Document and Entity Information
Document and Entity Information Document - USD ($) $ / shares in Units, $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 27, 2019 | Jun. 30, 2018 | |
Entity Information [Line Items] | |||
Entity Registrant Name | TAUBMAN CENTERS INC. | ||
Entity Central Index Key | 890,319 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 3.4 | ||
Share Price | $ 45.49 | $ 58.76 | |
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Common Stock, Shares Outstanding | 61,122,292 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Properties (Notes 4 and 8) | $ 4,717,569 | $ 4,461,045 |
Accumulated depreciation and amortization | (1,404,692) | (1,276,916) |
Real Estate Investment Property, Net | 3,312,877 | 3,184,129 |
Investment in Unconsolidated Joint Ventures (Note 5) | 673,616 | 605,629 |
Cash and cash equivalents | 48,372 | 42,499 |
Restricted cash (Notes 1 and 18) | 94,557 | 121,905 |
Accounts and notes receivable, less allowance for doubtful accounts of $10,360 and $10,237 in 2018 and 2017 (Note 6) | 77,730 | 78,566 |
Accounts receivable from related parties (Note 12) | 1,818 | 1,365 |
Deferred charges and other assets (Note 7) | 135,136 | 180,499 |
Total Assets | 4,344,106 | 4,214,592 |
Liabilities: | ||
Notes payable, net (Note 8) | 3,830,195 | 3,555,228 |
Accounts payable and accrued liabilities | 336,208 | 307,041 |
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures (Note 5) | 477,800 | 494,851 |
Total Liabilities | 4,644,203 | 4,357,120 |
Commitments and contingencies (Notes 8, 9, 10, 11, 13, and 15) | ||
Redeemable noncontrolling interests (Note 9) | 7,800 | 7,500 |
Equity: | ||
Series B Non-Participating Convertible Preferred Stock, $0.001 par and liquidation value, 40,000,000 shares authorized, 24,862,994 and 24,938,114 shares issued and outstanding at December 31, 2018 and 2017 | 25 | 25 |
Common Stock, $0.01 par value, 250,000,000 shares authorized, 61,069,108 and 60,832,918 shares issued and outstanding at December 31, 2018 and 2017 | 611 | 608 |
Additional paid-in capital | 676,097 | 675,333 |
Accumulated other comprehensive income (loss) (Notes 1, 10, and 19) | (25,376) | (6,919) |
Dividends in excess of net income | (744,230) | (646,807) |
Stockholders' Equity Attributable to Parent | (92,873) | 22,240 |
Noncontrolling interests (Note 9) | (215,024) | (172,268) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (307,897) | (150,028) |
Total Liabilities and Equity | $ 4,344,106 | $ 4,214,592 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Allowance for doubtful accounts | $ 10,360,000 | $ 10,237,000 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 61,069,108 | 60,832,918 |
Common stock, shares outstanding | 61,069,108 | 60,832,918 |
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 | 24,862,994 | 24,938,114 |
Preferred Stock, shares outstanding | 24,862,994 | 24,938,114 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||
Minimum rents | $ 353,226 | $ 345,557 | $ 333,325 |
Overage rents | 16,670 | 16,923 | 20,020 |
Expense recoveries | 205,514 | 211,625 | 202,467 |
Management, leasing, and development services (Note 2) | 3,271 | 4,383 | 28,059 |
Other | 62,189 | 50,677 | 28,686 |
Total Revenues | 640,870 | 629,165 | 612,557 |
Expenses: | |||
Maintenance, taxes, utilities, and promotion | 157,957 | 167,091 | 156,506 |
Other operating | 87,308 | 94,513 | 78,794 |
Management, leasing, and development services | 1,470 | 2,157 | 4,042 |
General and administrative (Note 13) | 37,174 | 39,018 | 48,056 |
Restructuring charge (Note 1) | 596 | 13,848 | |
Costs associated with shareholder activism (Note 1) | 12,500 | 14,500 | 3,000 |
Interest expense | 133,197 | 108,572 | 86,285 |
Depreciation and amortization | 179,275 | 167,806 | 138,139 |
Total Expenses | 609,477 | 607,505 | 514,822 |
Nonoperating income, net (Notes 7, 10, and 15) | 14,714 | 23,828 | 22,927 |
Income before income tax expense, and equity in income of Unconsolidated Joint Ventures | 46,107 | 45,488 | 120,662 |
Income tax expense (Note 3) | 231 | (105) | (2,212) |
Equity in income of Unconsolidated Joint Ventures (Note 5) | 69,404 | 67,374 | 69,701 |
Net income | 115,742 | 112,757 | 188,151 |
Net income attributable to noncontrolling interests (Note 9) | (32,256) | (32,052) | (55,538) |
Net income attributable to Taubman Centers, Inc. | 83,486 | 80,705 | 132,613 |
Distributions to participating securities of TRG (Note 13) | (2,396) | (2,300) | (2,117) |
Preferred stock dividends (Note 14) | (23,138) | (23,138) | (23,138) |
Net income attributable to Taubman Centers, Inc. common shareholders | 57,952 | 55,267 | 107,358 |
Other comprehensive income (Note 19): | |||
Unrealized gain (loss) on interest rate instruments and other | (38) | 57 | (4,308) |
Cumulative translation adjustment | (23,240) | 33,303 | (17,339) |
Reclassification adjustment for amounts recognized in net income | (1,809) | 7,564 | 9,339 |
Other Comprehensive Income (Loss), Net of Tax | (25,087) | 40,924 | (12,308) |
Comprehensive income | 90,655 | 153,681 | 175,843 |
Comprehensive income attributable to noncontrolling interests | (24,994) | (43,956) | (51,927) |
Comprehensive income attributable to Taubman Centers, Inc. | $ 65,661 | $ 109,725 | $ 123,916 |
Basic earnings per common share (Note 16) | $ 0.95 | $ 0.91 | $ 1.78 |
Diluted earnings per common share (Note 16) | $ 0.95 | $ 0.91 | $ 1.77 |
Weighted average number of common shares outstanding – basic | 60,994,444 | 60,675,129 | 60,363,416 |
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, 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) | |||||||
Adjustments of noncontrolling interests (Note 9) | (656) | 1,959 | 1 | (2,616) | ||||
Dividends and distributions | (369,742) | 168,988 | ||||||
Other | (791) | 2 | (793) | |||||
Net income | 188,151 | 132,613 | 56,194 | |||||
Net income (excludes net loss attributable to redeemable noncontrolling interest) (Note 9) | 188,807 | |||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (656) | |||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (200,754) | |||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ (7,150) | |||||||
Unrealized gain (loss) on interest rate instruments and other | (4,308) | (3,044) | (1,264) | |||||
Cumulative translation adjustment | (17,339) | (12,251) | (5,088) | |||||
Reclassification adjustment for amounts recognized in net income | 9,339 | 6,598 | 2,741 | |||||
Balance at Dec. 31, 2016 | (70,703) | $ 25 | $ 604 | 657,281 | (35,916) | (549,914) | (142,783) | |
Balance, shares at Dec. 31, 2016 | 39,529,059 | 60,430,613 | ||||||
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 | (251,927) | (177,266) | ||||||
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) | (656) | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (74,661) | |||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | (7,150) | |||||||
Unrealized gain (loss) on interest rate instruments and other | 57 | 41 | 16 | |||||
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 | ||||||
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 | (75,120) | 77,584 | ||||||
Share-based compensation under employee and director benefit plans (Note 13) | 6,068 | $ 2 | 6,066 | |||||
Share-based compensation under employee and director benefit plans (Note 13), shares | 158,606 | |||||||
Former Taubman Asia President redeemable equity adjustment (Note 9) | (300) | (300) | 300 | |||||
Adjustments of noncontrolling interests (Note 9) | (280) | (601) | 47 | 274 | ||||
Dividends and distributions | (253,420) | (185,392) | ||||||
Other | (872) | (4,400) | (679) | 4,483 | (276) | |||
Net income | 115,742 | |||||||
Net income (excludes net loss attributable to redeemable noncontrolling interest) (Note 9) | 116,022 | 83,486 | 32,536 | |||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (280) | $ (280) | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (68,028) | |||||||
Unrealized gain (loss) on interest rate instruments and other | (38) | (26) | (12) | |||||
Cumulative translation adjustment | (23,240) | (16,513) | (6,727) | |||||
Reclassification adjustment for amounts recognized in net income | (1,809) | (1,286) | (523) | |||||
Balance at Dec. 31, 2018 | $ (307,897) | $ 25 | $ 611 | $ 676,097 | $ (25,376) | $ (744,230) | $ (215,024) | |
Balance, shares at Dec. 31, 2018 | 39,362,994 | 61,069,108 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows From Operating Activities: | |||
Net income | $ 115,742 | $ 112,757 | $ 188,151 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 179,275 | 167,806 | 138,139 |
Provision for bad debts | 3,728 | 11,025 | 4,047 |
Gains on sales of peripheral land | (1,034) | (945) | (1,827) |
Gains on SPG common share conversions (Note 7) | (11,613) | (11,069) | |
Fluctuation in fair value of equity securities (Notes 1 and 7) | (2,801) | ||
Income (loss) from Unconsolidated Joint Ventures in excess of distributions | (1,429) | 845 | 2,689 |
Other | 14,730 | 17,285 | 18,925 |
Increase (decrease) in cash attributable to changes in assets and liabilities: | |||
Receivables, deferred charges, and other assets | (17,141) | (26,420) | (34,989) |
Accounts payable and other liabilities | 2,762 | 7,634 | 1,490 |
Net Cash Provided By Operating Activities | 293,832 | 278,374 | 305,556 |
Cash Flows From Investing Activities: | |||
Additions to properties | (289,854) | (353,322) | (504,864) |
Proceeds from sales of peripheral land | 1,260 | 1,300 | 11,258 |
Proceeds from sale of equity securities (Note 7) | 54,703 | ||
Insurance proceeds for capital items at The Mall of San Juan (Note 15) | 5,768 | ||
Contributions to Unconsolidated Joint Ventures | (95,329) | (32,990) | (79,976) |
Contribution for acquisition of Country Club Plaza (Note 2) | (314,245) | ||
Proceeds from Unconsolidated Joint Venture, Distribution, Return of Capital | (2,173) | 70,002 | 232,224 |
Other | 89 | 86 | 81 |
Net Cash Used In Investing Activities | (325,536) | (314,924) | (655,522) |
Cash Flows From Financing Activities: | |||
Proceeds from revolving lines of credit, net | 255,020 | 269,955 | 234,700 |
Debt proceeds | 800,000 | 336,749 | 758,991 |
Debt payments | (778,549) | (308,673) | (367,527) |
Debt issuance costs | (5,112) | (6,665) | (1,620) |
Issuance of common stock and/or TRG Units in connection with incentive plans | (2,396) | 6,289 | 1,806 |
Distributions to noncontrolling interests (Note 9) | (68,028) | (74,661) | (207,904) |
Distributions to participating securities of TRG | (2,396) | (2,300) | (2,117) |
Contributions from noncontrolling interests (Note 9) | 2,000 | ||
Cash dividends to preferred shareholders | (23,138) | (23,138) | (23,138) |
Cash dividends to common shareholders | (159,858) | (151,828) | (143,733) |
Net Cash Provided By Financing Activities | 15,543 | 45,728 | 251,458 |
Effect of Exchange Rate on Cash and Cash Equivalents | (5,314) | 2,261 | 1,391 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (21,475) | 11,439 | (97,117) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at Beginning of Year | 164,404 | 152,965 | 250,082 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Year | $ 142,929 | $ 164,404 | $ 152,965 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Organization and Basis of Presentation General Taubman Centers, Inc. (TCO) is a Michigan corporation that operates as a self-administered and self-managed real estate investment trust (REIT). TCO's sole asset is an approximate 71% general partnership interest in The Taubman Realty Group Limited Partnership (TRG), which owns direct or indirect interests in all of our real estate properties. In this report, the terms "we", "us", and "our" refers to TCO, TRG, and/or TRG's subsidiaries as the context may require. We engage in the ownership, management, leasing, acquisition, disposition, development, and expansion of retail shopping centers and interests therein. Our owned portfolio as of December 31, 2018 included 23 urban and suburban shopping centers operating in 11 U.S. states, Puerto Rico, South Korea, and China. The Taubman Company LLC (the Manager) provides certain management and administrative services for us and for our U.S. properties. The Consolidated Businesses consist of shopping centers and entities that are controlled, by ownership or contractual agreements, by TRG, the Manager, or Taubman Properties Asia, LLC and its subsidiaries (Taubman Asia). Shopping centers owned through joint ventures that are not controlled by us by over which we have significant influence (Unconsolidated Joint Ventures) are accounted for under the equity method. In May 2018, we closed on a redevelopment agreement for Taubman Prestige Outlets Chesterfield. As of May 1, 2018, all operations at the center, as well as the building and improvements, were transferred to The Staenberg Group (TSG), and TSG leases the land from us through a long-term, participating ground lease. Both we and TSG have the ability to terminate the ground lease in the event that a redevelopment has not begun within five years, with the buildings and improvements reverting to us upon such a termination. We will defer recognition of a sale of the building and improvements and maintain the property on the Consolidated Balance Sheet until the foregoing termination right is no longer available to the parties, with this right ceasing upon TSG commencing a redevelopment. The shopping center has been excluded from our owned shopping center portfolio disclosure above. 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 TCO include all accounts of TCO , TRG , and its consolidated subsidiaries, including 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, we evaluate the characteristics of associated entities and determine whether an entity is a variable interest entity (VIE), and, if so, determine whether we are the primary beneficiary by analyzing whether we have 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. We consolidate a VIE when we have determined that we are the primary beneficiary. All of our consolidated joint ventures, including TRG , meet the definition and criteria as VIEs, as either we or an affiliate of ours is the primary beneficiary of each VIE. TCO's sole significant asset is its investment in TRG and, consequently, substantially all of TCO's consolidated assets and liabilities are assets and liabilities of TRG . All of TCO's debt (Note 8) is an obligation of TRG or TRG's consolidated subsidiaries. Note 8 also provides disclosure of guarantees provided by TRG to certain consolidated joint ventures. Note 9 provides additional disclosures of the carrying balance of the noncontrolling interests in our consolidated joint ventures and other information, including a description of certain rights of the noncontrolling owners. Investments in entities not controlled but over which we may exercise significant influence (Unconsolidated Joint Ventures or UJVs) are accounted for under the equity method. We have evaluated our investments in the Unconsolidated Joint Ventures under guidance for determining whether an entity is a VIE and have concluded that the ventures are not VIEs. Accordingly, we account for our 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). Our 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 we have concluded that the equity method of accounting is appropriate for these interests. Specifically, our 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. We provide our beneficial interest in certain financial information of our Unconsolidated Joint Ventures (Notes 5 and 8). This beneficial information is derived as our ownership interest in the investee multiplied by the specific financial statement item being presented. Investors are cautioned that deriving our beneficial interest in this manner may not accurately depict the legal and economic implications of holding a noncontrolling interest in the investee. TRG At December 31, 2018 and 2017 , TRG'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 TRG are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in TRG in accordance with their percentage ownership. The Series J and K Preferred Equity are owned by TCO and are eliminated in consolidation. The partnership equity of TRG and TCO'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 2018 85,946,862 61,069,108 24,877,754 71% 71% 2017 85,788,252 60,832,918 24,955,334 71 71 2016 85,476,892 60,430,613 25,046,279 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 TCO at December 31, 2018 consisted of 24,862,994 shares of Series B Non-Participating Convertible Preferred Stock (Series B Preferred Shares) (Note 14) and 61,069,108 shares of common stock. The remaining approximate 29% of TRG units are owned by TRG’s partners other than TCO (Other Partners), including Robert S. Taubman, William S. Taubman, Gayle Taubman Kalisman, and the A. Alfred Taubman Restated Revocable Trust (Taubman Family). Revenue Recognition General 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, we recognize 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), we recognize revenue on a straight-line basis over the lease terms. On January 1, 2018, we adopted ASC Topic 606, Revenue from Contracts with Customers. ASC Topic 606 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 and equipment, real estate, and intangible assets. We adopted ASC Topic 606 for all applicable contracts using the modified retrospective method, which would have required a cumulative-effect adjustment, if any, as of the date of adoption. The adoption of ASC Topic 606 did not have a material impact on our consolidated financial statements as of the date of adoption, and therefore a cumulative-effect adjustment was not required. We applied ASC Topic 606 using certain practical expedients. As a result of this election, we will not disclose the aggregate amount of the transaction price for unsatisfied, or partially unsatisfied, performance obligations for all contracts with an original expected length of one year or less and management contracts for which we recognize revenue based on our right to invoice for management, leasing, and development services performed. Refer to "Nature of Services and Performance Obligations" for further discussion of these services. Disaggregation of Revenue The nature, amount, timing, and uncertainty of individual types of revenues may be affected differently by economic factors. Under ASC Topic 606, we are required to disclose a disaggregation of our revenues derived from contracts from customers that considers economic differences between revenue types. The following table summarizes our disaggregation of consolidated revenues for this purpose. Year Ended December 31 2018 2017 2016 Expense recoveries $ 205,514 $ 211,625 $ 202,467 Shopping center and other operational revenues (1) 48,434 40,902 24,914 Management, leasing, and development services 3,271 4,383 28,059 Total revenue from contracts with customers $ 257,219 $ 256,910 $ 255,440 (1) Represents consolidated Other revenue reported on the Consolidated Statement of Operations and Comprehensive Income excluding lease cancellation income. Nature of Services and Performance Obligations Expense recoveries revenue represents reimbursements from mall tenants for (1) services performed by us to the benefit of all mall tenants and the property as a whole for common area maintenance, (2) insurance, property taxes, and utilities, and (3) promotion and other miscellaneous charges. As these expense recoveries are provided for under tenant lease agreements, these revenues will not be evaluated under ASC Topic 606 until our adoption of ASU No. 2016-02, Leases, which will be adopted on January 1, 2019. Shopping center and other operational revenues represent a collection of non-core revenue streams that are generated through the course of owning and operating a shopping center, including sponsorship, parking, and storage income, as well as revenues from food and beverage operations. The contracts for these revenue streams are predominately short-term in nature and individually do not contain more than one performance obligation. We satisfy our performance obligations related to shopping center and other operational revenues either over time or at a point in time, depending on the specific nature of the revenue generating activity. For performance obligations that are satisfied at a point in time, including food and beverage and parking income, the control of the good or service is immediately transferred to the customer upon completion of the performance obligation. Payment terms related to shopping center and other operational revenues vary depending on the nature of the agreement, however, payment is generally due directly upon the satisfaction of the related performance obligation. Management, leasing, and development services revenue represents income from various services performed by us for our third party customers, as provided for under management agreements. These services typically generate fees that are based on operating results of the shopping centers, the execution and opening of mall tenants, and/or the successful completion of other agreed-upon services. As each management agreement provides for a variety of services, significant judgment is required to identify multiple performance obligations. The standalone selling price of each performance obligation is determined based on the terms of the management agreement and the specific services being rendered. Each performance obligation is considered to be satisfied over time as services are rendered. The related revenue is recognized upon billing, as the amounts invoiced generally correspond directly with the value the customer is receiving from the services. Customers are invoiced on a quarterly basis and payment is generally due within 30 days of each calendar quarter. Information about Contract Balances and Unsatisfied Performance Obligations Contract assets exist when we have a right to payment for services rendered that remains conditional on factors other than the passage of time. Similarly, contract liabilities are incurred when customers prepay for services to be rendered. Certain revenue streams within shopping center and other operational revenues may give rise to contract assets and liabilities. However, these revenue streams are generally short-term in nature and the difference between revenue recognition and cash collection, although variable, does not differ significantly from period to period. As of December 31, 2018 , we had an inconsequential amount of contract assets and liabilities. The aggregate amount of the transaction price allocated to our performance obligations that were unsatisfied, or partially unsatisfied, as of December 31, 2018 were inconsequential. Allowance for Doubtful Accounts and Notes We record a provision for losses on accounts receivable to reduce them to the amount estimated to be collectible. We record 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. No impairment was recognized for the years ended December 31, 2018, 2017, or 2016. In leasing a shopping center space, we may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, we determine whether the allowance represents funding for the construction of leasehold improvements and evaluates the ownership, for accounting purposes, of such improvements. If we are considered the owner of the leasehold improvements for accounting purposes, we capitalize the amount of the tenant allowance and depreciate 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 we are 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 our 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. We deposit 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 and cash equivalents at December 31, 2018 were not insured or guaranteed by the FDIC or any other government agency and were invested across four separate financial institutions as of December 31, 2018 . Included in restricted cash is $94.1 million at December 31, 2018 on deposit in excess of the FDIC insured limit. Acquisitions We recognize 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 our 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. We recognize 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. We recognize 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 (Note 13). 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, all 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 (Note 10). We formally document all relationships between hedging instruments and hedged items, as well as our risk management objectives and strategies for undertaking various hedge transactions. We assess, 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 We carry liability insurance to mitigate our exposure to certain losses, including those relating to property damage and business interruption. We record 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 years ended December 31, 2018 and 2017, we recorded insurance proceeds related to reimbursement of expenses and property damage incurred at The Mall of San Juan as a result of Hurricane Maria (Note 15). Income Taxes We operate in such a manner as to qualify as a REIT under the applicable provisions of the Internal Revenue Code. To qualify as a REIT, we must distribute at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains, to our shareholder s and meet certain other requirements. As a REIT, we are entitled to a dividends paid deduction for the dividends we pay to our shareholder s. Therefore, we will generally not be subject to federal income taxes under current Federal income tax law as long as we currently distribute to our shareholder s an amount equal to or in excess of our taxable income. REIT qualification reduces but does not eliminate the amount of state and local taxes paid by us . 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 our financial statements. We have made Taxable REIT Subsidiary (TRS) elections for all of our 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 our 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. Our 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), we adjusted our 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 TCO . Severance Plans and Restructuring Charges We have severance plans in place for certain employees, which we account for as a post-employment benefit. We recognize a liability and expense when it is probable that employees will be entitled to benefits under the severance plans and the amount can be reasonably estimated. We have been undergoing a restructuring to reduce our 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, 2018 , we incurred expense, partially offset by a change in estimate to previously recognized charges resulting in additional expense of $0.6 million . In 2017, we recognized $13.8 million of expense associated with our restructuring efforts. These expenses have been separately classified as Restructuring Charge on the Consolidated Statement of Operations and Comprehensive Income. As of December 31, 2018 , $1.1 million of the restructuring costs recognized during 2018 were unpaid and remained accrued. Costs Associated with Shareholder Activism During the years ended December 31, 2018 and 2017 , we incurred $12.5 million and $14.5 million , respectively, of expense associated with activities related to shareholder activism, largely legal and advisory services. Also included in these costs is a retention program for certain employees. Given the uncertainties associated with shareholder activism and to ensure the retention of top talent in key positions within TCO , certain key employees were provided certain incentive benefits in the form of cash and/or equity retention awards. We and the Board of Directors believe these benefits are instrumental in ensuring our continued success during the retention period. Due to the unusual and infrequent nature of these expenses in our history, they have been separately classified as Costs Associated with Shareholder Activism on our Consolidated Statement of Operations and Comprehensive Income. Unvested incentive benefits under the retention awards as of December 31, 2018 were $1.2 million , which will be recognized as service is rendered through December 31, 2019. Noncontrolling Interests Noncontrolling interests in TCO are comprised of the ownership interests of (1) noncontrolling interests in TRG and (2) the noncontrolling interests in joint ventures controlled by us through ownership or contractual arrangements. Consolidated net income and comprehensive income includes amounts attributable to us and the noncontrolling interests. Transactions that change our ownership interest in a subsidiary are accounted for as equity transactions if we retain our controlling financial interest in the subsidiary. We evaluate whether noncontrolling interests are subject to any redemption features outside of our 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 TRG and consolidated ventures of TCO 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 We have 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. Our share of unrealized gains and losses resulting from the translation of the entities' financial statements are reflected in shareholder s' equity as a component of Accumulated Other Comprehensive Income (Loss) on our 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 We have one reportable operating segment: we own, develop, and manage shopping centers. We have aggregated our 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 our 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 our revenues. Our consolidated revenues and assets do not have any material amounts derived from countries other than the United States, as our investments in Asia are in Unconsolidated Joint Ventures that are accounted for under the equity method. Management's Responsibility to Evaluate TCO'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 our ability to |
Acquisition, Redevelopments, De
Acquisition, Redevelopments, Developments, and Service Agreement | 12 Months Ended |
Dec. 31, 2018 | |
Acquisition, Redevelopments, and Developments [Abstract] | |
Acquisition, Redevelopments, Developments, and Service Agreement [Text Block] | Acquisition, Partial Disposition of Ownership Interests, Redevelopments, Developments, and Service Agreement Acquisition Country Club Plaza In March 2016, a joint venture that we 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. We have a 50% ownership interest in the center, which is jointly managed by both companies. Our 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. Partial Disposition of Ownership Interests In February 2019, we announced agreements to sell 50% of our interests in Starfield Hanam, CityOn.Xi’an and CityOn.Zhengzhou to funds managed by The Blackstone Group L.P. (Blackstone). Following the transactions, which are subject to customary closing conditions and are expected to close throughout 2019, we will retain a 17.15% ownership interest in Starfield Hanam, a 25% ownership interest in CityOn.Xi'an, and a 24.5% ownership interest in CityOn.Zhengzhou. We will remain the partner responsible for the joint management of the three shopping centers, with Blackstone paying a property service fee. The interests to be sold are valued at $480 million , with net cash proceeds expected to be about $315 million , after transaction costs and the allocation to Blackstone of its share of third-party debt. Also, we may receive up to an additional $50 million of consideration based on the 2019 performance of the three assets. Redevelopments We substantially completed our redevelopment project at Beverly Center in November 2018. We expect some capital spending at Beverly Center to continue into 2019 as certain costs are incurred subsequent to the project's completion, including construction on certain tenant spaces. We have an ongoing redevelopment project at The Mall at Green Hills, which is expected to be completed in 2019. This redevelopment project is expected to cost approximately $200 million . As of December 31, 2018 , our total capitalized costs related to this redevelopment project were $144.5 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 We have 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 Projects We have partnered with Shinsegae Group, our partner in Starfield Hanam, to build, lease, and manage Starfield Anseong, an approximately 1.1 million square foot shopping center in Anseong, Gyeonggi Province, South Korea. We expect to beneficially own a 24.5% interest in the project; however we currently own and are funding 49% of the project until an additional capital partner is admitted. The shopping center is scheduled to open in late 2020. As of December 31, 2018, we have invested $97.1 million in the project, after cumulative currency translation adjustments. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet. We were previously exploring an additional development opportunity in South Korea with Shinsegae Group. In March 2017, we made a refundable deposit of $11.0 million relating to a potential development site. After performing due diligence, we decided not to proceed with the project. The deposit, including a 5% return, was returned to us 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, we 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, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income Tax Expense (Benefit) Our income tax expense (benefit) for the years ended December 31, 2018 , 2017 , and 2016 consisted of the following: 2018 2017 2016 Federal current $ (373 ) $ (2,509 ) $ 2,238 Federal deferred (1,057 ) 1,632 (1) (1,310 ) Foreign current 1,160 849 404 Foreign deferred 307 158 293 State current (128 ) (208 ) 782 State deferred (140 ) 183 (195 ) Total income tax (benefit) expense $ (231 ) $ 105 $ 2,212 (2) (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) Includes $0.5 million of income taxes recognized at the time of conversion of a portion of our 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, our Federal deferred tax assets and liabilities were remeasured to reflect the reduction in the U.S. corporate income tax rate. We 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, we did not identify any other items for which the accounting for the income tax effects of the 2017 Tax Act have not been completed. Net Operating Loss Carryforwards As of December 31, 2018 , we had a foreign net operating loss carryforward of $6.1 million . Of the $6.1 million , $0.5 million had a carryforward period of 10 years, and the remaining had an indefinite carryforward period. As of December 31, 2018, the TRS's had a Federal net operating loss carryforward of $10.2 million , which has an indefinite carryforward period. Its future use is limited annually to 80% of taxable income. As of December 31, 2018, the TRS's also had an investment tax credit carryforward of $3.6 million , which had a carryforward period of 20 years. As of December 31, 2018 the TRS's also had a charitable contribution carryforward of $0.7 million . Of the $0.7 million , $0.5 million had a remaining carryforward period of 4 years, and $0.2 million had a remaining carryforward period of 5 years. Deferred Taxes Deferred tax assets and liabilities as of December 31, 2018 and 2017 were as follows: 2018 2017 Deferred tax assets: Federal $ 5,662 (1) $ 503 (2) Foreign 1,655 1,788 State 807 545 Total deferred tax assets $ 8,124 $ 2,836 Valuation allowances (1,744 ) (3) (1,620 ) (4) Net deferred tax assets $ 6,380 $ 1,216 Deferred tax liabilities: Foreign (5) $ 2,454 $ 1,517 Total deferred tax liabilities $ 2,454 $ 1,517 (1) Includes a $3.6 million Federal investment tax credit carryforward and $2.0 million attributable to a Federal net operating loss carryforward. (2) 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. (3) Includes a $1.2 million valuation allowance against Foreign deferred tax assets, and a $0.5 million valuation allowance against State deferred tax assets. (4) Includes a $1.2 million valuation allowance against Foreign deferred tax assets, and a $0.4 million valuation allowance against State deferred tax assets. (5) The foreign deferred tax liability relates to shareholder level withholding taxes from Korea and China on undistributed profits. We believe 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 TCO's common and preferred stock and their tax status are presented in the following tables. The tax status of TCO's dividends in 2018 , 2017 , and 2016 may not be indicative of future periods. The portion of the per share dividends paid in 2018 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). In addition, 99.85% of the portion of the 2018 common dividend taxed as ordinary income are qualified REIT dividends that may be eligible for a new 20% tax deduction in 2018 under Internal Revenue Code Section 199A(a) if the shareholder meets certain holding period requirements. Year Dividends per common share declared Return of capital Ordinary income Long term capital gain Unrecaptured Sec. 1250 capital gain 2018 $ 2.6200 $ 1.1167 $ 1.4766 $ 0.0263 $ 0.0004 2017 2.5000 0.4775 1.3927 0.4397 0.1901 2016 2.3800 — 1.8427 0.3929 0.1444 Year Dividends per Series J Preferred share declared Ordinary income Long term capital gain Unrecaptured Sec. 1250 capital gain 2018 $ 1.6250 $ 1.5961 $ 0.0284 $ 0.0005 2017 1.6250 1.0505 0.4011 0.1734 2016 1.6250 1.2581 0.2683 0.0986 Year Dividends per Series K Preferred share declared Ordinary income Long term capital gain Unrecaptured Sec. 1250 capital gain 2018 $ 1.5625 $ 1.5347 $ 0.0273 $ 0.0005 2017 1.5625 1.0101 0.3857 0.1667 2016 1.5625 1.2097 0.2580 0.0948 Uncertain Tax Positions We expect no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2018 . We have no material interest or penalties relating to income taxes recognized on the Consolidated Statement of Operations and Comprehensive Income for the years ended December 31, 2018 , 2017 , and 2016 or on the Consolidated Balance Sheet as of December 31, 2018 and 2017 . As of December 31, 2018 , returns for the calendar years 2015 through 2018 remain subject to examination by U.S. and various state and foreign tax jurisdictions. |
Properties
Properties | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Real Estate Disclosure [Text Block] | Properties Properties at December 31, 2018 and 2017 are summarized as follows: 2018 2017 Land $ 233,301 $ 232,970 Buildings, improvements, and equipment 4,342,664 3,838,862 Construction in process and pre-development costs 141,604 389,213 $ 4,717,569 $ 4,461,045 Accumulated depreciation and amortization (1,404,692 ) (1,276,916 ) $ 3,312,877 $ 3,184,129 Depreciation expense for 2018 , 2017 , and 2016 was $155.1 million , $161.1 million , and $130.4 million , respectively. The charge to operations in 2018 , 2017 , and 2016 for domestic and non-U.S. pre-development activities was $3.8 million , $5.6 million , and $5.0 million , respectively. |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures General Information We own beneficial interests in joint ventures that own shopping centers. TRG is the sole direct or indirect managing general partner or managing member of Fair Oaks Mall, International Plaza, Stamford Town Center, Sunvalley, The Mall at University Town Center, and Westfarms; however, these joint ventures are accounted for under the equity method due to the substantive participation rights of the outside partners. TRG also provides certain management, leasing, and/or development services to the other shopping centers noted below. Shopping Center Ownership as of December 31, 2018 and 2017 CityOn.Xi'an (1) 50% CityOn.Zhengzhou (1) 49 Country Club Plaza 50 Fair Oaks Mall 50 International Plaza 50.1 The Mall at Millenia 50 Stamford Town Center 50 Starfield Anseong (under development) Note 2 Starfield Hanam (1) 34.3 Sunvalley 50 The Mall at University Town Center 50 Waterside Shops 50 Westfarms 79 (1) We entered into agreements to sell half of our ownership interest in CityOn.Xi'an, CityOn.Zhengzhou, and Starfield Hanam in February 2019 (Note 2). The carrying value of our investment in Unconsolidated Joint Ventures differs from our share of the partnership or members’ equity reported on the combined balance sheet of the Unconsolidated Joint Ventures due to (i) the cost of our investment in excess of the historical net book values of the Unconsolidated Joint Ventures and (ii) TRG's adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the Unconsolidated Joint Ventures. Our additional basis allocated to depreciable assets is recognized on a straight-line basis over 40 years. TRG's differences in bases are amortized over the useful lives or terms of the related assets and liabilities. On our Consolidated Balance Sheet, we separately report our 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 shopping centers further decrease the net equity of the shopping centers. Combined Financial Information Combined balance sheet and results of operations information is presented in the following table for the Unconsolidated Joint Ventures, followed by TRG's beneficial interest in the combined operations information. The combined financial information of the Unconsolidated Joint Ventures as of December 31, 2018 excludes the balances of Starfield Anseong, which was under development as of December 31, 2018 (Note 2). Beneficial interest is calculated based on TRG's ownership interest in each of the Unconsolidated Joint Ventures. December 31 2018 December 31 2017 Assets: Properties $ 3,728,846 $ 3,756,890 Accumulated depreciation and amortization (869,375 ) (767,678 ) $ 2,859,471 $ 2,989,212 Cash and cash equivalents 161,311 147,102 Accounts and notes receivable, less allowance for doubtful accounts of $6,616 and $4,706 in 2018 and 2017 131,767 121,173 Deferred charges and other assets 140,444 136,837 $ 3,292,993 $ 3,394,324 Liabilities and accumulated equity (deficiency) in assets: Notes payable, net $ 2,815,617 $ 2,860,384 Accounts payable and other liabilities 426,358 471,948 TRG's accumulated deficiency in assets (49,465 ) (48,338 ) Unconsolidated Joint Venture Partners' accumulated equity in assets 100,483 110,330 $ 3,292,993 $ 3,394,324 TRG's accumulated deficiency in assets (above) $ (49,465 ) $ (48,338 ) TRG's investment in Starfield Anseong (Note 2) and advances to CityOn.Zhengzhou 140,743 46,106 TRG basis adjustments, including elimination of intercompany profit 57,360 63,886 TCO's additional basis 47,178 49,124 Net investment in Unconsolidated Joint Ventures $ 195,816 $ 110,778 Distributions in excess of investments in and net income of Unconsolidated Joint Ventures 477,800 494,851 Investment in Unconsolidated Joint Ventures $ 673,616 $ 605,629 Year Ended December 31 2018 2017 2016 Revenues $ 601,272 $ 586,499 $ 477,458 Maintenance, taxes, utilities, promotion, and other operating expenses $ 211,285 $ 218,004 $ 172,325 Interest expense 132,669 130,339 103,973 Depreciation and amortization 131,884 127,625 95,051 Total operating costs $ 475,838 $ 475,968 $ 371,349 Nonoperating income, net 1,923 2,894 317 Income tax expense (5,935 ) (5,226 ) (375 ) Gain on disposition, net of tax (1) 3,713 Net income $ 121,422 $ 111,912 $ 106,051 Net income attributable to TRG $ 62,964 $ 59,994 $ 61,561 Realized intercompany profit, net of depreciation on TRG’s basis adjustments 8,386 9,326 10,086 Depreciation of TCO's additional basis (1,946 ) (1,946 ) (1,946 ) Equity in income of Unconsolidated Joint Ventures $ 69,404 $ 67,374 $ 69,701 Beneficial interest in Unconsolidated Joint Ventures’ operations: Revenues less maintenance, taxes, utilities, promotion, and other operating expenses $ 209,423 $ 202,332 $ 178,009 Interest expense (68,225 ) (67,283 ) (54,674 ) Depreciation and amortization (68,894 ) (66,933 ) (53,012 ) Income tax expense (2,900 ) (2,825 ) (622 ) Gain on disposition, net of tax (1) 2,083 Equity in income of Unconsolidated Joint Ventures $ 69,404 $ 67,374 $ 69,701 (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, we issued a note receivable outstanding to CityOn.Zhengzhou for purposes of funding development costs. The balance of the note receivable was $43.6 million and $46.1 million as of December 31, 2018 and 2017 , respectively, and was classified within Investments in Unconsolidated Joint Ventures on the Consolidated Balance Sheet. |
Accounts and Notes Receivable
Accounts and Notes Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Accounts and Notes Receivable Accounts and notes receivable at December 31, 2018 and 2017 are summarized as follows: 2018 2017 Trade $ 46,292 $ 51,416 Notes 3,172 4,031 Straight-line rent and recoveries 38,626 33,356 $ 88,090 $ 88,803 Less: Allowance for doubtful accounts (10,360 ) (10,237 ) $ 77,730 $ 78,566 |
Deferred Charges Other Assets
Deferred Charges Other Assets | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 are summarized as follows: 2018 2017 Leasing costs $ 52,507 $ 39,252 Accumulated amortization (7,577 ) (9,223 ) $ 44,930 $ 30,029 In-place leases, net 3,122 4,462 Investment in Simon Property Group common shares (Note 17) 48,738 101,348 Revolving credit facilities' deferred financing costs, net 4,374 6,456 Insurance deposit (Note 17) 10,121 16,703 Deposits 975 3,715 Prepaid expenses 6,671 6,362 Deferred tax asset, net 6,380 1,216 Other, net 9,825 10,208 $ 135,136 $ 180,499 Simon Property Group Limited Partnership Unit Conversions In December 2017 and 2016, we converted our investment in 340,124 and 250,000 partnership units of Simon Property Group Limited Partnership (SPG LP Units) to SPG common shares. Upon conversion, we recognized gains of $11.6 million and $11.1 million in 2017 and 2016, respectively, which were included within Nonoperating Income, Net on 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 were recorded in Deferred Charges and Other Assets on the Consolidated Balance Sheet at December 31, 2018 and 2017 based on the common share price at each date and are now accounted for as equity securities at fair value as a result of the adoption of ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities" (Note 1). We owned 290,124 and 590,124 SPG common shares as of December 31, 2018 and 2017 , respectively. Changes in fair value from conversion date to December 31, 2018 are recorded in Nonoperating Income, Net on the Consolidated Statement of Operations and Comprehensive Income (Note 17). Sale of SPG Common Shares During 2018, we sold 300,000 SPG common shares at an average price of $182.37 per share. In January 2019, we sold our remaining investment in 290,124 SPG common shares at an average price of $179.52 per share. Proceeds from the sales were used to pay down our revolving lines of credit. |
Notes Payable, Net
Notes Payable, Net | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Notes Payable, Net Notes payable, net at December 31, 2018 and 2017 consist of the following: 2018 2017 Stated Interest Rate as of 12/31/2018 Maturity Date Number of Extension Options Facility Amount Cherry Creek Shopping Center $ 550,000 $ 550,000 3.85% 06/01/28 City Creek Center 77,068 (1) 78,703 (1) 4.37% 08/01/23 Great Lakes Crossing Outlets 198,625 203,553 3.60% 01/06/23 The Mall at Green Hills 150,000 150,000 LIBOR+1.60% LIBOR capped at 4.25% 12/01/19 One, one-year option International Market Place 250,000 293,801 (2) LIBOR + 2.15% 08/09/21 Two, one-year options The Mall at Short Hills 1,000,000 1,000,000 3.48% 10/01/27 Twelve Oaks Mall 296,815 4.85% 03/06/28 U.S. Headquarters 12,000 12,000 LIBOR + 1.40% Swapped to 3.49% 03/01/24 $65M Revolving Credit Facility 34,675 19,655 LIBOR + 1.40% 04/27/19 65,000 (3) $1.1B Revolving Credit Facility 725,000 (4) (5) 485,000 LIBOR + 1.45% (4) 02/01/21 Two, six-month options 1,100,000 (4) $475M Unsecured Term Loan 475,000 (6) $300M Unsecured Term Loan 300,000 (5) (7) 300,000 (7) LIBOR + 1.60% (7) 02/01/22 $250M Unsecured Term Loan 250,000 (8) LIBOR + 1.60% (8) 03/31/23 Deferred Financing Costs, Net (13,988 ) (12,484 ) $ 3,830,195 $ 3,555,228 (1) TRG 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 we believe is remote. (2) In July 2018, we extended the construction facility for International Market Place from August 2018 to November 2018 and made a $43.8 million principal paydown on the construction facility that was funded using our revolving line of credit. In August 2018, we refinanced the $250.0 million outstanding balance, which bore interest at LIBOR plus 1.75% . (3) The unused borrowing capacity at December 31, 2018 was $25.8 million , after considering $4.6 million of letters of credit outstanding on the facility. (4) TRG is the borrower under the $1.1 billion primary unsecured revolving credit facility. As of December 31, 2018, the interest rate on the facility was a range of LIBOR plus 1.15% to 1.70% and a facility fee of 0.20% to 0.25% based on our total leverage ratio. The unused borrowing capacity at December 31, 2018 was $290.7 million . The LIBOR rate is swapped to 1.65% through February 2019 on $225 million of the $1.1 billion TRG revolving credit facility. This results in an effective interest rate in the range of 2.80% to 3.35% through February 2019 on $225 million of the credit facility balance. (5) 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 our 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, 2018, we could not fully utilize the accordion feature unless additional assets were added to the unencumbered asset pool. (6) In March 2018, we repaid the $475 million unsecured term loan, which was scheduled to mature in February 2019. The loan bore interest at a range of LIBOR plus 1.35% to 1.90% based on our total leverage ratio. The LIBOR rate was swapped to a fixed interest rate of 1.65% , resulting in an effective interest rate range of 3.00% to 3.55% (Note 10). (7) TRG is the borrower under a $300 million unsecured term loan that bears interest at a range of LIBOR plus 1.25% to 1.90% based on our total leverage ratio. Beginning January 2018, the LIBOR rate is swapped through maturity to a fixed rate of 2.14% , resulting in an effective interest rate in the range of 3.39% to 4.04% (Note 10). (8) In March 2018, TRG completed a $250 million unsecured term loan that includes an accordion feature, which would increase our maximum aggregate total commitment to $400 million 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, 2018, we could not utilize the accordion feature unless additional assets were added to the unencumbered asset pool. The loan bears interest at a range of LIBOR plus 1.25% to 1.90% based on our total leverage ratio. The LIBOR rate is swapped through February 2019 to a fixed rate of 1.64% , which results in an effective interest rate in the range of 2.89% to 3.54% . Beginning March 2019 through the March 2023 maturity date, the LIBOR rate is swapped to a fixed rate of 3.02% with forward starting swaps, which results in an effective interest rate in the range of 4.27% to 4.92% (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, 2018 . The following table presents scheduled principal payments on notes payable as of December 31, 2018 : 2019 $ 195,998 (1) 2020 11,747 2021 987,329 (2) 2022 312,867 2023 502,278 Thereafter 1,833,964 Total principal maturities $ 3,844,183 Net unamortized deferred financing costs (13,988 ) Total notes payable, net $ 3,830,195 (1) Includes $150.0 million with a one-year extension option. (2) Includes $725.0 million with two , six-month extension options and $250.0 million with two , one-year extension options. 2019 Maturities The loan for The Mall at Green Hills matures in December 2019. We expect to exercise the second one-year extension option upon maturity. Debt Covenants and Guarantees Certain loan agreements contain various restrictive covenants, including the following corporate covenants on our primary unsecured revolving line of credit, as well as the $300 million and $250 million unsecured term loans and the loan 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, our primary unsecured revolving line of credit and unsecured term loans have unencumbered pool covenants, which currently apply to Beverly Center, Dolphin Mall, and The Gardens on El Paseo on a combined basis as of December 31, 2018 . 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, 2018 , the corporate total leverage ratio was the most restrictive covenant. We were in compliance with all of our covenants and loan obligations as of December 31, 2018 . 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 our tax status, pay preferred distributions, and for distributions related to the sale of certain assets. In connection with the August 2018 financing at International Market Place, TRG has provided an unconditional guarantee of the loan principal balance and all accrued but unpaid interest during the term of the loan. The $250.0 million loan is interest only during the initial three-year term with principal amortization required during the extension periods, if exercised. Accrued but unpaid interest as of December 31, 2018 was $1.0 million . We believe the likelihood of a repayment under the guarantee to be remote. In connection with the $175 million additional financing at International Plaza, which is owned by an Unconsolidated Joint Venture, TRG 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, 2018 , the interest rate swap was an asset and in a receivable position for unpaid interest. We believe the likelihood of a payment under the guarantee to be remote. Beneficial Interest in Debt and Interest Expense TRG'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. TRG's beneficial interest in the consolidated subsidiaries excludes debt and interest related to the noncontrolling interest in Cherry Creek Shopping Center ( 50% ) and International Market Place ( 6.5% ). At 100% At Beneficial Interest Consolidated Subsidiaries Unconsolidated Joint Ventures Consolidated Subsidiaries Unconsolidated Joint Ventures Debt as of: December 31, 2018 $ 3,830,195 $ 2,815,617 $ 3,539,588 $ 1,437,445 December 31, 2017 3,555,228 2,860,384 3,261,777 1,459,854 Capitalized interest: Year Ended December 31, 2018 $ 15,221 (1) $ 30 $ 15,133 (1) $ 18 Year Ended December 31, 2017 12,402 (1) 456 (2) 12,326 (1) 456 (2) Interest expense: Year Ended December 31, 2018 $ 133,197 $ 132,669 $ 121,166 $ 68,225 Year Ended December 31, 2017 108,572 130,339 96,630 67,283 (1) We capitalize interest costs incurred in funding our equity contributions to development projects accounted for as Unconsolidated Joint Ventures. The capitalized interest cost is included in our basis in our investment in Unconsolidated Joint Ventures. Such capitalized interest reduces interest expense on the 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 financing is presented at our 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, 2018 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Redeemable Noncontrolling Interests Taubman Asia President In September 2016, we 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 us in another capacity through September 30, 2017. The Former Asia President has an ownership interest in Taubman Asia. This interest entitles 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 TRG for Taubman Asia's operating and investment activities subsequent to the Former Asia President obtaining his ownership interest. TRG 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 TRG'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 TRG's preferred interest. We have 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. We present 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, 2018 and 2017 , the carrying amount of this redeemable equity was $7.8 million and $7.5 million , respectively. Adjustments to the redemption value are recorded through equity. In April 2016, we 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 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 TRG for Taubman Asia's operating and investment activities subsequent to the Successor Asia President obtaining his ownership interest. TRG 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 TRG'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 TRG's preferred interest. We have determined that the Successor Asia President's ownership interest in Taubman Asia qualifies as an equity award, considering its specific redemption provisions, and account for it as a contingently redeemable noncontrolling interest. As of December 31, 2018 , the carrying amount of this redeemable equity was zero . Any adjustments to the redemption value are recorded through equity. International Market Place We own 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 and no right to contribute capital. We are entitled to a preferential return on our capital contributions. We have the right to purchase the joint venture partner's interest and the joint venture partner has the right to require us 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, we account for the joint venture partner's interest as a contingently redeemable noncontrolling interest with a carrying value of zero at both December 31, 2018 and 2017 . Any adjustments to the redemption value are recorded through equity. Reconciliation of Redeemable Noncontrolling Interest 2018 2017 Balance, January 1 $ 7,500 $ 8,704 Former Taubman Asia President vested redeemable equity 300 (1,204 ) Allocation of net loss (280 ) (924 ) Adjustments of redeemable noncontrolling interest 280 924 Balance, December 31 $ 7,800 $ 7,500 Equity Balances of Non-redeemable Noncontrolling Interests The net equity balance of the non-redeemable noncontrolling interests as of December 31, 2018 and 2017 included the following: 2018 2017 Non-redeemable noncontrolling interests: Noncontrolling interests in consolidated joint ventures $ (156,470 ) $ (160,359 ) Noncontrolling interests in partnership equity of TRG (58,554 ) (11,909 ) $ (215,024 ) $ (172,268 ) Net Income (Loss) Attributable to Noncontrolling Interests Net income (loss) attributable to the noncontrolling interests for the years ended December 31, 2018 , 2017 , and 2016 included the following: 2018 2017 2016 Net income (loss) attributable to noncontrolling interests: Non-redeemable noncontrolling interests: Noncontrolling share of income of consolidated joint ventures $ 6,548 $ 7,699 $ 8,761 Noncontrolling share of income of TRG 25,988 25,277 47,433 $ 32,536 $ 32,976 $ 56,194 Redeemable noncontrolling interest: (280 ) (924 ) (656 ) $ 32,256 $ 32,052 $ 55,538 Equity Transactions The following table presents the effects of changes in TCO's ownership interest in consolidated subsidiaries on TCO's equity for the years ended December 31, 2018 , 2017 , and 2016 : 2018 2017 2016 Net income attributable to TCO common shareholders $ 57,952 $ 55,267 $ 107,358 Transfers (to) from the noncontrolling interest: Increase (decrease) in TCO's paid-in capital for the adjustments of noncontrolling interest (1) (601 ) (1,197 ) 1,959 Net transfers (to) from noncontrolling interests (601 ) (1,197 ) 1,959 Change from net income attributable to TCO and transfers (to) from noncontrolling interests $ 57,351 $ 54,070 $ 109,317 (1) In 2018, 2017, and 2016, adjustments of the noncontrolling interest were made as a result of changes in our ownership of TRG in connection with our share-based compensation under employee and director benefit plans (Note 13) and issuances of stock pursuant to the continuing offer (Note 15) and in connection with the accounting for the Former Asia President's redeemable ownership interest. Finite Life Entities ASC 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, 2018 , we 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 $370 million at December 31, 2018 , compared to a book value of $(156.5) million that is classified in Noncontrolling Interests on our 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 net asset value. The property's net asset 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, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | Derivative and Hedging Activities Risk Management Objective and Strategies for Using Derivatives We use 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. We may also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed rate financing. Our interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for us 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 we cash settle in anticipation of a fixed rate financing or refinancing, we 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. We do 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, 2018 , we 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 % 1.45 % (1) 3.10 % (1) February 2019 Receive variable (LIBOR) /pay-fixed swap (1) 100 % 100,000 1.64 % 1.60% / 1.45% (1) 3.24% / 3.09% (1) February 2019 Receive variable (LIBOR) /pay-fixed swap (2) 100 % 100,000 2.14 % (2) 1.60 % (2) 3.74 % (2) February 2022 Receive variable (LIBOR) /pay-fixed swap (2) 100 % 100,000 2.14 % (2) 1.60 % (2) 3.74 % (2) February 2022 Receive variable (LIBOR) /pay-fixed swap (2) 100 % 50,000 2.14 % (2) 1.60 % (2) 3.74 % (2) February 2022 Receive variable (LIBOR) /pay-fixed swap (2) 100 % 50,000 2.14 % (2) 1.60 % (2) 3.74 % (2) February 2022 Receive variable (LIBOR) / pay-fixed swap (3) 100 % 125,000 (3) (3) (3) March 2023 Receive variable (LIBOR) / pay-fixed swap (3) 100 % 75,000 (3) (3) (3) March 2023 Receive variable (LIBOR) / pay-fixed swap (3) 100 % 50,000 (3) (3) (3) March 2023 Receive variable (LIBOR) /pay-fixed swap (4) 100 % 12,000 2.09 % 1.40 % 3.49 % March 2024 Unconsolidated Joint Ventures: Receive variable (LIBOR) /pay-fixed swap (5) 50.1 % 162,194 1.83 % 1.75 % 3.58 % December 2021 Receive variable (LIBOR) USD/pay-fixed Korean Won (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. We are currently using these swaps to manage interest rate risk on the $250 million unsecured term loan and $225 million on the $1.1 billion primary unsecured revolving line of credit. The credit spread on these loans can also vary within a range of 1.25% to 1.90% on the $250 million unsecured term loan and 1.15% to 1.70% on the primary unsecured revolving line of credit, depending on our total leverage ratio at the measurement date, resulting in an effective rate in the range of 2.89% to 3.54% on the $250 million unsecured term loan and 2.80% to 3.35% on $225 million of the $1.1 billion primary unsecured revolving line of credit during the remaining 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. As of December 31, 2018 we are using these swaps to manage interest rate risk on the $300 million unsecured term loan. The credit spread on this loan can vary within a range of 1.25% to 1.90% , depending on our 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 hedged forecasted transaction for each of these forward starting swaps is the first 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 March 2019 effective date, we anticipate using these forward starting swaps to manage interest rate risk on the $250 million unsecured term loan and the LIBOR rate will be swapped to a fixed rate of 3.02% . The credit spread on this loan can vary within a range of 1.25% to 1.9% , depending on our total leverage ratio at the measurement date, resulting in an effective rate in the range of 4.27% to 4.92% during the swap period. (4) The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on the U.S. headquarters building. (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 On January 1, 2018, we early adopted ASU No. 2017-12, "Targeted Improvements to Accounting for Hedging Activities", which provided changes in hedge accounting recognition and presentation requirements. We now recognize all changes in fair value for hedging instruments designated and qualifying for cash flow hedge accounting treatment as a component of Other Comprehensive Income (OCI), as opposed to previously recognizing the ineffective portion, if any, directly in earnings. Upon adoption, we applied the modified-retrospective approach and recorded a one-time cumulative-effect adjusting entry to reclassify an inconsequential amount of previous hedge ineffectiveness for cash flow hedges from Dividends in Excess of Net Income to AOCI on our Consolidated Balance Sheet. Net realized gains or losses resulting from derivatives that were settled in conjunction with planned fixed rate financings or refinancings continue to be included in AOCI during the term of the hedged debt transaction. Amounts reported in AOCI related to currently outstanding interest rate derivatives are recognized as an adjustment to income as interest payments are made on our 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. We expect that approximately $1.7 million of the AOCI of TCO and the noncontrolling interests will be reclassified from AOCI and recognized as an increase of income in the following 12 months. The following tables present the effect of derivative instruments on our Consolidated Statement of Operations and Comprehensive Income for the years ended December 31, 2018 , 2017 , and 2016 . 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. 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) 2018 2017 2016 2018 2017 2016 Derivatives in cash flow hedging relationships: Interest rate contracts – consolidated subsidiaries $ (2,636 ) $ 3,994 $ 2,234 Interest Expense $ 1,133 $ (2,879 ) $ (5,823 ) Interest rate contracts – UJVs 943 2,898 2,478 Equity in Income of UJVs (188 ) (2,406 ) (3,775 ) Cross-currency interest rate contract – UJV (154 ) 201 (109 ) Equity in Income of UJVs 864 (2,279 ) 259 Total derivatives in cash flow hedging relationships $ (1,847 ) $ 7,093 $ 4,603 $ 1,809 $ (7,564 ) $ (9,339 ) We record all derivative instruments at fair value on the Consolidated Balance Sheet. The following table presents the location and fair value of our derivative financial instruments as reported on the Consolidated Balance Sheet as of December 31, 2018 and 2017 . Fair Value Consolidated Balance Sheet Location December 31 2018 December 31 Derivatives designated as hedging instruments: Asset derivatives: Interest rate contracts – consolidated subsidiaries Deferred Charges and Other Assets $ 3,530 $ 939 Interest rate contract – UJV Investment in UJVs 1,345 760 Total assets designated as hedging instruments $ 4,875 $ 1,699 Liability derivatives: Interest rate contracts – consolidated subsidiary Accounts Payable and Accrued Liabilities $ (5,710 ) $ (484 ) Interest rate contracts – UJV Investment in UJVs (357 ) Cross-currency interest rate contract - UJV Investment in UJVs (963 ) (1,630 ) Total liabilities designated as hedging instruments $ (6,673 ) $ (2,471 ) Contingent Features Our 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 TRG's indebtedness. As of December 31, 2018 , we are not in default on any indebtedness that would trigger a credit-risk-related default on our current outstanding derivatives. As of December 31, 2018 and 2017 , the fair value of derivative instruments with credit-risk-related contingent features that are in a liability position was $6.7 million and $2.5 million , respectively. As of December 31, 2018 and 2017 , we were not required to post any collateral related to these agreements. If we breached any of these provisions we would be required to settle our 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, 2018 | |
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, 2018 for operating centers assuming no new or renegotiated leases or option extensions on anchor agreements, is summarized as follows: 2019 $ 341,996 2020 321,200 2021 282,124 2022 242,967 2023 214,633 Thereafter 618,799 Certain shopping centers, as lessees, have ground and building leases expiring at various dates through the year 2105. 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. We also lease certain of our 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 $21.2 million in 2018 , $20.1 million in 2017 , and $15.1 million in 2016 . There was $0.3 million of contingent rent expense under operating leases in 2018, and none in 2017 or 2016. Payables representing straight-line rent adjustments under lease agreements were $64.8 million and $62.6 million , as of December 31, 2018 and 2017 , respectively. The following is a schedule of future minimum rental payments required under operating leases: 2019 $ 14,715 2020 13,856 2021 12,584 2022 13,982 2023 14,142 Thereafter 723,068 We own the retail space subject to a long-term participating lease at City Creek Center, a mixed-use property in Salt Lake City, Utah. City Creek Reserve, Inc. (CCRI), an affiliate of the LDS Church is the participating lessor. We own 100% of the leasehold interest in the retail buildings and property. CCRI has an option to purchase our 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, we may pay contingent rent based on the performance of the center. International Market Place, a shopping center located in Waikiki, Honolulu, Hawaii, opened in August 2016. The shopping center is subject to a long-term participating ground lease. In addition to minimum rent included in the table above, we may pay contingent rent based on the performance of the center. |
The Manager
The Manager | 12 Months Ended |
Dec. 31, 2018 | |
The Manager [Abstract] | |
The Manager [Text Block] | The Manager The Manager provides real estate management, acquisition, development, leasing, and administrative services required by us and our properties in the United States, and employs all of our U.S. employees, including our executive officers. Taubman Asia Management Limited (TAM) and certain other affiliates provide similar services for third parties in China and South Korea as well as Taubman Asia. The Manager is 99.8% beneficially owned by TRG and 0.2% owned by Taub-Co Holdings LLC (Taub-Co), which is 100% owned by members of the Taubman Family. 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 $2.6 million in 2018 , $2.5 million in 2017, and $3.0 million in 2016 . Since TRG has an approximate 99.8% beneficial interest in the Manager, substantially all of these fees accrue to TRG, with a de minimis portion of the fees accruing to the benefit of Taub-Co through its 0.2% beneficial interest in the Manager. These amounts are classified in Management, Leasing, and Development Services revenues on 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, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation and Other Employee Plans In May 2018, our shareholder s approved The Taubman Company LLC 2018 Omnibus Long-Term Incentive Plan (2018 Omnibus Plan). The 2018 Omnibus Plan provides for the award of restricted shares, restricted share units, restricted profits units of TRG (TRG Profits Units), options to purchase common shares, unrestricted shares, and dividend equivalent rights, in each case with or without performance conditions, to acquire up to an aggregate of 2.8 million common shares and TRG Profits Units to directors, officers, employees, and other service providers of TCO and its affiliates. Every share or TRG Profits Unit subject to awards under the 2018 Omnibus Plan shall be counted against this limit as one share or TRG Profits Unit for every one share or TRG Profits Unit granted. The amount of shares or TRG Profits Units available for future grants is adjusted when the number of contingently issuable common shares or units are settled. If an award issued under the 2018 Omnibus Plan is forfeited, expires without being exercised, or is used to pay tax withholding on such award, the shares of TRG Profits Units become available for issuance under new awards. TRG Profits Units 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. The 2018 Omnibus Plan allows us to permit or require the deferral of all or a part of an award payment into a deferred compensation arrangement. Prior to the adoption of the 2018 Omnibus Plan, we provided share-based compensation through The Taubman Company LLC 2008 Omnibus Long-Term Incentive Plan (2008 Omnibus Plan), as amended, which expired in May 2018. TRG Profits Units In 2018, 2017, and 2016, the following types of TRG Profits Units awards were granted to certain senior management employees: (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 either TRG Units or common shares being issued at vesting under both the TRG Profits Units program and the Performance Share Unit program, respectively. 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, we account for these TRG Profits Units as participating securities in TRG. 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 TRG's actual cash distributions during the vesting period . The TRG Profits Units issued in 2018, 2017, and 2016 vest in March 2021, 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 2018, 2017, and 2016, other types of awards granted to management employees include those described below. These generally vest in March 2021, 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. 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 our 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 our 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 our share-based compensation plans was $9.2 million , $10.8 million , and $11.8 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. Compensation cost capitalized as part of properties and deferred leasing costs was $0.9 million , $0.9 million , and $1.3 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. Valuation Methodologies We 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 our 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. We assume 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 our 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. We estimated the value of grants dependent on TSR performance using a Monte Carlo simulation and considering historical returns of TCO and the peer group. For awards dependent on NOI performance, we consider the NOI measure a performance condition under applicable accounting standards, and as such, have 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, 2018 , 2017 , and 2016 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 Granted 8,154 49.29 Outstanding at December 31, 2018 69,285 $ 57.93 Fully vested at December 31, 2018 3,826 (1) $ 59.03 (1) These Restricted TRG Profits Units vested as a result of our restructuring and reduction in our workforce (Note 1). The total intrinsic value of Restricted TRG Profits Units fully vested during the year ended December 31, 2017 was $0.3 million . No Restricted TRG Profits Units vested in 2018 or 2016. As of December 31, 2018 , there was $0.8 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 1.3 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 Granted 18,345 22.22 Outstanding at December 31, 2018 148,078 $ 25.17 Fully vested at December 31, 2018 797 (1) $ 23.14 (1) These Relative TSR Performance-based TRG Profits Units vested as a result of our restructuring and reduction in our workforce (Note 1). The total intrinsic value of Relative TSR Performance-based TRG Profits Units fully vested during the year ended December 31, 2017 was $0.1 million . No Relative TSR Performance-based TRG Profits Units vested in 2018 or 2016. As of December 31, 2018 , there was $0.7 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 1.4 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 Granted 18,345 16.43 Outstanding at December 31, 2018 149,949 $ 19.29 Fully vested at December 31, 2018 2,668 $ 33.56 (1) These NOI Performance-based TRG Profits Units vested as a result of our restructuring and reduction in our workforce (Note 1). The total intrinsic value of NOI Performance-based TRG Profits Units fully vested during the year ended December 31, 2017 was $0.2 million . No NOI Performance-based TRG Profits Units vested in 2018 or 2016. As of December 31, 2018 , there was $0.6 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 1.3 years . TSR - Based Performance Share Units Number of TSR PSU Weighted Average Grant Date Fair Value Outstanding at January 1, 2016 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 Granted 10,393 78.82 Vested (37,046 ) (4) 110.19 Outstanding at December 31, 2018 14,197 $ 79.13 (1) Based on our 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, 2016 was zero shares. 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 our 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 our restructuring and reduction in our workforce (Note 1). (3) Based on our 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. (4) Based on our 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, 2018 was 45,941 shares for the TSR PSU three-year grants. The shares of common stock were issued at a rate of 1.24 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. The total intrinsic value of TSR PSU vested during the years ended December 31, 2018 , 2017 , and 2016 was $2.7 million , $2.1 million , and zero , respectively. As of December 31, 2018 , there was $0.7 million of total unrecognized compensation cost related to nonvested TSR PSU outstanding. This cost is expected to be recognized over an average period of 1.8 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 Granted 10,393 58.28 Outstanding at December 31, 2018 14,197 $ 60.59 (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 our restructuring and reduction in our 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 2018 or 2016 . As of December 31, 2018 , there was $0.5 million of total unrecognized compensation cost related to nonvested NOI PSU outstanding. This cost is expected to be recognized over an average period of 1.8 years . Restricted Share Units Number of RSU Weighted average Grant Date Fair Value Outstanding at January 1, 2016 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 102,568 (1) 63.33 Forfeited (12,499 ) 67.78 Vested (126,951 ) 66.98 Outstanding at December 31, 2017 195,021 (1) $ 69.22 Granted 69,931 58.28 Forfeited (6,985 ) 63.21 Vested (73,294 ) 73.91 Outstanding at December 31, 2018 184,673 $ 63.44 Fully vested at December 31, 2018 5,067 (2) $ 58.75 (1) The granted shares and outstanding balance as of December 31, 2017 and associated grant-date fair value were adjusted immaterially from previously reported amounts to reflect the actual number of RSU granted and outstanding as of December 31, 2017. (2) These RSU were vested and outstanding as of December 31, 2018. The related shares were issued on January 3, 2019. Based on an analysis of historical employee turnover, we have 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, 2018 , 2017 , and 2016 was $4.6 million , $8.6 million , and $6.6 million , respectively. As of December 31, 2018 , there was $4.5 million of total unrecognized compensation cost related to nonvested RSU outstanding. This cost is expected to be recognized over an average period of 1.6 years . Options Options were granted to purchase TRG Units, which are exchangeable for new shares of our 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, 2016 292,543 $ 46.60 1.4 $ 35.5 - $ 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 and 2016 was $3.5 million and $2.4 million , respectively. Cash received from option exercises for the years ended December 31, 2017 and 2016 was $9.8 million and $3.8 million , respectively. No options were granted in 2018. Unit Option Deferral Election Under a prior option plan, the 2008 Omnibus Plan, and the 2018 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, our 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 TRG 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 TRG . Non-Employee Directors’ Stock Grant and Deferred Compensation The 2008 Omnibus Plan previously provided, and the 2018 Omnibus Plan currently provides, a quarterly grant to each non-employee director of TCO , shares of our common stock based on the fair value of our common stock on the last business day of the preceding quarter. The annual fair market value of the grant was $125,000 in 2018 , 2017 , and 2016. As of December 31, 2018 , an aggregate of 122,906 shares have been issued under the 2008 and 2018 Omnibus Plans to non-employee directors. 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 our Board of Directors, allows each non-employee director of TCO 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 our 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 we pay cash dividends on our 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 our common stock on the business day immediately before the record date of the applicable dividend payment. There were 91,036 restricted stock units outstanding under the DCP at December 31, 2018 . Other Employee Plan We have a voluntary retirement savings plan established in 1983 and amended and restated effective January 1, 2012 (the Plan). We believe the Plan is qualified in accordance with Section 401(k) of the Internal Revenue Code (the Code). We contribute an amount ranging from 0% to 4% of the qualified wages of all qualified employees depending on our performance and matches employee contributions in excess of 2% , up to 5% , for a total contribution in the range of 0% to 9% of qualified wages. In addition, we may make discretionary contributions within the limits prescribed by the Plan and imposed in the Code. Our contributions and costs relating to the Plan were $3.0 million in 2018 , $2.5 million in 2017 , and $3.1 million in 2016 . |
Common and Preferred Stock and
Common and Preferred Stock and Equity of TRG | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Common and Preferred Stock and Equity of TRG [Text Block] | Preferred Stock and Equity of TRG Preferred Stock We are obligated to issue to the noncontrolling partners of TRG, upon subscription, one Series B Preferred Share for each of the TRG Units held by the noncontrolling partners. Each Series B Preferred Share entitles the holder to one vote on all matters submitted to our shareholders. The holders of Series B Preferred Shares, voting as a class, have the right to designate up to four nominees for election as directors of TCO. On all other matters on which the holders of common stock are entitled to vote, including the election of directors, the holders of Series B Preferred Shares will vote with the holders of common stock. The holders of Series B Preferred Shares are not entitled to dividends or earnings of TCO . The Series B Preferred Shares are 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, 2018 , 2017 , and 2016 , 75,120 , 90,945 , and 15,880 Series B Preferred Shares, respectively, were converted to four shares, five shares, and zero shares of our 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, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Cash Tender At the time of our initial public offering and acquisition of our partnership interest in TRG in 1992, we 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 us 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 us to purchase the tendered interests at a purchase price based on its market valuation of TCO 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. We 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, we expect to finance these purchases through the sale of new shares of our 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 our sole benefit. We account for the Cash Tender Agreement as a freestanding written put option. As the option put price is defined by the current market price of our 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, 2018 of $45.49 per share for our common stock, the aggregate value of TRG Units that may be tendered under the Cash Tender Agreement was $1.1 billion . The purchase of these interests at December 31, 2018 would have resulted in us owning an additional 28% interest in TRG. Continuing Offer We have 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 we may, in our 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 We carry liability insurance to mitigate our exposure to certain losses, including those relating to personal injury claims. We believe our 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, which may not be covered by insurance, and not all potential losses are insured against. Hurricane Maria and The Mall of San Juan In the third quarter of 2017, 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 as a result of Hurricane Maria. We have 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. Our hurricane coverage includes a single deductible of $2 million and policy limits of $900 million , all subject to various terms and conditions. As of December 31, 2018, we have not yet received insurance proceeds related to our business interruption claim. We have submitted a preliminary claim to our insurer and are in discussions related to the amount to be received and timing of payment. During the years ended December 31, 2018 and 2017, we recorded $1.2 million and $1.1 million , respectively, of insurance recoveries related to reimbursement of expensed costs within Nonoperating Income, Net on the Consolidated Statement of Operations and Comprehensive Income. During the year ended December 31, 2018, we recognized a reduction of $4.9 million of depreciation expense relating to insurance proceeds received for property damage for which we took write-offs in 2017. During the year ended December 31, 2017, we 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 property damage, included within depreciation expense. 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 remediate and repair 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. Plaza Internacional filed a motion for a preliminary injunction directing Saks PR to repair, reopen, and operate the Store, but, on March 28, 2018, the Court of First Instance denied Plaza Internacional's motion, and, on September 12, 2018, the Court of Appeals of Puerto Rico affirmed that ruling, each without prejudging the merits of the substantive claims. Should Saks PR prevail in the action, 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, we are 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 our business and our results of operations. Other See Note 8 for TRG'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, 2018 | |
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, which would be issuable if the end of the reporting period were the end of the contingency period. Year Ended December 31 2018 2017 2016 Net income attributable to TCO common shareholders (Numerator): Basic $ 57,952 $ 55,267 $ 107,358 Impact of additional ownership of TRG 85 114 257 Diluted $ 58,037 $ 55,381 $ 107,615 Shares (Denominator) – basic 60,994,444 60,675,129 60,363,416 Effect of dilutive securities 283,271 365,366 466,139 Shares (Denominator) – diluted 61,277,715 61,040,495 60,829,555 Earnings per common share - basic $ 0.95 $ 0.91 $ 1.78 Earnings per common share - diluted $ 0.95 $ 0.91 $ 1.77 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 TCO 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 2018 2017 2016 Weighted average noncontrolling TRG Units outstanding 4,149,144 4,089,327 3,983,781 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, 2018 | |
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 we would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the reporting date. Our valuations of our 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 our own nonperformance risk and the respective counterparty's nonperformance risk. Other Our valuations of both our investments in an insurance deposit and in SPG common shares utilize unadjusted quoted prices determined by active markets for the specific security we have invested in, and therefore fall into Level 1 of the fair value hierarchy. In connection with the adoption of ASU No. 2016-01 on January 1, 2018 (Note 1), we now measure our investment in SPG common shares at fair value with changes in value recorded through net income. During the year ended December 31, 2018 , we recorded $2.1 million of income in Nonoperating Income, Net on the Consolidated Statement of Operations and Comprehensive Income related to the change in fair value of our SPG common shares investment during the period. 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, 2018 Using Fair Value Measurements as of December 31, 2017 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) $ 48,738 $ 101,348 Insurance deposit 10,121 16,703 Derivative interest rate contracts (Note 10) $ 3,530 $ 939 Total assets $ 58,859 $ 3,530 $ 118,051 $ 939 Derivative interest rate contracts (Note 10) $ (5,710 ) $ (484 ) Total liabilities $ (5,710 ) $ (484 ) The insurance deposit shown above represents an escrow account maintained in connection with a property and casualty insurance arrangement for our 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 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, 2018 and 2017 , we employed the credit spreads at which the debt was originally issued. The estimated fair values of notes payable at December 31, 2018 and 2017 were as follows: 2018 2017 Carrying Value Fair Value Carrying Value Fair Value Notes payable $ 3,830,195 $ 3,755,757 $ 3,555,228 $ 3,503,071 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, 2018 by $137.2 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, 2018 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | Cash Flow Disclosures and Non-Cash Investing and Financing Activities Interest paid in 2018 , 2017 , and 2016 , net of amounts capitalized of $15.2 million , $ 12.4 million , and $ 21.9 million , respectively, was $125.5 million , $ 100.9 million , and $ 78.1 million , respectively. In 2018 , 2017 , and 2016, $0.5 million , $2.5 million and $3.5 million of income taxes were paid, respectively. Other non-cash additions to properties during the years ended December 31, 2018 , 2017 , and 2016 were $99.4 million , $79.0 million , and $108.6 million , respectively, and primarily represent accrued construction and tenant allowance costs. Reconciliation of Cash, Cash Equivalents, and Restricted Cash On January 1, 2018, we adopted ASU No. 2016-18, "Statement of Cash Flows - Restricted Cash", which changed the presentation of restricted cash and changes in restricted cash on the Consolidated Statement of Cash Flows (Note 1). The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheet that sum to the total of the same such amounts shown on the Consolidated Statement of Cash Flows. December 31, December 31, December 31, Cash and cash equivalents $ 48,372 $ 42,499 $ 40,603 Restricted cash 94,557 121,905 112,362 Total Cash and Cash Equivalents, and Restricted Cash shown on the Consolidated Statement of Cash Flows $ 142,929 $ 164,404 $ 152,965 Restricted Cash We are required to escrow cash balances for specific uses stipulated by certain of our lenders and other various agreements. As of December 31, 2018 , 2017 , and 2016 , our cash balances restricted for these uses were $94.6 million , $121.9 million , and $112.3 million , respectively. Included in our restricted cash balances as of December 31, 2018 , 2017 , and 2016 were $92.5 million , $119.2 million , and $111.4 million , respectively, of restricted cash held as collateral for financing arrangements related to our Asia investments, which is being held in a foreign account. During the year ended December 31, 2018 , 2017, and 2016, the restricted cash balances related to the Asia investments declined by $5.3 million and increased by $2.3 million and $1.4 million , respectively, as a result of exchange rate fluctuations. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 2017 , and 2016 were as follows: TCO AOCI Noncontrolling Interests AOCI Cumulative translation adjustment Unrealized gains (losses) on interest rate instruments Total Cumulative translation adjustment Unrealized gains (losses) on interest rate instruments Total January 1, 2016 $ (10,890 ) $ (16,330 ) $ (27,220 ) $ (4,531 ) $ 5,595 $ 1,064 Other comprehensive income (loss) before reclassifications (12,251 ) (3,044 ) (15,295 ) (5,088 ) (1,264 ) (6,352 ) Amounts reclassified from AOCI 6,598 6,598 2,741 2,741 Net current period other comprehensive income (loss) (12,251 ) 3,554 (8,697 ) (5,088 ) 1,477 (3,611 ) Adjustments due to changes in ownership (6 ) 7 1 6 (7 ) (1 ) December 31, 2016 $ (23,147 ) $ (12,769 ) $ (35,916 ) $ (9,613 ) $ 7,065 $ (2,548 ) Other comprehensive income (loss) before reclassifications 23,615 41 23,656 9,688 16 9,704 Amounts reclassified from AOCI 5,364 5,364 2,200 2,200 Net current period other comprehensive income (loss) 23,615 5,405 29,020 9,688 2,216 11,904 Adjustments due to changes in ownership (84 ) 61 (23 ) 84 (61 ) 23 December 31, 2017 $ 384 $ (7,303 ) $ (6,919 ) $ 159 $ 9,220 $ 9,379 Other comprehensive income (loss) before reclassifications (16,513 ) (26 ) (16,539 ) (6,727 ) (12 ) (6,739 ) Amounts reclassified from AOCI (1,286 ) (1,286 ) (523 ) (523 ) Net current period other comprehensive income (loss) (16,513 ) (1,312 ) (17,825 ) (6,727 ) (535 ) (7,262 ) Adjustment related to SPG common shares investment for adoption of ASU No. 2016-01 (Note 1) (679 ) (679 ) (276 ) (276 ) Adjustments due to changes in ownership 1 46 47 (1 ) (46 ) (47 ) December 31, 2018 $ (16,128 ) $ (9,248 ) $ (25,376 ) $ (6,569 ) $ 8,363 $ 1,794 The following table presents reclassifications out of AOCI for the year ended December 31, 2018 : 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 $ (1,133 ) Interest Expense Realized loss on interest rate contracts - UJVs 188 Equity in Income in UJVs Realized loss on cross-currency interest rate contract - UJV (864 ) Equity in Income in UJVs Total reclassifications for the period $ (1,809 ) 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 of UJVs Realized gain 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 loss on cross-currency interest rate contract - UJV (259 ) Equity in Income of UJVs Total reclassifications for the period $ 9,339 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Financial Data (Unaudited) The following is a summary of quarterly results of operations for 2018 and 2017 : 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 161,492 $ 152,769 $ 159,120 $ 167,489 Equity in income of Unconsolidated Joint Ventures 19,728 14,042 16,910 18,724 Net income 34,596 30,093 38,115 12,938 Net income attributable to TCO common shareholders 18,590 15,307 20,976 3,079 Earnings per common share – basic $ 0.31 $ 0.25 $ 0.34 $ 0.05 Earnings per common share – diluted $ 0.30 $ 0.25 $ 0.34 $ 0.05 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 shareholders 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 In October 2018, we sold 150,000 SPG common shares at an average price of $180.54 per share. Proceeds from the sale were used to pay down our revolving lines of credit. In December 2017, we converted our remaining 340,124 SPG LP Units to SPG common shares. Upon conversion, we recognized an $11.6 million gain included within Nonoperating Income, Net on 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. We have been undergoing a restructuring to reduce our 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 2018 and 2017, we incurred $1.0 million and $9.8 million , respectively, of expenses related to the restructuring. During the year ended December 31, 2018 and 2017, we incurred a total of $0.6 million and $13.8 million , respectively, of expenses related to the restructuring. |
New Accounting Pronouncements (
New Accounting Pronouncements (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements, Policy [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses", which introduces new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for equity securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their organization. Instruments in scope include loans, held-to-maturity debt securities, and net investments in leases as well as reinsurance and trade receivables. ASU No. 2016-13 is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2019. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases", which provides for significant changes to the current lease accounting standard. The primary objective of this ASU is to address off-balance-sheet financing related to operating leases and to introduce a new lessee model that brings substantially all leases onto the balance sheet. ASU No. 2016-02 is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2018. We adopted the new standard on its effective date. We are currently evaluating the application of this ASU and its effect on our financial position and results of operations. We expect the most significant impacts of adoption to include the potential need to expense certain internal leasing costs currently being capitalized, including costs associated with our leasing and legal departments, and the recognition of lease obligations and right-of-use assets for ground and office leases under which we or our joint ventures are the lessee. We expect to add approximately $205 million to $255 million of right-of-use assets and $275 million to $325 million of corresponding liabilities to the Consolidated Balance Sheet as of the implementation date, depending on the ultimate selection of appropriate discount rates for the cash flow under the leases. In July 2018, the FASB issued ASU No. 2018-11 which includes a practical expedient that allows lessors to not separate non-lease components from the associated lease component. This provides us with the option of not bifurcating certain common area maintenance recoveries as a non-lease component, if certain requirements are met. ASU No. 2018-11 also provides for adoption to occur as of the effective date for ASU No. 2016-02, January 1, 2019, with a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We elected this practical expedient. Upon adoption of the new standard on January 1, 2019, we expect that minimum rents and expense recoveries will be presented as a single revenue line item on the Consolidated Statement of Operations and Comprehensive Income. For the year ended December 31, 2018, our share of capitalized leasing and tenant coordination costs was approximately $19 million . If the accounting under ASU No. 2016-02 had been applied, we expect that we would have continued to capitalize approximately $13 million of leasing and tenant coordination costs and additionally expensed approximately $6 million in leasing costs. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Schedule II VALUATION AND QUALIFYING ACCOUNTS For the years ended December 31, 2018 , 2017 , and 2016 (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, 2018 Allowance for doubtful receivables $ 10,237 $ 3,728 $ (3,605 ) $ 10,360 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 See accompanying report of independent registered public accounting firm. |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation | Schedule III TAUBMAN CENTERS, INC. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2018 (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 $ 459,638 $ 660,540 $ 660,540 $ 186,424 $ 474,116 1982 / 2018 40 years Cherry Creek Shopping Center Denver, CO 99,087 244,177 343,264 343,264 178,334 164,930 $ 550,000 1990 / 1998 / 2015 40 years City Creek Shopping Center Salt Lake City, UT 75,229 5,338 80,567 80,567 18,787 61,780 77,068 2012 30 years Dolphin Mall, Miami, FL $ 34,881 222,301 130,070 $ 34,881 352,371 387,252 138,822 248,430 2001 / 2007 / 2015 50 years The Gardens on El Paseo Palm Desert, CA 23,500 131,858 8,396 23,500 140,254 163,754 28,935 134,819 1998 / 2010 2011 48 years Great Lakes Crossing Outlets Auburn Hills, MI 15,506 188,773 64,894 15,506 253,667 269,173 134,762 134,411 198,625 1998 50 years The Mall at Green Hills Nashville, TN 48,551 332,261 114,079 48,551 446,340 494,891 80,193 414,698 150,000 1955 / 2011 2011 40 years International Market Place Honolulu, HI 539,924 539,924 539,924 71,158 468,766 250,000 2016 50 years The Mall of San Juan San Juan, PR 17,617 523,479 5,134 17,617 528,613 546,230 84,247 461,983 2015 50 years The Mall at Short Hills Short Hills, NJ 25,114 167,595 255,209 25,114 422,804 447,918 206,767 241,151 1,000,000 1980 / 1994 / 1995 / 2011 40 years Taubman Prestige Outlets Chesterfield Chesterfield, MO 16,079 108,934 168 16,079 109,102 125,181 27,805 97,376 2013 50 years Twelve Oaks Mall Novi, MI 25,410 190,455 97,992 25,410 288,447 313,857 178,654 135,203 296,815 1977 / 1978 / 2007 / 2008 50 years Other: Office Facilities 5,123 12,519 72,946 5,123 85,465 90,588 30,888 59,700 12,000 2014 35 years Peripheral Land 17,551 17,551 17,551 17,551 Construction in Process and Development - pre-construction costs 8,058 7,196 126,350 8,058 133,546 141,604 141,604 Assets under CDD Obligations 3,969 58,512 1,889 3,969 60,401 64,370 36,314 28,056 Other 30,905 30,905 30,905 2,602 28,303 Total $ 241,359 $ 2,889,930 $ 1,586,280 $ 241,359 $ 4,476,210 $ 4,717,569 (1) $ 1,404,692 $ 3,312,877 Schedule III The changes in total real estate assets and accumulated depreciation for the years ended December 31, 2018 , 2017 , and 2016 are as follows: TAUBMAN CENTERS, INC. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2018 (in thousands) Total Real Estate Assets Accumulated Depreciation 2018 2017 2016 2018 2017 2016 Balance, beginning of year $ 4,461,045 $ 4,173,954 $ 3,713,215 Balance, beginning of year $ (1,276,916 ) $ (1,147,390 ) $ (1,052,027 ) New development and improvements 306,032 320,977 528,276 Depreciation (155,133 ) (161,091 ) (130,433 ) Disposals/Write-offs (49,508 ) (33,886 ) (67,537 ) Disposals/Write-offs 27,357 31,565 35,070 Balance, end of year $ 4,717,569 $ 4,461,045 $ 4,173,954 Balance, end of year $ (1,404,692 ) $ (1,276,916 ) $ (1,147,390 ) (1) The unaudited aggregate cost for federal income tax purposes as of December 31, 2018 was $5.005 billion . See accompanying report of independent registered public accounting firm. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Business Description and Basis of Presentation [Text Block] | Organization and Basis of Presentation General Taubman Centers, Inc. (TCO) is a Michigan corporation that operates as a self-administered and self-managed real estate investment trust (REIT). TCO's sole asset is an approximate 71% general partnership interest in The Taubman Realty Group Limited Partnership (TRG), which owns direct or indirect interests in all of our real estate properties. In this report, the terms "we", "us", and "our" refers to TCO, TRG, and/or TRG's subsidiaries as the context may require. We engage in the ownership, management, leasing, acquisition, disposition, development, and expansion of retail shopping centers and interests therein. Our owned portfolio as of December 31, 2018 included 23 urban and suburban shopping centers operating in 11 U.S. states, Puerto Rico, South Korea, and China. The Taubman Company LLC (the Manager) provides certain management and administrative services for us and for our U.S. properties. The Consolidated Businesses consist of shopping centers and entities that are controlled, by ownership or contractual agreements, by TRG, the Manager, or Taubman Properties Asia, LLC and its subsidiaries (Taubman Asia). Shopping centers owned through joint ventures that are not controlled by us by over which we have significant influence (Unconsolidated Joint Ventures) are accounted for under the equity method. In May 2018, we closed on a redevelopment agreement for Taubman Prestige Outlets Chesterfield. As of May 1, 2018, all operations at the center, as well as the building and improvements, were transferred to The Staenberg Group (TSG), and TSG leases the land from us through a long-term, participating ground lease. Both we and TSG have the ability to terminate the ground lease in the event that a redevelopment has not begun within five years, with the buildings and improvements reverting to us upon such a termination. We will defer recognition of a sale of the building and improvements and maintain the property on the Consolidated Balance Sheet until the foregoing termination right is no longer available to the parties, with this right ceasing upon TSG commencing a redevelopment. The shopping center has been excluded from our owned shopping center portfolio disclosure above. 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 TCO include all accounts of TCO , TRG , and its consolidated subsidiaries, including 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, we evaluate the characteristics of associated entities and determine whether an entity is a variable interest entity (VIE), and, if so, determine whether we are the primary beneficiary by analyzing whether we have 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. We consolidate a VIE when we have determined that we are the primary beneficiary. All of our consolidated joint ventures, including TRG , meet the definition and criteria as VIEs, as either we or an affiliate of ours is the primary beneficiary of each VIE. TCO's sole significant asset is its investment in TRG and, consequently, substantially all of TCO's consolidated assets and liabilities are assets and liabilities of TRG . All of TCO's debt (Note 8) is an obligation of TRG or TRG's consolidated subsidiaries. Note 8 also provides disclosure of guarantees provided by TRG to certain consolidated joint ventures. Note 9 provides additional disclosures of the carrying balance of the noncontrolling interests in our consolidated joint ventures and other information, including a description of certain rights of the noncontrolling owners. Investments in entities not controlled but over which we may exercise significant influence (Unconsolidated Joint Ventures or UJVs) are accounted for under the equity method. We have evaluated our investments in the Unconsolidated Joint Ventures under guidance for determining whether an entity is a VIE and have concluded that the ventures are not VIEs. Accordingly, we account for our 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). Our 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 we have concluded that the equity method of accounting is appropriate for these interests. Specifically, our 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. We provide our beneficial interest in certain financial information of our Unconsolidated Joint Ventures (Notes 5 and 8). This beneficial information is derived as our ownership interest in the investee multiplied by the specific financial statement item being presented. Investors are cautioned that deriving our beneficial interest in this manner may not accurately depict the legal and economic implications of holding a noncontrolling interest in the investee. TRG At December 31, 2018 and 2017 , TRG'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 TRG are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in TRG in accordance with their percentage ownership. The Series J and K Preferred Equity are owned by TCO and are eliminated in consolidation. The partnership equity of TRG and TCO'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 2018 85,946,862 61,069,108 24,877,754 71% 71% 2017 85,788,252 60,832,918 24,955,334 71 71 2016 85,476,892 60,430,613 25,046,279 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 TCO at December 31, 2018 consisted of 24,862,994 shares of Series B Non-Participating Convertible Preferred Stock (Series B Preferred Shares) (Note 14) and 61,069,108 shares of common stock. The remaining approximate 29% of TRG units are owned by TRG’s partners other than TCO (Other Partners), including Robert S. Taubman, William S. Taubman, Gayle Taubman Kalisman, and the A. Alfred Taubman Restated Revocable Trust (Taubman Family). |
Consolidation, policy | Consolidation The consolidated financial statements of TCO include all accounts of TCO , TRG , and its consolidated subsidiaries, including 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, we evaluate the characteristics of associated entities and determine whether an entity is a variable interest entity (VIE), and, if so, determine whether we are the primary beneficiary by analyzing whether we have 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. We consolidate a VIE when we have determined that we are the primary beneficiary. All of our consolidated joint ventures, including TRG , meet the definition and criteria as VIEs, as either we or an affiliate of ours is the primary beneficiary of each VIE. TCO's sole significant asset is its investment in TRG and, consequently, substantially all of TCO's consolidated assets and liabilities are assets and liabilities of TRG . All of TCO's debt (Note 8) is an obligation of TRG or TRG's consolidated subsidiaries. Note 8 also provides disclosure of guarantees provided by TRG to certain consolidated joint ventures. Note 9 provides additional disclosures of the carrying balance of the noncontrolling interests in our consolidated joint ventures and other information, including a description of certain rights of the noncontrolling owners. Investments in entities not controlled but over which we may exercise significant influence (Unconsolidated Joint Ventures or UJVs) are accounted for under the equity method. We have evaluated our investments in the Unconsolidated Joint Ventures under guidance for determining whether an entity is a VIE and have concluded that the ventures are not VIEs. Accordingly, we account for our 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). Our 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 we have concluded that the equity method of accounting is appropriate for these interests. Specifically, our 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. We provide our beneficial interest in certain financial information of our Unconsolidated Joint Ventures (Notes 5 and 8). This beneficial information is derived as our ownership interest in the investee multiplied by the specific financial statement item being presented. Investors are cautioned that deriving our 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] | TRG At December 31, 2018 and 2017 , TRG'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 TRG are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in TRG in accordance with their percentage ownership. The Series J and K Preferred Equity are owned by TCO and are eliminated in consolidation. The partnership equity of TRG and TCO'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 2018 85,946,862 61,069,108 24,877,754 71% 71% 2017 85,788,252 60,832,918 24,955,334 71 71 2016 85,476,892 60,430,613 25,046,279 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 TCO at December 31, 2018 consisted of 24,862,994 shares of Series B Non-Participating Convertible Preferred Stock (Series B Preferred Shares) (Note 14) and 61,069,108 shares of common stock. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition General 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, we recognize 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), we recognize revenue on a straight-line basis over the lease terms. On January 1, 2018, we adopted ASC Topic 606, Revenue from Contracts with Customers. ASC Topic 606 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 and equipment, real estate, and intangible assets. We adopted ASC Topic 606 for all applicable contracts using the modified retrospective method, which would have required a cumulative-effect adjustment, if any, as of the date of adoption. The adoption of ASC Topic 606 did not have a material impact on our consolidated financial statements as of the date of adoption, and therefore a cumulative-effect adjustment was not required. We applied ASC Topic 606 using certain practical expedients. As a result of this election, we will not disclose the aggregate amount of the transaction price for unsatisfied, or partially unsatisfied, performance obligations for all contracts with an original expected length of one year or less and management contracts for which we recognize revenue based on our right to invoice for management, leasing, and development services performed. Refer to "Nature of Services and Performance Obligations" for further discussion of these services. Disaggregation of Revenue The nature, amount, timing, and uncertainty of individual types of revenues may be affected differently by economic factors. Under ASC Topic 606, we are required to disclose a disaggregation of our revenues derived from contracts from customers that considers economic differences between revenue types. The following table summarizes our disaggregation of consolidated revenues for this purpose. Year Ended December 31 2018 2017 2016 Expense recoveries $ 205,514 $ 211,625 $ 202,467 Shopping center and other operational revenues (1) 48,434 40,902 24,914 Management, leasing, and development services 3,271 4,383 28,059 Total revenue from contracts with customers $ 257,219 $ 256,910 $ 255,440 (1) Represents consolidated Other revenue reported on the Consolidated Statement of Operations and Comprehensive Income excluding lease cancellation income. Nature of Services and Performance Obligations Expense recoveries revenue represents reimbursements from mall tenants for (1) services performed by us to the benefit of all mall tenants and the property as a whole for common area maintenance, (2) insurance, property taxes, and utilities, and (3) promotion and other miscellaneous charges. As these expense recoveries are provided for under tenant lease agreements, these revenues will not be evaluated under ASC Topic 606 until our adoption of ASU No. 2016-02, Leases, which will be adopted on January 1, 2019. Shopping center and other operational revenues represent a collection of non-core revenue streams that are generated through the course of owning and operating a shopping center, including sponsorship, parking, and storage income, as well as revenues from food and beverage operations. The contracts for these revenue streams are predominately short-term in nature and individually do not contain more than one performance obligation. We satisfy our performance obligations related to shopping center and other operational revenues either over time or at a point in time, depending on the specific nature of the revenue generating activity. For performance obligations that are satisfied at a point in time, including food and beverage and parking income, the control of the good or service is immediately transferred to the customer upon completion of the performance obligation. Payment terms related to shopping center and other operational revenues vary depending on the nature of the agreement, however, payment is generally due directly upon the satisfaction of the related performance obligation. Management, leasing, and development services revenue represents income from various services performed by us for our third party customers, as provided for under management agreements. These services typically generate fees that are based on operating results of the shopping centers, the execution and opening of mall tenants, and/or the successful completion of other agreed-upon services. As each management agreement provides for a variety of services, significant judgment is required to identify multiple performance obligations. The standalone selling price of each performance obligation is determined based on the terms of the management agreement and the specific services being rendered. Each performance obligation is considered to be satisfied over time as services are rendered. The related revenue is recognized upon billing, as the amounts invoiced generally correspond directly with the value the customer is receiving from the services. Customers are invoiced on a quarterly basis and payment is generally due within 30 days of each calendar quarter. Information about Contract Balances and Unsatisfied Performance Obligations Contract assets exist when we have a right to payment for services rendered that remains conditional on factors other than the passage of time. Similarly, contract liabilities are incurred when customers prepay for services to be rendered. Certain revenue streams within shopping center and other operational revenues may give rise to contract assets and liabilities. However, these revenue streams are generally short-term in nature and the difference between revenue recognition and cash collection, although variable, does not differ significantly from period to period. As of December 31, 2018 , we had an inconsequential amount of contract assets and liabilities. The aggregate amount of the transaction price allocated to our performance obligations that were unsatisfied, or partially unsatisfied, as of December 31, 2018 were inconsequential. |
Receivables, Policy [Policy Text Block] | Allowance for Doubtful Accounts and Notes We record a provision for losses on accounts receivable to reduce them to the amount estimated to be collectible. We record 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. No impairment was recognized for the years ended December 31, 2018, 2017, or 2016. In leasing a shopping center space, we may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, we determine whether the allowance represents funding for the construction of leasehold improvements and evaluates the ownership, for accounting purposes, of such improvements. If we are considered the owner of the leasehold improvements for accounting purposes, we capitalize the amount of the tenant allowance and depreciate 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 we are 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 our 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. We deposit 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 and cash equivalents at December 31, 2018 were not insured or guaranteed by the FDIC or any other government agency and were invested across four separate financial institutions as of December 31, 2018 . Included in restricted cash is $94.1 million at December 31, 2018 on deposit in excess of the FDIC insured limit. |
Business Combinations Policy [Policy Text Block] | Acquisitions We recognize 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 our 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. We recognize 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. We recognize 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 (Note 13). |
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, all 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 (Note 10). We formally document all relationships between hedging instruments and hedged items, as well as our risk management objectives and strategies for undertaking various hedge transactions. We assess, 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 We carry liability insurance to mitigate our exposure to certain losses, including those relating to property damage and business interruption. We record 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 years ended December 31, 2018 and 2017, we recorded insurance proceeds related to reimbursement of expenses and 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 We operate in such a manner as to qualify as a REIT under the applicable provisions of the Internal Revenue Code. To qualify as a REIT, we must distribute at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains, to our shareholder s and meet certain other requirements. As a REIT, we are entitled to a dividends paid deduction for the dividends we pay to our shareholder s. Therefore, we will generally not be subject to federal income taxes under current Federal income tax law as long as we currently distribute to our shareholder s an amount equal to or in excess of our taxable income. REIT qualification reduces but does not eliminate the amount of state and local taxes paid by us . 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 our financial statements. We have made Taxable REIT Subsidiary (TRS) elections for all of our 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 our 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. Our 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), we adjusted our 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 TCO . |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Severance Plans and Restructuring Charges We have severance plans in place for certain employees, which we account for as a post-employment benefit. We recognize a liability and expense when it is probable that employees will be entitled to benefits under the severance plans and the amount can be reasonably estimated. We have been undergoing a restructuring to reduce our 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, 2018 , we incurred expense, partially offset by a change in estimate to previously recognized charges resulting in additional expense of $0.6 million . In 2017, we recognized $13.8 million of expense associated with our restructuring efforts. These expenses have been separately classified as Restructuring Charge on the Consolidated Statement of Operations and Comprehensive Income. As of December 31, 2018 , $1.1 million of the restructuring costs recognized during 2018 were unpaid and remained accrued. |
Costs Associated with Shareowner Activism [Policy Text Block] | Costs Associated with Shareholder Activism During the years ended December 31, 2018 and 2017 , we incurred $12.5 million and $14.5 million , respectively, of expense associated with activities related to shareholder activism, largely legal and advisory services. Also included in these costs is a retention program for certain employees. Given the uncertainties associated with shareholder activism and to ensure the retention of top talent in key positions within TCO , certain key employees were provided certain incentive benefits in the form of cash and/or equity retention awards. We and the Board of Directors believe these benefits are instrumental in ensuring our continued success during the retention period. Due to the unusual and infrequent nature of these expenses in our history, they have been separately classified as Costs Associated with Shareholder Activism on our Consolidated Statement of Operations and Comprehensive Income. Unvested incentive benefits under the retention awards as of December 31, 2018 were $1.2 million , which will be recognized as service is rendered through December 31, 2019. |
Noncontrolling Interests [Policy Text Block] | Noncontrolling Interests Noncontrolling interests in TCO are comprised of the ownership interests of (1) noncontrolling interests in TRG and (2) the noncontrolling interests in joint ventures controlled by us through ownership or contractual arrangements. Consolidated net income and comprehensive income includes amounts attributable to us and the noncontrolling interests. Transactions that change our ownership interest in a subsidiary are accounted for as equity transactions if we retain our controlling financial interest in the subsidiary. We evaluate whether noncontrolling interests are subject to any redemption features outside of our 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 TRG and consolidated ventures of TCO 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 We have 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. Our share of unrealized gains and losses resulting from the translation of the entities' financial statements are reflected in shareholder s' equity as a component of Accumulated Other Comprehensive Income (Loss) on our 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 We have one reportable operating segment: we own, develop, and manage shopping centers. We have aggregated our 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 our 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 our revenues. Our consolidated revenues and assets do not have any material amounts derived from countries other than the United States, as our 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 TCO'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 our 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 Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Operating Partnership Ownership [Table Text Block] | TRG At December 31, 2018 and 2017 , TRG'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 TRG are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in TRG in accordance with their percentage ownership. The Series J and K Preferred Equity are owned by TCO and are eliminated in consolidation. The partnership equity of TRG and TCO'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 2018 85,946,862 61,069,108 24,877,754 71% 71% 2017 85,788,252 60,832,918 24,955,334 71 71 2016 85,476,892 60,430,613 25,046,279 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 TCO at December 31, 2018 consisted of 24,862,994 shares of Series B Non-Participating Convertible Preferred Stock (Series B Preferred Shares) (Note 14) and 61,069,108 shares of common stock. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income tax expense (benefit) | income tax expense (benefit) for the years ended December 31, 2018 , 2017 , and 2016 consisted of the following: 2018 2017 2016 Federal current $ (373 ) $ (2,509 ) $ 2,238 Federal deferred (1,057 ) 1,632 (1) (1,310 ) Foreign current 1,160 849 404 Foreign deferred 307 158 293 State current (128 ) (208 ) 782 State deferred (140 ) 183 (195 ) Total income tax (benefit) expense $ (231 ) $ 105 $ 2,212 (2) (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) Includes $0.5 million of income taxes recognized at the time of conversion of a portion of our 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, 2018 and 2017 were as follows: 2018 2017 Deferred tax assets: Federal $ 5,662 (1) $ 503 (2) Foreign 1,655 1,788 State 807 545 Total deferred tax assets $ 8,124 $ 2,836 Valuation allowances (1,744 ) (3) (1,620 ) (4) Net deferred tax assets $ 6,380 $ 1,216 Deferred tax liabilities: Foreign (5) $ 2,454 $ 1,517 Total deferred tax liabilities $ 2,454 $ 1,517 (1) Includes a $3.6 million Federal investment tax credit carryforward and $2.0 million attributable to a Federal net operating loss carryforward. (2) 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. (3) Includes a $1.2 million valuation allowance against Foreign deferred tax assets, and a $0.5 million valuation allowance against State deferred tax assets. (4) Includes a $1.2 million valuation allowance against Foreign deferred tax assets, and a $0.4 million valuation allowance against State deferred tax assets. |
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 2018 $ 2.6200 $ 1.1167 $ 1.4766 $ 0.0263 $ 0.0004 2017 2.5000 0.4775 1.3927 0.4397 0.1901 2016 2.3800 — 1.8427 0.3929 0.1444 Year Dividends per Series J Preferred share declared Ordinary income Long term capital gain Unrecaptured Sec. 1250 capital gain 2018 $ 1.6250 $ 1.5961 $ 0.0284 $ 0.0005 2017 1.6250 1.0505 0.4011 0.1734 2016 1.6250 1.2581 0.2683 0.0986 |
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 2018 $ 1.6250 $ 1.5961 $ 0.0284 $ 0.0005 2017 1.6250 1.0505 0.4011 0.1734 2016 1.6250 1.2581 0.2683 0.0986 |
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 2018 $ 1.5625 $ 1.5347 $ 0.0273 $ 0.0005 2017 1.5625 1.0101 0.3857 0.1667 2016 1.5625 1.2097 0.2580 0.0948 |
Properties (Tables)
Properties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Real Estate Properties [Table Text Block] | Properties at December 31, 2018 and 2017 are summarized as follows: 2018 2017 Land $ 233,301 $ 232,970 Buildings, improvements, and equipment 4,342,664 3,838,862 Construction in process and pre-development costs 141,604 389,213 $ 4,717,569 $ 4,461,045 Accumulated depreciation and amortization (1,404,692 ) (1,276,916 ) $ 3,312,877 $ 3,184,129 |
Investments in Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Beneficial Interests In Joint Ventures | Shopping Center Ownership as of December 31, 2018 and 2017 CityOn.Xi'an (1) 50% CityOn.Zhengzhou (1) 49 Country Club Plaza 50 Fair Oaks Mall 50 International Plaza 50.1 The Mall at Millenia 50 Stamford Town Center 50 Starfield Anseong (under development) Note 2 Starfield Hanam (1) 34.3 Sunvalley 50 The Mall at University Town Center 50 Waterside Shops 50 Westfarms 79 (1) We entered into agreements to sell half of our ownership interest in CityOn.Xi'an, CityOn.Zhengzhou, and Starfield Hanam in February 2019 (Note |
Equity Method Investment Summarized Financial Information Text Block | December 31 2018 December 31 2017 Assets: Properties $ 3,728,846 $ 3,756,890 Accumulated depreciation and amortization (869,375 ) (767,678 ) $ 2,859,471 $ 2,989,212 Cash and cash equivalents 161,311 147,102 Accounts and notes receivable, less allowance for doubtful accounts of $6,616 and $4,706 in 2018 and 2017 131,767 121,173 Deferred charges and other assets 140,444 136,837 $ 3,292,993 $ 3,394,324 Liabilities and accumulated equity (deficiency) in assets: Notes payable, net $ 2,815,617 $ 2,860,384 Accounts payable and other liabilities 426,358 471,948 TRG's accumulated deficiency in assets (49,465 ) (48,338 ) Unconsolidated Joint Venture Partners' accumulated equity in assets 100,483 110,330 $ 3,292,993 $ 3,394,324 TRG's accumulated deficiency in assets (above) $ (49,465 ) $ (48,338 ) TRG's investment in Starfield Anseong (Note 2) and advances to CityOn.Zhengzhou 140,743 46,106 TRG basis adjustments, including elimination of intercompany profit 57,360 63,886 TCO's additional basis 47,178 49,124 Net investment in Unconsolidated Joint Ventures $ 195,816 $ 110,778 Distributions in excess of investments in and net income of Unconsolidated Joint Ventures 477,800 494,851 Investment in Unconsolidated Joint Ventures $ 673,616 $ 605,629 Year Ended December 31 2018 2017 2016 Revenues $ 601,272 $ 586,499 $ 477,458 Maintenance, taxes, utilities, promotion, and other operating expenses $ 211,285 $ 218,004 $ 172,325 Interest expense 132,669 130,339 103,973 Depreciation and amortization 131,884 127,625 95,051 Total operating costs $ 475,838 $ 475,968 $ 371,349 Nonoperating income, net 1,923 2,894 317 Income tax expense (5,935 ) (5,226 ) (375 ) Gain on disposition, net of tax (1) 3,713 Net income $ 121,422 $ 111,912 $ 106,051 Net income attributable to TRG $ 62,964 $ 59,994 $ 61,561 Realized intercompany profit, net of depreciation on TRG’s basis adjustments 8,386 9,326 10,086 Depreciation of TCO's additional basis (1,946 ) (1,946 ) (1,946 ) Equity in income of Unconsolidated Joint Ventures $ 69,404 $ 67,374 $ 69,701 Beneficial interest in Unconsolidated Joint Ventures’ operations: Revenues less maintenance, taxes, utilities, promotion, and other operating expenses $ 209,423 $ 202,332 $ 178,009 Interest expense (68,225 ) (67,283 ) (54,674 ) Depreciation and amortization (68,894 ) (66,933 ) (53,012 ) Income tax expense (2,900 ) (2,825 ) (622 ) Gain on disposition, net of tax (1) 2,083 Equity in income of Unconsolidated Joint Ventures $ 69,404 $ 67,374 $ 69,701 (1) Amount represents the gain related to the sale of the Valencia Place office tower at Country Club Plaza in March 2017 (Note 2). |
Accounts and Notes Receivable (
Accounts and Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts and notes receivable at December 31, 2018 and 2017 are summarized as follows: 2018 2017 Trade $ 46,292 $ 51,416 Notes 3,172 4,031 Straight-line rent and recoveries 38,626 33,356 $ 88,090 $ 88,803 Less: Allowance for doubtful accounts (10,360 ) (10,237 ) $ 77,730 $ 78,566 |
Deferred Charges Other Assets (
Deferred Charges Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Charges and Other Assets [Abstract] | |
Deferred Charges and Other Assets [Table Text Block] | Deferred charges and other assets at December 31, 2018 and 2017 are summarized as follows: 2018 2017 Leasing costs $ 52,507 $ 39,252 Accumulated amortization (7,577 ) (9,223 ) $ 44,930 $ 30,029 In-place leases, net 3,122 4,462 Investment in Simon Property Group common shares (Note 17) 48,738 101,348 Revolving credit facilities' deferred financing costs, net 4,374 6,456 Insurance deposit (Note 17) 10,121 16,703 Deposits 975 3,715 Prepaid expenses 6,671 6,362 Deferred tax asset, net 6,380 1,216 Other, net 9,825 10,208 $ 135,136 $ 180,499 |
Notes Payable, Net (Tables)
Notes Payable, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable [Table Text Block] | Notes payable, net at December 31, 2018 and 2017 consist of the following: 2018 2017 Stated Interest Rate as of 12/31/2018 Maturity Date Number of Extension Options Facility Amount Cherry Creek Shopping Center $ 550,000 $ 550,000 3.85% 06/01/28 City Creek Center 77,068 (1) 78,703 (1) 4.37% 08/01/23 Great Lakes Crossing Outlets 198,625 203,553 3.60% 01/06/23 The Mall at Green Hills 150,000 150,000 LIBOR+1.60% LIBOR capped at 4.25% 12/01/19 One, one-year option International Market Place 250,000 293,801 (2) LIBOR + 2.15% 08/09/21 Two, one-year options The Mall at Short Hills 1,000,000 1,000,000 3.48% 10/01/27 Twelve Oaks Mall 296,815 4.85% 03/06/28 U.S. Headquarters 12,000 12,000 LIBOR + 1.40% Swapped to 3.49% 03/01/24 $65M Revolving Credit Facility 34,675 19,655 LIBOR + 1.40% 04/27/19 65,000 (3) $1.1B Revolving Credit Facility 725,000 (4) (5) 485,000 LIBOR + 1.45% (4) 02/01/21 Two, six-month options 1,100,000 (4) $475M Unsecured Term Loan 475,000 (6) $300M Unsecured Term Loan 300,000 (5) (7) 300,000 (7) LIBOR + 1.60% (7) 02/01/22 $250M Unsecured Term Loan 250,000 (8) LIBOR + 1.60% (8) 03/31/23 Deferred Financing Costs, Net (13,988 ) (12,484 ) $ 3,830,195 $ 3,555,228 (1) TRG 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 we believe is remote. (2) In July 2018, we extended the construction facility for International Market Place from August 2018 to November 2018 and made a $43.8 million principal paydown on the construction facility that was funded using our revolving line of credit. In August 2018, we refinanced the $250.0 million outstanding balance, which bore interest at LIBOR plus 1.75% . (3) The unused borrowing capacity at December 31, 2018 was $25.8 million , after considering $4.6 million of letters of credit outstanding on the facility. (4) TRG is the borrower under the $1.1 billion primary unsecured revolving credit facility. As of December 31, 2018, the interest rate on the facility was a range of LIBOR plus 1.15% to 1.70% and a facility fee of 0.20% to 0.25% based on our total leverage ratio. The unused borrowing capacity at December 31, 2018 was $290.7 million . The LIBOR rate is swapped to 1.65% through February 2019 on $225 million of the $1.1 billion TRG revolving credit facility. This results in an effective interest rate in the range of 2.80% to 3.35% through February 2019 on $225 million of the credit facility balance. (5) 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 our 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, 2018, we could not fully utilize the accordion feature unless additional assets were added to the unencumbered asset pool. (6) In March 2018, we repaid the $475 million unsecured term loan, which was scheduled to mature in February 2019. The loan bore interest at a range of LIBOR plus 1.35% to 1.90% based on our total leverage ratio. The LIBOR rate was swapped to a fixed interest rate of 1.65% , resulting in an effective interest rate range of 3.00% to 3.55% (Note 10). (7) TRG is the borrower under a $300 million unsecured term loan that bears interest at a range of LIBOR plus 1.25% to 1.90% based on our total leverage ratio. Beginning January 2018, the LIBOR rate is swapped through maturity to a fixed rate of 2.14% , resulting in an effective interest rate in the range of 3.39% to 4.04% (Note 10). (8) In March 2018, TRG completed a $250 million unsecured term loan that includes an accordion feature, which would increase our maximum aggregate total commitment to $400 million 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, 2018, we could not utilize the accordion feature unless additional assets were added to the unencumbered asset pool. The loan bears interest at a range of LIBOR plus 1.25% to 1.90% based on our total leverage ratio. The LIBOR rate is swapped through February 2019 to a fixed rate of 1.64% , which results in an effective interest rate in the range of 2.89% to 3.54% . Beginning March 2019 through the March 2023 maturity date, the LIBOR rate is swapped to a fixed rate of 3.02% with forward starting swaps, which results in an effective interest rate in the range of 4.27% to 4.92% (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, 2018 : 2019 $ 195,998 (1) 2020 11,747 2021 987,329 (2) 2022 312,867 2023 502,278 Thereafter 1,833,964 Total principal maturities $ 3,844,183 Net unamortized deferred financing costs (13,988 ) Total notes payable, net $ 3,830,195 (1) Includes $150.0 million with a one-year extension option. (2) Includes $725.0 million with two , six-month extension options and $250.0 million with two , one-year extension options |
Operating Partnership's beneficial interest | 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. TRG's beneficial interest in the consolidated subsidiaries excludes debt and interest related to the noncontrolling interest in Cherry Creek Shopping Center ( 50% ) and International Market Place ( 6.5% ). At 100% At Beneficial Interest Consolidated Subsidiaries Unconsolidated Joint Ventures Consolidated Subsidiaries Unconsolidated Joint Ventures Debt as of: December 31, 2018 $ 3,830,195 $ 2,815,617 $ 3,539,588 $ 1,437,445 December 31, 2017 3,555,228 2,860,384 3,261,777 1,459,854 Capitalized interest: Year Ended December 31, 2018 $ 15,221 (1) $ 30 $ 15,133 (1) $ 18 Year Ended December 31, 2017 12,402 (1) 456 (2) 12,326 (1) 456 (2) Interest expense: Year Ended December 31, 2018 $ 133,197 $ 132,669 $ 121,166 $ 68,225 Year Ended December 31, 2017 108,572 130,339 96,630 67,283 (1) We capitalize interest costs incurred in funding our equity contributions to development projects accounted for as Unconsolidated Joint Ventures. The capitalized interest cost is included in our basis in our investment in Unconsolidated Joint Ventures. Such capitalized interest reduces interest expense on the 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 financing is presented at our 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, 2018 | |
Noncontrolling Interest [Line Items] | |
Redeemable Noncontrolling Interest [Table Text Block] | Reconciliation of Redeemable Noncontrolling Interest 2018 2017 Balance, January 1 $ 7,500 $ 8,704 Former Taubman Asia President vested redeemable equity 300 (1,204 ) Allocation of net loss (280 ) (924 ) Adjustments of redeemable noncontrolling interest 280 924 Balance, December 31 $ 7,800 $ 7,500 |
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, 2018 and 2017 included the following: 2018 2017 Non-redeemable noncontrolling interests: Noncontrolling interests in consolidated joint ventures $ (156,470 ) $ (160,359 ) Noncontrolling interests in partnership equity of TRG (58,554 ) (11,909 ) $ (215,024 ) $ (172,268 ) |
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, 2018 , 2017 , and 2016 included the following: 2018 2017 2016 Net income (loss) attributable to noncontrolling interests: Non-redeemable noncontrolling interests: Noncontrolling share of income of consolidated joint ventures $ 6,548 $ 7,699 $ 8,761 Noncontrolling share of income of TRG 25,988 25,277 47,433 $ 32,536 $ 32,976 $ 56,194 Redeemable noncontrolling interest: (280 ) (924 ) (656 ) $ 32,256 $ 32,052 $ 55,538 |
Effects of changes in ownership interest in consolidated subsidiaries on equity | Equity Transactions The following table presents the effects of changes in TCO's ownership interest in consolidated subsidiaries on TCO's equity for the years ended December 31, 2018 , 2017 , and 2016 : 2018 2017 2016 Net income attributable to TCO common shareholders $ 57,952 $ 55,267 $ 107,358 Transfers (to) from the noncontrolling interest: Increase (decrease) in TCO's paid-in capital for the adjustments of noncontrolling interest (1) (601 ) (1,197 ) 1,959 Net transfers (to) from noncontrolling interests (601 ) (1,197 ) 1,959 Change from net income attributable to TCO and transfers (to) from noncontrolling interests $ 57,351 $ 54,070 $ 109,317 (1) In 2018, 2017, and 2016, adjustments of the noncontrolling interest were made as a result of changes in our ownership of TRG in connection with our share-based compensation under employee and director benefit plans (Note 13) and issuances of stock pursuant to the continuing offer (Note 15) and in connection with the accounting for the Former Asia President's redeemable ownership interest. |
Derivative and Hedging Activi_2
Derivative and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest rate derivatives designated as cash flow hedges | As of December 31, 2018 , we 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 % 1.45 % (1) 3.10 % (1) February 2019 Receive variable (LIBOR) /pay-fixed swap (1) 100 % 100,000 1.64 % 1.60% / 1.45% (1) 3.24% / 3.09% (1) February 2019 Receive variable (LIBOR) /pay-fixed swap (2) 100 % 100,000 2.14 % (2) 1.60 % (2) 3.74 % (2) February 2022 Receive variable (LIBOR) /pay-fixed swap (2) 100 % 100,000 2.14 % (2) 1.60 % (2) 3.74 % (2) February 2022 Receive variable (LIBOR) /pay-fixed swap (2) 100 % 50,000 2.14 % (2) 1.60 % (2) 3.74 % (2) February 2022 Receive variable (LIBOR) /pay-fixed swap (2) 100 % 50,000 2.14 % (2) 1.60 % (2) 3.74 % (2) February 2022 Receive variable (LIBOR) / pay-fixed swap (3) 100 % 125,000 (3) (3) (3) March 2023 Receive variable (LIBOR) / pay-fixed swap (3) 100 % 75,000 (3) (3) (3) March 2023 Receive variable (LIBOR) / pay-fixed swap (3) 100 % 50,000 (3) (3) (3) March 2023 Receive variable (LIBOR) /pay-fixed swap (4) 100 % 12,000 2.09 % 1.40 % 3.49 % March 2024 Unconsolidated Joint Ventures: Receive variable (LIBOR) /pay-fixed swap (5) 50.1 % 162,194 1.83 % 1.75 % 3.58 % December 2021 Receive variable (LIBOR) USD/pay-fixed Korean Won (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. We are currently using these swaps to manage interest rate risk on the $250 million unsecured term loan and $225 million on the $1.1 billion primary unsecured revolving line of credit. The credit spread on these loans can also vary within a range of 1.25% to 1.90% on the $250 million unsecured term loan and 1.15% to 1.70% on the primary unsecured revolving line of credit, depending on our total leverage ratio at the measurement date, resulting in an effective rate in the range of 2.89% to 3.54% on the $250 million unsecured term loan and 2.80% to 3.35% on $225 million of the $1.1 billion primary unsecured revolving line of credit during the remaining 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. As of December 31, 2018 we are using these swaps to manage interest rate risk on the $300 million unsecured term loan. The credit spread on this loan can vary within a range of 1.25% to 1.90% , depending on our 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 hedged forecasted transaction for each of these forward starting swaps is the first 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 March 2019 effective date, we anticipate using these forward starting swaps to manage interest rate risk on the $250 million unsecured term loan and the LIBOR rate will be swapped to a fixed rate of 3.02% . The credit spread on this loan can vary within a range of 1.25% to 1.9% , depending on our total leverage ratio at the measurement date, resulting in an effective rate in the range of 4.27% to 4.92% during the swap period. (4) The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on the U.S. headquarters building. (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 | 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) 2018 2017 2016 2018 2017 2016 Derivatives in cash flow hedging relationships: Interest rate contracts – consolidated subsidiaries $ (2,636 ) $ 3,994 $ 2,234 Interest Expense $ 1,133 $ (2,879 ) $ (5,823 ) Interest rate contracts – UJVs 943 2,898 2,478 Equity in Income of UJVs (188 ) (2,406 ) (3,775 ) Cross-currency interest rate contract – UJV (154 ) 201 (109 ) Equity in Income of UJVs 864 (2,279 ) 259 Total derivatives in cash flow hedging relationships $ (1,847 ) $ 7,093 $ 4,603 $ 1,809 $ (7,564 ) $ (9,339 ) |
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet | We record all derivative instruments at fair value on the Consolidated Balance Sheet. The following table presents the location and fair value of our derivative financial instruments as reported on the Consolidated Balance Sheet as of December 31, 2018 and 2017 . Fair Value Consolidated Balance Sheet Location December 31 2018 December 31 Derivatives designated as hedging instruments: Asset derivatives: Interest rate contracts – consolidated subsidiaries Deferred Charges and Other Assets $ 3,530 $ 939 Interest rate contract – UJV Investment in UJVs 1,345 760 Total assets designated as hedging instruments $ 4,875 $ 1,699 Liability derivatives: Interest rate contracts – consolidated subsidiary Accounts Payable and Accrued Liabilities $ (5,710 ) $ (484 ) Interest rate contracts – UJV Investment in UJVs (357 ) Cross-currency interest rate contract - UJV Investment in UJVs (963 ) (1,630 ) Total liabilities designated as hedging instruments $ (6,673 ) $ (2,471 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 for operating centers assuming no new or renegotiated leases or option extensions on anchor agreements, is summarized as follows: 2019 $ 341,996 2020 321,200 2021 282,124 2022 242,967 2023 214,633 Thereafter 618,799 |
Lessee, Operating Lease, Disclosure [Table Text Block] | The following is a schedule of future minimum rental payments required under operating leases: 2019 $ 14,715 2020 13,856 2021 12,584 2022 13,982 2023 14,142 Thereafter 723,068 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 Granted 8,154 49.29 Outstanding at December 31, 2018 69,285 $ 57.93 Fully vested at December 31, 2018 3,826 (1) $ 59.03 (1) These Restricted TRG Profits Units vested as a result of our restructuring and reduction in our 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 Granted 18,345 22.22 Outstanding at December 31, 2018 148,078 $ 25.17 Fully vested at December 31, 2018 797 (1) $ 23.14 |
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 Granted 18,345 16.43 Outstanding at December 31, 2018 149,949 $ 19.29 Fully vested at December 31, 2018 2,668 $ 33.56 (1) These NOI Performance-based TRG Profits Units vested as a result of our restructuring and reduction in our 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, 2016 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 Granted 10,393 78.82 Vested (37,046 ) (4) 110.19 Outstanding at December 31, 2018 14,197 $ 79.13 (1) Based on our 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, 2016 was zero shares. 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 our 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 our restructuring and reduction in our workforce (Note 1). (3) Based on our 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 Granted 10,393 58.28 Outstanding at December 31, 2018 14,197 $ 60.59 (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 our restructuring and reduction in our 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, 2016 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 102,568 (1) 63.33 Forfeited (12,499 ) 67.78 Vested (126,951 ) 66.98 Outstanding at December 31, 2017 195,021 (1) $ 69.22 Granted 69,931 58.28 Forfeited (6,985 ) 63.21 Vested (73,294 ) 73.91 Outstanding at December 31, 2018 184,673 $ 63.44 Fully vested at December 31, 2018 5,067 (2) $ 58.75 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Options were granted to purchase TRG Units, which are exchangeable for new shares of our 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, 2016 292,543 $ 46.60 1.4 $ 35.5 - $ 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, 2018 | |
Earnings Per Share [Abstract] | |
Basic and diluted earnings per share | Year Ended December 31 2018 2017 2016 Net income attributable to TCO common shareholders (Numerator): Basic $ 57,952 $ 55,267 $ 107,358 Impact of additional ownership of TRG 85 114 257 Diluted $ 58,037 $ 55,381 $ 107,615 Shares (Denominator) – basic 60,994,444 60,675,129 60,363,416 Effect of dilutive securities 283,271 365,366 466,139 Shares (Denominator) – diluted 61,277,715 61,040,495 60,829,555 Earnings per common share - basic $ 0.95 $ 0.91 $ 1.78 Earnings per common share - diluted $ 0.95 $ 0.91 $ 1.77 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31 2018 2017 2016 Weighted average noncontrolling TRG Units outstanding 4,149,144 4,089,327 3,983,781 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, 2018 | |
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, 2018 Using Fair Value Measurements as of December 31, 2017 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) $ 48,738 $ 101,348 Insurance deposit 10,121 16,703 Derivative interest rate contracts (Note 10) $ 3,530 $ 939 Total assets $ 58,859 $ 3,530 $ 118,051 $ 939 Derivative interest rate contracts (Note 10) $ (5,710 ) $ (484 ) Total liabilities $ (5,710 ) $ (484 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The estimated fair values of notes payable at December 31, 2018 and 2017 were as follows: 2018 2017 Carrying Value Fair Value Carrying Value Fair Value Notes payable $ 3,830,195 $ 3,755,757 $ 3,555,228 $ 3,503,071 |
Cash Flow Disclosures & Non-C_2
Cash Flow Disclosures & Non-Cash Investing and Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheet that sum to the total of the same such amounts shown on the Consolidated Statement of Cash Flows. December 31, December 31, December 31, Cash and cash equivalents $ 48,372 $ 42,499 $ 40,603 Restricted cash 94,557 121,905 112,362 Total Cash and Cash Equivalents, and Restricted Cash shown on the Consolidated Statement of Cash Flows $ 142,929 $ 164,404 $ 152,965 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 2017 , and 2016 were as follows: TCO AOCI Noncontrolling Interests AOCI Cumulative translation adjustment Unrealized gains (losses) on interest rate instruments Total Cumulative translation adjustment Unrealized gains (losses) on interest rate instruments Total January 1, 2016 $ (10,890 ) $ (16,330 ) $ (27,220 ) $ (4,531 ) $ 5,595 $ 1,064 Other comprehensive income (loss) before reclassifications (12,251 ) (3,044 ) (15,295 ) (5,088 ) (1,264 ) (6,352 ) Amounts reclassified from AOCI 6,598 6,598 2,741 2,741 Net current period other comprehensive income (loss) (12,251 ) 3,554 (8,697 ) (5,088 ) 1,477 (3,611 ) Adjustments due to changes in ownership (6 ) 7 1 6 (7 ) (1 ) December 31, 2016 $ (23,147 ) $ (12,769 ) $ (35,916 ) $ (9,613 ) $ 7,065 $ (2,548 ) Other comprehensive income (loss) before reclassifications 23,615 41 23,656 9,688 16 9,704 Amounts reclassified from AOCI 5,364 5,364 2,200 2,200 Net current period other comprehensive income (loss) 23,615 5,405 29,020 9,688 2,216 11,904 Adjustments due to changes in ownership (84 ) 61 (23 ) 84 (61 ) 23 December 31, 2017 $ 384 $ (7,303 ) $ (6,919 ) $ 159 $ 9,220 $ 9,379 Other comprehensive income (loss) before reclassifications (16,513 ) (26 ) (16,539 ) (6,727 ) (12 ) (6,739 ) Amounts reclassified from AOCI (1,286 ) (1,286 ) (523 ) (523 ) Net current period other comprehensive income (loss) (16,513 ) (1,312 ) (17,825 ) (6,727 ) (535 ) (7,262 ) Adjustment related to SPG common shares investment for adoption of ASU No. 2016-01 (Note 1) (679 ) (679 ) (276 ) (276 ) Adjustments due to changes in ownership 1 46 47 (1 ) (46 ) (47 ) December 31, 2018 $ (16,128 ) $ (9,248 ) $ (25,376 ) $ (6,569 ) $ 8,363 $ 1,794 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents reclassifications out of AOCI for the year ended December 31, 2018 : 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 $ (1,133 ) Interest Expense Realized loss on interest rate contracts - UJVs 188 Equity in Income in UJVs Realized loss on cross-currency interest rate contract - UJV (864 ) Equity in Income in UJVs Total reclassifications for the period $ (1,809 ) 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 of UJVs Realized gain 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 loss on cross-currency interest rate contract - UJV (259 ) Equity in Income of UJVs Total reclassifications for the period $ 9,339 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | ||
Schedule of Quarterly Financial Information [Table Text Block] | 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 161,492 $ 152,769 $ 159,120 $ 167,489 Equity in income of Unconsolidated Joint Ventures 19,728 14,042 16,910 18,724 Net income 34,596 30,093 38,115 12,938 Net income attributable to TCO common shareholders 18,590 15,307 20,976 3,079 Earnings per common share – basic $ 0.31 $ 0.25 $ 0.34 $ 0.05 Earnings per common share – diluted $ 0.30 $ 0.25 $ 0.34 $ 0.05 | 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 shareholders 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 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II VALUATION AND QUALIFYING ACCOUNTS For the years ended December 31, 2018 , 2017 , and 2016 (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, 2018 Allowance for doubtful receivables $ 10,237 $ 3,728 $ (3,605 ) $ 10,360 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 See accompanying report of independent registered public accounting firm. |
Real Estate and Accumulated D_2
Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Text Block] | Schedule III TAUBMAN CENTERS, INC. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2018 (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 $ 459,638 $ 660,540 $ 660,540 $ 186,424 $ 474,116 1982 / 2018 40 years Cherry Creek Shopping Center Denver, CO 99,087 244,177 343,264 343,264 178,334 164,930 $ 550,000 1990 / 1998 / 2015 40 years City Creek Shopping Center Salt Lake City, UT 75,229 5,338 80,567 80,567 18,787 61,780 77,068 2012 30 years Dolphin Mall, Miami, FL $ 34,881 222,301 130,070 $ 34,881 352,371 387,252 138,822 248,430 2001 / 2007 / 2015 50 years The Gardens on El Paseo Palm Desert, CA 23,500 131,858 8,396 23,500 140,254 163,754 28,935 134,819 1998 / 2010 2011 48 years Great Lakes Crossing Outlets Auburn Hills, MI 15,506 188,773 64,894 15,506 253,667 269,173 134,762 134,411 198,625 1998 50 years The Mall at Green Hills Nashville, TN 48,551 332,261 114,079 48,551 446,340 494,891 80,193 414,698 150,000 1955 / 2011 2011 40 years International Market Place Honolulu, HI 539,924 539,924 539,924 71,158 468,766 250,000 2016 50 years The Mall of San Juan San Juan, PR 17,617 523,479 5,134 17,617 528,613 546,230 84,247 461,983 2015 50 years The Mall at Short Hills Short Hills, NJ 25,114 167,595 255,209 25,114 422,804 447,918 206,767 241,151 1,000,000 1980 / 1994 / 1995 / 2011 40 years Taubman Prestige Outlets Chesterfield Chesterfield, MO 16,079 108,934 168 16,079 109,102 125,181 27,805 97,376 2013 50 years Twelve Oaks Mall Novi, MI 25,410 190,455 97,992 25,410 288,447 313,857 178,654 135,203 296,815 1977 / 1978 / 2007 / 2008 50 years Other: Office Facilities 5,123 12,519 72,946 5,123 85,465 90,588 30,888 59,700 12,000 2014 35 years Peripheral Land 17,551 17,551 17,551 17,551 Construction in Process and Development - pre-construction costs 8,058 7,196 126,350 8,058 133,546 141,604 141,604 Assets under CDD Obligations 3,969 58,512 1,889 3,969 60,401 64,370 36,314 28,056 Other 30,905 30,905 30,905 2,602 28,303 Total $ 241,359 $ 2,889,930 $ 1,586,280 $ 241,359 $ 4,476,210 $ 4,717,569 (1) $ 1,404,692 $ 3,312,877 Schedule III The changes in total real estate assets and accumulated depreciation for the years ended December 31, 2018 , 2017 , and 2016 are as follows: TAUBMAN CENTERS, INC. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2018 (in thousands) Total Real Estate Assets Accumulated Depreciation 2018 2017 2016 2018 2017 2016 Balance, beginning of year $ 4,461,045 $ 4,173,954 $ 3,713,215 Balance, beginning of year $ (1,276,916 ) $ (1,147,390 ) $ (1,052,027 ) New development and improvements 306,032 320,977 528,276 Depreciation (155,133 ) (161,091 ) (130,433 ) Disposals/Write-offs (49,508 ) (33,886 ) (67,537 ) Disposals/Write-offs 27,357 31,565 35,070 Balance, end of year $ 4,717,569 $ 4,461,045 $ 4,173,954 Balance, end of year $ (1,404,692 ) $ (1,276,916 ) $ (1,147,390 ) (1) The unaudited aggregate cost for federal income tax purposes as of December 31, 2018 was $5.005 billion . See accompanying report of independent registered public accounting firm. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Recovery of Direct Costs | $ 205,514 | $ 211,625 | $ 202,467 |
Number of urban and suburban shopping centers in the Company's owned portfolio | 23 | ||
Number of states in which the Company has shopping centers | 11 | ||
Real Estate and Accumulated Depreciation, Life Used for Depreciation, Range, Low | 3 | ||
Real Estate and Accumulated Depreciation, Life Used for Depreciation, Range, High | 50 | ||
Number of days, or less, to maturity for a highly liquid investment to be considered a cash equivalent | 90 | ||
Number Of Financial Institutions In Which Majority of Cash Invested In | four | ||
Restricted Cash and Cash Equivalents | $ 94,557 | 121,905 | 112,362 |
Restricted Cash, Uninsured Amount | $ 94,100 | ||
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% | ||
Shopping Center and Other Operational Revenues | $ 48,434 | 40,902 | 24,914 |
Management, leasing, and development services (Note 2) | 3,271 | 4,383 | 28,059 |
Revenue from Contract with Customer, Including Assessed Tax | $ 257,219 | $ 256,910 | $ 255,440 |
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 Accoun_5
Summary of Significant Accounting Policies (Operating Partnership) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2018 | |
Class of Stock [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 257,219,000 | $ 256,910,000 | $ 255,440,000 | |||
Number of Days Invoices Generally Due | 30 days | |||||
The Operating Partnership [Abstract] | ||||||
Number Of Classes Of Preferred Equity | two | |||||
Number of Operating Partnership units outstanding (in shares) | 85,946,862 | 85,788,252 | 85,946,862 | 85,788,252 | 85,476,892 | |
Number Of Operating Partnership Units Outstanding Owned By Company | 61,069,108 | 60,832,918 | 61,069,108 | 60,832,918 | 60,430,613 | |
Number of Operating Partnership units outstanding owned by noncontrolling interests | 24,877,754 | 24,955,334 | 24,877,754 | 24,955,334 | 25,046,279 | |
Noncontrolling Interest, Ownership Percentage by Parent | 71.00% | 71.00% | 71.00% | 71.00% | 71.00% | |
Average ownership percentage of the Company in the Operating Partnership (in hundredths) | 71.00% | 71.00% | ||||
Relationship between TRG units owned by TCO and TCO common shares outstanding | one-for-one | |||||
Common stock, shares outstanding | 61,069,108 | 60,832,918 | 61,069,108 | 60,832,918 | ||
Restructuring Charges | $ 1,000,000 | $ 9,800,000 | $ 596,000 | $ 13,848,000 | ||
Restructuring Reserve | $ 1,100,000 | 1,100,000 | ||||
Costs Associated With Shareowner Activism | $ 12,500,000 | 14,500,000 | 3,000,000 | |||
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 our 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. | |||||
Prior Period Reclassification Adjustment | 119,200,000 | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 29.00% | 29.00% | ||||
Impairment of Real Estate | $ 0 | $ 0 | $ 0 | |||
Series B Preferred Stock [Member] | ||||||
The Operating Partnership [Abstract] | ||||||
Preferred Stock, shares outstanding | 24,862,994 | 24,938,114 | 24,862,994 | 24,938,114 | ||
Retention Awards [Member] | ||||||
The Operating Partnership [Abstract] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,200,000 | $ 1,200,000 | ||||
Accounting Standards Update 2016-01 [Member] | ||||||
The Operating Partnership [Abstract] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 1,000,000 |
Acquisition, Redevelopments, _2
Acquisition, Redevelopments, Developments, and Service Agreement (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)ft² | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Feb. 14, 2019USD ($) | |
Acquisition, Redevelopments, Developments, and Service Agreement [Line Items] | ||||
Notes payable, net (Note 8) | $ 3,830,195 | $ 3,555,228 | ||
Number of Shopping Centers Opened in Asia | three | |||
Investment in Unconsolidated Joint Ventures | $ 673,616 | 605,629 | ||
Starfield Anseong [Member] | ||||
Acquisition, Redevelopments, Developments, and Service Agreement [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 49.00% | |||
Area of Real Estate Property | ft² | 1,100,000 | |||
Equity Method Investment Future Expected Ownership Percentage | 24.50% | |||
Investment in Unconsolidated Joint Ventures | $ 97,100 | |||
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 | |||
Notes payable, net (Note 8) | $ 320,000 | |||
Notes Payable, At Beneficial Interest | 160,000 | |||
Country Club Plaza - Valencia Place Office Tower [Member] | ||||
Acquisition, Redevelopments, Developments, and Service Agreement [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
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 | $ 10,998 | |||
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 | |||
The Mall at Green Hills [Member] | ||||
Acquisition, Redevelopments, Developments, and Service Agreement [Line Items] | ||||
Total Expected Project Costs | $ 200,000 | |||
Capitalized Project Costs | $ 144,500 | |||
Subsequent Event [Member] | ||||
Acquisition, Redevelopments, Developments, and Service Agreement [Line Items] | ||||
Equity Method Investment, Value of Ownership Interest Agreed to be Sold | $ 480,000 | |||
Expected Cash Proceeds from Agreement to Sell Partial Ownership Interests | 315,000 | |||
Earn Out Consideration for Agreement of Partial Sale of Ownership Interests | $ 50,000 | |||
Equity Method Investment, Summarized Financial Information, Ownership Interest Agreed to be Sold | 50.00% | |||
CityOn.Zhengzhou [Member] | ||||
Acquisition, Redevelopments, Developments, and Service Agreement [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | ||
CityOn.Zhengzhou [Member] | Subsequent Event [Member] | ||||
Acquisition, Redevelopments, Developments, and Service Agreement [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 24.50% | |||
CityOn.Xi'an [Member] | ||||
Acquisition, Redevelopments, Developments, and Service Agreement [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||
CityOn.Xi'an [Member] | Subsequent Event [Member] | ||||
Acquisition, Redevelopments, Developments, and Service Agreement [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 25.00% | |||
Starfield Hanam [Member] | ||||
Acquisition, Redevelopments, Developments, and Service Agreement [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 34.30% | 34.30% | ||
Starfield Hanam [Member] | Subsequent Event [Member] | ||||
Acquisition, Redevelopments, Developments, and Service Agreement [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 17.15% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | |||
Deferred Federal Tax Expense due to Tax Cuts and Jobs Act | $ 300 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory 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 | $ (373) | (2,509) | $ 2,238 |
Federal deferred | (1,057) | 1,632 | (1,310) |
Foreign current | 1,160 | 849 | 404 |
Foreign deferred | 307 | 158 | 293 |
State current | (128) | (208) | 782 |
State deferred | (140) | 183 | (195) |
Total income tax (benefit) expense | (231) | 105 | 2,212 |
Income tax expense as reported on the Consolidated Statement of Operations and Comprehensive Income | (231) | 105 | $ 2,212 |
Deferred tax assets: | |||
Deferred Tax Assets, Gross | 8,124 | 2,836 | |
Deferred Tax Assets, Valuation Allowance | (1,744) | (1,620) | |
Deferred Tax Assets, Net of Valuation Allowance | 6,380 | 1,216 | |
Deferred tax liabilities: | |||
Deferred Tax Liabilities, Net | $ 2,454 | $ 1,517 | |
Common Stock, Dividends, Per Share, Declared | $ 2.6200 | $ 2.5000 | $ 2.3800 |
Common Stock, Dividends, Per Share, Designated as Return of Capital | 1.1167 | 0.4775 | 0 |
Common Stock, Dividends, Per Share, Designated as Ordinary Income | 1.4766 | 1.3927 | 1.8427 |
Common Stock, Dividends, Per Share, Designated as Long Term Capital Gain | 0.0263 | 0.4397 | 0.3929 |
Common Stock, Dividends, Per Share, Designated as Unrecaptured Sec. 1250 Capital Gain | $ 0.0004 | $ 0.1901 | 0.1444 |
Tax Credit Carryforward, Amount | $ 2,000 | ||
Common Stock, Dividends, Qualified REIT Dividends | 99.85% | ||
Qualified REIT Dividends, Tax Deduction | 20.00% | ||
Domestic Tax Authority [Member] | |||
Income tax expense (benefit) [Abstract] | |||
Operating Loss Carryforwards | $ 10,200 | ||
Operating Loss Carryforwards, Limitations on Use | 0.8 | ||
Deferred tax assets: | |||
Deferred Tax Assets, Gross | $ 5,662 | $ 503 | |
Deferred Tax Assets, Valuation Allowance | (500) | (400) | |
Deferred tax liabilities: | |||
Tax Credit Carryforward, Amount | $ 3,600 | ||
Tax Credit Carryforward, Carryforward Period (in years) | 20 | ||
Charitable Contribution Carryforward | $ 700 | ||
Foreign Country [Member] | |||
Income tax expense (benefit) [Abstract] | |||
Operating Loss Carryforwards | 6,100 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 500 | ||
Operating Loss Carryforwards, Expiration Dates | 10 | ||
Deferred tax assets: | |||
Deferred Tax Assets, Gross | $ 1,655 | 1,788 | |
Deferred Tax Assets, Valuation Allowance | (1,200) | (1,200) | |
Deferred tax liabilities: | |||
Deferred Tax Liabilities, Net | 2,454 | 1,517 | |
State and Local Jurisdiction [Member] | |||
Deferred tax assets: | |||
Deferred Tax Assets, Gross | $ 807 | $ 545 | |
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 | 1.5961 | 1.0505 | 1.2581 |
Preferred Stock, Dividends, Per Share, Designated as Long Term Capital Gain | 0.0284 | 0.40110 | 0.2683 |
Preferred Stock, Dividends Per Share, Designated as Unrecaptured Sec. 1250 Capital Gain | 0.0005 | 0.1734 | 0.0986 |
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 | 1.5347 | 1.01010 | 1.20970 |
Preferred Stock, Dividends, Per Share, Designated as Long Term Capital Gain | 0.0273 | 0.3857 | 0.2580 |
Preferred Stock, Dividends Per Share, Designated as Unrecaptured Sec. 1250 Capital Gain | $ 0.0005 | $ 0.16670 | $ 0.09480 |
SPG Common Shares [Member] | |||
Income tax expense (benefit) [Abstract] | |||
Income Tax Expense Recognized Upon Conversion of Simon Property Group Limited Partership units | $ 500 | ||
Charitable Contribution Carryforward 1 [Member] | Domestic Tax Authority [Member] | |||
Deferred tax liabilities: | |||
Charitable Contribution Carryforward | $ 500 | ||
Charitable Contribution Carryforward Period, (in years) | 4 | ||
Charitable Contribution Carryforward 2 [Member] | Domestic Tax Authority [Member] | |||
Deferred tax liabilities: | |||
Charitable Contribution Carryforward | $ 200 | ||
Charitable Contribution Carryforward Period, (in years) | 5 |
Properties (Details)
Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Land | $ 233,301 | $ 232,970 | |
Buildings, improvements, and equipment | 4,342,664 | 3,838,862 | |
Construction in process and pre-development costs | 141,604 | 389,213 | |
Real Estate Investment Property, at Cost | 4,717,569 | 4,461,045 | |
Accumulated depreciation and amortization | (1,404,692) | (1,276,916) | |
Real Estate Investment Property, Net | 3,312,877 | 3,184,129 | |
Real Estate Accumulated Depreciation, Depreciation Expense | 155,133 | 161,091 | $ 130,433 |
Pre-development activities expense | $ 3,800 | $ 5,600 | $ 5,000 |
Investments in Unconsolidated_3
Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
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 | |
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% |
CityOn.Zhengzhou [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Notes Receivable, Related Parties | $ 43.6 | $ 46.1 |
Investments in Unconsolidated_4
Investments in Unconsolidated Joint Ventures (Combined Financial Information Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Properties | $ 3,728,846 | $ 3,756,890 |
Accumulated depreciation and amortization | (869,375) | (767,678) |
Properties, net | 2,859,471 | 2,989,212 |
Cash and cash equivalents | 161,311 | 147,102 |
Allowance For Doubtful Accounts, Unconsolidated Joint Ventures | 6,616 | 4,706 |
Accounts and notes receivable, less allowance for doubtful accounts of $6,616 and $4,706 in 2018 and 2017 | 131,767 | 121,173 |
Deferred charges and other assets | 140,444 | 136,837 |
Total Assets | 3,292,993 | 3,394,324 |
Liabilities and accumulated deficiency in assets: | ||
Notes payable, net | 2,815,617 | 2,860,384 |
Accounts payable and other liabilities | 426,358 | 471,948 |
TRG's accumulated deficiency in assets | (49,465) | (48,338) |
Unconsolidated Joint Venture Partners' accumulated deficiency in assets | 100,483 | 110,330 |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | 3,292,993 | 3,394,324 |
TRG's investment in Starfield Anseong (Note 2) and advances to CityOn.Zhengzhou | 140,743 | 46,106 |
TRG basis adjustments, including elimination of intercompany profit | 57,360 | 63,886 |
TCO's additional basis | 47,178 | 49,124 |
Net investment in Unconsolidated Joint Ventures | 195,816 | 110,778 |
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures | 477,800 | 494,851 |
Investment in Unconsolidated Joint Ventures | $ 673,616 | $ 605,629 |
Investments in Unconsolidated_5
Investments in Unconsolidated Joint Ventures (Combined Financial Information Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity method investment, summarized financial information, income statement [Abstract] | |||||||||||
Revenues | $ 601,272 | $ 586,499 | $ 477,458 | ||||||||
Maintenance, taxes, utilities, promotion, and other operating expenses | 211,285 | 218,004 | 172,325 | ||||||||
Interest expense | 132,669 | 130,339 | 103,973 | ||||||||
Depreciation and amortization | 131,884 | 127,625 | 95,051 | ||||||||
Total operating costs | 475,838 | 475,968 | 371,349 | ||||||||
Nonoperating income, net | 1,923 | 2,894 | 317 | ||||||||
Income tax expense | (5,935) | (5,226) | (375) | ||||||||
Gain on disposition, net of tax (1) | 3,713 | ||||||||||
Net income | 121,422 | 111,912 | 106,051 | ||||||||
Net income attributable to TRG | 62,964 | 59,994 | 61,561 | ||||||||
Realized intercompany profit, net of depreciation on TRG’s basis adjustments | 8,386 | 9,326 | 10,086 | ||||||||
Depreciation of TCO's additional basis | (1,946) | (1,946) | (1,946) | ||||||||
Equity in income of Unconsolidated Joint Ventures | $ 18,724 | $ 16,910 | $ 14,042 | $ 19,728 | $ 20,275 | $ 13,723 | $ 13,258 | $ 20,118 | 69,404 | 67,374 | 69,701 |
Beneficial interest in Unconsolidated Joint Ventures’ operations: | |||||||||||
Revenues less maintenance, taxes, utilities, promotion, and other operating expenses | 209,423 | 202,332 | 178,009 | ||||||||
Interest expense | (68,225) | (67,283) | (54,674) | ||||||||
Depreciation and amortization | (68,894) | (66,933) | (53,012) | ||||||||
Income tax expense | (2,900) | (2,825) | (622) | ||||||||
Gain on disposition, net of tax (1) | |||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 2,083 |
Accounts and Notes Receivable_2
Accounts and Notes Receivable (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade | $ 46,292,000 | $ 51,416,000 |
Notes | 3,172,000 | 4,031,000 |
Straight-line rent and recoveries | 38,626,000 | 33,356,000 |
Total Receivables, Gross | 88,090,000 | 88,803,000 |
Less: Allowance for doubtful accounts | (10,360,000) | (10,237,000) |
Accounts and Notes Receivable, Net | $ 77,730,000 | $ 78,566,000 |
Deferred Charges Other Assets_2
Deferred Charges Other Assets (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 31, 2019 | Oct. 29, 2018 | |
Leasing costs | $ 52,507 | $ 39,252 | |||
Accumulated amortization | (7,577) | (9,223) | |||
Deferred Costs, Leasing, Net | 44,930 | 30,029 | |||
In-place leases, net | 3,122 | 4,462 | |||
Investment in Simon Property Group common shares (Note 17) | 48,738 | 101,348 | |||
Revolving credit facilities' deferred financing costs, net | 4,374 | 6,456 | |||
Insurance deposit (Note 17) | 10,121 | 16,703 | |||
Deposits | 975 | 3,715 | |||
Prepaid expenses | 6,671 | 6,362 | |||
Deferred tax asset, net | 6,380 | 1,216 | |||
Other, net | 9,825 | 10,208 | |||
Deferred Costs and Other Assets | 135,136 | 180,499 | |||
Gains on SPG common share conversions (Note 7) | $ (11,613) | $ (11,069) | |||
SPG Common Shares [Member] | |||||
Conversion of Simon Property Group Limited Partnership Units to SPG Common Stock | 340,124 | 250,000 | |||
Gains on SPG common share conversions (Note 7) | $ 11,613 | $ 11,100 | |||
Available-For-Sale Securities Held | 290,124 | 590,124 | |||
Simon Property Group Common Shares Sold | 300,000 | 150,000 | |||
SPG Common Shares Average Sales Price | $ 182.37 | $ 180.54 | |||
Subsequent Event [Member] | SPG Common Shares [Member] | |||||
Simon Property Group Common Shares Sold | 290,124 | ||||
SPG Common Shares Average Sales Price | $ 179.52 |
Notes Payable, Net (Details)
Notes Payable, Net (Details) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 01, 2019 | Sep. 30, 2018 | |
Debt Instrument [Line Item] | ||||||
Notes payable, net (Note 8) | $ 3,830,195 | $ 3,555,228 | ||||
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 2,815,617 | 2,860,384 | ||||
Debt Issuance Costs, Net | (13,988) | (12,484) | ||||
Debt Instrument, Collateral Amount | 1,600,000 | |||||
Maturities of Long-term Debt [Abstract] | ||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 195,998 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 11,747 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 987,329 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 312,867 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 502,278 | |||||
Thereafter | 1,833,964 | |||||
Total principal maturities | $ 3,844,183 | |||||
Debt covenants and guarantees [Abstract] | ||||||
Other Restrictions on Payment of Dividends | 0.95 | |||||
Beneficial Interest in Debt and Interest Expense [Abstract] | ||||||
Percentage of noncontrolling interests (in hundredths) | 29.00% | |||||
At 100% [Abstract] | ||||||
Capitalized interest, consolidated subsidiaries at 100% | $ 15,221 | 12,402 | $ 21,900 | |||
Capitalized interest, unconsolidated joint ventures at 100% (Asia Unconsolidated Joint Venture Construction Loans at Beneficial Interest) | 30 | 456 | ||||
Interest expense, consolidated subsidiaries at 100% | 133,197 | 108,572 | 86,285 | |||
Interest Expense, unconsolidated joint ventures, at 100% | 132,669 | 130,339 | ||||
At beneficial interest [Abstract] | ||||||
Debt, consoldiated subsidiaries at beneficial interest | 3,539,588 | 3,261,777 | ||||
Debt, unconsolidated joint ventures at beneficial interest | 1,437,445 | 1,459,854 | ||||
Capitalized interest, consolidated subsidiaries at beneficial interest | 15,133 | 12,326 | ||||
Capitalized interest, unconsolidated joint ventures at beneficial interest | 18 | 456 | ||||
Interest expense, consolidated subsidiaries at beneficial interest | 121,166 | 96,630 | ||||
Interest expense, unconsolidated joint ventures at beneficial interest | $ 68,225 | 67,283 | $ 54,674 | |||
Secondary Line of Credit [Member] | ||||||
Debt Instrument [Line Item] | ||||||
Debt Instrument, Interest Rate Terms | LIBOR + 1.40% | |||||
Debt Instrument, Maturity Date | Apr. 27, 2019 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 65,000 | |||||
Long-term Line of Credit | 34,675 | 19,655 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 25,800 | |||||
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 | $ 725,000 | 485,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 290,700 | |||||
Line of Credit Facility, Maximum Borrowing Capacity Including Accordion Feature | $ 2,000,000 | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||
Derivative, Fixed Interest Rate | 1.65% | |||||
Primary Line of Credit Swapped Portion | $ 225,000 | |||||
Unsecured Debt [Member] | ||||||
Debt Instrument [Line Item] | ||||||
Unsecured Debt | 475,000 | |||||
Unsecured Debt 300M Term Loan [Member] | ||||||
Debt Instrument [Line Item] | ||||||
Unsecured Debt | $ 300,000 | 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% | |||||
Unsecured Debt 250M Term Loan [Member] | ||||||
Debt Instrument [Line Item] | ||||||
Unsecured Debt | $ 250,000 | $ 250,000 | ||||
Debt Instrument, Interest Rate Terms | LIBOR + 1.60% | |||||
Debt Instrument, Maturity Date | Mar. 31, 2023 | |||||
Length Of Extension Option | one-year | |||||
Number of Extension Options | two | |||||
Line of Credit Facility, Maximum Borrowing Capacity Including Accordion Feature | $ 400,000 | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||
Derivative, Fixed Interest Rate | 1.64% | |||||
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) | $ 77,068 | 78,703 | ||||
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) | $ 198,625 | 203,553 | ||||
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% LIBOR capped at 4.25% | |||||
Debt Instrument, Maturity Date | Dec. 1, 2019 | |||||
Length Of Extension Option | one-year | |||||
Number of Extension Options | one | |||||
International Market Place [Member] | ||||||
Debt Instrument [Line Item] | ||||||
Repayments of Debt | $ 43,800 | |||||
Notes payable, net (Note 8) | $ 250,000 | 293,801 | ||||
Debt Instrument, Interest Rate Terms | LIBOR + 2.15% | |||||
Debt Instrument, Maturity Date | Aug. 9, 2021 | |||||
Length Of Extension Option | one-year | |||||
Number of Extension Options | two | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||
Debt covenants and guarantees [Abstract] | ||||||
Unconditional Guaranty Liability, Principal Balance, Percent | 100.00% | |||||
Unconditional Guaranty Liability, Interest, Percent | 100.00% | |||||
Interest Payable | $ 1,000 | |||||
Beneficial Interest in Debt and Interest Expense [Abstract] | ||||||
Percentage of noncontrolling interests (in hundredths) | 6.50% | |||||
International Market Place and The Mall at Green Hills [Member] | ||||||
Debt Instrument [Line Item] | ||||||
Notes payable, net (Note 8) | $ 150,000 | |||||
Length Of Extension Option | one-year | |||||
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 | |||||
Twelve Oaks Mall [Member] | ||||||
Debt Instrument [Line Item] | ||||||
Notes payable, net (Note 8) | $ 296,815 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.90% | |||||
Debt Instrument, Maturity Date | Mar. 6, 2028 | |||||
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% | |||||
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% | |||||
Total Swapped Rate On Loan | 2.80% | |||||
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 300M Term Loan [Member] | ||||||
Debt Instrument [Line Item] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||
Total Swapped Rate On Loan | 3.39% | |||||
Minimum [Member] | Unsecured Debt 250M Term Loan [Member] | ||||||
Debt Instrument [Line Item] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||
Total Swapped Rate On Loan | 2.89% | |||||
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% | |||||
Total Swapped Rate On Loan | 3.35% | |||||
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 300M Term Loan [Member] | ||||||
Debt Instrument [Line Item] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.90% | |||||
Total Swapped Rate On Loan | 4.04% | |||||
Maximum [Member] | Unsecured Debt 250M Term Loan [Member] | ||||||
Debt Instrument [Line Item] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.90% | |||||
Total Swapped Rate On Loan | 3.54% | |||||
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) | $ 3,830,195 | $ 3,555,228 | ||||
Subsequent Event [Member] | Unsecured Debt 250M Term Loan [Member] | ||||||
Debt Instrument [Line Item] | ||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||
Derivative, Fixed Interest Rate | 3.02% | |||||
Subsequent Event [Member] | Minimum [Member] | Unsecured Debt 250M Term Loan [Member] | ||||||
Debt Instrument [Line Item] | ||||||
Total Swapped Rate On Loan | 4.27% | |||||
Subsequent Event [Member] | Maximum [Member] | Unsecured Debt 250M Term Loan [Member] | ||||||
Debt Instrument [Line Item] | ||||||
Total Swapped Rate On Loan | 4.92% |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2012 | |
Noncontrolling Interest [Line Items] | ||||||||||||
Percentage of noncontrolling interests (in hundredths) | 29.00% | 29.00% | ||||||||||
Redeemable noncontrolling interests (Note 9) | $ 7,800,000 | $ 7,500,000 | $ 7,800,000 | $ 7,500,000 | ||||||||
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) | $ (300,000) | $ 1,204,000 | $ (13,854,000) | |||||||||
Adjustments of Redeemable Noncontrolling Interest | 280,000 | 924,000 | ||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (280,000) | (924,000) | $ (656,000) | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 32,256,000 | 32,052,000 | 55,538,000 | |||||||||
Reconciliation Of Redeemable Noncontrolling Interests Roll Forward | ||||||||||||
Former Taubman Asia President redeemable equity adjustment (Note 9) | (300,000) | 1,204,000 | $ (13,854,000) | |||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (280,000) | (924,000) | (656,000) | |||||||||
Adjustments of Redeemable Noncontrolling Interest | 280,000 | 924,000 | ||||||||||
Redeemable noncontrolling interests (Note 9) | $ 7,800,000 | $ 7,500,000 | 7,800,000 | 7,500,000 | ||||||||
Non-redeemable noncontrolling interests: | ||||||||||||
Noncontrolling interests in consolidated joint ventures | (156,470,000) | (160,359,000) | (156,470,000) | (160,359,000) | ||||||||
Noncontrolling interests in partnership equity of TRG | (58,554,000) | (11,909,000) | (58,554,000) | (11,909,000) | ||||||||
Total Noncontrolling interests | (215,024,000) | (172,268,000) | (215,024,000) | (172,268,000) | ||||||||
Net income (loss) attributable to noncontrolling interests: | ||||||||||||
Noncontrolling share of income of consolidated joint ventures | 6,548,000 | 7,699,000 | 8,761,000 | |||||||||
Noncontrolling share of income of TRG | 25,988,000 | 25,277,000 | 47,433,000 | |||||||||
Net income (loss) attributable to non-redeemable noncontrolling interests | 32,536,000 | 32,976,000 | 56,194,000 | |||||||||
Effects of changes in ownership interest in consolidated subsidiaries on equity [Abstract] | ||||||||||||
Net income attributable to TCO common shareowners | 3,079,000 | $ 20,976,000 | $ 15,307,000 | $ 18,590,000 | 20,251,000 | $ 4,363,000 | $ 13,483,000 | $ 17,170,000 | 57,952,000 | 55,267,000 | 107,358,000 | |
Transfers (to) from the noncontrolling interest: | ||||||||||||
Increase (decrease) in TCO's paid-in capital for the adjustments of noncontrolling interest (1) | (280,000) | (924,000) | (656,000) | |||||||||
Change from net income attributable to TCO and transfers (to) from noncontrolling interests | 57,351,000 | 54,070,000 | 109,317,000 | |||||||||
Additional Paid-in Capital [Member] | ||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||
Former Taubman Asia President redeemable equity adjustment (Note 9) | (300,000) | 1,204,000 | (13,854,000) | |||||||||
Reconciliation Of Redeemable Noncontrolling Interests Roll Forward | ||||||||||||
Former Taubman Asia President redeemable equity adjustment (Note 9) | (300,000) | 1,204,000 | (13,854,000) | |||||||||
Transfers (to) from the noncontrolling interest: | ||||||||||||
Increase (decrease) in TCO's paid-in capital for the adjustments of noncontrolling interest (1) | (601,000) | (1,197,000) | 1,959,000 | |||||||||
Net transfers (to) from noncontrolling interests | $ (601,000) | (1,197,000) | 1,959,000 | |||||||||
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) | 7,800,000 | 7,500,000 | $ 7,800,000 | 7,500,000 | 8,704,000 | |||||||
Former Taubman Asia President redeemable equity adjustment (Note 9) | 300,000 | (1,204,000) | ||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (280,000) | (656,000) | ||||||||||
Reconciliation Of Redeemable Noncontrolling Interests Roll Forward | ||||||||||||
Former Taubman Asia President redeemable equity adjustment (Note 9) | 300,000 | (1,204,000) | ||||||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | (7,150,000) | (7,150,000) | ||||||||||
Contribution From Redeemable Noncontrolling Interest | 2,000,000 | |||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (280,000) | (656,000) | ||||||||||
Redeemable noncontrolling interests (Note 9) | $ 7,800,000 | 7,500,000 | $ 7,800,000 | 7,500,000 | 8,704,000 | |||||||
Temporary Equity Disclosure [Abstract] | ||||||||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | (7,150,000) | (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 | (156,500,000) | $ (156,500,000) | ||||||||||
Finite Life Entities [Abstract] | ||||||||||||
Terminaton date of partnership agreement | Jan. 1, 2083 | |||||||||||
Estimated fair value of noncontrolling interests in finite life entities | 370,000,000 | $ 370,000,000 | ||||||||||
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 Activi_3
Derivative and Hedging Activities (Interest Rate Derivatives Designated as Cash Flow Hedges) (Details) â‚© in Thousands, $ in Thousands | 10 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018USD ($) | Mar. 01, 2019 | Dec. 31, 2018KRW (â‚©) | Sep. 30, 2018USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | |
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 | $ 250,000 | ||||||
Derivative, Lower Range of Basis Spread, Variable Rate | 1.25% | 1.25% | |||||
Derivative, Upper Range of Effective Rate, Variable Rate | 3.54% | 3.54% | |||||
Derivative, Higher Range of Basis Spread, Variable Rate | 1.90% | 1.90% | |||||
Derivative, Lower Range of Effective Rate, Variable Rate | 2.89% | 2.89% | |||||
Consolidated Subsidiaries Interest Rate Swap 1 [Domain] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Interest Rate Cash Flow Hedges [Abstract] | |||||||
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR | ||||||
Consolidated Subsidiaries Interest Rate Swap 2 [Domain] | |||||||
Interest Rate Cash Flow Hedges [Abstract] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | |||||
Notional amount | $ 175,000 | ||||||
Derivative, Fixed Interest Rate | 1.65% | 1.65% | |||||
Derivative, Basis Spread on Variable Rate | 1.45% | 1.45% | |||||
Total Swapped Rate On Loan | 3.10% | 3.10% | |||||
Derivative, Maturity Date | Feb. 1, 2019 | ||||||
Primary Line of Credit Swapped Portion | $ 225,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,100,000 | ||||||
Unsecured Debt | $ 475,000 | ||||||
Derivative, Lower Range of Basis Spread, Variable Rate | 1.15% | 1.15% | |||||
Derivative, Upper Range of Effective Rate, Variable Rate | 3.35% | 3.35% | |||||
Derivative, Higher Range of Basis Spread, Variable Rate | 1.70% | 1.70% | |||||
Derivative, Lower Range of Effective Rate, Variable Rate | 2.80% | 2.80% | |||||
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 $250M Term Loan [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, 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 $250M Term Loan [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 | 1.60% | 1.60% | |||||
Total Swapped Rate On Loan | 3.74% | 3.74% | |||||
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 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 9 [Domain] | |||||||
Interest Rate Cash Flow Hedges [Abstract] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | |||||
Notional amount | $ 125,000 | ||||||
Derivative, Fixed Interest Rate | 3.02% | 3.02% | |||||
Derivative, Maturity Date | Mar. 1, 2023 | ||||||
Derivative, Effective Date | Mar. 1, 2019 | ||||||
Unsecured Debt | $ 250,000 | ||||||
Derivative, Lower Range of Basis Spread, Variable Rate | 1.25% | 1.25% | |||||
Derivative, Upper Range of Effective Rate, Variable Rate | 4.92% | 4.92% | |||||
Derivative, Higher Range of Basis Spread, Variable Rate | 1.90% | 1.90% | |||||
Derivative, Lower Range of Effective Rate, Variable Rate | 4.27% | 4.27% | |||||
Consolidated Subsidiaries Interest Rate Swap 9 [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, Basis Spread on Variable Rate | 1.60% | 1.60% | |||||
Total Swapped Rate On Loan | 3.74% | 3.74% | |||||
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, Basis Spread on Variable Rate | 1.60% | 1.60% | |||||
Total Swapped Rate On Loan | 3.74% | 3.74% | |||||
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, Basis Spread on Variable Rate | 1.60% | 1.60% | |||||
Total Swapped Rate On Loan | 3.74% | 3.74% | |||||
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 10 [Domain] | |||||||
Interest Rate Cash Flow Hedges [Abstract] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | |||||
Notional amount | $ 75,000 | ||||||
Derivative, Maturity Date | Mar. 1, 2023 | ||||||
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR | ||||||
Unsecured Debt | $ 250,000 | ||||||
Derivative, Lower Range of Basis Spread, Variable Rate | 1.25% | 1.25% | |||||
Derivative, Upper Range of Effective Rate, Variable Rate | 4.92% | 4.92% | |||||
Derivative, Higher Range of Basis Spread, Variable Rate | 1.90% | 1.90% | |||||
Derivative, Lower Range of Effective Rate, Variable Rate | 4.27% | 4.27% | |||||
Consolidated Subsidiaries Interest Rate Swap 11 [Domain] | |||||||
Interest Rate Cash Flow Hedges [Abstract] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | |||||
Notional amount | $ 50,000 | ||||||
Derivative, Maturity Date | Mar. 1, 2023 | ||||||
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR | ||||||
Unsecured Debt | $ 250,000 | ||||||
Derivative, Lower Range of Basis Spread, Variable Rate | 1.25% | 1.25% | |||||
Derivative, Upper Range of Effective Rate, Variable Rate | 4.92% | 4.92% | |||||
Derivative, Higher Range of Basis Spread, Variable Rate | 1.90% | 1.90% | |||||
Derivative, Lower Range of Effective Rate, Variable Rate | 4.27% | 4.27% | |||||
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 | 50.10% | 50.10% | |||||
Notional amount | $ 162,194 | ||||||
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 2 (Member) | |||||||
Interest Rate Cash Flow Hedges [Abstract] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 34.30% | 34.30% | |||||
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 | ||||||
Unconsolidated Joint Ventures Interest Rate Swap 4 [Member] | |||||||
Interest Rate Cash Flow Hedges [Abstract] | |||||||
Notional amount | $ 52,065 | â‚© 60,500,000 | |||||
Unsecured Debt 250M Term Loan [Member] | |||||||
Interest Rate Cash Flow Hedges [Abstract] | |||||||
Derivative, Fixed Interest Rate | 1.64% | 1.64% | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||
Unsecured Debt | $ 250,000 | $ 250,000 | |||||
Unsecured Debt 250M Term Loan [Member] | Consolidated Subsidiaries Interest Rate Swap 3 $250M Term Loan [Domain] | |||||||
Interest Rate Cash Flow Hedges [Abstract] | |||||||
Derivative, Basis Spread on Variable Rate | 1.60% | 1.60% | |||||
Total Swapped Rate On Loan | 3.24% | 3.24% | |||||
Primary Line of Credit Swapped Portion [Member] | Consolidated Subsidiaries Interest Rate Swap 3 $250M Term Loan [Domain] | |||||||
Interest Rate Cash Flow Hedges [Abstract] | |||||||
Derivative, Basis Spread on Variable Rate | 1.45% | 1.45% | |||||
Total Swapped Rate On Loan | 3.09% | 3.09% | |||||
Subsequent Event [Member] | Unsecured Debt 250M Term Loan [Member] | |||||||
Interest Rate Cash Flow Hedges [Abstract] | |||||||
Derivative, Fixed Interest Rate | 3.02% | ||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR |
Derivative and Hedging Activi_4
Derivative and Hedging Activities (Effect of Derivative Instruments on the Consolidated Statement of Operations and Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 | $ (1,700) | ||
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 | 1,809 | $ (7,564) | $ (9,339) |
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) | (1,847) | 7,093 | 4,603 |
Consolidated Properties [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Other Comprehensive Income (Loss) [Member] | |||
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract] | |||
Amount of gain or (loss) recognized in OCI on derivative (effective portion) | (2,636) | 3,994 | 2,234 |
Consolidated Properties [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Interest expense [Member] | |||
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1,133 | (2,879) | (5,823) |
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) | 943 | 2,898 | 2,478 |
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 | (188) | (2,406) | (3,775) |
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) | (154) | 201 | (109) |
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 | $ 864 | $ (2,279) | $ 259 |
Derivative and Hedging Activi_5
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, 2018 | Dec. 31, 2017 | |
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract] | ||
Total assets designated as hedging instruments | $ 4,875 | $ 1,699 |
Total liability derivatives designated as hedging instruments | (6,673) | (2,471) |
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 | 3,530 | 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 | (5,710) | (484) |
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 | 1,345 | 760 |
Total liability derivatives designated as hedging instruments | (357) | |
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 liability derivatives designated as hedging instruments | $ (963) | $ (1,630) |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||
Operating Leases, Future Minimum Payments Receivable, Current | $ 341,996 | ||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 321,200 | ||
Operating Leases, Future Minimum Payments Receivable, in Three Years | 282,124 | ||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 242,967 | ||
Operating Leases, Future Minimum Payments Receivable, in Five Years | 214,633 | ||
Operating Leases, Future Minimum Payments Receivable, Thereafter | $ 618,799 | ||
Number of centers with option to extend lease term for three 10-year periods | one | ||
Number of 10-year periods that one center has the option to extend | three | ||
Number of centers with option to extend lease term for one 10-year period | one | ||
Lessee, Operating Lease, Renewal Term | 10 years | ||
Number of Lease Extension Options | one | ||
Operating Leases, Rent Expense | $ 21,200 | $ 20,100 | $ 15,100 |
Operating Leases, Rent Expense, Contingent Rentals | 300 | 0 | $ 0 |
Payables representing straightline rent adjustments under lease agreements | 64,800 | $ 62,600 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 14,715 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 13,856 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 12,584 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 13,982 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 14,142 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | $ 723,068 | ||
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction, Revenues from Transactions with Related Party | $ 2.6 | $ 2.5 | $ 3 |
Operating Partnership [Member] | |||
Beneficial ownership percentage, Operating Partnership | 99.80% | ||
Taub Co Holdings [Member] | |||
Beneficial Interest, Taub-Co Holdings | 0.20% | ||
Taubman Family [Member] | |||
Beneficial ownership percentage, Taubman Family | 100.00% |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based compensation, allocation and classification in financial statements [Abstract] | ||||
Compensation cost charged to income for the Company's share-based compensation plans | $ 9,200,000 | $ 10,800,000 | $ 11,800,000 | |
Compensation cost capitalized as part of properties and deferred leasing costs | $ 900,000 | 900,000 | $ 1,300,000 | |
Summary of non-option activity, additional disclosures [Abstract] | ||||
Relationship between TRG units owned by TCO and TCO common shares outstanding | one-for-one | |||
2018 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) | 2,800,000 | |||
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, we account for these TRG Profits Units as participating securities in TRG. 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 TRG'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 | $ 800,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 3 months 18 days | |||
Summary of non-option activity [Roll Forward] | ||||
Outstanding at beginning of period (in shares) | 61,131 | 45,940 | 0 | |
Outstanding at end of period (in shares) | 69,285 | 61,131 | 45,940 | 0 |
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ 59.08 | $ 59.49 | $ 0 | |
Granted (in shares) | 8,154 | 46,076 | 68,045 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 49.29 | $ 57.84 | $ 59.89 | |
Forfeited | (30,885) | (22,105) | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $ 57.85 | $ 60.71 | ||
Vested - 2012 and 2013 special grants | 0 | 0 | ||
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ 57.93 | $ 59.08 | $ 59.49 | $ 0 |
Fully Vested | 3,826 | |||
Fully Vested (in dollars per share) | $ 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 | $ 700,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 4 months 24 days | |||
Summary of non-option activity [Roll Forward] | ||||
Outstanding at beginning of period (in shares) | 129,733 | 103,369 | 0 | |
Outstanding at end of period (in shares) | 148,078 | 129,733 | 103,369 | 0 |
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ 25.59 | $ 26.42 | $ 0 | |
Granted (in shares) | 18,345 | 103,666 | 119,123 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 22.22 | $ 23.14 | $ 26.42 | |
Forfeited | (77,302) | (15,754) | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $ 23.42 | $ 26.42 | ||
Vested - 2012 and 2013 special grants | 0 | 0 | ||
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ 25.17 | $ 25.59 | $ 26.42 | $ 0 |
Fully Vested | 797 | |||
Fully Vested (in dollars per share) | $ 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 | $ 600,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 4 months 3 days | |||
Summary of non-option activity [Roll Forward] | ||||
Outstanding at beginning of period (in shares) | 131,604 | 103,369 | 0 | |
Outstanding at end of period (in shares) | 149,949 | 131,604 | 103,369 | 0 |
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ 19.69 | $ 41.87 | $ 0 | |
Granted (in shares) | 18,345 | 103,666 | 119,123 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 16.43 | $ 19.35 | $ 41.87 | |
Forfeited | (75,431) | (15,754) | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $ 20.59 | $ 19.41 | ||
Vested - 2012 and 2013 special grants | 0 | 0 | ||
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ 19.29 | $ 19.69 | $ 41.87 | $ 0 |
Fully Vested | 2,668 | |||
Fully Vested (in dollars per share) | $ 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 | $ 2,700,000 | $ 2,100,000 | $ 0 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 700,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 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 our 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. | |||
Summary of non-option activity [Roll Forward] | ||||
Outstanding at beginning of period (in shares) | 40,850 | 166,027 | 255,478 | |
Outstanding at end of period (in shares) | 14,197 | 40,850 | 166,027 | 255,478 |
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ 107.38 | $ 138.93 | $ 134.52 | |
Granted (in shares) | 10,393 | 5,046 | ||
Granted, weighted average grant date fair value (in dollars per share) | $ 78.82 | $ 80.16 | ||
Forfeited | (50,459) | (44,585) | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $ 90.51 | $ 149.43 | ||
Vested - 2012 and 2013 special grants | (37,046) | (79,764) | (44,866) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 110.19 | $ 181.99 | $ 96.61 | |
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ 79.13 | $ 107.38 | $ 138.93 | $ 134.52 |
Actual Shares Issued Upon Vesting During Period | 45,941 | 30,601 | 0 | |
Payout Rate for Vesting During Period | 124.00% | |||
Weighted Average Payout Rate for Vesting During Period | 60.00% | |||
Payout Rate for Vesting During Period Low End of Range | 0.00% | |||
Payout Rate for Vesting During Period High End of Range | 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 | $ 500,000 | |||
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, shares of common stock ranging from 0-300% of the NOI PSU based on our 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. | |||
Summary of non-option activity [Roll Forward] | ||||
Outstanding at beginning of period (in shares) | 3,804 | 0 | ||
Outstanding at end of period (in shares) | 14,197 | 3,804 | 0 | |
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ 67 | $ 0 | ||
Granted (in shares) | 10,393 | 5,046 | ||
Granted, weighted average grant date fair value (in dollars per share) | $ 58.28 | $ 67.04 | ||
Forfeited | (1,242) | |||
Forfeited, weighted average grant date fair value (in dollars per share) | $ 67.50 | |||
Vested - 2012 and 2013 special grants | 0 | 0 | ||
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ 60.59 | $ 67 | $ 0 | |
Actual Shares Issued Upon Vesting During Period | 1,242 | |||
Weighted Average Payout Rate for Vesting During Period | 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 | $ 4,600,000 | $ 8,600,000 | $ 6,600,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 4,500,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months 10 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% | |||
Summary of non-option activity [Roll Forward] | ||||
Outstanding at beginning of period (in shares) | 195,021 | 231,903 | 283,353 | |
Outstanding at end of period (in shares) | 184,673 | 195,021 | 231,903 | 283,353 |
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ 69.22 | $ 70.40 | $ 69.93 | |
Granted (in shares) | 69,931 | 102,568 | 55,888 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 58.28 | $ 63.33 | $ 73.42 | |
Forfeited | (6,985) | (12,499) | (17,012) | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 63.21 | $ 67.78 | $ 69.20 | |
Vested - 2012 and 2013 special grants | (73,294) | (126,951) | (90,326) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 73.91 | $ 66.98 | $ 71.57 | |
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ 63.44 | $ 69.22 | $ 70.40 | $ 69.93 |
Fully Vested | 5,067 | |||
Fully Vested (in dollars per share) | $ 58.75 | |||
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 | ||
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) | 0 | 202,586 | 292,543 | |
Exercised, Number of Options | (202,586) | (89,957) | ||
Outstanding options at end of period (in shares) | 0 | 202,586 | 292,543 | |
Outstanding at beginning of period, weighted average exercise price (in dollars per share) | $ 0 | $ 48.35 | $ 46.60 | |
Exercised, weighted average exercise price (in dollars per share) | 48.35 | 42.66 | ||
Outstanding at end of period, weighted average exercise price (in dollars per share) | 0 | 48.35 | $ 46.60 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 45.90 | 35.50 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 51.15 | $ 51.15 | ||
Total intrinsic value of options exercised during the period | $ 3,500,000 | $ 2,400,000 | ||
Cash received from options exercised during the period | 9,800,000 | 3,800,000 | ||
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 | 122,906 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 91,036 | |||
Other Employee Plans [Member] | ||||
Summary of non-option activity, additional disclosures [Abstract] | ||||
Defined Contribution Plan, Cost | $ 3,000,000 | $ 2,500,000 | $ 3,100,000 | |
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, Employer Matching Contribution, Percent of Match | 5.00% | |||
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 Series B Preferred Share entitles the holder to one vote on all matters submitted to our shareholders. The holders of Series B Preferred Shares, voting as a class, have the right to designate up to four nominees for election as directors of TCO. On all other matters on which the holders of common stock are entitled to vote, including the election of directors, the holders of Series B Preferred Shares will vote with the holders of common stock. | |||
2012 and 2013 Special Grants [Member] | Performance Shares [Member] | ||||
Summary of non-option activity [Roll Forward] | ||||
Actual Shares Issued Upon Vesting During Period | 0 |
Common and Preferred Stock an_2
Common and Preferred Stock and Equity of TRG (Details) - Series B Preferred Stock [Member] - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Convertible Preferred Stock, Issuance In Correlation With Issuance of Partnership Units | one Series B Preferred Share 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 Series B Preferred Share entitles the holder to one vote on all matters submitted to our shareholders. The holders of Series B Preferred Shares, voting as a class, have the right to designate up to four nominees for election as directors of TCO. On all other matters on which the holders of common stock are entitled to vote, including the election of directors, the holders of Series B Preferred Shares 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 | four | five | zero |
Conversion of Stock, Shares Converted | 75,120 | 90,945 | 15,880 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | |
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 | $ 45.49 | $ 58.76 | |
Approximate aggregate value of interests in the Operating Partnership that may be tendered | $ 1,100 | ||
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 | 1.2 | $ 1.1 | |
Insurance Recoveries - Capital Items | $ 4.9 | 0.9 | |
Loss from Catastrophes | $ 7 | ||
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator): | |||||||||||
Basic | $ 57,952 | $ 55,267 | $ 107,358 | ||||||||
Impact of additional ownership of TRG | 85 | 114 | 257 | ||||||||
Diluted | $ 58,037 | $ 55,381 | $ 107,615 | ||||||||
Shares (Denominator) – basic | 60,994,444 | 60,675,129 | 60,363,416 | ||||||||
Effect of dilutive securities | 283,271 | 365,366 | 466,139 | ||||||||
Shares (Denominator) – diluted | 61,277,715 | 61,040,495 | 60,829,555 | ||||||||
Earnings per common share – basic | $ 0.05 | $ 0.34 | $ 0.25 | $ 0.31 | $ 0.33 | $ 0.07 | $ 0.22 | $ 0.28 | $ 0.95 | $ 0.91 | $ 1.78 |
Earnings per common share – diluted | $ 0.05 | $ 0.34 | $ 0.25 | $ 0.30 | $ 0.33 | $ 0.07 | $ 0.22 | $ 0.28 | $ 0.95 | $ 0.91 | $ 1.77 |
Weighted average noncontrolling TRG Units outstanding | |||||||||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | |||||||||||
Anti-dilutive effect (in shares) | 4,149,144 | 4,089,327 | 3,983,781 | ||||||||
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, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring Basis Financial Statement Captions [Line Items] | ||
Investment in Simon Property Group common shares (Note 17) | $ 48,738 | $ 101,348 |
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Derivative interest rate contracts (Note 10) | (4,875) | (1,699) |
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) | 48,738 | 101,348 |
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Insurance deposit | 10,121 | 16,703 |
Assets, Fair Value Disclosure | 58,859 | 118,051 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Derivative interest rate contracts (Note 10) | (3,530) | (939) |
Assets, Fair Value Disclosure | 3,530 | 939 |
Derivative interest rate contract (Note 10) | (5,710) | (484) |
Total liabilities | $ (5,710) | $ (484) |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Financial Statement Captions [Line Items] | |||
Equity Securities, FV-NI, Recognized Gain (Loss) | $ 2,801 | ||
SPG Common Shares [Member] | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Financial Statement Captions [Line Items] | |||
Equity Securities, FV-NI, Recognized Gain (Loss) | $ 2,099 | ||
Available-For-Sale Securities Held | 290,124 | 590,124 | |
Conversion of Simon Property Group Limited Partnership Units to SPG Common Stock | 340,124 | 250,000 |
Fair Value Disclosures (Estimat
Fair Value Disclosures (Estimated Fair Value of Notes Payable) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Estimated fair values of notes payable [Abstract] | ||
Notes payable, net (Note 8) | $ 3,830,195 | $ 3,555,228 |
Consolidated Properties [Member] | ||
Estimated fair values of notes payable [Abstract] | ||
Notes payable, net (Note 8) | 3,830,195 | 3,555,228 |
Fair Value, Inputs, Level 2 [Member] | Consolidated Properties [Member] | ||
Estimated fair values of notes payable [Abstract] | ||
Notes payable, fair value disclosure | $ 3,755,757 | $ 3,503,071 |
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 | $ 137,200 | |
Impact Of Overall One Percent Increase In Interest Rates Decrease In Fair Values Of Notes Payable Percent | 3.70% |
Cash Flow Disclosures & Non-C_3
Cash Flow Disclosures & Non-Cash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash and Cash Equivalents, at Carrying Value | $ 48,372 | $ 42,499 | $ 40,603 | |
Interest Costs Capitalized | 15,221 | 12,402 | 21,900 | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 125,500 | 100,900 | 78,100 | |
Income Taxes Paid, Net | 500 | 2,500 | 3,500 | |
Restricted Cash and Cash Equivalents | $ 94,557 | 121,905 | 112,362 | |
Current Fiscal Year End Date | --12-31 | |||
Other non-cash additions to properties | $ 99,377 | 79,023 | 108,581 | |
Effect of Exchange Rate on Cash and Cash Equivalents | (5,314) | 2,261 | 1,391 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 142,929 | 164,404 | 152,965 | $ 250,082 |
Deposit Assets, Foreign [Member] | ||||
Restricted Cash and Cash Equivalents | 92,536 | 119,163 | 111,430 | |
Restricted Cash Stipulated by Lenders and Various Agreements [Member] | ||||
Restricted Cash and Cash Equivalents | $ 94,600 | $ 121,900 | $ 112,300 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (25,376) | $ (6,919) | ||
Reclassification adjustment for amounts recognized in net income | (1,809) | 7,564 | $ 9,339 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification adjustment for amounts recognized in net income | (1,809) | 7,564 | 9,339 | |
Amount of gain/loss on interest rate contract reclassfied from AOCI | (1,133) | 2,879 | 5,823 | |
Amount of gain/loss on interest rate contract reclassfied from AOCI for unconsolidated joint ventures | 188 | 2,406 | 3,775 | |
Amount of gain/loss on cross-currency interest rate contract reclassified from AOCI for Unconsolidated Joint Ventures | (864) | 2,279 | (259) | |
Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (16,128) | 384 | (23,147) | $ (10,890) |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (9,248) | (7,303) | (12,769) | (16,330) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (25,376) | (6,919) | (35,916) | (27,220) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (16,513) | 23,615 | (12,251) | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (26) | 41 | (3,044) | |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (16,539) | 23,656 | (15,295) | |
Reclassification adjustment for amounts recognized in net income | (1,286) | 5,364 | 6,598 | |
Cumulative Translation Adjustment, Net of Tax, Period Increase (Decrease) | (16,513) | 23,615 | (12,251) | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent | (1,312) | 5,405 | 3,554 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (17,825) | 29,020 | (8,697) | |
Cumulative Effect New Accounting Principle In Period Of Adoption | (679) | |||
OtherComprehensiveIncomeLossAdjustmentForeignCurrencyAttributableToParent | 1 | (84) | (6) | |
Other comprehensive income (loss), adjustments, attributable to parent | 46 | 61 | 7 | |
Other comprehensive income (loss), total adjustments attributable to parent | 47 | (23) | 1 | |
Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (6,569) | 159 | (9,613) | (4,531) |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 8,363 | 9,220 | 7,065 | 5,595 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 1,794 | 9,379 | (2,548) | $ 1,064 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (6,727) | 9,688 | (5,088) | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (12) | 16 | (1,264) | |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Noncontrolling Interest | (6,739) | 9,704 | (6,352) | |
Reclassification adjustment for amounts recognized in net income | (523) | 2,200 | 2,741 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | (6,727) | 9,688 | (5,088) | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Noncontrolling Interest | (535) | 2,216 | 1,477 | |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (7,262) | 11,904 | (3,611) | |
Cumulative Effect New Accounting Principle In Period Of Adoption | (276) | |||
Other Comprehensive Income Loss Adjustment Foreign Currency Attributable To Noncontrolling Interest | (1) | 84 | 6 | |
Other comprehensive income (loss), adjustments, attributable to noncontrolling interests | (46) | (61) | (7) | |
Other comprehensive income (loss), total adjustments attributable to noncontrolling interests | $ (47) | $ 23 | $ (1) |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 29, 2018 | |
Restructuring Charges | $ 1,000 | $ 9,800 | $ 596 | $ 13,848 | ||||||||
Revenues | 167,489 | $ 159,120 | $ 152,769 | $ 161,492 | 172,184 | $ 153,222 | $ 154,676 | $ 149,083 | 640,870 | 629,165 | 612,557 | |
Equity in income of Unconsolidated Joint Ventures | 18,724 | 16,910 | 14,042 | 19,728 | 20,275 | 13,723 | 13,258 | 20,118 | 69,404 | 67,374 | 69,701 | |
Net income | 12,938 | 38,115 | 30,093 | 34,596 | 38,084 | 14,251 | 27,663 | 32,759 | 115,742 | 112,757 | 188,151 | |
Net income attributable to TCO common shareowners | $ 3,079 | $ 20,976 | $ 15,307 | $ 18,590 | $ 20,251 | $ 4,363 | $ 13,483 | $ 17,170 | $ 57,952 | $ 55,267 | $ 107,358 | |
Earnings per common share – basic | $ 0.05 | $ 0.34 | $ 0.25 | $ 0.31 | $ 0.33 | $ 0.07 | $ 0.22 | $ 0.28 | $ 0.95 | $ 0.91 | $ 1.78 | |
Earnings per common share – diluted | $ 0.05 | $ 0.34 | $ 0.25 | $ 0.30 | $ 0.33 | $ 0.07 | $ 0.22 | $ 0.28 | $ 0.95 | $ 0.91 | $ 1.77 | |
Gains on SPG common share conversions (Note 7) | $ (11,613) | $ (11,069) | ||||||||||
SPG Common Shares [Member] | ||||||||||||
Simon Property Group Common Shares Sold | 300,000 | 300,000 | 150,000 | |||||||||
SPG Common Shares Average Sales Price | $ 182.37 | $ 182.37 | $ 180.54 | |||||||||
Conversion of Simon Property Group Limited Partnership Units to SPG Common Stock | 340,124 | 250,000 | ||||||||||
Gains on SPG common share conversions (Note 7) | $ 11,613 | $ 11,100 | ||||||||||
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 Pronouncements_2
New Accounting Pronouncements (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Capitalized Leasing and Tenant Coordination Costs | $ 19 | |
SPG Common Shares [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Available-For-Sale Securities Held | 290,124 | 590,124 |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
ROU Assets Lower Range | $ 205 | |
ROU Assets Upper Range | 255 | |
Lease liabilities Lower Range | 275 | |
Lease Liabilities Upper Range | 325 | |
Capitalized Leasing and Tenant Coordination Costs | 13 | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 6 |
Valuation and Qualifying Acco_3
Valuation and Qualifying Accounts (Details) - Allowance for doubtful receivables [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 10,237 | $ 4,311 | $ 2,974 |
Charged to costs and expenses | 3,728 | 11,025 | 4,047 |
Write-offs | (3,605) | (5,099) | (2,710) |
Transfers, net | |||
Balance at end of year | $ 10,360 | $ 10,237 | $ 4,311 |
Real Estate and Accumulated D_3
Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial Cost of Company | $ 241,359 | |||
Buildings, Improvements, and Equipment, Initial Cost to Company | 2,889,930 | |||
Cost Capitalized Subsequent to Acquisition | 1,586,280 | |||
Land, Gross Amount at Which Carried at Close of Period | 241,359 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 4,476,210 | |||
Total, Gross Amount at Which Carried at Close of Period | 4,717,569 | $ 4,461,045 | $ 4,173,954 | $ 3,713,215 |
Accumulated Depreciation (A/D) | 1,404,692 | 1,276,916 | $ 1,147,390 | $ 1,052,027 |
Real Estate Investment Property, Net | 3,312,877 | $ 3,184,129 | ||
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 | 459,638 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 660,540 | |||
Total, Gross Amount at Which Carried at Close of Period | 660,540 | |||
Accumulated Depreciation (A/D) | 186,424 | |||
Real Estate Investment Property, Net | $ 474,116 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 1982 / 2018 | |||
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 | 244,177 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 343,264 | |||
Total, Gross Amount at Which Carried at Close of Period | 343,264 | |||
Accumulated Depreciation (A/D) | 178,334 | |||
Real Estate Investment Property, Net | 164,930 | |||
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 | 5,338 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 80,567 | |||
Total, Gross Amount at Which Carried at Close of Period | 80,567 | |||
Accumulated Depreciation (A/D) | 18,787 | |||
Real Estate Investment Property, Net | 61,780 | |||
Encumbrances | $ 77,068 | |||
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 | 130,070 | |||
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 | 352,371 | |||
Total, Gross Amount at Which Carried at Close of Period | 387,252 | |||
Accumulated Depreciation (A/D) | 138,822 | |||
Real Estate Investment Property, Net | $ 248,430 | |||
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 | 8,396 | |||
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 | 140,254 | |||
Total, Gross Amount at Which Carried at Close of Period | 163,754 | |||
Accumulated Depreciation (A/D) | 28,935 | |||
Real Estate Investment Property, Net | 134,819 | |||
Encumbrances | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 1998 / 2010 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 64,894 | |||
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 | 253,667 | |||
Total, Gross Amount at Which Carried at Close of Period | 269,173 | |||
Accumulated Depreciation (A/D) | 134,762 | |||
Real Estate Investment Property, Net | 134,411 | |||
Encumbrances | $ 198,625 | |||
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 | 114,079 | |||
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 | 446,340 | |||
Total, Gross Amount at Which Carried at Close of Period | 494,891 | |||
Accumulated Depreciation (A/D) | 80,193 | |||
Real Estate Investment Property, Net | 414,698 | |||
Encumbrances | $ 150,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Opening / Expansion(s) | 1955 / 2011 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ 539,924 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 539,924 | |||
Total, Gross Amount at Which Carried at Close of Period | 539,924 | |||
Accumulated Depreciation (A/D) | 71,158 | |||
Real Estate Investment Property, Net | 468,766 | |||
Encumbrances | $ 250,000 | |||
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 | |||
Cost Capitalized Subsequent to Acquisition | 5,134 | |||
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 | 528,613 | |||
Total, Gross Amount at Which Carried at Close of Period | 546,230 | |||
Accumulated Depreciation (A/D) | 84,247 | |||
Real Estate Investment Property, Net | 461,983 | |||
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 | 255,209 | |||
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 | 422,804 | |||
Total, Gross Amount at Which Carried at Close of Period | 447,918 | |||
Accumulated Depreciation (A/D) | 206,767 | |||
Real Estate Investment Property, Net | 241,151 | |||
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 | 168 | |||
Land, Gross Amount at Which Carried at Close of Period | 16,079 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 109,102 | |||
Total, Gross Amount at Which Carried at Close of Period | 125,181 | |||
Accumulated Depreciation (A/D) | 27,805 | |||
Real Estate Investment Property, Net | $ 97,376 | |||
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 | 97,992 | |||
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 | 288,447 | |||
Total, Gross Amount at Which Carried at Close of Period | 313,857 | |||
Accumulated Depreciation (A/D) | 178,654 | |||
Real Estate Investment Property, Net | 135,203 | |||
Encumbrances | $ 296,815 | |||
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 | 7,196 | |||
Cost Capitalized Subsequent to Acquisition | 126,350 | |||
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 | 133,546 | |||
Total, Gross Amount at Which Carried at Close of Period | 141,604 | |||
Real Estate Investment Property, Net | 141,604 | |||
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) | 36,314 | |||
Real Estate Investment Property, Net | 28,056 | |||
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 | 72,946 | |||
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 | 85,465 | |||
Total, Gross Amount at Which Carried at Close of Period | 90,588 | |||
Accumulated Depreciation (A/D) | 30,888 | |||
Real Estate Investment Property, Net | 59,700 | |||
Encumbrances | $ 12,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ 17,551 | |||
Land, Gross Amount at Which Carried at Close of Period | 17,551 | |||
Total, Gross Amount at Which Carried at Close of Period | 17,551 | |||
Real Estate Investment Property, Net | 17,551 | |||
Other Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings, Improvements, and Equipment, Initial Cost to Company | 30,905 | |||
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period | 30,905 | |||
Total, Gross Amount at Which Carried at Close of Period | 30,905 | |||
Accumulated Depreciation (A/D) | 2,602 | |||
Real Estate Investment Property, Net | $ 28,303 |
Real Estate and Accumulated D_4
Real Estate and Accumulated Depreciation Changes in Total Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | $ 1,586,280 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance, beginning of year | 4,461,045 | $ 4,173,954 | $ 3,713,215 |
New development and improvements | 306,032 | 320,977 | 528,276 |
Disposals/Write-offs | (49,508) | (33,886) | (67,537) |
Balance, end of year | 4,717,569 | 4,461,045 | 4,173,954 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance, beginning of year | (1,276,916) | (1,147,390) | (1,052,027) |
Depreciation | (155,133) | (161,091) | (130,433) |
Disposals/Write-offs | 27,357 | 31,565 | 35,070 |
Balance, end of year | (1,404,692) | $ (1,276,916) | $ (1,147,390) |
Tax Basis of Investments, Cost for Income Tax Purposes | $ 5,005,000 |