Document and Entity Information
Document and Entity Information Document - USD ($) $ / shares in Units, $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 26, 2018 | Jun. 30, 2017 | |
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, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 60,909,479 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Share Price | $ 65.43 | $ 59.55 | |
Entity Public Float | $ 3.5 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Properties (Notes 4 and 8) | $ 4,461,045 | $ 4,173,954 |
Accumulated depreciation and amortization | (1,276,916) | (1,147,390) |
Real Estate Investment Property, Net | 3,184,129 | 3,026,564 |
Investment in Unconsolidated Joint Ventures (Note 5) | 605,629 | 604,808 |
Cash and cash equivalents | 42,499 | 40,603 |
Restricted cash (Note 1) | 2,742 | 932 |
Accounts and notes receivable, less allowance for doubtful accounts of $10,237 and $4,311 in 2017 and 2016 (Note 6) | 78,566 | 60,174 |
Accounts receivable from related parties (Note 12) | 1,365 | 2,103 |
Deferred charges and other assets (Note 7) | 299,662 | 275,728 |
Total Assets | 4,214,592 | 4,010,912 |
Liabilities: | ||
Notes payable, net (Note 8) | 3,555,228 | 3,255,512 |
Accounts payable and accrued liabilities | 307,041 | 336,536 |
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures (Note 5) | 494,851 | 480,863 |
Total Liabilities | 4,357,120 | 4,072,911 |
Commitments and contingencies (Notes 8, 9, 10, 11, 13, and 15) | ||
Redeemable noncontrolling interests (Note 9) | 7,500 | 8,704 |
Equity: | ||
Series B Non-Participating Convertible Preferred Stock, $0.001 par and liquidation value, 40,000,000 shares authorized, 24,938,114 and 25,029,059 shares issued and outstanding at December 31, 2017 and 2016 | 25 | 25 |
Common Stock, $0.01 par value, 250,000,000 shares authorized, 60,832,918 and 60,430,613 shares issued and outstanding at December 31, 2017 and 2016 | 608 | 604 |
Additional paid-in capital | 675,333 | 657,281 |
Accumulated other comprehensive income (loss) (Note 19) | (6,919) | (35,916) |
Dividends in excess of net income | (646,807) | (549,914) |
Stockholders' Equity Attributable to Parent | 22,240 | 72,080 |
Noncontrolling interests (Note 9) | (172,268) | (142,783) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (150,028) | (70,703) |
Total Liabilities and Equity | $ 4,214,592 | $ 4,010,912 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts | $ 10,237,000 | $ 4,311,000 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 60,832,918 | 60,430,613 |
Common stock, shares outstanding | 60,832,918 | 60,430,613 |
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 | 24,938,114 | 25,029,059 |
Preferred Stock, shares outstanding | 24,938,114 | 25,029,059 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Minimum rents | $ 345,557 | $ 333,325 | $ 310,831 |
Overage rents | 16,923 | 20,020 | 20,233 |
Expense recoveries | 211,625 | 202,467 | 188,023 |
Management, leasing, and development services (Note 2) | 4,383 | 28,059 | 13,177 |
Other | 50,677 | 28,686 | 24,908 |
Total Revenues | 629,165 | 612,557 | 557,172 |
Expenses: | |||
Maintenance, taxes, utilities, and promotion | 167,091 | 156,506 | 145,118 |
Other operating | 94,513 | 78,794 | 58,131 |
Management, leasing, and development services | 2,157 | 4,042 | 5,914 |
General and administrative (Note 13) | 39,018 | 48,056 | 45,727 |
Restructuring charge (Note 1) | 13,848 | ||
Costs associated with shareowner activism (Note 1) | 14,500 | 3,000 | |
Interest expense | 108,572 | 86,285 | 63,041 |
Depreciation and amortization | 167,806 | 138,139 | 106,355 |
Total Expenses | 607,505 | 514,822 | 424,286 |
Nonoperating income, net (Notes 7, 10, and 15) | 23,828 | 22,927 | 5,256 |
Income before income tax expense, equity in income of Unconsolidated Joint Ventures, and gain on dispositions, net of tax | 45,488 | 120,662 | 138,142 |
Income tax expense (Note 3) | (105) | (2,212) | (2,248) |
Equity in income of Unconsolidated Joint Ventures (Note 5) | 67,374 | 69,701 | 56,226 |
Income before gain on dispositions, net of tax | 112,757 | 188,151 | 192,120 |
Gain on dispositions, net of tax (Note 3) | 437 | ||
Net income | 112,757 | 188,151 | 192,557 |
Net income attributable to noncontrolling interests (Note 9) | (32,052) | (55,538) | (58,430) |
Net income attributable to Taubman Centers, Inc. | 80,705 | 132,613 | 134,127 |
Distributions to participating securities of TRG (Note 13) | (2,300) | (2,117) | (1,969) |
Preferred stock dividends (Note 14) | (23,138) | (23,138) | (23,138) |
Net income attributable to Taubman Centers, Inc. common shareowners | 55,267 | 107,358 | 109,020 |
Other comprehensive income (Note 19): | |||
Unrealized loss on interest rate instruments and other | (471) | (3,880) | (13,668) |
Fair value adjustment for marketable equity securities | 528 | (428) | |
Cumulative translation adjustment | 33,303 | (17,339) | (15,279) |
Reclassification adjustment for amounts recognized in net income | 7,564 | 9,339 | 12,021 |
Other Comprehensive Income (Loss), Net of Tax | 40,924 | (12,308) | (16,926) |
Comprehensive income | 153,681 | 175,843 | 175,631 |
Comprehensive income attributable to noncontrolling interests | (43,956) | (51,927) | (53,458) |
Comprehensive income attributable to Taubman Centers, Inc. | $ 109,725 | $ 123,916 | $ 122,173 |
Basic earnings per common share (Note 16) | $ 0.91 | $ 1.78 | $ 1.78 |
Diluted earnings per common share (Note 16) | $ 0.91 | $ 1.77 | $ 1.76 |
Weighted average number of common shares outstanding – basic | 60,675,129 | 60,363,416 | 61,389,113 |
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] | Former Taubman Asia President Redeemable Noncontrolling Interest [Member] |
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 (Note 9) | (9,296) | 69,521 | (198) | (78,619) | ||||
Dividends and distributions (excludes $7,150 of distributions attributable to redeemable noncontrolling interest) (Note 9) | (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 | |||||
Share-based compensation under employee and director benefit plans (Note 13), shares | 181,172 | |||||||
Former Taubman Asia President redeemable equity adjustment (Note 9) | (13,854) | (13,854) | $ 13,854 | |||||
Adjustments of noncontrolling interests (Note 9) | (656) | 1,959 | 1 | (2,616) | ||||
Dividends and distributions (excludes $7,150 of distributions attributable to redeemable noncontrolling interest) (Note 9) | (369,742) | (168,988) | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (200,754) | |||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | (7,150) | |||||||
Other | (791) | 2 | (793) | |||||
Net income | 188,151 | |||||||
Net income (excludes net loss attributable to redeemable noncontrolling interest) (Note 9) | 188,807 | 132,613 | 56,194 | |||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (656) | (656) | ||||||
Unrealized loss on interest rate instruments and other | (3,880) | (2,742) | (1,138) | |||||
Fair value adjustment for marketable equity securities | (428) | (302) | (126) | |||||
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 | ||||||
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 | (90,945) | 90,950 | ||||||
Share-based compensation under employee and director benefit plans (Note 13) | 18,049 | $ 3 | 18,046 | |||||
Share-based compensation under employee and director benefit plans (Note 13), shares | 311,355 | |||||||
Former Taubman Asia President redeemable equity adjustment (Note 9) | 1,204 | 1,204 | (1,204) | |||||
Adjustments of noncontrolling interests (Note 9) | (924) | (1,197) | (23) | 296 | ||||
Dividends and distributions (excludes $7,150 of distributions attributable to redeemable noncontrolling interest) (Note 9) | (251,927) | (177,266) | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (74,661) | |||||||
Other | (332) | (332) | ||||||
Net income | 112,757 | |||||||
Net income (excludes net loss attributable to redeemable noncontrolling interest) (Note 9) | 113,681 | 80,705 | 32,976 | |||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (924) | $ (924) | ||||||
Unrealized loss on interest rate instruments and other | (471) | (333) | (138) | |||||
Fair value adjustment for marketable equity securities | 528 | 374 | 154 | |||||
Cumulative translation adjustment | 33,303 | 23,615 | 9,688 | |||||
Reclassification adjustment for amounts recognized in net income | 7,564 | 5,364 | 2,200 | |||||
Balance at Dec. 31, 2017 | $ (150,028) | $ 25 | $ 608 | $ 675,333 | $ (6,919) | $ (646,807) | $ (172,268) | |
Balance, shares at Dec. 31, 2017 | 39,438,114 | 60,832,918 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows From Operating Activities: | |||
Net income | $ 112,757 | $ 188,151 | $ 192,557 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 167,806 | 138,139 | 106,355 |
Provision for bad debts | 11,025 | 4,047 | 1,994 |
Gains on sales of peripheral land | (945) | (1,827) | |
Gains on SPG common share conversions (Note 7) | (11,613) | (11,069) | |
Other | 17,285 | 18,925 | 15,799 |
Increase (decrease) in cash attributable to changes in assets and liabilities: | |||
Receivables, restricted cash, deferred charges, and other assets | (24,096) | (32,833) | (15,636) |
Accounts payable and other liabilities | 7,634 | 1,490 | 6,616 |
Net Cash Provided By Operating Activities | 279,853 | 305,023 | 307,685 |
Cash Flows From Investing Activities: | |||
Additions to properties | (353,322) | (504,864) | (440,678) |
Proceeds from sales of peripheral land | 1,300 | 11,258 | |
Cash drawn from (provided to) escrow or deposits related to center construction projects (Note 7) | (9,606) | (69,680) | 28,857 |
Contributions to Unconsolidated Joint Ventures | (32,990) | (79,976) | (97,293) |
Contribution for acquisition of Country Club Plaza (Note 2) | (314,245) | ||
Distributions from Unconsolidated Joint Ventures in excess of income (Note 2) | 70,847 | 234,913 | 5,755 |
Other | 86 | 81 | (1,762) |
Net Cash Used In Investing Activities | (323,685) | (722,513) | (505,121) |
Cash Flows From Financing Activities: | |||
Proceeds from revolving lines of credit, net | 269,955 | 234,700 | |
Debt proceeds | 336,749 | 758,991 | 1,198,640 |
Debt payments | (308,673) | (367,527) | (578,790) |
Debt issuance costs | (6,665) | (1,620) | (12,743) |
Repurchase of common stock (Note 14) | (252,633) | ||
Issuance of common stock and/or TRG Units in connection with incentive plans | 6,289 | 1,806 | 4,526 |
Distributions to noncontrolling interests (Note 9) | (74,661) | (207,904) | (68,415) |
Distributions to participating securities of TRG | (2,300) | (2,117) | (1,969) |
Contributions from noncontrolling interests (Note 9) | 2,000 | ||
Cash dividends to preferred shareowners | (23,138) | (23,138) | (23,138) |
Cash dividends to common shareowners | (151,828) | (143,733) | (137,830) |
Net Cash Provided By Financing Activities | 45,728 | 251,458 | 127,648 |
Net Increase (Decrease) In Cash and Cash Equivalents | 1,896 | (166,032) | (69,788) |
Cash and Cash Equivalents at Beginning of Year | 40,603 | 206,635 | 276,423 |
Cash and Cash Equivalents at End of Year | $ 42,499 | $ 40,603 | $ 206,635 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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 retail shopping centers and interests therein. The Company’s owned portfolio as of December 31, 2017 included 24 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 in China and South Korea, as well as any developments in Asia, 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. 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 variable interest entity (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. All of the Company’s consolidated joint ventures, including the Operating Partnership, meet the definition and criteria as VIEs, as either the Company or an affiliate of the Company is the primary beneficiary of each VIE. 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. 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 VIE and has concluded that the ventures are not VIEs. 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. The Operating Partnership At December 31, 2017 and 2016 , the Operating Partnership’s equity included two classes of preferred equity (Series J and K Preferred Equity) (Note 14) and the net equity of the TRG unitholders. Net income and distributions of the Operating Partnership are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in the Operating Partnership in accordance with their percentage ownership. The Series J and 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 2017 85,788,252 60,832,918 24,955,334 71% 71% 2016 85,476,892 60,430,613 25,046,279 71 71 2015 85,295,720 60,233,561 25,062,159 71 71 (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, 2017 consisted of 24,938,114 shares of Series B Preferred Stock (Note 14) and 60,832,918 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. Overage 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 Accounting Standards Update (ASU) No. 2014-09, "Revenue from Contracts with Customers" and ASU No. ASU No. 2016-02, "Leases." 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 shopping 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 and Restricted Cash 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, 2017 were not insured or guaranteed by the FDIC or any other government agency and were invested across two separate financial institutions as of December 31, 2017 . 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, 2017 and 2016 , the Company’s cash balances restricted for these uses were $2.7 million and $0.9 million , respectively. Included in restricted cash is $2.5 million at December 31, 2017 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). Costs related to the acquisition of a controlling interest, including due diligence costs, professional fees, and other costs to effect an acquisition, are capitalized. 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. 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 and Other Employee Plans - Valuation Methodologies"). 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. Insurance Accounting The Company carries liability insurance to mitigate its exposure to certain losses, including those relating to property damage and business interruption. The Company records the estimated amount of expected insurance proceeds for property damage and other losses incurred as an asset (typically a receivable from the insurer) and income up to the amount of the losses incurred when receipt of insurance proceeds is deemed probable. Any amount of insurance recovery in excess of the amount of the losses incurred is considered a gain contingency and is not recorded until the proceeds are received. Insurance recoveries for business interruption for lost revenue or profit are accounted for as gain contingencies in their entirety, and therefore are not recorded in income until the proceeds are received. During the year ended December 31, 2017, the Company recorded insurance proceeds related to property damage incurred at The Mall of San Juan as a result of Hurricane Maria (Note 15). 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. In connection with the new 21% Federal corporate income tax rate under the Tax Cuts and Jobs Act of 2017 (2017 Tax Act), the Company adjusted its net Federal deferred tax asset to reflect the change in tax rate (Note 3). 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. Severance Policies and Restructuring Charge The Company has severance policies in place for its employees, which it accounts for as a post-employment benefit. The Company recognizes a liability and expense when it is probable that employees will be entitled to benefits under the severance policies and the amount can be reasonably estimated. The Company has been undergoing a restructuring to reduce its workforce and reorganize various areas of the organization in response to the completion of another major development cycle and the current near-term challenges facing the U.S. mall industry. During the year ended December 31, 2017 , the Company incurred $13.8 million of expenses related to the restructuring. These expenses have been separately classified as Restructuring Charge on the Consolidated Statement of Operations and Comprehensive Income. As of December 31, 2017 , $7.1 million of the restructuring costs recognized during 2017 were unpaid and remained accrued. Costs Associated with Shareowner Activism During the years ended December 31, 2017 and 2016 , the Company incurred $14.5 million and $3.0 million , respectively, of expense associated with activities related to shareowner activism, largely legal and advisory services. Also included in these costs is a retention program for certain employees. Given the uncertainties associated with shareowner activism and to ensure the retention of top talent in key positions within the Company, certain key employees were provided certain incentive benefits in the form of cash and/or equity retention awards. The Company and the Board of Directors believe these benefits are instrumental in ensuring the continued success of the Company. Due to the unusual and infrequent nature of these expenses in the Company's history, they have been separately classified as Costs Associated with Shareowner Activism in the Company's Consolidated Statement of Operations and Comprehensive Income. 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 shareowners' 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 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. Management's Responsibility to Evaluate the Company's Ability to Continue as a Going Concern When preparing financial statements for each annual and interim reporting period, management 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. |
Acquisition, Redevelopments, De
Acquisition, Redevelopments, Developments, and Service Agreement | 12 Months Ended |
Dec. 31, 2017 | |
Acquisition, Redevelopments, and Developments [Abstract] | |
Acquisition, Redevelopments, Developments, and Service Agreement [Text Block] | Acquisition, Redevelopments, Developments, and Service Agreement Acquisition 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. In March 2017, the joint venture sold the Valencia Place office tower at Country Club Plaza for $75.2 million ( $37.6 million at TRG's share), which was a component of the mixed-use property acquired. 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, 2017 , the Company's total capitalized costs related to these redevelopment projects were $385.3 million . U.S. Development International Market Place International Market Place, a shopping center located in Waikiki, Honolulu, Hawaii, opened in August 2016. Asia Developments Operating Centers The Company has opened three shopping centers in Asia: CityOn.Xi’an, located in Xi’an, China; Starfield Hanam, located in Hanam, South Korea; and CityOn.Zhengzhou, located in Zhengzhou, China. The shopping centers opened in April 2016, September 2016, and March 2017, respectively (Note 5). These investments are classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet. South Korea Project The Company was previously exploring a second development opportunity in South Korea with Shinsegae Group, the Company's partner in Starfield Hanam. In March 2017, the Company made a refundable deposit of $11.0 million relating to a potential development site. After performing due diligence, the Company has decided not to proceed with the project. The deposit, including a 5% return, was returned to the Company in November 2017. 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, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income Tax Expense (Benefit) The Company’s income tax expense (benefit) for the years ended December 31, 2017 , 2016 , and 2015 consisted of the following: 2017 2016 2015 Federal current $ (2,509 ) $ 2,238 $ 1,931 Federal deferred 1,632 (1) (1,310 ) (34 ) Foreign current 849 404 628 Foreign deferred 158 293 (114 ) State current (208 ) 782 (528 ) State deferred 183 (195 ) (72 ) Total income tax expense $ 105 $ 2,212 $ 1,811 Add income tax benefit allocated to Gain on Dispositions (2) 437 Income tax expense as reported on the Consolidated Statement of Operations and Comprehensive Income $ 105 $ 2,212 (3) $ 2,248 (1) Reflects $0.3 million of expense related to the restatement of the net Federal deferred tax asset at December 31, 2017 at the new 21% Federal corporate income tax rate under the 2017 Tax Act. (2) Amount represents a reduction of the income taxes incurred as part of the Company's sale of interests in International Plaza in January 2014, which is classified within Gain on Dispositions, Net of Tax on the Consolidated Statement of Operations and Comprehensive Income. (3) 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 Simon Property Group (Note 7). On December 22, 2017, the 2017 Tax Act was signed into law making significant changes to the Internal Revenue Code. The 2017 Tax Act reduces the corporate tax rate to 21% effective January 1, 2018. Consequently, the Company's Federal deferred tax assets and liabilities were remeasured to reflect the reduction in the U.S. corporate income tax rate. We have recorded a decrease related to the TRS net Federal deferred tax asset of $0.3 million , with a corresponding net adjustment to deferred income tax expense of $0.3 million for the year ended December 31, 2017. With the exception of the reduction in the corporate tax rate, the Company did not identify any other items for which the accounting for the income tax effects of the 2017 Tax Act have not been completed. The 2017 Tax Act requires a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings as of December 31, 2017. The Company believes that no such tax will be due as there are no accumulated foreign earnings applicable to the mandatory deemed repatriation. Net Operating Loss Carryforwards As of December 31, 2017 , the Company had a foreign net operating loss carryforward of $6.5 million . Of the $6.5 million , $0.6 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, 2017 and 2016 were as follows: 2017 2016 Deferred tax assets: Federal $ 503 (1) $ 3,230 Foreign 1,788 1,673 State 545 935 Total deferred tax assets $ 2,836 $ 5,838 Valuation allowances (1,620 ) (1,812 ) Net deferred tax assets $ 1,216 $ 4,026 Deferred tax liabilities: Federal Foreign $ 1,517 1,124 State Total deferred tax liabilities $ 1,517 $ 1,124 (1) Includes a $0.3 million reduction in the net Federal deferred tax asset due to the new 21% Federal corporate income tax rate under the 2017 Tax Act. 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 2017 , 2016 , and 2015 may not be indicative of future periods. The portion of the per share dividends paid in 2017 and each year 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 2017 $ 2.5000 $ 0.4775 $ 1.3927 $ 0.4397 $ 0.1901 2016 2.3800 — 1.8427 0.3929 0.1444 2015 2.2600 0.0972 2.1621 0.0004 0.0003 Year Dividends per Series J Preferred share declared Ordinary income Long term capital gain Unrecaptured Sec. 1250 capital gain 2017 $ 1.6250 $ 1.0505 $ 0.4011 $ 0.1734 2016 1.6250 1.2581 0.2683 0.0986 2015 1.6250 1.6245 0.0003 0.0002 Year Dividends per Series K Preferred share declared Ordinary income Long term capital gain Unrecaptured Sec. 1250 capital gain 2017 $ 1.5625 $ 1.0101 $ 0.3857 $ 0.1667 2016 1.5625 1.2097 0.2580 0.0948 2015 1.5625 1.5620 0.0003 0.0002 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, 2017 . 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, 2017 , 2016 , and 2015 or in the Consolidated Balance Sheet as of December 31, 2017 and 2016 . As of December 31, 2017 , returns for the calendar years 2014 through 2017 remain subject to examination by U.S. and various state and foreign tax jurisdictions. |
Properties
Properties | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Real Estate Disclosure [Text Block] | Properties Properties at December 31, 2017 and 2016 are summarized as follows: 2017 2016 Land $ 232,970 $ 233,303 Buildings, improvements, and equipment 3,838,862 3,639,256 Construction in process and pre-development costs 389,213 301,395 $ 4,461,045 $ 4,173,954 Accumulated depreciation and amortization (1,276,916 ) (1,147,390 ) $ 3,184,129 $ 3,026,564 Depreciation expense for 2017 , 2016 , and 2015 was $161.1 million , $130.4 million , and $98.8 million , respectively. The charge to operations in 2017 , 2016 , and 2015 for domestic and non-U.S. pre-development activities was $5.6 million , $5.0 million , and $4.3 million , respectively. |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 CityOn.Xi'an 50% CityOn.Zhengzhou 49 Country Club Plaza 50 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 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 shopping 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 excludes the balances of CityOn.Zhengzhou, which opened in March 2017. Beneficial interest is calculated based on the Operating Partnership's ownership interest in each of the Unconsolidated Joint Ventures. December 31 2017 December 31 2016 Assets: Properties $ 3,756,890 $ 3,371,216 Accumulated depreciation and amortization (767,678 ) (661,611 ) $ 2,989,212 $ 2,709,605 Cash and cash equivalents 147,102 83,882 Accounts and notes receivable, less allowance for doubtful accounts of $4,706 and $1,965 in 2017 and 2016 121,173 87,612 Deferred charges and other assets 136,837 67,167 $ 3,394,324 $ 2,948,266 Liabilities and accumulated deficiency in assets: Notes payable, net (1) $ 2,860,384 $ 2,706,628 Accounts payable and other liabilities 471,948 359,814 TRG's accumulated deficiency in assets (48,338 ) (166,226 ) Unconsolidated Joint Venture Partners' accumulated deficiency in assets 110,330 48,050 $ 3,394,324 $ 2,948,266 TRG's accumulated deficiency in assets (above) $ (48,338 ) $ (166,226 ) TRG's investment in and advances to CityOn.Zhengzhou 46,106 112,861 TRG basis adjustments, including elimination of intercompany profit 63,886 126,240 TCO's additional basis 49,124 51,070 Net Investment in Unconsolidated Joint Ventures $ 110,778 $ 123,945 Distributions in excess of investments in and net income of Unconsolidated Joint Ventures 494,851 480,863 Investment in Unconsolidated Joint Ventures $ 605,629 $ 604,808 (1) The Notes Payable, net amount excludes the construction financing outstanding for CityOn.Zhengzhou of $70.5 million ( $34.5 million at TRG's share) as of December 31, 2016 . Year Ended December 31 2017 2016 2015 Revenues $ 586,499 $ 477,458 $ 378,280 Maintenance, taxes, utilities, promotion, and other operating expenses $ 218,004 $ 172,325 $ 118,909 Interest expense 130,339 103,973 85,198 Depreciation and amortization 127,625 95,051 55,318 Total operating costs $ 475,968 $ 371,349 $ 259,425 Nonoperating income (expense) 2,894 317 (1 ) Income tax expense (5,226 ) (375 ) Gain on disposition, net of tax (1) 3,713 Net income $ 111,912 $ 106,051 $ 118,854 Net income attributable to TRG $ 59,994 $ 61,561 $ 65,384 Realized intercompany profit, net of depreciation on TRG’s basis adjustments 9,326 10,086 4,542 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 $ 67,374 $ 69,701 $ 56,226 Beneficial interest in Unconsolidated Joint Ventures’ operations: Revenues less maintenance, taxes, utilities, promotion, and other operating expenses $ 202,332 $ 178,009 $ 147,905 Interest expense (67,283 ) (54,674 ) (45,564 ) Depreciation and amortization (66,933 ) (53,012 ) (34,361 ) Income tax expense (2,825 ) (622 ) Gain on disposition, net of tax (1) 2,083 Beneficial interest in UJV impairment charge - Miami Worldcenter (11,754 ) Equity in income of Unconsolidated Joint Ventures $ 67,374 $ 69,701 $ 56,226 (1) Amount represents the gain related to the sale of the Valencia Place office tower at Country Club Plaza in March 2017 (Note 2). 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 (the 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 $46.1 million and $43.2 million as of December 31, 2017 and 2016, respectively, 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, 2017 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Accounts and Notes Receivable Accounts and notes receivable at December 31, 2017 and 2016 are summarized as follows: 2017 2016 Trade $ 51,416 $ 31,958 Notes 4,031 2,959 Straight-line rent and recoveries 33,356 29,568 $ 88,803 $ 64,485 Less: Allowance for doubtful accounts (10,237 ) (4,311 ) $ 78,566 $ 60,174 |
Deferred Charges Other Assets
Deferred Charges Other Assets | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 are summarized as follows: 2017 2016 Leasing costs $ 39,252 $ 35,939 Accumulated amortization (9,223 ) (10,519 ) $ 30,029 $ 25,420 In-place leases, net 4,462 6,264 Investment in Simon Property Group Limited Partnership Units (Note 17) 44,792 Investment in Simon Property Group common shares (Note 17) 101,348 44,418 Revolving credit facilities' deferred financing costs, net 6,456 3,995 Insurance deposit (Note 17) 16,703 15,440 Deposits 122,878 116,809 Prepaid expenses 6,362 4,557 Deferred tax asset, net 1,216 4,026 Other, net 10,208 10,007 $ 299,662 $ 275,728 As of December 31, 2017 and 2016 , the Company had $119.2 million and $111.4 million , respectively, in restricted deposits related to its Asia investments. Simon Property Group Limited Partnership Unit Conversions In December 2017 and 2016, the Company converted investments in 340,124 and 250,000 partnership units of Simon Property Group Limited Partnership (SPG LP Units) to Simon Property Group (SPG) common shares, respectively. Upon conversion, the Company recognized gains of $11.6 million and $11.1 million in 2017 and 2016, respectively, which were included within Nonoperating Income, Net in the Consolidated Statement of Operations and Comprehensive Income. The gains were calculated based on the change in fair value of the SPG share prices at the dates of conversion from the carrying value. The SPG LP 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, 2017 and 2016 based on the common share price at each date and are accounted for as available-for-sale marketable securities at fair value. Changes in fair value from conversion date to December 31, 2017 and 2016 are recorded in Other Comprehensive Income in the Consolidated Statement of Operations and Comprehensive Income. |
Notes Payable, Net
Notes Payable, Net | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Notes Payable, Net Notes payable, net at December 31, 2017 and 2016 consist of the following: 2017 2016 Stated Interest Rate as of 12/31/17 Maturity Date Number of Extension Options Facility Amount Cherry Creek Shopping Center $ 550,000 $ 550,000 3.85% 06/01/28 City Creek Center 78,703 (1) 80,269 (1) 4.37% 08/01/23 Great Lakes Crossing Outlets 203,553 208,303 3.60% 01/06/23 The Mall at Green Hills 150,000 150,000 LIBOR+1.60% 12/01/18 Two, one-year options (2) International Market Place 293,801 257,052 LIBOR + 1.75% 08/14/18 Two, one-year options $ 330,890 The Mall of San Juan 302,357 (3) The Mall at Short Hills 1,000,000 1,000,000 3.48% 10/01/27 U.S. Headquarters 12,000 12,000 LIBOR + 1.40% Swapped to 3.49% 03/01/24 $65M Revolving Credit Facility 19,655 24,700 LIBOR + 1.40% 04/28/18 65,000 (4) $1.1B Revolving Credit Facility 485,000 (5) (6) 210,000 LIBOR + 1.45% (5) 02/01/21 (5) Two, six-month options (5) 1,100,000 (5)( 6) $475M Unsecured Term Loan 475,000 (7) 475,000 (7) LIBOR + 1.60% (7) 02/28/19 $300M Unsecured Term Loan 300,000 (6) (8) (8) LIBOR + 1.60% (8) 02/01/22 Deferred Financing Costs, Net (12,484 ) (14,169 ) $ 3,555,228 $ 3,255,512 (1) 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. (2) In July 2017, the Company added an additional one-year extension option to The Mall at Green Hills loan, providing the option to extend the maturity date to December 2020. (3) In March 2017, the Company repaid the outstanding balance of $302.4 million on the construction facility for The Mall of San Juan, which was scheduled to mature in April 2017. The rate on the loan was LIBOR + 2.00% . The Company funded the repayment using its revolving lines of credit. (4) The unused borrowing capacity at December 31, 2017 was $40.8 million , after considering $4.6 million of letters of credit outstanding on the facility. (5) In February 2017, the Company amended its $1.1 billion primary unsecured revolving credit facility extending the maturity date to February 2021, with two six-month extension options . As of December 31, 2017, 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 0.25% based on the Company's total leverage ratio. The unused borrowing capacity at December 31, 2017 was $499.3 million . (6) The $1.1 billion primary unsecured revolving line of credit includes an accordion feature, which in combination with the $300 million unsecured term loan 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, covenant compliance, and minimum asset values for the unencumbered asset pool. As of December 31, 2017, the Company could not fully utilize the accordion feature unless additional assets were added to the unencumbered asset pool. (7) 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 obtaining additional lender commitments, customary closing conditions, covenant compliance, and minimum asset values for the unencumbered asset pool. As of December 31, 2017, the Company could not fully utilize the accordion feature unless additional assets were 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). (8) In February 2017, TRG completed a $300 million unsecured term loan that bears interest at a range of LIBOR plus 1.25% to LIBOR plus 1.90% based on the Company's total leverage ratio. Beginning January 2018, the LIBOR rate was swapped through maturity to a fixed rate of 2.14% , which will result in an effective interest rate in the range of 3.39% to 4.04% (Note 10). (9) Amounts in table may not add due to rounding. Notes payable are collateralized by properties with a net book value of $1.6 billion at December 31, 2017 . The following table presents scheduled principal payments on notes payable as of December 31, 2017 : 2018 $ 470,019 (1) 2019 481,820 2020 7,058 2021 492,363 (2) 2022 307,652 Thereafter 1,808,800 Total principal maturities $ 3,567,712 Net unamortized deferred financing costs (12,484 ) Total notes payable, net $ 3,555,228 (1) Includes a total of $443.8 million with two , one-year extension options. (2) Includes $485.0 million with two six-month extension options. 2018 Maturities The construction facility for International Market Place matures in August 2018. As of December 31, 2017 , the outstanding balance of this construction facility was $293.8 million . The Company is currently evaluating options related to refinancing or exercising the initial one-year extension option. The loan for The Mall at Green Hills matures in December 2018. The Company plans to exercise the initial one-year extension option upon maturity. Debt Covenants and Guarantees Certain loan agreements contain various restrictive covenants, including the following corporate covenants on the Company’s primary unsecured revolving line of credit, $475 million and $300 million unsecured term loans, and the construction facility on 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 unsecured revolving line of credit and unsecured term loans have unencumbered pool covenants, which applied to Beverly Center, Dolphin Mall, The Gardens on El Paseo, and Twelve Oaks Mall on a combined basis as of December 31, 2017 . 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, 2017 , 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, 2017 . The maximum payout ratio covenant limits the payment of distributions generally to 95% of funds from operations, as defined in the loan agreements, except as required to maintain the Company’s tax status, pay preferred distributions, and for distributions related to the sale of certain assets. In connection with the financing of the construction facility at 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, 2017 was $293.8 million . Accrued but unpaid interest as of December 31, 2017 was $0.8 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, 2017 , the interest rate swap was in an asset position and had unpaid interest of $0.1 million . The Company believes the likelihood of a payment under the guarantee to be remote. 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% ) through its loan payoff in March 2017. At 100% At Beneficial Interest Consolidated Subsidiaries Unconsolidated Joint Ventures Consolidated Subsidiaries Unconsolidated Joint Ventures Debt as of: December 31, 2017 $ 3,555,228 $ 2,860,384 $ 3,261,777 $ 1,459,854 December 31, 2016 3,255,512 2,777,162 2,949,440 1,425,511 Capitalized interest: Year Ended December 31, 2017 $ 12,402 (1) $ 456 (2) $ 12,326 (1) $ 456 (2) Year Ended December 31, 2016 21,864 (1) 2,589 (2) 21,728 (1) 2,589 (2) Interest expense: Year Ended December 31, 2017 $ 108,572 $ 130,339 $ 96,630 $ 67,283 Year Ended December 31, 2016 86,285 103,973 75,954 54,674 (1) The Company capitalizes interest costs incurred in funding its equity contributions to development projects accounted for as Unconsolidated Joint Ventures. The capitalized interest cost is included in the Company's basis in its investment in Unconsolidated Joint Ventures. Such capitalized interest reduces interest expense in the Company's Consolidated Statement of Operations and Comprehensive Income and in the table above is included within Consolidated Subsidiaries. (2) 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, 2017 | |
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 was employed by the Company in another capacity through September 30, 2017. The Former Asia President has an ownership interest in Taubman Asia. This interest entitled the Former Asia President to 5% of Taubman Asia's dividends, with 85% of his dividends relating to investment activities undergone prior to the Successor Asia President obtaining an ownership interest (see below) 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 Taubman Asia's properties reaching certain specified milestones. The redemption price for the ownership interest is 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. As of December 31, 2017 and 2016 , the carrying amount of this redeemable equity was $7.5 million and $8.7 million , respectively. Any adjustments to the redemption value are recorded through equity. In April 2016, the Company reacquired half of the Former Asia President's previous 10% 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 current 5% interest is puttable beginning in 2019 at the earliest and was classified as Redeemable Noncontrolling Interest on the Consolidated Balance Sheet. 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 an ownership interest in Taubman Asia. This interest entitles the Successor Asia President to 3% of Taubman Asia's dividends for investment activities undergone by Taubman Asia subsequent to him obtaining his ownership interest, with all 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 Successor Asia President obtaining his ownership interest. The Operating Partnership has a preferred investment in Taubman Asia to the extent the Successor 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 Successor Asia President has the ability to put, the Successor Asia President’s ownership interest upon specified terminations of the Successor 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 January 2022) 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 Successor 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. As of December 31, 2017 , the carrying amount of this redeemable equity was zero . Any adjustments to the redemption value are recorded through equity. 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, 2017 and 2016 . Any adjustments to the redemption value are recorded through equity. Reconciliation of Redeemable Noncontrolling Interest 2017 2016 Balance, January 1 $ 8,704 Former Taubman Asia President vested redeemable equity (1,204 ) $ 13,854 Distributions (7,150 ) Contributions 2,000 Allocation of net loss (924 ) (656 ) Adjustments of redeemable noncontrolling interest 924 656 Balance, December 31 $ 7,500 $ 8,704 Equity Balances of Non-redeemable Noncontrolling Interests The net equity balance of the non-redeemable noncontrolling interests as of December 31, 2017 and 2016 included the following: 2017 2016 Non-redeemable noncontrolling interests: Noncontrolling interests in consolidated joint ventures $ (160,359 ) $ (155,919 ) Noncontrolling interests in partnership equity of TRG (11,909 ) 13,136 $ (172,268 ) $ (142,783 ) Net Income (Loss) Attributable to Noncontrolling Interests Net income (loss) attributable to the noncontrolling interests for the years ended December 31, 2017 , 2016 , and 2015 included the following: 2017 2016 2015 Net income (loss) attributable to non-redeemable noncontrolling interests: Non-redeemable noncontrolling interests: Noncontrolling share of income of consolidated joint ventures $ 7,699 $ 8,761 $ 11,222 Noncontrolling share of income of TRG 25,277 47,433 47,208 $ 32,976 $ 56,194 $ 58,430 Redeemable noncontrolling interest: (924 ) (656 ) $ 32,052 $ 55,538 $ 58,430 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, 2017 , 2016 , and 2015 : 2017 2016 2015 Net income attributable to Taubman Centers, Inc. common shareowners $ 55,267 $ 107,358 $ 109,020 Transfers (to) from the noncontrolling interest: Increase (decrease) in Taubman Centers, Inc.’s paid-in capital for the adjustments of noncontrolling interest (1) (1,197 ) 1,959 69,521 Net transfers (to) from noncontrolling interests (1,197 ) 1,959 69,521 Change from net income attributable to Taubman Centers, Inc. and transfers (to) from noncontrolling interests $ 54,070 $ 109,317 $ 178,541 (1) In 2017, 2016, and 2015, 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 2017 and 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, 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, 2017 , the Company held a controlling interest in a consolidated entity with a specified termination date in 2083 . The noncontrolling owners’ interest in this entity is to be settled upon termination by distribution or transfer of either cash or specific assets of the underlying entity. The estimated fair value of this noncontrolling interest was approximately $360 million at December 31, 2017 , compared to a book value of $(160.4) 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 effective ownership share 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, 2017 | |
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, 2017 , 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 % 1.60 % (1) 3.24 % (1) February 2019 Receive variable (LIBOR) /pay-fixed swap (1) 100 % 175,000 1.65 % 1.60 % (1) 3.25 % (1) February 2019 Receive variable (LIBOR) /pay-fixed swap (1) 100 % 100,000 1.64 % 1.60 % (1) 3.24 % (1) February 2019 Receive variable (LIBOR) /pay-fixed swap (2) 100 % 100,000 (2) (2) (2) February 2022 Receive variable (LIBOR) /pay-fixed swap (2) 100 % 100,000 (2) (2) (2) February 2022 Receive variable (LIBOR) /pay-fixed swap (2) 100 % 50,000 (2) (2) (2) February 2022 Receive variable (LIBOR) /pay-fixed swap (2) 100 % 50,000 (2) (2) (2) February 2022 Receive variable (LIBOR) /pay-fixed swap (3) 100 % 12,000 2.09 % (3) 1.40 % (3) 3.49 % (3) March 2024 Unconsolidated Joint Ventures: Receive variable (LIBOR) /pay-fixed swap (4) 50 % 130,201 2.40 % 1.70 % 4.10 % April 2018 Receive variable (LIBOR) /pay-fixed swap (4) 50 % 130,201 2.40 % 1.70 % 4.10 % April 2018 Receive variable (LIBOR) /pay-fixed swap (5) 50.1 % 165,656 1.83 % 1.75 % 3.58 % December 2021 Receive variable (LIBOR) USD/pay-fixed KRW cross-currency interest rate swap (6) 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, resulting in an effective rate in the range of 3.00% to 3.55% during the swap period. (2) 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, beginning with the January 2018 effective date of the swaps. The Company began using these forward starting swaps to manage interest rate risk on the $300 million unsecured term loan in January 2018 . Beginning in January 2018, the LIBOR rate was swapped to a fixed rate of 2.14% . The credit spread on this loan can vary within a range of 1.25% to 1.90% , depending on the Company's total leverage ratio at the measurement date, resulting in an effective rate in the range of 3.39% to 4.04% during the swap period. (3) The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on the U.S. headquarters building. (4) The notional amount on each of these swaps is equal to 50% of the outstanding principal balance of the loan on Fair Oaks. (5) The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on International Plaza. (6) 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 $0.9 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, 2017 , 2016 , and 2015 . 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, 2017 , 2016 , and 2015 , the Company recognized an inconsequential amount of hedge ineffectiveness related to the swaps used to hedge the $475 million unsecured term loan. The hedge ineffectiveness for each period was recorded in Nonoperating Income, Net 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. 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) 2017 2016 2015 2017 2016 2015 Derivatives in cash flow hedging relationships: Interest rate contracts – consolidated subsidiaries $ 3,994 $ 2,234 $ (1,730 ) Interest Expense $ (2,879 ) $ (5,823 ) $ (7,211 ) Interest rate contracts – UJVs 2,898 2,478 71 Equity in Income of UJVs (2,406 ) (3,775 ) (4,489 ) Cross-currency interest rate contract – UJV 201 (109 ) 12 Equity in Income of UJVs (2,279 ) 259 (321 ) Total derivatives in cash flow hedging relationships $ 7,093 $ 4,603 $ (1,647 ) $ (7,564 ) $ (9,339 ) $ (12,021 ) 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, 2017 and 2016 . Fair Value Consolidated Balance Sheet Location December 31 2017 December 31 Derivatives designated as hedging instruments: Asset derivative: Interest rate contracts – consolidated subsidiaries Deferred Charges and Other Assets $ 939 Interest rate contracts – UJV Investment in UJVs 760 Cross-currency interest rate contract - UJV Investment in UJVs $ 381 Total assets designated as hedging instruments $ 1,699 $ 381 Liability derivatives: Interest rate contracts – consolidated subsidiaries Accounts Payable and Accrued Liabilities $ (484 ) $ (3,548 ) Interest rate contracts – UJV Investment in UJVs (357 ) (2,496 ) Cross-currency interest rate contract - UJV Investment in UJVs (1,630 ) Total liabilities designated as hedging instruments $ (2,471 ) $ (6,044 ) 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 indebtedness on the Operating Partnership's indebtedness. As of December 31, 2017 , 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, 2017 and 2016 , the fair value of derivative instruments with credit-risk-related contingent features that are in a liability position was $2.5 million and $6.0 million , respectively. As of December 31, 2017 and 2016 , 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. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2017 | |
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, overage rent, and other charges to cover certain operating costs. Future minimum rent under operating leases in effect at December 31, 2017 for operating centers assuming no new or renegotiated leases or option extensions on anchor agreements, is summarized as follows: 2018 $ 332,593 2019 318,103 2020 292,463 2021 254,603 2022 215,625 Thereafter 664,727 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 2022 . Rental expense on a straight-line basis under operating leases was $20.1 million in 2017 , $15.1 million in 2016 , and $15.4 million in 2015 . There was no contingent rent expense under operating leases in 2017, 2016, or 2015. Payables representing straight-line rent adjustments under lease agreements were $62.6 million and $59.3 million , as of December 31, 2017 and 2016 , respectively. The following is a schedule of future minimum rental payments required under operating leases: 2018 $ 15,484 2019 15,427 2020 14,288 2021 12,740 2022 13,982 Thereafter 737,210 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 may pay contingent rent based on the performance of the center. International Market Place, a shopping 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 may pay contingent rent based on the performance of the center. |
The Manager
The Manager | 12 Months Ended |
Dec. 31, 2017 | |
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 Revocable Trust and certain of its affiliates receive various management services from the Manager. For such services, the Revocable Trust and affiliates paid the Manager $2.5 million in 2017 , $3.0 million in 2016, and $2.9 million in 2015 . 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, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation and Other Employee Plans The Taubman Company LLC 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 TRG Units, options to purchase common 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 common shares or TRG Units. TRG Units to be awarded also include "TRG Profits Units", which are intended to constitute "profits interests" within the meaning of Treasury authority under the Internal Revenue Code of 1986, as amended. 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 common shares or TRG Units. Options are deducted on a one-for-one basis. The amount available for future grants is adjusted when the number of contingently issuable common shares or units are settled, for grants that are forfeited, and for options that expire without being exercised. TRG Profits Units In 2016 and 2017, the following types of TRG Profits Units awards were granted to certain 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) 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) over a three-year period (NOI Performance-based TRG Profits Units). The maximum number of Relative TSR and NOI Performance-based TRG Profits Units are issued at grant, eventually subject to a recovery and cancellation of previously granted amounts depending on actual performance against TSR and NOI measures over the three-year performance measurement period. NOI Performance-based TRG Profits Units provide for a cap on the maximum number of units vested if a specified absolute TSR level is not achieved. Relative TSR and NOI Performance-based TRG Profits Units are generally subject to the same performance measures as the TSR-Based and NOI-Based Performance Share Units (see Other Management Employee Grants below). Despite the difference in scaling of the grant programs, the final outcome of the TSR and NOI performance measures will result in similar numbers of TRG Units being issued at vesting under both the TRG Profits Units and the Performance Share Unit programs. Each such award represents a contingent right to receive a TRG 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 TRG Profits Unit entitles the holder to only one-tenth of the distributions otherwise payable by TRG on a TRG Unit. Therefore, the Company accounts for these TRG Profits Units as participating securities in the Operating Partnership. A portion of the TRG 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 TRG Profits Units realized under each award to reflect the Operating Partnership's actual cash distributions during the vesting period . The TRG Profits Units issued in 2017 and 2016 vest in March 2020 and March 2019, respectively, if continuous service has been provided, or upon retirement or certain other events (such as death or disability) if earlier. Each holder of a TRG Profits Unit will be treated as a limited partner in TRG from the date of grant. To the extent the vested TRG Profits Units have not achieved the applicable criteria for conversion to TRG Units, vesting and economic equivalence to a TRG Unit prior to the tenth anniversary of the date of grant, the awards will be forfeited pursuant to the terms of the award agreement. Other Management Employee Grants During 2017, 2016, and 2015, other types of awards granted to management employees include those described below. These generally vest in March 2020, March 2019, and March 2018, respectively, if continuous service has been provided, or upon retirement or certain other events (such as death or disability) if earlier. TSR - Based Performance Share Units (TSR PSU) - Each TSR PSU represents the right to receive, upon vesting, shares of common stock ranging from 0-300% of the TSR PSU based on the Company's market performance relative to that of a peer group. The TSR PSU grants include a cash payment upon vesting equal to the aggregate cash dividends that would have been paid on such shares of common stock during the vesting period. NOI - Based Performance Share Units (NOI PSU) - Each NOI PSU represents the right to receive, upon vesting, shares of common stock ranging from 0-300% of the NOI PSU based on the Company's NOI performance, as well as a cash payment upon vesting equal to the aggregate cash dividends that would have been paid on such shares of common stock during the vesting period. These awards also provide for a cap on the maximum number of units vested if a specified absolute TSR level is not achieved. Restricted Share Units (RSU) - Each RSU represents the right to receive upon vesting one share of common stock, as well as a cash payment upon vesting equal to the aggregate cash dividends that would have been paid on such shares of common stock during the vesting period . Expensed and Capitalized Costs The compensation cost charged to income for the Company’s share-based compensation plans was $10.8 million , $11.8 million , and $12.1 million for the years ended December 31, 2017 , 2016 , and 2015 , 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 $0.9 million , $1.3 million , and $2.3 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Valuation Methodologies The Company estimated the grant-date fair values of share-based grants using the methods as follows. 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 grant date. The Company assumes no forfeitures for failure to meet the service requirement of Performance Share Units (PSU) or TRG Profits Units, due to the small number of participants and low turnover rate. The valuations of all grants utilized the Company's common stock price at the grant date. Common stock prices when used in valuing TRG Profits Units are further adjusted by the present value of expected differences in dividends payable on the common stock versus the distributions payable on the TRG Profits Units over the vesting period. The Company estimated the value of grants dependent on TSR performance using a Monte Carlo simulation and considering historical returns of the Company and the peer group. For awards dependent on NOI performance, the Company considers the NOI measure a performance condition under applicable accounting standards, 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 weighted average grant-date fair value shown for NOI-dependent awards corresponds with management's current expectation of the probable outcome of the NOI performance measure. The product of the NOI-dependent awards outstanding and the grant-date fair value represents the compensation cost being recognized over the service periods. The valuations of TRG Profits Units consider the possibility that sufficient share price appreciation will not be realized, such that the conversion to TRG Units will not occur and the awards will be forfeited. Summaries of Activity for the years ended December 31, 2017 , 2016 , and 2015 Restricted TRG Profits Units 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 Granted 46,076 57.84 Forfeited (30,885 ) 57.85 Outstanding at December 31, 2017 61,131 $ 59.08 Fully vested at December 31, 2017 3,826 (1) $ 59.03 (1) These Restricted TRG Profits Units vested as a result of the Company's restructuring and reduction in its workforce (Note 1). Based on the Company's common stock price as of December 31, 2017 , the total current intrinsic value of Restricted TRG Profits Units fully vested as of December 31, 2017 was $0.3 million . No Restricted TRG Profits Units vested in 2016 or 2015 . As of December 31, 2017 , there was $1.7 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 1.5 years. Relative TSR Performance-based TRG Profits Units 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 Granted 103,666 23.14 Forfeited (77,302 ) 23.42 Outstanding at December 31, 2017 129,733 $ 25.59 Fully vested at December 31, 2017 797 (1) $ 23.14 (1) These Relative TSR Performance-based TRG Profits Units vested as a result of the Company's restructuring and reduction in its workforce (Note 1). Based on the Company's common stock price as of December 31, 2017 , the total current intrinsic value of Relative TSR Performance-based TRG Profits Units fully vested as of December 31, 2017 was $0.1 million . No Relative TSR Performance-based TRG Profits Units vested in 2016 or 2015 . As of December 31, 2017 , there was $1.6 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 1.5 years . NOI Performance-based TRG Profits Units 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 103,369 $ 41.87 Granted 103,666 19.35 Forfeited (75,431 ) $ 20.59 Outstanding at December 31, 2017 131,604 $ 19.69 Fully vested at December 31, 2017 2,668 (1) $ 33.56 (1) These NOI Performance-based TRG Profits Units vested as a result of the Company's restructuring and reduction in its workforce (Note 1). Based on the Company's common stock price as of December 31, 2017 , the total current intrinsic value of NOI Performance-based TRG Profits Units fully vested as of December 31, 2017 was $0.2 million . No NOI Performance-based TRG Profits Units vested in 2016 or 2015 . As of December 31, 2017 , there was $1.2 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 1.5 years . TSR - Based Performance Share Units Number of TSR PSU Weighted Average Grant Date Fair Value Outstanding at January 1, 2015 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 Granted 5,046 80.16 Vested - three-year grants (50,459 ) (2) 90.51 Vested - 2012 and 2013 special grants (79,764 ) (3) 181.99 Outstanding at December 31, 2017 40,850 $ 107.38 (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 and 2015 was zero shares in both years. 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) Based on the Company's market performance relative to that of a peer group, the actual number of shares of common stock issued upon vesting during the year ended December 31, 2017 was 30,601 shares for the TSR PSU three-year grants. The shares of common stock were issued at a weighted average rate of 0.60 x and in the range of 0.00 x to 1.00 x. That is, despite the completion of the 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. Included in the vested PSUs are awards that vested early due to a retirement and as a result of the Company's restructuring and reduction in its workforce (Note 1). (3) Based on the Company's market performance relative to that of a peer group, the actual number of shares of common stock issued upon vesting during the year ended December 31, 2017 was zero shares for the 2012 and 2013 TSR PSU special grants. That is, despite the completion of the 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. The total intrinsic value of TSR PSU vested during the years ended December 31, 2017 , 2016 , and 2015 was $2.1 million , zero , and zero , respectively. None of the TSR PSU outstanding at December 31, 2017 were vested. As of December 31, 2017 , there was $0.4 million of total unrecognized compensation cost related to nonvested TSR PSU outstanding. This cost is expected to be recognized over an average period of 0.4 years . NOI - Based Performance Share Units Number of NOI PSU Weighted Average Grant-Date Fair Value Outstanding at January 1, 2017 — $ — Granted 5,046 67.04 Vested (1,242 ) (1) 67.50 Outstanding at December 31, 2017 3,804 $ 67.00 (1) The actual number of shares of common stock issued upon vesting during the year ended December 31, 2017 was 1,242 shares ( 1.0 x). That is, despite the completion of applicable employee service requirements, the number of shares ultimately considered earned is determined by the extent to which NOI was achieved during the performance period. These NOI PSU vested as a result of the Company's restructuring and reduction in its workforce (Note 1). The total intrinsic value of NOI PSU vested during the year ended December 31, 2017 was $0.1 million . No NOI PSU vested in 2016 or 2015 . None of the NOI PSU outstanding at December 31, 2017 were vested. As of December 31, 2017 , there was $0.2 million of total unrecognized compensation cost related to nonvested NOI PSU outstanding. This cost is expected to be recognized over an average period of 2.2 years . Restricted Share Units Number of RSU Weighted average Grant Date Fair Value Outstanding at January 1, 2015 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 Granted 110,210 63.33 Forfeited (12,499 ) 67.78 Vested (126,951 ) 66.98 Outstanding at December 31, 2017 202,663 $ 68.86 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, 2017 , 2016 , and 2015 was $8.6 million , $6.6 million , and $7.0 million , respectively. None of the RSU outstanding at December 31, 2017 were vested. As of December 31, 2017 , there was $5.7 million of total unrecognized compensation cost related to nonvested RSU outstanding. This cost is expected to be recognized over an average period of 1.8 years . Options Options were granted to purchase TRG Units, which are exchangeable for new shares of the Company’s common stock under the Continuing Offer (Note 15). The options had ten-year contractual terms. Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Range of Exercise Prices Outstanding at January 1, 2015 521,293 $ 39.20 1.6 $ 26.56 - $ 51.15 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 Exercised (202,586) 48.35 Outstanding at December 31, 2017 — $ — The total intrinsic value of options exercised during the years ended December 31, 2017 , 2016 , and 2015 was $3.5 million , $2.4 million , and $10.0 million , respectively. Cash received from option exercises for the years ended December 31, 2017 , 2016 , and 2015 was $9.8 million , $3.8 million , and $6.8 million , respectively. Unit Option Deferral Election Under both a prior option plan and the 2008 Omnibus Plan, vested unit options can be exercised by tendering mature units with a market value equal to the exercise price of the unit options. In 2002, Robert S. Taubman, the Company’s chief executive officer, exercised options for 3.0 million units by tendering 2.1 million mature units and deferring receipt of 0.9 million units under the unit option deferral election. As the Operating Partnership pays distributions, the deferred option units receive their proportionate share of the distributions in the form of cash payments. Under an amendment executed in January 2011 and subsequent deferral elections (the latest being made in September 2016), beginning in December 2022 (unless Mr. Taubman retires earlier), the deferred options units will be issued as TRG Units in five annual installments. The deferred option units are accounted for as participating securities of the Operating Partnership. 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 2017 , 2016 , and 2015. As of December 31, 2017 , 19,532 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 fee until the termination of his or her service on the Company’s Board of Directors and for such deferred amount to be denominated in restricted stock units. The number of restricted stock units received equals the amount of 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, the directors’ notional 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 144,420 restricted stock units outstanding under the DCP at December 31, 2017 . 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 ranging from 0% to 4% of the qualified wages of all qualified employees depending on the Company's performance and matches employee contributions in excess of 2% for a total contribution in the range of 0% to 9% 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 $2.5 million in 2017 , $3.1 million in 2016 , and $2.9 million in 2015 . |
Common and Preferred Stock and
Common and Preferred Stock and Equity of TRG | 12 Months Ended |
Dec. 31, 2017 | |
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 previously authorized a share repurchase program under which the Company was permitted to repurchase up to $450 million of its outstanding common stock. As of December 31, 2017 , 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. All shares repurchased were cancelled. For each share of the Company’s common stock repurchased, one of the Company’s TRG 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 TRG 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, 2017 , 2016 , and 2015 , 90,945 shares, 15,880 shares, and 72,061 shares of Series B Preferred Stock, respectively, were converted to five shares, zero shares, and four shares 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, 2017 | |
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 (and/or any assignee of the Revocable Trust or TVG) has the right to tender to the Company TRG Units (provided that if the tendering party is tendering less than all of its TRG Units, 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 of the Company 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 these interests from available cash, borrowed funds, or from the proceeds of an offering of common stock. Generally, the Company expects to finance these purchases through the sale of new shares of its common 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, 2017 of $65.43 per share for the Company's common stock, the aggregate value of TRG Units that may be tendered under the Cash Tender Agreement was $1.6 billion . The purchase of these interests at December 31, 2017 would have resulted in the Company owning an additional 28% interest in TRG. Continuing Offer The Company has made a continuing, irrevocable offer (the Continuing Offer) to all present holders of TRG Units (other than a certain excluded holder, currently TVG), permitted assignees of all present holders of TRG Units, those future holders of TRG Units 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 TRG Units. Under the Continuing Offer agreement, one TRG Unit is exchangeable for one share of common stock . Upon a tender of TRG Units, the corresponding shares of Series B Preferred Stock, if any, will automatically be converted into 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. Hurricane Maria and The Mall of San Juan As a result of Hurricane Maria, The Mall of San Juan experienced certain interior water damage, impacts to exterior landscaping and signage, and significant damage to both Nordstrom and Saks Fifth Avenue. The Company has substantial insurance to cover hurricane and flood damage, as well as business and service interruption. The business interruption coverage commences at time of loss and continues for one year after the damage is fully repaired. This coverage includes a single deductible of $2 million and policy limits of $900 million , all subject to various terms and conditions. During the year ended December 31, 2017, the Company recorded $1.1 million of insurance recoveries related to reimbursement of expensed costs within Nonoperating Income, Net on the Consolidated Statement of Operations and Comprehensive Income. Additionally, during the year ended December 31, 2017, the Company recognized an estimated depreciation expense of $7 million relating to property damage and the write-off of tenant allowances, which reflects a reduction of $0.9 million related to insurance proceeds expected to be received for previously capitalized expenditures. The Company continues to assess physical loss and will update its estimates if necessary. On October 17, 2017, Plaza Internacional Puerto Rico LLC (Plaza Internacional), the owner of The Mall of San Juan (the Mall), filed a civil action in the Commonwealth of Puerto Rico Court of First Instance, San Juan Judicial Center, Superior Court, Civil No. SJ2017CV02094 (503), against Saks Fifth Avenue Puerto Rico, Inc. (Saks PR), and Saks Incorporated (Saks Inc.). The lawsuit asks the court to compel Saks PR and Saks Inc. to immediately repair and remediate the Saks Fifth Avenue store (the Store) that was damaged by Hurricane Maria on September 20, 2017, to reopen the Store on the completion of the reconstruction, and to operate the Store in accordance with the Operating Covenant contained in the Construction, Operation and Reciprocal Easement Agreement among Plaza Internacional, Saks PR, and Nordstrom Puerto Rico LLC (Nordstrom PR) made as of April 23, 2013 (the REA). In response, Saks PR and Saks Inc. filed a Counterclaim, alleging that they have no obligation to repair, remediate, reconstruct, or reopen the Store, asserting various alleged breaches of the REA and other operating agreements. Should Saks PR prevail, Nordstrom PR and other Mall tenants may then have the right to terminate their own operating covenants or leases. Plaza Internacional is vigorously prosecuting its claims and defending the Counterclaim. The outcome of the action cannot be predicted, and, at this time, the Company is unable to estimate the amount of loss that could result from an unfavorable outcome. An unfavorable outcome may have a material and adverse effect on the Company's business and its results of operations. 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, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Common Share Basic earnings per common share amounts are based on the weighted average of common shares outstanding for the respective periods. Diluted earnings per common 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 TRG Units exchangeable for common shares under the Continuing Offer (Note 15), outstanding options for TRG Units, TSR PSU, NOI PSU, Restricted and Performance-based TRG Profits Units, RSU, deferred shares under the Non-Employee Directors’ Deferred Compensation Plan, and unissued TRG Units under a unit option deferral election (Note 13). In computing the potentially dilutive effect of potential common stock, TRG 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 TRG 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 earnings per common share 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 2017 2016 2015 Net income attributable to Taubman Centers, Inc. common shareowners (Numerator): Basic $ 55,267 $ 107,358 $ 109,020 Impact of additional ownership of TRG 114 257 398 Diluted $ 55,381 $ 107,615 $ 109,418 Shares (Denominator) – basic 60,675,129 60,363,416 61,389,113 Effect of dilutive securities 365,366 466,139 772,221 Shares (Denominator) – diluted 61,040,495 60,829,555 62,161,334 Earnings per common share - basic $ 0.91 $ 1.78 $ 1.78 Earnings per common share - diluted $ 0.91 $ 1.77 $ 1.76 The calculation of diluted earnings per common share in certain periods excluded certain potential common stock including outstanding TRG Units and unissued TRG 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 common share as they were anti-dilutive in the period presented. Year Ended December 31 2017 2016 2015 Weighted average noncontrolling TRG Units outstanding 4,089,327 3,983,781 4,029,934 Unissued TRG Units under unit option deferral elections 871,262 871,262 871,262 |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2017 | |
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 valuations of both its investments in an insurance deposit and in 590,124 and 250,000 SPG common shares as of December 31, 2017 and 2016 , respectively, utilize unadjusted quoted prices determined by active markets for the specific securities the Company has invested in, and therefore fall 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, 2017 Using Fair Value Measurements as of December 31, 2016 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) $ 101,348 $ 44,418 Insurance deposit 16,703 15,440 Derivative interest rate contracts (Note 10) $ 939 Total assets $ 118,051 $ 939 $ 59,858 $ — Derivative interest rate contracts (Note 10) $ (484 ) $ (3,548 ) Total liabilities $ (484 ) $ (3,548 ) 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 , the Company owned 340,124 SPG LP Units. In December 2017, the Company converted their remaining 340,124 SPG LP Units to SPG common shares (Note 7). The fair value of the SPG LP Units, which was derived from SPG's common share price and therefore fell into Level 2 of the fair value hierarchy, was $60.4 million at December 31, 2016 . The SPG LP Units were classified as Deferred Charges and Other Assets on the Consolidated Balance Sheet and had a book value of $44.8 million at December 31, 2016 . 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, 2017 and 2016 , 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, 2017 or 2016 . 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, 2017 and 2016 were as follows: 2017 2016 Carrying Value Fair Value Carrying Value Fair Value Notes payable $ 3,555,228 $ 3,503,071 $ 3,255,512 $ 3,184,036 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, 2017 by $131.1 million or 3.7% . 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, 2017 | |
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 2017 , 2016 , and 2015 , net of amounts capitalized of $12.4 million , $ 21.9 million , and $ 31.1 million , respectively, was $100.9 million , $ 78.1 million , and $ 57.6 million , respectively. In 2017 , 2016 , and 2015, $2.5 million , $3.5 million and $2.6 million of income taxes were paid, respectively. The following non-cash investing and financing activities occurred during 2017 , 2016 , and 2015 . 2017 2016 2015 Recapitalization of The Mall of San Juan joint venture (1) $ 9,296 Other non-cash additions to properties $ 79,023 $ 108,581 104,494 (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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , 2016 , and 2015 were as follows: Taubman Centers, Inc. AOCI Noncontrolling Interests AOCI Cumulative translation adjustment Unrealized gains (losses) on interest rate instruments Fair value adjustment for marketable equity securities Total Cumulative translation adjustment Unrealized gains (losses) on interest rate instruments Fair value adjustment for marketable equity securities Total January 1, 2015 $ (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 ) (2,742 ) (302 ) (15,295 ) (5,088 ) (1,138 ) (126 ) (6,352 ) Amounts reclassified from AOCI 6,598 6,598 2,741 2,741 Net current period other comprehensive income (loss) (12,251 ) 3,856 (302 ) (8,697 ) (5,088 ) 1,603 (126 ) (3,611 ) Adjustments due to changes in ownership (6 ) 7 1 6 (7 ) (1 ) December 31, 2016 $ (23,147 ) $ (12,467 ) $ (302 ) $ (35,916 ) $ (9,613 ) $ 7,191 $ (126 ) $ (2,548 ) Other comprehensive income (loss) before reclassifications 23,615 (333 ) 374 23,656 9,688 (138 ) 154 9,704 Amounts reclassified from AOCI 5,364 5,364 2,200 2,200 Net current period other comprehensive income (loss) 23,615 5,031 374 29,020 9,688 2,062 154 11,904 Adjustments due to changes in ownership (84 ) 61 (23 ) 84 (61 ) 23 December 31, 2017 $ 384 $ (7,375 ) $ 72 $ (6,919 ) $ 159 $ 9,192 $ 28 $ 9,379 The following table presents reclassifications out of AOCI for the year ended December 31, 2017 : 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 $ 2,879 Interest Expense Realized loss on interest rate contracts - UJVs 2,406 Equity in Income in UJVs Realized loss on cross-currency interest rate contract - UJV 2,279 Equity in Income in UJVs Total reclassifications for the period $ 7,564 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 of 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 of UJVs Total reclassifications for the period $ 12,021 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Financial Data (Unaudited) The following is a summary of quarterly results of operations for 2017 and 2016 : 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 149,083 $ 154,676 $ 153,222 $ 172,184 Equity in income of Unconsolidated Joint Ventures 20,118 13,258 13,723 20,275 Net income 32,759 27,663 14,251 38,084 Net income attributable to TCO common shareowners 17,170 13,483 4,363 20,251 Earnings per common share – basic $ 0.28 $ 0.22 $ 0.07 $ 0.33 Earnings per common share – diluted $ 0.28 $ 0.22 $ 0.07 $ 0.33 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 In December 2017, the Company converted its remaining 340,124 SPG LP Units to SPG common shares. Upon conversion, the Company recognized an $11.6 million gain included within Nonoperating Income, Net 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 Company has been undergoing a restructuring to reduce its workforce and reorganize various areas of the organization in response to the completion of another major development cycle and the current near-term challenges facing the U.S. mall industry. During the fourth quarter of 2017, the Company incurred $9.8 million of expenses related to the restructuring. During the year ended December 31, 2017 , the Company incurred a total of $13.8 million of expenses related to the restructuring. In December 2016, the Company converted 250,000 SPG LP Units to SPG common shares. Upon conversion, the Company recognized an $11.1 million gain included within Nonoperating Income, Net 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. |
New Accounting Pronouncements (
New Accounting Pronouncements (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
New Accounting Pronouncements, Policy [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (FASB) issued ASU No. 2017-12, "Targeted Improvements to Accounting for Hedging Activities", which provides guidance related to changes in hedge accounting recognition and presentation requirements. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method will require the Company to recognize the cumulative effect of initially applying the ASU as an adjustment to AOCI with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. The Company is currently evaluating the application of this ASU, although it expects adoption to have an immaterial impact on its consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, "Compensation-Stock Compensation - Scope of Modification Accounting", which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. ASU No. 2017-09 is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2017. ASU No. 2017-09 indicates an entity should account for effects of a modification unless all of the following conditions are met: (1) the fair value of the modified award remains the same, (2) the vesting conditions of the award remain the same, and (3) the classification of the modified award as an equity instrument or liability instrument remains the same. Upon adoption, the Company would apply it in the event potential modifications of share-based grants occur in the future. This may impact the Consolidated Statement of Operations and Comprehensive Income as share-based payment benefit or expense depending on the application of modification accounting. The Company does not expect there will be a material impact to the consolidated financial statements and expects to adopt the new standard on its effective date. In February 2017, the FASB issued ASU No. 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets", which provides guidance for recognizing gains and losses from the transfer of nonfinancial assets and for partial sales of nonfinancial assets. ASU No. 2017-05 is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2017. The Company currently accounts for the derecognition of nonfinancial assets according to industry-specific guidance as the Company's nonfinancial assets are considered in-substance real estate. The Company expects the most likely outcome to be that in the event the Company sells a controlling interest in a shopping center, but retains a noncontrolling ownership interest, the Company would measure the retained interest at fair value. This would result in full gain/loss recognition upon such a sale of the controlling interest, a change from current practice. The Company does not expect there will be a material impact to the consolidated financial statements and expects to adopt the new standard on its effective date. 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. This ASU will require restricted cash and certain other deposits to be presented in combination with cash and cash equivalents on the Consolidated Statement of Cash Flows. The Company expects to adopt this standard on its effective date. 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. The Company expects to adopt the new standard on its effective date and expects to use the cumulative earnings approach to calculate and present distributions received from equity method investees. 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. The Company expects 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 the potential need to expense certain internal leasing costs currently being capitalized, including costs associated with the Company's leasing department and the recognition of lease obligations and right-of-use assets for ground and office leases under which the Company or its ventures are the lessee. In January 2018, the FASB proposed an amendment to ASU No. 2016-02 to simplify the guidance by allowing lessors to elect a practical expedient to allow lessors to not separate non-lease components from a lease, which would provide the Company with the option of not bifurcating certain common area maintenance recoveries as a non-lease component. The Company will evaluate the impact of this amendment to the ASU when it is final. 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. The Company expects to adopt the new standard on its effective date. As of December 31, 2017, the Company owned 590,124 SPG common shares that are currently being recorded at fair value (Note 17). After the Company's adoption of ASU No. 2016-01, changes in the fair value of any outstanding SPG common shares will be recorded in net income. Upon adoption on January 1, 2018, the Company will record a one-time cumulative-effect adjusting entry to reclassify $0.1 million of historical unrealized gains on the fair value adjustments of these SPG common shares from AOCI to Dividends in Excess of Net Income on the Company's Consolidated Balance Sheet. The 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 FASB 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 has evaluated the application of this ASU and determined the revenue streams that could have been most significantly impacted by this ASU relate to the Company's management, leasing and development services, certain recoveries from tenants, and other miscellaneous income. From the Company's implementation efforts, it has concluded that the revenue recognition from these services and other miscellaneous income will be consistent with current recognition methods, and therefore will not have a material impact on its consolidated financial statements as a result of adoption. For the year ended December 31, 2017, these revenues were less than 10% of consolidated revenue. Recoveries from tenants to be impacted by ASU No. 2014-09 will not be addressed until the Company's adoption of ASU No. 2016-02, considering the potential for revisions to accounting for common area maintenance described above. The Company also continues to evaluate the scope of revenue-related disclosures it expects to provide pursuant to the new requirements. The Company will adopt the standard using the modified retrospective approach, which requires a cumulative adjustment, if any, as of the date of the adoption. The Company adopted the standard on its January 1, 2018 effective date. |
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, 2017 , 2016 , and 2015 (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, 2017 Allowance for doubtful receivables $ 4,311 $ 11,025 $ (5,099 ) $ 10,237 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 See accompanying report of independent registered public accounting firm. |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 (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 $ 142,323 $ 343,225 $ 343,225 $ 190,119 $ 153,106 1982 40 years Cherry Creek Shopping Center Denver, CO 99,087 219,260 318,347 318,347 166,241 152,106 $ 550,000 1990 / 1998 / 2015 40 years City Creek Shopping Center Salt Lake City, UT 75,229 3,911 79,140 79,140 15,670 63,470 78,704 2012 30 years Dolphin Mall, Miami, FL $ 34,881 222,301 125,286 $ 34,881 347,587 382,468 127,685 254,783 2001 / 2007 / 2015 50 years The Gardens on El Paseo Palm Desert, CA 23,500 131,858 7,643 23,500 139,501 163,001 24,611 138,390 1998 / 2010 2011 48 years Great Lakes Crossing Outlets Auburn Hills, MI 15,506 188,773 51,907 15,506 240,680 256,186 130,722 125,464 203,553 1998 50 years The Mall at Green Hills Nashville, TN 48,551 332,261 81,110 48,551 413,371 461,922 66,381 395,541 150,000 1955 / 2011 2011 40 years International Market Place Honolulu, HI 541,991 541,991 541,991 41,140 500,851 293,801 2016 50 years The Mall of San Juan San Juan, PR 17,617 523,479 17,617 523,479 541,096 61,104 479,992 2015 50 years The Mall at Short Hills Short Hills, NJ 25,114 167,595 171,233 25,114 338,828 363,942 195,805 168,137 1,000,000 1980 / 1994 / 1995 / 2011 40 years Taubman Prestige Outlets Chesterfield Chesterfield, MO 16,079 108,934 2,841 16,079 111,775 127,854 23,678 104,176 2013 50 years Twelve Oaks Mall Novi, MI 25,410 190,455 94,854 25,410 285,309 310,719 170,407 140,312 1977 / 1978 / 2007 / 2008 50 years Other: Office Facilities 5,123 12,519 54,615 5,123 67,134 72,257 26,963 45,294 12,000 2014 35 years Peripheral Land 17,220 17,220 17,220 17,220 Construction in Process and Development - pre-construction costs 8,058 14,537 366,618 8,058 381,155 389,213 389,213 Assets under CDD Obligations 3,969 58,512 1,889 3,969 60,401 64,370 34,496 29,874 Other 28,094 28,094 28,094 1,894 26,200 Total $ 241,028 $ 2,896,527 $ 1,323,490 $ 241,028 $ 4,220,017 $ 4,461,045 (1) $ 1,276,916 $ 3,184,129 Schedule III The changes in total real estate assets and accumulated depreciation for the years ended December 31, 2017 , 2016 , and 2015 are as follows: TAUBMAN CENTERS, INC. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2017 (in thousands) Total Real Estate Assets Accumulated Depreciation 2017 2016 2015 2017 2016 2015 Balance, beginning of year $ 4,173,954 $ 3,713,215 $ 3,262,505 Balance, beginning of year $ (1,147,390 ) $ (1,052,027 ) $ (970,045 ) New development and improvements 320,977 528,276 466,307 Depreciation (161,091 ) (130,433 ) (98,846 ) Disposals/Write-offs (33,886 ) (67,537 ) (15,597 ) Disposals/Write-offs 31,565 35,070 16,864 Balance, end of year $ 4,461,045 $ 4,173,954 $ 3,713,215 Balance, end of year $ (1,276,916 ) $ (1,147,390 ) $ (1,052,027 ) (1) The unaudited aggregate cost for federal income tax purposes as of December 31, 2017 was $4.787 billion . See accompanying report of independent registered public accounting firm. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
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 retail shopping centers and interests therein. The Company’s owned portfolio as of December 31, 2017 included 24 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 in China and South Korea, as well as any developments in Asia, 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. 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 variable interest entity (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. All of the Company’s consolidated joint ventures, including the Operating Partnership, meet the definition and criteria as VIEs, as either the Company or an affiliate of the Company is the primary beneficiary of each VIE. 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. 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 VIE and has concluded that the ventures are not VIEs. 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. The Operating Partnership At December 31, 2017 and 2016 , the Operating Partnership’s equity included two classes of preferred equity (Series J and K Preferred Equity) (Note 14) and the net equity of the TRG unitholders. Net income and distributions of the Operating Partnership are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in the Operating Partnership in accordance with their percentage ownership. The Series J and 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 2017 85,788,252 60,832,918 24,955,334 71% 71% 2016 85,476,892 60,430,613 25,046,279 71 71 2015 85,295,720 60,233,561 25,062,159 71 71 (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, 2017 consisted of 24,938,114 shares of Series B Preferred Stock (Note 14) and 60,832,918 shares of common stock. |
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. 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 variable interest entity (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. All of the Company’s consolidated joint ventures, including the Operating Partnership, meet the definition and criteria as VIEs, as either the Company or an affiliate of the Company is the primary beneficiary of each VIE. 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. 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 VIE and has concluded that the ventures are not VIEs. 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. |
Operating Partnership Ownership [Table Text Block] | The Operating Partnership At December 31, 2017 and 2016 , the Operating Partnership’s equity included two classes of preferred equity (Series J and K Preferred Equity) (Note 14) and the net equity of the TRG unitholders. Net income and distributions of the Operating Partnership are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in the Operating Partnership in accordance with their percentage ownership. The Series J and 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 2017 85,788,252 60,832,918 24,955,334 71% 71% 2016 85,476,892 60,430,613 25,046,279 71 71 2015 85,295,720 60,233,561 25,062,159 71 71 (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, 2017 consisted of 24,938,114 shares of Series B Preferred Stock (Note 14) and 60,832,918 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. Overage 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 Accounting Standards Update (ASU) No. 2014-09, "Revenue from Contracts with Customers" and ASU No. ASU No. 2016-02, "Leases." |
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 shopping 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 and Restricted Cash, Policy [Policy Text Block] | Cash and Cash Equivalents and Restricted Cash 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, 2017 were not insured or guaranteed by the FDIC or any other government agency and were invested across two separate financial institutions as of December 31, 2017 . 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, 2017 and 2016 , the Company’s cash balances restricted for these uses were $2.7 million and $0.9 million , respectively. Included in restricted cash is $2.5 million at December 31, 2017 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). Costs related to the acquisition of a controlling interest, including due diligence costs, professional fees, and other costs to effect an acquisition, are capitalized. |
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. |
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 and Other Employee Plans - Valuation Methodologies"). |
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. |
Commitments and Contingencies, Policy [Policy Text Block] | Insurance Accounting The Company carries liability insurance to mitigate its exposure to certain losses, including those relating to property damage and business interruption. The Company records the estimated amount of expected insurance proceeds for property damage and other losses incurred as an asset (typically a receivable from the insurer) and income up to the amount of the losses incurred when receipt of insurance proceeds is deemed probable. Any amount of insurance recovery in excess of the amount of the losses incurred is considered a gain contingency and is not recorded until the proceeds are received. Insurance recoveries for business interruption for lost revenue or profit are accounted for as gain contingencies in their entirety, and therefore are not recorded in income until the proceeds are received. During the year ended December 31, 2017, the Company recorded insurance proceeds related to property damage incurred at The Mall of San Juan as a result of Hurricane Maria (Note 15). |
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. In connection with the new 21% Federal corporate income tax rate under the Tax Cuts and Jobs Act of 2017 (2017 Tax Act), the Company adjusted its net Federal deferred tax asset to reflect the change in tax rate (Note 3). 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. |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Severance Policies and Restructuring Charge The Company has severance policies in place for its employees, which it accounts for as a post-employment benefit. The Company recognizes a liability and expense when it is probable that employees will be entitled to benefits under the severance policies and the amount can be reasonably estimated. The Company has been undergoing a restructuring to reduce its workforce and reorganize various areas of the organization in response to the completion of another major development cycle and the current near-term challenges facing the U.S. mall industry. During the year ended December 31, 2017 , the Company incurred $13.8 million of expenses related to the restructuring. These expenses have been separately classified as Restructuring Charge on the Consolidated Statement of Operations and Comprehensive Income. As of December 31, 2017 , $7.1 million of the restructuring costs recognized during 2017 were unpaid and remained accrued. |
Costs Associated with Shareowner Activism [Policy Text Block] | Costs Associated with Shareowner Activism During the years ended December 31, 2017 and 2016 , the Company incurred $14.5 million and $3.0 million , respectively, of expense associated with activities related to shareowner activism, largely legal and advisory services. Also included in these costs is a retention program for certain employees. Given the uncertainties associated with shareowner activism and to ensure the retention of top talent in key positions within the Company, certain key employees were provided certain incentive benefits in the form of cash and/or equity retention awards. The Company and the Board of Directors believe these benefits are instrumental in ensuring the continued success of the Company. Due to the unusual and infrequent nature of these expenses in the Company's history, they have been separately classified as Costs Associated with Shareowner Activism in the Company's Consolidated Statement of Operations and Comprehensive Income. |
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 shareowners' equity as a component of Accumulated Other Comprehensive Income (Loss) in the Company's Consolidated Balance Sheet (Note 19). |
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 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. |
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 When preparing financial statements for each annual and interim reporting period, management 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. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Operating Partnership Ownership [Table Text Block] | The Operating Partnership At December 31, 2017 and 2016 , the Operating Partnership’s equity included two classes of preferred equity (Series J and K Preferred Equity) (Note 14) and the net equity of the TRG unitholders. Net income and distributions of the Operating Partnership are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in the Operating Partnership in accordance with their percentage ownership. The Series J and 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 2017 85,788,252 60,832,918 24,955,334 71% 71% 2016 85,476,892 60,430,613 25,046,279 71 71 2015 85,295,720 60,233,561 25,062,159 71 71 (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, 2017 consisted of 24,938,114 shares of Series B Preferred Stock (Note 14) and 60,832,918 shares of common stock. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income tax expense (benefit) | The Company’s income tax expense (benefit) for the years ended December 31, 2017 , 2016 , and 2015 consisted of the following: 2017 2016 2015 Federal current $ (2,509 ) $ 2,238 $ 1,931 Federal deferred 1,632 (1) (1,310 ) (34 ) Foreign current 849 404 628 Foreign deferred 158 293 (114 ) State current (208 ) 782 (528 ) State deferred 183 (195 ) (72 ) Total income tax expense $ 105 $ 2,212 $ 1,811 Add income tax benefit allocated to Gain on Dispositions (2) 437 Income tax expense as reported on the Consolidated Statement of Operations and Comprehensive Income $ 105 $ 2,212 (3) $ 2,248 (1) Reflects $0.3 million of expense related to the restatement of the net Federal deferred tax asset at December 31, 2017 at the new 21% Federal corporate income tax rate under the 2017 Tax Act. (2) Amount represents a reduction of the income taxes incurred as part of the Company's sale of interests in International Plaza in January 2014, which is classified within Gain on Dispositions, Net of Tax on the Consolidated Statement of Operations and Comprehensive Income. (3) 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 Simon Property Group (Note 7). |
Deferred tax assets and liabilities | Deferred tax assets and liabilities as of December 31, 2017 and 2016 were as follows: 2017 2016 Deferred tax assets: Federal $ 503 (1) $ 3,230 Foreign 1,788 1,673 State 545 935 Total deferred tax assets $ 2,836 $ 5,838 Valuation allowances (1,620 ) (1,812 ) Net deferred tax assets $ 1,216 $ 4,026 Deferred tax liabilities: Federal Foreign $ 1,517 1,124 State Total deferred tax liabilities $ 1,517 $ 1,124 (1) Includes a $0.3 million reduction in the net Federal deferred tax asset due to the new 21% Federal corporate income tax rate under the 2017 Tax Act. |
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 2017 $ 2.5000 $ 0.4775 $ 1.3927 $ 0.4397 $ 0.1901 2016 2.3800 — 1.8427 0.3929 0.1444 2015 2.2600 0.0972 2.1621 0.0004 0.0003 |
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 2017 $ 1.6250 $ 1.0505 $ 0.4011 $ 0.1734 2016 1.6250 1.2581 0.2683 0.0986 2015 1.6250 1.6245 0.0003 0.0002 |
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 2017 $ 1.5625 $ 1.0101 $ 0.3857 $ 0.1667 2016 1.5625 1.2097 0.2580 0.0948 2015 1.5625 1.5620 0.0003 0.0002 |
Properties (Tables)
Properties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Real Estate Properties [Table Text Block] | Properties at December 31, 2017 and 2016 are summarized as follows: 2017 2016 Land $ 232,970 $ 233,303 Buildings, improvements, and equipment 3,838,862 3,639,256 Construction in process and pre-development costs 389,213 301,395 $ 4,461,045 $ 4,173,954 Accumulated depreciation and amortization (1,276,916 ) (1,147,390 ) $ 3,184,129 $ 3,026,564 |
Investments in Unconsolidated34
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Beneficial Interests In Joint Ventures | Shopping Center Ownership as of December 31, 2017 and 2016 CityOn.Xi'an 50% CityOn.Zhengzhou 49 Country Club Plaza 50 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 |
Equity Method Investment Summarized Financial Information Text Block | December 31 2017 December 31 2016 Assets: Properties $ 3,756,890 $ 3,371,216 Accumulated depreciation and amortization (767,678 ) (661,611 ) $ 2,989,212 $ 2,709,605 Cash and cash equivalents 147,102 83,882 Accounts and notes receivable, less allowance for doubtful accounts of $4,706 and $1,965 in 2017 and 2016 121,173 87,612 Deferred charges and other assets 136,837 67,167 $ 3,394,324 $ 2,948,266 Liabilities and accumulated deficiency in assets: Notes payable, net (1) $ 2,860,384 $ 2,706,628 Accounts payable and other liabilities 471,948 359,814 TRG's accumulated deficiency in assets (48,338 ) (166,226 ) Unconsolidated Joint Venture Partners' accumulated deficiency in assets 110,330 48,050 $ 3,394,324 $ 2,948,266 TRG's accumulated deficiency in assets (above) $ (48,338 ) $ (166,226 ) TRG's investment in and advances to CityOn.Zhengzhou 46,106 112,861 TRG basis adjustments, including elimination of intercompany profit 63,886 126,240 TCO's additional basis 49,124 51,070 Net Investment in Unconsolidated Joint Ventures $ 110,778 $ 123,945 Distributions in excess of investments in and net income of Unconsolidated Joint Ventures 494,851 480,863 Investment in Unconsolidated Joint Ventures $ 605,629 $ 604,808 (1) The Notes Payable, net amount excludes the construction financing outstanding for CityOn.Zhengzhou of $70.5 million ( $34.5 million at TRG's share) as of December 31, 2016 . Year Ended December 31 2017 2016 2015 Revenues $ 586,499 $ 477,458 $ 378,280 Maintenance, taxes, utilities, promotion, and other operating expenses $ 218,004 $ 172,325 $ 118,909 Interest expense 130,339 103,973 85,198 Depreciation and amortization 127,625 95,051 55,318 Total operating costs $ 475,968 $ 371,349 $ 259,425 Nonoperating income (expense) 2,894 317 (1 ) Income tax expense (5,226 ) (375 ) Gain on disposition, net of tax (1) 3,713 Net income $ 111,912 $ 106,051 $ 118,854 Net income attributable to TRG $ 59,994 $ 61,561 $ 65,384 Realized intercompany profit, net of depreciation on TRG’s basis adjustments 9,326 10,086 4,542 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 $ 67,374 $ 69,701 $ 56,226 Beneficial interest in Unconsolidated Joint Ventures’ operations: Revenues less maintenance, taxes, utilities, promotion, and other operating expenses $ 202,332 $ 178,009 $ 147,905 Interest expense (67,283 ) (54,674 ) (45,564 ) Depreciation and amortization (66,933 ) (53,012 ) (34,361 ) Income tax expense (2,825 ) (622 ) Gain on disposition, net of tax (1) 2,083 Beneficial interest in UJV impairment charge - Miami Worldcenter (11,754 ) Equity in income of Unconsolidated Joint Ventures $ 67,374 $ 69,701 $ 56,226 |
Accounts and Notes Receivable (
Accounts and Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts and notes receivable at December 31, 2017 and 2016 are summarized as follows: 2017 2016 Trade $ 51,416 $ 31,958 Notes 4,031 2,959 Straight-line rent and recoveries 33,356 29,568 $ 88,803 $ 64,485 Less: Allowance for doubtful accounts (10,237 ) (4,311 ) $ 78,566 $ 60,174 |
Deferred Charges Other Assets (
Deferred Charges Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Charges and Other Assets [Abstract] | |
Deferred Charges and Other Assets [Table Text Block] | Deferred charges and other assets at December 31, 2017 and 2016 are summarized as follows: 2017 2016 Leasing costs $ 39,252 $ 35,939 Accumulated amortization (9,223 ) (10,519 ) $ 30,029 $ 25,420 In-place leases, net 4,462 6,264 Investment in Simon Property Group Limited Partnership Units (Note 17) 44,792 Investment in Simon Property Group common shares (Note 17) 101,348 44,418 Revolving credit facilities' deferred financing costs, net 6,456 3,995 Insurance deposit (Note 17) 16,703 15,440 Deposits 122,878 116,809 Prepaid expenses 6,362 4,557 Deferred tax asset, net 1,216 4,026 Other, net 10,208 10,007 $ 299,662 $ 275,728 As of December 31, 2017 and 2016 , the Company had $119.2 million and $111.4 million , respectively, in restricted deposits related to its Asia investments. |
Notes Payable, Net (Tables)
Notes Payable, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable [Table Text Block] | Notes payable, net at December 31, 2017 and 2016 consist of the following: 2017 2016 Stated Interest Rate as of 12/31/17 Maturity Date Number of Extension Options Facility Amount Cherry Creek Shopping Center $ 550,000 $ 550,000 3.85% 06/01/28 City Creek Center 78,703 (1) 80,269 (1) 4.37% 08/01/23 Great Lakes Crossing Outlets 203,553 208,303 3.60% 01/06/23 The Mall at Green Hills 150,000 150,000 LIBOR+1.60% 12/01/18 Two, one-year options (2) International Market Place 293,801 257,052 LIBOR + 1.75% 08/14/18 Two, one-year options $ 330,890 The Mall of San Juan 302,357 (3) The Mall at Short Hills 1,000,000 1,000,000 3.48% 10/01/27 U.S. Headquarters 12,000 12,000 LIBOR + 1.40% Swapped to 3.49% 03/01/24 $65M Revolving Credit Facility 19,655 24,700 LIBOR + 1.40% 04/28/18 65,000 (4) $1.1B Revolving Credit Facility 485,000 (5) (6) 210,000 LIBOR + 1.45% (5) 02/01/21 (5) Two, six-month options (5) 1,100,000 (5)( 6) $475M Unsecured Term Loan 475,000 (7) 475,000 (7) LIBOR + 1.60% (7) 02/28/19 $300M Unsecured Term Loan 300,000 (6) (8) (8) LIBOR + 1.60% (8) 02/01/22 Deferred Financing Costs, Net (12,484 ) (14,169 ) $ 3,555,228 $ 3,255,512 (1) 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. (2) In July 2017, the Company added an additional one-year extension option to The Mall at Green Hills loan, providing the option to extend the maturity date to December 2020. (3) In March 2017, the Company repaid the outstanding balance of $302.4 million on the construction facility for The Mall of San Juan, which was scheduled to mature in April 2017. The rate on the loan was LIBOR + 2.00% . The Company funded the repayment using its revolving lines of credit. (4) The unused borrowing capacity at December 31, 2017 was $40.8 million , after considering $4.6 million of letters of credit outstanding on the facility. (5) In February 2017, the Company amended its $1.1 billion primary unsecured revolving credit facility extending the maturity date to February 2021, with two six-month extension options . As of December 31, 2017, 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 0.25% based on the Company's total leverage ratio. The unused borrowing capacity at December 31, 2017 was $499.3 million . (6) The $1.1 billion primary unsecured revolving line of credit includes an accordion feature, which in combination with the $300 million unsecured term loan 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, covenant compliance, and minimum asset values for the unencumbered asset pool. As of December 31, 2017, the Company could not fully utilize the accordion feature unless additional assets were added to the unencumbered asset pool. (7) 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 obtaining additional lender commitments, customary closing conditions, covenant compliance, and minimum asset values for the unencumbered asset pool. As of December 31, 2017, the Company could not fully utilize the accordion feature unless additional assets were 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). (8) In February 2017, TRG completed a $300 million unsecured term loan that bears interest at a range of LIBOR plus 1.25% to LIBOR plus 1.90% based on the Company's total leverage ratio. Beginning January 2018, the LIBOR rate was swapped through maturity to a fixed rate of 2.14% , which will result in an effective interest rate in the range of 3.39% to 4.04% (Note 10). (9) Amounts in table may not add due to rounding. |
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, 2017 : 2018 $ 470,019 (1) 2019 481,820 2020 7,058 2021 492,363 (2) 2022 307,652 Thereafter 1,808,800 Total principal maturities $ 3,567,712 Net unamortized deferred financing costs (12,484 ) Total notes payable, net $ 3,555,228 (1) Includes a total of $443.8 million with two , one-year extension options. (2) Includes $485.0 million with two six-month extension options. |
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% ) through its loan payoff in March 2017. At 100% At Beneficial Interest Consolidated Subsidiaries Unconsolidated Joint Ventures Consolidated Subsidiaries Unconsolidated Joint Ventures Debt as of: December 31, 2017 $ 3,555,228 $ 2,860,384 $ 3,261,777 $ 1,459,854 December 31, 2016 3,255,512 2,777,162 2,949,440 1,425,511 Capitalized interest: Year Ended December 31, 2017 $ 12,402 (1) $ 456 (2) $ 12,326 (1) $ 456 (2) Year Ended December 31, 2016 21,864 (1) 2,589 (2) 21,728 (1) 2,589 (2) Interest expense: Year Ended December 31, 2017 $ 108,572 $ 130,339 $ 96,630 $ 67,283 Year Ended December 31, 2016 86,285 103,973 75,954 54,674 (1) The Company capitalizes interest costs incurred in funding its equity contributions to development projects accounted for as Unconsolidated Joint Ventures. The capitalized interest cost is included in the Company's basis in its investment in Unconsolidated Joint Ventures. Such capitalized interest reduces interest expense in the Company's Consolidated Statement of Operations and Comprehensive Income and in the table above is included within Consolidated Subsidiaries. (2) 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, 2017 | |
Noncontrolling Interest [Line Items] | |
Redeemable Noncontrolling Interest [Table Text Block] | Reconciliation of Redeemable Noncontrolling Interest 2017 2016 Balance, January 1 $ 8,704 Former Taubman Asia President vested redeemable equity (1,204 ) $ 13,854 Distributions (7,150 ) Contributions 2,000 Allocation of net loss (924 ) (656 ) Adjustments of redeemable noncontrolling interest 924 656 Balance, December 31 $ 7,500 $ 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, 2017 and 2016 included the following: 2017 2016 Non-redeemable noncontrolling interests: Noncontrolling interests in consolidated joint ventures $ (160,359 ) $ (155,919 ) Noncontrolling interests in partnership equity of TRG (11,909 ) 13,136 $ (172,268 ) $ (142,783 ) |
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, 2017 , 2016 , and 2015 included the following: 2017 2016 2015 Net income (loss) attributable to non-redeemable noncontrolling interests: Non-redeemable noncontrolling interests: Noncontrolling share of income of consolidated joint ventures $ 7,699 $ 8,761 $ 11,222 Noncontrolling share of income of TRG 25,277 47,433 47,208 $ 32,976 $ 56,194 $ 58,430 Redeemable noncontrolling interest: (924 ) (656 ) $ 32,052 $ 55,538 $ 58,430 |
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, 2017 , 2016 , and 2015 : 2017 2016 2015 Net income attributable to Taubman Centers, Inc. common shareowners $ 55,267 $ 107,358 $ 109,020 Transfers (to) from the noncontrolling interest: Increase (decrease) in Taubman Centers, Inc.’s paid-in capital for the adjustments of noncontrolling interest (1) (1,197 ) 1,959 69,521 Net transfers (to) from noncontrolling interests (1,197 ) 1,959 69,521 Change from net income attributable to Taubman Centers, Inc. and transfers (to) from noncontrolling interests $ 54,070 $ 109,317 $ 178,541 (1) In 2017, 2016, and 2015, 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 2017 and 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, adjustments of the noncontrolling interest were also made as a result of share repurchases (Note 14). |
Derivative and Hedging Activi39
Derivative and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest rate derivatives designated as cash flow hedges | As of December 31, 2017 , 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 % 1.60 % (1) 3.24 % (1) February 2019 Receive variable (LIBOR) /pay-fixed swap (1) 100 % 175,000 1.65 % 1.60 % (1) 3.25 % (1) February 2019 Receive variable (LIBOR) /pay-fixed swap (1) 100 % 100,000 1.64 % 1.60 % (1) 3.24 % (1) February 2019 Receive variable (LIBOR) /pay-fixed swap (2) 100 % 100,000 (2) (2) (2) February 2022 Receive variable (LIBOR) /pay-fixed swap (2) 100 % 100,000 (2) (2) (2) February 2022 Receive variable (LIBOR) /pay-fixed swap (2) 100 % 50,000 (2) (2) (2) February 2022 Receive variable (LIBOR) /pay-fixed swap (2) 100 % 50,000 (2) (2) (2) February 2022 Receive variable (LIBOR) /pay-fixed swap (3) 100 % 12,000 2.09 % (3) 1.40 % (3) 3.49 % (3) March 2024 Unconsolidated Joint Ventures: Receive variable (LIBOR) /pay-fixed swap (4) 50 % 130,201 2.40 % 1.70 % 4.10 % April 2018 Receive variable (LIBOR) /pay-fixed swap (4) 50 % 130,201 2.40 % 1.70 % 4.10 % April 2018 Receive variable (LIBOR) /pay-fixed swap (5) 50.1 % 165,656 1.83 % 1.75 % 3.58 % December 2021 Receive variable (LIBOR) USD/pay-fixed KRW cross-currency interest rate swap (6) 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, resulting in an effective rate in the range of 3.00% to 3.55% during the swap period. (2) 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, beginning with the January 2018 effective date of the swaps. The Company began using these forward starting swaps to manage interest rate risk on the $300 million unsecured term loan in January 2018 . Beginning in January 2018, the LIBOR rate was swapped to a fixed rate of 2.14% . The credit spread on this loan can vary within a range of 1.25% to 1.90% , depending on the Company's total leverage ratio at the measurement date, resulting in an effective rate in the range of 3.39% to 4.04% during the swap period. (3) The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on the U.S. headquarters building. (4) The notional amount on each of these swaps is equal to 50% of the outstanding principal balance of the loan on Fair Oaks. (5) The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on International Plaza. (6) 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, 2017 , 2016 , and 2015 , the Company recognized an inconsequential amount of hedge ineffectiveness related to the swaps used to hedge the $475 million unsecured term loan. The hedge ineffectiveness for each period was recorded in Nonoperating Income, Net 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. 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) 2017 2016 2015 2017 2016 2015 Derivatives in cash flow hedging relationships: Interest rate contracts – consolidated subsidiaries $ 3,994 $ 2,234 $ (1,730 ) Interest Expense $ (2,879 ) $ (5,823 ) $ (7,211 ) Interest rate contracts – UJVs 2,898 2,478 71 Equity in Income of UJVs (2,406 ) (3,775 ) (4,489 ) Cross-currency interest rate contract – UJV 201 (109 ) 12 Equity in Income of UJVs (2,279 ) 259 (321 ) Total derivatives in cash flow hedging relationships $ 7,093 $ 4,603 $ (1,647 ) $ (7,564 ) $ (9,339 ) $ (12,021 ) |
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, 2017 and 2016 . Fair Value Consolidated Balance Sheet Location December 31 2017 December 31 Derivatives designated as hedging instruments: Asset derivative: Interest rate contracts – consolidated subsidiaries Deferred Charges and Other Assets $ 939 Interest rate contracts – UJV Investment in UJVs 760 Cross-currency interest rate contract - UJV Investment in UJVs $ 381 Total assets designated as hedging instruments $ 1,699 $ 381 Liability derivatives: Interest rate contracts – consolidated subsidiaries Accounts Payable and Accrued Liabilities $ (484 ) $ (3,548 ) Interest rate contracts – UJV Investment in UJVs (357 ) (2,496 ) Cross-currency interest rate contract - UJV Investment in UJVs (1,630 ) Total liabilities designated as hedging instruments $ (2,471 ) $ (6,044 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 for operating centers assuming no new or renegotiated leases or option extensions on anchor agreements, is summarized as follows: 2018 $ 332,593 2019 318,103 2020 292,463 2021 254,603 2022 215,625 Thereafter 664,727 |
Lessee, Operating Lease, Disclosure [Table Text Block] | The following is a schedule of future minimum rental payments required under operating leases: 2018 $ 15,484 2019 15,427 2020 14,288 2021 12,740 2022 13,982 Thereafter 737,210 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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] | Restricted TRG Profits Units 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 Granted 46,076 57.84 Forfeited (30,885 ) 57.85 Outstanding at December 31, 2017 61,131 $ 59.08 Fully vested at December 31, 2017 3,826 (1) $ 59.03 (1) These Restricted TRG Profits Units vested as a result of the Company's restructuring and reduction in its workforce (Note 1). |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, TSR Performance-Based Profits Units, Vested and Expected to Vest [Table Text Block] | Relative TSR Performance-based TRG Profits Units 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 Granted 103,666 23.14 Forfeited (77,302 ) 23.42 Outstanding at December 31, 2017 129,733 $ 25.59 Fully vested at December 31, 2017 797 (1) $ 23.14 (1) These Relative TSR Performance-based TRG Profits Units vested as a result of the Company's restructuring and reduction in its workforce (Note 1). |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, NOI Performance-Based Profits Units, Vested and Expected to Vest1 [Table Text Block] | NOI Performance-based TRG Profits Units 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 103,369 $ 41.87 Granted 103,666 19.35 Forfeited (75,431 ) $ 20.59 Outstanding at December 31, 2017 131,604 $ 19.69 Fully vested at December 31, 2017 2,668 (1) $ 33.56 (1) These NOI Performance-based TRG Profits Units vested as a result of the Company's restructuring and reduction in its workforce (Note 1). |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | TSR - Based Performance Share Units Number of TSR PSU Weighted Average Grant Date Fair Value Outstanding at January 1, 2015 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 Granted 5,046 80.16 Vested - three-year grants (50,459 ) (2) 90.51 Vested - 2012 and 2013 special grants (79,764 ) (3) 181.99 Outstanding at December 31, 2017 40,850 $ 107.38 (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 and 2015 was zero shares in both years. 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) Based on the Company's market performance relative to that of a peer group, the actual number of shares of common stock issued upon vesting during the year ended December 31, 2017 was 30,601 shares for the TSR PSU three-year grants. The shares of common stock were issued at a weighted average rate of 0.60 x and in the range of 0.00 x to 1.00 x. That is, despite the completion of the 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. Included in the vested PSUs are awards that vested early due to a retirement and as a result of the Company's restructuring and reduction in its workforce (Note 1). (3) Based on the Company's market performance relative to that of a peer group, the actual number of shares of common stock issued upon vesting during the year ended December 31, 2017 was zero shares for the 2012 and 2013 TSR PSU special grants. That is, despite the completion of the 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. |
Schedule of Nonvested NOI Performance-based Units Activity [Table Text Block] | NOI - Based Performance Share Units Number of NOI PSU Weighted Average Grant-Date Fair Value Outstanding at January 1, 2017 — $ — Granted 5,046 67.04 Vested (1,242 ) (1) 67.50 Outstanding at December 31, 2017 3,804 $ 67.00 (1) The actual number of shares of common stock issued upon vesting during the year ended December 31, 2017 was 1,242 shares ( 1.0 x). That is, despite the completion of applicable employee service requirements, the number of shares ultimately considered earned is determined by the extent to which NOI was achieved during the performance period. These NOI PSU vested as a result of the Company's restructuring and reduction in its workforce (Note 1). |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Restricted Share Units Number of RSU Weighted average Grant Date Fair Value Outstanding at January 1, 2015 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 Granted 110,210 63.33 Forfeited (12,499 ) 67.78 Vested (126,951 ) 66.98 Outstanding at December 31, 2017 202,663 $ 68.86 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Options were granted to purchase TRG Units, which are exchangeable for new shares of the Company’s common stock under the Continuing Offer (Note 15). The options had ten-year contractual terms. Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Range of Exercise Prices Outstanding at January 1, 2015 521,293 $ 39.20 1.6 $ 26.56 - $ 51.15 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 Exercised (202,586) 48.35 Outstanding at December 31, 2017 — $ — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Basic and diluted earnings per share | Year Ended December 31 2017 2016 2015 Net income attributable to Taubman Centers, Inc. common shareowners (Numerator): Basic $ 55,267 $ 107,358 $ 109,020 Impact of additional ownership of TRG 114 257 398 Diluted $ 55,381 $ 107,615 $ 109,418 Shares (Denominator) – basic 60,675,129 60,363,416 61,389,113 Effect of dilutive securities 365,366 466,139 772,221 Shares (Denominator) – diluted 61,040,495 60,829,555 62,161,334 Earnings per common share - basic $ 0.91 $ 1.78 $ 1.78 Earnings per common share - diluted $ 0.91 $ 1.77 $ 1.76 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31 2017 2016 2015 Weighted average noncontrolling TRG Units outstanding 4,089,327 3,983,781 4,029,934 Unissued TRG Units under unit option deferral elections 871,262 871,262 871,262 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 Using Fair Value Measurements as of December 31, 2016 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) $ 101,348 $ 44,418 Insurance deposit 16,703 15,440 Derivative interest rate contracts (Note 10) $ 939 Total assets $ 118,051 $ 939 $ 59,858 $ — Derivative interest rate contracts (Note 10) $ (484 ) $ (3,548 ) Total liabilities $ (484 ) $ (3,548 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The estimated fair values of notes payable at December 31, 2017 and 2016 were as follows: 2017 2016 Carrying Value Fair Value Carrying Value Fair Value Notes payable $ 3,555,228 $ 3,503,071 $ 3,255,512 $ 3,184,036 |
Cash Flow Disclosures & Non-C44
Cash Flow Disclosures & Non-Cash Investing and Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 , 2016 , and 2015 . 2017 2016 2015 Recapitalization of The Mall of San Juan joint venture (1) $ 9,296 Other non-cash additions to properties $ 79,023 $ 108,581 104,494 (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 Comprehensi45
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , 2016 , and 2015 were as follows: Taubman Centers, Inc. AOCI Noncontrolling Interests AOCI Cumulative translation adjustment Unrealized gains (losses) on interest rate instruments Fair value adjustment for marketable equity securities Total Cumulative translation adjustment Unrealized gains (losses) on interest rate instruments Fair value adjustment for marketable equity securities Total January 1, 2015 $ (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 ) (2,742 ) (302 ) (15,295 ) (5,088 ) (1,138 ) (126 ) (6,352 ) Amounts reclassified from AOCI 6,598 6,598 2,741 2,741 Net current period other comprehensive income (loss) (12,251 ) 3,856 (302 ) (8,697 ) (5,088 ) 1,603 (126 ) (3,611 ) Adjustments due to changes in ownership (6 ) 7 1 6 (7 ) (1 ) December 31, 2016 $ (23,147 ) $ (12,467 ) $ (302 ) $ (35,916 ) $ (9,613 ) $ 7,191 $ (126 ) $ (2,548 ) Other comprehensive income (loss) before reclassifications 23,615 (333 ) 374 23,656 9,688 (138 ) 154 9,704 Amounts reclassified from AOCI 5,364 5,364 2,200 2,200 Net current period other comprehensive income (loss) 23,615 5,031 374 29,020 9,688 2,062 154 11,904 Adjustments due to changes in ownership (84 ) 61 (23 ) 84 (61 ) 23 December 31, 2017 $ 384 $ (7,375 ) $ 72 $ (6,919 ) $ 159 $ 9,192 $ 28 $ 9,379 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents reclassifications out of AOCI for the year ended December 31, 2017 : 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 $ 2,879 Interest Expense Realized loss on interest rate contracts - UJVs 2,406 Equity in Income in UJVs Realized loss on cross-currency interest rate contract - UJV 2,279 Equity in Income in UJVs Total reclassifications for the period $ 7,564 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 of 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 of UJVs Total reclassifications for the period $ 12,021 |
Quarterly Financial Data (Una46
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | ||
Schedule of Quarterly Financial Information [Table Text Block] | 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 149,083 $ 154,676 $ 153,222 $ 172,184 Equity in income of Unconsolidated Joint Ventures 20,118 13,258 13,723 20,275 Net income 32,759 27,663 14,251 38,084 Net income attributable to TCO common shareowners 17,170 13,483 4,363 20,251 Earnings per common share – basic $ 0.28 $ 0.22 $ 0.07 $ 0.33 Earnings per common share – diluted $ 0.28 $ 0.22 $ 0.07 $ 0.33 | 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 |
Valuation and Qualifying Acco47
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, 2017 , 2016 , and 2015 (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, 2017 Allowance for doubtful receivables $ 4,311 $ 11,025 $ (5,099 ) $ 10,237 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 See accompanying report of independent registered public accounting firm. |
Real Estate and Accumulated D48
Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 (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 $ 142,323 $ 343,225 $ 343,225 $ 190,119 $ 153,106 1982 40 years Cherry Creek Shopping Center Denver, CO 99,087 219,260 318,347 318,347 166,241 152,106 $ 550,000 1990 / 1998 / 2015 40 years City Creek Shopping Center Salt Lake City, UT 75,229 3,911 79,140 79,140 15,670 63,470 78,704 2012 30 years Dolphin Mall, Miami, FL $ 34,881 222,301 125,286 $ 34,881 347,587 382,468 127,685 254,783 2001 / 2007 / 2015 50 years The Gardens on El Paseo Palm Desert, CA 23,500 131,858 7,643 23,500 139,501 163,001 24,611 138,390 1998 / 2010 2011 48 years Great Lakes Crossing Outlets Auburn Hills, MI 15,506 188,773 51,907 15,506 240,680 256,186 130,722 125,464 203,553 1998 50 years The Mall at Green Hills Nashville, TN 48,551 332,261 81,110 48,551 413,371 461,922 66,381 395,541 150,000 1955 / 2011 2011 40 years International Market Place Honolulu, HI 541,991 541,991 541,991 41,140 500,851 293,801 2016 50 years The Mall of San Juan San Juan, PR 17,617 523,479 17,617 523,479 541,096 61,104 479,992 2015 50 years The Mall at Short Hills Short Hills, NJ 25,114 167,595 171,233 25,114 338,828 363,942 195,805 168,137 1,000,000 1980 / 1994 / 1995 / 2011 40 years Taubman Prestige Outlets Chesterfield Chesterfield, MO 16,079 108,934 2,841 16,079 111,775 127,854 23,678 104,176 2013 50 years Twelve Oaks Mall Novi, MI 25,410 190,455 94,854 25,410 285,309 310,719 170,407 140,312 1977 / 1978 / 2007 / 2008 50 years Other: Office Facilities 5,123 12,519 54,615 5,123 67,134 72,257 26,963 45,294 12,000 2014 35 years Peripheral Land 17,220 17,220 17,220 17,220 Construction in Process and Development - pre-construction costs 8,058 14,537 366,618 8,058 381,155 389,213 389,213 Assets under CDD Obligations 3,969 58,512 1,889 3,969 60,401 64,370 34,496 29,874 Other 28,094 28,094 28,094 1,894 26,200 Total $ 241,028 $ 2,896,527 $ 1,323,490 $ 241,028 $ 4,220,017 $ 4,461,045 (1) $ 1,276,916 $ 3,184,129 Schedule III The changes in total real estate assets and accumulated depreciation for the years ended December 31, 2017 , 2016 , and 2015 are as follows: TAUBMAN CENTERS, INC. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2017 (in thousands) Total Real Estate Assets Accumulated Depreciation 2017 2016 2015 2017 2016 2015 Balance, beginning of year $ 4,173,954 $ 3,713,215 $ 3,262,505 Balance, beginning of year $ (1,147,390 ) $ (1,052,027 ) $ (970,045 ) New development and improvements 320,977 528,276 466,307 Depreciation (161,091 ) (130,433 ) (98,846 ) Disposals/Write-offs (33,886 ) (67,537 ) (15,597 ) Disposals/Write-offs 31,565 35,070 16,864 Balance, end of year $ 4,461,045 $ 4,173,954 $ 3,713,215 Balance, end of year $ (1,276,916 ) $ (1,147,390 ) $ (1,052,027 ) (1) The unaudited aggregate cost for federal income tax purposes as of December 31, 2017 was $4.787 billion . See accompanying report of independent registered public accounting firm. |
Summary of Significant Accoun49
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Number of urban and suburban shopping centers in the Company's owned portfolio | 24 | |
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 | two | |
Restricted Cash and Cash Equivalents | $ 2,742 | $ 932 |
Restricted Cash, Uninsured Amount | $ 2,500 | |
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 Accoun50
Summary of Significant Accounting Policies (Operating Partnership) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
The Operating Partnership [Abstract] | ||||
Number Of Classes Of Preferred Equity | two | |||
Number of Operating Partnership units outstanding (in shares) | 85,788,252 | 85,788,252 | 85,476,892 | 85,295,720 |
Number Of Operating Partnership Units Outstanding Owned By Company | 60,832,918 | 60,832,918 | 60,430,613 | 60,233,561 |
Number of Operating Partnership units outstanding owned by noncontrolling interests | 24,955,334 | 24,955,334 | 25,046,279 | 25,062,159 |
Noncontrolling Interest, Ownership Percentage by Parent | 71.00% | 71.00% | 71.00% | 71.00% |
Average ownership percentage of the Company in the Operating Partnership (in hundredths) | 71.00% | 71.00% | 71.00% | |
Relationship between TRG units owned by TCO and TCO common shares outstanding | one-for-one | |||
Common stock, shares outstanding | 60,832,918 | 60,832,918 | 60,430,613 | |
Future Effective Federal Income Tax Rate Percent | 21.00% | |||
Restructuring Charges | $ 9,800 | $ 13,848 | ||
Restructuring Reserve | $ 7,100 | 7,100 | ||
Costs Associated With Shareowner Activism | $ 14,500 | $ 3,000 | ||
Substantial Doubt about Going Concern, Management's Evaluation | When preparing financial statements for each annual and interim reporting period, management 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 | 24,938,114 | 24,938,114 | 25,029,059 |
Acquisition, Redevelopments, 51
Acquisition, Redevelopments, Developments, and Service Agreement (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Acquisition, Redevelopments, Developments, and Service Agreement [Line Items] | ||
Notes payable, net (Note 8) | $ 3,555,228 | $ 3,255,512 |
Number of Shopping Centers Opened in Asia | three | |
Country Club Plaza [Member] | ||
Acquisition, Redevelopments, Developments, and Service Agreement [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 (Note 8) | $ 320,000 | |
Notes Payable, At Beneficial Interest | 160,000 | |
Sale Price of Joint Venture Real Estate | $ 75,200 | |
Sale Price of Joint Venture Real Estate at Beneficial Interest | 37,600 | |
South Korea Project [Member] | ||
Acquisition, Redevelopments, Developments, and Service Agreement [Line Items] | ||
Payments To Fund Development Project | $ 11,000 | |
Return On Investment | 5.00% | |
The Shops at Crystals [Member] | ||
Acquisition, Redevelopments, Developments, and Service Agreement [Line Items] | ||
Management Leasing And Development Services, Lump Sum Payment | $ 21,700 | |
Beverly Center and The Mall at Green Hills [Member] | ||
Acquisition, Redevelopments, Developments, and Service Agreement [Line Items] | ||
Number Of Ongoing Redevelopments | 2 | |
Total Expected Project Costs | $ 700,000 | |
Capitalized Project Costs | $ 385,300 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | |||
Deferred Federal Tax Expense due to Tax Cuts and Jobs Act | $ 300 | ||
Future Effective Federal Income Tax Rate Percent | 21.00% | ||
Deferred Net Federal Tax Asset Adjustment due to Tax Cuts and Jobs Act | $ 300 | ||
Income tax expense (benefit) [Abstract] | |||
Federal current | (2,509) | $ 2,238 | $ 1,931 |
Federal deferred | 1,632 | (1,310) | (34) |
Foreign current | 849 | 404 | 628 |
Foreign deferred | 158 | 293 | (114) |
State current | (208) | 782 | (528) |
State deferred | 183 | (195) | (72) |
Total income tax expense | 105 | 2,212 | 1,811 |
Add income tax benefit allocated to Gain on Dispositions (2) | 437 | ||
Income tax expense as reported on the Consolidated Statement of Operations and Comprehensive Income | 105 | 2,212 | $ 2,248 |
Deferred tax assets: | |||
Deferred Tax Assets, Gross | 2,836 | 5,838 | |
Deferred Tax Assets, Valuation Allowance | (1,620) | (1,812) | |
Deferred Tax Assets, Net of Valuation Allowance | 1,216 | 4,026 | |
Deferred tax liabilities: | |||
Deferred Tax Liabilities, Net | $ 1,517 | $ 1,124 | |
Common Stock, Dividends, Per Share, Declared | $ 2.5000 | $ 2.3800 | $ 2.2600 |
Common Stock, Dividends, Per Share, Designated as Return of Capital | 0.4775 | 0 | 0.0972 |
Common Stock, Dividends, Per Share, Designated as Ordinary Income | 1.3927 | 1.8427 | 2.1621 |
Common Stock, Dividends, Per Share, Designated as Long Term Capital Gain | 0.4397 | 0.3929 | 0.0004 |
Common Stock, Dividends, Per Share, Designated as Unrecaptured Sec. 1250 Capital Gain | $ 0.1901 | $ 0.1444 | 0.0003 |
Domestic Tax Authority [Member] | |||
Deferred tax assets: | |||
Deferred Tax Assets, Gross | $ 503 | $ 3,230 | |
Deferred tax liabilities: | |||
Deferred Tax Liabilities, Net | |||
Foreign Country [Member] | |||
Income tax expense (benefit) [Abstract] | |||
Operating Loss Carryforwards | 6,500 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 600 | ||
Operating Loss Carryforwards, Expiration Dates | 10 | ||
Deferred tax assets: | |||
Deferred Tax Assets, Gross | $ 1,788 | 1,673 | |
Deferred tax liabilities: | |||
Deferred Tax Liabilities, Net | 1,517 | 1,124 | |
State and Local Jurisdiction [Member] | |||
Deferred tax assets: | |||
Deferred Tax Assets, Gross | 545 | 935 | |
Deferred tax liabilities: | |||
Deferred Tax Liabilities, Net | |||
Series J Preferred Stock [Member] | |||
Deferred tax liabilities: | |||
Preferred Stock, Dividends Per Share, Declared | $ 1.6250 | $ 1.6250 | 1.6250 |
Preferred Stock, Dividends Per Share, Designated as Ordinary Income | 1.0505 | 1.2581 | 1.6245 |
Preferred Stock, Dividends, Per Share, Designated as Long Term Capital Gain | 0.4011 | 0.26830 | 0.0003 |
Preferred Stock, Dividends Per Share, Designated as Unrecaptured Sec. 1250 Capital Gain | 0.1734 | 0.0986 | 0.0002 |
Series K Preferred Stock [Member] | |||
Deferred tax liabilities: | |||
Preferred Stock, Dividends Per Share, Declared | 1.56250 | 1.56250 | 1.5625 |
Preferred Stock, Dividends Per Share, Designated as Ordinary Income | 1.0101 | 1.2097 | 1.562 |
Preferred Stock, Dividends, Per Share, Designated as Long Term Capital Gain | 0.3857 | 0.2580 | 0.0003 |
Preferred Stock, Dividends Per Share, Designated as Unrecaptured Sec. 1250 Capital Gain | $ 0.1667 | $ 0.0948 | $ 0.0002 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Land | $ 232,970 | $ 233,303 | |
Buildings, improvements, and equipment | 3,838,862 | 3,639,256 | |
Construction in process and pre-development costs | 389,213 | 301,395 | |
Real Estate Investment Property, at Cost | 4,461,045 | 4,173,954 | |
Accumulated depreciation and amortization | (1,276,916) | (1,147,390) | |
Real Estate Investment Property, Net | 3,184,129 | 3,026,564 | |
Real Estate Accumulated Depreciation, Depreciation Expense | 161,091 | 130,433 | $ 98,846 |
Pre-development activities expense | $ 5,600 | $ 5,000 | $ 4,300 |
Investments in Unconsolidated54
Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2016 | |
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 | $ 46,100 | $ 43,200 | |
CityOn.Xi'an [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |
CityOn.Zhengzhou [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | |
Country Club Plaza [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |
Fair Oaks [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |
International Plaza [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.10% | 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 Unconsolidated55
Investments in Unconsolidated Joint Ventures (Combined Financial Information Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Properties | $ 3,756,890 | $ 3,371,216 |
Accumulated depreciation and amortization | (767,678) | (661,611) |
Properties, net | 2,989,212 | 2,709,605 |
Cash and cash equivalents | 147,102 | 83,882 |
Allowance For Doubtful Accounts, Unconsolidated Joint Ventures | 4,706 | 1,965 |
Accounts and notes receivable, less allowance for doubtful accounts of $4,706 and $1,965 in 2017 and 2016 | 121,173 | 87,612 |
Deferred charges and other assets | 136,837 | 67,167 |
Total Assets | 3,394,324 | 2,948,266 |
Liabilities and accumulated deficiency in assets: | ||
Notes payable, net (1) | 2,860,384 | 2,706,628 |
Accounts payable and other liabilities | 471,948 | 359,814 |
TRG's accumulated deficiency in assets | (48,338) | (166,226) |
Unconsolidated Joint Venture Partners' accumulated deficiency in assets | 110,330 | 48,050 |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | 3,394,324 | 2,948,266 |
TRG's investment in and advances to CityOn.Zhengzhou | 46,106 | 112,861 |
TRG basis adjustments, including elimination of intercompany profit | 63,886 | 126,240 |
TCO's additional basis | 49,124 | 51,070 |
Net Investment in Unconsolidated Joint Ventures | 110,778 | 123,945 |
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures | 494,851 | 480,863 |
Investment in Unconsolidated Joint Ventures | $ 605,629 | 604,808 |
CityOn.Zhengzhou [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Construction Loan | 70,500 | |
Construction Loan, At Beneficial Interest | $ 34,500 |
Investments in Unconsolidated56
Investments in Unconsolidated Joint Ventures (Combined Financial Information Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity method investment, summarized financial information, income statement [Abstract] | |||||||||||
Revenues | $ 586,499 | $ 477,458 | $ 378,280 | ||||||||
Maintenance, taxes, utilities, promotion, and other operating expenses | 218,004 | 172,325 | 118,909 | ||||||||
Interest expense | 130,339 | 103,973 | 85,198 | ||||||||
Depreciation and amortization | 127,625 | 95,051 | 55,318 | ||||||||
Total operating costs | 475,968 | 371,349 | 259,425 | ||||||||
Nonoperating income (expense) | 2,894 | 317 | (1) | ||||||||
Income tax expense | (5,226) | (375) | |||||||||
Gain on disposition, net of tax (1) | 3,713 | ||||||||||
Net income | 111,912 | 106,051 | 118,854 | ||||||||
Net income attributable to TRG | 59,994 | 61,561 | 65,384 | ||||||||
Realized intercompany profit, net of depreciation on TRG’s basis adjustments | 9,326 | 10,086 | 4,542 | ||||||||
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 | $ 20,275 | $ 13,723 | $ 13,258 | $ 20,118 | $ 19,922 | $ 15,391 | $ 15,910 | $ 18,478 | 67,374 | 69,701 | 56,226 |
Beneficial interest in Unconsolidated Joint Ventures’ operations: | |||||||||||
Revenues less maintenance, taxes, utilities, promotion, and other operating expenses | 202,332 | 178,009 | 147,905 | ||||||||
Interest expense | (67,283) | (54,674) | (45,564) | ||||||||
Depreciation and amortization | (66,933) | (53,012) | (34,361) | ||||||||
Income tax expense | (2,825) | (622) | |||||||||
Gain on disposition, net of tax (1) | $ 2,083 |
Accounts and Notes Receivable57
Accounts and Notes Receivable (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade | $ 51,416,000 | $ 31,958,000 |
Notes | 4,031,000 | 2,959,000 |
Straight-line rent and recoveries | 33,356,000 | 29,568,000 |
Total Receivables, Gross | 88,803,000 | 64,485,000 |
Less: Allowance for doubtful accounts | (10,237,000) | (4,311,000) |
Accounts and Notes Receivable, Net | $ 78,566,000 | $ 60,174,000 |
Deferred Charges Other Assets58
Deferred Charges Other Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Leasing costs | $ 39,252 | $ 35,939 | $ 39,252 | $ 35,939 |
Accumulated amortization | (9,223) | (10,519) | (9,223) | (10,519) |
Deferred Costs, Leasing, Net | 30,029 | 25,420 | 30,029 | 25,420 |
In-place leases, net | 4,462 | 6,264 | 4,462 | 6,264 |
Investment in Simon Property Group Limited Partnership Units (Note 17) | 44,792 | 44,792 | ||
Investment in Simon Property Group common shares (Note 17) | 101,348 | 44,418 | 101,348 | 44,418 |
Revolving credit facilities' deferred financing costs, net | 6,456 | 3,995 | 6,456 | 3,995 |
Insurance deposit (Note 17) | 16,703 | 15,440 | 16,703 | 15,440 |
Deposits | 122,878 | 116,809 | 122,878 | 116,809 |
Prepaid expenses | 6,362 | 4,557 | 6,362 | 4,557 |
Deferred tax asset, net | 1,216 | 4,026 | 1,216 | 4,026 |
Other, net | 10,208 | 10,007 | 10,208 | 10,007 |
Deferred Costs and Other Assets | 299,662 | 275,728 | 299,662 | 275,728 |
Deposit Assets, Foreign | $ 119,200 | $ 111,400 | 119,200 | 111,400 |
Gains on SPG common share conversions (Note 7) | $ (11,613) | $ (11,069) | ||
SPG Units [Member] | ||||
Conversion of Simon Property Group Limited Partnership Units to SPG Common Stock | 340,124 | 250,000 | 340,124 | |
Gains on SPG common share conversions (Note 7) | $ 11,613 | $ 11,069 |
Notes Payable, Net (Details)
Notes Payable, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Item] | |||
Notes payable, net (Note 8) | $ 3,555,228 | $ 3,255,512 | |
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 2,860,384 | 2,777,162 | |
Debt Issuance Costs, Net | (12,484) | (14,169) | |
Debt Instrument, Collateral Amount | 1,600,000 | ||
Maturities of Long-term Debt [Abstract] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 470,019 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 481,820 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 7,058 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 492,363 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 307,652 | ||
Thereafter | 1,808,800 | ||
Total principal maturities | $ 3,567,712 | ||
Debt covenants and guarantees [Abstract] | |||
Other Restrictions on Payment of Dividends | 0.95 | ||
At 100% [Abstract] | |||
Capitalized interest, consolidated subsidiaries at 100% | $ 12,402 | 21,864 | $ 31,100 |
Capitalized interest, unconsolidated joint ventures at 100% (Asia Unconsolidated Joint Venture Construction Loans at Beneficial Interest) | 456 | 2,589 | |
Interest expense, consolidated subsidiaries at 100% | 108,572 | 86,285 | 63,041 |
Interest Expense, unconsolidated joint ventures, at 100% | 130,339 | 103,973 | |
At beneficial interest [Abstract] | |||
Debt, consoldiated subsidiaries at beneficial interest | 3,261,777 | 2,949,440 | |
Debt, unconsolidated joint ventures at beneficial interest | 1,459,854 | 1,425,511 | |
Capitalized interest, consolidated subsidiaries at beneficial interest | 12,326 | 21,728 | |
Capitalized interest, unconsolidated joint ventures at beneficial interest | 456 | 2,589 | |
Interest expense, consolidated subsidiaries at beneficial interest | 96,630 | 75,954 | |
Interest expense, unconsolidated joint ventures at beneficial interest | $ 67,283 | 54,674 | $ 45,564 |
Secondary Line of Credit [Member] | |||
Debt Instrument [Line Item] | |||
Debt Instrument, Interest Rate Terms | LIBOR + 1.40% | ||
Debt Instrument, Maturity Date | Apr. 28, 2018 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 65,000 | ||
Long-term Line of Credit | 19,655 | 24,700 | |
Line of Credit Facility, Remaining Borrowing Capacity | 40,800 | ||
Letters of Credit Outstanding, Amount | $ 4,600 | ||
Line of Credit [Member] | |||
Debt Instrument [Line Item] | |||
Debt Instrument, Interest Rate Terms | LIBOR + 1.45% | ||
Debt Instrument, Maturity Date | Feb. 1, 2021 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,100,000 | ||
Length Of Extension Option | six-month | ||
Number of Extension Options | two | ||
Long-term Line of Credit | $ 485,000 | 210,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 499,300 | ||
Line of Credit Facility, Maximum Borrowing Capacity Including Accordion Feature | $ 2,000,000 | ||
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 + 1.60% | ||
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% | ||
Unsecured Debt Secondary Term Loan [Member] | |||
Debt Instrument [Line Item] | |||
Unsecured Debt | $ 300,000 | ||
Debt Instrument, Interest Rate Terms | LIBOR + 1.60% | ||
Debt Instrument, Maturity Date | Feb. 1, 2022 | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||
Derivative, Fixed Interest Rate | 2.14% | ||
Cherry Creek Shopping Center [Member] | |||
Debt Instrument [Line Item] | |||
Notes payable, net (Note 8) | $ 550,000 | 550,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | ||
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 (Note 8) | $ 78,703 | 80,269 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.37% | ||
Debt Instrument, Maturity Date | Aug. 1, 2023 | ||
Great Lakes Crossing Outlets [Member] | |||
Debt Instrument [Line Item] | |||
Notes payable, net (Note 8) | $ 203,553 | 208,303 | |
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 (Note 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 | two | ||
International Market Place [Member] | |||
Debt Instrument [Line Item] | |||
Notes payable, net (Note 8) | $ 293,801 | 257,052 | |
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 | two | ||
Debt covenants and guarantees [Abstract] | |||
Unconditional Guaranty Liability, Principal Balance, Percent | 100.00% | ||
Unconditional Guaranty Liability, Interest, Percent | 100.00% | ||
Interest Payable | $ 800 | ||
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 (Note 8) | $ 302,357 | ||
Debt Instrument, Interest Rate Terms | LIBOR + 2.00% | ||
Debt covenants and guarantees [Abstract] | |||
Construction Loan | $ 302,400 | ||
Beneficial Interest in Debt and Interest Expense [Abstract] | |||
Percentage of noncontrolling interests (in hundredths) | 5.00% | ||
International Market Place and The Mall at Green Hills [Member] | |||
Debt Instrument [Line Item] | |||
Notes payable, net (Note 8) | $ 443,800 | ||
Length Of Extension Option | one-year | ||
Number of Extension Options | two | ||
The Mall at Short Hills [Member] | |||
Debt Instrument [Line Item] | |||
Notes payable, net (Note 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 | ||
Debt covenants and guarantees [Abstract] | |||
Company's Percentage Share of Derivative Guarantee | 50.10% | ||
Interest Payable | $ 100 | ||
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% | ||
Minimum [Member] | Unsecured Debt Secondary Term Loan [Member] | |||
Debt Instrument [Line Item] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||
Total Swapped Rate On Loan | 3.39% | ||
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 | 0.25% | ||
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% | ||
Maximum [Member] | Unsecured Debt Secondary Term Loan [Member] | |||
Debt Instrument [Line Item] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.90% | ||
Total Swapped Rate On Loan | 4.04% | ||
Office Building [Member] | |||
Debt Instrument [Line Item] | |||
Notes payable, net (Note 8) | $ 12,000 | 12,000 | |
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 (Note 8) | $ 3,555,228 | $ 3,255,512 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Noncontrolling Interest [Line Items] | |||||||||||
Redeemable noncontrolling interests (Note 9) | $ 7,500,000 | $ 8,704,000 | $ 7,500,000 | $ 8,704,000 | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 71.00% | 71.00% | 71.00% | 71.00% | 71.00% | ||||||
Former Taubman Asia President redeemable equity adjustment (Note 9) | $ 1,204,000 | $ (13,854,000) | |||||||||
Adjustments of Redeemable Noncontrolling Interest | 924,000 | 656,000 | |||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (924,000) | (656,000) | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 32,052,000 | 55,538,000 | $ 58,430,000 | ||||||||
Reconciliation Of Redeemable Noncontrolling Interests Roll Forward | |||||||||||
Former Taubman Asia President redeemable equity adjustment (Note 9) | 1,204,000 | (13,854,000) | |||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (924,000) | (656,000) | |||||||||
Adjustments of Redeemable Noncontrolling Interest | 924,000 | 656,000 | |||||||||
Redeemable noncontrolling interests (Note 9) | $ 7,500,000 | $ 8,704,000 | 7,500,000 | 8,704,000 | |||||||
Non-redeemable noncontrolling interests: | |||||||||||
Noncontrolling interests in consolidated joint ventures | (160,359,000) | (155,919,000) | (160,359,000) | (155,919,000) | |||||||
Noncontrolling interests in partnership equity of TRG | (11,909,000) | 13,136,000 | (11,909,000) | 13,136,000 | |||||||
Total Noncontrolling interests | (172,268,000) | (142,783,000) | (172,268,000) | (142,783,000) | |||||||
Net income (loss) attributable to noncontrolling interests: | |||||||||||
Noncontrolling share of income of consolidated joint ventures | 7,699,000 | 8,761,000 | 11,222,000 | ||||||||
Noncontrolling share of income of TRG | 25,277,000 | 47,433,000 | 47,208,000 | ||||||||
Net income (loss) attributable to non-redeemable noncontrolling interests | 32,976,000 | 56,194,000 | 58,430,000 | ||||||||
Effects of changes in ownership interest in consolidated subsidiaries on equity [Abstract] | |||||||||||
Net income attributable to TCO common shareowners | 20,251,000 | $ 4,363,000 | $ 13,483,000 | $ 17,170,000 | 29,275,000 | $ 18,752,000 | $ 34,718,000 | $ 24,613,000 | 55,267,000 | 107,358,000 | 109,020,000 |
Transfers (to) from the noncontrolling interest: | |||||||||||
Increase in Taubman Centers, Inc.’s paid-in capital for the adjustments of noncontrolling interest (1) | (924,000) | (656,000) | (9,296,000) | ||||||||
Change from net income attributable to Taubman Centers, Inc. and transfers from noncontrolling interests | 54,070,000 | 109,317,000 | 178,541,000 | ||||||||
Additional Paid-in Capital [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Former Taubman Asia President redeemable equity adjustment (Note 9) | 1,204,000 | (13,854,000) | |||||||||
Reconciliation Of Redeemable Noncontrolling Interests Roll Forward | |||||||||||
Former Taubman Asia President redeemable equity adjustment (Note 9) | 1,204,000 | (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) | (1,197,000) | 1,959,000 | 69,521,000 | ||||||||
Net transfers (to) from noncontrolling interests | $ (1,197,000) | 1,959,000 | $ 69,521,000 | ||||||||
Former Taubman Asia President 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% | ||||||||||
Redeemable noncontrolling interests (Note 9) | 7,500,000 | 8,704,000 | $ 7,500,000 | 8,704,000 | |||||||
Former Taubman Asia President redeemable equity adjustment (Note 9) | (1,204,000) | 13,854,000 | |||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (924,000) | (656,000) | |||||||||
Reconciliation Of Redeemable Noncontrolling Interests Roll Forward | |||||||||||
Former Taubman Asia President redeemable equity adjustment (Note 9) | (1,204,000) | 13,854,000 | |||||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | (7,150,000) | ||||||||||
Contribution From Redeemable Noncontrolling Interest | 2,000,000 | ||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (924,000) | (656,000) | |||||||||
Redeemable noncontrolling interests (Note 9) | $ 7,500,000 | 8,704,000 | $ 7,500,000 | 8,704,000 | |||||||
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% | 10.00% | |||||||||
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 | (160,400,000) | $ (160,400,000) | |||||||||
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 | |||||||||
Taubman Successor Asia President Redeemable Noncontrolling Interest [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Temporary Equity Redemption Percentage 2017 to as Early as June 2020 | 50.00% | ||||||||||
Percentage of dividends to which the President is entitled (in hundredths) | 3.00% | ||||||||||
Percentage of President's dividends withheld as contributions to capital (in hundredths) | 100.00% | ||||||||||
Redeemable noncontrolling interests (Note 9) | 0 | $ 0 | |||||||||
Temporary Equity Redemption Percentage Beginning as Early as June 2020 | 100.00% | ||||||||||
Reconciliation Of Redeemable Noncontrolling Interests Roll Forward | |||||||||||
Redeemable noncontrolling interests (Note 9) | $ 0 | $ 0 |
Derivative and Hedging Activi61
Derivative and Hedging Activities (Interest Rate Derivatives Designated as Cash Flow Hedges) (Details) ₩ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017KRW (₩) | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest Rate Cash Flow Hedges [Abstract] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 71.00% | 71.00% | 71.00% | 71.00% |
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 | 1.60% | 1.60% | ||
Total Swapped Rate On Loan | 3.24% | 3.24% | ||
Derivative, Maturity Date | Feb. 1, 2019 | |||
Unsecured Debt | $ 475,000 | |||
Derivative, Lower Range of Basis Spread, Variable Rate | 1.35% | 1.35% | ||
Derivative, Upper Range of Effective Rate, Variable Rate | 3.55% | 3.55% | ||
Derivative, Higher Range of Basis Spread, Variable Rate | 1.90% | 1.90% | ||
Derivative, Lower Range of Effective Rate, Variable Rate | 3.00% | 3.00% | ||
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 | 1.60% | 1.60% | ||
Total Swapped Rate On Loan | 3.25% | 3.25% | ||
Derivative, Maturity Date | Feb. 1, 2019 | |||
Unsecured Debt | $ 475,000 | |||
Derivative, Lower Range of Basis Spread, Variable Rate | 1.35% | 1.35% | ||
Derivative, Upper Range of Effective Rate, Variable Rate | 3.55% | 3.55% | ||
Derivative, Higher Range of Basis Spread, Variable Rate | 1.90% | 1.90% | ||
Derivative, Lower Range of Effective Rate, Variable Rate | 3.00% | 3.00% | ||
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 | 1.60% | 1.60% | ||
Total Swapped Rate On Loan | 3.24% | 3.24% | ||
Derivative, Maturity Date | Feb. 1, 2019 | |||
Unsecured Debt | $ 475,000 | |||
Derivative, Lower Range of Basis Spread, Variable Rate | 1.35% | 1.35% | ||
Derivative, Upper Range of Effective Rate, Variable Rate | 3.55% | 3.55% | ||
Derivative, Higher Range of Basis Spread, Variable Rate | 1.90% | 1.90% | ||
Derivative, Lower Range of Effective Rate, Variable Rate | 3.00% | 3.00% | ||
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 | $ 100,000 | |||
Derivative, Fixed Interest Rate | 2.14% | 2.14% | ||
Derivative, Basis Spread on Variable Rate | ||||
Total Swapped Rate On Loan | ||||
Derivative, Maturity Date | Feb. 1, 2022 | |||
Unsecured Debt | $ 300,000 | |||
Derivative, Lower Range of Basis Spread, Variable Rate | 1.25% | 1.25% | ||
Derivative, Upper Range of Effective Rate, Variable Rate | 4.04% | 4.04% | ||
Derivative, Higher Range of Basis Spread, Variable Rate | 1.90% | 1.90% | ||
Derivative, Lower Range of Effective Rate, Variable Rate | 3.39% | 3.39% | ||
Derivative, Effective Date | Jan. 1, 2018 | |||
Consolidated Subsidiaries Interest Rate Swap 4 [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 5 [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 | 2.14% | 2.14% | ||
Derivative, Maturity Date | Feb. 1, 2022 | |||
Unsecured Debt | $ 300,000 | |||
Derivative, Lower Range of Basis Spread, Variable Rate | 1.25% | 1.25% | ||
Derivative, Upper Range of Effective Rate, Variable Rate | 4.04% | 4.04% | ||
Derivative, Higher Range of Basis Spread, Variable Rate | 1.90% | 1.90% | ||
Derivative, Lower Range of Effective Rate, Variable Rate | 3.39% | 3.39% | ||
Consolidated Subsidiaries Interest Rate Swap 5 [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 6 [Domain] | ||||
Interest Rate Cash Flow Hedges [Abstract] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | ||
Notional amount | $ 50,000 | |||
Derivative, Fixed Interest Rate | 2.14% | 2.14% | ||
Derivative, Maturity Date | Feb. 1, 2022 | |||
Unsecured Debt | $ 300,000 | |||
Derivative, Lower Range of Basis Spread, Variable Rate | 1.25% | 1.25% | ||
Derivative, Upper Range of Effective Rate, Variable Rate | 4.04% | 4.04% | ||
Derivative, Higher Range of Basis Spread, Variable Rate | 1.90% | 1.90% | ||
Derivative, Lower Range of Effective Rate, Variable Rate | 3.39% | 3.39% | ||
Consolidated Subsidiaries Interest Rate Swap 6 [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 7 [Domain] | ||||
Interest Rate Cash Flow Hedges [Abstract] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | ||
Notional amount | $ 50,000 | |||
Derivative, Fixed Interest Rate | 2.14% | 2.14% | ||
Derivative, Maturity Date | Feb. 1, 2022 | |||
Unsecured Debt | $ 300,000 | |||
Derivative, Lower Range of Basis Spread, Variable Rate | 1.25% | 1.25% | ||
Derivative, Upper Range of Effective Rate, Variable Rate | 4.04% | 4.04% | ||
Derivative, Higher Range of Basis Spread, Variable Rate | 1.90% | 1.90% | ||
Derivative, Lower Range of Effective Rate, Variable Rate | 3.39% | 3.39% | ||
Consolidated Subsidiaries Interest Rate Swap 7 [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 8 [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 | $ 130,201 | |||
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 | $ 130,201 | |||
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 | $ 165,656 | |||
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 | ₩ 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 |
Derivative and Hedging Activi62
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 900 | ||
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 | (7,564) | $ (9,339) | $ (12,021) |
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) | 7,093 | 4,603 | (1,647) |
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) | 3,994 | 2,234 | (1,730) |
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 | (2,879) | (5,823) | (7,211) |
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) | 2,898 | 2,478 | 71 |
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 | (2,406) | (3,775) | (4,489) |
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) | 201 | (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 | $ (2,279) | $ 259 | (321) |
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 Activi63
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, 2017 | Dec. 31, 2016 | |
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract] | ||
Total assets designated as hedging instruments | $ 1,699 | $ 381 |
Total liability derivatives designated as hedging instruments | (2,471) | (6,044) |
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] | Deferred Charges And Other Assets [Member] | ||
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract] | ||
Total assets designated as hedging instruments | 939 | |
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 | (484) | (3,548) |
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 assets designated as hedging instruments | 760 | |
Total liability derivatives designated as hedging instruments | (357) | (2,496) |
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 | $ (1,630) |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||
Operating Leases, Future Minimum Payments Receivable, Current | $ 332,593 | ||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 318,103 | ||
Operating Leases, Future Minimum Payments Receivable, in Three Years | 292,463 | ||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 254,603 | ||
Operating Leases, Future Minimum Payments Receivable, in Five Years | 215,625 | ||
Operating Leases, Future Minimum Payments Receivable, Thereafter | $ 664,727 | ||
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, Operating Lease, Renewal Term | 10 years | ||
Operating Leases, Rent Expense | $ 20,100 | $ 15,100 | $ 15,400 |
Operating Leases, Rent Expense, Contingent Rentals | 0 | 0 | $ 0 |
Payables representing straightline rent adjustments under lease agreements | 62,600 | $ 59,300 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 15,484 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 15,427 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 14,288 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 12,740 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 13,982 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | $ 737,210 | ||
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction, Revenues from Transactions with Related Party | $ 2.5 | $ 3 | $ 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, 2017USD ($)Rate$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014$ / sharesshares | |
Share-based compensation, allocation and classification in financial statements [Abstract] | ||||
Compensation cost charged to income for the Company's share-based compensation plans | $ | $ 10,800,000 | $ 11,800,000 | $ 12,100,000 | |
Reversal of Prior Period Share Based Compensation Expense | $ | 2,000,000 | |||
Compensation cost capitalized as part of properties and deferred leasing costs | $ | $ 900,000 | $ 1,300,000 | $ 2,300,000 | |
Summary of non-option activity, additional disclosures [Abstract] | ||||
Relationship between TRG units owned by TCO and TCO common shares outstanding | one-for-one | |||
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 options awards granted are deducted from the shares available for grant | 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 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 TRG Profits Unit entitles the holder to only one-tenth of the distributions otherwise payable by TRG on a TRG Unit. Therefore, the Company accounts for these TRG Profits Units as participating securities in the Operating Partnership. A portion of the TRG 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 TRG Profits Units realized under each award to reflect the Operating Partnership's actual cash distributions during the vesting period | |||
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, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ | $ 300,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ | $ 1,700,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months 2 days | |||
Summary of non-option activity [Roll Forward] | ||||
Outstanding at beginning of period (in shares) | 45,940 | 0 | ||
Outstanding at end of period (in shares) | 61,131 | 45,940 | 0 | |
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 59.49 | $ 0 | ||
Granted (in shares) | 46,076 | 68,045 | ||
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 57.84 | $ 59.89 | ||
Forfeited | (30,885) | (22,105) | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 57.85 | $ 60.71 | ||
Vested | 0 | 0 | ||
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 59.08 | $ 59.49 | $ 0 | |
Fully Vested | 3,826 | |||
Fully Vested (in dollars per share) | $ / shares | $ 59.03 | |||
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, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ | $ 100,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ | $ 1,600,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 5 months 24 days | |||
Summary of non-option activity [Roll Forward] | ||||
Outstanding at beginning of period (in shares) | 103,369 | 0 | ||
Outstanding at end of period (in shares) | 129,733 | 103,369 | 0 | |
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 26.42 | $ 0 | ||
Granted (in shares) | 103,666 | 119,123 | ||
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 23.14 | $ 26.42 | ||
Forfeited | (77,302) | (15,754) | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 23.42 | $ 26.42 | ||
Vested | 0 | 0 | ||
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 25.59 | $ 26.42 | $ 0 | |
Fully Vested | 797 | |||
Fully Vested (in dollars per share) | $ / shares | $ 23.14 | |||
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, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ | $ 200,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ | $ 1,200,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months 4 days | |||
Summary of non-option activity [Roll Forward] | ||||
Outstanding at beginning of period (in shares) | 103,369 | 0 | ||
Outstanding at end of period (in shares) | 131,604 | 103,369 | 0 | |
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 41.87 | $ 0 | ||
Granted (in shares) | 103,666 | 119,123 | ||
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.35 | $ 41.87 | ||
Forfeited | (75,431) | (15,754) | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.59 | $ 19.41 | ||
Vested | 0 | 0 | ||
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.69 | $ 41.87 | $ 0 | |
Fully Vested | 2,668 | |||
Fully Vested (in dollars per share) | $ / shares | $ 33.56 | |||
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, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ | $ 2,100,000 | $ 0 | $ 0 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ | $ 400,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 4 months 21 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Description | represents the right to receive, upon vesting, shares of common stock ranging from 0-300% of the TSR PSU based on the Company's market performance relative to that of a peer group. The TSR PSU grants include a cash payment upon vesting equal to the aggregate cash dividends that would have been paid on such shares of common stock during the vesting period. | |||
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other Than Options, Vested At End Of Period | 0 | |||
Summary of non-option activity [Roll Forward] | ||||
Outstanding at beginning of period (in shares) | 166,027 | 255,478 | 254,651 | |
Outstanding at end of period (in shares) | 40,850 | 166,027 | 255,478 | 254,651 |
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 138.93 | $ 134.52 | $ 132.86 | |
Granted (in shares) | 5,046 | 50,256 | ||
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 80.16 | $ 112.30 | ||
Forfeited | (44,585) | (5,854) | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 149.43 | $ 174.95 | ||
Vested | (50,459) | (44,866) | (43,575) | |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 90.51 | $ 96.61 | $ 97.44 | |
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 107.38 | $ 138.93 | $ 134.52 | $ 132.86 |
Actual Shares Issued Upon Vesting During Period | 30,601 | 0 | 0 | |
Weighted Average Payout Rate for Vesting During Period | Rate | 60.00% | |||
Payout Rate for Vesting During Period Low End of Range | Rate | 0.00% | |||
Payout Rate for Vesting During Period High End of Range | Rate | 100.00% | |||
NOI 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, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ | $ 100,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ | $ 200,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 2 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Description | represents the right to receive, upon vesting, shares of common stock ranging from 0-300% of the NOI PSU based on the Company's NOI performance, as well as a cash payment upon vesting equal to the aggregate cash dividends that would have been paid on such shares of common stock during the vesting period. These awards also provide for a cap on the maximum number of units vested if a specified absolute TSR level is not achieved. | |||
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other Than Options, Vested At End Of Period | 0 | |||
Summary of non-option activity [Roll Forward] | ||||
Outstanding at beginning of period (in shares) | 0 | |||
Outstanding at end of period (in shares) | 3,804 | 0 | ||
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 | |||
Granted (in shares) | 5,046 | |||
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 67.04 | |||
Vested | (1,242) | 0 | 0 | |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 67.50 | |||
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 67 | $ 0 | ||
Actual Shares Issued Upon Vesting During Period | 1,242 | |||
Weighted Average Payout Rate for Vesting During Period | Rate | 100.00% | |||
Restricted Stock Units (RSUs) [Member] | ||||
Summary of non-option activity, additional disclosures [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ | $ 8,600,000 | $ 6,600,000 | $ 7,000,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ | $ 5,700,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 11 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Description | represents the right to receive upon vesting one share of common stock, as well as a cash payment upon vesting equal to the aggregate cash dividends that would have been paid on such shares of common stock 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 | |||
Summary of non-option activity [Roll Forward] | ||||
Outstanding at beginning of period (in shares) | 231,903 | 283,353 | 293,651 | |
Outstanding at end of period (in shares) | 202,663 | 231,903 | 283,353 | 293,651 |
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 70.40 | $ 69.93 | $ 67 | |
Granted (in shares) | 110,210 | 55,888 | 100,682 | |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 63.33 | $ 73.42 | $ 74.36 | |
Forfeited | (12,499) | (17,012) | (14,542) | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 67.78 | $ 69.20 | $ 69.87 | |
Vested | (126,951) | (90,326) | (96,438) | |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 66.98 | $ 71.57 | $ 65.60 | |
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 68.86 | $ 70.40 | $ 69.93 | $ 67 |
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 12 days | 1 year 4 months 24 days | 1 year 7 months 6 days | |
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) | 202,586 | 292,543 | 521,293 | |
Exercised, Number of Options | (202,586) | (89,957) | (228,750) | |
Outstanding options at end of period (in shares) | 0 | 202,586 | 292,543 | 521,293 |
Outstanding at beginning of period, weighted average exercise price (in dollars per share) | $ / shares | $ 48.35 | $ 46.60 | $ 39.20 | |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | 48.35 | 42.66 | 29.72 | |
Outstanding at end of period, weighted average exercise price (in dollars per share) | $ / shares | $ 0 | 48.35 | 46.60 | $ 39.20 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ / shares | 45.90 | 35.50 | 26.56 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ / shares | $ 51.15 | $ 51.15 | $ 51.15 | |
Total intrinsic value of options exercised during the period | $ | $ 3,500,000 | $ 2,400,000 | $ 10,000,000 | |
Cash received from options exercised during the period | $ | 9,800,000 | 3,800,000 | 6,800,000 | |
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 | 125,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity, Instruments Other than Options, Outstanding | 19,532 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 144,420 | |||
Other Employee Plans [Member] | ||||
Summary of non-option activity, additional disclosures [Abstract] | ||||
Defined Contribution Plan, Cost | $ | $ 2,500,000 | $ 3,100,000 | $ 2,900,000 | |
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 | |||
Minimum [Member] | Other Employee Plans [Member] | ||||
Summary of non-option activity, additional disclosures [Abstract] | ||||
Defined Contribution Plan, Employer Discretionary Contribution Percent | 0.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 2.00% | |||
Defined Contribution Plan, Contribution Percent | 0.00% | |||
Maximum [Member] | Other Employee Plans [Member] | ||||
Summary of non-option activity, additional disclosures [Abstract] | ||||
Defined Contribution Plan, Employer Discretionary Contribution Percent | 4.00% | |||
Defined Contribution Plan, Contribution Percent | 9.00% | |||
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. | |||
2012 and 2013 Special Grants [Member] | Performance Shares [Member] | ||||
Summary of non-option activity [Roll Forward] | ||||
Vested | (79,764) | |||
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 181.99 | |||
Actual Shares Issued Upon Vesting During Period | 0 |
Common and Preferred Stock an67
Common and Preferred Stock and Equity of TRG (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | 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 | |||
Common Stock, Terms of Conversion | For each share of the Company’s common stock repurchased, one of the Company’s TRG 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 TRG 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 | five | zero | four | |
Conversion of Stock, Shares Converted | 90,945 | 15,880 | 72,061 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2017 | |
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 | $ 65.43 | $ 59.55 |
Approximate aggregate value of interests in the Operating Partnership that may be tendered | $ 1,600 | |
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 TRG Unit is exchangeable for one share of common stock | |
Loss Contingencies [Line Items] | ||
Insurance Deductible | $ 2 | |
Insurance Coverage Limit | 900 | |
Insurance Recoveries - Expense Items | 1.1 | |
Loss from Catastrophes | 7 | |
Insurance Recoveries - Capital Items | $ 0.9 | |
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator): | |||||||||||
Basic | $ 55,267 | $ 107,358 | $ 109,020 | ||||||||
Impact of additional ownership of TRG | 114 | 257 | 398 | ||||||||
Diluted | $ 55,381 | $ 107,615 | $ 109,418 | ||||||||
Shares (Denominator) – basic | 60,675,129 | 60,363,416 | 61,389,113 | ||||||||
Effect of dilutive securities | 365,366 | 466,139 | 772,221 | ||||||||
Shares (Denominator) – diluted | 61,040,495 | 60,829,555 | 62,161,334 | ||||||||
Earnings per common share – basic | $ 0.33 | $ 0.07 | $ 0.22 | $ 0.28 | $ 0.48 | $ 0.31 | $ 0.58 | $ 0.41 | $ 0.91 | $ 1.78 | $ 1.78 |
Earnings per common share – diluted | $ 0.33 | $ 0.07 | $ 0.22 | $ 0.28 | $ 0.48 | $ 0.31 | $ 0.57 | $ 0.41 | $ 0.91 | $ 1.77 | $ 1.76 |
Weighted average noncontrolling TRG Units outstanding | |||||||||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | |||||||||||
Anti-dilutive effect (in shares) | 4,089,327 | 3,983,781 | 4,029,934 | ||||||||
Unissued TRG 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 | 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, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items] | ||
Investment in Simon Property Group common shares (Note 17) | $ 101,348 | $ 44,418 |
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Derivative interest rate contracts (Note 10) | (1,699) | (381) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items] | ||
Investment in Simon Property Group common shares (Note 17) | 101,348 | 44,418 |
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Insurance deposit | 16,703 | 15,440 |
Total assets | 118,051 | 59,858 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Derivative interest rate contracts (Note 10) | (939) | |
Total assets | 939 | 0 |
Derivative interest rate contract (Note 10) | (484) | (3,548) |
Total liabilities | $ (484) | $ (3,548) |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) - SPG Units [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Financial Statement Captions [Line Items] | ||||
Available-For-Sale Securities Held | 590,124 | 250,000 | 590,124 | 250,000 |
Conversion of Simon Property Group Limited Partnership Units to SPG Common Stock | 340,124 | 250,000 | 340,124 | |
Partnership Units, Book Value | $ 44,792 | $ 44,792 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Financial Statement Captions [Line Items] | ||||
Fair Value of Partnership Units at the reporting date. | $ 60,400 |
Fair Value Disclosures (Estimat
Fair Value Disclosures (Estimated Fair Value of Notes Payable) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
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 | |
Estimated fair values of notes payable [Abstract] | ||
Notes payable, net (Note 8) | 3,555,228 | 3,255,512 |
Consolidated Properties [Member] | ||
Estimated fair values of notes payable [Abstract] | ||
Notes payable, net (Note 8) | 3,555,228 | 3,255,512 |
Fair Value, Inputs, Level 2 [Member] | Consolidated Properties [Member] | ||
Estimated fair values of notes payable [Abstract] | ||
Notes payable, fair value disclosure | $ 3,503,071 | $ 3,184,036 |
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 | $ 131,100 | |
Impact Of Overall One Percent Increase In Interest Rates Decrease In Fair Values Of Notes Payable Percent | 3.70% |
Cash Flow Disclosures & Non-C73
Cash Flow Disclosures & Non-Cash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest Costs Capitalized | $ 12,402 | $ 21,864 | $ 31,100 |
Interest Paid, Net | 100,900 | 78,100 | 57,600 |
Income Taxes Paid, Net | 2,500 | 3,500 | 2,600 |
Recapitalization of The Mall of San Juan joint venture (1) | 9,296 | ||
Other non-cash additions to properties | $ 79,023 | $ 108,581 | $ 104,494 |
The Mall of San Juan [Member] | |||
Joint Venture Acquisition, Interest Acquired | 15.00% |
Accumulated Other Comprehensi74
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (6,919) | $ (35,916) | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | 528 | (428) | ||
Reclassification adjustment for amounts recognized in net income | 7,564 | 9,339 | $ 12,021 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification adjustment for amounts recognized in net income | 7,564 | 9,339 | 12,021 | |
Amount of gain/loss on interest rate contract reclassfied from AOCI | 2,879 | 5,823 | 7,211 | |
Amount of gain/loss on interest rate contract reclassfied from AOCI for unconsolidated joint ventures | 2,406 | 3,775 | 4,489 | |
Amount of gain/loss on cross-currency interest rate contract reclassified from AOCI for Unconsolidated Joint Ventures | 2,279 | (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 | 384 | (23,147) | (10,890) | $ (101) |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (7,375) | (12,467) | (16,330) | (14,967) |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 72 | (302) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (6,919) | (35,916) | (27,220) | (15,068) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | 23,615 | (12,251) | (10,790) | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (333) | (2,742) | (9,653) | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | 374 | (302) | ||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 23,656 | (15,295) | (20,443) | |
Reclassification adjustment for amounts recognized in net income | 5,364 | 6,598 | 8,489 | |
Cumulative Translation Adjustment, Net of Tax, Period Increase (Decrease) | 23,615 | (12,251) | (10,790) | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent | 5,031 | 3,856 | (1,164) | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, Portion Attributable to Parent | 374 | (302) | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 29,020 | (8,697) | (11,954) | |
OtherComprehensiveIncomeLossAdjustmentForeignCurrencyAttributableToParent | (84) | (6) | 1 | |
Other comprehensive income (loss), adjustments, attributable to parent | 61 | 7 | (199) | |
Other comprehensive income (loss), total adjustments attributable to parent | (23) | 1 | (198) | |
Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 159 | (9,613) | (4,531) | (41) |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 9,192 | 7,191 | 5,595 | 5,879 |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 28 | (126) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 9,379 | (2,548) | 1,064 | $ 5,838 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | 9,688 | (5,088) | (4,489) | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (138) | (1,138) | (4,015) | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | 154 | (126) | ||
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Noncontrolling Interest | 9,704 | (6,352) | (8,504) | |
Reclassification adjustment for amounts recognized in net income | 2,200 | 2,741 | 3,532 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | 9,688 | (5,088) | (4,489) | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Noncontrolling Interest | 2,062 | 1,603 | (483) | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, Portion Attributable to Noncontrolling Interest | 154 | (126) | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 11,904 | (3,611) | (4,972) | |
Other Comprehensive Income Loss Adjustment Foreign Currency Attributable To Noncontrolling Interest | 84 | 6 | (1) | |
Other comprehensive income (loss), adjustments, attributable to noncontrolling interests | (61) | (7) | 199 | |
Other comprehensive income (loss), total adjustments attributable to noncontrolling interests | $ 23 | $ (1) | $ 198 |
Quarterly Financial Data (Una75
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Charges | $ 9,800 | $ 13,848 | |||||||||
Revenues | 172,184 | $ 153,222 | $ 154,676 | $ 149,083 | $ 166,191 | $ 148,021 | $ 158,890 | $ 139,455 | 629,165 | 612,557 | 557,172 |
Equity in income of Unconsolidated Joint Ventures | 20,275 | 13,723 | 13,258 | 20,118 | 19,922 | 15,391 | 15,910 | 18,478 | 67,374 | 69,701 | 56,226 |
Net income | 38,084 | 14,251 | 27,663 | 32,759 | 50,894 | 35,184 | 57,744 | 44,329 | 112,757 | 188,151 | 192,557 |
Net income attributable to TCO common shareowners | $ 20,251 | $ 4,363 | $ 13,483 | $ 17,170 | $ 29,275 | $ 18,752 | $ 34,718 | $ 24,613 | $ 55,267 | $ 107,358 | $ 109,020 |
Earnings per common share – basic | $ 0.33 | $ 0.07 | $ 0.22 | $ 0.28 | $ 0.48 | $ 0.31 | $ 0.58 | $ 0.41 | $ 0.91 | $ 1.78 | $ 1.78 |
Earnings per common share – diluted | $ 0.33 | $ 0.07 | $ 0.22 | $ 0.28 | $ 0.48 | $ 0.31 | $ 0.57 | $ 0.41 | $ 0.91 | $ 1.77 | $ 1.76 |
Gains on SPG common share conversions (Note 7) | $ (11,613) | $ (11,069) | |||||||||
Equity Method Investment, Other than Temporary Impairment | $ (11,754) | ||||||||||
SPG Units [Member] | |||||||||||
Conversion of Simon Property Group Limited Partnership Units to SPG Common Stock | 340,124 | 250,000 | 340,124 | ||||||||
Gains on SPG common share conversions (Note 7) | $ 11,613 | $ 11,069 | |||||||||
Income Tax Expense Recognized Upon Conversion of Simon Property Group Limited Partership units | $ 500 | ||||||||||
The Shops at Crystals [Member] | |||||||||||
Management Leasing And Development Services, Lump Sum Payment | $ 21,700 |
New Accounting Pronouncements76
New Accounting Pronouncements (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Management Leasing and Development Revenue as a Percentage of Total Revenue | less than 10% | |
SPG Units [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Available-For-Sale Securities Held | 590,124 | 250,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0.1 |
Valuation and Qualifying Acco77
Valuation and Qualifying Accounts (Details) - Allowance for doubtful receivables [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 4,311 | $ 2,974 | $ 2,927 |
Charged to costs and expenses | 11,025 | 4,047 | 1,994 |
Write-offs | (5,099) | (2,710) | (1,947) |
Transfers, net | |||
Balance at end of year | $ 10,237 | $ 4,311 | $ 2,974 |
Real Estate and Accumulated D78
Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost of Company | $ 241,028 | |||
Buildings, Improvements, and Equipment, Initial Cost to Company | 2,896,527 | |||
Cost Capitalized Subsequent to Acquisition | 1,323,490 | |||
Land, Gross Amount at Which Carried at Close of Period | 241,028 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 4,220,017 | |||
Total, Gross Amount at Which Carried at Close of Period | 4,461,045 | $ 4,173,954 | $ 3,713,215 | $ 3,262,505 |
Accumulated Depreciation (A/D) | 1,276,916 | 1,147,390 | $ 1,052,027 | $ 970,045 |
Real Estate Investment Property, Net | 3,184,129 | $ 3,026,564 | ||
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 | 142,323 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 343,225 | |||
Total, Gross Amount at Which Carried at Close of Period | 343,225 | |||
Accumulated Depreciation (A/D) | 190,119 | |||
Real Estate Investment Property, Net | $ 153,106 | |||
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 | 219,260 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 318,347 | |||
Total, Gross Amount at Which Carried at Close of Period | 318,347 | |||
Accumulated Depreciation (A/D) | 166,241 | |||
Real Estate Investment Property, Net | 152,106 | |||
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 | 3,911 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 79,140 | |||
Total, Gross Amount at Which Carried at Close of Period | 79,140 | |||
Accumulated Depreciation (A/D) | 15,670 | |||
Real Estate Investment Property, Net | 63,470 | |||
Encumbrances | $ 78,704 | |||
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 | 125,286 | |||
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 | 347,587 | |||
Total, Gross Amount at Which Carried at Close of Period | 382,468 | |||
Accumulated Depreciation (A/D) | 127,685 | |||
Real Estate Investment Property, Net | $ 254,783 | |||
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 | 7,643 | |||
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 | 139,501 | |||
Total, Gross Amount at Which Carried at Close of Period | 163,001 | |||
Accumulated Depreciation (A/D) | 24,611 | |||
Real Estate Investment Property, Net | 138,390 | |||
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 | 51,907 | |||
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 | 240,680 | |||
Total, Gross Amount at Which Carried at Close of Period | 256,186 | |||
Accumulated Depreciation (A/D) | 130,722 | |||
Real Estate Investment Property, Net | 125,464 | |||
Encumbrances | $ 203,553 | |||
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 | 81,110 | |||
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 | 413,371 | |||
Total, Gross Amount at Which Carried at Close of Period | 461,922 | |||
Accumulated Depreciation (A/D) | 66,381 | |||
Real Estate Investment Property, Net | 395,541 | |||
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 | $ 541,991 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 541,991 | |||
Total, Gross Amount at Which Carried at Close of Period | 541,991 | |||
Accumulated Depreciation (A/D) | 41,140 | |||
Real Estate Investment Property, Net | 500,851 | |||
Encumbrances | $ 293,801 | |||
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 | 523,479 | |||
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 | 523,479 | |||
Total, Gross Amount at Which Carried at Close of Period | 541,096 | |||
Accumulated Depreciation (A/D) | 61,104 | |||
Real Estate Investment Property, Net | 479,992 | |||
Encumbrances | ||||
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 | 171,233 | |||
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 | 338,828 | |||
Total, Gross Amount at Which Carried at Close of Period | 363,942 | |||
Accumulated Depreciation (A/D) | 195,805 | |||
Real Estate Investment Property, Net | 168,137 | |||
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 | 2,841 | |||
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 | 111,775 | |||
Total, Gross Amount at Which Carried at Close of Period | 127,854 | |||
Accumulated Depreciation (A/D) | 23,678 | |||
Real Estate Investment Property, Net | $ 104,176 | |||
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 | 94,854 | |||
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 | 285,309 | |||
Total, Gross Amount at Which Carried at Close of Period | 310,719 | |||
Accumulated Depreciation (A/D) | 170,407 | |||
Real Estate Investment Property, Net | $ 140,312 | |||
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 | 14,537 | |||
Cost Capitalized Subsequent to Acquisition | 366,618 | |||
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 | 381,155 | |||
Total, Gross Amount at Which Carried at Close of Period | 389,213 | |||
Real Estate Investment Property, Net | 389,213 | |||
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 | |||
Cost Capitalized Subsequent to Acquisition | 1,889 | |||
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 | 60,401 | |||
Total, Gross Amount at Which Carried at Close of Period | 64,370 | |||
Accumulated Depreciation (A/D) | 34,496 | |||
Real Estate Investment Property, Net | 29,874 | |||
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 | 54,615 | |||
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 | 67,134 | |||
Total, Gross Amount at Which Carried at Close of Period | 72,257 | |||
Accumulated Depreciation (A/D) | 26,963 | |||
Real Estate Investment Property, Net | 45,294 | |||
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 | $ 17,220 | |||
Land, Gross Amount at Which Carried at Close of Period | 17,220 | |||
Total, Gross Amount at Which Carried at Close of Period | 17,220 | |||
Real Estate Investment Property, Net | 17,220 | |||
Other Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings, Improvements, and Equipment, Initial Cost to Company | 28,094 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 28,094 | |||
Total, Gross Amount at Which Carried at Close of Period | 28,094 | |||
Accumulated Depreciation (A/D) | 1,894 | |||
Real Estate Investment Property, Net | $ 26,200 |
Real Estate and Accumulated D79
Real Estate and Accumulated Depreciation Changes in Total Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | $ 1,323,490 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance, beginning of year | 4,173,954 | $ 3,713,215 | $ 3,262,505 |
New development and improvements | 320,977 | 528,276 | 466,307 |
Disposals/Write-offs | (33,886) | (67,537) | (15,597) |
Balance, end of year | 4,461,045 | 4,173,954 | 3,713,215 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance, beginning of year | (1,147,390) | (1,052,027) | (970,045) |
Depreciation | (161,091) | (130,433) | (98,846) |
Disposals/Write-offs | 31,565 | 35,070 | 16,864 |
Balance, end of year | (1,276,916) | $ (1,147,390) | $ (1,052,027) |
Tax Basis of Investments, Cost for Income Tax Purposes | $ 4,787,000 |