derivative, Fixed Interest Rate | 1.64% |
Derivative, Basis Spread on Variable Rate | 1.35% |
Total Swapped Rate On Loan | 2.99% |
Derivative, Maturity Date | 1-Feb-19 |
Consolidated Subsidiaries Interest Rate Swap 3 [Domain] | |
Cash flow hedges of interest rate risk [Abstract] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Derivative, Notional Amount | 175,000,000 |
Derivative, Fixed Interest Rate | 1.65% |
Derivative, Basis Spread on Variable Rate | 1.35% |
Total Swapped Rate On Loan | 3.00% |
Derivative, Maturity Date | 1-Feb-19 |
Consolidated Subsidiaries Interest Rate Swap 4 [Domain] | |
Cash flow hedges of interest rate risk [Abstract] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Derivative, Notional Amount | 100,000,000 |
Derivative, Fixed Interest Rate | 1.64% |
Derivative, Basis Spread on Variable Rate | 1.35% |
Total Swapped Rate On Loan | 2.99% |
Derivative, Maturity Date | 1-Feb-19 |
Consolidated Subsidiaries Interest Rate Swap1 Member | |
Cash flow hedges of interest rate risk [Abstract] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Derivative, Notional Amount | 12,000,000 |
Derivative, Fixed Interest Rate | 2.09% |
Derivative, Basis Spread on Variable Rate | 1.40% |
Total Swapped Rate On Loan | 3.49% |
Derivative, Maturity Date | 1-Mar-24 |
Unconsolidated Joint Ventures Interest Rate Swap 1 [Member] | |
Cash flow hedges of interest rate risk [Abstract] | |
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% |
Derivative, Notional Amount | 136,218,000 |
Derivative, Fixed Interest Rate | 2.40% |
Derivative, Basis Spread on Variable Rate | 1.70% |
Total Swapped Rate On Loan | 4.10% |
Derivative, Maturity Date | 1-Apr-18 |
Unconsolidated Joint Ventures Interest Rate Swap 2 (Member) | |
Cash flow hedges of interest rate risk [Abstract] | |
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% |
Derivative, Notional Amount | 136,218,000 |
Derivative, Fixed Interest Rate | 2.40% |
Derivative, Basis Spread on Variable Rate | 1.70% |
Total Swapped Rate On Loan | 4.10% |
Derivative, Maturity Date | 1-Apr-18 |
Unconsolidated Joint Ventures Interest Rate Swap3 [Member] | |
Cash flow hedges of interest rate risk [Abstract] | |
Noncontrolling Interest, Ownership Percentage by Parent | 50.10% |
Derivative, Notional Amount | 174,495,000 |
Derivative, Fixed Interest Rate | 1.83% |
Derivative, Basis Spread on Variable Rate | 1.75% |
Total Swapped Rate On Loan | 3.58% |
Derivative, Maturity Date | 1-Dec-21 |
Derivative_and_Hedging_Activit3
Derivative and Hedging Activities (Effect of Derivative Instruments on the Consolidated Statement of Operations and Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract] | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $10,400,000 | |
Cash Flow Hedging [Member] | ||
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -6,497,000 | -2,208,000 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -2,893,000 | -3,304,000 |
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] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -1,123,000 | -768,000 |
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] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -4,538,000 | -2,451,000 |
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] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -1,770,000 | -2,536,000 |
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] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -1,959,000 | 243,000 |
Unsecured Debt [Member] | ||
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract] | ||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | ($200,000) |
Derivative_and_Hedging_Activit4
Derivative and Hedging Activities (Location and Fair Value of Derivative Instruments as Reported in the Consoiidated Balance Sheet) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 71.00% | |
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | -15,812 | ($9,198) |
Interest Rate Contracts Ujvs Member | Equity Method Investments [Member] | ||
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 109 | |
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] | ||
Derivative Liability, Fair Value, Gross Liability | -8,809 | -4,044 |
Interest Rate Contract [Member] | Equity Method Investments [Member] | ||
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | -7,003 | ($5,154) |
Default Option $1M provision [Member] | ||
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 | 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 | |
Number of Interest Rate Derivatives Held Subject to Certain Contingencies | 2 | |
Default Option Entity $50M Recourse Indebtedness Provision [Member] | ||
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 | 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 | |
Number of Interest Rate Derivatives Held Subject to Certain Contingencies | 1 | |
Default Option $50 million provision [Member] | ||
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 | 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 | |
Number of Interest Rate Derivatives Held Subject to Certain Contingencies | 3 | |
Default Option $0.1M provision [member] [Member] | ||
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 | provisions that state if the hedged entity defaults on any of its indebtedness in excess of $0.1 million, then the derivative obligation could also be declared in default | |
Number of Interest Rate Derivatives Held Subject to Certain Contingencies | 1 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
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 | ||
The ratio at which non-option awards granted prior to the May 2010 amendment are deducted from the shares available for grant | 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 | $4.30 | $3.60 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | 0.8 | 0.5 | |
Summary of option activity, additional disclosures [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||
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, amended (in shares) | 8,500,000 | ||
Employee Stock Option [Member] | |||
Summary of option activity [Roll Forward] | |||
Outstanding at January 1, 2015 | 521,293 | ||
Outstanding at March 31, 2015 | 521,293 | 521,293 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $39.20 | $39.20 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 4 months 24 days | 1 year 7 months 6 days | |
Fully vested options at March 31, 2015 | 521,293 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $39.20 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 4 months 24 days | ||
Summary of option activity, additional disclosures [Abstract] | |||
Aggregate intrinsic value of in-the-money options outstanding | 19.8 | ||
2014 Option Modification [Domain] | |||
Summary of option activity [Roll Forward] | |||
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 | |
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 | ||
Performance Shares [Member] | |||
Summary of non-option activity, additional disclosures [Abstract] | |||
Awards under the 2008 Omnibus Plan | 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, plus a cash payment equal to the aggregate cash dividends that would have been paid on such shares of common stock from the date of grant of the award to the vesting date | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.12% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Period | 3 years | ||
Weighted average grant-date fair value | $112.30 | ||
Right to Receive Upon Vesting Shares of Common Stock as Percentage of PSU, Actual Vested During Period | 0 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 17.6 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 1 month 6 days | ||
Summary of non-option activity [Roll Forward] | |||
Outstanding at January 1, 2015 | 254,651 | ||
Vested | -43,575 | ||
Granted | 50,256 | ||
Forfeited | -3,358 | ||
Outstanding at March 31, 2015 | 257,974 | ||
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $132.86 | ||
Vested, weighted average grant date fair value (in dollars per share) | $97.44 | ||
Granted, weighted average grant date fair value (in dollars per share) | $112.30 | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $180.73 | ||
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $134.84 | ||
Restricted Stock Units (RSUs) [Member] | |||
Summary of non-option activity, additional disclosures [Abstract] | |||
Awards under the 2008 Omnibus Plan | represent the right to receive upon vesting one share of the Companybs common stock, plus a cash payment equal to the aggregate cash dividends that would have been paid on such shares of common stock from the date of grant of the award to the vesting date | ||
Weighted average grant-date fair value | $74.36 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $13 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 2 months 12 days | ||
Summary of non-option activity [Roll Forward] | |||
Outstanding at January 1, 2015 | 293,651 | ||
Vested | -92,628 | ||
Granted | 100,682 | ||
Forfeited | -508 | ||
Outstanding at March 31, 2015 | 301,197 | ||
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $67 | ||
Vested, weighted average grant date fair value (in dollars per share) | $65.48 | ||
Granted, weighted average grant date fair value (in dollars per share) | $74.36 | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $69.13 | ||
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $69.92 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
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) | $77.13 |
Approximate aggregate value of interests in the Operating Partnership that may be tendered | $1,900,000,000 |
Additional interest the Company would have owned in the Operating Partnership upon purchase of interests (in hundredths) | 28.00% |
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 |
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 $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator): | ||
Basic | $29,622 | $369,125 |
Impact of additional ownership of TRG | 125 | 3,055 |
Diluted | $29,747 | $372,180 |
Shares (Denominator) b basic | 63,039,777 | 63,165,611 |
Effect of dilutive securities | 895,503 | 1,655,992 |
Shares (Denominator) b diluted | 63,935,280 | 64,821,603 |
Earnings per common share - basic | $0.47 | $5.84 |
Earnings per common share b diluted | $0.47 | $5.74 |
Weighted average noncontrolling partnership units outstanding | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,149,149 | 4,338,681 |
Unissued partnership units under unit option deferral elections | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 871,262 |
Fair_Value_Disclosures_Fair_Va
Fair Value Disclosures (Fair Value Assets and Liabilities Measured on Recurring Basis) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 1 [Member] | ||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Insurance deposit | $13,037 | $13,059 |
Total assets | 13,037 | 13,059 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Total assets | 0 | 0 |
Derivative interest rate contracts | -8,809 | -4,044 |
Total liabilities | ($8,809) | ($4,044) |
Fair_Value_Disclosures_Details
Fair Value Disclosures (Details) (Arizona Mills Member, USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Arizona Mills Member | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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 | ||
Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Fair Value at Reporting Date | $115,500 | $77,711 | $105,200 |
Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Book Value | $77,711 | $77,711 |
Fair_Value_Disclosures_Estimat
Fair Value Disclosures (Estimated Fair Value of Notes Payable) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Estimated fair values of notes payable [Abstract] | ||
Additional Credit Spread Included In Discount Rate To Estimate Fair Value Of Notes Payable | 0.75% | 0.75% |
Notes Payable | $2,057,403,000 | $2,025,505,000 |
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 | 27,200,000 | |
Impact Of Overall One Percent Increase In Interest Rates Decrease In Fair Values Of Notes Payable Percent | 1.30% | |
Notes Payable, Fair Value Disclosure | $2,087,651,000 | $2,056,474,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income Components [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($21,124) | ($15,068) | ||
Reclassification adjustment for amounts recognized in net income | 2,893 | 3,304 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Components [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -1,468 | 2,765 | -101 | 5,040 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | -19,656 | -15,484 | -14,967 | -13,954 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -21,124 | -12,719 | -15,068 | -8,914 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | -1,367 | -2,280 | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | -6,698 | -3,882 | ||
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | -8,065 | -6,162 | ||
Reclassification adjustment for amounts recognized in net income | 2,064 | 2,336 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | -1,367 | -2,280 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent | -4,634 | -1,546 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -6,001 | -3,826 | ||
Other Comprehensive income Loss Adjustment Foreign Currency Attributable To Parent | 5 | |||
Other comprehensive income (loss), adjustments, attributable to parent | -55 | 16 | ||
Other comprehensive income (loss), total adjustments attributable to parent | -55 | 21 | ||
Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income Components [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -591 | 1,100 | -41 | 2,011 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 4,072 | 5,463 | 5,879 | 6,141 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 3,481 | 6,563 | 5,838 | 8,152 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | -550 | -906 | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | -2,691 | -1,630 | ||
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Noncontrolling Interest | -3,241 | -2,536 | ||
Reclassification adjustment for amounts recognized in net income | 829 | 968 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | -550 | -906 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Noncontrolling Interest | -1,862 | -662 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | -2,412 | -1,568 | ||
Other Comprehensive Income Loss Adjustment Foreign Currency Attributable To Noncontrolling Interest | -5 | |||
Other comprehensive income (loss), adjustments, attributable to noncontrolling interests | 55 | -16 | ||
Other comprehensive income (loss), total adjustments attributable to noncontrolling interests | 55 | -21 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income Components [Line Items] | ||||
Reclassification adjustment for amounts recognized in net income | 2,893 | 3,304 | ||
Amount of gain/loss on interest rate contract reclassfied from AOCI | 1,770 | 2,536 | ||
Amount of gain/loss on interest rate contract reclassfied from AOCI for unconsolidated joint ventures | $1,123 | $768 |
Cash_Flow_Disclosures_Suppleme2
Cash Flow Disclosures, Supplemental (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Interest Paid, Capitalized | $8,672,000 | $5,392,000 |
Interest Paid, Net | 12,800,000 | 18,200,000 |
Income Taxes Paid, Net | 200,000 | 5,500,000 |
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 | |
Noncash or Part Noncash Acquisition, Debt Assumed including Unamortized Premium | 18,215,000 | |
Capital Expenditures Incurred but Not yet Paid | $44,559,000 | $43,664,000 |