Document and Entity Information
Document and Entity Information Document - USD ($) $ / shares in Units, $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 22, 2017 | Jun. 30, 2016 | |
Entity Information [Line Items] | |||
Entity Registrant Name | TAUBMAN CENTERS INC. | ||
Entity Central Index Key | 890,319 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 60,514,503 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Share Price | $ 73.93 | $ 74.20 | |
Entity Public Float | $ 4.3 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Properties (Notes 4 and 8) | $ 4,173,954 | $ 3,713,215 |
Accumulated depreciation and amortization | (1,147,390) | (1,052,027) |
Real Estate Investment Property, Net | 3,026,564 | 2,661,188 |
Investment in Unconsolidated Joint Ventures (Notes 2 and 5) | 604,808 | 433,911 |
Cash and cash equivalents | 40,603 | 206,635 |
Restricted cash (Note 8) | 932 | 6,447 |
Accounts and notes receivable, less allowance for doubtful accounts of $4,311 and $2,974 in 2016 and 2015 (Note 6) | 60,174 | 54,547 |
Accounts receivable from related parties (Note 12) | 2,103 | 2,478 |
Deferred charges and other assets (Notes 1 and 7) | 275,728 | 181,304 |
Total Assets | 4,010,912 | 3,546,510 |
Liabilities: | ||
Notes payable, net (Notes 1 and 8) | 3,255,512 | 2,627,088 |
Accounts payable and accrued liabilities | 336,536 | 334,525 |
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures (Note 5) | 480,863 | 464,086 |
Total Liabilities | 4,072,911 | 3,425,699 |
Commitments and contingencies (Notes 8, 9, 10, 11, 13, and 15) | ||
Equity: | ||
Redeemable noncontrolling interests (Note 9) | 8,704 | |
Series B Non-Participating Convertible Preferred Stock, $0.001 par and liquidation value, 40,000,000 shares authorized, 25,029,059 and 25,044,939 shares issued and outstanding at December 31, 2016 and 2015 | 25 | 25 |
Common Stock, $0.01 par value, 250,000,000 shares authorized, 60,430,613 and 60,233,561 shares issued and outstanding at December 31, 2016 and 2015 | 604 | 602 |
Additional paid-in capital | 657,281 | 652,146 |
Accumulated other comprehensive income (loss) (Note 19) | (35,916) | (27,220) |
Dividends in excess of net income | (549,914) | (512,746) |
Stockholders' Equity Attributable to Parent | 72,080 | 112,807 |
Noncontrolling interests (Note 9) | (142,783) | 8,004 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (70,703) | 120,811 |
Total Liabilities and Equity | $ 4,010,912 | $ 3,546,510 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts | $ 4,311,000 | $ 2,974,000 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 60,430,613 | 60,233,561 |
Common stock, shares outstanding | 60,430,613 | 60,233,561 |
Series B Preferred Stock [Member] | ||
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, liquidation value per share | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 40,000,000 | 40,000,000 |
Preferred Stock, shares issued | 25,029,059 | 25,044,939 |
Preferred Stock, shares outstanding | 25,029,059 | 25,044,939 |
Series J Preferred Stock [Member] | ||
Preferred Stock, par value | $ 0 | $ 0 |
Preferred Stock, liquidation preference, value | $ 192,500,000 | $ 192,500,000 |
Preferred Stock, shares authorized | 7,700,000 | 7,700,000 |
Preferred Stock, shares issued | 7,700,000 | 7,700,000 |
Preferred Stock, shares outstanding | 7,700,000 | 7,700,000 |
Series K Preferred Stock [Member] | ||
Preferred Stock, par value | $ 0 | $ 0 |
Preferred Stock, liquidation preference, value | $ 170,000,000 | $ 170,000,000 |
Preferred Stock, shares authorized | 6,800,000 | 6,800,000 |
Preferred Stock, shares issued | 6,800,000 | 6,800,000 |
Preferred Stock, shares outstanding | 6,800,000 | 6,800,000 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Minimum rents | $ 333,325 | $ 310,831 | $ 371,454 |
Percentage rents | 20,020 | 20,233 | 22,929 |
Expense recoveries | 202,467 | 188,023 | 239,782 |
Management, leasing, and development services (Note 2) | 28,059 | 13,177 | 12,349 |
Other | 28,686 | 24,908 | 32,615 |
Total Revenues | 612,557 | 557,172 | 679,129 |
Expenses: | |||
Maintenance, taxes, utilities, and promotion | 156,506 | 145,118 | 190,119 |
Other operating | 78,794 | 58,131 | 65,142 |
Management, leasing, and development services | 4,042 | 5,914 | 6,220 |
General and administrative (Note 13) | 48,056 | 45,727 | 48,292 |
Costs associated with shareowner activism (Note 1) | 3,000 | ||
Restructuring charge (Note 2) | 3,706 | ||
Interest expense | 86,285 | 63,041 | 90,803 |
Depreciation and amortization | 138,139 | 106,355 | 120,207 |
Total Expenses | 514,822 | 424,286 | 524,489 |
Nonoperating income (expense) (Notes 2, 7, and 10) | 22,927 | 5,256 | (42,807) |
Income before income tax expense, equity in income of Unconsolidated Joint Ventures, and gain on dispositions, net of tax | 120,662 | 138,142 | 111,833 |
Income tax expense (Note 3) | (2,212) | (2,248) | (2,267) |
Equity in income of Unconsolidated Joint Ventures (Note 5) | 69,701 | 56,226 | 62,002 |
Income before gain on dispositions, net of tax | 188,151 | 192,120 | 171,568 |
Gain on dispositions, net of tax (Note 2) | 437 | 1,106,554 | |
Net income | 188,151 | 192,557 | 1,278,122 |
Net income attributable to noncontrolling interests (Note 9) | (55,538) | (58,430) | (385,109) |
Net income attributable to Taubman Centers, Inc. | 132,613 | 134,127 | 893,013 |
Distributions to participating securities of TRG (Note 13) | (2,117) | (1,969) | (6,018) |
Preferred stock dividends (Note 14) | (23,138) | (23,138) | (23,138) |
Net income attributable to Taubman Centers, Inc. common shareowners | 107,358 | 109,020 | 863,857 |
Other comprehensive income (Note 19): | |||
Unrealized loss on interest rate instruments and other | (4,308) | (13,668) | (18,004) |
Cumulative translation adjustment | (17,339) | (15,279) | (7,193) |
Reclassification adjustment for amounts recognized in net income | 9,339 | 12,021 | 16,729 |
Other Comprehensive Income (Loss), Net of Tax | (12,308) | (16,926) | (8,468) |
Comprehensive income | 175,843 | 175,631 | 1,269,654 |
Comprehensive income attributable to noncontrolling interests | (51,927) | (53,458) | (382,825) |
Comprehensive income attributable to Taubman Centers, Inc. | $ 123,916 | $ 122,173 | $ 886,829 |
Basic earnings per common share (Note 16) | $ 1.78 | $ 1.78 | $ 13.65 |
Diluted earnings per common share (Note 16) | $ 1.77 | $ 1.76 | $ 13.47 |
Weighted average number of common shares outstanding – basic | 60,363,416 | 61,389,113 | 63,267,800 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Distributions in Excess of Net Income [Member] | Noncontrolling Interest [Member] |
Balance at Dec. 31, 2013 | $ (215,660) | $ 25 | $ 631 | $ 796,787 | $ (8,914) | $ (908,656) | $ (95,533) |
Balance, shares at Dec. 31, 2013 | 39,651,069 | 63,101,614 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of stock pursuant to Continuing Offer (Notes 13, 14, and 15) | 0 | ||||||
Issuance of stock pursuant to Continuing Offer (Notes 13, 14, and 15), shares | (35,500) | 35,500 | |||||
Repurchase of common stock (Note 14) | (17) | (17) | |||||
Repurchase of common stock (Note 14), shares | (266) | ||||||
Share-based compensation under employee and director benefit plans (Note 13) | 18,932 | $ 2 | 18,930 | ||||
Share-based compensation under employee and director benefit plans (Note 13), shares | 187,561 | ||||||
Adjustments of noncontrolling interests (Notes 9 and 18) | 0 | 83 | 30 | (113) | |||
Contributions from noncontrolling interests | 22,345 | 22,345 | |||||
Dividends and distributions (Note 2) | (674,685) | (466,731) | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (207,954) | ||||||
Other | (626) | 178 | (814) | 10 | |||
Other, Shares | 1,431 | ||||||
Net income | 1,278,122 | 893,013 | 385,109 | ||||
Unrealized loss on interest rate instruments and other | (18,004) | (12,783) | (5,221) | ||||
Cumulative translation adjustment | (7,193) | (5,148) | (2,045) | ||||
Reclassification adjustment for amounts recognized in net income | 16,729 | 11,747 | 4,982 | ||||
Balance at Dec. 31, 2014 | 419,943 | $ 25 | $ 633 | 815,961 | (15,068) | (483,188) | 101,580 |
Balance, shares at Dec. 31, 2014 | 39,617,000 | 63,324,409 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of stock pursuant to Continuing Offer (Notes 13, 14, and 15) | 0 | $ 1 | (1) | ||||
Issuance of stock pursuant to Continuing Offer (Notes 13, 14, and 15), shares | (72,061) | 73,295 | |||||
Repurchase of common stock (Note 14) | (252,633) | $ (35) | (252,598) | ||||
Repurchase of common stock (Note 14), shares | (3,460,796) | ||||||
Share-based compensation under employee and director benefit plans (Note 13) | 19,252 | $ 3 | 19,249 | ||||
Share-based compensation under employee and director benefit plans (Note 13), shares | 296,653 | ||||||
Adjustments of noncontrolling interests (Notes 9 and 18) | (9,296) | 69,521 | (198) | (78,619) | |||
Dividends and distributions (Note 2) | (231,502) | (163,087) | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (68,415) | ||||||
Other | (584) | 14 | (598) | ||||
Net income | 192,557 | 134,127 | 58,430 | ||||
Unrealized loss on interest rate instruments and other | (13,668) | (9,653) | (4,015) | ||||
Cumulative translation adjustment | (15,279) | (10,790) | (4,489) | ||||
Reclassification adjustment for amounts recognized in net income | 12,021 | 8,489 | 3,532 | ||||
Balance at Dec. 31, 2015 | 120,811 | $ 25 | $ 602 | 652,146 | (27,220) | (512,746) | 8,004 |
Balance, shares at Dec. 31, 2015 | 39,544,939 | 60,233,561 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of stock pursuant to Continuing Offer (Notes 13, 14, and 15) | 0 | ||||||
Issuance of stock pursuant to Continuing Offer (Notes 13, 14, and 15), shares | (15,880) | 15,880 | |||||
Share-based compensation under employee and director benefit plans (Note 13) | 17,030 | $ 2 | 17,028 | ||||
Taubman Asia President redeemable equity adjustment (Note 9) | (13,854) | (13,854) | |||||
Share-based compensation under employee and director benefit plans (Note 13), shares | 181,172 | ||||||
Adjustments of noncontrolling interests (Notes 9 and 18) | (656) | 1,959 | 1 | (2,616) | |||
Dividends and distributions (Note 2) | (369,742) | (168,988) | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (200,754) | ||||||
Other | (791) | 2 | (793) | ||||
Net income | 188,151 | ||||||
Net income (excludes $656 of net loss attributable to redeemable noncontrolling interest) (Note 9) | 188,807 | 132,613 | 56,194 | ||||
Unrealized loss on interest rate instruments and other | (4,308) | (3,044) | (1,264) | ||||
Cumulative translation adjustment | (17,339) | (12,251) | (5,088) | ||||
Reclassification adjustment for amounts recognized in net income | 9,339 | 6,598 | 2,741 | ||||
Balance at Dec. 31, 2016 | $ (70,703) | $ 25 | $ 604 | $ 657,281 | $ (35,916) | $ (549,914) | $ (142,783) |
Balance, shares at Dec. 31, 2016 | 39,529,059 | 60,430,613 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows From Operating Activities: | |||
Net income | $ 188,151 | $ 192,557 | $ 1,278,122 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 138,139 | 106,355 | 120,207 |
Provision for bad debts | 4,047 | 1,994 | 2,900 |
Gain on dispositions (Note 2) | (1,116,287) | ||
Gain on sales of peripheral land | (1,827) | ||
Gain on SPG common stock conversion (Note 7) | (11,069) | ||
Debt extinguishment costs (Note 2) | 36,372 | ||
Discontinuation of hedge accounting (Note 10) | 7,763 | ||
Other | 18,925 | 15,799 | 18,728 |
Increase (decrease) in cash attributable to changes in assets and liabilities: | |||
Receivables, restricted cash, deferred charges, and other assets | (32,833) | (15,636) | (595) |
Accounts payable and other liabilities | 1,490 | 6,616 | 16,476 |
Net Cash Provided By Operating Activities | 305,023 | 307,685 | 363,686 |
Cash Flows From Investing Activities: | |||
Additions to properties | (504,864) | (440,678) | (442,991) |
Proceeds from sales of peripheral land | 11,258 | ||
Cash drawn from (provided to) escrow related to center construction projects (Note 7) | (69,680) | 28,857 | (70,607) |
Proceeds from dispositions, net of transaction costs (Note 2) | 1,776,394 | ||
Contributions to Unconsolidated Joint Ventures | (79,976) | (97,293) | (45,974) |
Contribution for acquisition of Country Club Plaza (Note 2) | (314,245) | ||
Distributions from Unconsolidated Joint Ventures in excess of income (Note 2) | 234,913 | 5,755 | 68,388 |
Other | 81 | (1,762) | 7,329 |
Net Cash Provided By (Used In) Investing Activities | (722,513) | (505,121) | 1,292,539 |
Cash Flows From Financing Activities: | |||
Proceeds from (payments to) revolving lines of credit, net | 234,700 | (158,040) | |
Debt proceeds | 758,991 | 1,198,640 | 163,779 |
Extinguishment of debt (Note 2) | (658,092) | ||
Other debt payments | (367,527) | (578,790) | (106,844) |
Debt issuance costs | (1,620) | (12,743) | (8,208) |
Repurchase of common stock (Note 14) | (252,633) | (17) | |
Proceeds and Excess Tax Benefit from Share-based Compensation | 1,806 | 4,526 | |
Payments Related to Tax Withholding for Share-based Compensation | (943) | ||
Distributions to noncontrolling interests (Note 9) | (207,904) | (68,415) | (207,954) |
Distributions to participating securities of TRG | (2,117) | (1,969) | (6,018) |
Contributions from noncontrolling interests | 2,000 | 22,345 | |
Cash dividends to preferred shareowners | (23,138) | (23,138) | (23,138) |
Cash dividends to common shareowners (Note 2) | (143,733) | (137,830) | (437,665) |
Net Cash Provided By (Used In) Financing Activities | 251,458 | 127,648 | (1,420,795) |
Net Increase (Decrease) In Cash and Cash Equivalents | (166,032) | (69,788) | 235,430 |
Cash and Cash Equivalents at Beginning of Year | 206,635 | 276,423 | 40,993 |
Cash and Cash Equivalents at End of Year | $ 40,603 | $ 206,635 | $ 276,423 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Organization and Basis of Presentation General Taubman Centers, Inc. (the Company or TCO) is a Michigan corporation that operates as a self-administered and self-managed real estate investment trust (REIT). The Taubman Realty Group Limited Partnership (the Operating Partnership or TRG) is a majority-owned partnership subsidiary of TCO that owns direct or indirect interests in all of the Company’s real estate properties. In this report, the term "Company" refers to TCO, the Operating Partnership, and/or the Operating Partnership's subsidiaries as the context may require. The Company engages in the ownership, management, leasing, acquisition, disposition, development, and expansion of regional and super-regional retail shopping centers and interests therein. The Company’s owned portfolio as of December 31, 2016 included 23 urban and suburban shopping centers operating in 11 U.S. states, Puerto Rico, South Korea, and China. Taubman Properties Asia LLC and its subsidiaries (Taubman Asia), which is the platform for the Company’s operations and developments in China and South Korea, is headquartered in Hong Kong. Dollar amounts presented in tables within the notes to the financial statements are stated in thousands, except share data or as otherwise noted. Consolidation The consolidated financial statements of the Company include all accounts of the Company, the Operating Partnership, and its consolidated subsidiaries, including The Taubman Company LLC (the Manager) and Taubman Asia. All intercompany transactions have been eliminated. The entities included in these consolidated financial statements are separate legal entities and maintain records and books of account separate from any other entity. However, inclusion of these separate entities in the consolidated financial statements does not mean that the assets and credit of each of these legal entities are available to satisfy the debts or other obligations of any other such legal entity included in the consolidated financial statements. Investments in entities not controlled but over which the Company may exercise significant influence (Unconsolidated Joint Ventures or UJVs) are accounted for under the equity method. The Company has evaluated its investments in the Unconsolidated Joint Ventures under guidance for determining whether an entity is a variable interest entity and has concluded that the ventures are not variable interest entities. Accordingly, the Company accounts for its interests in these entities under general accounting standards for investments in real estate ventures (including guidance for determining effective control of a limited partnership or similar entity). The Company’s partners or other owners in these Unconsolidated Joint Ventures have substantive participating rights including approval rights over annual operating budgets, capital spending, financing, admission of new partners/members, or sale of the properties and the Company has concluded that the equity method of accounting is appropriate for these interests. Specifically, the Company’s 79% and 50.1% investments in Westfarms and International Plaza, respectively, are through general partnerships in which the other general partners have participating rights over annual operating budgets, capital spending, refinancing, or sale of the property. The Company provides its beneficial interest in certain financial information of its Unconsolidated Joint Ventures (Notes 5 and 8). This beneficial information is derived as the Company's ownership interest in the investee multiplied by the specific financial statement item being presented. Investors are cautioned that deriving the Company's beneficial interest in this manner may not accurately depict the legal and economic implications of holding a noncontrolling interest in the investee. In 2016, the Company adopted Accounting Standards Update (ASU) No. 2015-02, "Amendments to the Consolidation Analysis." This standard amends certain guidance applicable to the consolidation of various legal entities, including variable interest entities (VIE). The Company evaluated the application of the ASU and concluded that no change was required to its accounting or reporting for any of its interests in less than wholly owned joint ventures. However, under the new guidance all of the Company’s consolidated joint ventures, including the Operating Partnership, now meet the definition and criteria as VIEs. The Company or an affiliate of the Company is the primary beneficiary of each VIE. In determining the method of accounting for partially owned joint ventures, the Company evaluates the characteristics of associated entities and determines whether an entity is a VIE, and, if so, determines whether the Company is the primary beneficiary by analyzing whether the Company has both the power to direct the entity's significant economic activities and the obligation to absorb potentially significant losses or receive potentially significant benefits. Significant judgments and assumptions inherent in this analysis include the nature of the entity's operations, the entity's financing and capital structure, and contractual relationship and terms, including consideration of governance and decision making rights. The Company consolidates a VIE when it has determined that it is the primary beneficiary. The Company’s sole significant asset is its investment in the Operating Partnership and, consequently, substantially all of the Company’s consolidated assets and liabilities are assets and liabilities of the Operating Partnership. All of the Company’s debt (Note 8) is an obligation of the Operating Partnership or its consolidated subsidiaries. Note 8 also provides disclosure of guarantees provided by the Operating Partnership to certain consolidated joint ventures. Note 9 provides additional disclosures of the carrying balance of the noncontrolling interests in its consolidated joint ventures and other information, including a description of certain rights of the noncontrolling owners. The Operating Partnership At December 31, 2016 and 2015 , the Operating Partnership’s equity included two classes of preferred equity (Series J and K Preferred Equity) and the net equity of the partnership unitholders (Note 14). Net income and distributions of the Operating Partnership are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in the Operating Partnership in accordance with their percentage ownership. The Series J and K Preferred Equity are owned by the Company and are eliminated in consolidation. The partnership equity of the Operating Partnership and the Company's ownership therein are shown below: Year TRG units outstanding at December 31 TRG units owned by TCO at December 31 (1) TRG units owned by noncontrolling interests at December 31 TCO's % interest in TRG at December 31 TCO's average interest % in TRG 2016 85,476,892 60,430,613 25,046,279 71% 71% 2015 85,295,720 60,233,561 25,062,159 71 71 2014 88,459,859 63,324,409 25,135,450 72 72 (1) There is a one-for-one relationship between TRG units owned by TCO and TCO common shares outstanding; amounts in this column are equal to TCO’s common shares outstanding as of the specified dates. Outstanding voting securities of the Company at December 31, 2016 consisted of 25,029,059 shares of Series B Preferred Stock (Note 14) and 60,430,613 shares of common stock. Revenue Recognition Shopping center space is generally leased to tenants under short and intermediate term leases that are accounted for as operating leases. Minimum rents are recognized on the straight-line method. Percentage rent is accrued when lessees' specified sales targets have been met. For traditional net leases, where tenants reimburse the landlord for an allocation of reimbursable costs incurred, the Company recognizes revenue in the period the applicable costs are chargeable to tenants. For tenants paying a fixed common area maintenance charge (which typically includes fixed increases over the lease term), the Company recognizes revenue on a straight-line basis over the lease terms. Management, leasing, and development revenue is recognized as services are rendered, when fees due are determinable, and collectibility is reasonably assured. Fees for management, leasing, and development services are established under contracts and are generally based on negotiated rates, percentages of cash receipts, and/or actual costs incurred. Fixed-fee development services contracts are generally accounted for under the percentage-of-completion method, using cost to cost measurements of progress. Profits on real estate sales are recognized whenever (1) a sale is consummated, (2) the buyer has demonstrated an adequate commitment to pay for the property, (3) the Company’s receivable is not subject to future subordination, and (4) the Company has transferred to the buyer the risks and rewards of ownership. Other revenues, including fees paid by tenants to terminate their leases, are recognized when fees due are determinable, no further actions or services are required to be performed by the Company, and collectibility is reasonably assured. Taxes assessed by government authorities on revenue-producing transactions, such as sales, use, and value-added taxes, are primarily accounted for on a net basis on the Company’s income statement. See Note 21 - New Accounting Pronouncements, for the Company's evaluation of the impact of ASU No. 2014-09, "Revenue's from Contracts with Customers." Allowance for Doubtful Accounts and Notes The Company records a provision for losses on accounts receivable to reduce them to the amount estimated to be collectible. The Company records a provision for losses on notes receivable to reduce them to the present value of expected future cash flows discounted at the loans’ effective interest rates or the fair value of the collateral if the loans are collateral dependent. Depreciation and Amortization Buildings, improvements, and equipment are primarily depreciated on straight-line bases over the estimated useful lives of the assets, which generally range from 3 to 50 years. Capital expenditures that are recoverable from tenants are generally depreciated over the estimated recovery period. Intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets. Tenant allowances are depreciated on a straight-line basis over the shorter of the useful life of the leasehold improvements or the lease term. Deferred leasing costs are amortized on a straight-line basis over the lives of the related leases. In the event of early termination of such leases, the unrecoverable net book values of the assets are recognized as depreciation and amortization expense in the period of termination. Capitalization Direct and indirect costs that are clearly related to the acquisition, development, construction, and improvement of properties are capitalized. Compensation costs are allocated based on actual time spent on a project. Costs incurred on real estate for ground leases, property taxes, insurance, and interest costs for qualifying assets are capitalized during periods in which activities necessary to get the property ready for its intended use are in progress. The viability of all projects under construction or development, including those owned by Unconsolidated Joint Ventures, are regularly evaluated on an individual basis under the accounting for abandonment of assets or changes in use. To the extent a project, or individual components of the project, are no longer considered to have value, the related capitalized costs are charged against operations. Additionally, all properties are reviewed for impairment on an individual basis whenever events or changes in circumstances indicate that their carrying value may not be recoverable. Impairment of a shopping center owned by consolidated entities is recognized when the sum of expected cash flows (undiscounted and without interest charges) is less than the carrying value of the property. Other than temporary impairment of an investment in an Unconsolidated Joint Venture is recognized when the carrying value of the investment is not considered recoverable based on evaluation of the severity and duration of the decline in value, including the results of discounted cash flow and other valuation techniques. To the extent impairment has occurred, the excess carrying value of the asset over its estimated fair value is charged to income. In the fourth quarter of 2015, the Company recognized an impairment charge on previously capitalized pre-development costs related to its enclosed regional mall project that was intended to be part of the Miami Worldcenter mixed-use, urban development in Miami, Florida (Note 5). In leasing a shopping center space, the Company may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, the Company determines whether the allowance represents funding for the construction of leasehold improvements and evaluates the ownership, for accounting purposes, of such improvements. If the Company is considered the owner of the leasehold improvements for accounting purposes, the Company capitalizes the amount of the tenant allowance and depreciates it over the shorter of the useful life of the leasehold improvements or the lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements for accounting purposes, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of rental revenue. Factors considered during this evaluation usually include (1) who holds legal title to the improvements, (2) evidentiary requirements concerning the spending of the tenant allowance, and (3) other controlling rights provided by the lease agreement (e.g. unilateral control of the tenant space during the build-out process). Determination of the accounting for a tenant allowance is made on a case-by-case basis, considering the facts and circumstances of the individual tenant lease. Substantially all of the Company’s tenant allowances have been determined to be leasehold improvements. Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with a maturity of 90 days or less at the date of purchase. The Company deposits cash and cash equivalents with institutions with high credit quality. From time to time, cash and cash equivalents may be in excess of FDIC insurance limits. Substantially all cash equivalents at December 31, 2016 were not insured or guaranteed by the FDIC or any other government agency and were invested across three separate financial institutions as of December 31, 2016 . The Company is required to escrow cash balances for specific uses stipulated by certain of its lenders and other various agreements. As of December 31, 2016 and 2015 , the Company’s cash balances restricted for these uses were $0.9 million and $6.4 million , respectively. Included in restricted cash is $0.7 million at December 31, 2016 on deposit in excess of the FDIC insured limit. Acquisitions The Company recognizes the assets acquired, the liabilities assumed, and any noncontrolling interests in the acquiree at their fair values as of the acquisition date. The cost of acquiring a controlling ownership interest or an additional ownership interest (if not already consolidated) is allocated to the tangible assets acquired (such as land and building) and to any identifiable intangible assets based on their estimated fair values at the date of acquisition. The fair value of a property is determined on an "as-if-vacant" basis. Management considers various factors in estimating the "as-if-vacant" value including an estimated lease up period, lost rents, and carrying costs. The identifiable intangible assets would include the estimated value of "in-place" leases, above and below market "in-place" leases, and tenant relationships. The portion of the purchase price that management determines should be allocated to identifiable intangible assets is amortized in depreciation and amortization or as an adjustment to rental revenue, as appropriate, over the estimated life of the associated intangible asset (for instance, the remaining life of the associated tenant lease). The Company records goodwill when the cost of an acquired entity exceeds the net of the amounts assigned to assets acquired and liabilities assumed. Costs related to the acquisition of a controlling interest, including due diligence costs, professional fees, and other costs to effect an acquisition, are expensed as incurred. Deferred Charges and Other Assets Direct costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. Cash expenditures for leasing costs are recognized in the Consolidated Statement of Cash Flows as operating activities. Debt issuance costs incurred in connection with the Company's revolving lines of credit are deferred and amortized on a straight line basis, which approximates the effective interest method. All other deferred charges are amortized on a straight-line basis over the terms of the agreements to which they relate. In April 2015, the Financial Accounting Standards Board (FASB) issued ASU No. 2015-03, "Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs" which changed the presentation of debt issuance costs on the Consolidated Balance Sheet. In connection with the adoption of ASU No. 2015-03 on January 1, 2016, the Company retrospectively reclassified the December 31, 2015 Consolidated Balance Sheet to move $16.9 million of debt issuance costs out of Deferred Charges and Other Assets and into Notes Payable, Net as a direct deduction of the related debt liabilities. Prior to the reclassification, the Company reported $198.2 million and $2.644 billion within Deferred Charges and Other Assets and Notes Payable, respectively, on the Consolidated Balance Sheet as of December 31, 2015. In accordance with ASU No. 2015-15, the Company retained its current methodology for recording and presenting debt issuance costs incurred in connection with its revolving lines of credit and will continue to recognize those costs as Deferred Charges and Other Assets on the Consolidated Balance Sheet. Share-Based Compensation Plans The cost of share-based compensation is measured at the grant date, based on the calculated fair value of the award, and is recognized over the requisite employee service period which is generally the vesting period of the grant. The Company recognizes compensation costs for awards with graded vesting schedules on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. The Company recognizes compensation costs for awards with net operating income performance conditions based on the grant date fair value of the award that coincides with the expected outcome of the condition, as updated for actual results (see "Note 13 - Share-Based Compensation - Net Operating Income Performance Based TRG Profits Units"). Interest Rate Hedging Agreements All derivatives, whether designated in hedging relationships or not, are recorded on the balance sheet at fair value. If a derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive income (OCI) and are recognized in the income statement when the hedged item affects income. Ineffective portions of changes in the fair value of a cash flow hedge are recognized in the Company’s income generally as interest expense (Note 10). The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged items. Income Taxes The Company operates in such a manner as to qualify as a REIT under the applicable provisions of the Internal Revenue Code. To qualify as a REIT, the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains, to its shareowners and meet certain other requirements. As a REIT, the Company is entitled to a dividends paid deduction for the dividends it pays to its shareowners. Therefore, the Company will generally not be subject to federal income taxes under current Federal income tax law as long as it currently distributes to its shareowners an amount equal to or in excess of its taxable income. REIT qualification reduces but does not eliminate the amount of state and local taxes paid by the Company. In addition, a REIT may be subject to certain excise taxes if it engages in certain activities. No provision for federal income taxes for consolidated partnerships has been made; as such taxes are the responsibility of the individual partners under current Federal income tax law. There are certain state income taxes incurred which are provided for in the Company’s financial statements. The Company has made Taxable REIT Subsidiary (TRS) elections for all of its corporate subsidiaries pursuant to section 856 (I) of the Internal Revenue Code. The TRSs are subject to corporate level income taxes, including federal, state, and certain foreign income taxes for foreign operations, which are provided for in the Company’s financial statements. Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the bases of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence, including expected taxable earnings. The Company’s temporary differences primarily relate to deferred compensation, depreciation, and net operating loss carryforwards. Future changes to tax laws could affect the taxation of the REIT, partnerships and Taxable REIT subsidiaries, possibly having a significant impact on the current and deferred income taxes of the Company. Noncontrolling Interests Noncontrolling interests in the Company are comprised of the ownership interests of (1) noncontrolling interests in the Operating Partnership and (2) the noncontrolling interests in joint ventures controlled by the Company through ownership or contractual arrangements. Consolidated net income and comprehensive income includes amounts attributable to the Company and the noncontrolling interests. Transactions that change the Company's ownership interest in a subsidiary are accounted for as equity transactions if the Company retains its controlling financial interest in the subsidiary. The Company evaluates whether noncontrolling interests are subject to any redemption features outside of the Company's control that would result in presentation outside of permanent equity pursuant to general accounting standards regarding the classification and measurement of redeemable equity instruments. Certain noncontrolling interests in the Operating Partnership and consolidated ventures of the Company qualify as redeemable noncontrolling interests (Note 9). To the extent such noncontrolling interests are currently redeemable or it is probable that they will eventually become redeemable, these interests are adjusted to the greater of their redemption value or their carrying value at each balance sheet date. Foreign Currency Translation The Company has certain entities in Asia for which the functional currency is the local currency. The assets and liabilities of the entities are translated from their functional currency into U.S. Dollars at the rate of exchange in effect on the balance sheet date. Income statement accounts are generally translated using the average exchange rate for the period. Income statement amounts of significant transactions are translated at the rate in effect as of the date of the transaction. The Company's share of unrealized gains and losses resulting from the translation of the entities' financial statements are reflected in shareholders' equity as a component of Accumulated Other Comprehensive Income (Loss) in the Company's Consolidated Balance Sheet (Note 19). Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Segments and Related Disclosures The Company has one reportable operating segment: it owns, develops, and manages regional shopping centers. The Company has aggregated its shopping centers into this one reportable segment, as the shopping centers share similar economic characteristics and other similarities. The shopping centers are located in major metropolitan areas, have similar tenants (most of which are global chains), are operated using consistent business strategies, and are expected to exhibit similar long-term financial performance. Net Operating Income (NOI) is often used by the Company's chief operating decision makers in assessing segment operating performance. NOI is believed to be a useful indicator of operating performance as it is customary in the real estate and shopping center business to evaluate the performance of properties on a basis unaffected by capital structure. No single retail company represents 5% or more of the Company's revenues. The Company's consolidated revenues and assets do not have any material amounts derived from countries other than the United States, as the Company's investments in Asia are in Unconsolidated Joint Ventures that are accounted for under the equity method. Costs Associated with Shareowner Activism During the year ended December 31, 2016, the Company incurred $3.0 million of expense associated with activities related to a shareowner activist campaign, largely legal and advisory services. Due to the unusual and infrequent nature of these expenses in the Company's history, they have been separately classified in the Company's Consolidated Statement of Operations and Comprehensive Income. Management's Responsibility to Evaluate the Company's Ability to Continue as a Going Concern In connection with the Company's adoption of ASU No. 2014-15 "Presentation of Financial Statements - Going Concern" on January 1, 2016, when preparing financial statements for each annual and interim reporting period, management now has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued. No such conditions or events were identified as of the issuance date of the financial statements contained in this Annual Report on Form 10-K. |
Dispositions, Acquisition, and
Dispositions, Acquisition, and Developments | 12 Months Ended |
Dec. 31, 2016 | |
Acquisition, Redevelopments, and Developments [Abstract] | |
Dispositions, Acquisition, and Development [Text Block] | Acquisitions, Dispositions, Redevelopments, Developments, and Service Agreement Acquisitions Country Club Plaza In March 2016, a joint venture that the Company formed with The Macerich Company acquired Country Club Plaza, a mixed-use retail and office property in Kansas City, Missouri, from Highwood Properties for $660 million ( $330 million at TRG's share) in cash, excluding transaction costs. The Company has a 50% ownership interest in the center, which is jointly managed by both companies. The Company's ownership interest in the center is accounted for as an Unconsolidated Joint Venture under the equity method. The joint venture determined the fair value of assets acquired and liabilities assumed upon acquisition. Also, in March 2016, a 10 -year, $320 million ( $160 million at TRG's share) non-recourse financing was completed for this center. The proceeds from the financing were distributed to the joint venture partners based on the partnership agreement ownership percentages. Purchase of U.S. Headquarters Building In February 2014, the Company purchased the U.S. headquarters building located in Bloomfield Hills, Michigan for $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 8). Dispositions Sale of Centers to Starwood In October 2014, the Company completed the disposition of seven shopping centers to an affiliate of the Starwood Capital Group (Starwood). The following centers (Sale 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. In 2014, the Company early adopted ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" issued by the FASB. ASU No. 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. Therefore, the results of the seven centers are in the Company's continuing operations prior to the October 2014 sale. In connection with the sale, the Company received consideration of $1.4 billion . The proceeds were used to prepay or defease $623 million of property-level debt and accrued interest and to pay $51.2 million of transaction and debt extinguishment costs. The net cash proceeds were used to pay $424.3 million to shareholders and unitholders as a special dividend and distribution (Note 3). The debt extinguished consisted of four loans secured by Northlake Mall, The Mall at Wellington Green, MacArthur Center, and The Mall at Partridge Creek. The Company recognized a gain of $629.7 million ( $606.2 million at TRG's beneficial share) in 2014 as a result of the disposition of the Sale Centers. In addition, the Company recorded debt extinguishment costs of $36.4 million , ( $36.0 million at TRG's beneficial share) which were classified as Nonoperating Income (Expense) on the Consolidated Statement of Operations and Comprehensive Income. In 2014, the Company incurred $7.8 million of expenses ( $7.4 million at TRG's beneficial share) related to the discontinuation of hedge accounting on the swap previously designated to hedge the MacArthur Center note payable. In addition, the Company incurred $3.3 million of disposition costs related to the Sale Centers. These expenses were included in Nonoperating Income (Expense) on the Consolidated Statement of Operations and Comprehensive Income. As a result of the sale, the Company underwent a restructuring plan to reduce its workforce across various areas of the organization. In 2014, the Company incurred $3.7 million of expenses related to the reduction in workforce. These expenses were classified as Restructuring Charge on the Consolidated Statement of Operations and Comprehensive Income. As of December 31, 2016 , all of the restructuring costs have been 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. 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. During 2014, a gain of $368 million (net of tax of $9.7 million ) was recognized as a result of the sale. In September 2015, an adjustment of $0.4 million was made, reducing the tax recognized as a result of the sale. Arizona Mills/Oyster Bay In January 2014, the Company completed the sale of its 50% interest in Arizona Mills, an Unconsolidated Joint Venture, and land in Syosset, New York related to the former Oyster Bay project, to Simon Property Group (SPG). The consideration, excluding transaction costs, consisted of $60 million of cash and 555,150 partnership units in Simon Property Group Limited Partnership. The number of partnership units received was determined based on a value of $154.91 per unit. The fair value of the partnership units recognized for accounting purposes was $77.7 million , after considering the one -year restriction on the sale of these partnership units (Note 17). The number of partnership units subsequently increased to 590,124 , in lieu of the Company's participation in a distribution of certain partnership units of another entity by SPG and Simon Property Group Limited Partnership. The increase in the number of partnership units was neutral to the market value of the Company's holdings as of the transaction date. 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. In December 2016, the Company converted 250,000 of these partnership units into SPG common shares. See Note 7 for additional information regarding this conversion. The Company's investment in the SPG common shares and the remaining investment in the partnership units are classified within Deferred Charges and Other Assets on the Consolidated Balance Sheet. U.S. Redevelopments and Development Redevelopments The Company has ongoing redevelopment projects at Beverly Center and The Mall at Green Hills, which are expected to be completed in 2018 and 2019, respectively. In total, these two redevelopment projects are expected to cost approximately $700 million . As of December 31, 2016 , the Company's total capitalized costs related to these redevelopment projects were $182.6 million . International Market Place International Market Place, a 0.3 million square foot center in Waikiki, Honolulu, Hawaii, opened in August 2016. The center is anchored by Saks Fifth Avenue. The Company owns a 93.5% interest in the project, which is subject to a participating ground lease. The Company is funding all costs of the development. Asia Development CityOn.Xi'an The Company has a joint venture with Wangfujing Group Co., Ltd (Wangfujing), one of China's largest department store chains, which owns and manages an approximately 1.0 million square foot shopping center, CityOn.Xi'an, located at Xi'an Saigao City Plaza, a large-scale mixed-use development in Xi'an, China. The shopping center opened in April 2016. Also in April 2016, the joint venture effectively acquired the 40% noncontrolling interest in the project for approximately $150 million , increasing the partnership's interest to 100% . The Company's effective ownership in the center is 50% and its share of the purchase price for the additional interest was approximately $75 million . 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. The center is scheduled to open in March 2017. In July 2016, the Company acquired an additional 17% interest in the project. As a result of the acquisition, the Company's effective ownership in the center is 49% . As of December 31, 2016 , the Company's share of total project costs were $156.0 million , which was decreased by $10.1 million for the change in exchange rates. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet. Starfield Hanam The Company's joint venture with Shinsegae Group, one of South Korea's largest retailers, owns and manages an approximately 1.7 million square foot shopping center, Starfield Hanam, located in Hanam, South Korea. The shopping center opened in September 2016. The Company has partnered with a major institution in Asia for a 49% ownership interest in Starfield Hanam. The institutional partner owns 14.7% of the project, bringing the Company's effective ownership to 34.3% . This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet. Service Agreement The Shops at Crystals In April 2016, the third party leasing agreement for The Shops at Crystals was terminated in connection with a change in ownership of the center. As a result, the Company recognized management, leasing, and development services revenue for the lump sum payment of $21.7 million received in May 2016 in connection with the termination. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income Tax Expense The Company’s income tax expense (benefit) for the years ended December 31, 2016 , 2015 , and 2014 consisted of the following: 2016 2015 2014 Federal current $ 2,238 $ 1,931 $ 8,036 Federal deferred (1,310 ) (34 ) 1,354 Foreign current 404 628 1,300 Foreign deferred 293 (114 ) (48 ) State current 782 (528 ) 1,361 State deferred (195 ) (72 ) (3 ) Total income tax expense $ 2,212 $ 1,811 $ 12,000 Less income tax (expense) benefit allocated to Gain on Dispositions (1) 437 (9,733 ) Income tax expense as reported on the Consolidated Statement of Operations and Comprehensive Income $ 2,212 (2) $ 2,248 $ 2,267 (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. In September 2015, an adjustment of $0.4 million was made to reduce the tax recognized as a result of the sale. (2) Includes $0.5 million of income taxes recognized at the time of conversion of a portion of the Company's investment in partnership units in Simon Property Group Limited Partnership to common shares of SPG (Note 7). Net Operating Loss Carryforwards As of December 31, 2016 , the Company had a foreign net operating loss carryforward of $5.4 million . Of the $5.4 million , $0.1 million had a carryforward period of 10 years and the remaining had an indefinite carryforward period. Deferred Taxes Deferred tax assets and liabilities as of December 31, 2016 and 2015 were as follows: 2016 2015 Deferred tax assets: Federal $ 3,230 $ 1,427 Foreign 1,673 1,676 State 935 944 Total deferred tax assets $ 5,838 $ 4,047 Valuation allowances (1,812 ) (1,913 ) Net deferred tax assets $ 4,026 $ 2,134 Deferred tax liabilities: Federal $ 602 Foreign $ 1,124 501 State 70 Total deferred tax liabilities $ 1,124 $ 1,173 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. Tax Status of Dividends Dividends declared on the Company’s common and preferred stock and their tax status are presented in the following tables. The tax status of the Company’s dividends in 2016 , 2015 , and 2014 may not be indicative of future periods. The portion of the per share dividends paid in 2016 detailed in each table below as capital gains (long term and unrecaptured Sec. 1250) are designated as capital gain dividends as required by Internal Revenue Code Section 857 (b)(3)(c). Year Dividends per common share declared Return of capital Ordinary income Long term capital gain Unrecaptured Sec. 1250 capital gain 2016 $ 2.3800 $ — $ 1.8427 $ 0.3929 $ 0.1444 2015 2.2600 0.0972 2.1621 0.0004 0.0003 2014 4.7500 (1) 0.7057 0.0000 1.8748 (2) 2.1695 (2) 2014 2.1600 0.3208 1.7773 0.0287 (2) 0.0332 (2) (1) Includes a special dividend of $4.75 per share of common stock declared and paid during December 2014, which was declared as a result of the Company's disposition of seven centers to Starwood in October 2014 (Note 2). (2) The portion of the per share common dividends paid on December 31, 2014 designated as capital gain (long term and unrecaptured Sec. 1250) dividends for tax purposes is $0.0619 per share of the $0.54 dividend and $4.0443 per share of the $4.75 dividend). Year Dividends per Series J Preferred share declared Ordinary income Long term capital gain Unrecaptured Sec. 1250 capital gain 2016 $ 1.6250 $ 1.2581 $ 0.2683 $ 0.0986 2015 1.6250 1.6245 0.0003 0.0002 2014 1.6250 0.49072 0.52580 (1) 0.60848 (1) (1) The portion of the per share Series J preferred dividends designated as capital gain (long term and unrecaptured Sec. 1250) for tax purposes is as follows; $0.32178 per share of the $0.40625 paid on June 30, 2014, $0.40625 per share of the $0.40625 paid on September 30, 2014, and $0.40625 per share of the $0.40625 paid on December 31, 2014. Year Dividends per Series K Preferred share declared Ordinary income Long term capital gain Unrecaptured Sec. 1250 capital gain 2016 $ 1.56250 $ 1.2097 $ 0.2580 $ 0.0948 2015 1.56250 1.5620 0.0003 0.0002 2014 1.56250 0.47185 0.50558 (1) 0.58507 (1) (1) The portion of the per share Series K preferred dividends designated as capital gain (long term and unrecaptured Sec. 1250) for tax purposes is as follows; $0.30939 per share of the $0.39063 paid on June 30, 2014, $0.39063 per share of the $0.39063 paid on September 30, 2014, and $0.39063 per share of the $0.39063 paid on December 31, 2014. Uncertain Tax Positions The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2016 . The Company has no material interest or penalties relating to income taxes recognized in the Consolidated Statement of Operations and Comprehensive Income for the years ended December 31, 2016 , 2015 , and 2014 or in the Consolidated Balance Sheet as of December 31, 2016 and 2015 . As of December 31, 2016 , returns for the calendar years 2013 through 2016 remain subject to examination by U.S. and various state and foreign tax jurisdictions. |
Properties
Properties | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Real Estate Disclosure [Text Block] | Properties Properties at December 31, 2016 and 2015 are summarized as follows: 2016 2015 Land $ 233,303 $ 243,870 Buildings, improvements, and equipment 3,639,256 3,107,338 Construction in process and pre-development costs 301,395 362,007 $ 4,173,954 $ 3,713,215 Accumulated depreciation and amortization (1,147,390 ) (1,052,027 ) $ 3,026,564 $ 2,661,188 Depreciation expense for 2016 , 2015 , and 2014 was $130.4 million , $98.8 million , and $110.1 million , respectively. The charge to operations in 2016 , 2015 , and 2014 for domestic and non-U.S. pre-development activities was $5.0 million , $4.3 million , and $4.2 million , respectively. |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2016 | |
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 December 31, 2016 and 2015 CityOn.Xi'an (1) 50/30% CityOn.Zhengzhou (under construction) Note 2 Country Club Plaza (2) 50/0 Fair Oaks 50 International Plaza 50.1 The Mall at Millenia 50 Stamford Town Center 50 Starfield Hanam 34.3 Sunvalley 50 The Mall at University Town Center 50 Waterside Shops 50 Westfarms 79 (1) In April 2016, the joint venture effectively acquired the 40% noncontrolling interest in the project. As a result of the acquisition, the Company's effective ownership is 50% (Note 2). (2) In March 2016, the Company acquired a 50% ownership interest in Country Club Plaza (Note 2). 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 Mall at Miami Worldcenter In 2015, the Company made a decision not to move forward with an enclosed regional mall that was intended to be part of the Miami Worldcenter mixed-use, urban development in Miami, Florida. As a result of this decision, an impairment charge of $11.8 million was recognized in the fourth quarter of 2015, which represents previously capitalized costs related to the pre-development of the enclosed mall plan. The impairment charge was recorded within Equity in Income of Unconsolidated Joint Ventures on the Consolidated Statement of Operations and Comprehensive Income. Combined Financial Information Combined balance sheet and results of operations information is presented in the following table for the Unconsolidated Joint Ventures, followed by the Operating Partnership's beneficial interest in the combined operations information. The combined information of the Unconsolidated Joint Ventures as of December 31, 2016 and 2015 excludes the balances of CityOn.Zhengzhou which is currently under construction (Note 2). In addition, the combined information of the Unconsolidated Joint Ventures as of December 31, 2015 excluded the balances of CityOn.Xi'an and Starfield Hanam, which were under construction as of December 31, 2015 (Note 2). Beneficial interest is calculated based on the Operating Partnership's ownership interest in each of the Unconsolidated Joint Ventures. December 31 2016 December 31 2015 Assets: Properties (1) $ 3,371,216 $ 1,628,492 Accumulated depreciation and amortization (661,611 ) (589,145 ) $ 2,709,605 $ 1,039,347 Cash and cash equivalents 83,882 36,047 Accounts and notes receivable, less allowance for doubtful accounts of $1,965 and $1,602 in 2016 and 2015 87,612 42,361 Deferred charges and other assets (2) 67,167 32,660 $ 2,948,266 $ 1,150,415 Liabilities and accumulated deficiency in assets: Notes payable, net (2)(3) $ 2,706,628 $ 1,994,298 Accounts payable and other liabilities 359,814 70,539 TRG's accumulated deficiency in assets (166,226 ) (512,256 ) Unconsolidated Joint Venture Partners' accumulated deficiency in assets 48,050 (402,166 ) $ 2,948,266 $ 1,150,415 TRG's accumulated deficiency in assets (above) $ (166,226 ) $ (512,256 ) TRG's investment in centers under construction (Note 2) 112,861 296,847 TRG basis adjustments, including elimination of intercompany profit 126,240 132,218 TCO's additional basis 51,070 53,016 Net Investment in Unconsolidated Joint Ventures $ 123,945 $ (30,175 ) Distributions in excess of investments in and net income of Unconsolidated Joint Ventures 480,863 464,086 Investment in Unconsolidated Joint Ventures $ 604,808 $ 433,911 (1) The December 31, 2016 amount includes $63.5 million related to an office tower, which is expected to be sold in the first half of 2017. (2) The December 31, 2015 balance has been retrospectively adjusted in connection with the Company's adoption of ASU No. 2015-03 "Imputation of Interest: Simplifying the presentation of Debt Issuance Costs" (Note 1). (3) The Notes Payable, net amount excludes the construction financing outstanding for CityOn.Zhengzhou of $70.5 million ( $34.5 million at TRG's share) and $44.7 million ( $14.2 million at TRG's share) as of December 31, 2016 and 2015 , respectively. The balances presented also exclude the construction financing outstanding for Starfield Hanam of $52.9 million ( $18.1 million at TRG's share) as of December 31, 2015, and the related debt issuance costs. Year Ended December 31 2016 2015 2014 Revenues $ 477,458 $ 378,280 $ 338,017 Maintenance, taxes, utilities, promotion, and other operating expenses $ 172,325 $ 118,909 $ 106,249 Interest expense 103,973 85,198 74,806 Depreciation and amortization 95,051 55,318 47,377 Total operating costs $ 371,349 $ 259,425 $ 228,432 Nonoperating income (expense) 317 (1 ) (22 ) Income tax expense (375 ) Net income $ 106,051 $ 118,854 $ 109,563 Net income attributable to TRG $ 61,561 $ 65,384 $ 60,690 Realized intercompany profit, net of depreciation on TRG’s basis adjustments 10,086 4,542 3,258 Depreciation of TCO's additional basis (1,946 ) (1,946 ) (1,946 ) Beneficial interest in UJV impairment charge - Miami Worldcenter (11,754 ) Equity in income of Unconsolidated Joint Ventures $ 69,701 $ 56,226 $ 62,002 Beneficial interest in Unconsolidated Joint Ventures’ operations: Revenues less maintenance, taxes, utilities, promotion, and other operating expenses $ 178,009 $ 147,905 $ 132,652 Interest expense (54,674 ) (45,564 ) (40,416 ) Depreciation and amortization (53,012 ) (34,361 ) (30,234 ) Income tax expense (622 ) Beneficial interest in UJV impairment charge - Miami Worldcenter (11,754 ) Equity in income of Unconsolidated Joint Ventures $ 69,701 $ 56,226 $ 62,002 Related Party TRG owns a 50% general partnership interest in Sunvalley, while the other 50% is controlled by the A. Alfred Taubman Restated Revocable Trust. A. Alfred Taubman was the former Chairman of the Board and the father of Robert S. and William S. Taubman. Sunvalley is subject to a ground lease on the land, which is 50% owned through an affiliate of TRG and 50% by an entity owned and controlled by Robert S. Taubman, William S. Taubman, and Gayle Taubman Kalisman. The Manager is the manager of the Sunvalley shopping center. In 2016, the Company issued a note receivable to one of its Unconsolidated Joint Ventures for purposes of funding development costs. The balance of the note receivable was $43.2 million as of December 31, 2016 and was classified within Investments in Unconsolidated Joint Ventures on the Consolidated Balance Sheet and within Contributions to Unconsolidated Joint Ventures on the Consolidated Statement of Cash Flows. |
Accounts and Notes Receivable
Accounts and Notes Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Accounts and Notes Receivable Accounts and notes receivable at December 31, 2016 and 2015 are summarized as follows: 2016 2015 Trade $ 31,958 $ 29,559 Notes 2,959 1,297 Straight-line rent and recoveries 29,568 26,665 $ 64,485 $ 57,521 Less: Allowance for doubtful accounts (4,311 ) (2,974 ) $ 60,174 $ 54,547 |
Deferred Charges Other Assets
Deferred Charges Other Assets | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Charges and Other Assets [Abstract] | |
Deferred Charges and Other Assets [Text Block] | Deferred Charges and Other Assets Deferred charges and other assets at December 31, 2016 and 2015 are summarized as follows: 2016 2015 Leasing costs $ 35,939 $ 29,097 Accumulated amortization (10,519 ) (10,702 ) $ 25,420 $ 18,395 In-place leases, net 6,264 8,525 Investment in Simon Property Group Limited Partnership units (Notes 2 and 17) (1) 44,792 77,711 Investment in SPG common shares (Note 17) (1) 44,418 Deferred financing costs, net (2) 3,995 5,823 Insurance deposit (Note 17) 15,440 14,346 Deposits 116,809 40,424 Prepaid expenses 4,557 6,622 Deferred tax asset, net 4,026 2,134 Other, net 10,007 7,324 $ 275,728 $ 181,304 (1) In 2016, the Company converted 250,000 Simon Property Group Limited Partnership units to SPG common shares. See Simon Property Group Limited Partnership Unit Conversion discussion below. (2) The December 31, 2015 balance has been retrospectively adjusted in connection with the Company's adoption of ASU No. 2015-03 "Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs" (Note 1). As of both December 31, 2016 and 2015 , the Company had $111.4 million and $37.0 million in restricted deposits related to its Asia investments. Simon Property Group Limited Partnership Unit Conversion In December 2016, the Company converted an investment in 250,000 Simon Property Group Limited Partnership units to SPG common shares. Upon conversion, the Company recognized an $11.1 million gain included within Nonoperating Income (Expense) in the Consolidated Statement of Operations and Comprehensive Income, which was calculated based on the change in fair value of the SPG share price at the date of conversion from the carrying value. The Simon Property Group Limited Partnership units were previously accounted for at cost. The SPG common shares are recorded in Deferred Charges and Other Assets on the Consolidated Balance Sheet at December 31, 2016 based on the common share price at year-end and are accounted for as available-for-sale marketable securities at fair value. Changes in fair value from conversion date to December 31, 2016 are recorded in Other Comprehensive Income in the Consolidated Statement of Operations and Comprehensive Income. The remaining Simon Property Group Limited Partnership units held as of December 31, 2016 are recorded in Deferred Charges and Other Assets on the Consolidated Balance Sheet at December 31, 2016 at historical book value per unit pursuant to cost method accounting. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Notes Payable, Net Notes payable, net at December 31, 2016 and 2015 consist of the following: 2016 2015 Stated Interest Rate Maturity Date Number of One Year Extension Options Facility Amount Cherry Creek Shopping Center $ 550,000 (1) 3.85% 06/01/28 Cherry Creek Shopping Center $ 280,000 5.24% City Creek Center 80,269 (2) 81,756 (2) 4.37% 08/01/23 The Gardens on El Paseo 81,920 (3) 6.10% Great Lakes Crossing Outlets 208,303 212,863 3.60% 01/06/23 The Mall at Green Hills 150,000 150,000 LIBOR+1.60% 12/01/18 1 International Market Place 257,052 92,169 LIBOR + 1.75% 08/14/18 2 $ 330,890 The Mall of San Juan 302,357 258,250 LIBOR + 2.00% 04/02/17 2 320,000 The Mall at Short Hills 1,000,000 1,000,000 3.48% 10/01/27 U.S. Headquarters Building 12,000 12,000 LIBOR + 1.40% Swapped to 3.49% 03/01/24 $65M Revolving Credit Facility 24,700 LIBOR + 1.40% 04/29/17 65,000 (4) $1.1B Revolving Credit Facility 210,000 (5) (5) LIBOR + 1.30% (5) 02/28/19 (5) 1 1,100,000 (5) $475M Unsecured Term Loan 475,000 (6) 475,000 (6) LIBOR + 1.45% (6) 02/28/19 Deferred Financing Costs, Net (14,169 ) (16,870 ) $ 3,255,512 $ 2,627,088 (1) Cherry Creek Shopping Center was refinanced in May 2016. The proceeds were used to repay the existing loan, with the remaining net proceeds distributed to the joint venture partners based on the partnership agreement ownership percentages. (2) The Operating Partnership has provided a limited guarantee of the repayment of the City Creek Center loan, which could be triggered only upon a decline in center occupancy to a level that the Company believes is remote. (3) Balance includes purchase accounting premium adjustment of $0.4 million in 2015 for an above market interest rate upon acquisition of the center in December 2011. In April 2016, the Company paid off the mortgage note payable on The Gardens on El Paseo. (4) The unused borrowing capacity at December 31, 2016 was $34.0 million , after considering $6.3 million of letters of credit outstanding on the facility. (5) TRG is the borrower under the $1.1 billion unsecured revolving credit facility. As of December 31, 2016 the interest rate on the facility was a range of LIBOR plus 1.15% to LIBOR plus 1.70% and a facility fee of 0.20% to 0.30% based on the Company's total leverage ratio. The unused borrowing capacity at December 31, 2016 was $890.0 million . In January 2017, the facility was refinanced (Note 22). (6) TRG is the borrower under the $475 million unsecured term loan with an accordion feature to increase the borrowing capacity to $600 million , subject to certain conditions including having the borrowing capacity based on the unencumbered asset pool EBITDA and obtaining lender commitments. As of December 31, 2016, the Company cannot fully utilize the accordion feature unless additional assets are added to the unencumbered asset pool. The loan bears interest at a range of LIBOR plus 1.35% to LIBOR plus 1.90% based on the Company's total leverage ratio. The LIBOR rate is swapped to a fixed interest rate of 1.65% , resulting in an effective interest rate in the range of 3.00% to 3.55% (Note 10). Notes payable are collateralized by properties with a net book value of $2.0 billion at December 31, 2016 . The following table presents scheduled principal payments on notes payable as of December 31, 2016 : 2017 $ 333,373 (1) 2018 413,615 (2) 2019 691,820 (3) 2020 7,058 2021 7,363 Thereafter 1,816,452 Total principal maturities $ 3,269,681 Net unamortized deferred financing costs (14,169 ) Total notes payable, net $ 3,255,512 (1) Includes $302.4 million with two, one-year extension options. (2) Includes $257.1 million with two, one-year extension options and $150.0 million with a one-year extension option. (3) Includes $210.0 million with a one-year extension option. 2017 Maturities and Financings The construction facility for The Mall of San Juan matures in April 2017. As of December 31, 2016 , the outstanding balance of this construction facility was $302.4 million . The Company is currently evaluating options related to refinancing or paying off this construction facility. The $65.0 million secured secondary revolving credit facility matures in April 2017. The Company expects to extend this facility for one year at maturity. In February 2017, the Company completed a $300 million unsecured term loan that matures in February 2022 . Also in February 2017, the Company amended its $1.1 billion unsecured revolving line of credit (Note 22). 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, $475 million unsecured term loan, and the construction facilities on The Mall of San Juan and International Market Place: 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 $475 million term loan have unencumbered pool covenants, which apply to Beverly Center, Dolphin Mall, and Twelve Oaks Mall on a combined basis as of December 31, 2016 . These covenants include a minimum number and minimum value of eligible unencumbered assets, a maximum unencumbered leverage ratio, a minimum unencumbered interest coverage ratio, and a minimum unencumbered asset occupancy ratio. As of December 31, 2016 , the corporate total leverage ratio was the most restrictive covenant. The Company was in compliance with all of its covenants and loan obligations as of December 31, 2016 . 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 February 2017, The Gardens on El Paseo was added as a guarantor to the $1.1 billion revolving line of credit and $475 million unsecured term loan. See Note 22 - Subsequent Events for further details. In connection with the financing of the construction facility at International Market Place, 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. The Operating Partnership has also provided a guarantee as to the completion of construction of the center. The maximum amount of the construction facility is $330.9 million . The outstanding balance of the International Market Place construction financing facility as of December 31, 2016 was $257.1 million . Accrued but unpaid interest as of December 31, 2016 was $0.5 million . The Company believes the likelihood of a payment under the guarantees 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 December 31, 2016 was $302.4 million . Accrued but unpaid interest as of December 31, 2016 was $0.4 million . The Company believes the likelihood of a payment under the guarantees to be remote. In connection with the $175 million additional financing at International Plaza, which is owned by an Unconsolidated Joint Venture, the Operating Partnership provided an unconditional and several guarantee of 50.1% of all obligations and liabilities related to an interest rate swap that was required on the debt for the term of the loan. As of December 31, 2016 , the interest rate swap was in a liability position of $0.4 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 and other various agreements. As of December 31, 2016 and 2015 , the Company's cash balances restricted for these uses were $0.9 million and $6.4 million , respectively. Beneficial Interest in Debt and Interest Expense The Operating Partnership's beneficial interest in the debt, capitalized interest, and interest expense of its consolidated subsidiaries and its Unconsolidated Joint Ventures is summarized in the following table. The Operating Partnership's beneficial interest in the consolidated subsidiaries excludes debt and interest related to the noncontrolling interests in Cherry Creek Shopping Center ( 50% ), International Market Place ( 6.5% ), and The Mall of San Juan ( 5% ). At 100% At Beneficial Interest Consolidated Subsidiaries Unconsolidated Joint Ventures Consolidated Subsidiaries Unconsolidated Joint Ventures Debt as of: December 31, 2016 $ 3,255,512 $ 2,777,162 $ 2,949,440 $ 1,425,511 December 31, 2015 (1) 2,627,088 2,087,552 2,468,451 1,116,395 Capitalized interest: Year Ended December 31, 2016 $ 21,864 (2) $ 2,589 (3) $ 21,728 (2) $ 2,589 (3) Year Ended December 31, 2015 31,112 (2) 792 (3) 30,130 (2) 543 (3) Interest expense: Year Ended December 31, 2016 $ 86,285 $ 103,973 $ 75,954 $ 54,674 Year Ended December 31, 2015 63,041 85,198 56,076 45,564 (1) The December 31, 2015 balances have been retrospectively adjusted in connection with the Company's adoption of ASU No. 2015-03 "Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs" (Note 1). (2) 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. (3) Capitalized interest on the Asia Unconsolidated Joint Venture construction loans is presented at the Company's beneficial interest in both the Unconsolidated Joint Ventures (at 100%) and Unconsolidated Joint Ventures (at Beneficial Interest) columns. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Redeemable Noncontrolling Interests Taubman Asia In September 2016, the Company announced the appointment of Peter Sharp (Successor Asia President) as president of Taubman Asia, a consolidated subsidiary, succeeding René Tremblay (Former Asia President) effective January 1, 2017. The Former Asia President continues to be employed by the Company in other capacities. The Former Asia President has an ownership interest in Taubman Asia. As of December 31, 2016, this interest entitled the Former Asia President to 5% 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 his percentage ownership interest, including all capital funded by the Operating Partnership for Taubman Asia's operating and investment activities subsequent to the Former Asia President obtaining his ownership interest. The Operating Partnership has a preferred investment in Taubman Asia to the extent the Former Asia President has not yet contributed capital commensurate with his ownership interest. This preferred investment accrues an annual preferential return equal to the Operating Partnership's average borrowing rate (with the preferred investment and accrued return together being referred to herein as the preferred interest). In addition, Taubman Asia has the ability to call, and the Former Asia President has the ability to put, the Former Asia President’s ownership interest upon specified terminations of the Former 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 Former 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. The Company presents as temporary equity at each balance sheet date an estimate of the redemption value of the ownership interest, therefore falling into level 3 of the fair value hierarchy, taking into account the proportion of the Former Asia President's services rendered before he is fully vested. The carrying amount of this redeemable equity was $8.7 million and zero as of December 31, 2016 and 2015 , respectively. Any adjustments to the redemption value are recorded through equity. In April 2016, the Company reacquired half of the Former Asia President's ownership interest in Taubman Asia for $7.2 million . The Former Asia President contributed $2 million to Taubman Asia, which may be returned, in part or in whole, upon satisfaction of the re-evaluation of the full liquidation value of Taubman Asia as of April 2016; such re-evaluation will be performed at the Former Asia President's election on or after the third anniversary of the opening of specified Asia projects. The Former Asia President's remaining 5% interest is puttable beginning in 2019 at the earliest, upon reaching certain specified milestones, and was classified as Redeemable Noncontrolling Interest on the Consolidated Balance Sheet as of December 31, 2016. The $7.2 million acquisition price is reflected as a distribution to noncontrolling interests on the Consolidated Statement of Cash Flows. The Successor Asia President also has a redeemable equity interest in Taubman Asia for which any future redemption value will be determined by new projects to be developed or acquired on or after January 1, 2017. International Market Place The Company owns a 93.5% controlling interest in a joint venture that owns International Market Place in Waikiki, Honolulu, Hawaii, which opened in August 2016. 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 both December 31, 2016 and 2015 . Any adjustments to the redemption value are recorded through equity. Reconciliation of Redeemable Noncontrolling Interest 2016 Balance, January 1 Former Taubman Asia President vested redeemable equity $ 13,854 Distributions (7,150 ) Contributions 2,000 Allocation of net loss (656 ) Adjustments of redeemable noncontrolling interest 656 Balance, December 31 $ 8,704 Equity Balances of Non-redeemable Noncontrolling Interests The net equity balance of the non-redeemable noncontrolling interests as of December 31, 2016 and 2015 included the following: 2016 2015 Non-redeemable noncontrolling interests: Noncontrolling interests in consolidated joint ventures $ (155,919 ) $ (23,569 ) Noncontrolling interests in partnership equity of TRG 13,136 31,573 $ (142,783 ) $ 8,004 Net Income (Loss) Attributable to Noncontrolling Interests Net income (loss) attributable to the noncontrolling interests for the years ended December 31, 2016 , 2015 , and 2014 included the following: 2016 2015 2014 Net income (loss) attributable to non-redeemable noncontrolling interests: Non-redeemable noncontrolling interests: Noncontrolling share of income of consolidated joint ventures $ 8,761 $ 11,222 $ 34,239 Noncontrolling share of income of TRG 47,433 47,208 350,870 $ 56,194 $ 58,430 $ 385,109 Redeemable noncontrolling interest: (656 ) $ 55,538 $ 58,430 $ 385,109 Equity Transactions The following schedule presents the effects of changes in Taubman Centers, Inc.’s ownership interest in consolidated subsidiaries on Taubman Centers, Inc.’s equity for the years ended December 31, 2016 , 2015 , and 2014 : 2016 2015 2014 Net income attributable to Taubman Centers, Inc. common shareowners $ 107,358 $ 109,020 $ 863,857 Transfers (to) from the noncontrolling interest: Increase in Taubman Centers, Inc.’s paid-in capital for the adjustments of noncontrolling interest (1) 1,959 69,521 83 Net transfers (to) from noncontrolling interests 1,959 69,521 83 Change from net income attributable to Taubman Centers, Inc. and transfers from noncontrolling interests $ 109,317 $ 178,541 $ 863,940 (1) In 2016, 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 13) and issuances of stock pursuant to the continuing offer (Note 15). In 2016, adjustments of the noncontrolling interest were also made in connection with the accounting for the former Asia President's redeemable ownership interest. In 2015 and 2014, adjustments of the noncontrolling interest were also made as a result of share repurchases (Note 14). Finite Life Entities Accounting Standards Codification Topic 480, "Distinguishing Liabilities from Equity" establishes standards for classifying and measuring as liabilities certain financial instruments that embody obligations of the issuer and have characteristics of both liabilities and equity. At December 31, 2016 , 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 $360.0 million at December 31, 2016 , compared to a book value of $(155.9) 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 Activiti
Derivative and Hedging Activities | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | Derivative and Hedging Activities Risk Management Objective and Strategies for Using Derivatives The Company uses derivative instruments, such as interest rate swaps and interest rate caps, primarily to manage exposure to interest rate risks inherent in variable rate debt and refinancings. The Company may also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed rate financing. The Company’s interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. In a forward starting swap or treasury lock agreement that the Company cash settles in anticipation of a fixed rate financing or refinancing, the Company will receive or pay an amount equal to the present value of future cash flow payments based on the difference between the contract rate and market rate on the settlement date. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging. As of December 31, 2016 , the Company had the following outstanding derivatives that were designated and are expected to be effective as cash flow hedges of the interest payments and/or the currency exchange rate 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 % 1.45 % (1) 3.09 % (1) February 2019 Receive variable (LIBOR) /pay-fixed swap (1) 100 % 175,000 1.65 % 1.45 % (1) 3.10 % (1) February 2019 Receive variable (LIBOR) /pay-fixed swap (1) 100 % 100,000 1.64 % 1.45 % (1) 3.09 % (1) February 2019 Receive variable (LIBOR) /pay-fixed swap (2) 100 % 12,000 2.09 % 1.40 % 3.49 % March 2024 Unconsolidated Joint Ventures: Receive variable (LIBOR) /pay-fixed swap (3) 50 % 132,534 2.40 % 1.70 % 4.10 % April 2018 Receive variable (LIBOR) /pay-fixed swap (3) 50 % 132,534 2.40 % 1.70 % 4.10 % April 2018 Receive variable (LIBOR) /pay-fixed swap (4) 50.1 % 168,983 1.83 % 1.75 % 3.58 % December 2021 Receive variable (LIBOR) USD/pay-fixed KRW cross-currency interest rate swap (5) 34.3 % 52,065 USD / 60,500,000 KRW 1.52 % 1.60 % 3.12 % September 2020 (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 unsecured 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. (4) The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on International Plaza. (5) The notional amount on this swap is equal to the outstanding principal balance of the U.S. dollar construction loan for Starfield Hanam. There is a cross-currency interest rate swap to fix the interest rate on the loan and swap the related principal and interest payments from U.S. dollars to KRW in order to reduce the impact of fluctuations in interest rates and exchange rates on the cash flows of the joint venture. The currency swap exchange rate is 1,162.0 . Cash Flow Hedges 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 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 (Loss) (AOCI) during the term of the hedged debt transaction. Amounts reported in AOCI related to currently outstanding interest rate 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. Amounts reported in AOCI related to the cross-currency interest rate swap are recognized as an adjustment to income as transaction gains or losses arising from the remeasurement of foreign currency denominated loans are recognized and as actual interest and principal obligations are repaid. The Company expects that approximately $6.0 million of the AOCI of Taubman Centers, Inc. and the noncontrolling interests will be reclassified from AOCI and recognized as a reduction of income in the following 12 months. The following tables present the effect of derivative instruments on the Company’s Consolidated Statement of Operations and Comprehensive Income for the years ended December 31, 2016 , 2015 , and 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. During the years ended December 31, 2016 and 2015 , the Company recognized $0.3 million of hedge ineffectiveness income and $0.3 million of hedge ineffectiveness expense, respectively, related to the swaps used to hedge the unsecured term loan. The hedge ineffectiveness for both periods was recorded in Nonoperating Income (Expense) on the Consolidated Statement of Operations and Comprehensive Income. In addition, during the year ended December 31, 2015 , the Company recorded a loss of $0.2 million of hedge ineffectiveness expense in Equity in Income of Unconsolidated Joint Ventures on the Consolidated Statement of Operations and Comprehensive Income related to the Starfield Hanam swap prior to its hedge inception in September 2015 and an immaterial amount of hedge ineffectiveness expense after hedge inception. During the year ended December 31, 2014 , the Company had an immaterial amount of hedge ineffectiveness expense related to the swap on MacArthur Center (prior to discontinuation of hedge accounting (Note 2)) recorded as Nonoperating Income (Expense) 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 Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) 2016 2015 2014 2016 2015 2014 Derivatives in cash flow hedging relationships: Interest rate contracts – consolidated subsidiary (1) Nonoperating Income (Expense) (1) $ (4,880 ) Interest rate contracts – consolidated subsidiaries (1) $ 2,234 $ (1,730 ) $ (7,362 ) Interest Expense (1) $ (5,823 ) $ (7,211 ) (8,663 ) Interest rate contracts – UJVs 2,478 71 893 Equity in Income of UJVs (3,775 ) (4,489 ) (3,186 ) Cross-currency interest rate swap – UJV (109 ) 12 Equity in Income of UJVs 259 (321 ) Total derivatives in cash flow hedging relationships $ 4,603 $ (1,647 ) $ (6,469 ) $ (9,339 ) $ (12,021 ) $ (16,729 ) (1) Includes the MacArthur Center swap for the period that it was effective as a hedge until June 2014, when hedge accounting was discontinued. The Company records all derivative instruments at fair value in the Consolidated Balance Sheet. The following table presents the location and fair value of the Company’s derivative financial instruments as reported in the Consolidated Balance Sheet as of December 31, 2016 and 2015 . Fair Value Consolidated Balance Sheet Location December 31 2016 December 31 Derivatives designated as hedging instruments: Asset derivative: Cross-currency interest rate swap - UJV Investment in UJVs 381 Total assets designated as hedging instruments $ 381 $ — Liability derivatives: Interest rate contracts – consolidated subsidiaries Accounts Payable and Accrued Liabilities $ (3,548 ) $ (6,077 ) Interest rate contracts – UJVs Investment in UJVs (2,496 ) (4,974 ) Cross-currency interest rate swap - UJV Investment in UJVs (11 ) Total liabilities designated as hedging instruments $ (6,044 ) $ (11,062 ) Contingent Features All of the Company's outstanding derivatives contain provisions that state if the hedged entity defaults on its indebtedness above a certain threshold, then the derivative obligation could also be declared in default. The cross default thresholds vary for each agreement, ranging from $0.1 million of any indebtedness to $50 million of recourse indebtedness on the Company or the Operating Partnership's indebtedness. As of December 31, 2016 , the Company is not in default on any indebtedness that would trigger a credit-risk-related default on its current outstanding derivatives. As of December 31, 2016 and 2015 , the fair value of derivative instruments with credit-risk-related contingent features that are in a liability position was $6.0 million and $11.1 million , respectively. As of December 31, 2016 and 2015 , 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 8 regarding guarantees and Note 17 for fair value information on derivatives. MacArthur Center Swap in Connection with Starwood Disposition Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. In June 2014, in connection with entering into the Starwood Purchase and Sale Agreement, the Company discontinued hedge accounting on the MacArthur Center swap and accelerated the reclassification of amounts in AOCI to earnings as a result of it becoming probable that the center's debt would be early extinguished and the hedged interest payments would not occur. The accelerated amount was a loss of $4.9 million recorded as a component of Nonoperating Income (Expense) on the Consolidated Statement of Operations and Comprehensive Income. The Company also recorded a loss of $2.9 million to Nonoperating Income (Expense) for the year ended December 31, 2014 for changes in the fair value of this swap subsequent to the June 2014 discontinuation of hedge accounting. In October 2014, this swap was terminated and the debt was paid off with the proceeds from the sale to Starwood (Note 2). As of December 31, 2016 and 2015 , the Company does not have any derivatives not designated as hedging instruments. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leases Disclosure [Text Block] | Leases Shopping center space is leased to tenants and certain anchors pursuant to lease agreements. Tenant leases typically provide for minimum rent, percentage rent, and other charges to cover certain operating costs. Future minimum rent under operating leases in effect at December 31, 2016 for operating centers assuming no new or renegotiated leases or option extensions on anchor agreements, is summarized as follows: 2017 $ 320,396 2018 301,957 2019 278,918 2020 247,691 2021 210,121 Thereafter 651,688 Certain shopping centers, as lessees, have ground and building leases expiring at various dates through the year 2104. In addition, one center has an option to extend the term for three 10 -year periods and another center has the option to extend the lease term for one additional 10 -year period. Ground rent expense is recognized on a straight-line basis over the lease terms. The Company also leases certain of its office facilities and certain equipment. Office facility and equipment leases expire at various dates through the year 2021 . Rental expense on a straight-line basis under operating leases was $15.1 million in 2016 , $15.4 million in 2015 , and $12.6 million in 2014 . Included in these amounts are related party office rental expense of $0.2 million in 2014 . The amounts were incurred prior to the Company's purchase of the U.S. headquarters building in February 2014 (Note 2), which was previously rented from an affiliate of the Taubman family. Contingent rent expense under operating leases was $1.7 million in 2014. There was no contingent rent expense under operating leases in 2015 or 2016. Payables representing straight-line rent adjustments under lease agreements were $59.3 million and $52.6 million , as of December 31, 2016 and 2015 , respectively. The following is a schedule of future minimum rental payments required under operating leases: 2017 $ 15,833 2018 14,597 2019 14,113 2020 13,181 2021 12,575 Thereafter 751,191 The Company owns the retail space subject to a long-term participating lease at City Creek Center, a mixed-use project in Salt Lake City, Utah. City Creek Reserve, Inc. (CCRI), an affiliate of the LDS Church is the participating lessor. The Company owns 100% of the leasehold interest in the retail buildings and property. CCRI has an option to purchase the Company’s interest at fair value at various points in time over the term of the lease. In addition to the minimum rent included in the table above, the Company pays contingent rent based on the performance of the center. International Market Place, a regional mall located in Waikiki, Honolulu, Hawaii, opened in August 2016. The project is subject to a long-term participating ground lease. In addition to minimum rent included in the table above, the Company will pay contingent rent based on the performance of the center. |
The Manager
The Manager | 12 Months Ended |
Dec. 31, 2016 | |
The Manager [Abstract] | |
The Manager [Text Block] | The Manager The Manager, which is 99% beneficially owned by the Operating Partnership, provides property management, leasing, development, and other administrative services to the Company, the shopping centers, Taubman affiliates, and other third parties. Accounts receivable from related parties include amounts due from Unconsolidated Joint Ventures or other affiliates of the Company, primarily relating to services performed by the Manager. These receivables include certain amounts due to the Manager related to reimbursement of third party (non-affiliated) costs. The A. Alfred Taubman Restated Revocable Trust (the Revocable Trust) and certain of the Revocable Trust's affiliates receive various management services from the Manager. For such services, the Revocable Trust and affiliates paid the Manager $3.0 million in 2016 , and $2.9 million in both 2015 and 2014 . These amounts are classified in Management, Leasing, and Development Services revenues within the Consolidated Statement of Operations and Comprehensive Income. Other related party transactions are described in Notes 5, 13, and 15. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation and Other Employee Plans The Taubman Company 2008 Omnibus Long-Term Incentive Plan (2008 Omnibus Plan), as amended, which is shareowner approved, provides for the award to directors, officers, employees, and other service providers of the Company of restricted shares, restricted share units, restricted units of limited partnership in TRG (TRG Units), restricted TRG Unit units, options to purchase shares or TRG units, share appreciation rights, performance share units, unrestricted shares or TRG units, and other awards to acquire up to an aggregate of 8.5 million Company common shares or TRG 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 TRG 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 $11.8 million , $12.1 million , and $17.1 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. During the year ended December 31, 2015, a reversal of $2.0 million of prior period share-based compensation expense was recognized upon the announcement of an executive management transition as a reduction of General and Administrative expense on the Company’s Consolidated Statement of Operations and Comprehensive Income. Compensation cost capitalized as part of properties and deferred leasing costs was $1.3 million , $2.3 million , and $2.0 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. The Company estimated the grant-date fair values of share-based grants 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 for failure to meet the service requirement of options, Performance Share Units (PSU), or Profits Units, due to the small number of participants and low turnover rate. Profits Units In June 2016, the Compensation Committee of the Board of Directors (the Compensation Committee) of the Company approved an amendment to the 2008 Omnibus Plan, so as to allow for an additional type of long-term incentive program for senior management (the Revised LTIP program) of the Manager. Under the Revised LTIP program, senior management may be awarded "Profits Units", intended to constitute "profits interests" within the meaning of Treasury authority under the Internal Revenue Code of 1986, as amended (and are referred to as TRG Units under the Revised LTIP program). Under the Revised LTIP Program, the following types of Profits Units awards may be granted to such senior management individuals: (1) a time-based award with a three-year cliff vesting period (Restricted TRG Profits Units); (2) a performance-based award that is based on the achievement of relative total shareholder return (TSR) thresholds over a three-year period (Relative TSR Performance-based TRG Profits Units); and (3) a performance-based award that is based on the achievement of net operating income (NOI) thresholds over a three-year period (NOI Performance-based TRG Profits Units). The maximum number of TSR and NOI Performance-based Profits Units are to be issued at grant, eventually subject to a recovery and cancellation of previously granted amounts depending on actual performance against targeted TSR and NOI measures over a three-year performance measurement period. Awards of Profits Units are accompanied by a "Profits Unit Designation", issued by the Operating Partnership's managing general partner under the TRG Partnership Agreement that sets forth any performance conditions and economic rights, including distribution and conversion rights, that relate to the Profits Units. In June 2016, Profits Units consisting of Restricted TRG Profits Units, TSR Performance-based TRG Profits Units and NOI Performance-based TRG Profits Units were granted under the 2008 Omnibus Plan. Each such award represents a contingent right to receive a TRG partnership unit upon vesting and the satisfaction of certain tax-driven requirements and, as to the TSR and NOI Performance-based TRG Profits Units the satisfaction of certain performance-based requirements. Until vested, a Profits Unit entitles the holder to only one-tenth of the distributions otherwise payable by TRG on a partnership unit. Therefore, the Company accounts for these Profits Units as participating securities in the Operating Partnership. A portion of the Profits Units award represents estimated cash distributions that otherwise would have been payable during the vesting period and, upon vesting, there will be an adjustment in actual number of Profits Units realized under each award to reflect the Operating Partnership's actual cash distributions during the vesting period . Under the Company's Continuing Offer, each partnership unit is exchangeable by the holder for one share of the Company's common stock . Upon conversion of the Profits Units to partnership units, the holder will have the right to purchase one share of Series B Preferred Stock of the Company for each partnership unit held . Each holder of a Profits Unit will be treated as a limited partner in TRG from the date of grant. To the extent the vested Profits Units have not achieved the applicable criteria for conversion to partnership units, vesting and economic equivalence to a partnership unit prior to the tenth anniversary of the date of grant, the awards will be forfeited pursuant to the terms of the award agreement. The accounting valuations of Profits Units consider the possibility that sufficient share price appreciation will not be realized, such that the conversion to partnership units will not occur and the awards will be forfeited. Information specific to the various forms of Profits Units are described in the following sections. Restricted TRG Profits Units In June 2016, Restricted TRG Profits Units were granted under the 2008 Omnibus Plan. The units vest in March 2019, 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 Restricted TRG Profits Units granted using the Company’s common stock price at the grant date as adjusted by the present value of expected differences in dividends payable on the common stock versus the distributions payable on the Restricted TRG Profits Units over the vesting period, a weighted average risk-free rate of 1.85% , and a weighted average measurement period of 2.6 years. A summary of Restricted TRG Profits Units activity for the year ended December 31, 2016 is presented below: Number of Restricted TRG Profits Units Weighted Average Grant-Date Fair Value Outstanding at January 1, 2016 — $ — Granted 68,045 59.89 Forfeited (22,105 ) 60.71 Outstanding at December 31, 2016 45,940 $ 59.49 None of the Restricted TRG Profits Units outstanding at December 31, 2016 were vested. As of December 31, 2016 , there was $2.2 million of total unrecognized compensation cost related to nonvested Restricted TRG Profits Units outstanding. This cost is expected to be recognized over an average period of 2.2 years. Relative TSR Performance-based TRG Profits Units In June 2016, Relative TSR Performance-based TRG Profits Units were granted under the 2008 Omnibus Plan. The units vest in March 2019, if continuous service has been provided, or upon retirement or certain other events (such as death or disability) if earlier. The maximum number of Relative TSR Performance-based Profits Units was issued at grant, eventually subject to a recovery and cancellation of previously granted amounts once the TSR performance measures are finally determined. The Company estimated the value of these relative TSR Performance-based TRG Profits Units granted using a Monte Carlo simulation, considering the Company’s common stock price at the grant date as adjusted by the present value of expected differences in dividends payable on the common stock versus the distributions payable on the Relative TSR Performance-based TRG Profits Units over the vesting period, historical returns of the Company and the peer group of companies, a risk-free interest rate of 1.03% and a measurement period of approximately three years. A summary of relative TSR Performance-based TRG Profits Units activity for the year ended December 31, 2016 is presented below: Number of relative TSR Performance-based TRG Profits Units Weighted Average Grant-Date Fair Value Outstanding at January 1, 2016 — $ — Granted 119,123 26.42 Forfeited (15,754 ) 26.42 Outstanding at December 31, 2016 103,369 $ 26.42 None of the Relative TSR Performance-based TRG Profits Units outstanding at December 31, 2016 were vested. As of December 31, 2016 , there was $2.1 million of total unrecognized compensation cost related to nonvested Relative TSR Performance-based TRG Profits Units outstanding. This cost is expected to be recognized over an average period of 2.2 years . NOI Performance-based TRG Profits Units In June 2016, NOI Performance-based TRG Profits Units were granted under the 2008 Omnibus Plan. The units vest in March 2019, if continuous service has been provided, or upon retirement or certain other events (such as death or disability) if earlier. The maximum number of NOI Performance-based Profits Units was issued at grant, eventually subject to a recovery and cancellation of previously granted amounts once the NOI performance measures are finally determined. These awards also provide for a cap on the maximum number of units if a specified TSR level is not achieved. The Company considers the NOI measure a performance condition, and as such, has estimated a grant-date fair value for each of its possible outcomes. The compensation cost ultimately will be recognized equal to the grant-date fair value of the award that coincides with the actual outcome of the NOI performance. The Company estimated these grant-date fair values of these NOI Performance-based TRG Profits Units granted using a Monte Carlo simulation, considering the Company’s common stock price at the grant date as adjusted by the present value of expected differences in dividends payable on the common stock versus the distributions payable on the NOI Performance-based TRG Profits Units over the vesting period, a risk-free interest rate of 1.03% , and a measurement period of approximately three years. A summary of NOI Performance-based TRG Profits Units activity for the year ended December 31, 2016 is presented below: Number of NOI Performance-based TRG Profits Units Weighted Average Grant-Date Fair Value Outstanding at January 1, 2016 — $ — Granted 119,123 41.87 Forfeited (15,754 ) 19.41 Outstanding at December 31, 2016 (1) 103,369 $ 41.87 (1) The number of NOI Performance-based TRG Profits Units shown as outstanding represents the number of awards granted less forfeitures and is equal to the maximum number of units that can be issued upon the final determination of the NOI performance. The weighted average grant-date fair value shown corresponds with management's current expectation of the probable outcome of the NOI performance measure, that all of the units will ultimately be issued. The product of the NOI Performance-based TRG Profits Units outstanding and the grant-date fair value represents the compensation cost being recognized over the remaining service period. None of the NOI Performance-based TRG Profits Units outstanding at December 31, 2016 were vested. As of December 31, 2016 , there was $3.4 million of total unrecognized compensation cost related to nonvested NOI Performance-based TRG Profits Units outstanding. This cost is expected to be recognized over an average period of 2.2 years . Other Share-based Awards Information specific to other forms of share-based awards, including options, PSU, RSU, and other award types is contained in the following sections. Options Options are granted to purchase units of limited partnership interest in the Operating Partnership, which are exchangeable for new shares of the Company’s stock under the Continuing Offer (Note 15). The options have ten-year contractual terms. A summary of option activity for the years ended December 31, 2016 , 2015 , and 2014 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, 2014 563,436 $ 43.81 2.6 $ 31.31 - $ 55.90 Exercised (42,143) 42.16 Outstanding at December 31, 2014 521,293 $ 39.20 1.6 $ 26.56 - $ 51.15 (1) Exercised (228,750) 29.72 Outstanding at December 31, 2015 292,543 $ 46.60 1.4 $ 35.50 - $ 51.15 Exercised (89,957) 42.66 Outstanding at December 31, 2016 202,586 $ 48.35 0.7 $ 45.90 - $ 51.15 Fully vested options at December 31, 2016 202,586 $ 48.35 0.7 (1) Range of exercise prices as of December 31, 2014 reflects adjustments to the exercise price as a result of a grant modification in December 2014. As of December 31, 2016 and 2015, all options outstanding were fully vested and there was no unrecognized compensation cost related to options. The aggregate intrinsic value (the difference between the period end stock price and the option exercise price) of in-the-money options outstanding was $5.2 million as of December 31, 2016 . The total intrinsic value of options exercised during the years ended December 31, 2016 , 2015 , and 2014 was $2.4 million , $10.0 million , and $1.4 million , respectively. Cash received from option exercises for the years ended December 31, 2016 , 2015 , and 2014 was $3.8 million , $6.8 million , and $1.8 million , respectively. Under both the prior option plan and the 2008 Omnibus Plan, vested unit options can be exercised by tendering mature units with a market value equal to the exercise price of the unit options. In 2002, Robert S. Taubman, the Company’s chief executive officer, exercised options for 3.0 million units by tendering 2.1 million mature units and deferring receipt of 0.9 million units under the unit option deferral election. As the Operating Partnership pays distributions, the deferred option units receive their proportionate share of the distributions, including the special distribution, in the form of cash payments. Under an amendment executed in January 2011 and subsequent deferral elections (the latest being made in September 2016), beginning in December 2022 (unless Mr. Taubman retires earlier), the deferred partnership units will be issued in five annual installments. The deferred units are accounted for as participating securities of the Operating Partnership. In December 2014, the Company modified all outstanding option awards to ensure that holders were in a neutral economic position after giving effect to the payment of the special dividend by decreasing the exercise price of each award by $4.75 (see "Modification of Grants for Special Dividend" below). With the exception of the decrease to the exercise price, all terms of the modified awards remained the same as the original awards. The Company estimated the incremental fair values of the modification as of the modification date using a Black-Scholes valuation model considering: the Company’s common stock price at the modification date; before and after modification exercise prices ranging from $31.31 to $55.90 and $26.56 to $51.15 , respectively; expected volatility of 13.62% to 19.14% , expected dividend yield of 2.70% , remaining contractual term (in years) of 0.46 to 3.24 , and a risk-free interest rate of 0.07% to 0.98% . Expected volatility and dividend yields are based on historical volatility and yields of the Company’s common stock, respectively. The risk-free interest rates used are based on the U.S. Treasury yield curves in effect on the modification date. Performance Share Units In 2015 , and 2014 the Company granted PSU under the 2008 Omnibus Plan. Each PSU represents the right to receive, upon vesting, shares of the Company’s common stock ranging from 0-300% of the PSU based on the Company’s market performance relative to that of a peer group. The 2015 PSU grant includes a cash payment upon vesting 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 . No dividends accumulate during the vesting period for the 2014 grants. The vesting date is March 2018 and March 2017, for the 2015 and 2014 grants, respectively, 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 the PSU granted in 2015 and 2014 using a Monte Carlo simulation, considering the Company’s common stock price at the grant date (less the present value of the expected dividends during the vesting periods for 2014 grants), historical returns of the Company and the peer group of companies, and risk-free interest rates and measurement periods existing at the grant dates. Specific assumptions and the valuation results are shown below. PSU Grant Dates 2015 2014 Risk-free interest rate 1.12% 0.07% Measurement period 3 years 3 years Weighted average grant-date fair value $112.30 $93.07 In 2013 and 2012, the Company also granted additional PSU under the 2008 Omnibus Plan that represent the right to receive, upon vesting, shares of the Company’s common stock ranging from 0-400% of the PSU based on the Company’s market performance relative to that of a peer group. The units vest in March 2017, if continuous service has been provided, or upon certain other events (such as death or disability) if earlier. No dividends accumulate during the vesting period. The Company estimated the value of the additional PSU granted in 2013 and 2012 using a Monte Carlo simulation, considering the Company’s common stock price at the grant date less the present value of the expected dividends during the vesting periods, historical returns of the Company and the peer group of companies, and risk-free interest rates and measurement periods existing at the grant dates. Specific assumptions and the valuation results are shown below. Additional PSU Grant Dates 2013 2012 Risk-free interest rate 0.46% to 0.62% 0.70% to 0.90% Measurement period 4 years 5 years Weighted average grant-date fair value $171.05 $189.23 In December 2014, the Company modified all outstanding PSU grants to ensure that holders were in a neutral economic position after giving effect to the payment of the special dividend by increasing the number of PSU granted in each award (see "Modification of Grants for Special Dividend" below). With the exception of the number of PSU granted, all terms of the modified awards remained the same as the original awards. The Company estimated the incremental fair values of the modification as of the modification date using a Monte Carlo simulation, considering the Company’s common stock price at the modification date less the special dividend and the present value of the expected dividends during the remaining vesting periods, historical returns of the Company and the peer group of companies, a risk-free interest rate of 0.03% to 0.65% , and a measurement period of 0.24 to 2.25 years. A summary of PSU activity for the years ended December 31, 2016 , 2015 , and 2014 is presented below: Number of Performance Stock Units Weighted Average Grant Date Fair Value Outstanding at January 1, 2014 234,863 $ 139.18 Granted 49,157 93.07 Forfeited (771 ) 160.09 Vested (43,858 ) (1) 85.40 Special dividend adjustment (2) 15,260 57.00 Outstanding at December 31, 2014 254,651 $ 132.86 Granted 50,256 112.30 Forfeited (5,854 ) 174.95 Vested (43,575 ) (1) 97.44 Outstanding at December 31, 2015 255,478 $ 134.52 Forfeited (44,585 ) 149.43 Vested (44,866 ) (1) 96.61 Outstanding at December 31, 2016 166,027 $ 138.93 (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 years ended December 31, 2016 , 2015 , and 2014 was zero , zero , and 75,438 , respectively. That is, despite the completion of applicable employee service requirements, the number of shares ultimately considered earned is determined by the extent to which the TSR market performance measure was achieved during the performance period. (2) Represents an adjustment made to the PSU as a result of the grant modification in December 2014. The total intrinsic value of PSU vested during the years ended December 31, 2016 , 2015 , and 2014 was zero , zero , and $5.3 million , respectively. None of the PSU outstanding at December 31, 2016 were vested. As of December 31, 2016 , there was $2.1 million of total unrecognized compensation cost related to nonvested PSU outstanding. This cost is expected to be recognized over an average period of 0.9 years . Restricted Share Units In 2016, 2015 , and 2014 , RSU were issued under the 2008 Omnibus Plan and represent the right to receive upon vesting one share of the Company’s common stock. The 2016 and 2015 grants also receive a cash payment upon vesting 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 , while no dividends accumulate during the vesting period for the 2014 grants. The vesting date is March 2019 , March 2018 , and March 2017 for the 2016 , 2015 , and 2014 grants, respectively, if continuous service has been provided through that period, or upon retirement or certain other events (such as death or disability) if earlier. The Company estimated the values of the RSU granted in 2016 and 2015 using the Company’s common stock price at the grant date. The Company’s valuation was a grant-date fair value of $73.42 per RSU granted during 2016 and $74.36 per RSU granted during 2015 . The Company estimated the value of the RSU granted in 2014 using the Company’s common stock at the grant date deducting the present value of expected dividends during the vesting period using a risk-free rate of 0.70% for the 2014 grant. The result of the Company’s valuations was a weighted average grant-date fair value of $63.95 per RSU granted during 2014 . In 2014, the Company also granted a limited number of additional RSU that represent the right to receive upon vesting one share of the Company’s common stock. The units have staggered vesting dates from March 2015 to March 2017, if continuous service has been provided through those periods, or upon retirement or certain other events (such as death or disability) if earlier. No dividends accumulate during the vesting periods. The Company estimated the value of these additional RSU using the Company's common stock price at the grant date deducting the present value of expected dividends during the vesting periods using a risk-free interest rate of 0.13% to 0.71% . The result of the Company's valuation was a weighted average grant-date fair value of $66.19 per RSU. In December 2014, the Company modified all outstanding RSU grants to ensure that holders were in a neutral economic position after giving effect to the payment of the special dividend by increasing the number of RSU granted in each award (see "Modification of Grants for Special Dividend" below). With the exception of the number of RSU granted, all terms of the modified awards remained the same as the original awards. The Company estimated the incremental fair values of the modification as of the modification date using the Company’s common stock price at the modification date less the special dividend and the present value of the expected dividends during the remaining vesting periods using a risk free interest rate of 0.03% to 0.65% and a measurement period of 0.24 to 2.25 years. A summary of RSU activity for the years ended December 31, 2016 , 2015 , and 2014 is presented below: Number of Restricted Stock Units Weighted average Grant Date Fair Value Outstanding at January 1, 2014 269,899 $ 62.00 Granted (three-year vesting) 106,540 63.95 Granted (staggered vesting) 8,505 66.19 Forfeited (4,843 ) 65.44 Vested (104,302 ) 51.96 Special dividend adjustment (1) 17,852 72.27 Outstanding at December 31, 2014 293,651 $ 67.00 Granted 100,682 74.36 Forfeited (14,542 ) 69.87 Vested (96,438 ) 65.60 Outstanding at December 31, 2015 283,353 $ 69.93 Granted 55,888 73.42 Forfeited (17,012 ) 69.20 Vested (90,326 ) 71.57 Outstanding at December 31, 2016 231,903 $ 70.40 (1) Represents an adjustment made to the RSU as a result of the grant modification in December 2014. Based on an analysis of historical employee turnover, the Company has made an annual forfeiture assumption of 2.00% of grants when recognizing compensation costs relating to the RSU. The total intrinsic value of RSU vested during the years ended December 31, 2016 , 2015 , and 2014 was $6.6 million , $7.0 million , and $7.4 million , respectively. None of the RSU outstanding at December 31, 2016 were vested. As of December 31, 2016 , there was $4.6 million of total unrecognized compensation cost related to nonvested RSU outstanding. This cost is expected to be recognized over an average period of 1.6 years . Modification of Grants for Special Dividend In December 2014, the Company paid a special dividend of $4.75 per share of common stock to all shareholders of record as of the close of business on December 15, 2014. In connection with this special dividend, the Board of Directors approved award adjustments to all outstanding PSU and Restricted Share Units (RSU) grants and to options that had not been exercised prior to the ex-dividend date for the special dividend to ensure that the holders were in a neutral economic position after giving effect to the payment of the special dividend. The number of units subject to each such PSU and RSU grant was increased and for option holders, the exercise price was decreased, so that each grant or option had the same intrinsic value to the holder before and after giving effect to the payment of the special dividend. The total additional compensation related to the award adjustments was $4.5 million , which is being recognized over the remaining vesting periods, if any, of the grants. Amounts relating to vested options were recognized immediately. Non-Employee Directors’ Stock Grant and Deferred Compensation The 2008 Omnibus Plan provides a quarterly grant to each non-employee director of the Company shares of the Company's common stock based on the fair value of the Company's common stock on the last business day of the preceding quarter. The annual fair market value of the grant was $125,000 in both 2016 and 2015 and $120,000 in 2014. As of December 31, 2016 , 17,485 shares have been issued under the 2008 Omnibus Plan. Certain directors have elected to defer receipt of their shares as described below. The Non-Employee Directors’ Deferred Compensation Plan (DCP), which was approved by the Company’s Board of Directors, allows each non-employee director of the Company the right to defer the receipt of all or a portion of his or her annual director retainer until the termination of his or her service on the Company’s Board of Directors and for such deferred compensation to be denominated in restricted stock units. The number of restricted stock units received equals the deferred retainer fee divided by the fair market value of the common stock on the business day immediately before the date the director would otherwise have been entitled to receive the retainer fee. The restricted stock units represent the right to receive equivalent shares of common stock at the end of the deferral period. During the deferral period, when the Company pays cash dividends on its common stock, including special dividends, the directors’ deferral accounts will be credited with dividend equivalents on their deferred restricted stock units, payable in additional restricted stock units based on the fair market value of the Company’s common stock on the business day immediately before the record date of the applicable dividend payment. There were 120,757 restricted stock units outstanding under the DCP at December 31, 2016 . Other Employee Plan The Company has a voluntary retirement savings plan established in 1983 and amended and restated effective January 1, 2012 (the Plan). The Company believes the Plan is qualified in accordance with Section 401(k) of the Internal Revenue Code (the Code). The Company contributes an amount equal to 2% of the qualified wages of all qualified employees and matches employee contributions in excess of 2% up to 7% of qualified wages. In addition, the Company may make discretionary contributions within the limits prescribed by the Plan and imposed in the Code. The Company’s contributions and costs relating to the Plan were $3.1 million in 2016 , $2.9 million in 2015 , and $3.3 million in 2014 . |
Common and Preferred Stock and
Common and Preferred Stock and Equity of TRG | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Common and Preferred Stock and Equity of TRG [Text Block] | Common and Preferred Stock and Equity of TRG Common Stock The Company's Board of Directors authorized a share repurchase program under which the Company may repurchase up to $450 million of its outstanding common stock. The Company plans to repurchase shares from time to time on the open market or in privately negotiated transactions or otherwise, depending on market prices and other conditions. No shares were repurchased in 2016. As of December 31, 2016 , the Company cumulatively repurchased 4,247,867 shares of its common stock at an average price of $71.79 per share, for a total of $304.9 million under the authorization. As of December 31, 2016 , $145.1 million remained available under the repurchase program. All shares repurchased have been cancelled. For each share of the Company’s common stock repurchased, one of the Company’s Operating Partnership units was redeemed . Repurchases of common stock were financed through general corporate funds, including borrowings under existing revolving lines of credit. Preferred Stock The Company is obligated to issue to the noncontrolling partners of TRG, upon subscription, one share of Series B Non-Participating Convertible Preferred Stock (Series B Preferred Stock) for each of the Operating Partnership units held by the noncontrolling partners. Each share of Series B Preferred Stock entitles the holder to one vote on all matters submitted to the Company's shareowners. The holders of Series B Preferred Stock, voting as a class, have the right to designate up to four nominees for election as directors of the Company. On all other matters, including the election of directors, the holders of Series B Preferred Stock will vote with the holders of common stock. The holders of Series B Preferred Stock are not entitled to dividends or earnings of the Company. The Series B Preferred Stock is convertible into common stock at a ratio of 14,000 shares of Series B Preferred Stock for one share of common stock . During the years ended December 31, 2016 , 2015 , and 2014 , 15,880 shares, 72,061 shares, and 35,500 shares of Series B Preferred Stock, respectively, were converted to zero shares, four shares, and one share of the Company’s common stock, respectively, as a result of tenders of units under the Continuing Offer (Note 15). |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
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 TRG in 1992, the Company entered into an agreement (the Cash Tender Agreement) with the Revocable Trust and TRA Partners (now Taubman Ventures Group LLC or TVG), each of whom owned an interest in TRG, whereby each of the Revocable Trust and TVG has the right to tender to the Company TRG Units (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 its market valuation on the trading date immediately preceding the date of the tender (except as otherwise provided below). TVG is controlled by a majority-in-interest among 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 tendering party, TRG Units held by members of A. Alfred Taubman’s family and TRG Units held by entities in which his family members hold interests may be included in such a tender. The Company will have the option to pay for tendered 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 December 31, 2016 of $73.93 per common share, the aggregate value of interests in TRG that may be tendered under the Cash Tender Agreement was $1.8 billion . The purchase of these interests at December 31, 2016 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 a certain excluded holder, currently TVG), 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 . Insurance The Company carries liability insurance to mitigate its exposure to certain losses, including those relating to personal injury claims. We believe the Company's insurance policy terms and conditions and limits are appropriate and adequate given the relative risk of loss and industry practice. However, there are certain types of losses, such as punitive damage awards, that may not be covered by insurance, and not all potential losses are insured against. Other See Note 8 for the Operating Partnership's guarantees of certain notes payable, including guarantees relating to Unconsolidated Joint Ventures, Note 9 for contingent features relating to certain joint venture agreements, Note 10 for contingent features relating to derivative instruments, and Note 13 for obligations under existing share-based compensation plans. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share amounts are based on the weighted average of common shares outstanding for the respective periods. Diluted earnings per share amounts are based on the weighted average of common shares outstanding plus the dilutive effect of potential common stock. Potential common stock includes outstanding partnership units exchangeable for common shares under the Continuing Offer (Note 15), outstanding options for partnership units, PSU, Restricted and Performance-based TRG Profits Units, RSU, deferred shares under the Non-Employee Directors’ Deferred Compensation Plan, and unissued partnership units under a unit option deferral election (Note 13). In computing the potentially dilutive effect of potential common stock, partnership units are assumed to be exchanged for common shares under the Continuing Offer, increasing the weighted average number of shares outstanding. The potentially dilutive effects of partnership units outstanding and/or issuable under the unit option deferral elections are calculated using the if-converted method, while the effects of other potential common stock are calculated using the treasury method. Contingently issuable shares are included in diluted EPS based on the number of shares, if any, that would be issuable if the end of the reporting period were the end of the contingency period. Year Ended December 31 2016 2015 2014 Net income attributable to Taubman Centers, Inc. common shareowners (Numerator): Basic $ 107,358 $ 109,020 $ 863,857 Impact of additional ownership of TRG 257 398 10,933 Diluted $ 107,615 $ 109,418 $ 874,790 Shares (Denominator) – basic 60,363,416 61,389,113 63,267,800 Effect of dilutive securities 466,139 772,221 1,653,264 Shares (Denominator) – diluted 60,829,555 62,161,334 64,921,064 Earnings per common share - basic $ 1.78 $ 1.78 $ 13.65 Earnings per common share - diluted $ 1.77 $ 1.76 $ 13.47 The calculation of diluted earnings per share in certain periods excluded certain potential common stock including outstanding partnership units and unissued partnership units under a unit option deferral election, both of which may be exchanged for common shares of the Company under the Continuing Offer. The table below presents the potential common stock excluded from the calculation of diluted earnings per share as they were anti-dilutive in the period presented. Year Ended December 31 2016 2015 2014 Weighted average noncontrolling partnership units outstanding 3,983,781 4,029,934 4,351,727 Unissued partnership units under unit option deferral elections 871,262 871,262 |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures This note contains required fair value disclosures for assets and liabilities remeasured at fair value on a recurring basis and financial instruments carried at other than fair value, as well as assumptions employed in deriving these fair values. Recurring Valuations Derivative Instruments The fair value of interest rate hedging instruments is the amount that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the reporting date. The Company’s valuations of its derivative instruments are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative, and therefore fall into Level 2 of the fair value hierarchy. The valuations reflect the contractual terms of the derivatives, including the period to maturity, and use observable market-based inputs, including forward curves. The fair values of interest rate hedging instruments also incorporate credit valuation adjustments to appropriately reflect both the Company’s own nonperformance risk and the respective counterparty's nonperformance risk. Other The Company's valuation of an insurance deposit utilizes unadjusted quoted prices determined by active markets for the specific securities the Company has invested in, and therefore falls into Level 1 of the fair value hierarchy. For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of the fair value for each major category of assets and liabilities is presented below: Fair Value Measurements as of December 31, 2016 Using Fair Value Measurements as of December 31, 2015 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 SPG common shares (Note 7) $ 44,418 Insurance deposit 15,440 $ 14,346 Total assets $ 59,858 $ — $ 14,346 $ — Derivative interest rate contracts (Note 10) $ (3,548 ) $ (6,077 ) Total liabilities $ (3,548 ) $ (6,077 ) The insurance deposit shown above represents an escrow account maintained in connection with a property and casualty insurance arrangement for the Company’s shopping centers, and is classified within Deferred Charges and Other Assets on the Consolidated Balance Sheet. Corresponding deferred revenue relating to amounts billed to tenants for this arrangement has been classified within Accounts Payable and Accrued Liabilities on the Consolidated Balance Sheet. Financial Instruments Carried at Other Than Fair Values Simon Property Group Limited Partnership Units As of December 31, 2016 and 2015 , the Company owned 340,124 and 590,124 , respectively, partnership units in Simon Property Group Limited Partnership (Note 2). The fair value of the partnership units, which is derived from SPG's common stock price and therefore falls into Level 2 of the fair value hierarchy, was $60.4 million at December 31, 2016 and $114.7 million at December 31, 2015 . The partnership units were classified as Deferred Charges and Other Assets on the Consolidated Balance Sheet and had a book value of $44.8 million and $77.7 million at December 31, 2016 and 2015 , respectively. Notes Payable The fair value of notes payable is estimated using cash flows discounted at current market rates and therefore falls into Level 2 of the fair value hierarchy. When selecting discount rates for purposes of estimating the fair value of notes payable at December 31, 2016 and 2015 , the Company employed the credit spreads at which the debt was originally issued. The Company does not believe that the use of different interest rate assumptions would have resulted in a materially different fair value of notes payable as of December 31, 2016 or 2015 . To further assist financial statement users, the Company has included with its fair value disclosures an analysis of interest rate sensitivity. The estimated fair values of notes payable at December 31, 2016 and 2015 were as follows: 2016 2015 Carrying Value Fair Value Carrying Value (1) Fair Value Notes payable $ 3,255,512 $ 3,184,036 $ 2,627,088 $ 2,609,582 (1) The December 31, 2015 balance has been retrospectively adjusted in connection with the Company's adoption of ASU No. 2015-03 "Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs" (Note 1). The fair values of the notes payable are dependent on the interest rates used in estimating the values. An overall 1% increase in rates employed in making these estimates would have decreased the fair values of the debt shown above at December 31, 2016 by $140.2 million or 4.4% . Cash Equivalents and Notes Receivable The fair value of cash equivalents and notes receivable approximates their carrying value due to their short maturity. The fair value of cash equivalents is derived from quoted market prices and therefore falls into Level 1 of the fair value hierarchy. The fair value of notes receivable are estimated using cash flows discounted at current market rates and therefore fall into Level 2 of the fair value hierarchy. See Note 10 regarding additional information on derivatives. |
Cash Flow Disclosures & Non-Cas
Cash Flow Disclosures & Non-Cash Investing and Financing Activities | 12 Months Ended |
Dec. 31, 2016 | |
Cash Flow Disclosures and Non-Cash Investing and Financing Activties [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | Cash Flow Disclosures and Non-Cash Investing and Financing Activities Interest paid in 2016 , 2015 , and 2014 , net of amounts capitalized of $21.9 million , $ 31.1 million , and $ 27.3 million , respectively, was $78.1 million , $ 57.6 million , and $ 88.5 million , respectively. In 2016 , 2015 , and 2014, $3.5 million , $2.6 million and $11.9 million of income taxes were paid, respectively. The following non-cash investing and financing activities occurred during 2016 , 2015 , and 2014 . 2016 2015 2014 Recapitalization of The Mall of San Juan joint venture (Note 2) (1) $ 9,296 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 $ 108,581 104,494 24,315 (1) In April 2015, the Company acquired an additional 15% interest in The Mall of San Juan. The additional interest was acquired at cost. In connection with the acquisition, the noncontrolling owner used $9.3 million of previously contributed capital to fund its obligation to reimburse the Company for certain shared infrastructure costs, which was classified as a reduction of the noncontrolling interest and an offsetting reduction of properties. Other non-cash additions to properties primarily represent accrued construction and tenant allowance costs. Various assets and liabilities were also adjusted upon the disposition of interests in International Plaza and the deconsolidation of the Company's remaining interest (Note 2). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
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 years ended December 31, 2016 , 2015 , and 2014 were as follows: Taubman Centers, Inc. AOCI Noncontrolling Interests AOCI Cumulative translation adjustment Unrealized gains (losses) on interest rate instruments and other Total Cumulative translation adjustment Unrealized gains (losses) on interest rate instruments and other Total January 1, 2014 $ 5,040 $ (13,954 ) $ (8,914 ) $ 2,011 $ 6,141 $ 8,152 Other comprehensive income (loss) before reclassifications (5,148 ) (12,783 ) (17,931 ) (2,045 ) (5,221 ) (7,266 ) Amounts reclassified from AOCI 11,747 11,747 4,982 4,982 Net current period other comprehensive income (loss) (5,148 ) (1,036 ) (6,184 ) (2,045 ) (239 ) (2,284 ) Adjustments due to changes in ownership 7 23 30 (7 ) (23 ) (30 ) December 31, 2014 $ (101 ) $ (14,967 ) $ (15,068 ) $ (41 ) $ 5,879 $ 5,838 Other comprehensive income (loss) before reclassifications (10,790 ) (9,653 ) (20,443 ) (4,489 ) (4,015 ) (8,504 ) Amounts reclassified from AOCI 8,489 8,489 3,532 3,532 Net current period other comprehensive income (loss) (10,790 ) (1,164 ) (11,954 ) (4,489 ) (483 ) (4,972 ) Adjustments due to changes in ownership 1 (199 ) (198 ) (1 ) 199 198 December 31, 2015 $ (10,890 ) $ (16,330 ) $ (27,220 ) $ (4,531 ) $ 5,595 $ 1,064 Other comprehensive income (loss) before reclassifications (12,251 ) (3,044 ) (15,295 ) (5,088 ) (1,264 ) (6,352 ) Amounts reclassified from AOCI 6,598 6,598 2,741 2,741 Net current period other comprehensive income (loss) (12,251 ) 3,554 (8,697 ) (5,088 ) 1,477 (3,611 ) Adjustments due to changes in ownership (6 ) 7 1 6 (7 ) (1 ) December 31, 2016 $ (23,147 ) $ (12,769 ) $ (35,916 ) $ (9,613 ) $ 7,065 $ (2,548 ) The following table presents reclassifications out of AOCI for the year ended December 31, 2016 : Details about AOCI Components Amounts reclassified from AOCI Affected line item in Consolidated Statement of Operations and Comprehensive Income Losses on interest rate instruments and other: Realized loss on interest rate contracts - consolidated subsidiaries $ 5,823 Interest Expense Realized loss on interest rate contracts - UJVs 3,775 Equity in Income in UJVs Realized gain on cross-currency interest rate contract - UJV (259 ) Equity in Income in UJVs Total reclassifications for the period $ 9,339 The following table presents reclassifications out of AOCI for the year ended December 31, 2015 : Details about AOCI Components Amounts reclassified from AOCI Affected line item in Consolidated Statement of Operations and Comprehensive Income Losses on interest rate instruments and other: Realized loss on interest rate contracts - consolidated subsidiaries $ 7,211 Interest Expense Realized loss on interest rate contracts - UJVs 4,489 Equity in Income of UJVs Realized loss on cross-currency interest rate contract - UJV 321 Equity in Income in UJVs Total reclassifications for the period $ 12,021 The following table presents reclassifications out of AOCI for the year ended December 31, 2014 : Details about AOCI Components Amounts reclassified from AOCI Affected line item in Consolidated Statement of Operations and Comprehensive Income Losses on interest rate instruments and other: Discontinuation of hedge accounting - consolidated subsidiary $ 4,880 Nonoperating Income (Expense) Realized loss on interest rate contracts - consolidated subsidiaries 8,663 Interest Expense Realized loss on interest rate contracts - UJVs 3,186 Equity in Income of UJVs Total reclassifications for the period $ 16,729 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Financial Data (Unaudited) The following is a summary of quarterly results of operations for 2016 and 2015 : 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 139,455 $ 158,890 $ 148,021 $ 166,191 Equity in income of Unconsolidated Joint Ventures 18,478 15,910 15,391 19,922 Net income 44,329 57,744 35,184 50,894 Net income attributable to TCO common shareowners 24,613 34,718 18,752 29,275 Earnings per common share – basic $ 0.41 $ 0.58 $ 0.31 $ 0.48 Earnings per common share – diluted $ 0.41 $ 0.57 $ 0.31 $ 0.48 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 128,989 $ 131,973 $ 139,983 $ 156,227 Equity in income of Unconsolidated Joint Ventures 17,075 14,004 15,219 9,928 Net income 51,000 42,333 52,629 46,595 Net income attributable to TCO common shareowners 29,622 23,230 30,422 25,746 Earnings per common share – basic $ 0.47 $ 0.38 $ 0.50 $ 0.43 Earnings per common share – diluted $ 0.47 $ 0.37 $ 0.50 $ 0.42 In December 2016, the Company converted 250,000 Simon Property Group Limited Partnership units to SPG common shares. Upon conversion, the Company recognized an $11.1 million gain included within Nonoperating Income (Expense) in the Consolidated Statement of Operations and Comprehensive Income, which was calculated based on the change in fair value of the SPG share price at the date of conversion from the carrying value. In April 2016, the third party leasing agreement for The Shops at Crystals was terminated in connection with a change in ownership of the center. As a result, the Company recognized management, leasing, and development services revenue for the lump sum payment of $21.7 million received in May 2016 in connection with the termination. During the fourth quarter of 2015, an impairment charge of $11.8 million was recognized, which represents previously capitalized costs related to the pre-development of the Miami Worldcenter enclosed mall project. The impairment charge was recorded within Equity in Income of Unconsolidated Joint Ventures on the Consolidated Statement of Operations and Comprehensive Income. |
New Accounting Pronouncements (
New Accounting Pronouncements (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
New Accounting Pronouncements, Policy [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-01, "Clarifying the Definition of a Business", which provides guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or dispositions) of assets or businesses. ASU No. 2017-01 is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2017. The Company currently generally accounts for acquisitions of shopping centers as acquisitions of businesses under Accounting Standard Codification topic 805: Business Combinations. After adopting ASU No. 2017-01, the Company expects it may account for the acquisitions of shopping centers as asset acquisitions. This may impact the Consolidated Statement of Operations and Comprehensive Income as transaction costs associated with future asset acquisitions would be capitalized. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows - Restricted Cash", which provides guidance for the presentation of restricted cash and changes in restricted cash. ASU No. 2016-18 is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2017. Early adoption of this ASU is permitted, including adoption in an interim period. This ASU will cause restricted cash to be presented in combination with cash and cash equivalents on the Consolidated Statement of Cash Flows (Note 1). The Company is currently evaluating the application of this ASU and its effect on the Company's Consolidated Statement of Cash Flows. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments", which provides guidance for the presentation of certain cash receipts and payments, including the classification of distributions received from equity method investees. ASU No. 2016-15 provides companies with two alternatives of presentation; the nature of the distribution approach or the cumulative earnings approach. ASU No. 2016-15 is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2017. Early adoption of this ASU is permitted, including adoption in an interim period. The Company expects to use the cumulative earnings approach to calculate and present distributions received from equity method investees, and does not believe there will be a material impact to the Consolidated Statement of Cash Flows. The Company preliminarily plans to early adopt ASU No. 2016-15 beginning in 2017. In February 2016, the FASB issued ASU No. 2016-02, "Leases", which provides for significant changes to the current lease accounting standard. The primary objectives of this ASU is to address off-balance-sheet financing related to operating leases and to introduce a new lessee model that brings substantially all leases onto the balance sheet. ASU No. 2016-02 is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2018. We expect to adopt the new standard on its effective date. The Company is currently evaluating the application of this ASU and its effect on the Company’s financial position and results of operations. From initial implementation efforts, the Company preliminarily expects the most significant impacts of adoption to include (1) the potential need to expense certain internal leasing costs currently being capitalized, including costs associated with the Company's leasing department, (2) the bifurcation of certain lease revenues between rental and reimbursement (non-rental) components, and (3) the potential recognition of lease obligations and right-of-use assets for ground and office leases under which the Company or its ventures are the lessee. Under the new Leases standard, common area maintenance recoveries must be accounted for as a non-lease component. We will be evaluating whether bifurcating of common area maintenance will affect the timing or recognition of such revenues. In January 2016, the FASB issued ASU No. 2016-01,"Recognition and Measurement of Financial Assets and Financial Liabilities," which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Amongst its changes, ASU No. 2016-01 requires an entity to measure equity investments at fair value through net income, except for those that result in consolidation or are accounted for under the equity method of accounting. ASU No. 2016-01 is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2017. As of December 31, 2016, the Company owned 340,124 Simon Property Group Limited Partnership units that are currently being accounted for as a cost method investment and 250,000 SPG common shares that are currently being recorded at fair value (Note 7 and 17). Upon the Company's adoption of ASU No. 2016-01 any outstanding Simon Property Group Limited Partnership units will be remeasured at fair value and an offsetting cumulative effect adjustment will be recorded in equity. After the Company's adoption of ASU No. 2016-01, changes in the fair value of any outstanding Simon Property Group Limited Partnership units and SPG common shares will be recorded in net income. Both the Simon Property Group Limited Partnership units and SPG common shares are recorded in Deferred Charges and Other Assets on the Consolidated Balance Sheet. In May 2014, the FASB issued ASU No. 2014-09 , "Revenue from Contracts with Customers." This standard provides a single comprehensive model to use in accounting for revenue arising from contracts with customers and gains and losses arising from transfers of non-financial assets including sales of property, plant, and equipment, real estate, and intangible assets. ASU No. 2014-09 supersedes most current revenue recognition guidance, including industry-specific guidance. In August 2015, the Financial Accounting Standards Board issued ASU No. 2015-14, which deferred the effective date of ASU No. 2014-09 one year to annual reporting periods beginning after December 15, 2017 for public entities. ASU No. 2015-14 permits public entities to adopt ASU No. 2014-09 early, but not before the original effective date of annual periods beginning after December 15, 2016. ASU No. 2014-09 may be applied either retrospectively or as a cumulative effect adjustment as of the date of adoption. The Company is currently evaluating the application of this ASU and its effect on the Company's financial position and results of operations. The Company has preliminarily determined the revenue streams that could be most significantly impacted by this ASU relate to the Company's management, leasing and development services, certain recoveries from tenants, and other miscellaneous income. |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events In February 2017, the Company completed a $300 million unsecured term loan that matures in February 2022 . TRG is the borrower under the loan and the loan bears interest at a range of LIBOR plus 1.25% to LIBOR plus 1.90% based on the Company's total leverage ratio. The Company currently intends to swap the $300 million unsecured term loan to a fixed rate later in 2017. Also in February 2017, the Company amended its $1.1 billion unsecured revolving line of credit. The amended agreement extends the maturity date to February 2021 , with two six-month extension options. The facilities include an accordion feature which in combination with the Company's $1.1 billion unsecured revolving line of credit would increase the Company's maximum aggregate total commitment to $2.0 billion between the two facilities if fully exercised, subject to obtaining additional lender commitments, customary closing conditions, and covenant compliance for the unencumbered asset pool. Additionally, in February 2017, the entity that owns The Gardens on El Paseo was added as a guarantor under the $300 million unsecured term loan, the 1.1 billion revolving line of credit, and the $475 million unsecured term loan. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Schedule II VALUATION AND QUALIFYING ACCOUNTS For the years ended December 31, 2016 , 2015 , and 2014 (in thousands) Additions Balance at beginning of year Charged to costs and expenses Charged to other accounts Write-offs Transfers, net Balance at end of year Year Ended December 31, 2016 Allowance for doubtful receivables $ 2,974 $ 4,047 $ (2,710 ) $ 4,311 Year Ended December 31, 2015 Allowance for doubtful receivables $ 2,927 $ 1,994 $ (1,947 ) $ 2,974 Year Ended December 31, 2014 Allowance for doubtful receivables $ 1,934 $ 2,900 $ (1,145 ) $ (762 ) (1) $ 2,927 (1) Amount represents balances associated with the seven centers sold to Starwood that were sold in the fourth quarter of 2014. See accompanying report of independent registered public accounting firm. |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation | Schedule III TAUBMAN CENTERS, INC. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2016 (in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period Land Buildings, Improvements, and Equipment Cost Capitalized Subsequent to Acquisition Land BI&E Total Accumulated Depreciation (A/D) Total Cost Net of A/D Encumbrances Year Opened / Expanded Year Acquired Depreciable Life Shopping Centers: Beverly Center Los Angeles, CA $ 200,902 $ 98,528 $ 299,430 $ 299,430 $ 181,520 $ 117,910 1982 40 years Cherry Creek Shopping Center Denver, CO 99,087 202,547 301,634 301,634 154,743 146,891 $ 550,000 1990 / 1998 / 2015 40 years City Creek Shopping Center Salt Lake City, UT 75,229 1,954 77,183 77,183 12,826 64,357 80,269 2012 30 years Dolphin Mall, Miami, FL $ 34,881 222,301 124,694 $ 34,881 346,995 381,876 118,756 263,120 2001 / 2007 / 2015 50 years The Gardens on El Paseo Palm Desert, CA 23,500 131,858 7,409 23,500 139,267 162,767 20,271 142,496 1998 / 2010 2011 48 years Great Lakes Crossing Outlets Auburn Hills, MI 15,506 188,773 47,885 15,506 236,658 252,164 127,054 125,110 208,303 1998 50 years The Mall at Green Hills Nashville, TN 48,551 332,261 38,736 48,551 370,997 419,548 53,980 365,568 150,000 1955 / 2011 2011 40 years International Market Place Honolulu, HI 493,011 493,011 493,011 11,479 481,532 257,052 2016 50 years The Mall of San Juan San Juan, PR 17,617 532,985 17,617 532,985 550,602 37,898 512,704 302,357 2015 50 years The Mall at Short Hills Short Hills, NJ 25,114 167,595 164,416 25,114 332,011 357,125 185,778 171,347 1,000,000 1980 / 1994 / 1995 / 2011 40 years Taubman Prestige Outlets Chesterfield Chesterfield, MO 16,079 108,934 3,764 16,079 112,698 128,777 18,391 110,386 2013 50 years Twelve Oaks Mall Novi, MI 25,410 190,455 92,850 25,410 283,305 308,715 162,035 146,680 1977 / 1978 / 2007 / 2008 50 years Other: Office Facilities 5,123 12,519 32,845 5,123 45,364 50,487 28,956 21,531 12,000 2014 35 years Peripheral Land 17,553 17,553 17,553 17,553 Construction in Process and Development - pre-construction costs 8,058 32,368 260,969 8,058 293,337 301,395 301,395 Assets under CDD Obligations 3,969 58,512 3,969 58,512 62,481 32,751 29,730 Other 9,206 9,206 9,206 952 8,254 Total $ 241,361 $ 2,855,996 $ 1,076,597 $ 241,361 $ 3,932,593 $ 4,173,954 (1) $ 1,147,390 $ 3,026,564 Schedule III The changes in total real estate assets and accumulated depreciation for the years ended December 31, 2016 , 2015 , and 2014 are as follows: TAUBMAN CENTERS, INC. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2016 (in thousands) Total Real Estate Assets Accumulated Depreciation 2016 2015 2014 2016 2015 2014 Balance, beginning of year $ 3,713,215 $ 3,262,505 $ 4,485,090 Balance, beginning of year $ (1,052,027 ) $ (970,045 ) $ (1,516,982 ) Acquisitions 17,642 (2) Depreciation (130,433 ) (98,846 ) (110,129 ) New development and improvements 528,276 466,307 448,462 Disposals/Write-offs 35,070 16,864 530,916 (3) Disposals/Write-offs (67,537 ) (15,597 ) (1,308,529 ) (3) Transfers (In)/Out 126,150 (4) Transfers In/(Out) (380,160 ) (4) Balance, end of year $ (1,147,390 ) $ (1,052,027 ) $ (970,045 ) Balance, end of year $ 4,173,954 $ 3,713,215 $ 3,262,505 (1) The unaudited aggregate cost for federal income tax purposes as of December 31, 2016 was $3.776 billion . (2) Primarily represents the book value of the Company's acquisition of the U.S. Headquarters building in February 2014 (Note 2). (3) Primarily represents the book balances of the Sale Centers that were sold to Starwood in the fourth quarter of 2014 (Note 2). (4) Primarily represents the book balances of International Plaza. In January 2014, the Company sold a total of 49.9% of its interests in the entity that owns International Plaza. The disposition decreased the Company's ownership in the center to a noncontrolling 50.1% interest. Subsequent to the disposition, International Plaza is accounted for as an Unconsolidated Joint Venture. See accompanying report of independent registered public accounting firm. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Costs Associated with Shareowner Activism [Policy Text Block] | Costs Associated with Shareowner Activism During the year ended December 31, 2016, the Company incurred $3.0 million of expense associated with activities related to a shareowner activist campaign, largely legal and advisory services. Due to the unusual and infrequent nature of these expenses in the Company's history, they have been separately classified in the Company's Consolidated Statement of Operations and Comprehensive Income. |
Management's Responsibility to Evaluate Going Concern [Policy Text Block] | Management's Responsibility to Evaluate the Company's Ability to Continue as a Going Concern In connection with the Company's adoption of ASU No. 2014-15 "Presentation of Financial Statements - Going Concern" on January 1, 2016, when preparing financial statements for each annual and interim reporting period, management now has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued. No such conditions or events were identified as of the issuance date of the financial statements contained in this Annual Report on Form 10-K. |
Consolidation, policy | Consolidation The consolidated financial statements of the Company include all accounts of the Company, the Operating Partnership, and its consolidated subsidiaries, including The Taubman Company LLC (the Manager) and Taubman Asia. All intercompany transactions have been eliminated. The entities included in these consolidated financial statements are separate legal entities and maintain records and books of account separate from any other entity. However, inclusion of these separate entities in the consolidated financial statements does not mean that the assets and credit of each of these legal entities are available to satisfy the debts or other obligations of any other such legal entity included in the consolidated financial statements. Investments in entities not controlled but over which the Company may exercise significant influence (Unconsolidated Joint Ventures or UJVs) are accounted for under the equity method. The Company has evaluated its investments in the Unconsolidated Joint Ventures under guidance for determining whether an entity is a variable interest entity and has concluded that the ventures are not variable interest entities. Accordingly, the Company accounts for its interests in these entities under general accounting standards for investments in real estate ventures (including guidance for determining effective control of a limited partnership or similar entity). The Company’s partners or other owners in these Unconsolidated Joint Ventures have substantive participating rights including approval rights over annual operating budgets, capital spending, financing, admission of new partners/members, or sale of the properties and the Company has concluded that the equity method of accounting is appropriate for these interests. Specifically, the Company’s 79% and 50.1% investments in Westfarms and International Plaza, respectively, are through general partnerships in which the other general partners have participating rights over annual operating budgets, capital spending, refinancing, or sale of the property. The Company provides its beneficial interest in certain financial information of its Unconsolidated Joint Ventures (Notes 5 and 8). This beneficial information is derived as the Company's ownership interest in the investee multiplied by the specific financial statement item being presented. Investors are cautioned that deriving the Company's beneficial interest in this manner may not accurately depict the legal and economic implications of holding a noncontrolling interest in the investee. In 2016, the Company adopted Accounting Standards Update (ASU) No. 2015-02, "Amendments to the Consolidation Analysis." This standard amends certain guidance applicable to the consolidation of various legal entities, including variable interest entities (VIE). The Company evaluated the application of the ASU and concluded that no change was required to its accounting or reporting for any of its interests in less than wholly owned joint ventures. However, under the new guidance all of the Company’s consolidated joint ventures, including the Operating Partnership, now meet the definition and criteria as VIEs. The Company or an affiliate of the Company is the primary beneficiary of each VIE. In determining the method of accounting for partially owned joint ventures, the Company evaluates the characteristics of associated entities and determines whether an entity is a VIE, and, if so, determines whether the Company is the primary beneficiary by analyzing whether the Company has both the power to direct the entity's significant economic activities and the obligation to absorb potentially significant losses or receive potentially significant benefits. Significant judgments and assumptions inherent in this analysis include the nature of the entity's operations, the entity's financing and capital structure, and contractual relationship and terms, including consideration of governance and decision making rights. The Company consolidates a VIE when it has determined that it is the primary beneficiary. The Company’s sole significant asset is its investment in the Operating Partnership and, consequently, substantially all of the Company’s consolidated assets and liabilities are assets and liabilities of the Operating Partnership. All of the Company’s debt (Note 8) is an obligation of the Operating Partnership or its consolidated subsidiaries. Note 8 also provides disclosure of guarantees provided by the Operating Partnership to certain consolidated joint ventures. Note 9 provides additional disclosures of the carrying balance of the noncontrolling interests in its consolidated joint ventures and other information, including a description of certain rights of the noncontrolling owners. |
Operating Partnership Ownership [Table Text Block] | The Operating Partnership At December 31, 2016 and 2015 , the Operating Partnership’s equity included two classes of preferred equity (Series J and K Preferred Equity) and the net equity of the partnership unitholders (Note 14). Net income and distributions of the Operating Partnership are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in the Operating Partnership in accordance with their percentage ownership. The Series J and K Preferred Equity are owned by the Company and are eliminated in consolidation. The partnership equity of the Operating Partnership and the Company's ownership therein are shown below: Year TRG units outstanding at December 31 TRG units owned by TCO at December 31 (1) TRG units owned by noncontrolling interests at December 31 TCO's % interest in TRG at December 31 TCO's average interest % in TRG 2016 85,476,892 60,430,613 25,046,279 71% 71% 2015 85,295,720 60,233,561 25,062,159 71 71 2014 88,459,859 63,324,409 25,135,450 72 72 (1) There is a one-for-one relationship between TRG units owned by TCO and TCO common shares outstanding; amounts in this column are equal to TCO’s common shares outstanding as of the specified dates. |
Business Description and Basis of Presentation [Text Block] | Organization and Basis of Presentation General Taubman Centers, Inc. (the Company or TCO) is a Michigan corporation that operates as a self-administered and self-managed real estate investment trust (REIT). The Taubman Realty Group Limited Partnership (the Operating Partnership or TRG) is a majority-owned partnership subsidiary of TCO that owns direct or indirect interests in all of the Company’s real estate properties. In this report, the term "Company" refers to TCO, the Operating Partnership, and/or the Operating Partnership's subsidiaries as the context may require. The Company engages in the ownership, management, leasing, acquisition, disposition, development, and expansion of regional and super-regional retail shopping centers and interests therein. The Company’s owned portfolio as of December 31, 2016 included 23 urban and suburban shopping centers operating in 11 U.S. states, Puerto Rico, South Korea, and China. Taubman Properties Asia LLC and its subsidiaries (Taubman Asia), which is the platform for the Company’s operations and developments in China and South Korea, is headquartered in Hong Kong. Dollar amounts presented in tables within the notes to the financial statements are stated in thousands, except share data or as otherwise noted. Consolidation The consolidated financial statements of the Company include all accounts of the Company, the Operating Partnership, and its consolidated subsidiaries, including The Taubman Company LLC (the Manager) and Taubman Asia. All intercompany transactions have been eliminated. The entities included in these consolidated financial statements are separate legal entities and maintain records and books of account separate from any other entity. However, inclusion of these separate entities in the consolidated financial statements does not mean that the assets and credit of each of these legal entities are available to satisfy the debts or other obligations of any other such legal entity included in the consolidated financial statements. Investments in entities not controlled but over which the Company may exercise significant influence (Unconsolidated Joint Ventures or UJVs) are accounted for under the equity method. The Company has evaluated its investments in the Unconsolidated Joint Ventures under guidance for determining whether an entity is a variable interest entity and has concluded that the ventures are not variable interest entities. Accordingly, the Company accounts for its interests in these entities under general accounting standards for investments in real estate ventures (including guidance for determining effective control of a limited partnership or similar entity). The Company’s partners or other owners in these Unconsolidated Joint Ventures have substantive participating rights including approval rights over annual operating budgets, capital spending, financing, admission of new partners/members, or sale of the properties and the Company has concluded that the equity method of accounting is appropriate for these interests. Specifically, the Company’s 79% and 50.1% investments in Westfarms and International Plaza, respectively, are through general partnerships in which the other general partners have participating rights over annual operating budgets, capital spending, refinancing, or sale of the property. The Company provides its beneficial interest in certain financial information of its Unconsolidated Joint Ventures (Notes 5 and 8). This beneficial information is derived as the Company's ownership interest in the investee multiplied by the specific financial statement item being presented. Investors are cautioned that deriving the Company's beneficial interest in this manner may not accurately depict the legal and economic implications of holding a noncontrolling interest in the investee. In 2016, the Company adopted Accounting Standards Update (ASU) No. 2015-02, "Amendments to the Consolidation Analysis." This standard amends certain guidance applicable to the consolidation of various legal entities, including variable interest entities (VIE). The Company evaluated the application of the ASU and concluded that no change was required to its accounting or reporting for any of its interests in less than wholly owned joint ventures. However, under the new guidance all of the Company’s consolidated joint ventures, including the Operating Partnership, now meet the definition and criteria as VIEs. The Company or an affiliate of the Company is the primary beneficiary of each VIE. In determining the method of accounting for partially owned joint ventures, the Company evaluates the characteristics of associated entities and determines whether an entity is a VIE, and, if so, determines whether the Company is the primary beneficiary by analyzing whether the Company has both the power to direct the entity's significant economic activities and the obligation to absorb potentially significant losses or receive potentially significant benefits. Significant judgments and assumptions inherent in this analysis include the nature of the entity's operations, the entity's financing and capital structure, and contractual relationship and terms, including consideration of governance and decision making rights. The Company consolidates a VIE when it has determined that it is the primary beneficiary. The Company’s sole significant asset is its investment in the Operating Partnership and, consequently, substantially all of the Company’s consolidated assets and liabilities are assets and liabilities of the Operating Partnership. All of the Company’s debt (Note 8) is an obligation of the Operating Partnership or its consolidated subsidiaries. Note 8 also provides disclosure of guarantees provided by the Operating Partnership to certain consolidated joint ventures. Note 9 provides additional disclosures of the carrying balance of the noncontrolling interests in its consolidated joint ventures and other information, including a description of certain rights of the noncontrolling owners. The Operating Partnership At December 31, 2016 and 2015 , the Operating Partnership’s equity included two classes of preferred equity (Series J and K Preferred Equity) and the net equity of the partnership unitholders (Note 14). Net income and distributions of the Operating Partnership are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in the Operating Partnership in accordance with their percentage ownership. The Series J and K Preferred Equity are owned by the Company and are eliminated in consolidation. The partnership equity of the Operating Partnership and the Company's ownership therein are shown below: Year TRG units outstanding at December 31 TRG units owned by TCO at December 31 (1) TRG units owned by noncontrolling interests at December 31 TCO's % interest in TRG at December 31 TCO's average interest % in TRG 2016 85,476,892 60,430,613 25,046,279 71% 71% 2015 85,295,720 60,233,561 25,062,159 71 71 2014 88,459,859 63,324,409 25,135,450 72 72 (1) There is a one-for-one relationship between TRG units owned by TCO and TCO common shares outstanding; amounts in this column are equal to TCO’s common shares outstanding as of the specified dates. Outstanding voting securities of the Company at December 31, 2016 consisted of 25,029,059 shares of Series B Preferred Stock (Note 14) and 60,430,613 shares of common stock. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Shopping center space is generally leased to tenants under short and intermediate term leases that are accounted for as operating leases. Minimum rents are recognized on the straight-line method. Percentage rent is accrued when lessees' specified sales targets have been met. For traditional net leases, where tenants reimburse the landlord for an allocation of reimbursable costs incurred, the Company recognizes revenue in the period the applicable costs are chargeable to tenants. For tenants paying a fixed common area maintenance charge (which typically includes fixed increases over the lease term), the Company recognizes revenue on a straight-line basis over the lease terms. Management, leasing, and development revenue is recognized as services are rendered, when fees due are determinable, and collectibility is reasonably assured. Fees for management, leasing, and development services are established under contracts and are generally based on negotiated rates, percentages of cash receipts, and/or actual costs incurred. Fixed-fee development services contracts are generally accounted for under the percentage-of-completion method, using cost to cost measurements of progress. Profits on real estate sales are recognized whenever (1) a sale is consummated, (2) the buyer has demonstrated an adequate commitment to pay for the property, (3) the Company’s receivable is not subject to future subordination, and (4) the Company has transferred to the buyer the risks and rewards of ownership. Other revenues, including fees paid by tenants to terminate their leases, are recognized when fees due are determinable, no further actions or services are required to be performed by the Company, and collectibility is reasonably assured. Taxes assessed by government authorities on revenue-producing transactions, such as sales, use, and value-added taxes, are primarily accounted for on a net basis on the Company’s income statement. See Note 21 - New Accounting Pronouncements, for the Company's evaluation of the impact of ASU No. 2014-09, "Revenue's from Contracts with Customers." |
Receivables, Policy [Policy Text Block] | Allowance for Doubtful Accounts and Notes The Company records a provision for losses on accounts receivable to reduce them to the amount estimated to be collectible. The Company records a provision for losses on notes receivable to reduce them to the present value of expected future cash flows discounted at the loans’ effective interest rates or the fair value of the collateral if the loans are collateral dependent. |
Property, Plant and Equipment, Policy [Policy Text Block] | Depreciation and Amortization Buildings, improvements, and equipment are primarily depreciated on straight-line bases over the estimated useful lives of the assets, which generally range from 3 to 50 years. Capital expenditures that are recoverable from tenants are generally depreciated over the estimated recovery period. Intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets. Tenant allowances are depreciated on a straight-line basis over the shorter of the useful life of the leasehold improvements or the lease term. Deferred leasing costs are amortized on a straight-line basis over the lives of the related leases. In the event of early termination of such leases, the unrecoverable net book values of the assets are recognized as depreciation and amortization expense in the period of termination. Capitalization Direct and indirect costs that are clearly related to the acquisition, development, construction, and improvement of properties are capitalized. Compensation costs are allocated based on actual time spent on a project. Costs incurred on real estate for ground leases, property taxes, insurance, and interest costs for qualifying assets are capitalized during periods in which activities necessary to get the property ready for its intended use are in progress. The viability of all projects under construction or development, including those owned by Unconsolidated Joint Ventures, are regularly evaluated on an individual basis under the accounting for abandonment of assets or changes in use. To the extent a project, or individual components of the project, are no longer considered to have value, the related capitalized costs are charged against operations. Additionally, all properties are reviewed for impairment on an individual basis whenever events or changes in circumstances indicate that their carrying value may not be recoverable. Impairment of a shopping center owned by consolidated entities is recognized when the sum of expected cash flows (undiscounted and without interest charges) is less than the carrying value of the property. Other than temporary impairment of an investment in an Unconsolidated Joint Venture is recognized when the carrying value of the investment is not considered recoverable based on evaluation of the severity and duration of the decline in value, including the results of discounted cash flow and other valuation techniques. To the extent impairment has occurred, the excess carrying value of the asset over its estimated fair value is charged to income. In the fourth quarter of 2015, the Company recognized an impairment charge on previously capitalized pre-development costs related to its enclosed regional mall project that was intended to be part of the Miami Worldcenter mixed-use, urban development in Miami, Florida (Note 5). In leasing a shopping center space, the Company may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, the Company determines whether the allowance represents funding for the construction of leasehold improvements and evaluates the ownership, for accounting purposes, of such improvements. If the Company is considered the owner of the leasehold improvements for accounting purposes, the Company capitalizes the amount of the tenant allowance and depreciates it over the shorter of the useful life of the leasehold improvements or the lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements for accounting purposes, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of rental revenue. Factors considered during this evaluation usually include (1) who holds legal title to the improvements, (2) evidentiary requirements concerning the spending of the tenant allowance, and (3) other controlling rights provided by the lease agreement (e.g. unilateral control of the tenant space during the build-out process). Determination of the accounting for a tenant allowance is made on a case-by-case basis, considering the facts and circumstances of the individual tenant lease. Substantially all of the Company’s tenant allowances have been determined to be leasehold improvements. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with a maturity of 90 days or less at the date of purchase. The Company deposits cash and cash equivalents with institutions with high credit quality. From time to time, cash and cash equivalents may be in excess of FDIC insurance limits. Substantially all cash equivalents at December 31, 2016 were not insured or guaranteed by the FDIC or any other government agency and were invested across three separate financial institutions as of December 31, 2016 . The Company is required to escrow cash balances for specific uses stipulated by certain of its lenders and other various agreements. As of December 31, 2016 and 2015 , the Company’s cash balances restricted for these uses were $0.9 million and $6.4 million , respectively. Included in restricted cash is $0.7 million at December 31, 2016 on deposit in excess of the FDIC insured limit. |
Business Combinations Policy [Policy Text Block] | Acquisitions The Company recognizes the assets acquired, the liabilities assumed, and any noncontrolling interests in the acquiree at their fair values as of the acquisition date. The cost of acquiring a controlling ownership interest or an additional ownership interest (if not already consolidated) is allocated to the tangible assets acquired (such as land and building) and to any identifiable intangible assets based on their estimated fair values at the date of acquisition. The fair value of a property is determined on an "as-if-vacant" basis. Management considers various factors in estimating the "as-if-vacant" value including an estimated lease up period, lost rents, and carrying costs. The identifiable intangible assets would include the estimated value of "in-place" leases, above and below market "in-place" leases, and tenant relationships. The portion of the purchase price that management determines should be allocated to identifiable intangible assets is amortized in depreciation and amortization or as an adjustment to rental revenue, as appropriate, over the estimated life of the associated intangible asset (for instance, the remaining life of the associated tenant lease). The Company records goodwill when the cost of an acquired entity exceeds the net of the amounts assigned to assets acquired and liabilities assumed. Costs related to the acquisition of a controlling interest, including due diligence costs, professional fees, and other costs to effect an acquisition, are expensed as incurred. |
Deferred Charges, Policy [Policy Text Block] | Deferred Charges and Other Assets Direct costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. Cash expenditures for leasing costs are recognized in the Consolidated Statement of Cash Flows as operating activities. Debt issuance costs incurred in connection with the Company's revolving lines of credit are deferred and amortized on a straight line basis, which approximates the effective interest method. All other deferred charges are amortized on a straight-line basis over the terms of the agreements to which they relate. In April 2015, the Financial Accounting Standards Board (FASB) issued ASU No. 2015-03, "Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs" which changed the presentation of debt issuance costs on the Consolidated Balance Sheet. In connection with the adoption of ASU No. 2015-03 on January 1, 2016, the Company retrospectively reclassified the December 31, 2015 Consolidated Balance Sheet to move $16.9 million of debt issuance costs out of Deferred Charges and Other Assets and into Notes Payable, Net as a direct deduction of the related debt liabilities. Prior to the reclassification, the Company reported $198.2 million and $2.644 billion within Deferred Charges and Other Assets and Notes Payable, respectively, on the Consolidated Balance Sheet as of December 31, 2015. In accordance with ASU No. 2015-15, the Company retained its current methodology for recording and presenting debt issuance costs incurred in connection with its revolving lines of credit and will continue to recognize those costs as Deferred Charges and Other Assets on the Consolidated Balance Sheet. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation Plans The cost of share-based compensation is measured at the grant date, based on the calculated fair value of the award, and is recognized over the requisite employee service period which is generally the vesting period of the grant. The Company recognizes compensation costs for awards with graded vesting schedules on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. The Company recognizes compensation costs for awards with net operating income performance conditions based on the grant date fair value of the award that coincides with the expected outcome of the condition, as updated for actual results (see "Note 13 - Share-Based Compensation - Net Operating Income Performance Based TRG Profits Units"). |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company operates in such a manner as to qualify as a REIT under the applicable provisions of the Internal Revenue Code. To qualify as a REIT, the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains, to its shareowners and meet certain other requirements. As a REIT, the Company is entitled to a dividends paid deduction for the dividends it pays to its shareowners. Therefore, the Company will generally not be subject to federal income taxes under current Federal income tax law as long as it currently distributes to its shareowners an amount equal to or in excess of its taxable income. REIT qualification reduces but does not eliminate the amount of state and local taxes paid by the Company. In addition, a REIT may be subject to certain excise taxes if it engages in certain activities. No provision for federal income taxes for consolidated partnerships has been made; as such taxes are the responsibility of the individual partners under current Federal income tax law. There are certain state income taxes incurred which are provided for in the Company’s financial statements. The Company has made Taxable REIT Subsidiary (TRS) elections for all of its corporate subsidiaries pursuant to section 856 (I) of the Internal Revenue Code. The TRSs are subject to corporate level income taxes, including federal, state, and certain foreign income taxes for foreign operations, which are provided for in the Company’s financial statements. Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the bases of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence, including expected taxable earnings. The Company’s temporary differences primarily relate to deferred compensation, depreciation, and net operating loss carryforwards. Future changes to tax laws could affect the taxation of the REIT, partnerships and Taxable REIT subsidiaries, possibly having a significant impact on the current and deferred income taxes of the Company. |
Derivatives, Methods of Accounting, Hedging Derivatives [Policy Text Block] | Interest Rate Hedging Agreements All derivatives, whether designated in hedging relationships or not, are recorded on the balance sheet at fair value. If a derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive income (OCI) and are recognized in the income statement when the hedged item affects income. Ineffective portions of changes in the fair value of a cash flow hedge are recognized in the Company’s income generally as interest expense (Note 10). The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged items. |
Noncontrolling Interests [Policy Text Block] | Noncontrolling Interests Noncontrolling interests in the Company are comprised of the ownership interests of (1) noncontrolling interests in the Operating Partnership and (2) the noncontrolling interests in joint ventures controlled by the Company through ownership or contractual arrangements. Consolidated net income and comprehensive income includes amounts attributable to the Company and the noncontrolling interests. Transactions that change the Company's ownership interest in a subsidiary are accounted for as equity transactions if the Company retains its controlling financial interest in the subsidiary. The Company evaluates whether noncontrolling interests are subject to any redemption features outside of the Company's control that would result in presentation outside of permanent equity pursuant to general accounting standards regarding the classification and measurement of redeemable equity instruments. Certain noncontrolling interests in the Operating Partnership and consolidated ventures of the Company qualify as redeemable noncontrolling interests (Note 9). To the extent such noncontrolling interests are currently redeemable or it is probable that they will eventually become redeemable, these interests are adjusted to the greater of their redemption value or their carrying value at each balance sheet date |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The Company has certain entities in Asia for which the functional currency is the local currency. The assets and liabilities of the entities are translated from their functional currency into U.S. Dollars at the rate of exchange in effect on the balance sheet date. Income statement accounts are generally translated using the average exchange rate for the period. Income statement amounts of significant transactions are translated at the rate in effect as of the date of the transaction. The Company's share of unrealized gains and losses resulting from the translation of the entities' financial statements are reflected in shareholders' equity as a component of Accumulated Other Comprehensive Income (Loss) in the Company's Consolidated Balance Sheet (Note 19). |
Discontinued Operations, Policy [Policy Text Block] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates |
Segment Reporting Disclosure [Text Block] | Segments and Related Disclosures The Company has one reportable operating segment: it owns, develops, and manages regional shopping centers. The Company has aggregated its shopping centers into this one reportable segment, as the shopping centers share similar economic characteristics and other similarities. The shopping centers are located in major metropolitan areas, have similar tenants (most of which are global chains), are operated using consistent business strategies, and are expected to exhibit similar long-term financial performance. Net Operating Income (NOI) is often used by the Company's chief operating decision makers in assessing segment operating performance. NOI is believed to be a useful indicator of operating performance as it is customary in the real estate and shopping center business to evaluate the performance of properties on a basis unaffected by capital structure. No single retail company represents 5% or more of the Company's revenues. The Company's consolidated revenues and assets do not have any material amounts derived from countries other than the United States, as the Company's investments in Asia are in Unconsolidated Joint Ventures that are accounted for under the equity method. |
Subsequent Events Subsequent 32
Subsequent Events Subsequent Events (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events In February 2017, the Company completed a $300 million unsecured term loan that matures in February 2022 . TRG is the borrower under the loan and the loan bears interest at a range of LIBOR plus 1.25% to LIBOR plus 1.90% based on the Company's total leverage ratio. The Company currently intends to swap the $300 million unsecured term loan to a fixed rate later in 2017. Also in February 2017, the Company amended its $1.1 billion unsecured revolving line of credit. The amended agreement extends the maturity date to February 2021 , with two six-month extension options. The facilities include an accordion feature which in combination with the Company's $1.1 billion unsecured revolving line of credit would increase the Company's maximum aggregate total commitment to $2.0 billion between the two facilities if fully exercised, subject to obtaining additional lender commitments, customary closing conditions, and covenant compliance for the unencumbered asset pool. Additionally, in February 2017, the entity that owns The Gardens on El Paseo was added as a guarantor under the $300 million unsecured term loan, the 1.1 billion revolving line of credit, and the $475 million unsecured term loan. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Operating Partnership Ownership [Table Text Block] | The Operating Partnership At December 31, 2016 and 2015 , the Operating Partnership’s equity included two classes of preferred equity (Series J and K Preferred Equity) and the net equity of the partnership unitholders (Note 14). Net income and distributions of the Operating Partnership are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in the Operating Partnership in accordance with their percentage ownership. The Series J and K Preferred Equity are owned by the Company and are eliminated in consolidation. The partnership equity of the Operating Partnership and the Company's ownership therein are shown below: Year TRG units outstanding at December 31 TRG units owned by TCO at December 31 (1) TRG units owned by noncontrolling interests at December 31 TCO's % interest in TRG at December 31 TCO's average interest % in TRG 2016 85,476,892 60,430,613 25,046,279 71% 71% 2015 85,295,720 60,233,561 25,062,159 71 71 2014 88,459,859 63,324,409 25,135,450 72 72 (1) There is a one-for-one relationship between TRG units owned by TCO and TCO common shares outstanding; amounts in this column are equal to TCO’s common shares outstanding as of the specified dates. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income tax expense (benefit) | The Company’s income tax expense (benefit) for the years ended December 31, 2016 , 2015 , and 2014 consisted of the following: 2016 2015 2014 Federal current $ 2,238 $ 1,931 $ 8,036 Federal deferred (1,310 ) (34 ) 1,354 Foreign current 404 628 1,300 Foreign deferred 293 (114 ) (48 ) State current 782 (528 ) 1,361 State deferred (195 ) (72 ) (3 ) Total income tax expense $ 2,212 $ 1,811 $ 12,000 Less income tax (expense) benefit allocated to Gain on Dispositions (1) 437 (9,733 ) Income tax expense as reported on the Consolidated Statement of Operations and Comprehensive Income $ 2,212 (2) $ 2,248 $ 2,267 (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. In September 2015, an adjustment of $0.4 million was made to reduce the tax recognized as a result of the sale. (2) Includes $0.5 million of income taxes recognized at the time of conversion of a portion of the Company's investment in partnership units in Simon Property Group Limited Partnership to common shares of SPG (Note 7). |
Deferred tax assets and liabilities | Deferred tax assets and liabilities as of December 31, 2016 and 2015 were as follows: 2016 2015 Deferred tax assets: Federal $ 3,230 $ 1,427 Foreign 1,673 1,676 State 935 944 Total deferred tax assets $ 5,838 $ 4,047 Valuation allowances (1,812 ) (1,913 ) Net deferred tax assets $ 4,026 $ 2,134 Deferred tax liabilities: Federal $ 602 Foreign $ 1,124 501 State 70 Total deferred tax liabilities $ 1,124 $ 1,173 |
Tax Status of Dividends, Common Stock [Table Text Block] | Year Dividends per common share declared Return of capital Ordinary income Long term capital gain Unrecaptured Sec. 1250 capital gain 2016 $ 2.3800 $ — $ 1.8427 $ 0.3929 $ 0.1444 2015 2.2600 0.0972 2.1621 0.0004 0.0003 2014 4.7500 (1) 0.7057 0.0000 1.8748 (2) 2.1695 (2) 2014 2.1600 0.3208 1.7773 0.0287 (2) 0.0332 (2) (1) Includes a special dividend of $4.75 per share of common stock declared and paid during December 2014, which was declared as a result of the Company's disposition of seven centers to Starwood in October 2014 (Note 2). (2) The portion of the per share common dividends paid on December 31, 2014 designated as capital gain (long term and unrecaptured Sec. 1250) dividends for tax purposes is $0.0619 per share of the $0.54 dividend and $4.0443 per share of the $4.75 dividend). |
Tax Status of Dividends, Series J [Table Text Block] | Year Dividends per Series J Preferred share declared Ordinary income Long term capital gain Unrecaptured Sec. 1250 capital gain 2016 $ 1.6250 $ 1.2581 $ 0.2683 $ 0.0986 2015 1.6250 1.6245 0.0003 0.0002 2014 1.6250 0.49072 0.52580 (1) 0.60848 (1) (1) The portion of the per share Series J preferred dividends designated as capital gain (long term and unrecaptured Sec. 1250) for tax purposes is as follows; $0.32178 per share of the $0.40625 paid on June 30, 2014, $0.40625 per share of the $0.40625 paid on September 30, 2014, and $0.40625 per share of the $0.40625 paid on December 31, 2014. |
Tax Status of Dividends, Series K [Table Text Block] | Year Dividends per Series K Preferred share declared Ordinary income Long term capital gain Unrecaptured Sec. 1250 capital gain 2016 $ 1.56250 $ 1.2097 $ 0.2580 $ 0.0948 2015 1.56250 1.5620 0.0003 0.0002 2014 1.56250 0.47185 0.50558 (1) 0.58507 (1) (1) The portion of the per share Series K preferred dividends designated as capital gain (long term and unrecaptured Sec. 1250) for tax purposes is as follows; $0.30939 per share of the $0.39063 paid on June 30, 2014, $0.39063 per share of the $0.39063 paid on September 30, 2014, and $0.39063 per share of the $0.39063 paid on December 31, 2014. |
Properties (Tables)
Properties (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Real Estate Properties [Table Text Block] | Properties at December 31, 2016 and 2015 are summarized as follows: 2016 2015 Land $ 233,303 $ 243,870 Buildings, improvements, and equipment 3,639,256 3,107,338 Construction in process and pre-development costs 301,395 362,007 $ 4,173,954 $ 3,713,215 Accumulated depreciation and amortization (1,147,390 ) (1,052,027 ) $ 3,026,564 $ 2,661,188 |
Investments in Unconsolidated36
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Beneficial Interests In Joint Ventures | Shopping Center Ownership as of December 31, 2016 and 2015 CityOn.Xi'an (1) 50/30% CityOn.Zhengzhou (under construction) Note 2 Country Club Plaza (2) 50/0 Fair Oaks 50 International Plaza 50.1 The Mall at Millenia 50 Stamford Town Center 50 Starfield Hanam 34.3 Sunvalley 50 The Mall at University Town Center 50 Waterside Shops 50 Westfarms 79 (1) In April 2016, the joint venture effectively acquired the 40% noncontrolling interest in the project. As a result of the acquisition, the Company's effective ownership is 50% (Note 2). (2) In March 2016, the Company acquired a 50% ownership interest in Country Club Plaza (Note 2). |
Equity Method Investment Summarized Financial Information Text Block | December 31 2016 December 31 2015 Assets: Properties (1) $ 3,371,216 $ 1,628,492 Accumulated depreciation and amortization (661,611 ) (589,145 ) $ 2,709,605 $ 1,039,347 Cash and cash equivalents 83,882 36,047 Accounts and notes receivable, less allowance for doubtful accounts of $1,965 and $1,602 in 2016 and 2015 87,612 42,361 Deferred charges and other assets (2) 67,167 32,660 $ 2,948,266 $ 1,150,415 Liabilities and accumulated deficiency in assets: Notes payable, net (2)(3) $ 2,706,628 $ 1,994,298 Accounts payable and other liabilities 359,814 70,539 TRG's accumulated deficiency in assets (166,226 ) (512,256 ) Unconsolidated Joint Venture Partners' accumulated deficiency in assets 48,050 (402,166 ) $ 2,948,266 $ 1,150,415 TRG's accumulated deficiency in assets (above) $ (166,226 ) $ (512,256 ) TRG's investment in centers under construction (Note 2) 112,861 296,847 TRG basis adjustments, including elimination of intercompany profit 126,240 132,218 TCO's additional basis 51,070 53,016 Net Investment in Unconsolidated Joint Ventures $ 123,945 $ (30,175 ) Distributions in excess of investments in and net income of Unconsolidated Joint Ventures 480,863 464,086 Investment in Unconsolidated Joint Ventures $ 604,808 $ 433,911 (1) The December 31, 2016 amount includes $63.5 million related to an office tower, which is expected to be sold in the first half of 2017. (2) The December 31, 2015 balance has been retrospectively adjusted in connection with the Company's adoption of ASU No. 2015-03 "Imputation of Interest: Simplifying the presentation of Debt Issuance Costs" (Note 1). (3) The Notes Payable, net amount excludes the construction financing outstanding for CityOn.Zhengzhou of $70.5 million ( $34.5 million at TRG's share) and $44.7 million ( $14.2 million at TRG's share) as of December 31, 2016 and 2015 , respectively. The balances presented also exclude the construction financing outstanding for Starfield Hanam of $52.9 million ( $18.1 million at TRG's share) as of December 31, 2015, and the related debt issuance costs. Year Ended December 31 2016 2015 2014 Revenues $ 477,458 $ 378,280 $ 338,017 Maintenance, taxes, utilities, promotion, and other operating expenses $ 172,325 $ 118,909 $ 106,249 Interest expense 103,973 85,198 74,806 Depreciation and amortization 95,051 55,318 47,377 Total operating costs $ 371,349 $ 259,425 $ 228,432 Nonoperating income (expense) 317 (1 ) (22 ) Income tax expense (375 ) Net income $ 106,051 $ 118,854 $ 109,563 Net income attributable to TRG $ 61,561 $ 65,384 $ 60,690 Realized intercompany profit, net of depreciation on TRG’s basis adjustments 10,086 4,542 3,258 Depreciation of TCO's additional basis (1,946 ) (1,946 ) (1,946 ) Beneficial interest in UJV impairment charge - Miami Worldcenter (11,754 ) Equity in income of Unconsolidated Joint Ventures $ 69,701 $ 56,226 $ 62,002 Beneficial interest in Unconsolidated Joint Ventures’ operations: Revenues less maintenance, taxes, utilities, promotion, and other operating expenses $ 178,009 $ 147,905 $ 132,652 Interest expense (54,674 ) (45,564 ) (40,416 ) Depreciation and amortization (53,012 ) (34,361 ) (30,234 ) Income tax expense (622 ) Beneficial interest in UJV impairment charge - Miami Worldcenter (11,754 ) Equity in income of Unconsolidated Joint Ventures $ 69,701 $ 56,226 $ 62,002 |
Accounts and Notes Receivable (
Accounts and Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts and notes receivable at December 31, 2016 and 2015 are summarized as follows: 2016 2015 Trade $ 31,958 $ 29,559 Notes 2,959 1,297 Straight-line rent and recoveries 29,568 26,665 $ 64,485 $ 57,521 Less: Allowance for doubtful accounts (4,311 ) (2,974 ) $ 60,174 $ 54,547 |
Deferred Charges Other Assets (
Deferred Charges Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Charges and Other Assets [Abstract] | |
Deferred Charges and Other Assets [Table Text Block] | Deferred charges and other assets at December 31, 2016 and 2015 are summarized as follows: 2016 2015 Leasing costs $ 35,939 $ 29,097 Accumulated amortization (10,519 ) (10,702 ) $ 25,420 $ 18,395 In-place leases, net 6,264 8,525 Investment in Simon Property Group Limited Partnership units (Notes 2 and 17) (1) 44,792 77,711 Investment in SPG common shares (Note 17) (1) 44,418 Deferred financing costs, net (2) 3,995 5,823 Insurance deposit (Note 17) 15,440 14,346 Deposits 116,809 40,424 Prepaid expenses 4,557 6,622 Deferred tax asset, net 4,026 2,134 Other, net 10,007 7,324 $ 275,728 $ 181,304 (1) In 2016, the Company converted 250,000 Simon Property Group Limited Partnership units to SPG common shares. See Simon Property Group Limited Partnership Unit Conversion discussion below. (2) The December 31, 2015 balance has been retrospectively adjusted in connection with the Company's adoption of ASU No. 2015-03 "Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs" (Note 1). As of both December 31, 2016 and 2015 , the Company had $111.4 million and $37.0 million in restricted deposits related to its Asia investments. |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable [Table Text Block] | Notes payable, net at December 31, 2016 and 2015 consist of the following: 2016 2015 Stated Interest Rate Maturity Date Number of One Year Extension Options Facility Amount Cherry Creek Shopping Center $ 550,000 (1) 3.85% 06/01/28 Cherry Creek Shopping Center $ 280,000 5.24% City Creek Center 80,269 (2) 81,756 (2) 4.37% 08/01/23 The Gardens on El Paseo 81,920 (3) 6.10% Great Lakes Crossing Outlets 208,303 212,863 3.60% 01/06/23 The Mall at Green Hills 150,000 150,000 LIBOR+1.60% 12/01/18 1 International Market Place 257,052 92,169 LIBOR + 1.75% 08/14/18 2 $ 330,890 The Mall of San Juan 302,357 258,250 LIBOR + 2.00% 04/02/17 2 320,000 The Mall at Short Hills 1,000,000 1,000,000 3.48% 10/01/27 U.S. Headquarters Building 12,000 12,000 LIBOR + 1.40% Swapped to 3.49% 03/01/24 $65M Revolving Credit Facility 24,700 LIBOR + 1.40% 04/29/17 65,000 (4) $1.1B Revolving Credit Facility 210,000 (5) (5) LIBOR + 1.30% (5) 02/28/19 (5) 1 1,100,000 (5) $475M Unsecured Term Loan 475,000 (6) 475,000 (6) LIBOR + 1.45% (6) 02/28/19 Deferred Financing Costs, Net (14,169 ) (16,870 ) $ 3,255,512 $ 2,627,088 (1) Cherry Creek Shopping Center was refinanced in May 2016. The proceeds were used to repay the existing loan, with the remaining net proceeds distributed to the joint venture partners based on the partnership agreement ownership percentages. (2) The Operating Partnership has provided a limited guarantee of the repayment of the City Creek Center loan, which could be triggered only upon a decline in center occupancy to a level that the Company believes is remote. (3) Balance includes purchase accounting premium adjustment of $0.4 million in 2015 for an above market interest rate upon acquisition of the center in December 2011. In April 2016, the Company paid off the mortgage note payable on The Gardens on El Paseo. (4) The unused borrowing capacity at December 31, 2016 was $34.0 million , after considering $6.3 million of letters of credit outstanding on the facility. (5) TRG is the borrower under the $1.1 billion unsecured revolving credit facility. As of December 31, 2016 the interest rate on the facility was a range of LIBOR plus 1.15% to LIBOR plus 1.70% and a facility fee of 0.20% to 0.30% based on the Company's total leverage ratio. The unused borrowing capacity at December 31, 2016 was $890.0 million . In January 2017, the facility was refinanced (Note 22). (6) TRG is the borrower under the $475 million unsecured term loan with an accordion feature to increase the borrowing capacity to $600 million , subject to certain conditions including having the borrowing capacity based on the unencumbered asset pool EBITDA and obtaining lender commitments. As of December 31, 2016, the Company cannot fully utilize the accordion feature unless additional assets are added to the unencumbered asset pool. The loan bears interest at a range of LIBOR plus 1.35% to LIBOR plus 1.90% based on the Company's total leverage ratio. The LIBOR rate is swapped to a fixed interest rate of 1.65% , resulting in an effective interest rate in the range of 3.00% to 3.55% (Note 10). |
Schedule of Future Minimum Principal Payments for Notes Payable [Table Text Block] | The following table presents scheduled principal payments on notes payable as of December 31, 2016 : 2017 $ 333,373 (1) 2018 413,615 (2) 2019 691,820 (3) 2020 7,058 2021 7,363 Thereafter 1,816,452 Total principal maturities $ 3,269,681 Net unamortized deferred financing costs (14,169 ) Total notes payable, net $ 3,255,512 (1) Includes $302.4 million with two, one-year extension options. (2) Includes $257.1 million with two, one-year extension options and $150.0 million with a one-year extension option. (3) Includes $210.0 million with a one-year extension option. |
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 interests in Cherry Creek Shopping Center ( 50% ), International Market Place ( 6.5% ), and The Mall of San Juan ( 5% ). At 100% At Beneficial Interest Consolidated Subsidiaries Unconsolidated Joint Ventures Consolidated Subsidiaries Unconsolidated Joint Ventures Debt as of: December 31, 2016 $ 3,255,512 $ 2,777,162 $ 2,949,440 $ 1,425,511 December 31, 2015 (1) 2,627,088 2,087,552 2,468,451 1,116,395 Capitalized interest: Year Ended December 31, 2016 $ 21,864 (2) $ 2,589 (3) $ 21,728 (2) $ 2,589 (3) Year Ended December 31, 2015 31,112 (2) 792 (3) 30,130 (2) 543 (3) Interest expense: Year Ended December 31, 2016 $ 86,285 $ 103,973 $ 75,954 $ 54,674 Year Ended December 31, 2015 63,041 85,198 56,076 45,564 (1) The December 31, 2015 balances have been retrospectively adjusted in connection with the Company's adoption of ASU No. 2015-03 "Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs" (Note 1). (2) 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. (3) Capitalized interest on the Asia Unconsolidated Joint Venture construction loans is presented at the Company's beneficial interest in both the Unconsolidated Joint Ventures (at 100%) and Unconsolidated Joint Ventures (at Beneficial Interest) columns. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Line Items] | |
Redeemable Noncontrolling Interest [Table Text Block] | Reconciliation of Redeemable Noncontrolling Interest 2016 Balance, January 1 Former Taubman Asia President vested redeemable equity $ 13,854 Distributions (7,150 ) Contributions 2,000 Allocation of net loss (656 ) Adjustments of redeemable noncontrolling interest 656 Balance, December 31 $ 8,704 |
Net equity balance of noncontrolling interests | Equity Balances of Non-redeemable Noncontrolling Interests The net equity balance of the non-redeemable noncontrolling interests as of December 31, 2016 and 2015 included the following: 2016 2015 Non-redeemable noncontrolling interests: Noncontrolling interests in consolidated joint ventures $ (155,919 ) $ (23,569 ) Noncontrolling interests in partnership equity of TRG 13,136 31,573 $ (142,783 ) $ 8,004 |
Net income (loss) attributable to noncontrolling interests | Net Income (Loss) Attributable to Noncontrolling Interests Net income (loss) attributable to the noncontrolling interests for the years ended December 31, 2016 , 2015 , and 2014 included the following: 2016 2015 2014 Net income (loss) attributable to non-redeemable noncontrolling interests: Non-redeemable noncontrolling interests: Noncontrolling share of income of consolidated joint ventures $ 8,761 $ 11,222 $ 34,239 Noncontrolling share of income of TRG 47,433 47,208 350,870 $ 56,194 $ 58,430 $ 385,109 Redeemable noncontrolling interest: (656 ) $ 55,538 $ 58,430 $ 385,109 |
Effects of changes in ownership interest in consolidated subsidiaries on equity | Equity Transactions The following schedule presents the effects of changes in Taubman Centers, Inc.’s ownership interest in consolidated subsidiaries on Taubman Centers, Inc.’s equity for the years ended December 31, 2016 , 2015 , and 2014 : 2016 2015 2014 Net income attributable to Taubman Centers, Inc. common shareowners $ 107,358 $ 109,020 $ 863,857 Transfers (to) from the noncontrolling interest: Increase in Taubman Centers, Inc.’s paid-in capital for the adjustments of noncontrolling interest (1) 1,959 69,521 83 Net transfers (to) from noncontrolling interests 1,959 69,521 83 Change from net income attributable to Taubman Centers, Inc. and transfers from noncontrolling interests $ 109,317 $ 178,541 $ 863,940 (1) In 2016, 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 13) and issuances of stock pursuant to the continuing offer (Note 15). In 2016, adjustments of the noncontrolling interest were also made in connection with the accounting for the former Asia President's redeemable ownership interest. In 2015 and 2014, adjustments of the noncontrolling interest were also made as a result of share repurchases (Note 14). |
Derivative and Hedging Activi41
Derivative and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest rate derivatives designated as cash flow hedges | As of December 31, 2016 , the Company had the following outstanding derivatives that were designated and are expected to be effective as cash flow hedges of the interest payments and/or the currency exchange rate 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 % 1.45 % (1) 3.09 % (1) February 2019 Receive variable (LIBOR) /pay-fixed swap (1) 100 % 175,000 1.65 % 1.45 % (1) 3.10 % (1) February 2019 Receive variable (LIBOR) /pay-fixed swap (1) 100 % 100,000 1.64 % 1.45 % (1) 3.09 % (1) February 2019 Receive variable (LIBOR) /pay-fixed swap (2) 100 % 12,000 2.09 % 1.40 % 3.49 % March 2024 Unconsolidated Joint Ventures: Receive variable (LIBOR) /pay-fixed swap (3) 50 % 132,534 2.40 % 1.70 % 4.10 % April 2018 Receive variable (LIBOR) /pay-fixed swap (3) 50 % 132,534 2.40 % 1.70 % 4.10 % April 2018 Receive variable (LIBOR) /pay-fixed swap (4) 50.1 % 168,983 1.83 % 1.75 % 3.58 % December 2021 Receive variable (LIBOR) USD/pay-fixed KRW cross-currency interest rate swap (5) 34.3 % 52,065 USD / 60,500,000 KRW 1.52 % 1.60 % 3.12 % September 2020 (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 unsecured 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. (4) The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on International Plaza. (5) The notional amount on this swap is equal to the outstanding principal balance of the U.S. dollar construction loan for Starfield Hanam. There is a cross-currency interest rate swap to fix the interest rate on the loan and swap the related principal and interest payments from U.S. dollars to KRW in order to reduce the impact of fluctuations in interest rates and exchange rates on the cash flows of the joint venture. The currency swap exchange rate is 1,162.0 . |
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income | During the years ended December 31, 2016 and 2015 , the Company recognized $0.3 million of hedge ineffectiveness income and $0.3 million of hedge ineffectiveness expense, respectively, related to the swaps used to hedge the unsecured term loan. The hedge ineffectiveness for both periods was recorded in Nonoperating Income (Expense) on the Consolidated Statement of Operations and Comprehensive Income. In addition, during the year ended December 31, 2015 , the Company recorded a loss of $0.2 million of hedge ineffectiveness expense in Equity in Income of Unconsolidated Joint Ventures on the Consolidated Statement of Operations and Comprehensive Income related to the Starfield Hanam swap prior to its hedge inception in September 2015 and an immaterial amount of hedge ineffectiveness expense after hedge inception. During the year ended December 31, 2014 , the Company had an immaterial amount of hedge ineffectiveness expense related to the swap on MacArthur Center (prior to discontinuation of hedge accounting (Note 2)) recorded as Nonoperating Income (Expense) 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 Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) 2016 2015 2014 2016 2015 2014 Derivatives in cash flow hedging relationships: Interest rate contracts – consolidated subsidiary (1) Nonoperating Income (Expense) (1) $ (4,880 ) Interest rate contracts – consolidated subsidiaries (1) $ 2,234 $ (1,730 ) $ (7,362 ) Interest Expense (1) $ (5,823 ) $ (7,211 ) (8,663 ) Interest rate contracts – UJVs 2,478 71 893 Equity in Income of UJVs (3,775 ) (4,489 ) (3,186 ) Cross-currency interest rate swap – UJV (109 ) 12 Equity in Income of UJVs 259 (321 ) Total derivatives in cash flow hedging relationships $ 4,603 $ (1,647 ) $ (6,469 ) $ (9,339 ) $ (12,021 ) $ (16,729 ) (1) Includes the MacArthur Center swap for the period that it was effective as a hedge until June 2014, when hedge accounting was discontinued. |
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet | The Company records all derivative instruments at fair value in the Consolidated Balance Sheet. The following table presents the location and fair value of the Company’s derivative financial instruments as reported in the Consolidated Balance Sheet as of December 31, 2016 and 2015 . Fair Value Consolidated Balance Sheet Location December 31 2016 December 31 Derivatives designated as hedging instruments: Asset derivative: Cross-currency interest rate swap - UJV Investment in UJVs 381 Total assets designated as hedging instruments $ 381 $ — Liability derivatives: Interest rate contracts – consolidated subsidiaries Accounts Payable and Accrued Liabilities $ (3,548 ) $ (6,077 ) Interest rate contracts – UJVs Investment in UJVs (2,496 ) (4,974 ) Cross-currency interest rate swap - UJV Investment in UJVs (11 ) Total liabilities designated as hedging instruments $ (6,044 ) $ (11,062 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Operating Leased Assets [Line Items] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum rent under operating leases in effect at December 31, 2016 for operating centers assuming no new or renegotiated leases or option extensions on anchor agreements, is summarized as follows: 2017 $ 320,396 2018 301,957 2019 278,918 2020 247,691 2021 210,121 Thereafter 651,688 |
Operating Leases of Lessee Disclosure [Table Text Block] | The following is a schedule of future minimum rental payments required under operating leases: 2017 $ 15,833 2018 14,597 2019 14,113 2020 13,181 2021 12,575 Thereafter 751,191 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award Restricted Profits Units, Vested and Expected to Vest [Table Text Block] | A summary of Restricted TRG Profits Units activity for the year ended December 31, 2016 is presented below: Number of Restricted TRG Profits Units Weighted Average Grant-Date Fair Value Outstanding at January 1, 2016 — $ — Granted 68,045 59.89 Forfeited (22,105 ) 60.71 Outstanding at December 31, 2016 45,940 $ 59.49 |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, NOI Performance-Based Profits Units, Vested and Expected to Vest1 [Table Text Block] | A summary of NOI Performance-based TRG Profits Units activity for the year ended December 31, 2016 is presented below: Number of NOI Performance-based TRG Profits Units Weighted Average Grant-Date Fair Value Outstanding at January 1, 2016 — $ — Granted 119,123 41.87 Forfeited (15,754 ) 19.41 Outstanding at December 31, 2016 (1) 103,369 $ 41.87 (1) The number of NOI Performance-based TRG Profits Units shown as outstanding represents the number of awards granted less forfeitures and is equal to the maximum number of units that can be issued upon the final determination of the NOI performance. The weighted average grant-date fair value shown corresponds with management's current expectation of the probable outcome of the NOI performance measure, that all of the units will ultimately be issued. The product of the NOI Performance-based TRG Profits Units outstanding and the grant-date fair value represents the compensation cost being recognized over the remaining service period. |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, TSR Performance-Based Profits Units, Vested and Expected to Vest [Table Text Block] | A summary of relative TSR Performance-based TRG Profits Units activity for the year ended December 31, 2016 is presented below: Number of relative TSR Performance-based TRG Profits Units Weighted Average Grant-Date Fair Value Outstanding at January 1, 2016 — $ — Granted 119,123 26.42 Forfeited (15,754 ) 26.42 Outstanding at December 31, 2016 103,369 $ 26.42 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of option activity for the years ended December 31, 2016 , 2015 , and 2014 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, 2014 563,436 $ 43.81 2.6 $ 31.31 - $ 55.90 Exercised (42,143) 42.16 Outstanding at December 31, 2014 521,293 $ 39.20 1.6 $ 26.56 - $ 51.15 (1) Exercised (228,750) 29.72 Outstanding at December 31, 2015 292,543 $ 46.60 1.4 $ 35.50 - $ 51.15 Exercised (89,957) 42.66 Outstanding at December 31, 2016 202,586 $ 48.35 0.7 $ 45.90 - $ 51.15 Fully vested options at December 31, 2016 202,586 $ 48.35 0.7 (1) Range of exercise prices as of December 31, 2014 reflects adjustments to the exercise price as a result of a grant modification in December 2014. |
Schedule of Valuation Assumptions [Table Text Block] | The Company estimated the value of the PSU granted in 2015 and 2014 using a Monte Carlo simulation, considering the Company’s common stock price at the grant date (less the present value of the expected dividends during the vesting periods for 2014 grants), historical returns of the Company and the peer group of companies, and risk-free interest rates and measurement periods existing at the grant dates. Specific assumptions and the valuation results are shown below. PSU Grant Dates 2015 2014 Risk-free interest rate 1.12% 0.07% Measurement period 3 years 3 years Weighted average grant-date fair value $112.30 $93.07 |
Schedule of Valuation Assumptions, Additional Grants [Table Text Block] | The Company estimated the value of the additional PSU granted in 2013 and 2012 using a Monte Carlo simulation, considering the Company’s common stock price at the grant date less the present value of the expected dividends during the vesting periods, historical returns of the Company and the peer group of companies, and risk-free interest rates and measurement periods existing at the grant dates. Specific assumptions and the valuation results are shown below. Additional PSU Grant Dates 2013 2012 Risk-free interest rate 0.46% to 0.62% 0.70% to 0.90% Measurement period 4 years 5 years Weighted average grant-date fair value $171.05 $189.23 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | A summary of PSU activity for the years ended December 31, 2016 , 2015 , and 2014 is presented below: Number of Performance Stock Units Weighted Average Grant Date Fair Value Outstanding at January 1, 2014 234,863 $ 139.18 Granted 49,157 93.07 Forfeited (771 ) 160.09 Vested (43,858 ) (1) 85.40 Special dividend adjustment (2) 15,260 57.00 Outstanding at December 31, 2014 254,651 $ 132.86 Granted 50,256 112.30 Forfeited (5,854 ) 174.95 Vested (43,575 ) (1) 97.44 Outstanding at December 31, 2015 255,478 $ 134.52 Forfeited (44,585 ) 149.43 Vested (44,866 ) (1) 96.61 Outstanding at December 31, 2016 166,027 $ 138.93 (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 years ended December 31, 2016 , 2015 , and 2014 was zero , zero , and 75,438 , respectively. That is, despite the completion of applicable employee service requirements, the number of shares ultimately considered earned is determined by the extent to which the TSR market performance measure was achieved during the performance period. (2) Represents an adjustment made to the PSU as a result of the grant modification in December 2014. |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | A summary of RSU activity for the years ended December 31, 2016 , 2015 , and 2014 is presented below: Number of Restricted Stock Units Weighted average Grant Date Fair Value Outstanding at January 1, 2014 269,899 $ 62.00 Granted (three-year vesting) 106,540 63.95 Granted (staggered vesting) 8,505 66.19 Forfeited (4,843 ) 65.44 Vested (104,302 ) 51.96 Special dividend adjustment (1) 17,852 72.27 Outstanding at December 31, 2014 293,651 $ 67.00 Granted 100,682 74.36 Forfeited (14,542 ) 69.87 Vested (96,438 ) 65.60 Outstanding at December 31, 2015 283,353 $ 69.93 Granted 55,888 73.42 Forfeited (17,012 ) 69.20 Vested (90,326 ) 71.57 Outstanding at December 31, 2016 231,903 $ 70.40 (1) Represents an adjustment made to the RSU as a result of the grant modification in December 2014. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Basic and diluted earnings per share | Year Ended December 31 2016 2015 2014 Net income attributable to Taubman Centers, Inc. common shareowners (Numerator): Basic $ 107,358 $ 109,020 $ 863,857 Impact of additional ownership of TRG 257 398 10,933 Diluted $ 107,615 $ 109,418 $ 874,790 Shares (Denominator) – basic 60,363,416 61,389,113 63,267,800 Effect of dilutive securities 466,139 772,221 1,653,264 Shares (Denominator) – diluted 60,829,555 62,161,334 64,921,064 Earnings per common share - basic $ 1.78 $ 1.78 $ 13.65 Earnings per common share - diluted $ 1.77 $ 1.76 $ 13.47 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31 2016 2015 2014 Weighted average noncontrolling partnership units outstanding 3,983,781 4,029,934 4,351,727 Unissued partnership units under unit option deferral elections 871,262 871,262 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of the fair value for each major category of assets and liabilities is presented below: Fair Value Measurements as of December 31, 2016 Using Fair Value Measurements as of December 31, 2015 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 SPG common shares (Note 7) $ 44,418 Insurance deposit 15,440 $ 14,346 Total assets $ 59,858 $ — $ 14,346 $ — Derivative interest rate contracts (Note 10) $ (3,548 ) $ (6,077 ) Total liabilities $ (3,548 ) $ (6,077 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The estimated fair values of notes payable at December 31, 2016 and 2015 were as follows: 2016 2015 Carrying Value Fair Value Carrying Value (1) Fair Value Notes payable $ 3,255,512 $ 3,184,036 $ 2,627,088 $ 2,609,582 (1) The December 31, 2015 balance has been retrospectively adjusted in connection with the Company's adoption of ASU No. 2015-03 "Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs" (Note 1). |
Cash Flow Disclosures & Non-C46
Cash Flow Disclosures & Non-Cash Investing and Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Cash Flow Disclosures and Non-Cash Investing and Financing Activties [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following non-cash investing and financing activities occurred during 2016 , 2015 , and 2014 . 2016 2015 2014 Recapitalization of The Mall of San Juan joint venture (Note 2) (1) $ 9,296 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 $ 108,581 104,494 24,315 (1) In April 2015, the Company acquired an additional 15% interest in The Mall of San Juan. The additional interest was acquired at cost. In connection with the acquisition, the noncontrolling owner used $9.3 million of previously contributed capital to fund its obligation to reimburse the Company for certain shared infrastructure costs, which was classified as a reduction of the noncontrolling interest and an offsetting reduction of properties. |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in the balance of each component of AOCI for the years ended December 31, 2016 , 2015 , and 2014 were as follows: Taubman Centers, Inc. AOCI Noncontrolling Interests AOCI Cumulative translation adjustment Unrealized gains (losses) on interest rate instruments and other Total Cumulative translation adjustment Unrealized gains (losses) on interest rate instruments and other Total January 1, 2014 $ 5,040 $ (13,954 ) $ (8,914 ) $ 2,011 $ 6,141 $ 8,152 Other comprehensive income (loss) before reclassifications (5,148 ) (12,783 ) (17,931 ) (2,045 ) (5,221 ) (7,266 ) Amounts reclassified from AOCI 11,747 11,747 4,982 4,982 Net current period other comprehensive income (loss) (5,148 ) (1,036 ) (6,184 ) (2,045 ) (239 ) (2,284 ) Adjustments due to changes in ownership 7 23 30 (7 ) (23 ) (30 ) December 31, 2014 $ (101 ) $ (14,967 ) $ (15,068 ) $ (41 ) $ 5,879 $ 5,838 Other comprehensive income (loss) before reclassifications (10,790 ) (9,653 ) (20,443 ) (4,489 ) (4,015 ) (8,504 ) Amounts reclassified from AOCI 8,489 8,489 3,532 3,532 Net current period other comprehensive income (loss) (10,790 ) (1,164 ) (11,954 ) (4,489 ) (483 ) (4,972 ) Adjustments due to changes in ownership 1 (199 ) (198 ) (1 ) 199 198 December 31, 2015 $ (10,890 ) $ (16,330 ) $ (27,220 ) $ (4,531 ) $ 5,595 $ 1,064 Other comprehensive income (loss) before reclassifications (12,251 ) (3,044 ) (15,295 ) (5,088 ) (1,264 ) (6,352 ) Amounts reclassified from AOCI 6,598 6,598 2,741 2,741 Net current period other comprehensive income (loss) (12,251 ) 3,554 (8,697 ) (5,088 ) 1,477 (3,611 ) Adjustments due to changes in ownership (6 ) 7 1 6 (7 ) (1 ) December 31, 2016 $ (23,147 ) $ (12,769 ) $ (35,916 ) $ (9,613 ) $ 7,065 $ (2,548 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents reclassifications out of AOCI for the year ended December 31, 2016 : Details about AOCI Components Amounts reclassified from AOCI Affected line item in Consolidated Statement of Operations and Comprehensive Income Losses on interest rate instruments and other: Realized loss on interest rate contracts - consolidated subsidiaries $ 5,823 Interest Expense Realized loss on interest rate contracts - UJVs 3,775 Equity in Income in UJVs Realized gain on cross-currency interest rate contract - UJV (259 ) Equity in Income in UJVs Total reclassifications for the period $ 9,339 The following table presents reclassifications out of AOCI for the year ended December 31, 2015 : Details about AOCI Components Amounts reclassified from AOCI Affected line item in Consolidated Statement of Operations and Comprehensive Income Losses on interest rate instruments and other: Realized loss on interest rate contracts - consolidated subsidiaries $ 7,211 Interest Expense Realized loss on interest rate contracts - UJVs 4,489 Equity in Income of UJVs Realized loss on cross-currency interest rate contract - UJV 321 Equity in Income in UJVs Total reclassifications for the period $ 12,021 The following table presents reclassifications out of AOCI for the year ended December 31, 2014 : Details about AOCI Components Amounts reclassified from AOCI Affected line item in Consolidated Statement of Operations and Comprehensive Income Losses on interest rate instruments and other: Discontinuation of hedge accounting - consolidated subsidiary $ 4,880 Nonoperating Income (Expense) Realized loss on interest rate contracts - consolidated subsidiaries 8,663 Interest Expense Realized loss on interest rate contracts - UJVs 3,186 Equity in Income of UJVs Total reclassifications for the period $ 16,729 |
Quarterly Financial Data (Una48
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | ||
Schedule of Quarterly Financial Information [Table Text Block] | 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 139,455 $ 158,890 $ 148,021 $ 166,191 Equity in income of Unconsolidated Joint Ventures 18,478 15,910 15,391 19,922 Net income 44,329 57,744 35,184 50,894 Net income attributable to TCO common shareowners 24,613 34,718 18,752 29,275 Earnings per common share – basic $ 0.41 $ 0.58 $ 0.31 $ 0.48 Earnings per common share – diluted $ 0.41 $ 0.57 $ 0.31 $ 0.48 | 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 128,989 $ 131,973 $ 139,983 $ 156,227 Equity in income of Unconsolidated Joint Ventures 17,075 14,004 15,219 9,928 Net income 51,000 42,333 52,629 46,595 Net income attributable to TCO common shareowners 29,622 23,230 30,422 25,746 Earnings per common share – basic $ 0.47 $ 0.38 $ 0.50 $ 0.43 Earnings per common share – diluted $ 0.47 $ 0.37 $ 0.50 $ 0.42 |
Valuation and Qualifying Acco49
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II VALUATION AND QUALIFYING ACCOUNTS For the years ended December 31, 2016 , 2015 , and 2014 (in thousands) Additions Balance at beginning of year Charged to costs and expenses Charged to other accounts Write-offs Transfers, net Balance at end of year Year Ended December 31, 2016 Allowance for doubtful receivables $ 2,974 $ 4,047 $ (2,710 ) $ 4,311 Year Ended December 31, 2015 Allowance for doubtful receivables $ 2,927 $ 1,994 $ (1,947 ) $ 2,974 Year Ended December 31, 2014 Allowance for doubtful receivables $ 1,934 $ 2,900 $ (1,145 ) $ (762 ) (1) $ 2,927 (1) Amount represents balances associated with the seven centers sold to Starwood that were sold in the fourth quarter of 2014. See accompanying report of independent registered public accounting firm. |
Real Estate and Accumulated D50
Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] | Schedule III TAUBMAN CENTERS, INC. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2016 (in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period Land Buildings, Improvements, and Equipment Cost Capitalized Subsequent to Acquisition Land BI&E Total Accumulated Depreciation (A/D) Total Cost Net of A/D Encumbrances Year Opened / Expanded Year Acquired Depreciable Life Shopping Centers: Beverly Center Los Angeles, CA $ 200,902 $ 98,528 $ 299,430 $ 299,430 $ 181,520 $ 117,910 1982 40 years Cherry Creek Shopping Center Denver, CO 99,087 202,547 301,634 301,634 154,743 146,891 $ 550,000 1990 / 1998 / 2015 40 years City Creek Shopping Center Salt Lake City, UT 75,229 1,954 77,183 77,183 12,826 64,357 80,269 2012 30 years Dolphin Mall, Miami, FL $ 34,881 222,301 124,694 $ 34,881 346,995 381,876 118,756 263,120 2001 / 2007 / 2015 50 years The Gardens on El Paseo Palm Desert, CA 23,500 131,858 7,409 23,500 139,267 162,767 20,271 142,496 1998 / 2010 2011 48 years Great Lakes Crossing Outlets Auburn Hills, MI 15,506 188,773 47,885 15,506 236,658 252,164 127,054 125,110 208,303 1998 50 years The Mall at Green Hills Nashville, TN 48,551 332,261 38,736 48,551 370,997 419,548 53,980 365,568 150,000 1955 / 2011 2011 40 years International Market Place Honolulu, HI 493,011 493,011 493,011 11,479 481,532 257,052 2016 50 years The Mall of San Juan San Juan, PR 17,617 532,985 17,617 532,985 550,602 37,898 512,704 302,357 2015 50 years The Mall at Short Hills Short Hills, NJ 25,114 167,595 164,416 25,114 332,011 357,125 185,778 171,347 1,000,000 1980 / 1994 / 1995 / 2011 40 years Taubman Prestige Outlets Chesterfield Chesterfield, MO 16,079 108,934 3,764 16,079 112,698 128,777 18,391 110,386 2013 50 years Twelve Oaks Mall Novi, MI 25,410 190,455 92,850 25,410 283,305 308,715 162,035 146,680 1977 / 1978 / 2007 / 2008 50 years Other: Office Facilities 5,123 12,519 32,845 5,123 45,364 50,487 28,956 21,531 12,000 2014 35 years Peripheral Land 17,553 17,553 17,553 17,553 Construction in Process and Development - pre-construction costs 8,058 32,368 260,969 8,058 293,337 301,395 301,395 Assets under CDD Obligations 3,969 58,512 3,969 58,512 62,481 32,751 29,730 Other 9,206 9,206 9,206 952 8,254 Total $ 241,361 $ 2,855,996 $ 1,076,597 $ 241,361 $ 3,932,593 $ 4,173,954 (1) $ 1,147,390 $ 3,026,564 Schedule III The changes in total real estate assets and accumulated depreciation for the years ended December 31, 2016 , 2015 , and 2014 are as follows: TAUBMAN CENTERS, INC. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2016 (in thousands) Total Real Estate Assets Accumulated Depreciation 2016 2015 2014 2016 2015 2014 Balance, beginning of year $ 3,713,215 $ 3,262,505 $ 4,485,090 Balance, beginning of year $ (1,052,027 ) $ (970,045 ) $ (1,516,982 ) Acquisitions 17,642 (2) Depreciation (130,433 ) (98,846 ) (110,129 ) New development and improvements 528,276 466,307 448,462 Disposals/Write-offs 35,070 16,864 530,916 (3) Disposals/Write-offs (67,537 ) (15,597 ) (1,308,529 ) (3) Transfers (In)/Out 126,150 (4) Transfers In/(Out) (380,160 ) (4) Balance, end of year $ (1,147,390 ) $ (1,052,027 ) $ (970,045 ) Balance, end of year $ 4,173,954 $ 3,713,215 $ 3,262,505 (1) The unaudited aggregate cost for federal income tax purposes as of December 31, 2016 was $3.776 billion . (2) Primarily represents the book value of the Company's acquisition of the U.S. Headquarters building in February 2014 (Note 2). (3) Primarily represents the book balances of the Sale Centers that were sold to Starwood in the fourth quarter of 2014 (Note 2). (4) Primarily represents the book balances of International Plaza. In January 2014, the Company sold a total of 49.9% of its interests in the entity that owns International Plaza. The disposition decreased the Company's ownership in the center to a noncontrolling 50.1% interest. Subsequent to the disposition, International Plaza is accounted for as an Unconsolidated Joint Venture. See accompanying report of independent registered public accounting firm. |
Summary of Significant Accoun51
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Number of urban and suburban shopping centers in the Company's owned portfolio | 23 | |
Number of states in which the Company has shopping centers | 11 | |
Real Estate and Accumulated Depreciation, Life Used for Depreciation, Range, Low | 3 | |
Real Estate and Accumulated Depreciation, Life Used for Depreciation, Range, High | 50 | |
Number of days, or less, to maturity for a highly liquid investment to be considered a cash equivalent | 90 | |
Number Of Financial Institutions In Which Majority of Cash Invested In | three | |
Restricted Cash and Cash Equivalents | $ 932 | $ 6,447 |
Restricted Cash, Uninsured Amount | $ 700 | |
Real Estate Investment Trust, required distribution | 90.00% | |
Number of Reportable Segments | 1 | |
Percentage of revenues of which no single retail company exceeds | 5.00% | |
Westfarms [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 79.00% | 79.00% |
International Plaza [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.10% | 50.10% |
Summary of Significant Accoun52
Summary of Significant Accounting Policies (Operating Partnership) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
The Operating Partnership [Abstract] | |||
Number Of Classes Of Preferred Equity | two | two | |
Number of Operating Partnership units outstanding (in shares) | 85,476,892 | 85,295,720 | 88,459,859 |
Number Of Operating Partnership Units Outstanding Owned By Company | 60,430,613 | 60,233,561 | 63,324,409 |
Number of Operating Partnership units outstanding owned by noncontrolling interests | 25,046,279 | 25,062,159 | 25,135,450 |
Noncontrolling Interest, Ownership Percentage by Parent | 71.00% | 71.00% | 72.00% |
Average ownership percentage of the Company in the Operating Partnership (in hundredths) | 71.00% | 71.00% | 72.00% |
Relationship between TRG units owned by TCO and TCO common shares outstanding | one-for-one | ||
Common stock, shares outstanding | 60,430,613 | 60,233,561 | |
Notes payable, net (Notes 1 and 8) | $ 3,255,512 | $ 2,627,088 | |
Deferred charges and other assets (Notes 1 and 7) | 275,728 | $ 181,304 | |
Debt Issuance Costs, Net | 14,169 | ||
Costs associated with shareowner activism (Note 1) | $ 3,000 | ||
Substantial Doubt about Going Concern, Management's Evaluation | when preparing financial statements for each annual and interim reporting period, management now has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued. No such conditions or events were identified as of the issuance date of the financial statements contained in this Annual Report on Form 10-K. | ||
Series B Preferred Stock [Member] | |||
The Operating Partnership [Abstract] | |||
Preferred Stock, shares outstanding | 25,029,059 | 25,044,939 | |
Adjustments for New Accounting Pronouncement [Member] | |||
The Operating Partnership [Abstract] | |||
Debt Issuance Costs, Net | $ 16,870 | ||
Scenario, Previously Reported [Member] | |||
The Operating Partnership [Abstract] | |||
Notes payable, net (Notes 1 and 8) | 2,644,000 | ||
Deferred charges and other assets (Notes 1 and 7) | $ 198,200 |
Dispositions, Acquisition, an53
Dispositions, Acquisition, and Developments (Details) $ / shares in Units, $ in Thousands, ft² in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)ft²shares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)$ / sharesshares | |
Dispositions, Acquisition, and Development [Line Items] | |||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | $ 437 | $ 1,106,554 | |
Gains (Losses) on Extinguishment of Debt | (36,372) | ||
Restructuring and Related Cost, Cost Incurred to Date | 3,706 | ||
Gain (Loss) on Sale of Properties, Applicable Income Taxes | 437 | $ (9,733) | |
Investment in Simon Property Group Limited Partnership units (Notes 2 and 17) (1) | 44,792 | 77,711 | |
Notes payable, net (Notes 1 and 8) | $ 3,255,512 | $ 2,627,088 | |
Noncontrolling Interest, Ownership Percentage by Parent | 71.00% | 71.00% | 72.00% |
Construction in process | $ 301,395 | $ 362,007 | |
Country Club Plaza [Member] | |||
Dispositions, Acquisition, and Development [Line Items] | |||
Acquisition, Purchase Price, Excluding Transaction Costs | 660,000 | ||
Acquisition, Purchase Price, Excluding Transaction Costs, At Beneficial Interest | $ 330,000 | ||
Debt Instrument, Term (in years) | 10 | ||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Notes payable, net (Notes 1 and 8) | $ 320,000 | ||
Notes Payable, At Beneficial Interest | $ 160,000 | ||
International Plaza [Member] | |||
Dispositions, Acquisition, and Development [Line Items] | |||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | $ 368,000 | ||
Noncash or Part Noncash Disposition, Interest Sold | 49.90% | ||
Noncash or Part Noncash Divestiture, Total Consideration Received | $ 499,000 | ||
Proceeds from Divestiture of Real Estate Partnership, net of Transaction Costs | 337,000 | ||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 162,000 | ||
Equity Method Investment, Ownership Percentage | 50.10% | 50.10% | |
Gain (Loss) on Sale of Properties, Applicable Income Taxes | $ 400 | $ (9,700) | |
Arizona Mills Member | |||
Dispositions, Acquisition, and Development [Line Items] | |||
Noncash or Part Noncash Disposition, Interest Sold | 50.00% | ||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 84,000 | ||
Notes payable, net (Notes 1 and 8) | $ 167,000 | ||
SPG Units [Member] | |||
Dispositions, Acquisition, and Development [Line Items] | |||
Conversion of Simon Property Group Limited Partnership Units to SPG Common Stock | shares | 250,000 | ||
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 | shares | 555,150 | ||
Value of Partnership Unit Received in Connection with Disposition | $ / shares | $ 154.91 | ||
Investment in Simon Property Group Limited Partnership units (Notes 2 and 17) (1) | $ 77,700 | ||
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 | shares | 340,124 | ||
Arizona Mills and Oyster Bay [Domain] | |||
Dispositions, Acquisition, and Development [Line Items] | |||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | $ 109,000 | ||
Noncash or Part Noncash Divestiture, Total Consideration Received | 60,000 | ||
Beverly Center and The Mall at Green Hills [Member] | |||
Dispositions, Acquisition, and Development [Line Items] | |||
Total Expected Project Costs | $ 700,000 | ||
International Market Place [Member] | |||
Dispositions, Acquisition, and Development [Line Items] | |||
Notes payable, net (Notes 1 and 8) | $ 257,052 | 92,169 | |
Area of Real Estate Property | ft² | 0.3 | ||
Noncontrolling Interest, Ownership Percentage by Parent | 93.50% | ||
CityOn.Xi'an [Member] | |||
Dispositions, Acquisition, and Development [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Area of Real Estate Property | ft² | 1 | ||
Joint Venture Acquisition, Interest Acquired | 40.00% | ||
Acquisition of additional interest in equity method joint venture | $ 150,000 | ||
Joint Venture, Ownership Percentage | 100.00% | ||
Beneficial share of acquisition of additional interest in equity method joint venture | $ 75,000 | ||
CityOn.Zhengzhou [Member] | |||
Dispositions, Acquisition, and Development [Line Items] | |||
Equity Method Investment, Ownership Percentage | 49.00% | ||
Company’s Share of Project Costs in Equity Method Investments | $ 156,000 | ||
Area of Real Estate Property | ft² | 1 | ||
Noncash or Part Noncash Acquisition, Interest Acquired | 17.00% | ||
Increase (Decrease) in Project Costs Due to Foreign Currency Rate Change | $ (10,100) | ||
Starfield Hanam [Member] | |||
Dispositions, Acquisition, and Development [Line Items] | |||
Equity Method Investment, Ownership Percentage | 34.30% | ||
Area of Real Estate Property | ft² | 1.7 | ||
Joint Venture, Ownership Percentage | 49.00% | ||
Outside Partner, Ownership Percentage | 14.70% | ||
The Shops at Crystals [Member] | |||
Dispositions, Acquisition, and Development [Line Items] | |||
Management Leasing And Development Services, Lump Sum Payment | $ 21,700 | ||
Office Building [Member] | |||
Dispositions, Acquisition, and Development [Line Items] | |||
Notes payable, net (Notes 1 and 8) | $ 12,000 | $ 12,000 | |
Net Consideration Paid to Acquire U.S. Headquarters Building | 16,100 | ||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 17,400 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.90% | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 1,431 | ||
Restricted and Other Cash Proceeds Received as Part of the Acquisition of the U.S. Headquarters Building | $ 1,400 | ||
Beverly Center and The Mall at Green Hills [Member] | |||
Dispositions, Acquisition, and Development [Line Items] | |||
Number Of Ongoing Redevelopments | 2 | ||
Capitalized Project Costs | $ 182,600 | ||
Starwood Transaction [Member] | |||
Dispositions, Acquisition, and Development [Line Items] | |||
Number of centers disposed | seven | ||
Proceeds from Sale of Real Estate | $ 1,400,000 | ||
Repayments of Other Long-term Debt | 623,000 | ||
Transaction and Debt Extinguishment Costs Incurred | $ 51,200 | ||
Number of Loans Defeased or Assumed | four | ||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | $ 629,700 | ||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes, At Beneficial Interest | 606,200 | ||
Gains (Losses) on Extinguishment of Debt | (36,400) | ||
Gain (Loss) on Debt Extinguishment, At Beneficial Interest | (36,000) | ||
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Inclusive of the Adjustment to Fair Value | (7,800) | ||
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Inclusive of Adjustments to Fair Value, At Beneficial Interest | (7,400) | ||
Disposition Costs Incurred | 3,300 | ||
Restructuring and Related Cost, Cost Incurred to Date | 3,700 | ||
Special Dividend [Member] | Starwood Transaction [Member] | |||
Dispositions, Acquisition, and Development [Line Items] | |||
Dividends, Cash | $ 424,300 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income tax expense (benefit) [Abstract] | ||||||
Federal current | $ 2,238 | $ 1,931 | $ 8,036 | |||
Federal deferred | (1,310) | (34) | 1,354 | |||
Foreign current | 404 | 628 | 1,300 | |||
Foreign deferred | 293 | (114) | (48) | |||
State current | 782 | (528) | 1,361 | |||
State deferred | (195) | (72) | (3) | |||
Total income tax expense | 2,212 | 1,811 | 12,000 | |||
Less income tax (expense) benefit allocated to Gain on Dispositions (1) | 437 | (9,733) | ||||
Income tax expense as reported on the Consolidated Statement of Operations and Comprehensive Income | 2,212 | 2,248 | $ 2,267 | |||
Deferred tax assets: | ||||||
Deferred Tax Assets, Gross | 5,838 | 4,047 | ||||
Deferred Tax Assets, Valuation Allowance | (1,812) | (1,913) | ||||
Deferred Tax Assets, Net of Valuation Allowance | 4,026 | 2,134 | ||||
Deferred tax liabilities: | ||||||
Deferred Tax Liabilities, Net | $ 1,124 | $ 1,173 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.54 | $ 2.3800 | $ 2.2600 | $ 2.1600 | ||
Common Stock, Dividends, Per Share, Designated as Capital Gain | 0.0619 | |||||
Common Stock, Dividends, Per Share, Designated as Return of Capital | 0 | 0.0972 | 0.3208 | |||
Common Stock, Dividends, Per Share, Designated as Ordinary Income | 1.8427 | 2.1621 | 1.7773 | |||
Common Stock, Dividends, Per Share, Designated as Long Term Capital Gain | 0.3929 | 0.0004 | 0.0287 | |||
Common Stock, Dividends, Per Share, Designated as Unrecaptured Sec. 1250 Capital Gain | $ 0.1444 | $ 0.0003 | 0.0332 | |||
Domestic Tax Authority [Member] | ||||||
Deferred tax assets: | ||||||
Deferred Tax Assets, Gross | $ 3,230 | $ 1,427 | ||||
Deferred tax liabilities: | ||||||
Deferred Tax Liabilities, Net | 602 | |||||
Foreign Country [Member] | ||||||
Income tax expense (benefit) [Abstract] | ||||||
Operating Loss Carryforwards | 5,400 | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 100 | |||||
Operating Loss Carryforwards, Expiration Dates | 10 | |||||
Deferred tax assets: | ||||||
Deferred Tax Assets, Gross | $ 1,673 | 1,676 | ||||
Deferred tax liabilities: | ||||||
Deferred Tax Liabilities, Net | 1,124 | 501 | ||||
State and Local Jurisdiction [Member] | ||||||
Deferred tax assets: | ||||||
Deferred Tax Assets, Gross | 935 | 944 | ||||
Deferred tax liabilities: | ||||||
Deferred Tax Liabilities, Net | $ 70 | |||||
Series J Preferred Stock [Member] | ||||||
Deferred tax liabilities: | ||||||
Preferred Stock, Dividends Per Share, Declared | 0.40625 | $ 0.40625 | $ 0.40625 | $ 1.6250 | $ 1.6250 | 1.6250 |
Preferred Stock, Dividends Per Share, Designated as Ordinary Income | 1.2581 | 1.6245 | 0.49072 | |||
Preferred Stock, Dividends, Per Share, Designated as Long Term Capital Gain | 0.40625 | 0.40625 | 0.32178 | 0.2683 | 0.00030 | 0.5258 |
Preferred Stock, Dividends Per Share, Designated as Unrecaptured Sec. 1250 Capital Gain | 0.0986 | 0.0002 | 0.60848 | |||
Series K Preferred Stock [Member] | ||||||
Deferred tax liabilities: | ||||||
Preferred Stock, Dividends Per Share, Declared | 0.39063 | 0.39063 | 0.39063 | 1.56250 | 1.56250 | 1.56250 |
Preferred Stock, Dividends Per Share, Designated as Ordinary Income | 1.2097 | 1.562 | 0.47185 | |||
Preferred Stock, Dividends, Per Share, Designated as Long Term Capital Gain | 0.39063 | $ 0.39063 | $ 0.30939 | 0.2580 | 0.0003 | 0.50558 |
Preferred Stock, Dividends Per Share, Designated as Unrecaptured Sec. 1250 Capital Gain | $ 0.0948 | $ 0.0002 | 0.58507 | |||
Special Dividend [Member] | ||||||
Deferred tax liabilities: | ||||||
Common Stock, Dividends, Per Share, Declared | 4.7500 | |||||
Common Stock, Special Dividend, Per Share, Designated as Capital Gain | $ 4.0443 | |||||
Common Stock, Dividends, Per Share, Designated as Return of Capital | 0.7057 | |||||
Common Stock, Dividends, Per Share, Designated as Ordinary Income | 0 | |||||
Common Stock, Dividends, Per Share, Designated as Long Term Capital Gain | 1.8748 | |||||
Common Stock, Dividends, Per Share, Designated as Unrecaptured Sec. 1250 Capital Gain | $ 2.1695 | |||||
International Plaza [Member] | ||||||
Income tax expense (benefit) [Abstract] | ||||||
Less income tax (expense) benefit allocated to Gain on Dispositions (1) | $ 400 | $ (9,700) | ||||
SPG Units [Member] | ||||||
Income tax expense (benefit) [Abstract] | ||||||
Income Tax Expense Recognized Upon Conversion of Simon Property Group Limited Partership units | $ 500 |
Properties (Details)
Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Land | $ 233,303 | $ 243,870 | |
Buildings, improvements, and equipment | 3,639,256 | 3,107,338 | |
Construction in process and pre-development costs | 301,395 | 362,007 | |
Real Estate Investment Property, at Cost | 4,173,954 | 3,713,215 | |
Accumulated depreciation and amortization | (1,147,390) | (1,052,027) | |
Real Estate Investment Property, Net | 3,026,564 | 2,661,188 | |
Real Estate Accumulated Depreciation, Depreciation Expense | 130,433 | 98,846 | $ 110,129 |
Pre-development activities expense | $ 5,000 | $ 4,300 | $ 4,200 |
Investments in Unconsolidated56
Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||
Depreciable basis (in years) of Company's additional basis | 40 years | |
Equity of certain joint ventures | less than zero | |
Equity Method Investment, Other than Temporary Impairment | $ 11,754 | |
Notes Receivable, Related Parties | $ 43,200 | |
CityOn.Xi'an [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint Venture Acquisition, Interest Acquired | 40.00% | |
Equity Method Investment, Ownership Percentage | 50.00% | 30.00% |
Country Club Plaza [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint Venture Acquisition, Interest Acquired | 50.00% | |
Equity Method Investment, Ownership Percentage | 0.00% | |
Fair Oaks [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% |
International Plaza [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.10% | 50.10% |
The Mall at Millenia [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% |
Stamford Town Center [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% |
Starfield Hanam [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 34.30% | 34.30% |
Sunvalley [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% |
Outside Partner, Ownership Percentage | 50.00% | |
The Mall at University Town Center [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% |
Waterside Shops [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% |
Westfarms [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 79.00% | 79.00% |
Investments in Unconsolidated57
Investments in Unconsolidated Joint Ventures (Combined Financial Information Balance Sheet) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Assets: | ||
Properties (1) | $ 3,371,216 | $ 1,628,492 |
Accumulated depreciation and amortization | (661,611) | (589,145) |
Properties, net | 2,709,605 | 1,039,347 |
Cash and cash equivalents | 83,882 | 36,047 |
Allowance For Doubtful Accounts, Unconsolidated Joint Ventures | 1,965 | 1,602 |
Accounts and notes receivable, less allowance for doubtful accounts of $1,965 and $1,602 in 2016 and 2015 | 87,612 | 42,361 |
Deferred charges and other assets (2) | 67,167 | 32,660 |
Total Assets | 2,948,266 | 1,150,415 |
Liabilities and accumulated deficiency in assets: | ||
Notes payable, net (2)(3) | 2,706,628 | 1,994,298 |
Accounts payable and other liabilities | 359,814 | 70,539 |
TRG's accumulated deficiency in assets | (166,226) | (512,256) |
Unconsolidated Joint Venture Partners' accumulated deficiency in assets | 48,050 | (402,166) |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | 2,948,266 | 1,150,415 |
TRG's investment in centers under construction (Note 2) | 112,861 | 296,847 |
TRG basis adjustments, including elimination of intercompany profit | 126,240 | 132,218 |
TCO's additional basis | 51,070 | 53,016 |
Net Investment in Unconsolidated Joint Ventures | 123,945 | (30,175) |
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures | 480,863 | 464,086 |
Investment in Unconsolidated Joint Ventures | $ 604,808 | $ 433,911 |
Starfield Hanam [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 34.30% | 34.30% |
Construction Loan | $ 52,900 | |
Construction Loan, At Beneficial Interest | $ 18,100 | |
Country Club Plaza [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 0.00% | |
Equity Method Investment, Summarized Financial Information, Property Expected to Be Sold | $ 63,500 | |
CityOn.Zhengzhou [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Construction Loan | 70,500 | $ 44,700 |
Construction Loan, At Beneficial Interest | $ 34,500 | $ 14,200 |
Investments in Unconsolidated58
Investments in Unconsolidated Joint Ventures (Combined Financial Information Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity method investment, summarized financial information, income statement [Abstract] | |||||||||||
Revenues | $ 477,458 | $ 378,280 | $ 338,017 | ||||||||
Maintenance, taxes, utilities, promotion, and other operating expenses | 172,325 | 118,909 | 106,249 | ||||||||
Interest expense | 103,973 | 85,198 | 74,806 | ||||||||
Depreciation and amortization | 95,051 | 55,318 | 47,377 | ||||||||
Total operating costs | 371,349 | 259,425 | 228,432 | ||||||||
Nonoperating income (expense) | 317 | (1) | (22) | ||||||||
Income tax expense | (375) | ||||||||||
Net income | 106,051 | 118,854 | 109,563 | ||||||||
Net income attributable to TRG | 61,561 | 65,384 | 60,690 | ||||||||
Realized intercompany profit, net of depreciation on TRG’s basis adjustments | 10,086 | 4,542 | 3,258 | ||||||||
Depreciation of TCO's additional basis | (1,946) | (1,946) | (1,946) | ||||||||
Beneficial interest in UJV impairment charge - Miami Worldcenter | (11,754) | ||||||||||
Equity in income of Unconsolidated Joint Ventures | $ 19,922 | $ 15,391 | $ 15,910 | $ 18,478 | $ 9,928 | $ 15,219 | $ 14,004 | $ 17,075 | 69,701 | 56,226 | 62,002 |
Beneficial interest in Unconsolidated Joint Ventures’ operations: | |||||||||||
Revenues less maintenance, taxes, utilities, promotion, and other operating expenses | 178,009 | 147,905 | 132,652 | ||||||||
Interest expense | (54,674) | (45,564) | (40,416) | ||||||||
Depreciation and amortization | (53,012) | $ (34,361) | $ (30,234) | ||||||||
Income tax expense | $ 622 |
Accounts and Notes Receivable59
Accounts and Notes Receivable (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade | $ 31,958,000 | $ 29,559,000 |
Notes | 2,959,000 | 1,297,000 |
Straight-line rent and recoveries | 29,568,000 | 26,665,000 |
Total Receivables, Gross | 64,485,000 | 57,521,000 |
Less: Allowance for doubtful accounts | (4,311,000) | (2,974,000) |
Accounts and Notes Receivable, Net | $ 60,174,000 | $ 54,547,000 |
Deferred Charges Other Assets60
Deferred Charges Other Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leasing costs | $ 35,939 | $ 29,097 | |
Accumulated amortization | (10,519) | (10,702) | |
Deferred Costs, Leasing, Net | 25,420 | 18,395 | |
In-place leases, net | 6,264 | 8,525 | |
Investment in Simon Property Group Limited Partnership units (Notes 2 and 17) (1) | 44,792 | 77,711 | |
Investment in SPG common shares (Note 17) (1) | 44,418 | ||
Deferred financing costs, net (2) | 3,995 | 5,823 | |
Insurance deposit (Note 17) | 15,440 | 14,346 | |
Deposits | 116,809 | 40,424 | |
Prepaid expenses | 4,557 | 6,622 | |
Deferred tax asset, net | 4,026 | 2,134 | |
Other, net | 10,007 | 7,324 | |
Deferred Costs and Other Assets | 275,728 | 181,304 | |
Deposit Assets, Foreign | 111,400 | $ 37,000 | |
Gain on SPG common stock conversion (Note 7) | $ (11,069) | ||
SPG Units [Member] | |||
Investment in Simon Property Group Limited Partnership units (Notes 2 and 17) (1) | $ 77,700 | ||
Conversion of Simon Property Group Limited Partnership Units to SPG Common Stock | 250,000 | ||
Gain on SPG common stock conversion (Note 7) | $ 11,069 | ||
Income Tax Expense Recognized Upon Conversion of Simon Property Group Limited Partership units | $ 500 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Item] | ||||
Notes payable, net (Notes 1 and 8) | $ 3,255,512 | $ 2,627,088 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 2,777,162 | 2,087,552 | ||
Debt Issuance Costs, Net | $ (14,169) | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Debt Instrument, Collateral Amount | $ 2,000,000 | |||
Maturities of Long-term Debt [Abstract] | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 333,373 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 413,615 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 691,820 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 7,058 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 7,363 | |||
Thereafter | 1,816,452 | |||
Total principal maturities | $ 3,269,681 | |||
Debt covenants and guarantees [Abstract] | ||||
Other Restrictions on Payment of Dividends | 0.95 | |||
At 100% [Abstract] | ||||
Capitalized interest, consolidated subsidiaries at 100% | $ 21,864 | 31,112 | $ 27,300 | |
Capitalized interest, unconsolidated joint ventures at 100% (Asia Unconsolidated Joint Venture Construction Loans at Beneficial Interest) | 2,589 | 792 | ||
Interest expense, consolidated subsidiaries at 100% | 86,285 | 63,041 | 90,803 | |
Interest Expense, unconsolidated joint ventures, at 100% | 103,973 | 85,198 | ||
At beneficial interest [Abstract] | ||||
Debt, consoldiated subsidiaries at beneficial interest | 2,949,440 | 2,468,451 | ||
Debt, unconsolidated joint ventures at beneficial interest | 1,425,511 | 1,116,395 | ||
Capitalized interest, consolidated subsidiaries at beneficial interest | 21,728 | 30,130 | ||
Capitalized interest, unconsolidated joint ventures at beneficial interest | 2,589 | 543 | ||
Interest expense, consolidated subsidiaries at beneficial interest | 75,954 | 56,076 | ||
Interest expense, unconsolidated joint ventures at beneficial interest | 54,674 | 45,564 | $ 40,416 | |
Restricted Cash and Cash Equivalents | $ 932 | 6,447 | ||
Secondary Line of Credit [Member] | ||||
Debt Instrument [Line Item] | ||||
Debt Instrument, Interest Rate Terms | LIBOR + 1.40% | |||
Debt Instrument, Maturity Date | Apr. 29, 2017 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 65,000 | |||
Long-term Line of Credit | 24,700 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 34,000 | |||
Letters of Credit Outstanding, Amount | $ 6,300 | |||
Line of Credit [Member] | ||||
Debt Instrument [Line Item] | ||||
Debt Instrument, Interest Rate Terms | LIBOR + 1.30% | |||
Debt Instrument, Maturity Date | Feb. 28, 2019 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,100,000 | $ 1,100,000 | ||
Length Of Extension Option | one-year | |||
Number of Extension Options | 1 | |||
Long-term Line of Credit | $ 210,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 890,000 | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Unsecured Debt [Member] | ||||
Debt Instrument [Line Item] | ||||
Unsecured Debt | $ 475,000 | 475,000 | ||
Debt Instrument, Interest Rate Terms | LIBOR + 1.45% | |||
Debt Instrument, Maturity Date | Feb. 28, 2019 | |||
Line of Credit Facility, Maximum Borrowing Capacity Including Accordion Feature | $ 600,000 | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Derivative, Fixed Interest Rate | 1.65% | |||
Cherry Creek Shopping Center [Member] | ||||
Debt Instrument [Line Item] | ||||
Notes payable, net (Notes 1 and 8) | $ 550,000 | $ 280,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | 5.24% | ||
Debt Instrument, Maturity Date | Jun. 1, 2028 | |||
Beneficial Interest in Debt and Interest Expense [Abstract] | ||||
Percentage of noncontrolling interests (in hundredths) | 50.00% | |||
City Creek Center [Member] | ||||
Debt Instrument [Line Item] | ||||
Notes payable, net (Notes 1 and 8) | $ 80,269 | $ 81,756 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.37% | |||
Debt Instrument, Maturity Date | Aug. 1, 2023 | |||
The Gardens on El Paseo [Member] | ||||
Debt Instrument [Line Item] | ||||
Notes payable, net (Notes 1 and 8) | $ 81,920 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.10% | |||
Debt Instrument, Unamortized Premium | $ 400 | |||
Debt Instrument, Maturity Date | ||||
Great Lakes Crossing Outlets [Member] | ||||
Debt Instrument [Line Item] | ||||
Notes payable, net (Notes 1 and 8) | $ 208,303 | 212,863 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | |||
Debt Instrument, Maturity Date | Jan. 6, 2023 | |||
The Mall at Green Hills [Member] | ||||
Debt Instrument [Line Item] | ||||
Notes payable, net (Notes 1 and 8) | $ 150,000 | 150,000 | ||
Debt Instrument, Interest Rate Terms | LIBOR+1.60% | |||
Debt Instrument, Maturity Date | Dec. 1, 2018 | |||
Length Of Extension Option | one-year | |||
Number of Extension Options | 1 | |||
International Market Place [Member] | ||||
Debt Instrument [Line Item] | ||||
Notes payable, net (Notes 1 and 8) | $ 257,052 | 92,169 | ||
Debt Instrument, Interest Rate Terms | LIBOR + 1.75% | |||
Debt Instrument, Maturity Date | Aug. 14, 2018 | |||
Construction Facility, Maximum Borrowing Capacity | $ 330,890 | |||
Length Of Extension Option | one-year | |||
Number of Extension Options | 2 | |||
Debt covenants and guarantees [Abstract] | ||||
Unconditional Guaranty Liability, Principal Balance, Percent | 100.00% | |||
Unconditional Guaranty Liability, Interest, Percent | 100.00% | |||
Interest Payable | $ 500 | |||
Beneficial Interest in Debt and Interest Expense [Abstract] | ||||
Percentage of noncontrolling interests (in hundredths) | 6.50% | |||
The Mall of San Juan [Member] | ||||
Debt Instrument [Line Item] | ||||
Notes payable, net (Notes 1 and 8) | 258,250 | |||
Debt Instrument, Interest Rate Terms | LIBOR + 2.00% | |||
Debt Instrument, Maturity Date | Apr. 2, 2017 | |||
Construction Facility, Maximum Borrowing Capacity | $ 320,000 | |||
Length Of Extension Option | one-year | |||
Number of Extension Options | 2 | |||
Debt covenants and guarantees [Abstract] | ||||
Unconditional Guaranty Liability, Principal Balance, Percent | 100.00% | |||
Unconditional Guaranty Liability, Interest, Percent | 100.00% | |||
Construction Loan | $ 302,357 | |||
Interest Payable | $ 400 | |||
Beneficial Interest in Debt and Interest Expense [Abstract] | ||||
Percentage of noncontrolling interests (in hundredths) | 5.00% | |||
The Mall at Short Hills [Member] | ||||
Debt Instrument [Line Item] | ||||
Notes payable, net (Notes 1 and 8) | $ 1,000,000 | 1,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.48% | |||
Debt Instrument, Maturity Date | Oct. 1, 2027 | |||
International Plaza [Member] | ||||
Debt Instrument [Line Item] | ||||
Debt Instrument, Face Amount | $ 175,000 | |||
Derivative, Net Liability Position, Aggregate Fair Value | $ 400 | |||
Debt covenants and guarantees [Abstract] | ||||
Company's Percentage Share of Derivative Guarantee | 50.10% | |||
Interest Payable | $ 200 | |||
Minimum [Member] | ||||
Debt Instrument [Line Item] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Minimum [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Item] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | |||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | |||
Minimum [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Item] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | |||
Total Swapped Rate On Loan | 3.00% | |||
Maximum [Member] | ||||
Debt Instrument [Line Item] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.90% | |||
Maximum [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Item] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | |||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | |||
Maximum [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Item] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.90% | |||
Total Swapped Rate On Loan | 3.55% | |||
Office Building [Member] | ||||
Debt Instrument [Line Item] | ||||
Notes payable, net (Notes 1 and 8) | $ 12,000 | 12,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.90% | |||
Debt Instrument, Interest Rate Terms | LIBOR + 1.40% Swapped to 3.49% | |||
Debt Instrument, Maturity Date | Mar. 1, 2024 | |||
Consolidated Properties [Member] | ||||
Debt Instrument [Line Item] | ||||
Notes payable, net (Notes 1 and 8) | $ 3,255,512 | 2,627,088 | ||
Adjustments for New Accounting Pronouncement [Member] | ||||
Debt Instrument [Line Item] | ||||
Debt Issuance Costs, Net | $ (16,870) | |||
Subsequent Event [Member] | ||||
Debt Instrument [Line Item] | ||||
Length Of Extension Option | six-month | |||
Number of Extension Options | two | |||
Line of Credit Facility, Maximum Borrowing Capacity Including Accordion Feature | $ 2,000,000 | |||
Subsequent Event [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Item] | ||||
Debt Instrument, Maturity Date, Description | February 2,021 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Noncontrolling Interest [Line Items] | |||||||||||
Redeemable noncontrolling interests (Note 9) | $ 8,704,000 | $ 8,704,000 | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 71.00% | 71.00% | 71.00% | 71.00% | 72.00% | ||||||
Taubman Asia President redeemable equity adjustment (Note 9) | $ (13,854,000) | ||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (656,000) | ||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 55,538,000 | $ 58,430,000 | $ 385,109,000 | ||||||||
Reconciliation Of Redeemable Noncontrolling Interests Roll Forward | |||||||||||
Taubman Asia President redeemable equity adjustment (Note 9) | (13,854,000) | ||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (656,000) | ||||||||||
Redeemable noncontrolling interests (Note 9) | $ 8,704,000 | 8,704,000 | |||||||||
Non-redeemable noncontrolling interests: | |||||||||||
Noncontrolling interests in consolidated joint ventures | (155,919,000) | (23,569,000) | (155,919,000) | (23,569,000) | |||||||
Noncontrolling interests in partnership equity of TRG | 13,136,000 | 31,573,000 | 13,136,000 | 31,573,000 | |||||||
Total Noncontrolling interests | (142,783,000) | 8,004,000 | (142,783,000) | 8,004,000 | |||||||
Net income (loss) attributable to noncontrolling interests: | |||||||||||
Noncontrolling share of income of consolidated joint ventures | 8,761,000 | 11,222,000 | 34,239,000 | ||||||||
Noncontrolling share of income of TRG | 47,433,000 | 47,208,000 | 350,870,000 | ||||||||
Net income (loss) attributable to non-redeemable noncontrolling interests | 56,194,000 | 58,430,000 | 385,109,000 | ||||||||
Effects of changes in ownership interest in consolidated subsidiaries on equity [Abstract] | |||||||||||
Net income attributable to TCO common shareowners | 29,275,000 | $ 18,752,000 | $ 34,718,000 | $ 24,613,000 | 25,746,000 | $ 30,422,000 | $ 23,230,000 | $ 29,622,000 | 107,358,000 | 109,020,000 | 863,857,000 |
Transfers (to) from the noncontrolling interest: | |||||||||||
Increase in Taubman Centers, Inc.’s paid-in capital for the adjustments of noncontrolling interest (1) | (656,000) | (9,296,000) | 0 | ||||||||
Change from net income attributable to Taubman Centers, Inc. and transfers from noncontrolling interests | 109,317,000 | 178,541,000 | 863,940,000 | ||||||||
Additional Paid-in Capital [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Taubman Asia President redeemable equity adjustment (Note 9) | (13,854,000) | ||||||||||
Reconciliation Of Redeemable Noncontrolling Interests Roll Forward | |||||||||||
Taubman Asia President redeemable equity adjustment (Note 9) | (13,854,000) | ||||||||||
Transfers (to) from the noncontrolling interest: | |||||||||||
Increase in Taubman Centers, Inc.’s paid-in capital for the adjustments of noncontrolling interest (1) | 1,959,000 | 69,521,000 | 83,000 | ||||||||
Net transfers (to) from noncontrolling interests | $ 1,959,000 | 69,521,000 | $ 83,000 | ||||||||
Taubman Asia Redeemable Noncontrolling Interest [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Percentage of dividends to which the President is entitled (in hundredths) | 5.00% | ||||||||||
Percentage of President's dividends withheld as contributions to capital (in hundredths) | 85.00% | ||||||||||
Temporary Equity, Redemption Percentage 2014 to as Early as June 2017. | 50.00% | ||||||||||
Temporary Equity, Redemption Percentage beginning as early as June 2017 | 100.00% | ||||||||||
Redeemable noncontrolling interests (Note 9) | 8,704,000 | 0 | $ 8,704,000 | 0 | |||||||
Taubman Asia President redeemable equity adjustment (Note 9) | 13,854,000 | ||||||||||
Adjustments of Redeemable Noncontrolling Interest | 656,000 | ||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (656,000) | ||||||||||
Reconciliation Of Redeemable Noncontrolling Interests Roll Forward | |||||||||||
Taubman Asia President redeemable equity adjustment (Note 9) | 13,854,000 | ||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (656,000) | ||||||||||
Redeemable noncontrolling interests (Note 9) | $ 8,704,000 | 0 | 8,704,000 | 0 | |||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | 7,150,000 | ||||||||||
Contribution From Redeemable Noncontrolling Interest | 2,000,000 | ||||||||||
Adjustments of Redeemable Noncontrolling Interest | 656,000 | ||||||||||
Temporary Equity Disclosure [Abstract] | |||||||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | 7,150,000 | ||||||||||
Contribution From Redeemable Noncontrolling Interest | $ 2,000,000 | ||||||||||
Percentage Of Asia President's interest To Which Is Puttable Beginning In 2019 | 5.00% | ||||||||||
Taubman Asia [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Redeemable noncontrolling interests (Note 9) | 0 | 0 | |||||||||
Reconciliation Of Redeemable Noncontrolling Interests Roll Forward | |||||||||||
Redeemable noncontrolling interests (Note 9) | 0 | 0 | |||||||||
International Market Place [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Percentage of noncontrolling interests (in hundredths) | 6.50% | 6.50% | |||||||||
Redeemable noncontrolling interests (Note 9) | $ 0 | 0 | $ 0 | 0 | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 93.50% | 93.50% | |||||||||
Reconciliation Of Redeemable Noncontrolling Interests Roll Forward | |||||||||||
Redeemable noncontrolling interests (Note 9) | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Finite Life Entities [Member] | |||||||||||
Non-redeemable noncontrolling interests: | |||||||||||
Total Noncontrolling interests | (155,900,000) | $ (155,900,000) | |||||||||
Finite Life Entities [Abstract] | |||||||||||
Terminaton date of partnership agreement | Jan. 1, 2083 | ||||||||||
Estimated fair value of noncontrolling interests in finite life entities | $ 360,000,000 | $ 360,000,000 |
Derivative and Hedging Activi63
Derivative and Hedging Activities (Interest Rate Derivatives Designated as Cash Flow Hedges) (Details) â‚© in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016KRW (â‚©) | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | $ 381 | $ 0 | ||
Interest Rate Cash Flow Hedges [Abstract] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 71.00% | 72.00% | 71.00% | 71.00% |
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Consolidated Subsidiaries Interest Rate Swap 1 [Domain] | ||||
Interest Rate Cash Flow Hedges [Abstract] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | ||
Notional amount | $ 200,000 | |||
Derivative, Fixed Interest Rate | 1.64% | 1.64% | ||
Derivative, Basis Spread on Variable Rate | 1.45% | 1.45% | ||
Total Swapped Rate On Loan | 3.09% | 3.09% | ||
Derivative, Maturity Date | Feb. 1, 2019 | |||
Unsecured Debt | $ 475,000 | |||
Derivative, Lower Range of Basis Spread, Variable Rate | 1.35% | 1.35% | ||
Derivative, Higher Range of Basis Spread, Variable Rate | 1.90% | 1.90% | ||
Consolidated Subsidiaries Interest Rate Swap 1 [Domain] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Interest Rate Cash Flow Hedges [Abstract] | ||||
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR | |||
Consolidated Subsidiaries Interest Rate Swap 2 [Domain] | ||||
Interest Rate Cash Flow Hedges [Abstract] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | ||
Notional amount | $ 175,000 | |||
Derivative, Fixed Interest Rate | 1.65% | 1.65% | ||
Derivative, Basis Spread on Variable Rate | 1.45% | 1.45% | ||
Total Swapped Rate On Loan | 3.10% | 3.10% | ||
Derivative, Maturity Date | Feb. 1, 2019 | |||
Unsecured Debt | $ 475,000 | |||
Derivative, Lower Range of Basis Spread, Variable Rate | 1.35% | 1.35% | ||
Derivative, Higher Range of Basis Spread, Variable Rate | 1.90% | 1.90% | ||
Consolidated Subsidiaries Interest Rate Swap 2 [Domain] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Interest Rate Cash Flow Hedges [Abstract] | ||||
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR | |||
Consolidated Subsidiaries Interest Rate Swap 3 [Domain] | ||||
Interest Rate Cash Flow Hedges [Abstract] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | ||
Notional amount | $ 100,000 | |||
Derivative, Fixed Interest Rate | 1.64% | 1.64% | ||
Derivative, Basis Spread on Variable Rate | 1.45% | 1.45% | ||
Total Swapped Rate On Loan | 3.09% | 3.09% | ||
Derivative, Maturity Date | Feb. 1, 2019 | |||
Unsecured Debt | $ 475,000 | |||
Derivative, Lower Range of Basis Spread, Variable Rate | 1.35% | 1.35% | ||
Derivative, Higher Range of Basis Spread, Variable Rate | 1.90% | 1.90% | ||
Consolidated Subsidiaries Interest Rate Swap 3 [Domain] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Interest Rate Cash Flow Hedges [Abstract] | ||||
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR | |||
Consolidated Subsidiaries Interest Rate Swap 4 [Domain] | ||||
Interest Rate Cash Flow Hedges [Abstract] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | ||
Notional amount | $ 12,000 | |||
Derivative, Fixed Interest Rate | 2.09% | 2.09% | ||
Derivative, Basis Spread on Variable Rate | 1.40% | 1.40% | ||
Total Swapped Rate On Loan | 3.49% | 3.49% | ||
Derivative, Maturity Date | Mar. 1, 2024 | |||
Unconsolidated Joint Ventures Interest Rate Swap 1 (Member) | ||||
Interest Rate Cash Flow Hedges [Abstract] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | 50.00% | ||
Notional amount | $ 132,534 | |||
Derivative, Fixed Interest Rate | 2.40% | 2.40% | ||
Derivative, Basis Spread on Variable Rate | 1.70% | 1.70% | ||
Total Swapped Rate On Loan | 4.10% | 4.10% | ||
Derivative, Maturity Date | Apr. 1, 2018 | |||
Unconsolidated Joint Ventures Interest Rate Swap 2 (Member) | ||||
Interest Rate Cash Flow Hedges [Abstract] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | 50.00% | ||
Notional amount | $ 132,534 | |||
Derivative, Fixed Interest Rate | 2.40% | 2.40% | ||
Derivative, Basis Spread on Variable Rate | 1.70% | 1.70% | ||
Total Swapped Rate On Loan | 4.10% | 4.10% | ||
Derivative, Maturity Date | Apr. 1, 2018 | |||
Unconsolidated Joint Ventures Interest Rate Swap3 [Member] | ||||
Interest Rate Cash Flow Hedges [Abstract] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.10% | 50.10% | ||
Notional amount | $ 168,983 | |||
Derivative, Fixed Interest Rate | 1.83% | 1.83% | ||
Derivative, Basis Spread on Variable Rate | 1.75% | 1.75% | ||
Total Swapped Rate On Loan | 3.58% | 3.58% | ||
Derivative, Maturity Date | Dec. 1, 2021 | |||
Unconsolidated Joint Ventures Interest Rate Swap 4 [Member] | ||||
Interest Rate Cash Flow Hedges [Abstract] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 34.30% | 34.30% | ||
Notional amount | $ 52,065 | â‚© 60,500,000 | ||
Derivative, Fixed Interest Rate | 1.52% | 1.52% | ||
Derivative, Basis Spread on Variable Rate | 1.60% | 1.60% | ||
Total Swapped Rate On Loan | 3.12% | 3.12% | ||
Derivative, Maturity Date | Sep. 1, 2020 | |||
Swapped Foreign Currency Exchange Rate | 1,162 | |||
Equity Method Investments [Member] | Unconsolidated Properties [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | ||||
Starwood Transaction [Member] | ||||
Interest Rate Cash Flow Hedges [Abstract] | ||||
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | $ 4,900 | |||
Derivative, Loss on Derivative | $ 2,900 |
Derivative and Hedging Activi64
Derivative and Hedging Activities (Effect of Derivative Instruments on the Consolidated Statement of Operations and Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 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 | $ 6,000 | ||
Cash Flow Hedging [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 | (9,339) | $ (12,021) | $ (16,729) |
Cash Flow Hedging [Member] | Other Comprehensive Income (Loss) [Member] | |||
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract] | |||
Amount of gain or (loss) recognized in OCI on derivative (effective portion) | 4,603 | (1,647) | (6,469) |
Consolidated Properties [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Other Comprehensive Income (Loss) [Member] | |||
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract] | |||
Amount of gain or (loss) recognized in OCI on derivative (effective portion) | 2,234 | (1,730) | (7,362) |
Consolidated Properties [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Nonoperating Income (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 | (4,880) | ||
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 | (5,823) | (7,211) | (8,663) |
Unconsolidated Properties [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Other Comprehensive Income (Loss) [Member] | |||
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract] | |||
Amount of gain or (loss) recognized in OCI on derivative (effective portion) | 2,478 | 71 | 893 |
Unconsolidated Properties [Member] | 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 | (3,775) | (4,489) | $ (3,186) |
Unconsolidated Properties [Member] | Cash Flow Hedging [Member] | Cross Currency Interest Rate Contract [Member] | Other Comprehensive Income (Loss) [Member] | |||
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract] | |||
Amount of gain or (loss) recognized in OCI on derivative (effective portion) | (109) | 12 | |
Unconsolidated Properties [Member] | Cash Flow Hedging [Member] | Cross Currency 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 | 259 | (321) | |
Unsecured Debt [Member] | |||
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract] | |||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | $ 300 | (300) | |
Starfield Hanam [Member] | |||
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract] | |||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | $ (200) |
Derivative and Hedging Activi65
Derivative and Hedging Activities (Location and Fair Value of Derivative Instruments as Reported in the Consoiidated Balance Sheet) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract] | ||
Total assets designated as hedging instruments | $ 381 | $ 0 |
Total liability derivatives designated as hedging instruments | (6,044) | (11,062) |
Default Option, Range, Minimum [Member] | ||
Contingent features [Abstract] | ||
Interest Rate Recourse Provisions | 100 | |
Default Option, Range, Maximum [Member] | ||
Contingent features [Abstract] | ||
Interest Rate Recourse Provisions | 50,000 | |
Consolidated Properties [Member] | Interest Rate Contract [Member] | Accounts Payable and Accrued Liabilities [Member] | ||
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract] | ||
Total liability derivatives designated as hedging instruments | (3,548) | (6,077) |
Unconsolidated Properties [Member] | Interest Rate Contract [Member] | Equity Method Investments [Member] | ||
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract] | ||
Total liability derivatives designated as hedging instruments | (2,496) | (4,974) |
Unconsolidated Properties [Member] | Cross Currency Interest Rate Contract [Member] | Equity Method Investments [Member] | ||
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract] | ||
Total assets designated as hedging instruments | 381 | |
Total liability derivatives designated as hedging instruments | $ (11) |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||
Operating Leases, Future Minimum Payments Receivable, Current | $ 320,396 | ||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 301,957 | ||
Operating Leases, Future Minimum Payments Receivable, in Three Years | 278,918 | ||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 247,691 | ||
Operating Leases, Future Minimum Payments Receivable, in Five Years | 210,121 | ||
Operating Leases, Future Minimum Payments Receivable, Thereafter | $ 651,688 | ||
Number of centers with option to extend lease term for three 10-year periods | one | ||
Number of centers with option to extend lease term for one 10-year period | one | ||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 10 years | ||
Operating Leases, Rent Expense | $ 15,100 | $ 15,400 | $ 12,600 |
Related Party Transaction, Expenses from Transactions with Related Party | 200 | ||
Operating Leases, Rent Expense, Contingent Rentals | 0 | 0 | $ 1,700 |
Payables representing straightline rent adjustments under lease agreements | 59,300 | $ 52,600 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 15,833 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 14,597 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 14,113 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 13,181 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 12,575 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | $ 751,191 | ||
City Creek Center [Member] | |||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Company's ownership in leasehold interest | 100.00% |
The Manager (Details)
The Manager (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction, Revenues from Transactions with Related Party | $ 3 | $ 2.9 | $ 2.9 |
Operating Partnership [Member] | |||
Beneficial ownership percentage, Operating Partnership | 99.00% |
Share-Based Compensation (Detai
Share-Based Compensation (Details) | 12 Months Ended | ||||
Dec. 31, 2016USD ($)Rate$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013$ / sharesshares | Dec. 31, 2012$ / shares | |
Share-based compensation, allocation and classification in financial statements [Abstract] | |||||
Compensation cost charged to income for the Company's share-based compensation plans | $ | $ 11,800,000 | $ 12,100,000 | $ 17,100,000 | ||
Reversal of Prior Period Share Based Compensation Expense | $ | 2,000,000 | ||||
Compensation cost capitalized as part of properties and deferred leasing costs | $ | $ 1,300,000 | $ 2,300,000 | 2,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | $ | $ 4,500,000 | ||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Relationship between TRG units owned by TCO and TCO common shares outstanding | one-for-one | ||||
Profits Units [Member] | |||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Description | represents a contingent right to receive a TRG partnership unit upon vesting and the satisfaction of certain tax-driven requirements and, as to the TSR and NOI Performance-based TRG Profits Units the satisfaction of certain performance-based requirements. Until vested, a Profits Unit entitles the holder to only one-tenth of the distributions otherwise payable by TRG on a partnership unit. Therefore, the Company accounts for these Profits Units as participating securities in the Operating Partnership. A portion of the Profits Units award represents estimated cash distributions that otherwise would have been payable during the vesting period and, upon vesting, there will be an adjustment in actual number of Profits Units realized under each award to reflect the Operating Partnership's actual cash distributions during the vesting period | ||||
Relationship between TRG units owned by TCO and TCO common shares outstanding | each partnership unit is exchangeable by the holder for one share of the Company's common stock | ||||
Units of Partnership Interest, Terms of Conversion | one share of Series B Preferred Stock of the Company for each partnership unit held | ||||
Restricted TRG Profits Units [Member] | |||||
Share-based compensation, allocation and classification in financial statements [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Number Of Forfeitures | 0 | ||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.85% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years 7 months 6 days | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ | $ 2,200,000 | ||||
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 beginning of period (in shares) | 0 | ||||
Granted (in shares) | 68,045 | ||||
Forfeited (in shares) | (22,105) | ||||
Outstanding at end of period (in shares) | 45,940 | 0 | |||
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 | ||||
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | 59.89 | ||||
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | 60.71 | ||||
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 59.49 | $ 0 | |||
TSR Performance-based TRG Profits Units [Member] | |||||
Share-based compensation, allocation and classification in financial statements [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Number Of Forfeitures | 0 | ||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.03% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ | $ 2,100,000 | ||||
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 beginning of period (in shares) | 0 | ||||
Granted (in shares) | 119,123 | ||||
Forfeited (in shares) | (15,754) | ||||
Outstanding at end of period (in shares) | 103,369 | 0 | |||
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 | ||||
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | 26.42 | ||||
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | 26.42 | ||||
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 26.42 | $ 0 | |||
NOI Performance-based TRG Profits Units [Member] | |||||
Share-based compensation, allocation and classification in financial statements [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Number Of Forfeitures | 0 | ||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.03% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ | $ 3,400,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 2 months 12 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expected Percentage of Units To Be Issued Based On Management's Assumptions | all | ||||
Summary of non-option activity [Roll Forward] | |||||
Outstanding at beginning of period (in shares) | 0 | ||||
Granted (in shares) | 119,123 | ||||
Forfeited (in shares) | (15,754) | ||||
Outstanding at end of period (in shares) | 103,369 | 0 | |||
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 | ||||
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | 41.87 | ||||
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | 19.41 | ||||
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 41.87 | $ 0 | |||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 8 months | 1 year 4 months 24 days | 1 year 7 months 6 days | 2 years 7 months 6 days | |
Share-based compensation, allocation and classification in financial statements [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Number Of Forfeitures | 0 | ||||
Summary of option activity, additional disclosures [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | ten-year | ||||
Summary of option activity [Roll Forward] | |||||
Outstanding options at beginning of period (in shares) | 292,543 | 521,293 | 563,436 | ||
Exercised, Number of Options | (89,957) | (228,750) | (42,143) | ||
Outstanding options at end of period (in shares) | 202,586 | 292,543 | 521,293 | 563,436 | |
Outstanding at beginning of period, weighted average exercise price (in dollars per share) | $ / shares | $ 46.60 | $ 39.20 | $ 43.81 | ||
Exercised, weighted average exercise price (in dollars per share) | $ / shares | 42.66 | 29.72 | 42.16 | ||
Outstanding at end of period, weighted average exercise price (in dollars per share) | $ / shares | 48.35 | 46.60 | 39.20 | $ 43.81 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ / shares | 45.90 | 35.50 | 26.56 | 31.31 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ / shares | $ 51.15 | $ 51.15 | $ 51.15 | $ 55.90 | |
Fully vested options, number (in shares) | 202,586 | ||||
Fully vested options, weighted average remaining contractual term (in years) | 8 months | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ | $ 0 | ||||
Aggregate intrinsic value of in-the-money options outstanding | $ | 5,200,000 | ||||
Total intrinsic value of options exercised during the period | $ | 2,400,000 | $ 10,000,000 | $ 1,400,000 | ||
Cash received from options exercised during the period | $ | $ 3,800,000 | $ 6,800,000 | $ 1,800,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 48.35 | ||||
Performance Shares [Member] | |||||
Share-based compensation, allocation and classification in financial statements [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Number Of Forfeitures | 0 | ||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.12% | 0.07% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ | $ 2,100,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 10 months 20 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Description | Each PSU represents the right to receive, upon vesting, shares of the Company’s common stock ranging from 0-300% of the PSU based on the Company’s market performance relative to that of a peer group. The 2015 PSU grant includes a cash payment upon vesting 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 | 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. No dividends accumulate during the vesting period. | |||
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other Than Options, Vested At End Of Period | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ | $ 0 | $ 0 | $ 5,300,000 | ||
Summary of non-option activity [Roll Forward] | |||||
Outstanding at beginning of period (in shares) | 255,478 | 254,651 | 234,863 | ||
Granted (in shares) | 50,256 | 49,157 | |||
Forfeited (in shares) | (44,585) | (5,854) | (771) | ||
Vested | (44,866) | (43,575) | (43,858) | ||
Outstanding at end of period (in shares) | 166,027 | 255,478 | 254,651 | 234,863 | |
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 134.52 | $ 132.86 | $ 139.18 | ||
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | 112.30 | 93.07 | |||
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | 149.43 | 174.95 | 160.09 | ||
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | 96.61 | 97.44 | 85.40 | ||
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 138.93 | $ 134.52 | $ 132.86 | $ 139.18 | |
Actual Shares Issued Upon Vesting During Period | 0 | 0 | 75,438 | ||
Restricted Stock Units (RSUs) [Member] | |||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ | $ 4,600,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months 6 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Description | represent the right to receive upon vesting one share of the Company’s common stock. The 2016 and 2015 grants also receive a cash payment upon vesting 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 | represent the right to receive upon vesting one share of the Company’s common stock. The 2016 and 2015 grants also receive a cash payment upon vesting 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 | Represent the right to receive upon vesting one share of the Company’s common stock. No dividends accumulate during the vesting period. | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeiture Assumption | 2.00% | ||||
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other Than Options, Vested At End Of Period | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ | $ 6,600,000 | $ 7,000,000 | $ 7,400,000 | ||
Summary of non-option activity [Roll Forward] | |||||
Outstanding at beginning of period (in shares) | 283,353 | 293,651 | 269,899 | ||
Granted (in shares) | 55,888 | 100,682 | |||
Forfeited (in shares) | (17,012) | (14,542) | (4,843) | ||
Vested | (90,326) | (96,438) | (104,302) | ||
Outstanding at end of period (in shares) | 231,903 | 283,353 | 293,651 | 269,899 | |
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 69.93 | $ 67 | $ 62 | ||
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | 73.42 | 74.36 | |||
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | 69.20 | 69.87 | 65.44 | ||
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | 71.57 | 65.60 | 51.96 | ||
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 70.40 | $ 69.93 | $ 67 | $ 62 | |
Non-Employee Directors' Deferred Compensation Plan [Member] | |||||
Non-Employee Directors' Stock Grant And Deferred Compensation [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $ | $ 125,000 | $ 125,000 | $ 120,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity, Instruments Other than Options, Outstanding | 17,485 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 120,757 | ||||
Other Employee Plans [Member] | |||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Defined Contribution Plan, Cost Recognized | $ | $ 3,100,000 | $ 2,900,000 | $ 3,300,000 | ||
2008 Omnibus Plan [Member] | |||||
Deferred compensation arrangements [Abstract] | |||||
Aggregate number of Company common shares or Operating Partnership units approved for awards under the 2008 Omnibus Plan, original (in shares) | 8,500,000 | ||||
The ratio at which non-option awards granted after the May 2010 amendment are deducted from the shares available for grant | Rate | 1.85 | ||||
The ratio at which non-option awards granted prior to the May 2010 amendment are deducted from the shares available for grant | Rate | 2.85 | ||||
The ratio at which options awards granted are deducted from the shares available for grant | one-for-one | ||||
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 | December 2,022 | ||||
Number of Annual Installments during which Deferred Partnership Units will be issued | five | ||||
2014 Option Modification [Domain] | |||||
Share-based compensation, allocation and classification in financial statements [Abstract] | |||||
Common Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 4.75 | ||||
Summary of option activity [Roll Forward] | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ / shares | 26.56 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ / shares | $ 51.15 | ||||
Employee service share-based compensation, aggregate disclosures [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 13.62% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 19.14% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.70% | ||||
2014 PSU Grant Modification [Domain] | |||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.03% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 0.65% | ||||
2014 RSU Grant Modification [Domain] | |||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.03% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 0.65% | ||||
Minimum [Member] | Other Employee Plans [Member] | |||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Defined Contribution Plan, Contribution Percent | 2.00% | ||||
Minimum [Member] | 2014 Option Modification [Domain] | |||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.07% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Period | 0.46 | ||||
Minimum [Member] | 2014 PSU Grant Modification [Domain] | |||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Period | 0.24 | ||||
Minimum [Member] | 2014 RSU Grant Modification [Domain] | |||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Period | 0.24 | ||||
Maximum [Member] | Other Employee Plans [Member] | |||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Defined Contribution Plan, Contribution Percent | 7.00% | ||||
Maximum [Member] | 2014 Option Modification [Domain] | |||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.98% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Period | 3.24 | ||||
Maximum [Member] | 2014 PSU Grant Modification [Domain] | |||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Period | 2.25 | ||||
Maximum [Member] | 2014 RSU Grant Modification [Domain] | |||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Period | 2.25 | ||||
Share-based Compensation Award, Tranche One [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.70% | ||||
Summary of non-option activity [Roll Forward] | |||||
Granted (in shares) | 106,540 | ||||
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 74.36 | $ 63.95 | |||
2014 RSU Grant Modification [Domain] | Restricted Stock Units (RSUs) [Member] | |||||
Summary of non-option activity [Roll Forward] | |||||
Granted (in shares) | 17,852 | ||||
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 72.27 | ||||
Share-based Compensation Award, Tranche Two [Member] | Performance Shares [Member] | |||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Description | represent the right to receive, upon vesting, shares of the Company’s common stock ranging from 0-400% of the PSU based on the Company’s market performance relative to that of a peer group. No dividends accumulate during the vesting period. | represent the right to receive, upon vesting, shares of the Company’s common stock ranging from 0-400% of the PSU based on the Company’s market performance relative to that of a peer group. No dividends accumulate during the vesting period. | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.46% | 0.70% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 0.62% | 0.90% | |||
Summary of non-option activity [Roll Forward] | |||||
Granted (in shares) | 15,260 | ||||
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 57 | $ 171.05 | $ 189.23 | ||
Share-based Compensation Award, Tranche Two [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Summary of non-option activity, additional disclosures [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Description | Represent the right to receive upon vesting one share of the Company’s common stock. No dividends accumulate during the vesting period. | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.13% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 0.71% | ||||
Summary of non-option activity [Roll Forward] | |||||
Granted (in shares) | 8,505 | ||||
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 66.19 | ||||
Special Dividend [Member] | |||||
Share-based compensation, allocation and classification in financial statements [Abstract] | |||||
Common Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 4.75 | ||||
Series B Preferred Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Preferred Stock, Voting Rights | Each share of Series B Preferred Stock entitles the holder to one vote on all matters submitted to the Company's shareowners. The holders of Series B Preferred Stock, voting as a class, have the right to designate up to four nominees for election as directors of the Company. On all other matters, including the election of directors, the holders of Series B Preferred Stock will vote with the holders of common stock. |
Common and Preferred Stock an69
Common and Preferred Stock and Equity of TRG (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | |
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 450 | |||
Stock Repurchased and Retired Since Program Inception, shares | 4,247,867 | |||
Stock Acquired and Retired Since Program Inception, Average Cost Per Share | $ 71.79 | |||
Stock Repurchased And Retired, Total Shares Repurchased, Value | $ 304.9 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 145.1 | |||
Common Stock, Terms of Conversion | For each share of the Company’s common stock repurchased, one of the Company’s Operating Partnership units was redeemed | |||
Series B Preferred Stock [Member] | ||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||
Convertible Preferred Stock, Issuance In Correlation With Issuance of Partnership Units | one share of Series B Non-Participating Convertible Preferred Stock (Series B Preferred Stock) for each of the Operating Partnership units held by the noncontrolling partners. | |||
Convertible Preferred Stock, Terms of Conversion | ratio of 14,000 shares of Series B Preferred Stock for one share of common stock | |||
Preferred Stock, Voting Rights | Each share of Series B Preferred Stock entitles the holder to one vote on all matters submitted to the Company's shareowners. The holders of Series B Preferred Stock, voting as a class, have the right to designate up to four nominees for election as directors of the Company. On all other matters, including the election of directors, the holders of Series B Preferred Stock will vote with the holders of common stock. | |||
Conversion of Stock, Number of shares of Common Stock issued from the conversion of Series B Preferred Stock | zero | four | one | |
Conversion of Stock, Shares Converted | 15,880 | 72,061 | 35,500 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Jun. 30, 2016 | |
Cash tender [Abstract] | ||
Minimum aggregate value of Operating Partnership units to be tendered | $ 50 | |
Fair Value of Written Option, Cash Tender Agreement | zero | |
Share Price | $ 73.93 | $ 74.20 |
Approximate aggregate value of interests in the Operating Partnership that may be tendered | $ 1,800 | |
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 | |
Series B Preferred Stock [Member] | ||
Continuing offer [Abstract] | ||
Convertible Preferred Stock, Terms of Conversion | ratio of 14,000 shares of Series B Preferred Stock for one share of common stock |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator): | |||||||||||
Basic | $ 107,358 | $ 109,020 | $ 863,857 | ||||||||
Impact of additional ownership of TRG | 257 | 398 | 10,933 | ||||||||
Diluted | $ 107,615 | $ 109,418 | $ 874,790 | ||||||||
Shares (Denominator) – basic | 60,363,416 | 61,389,113 | 63,267,800 | ||||||||
Effect of dilutive securities | 466,139 | 772,221 | 1,653,264 | ||||||||
Shares (Denominator) – diluted | 60,829,555 | 62,161,334 | 64,921,064 | ||||||||
Earnings per common share – basic | $ 0.48 | $ 0.31 | $ 0.58 | $ 0.41 | $ 0.43 | $ 0.50 | $ 0.38 | $ 0.47 | $ 1.78 | $ 1.78 | $ 13.65 |
Earnings per common share – diluted | $ 0.48 | $ 0.31 | $ 0.57 | $ 0.41 | $ 0.42 | $ 0.50 | $ 0.37 | $ 0.47 | $ 1.77 | $ 1.76 | $ 13.47 |
Weighted average noncontrolling partnership units outstanding | |||||||||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | |||||||||||
Anti-dilutive effect (in shares) | 3,983,781 | 4,029,934 | 4,351,727 | ||||||||
Unissued partnership units under unit option deferral elections | |||||||||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | |||||||||||
Anti-dilutive effect (in shares) | 871,262 | 871,262 |
Fair Value Disclosures (Fair Va
Fair Value Disclosures (Fair Value Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items] | ||
Investment in SPG common shares (Note 17) (1) | $ 44,418 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items] | ||
Investment in SPG common shares (Note 17) (1) | 44,418 | |
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Insurance deposit | 15,440 | $ 14,346 |
Total assets | 59,858 | 14,346 |
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 contract (Note 10) | (3,548) | (6,077) |
Total liabilities | $ (3,548) | $ (6,077) |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Financial Statement Captions [Line Items] | |||
Investment in SPG partnership units | $ 44,792 | $ 77,711 | |
SPG Units [Member] | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Financial Statement Captions [Line Items] | |||
Number of Partnership Units Owned | 340,124 | ||
Investment in SPG partnership units | $ 77,700 | ||
Partnership Units, Book Value | $ 77,711 | ||
SPG Units [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Financial Statement Captions [Line Items] | |||
Number of Partnership Units Owned | 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 | $ 60,400 | $ 114,700 | |
Partnership Units, Book Value | $ 44,792 | $ 77,711 |
Fair Value Disclosures (Estimat
Fair Value Disclosures (Estimated Fair Value of Notes Payable) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Fair Value at Acquisition Date | $ 44,792 | $ 77,711 | |
Estimated fair values of notes payable [Abstract] | |||
Notes payable, net (Notes 1 and 8) | 3,255,512 | 2,627,088 | |
Consolidated Properties [Member] | |||
Estimated fair values of notes payable [Abstract] | |||
Notes payable, net (Notes 1 and 8) | 3,255,512 | 2,627,088 | |
Fair Value, Inputs, Level 2 [Member] | Consolidated Properties [Member] | |||
Estimated fair values of notes payable [Abstract] | |||
Notes payable, fair value disclosure | $ 3,184,036 | $ 2,609,582 | |
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 | $ 140,200 | ||
Impact Of Overall One Percent Increase In Interest Rates Decrease In Fair Values Of Notes Payable Percent | 4.40% | ||
SPG Units [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Fair Value at Acquisition Date | $ 77,700 |
Cash Flow Disclosures & Non-C75
Cash Flow Disclosures & Non-Cash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Costs Capitalized | $ 21,864 | $ 31,112 | $ 27,300 |
Interest Paid, Net | 78,100 | 57,600 | 88,500 |
Income Taxes Paid, Net | 3,500 | 2,600 | 11,900 |
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 | $ 108,581 | $ 104,494 | 24,315 |
The Mall of San Juan [Member] | |||
Joint Venture Acquisition, Interest Acquired | 15.00% | ||
Recapitalization of The Mall of San Juan joint venture (Note 2) (1) | $ 9,296 | ||
SPG Units [Member] | |||
Receipt of Simon Property Group Limited Partnership units in connection with the sale of Arizona Mills (Note 2) | $ 77,711 |
Accumulated Other Comprehensi76
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (35,916) | $ (27,220) | ||
Reclassification adjustment for amounts recognized in net income | 9,339 | 12,021 | $ 16,729 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification adjustment for amounts recognized in net income | 9,339 | 12,021 | 16,729 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 4,880 | |||
Amount of gain/loss on interest rate contract reclassfied from AOCI | 5,823 | 7,211 | 8,663 | |
Amount of gain/loss on interest rate contract reclassfied from AOCI for unconsolidated joint ventures | 3,775 | 4,489 | 3,186 | |
Amount of gain/loss on cross-currency interest rate contract reclassified from AOCI for Unconsolidated Joint Ventures | (259) | 321 | ||
Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (23,147) | (10,890) | (101) | $ 5,040 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (12,769) | (16,330) | (14,967) | (13,954) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (35,916) | (27,220) | (15,068) | (8,914) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (12,251) | (10,790) | (5,148) | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (3,044) | (9,653) | (12,783) | |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (15,295) | (20,443) | (17,931) | |
Reclassification adjustment for amounts recognized in net income | 6,598 | 8,489 | 11,747 | |
Cumulative Translation Adjustment, Net of Tax, Period Increase (Decrease) | (12,251) | (10,790) | (5,148) | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent | 3,554 | (1,164) | (1,036) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (8,697) | (11,954) | (6,184) | |
OtherComprehensiveIncomeLossAdjustmentForeignCurrencyAttributableToParent | (6) | 1 | 7 | |
Other comprehensive income (loss), adjustments, attributable to parent | 7 | (199) | 23 | |
Other comprehensive income (loss), total adjustments attributable to parent | 1 | (198) | 30 | |
Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (9,613) | (4,531) | (41) | 2,011 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 7,065 | 5,595 | 5,879 | 6,141 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2,548) | 1,064 | 5,838 | $ 8,152 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (5,088) | (4,489) | (2,045) | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (1,264) | (4,015) | (5,221) | |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Noncontrolling Interest | (6,352) | (8,504) | (7,266) | |
Reclassification adjustment for amounts recognized in net income | 2,741 | 3,532 | 4,982 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | (5,088) | (4,489) | (2,045) | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Noncontrolling Interest | 1,477 | (483) | (239) | |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (3,611) | (4,972) | (2,284) | |
Other Comprehensive Income Loss Adjustment Foreign Currency Attributable To Noncontrolling Interest | 6 | (1) | (7) | |
Other comprehensive income (loss), adjustments, attributable to noncontrolling interests | (7) | 199 | (23) | |
Other comprehensive income (loss), total adjustments attributable to noncontrolling interests | $ (1) | $ 198 | $ (30) |
Quarterly Financial Data (Una77
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | $ 166,191 | $ 148,021 | $ 158,890 | $ 139,455 | $ 156,227 | $ 139,983 | $ 131,973 | $ 128,989 | $ 612,557 | $ 557,172 | $ 679,129 |
Equity in income of Unconsolidated Joint Ventures | 19,922 | 15,391 | 15,910 | 18,478 | 9,928 | 15,219 | 14,004 | 17,075 | 69,701 | 56,226 | 62,002 |
Net income | 50,894 | 35,184 | 57,744 | 44,329 | 46,595 | 52,629 | 42,333 | 51,000 | 188,151 | 192,557 | 1,278,122 |
Net income attributable to TCO common shareowners | $ 29,275 | $ 18,752 | $ 34,718 | $ 24,613 | $ 25,746 | $ 30,422 | $ 23,230 | $ 29,622 | $ 107,358 | $ 109,020 | $ 863,857 |
Earnings per common share – basic | $ 0.48 | $ 0.31 | $ 0.58 | $ 0.41 | $ 0.43 | $ 0.50 | $ 0.38 | $ 0.47 | $ 1.78 | $ 1.78 | $ 13.65 |
Earnings per common share – diluted | $ 0.48 | $ 0.31 | $ 0.57 | $ 0.41 | $ 0.42 | $ 0.50 | $ 0.37 | $ 0.47 | $ 1.77 | $ 1.76 | $ 13.47 |
Gain on SPG common stock conversion (Note 7) | $ (11,069) | ||||||||||
Equity Method Investment Summarized Financial Information Asset Impairment Charge | $ 11,754 | ||||||||||
The Shops at Crystals [Member] | |||||||||||
Management Leasing And Development Services, Lump Sum Payment | $ 21,700 | ||||||||||
Miami Worldcenter [Member] | |||||||||||
Equity Method Investment Summarized Financial Information Asset Impairment Charge | $ 11,800 |
New Accounting Pronouncements78
New Accounting Pronouncements (Details) - SPG Units [Member] | 12 Months Ended |
Dec. 31, 2016shares | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Number of Partnership Units Owned | 340,124 |
Conversion of Simon Property Group Limited Partnership Units to SPG Common Stock | 250,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Subsequent Event [Line Items] | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number of Extension Options | two | ||
Length Of Extension Option | six-month | ||
Line of Credit Facility, Maximum Borrowing Capacity Including Accordion Feature | $ 2,000,000 | ||
Unsecured Debt Secondary Term Loan [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Unsecured Debt | $ 300,000 | ||
Debt Instrument, Maturity Date, Description | February 2,022 | ||
Line of Credit [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,100,000 | $ 1,100,000 | |
Number of Extension Options | 1 | ||
Length Of Extension Option | one-year | ||
Line of Credit [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Maturity Date, Description | February 2,021 | ||
Unsecured Debt [Member] | |||
Subsequent Event [Line Items] | |||
Unsecured Debt | $ 475,000 | $ 475,000 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||
Line of Credit Facility, Maximum Borrowing Capacity Including Accordion Feature | $ 600,000 | ||
Minimum [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||
Minimum [Member] | Line of Credit [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | ||
Minimum [Member] | Unsecured Debt [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | ||
Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.90% | ||
Maximum [Member] | Line of Credit [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | ||
Maximum [Member] | Unsecured Debt [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.90% |
Valuation and Qualifying Acco80
Valuation and Qualifying Accounts (Details) - Allowance for doubtful receivables [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 2,974 | $ 2,927 | $ 1,934 |
Charged to costs and expenses | 4,047 | 1,994 | 2,900 |
Write-offs | (2,710) | (1,947) | (1,145) |
Transfers, net | (762) | ||
Balance at end of year | $ 4,311 | $ 2,974 | $ 2,927 |
Real Estate and Accumulated D81
Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost of Company | $ 241,361 | |||
Buildings, Improvements, and Equipment, Initial Cost to Company | 2,855,996 | |||
Cost Capitalized Subsequent to Acquisition | 1,076,597 | |||
Land, Gross Amount at Which Carried at Close of Period | 241,361 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 3,932,593 | |||
Total, Gross Amount at Which Carried at Close of Period | 4,173,954 | $ 3,713,215 | $ 3,262,505 | $ 4,485,090 |
Accumulated Depreciation (A/D) | 1,147,390 | 1,052,027 | $ 970,045 | $ 1,516,982 |
Real Estate Investment Property, Net | 3,026,564 | $ 2,661,188 | ||
Beverly Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings, Improvements, and Equipment, Initial Cost to Company | 200,902 | |||
Cost Capitalized Subsequent to Acquisition | 98,528 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 299,430 | |||
Total, Gross Amount at Which Carried at Close of Period | 299,430 | |||
Accumulated Depreciation (A/D) | 181,520 | |||
Real Estate Investment Property, Net | $ 117,910 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 1,982 | |||
Depreciable Life | 40 years | |||
Cherry Creek Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings, Improvements, and Equipment, Initial Cost to Company | $ 99,087 | |||
Cost Capitalized Subsequent to Acquisition | 202,547 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 301,634 | |||
Total, Gross Amount at Which Carried at Close of Period | 301,634 | |||
Accumulated Depreciation (A/D) | 154,743 | |||
Real Estate Investment Property, Net | 146,891 | |||
Encumbrances | $ 550,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 1990 / 1998 / 2015 | |||
Depreciable Life | 40 years | |||
City Creek Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings, Improvements, and Equipment, Initial Cost to Company | $ 75,229 | |||
Cost Capitalized Subsequent to Acquisition | 1,954 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 77,183 | |||
Total, Gross Amount at Which Carried at Close of Period | 77,183 | |||
Accumulated Depreciation (A/D) | 12,826 | |||
Real Estate Investment Property, Net | 64,357 | |||
Encumbrances | $ 80,269 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 2,012 | |||
Depreciable Life | 30 years | |||
Dolphin Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost of Company | $ 34,881 | |||
Buildings, Improvements, and Equipment, Initial Cost to Company | 222,301 | |||
Cost Capitalized Subsequent to Acquisition | 124,694 | |||
Land, Gross Amount at Which Carried at Close of Period | 34,881 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 346,995 | |||
Total, Gross Amount at Which Carried at Close of Period | 381,876 | |||
Accumulated Depreciation (A/D) | 118,756 | |||
Real Estate Investment Property, Net | $ 263,120 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 2001 / 2007 / 2015 | |||
Depreciable Life | 50 years | |||
The Gardens on El Paseo [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost of Company | $ 23,500 | |||
Buildings, Improvements, and Equipment, Initial Cost to Company | 131,858 | |||
Cost Capitalized Subsequent to Acquisition | 7,409 | |||
Land, Gross Amount at Which Carried at Close of Period | 23,500 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 139,267 | |||
Total, Gross Amount at Which Carried at Close of Period | 162,767 | |||
Accumulated Depreciation (A/D) | 20,271 | |||
Real Estate Investment Property, Net | 142,496 | |||
Encumbrances | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 1998 / 2010 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Dec. 28, 2011 | |||
Depreciable Life | 48 years | |||
Great Lakes Crossing Outlets [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost of Company | $ 15,506 | |||
Buildings, Improvements, and Equipment, Initial Cost to Company | 188,773 | |||
Cost Capitalized Subsequent to Acquisition | 47,885 | |||
Land, Gross Amount at Which Carried at Close of Period | 15,506 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 236,658 | |||
Total, Gross Amount at Which Carried at Close of Period | 252,164 | |||
Accumulated Depreciation (A/D) | 127,054 | |||
Real Estate Investment Property, Net | 125,110 | |||
Encumbrances | $ 208,303 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 1,998 | |||
Depreciable Life | 50 years | |||
The Mall at Green Hills [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost of Company | $ 48,551 | |||
Buildings, Improvements, and Equipment, Initial Cost to Company | 332,261 | |||
Cost Capitalized Subsequent to Acquisition | 38,736 | |||
Land, Gross Amount at Which Carried at Close of Period | 48,551 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 370,997 | |||
Total, Gross Amount at Which Carried at Close of Period | 419,548 | |||
Accumulated Depreciation (A/D) | 53,980 | |||
Real Estate Investment Property, Net | 365,568 | |||
Encumbrances | $ 150,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 1955 / 2011 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Dec. 28, 2011 | |||
Depreciable Life | 40 years | |||
International Market Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings, Improvements, and Equipment, Initial Cost to Company | $ 493,011 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 493,011 | |||
Total, Gross Amount at Which Carried at Close of Period | 493,011 | |||
Accumulated Depreciation (A/D) | 11,479 | |||
Real Estate Investment Property, Net | 481,532 | |||
Encumbrances | $ 257,052 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 2,016 | |||
Depreciable Life | 50 years | |||
The Mall of San Juan [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost of Company | $ 17,617 | |||
Buildings, Improvements, and Equipment, Initial Cost to Company | 532,985 | |||
Land, Gross Amount at Which Carried at Close of Period | 17,617 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 532,985 | |||
Total, Gross Amount at Which Carried at Close of Period | 550,602 | |||
Accumulated Depreciation (A/D) | 37,898 | |||
Real Estate Investment Property, Net | 512,704 | |||
Encumbrances | $ 302,357 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 2,015 | |||
Depreciable Life | 50 years | |||
The Mall at Short Hills [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost of Company | $ 25,114 | |||
Buildings, Improvements, and Equipment, Initial Cost to Company | 167,595 | |||
Cost Capitalized Subsequent to Acquisition | 164,416 | |||
Land, Gross Amount at Which Carried at Close of Period | 25,114 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 332,011 | |||
Total, Gross Amount at Which Carried at Close of Period | 357,125 | |||
Accumulated Depreciation (A/D) | 185,778 | |||
Real Estate Investment Property, Net | 171,347 | |||
Encumbrances | $ 1,000,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 1980 / 1994 / 1995 / 2011 | |||
Depreciable Life | 40 years | |||
Taubman Prestige Outlets Chesterfield [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost of Company | $ 16,079 | |||
Buildings, Improvements, and Equipment, Initial Cost to Company | 108,934 | |||
Cost Capitalized Subsequent to Acquisition | 3,764 | |||
Land, Gross Amount at Which Carried at Close of Period | 16,079 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 112,698 | |||
Total, Gross Amount at Which Carried at Close of Period | 128,777 | |||
Accumulated Depreciation (A/D) | 18,391 | |||
Real Estate Investment Property, Net | $ 110,386 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 2,013 | |||
Depreciable Life | 50 years | |||
Twelve Oaks Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost of Company | $ 25,410 | |||
Buildings, Improvements, and Equipment, Initial Cost to Company | 190,455 | |||
Cost Capitalized Subsequent to Acquisition | 92,850 | |||
Land, Gross Amount at Which Carried at Close of Period | 25,410 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 283,305 | |||
Total, Gross Amount at Which Carried at Close of Period | 308,715 | |||
Accumulated Depreciation (A/D) | 162,035 | |||
Real Estate Investment Property, Net | $ 146,680 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 1977 / 1978 / 2007 / 2008 | |||
Depreciable Life | 50 years | |||
Construction In Process And Development Pre Construction Costs [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost of Company | $ 8,058 | |||
Buildings, Improvements, and Equipment, Initial Cost to Company | 32,368 | |||
Cost Capitalized Subsequent to Acquisition | 260,969 | |||
Land, Gross Amount at Which Carried at Close of Period | 8,058 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 293,337 | |||
Total, Gross Amount at Which Carried at Close of Period | 301,395 | |||
Real Estate Investment Property, Net | 301,395 | |||
Encumbrances | ||||
Assets under CDD Obligations [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost of Company | 3,969 | |||
Buildings, Improvements, and Equipment, Initial Cost to Company | 58,512 | |||
Land, Gross Amount at Which Carried at Close of Period | 3,969 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 58,512 | |||
Total, Gross Amount at Which Carried at Close of Period | 62,481 | |||
Accumulated Depreciation (A/D) | 32,751 | |||
Real Estate Investment Property, Net | 29,730 | |||
Office Facilities [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost of Company | 5,123 | |||
Buildings, Improvements, and Equipment, Initial Cost to Company | 12,519 | |||
Cost Capitalized Subsequent to Acquisition | 32,845 | |||
Land, Gross Amount at Which Carried at Close of Period | 5,123 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 45,364 | |||
Total, Gross Amount at Which Carried at Close of Period | 50,487 | |||
Accumulated Depreciation (A/D) | 28,956 | |||
Real Estate Investment Property, Net | 21,531 | |||
Encumbrances | $ 12,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Feb. 28, 2014 | |||
Depreciable Life | 35 years | |||
Peripheral Land [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost of Company | $ 17,553 | |||
Land, Gross Amount at Which Carried at Close of Period | 17,553 | |||
Total, Gross Amount at Which Carried at Close of Period | 17,553 | |||
Real Estate Investment Property, Net | 17,553 | |||
Other Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings, Improvements, and Equipment, Initial Cost to Company | 9,206 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 9,206 | |||
Total, Gross Amount at Which Carried at Close of Period | 9,206 | |||
Accumulated Depreciation (A/D) | 952 | |||
Real Estate Investment Property, Net | $ 8,254 |
Real Estate and Accumulated D82
Real Estate and Accumulated Depreciation Changes in Total Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance, beginning of year | $ 3,713,215 | $ 3,262,505 | $ 4,485,090 |
Acquisitions | 17,642 | ||
New development and improvements | 528,276 | 466,307 | 448,462 |
Disposals/Write-offs | (67,537) | (15,597) | (1,308,529) |
Transfers In/(Out) | (380,160) | ||
Balance, end of year | 4,173,954 | 3,713,215 | 3,262,505 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance, beginning of year | (1,052,027) | (970,045) | (1,516,982) |
Depreciation | (130,433) | (98,846) | (110,129) |
Disposals/Write-offs | 35,070 | 16,864 | 530,916 |
Transfers (In)/Out | 126,150 | ||
Balance, end of year | (1,147,390) | $ (1,052,027) | $ (970,045) |
Tax Basis of Investments, Cost for Income Tax Purposes | $ 3,776,000 | ||
International Plaza [Member] | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Noncash or Part Noncash Disposition, Interest Sold | 49.90% | ||
Equity Method Investment, Ownership Percentage | 50.10% | 50.10% |