TAUBMAN CENTERS INC, 10-K filed on 2/26/2014
Annual Report
Document and Entity Information Document (USD $)
In Billions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Feb. 25, 2014
Jun. 30, 2013
Entity Information [Line Items]
 
 
 
Entity Registrant Name
TAUBMAN CENTERS INC. 
 
 
Entity Central Index Key
0000890319 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Document Type
10-K 
 
 
Document Period End Date
Dec. 31, 2013 
 
 
Document Fiscal Year Focus
2013 
 
 
Document Fiscal Period Focus
FY 
 
 
Amendment Flag
false 
 
 
Entity Common Stock, Shares Outstanding
 
63,127,287 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Public Float
 
 
$ 4.7 
CONSOLIDATED BALANCE SHEET (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Assets:
 
 
Properties (Notes 4 and 8)
$ 4,485,090 
$ 4,246,000 
Accumulated depreciation and amortization
(1,516,982)
(1,395,876)
Properties, net
2,968,108 
2,850,124 
Investment in Unconsolidated Joint Ventures (Notes 2 and 5)
327,692 
214,152 
Cash and cash equivalents
40,993 
32,057 
Restricted cash (Note 8)
5,046 
6,138 
Accounts and notes receivable, less allowance for doubtful accounts of $1,934 and $3,424 in 2013 and 2012 (Note 6)
73,193 
69,033 
Accounts receivable from related parties (Note 12)
1,804 
2,009 
Deferred charges and other assets (Note 7)
89,386 
94,982 
Total Assets
3,506,222 
3,268,495 
Liabilities:
 
 
Notes payable (Note 8)
3,058,053 
2,952,030 
Accounts payable and accrued liabilities
292,280 
278,098 
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures (Note 5)
371,549 
383,293 
Total Liabilities
3,721,882 
3,613,421 
Commitments and contingencies (Notes 2, 8, 9, 10, 11, 13, and 15)
   
   
Equity:
 
 
Series B Non-Participating Convertible Preferred Stock, $0.001 par and liquidation value, 40,000,000 shares authorized, 25,151,069 and 25,327,699 shares issued and outstanding at December 31, 2013 and 2012
25 
25 
Common Stock, $0.01 par value, 250,000,000 shares authorized, 63,101,614 and 63,310,148 shares issued and outstanding at December 31, 2013 and 2012
631 
633 
Additional paid-in capital
796,787 
657,071 
Accumulated other comprehensive income (loss) (Note 19)
(8,914)
(22,064)
Dividends in excess of net income
(908,656)
(891,283)
Stockholders' Equity Attributable to Parent
(120,127)
(255,618)
Noncontrolling interests (Note 9)
(95,533)
(89,308)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
(215,660)
(344,926)
Total Liabilities and Equity
$ 3,506,222 
$ 3,268,495 
CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $)
Dec. 31, 2013
Dec. 31, 2012
Allowance for doubtful accounts
$ (1,934,000)
$ (3,424,000)
Common stock, par value per share
$ 0.01 
$ 0.01 
Common stock, shares authorized
250,000,000 
250,000,000 
Common stock, shares issued
63,101,614 
63,310,148 
Common stock, shares outstanding
63,101,614 
63,310,148 
Series B Preferred Stock [Member]
 
 
Preferred Stock, par value per share
$ 0.001 
$ 0.001 
Preferred Stock, liquidation value per share
$ 0.001 
$ 0.001 
Preferred Stock, shares authorized
40,000,000 
40,000,000 
Preferred Stock, shares issued
25,151,069 
25,327,699 
Preferred Stock, shares outstanding
25,151,069 
25,327,699 
Series J Preferred Stock [Member]
 
 
Preferred Stock, par value per share
$ 0 
$ 0 
Preferred Stock, liquidation value per share
$ 25 
 
Preferred Stock, Liquidation Preference, Value
192,500,000 
192,500,000 
Preferred Stock, shares authorized
7,700,000 
7,700,000 
Preferred Stock, shares issued
7,700,000 
7,700,000 
Preferred Stock, shares outstanding
7,700,000 
7,700,000 
Series K Preferred Stock [Member]
 
 
Preferred Stock, par value per share
$ 0 
 
Preferred Stock, liquidation value per share
$ 25 
 
Preferred Stock, Liquidation Preference, Value
$ 170,000,000 
 
Preferred Stock, shares authorized
6,800,000 
 
Preferred Stock, shares issued
6,800,000 
 
Preferred Stock, shares outstanding
6,800,000 
 
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Revenues:
 
 
 
Minimum rents
$ 417,729 
$ 398,306 
$ 342,612 
Percentage rents
28,512 
28,026 
20,358 
Expense recoveries
272,494 
258,252 
229,313 
Management, leasing, and development services
16,142 
31,811 
25,551 
Other
32,277 
31,579 
27,084 
Total Revenues
767,154 
747,974 
644,918 
Expenses:
 
 
 
Maintenance, taxes, utilities, and promotion
215,825 
201,552 
179,092 
Other operating
71,235 
73,203 
67,301 
Management, leasing, and development services
5,321 
27,417 
11,955 
General and administrative
50,014 
39,659 
31,598 
Acquisition costs (Note 2)
   
   
5,295 
Interest expense
130,023 
142,616 
122,277 
Depreciation and amortization
155,772 
149,517 
132,707 
Total Expenses
628,190 
633,964 
550,225 
Nonoperating income, net
1,348 
277 
1,252 
Income from continuing operations before income tax expense and equity in income of Unconsolidated Joint Ventures
140,312 
114,287 
95,945 
Income tax expense (Note 3)
(3,409)
(4,964)
(610)
Equity in income of Unconsolidated Joint Ventures (Note 5)
52,465 
48,494 
46,064 
Income from continuing operations
189,368 
157,817 
141,399 
Discontinued operations (Note 2):
 
 
 
Gains on extinguishment of debt
 
   
174,171 
Other discontinued operations
 
   
(28,172)
Income (Loss) from Discontinued Operations, Including Portion Attributable to Noncontrolling Interest
 
   
145,999 
Net income
189,368 
157,817 
287,398 
Income from continuing operations attributable to noncontrolling interests (Note 9)
(56,778)
(51,643)
(50,218)
(Income) loss from discontinued operations attributable to noncontrolling interests (Note 9)
 
   
(44,309)
Net income attributable to Taubman Centers, Inc.
132,590 
106,174 
192,871 
Distributions to participating securities of TRG (Note 13)
(1,749)
(1,612)
(1,536)
Preferred stock dividends (Note 14)
(20,933)
(21,051)
(14,634)
Net income attributable to Taubman Centers, Inc. common shareowners
109,908 
83,511 
176,701 
Other comprehensive income (Note 19):
 
 
 
Unrealized gain (loss) on interest rate instruments and other
8,817 
(4,506)
(20,583)
Cumulative translation adjustment
4,407 
2,644 
 
Reclassification adjustment for amounts recognized in net income
5,583 
793 
1,215 
Other Comprehensive Income (Loss), Net of Tax
18,807 
(1,069)
(19,368)
Comprehensive income
208,175 
156,748 
268,030 
Comprehensive income attributable to noncontrolling interests
(62,443)
(51,238)
(74,856)
Comprehensive income attributable to Taubman Centers, Inc.
$ 145,732 
$ 105,510 
$ 193,174 
Basic earnings per common share (Note 16):
 
 
 
Continuing operations
$ 1.73 
$ 1.39 
$ 1.32 
Discontinued operations
 
   
$ 1.79 
Total basic earnings per common share
$ 1.73 
$ 1.39 
$ 3.11 
Diluted earnings per common share (Note 16):
 
 
 
Continuing operations
$ 1.71 
$ 1.37 
$ 1.29 
Discontinued operations
 
   
$ 1.74 
Total diluted earnings per common share
$ 1.71 
$ 1.37 
$ 3.03 
Weighted average number of common shares outstanding – basic
63,591,523 
59,884,455 
56,899,966 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $)
In Thousands, except Share data, unless otherwise specified
Total
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income [Member]
Accumulated Distributions in Excess of Net Income [Member]
Noncontrolling Interest [Member]
Balance at Dec. 31, 2010
$ (527,911)
$ 26 
$ 547 
$ 589,881 
$ (14,925)
$ (939,290)
$ (164,150)
Balance, shares at Dec. 31, 2010
 
33,713,126 
54,696,054 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Issuance of common stock, net of offering costs
111,956 
 
20 
111,936 
 
 
 
Issuance of common stock, net of offering costs (in shares)
2,012,500 
 
2,012,500 
 
 
 
 
Issuance of equity for acquisition of properties
1 
1 
 
 
 
 
 
Issuance of equity for acquisitions of properties, in shares
 
1,321,522 
 
 
 
 
 
Issuance of stock pursuant to Continuing Offer
 
(1)
11 
(10)
 
 
 
Issuance of stock pursuant to Continuing Offer, shares
 
(1,092,690)
(1,092,766)
 
 
 
 
Redemption of Series F Preferred Equity
(27,000)
 
 
 
 
 
(27,000)
Share-based compensation under employee and director benefit plans
12,679 
 
2 
12,677 
 
 
 
Share-based compensation under employee and director benefit plans, shares
 
 
221,155 
 
 
 
 
Adjustments of noncontrolling interests
309 
 
 
(40,561)
449 
 
40,421 
Contributions from noncontrolling interests (excludes contributions attributable to redeemable noncontrolling interests)
31,417 
 
 
 
 
 
31,417 
Dividend equivalents
(113)
 
 
 
 
(113)
 
Dividends and distributions (excludes dividends attributable to redeemable noncontrolling interests)
(210,555)
 
 
 
 
(116,508)
(94,047)
Net income (excludes net loss attributable to redeemable noncontrolling interests)
288,137 
 
 
 
 
192,871 
95,266 
Net income
287,398 
 
 
 
 
 
 
Unrealized gain (loss) on interest rate instruments and other (excludes other comprehensive gain (loss) attributable to redeemable noncontrolling interests)
(20,583)
 
 
 
(13,980)
 
(6,603)
Reclassification adjustment for amounts recognized in net income
1,215 
 
 
 
843 
 
372 
Balance at Dec. 31, 2011
(340,448)
26 
580 
673,923 
(27,613)
(863,040)
(124,324)
Balance, shares at Dec. 31, 2011
 
33,941,958 
58,022,475 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Issuance of common stock, net of offering costs
208,939 
 
29 
208,910 
 
 
 
Issuance of common stock, net of offering costs (in shares)
2,875,000 
 
2,875,000 
 
 
 
 
Issuance of stock pursuant to Continuing Offer
 
(1)
11 
(10)
 
 
 
Preferred Stock Issued During Period, Shares, New Issues
 
7,700,000 
 
 
 
 
 
Issuance of stock pursuant to Continuing Offer, shares
 
(1,132,359)
(1,132,424)
 
 
 
 
Issuance of Preferred Stock, net of offering costs
186,215 
 
 
186,215 
 
 
 
Repurchase of common stock, shares
 
(1,900)
 
 
 
 
 
Redemption of Series G and H Preferred Stock
(180,588)
 
 
(180,588)
 
 
 
Redemption of Series G and H Preferred Stock, shares
 
(7,480,000)
 
 
 
 
 
Share-based compensation under employee and director benefit plans
19,846 
 
13 
19,833 
 
 
 
Share-based compensation under employee and director benefit plans, shares
 
 
1,280,249 
 
 
 
 
Tax impact of share-based compensation
1,020 
 
 
1,020 
 
 
 
Expiration of redemption feature on redeemable noncontrolling interests
72,035 
 
 
72,035 
 
 
 
Acquisition of additional ownership
(275,000)
 
 
(339,170)
 
 
64,170 
Adjustments of noncontrolling interests
 
 
 
14,903 
6,212 
 
(21,115)
Contributions from noncontrolling interests (excludes contributions attributable to redeemable noncontrolling interests)
4,567 
 
 
 
 
 
4,567 
Dividend equivalents
(140)
 
 
 
 
(140)
 
Dividend and distributions (excludes dividends attributable to redeemable noncontrolling interests)
199,145 
 
 
 
 
(134,277)
(64,868)
Net income (excludes net loss attributable to redeemable noncontrolling interests)
158,793 
 
 
 
 
106,174 
52,619 
Net income
157,817 
 
 
 
 
 
 
Unrealized gain (loss) on interest rate instruments and other (excludes other comprehensive gain (loss) attributable to redeemable noncontrolling interests)
(4,457)
 
 
 
(3,117)
 
(1,340)
Cumulative translation adjustment
2,644 
 
 
 
1,888 
 
756 
Reclassification adjustment for amounts recognized in net income
793 
 
 
 
566 
 
227 
Balance at Dec. 31, 2012
(344,926)
25 
633 
657,071 
(22,064)
(891,283)
(89,308)
Balance, shares at Dec. 31, 2012
 
33,027,699 
63,310,148 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Issuance of common stock, net of offering costs (in shares)
0 
 
 
 
 
 
 
Issuance of stock pursuant to Continuing Offer
 
 
2 
(2)
 
 
 
Preferred Stock Issued During Period, Shares, New Issues
 
6,800,000 
 
 
 
 
 
Issuance of stock pursuant to Continuing Offer, shares
 
(176,630)
(176,640)
 
 
 
 
Issuance of Preferred Stock, net of offering costs
164,395 
 
 
164,395 
 
 
 
Repurchase of common stock
(52,287)
 
(8)
(52,279)
 
 
 
Repurchase of common stock, shares
(786,805)
 
(786,805)
 
 
 
 
Share-based compensation under employee and director benefit plans
13,055 
 
4 
13,051 
 
 
 
Share-based compensation under employee and director benefit plans, shares
 
 
401,631 
 
 
 
 
Tax impact of share-based compensation
472 
 
 
472 
 
 
 
Acquisition of additional ownership
(1,050)
 
 
(1,050)
 
 
 
Adjustments of noncontrolling interests
 
 
 
15,129 
8 
 
(15,137)
Contributions from noncontrolling interests (excludes contributions attributable to redeemable noncontrolling interests)
4,729 
 
 
 
 
 
4,729 
Dividend equivalents
(176)
 
 
 
 
(176)
 
Dividends and distributions (excludes dividends attributable to redeemable noncontrolling interests)
(208,047)
 
 
 
 
(149,787)
(58,260)
Net income
189,368 
 
 
 
 
132,590 
56,778 
Unrealized gain (loss) on interest rate instruments and other (excludes other comprehensive gain (loss) attributable to redeemable noncontrolling interests)
8,817 
 
 
 
6,117 
 
2,700 
Cumulative translation adjustment
4,407 
 
 
 
3,150 
 
1,257 
Reclassification adjustment for amounts recognized in net income
5,583 
 
 
 
3,875 
 
1,708 
Balance at Dec. 31, 2013
$ (215,660)
$ 25 
$ 631 
$ 796,787 
$ (8,914)
$ (908,656)
$ (95,533)
Balance, shares at Dec. 31, 2013
 
39,651,069 
63,101,614 
 
 
 
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Parenthetical (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Contibutions attributable to redeemable noncontrolling interests
 
$ 231 
$ 794 
Dividends attributable to redeemable noncontrolling interests
 
(2,456)
(66)
Net income (loss) attributable to redeemable noncontrolling interest
   
(976)
(739)
Other comprehensive income (loss) attributable to redeemable noncontrolling interest
 
$ (49)
 
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash Flows From Operating Activities:
 
 
 
Net income
$ 189,368 
$ 157,817 
$ 287,398 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization - continuing operations
155,772 
149,517 
132,707 
Depreciation and amortization - discontinued operations
 
   
10,309 
Provision for bad debts
489 
1,397 
2,032 
Gains on sales of peripheral land
(863)
   
(519)
Gain on sale of marketable securities (Note 17)
(1,323)
 
 
Gains on extinguishment of debt of discontinued operations
   
   
(174,171)
Income from Unconsolidated Joint Ventures in excess of distributions
(3,076)
 
 
Other
13,501 
12,165 
13,142 
Increase (decrease) in cash attributable to changes in assets and liabilities:
 
 
 
Receivables, restricted cash, deferred charges, and other assets
(12,053)
(24,445)
(21,211)
Accounts payable and other liabilities
29,557 
27,898 
20,479 
Net Cash Provided By Operating Activities
371,372 
324,349 
270,166 
Cash Flows From Investing Activities:
 
 
 
Additions to properties
(283,864)
(247,637)
(69,443)
Proceeds from sale of marketable securities (Note 17)
2,493 
 
 
Proceeds from sales of peripheral land
6,916 
   
3,728 
Issuances of notes receivable
(1,489)
 
   
Repayments of notes receivable
526 
5,974 
1,544 
Release of (additions to) restricted cash (Note 2)
 
289,389 
(289,389)
Collection and release of TCBL related proceeds (Note 2)
12,903 
4,414 
 
Investment in TCBL Inc. (Note 2)
 
   
(11,523)
Contributions to Unconsolidated Joint Ventures
(108,918)
(110,208)
(21,757)
Contribution for acquisition of additional interest in Waterside Shops (Note 2)
   
(36,250)
 
Distributions from Unconsolidated Joint Ventures in excess of income
   
220,662 
17,639 
Other
 
   
861 
Net Cash Provided By (Used In) Investing Activities
(371,433)
126,344 
(368,340)
Cash Flows From Financing Activities:
 
 
 
Debt proceeds
429,745 
105,740 
536,648 
Debt payments
(317,365)
(11,462)
(334,017)
Repayment of installment notes
   
(281,467)
 
Debt issuance costs
(9,479)
(4,711)
(8,830)
Repurchase of common stock
(52,287)
 
 
Issuance of common stock, net of offering costs
   
208,939 
111,956 
Issuance of common stock and/or partnership units in connection with incentive plans
(1,644)
6,503 
2,593 
Issuance of Preferred Stock, net of offering costs
164,395 
186,215 
 
Redemptions of Series G and H Preferred Stock
 
(187,000)
 
Redemption of Series F Preferred Equity
 
 
(27,000)
Redemption of redeemable noncontrolling interest
(1,050)
 
 
Acquisition of noncontrolling interest in International Plaza
 
(275,000)
 
Distributions to noncontrolling interests
(58,260)
(67,325)
(94,113)
Distributions to participating securities of TRG
(1,749)
(1,612)
(1,536)
Contributions from noncontrolling interests
4,729 
4,798 
32,211 
Cash dividends to preferred shareowners
(20,933)
(14,639)
(14,634)
Cash dividends to common shareowners
(127,105)
(111,543)
(100,286)
Other
   
(105)
(76)
Net Cash Provided By (Used In) Financing Activities
8,997 
(442,669)
102,916 
Net Increase In Cash and Cash Equivalents
8,936 
8,024 
4,742 
Cash and Cash Equivalents at Beginning of Year
32,057 
24,033 
19,291 
Cash and Cash Equivalents at End of Year
$ 40,993 
$ 32,057 
$ 24,033 
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies

Organization and Basis of Presentation

General

Taubman Centers, Inc. (the Company or TCO) is a Michigan corporation that operates as a self-administered and self-managed real estate investment trust (REIT). The Taubman Realty Group Limited Partnership (the Operating Partnership or TRG) is a majority-owned partnership subsidiary of TCO that owns direct or indirect interests in all of the company’s real estate properties. In this report, the term “Company" refers to TCO, the Operating Partnership, and/or the Operating Partnership's subsidiaries as the context may require. The Company engages in the ownership, management, leasing, acquisition, disposition, development, and expansion of regional and super-regional retail shopping centers and interests therein. The Company’s owned portfolio as of December 31, 2013 included 25 urban and suburban shopping centers operating in 13 states. In January 2014, the Company disposed of its ownership interest in Arizona Mills, the Company's only shopping center in the state of Arizona (Note 21).

Taubman Properties Asia LLC and its subsidiaries (Taubman Asia), which is the platform for the Company’s expansion into China and South Korea, is headquartered in Hong Kong.

Dollar amounts presented in tables within the notes to the financial statements are stated in thousands, except share data or as otherwise noted.

Consolidation

The consolidated financial statements of the Company include all accounts of the Company, the Operating Partnership, and its consolidated subsidiaries, including The Taubman Company LLC (the Manager) and Taubman Asia. All intercompany transactions have been eliminated. The entities included in these consolidated financial statements are separate legal entities and maintain records and books of account separate from any other entity. However, inclusion of these separate entities in the consolidated financial statements does not mean that the assets and credit of each of these legal entities are available to satisfy the debts or other obligations of any other such legal entity included in the consolidated financial statements.

Investments in entities not controlled but over which the Company may exercise significant influence (Unconsolidated Joint Ventures or UJVs) are accounted for under the equity method. The Company has evaluated its investments in the Unconsolidated Joint Ventures under guidance for determining whether an entity is a variable interest entity and has concluded that the ventures are not variable interest entities. Accordingly, the Company accounts for its interests in these entities under general accounting standards for investments in real estate ventures (including guidance for determining effective control of a limited partnership or similar entity). The Company’s partners or other owners in these Unconsolidated Joint Ventures have substantive participating rights including approval rights over annual operating budgets, capital spending, financing, admission of new partners/members, or sale of the properties and the Company has concluded that the equity method of accounting is appropriate for these interests. Specifically, the Company’s 79% investment in Westfarms is through a general partnership in which the other general partners have approval rights over annual operating budgets, capital spending, refinancing, or sale of the property.

The Operating Partnership

At December 31, 2013, the Operating Partnership’s equity included two classes of preferred equity (Series J and K Preferred Equity) and the net equity of the partnership unitholders (Note 14). Net income and distributions of the Operating Partnership are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in the Operating Partnership in accordance with their percentage ownership. The Series J and K Preferred Equity are owned by the Company and are eliminated in consolidation.

At December 31, 2012, the Operating Partnership’s equity included one class of preferred equity (Series J Preferred Equity) and the net equity of the partnership unitholders. At December 31, 2011, the Operating Partnership's equity included two classes of preferred equity (Series G and H Preferred Equity) and the net equity of the partnership unitholders. In September 2012, the Series G and H Preferred Equity were redeemed. See Note 14 for information related to the redemptions of the Series G and Series H Preferred Equity and the issuance of the Series J and K Preferred Equity.




The partnership equity of the Operating Partnership and the Company's ownership therein are shown below:
Year
 
TRG units outstanding at December 31
 
TRG units owned by TCO at December 31(1)
 
TRG units owned by noncontrolling interests at December 31
 
TCO's % interest in TRG at December 31
 
TCO's average interest in TRG
2013
 
88,271,133

 
63,101,614

 
25,169,519

 
71%
 
72%
2012
 
88,656,297

 
63,310,148

 
25,346,149

 
71
 
69
2011
 
84,502,883

 
58,022,475

 
26,480,408

 
69
 
69

(1)
There is a one-for-one relationship between TRG units owned by TCO and TCO common shares outstanding; amounts in this column are equal to TCO’s common shares outstanding as of the specified dates.

Outstanding voting securities of the Company at December 31, 2013 consisted of 25,151,069 shares of Series B Preferred Stock (Note 14) and 63,101,614 shares of Common Stock.

Revenue Recognition

Shopping center space is generally leased to tenants under short and intermediate term leases that are accounted for as operating leases. Minimum rents are recognized on the straight-line method. Percentage rent is accrued when lessees' specified sales targets have been met. For traditional net leases, where tenants reimburse the landlord for an allocation of reimbursable costs incurred, the Company recognizes revenue in the period the applicable costs are chargeable to tenants. For tenants paying a fixed common area maintenance charge (which typically includes fixed increases over the lease term), the Company recognizes revenue on a straight-line basis over the lease terms. Management, leasing, and development revenue is recognized as services are rendered, when fees due are determinable, and collectibility is reasonably assured. Fees for management, leasing, and development services are established under contracts and are generally based on negotiated rates, percentages of cash receipts, and/or actual costs incurred. Fixed-fee development services contracts are generally accounted for under the percentage-of-completion method, using cost to cost measurements of progress. Profits on real estate sales are recognized whenever (1) a sale is consummated, (2) the buyer has demonstrated an adequate commitment to pay for the property, (3) the Company’s receivable is not subject to future subordination, and (4) the Company has transferred to the buyer the risks and rewards of ownership. Other revenues, including fees paid by tenants to terminate their leases, are recognized when fees due are determinable, no further actions or services are required to be performed by the Company, and collectibility is reasonably assured. Taxes assessed by government authorities on revenue-producing transactions, such as sales, use, and value-added taxes, are primarily accounted for on a net basis on the Company’s income statement.

Allowance for Doubtful Accounts and Notes

The Company records a provision for losses on accounts receivable to reduce them to the amount estimated to be collectible. The Company records a provision for losses on notes receivable to reduce them to the present value of expected future cash flows discounted at the loans’ effective interest rates or the fair value of the collateral if the loans are collateral dependent.

Depreciation and Amortization

Buildings, improvements, and equipment are primarily depreciated on straight-line bases over the estimated useful lives of the assets, which generally range from 3 to 50 years. Capital expenditures that are recoverable from tenants are depreciated over the estimated recovery period. Intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets. Tenant allowances are depreciated on a straight-line basis over the shorter of the useful life of the leasehold improvements or the lease term. Deferred leasing costs are amortized on a straight-line basis over the lives of the related leases. In the event of early termination of such leases, the unrecoverable net book values of the assets are recognized as depreciation and amortization expense in the period of termination.

Capitalization

Direct and indirect costs that are clearly related to the acquisition, development, construction, and improvement of properties are capitalized. Compensation costs are allocated based on actual time spent on a project. Costs incurred on real estate for ground leases, property taxes, insurance, and interest costs for qualifying assets are capitalized during periods in which activities necessary to get the property ready for its intended use are in progress.

The viability of all projects under construction or development, including those owned by Unconsolidated Joint Ventures, are regularly evaluated on an individual basis under the accounting for abandonment of assets or changes in use. To the extent a project, or individual components of the project, are no longer considered to have value, the related capitalized costs are charged against operations. Additionally, all properties are reviewed for impairment on an individual basis whenever events or changes in circumstances indicate that their carrying value may not be recoverable. Impairment of a shopping center owned by consolidated entities is recognized when the sum of expected cash flows (undiscounted and without interest charges) is less than the carrying value of the property. Other than temporary impairment of an investment in an Unconsolidated Joint Venture is recognized when the carrying value of the investment is not considered recoverable based on evaluation of the severity and duration of the decline in value, including the results of discounted cash flow and other valuation techniques. To the extent impairment has occurred, the excess carrying value of the asset over its estimated fair value is charged to income.

In leasing a shopping center space, the Company may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, the Company determines whether the allowance represents funding for the construction of leasehold improvements and evaluates the ownership, for accounting purposes, of such improvements. If the Company is considered the owner of the leasehold improvements for accounting purposes, the Company capitalizes the amount of the tenant allowance and depreciates it over the shorter of the useful life of the leasehold improvements or the lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements for accounting purposes, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of rental revenue. Factors considered during this evaluation usually include (1) who holds legal title to the improvements, (2) evidentiary requirements concerning the spending of the tenant allowance, and (3) other controlling rights provided by the lease agreement (e.g. unilateral control of the tenant space during the build-out process). Determination of the accounting for a tenant allowance is made on a case-by-case basis, considering the facts and circumstances of the individual tenant lease. Substantially all of the Company’s tenant allowances have been determined to be leasehold improvements.

Cash and Cash Equivalents

Cash equivalents consist of highly liquid investments with a maturity of 90 days or less at the date of purchase. The Company deposits cash and cash equivalents with institutions with high credit quality. From time to time, cash and cash equivalents may be in excess of FDIC insurance limits. Included in cash equivalents at both December 31, 2013 and 2012 was $18.0 million invested in a single investment company's money market fund, which is not insured or guaranteed by the FDIC or any other government agency.

The Company is required to escrow cash balances for specific uses stipulated by its lenders. As of December 31, 2013 and December 31, 2012, the Company’s restricted cash balances were $5.0 million and $6.1 million, respectively. Included in restricted cash is $3.8 million at December 31, 2013 on deposit in excess of the FDIC insured limit.

Acquisitions

The Company recognizes the assets acquired, the liabilities assumed, and any noncontrolling interests in the acquiree at their fair values as of the acquisition date. The cost of acquiring a controlling ownership interest or an additional ownership interest (if not already consolidated) is allocated to the tangible assets acquired (such as land and building) and to any identifiable intangible assets based on their estimated fair values at the date of acquisition. The fair value of a property is determined on an “as-if-vacant” basis. Management considers various factors in estimating the "as-if-vacant" value including an estimated lease up period, lost rents, and carrying costs. The identifiable intangible assets would include the estimated value of “in-place” leases, above and below market “in-place” leases, and tenant relationships. The portion of the purchase price that management determines should be allocated to identifiable intangible assets is amortized in depreciation and amortization or as an adjustment to rental revenue, as appropriate, over the estimated life of the associated intangible asset (for instance, the remaining life of the associated tenant lease). The Company records goodwill when the cost of an acquired entity exceeds the net of the amounts assigned to assets acquired and liabilities assumed. Costs related to the acquisition of a controlling interest, including due diligence costs, professional fees, and other costs to effect an acquisition, are expensed as incurred.


Deferred Charges and Other Assets

Direct financing costs are deferred and amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related agreements as a component of interest expense. Direct costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. Cash expenditures for leasing costs are recognized in the Statement of Cash Flows as operating activities. All other deferred charges are amortized on a straight-line basis over the terms of the agreements to which they relate.

Share-Based Compensation Plans

The cost of share-based compensation is measured at the grant date, based on the calculated fair value of the award, and is recognized over the requisite employee service period which is generally the vesting period of the grant. The Company recognizes compensation costs for awards with graded vesting schedules on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards.

Interest Rate Hedging Agreements

All derivatives, whether designated in hedging relationships or not, are recorded on the balance sheet at fair value. If a derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive income (OCI) and are recognized in the income statement when the hedged item affects income. Ineffective portions of changes in the fair value of a cash flow hedge are recognized in the Company’s income as interest expense.

The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged items.

Income Taxes

The Company operates in such a manner as to qualify as a REIT under the applicable provisions of the Internal Revenue Code; therefore, REIT taxable income is included in the taxable income of its shareowners, to the extent distributed by the Company. To qualify as a REIT, the Company must distribute at least 90% of its REIT taxable income prior to net capital gains to its shareowners and meet certain other requirements. Additionally, no provision for federal income taxes for consolidated partnerships has been made, as such taxes are the responsibility of the individual partners. There are certain state income taxes incurred which are provided for in the Company’s financial statements.

The Company has made Taxable REIT Subsidiary (TRS) elections for all of its corporate subsidiaries pursuant to section 856(I) of the Internal Revenue Code. The TRSs are subject to corporate level income taxes, including certain foreign income taxes for foreign operations, which are provided for in the Company’s financial statements.

Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the bases of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence, including expected taxable earnings. The Company’s temporary differences primarily relate to deferred compensation, depreciation, and net operating loss carryforwards.


Noncontrolling Interests

Noncontrolling interests in the Company are comprised of the ownership interests of (1) noncontrolling interests in the Operating Partnership and (2) the noncontrolling interests in joint ventures controlled by the Company through ownership or contractual arrangements. Consolidated net income and comprehensive income includes amounts attributable to the Company and the noncontrolling interests. Transactions that change the Company's ownership interest in a subsidiary are accounted for as equity transactions if the Company retains its controlling financial interest in the subsidiary.
The Company evaluates whether noncontrolling interests are subject to any redemption features outside of the Company's control that would result in presentation outside of permanent equity pursuant to general accounting standards regarding the classification and measurement of redeemable equity instruments. Certain noncontrolling interests in the Operating Partnership and consolidated ventures of the Company qualify as redeemable noncontrolling interests (Note 9). To the extent such noncontrolling interests are currently redeemable or it is probable that they will eventually become redeemable, these interests are adjusted to the greater of their redemption value or their carrying value at each balance sheet date.

Foreign Currency Translation
The Company has certain entities in Asia for which the functional currency is the local currency. The assets and liabilities of the entities are translated from their functional currency into U.S. Dollars at the rate of exchange in effect on the balance sheet date. Income statement accounts are generally translated using the average exchange rate for the period. Income statement amounts of significant transactions are translated at the rate in effect as of the date of the transaction. The Company's share of unrealized gains and losses resulting from the translation of the entities' financial statements are reflected in stockholders' equity as a component of Accumulated Other Comprehensive Income (loss) in the Company's Consolidated Balance Sheet (Note 19).
Discontinued Operations

The Company reclassifies to discontinued operations any material operations and gains or losses on disposal related to consolidated properties disposed of during the period in accordance with the applicable accounting standards. In 2011, the Company disposed of two centers and reported gains on the extinguishment of debt in the Statement of Operations and Comprehensive Income (Note 2).

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
 
Segments and Related Disclosures

The Company has one reportable operating segment: it owns, develops, and manages regional shopping centers. The Company has aggregated its shopping centers into this one reportable segment, as the shopping centers share similar economic characteristics and other similarities. The shopping centers are located in major metropolitan areas, have similar tenants (most of which are national chains), are operated using consistent business strategies, and are expected to exhibit similar long-term financial performance. Earnings before interest, income taxes, depreciation, and amortization (EBITDA) is often used by the Company's chief operating decision makers in assessing segment operating performance. EBITDA is believed to be a useful indicator of operating performance as it is customary in the real estate and shopping center business to evaluate the performance of properties on a basis unaffected by capital structure.

No single retail company represents 10% or more of the Company's revenues. Although the Company does business in China and South Korea, there are not yet any material revenues from customers or long-lived assets attributable to a country other than the United States of America. At December 31, 2013, the Company's investments in Asia are in Unconsolidated Joint Ventures and accounted for under the equity method.
Acquisitions, Dispositions and Development
Acquisitions Dispositions and Development [Text Block]
Acquisitions, Dispositions, and Developments

Acquisitions

Redemption of Joint Venture Outlet Interest

In September 2013, the Company redeemed the outlet joint venture partner's 10% interest, which increased the Company's ownership to 100%. See "Note 9 - Noncontrolling Interests" for further details on the redemption.

International Plaza

In December 2012, the Company acquired an additional 49.9% interest in International Plaza from CSAT, LP, which increased its ownership in the center to 100%. The $437 million purchase price for CSAT, LP's interest in the center consisted of $275 million of cash and approximately $162 million of beneficial interest in debt. The acquisition of the additional interest in a consolidated subsidiary was accounted for as an equity transaction. Consequently, the difference of $339.2 million between the consideration paid for the interest and the book value of the noncontrolling interest was recognized as an adjustment to additional paid-in-capital and the noncontrolling partners in TRG. The Company subsequently sold a total of 49.9% of its interests, including certain governance rights, in the entity that owns International Plaza in January 2014 (Note 21).

Waterside Shops

In December 2012, the Company acquired an additional 25% interest in Waterside Shops, which brought the Company's ownership interest in the center to 50%. The acquisition of the additional interest was accomplished by purchasing an affiliate of Oregon PERS' 50% interest in the center on a pari passu basis with an affiliate of The Forbes Company. The $155.0 million purchase price for Oregon PERS' interest in the center consisted of $72.5 million of cash and $82.5 million of beneficial interest in debt. The Company's share of the consideration for the additional interest was $77.5 million, which consisted of cash and beneficial interest in debt of $36.3 million and $41.3 million, respectively. After the acquisition, the Company continues to recognize its investment in Waterside Shops in Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet. The Company's share of the difference between the purchase price and the net book value of the additional interest in the Unconsolidated Joint Venture was $52.7 million, which was allocated to land, buildings, improvements, and equipment. In addition, beneficial interest in debt was increased by a $3.9 million purchase accounting premium to record the debt at fair value. The premium is being amortized as a reduction to interest expense over the remaining term of the debt and had a balance of $2.9 million as of December 31, 2013.

The Mall at Green Hills, The Gardens on El Paseo and El Paseo Village

In December 2011, the Company acquired The Mall at Green Hills in Nashville, Tennessee, and The Gardens on El Paseo and El Paseo Village in Palm Desert, California from affiliates of Davis Street Properties, LLC. The consideration for the properties was $560 million. The consideration consisted of the assumption of approximately $206 million of debt, $281.5 million in installment notes, and the issuance of 1.3 million Operating Partnership units. For each operating partnership unit issued, a share of Series B Preferred Stock (Note 15) was issued. In 2011 cash was drawn from the Company's revolving lines of credit primarily to collateralize the $281.5 million in installment notes that were issued for the acquisition of The Mall at Green Hills, The Gardens on El Paseo and El Paseo Village. In 2012, the installment notes were repaid. The assumed debt consisted of three loans. The 1.3 million Operating Partnership units issued were determined based on a value of $55 per unit, which approximated the fair value due to initial restrictions on sale of these Operating Partnership units. See Note 9 for features of the Operating Partnership units. The consideration was allocated to land; buildings, improvements, and equipment; and deferred charges and other assets. Beneficial interest in debt was increased by a $9.6 million purchase accounting premium to record the debt at fair value. The premium is being amortized as a reduction of interest expense over the remaining terms of the debt and had a $2.9 million balance at December 31, 2013. In addition, a liability was recorded to adjust the purchase price for below market rentals.
 
Acquisition costs

During the year ended December 31, 2011, the Operating Partnership incurred $5.3 million in expenses for the acquisition of The Mall at Green Hills, The Gardens on El Paseo and El Paseo Village, and Taubman TCBL. Acquisition costs incurred during 2013 and 2012 were immaterial.


Dispositions

2014 Dispositions

The Company sold interests in International Plaza, Arizona Mills, and land relating to the former Oyster Bay project in 2014 (Note 21).

TCBL

In November 2012, assets of the Taubman TCBL business were sold for $15.5 million. Additionally, the purchase price was adjusted for certain working capital and other transition costs. The total sale consideration was approximately equal to Taubman's investment in the business. As part of the sale, the non-controlling owners in Taubman TCBL relinquished the capital that was credited to them in connection with the Company's 2011 acquisition of Taubman TCBL. In connection with the sale, the Company received cash of approximately $4.4 million, while the remaining consideration consisted of approximately $3.6 million held in an escrow account pending receipt of consideration in an equivalent amount of Chinese Renminbi, a note receivable of approximately $8.5 million, and other receivables of approximately $0.8 million. Additionally, the Company incurred a tax liability of $3.2 million, which is included within Income Tax Expense on the Consolidated Statement of Operations and Comprehensive Income during 2012. As of December 31, 2012, the cash held in escrow was included within Deferred Charges and Other Assets on the Consolidated Balance Sheet and the note receivable and other receivables were included within Accounts and Notes Receivable on the Consolidated Balance Sheet. In 2013, the Company collected this remaining consideration from the sale.

Discontinued Operations

Discontinued operations for the period ended December 31, 2011 reported in the accompanying Statement of Operations and Comprehensive Income consist of the financial results of The Pier Shops at Caesars (The Pier Shops) and Regency Square. Total revenues from discontinued operations were $21.5 million for the year ended December 31, 2011. The net loss from discontinued operations, excluding the gains on extinguishment of debt in 2011, during the year ended December 31, 2011 was $28.2 million.

In November 2011, the mortgage lender for The Pier Shops completed the foreclosure on the property and title to the property was transferred to the mortgage lender. The Company was relieved of $135.0 million of debt obligations plus accrued default interest associated with the property. As a result, a $126.7 million non-cash accounting gain was recognized on extinguishment of the debt obligation, representing the difference between the book value of the debt, interest payable and other obligations extinguished over the net book value of the property and other assets transferred as of the transfer date.

In December 2011, the mortgage lender for Regency Square accepted a deed in lieu of foreclosure on the property and title to the property was transferred to the mortgage lender. The Company was relieved of $72.2 million of debt obligations plus accrued default interest associated with the property. As a result, a $47.4 million non-cash accounting gain was recognized on extinguishment of the debt obligation, representing the difference between the book value of the debt, interest payable and other obligations extinguished over the net book value of the property and other assets transferred as of the transfer date.

U.S. Development

International Market Place

International Market Place, a 0.4 million square foot center, is under development in Waikiki, Honolulu, Hawaii. The center will be anchored by the only full-line Saks Fifth Avenue in Hawaii. The Company will break ground on the center in March 2014 with an expected opening in spring 2016. The Company has a 93.5% interest in the project, which is subject to a participating ground lease. As of December 31, 2013, the Company's capitalized costs for the project were $14.6 million ($13.7 million at TRG's share).

The Mall at University Town Center

The Mall at University Town Center, a 0.9 million square foot center, is under construction in Sarasota, Florida. The Company is funding its 50% share of the project. The center will be anchored by Saks Fifth Avenue, Macy's, and Dillard's and is expected to open in October 2014. As of December 31, 2013, the Company had invested $91.6 million. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet.


The Mall of San Juan

The Mall of San Juan, a 0.7 million square foot center, is under construction in San Juan, Puerto Rico. The Company owns 80% of the retail portion of the project. The center will be anchored by Nordstrom and Saks Fifth Avenue and is expected to open in March 2015. As of December 31, 2013, the Company had capitalized costs of $158.7 million ($127.2 million at TRG's share).

Taubman Prestige Outlets Chesterfield

Taubman Prestige Outlets Chesterfield, a 0.3 million square foot outlet project in Chesterfield, Missouri, opened in August 2013. The Company increased its ownership in the project to 100% as a result of the Company's September 2013 redemption of the outlet joint venture partner (Note 9).

Asia

CityOn.Zhengzhou

In 2013, the Company formed a joint venture with Beijing Wangfujing Department Store (Group) Co., Ltd, one of China's largest department store chains. The joint venture owns a majority interest in and will manage an approximately 1.0 million square foot multi-level shopping center to be located in Zhengzhou, China. Through this joint venture, the Company beneficially owns a 32% interest in the shopping center, which is scheduled to open in late 2015. As of December 31, 2013, the Company had invested $39.4 million in the project, after cumulative currency adjustments. The investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet.

CityOn.Xi'an

In 2012, the Company formed a joint venture with Beijing Wangfujing Department Store (Group) Co., Ltd. The joint venture will own a 60% controlling interest in and manage an approximately 1.0 million square foot shopping center to be located at Xi'an Saigao City Plaza, a large-scale mixed-use development in Xi'an, China. Through this joint venture, the Company will beneficially own a 30% interest in the shopping center, which is scheduled to open in late 2015. As of December 31, 2013, the Company had invested $56.1 million in the project, after cumulative currency translation adjustments. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet.

Hanam Union Square

In 2011, the Company partnered with Shinsegae Group, South Korea's largest retailer, to build an approximately 1.7 million square foot shopping mall in Hanam, Gyeonggi Province, South Korea. The Company has a 30% interest in the development, which is scheduled to open in late 2016. As of December 31, 2013, the Company had invested $97.8 million in the project, after cumulative currency translation adjustments. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet.
Income Taxes
Income Taxes
Income Taxes

Income Tax Expense

The Company’s income tax expense for the years ended December 31, 2013, 2012, and 2011 is as follows:

 
2013
 
2012
 
2011
State current
$
230

 
$
205

 
$
551

State deferred
(77
)
 
(13
)
 
(366
)
Federal current
547

 
1,011

 
217

Federal deferred
632

 
257

 
158

Foreign current
2,193


3,324

(1) 
50

Foreign deferred
(116
)

180

(1) 

Total income tax expense
$
3,409

 
$
4,964

 
$
610



(1) The Company recognized $3.2 million of income tax expense related to the sale of Taubman TCBL's assets (Note 2), of which $2.8 million is included in foreign current tax expense and $0.4 million is included in foreign deferred tax expense.


Net Operating Loss Carryforwards

As of December 31, 2013, the Company had a total federal net operating loss carryforward of $2.0 million, expiring as follows:

Tax Year
 
Expiration
 
Amount
2008
 
2028
 
$
1,515

2009
 
2029
 
297

2010
 
2030
 
37

2011
 
2031
 
44

2012
 
2032
 
101



The Company also had a foreign net operating loss carryforward with an indefinite carryforward period of $7.2 million as of December 31, 2013.

Deferred Taxes

Deferred tax assets and liabilities as of December 31, 2013 and 2012 are as follows:

 
2013
 
2012
Deferred tax assets:
 
 
 
Federal
$
2,746

 
$
3,378

Foreign
1,821

 
1,090

State
527

 
182

Total deferred tax assets
$
5,094

 
$
4,650

Valuation allowances
(1,831
)
 
(991
)
Net deferred tax assets
$
3,263

 
$
3,659

Deferred tax liabilities:
 

 
 

Federal
$
602

 
$
609

Foreign
449

 
401

State
107

 
107

Total deferred tax liabilities
$
1,158

 
$
1,117



The Company believes that it is more likely than not the results of future operations will generate sufficient taxable income to realize the net deferred tax assets. These future operations are primarily dependent upon the Manager's profitability, the timing and amounts of gains on land sales, the profitability of the Company’s Asia operations, and other factors affecting the results of operations of the Taxable REIT Subsidiaries. The valuation allowances relate to net operating loss carryforwards and tax basis differences where there is uncertainty regarding their realizability.

International Plaza

In November 2013, substantially all of the interest in International Plaza acquired by the Company in 2012 was transferred to a Taxable REIT Subsidiary of the Company. Prior to the transfer in November 2013, substantially all of the interest was held by a nontaxable subsidiary of the Company. No deferred taxes were recorded related to any book-tax basis differences related to this transaction because of its intercompany nature.

Tax Status of Dividends

Dividends declared on the Company’s common and preferred stock and their tax status are presented in the following tables. The tax status of the Company’s dividends in 2013, 2012, and 2011 may not be indicative of future periods.

Year
 
Dividends per common share declared
 
Return of capital
 
Ordinary income
 
15% Rate long term capital gain
 
Unrecaptured Sec. 1250 capital gain
2013
 
$
2.0000

 
$
0.2636

 
$
1.7364

 
$
0.0000

 
$
0.0000

2012
 
1.8500

 
0.5429

 
1.3071

 
0.0000

 
0.0000

2011
 
1.7625

 
0.4455

 
1.3170

 
0.0000

 
0.0000



Year
 
Dividends per Series G Preferred share declared
 
Ordinary income
 
15% Rate long term capital gain
 
Unrecaptured Sec. 1250 capital gain
2012
 
$
1.350

 
$
1.350

 
$
0.0000

 
$
0.0000

2011
 
2.000

 
2.000

 
0.0000

 
0.0000


Year
 
Dividends per Series H Preferred share declared
 
Ordinary income
 
15% Rate long term capital gain
 
Unrecaptured Sec. 1250 capital gain
2012
 
$
1.28672

 
$
1.28672

 
$
0.0000

 
$
0.0000

2011
 
1.90625

 
1.90625

 
0.0000

 
0.0000



Year

Dividends per Series J Preferred share declared

Ordinary income

15% Rate long term capital gain

Unrecaptured Sec. 1250 capital gain
2013

$
1.6250


$
1.6250


$
0.0000


$
0.0000

2012

0.6184


0.6184


0.0000


0.0000



Year
 
Dividends per Series K Preferred share declared
 
Ordinary income
 
15% Rate long term capital gain
 
Unrecaptured Sec. 1250 capital gain
2013
 
$
1.24132

 
$
1.24132

 
$
0.0000

 
$
0.0000




Tax Benefits

During the years ended December 31, 2013 and 2012, the Company realized a $0.5 million and $1.0 million tax benefit respectively, as additional paid-in capital relating to the redemption of certain share-based compensation awards. This benefit represents the amount of reduced Federal income tax attributed to the tax deduction that exceeds the recognized deferred tax asset relating to the awards, which was based on their cumulative book compensation cost. This excess tax deduction is due to changes in the fair value of the Company's shares between the grant date (the measurement date for book purposes) and the exercise date (the measurement date for tax purposes) of the awards.

Uncertain Tax Positions

The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2013. The Company has no material interest or penalties relating to income taxes recognized in the Consolidated Statement of Operations and Comprehensive Income for the years ended December 31, 2013, 2012, and 2011 or in the Consolidated Balance Sheet as of December 31, 2013 and 2012. As of December 31, 2013, returns for the calendar years 2010 through 2013 remain subject to examination by U.S. and various state and foreign tax jurisdictions.
Properties
Real Estate Disclosure [Text Block]
Properties

Properties at December 31, 2013 and December 31, 2012 are summarized as follows:
 
2013
 
2012
Land
$
336,360

 
$
333,270

Buildings, improvements, and equipment
3,896,401

 
3,749,180

Construction in process
106,035

 
116,850

Development pre-construction costs
146,294

 
46,700

 
$
4,485,090

 
$
4,246,000

Accumulated depreciation and amortization
(1,516,982
)
 
(1,395,876
)
 
$
2,968,108

 
$
2,850,124



Depreciation expense for 2013, 2012, and 2011 was $142.5 million, $134.9 million, and $127.2 million, respectively.

The charge to operations in 2013, 2012, and 2011 for domestic and non-U.S. pre-development activities was $10.6 million, $19.8 million, and $23.7 million, respectively.

Oyster Bay

The Company’s capitalized investment in the former Oyster Bay project as of December 31, 2013 was $39.8 million, which is classified in “development pre-construction costs” and consists of land and site improvements. In January 2014, the Company disposed of its investment in Oyster Bay in conjunction with the sale of Arizona Mills (Note 21).

Other

One shopping center pays annual special assessment levies of a Community Development District (CDD), for which the Company has capitalized the related infrastructure assets and improvements (Note 17).
Investments in Unconsolidated Joint Ventures
Investments in Unconsolidated Joint Ventures
Investments in Unconsolidated Joint Ventures

General Information

The Company owns beneficial interests in joint ventures that own shopping centers. The Operating Partnership is the sole direct or indirect managing general partner or managing member of Fair Oaks, Stamford Town Center, Sunvalley, and Westfarms. The Operating Partnership also provides certain management, leasing, and/or development services to the other shopping centers noted below.
Shopping Center
Ownership as of
December 31, 2013 and 2012
Arizona Mills (1)
50%
CityOn.Xi'an (under construction)
Note 2
CityOn.Zhengzhou (under construction)
Note 2
Fair Oaks
50
Hanam Union Square (under construction)
Note 2
The Mall at Millenia
50
Stamford Town Center
50
Sunvalley
50
The Mall at University Town Center (under construction)
Note 2
Waterside Shops
50
Westfarms
79

(1) In January 2014, Company disposed of its 50% interest in Arizona Mills (Note 21).
         
The Company's carrying value of its Investment in Unconsolidated Joint Ventures differs from its share of the partnership or members’ equity reported in the combined balance sheet of the Unconsolidated Joint Ventures due to (i) the Company's cost of its investment in excess of the historical net book values of the Unconsolidated Joint Ventures and (ii) the Operating Partnership’s adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the Unconsolidated Joint Ventures. The Company's additional basis allocated to depreciable assets is recognized on a straight-line basis over 40 years. The Operating Partnership’s differences in bases are amortized over the useful lives or terms of the related assets and liabilities.

In its Consolidated Balance Sheet, the Company separately reports its investment in Unconsolidated Joint Ventures for which accumulated distributions have exceeded investments in and net income of the Unconsolidated Joint Ventures. The net equity of certain joint ventures is less than zero because distributions are usually greater than net income, as net income includes non-cash charges for depreciation and amortization. In addition, distributions related to refinancing of the centers further decrease the net equity of the centers.


Combined Financial Information

Combined balance sheet and results of operations information is presented in the following table for the Unconsolidated Joint Ventures, followed by the Operating Partnership's beneficial interest in the combined operations information. The combined information of the Unconsolidated Joint Ventures as of December 31, 2013 excluded the balances of Hanam Union Square, CityOn.Xi'an, and CityOn.Zhengzhou, which are currently under construction (Note 2). Beneficial interest is calculated based on the Operating Partnership's ownership interest in each of the Unconsolidated Joint Ventures.

 
December 31 2013
 
2012
Assets:
 
 
 
Properties
$
1,305,658

 
$
1,129,647

Accumulated depreciation and amortization
(478,820
)
 
(473,101
)
 
$
826,838

 
$
656,546

Cash and cash equivalents
28,782

 
30,070

Accounts and notes receivable, less allowance for doubtful accounts of $977 and $1,072 in 2013 and 2012
33,626

 
26,032

Deferred charges and other assets
28,095

 
31,282

 
$
917,341

 
$
743,930

 
 
 
 
Liabilities and accumulated deficiency in assets:
 

 
 

Mortgage notes payable
$
1,551,161

 
$
1,490,857

Accounts payable and other liabilities
70,226

 
68,282

TRG's accumulated deficiency in assets
(412,204
)
 
(470,411
)
Unconsolidated Joint Venture Partners' accumulated deficiency in assets
(291,842
)
 
(344,798
)
 
$
917,341

 
$
743,930

 
 
 
 
TRG's accumulated deficiency in assets (above)
$
(412,204
)
 
$
(470,411
)
TRG's investment in projects under development (Note 2)
193,306

 
128,279

TRG basis adjustments, including elimination of intercompany profit
118,132

 
114,136

TCO's additional basis
56,909

 
58,855

Net Investment in Unconsolidated Joint Ventures
$
(43,857
)
 
$
(169,141
)
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures
371,549

 
383,293

Investment in Unconsolidated Joint Ventures
$
327,692

 
$
214,152

 
Year Ended December 31
 
2013
 
2012
 
2011
Revenues
$
294,720

 
$
282,136

 
$
266,455

Maintenance, taxes, utilities, promotion, and other operating expenses
$
92,901

 
$
91,094

 
$
84,922

Interest expense
68,998

 
68,760

 
61,034

Depreciation and amortization
36,644

 
37,342

 
38,389

Total operating costs
$
198,543

 
$
197,196

 
$
184,345

Nonoperating income


 
18

 
162

Net income
$
96,177

 
$
84,958

 
$
82,272

 
 
 
 
 
 
Net income attributable to TRG
$
53,166

 
$
47,763

 
$
46,208

Realized intercompany profit, net of depreciation on TRG’s basis adjustments
1,245

 
2,677

 
1,802

Depreciation of TCO's additional basis
(1,946
)
 
(1,946
)
 
(1,946
)
Equity in income of Unconsolidated Joint Ventures
$
52,465

 
$
48,494

 
$
46,064

 
 
 
 
 
 
Beneficial interest in Unconsolidated Joint Ventures’ operations:
 

 
 

 
 

Revenues less maintenance, taxes, utilities, promotion, and other operating expenses
$
114,939

 
$
107,044

 
$
100,773

Interest expense
(37,554
)
 
(35,862
)
 
(31,607
)
Depreciation and amortization
(24,920
)
 
(22,688
)
 
(23,102
)
Equity in income of Unconsolidated Joint Ventures
$
52,465

 
$
48,494

 
$
46,064



Other

The provision for losses on accounts receivable of the Unconsolidated Joint Ventures was $0.6 million, $0.3 million, and $0.7 million for the years ended December 31, 2013, 2012, and 2011, respectively.

Deferred charges and other assets of $28.1 million at December 31, 2013 were comprised of leasing costs of $34.0 million, before accumulated amortization of $(17.7) million, net deferred financing costs of $9.0 million, and other net charges of $2.8 million. Deferred charges and other assets of $31.3 million at December 31, 2012 were comprised of leasing costs of $28.3 million, before accumulated amortization of $(15.8) million, net deferred financing costs of $7.0 million, and other net charges of $11.7 million.

The estimated fair value of the Unconsolidated Joint Ventures’ mortgage notes payable was $1.5 billion at December 31, 2013 and 2012. The methodology for determining this fair value is consistent with that used for determining the fair value of consolidated notes payable (Note 17).

Depreciation expense on properties for 2013, 2012, and 2011 was $35.6 million, $31.1 million, and $30.3 million, respectively.
Accounts and Notes Receivable
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]
Accounts and Notes Receivable

Accounts and notes receivable at December 31, 2013 and December 31, 2012 are summarized as follows:

 
2013
 
2012
Trade
$
32,162

 
$
33,351

Notes
9,407

 
9,512

Straight-line rent and recoveries
33,558

 
29,594

 
$
75,127

 
$
72,457

Less: Allowance for doubtful accounts
(1,934
)
 
(3,424
)
 
$
73,193

 
$
69,033



Notes receivable as of December 31, 2013 included a $7.4 million note related to the February 2013 sale of peripheral land, which resulted in a $0.9 million gain. In January 2014, the $7.4 million note was repaid in full. The balance of notes receivable at December 31, 2012 included $8.5 million related to the sale of Taubman TCBL's assets (Note 2) which was repaid in 2013.
Deferred Charges Other Assets
Deferred Charges and Other Assets [Text Block]
Deferred Charges and Other Assets

Deferred charges and other assets at December 31, 2013 and December 31, 2012 are summarized as follows:

 
2013
 
2012
Leasing costs
$
37,478

 
$
36,291

Accumulated amortization
(18,380
)
 
(16,472
)
 
$
19,098

 
$
19,819

In-place leases, net
20,275

 
22,751

Deferred financing costs, net
16,319

 
13,071

Insurance deposit (Note 17)
12,225

 
11,291

Deposits
4,320

 
6,295

Prepaid expenses
4,952

 
5,181

Deferred tax asset, net
3,263

 
3,659

TCBL disposition escrow (Note 2)


 
3,550

Investments (Note 17)


 
2,452

Other, net
8,934

 
6,913

 
$
89,386

 
$
94,982

Beneficial Interest in Debt and Interest Expense
Beneficial Interest in Debt and Interest Expense
Notes Payable

Notes payable at December 31, 2013 and December 31, 2012 consist of the following:
 
2013
 
2012
 
Stated Interest Rate
 
Maturity Date
 
Balance Due on Maturity
 
Facility Amount
 
Beverly Center


(1) (2) 
$
310,468

 
5.28%
 

 

 
 
 
Cherry Creek Shopping Center
$
280,000

 
280,000

 
5.24%
 
06/08/16
 
280,000
 
 
 
City Creek Center
84,560

(3) 


 
4.37%
 
08/01/23
 
68,575
 
 
 
Dolphin Mall


(2) 
250,000

(4)  
LIBOR + 1.75%
 

 

 
 
 
El Paseo Village
16,322

(5) 
16,698

(5) 
4.42%
 
12/06/15
 
15,565
 
 
 
Fairlane Town Center


(2) 
60,000

(4)  
LIBOR + 1.75%
 

 

 
 
 
The Gardens on El Paseo
84,197

(6) 
85,336

(6) 
6.10%
 
06/11/16
 
81,480
 
 
 
Great Lakes Crossing Outlets
221,541

 



3.60%
 
01/06/23
 
177,038
 
 

 
Great Lakes Crossing Outlets


 
126,036

 
5.25%
 

 

 
 
 
The Mall at Green Hills
150,000

(8) 


 
LIBOR+1.60%
 
12/01/18
(7) 
150,000
 
 
 
The Mall at Green Hills


 
108,284

(8) 
6.89%
 

 

 
 
 
International Plaza
325,000

(9) 
325,000

 
4.85%
 
12/01/21
 
285,503
 
 

 
MacArthur Center
129,205

 
130,567

 
LIBOR + 2.35%
(10) 
09/01/20
 
117,234
 
 

 
Northlake Mall
215,500

 
215,500

 
5.41%
 
02/06/16
 
215,500
 
 

 
The Mall at Partridge Creek
79,162

 
80,222

 
6.15%
 
07/06/20
 
70,433
 
 
 
The Mall at Short Hills
540,000

 
540,000

 
5.47%
 
12/14/15
 
540,000
 
 
 
Stony Point Fashion Park
99,526


101,644

 
6.24%
 
06/01/14
(11) 
98,585
 
 
 
Twelve Oaks Mall


(2) 
85,000

(4)  
LIBOR + 1.75%
 

 

 
 

The Mall at Wellington Green
200,000

 
200,000

 
5.44%
 
05/06/15
 
200,000
 
 

 
$65M Revolving Credit Facility
33,040

 
37,275

 
LIBOR + 1.40%
 
04/30/14
 
33,040
 
65,000

(12) 
$1.1B Revolving Credit Facility
125,000

(2) (4) 


 
LIBOR + 1.45%
(4) 
03/29/17
(4) 
125,000
 
1,100,000

(4) 
$475M Unsecured Term Loan
475,000

(1) (2) 

 
LIBOR + 1.35%
(1) 
02/28/19
 
475,000
 
 
 
 
$
3,058,053

 
$
2,952,030

 
 
 
 
 
 
 
 

 


(1)
TRG is the borrower under the $475 million unsecured term loan with an accordion feature to increase the borrowing capacity up to $600 million. The loan bears interest at a range of LIBOR plus 1.35% to LIBOR plus 1.90% based on the Company's total leverage ratio. From January 2, 2014 until maturity, the LIBOR rate is swapped to a fixed rate of 1.65% (Note 10). Proceeds from the unsecured loan were utilized to pay off the mortgage payable on Beverly Center in November 2013.
(2)
The entities that own Beverly Center, Dolphin Mall, Fairlane Town Center, Twelve Oaks Mall, and The Shops at Willow Bend are guarantors under the $475 million unsecured term loan and the $1.1 billion unsecured revolving credit facility.
(3)
The Operating Partnership has provided a limited guarantee of the repayment of the City Creek loan, which could be triggered only upon a decline in center occupancy to a level that the Company believes is remote.
(4)
TRG is the borrower under the $1.1 billion unsecured revolving credit facility with an accordion feature to increase the borrowing capacity to $1.5 billion. The facility bears interest at a range of LIBOR plus 1.45% to LIBOR plus 1.85% with a facility fee ranging from 0.20% to 0.35% based on the Company's total leverage ratio. The unused borrowing capacity at December 31, 2013 was $975.0 million. The facility has a one-year extension option. Prior the refinancing of the Company's revolving credit facility in 2013, Dolphin Mall, Fairlane Town Center, and Twelve Oaks Mall were the borrowers and the collateral for the Company's $650 million revolving credit facility.
(5)
Balance includes purchase accounting adjustment of $0.2 million premium in 2013 and 2012, for an above market interest rate upon acquisition of the center in December 2011 (Note 2).
(6)
Balance includes purchase accounting adjustment of $2.7 million and $3.9 million premium in 2013 and 2012, respectively, for an above market interest rate upon acquisition of the center in December 2011 (Note 2).
(7)
Has a one-year extension option.
(8)
Balance includes purchase accounting adjustment of $2.0 million premium for an above market interest rate upon acquisition of the center in December 2011 (Note 2).
(9)
In January 2014, the Company sold a total of 49.9% of its interests in the entity that owns International Plaza (Note 21).
(10)
Stated interest rate is swapped to an effective rate of 4.99% until maturity (Note 10).
(11)
In January 2014, the Company paid off the mortgage note payable on Stony Point Fashion Park (Note 21).
(12)
The unused borrowing capacity at December 31, 2013 was $26.5 million.

Notes payable are collateralized by properties with a net book value of $1.7 billion at December 31, 2013.

The following table presents scheduled principal payments on notes payable as of December 31, 2013:

2014
$
141,090

(1) 
2015
769,399

  
2016
591,140

 
2017
139,901

(2) 
2018
165,635

(3) 
Thereafter
1,248,011

 
Total principal maturities
$
3,055,176

 
Net unamortized debt premiums
2,877

 
Total notes payable
$
3,058,053

 

(1)
Includes $99.5 million that was repaid in January 2014 (Note 21).
(2)
Includes $125.0 million with one-year extension option.
(3)
Includes $150.0 million with one-year extension option.

2014 Maturities

The $99.5 million loan on Stony Point Fashion Park (Stony Point) was scheduled to mature in June 2014. In January 2014, the Company paid off the loan using funds from the sale of a total of 49.9% of its interests in the entity that owns International Plaza (Note 21).

The $65.0 million revolving credit facility is scheduled to mature in April 2014. The Company intends to extend the line of credit through 2016 upon maturity.

Debt Covenants and Guarantees

Certain loan agreements contain various restrictive covenants, including the following corporate covenants on the Company’s unsecured primary revolving line of credit and unsecured term loan: a minimum net worth requirement, a maximum total leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a maximum recourse secured debt ratio and a maximum payout ratio. In addition, the Company’s primary revolving line of credit and term loan have unencumbered pool covenants, which currently apply to Beverly Center, Dolphin Mall, Fairlane Town Center, Twelve Oaks Mall and The Shops at Willow Bend on a combined basis. These covenants include a minimum number and minimum value of eligible unencumbered assets, a maximum unencumbered leverage ratio, a minimum unencumbered interest coverage ratio and a minimum unencumbered asset occupancy ratio. The corporate maximum secured leverage ratio is the most restrictive covenant for the Company’s primary revolving line of credit and term loan. The Company was in compliance with all of its covenants and loan obligations as of December 31, 2013. The maximum payout ratio covenant limits the payment of distributions generally to 95% of funds from operations, as defined in the loan agreements, except as required to maintain the Company’s tax status, pay preferred distributions, and for distributions related to the sale of certain assets.

In connection with the financing of the construction facility at The Mall at University Town Center, owned by a Unconsolidated Joint Venture, the Operating Partnership provided an unconditional guarantee of 25% of the principal balance and 50% of all accrued but unpaid interest. The maximum amount of the construction facility is $225 million. The outstanding balance of the Mall at University Town Center construction financing facility as of December 31, 2013 was $71.4 million. Accrued but unpaid interest as of December 31, 2013 was $0.1 million. The construction facility is interest only during the initial three-year term at LIBOR plus 1.70%, which decreases to LIBOR plus 1.60% upon achieving certain performance measures. The loan has four one-year extension options. During each extension period, debt service payments also include principal payments based on an assumed interest rate of 6.0% and a 30-year amortization period. The principal guaranty may be reduced to 12.5% of the outstanding principal balance upon achievement of certain performance measures. Upon stabilization, the unconditional guaranty may be released. In addition, the Operating Partnership has provided a limited guarantee as to the completion of construction of the center. The center is expected to open in October 2014 and the Company believes the likelihood of a payment under the guarantees to be remote.




The Company is required to escrow cash balances for specific uses stipulated by its lenders. As of December 31, 2013 and December 31, 2012, the Company's restricted cash balances were $5.0 million and $6.1 million, respectively.

Beneficial Interest in Debt and Interest Expense

The Operating Partnership's beneficial interest in the debt, capitalized interest, and interest expense of its consolidated subsidiaries and its Unconsolidated Joint Ventures is summarized in the following table. The Operating Partnership's beneficial interest in the consolidated subsidiaries excludes debt and interest related to the noncontrolling interests in Cherry Creek Shopping Center (50%), International Plaza (49.9%) through acquisition of additional interest in December 2012 (Note 2), The Mall at Wellington Green (10%), and MacArthur Center (5%).

 
At 100%
 
At Beneficial Interest
 
Consolidated Subsidiaries
 
Unconsolidated Joint Ventures
 
Consolidated Subsidiaries
 
Unconsolidated Joint Ventures
Debt as of:
 
 
 
 
 
 
 
December 31, 2013
$
3,058,053

 
$
1,551,161

 
$
2,891,592

 
$
868,942

December 31, 2012
2,952,030

 
1,490,857

 
2,785,501

 
841,363

 
 
 
 
 
 
 
 
Capitalized interest:
 

 
 

 
 

 
 

Year Ended December 31, 2013
$
16,385

(1) 
$
587

 
$
15,839

 
$
320

Year Ended December 31, 2012
3,594

(1) 
67

 
3,487

 
33

 
 
 
 
 
 
 
 
Interest expense:
 

 
 

 
 

 
 

Year Ended December 31, 2013
$
130,023

 
$
68,998

 
$
121,353

 
$
37,554

Year Ended December 31, 2012
142,616

 
68,760

 
126,031

 
35,862

 
 
 
 
 
 
 
 

(1)
The Company capitalizes interest costs incurred in funding its equity contributions to development projects accounted for as UJVs. The capitalized interest cost is included in the Company's basis in its investment in UJVs. Such capitalized interest reduces interest expense in the Company's Consolidated Statement of Operations and Comprehensive Income and in the table above is included within Consolidated Subsidiaries.
Noncontrolling Interests
Noncontrolling Interests
Noncontrolling Interests

Redeemable Noncontrolling Interests

The Company's president of Taubman Asia (the Asia President) has an ownership interest in Taubman Asia, a consolidated subsidiary. The Asia President is entitled to 10% of Taubman Asia's dividends, with 85% of his dividends being withheld as contributions to capital. These withholdings will continue until he contributes and maintains his capital consistent with a 10% ownership interest, including all capital funded by the Operating Partnership for Taubman Asia's operating and investment activities subsequent to the Asia President obtaining his ownership interest. The Operating Partnership will have a preferred investment in Taubman Asia to the extent the Asia President has not yet contributed capital commensurate with his ownership interest. This preferred investment will accrue an annual preferential return equal to the Operating Partnership's average borrowing rate (with the preferred investment and accrued return together being referred to herein as the preferred interest). Taubman Asia has the ability to call, and the Asia President has the ability to put, the Asia President’s ownership interest upon specified terminations of the Asia President’s employment, although such put or call right may not be exercised for specified time periods after certain termination events. The redemption price for the ownership interest is generally a nominal amount through 2013 and subsequently 50% (increasing to 100% as early as May 2015) of the fair value of the ownership interest less the amount required to return the Operating Partnership's preferred interest. The Company has determined that the Asia President's ownership interest in Taubman Asia qualifies as an equity award, considering its specific redemption provisions, and accounts for it as a contingently redeemable noncontrolling interest, with a carrying value of zero at December 31, 2013 and December 31, 2012. Any adjustments to the redemption value are recorded through equity.

The Company owns a 93.5% controlling interest in a joint venture that is redeveloping International Market Place in Waikiki, Honolulu, Hawaii. The 6.5% joint venture partner has no obligation nor the right to contribute capital. The Company is entitled to a preferential return on its capital contributions. The Company has the right to purchase the joint venture partner's interest and the joint venture partner has the right to require the Company to purchase the joint venture partner's interest after the third anniversary of the opening of the center, and annually thereafter. The purchase price of the joint venture partner's interest will be based on fair value. Considering the redemption provisions, the Company accounts for the joint venture partner's interest as a contingently redeemable noncontrolling interest with a carrying value of zero at December 31, 2013. Any adjustments to the redemption value are recorded through equity.

In December 2011, Taubman Asia acquired a 90% controlling interest in TCBL. As part of the purchase price consideration, $11.9 million of capital in the newly formed company was credited by Taubman Asia to the noncontrolling owners, who owned a 10% residual interests. The noncontrolling ownership interest could be put back to the Company at various dates. Considering the redemption provisions, the Company accounted for the joint venture partner's interest as a contingently redeemable noncontrolling interest. The carrying value of the interest was $10.4 million at December 31, 2011. In November 2012, upon the sale of Taubman TCBL's assets (Note 2), the non-controlling owners relinquished the capital that was credited in connection with the acquisition.

In July 2010, the Company formed a joint venture that focused on developing and owning outlet shopping centers. The Company owned a 90% controlling interest, while the joint venture partner owned a 10% interest. The Company had been funding substantially all of the outlet business. In September 2013, the Company redeemed this partner's interest for $1.1 million as part of a negotiated transaction, an amount modestly less than the partner's previously contributed capital. The joint venture partner's interest was previously accounted for as a redeemable noncontrolling interest with a carrying value of zero. The redemption of this interest in a consolidated subsidiary was accounted for as an equity transaction.


Partnership Units Issued in Connection with 2011 Acquisition

In December 2011, the Company acquired The Mall at Green Hills and The Gardens on El Paseo and El Paseo Village from affiliates of Davis Street Properties, LLC (Note 2). The purchase price consideration included 1.3 million Operating Partnership units determined based on a value of $55 per unit. These partnership units became eligible to be converted into the Company's common shares in December 2012 pursuant to the Continuing Offer (Note 15). Prior to that date, the holders had the ability to put the units back to the Operating Partnership for cash at the lesser of the current market price of the Company's common shares or $55 per share. Considering the redemption provisions, the Company accounted for these Operating Partnership units as a redeemable noncontrolling interest through December 2012 when they became subject to the Continuing Offer. The carrying value of these units was $72.7 million at December 31, 2011, which was classified within Redeemable Noncontrolling Interests on the Consolidated Balance Sheet. Adjustments to the redemption value were recorded through equity. In December 2012, upon the expiration of the redemption right of these redeemable noncontrolling interests, the carrying value of these units were classified within Noncontrolling Interests on the Consolidated Balance Sheet. As of December 31, 2013, of the 1.3 million Operating Partnership units originally issued as consideration, approximately 1.0 million units were tendered under the Continuing Offer.

Reconciliation of Redeemable Noncontrolling Interests
 
2012
Balance January 1
$
84,235

Contributions
231

Distributions
(2,456
)
Allocation of net income (loss)
(976
)
Allocation of other comprehensive income (loss)
(49
)
Capital relinquished in connection with TCBL disposition (Note 2)
(8,855
)
Transfer to nonredeemable equity
(72,035
)
Adjustments of redeemable noncontrolling interests
(95
)
Balance December 31
$
—


There was no significant activity regarding redeemable noncontrolling interests during the year ended December 31, 2013.

Equity Balances of Nonredeemable Noncontrolling Interests

The net equity balance of the nonredeemable noncontrolling interests as of December 31, 2013 and December 31, 2012 includes the following:
 
2013
 
2012
Non-redeemable noncontrolling interests:
 
 
 
Noncontrolling interests in consolidated joint ventures
$
(37,191
)
 
$
(45,066
)
Noncontrolling interests in partnership equity of TRG
(58,342
)
 
(44,242
)
 
$
(95,533
)
 
$
(89,308
)


Income Allocable to Noncontrolling Interests

Net income attributable to the noncontrolling interests for the years ended December 31, 2013, 2012, and 2011 includes the following:
 
2013
 
2012
 
2011
Net income (loss) attributable to noncontrolling interests:
 
 
 
 
 
Non-redeemable noncontrolling interests:
 
 
 
 
 
Noncontrolling share of income of consolidated joint ventures
$
10,344

 
$
14,867

 
$
15,477

Noncontrolling share of income of TRG
46,434

 
37,752

 
80,161

TRG Series F preferred distributions
 
 


 
(372
)
 
$
56,778

 
$
52,619

 
$
95,266

Redeemable noncontrolling interests


 
(976
)
 
(739
)
 
$
56,778

 
$
51,643

 
$
94,527



Equity Transactions

The following schedule presents the effects of changes in Taubman Centers, Inc.’s ownership interest in consolidated subsidiaries on Taubman Centers, Inc.’s equity for the years ended December 31, 2013, 2012, and 2011:

 
2013
 
2012
 
2011
Net income attributable to Taubman Centers, Inc. common shareowners
$
109,908

 
$
83,511

 
$
176,701

Transfers (to) from the noncontrolling interest –
 

 
 

 
 
Increase (Decrease) in Taubman Centers, Inc.’s paid-in capital for the adjustments of noncontrolling interest (1)
15,129

 
14,903

 
(40,561
)
Decrease in Taubman Centers, Inc.’s paid-in capital related to the acquisition of additional ownership interest in International Plaza (Note 2)
 
 
(339,170
)
 


Decrease in Taubman Centers, Inc.’s paid-in capital related to the acquisition of additional ownership interest in the outlet joint venture
(1,050
)
 
 
 
 
Net transfers (to) from noncontrolling interests
14,079

 
(324,267
)
 
(40,561
)
Change from net income attributable to Taubman Centers, Inc. and transfers (to) from noncontrolling interests
$
123,987

 
$
(240,756
)
 
$
136,140


(1)
In 2013, 2012, and 2011, adjustments of the noncontrolling interest were made as a result of changes in the Company's ownership of the Operating Partnership in connection with the Company's share-based compensation under employee and director benefit plans (Note 13), issuances of stock pursuant to the continuing offer (Note 15), issuances of common stock in 2012 and 2011 (Note 14), the acquisition of additional ownership interest in International Plaza in 2012, redemption of the outlet joint venture partner's interest in 2013, 2013 stock repurchases (Note 14), issuances of Operating Partnership units in connection with the acquisition of centers (Note 2), and redemptions of certain redeemable Operating Partnership Units.

Finite Life Entities

Accounting Standards Codification Topic 480, “Distinguishing Liabilities from Equity” establishes standards for classifying and measuring as liabilities certain financial instruments that embody obligations of the issuer and have characteristics of both liabilities and equity. At December 31, 2013, the Company held a controlling interest in a consolidated entity with a specified termination date in 2083. The noncontrolling owners’ interest in this entity is to be settled upon termination by distribution or transfer of either cash or specific assets of the underlying entity. The estimated fair value of this noncontrolling interest was approximately $400 million at December 31, 2013, compared to a book value of $(42.2) million that is classified in Noncontrolling Interests in the Company’s Consolidated Balance Sheet. The fair value of the noncontrolling interest was calculated as the noncontrolling interest's ownership shares of the underlying property's fair value. The property's fair value was estimated by considering its in-place net operating income, current market capitalization rate, and mortgage debt outstanding.
Derivative and Hedging Activities
Derivative and Hedging Activities
Derivative and Hedging Activities

Risk Management Objective and Strategies for Using Derivatives

The Company uses derivative instruments, such as interest rate swaps and interest rate caps, primarily to manage exposure to interest rate risks inherent in variable rate debt and refinancings. The Company may also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed-rate financing. The Company’s interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. In a forward starting swap or treasury lock agreement that the Company cash settles in anticipation of a fixed rate financing or refinancing, the Company will receive or pay an amount equal to the present value of future cash flow payments based on the difference between the contract rate and market rate on the settlement date.

The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging.

As of December 31, 2013, the Company had the following outstanding interest rate derivatives that were designated and are expected to be effective as cash flow hedges of the interest payments on the associated debt.
Instrument Type
 
Ownership
 
Notional Amount
 
Swap Rate
 
Credit Spread on Loan
 
Total Swapped Rate on Loan
 
Maturity Date
Consolidated Subsidiaries:
 
 
 
 
 
 
 
 
 
 
 
 
Receive variable (LIBOR) /pay-fixed swap (1)
 
100
%
 
$
200,000

 
1.64
%
 
1.35
%
(1) 
2.99
%
(1) 
February 2019
Receive variable (LIBOR) /pay-fixed swap (1)
 
100
%
 
175,000

 
1.65
%
 
1.35
%
(1) 
3.00
%
(1) 
February 2019
Receive variable (LIBOR) /pay-fixed swap (1)
 
100
%
 
100,000

 
1.64
%
 
1.35
%
(1) 
2.99
%
(1) 
February 2019
Receive variable (LIBOR) /pay-fixed swap (2)
 
95.0
%
 
129,205

 
2.64
%
 
2.35
%
 
4.99
%
 
September 2020
Unconsolidated Joint Ventures:
 
 

 
 

 
 

 
 

 
 

 
 
Receive variable (LIBOR) /pay-fixed swap (3)
 
50.0
%
 
137,500

 
2.40
%
 
1.70
%
 
4.10
%
 
April 2018
Receive variable (LIBOR) /pay-fixed swap (3)
 
50.0
%
 
137,500

 
2.40
%
 
1.70
%
 
4.10
%
 
April 2018


(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 beginning January 2, 2014 on a debt principal amount equal to the swap notional, regardless of the specific debt agreement from which they may flow. The Company is currently using these swaps to manage interest rate risk on the $475 million TRG Term Loan. The credit spread on this loan can also vary within a range of 1.35% to 1.90%, depending on the Company's leverage ratio at the measurement date.
(2)
The notional amount of the swap is equal to the outstanding principal balance of the loan on MacArthur Center.
(3)
The notional amount on each of these swaps is equal to 50% of the outstanding principal balance of the loan on Fair Oaks Mall, which begins amortizing in August 2014.

Cash Flow Hedges of Interest Rate Risk

For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the unrealized gain or loss on the derivative is reported as a component of Other Comprehensive Income (OCI). The ineffective portion of the change in fair value, if any, is recognized directly in earnings. Net realized gains or losses resulting from derivatives that were settled in conjunction with planned fixed-rate financings or refinancings continue to be included in Accumulated Other Comprehensive Income (Loss) (AOCI) during the term of the hedged debt transaction.

Amounts reported in AOCI related to currently outstanding derivatives are recognized as an adjustment to income as interest payments are made on the Company’s variable-rate debt. Realized gains or losses on settled derivative instruments included in AOCI are recognized as an adjustment to income over the term of the hedged debt transaction.

The Company expects that approximately $13.0 million of the AOCI of Taubman Centers, Inc. and the noncontrolling interests will be reclassified from AOCI and recognized as a reduction of income in the following 12 months.

The following tables present the effect of derivative instruments on the Company’s Consolidated Statement of Operations and Comprehensive Income for the years ended December 31, 2013, 2012, and 2011. The tables include the location and amount of unrealized gains and losses on outstanding derivative instruments in cash flow hedging relationships and the location and amount of realized losses reclassified from AOCI into income resulting from settled derivative instruments associated with hedged debt.

During the years ended December 31, 2013, 2012, and 2011 the Company did not have any hedge ineffectiveness or amounts that were excluded from the assessment of hedge effectiveness recorded in earnings.

 
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)
 
Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)
 
Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)
 
2013
 
2012
 
2011
 
 
 
2013
 
2012
 
2011
Derivatives in cash flow hedging relationships:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts – consolidated subsidiaries
$
9,990

 
$
(2,821
)
 
$
(13,609
)
 
Interest Expense
 
$
(3,221
)
 
$
(3,190
)
 
$
(3,488
)
Interest rate contracts – UJVs
5,083

 
(1,976
)
 
(7,081
)
 
Equity in Income of UJVs
 
(3,080
)
 
(3,600
)
 
(2,788
)
Total derivatives in cash flow hedging relationships
$
15,073

 
$
(4,797
)
 
$
(20,690
)
 
 
 
$
(6,301
)
 
$
(6,790
)
 
$
(6,276
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized losses on settled cash flow hedges:
 

 
 

 
 
 
 
 
 

 
 

 
 
Interest rate contracts – consolidated subsidiaries
 

 
 

 
 
 
Interest Expense
 
$
(605
)
 
$
(605
)
 
$
(839
)
Interest rate contract – UJVs
 

 
 

 
 
 
Equity in Income of UJVs
 


 
(188
)
 
(376
)
Total realized losses on settled cash flow hedges
 

 
 

 
 
 
 
 
$
(605
)
 
$
(793
)
 
$
(1,215
)


The Company records all derivative instruments at fair value in the Consolidated Balance Sheet. The following table presents the location and fair value of the Company’s derivative financial instruments as reported in the Consolidated Balance Sheet as of December 31, 2013 and 2012.
 
 
 
Fair Value
 
Consolidated Balance Sheet Location
 
December 31 2013
 
December 31
2012
Derivatives designated as hedging instruments:
 
 
 
 
 
Asset derivatives:
 
 
 
 
 
Interest rate contracts – consolidated subsidiaries
Deferred Charges and Other Assets
 
$
1,543

 


Liability derivatives:
 
 
 

 
 

Interest rate contract – consolidated subsidiaries
Accounts Payable and Accrued Liabilities
 
$
(3,418
)
 
$
(11,865
)
Interest rate contracts – UJVs
Investment in UJVs
 
(5,938
)
 
(11,021
)
Total liabilities designated as hedging instruments
 
 
$
(9,356
)
 
$
(22,886
)


Contingent Features

Three of the Company's outstanding derivatives contain provisions that state if the hedged entity defaults on any of its indebtedness in excess of $1 million, then the derivative obligation could also be declared in default. Three of the Company’s outstanding derivatives contain provisions that state if the Operating Partnership defaults on any of its recourse indebtedness in excess of $50 million, then the derivative obligation could also be declared in default. As of December 31, 2013, the Company is not in default on any indebtedness that would trigger a credit risk related default on its current outstanding derivatives.

As of December 31, 2013 and 2012, the fair value of derivative instruments with credit-risk-related contingent features that are in a liability position was $9.4 million and $22.9 million, respectively. As of December 31, 2013 and 2012, the Company was not required to post any collateral related to these agreements. If the Company breached any of these provisions it would be required to settle its obligations under the agreements at their fair value. See Note 17 for fair value information on derivatives.
Leases
Leases Disclosure [Text Block]
Leases

Shopping center space is leased to tenants and certain anchors pursuant to lease agreements. Tenant leases typically provide for minimum rent, percentage rent, and other charges to cover certain operating costs. Future minimum rent under operating leases in effect at December 31, 2013 for operating centers assuming no new or renegotiated leases or option extensions on anchor agreements, is summarized as follows:

2014
$
393,115

2015
356,935

2016
321,521

2017
281,729

2018
241,121

Thereafter
735,323



Certain shopping centers, as lessees, have ground and building leases expiring at various dates through the year 2107. In addition, one center has the option to extend the lease term for five 10-year periods, another center has an option to extend the term for three 10-year periods, and another center has the option to extend the lease term for one additional 10-year period. Ground rent expense is recognized on a straight-line basis over the lease terms.

The Company also leases its office facilities and certain equipment. Office facility and equipment leases expire at various dates through the year 2018. Additionally, one of the leases has a 1-year extension option and one lease has a 5-year extension option. The Company’s U.S. headquarters is rented from an affiliate of the Taubman family under a 10-year lease, with a 5-year extension option.

Rental expense on a straight-line basis under operating leases was $13.4 million in 2013, $12.0 million in 2012, and $9.8 million in 2011. Included in these amounts are related party office rental expense of $2.5 million in 2013 and $2.2 million in both 2012 and 2011. Contingent rent expense under operating leases was $1.4 million in 2013 and $0.9 million in 2012. Payables representing straight-line rent adjustments under lease agreements were $41.2 million and $40.0 million as of December 31, 2013 and 2012, respectively.

The following is a schedule of future minimum rental payments required under operating leases:

2014
$
12,772

2015
9,540

2016
11,446

2017
12,224

2018
12,243

Thereafter
814,768



The table above includes $2.8 million in 2014 and $0.7 million in 2015 of related party amounts.

City Creek Center, a mixed-use project in Salt Lake City, Utah, opened in March 2012. The Company owns the retail space subject to a long-term participating lease. City Creek Reserve, Inc. (CCRI), an affiliate of the LDS Church is the participating lessor. The Company owns 100% of the leasehold interest in the retail buildings and property. CCRI has an option to purchase the Company’s interest at fair value at various points in time over the term of the lease. In addition to the minimum rent included in the table above, the Company pays contingent rent based on the performance of the center.

International Market Place, a regional mall redevelopment project located in Waikiki, Honolulu, Hawaii, is expected to open in spring 2016. The project is subject to a long-term participating ground lease. In addition to minimum rent included in the table above, the Company will pay contingent rent based on the performance of the center.
The Manager
The Manager [Text Block]
The Manager

The Taubman Company LLC (the Manager), which is 99% beneficially owned by the Operating Partnership, provides property management, leasing, development, and other administrative services to the Company, the shopping centers, Taubman affiliates, and other third parties. Accounts receivable from related parties include amounts due from Unconsolidated Joint Ventures or other affiliates of the Company, primarily relating to services performed by the Manager. These receivables include certain amounts due to the Manager related to reimbursement of third party (non-affiliated) costs.

A. Alfred Taubman and certain of his affiliates receive various management services from the Manager. For such services, Mr. Taubman and affiliates paid the Manager approximately $3.1 million, $3.2 million, and $2.3 million in 2013, 2012, and 2011, respectively. These amounts are classified in Management, Leasing, and Development Services revenues within the Consolidated Statement of Operations and Comprehensive Income.

Other related party transactions are described in Notes 11, 13, and 15.
Share-Based Compensation
Share-Based Compensation
Share-Based Compensation and Other Employee Plans

The Taubman Company 2008 Omnibus Long-Term Incentive Plan (2008 Omnibus Plan), as amended, which is shareowner approved, provides for the award to directors, officers, employees, and other service providers of the Company of restricted shares, restricted units of limited partnership in the Operating Partnership, options to purchase shares or Operating Partnership units, unrestricted shares or Operating Partnership units, and other awards to acquire up to an aggregate of 8.5 million Company common shares or Operating Partnership units. In addition, non-employee directors have the option to defer their compensation, other than their meeting fees, under a deferred compensation plan.

Non-option awards granted after an amendment of the 2008 Omnibus Plan in 2010 are deducted at a ratio of 1.85 Company common shares or Operating Partnership units, while non-option awards granted prior to the amendment continue to be deducted at a ratio of 2.85. Options are deducted on a one-for-one basis. The amount available for future grants is adjusted when the number of contingently issuable shares or units are settled, for grants that are forfeited, and for options that expire without being exercised.

Prior to the adoption of the 2008 Omnibus Plan, the Company provided share-based compensation through an incentive option plan and non-employee directors' stock grant and deferred compensation plans.

The compensation cost charged to income for the Company’s share-based compensation plans was $12.9 million, $11.9 million, and $9.0 million for the years ended December 31, 2013, 2012, and 2011, respectively. Compensation cost capitalized as part of properties and deferred leasing costs was $1.6 million, $1.1 million, and $0.3 million for the years ended December 31, 2013, 2012, and 2011, respectively.

The Company estimated the grant-date fair values of options, performance share units, and restricted share units using the methods discussed in the separate sections below for each type of grant. Expected volatility and dividend yields are based on historical volatility and yields of the Company’s common stock, respectively, as well as other factors. The risk-free interest rates used are based on the U.S. Treasury yield curves in effect at the times of grants. The Company assumes no forfeitures of options or performance share units due to the small number of participants and generally low turnover rate.


Options

Options are granted to purchase units of limited partnership interest in the Operating Partnership, which are exchangeable for new shares of the Company’s stock under the Continuing Offer (Note 15). The options have ten-year contractual terms.

A summary of option activity for the years ended December 31, 2013, 2012, and 2011 is presented below:
 
Number of Options
 
Weighted Average
 Exercise Price
 
Weighted Average Remaining Contractual Term (in years)
 
Range of Exercise Prices
Outstanding at January 1, 2011
1,452,781
 
$
37.00

 
5.7

 
$
13.83

-
$
55.90

Exercised
(130,791)
 
35.66

 
 
 
 
 
 
Outstanding at December 31, 2011
1,321,990
 
$
37.13

 
4.8

 
$
13.83

-
$
55.90

Exercised
(632,188)
 
31.28

 
 
 
 
 
 
Outstanding at December 31, 2012
689,802
 
$
42.50

 
3.8

 
$
24.74

-
$
55.90

Exercised
(126,366)
 
36.67

 
 
 
 
 
 
Outstanding at December 31, 2013
563,436
 
$
43.81

 
2.6

 
$
31.31

-
$
55.90

 
 
 
 
 
 
 
 
 
 
Fully vested options at December 31, 2013
563,436
 
$
43.81

 
2.6

 
 
 
 


As of December 31, 2013 and 2012, all options outstanding were fully vested and there was no unrecognized compensation cost related to options.

Of the 0.6 million total options outstanding, 0.5 million had vesting schedules with one-third vesting at each of the first, second, and third years of the grant anniversary. Substantially all of the other options outstanding had vesting schedules with one-third vesting at each of the third, fifth, and seventh years of the grant anniversary.
The aggregate intrinsic value (the difference between the period end stock price and the option exercise price) of in-the-money options outstanding was $11.3 million as of December 31, 2013.

The total intrinsic value of options exercised during the years ended December 31, 2013, 2012, and 2011 was $4.8 million, $28.7 million, and $3.3 million, respectively. Cash received from option exercises for the years ended December 31, 2013, 2012, and 2011 was $4.6 million, $19.8 million, and $4.7 million, respectively.

Under both the prior option plan and the 2008 Omnibus Plan, vested unit options can be exercised by tendering mature units with a market value equal to the exercise price of the unit options. In 2002, Robert S. Taubman, the Company’s chief executive officer, exercised options for 3.0 million units by tendering 2.1 million mature units and deferring receipt of 0.9 million units under the unit option deferral election. As the Operating Partnership pays distributions, the deferred option units receive their proportionate share of the distributions in the form of cash payments. Under an amendment executed in January 2011, beginning in December 2017 (unless Mr. Taubman retires earlier), the deferred partnership units will be issued in ten annual installments. The deferred units are accounted for as participating securities of the Operating Partnership.

Performance Share Units

In 2013, 2012, and 2011 the Company granted Performance Share Units (PSU) under the 2008 Omnibus Plan. Each PSU represents the right to receive, upon vesting, shares of the Company’s common stock ranging from 0-300% of the PSU based on the Company’s market performance relative to that of a peer group. The vesting date is March 2016, March 2015, and March 2014 for the 2013, 2012, and 2011 grants, respectively, if continuous service has been provided, or upon retirement or certain other events (such as death or disability) if earlier. No dividends accumulate during the vesting period.


The Company estimated the value of the PSU granted in 2013, 2012, and 2011 using a Monte Carlo simulation, considering the Company’s common stock price at the grant date less the present value of the expected dividends during the vesting period, historical returns of the Company and the peer group of companies, and risk-free interest rates and measurement periods existing at the grant dates. Specific assumptions and the valuation results are shown below.

Grant Dates

2013

2012

2011






Risk-free interest rate
0.30% to 0.40%

0.35% to 0.45%

1.18%
Measurement period
3 years

3 years

3 years
Weighted average grant-date fair value
$103.37

$107.45

$85.40


In 2013, the Company also granted additional PSU under the 2008 Omnibus Plan that represent the right to receive, upon vesting, shares of the Company’s common stock ranging from 0-400% of the PSU based on the Company’s market performance relative to that of a peer group. The units vest in March 2017, if continuous service has been provided, or upon certain other events (such as death or disability) if earlier. No dividends accumulate during the vesting period. The Company estimated the value of these PSU granted using a Monte Carlo simulation, considering the Company’s common stock price at the grant date less the present value of the expected dividends during the vesting periods, historical returns of the Company and the peer group of companies, a risk-free interest rate of 0.46% to 0.62%, and a measurement period of approximately four years. The resulting weighted average grant-date fair value was $171.05 per PSU.

In 2012, the Company also granted additional PSU under the 2008 Omnibus Plan that represent the right to receive, upon vesting, shares of the Company’s common stock ranging from 0-400% of the PSU based on the Company’s market performance relative to that of a peer group. The units vest in March 2017, if continuous service has been provided, or upon certain other events (such as death or disability) if earlier. No dividends accumulate during the vesting period. The Company estimated the value of these PSU granted using a Monte Carlo simulation, considering the Company’s common stock price at the grant date less the present value of the expected dividends during the vesting period, historical returns of the Company and the peer group of companies, a risk-free interest rate of 0.70% to 0.90%, and a measurement period of five years. The resulting weighted average grant-date fair value was $189.23 per PSU.

A summary of PSU activity for the years ended December 31, 2013, 2012, and 2011 is presented below:
 
Number of Performance Stock Units
 
Weighted Average Grant Date Fair Value
Outstanding at January 1, 2011
272,356

 
$
28.88

Granted
53,795
 
85.40

Outstanding at December 31, 2011
326,151

 
$
38.20

Vested
(196,943
)
(1) 
15.60

Granted (three-year vesting)
50,041

 
107.45

Granted (five-year vesting)
108,224

 
189.23

Forfeited
(24,733
)
 
123.41

Outstanding at December 31, 2012
262,740

 
$
122.52

Vested
(73,259
)
(1) 
65.29

Granted (three-year vesting)
42,178

 
103.37

Granted (four-year vesting)
15,444

 
171.05

Forfeited
(12,240
)
 
140.49

Outstanding at December 31, 2013
234,863

 
$
139.18



(1) Based on the Company's market performance relative to that of a peer group, the actual number of shares of common stock issued upon vesting during the year ended December 31, 2013 and 2012 equaled 300% and 240%, respectively, of the number of PSU awards vested in the table above.



The total intrinsic value of PSU vested during the years ended December 31, 2013 and 2012 was $16.9 million and $32.8 million, respectively. No PSU vested during the year ended December 31, 2011.

None of the PSU outstanding at December 31, 2013 were vested. As of December 31, 2013, there was $18.4 million of total unrecognized compensation cost related to nonvested PSU outstanding. This cost is expected to be recognized over an average period of 2.76 years.

Restricted Share Units

In 2013, 2012, and 2011, restricted share units (RSU) were issued under the 2008 Omnibus Plan and represent the right to receive upon vesting one share of the Company’s common stock. The vesting date is March 2016, March 2015, and March 2014 for the 2013, 2012, and 2011 grants, respectively, if continuous service has been provided through that period, or upon retirement or certain other events if earlier. No dividends accumulate during the vesting period.
The Company estimated the values of the RSU granted in 2013 using the Company’s common stock at the grant dates deducting the present value of expected dividends during the vesting periods using a risk-free rate of 0.30% to 0.49%. The result of the Company’s valuations was a weighted average grant-date fair value of $71.67 per RSU granted during 2013. The Company estimated the value of the RSU granted in 2012 using the Company’s common stock at the grant dates deducting the present value of expected dividends during the vesting period using a risk-free rate of 0.35% to 0.50%. The result of the Company’s valuations was a weighted average grant-date fair value of $65.14 per RSU granted during 2012. The Company estimated the value of the RSU granted in March 2011 and June 2011 using the Company's common stock at the grant date deducting the present value of expected dividends during the vesting period using risk-free rates of 1.18% and 0.78%, respectively. The result of the Company's valuation was a weighted average grant-date fair value of $47.98 and $53.65 per RSU granted in March 2011 and June 2011, respectively.
In 2013, the Company also granted a limited number of additional RSU that represent the right to receive upon vesting one share of the Company’s common stock. The units have staggered vesting dates from March 2014 to March 2015, if continuous service has been provided through those periods, or upon retirement or certain other events (such as death or disability) if earlier. No dividends accumulate during the vesting periods. The Company estimated the value of these additional RSU using the Company's common stock price at the grant date deducting the present value of expected dividends during the vesting periods using a risk-free rate of 0.10% to 0.19%. The result of the Company's valuation was a weighted average grant-date fair value of $81.38 per RSU.

A summary of RSU activity for the years ended December 31, 2013, 2012, and 2011 is presented below:
 
Number of Restricted Stock Units
 
Weighted average Grant Date Fair Value
Outstanding at January 1, 2011
617,884

 
$
22.72

Granted March 2011
105,391

 
47.98

Granted June 2011
1,972

 
53.65

Forfeited
(3,450
)
 
22.19

Vested
(115,870
)
 
49.67

Outstanding at December 31, 2011
605,927

 
$
22.06

Granted
107,653

 
65.14

Forfeited
(26,665
)
 
46.48

Vested
(364,610
)
 
9.90

Outstanding at December 31, 2012
322,305

 
48.19

Granted (three-year vesting)
92,103

 
71.67

Granted (staggered vesting)
5,197

 
81.38

Forfeited
(11,678
)
 
57.60

Vested
(138,028
)
 
37.03

Outstanding at December 31, 2013
269,899

 
62.00



Based on an analysis of historical employee turnover, the Company has made an annual forfeiture assumption of approximately 2% of grants when recognizing compensation costs relating to the RSU.

The total intrinsic value of RSU vested during the years ended December 31, 2013, 2012, and 2011 was $10.6 million, $25.2 million, and $6.4 million, respectively.

None of the RSU outstanding at December 31, 2013 were vested. As of December 31, 2013, there was $6.8 million of total unrecognized compensation cost related to nonvested RSU outstanding. This cost is expected to be recognized over an average period of 1.73 years.

Non-Employee Directors’ Stock Grant and Deferred Compensation

The 2008 Omnibus Plan provides a quarterly grant to each non-employee director of the Company shares of the Company's common stock based on the fair value of the Company's common stock on the last business day of the preceding quarter. The annual fair market value of the grant was $120,000 in 2013 and $70,000 in 2012 and 2011. As of December 31, 2013, 7,712 shares have been issued under the 2008 Omnibus Plan. Certain directors have elected to defer receipt of their shares as described below.

The Non-Employee Directors’ Deferred Compensation Plan (DCP), which was approved by the Company’s Board of Directors, allows each non-employee director of the Company the right to defer the receipt of all or a portion of his or her annual director retainer until the termination of his or her service on the Company’s Board of Directors and for such deferred compensation to be denominated in restricted stock units. The number of restricted stock units received equals the deferred retainer fee divided by the fair market value of the common stock on the business day immediately before the date the director would otherwise have been entitled to receive the retainer fee. The restricted stock units represent the right to receive equivalent shares of common stock at the end of the deferral period. During the deferral period, when the Company pays cash dividends on its common stock, the directors’ deferral accounts will be credited with dividend equivalents on their deferred restricted stock units, payable in additional restricted stock units based on the fair market value of the Company’s common stock on the business day immediately before the record date of the applicable dividend payment. There were 93,955 restricted stock units outstanding under the DCP at December 31, 2013.

Other Employee Plans

As of December 31, 2013 and 2012, the Company had fully vested awards outstanding for 10,536 and 10,243 notional shares of stock, respectively, under a previous long-term performance compensation plan. These awards will be settled in cash based on a twenty day average of the market value of the Company's common stock. The liability for the eventual payout of these awards is marked to market quarterly based on the twenty day average of the Company's stock price. The Company recorded compensation costs related to the plan of $0.1 million for the year ended December 31, 2013 and $0.3 million for each of the years ended December 31, 2012 and 2011. In 2012, $0.7 million was paid out under this plan. No awards under this plan were paid out during 2013 or 2011.

The Company has a voluntary retirement savings plan established in 1983 and amended and restated effective January 1, 2012 (the Plan). The Company believes the Plan is qualified in accordance with Section 401(k) of the Internal Revenue Code (the Code). The Company contributes an amount equal to 2% of the qualified wages of all qualified employees and matches employee contributions in excess of 2% up to 7% of qualified wages. In addition, the Company may make discretionary contributions within the limits prescribed by the Plan and imposed in the Code. The Company’s contributions and costs relating to the Plan were $3.2 million in 2013, $3.0 million in 2012, and $2.9 million in 2011.
Common and Preferred Stock and Equity of TRG
Common and Preferred Stock and Equity of TRG [Text Block]
Common and Preferred Stock and Equity of TRG

Common Stock

In August 2013, the Company’s Board of Directors authorized a share repurchase program under which the Company may repurchase up to $200 million of its outstanding common stock. The Company plans to repurchase shares from time to time on the open market or in privately negotiated transactions or otherwise, depending on market prices and other conditions. As of December 31, 2013, the Company repurchased 786,805 shares of its common stock at an average price of $66.45 per share for a total of $52.3 million under the authorization. All shares repurchased have been cancelled. For each share of the Company’s stock repurchased, an equal number of the Company’s Operating Partnership units are redeemed. Repurchases of common stock were financed through general corporate funds, including borrowings under existing lines of credit.

In August 2012 and June 2011, the Company sold 2,875,000 and 2,012,500 of its common shares, respectively. The proceeds were used by the Company to acquire an equal number of Operating Partnership units. The Operating Partnership paid all offering costs. The Operating Partnership used the net proceeds, after offering costs, of $208.9 million and $112.0 million in 2012 and 2011, respectively, to reduce outstanding borrowings under its revolving lines of credit. No common shares were sold in 2013.

Outstanding Preferred Stock

The Company is obligated to issue to the noncontrolling partners of TRG, upon subscription, one share of Series B Non-Participating Convertible Preferred Stock (Series B Preferred Stock) for each of the Operating Partnership units held by the noncontrolling partners. Each share of Series B Preferred Stock entitles the holder to one vote on all matters submitted to the Company's shareowners. The holders of Series B Preferred Stock, voting as a class, have the right to designate up to four nominees for election as directors of the Company. On all other matters, including the election of directors, the holders of Series B Preferred Stock will vote with the holders of common stock. The holders of Series B Preferred Stock are not entitled to dividends or earnings of the Company. The Series B Preferred Stock is convertible into common stock at a ratio of 14,000 shares of Series B Preferred Stock for one share of common stock. During the years ended December 31, 2013, 2012, and 2011, 176,630 shares, 1,132,359 shares, and 1,092,690 shares of Series B Preferred Stock, respectively, were converted to 10 shares, 65 shares, and 76 shares of the Company’s common stock, respectively, as a result of tenders of units under the Continuing Offer (Note 15).

In March 2013, the Company issued 6,800,000 shares of 6.25% Series K Preferred Stock. Net proceeds from the offering were $164.4 million, net of offering costs of $5.6 million. The Series K Preferred Stock has no stated maturity, sinking fund, or mandatory redemption requirements and generally is not convertible into any other security of the Company. The Series K Preferred Stock has a liquidation preference of $170.0 million ($25 per share). Dividends are cumulative and are paid in arrears on the last day of each calendar quarter. The Series K Preferred Stock will be redeemable by the Company at par, $25 per share, plus accrued dividends, generally beginning in March 2018. The Company owns corresponding Series K Preferred Equity interests in the Operating Partnership that entitle the Company to income and distributions (in the form of guaranteed payments) in amounts equal to the dividends payable on the Company's Series K Preferred Stock. The Series K Preferred Stock is generally non-voting. The Company's Series K Preferred Stock ranks on parity with its Series J Preferred Stock with respect to the payment of dividends and distributions of assets upon liquidation, dissolution or winding up of its affairs.

In September 2012, the Company redeemed the 8% Series G Cumulative Redeemable Preferred Stock (Series G Preferred Stock) and 7.625% Series H Cumulative Redeemable Preferred Stock (Series H Preferred Stock) at prices per share of $25.35 and $25.33359375, respectively, which include accrued and unpaid dividends. The Company previously had 4,000,000 shares (par value $100 million) of its Series G Preferred Stock outstanding and 3,480,000 shares (par value $87 million) of its Series H Preferred Stock outstanding. As a result of the redemptions in 2012, the Company recognized charges of $3.3 million and $3.1 million, representing the difference between the carrying values and the redemption prices of its Series G Preferred Stock and Series H Preferred Stock, respectively. These charges are included within Preferred Stock Dividends on the Consolidated Statement of Operations and Comprehensive Income for the year ended December 31, 2012. The Series G Preferred Stock had no stated maturity, sinking fund, or mandatory redemption requirements. Dividends were cumulative and payable on the last day of each calendar quarter. The Series H Preferred Stock had no stated maturity, sinking fund, or mandatory redemption requirements. Dividends were cumulative and payable in arrears on or before the last day of each calendar quarter.


The Series G Preferred Stock and Series H Preferred Stock were redeemed with the net proceeds of $186.2 million from the issuance of 7,700,000 shares of 6.5% Series J Cumulative Redeemable Preferred Stock (Series J Preferred Stock) in August 2012. Offering costs of $6.3 million were incurred in connection with this issuance. The Series J Preferred Stock has no stated maturity, sinking fund, or mandatory redemption requirements and generally is not convertible into any other security of the Company. The Series J Preferred Stock has a liquidation preference of $192.5 million ($25 per share). Dividends are cumulative and are paid on the last business day of each calendar quarter. All accrued dividends have been paid. The Series J Preferred Stock will be redeemable by the Company at par, $25 per share, plus accrued dividends, generally beginning in August 2017. The Company owns corresponding Series J Preferred Equity interests in the Operating Partnership that entitle the Company to income and distributions (in the form of guaranteed payments) in amounts equal to the dividends payable on the Company's Series J Preferred Stock. The Series J Preferred Stock is generally non-voting.

The Operating Partnership’s $30 million 8.2% Cumulative Redeemable Preferred Partnership Equity (Series F Preferred Equity) was owned by an institutional investor and accounted for as a noncontrolling interest of the Company. In October 2011, the Series F Preferred Equity was redeemed. The Operating Partnership redeemed the Series F Preferred Equity for $27.0 million, which represented a $2.2 million discount from the book value. The $2.2 million excess of the book value over the redemption amount is reflected as a reduction in earnings allocated to the noncontrolling interests in the year ended December 31, 2011. The Series F Preferred Equity had no stated maturity, sinking fund, or mandatory redemption requirements. Distributions were cumulative and payable in arrears on or before the last day of each calendar quarter.
Commitments and Contingencies
Commitments and Contingencies
Commitments and Contingencies

Cash Tender

At the time of the Company's initial public offering and acquisition of its partnership interest in the Operating Partnership in 1992, the Company entered into an agreement (the Cash Tender Agreement) with A. Alfred Taubman, who owns an interest in the Operating Partnership, whereby he has the annual right to tender to the Company partnership units in the Operating Partnership (provided that the aggregate value is at least $50 million) and cause the Company to purchase the tendered interests at a purchase price based on a market valuation of the Company on the trading date immediately preceding the date of the tender. At A. Alfred Taubman's election, his family may participate in tenders. The Company will have the option to pay for these interests from available cash, borrowed funds, or from the proceeds of an offering of the Company's common stock. Generally, the Company expects to finance these purchases through the sale of new shares of its stock. The tendering partner will bear all market risk if the market price at closing is less than the purchase price and will bear the costs of sale. Any proceeds of the offering in excess of the purchase price will be for the sole benefit of the Company. The Company accounts for the Cash Tender Agreement between the Company and Mr. Taubman as a freestanding written put option. As the option put price is defined by the current market price of the Company's stock at the time of tender, the fair value of the written option defined by the Cash Tender Agreement is considered to be zero.

Based on a market value at December 31, 2013 of $63.92 per common share, the aggregate value of interests in the Operating Partnership that may be tendered under the Cash Tender Agreement was $1.5 billion. The purchase of these interests at December 31, 2013 would have resulted in the Company owning an additional 27% interest in the Operating Partnership.

Continuing Offer

The Company has made a continuing, irrevocable offer to all present holders (other than certain excluded holders, including A. Alfred Taubman), permitted assignees of all present holders, those future holders of partnership interests in the Operating Partnership as the Company may, in its sole discretion, agree to include in the continuing offer, all existing optionees under the previous option plan, and all existing and future optionees under the 2008 Omnibus Plan to exchange shares of common stock for partnership interests in the Operating Partnership (the Continuing Offer). Under the Continuing Offer agreement, one unit of the Operating Partnership interest is exchangeable for one share of the Company's common stock. Upon a tender of Operating Partnership units, the corresponding shares of Series B Preferred Stock, if any, will automatically be converted into the Company’s common stock at a rate of ratio of 14,000 shares of Series B Preferred Stock for one share of common stock.


Litigation

In April 2009, two restaurant owners, their two restaurants, and their principal filed a lawsuit in United States District Court for the Eastern District of Pennsylvania (Case No. 09-CV-01619) against Atlantic Pier Associates LLC ("APA", the then owner of the leasehold interest in The Pier Shops), the Operating Partnership, Taubman Centers, Inc., the owners of APA and certain affiliates of such owners, three individuals affiliated with, or at one time employed by an affiliate of one of the owners, and, subsequently added the Manager as a defendant. The plaintiffs are alleging the defendants misrepresented and concealed the status of certain tenant leases at The Pier Shops and that such status was relied upon by the plaintiffs in making decisions about their own leases. The plaintiffs are seeking damages exceeding $20 million, rescission of their leases, exemplary or punitive damages, costs and expenses, attorney's fees, return of certain rent, and other relief as the court may determine. The claims against the Operating Partnership, Taubman Centers, Inc., the Manager, other Taubman defendants, and one of the owners, were dismissed in July 2011, but, in August 2011, the restaurant owners reinstated the same claims in a state court action that was then removed to the United States District Court for the Eastern District of Pennsylvania (Case No. 11-CV-05676). The defendants are vigorously defending the action. The outcome of this lawsuit cannot be predicted with any certainty and management is currently unable to estimate an amount or range of potential loss that could result if an unfavorable outcome occurs. While management does not believe that an adverse outcome in this lawsuit would have a material adverse effect on the Company's financial condition, there can be no assurance that an adverse outcome would not have a material effect on the Company's results of operations for any particular period.

Other

See Note 8 for the Operating Partnership's guarantees of certain notes payable, 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
Earnings Per Share

Basic earnings per share amounts are based on the weighted average of common shares outstanding for the respective periods. Diluted earnings per share amounts are based on the weighted average of common shares outstanding plus the dilutive effect of potential common stock. Potential common stock includes outstanding partnership units exchangeable for common shares under the Continuing Offer (Note 15), outstanding options for partnership units, PSU, RSU, deferred shares under the Non-Employee Directors’ Deferred Compensation Plan, and unissued partnership units under a unit option deferral election (Note 13). In computing the potentially dilutive effect of potential common stock, partnership units are assumed to be exchanged for common shares under the Continuing Offer, increasing the weighted average number of shares outstanding. The potentially dilutive effects of partnership units outstanding and/or issuable under the unit option deferral elections are calculated using the if-converted method, while the effects of other potential common stock are calculated using the treasury method. Contingently issuable shares are included in diluted EPS based on the number of shares, if any, that would be issuable if the end of the reporting period were the end of the contingency period. 
 
Year Ended December 31
 
2013
 
2012
 
2011
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator):
 
 
 
 
 
Income from continuing operations
$
109,908

 
$
83,511

 
$
75,011

Income from discontinued operations
 
 


 
101,690

Basic
$
109,908

 
$
83,511

 
$
176,701

 
 
 
 
 
 
Shares (Denominator) – basic
63,591,523

 
59,884,455

 
56,899,966

 
 
 
 
 
 
Earnings per common share from continuing operations
$
1.73

 
$
1.39

 
$
1.32

Income from discontinued operations
 
 


 
1.79

Earnings per common share – basic
$
1.73

 
$
1.39

 
$
3.11





 
Year Ended December 31
 
2013
 
2012
 
2011
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator):
 
 
 
 
 
Income from continuing operations - basic
$
109,908

 
$
83,511

 
$
75,011

Impact of additional ownership of TRG on income from continuing operations
497

 
672

 
625

Income from continuing operations - diluted
$
110,405

 
$
84,183

 
$
75,636

Income from discontinued operations - basic
 
 


 
101,690

Impact of additional ownership of TRG on income from discontinued operations
 
 


 
296

Diluted
$
110,405

 
$
84,183

 
$
177,622

 
 
 
 
 
 
Shares – basic
63,591,523

 
59,884,455

 
56,899,966

Effect of dilutive securities
983,889

 
1,491,989

 
1,629,123

Shares (Denominator) – diluted
64,575,412

 
61,376,444

 
58,529,089

 
 
 
 
 
 
Earnings per common share from continuing operations
$
1.71

 
$
1.37

 
$
1.29

Income from discontinued operations
 
 


 
1.74

Earnings per common share – diluted
$
1.71

 
$
1.37

 
$
3.03



The calculation of diluted earnings per share excluded certain potential common stock including outstanding partnership units, unissued partnership units under a unit option deferral election, and out-of-the-money options, all of which may be exchanged for common shares of the Company under the Continuing Offer. The table below presents the potential common stock excluded from the calculation of diluted earnings per share as they were anti-dilutive in the period presented.

 
Year Ended December 31
 
2013
 
2012
 
2011
Weighted average partnership units outstanding
4,428,624

 
5,063,736

 
7,499.132

Unissued partnership units under unit option deferral elections
871,262

 
871,262

 
871,262

Out-of-the-money options


 


 
60,469

Fair Value Disclosures
Fair Value Disclosures
Fair Value Disclosures

This note contains required fair value disclosures for assets and liabilities remeasured at fair value on a recurring basis and financial instruments carried at other than fair value, as well as assumptions employed in deriving these fair values.

Recurring Valuations

Derivative Instruments

The fair value of interest rate hedging instruments is the amount that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the reporting date. The Company’s valuations of its derivative instruments are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative, and therefore fall into Level 2 of the fair value hierarchy. The valuations reflect the contractual terms of the derivatives, including the period to maturity, and use observable market-based inputs, including forward curves. The fair values of interest rate hedging instruments also incorporate credit valuation adjustments to appropriately reflect both the Company’s own nonperformance risk and the respective counterparty's nonperformance risk.

Marketable Securities

The Company's valuations of marketable securities, which are considered to be available-for-sale, and an insurance deposit utilize unadjusted quoted prices determined by active markets for the specific securities the Company has invested in, and therefore fall into Level 1 of the fair value hierarchy.

For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of the fair value for each major category of assets and liabilities is presented below:
 
 
Fair Value Measurements as of December 31, 2013 Using
 
Fair Value Measurements as of December 31, 2012 Using
Description
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
Available-for-sale securities
 


 
 
 
$
2,452

 
 
Insurance deposit
 
$
12,225

 
 

 
11,291

 
 

Derivative interest rate contracts (Note 10)
 
 
 
$
1,543

 
 
 
 
Total assets
 
$
12,225

 
$
1,543

 
$
13,743

 


 
 
 
 
 
 
 
 
 
Derivative interest rate contract (Note 10)
 
 

 
$
(3,418
)
 
 

 
$
(11,865
)
Total liabilities
 
 

 
$
(3,418
)
 
 

 
$
(11,865
)


The insurance deposit shown above represents an escrow account maintained in connection with a property and casualty insurance arrangement for the Company’s shopping centers, and is classified within Deferred Charges and Other Assets on the Consolidated Balance Sheet. The corresponding deferred revenue relating to amounts billed to tenants for this arrangement has been classified within Accounts Payable and Other Liabilities on the Consolidated Balance Sheet.

The available-for-sale securities shown above consisted of marketable securities that represent shares in a Vanguard REIT fund that were purchased to facilitate a tax efficient structure for the 2005 disposition of Woodland mall and were classified within Deferred Charges and Other Assets on the Consolidated Balance Sheet as of December 31, 2012. In January 2013, these securities were sold for $2.5 million, resulting in a $1.3 million realized gain.


Financial Instruments Carried at Other Than Fair Values

Community Development District Obligation

The owner of one shopping center pays annual special assessment levies of a Community Development District (CDD), which provided certain infrastructure assets and improvements. As the amount and period of the special assessments were determinable, the Company capitalized the infrastructure assets and improvements and recognized an obligation for the future special assessments to be levied. At December 31, 2013 and 2012, the book value of the infrastructure assets and improvements, net of depreciation, was $37.8 million and $39.8 million, respectively. The related obligation is classified within Accounts Payable and Accrued Liabilities on the Consolidated Balance Sheet and had a balance of $59.7 million and $60.8 million at December 31, 2013 and 2012, respectively. The fair value of this obligation, derived from quoted market prices and therefore falling into Level 1 of the fair value hierarchy, was $59.8 million at December 31, 2013 and $60.9 million at December 31, 2012.

Notes Payable

The fair value of notes payable are estimated using cash flows discounted at current market rates and therefore fall 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, 2013 and 2012, the Company employed the credit spreads at which the debt was originally issued. Excluding 2010 through 2013 refinancings and debt assumed as part of the 2011 acquisitions, an additional 1.00% and 1.50% credit spread was added to the discount rate at December 31, 2013 and December 31, 2012, respectively, to attempt to account for current market conditions. This additional spread is an estimate and is not necessarily indicative of what the Company could obtain in the market at the reporting date. The Company does not believe that the use of different interest rate assumptions would have resulted in a materially different fair value of notes payable as of December 31, 2013 or 2012. To further assist financial statement users, the Company has included with its fair value disclosures an analysis of interest rate sensitivity.

The estimated fair values of notes payable at December 31, 2013 and 2012 are as follows:
 
2013
 
2012
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Notes payable
$
3,058,053

 
$
3,107,119

 
$
2,952,030

 
$
3,082,265



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, 2013 by $69.8 million or 2.2%.

Cash Equivalents and Notes Receivable

The fair value of cash equivalents and notes receivable approximates their carrying value due to their short maturity. The fair value of cash equivalents is derived from quoted market prices and therefore falls into Level 1 of the fair value hierarchy. The fair value of notes receivable are estimated using cash flows discounted at current market rates and therefore fall into Level 2 of the fair value hierarchy.

See Note 5 regarding the fair value of the Unconsolidated Joint Ventures’ notes payable, and Note 10 regarding additional information on derivatives.
Cash Flow Disclosures & Non-Cash Investing and Financing Activities
Cash Flow, Supplemental Disclosures [Text Block]
Cash Flow Disclosures and Non-Cash Investing and Financing Activities

Interest paid in 2013, 2012, and 2011, net of amounts capitalized of $16.4 million, $3.6 million, and $0.4 million, respectively, was $128.2 million, $142.0 million, and $117.2 million, respectively. Income taxes paid in 2013, 2012, and 2011 were immaterial. The following non-cash investing and financing activities occurred during 2013, 2012, and 2011. This table excludes any non-cash adjustments of noncontrolling interests as a result of equity transactions (Note 9).
 
2013
 
2012
 
2011
Issuance of a note receivable in connection with the sale of peripheral land
$
7,411

 
 
 
 
Issuance of note and other receivable in connection with the sale of Taubman TCBL's assets (Note 2)


 
$
9,353

 

Issuance of TRG partnership units in connection with acquisitions of The Mall at Green Hills and The Gardens on El Paseo and El Paseo Village (Note 2)

 

 
$
72,683

Assumption of debt in connection with acquisitions of The Mall at Green Hills and The Gardens on El Paseo and El Paseo Village (Note 2)

 

 
215,439

Issuance of installment notes in connection with acquisitions of The Mall at Green Hills and The Gardens on El Paseo and El Paseo Village (Note 2)

 

 
281,467

Issuance of redeemable equity in connection with acquisition of Taubman TCBL (Note 2)

 

 
11,882

Receipt of escrow in connection with the sale of Taubman TCBL (Note 2)

 
3,550

 

Relinquishment of redeemable equity in connection with disposition of Taubman TCBL (Note 2)

 
8,855

 

Transfer of The Pier Shops and Regency Square in settlement of mortgage debt obligations, net (Note 2)

 

 
63,941

Other non-cash additions to properties
14,030

 
19,952

 
29,803



Other non-cash additions to properties primarily represent accrued construction and tenant allowance costs. Various other assets and liabilities were also assumed in connection with the acquisitions of The Mall at Green Hills, The Gardens on El Paseo and El Paseo Village, Taubman TCBL, and an additional interest in International Plaza, as well as the disposition of Taubman TCBL. (Note 2).
Accumulated Other Comprehensive Income
Comprehensive Income (Loss) Note [Text Block]
Accumulated Other Comprehensive Income

Changes in the balance of each component of Accumulated Other Comprehensive Income (AOCI) for the years ended December 31, 2013, 2012, and 2011 were as follows:

 
Taubman Centers, Inc. AOCI
 
Noncontrolling Interests AOCI

Cumulative translation adjustment
 
Unrealized gains (losses) on interest rate instruments and other
 
Total
 
Cumulative translation adjustment
 
Unrealized gains (losses) on interest rate instruments and other
 
Total
January 1, 2011


$
(14,925
)

$
(14,925
)




$
15,802


$
15,802

Current Period Other Comprehensive Income


(13,137
)

(13,137
)




(6,240
)

(6,240
)
Amounts due to changes in ownership


449


449





(449
)

(449
)
December 31, 2011


$
(27,613
)

$
(27,613
)




$
9,113


$
9,113

Current Period Other Comprehensive Income
1,888

 
(2,551
)
 
(663
)
 
756

 
(1,162
)
 
(406
)
Amounts due to changes in ownership

 
6,212

 
6,212

 


 
(6,212
)
 
(6,212
)
December 31, 2012
$
1,888

 
$
(23,952
)
 
$
(22,064
)
 
$
756

 
$
1,739

 
$
2,495

Other comprehensive income/(loss) before reclassifications
3,150

 
6,117

 
9,267

 
1,257

 
2,700

 
3,957

Amounts reclassified from AOCI

 
3,875

 
3,875

 


 
1,708

 
1,708

Net current period other comprehensive income/(loss)
3,150

 
9,992

 
13,142

 
1,257

 
4,408

 
5,665

Adjustments due to changes in ownership
2

 
6

 
8

 
(2
)
 
(6
)
 
(8
)
December 31, 2013
$
5,040

 
$
(13,954
)
 
$
(8,914
)
 
$
2,011

 
$
6,141

 
$
8,152




The following table presents reclassifications out of AOCI for the year ended December 31, 2013:
Details about AOCI Components

Amounts reclassified from AOCI

Affected line item in Consolidated Statement of Operations
(Gains)/losses on interest rate instruments and other:




Realized loss on interest rate contracts - consolidated subsidiaries

$
3,826


Interest Expense
Realized loss on interest rate contracts - UJVs

3,080


Equity in Income of UJVs
Realized gain on sale of securities (Note 17)

(1,323
)

Nonoperating Income
Total reclassifications for the period

$
5,583



Quarterly Financial Data
Quarterly Financial Information [Text Block]
Quarterly Financial Data (Unaudited)

The following is a summary of quarterly results of operations for 2013 and 2012:
 
 
2013
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Revenues
 
$
183,257

 
$
178,187

 
$
193,938

 
$
211,772

Equity in income of Unconsolidated Joint Ventures
 
10,346

 
11,481

 
12,220

 
18,418

Net income
 
46,356

 
33,603

 
43,243

 
66,166

Net income attributable to TCO common shareowners
 
27,744

 
17,842

 
24,488

 
39,834

Earnings per common share – basic
 
$
0.44

 
$
0.28

 
$
0.38

 
$
0.63

Earnings per common share – diluted
 
$
0.43

 
$
0.28

 
$
0.38

 
$
0.62



 
 
2012
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Revenues
 
$
169,264

 
$
179,465

 
$
189,539

 
$
209,706

Equity in income of Unconsolidated Joint Ventures
 
11,901

 
11,170

 
12,672

 
12,751

Net income
 
32,177

 
31,448

 
45,061

 
49,131

Net income attributable to TCO common shareowners
 
17,531

 
16,373

 
21,700

 
27,907

Earnings per common share – basic
 
$
0.30

 
$
0.28

 
$
0.36

 
$
0.45

Earnings per common share – diluted
 
$
0.30

 
$
0.27

 
$
0.35

 
$
0.44

Subsequent Events
Subsequent Events [Text Block]
Subsequent Events

International Plaza

In January 2014, the Company sold a total of 49.9% of the Company's interests in the entity that owns International Plaza, including certain governance rights, for $499 million, which consisted of $337 million of cash and approximately $162 million of beneficial interest in debt. A gain in excess of $350 million (net of tax of approximately $10 million to $14 million) will be recognized in the first quarter of 2014. The dispositions decreased the Company's ownership in the center to a noncontrolling 50.1% interest, which will be accounted for under the equity method of accounting.

Stony Point Fashion Park

In January 2014, the Company used the funds from the sale of the total of 49.9% interests in the entity that owns International Plaza to pay off the $99.5 million mortgage note payable on Stony Point Fashion Park that was scheduled to mature in June 2014.

Arizona Mills

In January 2014, the Company completed the sale of its 50% interest in Arizona Mills, an Unconsolidated Joint Venture, and land in Syosset, New York related to the former Oyster Bay project, to Simon Property Group. The consideration consisted of $60 million of cash and 555,150 partnership units in Simon Property Group Limited Partnership. The number of partnership units issued was determined based on a value of $154.91 per unit. As a result of the sale, the Company will be relieved of its $84 million share of the current $167 million mortgage loan on Arizona Mills, bringing the transaction's total value to $230 million. A gain in excess of $100 million will be recognized in the first quarter of 2014.
Valuation and Qualifying Accounts
Valuation and Qualifying Accounts
Schedule II

VALUATION AND QUALIFYING ACCOUNTS
For the years ended December 31, 2013, 2012, and 2011
(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, 2013
 
 
 
 
 
 
 
 
 
 
 
Allowance for doubtful receivables
$3,424
 
$489
 

 
$(1,979)
 

 
$1,934
Year Ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
Allowance for doubtful receivables
$3,303
 
$1,397
 

 
$(1,276)
 

 
$3,424
Year Ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
Allowance for doubtful receivables
$7,966
 
$2,032
 
 
 
$(2,535)
 
$(4,160)
(1) 
$3,303

(1) Amounts represent balances associated with The Pier Shops and Regency Square as the centers were transferred to their mortgage lenders in 2011.

See accompanying report of independent registered public accounting firm.
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation
Schedule III
TAUBMAN CENTERS, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2013
(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
 
Date of Completion of Construction or Acquisition
Depreciable Life
Shopping Centers:
 
 
 
 
 
 
 
 
 
 
 
 
 
Beverly Center
Los Angeles, CA

$
209,093

$
72,015


$
281,108

$
281,108

 
$
160,020

$
121,088

 
 
1982
40 years
Cherry Creek Shopping Center
Denver, CO

99,087

130,923


230,010

230,010

 
134,920

95,090

$
280,000

 
1990
40 years
City Creek Shopping Center
Salt Lake City, UT


75,229

603



75,832

75,832

 
5,006

70,826

84,560

 
2012
30 years
Dolphin Mall, Miami, FL
$
34,881

222,301

63,250

$
34,881

285,551

320,432

 
95,231

225,201

 
 
2001
50 years
Fairlane Town Center, Dearborn, MI
17,330

104,668

51,392

17,330

156,060

173,390

 
79,364

94,026

 
 
1996
40 years
The Gardens on El Paseo/
    El Paseo Village
Palm Desert, CA
23,500

131,858

5,029

23,500

136,887

160,387

 
7,654

152,733

84,197 / 16,322

(1) 
2011
40 years/
48 years
Great Lakes Crossing Outlets
Auburn Hills, MI
15,506

188,773

44,779

15,506

233,552

249,058

 
117,129

131,929

221,541

 
1998
50 years
The Mall at Green Hills
Nashville, TN
48,551

332,261

2,556

48,551

334,817

383,368

 
21,141

362,227

150,000

 
2011
40 years
International Plaza
Tampa, FL


299,244

42,323



341,567

341,567

 
124,459

217,108

325,000

(2) 
2001
50 years
MacArthur Center, Norfolk, VA


142,804

21,215



164,019

164,019

 
66,081

97,938

129,205

 
1999
50 years
Northlake Mall
Charlotte, NC
22,540

141,365

12,532

22,540

153,897

176,437

 
67,729

108,708

215,500

 
2005
50 years
The Mall at Partridge Creek
Clinton Township, MI
14,097

118,531

15,715

14,097

134,246

148,343

 
54,202

94,141

79,162

 
2007
50 years
The Mall at Short Hills
Short Hills, NJ
25,114

167,595

164,857

25,114

332,452

357,566

 
166,140

191,426

540,000

 
1980
40 years
Stony Point Fashion Park
Richmond, VA
10,677

90,731

14,159

10,677

104,890

115,567

 
50,382

65,185

99,526

(3) 
2003
50 years
Taubman Prestige Outlets Chesterfield
Chesterfield, MO
16,079

108,934



16,079

108,934

125,013

 
2,038

122,975

 
 
2013
50 years
Twelve Oaks Mall
Novi, MI
25,410

190,455

88,074

25,410

278,529

303,939

 
135,279

168,660

 
 
1977
50 years
The Mall at Wellington Green
Wellington, FL
18,967

180,799

15,213

21,439

193,540

214,979

 
82,734

132,245

200,000

 
2001
50 years
The Shops at Willow Bend
Plano, TX
26,192

212,565

37,106

26,192

249,671

275,863

 
94,170

181,693

 
 
2001
50 years
Other:










 
 
 
 
 
 
 
 
Office Facilities




32,462



32,462

32,462

 
24,085

8,377

 
 
 
 
Peripheral Land
30,880





30,880



30,880

 
 
30,880

 
 
 
 
Construction in Process and Development - pre-construction costs
73,160

132,218

46,946

73,163

179,166

252,329

 
 
252,329

 
 
 
 
Assets under CDD Obligations
4,164

61,411



4,164

61,411

65,575

 
27,585

37,990

 
 
 
 
Other


6,966





6,966

6,966

 
1,633

5,333

 
 
 
 
Total
$
407,048

$
3,216,888

$
861,149

$
409,523

$
4,075,567

$
4,485,090

(4) 
$
1,516,982

$
2,968,108

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

The changes in total real estate assets and accumulated depreciation for the years ended December 31, 2013, 2012, and 2011 are as follows:

Total Real Estate Assets


Accumulated Depreciation


2013

2012

2011


2013

2012
 
2011

Balance, beginning of year
$
4,246,000


$
4,020,954


$
3,528,297


Balance, beginning of year
$
(1,395,876
)

$
(1,271,943
)

$
(1,199,247
)

Acquisitions






543,136

(5) 
Depreciation - continuing operations
(142,458
)

(134,858
)

(117,466
)

New development and improvements
280,972


237,877


76,026


Depreciation - discontinued operations






(9,764
)

Disposals/Write-offs
(35,964
)

(11,972
)

(123,839
)
(6) 
Disposals/Write-offs
21,352


10,925


54,534

(6) 
Transfers In/(Out)
(5,918
)

(859
)

(2,666
)

Transfers In/(Out)









Balance, end of year
$
4,485,090


$
4,246,000


$
4,020,954


Balance, end of year
$
(1,516,982
)

$
(1,395,876
)

$
(1,271,943
)



(1)
Balances represent the two different mortgage notes held separately on The Gardens on El Paseo and El Paseo Village for $84.2 million and $16.3 million which include $2.7 million and $0.2 million, respectively, of purchase accounting premiums.
(2)
In January 2014, the Company sold a total of 49.9% of its interests in the entity that owns International Plaza. International Plaza will be accounted for as an Unconsolidated Joint Venture for all periods subsequent to the disposition.
(3)
In January 2014, the Company used the funds from the sale of the total of 49.9% of its interests in the entity that owns International Plaza to pay down the $99.5 million encumbrance on Stony Point Fashion Park.
(4)
The unaudited aggregate cost for federal income tax purposes as of December 31, 2013 was $5.395 billion.
(5)
Includes costs relating to the purchase of The Mall at Green Hills, The Gardens on El Paseo and El Paseo Village.
(6)
Includes the book balances of property assets of The Pier Shops and Regency Square that were transferred to the mortgage lenders. The book balances, net of depreciation, were $25.7 million and $35.9 million, respectively.

See accompanying report of independent registered public accounting firm.
Summary of Significant Accounting Policies (Policies)
Consolidation, policy 
Consolidation

The consolidated financial statements of the Company include all accounts of the Company, the Operating Partnership, and its consolidated subsidiaries, including The Taubman Company LLC (the Manager) and Taubman Asia. All intercompany transactions have been eliminated. The entities included in these consolidated financial statements are separate legal entities and maintain records and books of account separate from any other entity. However, inclusion of these separate entities in the consolidated financial statements does not mean that the assets and credit of each of these legal entities are available to satisfy the debts or other obligations of any other such legal entity included in the consolidated financial statements.

Investments in entities not controlled but over which the Company may exercise significant influence (Unconsolidated Joint Ventures or UJVs) are accounted for under the equity method. The Company has evaluated its investments in the Unconsolidated Joint Ventures under guidance for determining whether an entity is a variable interest entity and has concluded that the ventures are not variable interest entities. Accordingly, the Company accounts for its interests in these entities under general accounting standards for investments in real estate ventures (including guidance for determining effective control of a limited partnership or similar entity). The Company’s partners or other owners in these Unconsolidated Joint Ventures have substantive participating rights including approval rights over annual operating budgets, capital spending, financing, admission of new partners/members, or sale of the properties and the Company has concluded that the equity method of accounting is appropriate for these interests. Specifically, the Company’s 79% investment in Westfarms is through a general partnership in which the other general partners have approval rights over annual operating budgets, capital spending, refinancing, or sale of the property.

Operating Partnership Ownership [Table Text Block] 
The Operating Partnership

At December 31, 2013, the Operating Partnership’s equity included two classes of preferred equity (Series J and K Preferred Equity) and the net equity of the partnership unitholders (Note 14). Net income and distributions of the Operating Partnership are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in the Operating Partnership in accordance with their percentage ownership. The Series J and K Preferred Equity are owned by the Company and are eliminated in consolidation.

At December 31, 2012, the Operating Partnership’s equity included one class of preferred equity (Series J Preferred Equity) and the net equity of the partnership unitholders. At December 31, 2011, the Operating Partnership's equity included two classes of preferred equity (Series G and H Preferred Equity) and the net equity of the partnership unitholders. In September 2012, the Series G and H Preferred Equity were redeemed. See Note 14 for information related to the redemptions of the Series G and Series H Preferred Equity and the issuance of the Series J and K Preferred Equity.




The partnership equity of the Operating Partnership and the Company's ownership therein are shown below:
Year
 
TRG units outstanding at December 31
 
TRG units owned by TCO at December 31(1)
 
TRG units owned by noncontrolling interests at December 31
 
TCO's % interest in TRG at December 31
 
TCO's average interest in TRG
2013
 
88,271,133

 
63,101,614

 
25,169,519

 
71%
 
72%
2012
 
88,656,297

 
63,310,148

 
25,346,149

 
71
 
69
2011
 
84,502,883

 
58,022,475

 
26,480,408

 
69
 
69

(1)
There is a one-for-one relationship between TRG units owned by TCO and TCO common shares outstanding; amounts in this column are equal to TCO’s common shares outstanding as of the specified dates.
Business Description and Basis of Presentation [Text Block] 
Organization and Basis of Presentation

General

Taubman Centers, Inc. (the Company or TCO) is a Michigan corporation that operates as a self-administered and self-managed real estate investment trust (REIT). The Taubman Realty Group Limited Partnership (the Operating Partnership or TRG) is a majority-owned partnership subsidiary of TCO that owns direct or indirect interests in all of the company’s real estate properties. In this report, the term “Company" refers to TCO, the Operating Partnership, and/or the Operating Partnership's subsidiaries as the context may require. The Company engages in the ownership, management, leasing, acquisition, disposition, development, and expansion of regional and super-regional retail shopping centers and interests therein. The Company’s owned portfolio as of December 31, 2013 included 25 urban and suburban shopping centers operating in 13 states. In January 2014, the Company disposed of its ownership interest in Arizona Mills, the Company's only shopping center in the state of Arizona (Note 21).

Taubman Properties Asia LLC and its subsidiaries (Taubman Asia), which is the platform for the Company’s expansion into China and South Korea, is headquartered in Hong Kong.

Dollar amounts presented in tables within the notes to the financial statements are stated in thousands, except share data or as otherwise noted.

Consolidation

The consolidated financial statements of the Company include all accounts of the Company, the Operating Partnership, and its consolidated subsidiaries, including The Taubman Company LLC (the Manager) and Taubman Asia. All intercompany transactions have been eliminated. The entities included in these consolidated financial statements are separate legal entities and maintain records and books of account separate from any other entity. However, inclusion of these separate entities in the consolidated financial statements does not mean that the assets and credit of each of these legal entities are available to satisfy the debts or other obligations of any other such legal entity included in the consolidated financial statements.

Investments in entities not controlled but over which the Company may exercise significant influence (Unconsolidated Joint Ventures or UJVs) are accounted for under the equity method. The Company has evaluated its investments in the Unconsolidated Joint Ventures under guidance for determining whether an entity is a variable interest entity and has concluded that the ventures are not variable interest entities. Accordingly, the Company accounts for its interests in these entities under general accounting standards for investments in real estate ventures (including guidance for determining effective control of a limited partnership or similar entity). The Company’s partners or other owners in these Unconsolidated Joint Ventures have substantive participating rights including approval rights over annual operating budgets, capital spending, financing, admission of new partners/members, or sale of the properties and the Company has concluded that the equity method of accounting is appropriate for these interests. Specifically, the Company’s 79% investment in Westfarms is through a general partnership in which the other general partners have approval rights over annual operating budgets, capital spending, refinancing, or sale of the property.

The Operating Partnership

At December 31, 2013, the Operating Partnership’s equity included two classes of preferred equity (Series J and K Preferred Equity) and the net equity of the partnership unitholders (Note 14). Net income and distributions of the Operating Partnership are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in the Operating Partnership in accordance with their percentage ownership. The Series J and K Preferred Equity are owned by the Company and are eliminated in consolidation.

At December 31, 2012, the Operating Partnership’s equity included one class of preferred equity (Series J Preferred Equity) and the net equity of the partnership unitholders. At December 31, 2011, the Operating Partnership's equity included two classes of preferred equity (Series G and H Preferred Equity) and the net equity of the partnership unitholders. In September 2012, the Series G and H Preferred Equity were redeemed. See Note 14 for information related to the redemptions of the Series G and Series H Preferred Equity and the issuance of the Series J and K Preferred Equity.




The partnership equity of the Operating Partnership and the Company's ownership therein are shown below:
Year
 
TRG units outstanding at December 31
 
TRG units owned by TCO at December 31(1)
 
TRG units owned by noncontrolling interests at December 31
 
TCO's % interest in TRG at December 31
 
TCO's average interest in TRG
2013
 
88,271,133

 
63,101,614

 
25,169,519

 
71%
 
72%
2012
 
88,656,297

 
63,310,148

 
25,346,149

 
71
 
69
2011
 
84,502,883

 
58,022,475

 
26,480,408

 
69
 
69

(1)
There is a one-for-one relationship between TRG units owned by TCO and TCO common shares outstanding; amounts in this column are equal to TCO’s common shares outstanding as of the specified dates.

Outstanding voting securities of the Company at December 31, 2013 consisted of 25,151,069 shares of Series B Preferred Stock (Note 14) and 63,101,614 shares of Common Stock.
Revenue Recognition, Policy [Policy Text Block] 
Revenue Recognition

Shopping center space is generally leased to tenants under short and intermediate term leases that are accounted for as operating leases. Minimum rents are recognized on the straight-line method. Percentage rent is accrued when lessees' specified sales targets have been met. For traditional net leases, where tenants reimburse the landlord for an allocation of reimbursable costs incurred, the Company recognizes revenue in the period the applicable costs are chargeable to tenants. For tenants paying a fixed common area maintenance charge (which typically includes fixed increases over the lease term), the Company recognizes revenue on a straight-line basis over the lease terms. Management, leasing, and development revenue is recognized as services are rendered, when fees due are determinable, and collectibility is reasonably assured. Fees for management, leasing, and development services are established under contracts and are generally based on negotiated rates, percentages of cash receipts, and/or actual costs incurred. Fixed-fee development services contracts are generally accounted for under the percentage-of-completion method, using cost to cost measurements of progress. Profits on real estate sales are recognized whenever (1) a sale is consummated, (2) the buyer has demonstrated an adequate commitment to pay for the property, (3) the Company’s receivable is not subject to future subordination, and (4) the Company has transferred to the buyer the risks and rewards of ownership. Other revenues, including fees paid by tenants to terminate their leases, are recognized when fees due are determinable, no further actions or services are required to be performed by the Company, and collectibility is reasonably assured. Taxes assessed by government authorities on revenue-producing transactions, such as sales, use, and value-added taxes, are primarily accounted for on a net basis on the Company’s income statement.

Receivables, Policy [Policy Text Block] 
Allowance for Doubtful Accounts and Notes

The Company records a provision for losses on accounts receivable to reduce them to the amount estimated to be collectible. The Company records a provision for losses on notes receivable to reduce them to the present value of expected future cash flows discounted at the loans’ effective interest rates or the fair value of the collateral if the loans are collateral dependent.
Property, Plant and Equipment, Policy [Policy Text Block] 
Depreciation and Amortization

Buildings, improvements, and equipment are primarily depreciated on straight-line bases over the estimated useful lives of the assets, which generally range from 3 to 50 years. Capital expenditures that are recoverable from tenants are depreciated over the estimated recovery period. Intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets. Tenant allowances are depreciated on a straight-line basis over the shorter of the useful life of the leasehold improvements or the lease term. Deferred leasing costs are amortized on a straight-line basis over the lives of the related leases. In the event of early termination of such leases, the unrecoverable net book values of the assets are recognized as depreciation and amortization expense in the period of termination.

Capitalization

Direct and indirect costs that are clearly related to the acquisition, development, construction, and improvement of properties are capitalized. Compensation costs are allocated based on actual time spent on a project. Costs incurred on real estate for ground leases, property taxes, insurance, and interest costs for qualifying assets are capitalized during periods in which activities necessary to get the property ready for its intended use are in progress.

The viability of all projects under construction or development, including those owned by Unconsolidated Joint Ventures, are regularly evaluated on an individual basis under the accounting for abandonment of assets or changes in use. To the extent a project, or individual components of the project, are no longer considered to have value, the related capitalized costs are charged against operations. Additionally, all properties are reviewed for impairment on an individual basis whenever events or changes in circumstances indicate that their carrying value may not be recoverable. Impairment of a shopping center owned by consolidated entities is recognized when the sum of expected cash flows (undiscounted and without interest charges) is less than the carrying value of the property. Other than temporary impairment of an investment in an Unconsolidated Joint Venture is recognized when the carrying value of the investment is not considered recoverable based on evaluation of the severity and duration of the decline in value, including the results of discounted cash flow and other valuation techniques. To the extent impairment has occurred, the excess carrying value of the asset over its estimated fair value is charged to income.

In leasing a shopping center space, the Company may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, the Company determines whether the allowance represents funding for the construction of leasehold improvements and evaluates the ownership, for accounting purposes, of such improvements. If the Company is considered the owner of the leasehold improvements for accounting purposes, the Company capitalizes the amount of the tenant allowance and depreciates it over the shorter of the useful life of the leasehold improvements or the lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements for accounting purposes, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of rental revenue. Factors considered during this evaluation usually include (1) who holds legal title to the improvements, (2) evidentiary requirements concerning the spending of the tenant allowance, and (3) other controlling rights provided by the lease agreement (e.g. unilateral control of the tenant space during the build-out process). Determination of the accounting for a tenant allowance is made on a case-by-case basis, considering the facts and circumstances of the individual tenant lease. Substantially all of the Company’s tenant allowances have been determined to be leasehold improvements.

Cash and Cash Equivalents, Policy [Policy Text Block] 
Cash and Cash Equivalents

Cash equivalents consist of highly liquid investments with a maturity of 90 days or less at the date of purchase. The Company deposits cash and cash equivalents with institutions with high credit quality. From time to time, cash and cash equivalents may be in excess of FDIC insurance limits. Included in cash equivalents at both December 31, 2013 and 2012 was $18.0 million invested in a single investment company's money market fund, which is not insured or guaranteed by the FDIC or any other government agency.
Business Combinations Policy [Policy Text Block] 
Acquisitions

The Company recognizes the assets acquired, the liabilities assumed, and any noncontrolling interests in the acquiree at their fair values as of the acquisition date. The cost of acquiring a controlling ownership interest or an additional ownership interest (if not already consolidated) is allocated to the tangible assets acquired (such as land and building) and to any identifiable intangible assets based on their estimated fair values at the date of acquisition. The fair value of a property is determined on an “as-if-vacant” basis. Management considers various factors in estimating the "as-if-vacant" value including an estimated lease up period, lost rents, and carrying costs. The identifiable intangible assets would include the estimated value of “in-place” leases, above and below market “in-place” leases, and tenant relationships. The portion of the purchase price that management determines should be allocated to identifiable intangible assets is amortized in depreciation and amortization or as an adjustment to rental revenue, as appropriate, over the estimated life of the associated intangible asset (for instance, the remaining life of the associated tenant lease). The Company records goodwill when the cost of an acquired entity exceeds the net of the amounts assigned to assets acquired and liabilities assumed. Costs related to the acquisition of a controlling interest, including due diligence costs, professional fees, and other costs to effect an acquisition, are expensed as incurred.
Deferred Charges, Policy [Policy Text Block] 
Deferred Charges and Other Assets

Direct financing costs are deferred and amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related agreements as a component of interest expense. Direct costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. Cash expenditures for leasing costs are recognized in the Statement of Cash Flows as operating activities. All other deferred charges are amortized on a straight-line basis over the terms of the agreements to which they relate.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] 
Share-Based Compensation Plans

The cost of share-based compensation is measured at the grant date, based on the calculated fair value of the award, and is recognized over the requisite employee service period which is generally the vesting period of the grant. The Company recognizes compensation costs for awards with graded vesting schedules on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards.

Derivatives, Methods of Accounting, Hedging Derivatives [Policy Text Block] 
Interest Rate Hedging Agreements

All derivatives, whether designated in hedging relationships or not, are recorded on the balance sheet at fair value. If a derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive income (OCI) and are recognized in the income statement when the hedged item affects income. Ineffective portions of changes in the fair value of a cash flow hedge are recognized in the Company’s income as interest expense.

The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged items.

Income Tax, Policy [Policy Text Block] 
Income Taxes

The Company operates in such a manner as to qualify as a REIT under the applicable provisions of the Internal Revenue Code; therefore, REIT taxable income is included in the taxable income of its shareowners, to the extent distributed by the Company. To qualify as a REIT, the Company must distribute at least 90% of its REIT taxable income prior to net capital gains to its shareowners and meet certain other requirements. Additionally, no provision for federal income taxes for consolidated partnerships has been made, as such taxes are the responsibility of the individual partners. There are certain state income taxes incurred which are provided for in the Company’s financial statements.

The Company has made Taxable REIT Subsidiary (TRS) elections for all of its corporate subsidiaries pursuant to section 856(I) of the Internal Revenue Code. The TRSs are subject to corporate level income taxes, including certain foreign income taxes for foreign operations, which are provided for in the Company’s financial statements.

Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the bases of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence, including expected taxable earnings. The Company’s temporary differences primarily relate to deferred compensation, depreciation, and net operating loss carryforwards.
Noncontrolling Interests [Policy Text Block] 
Noncontrolling Interests

Noncontrolling interests in the Company are comprised of the ownership interests of (1) noncontrolling interests in the Operating Partnership and (2) the noncontrolling interests in joint ventures controlled by the Company through ownership or contractual arrangements. Consolidated net income and comprehensive income includes amounts attributable to the Company and the noncontrolling interests. Transactions that change the Company's ownership interest in a subsidiary are accounted for as equity transactions if the Company retains its controlling financial interest in the subsidiary.
The Company evaluates whether noncontrolling interests are subject to any redemption features outside of the Company's control that would result in presentation outside of permanent equity pursuant to general accounting standards regarding the classification and measurement of redeemable equity instruments. Certain noncontrolling interests in the Operating Partnership and consolidated ventures of the Company qualify as redeemable noncontrolling interests (Note 9). To the extent such noncontrolling interests are currently redeemable or it is probable that they will eventually become redeemable, these interests are adjusted to the greater of their redemption value or their carrying value at each balance sheet date.
Foreign Currency Transactions and Translations Policy [Policy Text Block] 
Foreign Currency Translation
The Company has certain entities in Asia for which the functional currency is the local currency. The assets and liabilities of the entities are translated from their functional currency into U.S. Dollars at the rate of exchange in effect on the balance sheet date. Income statement accounts are generally translated using the average exchange rate for the period. Income statement amounts of significant transactions are translated at the rate in effect as of the date of the transaction. The Company's share of unrealized gains and losses resulting from the translation of the entities' financial statements are reflected in stockholders' equity as a component of Accumulated Other Comprehensive Income (loss) in the Company's Consolidated Balance Sheet (Note 19).
Discontinued Operations, Policy [Policy Text Block] 
Discontinued Operations

The Company reclassifies to discontinued operations any material operations and gains or losses on disposal related to consolidated properties disposed of during the period in accordance with the applicable accounting standards. In 2011, the Company disposed of two centers and reported gains on the extinguishment of debt in the Statement of Operations and Comprehensive Income (Note 2).
Use of Estimates, Policy [Policy Text Block] 
Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Segment Reporting Disclosure [Text Block] 
Segments and Related Disclosures

The Company has one reportable operating segment: it owns, develops, and manages regional shopping centers. The Company has aggregated its shopping centers into this one reportable segment, as the shopping centers share similar economic characteristics and other similarities. The shopping centers are located in major metropolitan areas, have similar tenants (most of which are national chains), are operated using consistent business strategies, and are expected to exhibit similar long-term financial performance. Earnings before interest, income taxes, depreciation, and amortization (EBITDA) is often used by the Company's chief operating decision makers in assessing segment operating performance. EBITDA is believed to be a useful indicator of operating performance as it is customary in the real estate and shopping center business to evaluate the performance of properties on a basis unaffected by capital structure.

No single retail company represents 10% or more of the Company's revenues. Although the Company does business in China and South Korea, there are not yet any material revenues from customers or long-lived assets attributable to a country other than the United States of America. At December 31, 2013, the Company's investments in Asia are in Unconsolidated Joint Ventures and accounted for under the equity method.
Summary of Significant Accounting Policies (Tables)
Operating Partnership Ownership [Table Text Block]
The Operating Partnership

At December 31, 2013, the Operating Partnership’s equity included two classes of preferred equity (Series J and K Preferred Equity) and the net equity of the partnership unitholders (Note 14). Net income and distributions of the Operating Partnership are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in the Operating Partnership in accordance with their percentage ownership. The Series J and K Preferred Equity are owned by the Company and are eliminated in consolidation.

At December 31, 2012, the Operating Partnership’s equity included one class of preferred equity (Series J Preferred Equity) and the net equity of the partnership unitholders. At December 31, 2011, the Operating Partnership's equity included two classes of preferred equity (Series G and H Preferred Equity) and the net equity of the partnership unitholders. In September 2012, the Series G and H Preferred Equity were redeemed. See Note 14 for information related to the redemptions of the Series G and Series H Preferred Equity and the issuance of the Series J and K Preferred Equity.




The partnership equity of the Operating Partnership and the Company's ownership therein are shown below:
Year
 
TRG units outstanding at December 31
 
TRG units owned by TCO at December 31(1)
 
TRG units owned by noncontrolling interests at December 31
 
TCO's % interest in TRG at December 31
 
TCO's average interest in TRG
2013
 
88,271,133

 
63,101,614

 
25,169,519

 
71%
 
72%
2012
 
88,656,297

 
63,310,148

 
25,346,149

 
71
 
69
2011
 
84,502,883

 
58,022,475

 
26,480,408

 
69
 
69

(1)
There is a one-for-one relationship between TRG units owned by TCO and TCO common shares outstanding; amounts in this column are equal to TCO’s common shares outstanding as of the specified dates.
Income Taxes (Tables)
Income tax expense (benefit) 
The Company’s income tax expense for the years ended December 31, 2013, 2012, and 2011 is as follows:

 
2013
 
2012
 
2011
State current
$
230

 
$
205

 
$
551

State deferred
(77
)
 
(13
)
 
(366
)
Federal current
547

 
1,011

 
217

Federal deferred
632

 
257

 
158

Foreign current
2,193


3,324

(1) 
50

Foreign deferred
(116
)

180

(1) 

Total income tax expense
$
3,409

 
$
4,964

 
$
610



(1) The Company recognized $3.2 million of income tax expense related to the sale of Taubman TCBL's assets (Note 2), of which $2.8 million is included in foreign current tax expense and $0.4 million is included in foreign deferred tax expense.
Summary of Operating Loss Carryforwards [Table Text Block] 
As of December 31, 2013, the Company had a total federal net operating loss carryforward of $2.0 million, expiring as follows:

Tax Year
 
Expiration
 
Amount
2008
 
2028
 
$
1,515

2009
 
2029
 
297

2010
 
2030
 
37

2011
 
2031
 
44

2012
 
2032
 
101



The Company also had a foreign net operating loss carryforward with an indefinite carryforward period of $7.2 million as of December 31, 2013.
Deferred tax assets and liabilities 
Deferred tax assets and liabilities as of December 31, 2013 and 2012 are as follows:

 
2013
 
2012
Deferred tax assets:
 
 
 
Federal
$
2,746

 
$
3,378

Foreign
1,821

 
1,090

State
527

 
182

Total deferred tax assets
$
5,094

 
$
4,650

Valuation allowances
(1,831
)
 
(991
)
Net deferred tax assets
$
3,263

 
$
3,659

Deferred tax liabilities:
 

 
 

Federal
$
602

 
$
609

Foreign
449

 
401

State
107

 
107

Total deferred tax liabilities
$
1,158

 
$
1,117

Tax Status of Dividends, Common Stock [Table Text Block] 
Year
 
Dividends per common share declared
 
Return of capital
 
Ordinary income
 
15% Rate long term capital gain
 
Unrecaptured Sec. 1250 capital gain
2013
 
$
2.0000

 
$
0.2636

 
$
1.7364

 
$
0.0000

 
$
0.0000

2012
 
1.8500

 
0.5429

 
1.3071

 
0.0000

 
0.0000

2011
 
1.7625

 
0.4455

 
1.3170

 
0.0000

 
0.0000

Tax Status of Dividends, Series G Preferred [Table Text Block] 
Year
 
Dividends per Series G Preferred share declared
 
Ordinary income
 
15% Rate long term capital gain
 
Unrecaptured Sec. 1250 capital gain
2012
 
$
1.350

 
$
1.350

 
$
0.0000

 
$
0.0000

2011
 
2.000

 
2.000

 
0.0000

 
0.0000

Tax Status of Dividends, Series H Preferred [Table Text Block] 
Year
 
Dividends per Series H Preferred share declared
 
Ordinary income
 
15% Rate long term capital gain
 
Unrecaptured Sec. 1250 capital gain
2012
 
$
1.28672

 
$
1.28672

 
$
0.0000

 
$
0.0000

2011
 
1.90625

 
1.90625

 
0.0000

 
0.0000

Tax Status of Dividends, Series J [Table Text Block] 
Year

Dividends per Series J Preferred share declared

Ordinary income

15% Rate long term capital gain

Unrecaptured Sec. 1250 capital gain
2013

$
1.6250


$
1.6250


$
0.0000


$
0.0000

2012

0.6184


0.6184


0.0000


0.0000

Tax Status of Dividends, Series K [Table Text Block] 
Year
 
Dividends per Series K Preferred share declared
 
Ordinary income
 
15% Rate long term capital gain
 
Unrecaptured Sec. 1250 capital gain
2013
 
$
1.24132

 
$
1.24132

 
$
0.0000

 
$
0.0000

Properties (Tables)
Schedule of Real Estate Properties [Table Text Block]
Properties at December 31, 2013 and December 31, 2012 are summarized as follows:
 
2013
 
2012
Land
$
336,360

 
$
333,270

Buildings, improvements, and equipment
3,896,401

 
3,749,180

Construction in process
106,035

 
116,850

Development pre-construction costs
146,294

 
46,700

 
$
4,485,090

 
$
4,246,000

Accumulated depreciation and amortization
(1,516,982
)
 
(1,395,876
)
 
$
2,968,108

 
$
2,850,124

Investments in Unconsolidated Joint Ventures (Tables)
Beneficial Interests In Joint Ventures 
Shopping Center
Ownership as of
December 31, 2013 and 2012
Arizona Mills (1)
50%
CityOn.Xi'an (under construction)
Note 2
CityOn.Zhengzhou (under construction)
Note 2
Fair Oaks
50
Hanam Union Square (under construction)
Note 2
The Mall at Millenia
50
Stamford Town Center
50
Sunvalley
50
The Mall at University Town Center (under construction)
Note 2
Waterside Shops
50
Westfarms
79

(1) In January 2014, Company disposed of its 50% interest in Arizona Mills (Note 21).
Equity Method Investment Summarized Financial Information Text Block 
 
December 31 2013
 
2012
Assets:
 
 
 
Properties
$
1,305,658

 
$
1,129,647

Accumulated depreciation and amortization
(478,820
)
 
(473,101
)
 
$
826,838

 
$
656,546

Cash and cash equivalents
28,782

 
30,070

Accounts and notes receivable, less allowance for doubtful accounts of $977 and $1,072 in 2013 and 2012
33,626

 
26,032

Deferred charges and other assets
28,095

 
31,282

 
$
917,341

 
$
743,930

 
 
 
 
Liabilities and accumulated deficiency in assets:
 

 
 

Mortgage notes payable
$
1,551,161

 
$
1,490,857

Accounts payable and other liabilities
70,226

 
68,282

TRG's accumulated deficiency in assets
(412,204
)
 
(470,411
)
Unconsolidated Joint Venture Partners' accumulated deficiency in assets
(291,842
)
 
(344,798
)
 
$
917,341

 
$
743,930

 
 
 
 
TRG's accumulated deficiency in assets (above)
$
(412,204
)
 
$
(470,411
)
TRG's investment in projects under development (Note 2)
193,306

 
128,279

TRG basis adjustments, including elimination of intercompany profit
118,132

 
114,136

TCO's additional basis
56,909

 
58,855

Net Investment in Unconsolidated Joint Ventures
$
(43,857
)
 
$
(169,141
)
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures
371,549

 
383,293

Investment in Unconsolidated Joint Ventures
$
327,692

 
$
214,152

 
Year Ended December 31
 
2013
 
2012
 
2011
Revenues
$
294,720

 
$
282,136

 
$
266,455

Maintenance, taxes, utilities, promotion, and other operating expenses
$
92,901

 
$
91,094

 
$
84,922

Interest expense
68,998

 
68,760

 
61,034

Depreciation and amortization
36,644

 
37,342

 
38,389

Total operating costs
$
198,543

 
$
197,196

 
$
184,345

Nonoperating income


 
18

 
162

Net income
$
96,177

 
$
84,958

 
$
82,272

 
 
 
 
 
 
Net income attributable to TRG
$
53,166

 
$
47,763

 
$
46,208

Realized intercompany profit, net of depreciation on TRG’s basis adjustments
1,245

 
2,677

 
1,802

Depreciation of TCO's additional basis
(1,946
)
 
(1,946
)
 
(1,946
)
Equity in income of Unconsolidated Joint Ventures
$
52,465

 
$
48,494

 
$
46,064

 
 
 
 
 
 
Beneficial interest in Unconsolidated Joint Ventures’ operations:
 

 
 

 
 

Revenues less maintenance, taxes, utilities, promotion, and other operating expenses
$
114,939

 
$
107,044

 
$
100,773

Interest expense
(37,554
)
 
(35,862
)
 
(31,607
)
Depreciation and amortization
(24,920
)
 
(22,688
)
 
(23,102
)
Equity in income of Unconsolidated Joint Ventures
$
52,465

 
$
48,494

 
$
46,064

Accounts and Notes Receivable (Tables)
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]
Accounts and notes receivable at December 31, 2013 and December 31, 2012 are summarized as follows:

 
2013
 
2012
Trade
$
32,162

 
$
33,351

Notes
9,407

 
9,512

Straight-line rent and recoveries
33,558

 
29,594

 
$
75,127

 
$
72,457

Less: Allowance for doubtful accounts
(1,934
)
 
(3,424
)
 
$
73,193

 
$
69,033

Deferred Charges Other Assets (Tables)
Deferred Charges and Other Assets [Table Text Block]
Deferred charges and other assets at December 31, 2013 and December 31, 2012 are summarized as follows:

 
2013
 
2012
Leasing costs
$
37,478

 
$
36,291

Accumulated amortization
(18,380
)
 
(16,472
)
 
$
19,098

 
$
19,819

In-place leases, net
20,275

 
22,751

Deferred financing costs, net
16,319

 
13,071

Insurance deposit (Note 17)
12,225

 
11,291

Deposits
4,320

 
6,295

Prepaid expenses
4,952

 
5,181

Deferred tax asset, net
3,263

 
3,659

TCBL disposition escrow (Note 2)


 
3,550

Investments (Note 17)


 
2,452

Other, net
8,934

 
6,913

 
$
89,386

 
$
94,982

Beneficial Interest in Debt and Interest Expense (Tables)
Mortgage Notes Payable [Table Text Block] 

Notes payable at December 31, 2013 and December 31, 2012 consist of the following:
 
2013
 
2012
 
Stated Interest Rate
 
Maturity Date
 
Balance Due on Maturity
 
Facility Amount
 
Beverly Center


(1) (2) 
$
310,468

 
5.28%
 

 

 
 
 
Cherry Creek Shopping Center
$
280,000

 
280,000

 
5.24%
 
06/08/16
 
280,000
 
 
 
City Creek Center
84,560

(3) 


 
4.37%
 
08/01/23
 
68,575
 
 
 
Dolphin Mall


(2) 
250,000

(4)  
LIBOR + 1.75%
 

 

 
 
 
El Paseo Village
16,322

(5) 
16,698

(5) 
4.42%
 
12/06/15
 
15,565
 
 
 
Fairlane Town Center


(2) 
60,000

(4)  
LIBOR + 1.75%
 

 

 
 
 
The Gardens on El Paseo
84,197

(6) 
85,336

(6) 
6.10%
 
06/11/16
 
81,480
 
 
 
Great Lakes Crossing Outlets
221,541

 



3.60%
 
01/06/23
 
177,038
 
 

 
Great Lakes Crossing Outlets


 
126,036

 
5.25%
 

 

 
 
 
The Mall at Green Hills
150,000

(8) 


 
LIBOR+1.60%
 
12/01/18
(7) 
150,000
 
 
 
The Mall at Green Hills


 
108,284

(8) 
6.89%
 

 

 
 
 
International Plaza
325,000

(9) 
325,000

 
4.85%
 
12/01/21
 
285,503
 
 

 
MacArthur Center
129,205

 
130,567

 
LIBOR + 2.35%
(10) 
09/01/20
 
117,234
 
 

 
Northlake Mall
215,500

 
215,500

 
5.41%
 
02/06/16
 
215,500
 
 

 
The Mall at Partridge Creek
79,162

 
80,222

 
6.15%
 
07/06/20
 
70,433
 
 
 
The Mall at Short Hills
540,000

 
540,000

 
5.47%
 
12/14/15
 
540,000
 
 
 
Stony Point Fashion Park
99,526


101,644

 
6.24%
 
06/01/14
(11) 
98,585
 
 
 
Twelve Oaks Mall


(2) 
85,000

(4)  
LIBOR + 1.75%
 

 

 
 

The Mall at Wellington Green
200,000

 
200,000

 
5.44%
 
05/06/15
 
200,000
 
 

 
$65M Revolving Credit Facility
33,040

 
37,275

 
LIBOR + 1.40%
 
04/30/14
 
33,040
 
65,000

(12) 
$1.1B Revolving Credit Facility
125,000

(2) (4) 


 
LIBOR + 1.45%
(4) 
03/29/17
(4) 
125,000
 
1,100,000

(4) 
$475M Unsecured Term Loan
475,000

(1) (2) 

 
LIBOR + 1.35%
(1) 
02/28/19
 
475,000
 
 
 
 
$
3,058,053

 
$
2,952,030

 
 
 
 
 
 
 
 

 


(1)
TRG is the borrower under the $475 million unsecured term loan with an accordion feature to increase the borrowing capacity up to $600 million. The loan bears interest at a range of LIBOR plus 1.35% to LIBOR plus 1.90% based on the Company's total leverage ratio. From January 2, 2014 until maturity, the LIBOR rate is swapped to a fixed rate of 1.65% (Note 10). Proceeds from the unsecured loan were utilized to pay off the mortgage payable on Beverly Center in November 2013.
(2)
The entities that own Beverly Center, Dolphin Mall, Fairlane Town Center, Twelve Oaks Mall, and The Shops at Willow Bend are guarantors under the $475 million unsecured term loan and the $1.1 billion unsecured revolving credit facility.
(3)
The Operating Partnership has provided a limited guarantee of the repayment of the City Creek loan, which could be triggered only upon a decline in center occupancy to a level that the Company believes is remote.
(4)
TRG is the borrower under the $1.1 billion unsecured revolving credit facility with an accordion feature to increase the borrowing capacity to $1.5 billion. The facility bears interest at a range of LIBOR plus 1.45% to LIBOR plus 1.85% with a facility fee ranging from 0.20% to 0.35% based on the Company's total leverage ratio. The unused borrowing capacity at December 31, 2013 was $975.0 million. The facility has a one-year extension option. Prior the refinancing of the Company's revolving credit facility in 2013, Dolphin Mall, Fairlane Town Center, and Twelve Oaks Mall were the borrowers and the collateral for the Company's $650 million revolving credit facility.
(5)
Balance includes purchase accounting adjustment of $0.2 million premium in 2013 and 2012, for an above market interest rate upon acquisition of the center in December 2011 (Note 2).
(6)
Balance includes purchase accounting adjustment of $2.7 million and $3.9 million premium in 2013 and 2012, respectively, for an above market interest rate upon acquisition of the center in December 2011 (Note 2).
(7)
Has a one-year extension option.
(8)
Balance includes purchase accounting adjustment of $2.0 million premium for an above market interest rate upon acquisition of the center in December 2011 (Note 2).
(9)
In January 2014, the Company sold a total of 49.9% of its interests in the entity that owns International Plaza (Note 21).
(10)
Stated interest rate is swapped to an effective rate of 4.99% until maturity (Note 10).
(11)
In January 2014, the Company paid off the mortgage note payable on Stony Point Fashion Park (Note 21).
(12)
The unused borrowing capacity at December 31, 2013 was $26.5 million.
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, 2013:

2014
$
141,090

(1) 
2015
769,399

  
2016
591,140

 
2017
139,901

(2) 
2018
165,635

(3) 
Thereafter
1,248,011

 
Total principal maturities
$
3,055,176

 
Net unamortized debt premiums
2,877

 
Total notes payable
$
3,058,053

 

(1)
Includes $99.5 million that was repaid in January 2014 (Note 21).
(2)
Includes $125.0 million with one-year extension option.
(3)
Includes $150.0 million with one-year extension option.

Operating Partnership's beneficial interest 
 
At 100%
 
At Beneficial Interest
 
Consolidated Subsidiaries
 
Unconsolidated Joint Ventures
 
Consolidated Subsidiaries
 
Unconsolidated Joint Ventures
Debt as of:
 
 
 
 
 
 
 
December 31, 2013
$
3,058,053

 
$
1,551,161

 
$
2,891,592

 
$
868,942

December 31, 2012
2,952,030

 
1,490,857

 
2,785,501

 
841,363

 
 
 
 
 
 
 
 
Capitalized interest:
 

 
 

 
 

 
 

Year Ended December 31, 2013
$
16,385

(1) 
$
587

 
$
15,839

 
$
320

Year Ended December 31, 2012
3,594

(1) 
67

 
3,487

 
33

 
 
 
 
 
 
 
 
Interest expense:
 

 
 

 
 

 
 

Year Ended December 31, 2013
$
130,023

 
$
68,998

 
$
121,353

 
$
37,554

Year Ended December 31, 2012
142,616

 
68,760

 
126,031

 
35,862

 
 
 
 
 
 
 
 

(1)
The Company capitalizes interest costs incurred in funding its equity contributions to development projects accounted for as UJVs. The capitalized interest cost is included in the Company's basis in its investment in UJVs. Such capitalized interest reduces interest expense in the Company's Consolidated Statement of Operations and Comprehensive Income and in the table above is included within Consolidated Subsidiaries.
Noncontrolling Interests (Tables)
Reconciliation of redeemable noncontrolling interests 
Reconciliation of Redeemable Noncontrolling Interests
 
2012
Balance January 1
$
84,235

Contributions
231

Distributions
(2,456
)
Allocation of net income (loss)
(976
)
Allocation of other comprehensive income (loss)
(49
)
Capital relinquished in connection with TCBL disposition (Note 2)
(8,855
)
Transfer to nonredeemable equity
(72,035
)
Adjustments of redeemable noncontrolling interests
(95
)
Balance December 31
$
—


There was no significant activity regarding redeemable noncontrolling interests during the year ended December 31, 2013
Net equity balance of noncontrolling interests 
Equity Balances of Nonredeemable Noncontrolling Interests

The net equity balance of the nonredeemable noncontrolling interests as of December 31, 2013 and December 31, 2012 includes the following:
 
2013
 
2012
Non-redeemable noncontrolling interests:
 
 
 
Noncontrolling interests in consolidated joint ventures
$
(37,191
)
 
$
(45,066
)
Noncontrolling interests in partnership equity of TRG
(58,342
)
 
(44,242
)
 
$
(95,533
)
 
$
(89,308
)

Net income (loss) attributable to noncontrolling interests 
Income Allocable to Noncontrolling Interests

Net income attributable to the noncontrolling interests for the years ended December 31, 2013, 2012, and 2011 includes the following:
 
2013
 
2012
 
2011
Net income (loss) attributable to noncontrolling interests:
 
 
 
 
 
Non-redeemable noncontrolling interests:
 
 
 
 
 
Noncontrolling share of income of consolidated joint ventures
$
10,344

 
$
14,867

 
$
15,477

Noncontrolling share of income of TRG
46,434

 
37,752

 
80,161

TRG Series F preferred distributions
 
 


 
(372
)
 
$
56,778

 
$
52,619

 
$
95,266

Redeemable noncontrolling interests


 
(976
)
 
(739
)
 
$
56,778

 
$
51,643

 
$
94,527

Effects of changes in ownership interest in consolidated subsidiaries on equity 
Equity Transactions

The following schedule presents the effects of changes in Taubman Centers, Inc.’s ownership interest in consolidated subsidiaries on Taubman Centers, Inc.’s equity for the years ended December 31, 2013, 2012, and 2011:

 
2013
 
2012
 
2011
Net income attributable to Taubman Centers, Inc. common shareowners
$
109,908

 
$
83,511

 
$
176,701

Transfers (to) from the noncontrolling interest –
 

 
 

 
 
Increase (Decrease) in Taubman Centers, Inc.’s paid-in capital for the adjustments of noncontrolling interest (1)
15,129

 
14,903

 
(40,561
)
Decrease in Taubman Centers, Inc.’s paid-in capital related to the acquisition of additional ownership interest in International Plaza (Note 2)
 
 
(339,170
)
 


Decrease in Taubman Centers, Inc.’s paid-in capital related to the acquisition of additional ownership interest in the outlet joint venture
(1,050
)
 
 
 
 
Net transfers (to) from noncontrolling interests
14,079

 
(324,267
)
 
(40,561
)
Change from net income attributable to Taubman Centers, Inc. and transfers (to) from noncontrolling interests
$
123,987

 
$
(240,756
)
 
$
136,140


(1)
In 2013, 2012, and 2011, adjustments of the noncontrolling interest were made as a result of changes in the Company's ownership of the Operating Partnership in connection with the Company's share-based compensation under employee and director benefit plans (Note 13), issuances of stock pursuant to the continuing offer (Note 15), issuances of common stock in 2012 and 2011 (Note 14), the acquisition of additional ownership interest in International Plaza in 2012, redemption of the outlet joint venture partner's interest in 2013, 2013 stock repurchases (Note 14), issuances of Operating Partnership units in connection with the acquisition of centers (Note 2), and redemptions of certain redeemable Operating Partnership Units.
Derivative and Hedging Activities (Tables)
Interest rate derivatives designated as cash flow hedges 
As of December 31, 2013, the Company had the following outstanding interest rate derivatives that were designated and are expected to be effective as cash flow hedges of the interest payments on the associated debt.
Instrument Type
 
Ownership
 
Notional Amount
 
Swap Rate
 
Credit Spread on Loan
 
Total Swapped Rate on Loan
 
Maturity Date
Consolidated Subsidiaries:
 
 
 
 
 
 
 
 
 
 
 
 
Receive variable (LIBOR) /pay-fixed swap (1)
 
100
%
 
$
200,000

 
1.64
%
 
1.35
%
(1) 
2.99
%
(1) 
February 2019
Receive variable (LIBOR) /pay-fixed swap (1)
 
100
%
 
175,000

 
1.65
%
 
1.35
%
(1) 
3.00
%
(1) 
February 2019
Receive variable (LIBOR) /pay-fixed swap (1)
 
100
%
 
100,000

 
1.64
%
 
1.35
%
(1) 
2.99
%
(1) 
February 2019
Receive variable (LIBOR) /pay-fixed swap (2)
 
95.0
%
 
129,205

 
2.64
%
 
2.35
%
 
4.99
%
 
September 2020
Unconsolidated Joint Ventures:
 
 

 
 

 
 

 
 

 
 

 
 
Receive variable (LIBOR) /pay-fixed swap (3)
 
50.0
%
 
137,500

 
2.40
%
 
1.70
%
 
4.10
%
 
April 2018
Receive variable (LIBOR) /pay-fixed swap (3)
 
50.0
%
 
137,500

 
2.40
%
 
1.70
%
 
4.10
%
 
April 2018


(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 beginning January 2, 2014 on a debt principal amount equal to the swap notional, regardless of the specific debt agreement from which they may flow. The Company is currently using these swaps to manage interest rate risk on the $475 million TRG Term Loan. The credit spread on this loan can also vary within a range of 1.35% to 1.90%, depending on the Company's leverage ratio at the measurement date.
(2)
The notional amount of the swap is equal to the outstanding principal balance of the loan on MacArthur Center.
(3)
The notional amount on each of these swaps is equal to 50% of the outstanding principal balance of the loan on Fair Oaks Mall, which begins amortizing in August 2014.
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income 
During the years ended December 31, 2013, 2012, and 2011 the Company did not have any hedge ineffectiveness or amounts that were excluded from the assessment of hedge effectiveness recorded in earnings.

 
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)
 
Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)
 
Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)
 
2013
 
2012
 
2011
 
 
 
2013
 
2012
 
2011
Derivatives in cash flow hedging relationships:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts – consolidated subsidiaries
$
9,990

 
$
(2,821
)
 
$
(13,609
)
 
Interest Expense
 
$
(3,221
)
 
$
(3,190
)
 
$
(3,488
)
Interest rate contracts – UJVs
5,083

 
(1,976
)
 
(7,081
)
 
Equity in Income of UJVs
 
(3,080
)
 
(3,600
)
 
(2,788
)
Total derivatives in cash flow hedging relationships
$
15,073

 
$
(4,797
)
 
$
(20,690
)
 
 
 
$
(6,301
)
 
$
(6,790
)
 
$
(6,276
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized losses on settled cash flow hedges:
 

 
 

 
 
 
 
 
 

 
 

 
 
Interest rate contracts – consolidated subsidiaries
 

 
 

 
 
 
Interest Expense
 
$
(605
)
 
$
(605
)
 
$
(839
)
Interest rate contract – UJVs
 

 
 

 
 
 
Equity in Income of UJVs
 


 
(188
)
 
(376
)
Total realized losses on settled cash flow hedges
 

 
 

 
 
 
 
 
$
(605
)
 
$
(793
)
 
$
(1,215
)

Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet 
The Company records all derivative instruments at fair value in the Consolidated Balance Sheet. The following table presents the location and fair value of the Company’s derivative financial instruments as reported in the Consolidated Balance Sheet as of December 31, 2013 and 2012.
 
 
 
Fair Value
 
Consolidated Balance Sheet Location
 
December 31 2013
 
December 31
2012
Derivatives designated as hedging instruments:
 
 
 
 
 
Asset derivatives:
 
 
 
 
 
Interest rate contracts – consolidated subsidiaries
Deferred Charges and Other Assets
 
$
1,543

 


Liability derivatives:
 
 
 

 
 

Interest rate contract – consolidated subsidiaries
Accounts Payable and Accrued Liabilities
 
$
(3,418
)
 
$
(11,865
)
Interest rate contracts – UJVs
Investment in UJVs
 
(5,938
)
 
(11,021
)
Total liabilities designated as hedging instruments
 
 
$
(9,356
)
 
$
(22,886
)
Leases (Tables)
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] 
Future minimum rent under operating leases in effect at December 31, 2013 for operating centers assuming no new or renegotiated leases or option extensions on anchor agreements, is summarized as follows:

2014
$
393,115

2015
356,935

2016
321,521

2017
281,729

2018
241,121

Thereafter
735,323

Operating Leases of Lessee Disclosure [Table Text Block] 
The following is a schedule of future minimum rental payments required under operating leases:

2014
$
12,772

2015
9,540

2016
11,446

2017
12,224

2018
12,243

Thereafter
814,768



The table above includes $2.8 million in 2014 and $0.7 million in 2015 of related party amounts.
Share-Based Compensation (Tables)
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] 
A summary of option activity for the years ended December 31, 2013, 2012, and 2011 is presented below:
 
Number of Options
 
Weighted Average
 Exercise Price
 
Weighted Average Remaining Contractual Term (in years)
 
Range of Exercise Prices
Outstanding at January 1, 2011
1,452,781
 
$
37.00

 
5.7

 
$
13.83

-
$
55.90

Exercised
(130,791)
 
35.66

 
 
 
 
 
 
Outstanding at December 31, 2011
1,321,990
 
$
37.13

 
4.8

 
$
13.83

-
$
55.90

Exercised
(632,188)
 
31.28

 
 
 
 
 
 
Outstanding at December 31, 2012
689,802
 
$
42.50

 
3.8

 
$
24.74

-
$
55.90

Exercised
(126,366)
 
36.67

 
 
 
 
 
 
Outstanding at December 31, 2013
563,436
 
$
43.81

 
2.6

 
$
31.31

-
$
55.90

 
 
 
 
 
 
 
 
 
 
Fully vested options at December 31, 2013
563,436
 
$
43.81

 
2.6

 
 
 
 
Schedule of Valuation Assumptions [Table Text Block] 

Grant Dates

2013

2012

2011






Risk-free interest rate
0.30% to 0.40%

0.35% to 0.45%

1.18%
Measurement period
3 years

3 years

3 years
Weighted average grant-date fair value
$103.37

$107.45

$85.40
Schedule of Nonvested Performance-based Units Activity [Table Text Block] 
A summary of PSU activity for the years ended December 31, 2013, 2012, and 2011 is presented below:
 
Number of Performance Stock Units
 
Weighted Average Grant Date Fair Value
Outstanding at January 1, 2011
272,356

 
$
28.88

Granted
53,795
 
85.40

Outstanding at December 31, 2011
326,151

 
$
38.20

Vested
(196,943
)
(1) 
15.60

Granted (three-year vesting)
50,041

 
107.45

Granted (five-year vesting)
108,224

 
189.23

Forfeited
(24,733
)
 
123.41

Outstanding at December 31, 2012
262,740

 
$
122.52

Vested
(73,259
)
(1) 
65.29

Granted (three-year vesting)
42,178

 
103.37

Granted (four-year vesting)
15,444

 
171.05

Forfeited
(12,240
)
 
140.49

Outstanding at December 31, 2013
234,863

 
$
139.18



(1) Based on the Company's market performance relative to that of a peer group, the actual number of shares of common stock issued upon vesting during the year ended December 31, 2013 and 2012 equaled 300% and 240%, respectively, of the number of PSU awards vested in the table above.
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] 
A summary of RSU activity for the years ended December 31, 2013, 2012, and 2011 is presented below:
 
Number of Restricted Stock Units
 
Weighted average Grant Date Fair Value
Outstanding at January 1, 2011
617,884

 
$
22.72

Granted March 2011
105,391

 
47.98

Granted June 2011
1,972

 
53.65

Forfeited
(3,450
)
 
22.19

Vested
(115,870
)
 
49.67

Outstanding at December 31, 2011
605,927

 
$
22.06

Granted
107,653

 
65.14

Forfeited
(26,665
)
 
46.48

Vested
(364,610
)
 
9.90

Outstanding at December 31, 2012
322,305

 
48.19

Granted (three-year vesting)
92,103

 
71.67

Granted (staggered vesting)
5,197

 
81.38

Forfeited
(11,678
)
 
57.60

Vested
(138,028
)
 
37.03

Outstanding at December 31, 2013
269,899

 
62.00

Earnings Per Share (Tables)
Basic and diluted earnings per share 
 
Year Ended December 31
 
2013
 
2012
 
2011
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator):
 
 
 
 
 
Income from continuing operations
$
109,908

 
$
83,511

 
$
75,011

Income from discontinued operations
 
 


 
101,690

Basic
$
109,908

 
$
83,511

 
$
176,701

 
 
 
 
 
 
Shares (Denominator) – basic
63,591,523

 
59,884,455

 
56,899,966

 
 
 
 
 
 
Earnings per common share from continuing operations
$
1.73

 
$
1.39

 
$
1.32

Income from discontinued operations
 
 


 
1.79

Earnings per common share – basic
$
1.73

 
$
1.39

 
$
3.11





 
Year Ended December 31
 
2013
 
2012
 
2011
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator):
 
 
 
 
 
Income from continuing operations - basic
$
109,908

 
$
83,511

 
$
75,011

Impact of additional ownership of TRG on income from continuing operations
497

 
672

 
625

Income from continuing operations - diluted
$
110,405

 
$
84,183

 
$
75,636

Income from discontinued operations - basic
 
 


 
101,690

Impact of additional ownership of TRG on income from discontinued operations
 
 


 
296

Diluted
$
110,405

 
$
84,183

 
$
177,622

 
 
 
 
 
 
Shares – basic
63,591,523

 
59,884,455

 
56,899,966

Effect of dilutive securities
983,889

 
1,491,989

 
1,629,123

Shares (Denominator) – diluted
64,575,412

 
61,376,444

 
58,529,089

 
 
 
 
 
 
Earnings per common share from continuing operations
$
1.71

 
$
1.37

 
$
1.29

Income from discontinued operations
 
 


 
1.74

Earnings per common share – diluted
$
1.71

 
$
1.37

 
$
3.03

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] 
 
Year Ended December 31
 
2013
 
2012
 
2011
Weighted average partnership units outstanding
4,428,624

 
5,063,736

 
7,499.132

Unissued partnership units under unit option deferral elections
871,262

 
871,262

 
871,262

Out-of-the-money options


 


 
60,469

Fair Value Disclosures (Tables)
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, 2013 Using
 
Fair Value Measurements as of December 31, 2012 Using
Description
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
Available-for-sale securities
 


 
 
 
$
2,452

 
 
Insurance deposit
 
$
12,225

 
 

 
11,291

 
 

Derivative interest rate contracts (Note 10)
 
 
 
$
1,543

 
 
 
 
Total assets
 
$
12,225

 
$
1,543

 
$
13,743

 


 
 
 
 
 
 
 
 
 
Derivative interest rate contract (Note 10)
 
 

 
$
(3,418
)
 
 

 
$
(11,865
)
Total liabilities
 
 

 
$
(3,418
)
 
 

 
$
(11,865
)
Fair Value, by Balance Sheet Grouping [Table Text Block] 
The estimated fair values of notes payable at December 31, 2013 and 2012 are as follows:
 
2013
 
2012
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Notes payable
$
3,058,053

 
$
3,107,119

 
$
2,952,030

 
$
3,082,265

Cash Flow Disclosures & Non-Cash Investing and Financing Activities (Tables)
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]
 
2013
 
2012
 
2011
Issuance of a note receivable in connection with the sale of peripheral land
$
7,411

 
 
 
 
Issuance of note and other receivable in connection with the sale of Taubman TCBL's assets (Note 2)


 
$
9,353

 

Issuance of TRG partnership units in connection with acquisitions of The Mall at Green Hills and The Gardens on El Paseo and El Paseo Village (Note 2)

 

 
$
72,683

Assumption of debt in connection with acquisitions of The Mall at Green Hills and The Gardens on El Paseo and El Paseo Village (Note 2)

 

 
215,439

Issuance of installment notes in connection with acquisitions of The Mall at Green Hills and The Gardens on El Paseo and El Paseo Village (Note 2)

 

 
281,467

Issuance of redeemable equity in connection with acquisition of Taubman TCBL (Note 2)

 

 
11,882

Receipt of escrow in connection with the sale of Taubman TCBL (Note 2)

 
3,550

 

Relinquishment of redeemable equity in connection with disposition of Taubman TCBL (Note 2)

 
8,855

 

Transfer of The Pier Shops and Regency Square in settlement of mortgage debt obligations, net (Note 2)

 

 
63,941

Other non-cash additions to properties
14,030

 
19,952

 
29,803

Accumulated Other Comprehensive Income (Tables)
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] 

Changes in the balance of each component of Accumulated Other Comprehensive Income (AOCI) for the years ended December 31, 2013, 2012, and 2011 were as follows:

 
Taubman Centers, Inc. AOCI
 
Noncontrolling Interests AOCI

Cumulative translation adjustment
 
Unrealized gains (losses) on interest rate instruments and other
 
Total
 
Cumulative translation adjustment
 
Unrealized gains (losses) on interest rate instruments and other
 
Total
January 1, 2011


$
(14,925
)

$
(14,925
)




$
15,802


$
15,802

Current Period Other Comprehensive Income


(13,137
)

(13,137
)




(6,240
)

(6,240
)
Amounts due to changes in ownership


449


449





(449
)

(449
)
December 31, 2011


$
(27,613
)

$
(27,613
)




$
9,113


$
9,113

Current Period Other Comprehensive Income
1,888

 
(2,551
)
 
(663
)
 
756

 
(1,162
)
 
(406
)
Amounts due to changes in ownership

 
6,212

 
6,212

 


 
(6,212
)
 
(6,212
)
December 31, 2012
$
1,888

 
$
(23,952
)
 
$
(22,064
)
 
$
756

 
$
1,739

 
$
2,495

Other comprehensive income/(loss) before reclassifications
3,150

 
6,117

 
9,267

 
1,257

 
2,700

 
3,957

Amounts reclassified from AOCI

 
3,875

 
3,875

 


 
1,708

 
1,708

Net current period other comprehensive income/(loss)
3,150

 
9,992

 
13,142

 
1,257

 
4,408

 
5,665

Adjustments due to changes in ownership
2

 
6

 
8

 
(2
)
 
(6
)
 
(8
)
December 31, 2013
$
5,040

 
$
(13,954
)
 
$
(8,914
)
 
$
2,011

 
$
6,141

 
$
8,152

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] 
The following table presents reclassifications out of AOCI for the year ended December 31, 2013:
Details about AOCI Components

Amounts reclassified from AOCI

Affected line item in Consolidated Statement of Operations
(Gains)/losses on interest rate instruments and other:




Realized loss on interest rate contracts - consolidated subsidiaries

$
3,826


Interest Expense
Realized loss on interest rate contracts - UJVs

3,080


Equity in Income of UJVs
Realized gain on sale of securities (Note 17)

(1,323
)

Nonoperating Income
Total reclassifications for the period

$
5,583



Quarterly Financial Data (Tables)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Schedule of Quarterly Financial Information [Table Text Block]
 
 
2013
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Revenues
 
$
183,257

 
$
178,187

 
$
193,938

 
$
211,772

Equity in income of Unconsolidated Joint Ventures
 
10,346

 
11,481

 
12,220

 
18,418

Net income
 
46,356

 
33,603

 
43,243

 
66,166

Net income attributable to TCO common shareowners
 
27,744

 
17,842

 
24,488

 
39,834

Earnings per common share – basic
 
$
0.44

 
$
0.28

 
$
0.38

 
$
0.63

Earnings per common share – diluted
 
$
0.43

 
$
0.28

 
$
0.38

 
$
0.62

Schedule of Quarterly Financial Information [Table Text Block]
 
 
2012
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Revenues
 
$
169,264

 
$
179,465

 
$
189,539

 
$
209,706

Equity in income of Unconsolidated Joint Ventures
 
11,901

 
11,170

 
12,672

 
12,751

Net income
 
32,177

 
31,448

 
45,061

 
49,131

Net income attributable to TCO common shareowners
 
17,531

 
16,373

 
21,700

 
27,907

Earnings per common share – basic
 
$
0.30

 
$
0.28

 
$
0.36

 
$
0.45

Earnings per common share – diluted
 
$
0.30

 
$
0.27

 
$
0.35

 
$
0.44

Summary of Significant Accounting Policies (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Schedule of Equity Method Investments [Line Items]
 
 
 
Number of urban and suburban shopping centers in the Company's owned portfolio
25 
 
 
Number of states in which the Company has shopping centers
13 
 
 
Number Of Classes Of Preferred Equity
two 
one 
two 
Real Estate and Accumulated Depreciation, Life Used for Depreciation, Range, Low
3 
 
 
Real Estate and Accumulated Depreciation, Life Used for Depreciation, Range, High
50 
 
 
Number of days, or less, to maturity for a highly liquid investment to be considered a cash equivalent
90 
 
 
Money market funds invested by a single investment company, which are not insured or guaranteed by the FDIC or any other government agency
$ 18,000,000 
$ 18,000,000 
 
Restricted Cash and Cash Equivalents
5,046,000 
6,138,000 
 
Concentration Risk, Credit Risk, Uninsured Deposits
$ 3,800,000 
 
 
Real Estate Investment Trust, required distribution
90.00% 
 
 
Number of centers disposed
 
 
two 
Number of reportable segments
one 
 
 
Percentage of revenues of which no single retail company exceeds
10.00% 
 
 
Westfarms [Member]
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
Equity Method Investment, Ownership Percentage
79.00% 
79.00% 
 
Summary of Significant Accounting Policies (Operating Partnership) (Details)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Class of Stock [Line Items]
 
 
 
Common stock, shares outstanding
63,101,614 
63,310,148 
 
The Operating Partnership [Abstract]
 
 
 
Number of Operating Partnership units outstanding (in shares)
88,271,133 
88,656,297 
84,502,883 
Number Of Operating Partnership Units Outstanding Owned By Company
63,101,614 
63,310,148 
58,022,475 
Number of Operating Partnership units outstanding owned by noncontrolling interests
25,169,519 
25,346,149 
26,480,408 
Managing general partnership interest of the Company in the Operating Partnership (in hundredths)
71.00% 
71.00% 
69.00% 
Average ownership percentage of the Company in the Operating Partnership (in hundredths)
72.00% 
69.00% 
69.00% 
Relationship between TRG units owned by TCO and TCO common shares outstanding
one-for-one 
 
 
Common stock, shares issued
63,101,614 
63,310,148 
 
Series B Preferred Stock [Member]
 
 
 
The Operating Partnership [Abstract]
 
 
 
Preferred Stock, shares issued
25,151,069 
25,327,699 
 
Acquisitions, Dispositions and Development (Details) (USD $)
Share data in Millions, except Per Share data, unless otherwise specified
12 Months Ended 12 Months Ended 12 Months Ended 3 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
International Plaza [Member]
Dec. 31, 2012
Waterside Shops [Member]
Dec. 31, 2013
Waterside Shops [Member]
Dec. 31, 2011
The Mall at Green Hills, The Gardens on El Paseo and El Paseo Village [Member]
Dec. 31, 2011
Taubman TCBL [Member]
Dec. 31, 2011
Regency Square Member
Dec. 31, 2011
Pier Shops Member
Dec. 31, 2012
Taubman TCBL [Member]
Dec. 31, 2013
Taubman Prestige Outlets of Chesterfield [Member]
sqft
Dec. 31, 2013
International Market Place [Member]
sqft
Dec. 31, 2013
The Mall at University Town Center [Member]
sqft
Dec. 31, 2013
The Mall of San Juan [Member]
sqft
Dec. 31, 2013
Hanam Union Square [Member]
sqft
Dec. 31, 2013
Xi'an Saigao City Plaza [Member]
sqft
Dec. 31, 2013
Zhengzhou Vancouver Times Square [Member] [Member]
sqft
Mar. 31, 2014
International Plaza [Member]
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noncash or Part Noncash Acquisition, Interest Acquired
 
 
 
49.90% 
25.00% 
 
 
 
 
 
 
10.00% 
 
 
 
 
 
 
 
Noncontrolling Interest, Ownership Percentage by Parent
 
 
 
100.00% 
 
 
 
90.00% 
 
 
 
100.00% 
93.50% 
 
80.00% 
 
 
 
 
Value of additional interest in subsidiary acquired from noncontrolling owner
 
 
 
$ 437,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payments to Noncontrolling Interests
 
275,000,000 
 
275,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Value of additional interest in subsidiary debt acquired from noncontrolling owner
 
 
 
162,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity used for acquisition of additional ownership interest in center
 
 
 
339,200,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noncash or Part Noncash Disposition, Interest Sold
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
49.90% 
Equity Method Investment, Ownership Percentage
 
 
 
 
50.00% 
 
 
 
 
 
 
 
 
50.00% 
 
30.00% 
30.00% 
32.00% 
 
Outside Partner, Ownership Percentage
 
 
 
 
50.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition of additional interest in equity method joint venture
 
 
 
 
155,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition of additional interest in equity method joint venture, cash portion of consideration
 
 
 
 
72,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition of additional interest in equity method joint venture, beneficial interest assumed portion of consideration
 
 
 
 
82,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beneficial share of acquisition of additional interest in equity method joint venture
 
 
 
 
77,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beneficial share of acquisition of additional interest in equity method joint venture, cash portion of consideration
 
 
 
 
36,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beneficial share of acquisition of additional interest in equity method joint venture, beneficial interest assumed portion of consideration
 
 
 
 
41,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Difference between consideration paid and the net book value of the additional interest acquired in an equity method joint venture
 
 
 
 
52,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Unamortized Premium
2,877,000 
 
 
 
3,900,000 
2,900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real Estate, Other Acquisitions
 
   
543,136,000 
 
 
 
560,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
Noncash or Part Noncash Acquisition, Debt Assumed
 
 
 
 
 
 
206,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Installment note
 
 
 
 
 
 
281,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares
 
 
 
 
 
 
1.3 
 
 
 
 
 
 
 
 
 
 
 
 
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Partnership Units - Value per unit
 
 
 
 
 
 
$ 55 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition costs (Note 2)
   
   
5,295,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds
 
 
 
 
 
 
 
 
 
 
15,500,000 
 
 
 
 
 
 
 
 
Proceeds from disposition of Taubman TCBL (Note 2)
 
 
 
 
 
 
 
 
 
 
4,400,000 
 
 
 
 
 
 
 
 
TCBL disposition escrow (Note 2)
   
3,550,000 
 
 
 
 
 
 
 
 
3,600,000 
 
 
 
 
 
 
 
 
Notes
9,407,000 
9,512,000 
 
 
 
 
 
 
 
 
8,500,000 
 
 
 
 
 
 
 
 
Other Receivables
 
 
 
 
 
 
 
 
 
 
800,000 
 
 
 
 
 
 
 
 
Other Tax Expense (Benefit)
3,409,000 
4,964,000 
610,000 
 
 
 
 
 
 
 
3,200,000 
 
 
 
 
 
 
 
 
Disposal Group, Including Discontinued Operation, Revenue
 
 
21,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (Loss) from Discontinued Operations, excluding gains on extinguishment of debt
 
   
28,172,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Debt Default, Amount
 
 
 
 
 
 
 
 
72,200,000 
135,000,000 
 
 
 
 
 
 
 
 
 
Gains (Losses) on Extinguishment of Debt
   
   
174,171,000 
 
 
 
 
 
47,400,000 
126,700,000 
 
 
 
 
 
 
 
 
 
Area of Real Estate Property
 
 
 
 
 
 
 
 
 
 
 
300,000 
400,000 
900,000 
700,000 
1,700,000 
1,000,000 
1,000,000 
 
Construction in process
106,035,000 
116,850,000 
 
 
 
 
 
 
 
 
 
 
14,600,000 
 
158,700,000 
 
 
 
 
Construction in Progress, Gross, Company's Share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
127,200,000 
 
 
 
 
Joint Venture, Ownership Percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
60.00% 
 
 
Investments in Unconsolidated Joint Ventures
$ 327,692,000 
$ 214,152,000 
 
 
 
 
 
 
 
 
 
 
 
$ 91,600,000 
 
$ 97,800,000 
$ 56,100,000 
$ 39,400,000 
 
Income Taxes (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Domestic Tax Authority [Member]
Dec. 31, 2011
Domestic Tax Authority [Member]
Dec. 31, 2010
Domestic Tax Authority [Member]
Dec. 31, 2009
Domestic Tax Authority [Member]
Dec. 31, 2008
Domestic Tax Authority [Member]
Dec. 31, 2013
Domestic Tax Authority [Member]
Dec. 31, 2013
Foreign Country [Member]
Dec. 31, 2012
Foreign Country [Member]
Dec. 31, 2013
State and Local Jurisdiction [Member]
Dec. 31, 2012
State and Local Jurisdiction [Member]
Dec. 31, 2012
Taubman TCBL [Member]
Dec. 31, 2012
Series G Preferred Stock [Member]
Dec. 31, 2011
Series G Preferred Stock [Member]
Dec. 31, 2012
Series H Preferred Stock [Member]
Dec. 31, 2011
Series H Preferred Stock [Member]
Dec. 31, 2013
Series J Preferred Stock [Member]
Dec. 31, 2012
Series J Preferred Stock [Member]
Dec. 31, 2013
Series K Preferred Stock [Member]
Income tax expense (benefit) [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
State current
$ 230 
$ 205 
$ 551 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
State deferred
(77)
(13)
(366)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Federal current
547 
1,011 
217 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Federal deferred
632 
257 
158 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign current
2,193 
3,324 
50 
 
 
 
 
 
 
 
 
 
 
2,800 
 
 
 
 
 
 
 
Foreign deferred
(116)
180 
 
 
 
 
 
 
 
 
 
 
 
400 
 
 
 
 
 
 
 
Total income tax expense
3,409 
4,964 
610 
 
 
 
 
 
 
 
 
 
 
3,200 
 
 
 
 
 
 
 
Operating Loss Carryforwards
 
 
 
101 
44 
37 
297 
1,515 
2,000 
7,200 
 
 
 
 
 
 
 
 
 
 
 
Operating Loss Carryforwards, Expiration Dates
 
 
 
Dec. 31, 2032 
Dec. 31, 2031 
Dec. 31, 2030 
Dec. 31, 2029 
Dec. 31, 2028 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred tax assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred Tax Assets, Gross
5,094 
4,650 
 
3,378 
 
 
 
 
2,746 
1,821 
1,090 
527 
182 
 
 
 
 
 
 
 
 
Deferred Tax Assets, Valuation Allowance
(1,831)
(991)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred Tax Assets, Net of Valuation Allowance
3,263 
3,659 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred tax liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred Tax Liabilities, Net
1,158 
1,117 
 
609 
 
 
 
 
602 
449 
401 
107 
107 
 
 
 
 
 
 
 
 
Common Stock, Dividends, Per Share, Declared
$ 2.0000 
$ 1.8500 
$ 1.7625 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock, Dividends, Per Share, Designated as Return of Capital
$ 0.2636 
$ 0.5429 
$ 0.4455 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock, Dividends, Per Share, Designated as Ordinary Income
$ 1.7364 
$ 1.3071 
$ 1.3170 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock, Dividends, Per Share, Designated as Long Term Capital Gain
$ 0 
$ 0.0000 
$ 0.0000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock, Dividends, Per Share, Designated as Unrecaptured Sec. 1250 Capital Gain
$ 0 
$ 0.0000 
$ 0.0000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Stock, Dividends Per Share, Declared
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 1.350 
$ 2.000 
$ 1.28672 
$ 1.90625 
$ 1.6250 
$ 0.6184 
$ 1.24132 
Preferred Stock, Dividends Per Share, Designated as Ordinary Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 1.350 
$ 2.000 
$ 1.28672 
$ 1.90625 
$ 1.6250 
$ 0.6184 
$ 1.24132 
Preferred Stock, Dividends, Per Share, Designated as Long Term Capital Gain
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 0.0000 
$ 0.0000 
$ 0.0000 
$ 0.0000 
$ 0.0000 
$ 0.0000 
$ 0.0000 
Preferred Stock, Dividends Per Share, Designated as Unrecaptured Sec. 1250 Capital Gain
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 0.0000 
$ 0.0000 
$ 0.0000 
$ 0.0000 
$ 0.0000 
$ 0.0000 
$ 0.0000 
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation
$ 472 
$ 1,020 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Properties (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Property, Plant and Equipment [Line Items]
 
 
 
Land
$ 336,360,000 
$ 333,270,000 
 
Buildings, improvements, and equipment
3,896,401,000 
3,749,180,000 
 
Construction in process
106,035,000 
116,850,000 
 
Development pre-construction costs
146,294,000 
46,700,000 
 
Real Estate Investment Property, at Cost
4,485,090,000 
4,246,000,000 
 
Accumulated depreciation and amortization
(1,516,982,000)
(1,395,876,000)
 
Real Estate Investment Property, Net
2,968,108,000 
2,850,124,000 
 
Real Estate Accumulated Depreciation, Depreciation Expense
142,500,000 
134,900,000 
127,200,000 
Pre-development activities expense
10,600,000 
19,800,000 
23,700,000 
Oyster Bay [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Development pre-construction costs
$ 39,800,000 
 
 
Investments in Unconsolidated Joint Ventures (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Schedule of Equity Method Investments [Line Items]
 
 
 
Depreciable basis (in years) of Company's additional basis
40 years 
 
 
Equity of certain joint ventures
less than zero 
 
 
Equity Method Investment, Provision for Loan and Lease Losses
$ 600,000 
$ 300,000 
$ 700,000 
Equity Method Investment Summarized Financial Information Deferred Charges Other Assets
28,095,000 
31,282,000 
 
Deferred Costs, Leasing, Gross
34,000,000 
28,300,000 
 
Equity Method Investment, Summarized Financial Information, Deferred Costs, Leasing, Accumulated Amortization
(17,700,000)
(15,800,000)
 
Equity Method Investment, Summarized Financial Information, Deferred Finance Costs, Net
9,000,000 
7,000,000 
 
Equity Method Investment, Summarized Financial Information, Other Deferred Costs, Net
2,800,000 
11,700,000 
 
Fair Value Of Unconsolidated Joint Ventures Notes Payable
1,500,000,000 
1,500,000,000 
 
Equity Method Investment, Summarized Financial Information, Depreciation Expense
$ 35,600,000 
$ 31,100,000 
$ 30,300,000 
Arizona Mills [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% 
 
The Mall at Millenia [Member]
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
Equity Method Investment, Ownership Percentage
50.00% 
50.00% 
 
Stamford Town Center [Member]
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
Equity Method Investment, Ownership Percentage
50.00% 
50.00% 
 
Sunvalley [Member]
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
Equity Method Investment, Ownership Percentage
50.00% 
50.00% 
 
Waterside Shops [Member]
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
Equity Method Investment, Ownership Percentage
50.00% 
50.00% 
 
Westfarms [Member]
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
Equity Method Investment, Ownership Percentage
79.00% 
79.00% 
 
Investments in Unconsolidated Joint Ventures (Combined Financial Information Balance Sheet) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Assets:
 
 
Properties
$ 1,305,658 
$ 1,129,647 
Accumulated depreciation and amortization
(478,820)
(473,101)
Properties, net
826,838 
656,546 
Cash and cash equivalents
28,782 
30,070 
Accounts and notes receivable, less allowance for doubtful accounts of $977 and $1,072 in 2013 and 2012
33,626 
26,032 
Deferred charges and other assets
28,095 
31,282 
Total Assets
917,341 
743,930 
Liabilities and accumulated deficiency in assets:
 
 
Mortgage notes payable
1,551,161 
1,490,857 
Accounts payable and other liabilities
70,226 
68,282 
TRG's accumulated deficiency in assets
(412,204)
(470,411)
Unconsolidated Joint Venture Partners' accumulated deficiency in assets
(291,842)
(344,798)
Equity Method Investment, Summarized Financial Information, Liabilities and Equity
917,341 
743,930 
TRG's investment in projects under development (Note 2)
193,306 
128,279 
TRG basis adjustments, including elimination of intercompany profit
118,132 
114,136 
TCO's additional basis
56,909 
58,855 
Equity Method Investment Difference Between Carrying Amount And Underlying Equity Net Investment
(43,857)
(169,141)
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures
371,549 
383,293 
Investments in Unconsolidated Joint Ventures
327,692 
214,152 
Allowance for doubtful accounts
$ 977 
$ 1,072 
Investments in Unconsolidated Joint Ventures (Combined Financial Information Income Statement) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Equity method investment, summarized financial information, income statement [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
$ 294,720 
$ 282,136 
$ 266,455 
Maintenance, taxes, utilities, promotion, and other operating expenses
 
 
 
 
 
 
 
 
92,901 
91,094 
84,922 
Interest expense
 
 
 
 
 
 
 
 
68,998 
68,760 
61,034 
Depreciation and amortization
 
 
 
 
 
 
 
 
36,644 
37,342 
38,389 
Total operating costs
 
 
 
 
 
 
 
 
198,543 
197,196 
184,345 
Nonoperating income
 
 
 
 
 
 
 
 
   
18 
162 
Net income
 
 
 
 
 
 
 
 
96,177 
84,958 
82,272 
Net income attributable to TRG
 
 
 
 
 
 
 
 
53,166 
47,763 
46,208 
Realized intercompany profit, net of depreciation on TRG’s basis adjustments
 
 
 
 
 
 
 
 
1,245 
2,677 
1,802 
Depreciation of TCO's additional basis
 
 
 
 
 
 
 
 
(1,946)
(1,946)
(1,946)
Equity in income of Unconsolidated Joint Ventures
18,418 
12,220 
11,481 
10,346 
12,751 
12,672 
11,170 
11,901 
52,465 
48,494 
46,064 
Beneficial interest in Unconsolidated Joint Ventures’ operations:
 
 
 
 
 
 
 
 
 
 
 
Revenues less maintenance, taxes, utilities, promotion, and other operating expenses
 
 
 
 
 
 
 
 
114,939 
107,044 
100,773 
Interest expense
 
 
 
 
 
 
 
 
(37,554)
(35,862)
(31,607)
Depreciation and amortization
 
 
 
 
 
 
 
 
$ (24,920)
$ (22,688)
$ (23,102)
Accounts and Notes Receivable (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Trade
$ 32,162 
$ 33,351 
 
Notes
9,407 
9,512 
 
Straight-line rent and recoveries
33,558 
29,594 
 
Total Receivables, Gross
75,127 
72,457 
 
Less: Allowance for doubtful accounts
(1,934)
(3,424)
 
Accounts and Notes Receivable, Net
73,193 
69,033 
 
Gains on sales of peripheral land
863 
   
519 
Taubman TCBL [Member]
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Notes
 
8,500 
 
Land [Member]
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Notes
$ 7,411 
 
 
Deferred Charges Other Assets (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Leasing costs
$ 37,478 
$ 36,291 
Accumulated amortization
(18,380)
(16,472)
Deferred Costs, Leasing, Net
19,098 
19,819 
In-place leases, net
20,275 
22,751 
Deferred financing costs, net
16,319 
13,071 
Insurance deposit (Note 17)
12,225 
11,291 
Deposits
4,320 
6,295 
Prepaid expenses
4,952 
5,181 
Deferred tax asset, net
3,263 
3,659 
TCBL disposition escrow (Note 2)
   
3,550 
Investments (Note 17)
   
2,452 
Other, net
8,934 
6,913 
Total deferred charges and other assets
$ 89,386 
$ 94,982 
Beneficial Interest in Debt and Interest Expense (Details) (USD $)
12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2013
The Mall at University Town Center [Member]
Dec. 31, 2012
Beverly Center [Member]
Dec. 31, 2013
Cherry Creek Shopping Center [Member]
Dec. 31, 2012
Cherry Creek Shopping Center [Member]
Dec. 31, 2013
City Creek Center [Member]
Dec. 31, 2012
Dolphin Mall [Member]
Dec. 31, 2013
El Paseo Village [Member]
Dec. 31, 2012
El Paseo Village [Member]
Dec. 31, 2012
Fairlane Town Center Member
Dec. 31, 2013
The Gardens on El Paseo [Member]
Dec. 31, 2012
The Gardens on El Paseo [Member]
Dec. 31, 2013
Great Lakes Crossing [Member]
Dec. 31, 2012
Great Lakes Crossing [Member]
Dec. 31, 2013
The Mall at Green Hills [Member]
Dec. 31, 2012
The Mall at Green Hills [Member]
Mar. 31, 2014
International Plaza [Member]
Dec. 31, 2013
International Plaza [Member]
Dec. 31, 2012
International Plaza [Member]
Dec. 31, 2013
Mac Arthur Center Member
Dec. 31, 2012
Mac Arthur Center Member
Dec. 31, 2013
Northlake [Member]
Dec. 31, 2012
Northlake [Member]
Dec. 31, 2013
Mall At Partridge Creek Member
Dec. 31, 2012
Mall At Partridge Creek Member
Dec. 31, 2013
Short Hills [Member]
Dec. 31, 2012
Short Hills [Member]
Dec. 31, 2013
Stony Point [Member]
Dec. 31, 2012
Stony Point [Member]
Dec. 31, 2012
Twelve Oaks Mall Member
Dec. 31, 2013
Mall At Wellington Green [Member]
Dec. 31, 2012
Mall At Wellington Green [Member]
Mar. 31, 2014
International Plaza [Member]
Dec. 31, 2013
Secondary Line of Credit [Member]
Dec. 31, 2012
Secondary Line of Credit [Member]
Dec. 31, 2013
Line of Credit [Member]
Dec. 31, 2012
Line of Credit [Member]
Dec. 31, 2013
Unsecured Debt [Member]
Mar. 31, 2014
Unsecured Debt [Member]
Noncontrolling Interest [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unsecured Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 475,000,000 
 
Debt Instrument, Interest Rate, Stated Percentage
 
 
 
 
5.28% 
5.24% 
 
4.37% 
 
4.42% 
 
 
6.10% 
 
3.60% 
5.25% 
 
6.89% 
 
4.85% 
 
 
 
5.41% 
 
6.15% 
 
5.47% 
 
6.24% 
 
 
5.44% 
 
 
 
 
 
 
 
 
Debt Instrument, Interest Rate Terms
 
 
 
LIBOR plus 1.70% 
 
 
 
 
LIBOR + 1.75% 
 
 
LIBOR + 1.75% 
 
 
 
 
LIBOR+1.60% 
 
 
 
 
LIBOR + 2.35% 
 
 
 
 
 
 
 
 
 
LIBOR + 1.75% 
 
 
 
LIBOR + 1.40% 
 
LIBOR + 1.45% 
 
LIBOR + 1.35% 
 
Line of Credit Facility, Commitment Fee Percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.20% 
 
 
 
Line of Credit Facility, Facility Fee, Maximum Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.35% 
 
 
 
Debt Instrument, Interest Rate Terms, Performance Contingency
 
 
 
LIBOR plus 1.60% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Maturity Date
 
 
 
 
 
Jun. 08, 2016 
 
Aug. 01, 2023 
 
Dec. 06, 2015 
 
 
Jun. 11, 2016 
 
Jan. 06, 2023 
 
Dec. 01, 2018 
   
 
Dec. 01, 2021 
 
Sep. 01, 2020 
 
Feb. 06, 2016 
 
Jul. 06, 2020 
 
Dec. 14, 2015 
 
Jun. 01, 2014 
 
 
May 06, 2015 
 
 
Apr. 30, 2014 
 
Mar. 29, 2017 
 
Feb. 28, 2019 
 
Balance Due on Maturity
 
 
 
 
 
280,000,000 
 
68,575,000 
 
15,565,000 
 
 
81,480,000 
 
177,038,000 
 
150,000,000 
   
 
285,503,000 
 
117,234,000 
 
215,500,000 
 
70,433,000 
 
540,000,000 
 
98,585,000 
 
 
200,000,000 
 
 
33,040,000 
 
125,000,000 
 
475,000,000 
 
Line of Credit Facility, Maximum Borrowing Capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
65,000,000 
 
1,100,000,000 
650,000,000 
 
 
Line of Credit Facility, Amount Outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
33,040,000 
37,275,000 
125,000,000 
 
 
 
Line of Credit Facility, Maximum Borrowing Capacity Including Accordion Feature
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,500,000,000 
 
600,000,000 
 
Debt Instrument, Minimum Interest Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIBOR plus 1.45% 
 
LIBOR plus 1.35% 
 
Debt Instrument, Maximum Interest Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIBOR plus 1.85% 
 
LIBOR plus 1.90% 
 
Derivative, Fixed Interest Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.65% 
Length Of Extension Option
 
 
 
1 year 
 
 
 
 
 
 
 
 
 
 
 
 
one-year 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
one-year 
 
 
 
Debt Instrument, Interest Rate, Effective Percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.99% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Remaining Borrowing Capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
26,500,000 
 
975,000,000 
 
 
 
Real Estate Investment Properties, Shopping Centers, net
1,700,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maturities of Long-term Debt [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months
141,090,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt, Maturities, Repayments of Principal in Year Two
769,399,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt, Maturities, Repayments of Principal in Year Three
591,140,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt, Maturities, Repayments of Principal in Year Four
139,901,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt, Maturities, Repayments of Principal in Year Five
165,635,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Thereafter
1,248,011,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total principal maturities
3,055,176,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Unamortized Premium
2,877,000 
 
 
 
 
 
 
 
 
200,000 
200,000 
 
2,700,000 
3,900,000 
 
 
 
2,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes Payable
3,058,053,000 
2,952,030,000 
 
 
310,468,000 
280,000,000 
280,000,000 
84,560,000 
250,000,000 
16,322,000 
16,698,000 
60,000,000 
84,197,000 
85,336,000 
221,541,000 
126,036,000 
150,000,000 
108,284,000 
 
325,000,000 
325,000,000 
129,205,000 
130,567,000 
215,500,000 
215,500,000 
79,162,000 
80,222,000 
540,000,000 
540,000,000 
99,526,000 
101,644,000 
85,000,000 
200,000,000 
200,000,000 
 
 
 
 
 
 
 
Noncash or Part Noncash Disposition, Interest Sold
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
49.90% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
49.90% 
 
 
 
 
 
 
Construction Loan
 
 
 
71,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Payable
 
 
 
100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt covenants and guarantees [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Restrictions on Payment of Dividends
.95 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restricted Cash and Cash Equivalents
5,046,000 
6,138,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unconditional Guaranty Liability, Principal Balance, Percent
 
 
 
25.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unconditional Guaranty Liability, Interest, Percent
 
 
 
50.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction Facility, Maximum Borrowing Capacity
 
 
 
225,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Term
 
 
 
3 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Extension Options
 
 
 
four 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assumed interest rate, principal payments during extension period
 
 
 
6.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Over Which Principal Balance Is Amortized
 
 
 
30-year 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unconditional Guaranty Liability Upon Achievement of Performance Inventives, Principal Balance, Percent,
 
 
 
12.50% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beneficial Interest in Debt and Interest Expense [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of noncontrolling interests (in hundredths)
 
 
 
 
 
50.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
49.90% 
5.00% 
 
 
 
 
 
 
 
 
 
 
10.00% 
 
 
 
 
 
 
 
 
At 100% [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage notes payable
1,551,161,000 
1,490,857,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized interest, consolidated subsidiaries at 100%
16,385,000 
3,594,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized interest, unconsolidated joint ventures at 100%
587,000 
67,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, consolidated subsidiaries at 100%
130,023,000 
142,616,000 
122,277,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense, unconsolidated joint ventures, at 100%
68,998,000 
68,760,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At beneficial interest [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt, consoldiated subsidiaries at beneficial interest
2,891,592,000 
2,785,501,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt, unconsolidated joint ventures at beneficial interest
868,942,000 
841,363,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized interest, consolidated subsidiaries at beneficial interest
15,839,000 
3,487,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized interest, unconsolidated joint ventures at beneficial interest
320,000 
33,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, consolidated subsidiaries at beneficial interest
121,353,000 
126,031,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, unconsolidated joint ventures at beneficial interest
$ 37,554,000 
$ 35,862,000 
$ 31,607,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noncontrolling Interests (Details) (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Temporary Equity Disclosure [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Issuance of redeemable equity in connection with acquisition of Taubman TCBL (Note 2)
 
 
 
 
 
 
 
 
 
 
$ 11,882,000 
Payments for Repurchase of Redeemable Noncontrolling Interest
 
 
 
 
 
 
 
 
1,050,000 
 
 
Reconciliation of redeemable noncontrolling interests [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
Balance January 1
0 
 
 
 
0 
 
 
 
0 
0 
84,235,000 
Contributions
 
 
 
 
 
 
 
 
 
231,000 
794,000 
Distributions
 
 
 
 
 
 
 
 
 
(2,456,000)
(66,000)
Allocation of other comprehensive loss
 
 
 
 
 
 
 
 
 
(49,000)
 
Capital relinquished in connection with TCBL disposition (Note 2)
 
 
 
 
 
 
 
 
 
(8,855,000)
 
Transfer to nonredeemable equity
 
 
 
 
 
 
 
 
 
(72,035,000)
 
Adjustments of redeemable noncontrolling interests
 
 
 
 
 
 
 
 
 
(95,000)
 
Non-redeemable noncontrolling interests:
 
 
 
 
 
 
 
 
 
 
 
Noncontrolling interests in consolidated joint ventures
(37,191,000)
 
 
 
(45,066,000)
 
 
 
(37,191,000)
(45,066,000)
 
Noncontrolling interests in partnership equity of TRG
(58,342,000)
 
 
 
(44,242,000)
 
 
 
(58,342,000)
(44,242,000)
 
Total Noncontrolling interests
(95,533,000)
 
 
 
(89,308,000)
 
 
 
(95,533,000)
(89,308,000)
 
Net income (loss) attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
 
 
 
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable
 
 
 
 
 
 
 
 
10,344,000 
14,867,000 
15,477,000 
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable
 
 
 
 
 
 
 
 
46,434,000 
37,752,000 
80,161,000 
Noncontrolling Interest in Net Income (Loss) Preferred Unit Holders, Redeemable
 
 
 
 
 
 
 
 
 
 
(372,000)
Net income (loss) attributable to non-redeemable noncontrolling interests
 
 
 
 
 
 
 
 
56,778,000 
52,619,000 
95,266,000 
Net income (loss) attributable to noncontrolling interests
 
 
 
 
 
 
 
 
56,778,000 
51,643,000 
94,527,000 
Effects of changes in ownership interest in consolidated subsidiaries on equity [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to TCO common shareowners
39,834,000 
24,488,000 
17,842,000 
27,744,000 
27,907,000 
21,700,000 
16,373,000 
17,531,000 
109,908,000 
83,511,000 
176,701,000 
Transfers (to) from the noncontrolling interest –
 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease) in Taubman Centers, Inc.’s paid-in capital for the adjustments of noncontrolling interest (1)
 
 
 
 
 
 
 
 
 
 
309,000 
Decrease in Taubman Centers, Inc.’s paid-in capital related to the acquisition of additional ownership interests
 
 
 
 
 
 
 
 
(1,050,000)
(275,000,000)
 
Change from net income attributable to Taubman Centers, Inc. and transfers (to) from noncontrolling interests
 
 
 
 
 
 
 
 
123,987,000 
(240,756,000)
136,140,000 
Finite Life Entities [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest
 
 
 
 
 
 
 
 
   
(976,000)
(739,000)
Additional Paid-in Capital [Member]
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of redeemable noncontrolling interests [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
Transfer to nonredeemable equity
 
 
 
 
 
 
 
 
 
(72,035,000)
 
Transfers (to) from the noncontrolling interest –
 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease) in Taubman Centers, Inc.’s paid-in capital for the adjustments of noncontrolling interest (1)
 
 
 
 
 
 
 
 
15,129,000 
14,903,000 
(40,561,000)
Decrease in Taubman Centers, Inc.’s paid-in capital related to the acquisition of additional ownership interests
 
 
 
 
 
 
 
 
(1,050,000)
(339,170,000)
 
Net transfers (to) from noncontrolling interests
 
 
 
 
 
 
 
 
14,079,000 
(324,267,000)
(40,561,000)
Taubman Asia Member
 
 
 
 
 
 
 
 
 
 
 
Temporary Equity Disclosure [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Percentage of dividends to which the President is entitled (in hundredths)
 
 
 
 
 
 
 
 
10.00% 
 
 
Percentage of President's dividends withheld as contributions to capital (in hundredths)
 
 
 
 
 
 
 
 
85.00% 
 
 
Percentage of noncontrolling interests (in hundredths)
10.00% 
 
 
 
 
 
 
 
10.00% 
 
 
Temporary Equity, Redemption Percentage 2013 - May 2015
50.00% 
 
 
 
 
 
 
 
50.00% 
 
 
Temporary Equity, Redemption Percentage beginning May 2015
100.00% 
 
 
 
 
 
 
 
100.00% 
 
 
Temporary Equity, Carrying Amount, Attributable to Noncontrolling Interest
0 
 
 
 
0 
 
 
 
0 
0 
 
Joint Venture Focusing On Developing and Owning Outlet Shopping Centers Member
 
 
 
 
 
 
 
 
 
 
 
Temporary Equity Disclosure [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Percentage of noncontrolling interests (in hundredths)
 
 
 
 
10.00% 
 
 
 
 
10.00% 
 
Temporary Equity, Carrying Amount, Attributable to Noncontrolling Interest
 
 
 
 
0 
 
 
 
 
0 
 
Ownership percentage in consolidated subsidiary (in hundredths)
 
 
 
 
90.00% 
 
 
 
 
90.00% 
 
Payments for Repurchase of Redeemable Noncontrolling Interest
 
 
 
 
 
 
 
 
1,100,000 
 
 
International Market Place [Member]
 
 
 
 
 
 
 
 
 
 
 
Temporary Equity Disclosure [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Percentage of noncontrolling interests (in hundredths)
6.50% 
 
 
 
 
 
 
 
6.50% 
 
 
Temporary Equity, Carrying Amount, Attributable to Noncontrolling Interest
0 
 
 
 
 
 
 
 
0 
 
 
Ownership percentage in consolidated subsidiary (in hundredths)
93.50% 
 
 
 
 
 
 
 
93.50% 
 
 
Finite Life Entities [Member]
 
 
 
 
 
 
 
 
 
 
 
Non-redeemable noncontrolling interests:
 
 
 
 
 
 
 
 
 
 
 
Total Noncontrolling interests
(42,200,000)
 
 
 
 
 
 
 
(42,200,000)
 
 
Finite Life Entities [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Terminaton date of partnership agreement
 
 
 
 
 
 
 
 
Jan. 01, 2083 
 
 
Estimated fair value of noncontrolling interests in finite life entities
400,000,000 
 
 
 
 
 
 
 
400,000,000 
 
 
The Mall at Green Hills, The Gardens on El Paseo and El Paseo Village [Member]
 
 
 
 
 
 
 
 
 
 
 
Partnership Units Issued in Connection with Acquisition [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares
 
 
 
 
 
 
 
 
 
 
1,300,000 
Temporary Equity, Put Redemption Price Per Share for Davis units
 
 
 
 
 
 
 
 
 
 
$ 55 
Issuance of stock pursuant to Continuing Offer, shares
 
 
 
 
 
 
 
 
1,000,000 
 
 
Temporary Equity Disclosure [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Temporary Equity, Carrying Amount, Attributable to Noncontrolling Interest
 
 
 
 
 
 
 
 
 
 
72,700,000 
Taubman TCBL [Member]
 
 
 
 
 
 
 
 
 
 
 
Temporary Equity Disclosure [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Percentage of noncontrolling interests (in hundredths)
 
 
 
 
 
 
 
 
 
 
10.00% 
Temporary Equity, Carrying Amount, Attributable to Noncontrolling Interest
 
 
 
 
 
 
 
 
 
 
10,400,000 
Ownership percentage in consolidated subsidiary (in hundredths)
 
 
 
 
 
 
 
 
 
 
90.00% 
Issuance of redeemable equity in connection with acquisition of Taubman TCBL (Note 2)
 
 
 
 
 
 
 
 
 
 
$ 11,900,000 
Derivative and Hedging Activities (Interest Rate Derivatives Designated as Cash Flow Hedges) (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 3 Months Ended
Dec. 31, 2013
Consolidated Subsidiaries Interest Rate Swap 2 [Domain]
Dec. 31, 2013
Consolidated Subsidiaries Interest Rate Swap 3 [Domain]
Dec. 31, 2013
Consolidated Subsidiaries Interest Rate Swap 4 [Domain]
Dec. 31, 2013
Consolidated Subsidiaries Interest Rate Swap 1 [Member]
Dec. 31, 2013
Unconsolidated Joint Ventures Interest Rate Swap 1 [Member]
Dec. 31, 2013
Unconsolidated Joint Ventures Interest Rate Swap2 Member
Mar. 31, 2014
Unsecured Debt [Member]
Dec. 31, 2013
Unsecured Debt [Member]
Interest Rate Cash Flow Hedges [Abstract]
 
 
 
 
 
 
 
 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
100.00% 
100.00% 
95.00% 
50.00% 
50.00% 
 
 
Notional amount
$ 200,000 
$ 175,000 
$ 100,000 
$ 129,205 
$ 137,500 
$ 137,500 
 
 
Swap rate (in hundredths)
1.64% 
1.65% 
1.64% 
2.64% 
2.40% 
2.40% 
1.65% 
 
Credit spread on the loan (in hundredths)
1.35% 
1.35% 
1.35% 
2.35% 
1.70% 
1.70% 
 
 
Total swapped rate on loan (in hundredths)
2.99% 
3.00% 
2.99% 
4.99% 
4.10% 
4.10% 
 
 
Derivative, Maturity Date
Feb. 01, 2019 
Feb. 01, 2019 
Feb. 01, 2019 
Sep. 01, 2020 
Apr. 01, 2018 
Apr. 01, 2018 
 
 
Derivative, Description of Variable Rate Basis
 
 
 
 
 
 
one-month LIBOR 
 
Unsecured Debt
 
 
 
 
 
 
 
$ 475,000 
Derivative, Lower Range of Basis Spread on Variable Rate
 
 
 
 
 
 
1.35% 
 
Derivative, Higher Range of Basis Spread on Variable Rate
 
 
 
 
 
 
1.90% 
 
Date in which outstanding balance on the loan begins amortizing.
 
 
 
 
Aug. 01, 2014 
 
 
 
Derivative and Hedging Activities (Effect of Derivative Instruments on the Consolidated Statement of Operations and Comprehensive Income) (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Derivative instruments, gain (loss) [Line Items]
 
 
 
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net
$ 13,000,000 
 
 
Cash Flow Hedging [Member]
 
 
 
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract]
 
 
 
Amount of gain or (loss) recognized in OCI on derivative (effective portion)
15,073,000 
(4,797,000)
(20,690,000)
Amount of gain or (loss) reclassified from AOCI into income (effective portion)
(6,301,000)
(6,790,000)
(6,276,000)
Realized losses on settled cash flow hedges
(605,000)
(793,000)
(1,215,000)
Cash Flow Hedging [Member] |
Interest rate contracts consolidated subsidiaries [Member] |
Other comprehensive income [Member]
 
 
 
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract]
 
 
 
Amount of gain or (loss) recognized in OCI on derivative (effective portion)
9,990,000 
(2,821,000)
(13,609,000)
Cash Flow Hedging [Member] |
Interest rate contracts consolidated subsidiaries [Member] |
Interest expense [Member]
 
 
 
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract]
 
 
 
Amount of gain or (loss) reclassified from AOCI into income (effective portion)
(3,221,000)
(3,190,000)
(3,488,000)
Realized losses on settled cash flow hedges
(605,000)
(605,000)
(839,000)
Cash Flow Hedging [Member] |
Interest rate contracts - UJVs [Member] |
Other comprehensive income [Member]
 
 
 
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract]
 
 
 
Amount of gain or (loss) recognized in OCI on derivative (effective portion)
5,083,000 
(1,976,000)
(7,081,000)
Cash Flow Hedging [Member] |
Interest rate contracts - UJVs [Member] |
Equity in income of UJVs [Member]
 
 
 
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract]
 
 
 
Amount of gain or (loss) reclassified from AOCI into income (effective portion)
(3,080,000)
(3,600,000)
(2,788,000)
Realized losses on settled cash flow hedges
    
$ (188,000)
$ (376,000)
Derivative and Hedging Activities (Location and Fair Value of Derivative Instruments as Reported in the Consoiidated Balance Sheet) (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]
 
 
Total liability derivatives designated as hedging instruments
$ (9,356,000)
$ (22,886,000)
Contingent features [Abstract]
 
 
Maximum amount of defaults on any of the hedged entity's indebtedness before the derivative obligation could also be declared in default
1,000,000 
 
Credit Derivative, Recourse Provisions
provisions that state if the Operating Partnership defaults on any of its recourse indebtedness in excess of $50 million, then the derivative obligation could also be declared in default 
 
Interest Rate Contracts Consolidated Subsidiaries [Member] |
Deferred Charges And Other Assets [Member]
 
 
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]
 
 
Interest rate contract
1,543,000 
   
Interest Rate Contracts Consolidated Subsidiaries [Member] |
Accounts Payable and Accrued Liabilities [Member]
 
 
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]
 
 
Total liability derivatives designated as hedging instruments
(3,418,000)
(11,865,000)
Interest Rate Contracts Ujvs Member |
Investment in UJVs [Member]
 
 
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]
 
 
Total liability derivatives designated as hedging instruments
$ (5,938,000)
$ (11,021,000)
Credit Default Option [Member]
 
 
Contingent features [Abstract]
 
 
Number of Interest Rate Derivatives Held
3 
 
Leases (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Operating Leases, Future Minimum Payments Receivable [Abstract]
 
 
 
Operating Leases, Future Minimum Payments Receivable, Current
$ 393,115,000 
 
 
Operating Leases, Future Minimum Payments Receivable, in Two Years
356,935,000 
 
 
Operating Leases, Future Minimum Payments Receivable, in Three Years
321,521,000 
 
 
Operating Leases, Future Minimum Payments Receivable, in Four Years
281,729,000 
 
 
Operating Leases, Future Minimum Payments Receivable, in Five Years
241,121,000 
 
 
Operating Leases, Future Minimum Payments Receivable, Thereafter
735,323,000 
 
 
Number of centers with option to extend lease term for five 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 a 10-year period
one 
 
 
Number of leases with 1-year extension option
one 
 
 
Number of leases with 5-year extension option
one 
 
 
Length of U.S. Headquarters Lease with a 5-year extension option
10-year lease 
 
 
Operating Leases, Rent Expense
13,400,000 
12,000,000 
9,800,000 
Related Party Transaction, Expenses from Transactions with Related Party
2,500,000 
2,200,000 
2,200,000 
Operating Leases, Rent Expense, Contingent Rentals
1,400,000 
900,000 
 
Payables representing straightline rent adjustments under lease agreements
41,200,000 
40,000,000 
 
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
 
 
 
Operating Leases, Future Minimum Payments Due, Next Twelve Months
12,772,000,000 
 
 
Operating Leases, Future Minimum Payments, Due in Two Years
9,540,000,000 
 
 
Operating Leases, Future Minimum Payments, Due in Three Years
11,446,000,000 
 
 
Operating Leases, Future Minimum Payments, Due in Four Years
12,224,000,000 
 
 
Operating Leases, Future Minimum Payments, Due in Five Years
12,243,000,000 
 
 
Operating Leases, Future Minimum Payments, Due Thereafter
814,768,000,000 
 
 
Company's ownership in leasehold interest
100.00% 
 
 
Related Party Future Minimum Rental Payments [Member]
 
 
 
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
 
 
 
Operating Leases, Future Minimum Payments Due, Next Twelve Months
2,800,000 
 
 
Operating Leases, Future Minimum Payments, Due in Two Years
$ 700,000 
 
 
The Manager (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Related Party Transaction, Revenues from Transactions with Related Party
$ 3.1 
$ 3.2 
$ 2.3 
Operating Partnership [Member]
 
 
 
Beneficial ownership percentage, Operating Partnership
99.00% 
 
 
Share-Based Compensation (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Deferred compensation arrangements [Abstract]
 
 
 
 
The ratio at which non-option awards granted after the May 2010 amendment are deducted from the shares available for grant
1.85 
 
 
 
The ratio at which non-option awards granted prior to the May 2010 amendment are deducted from the shares available for grant
2.85 
 
 
 
The ratio at which options awards granted are deducted from the shares available for grant
one-for-one 
 
 
 
Share-based compensation, allocation and classification in financial statements [Abstract]
 
 
 
 
Compensation cost charged to income for the Company's share-based compensation plans
$ 12,900,000 
$ 11,900,000 
$ 9,000,000 
 
Compensation cost capitalized as part of properties and deferred leasing costs
1,600,000 
1,100,000 
300,000 
 
Non-Employee Directors' Stock Grant And Deferred Compensation [Abstract]
 
 
 
 
Defined Contribution Plan, Contribution Percent
2.00% 
 
 
 
Defined Contribution Plan, Maximum Company Match Percent
7.00% 
 
 
 
Defined Contribution Plan, Cost Recognized
3,200,000 
3,000,000 
2,900,000 
 
Employee Stock Option [Member]
 
 
 
 
Summary of option activity, additional disclosures [Abstract]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award
ten-year 
 
 
 
Summary of option activity [Roll Forward]
 
 
 
 
Outstanding options at beginning of period (in shares)
689,802 
1,321,990 
1,452,781 
 
Exercised, Number of Options
(126,366)
(632,188)
(130,791)
 
Outstanding options at end of period (in shares)
563,436 
689,802 
1,321,990 
1,452,781 
Outstanding at beginning of period, weighted average exercise price (in dollars per share)
$ 42.50 
$ 37.13 
$ 37.00 
 
Exercised, weighted average exercise price (in dollars per share)
$ 36.67 
$ 31.28 
$ 35.66 
 
Outstanding at end of period, weighted average exercise price (in dollars per share)
$ 43.81 
$ 42.50 
$ 37.13 
$ 37.00 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term, End of Period
2.6 
3.8 
4.8 
5.7 
Outstanding at end of period, range of exercise prices (minimum) (in dollars per share)
$ 31.31 
$ 24.74 
$ 13.83 
$ 13.83 
Outstanding at end of period, range of exercise prices (maximum) (in dollars per share)
$ 55.90 
$ 55.90 
$ 55.90 
$ 55.90 
Fully vested options, number (in shares)
563,436 
 
 
 
Fully vested options, weighted average exercise price (in dollars per share)
$ 43.81 
 
 
 
Fully vested options, weighted average remaining contractual term (in years)
2.6 
 
 
 
Share-based Payment Award, Options, Outstanding, Number, Ending Balance, Number of options with vesting schedules of one-third vesting @ each of the first second third years of grant date anniversary
500,000 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights
one-third vesting at each of the first, second, and third years 
 
 
 
Aggregate intrinsic value of in-the-money options outstanding
11,300,000 
 
 
 
Total intrinsic value of options exercised during the period
4,800,000 
28,700,000 
3,300,000 
 
Cash received from options exercised during the period
4,600,000 
19,800,000 
4,700,000 
 
Employee Stock Option - third, fifth, seventh year vest [Member]
 
 
 
 
Summary of option activity [Roll Forward]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights
one-third vesting at each of the third, fifth, and seventh years 
 
 
 
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 2017 
 
 
 
Number of Annual Installments during which Deferred Partnership Units will be issued
ten 
 
 
 
Performance Shares [Member]
 
 
 
 
Summary of non-option activity, additional disclosures [Abstract]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum
0.30% 
0.35% 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum
0.40% 
0.45% 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate
 
 
1.18% 
 
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Period
3 years 
3 years 
 
 
Granted, weighted average grant date fair value (in dollars per share)
$ 103.37 
$ 107.45 
$ 85.40 
 
Share-based Compensation Arrangement by Share-based Payment Award, Description
Each PSU represents the right to receive, upon vesting, shares of the Company’s common stock ranging from 0-300% of the PSU based on the Company’s market performance relative to that of a peer group 
 
 
 
Summary of non-option activity [Roll Forward]
 
 
 
 
Granted (in shares)
42,178,000 
50,041,000 
 
 
Right to Receive Upon Vesting Shares of Common Stock as Percentage of PSU, Actual Vested During Period
300.00% 
240.00% 
 
 
Additional Performance Share Units [Member]
 
 
 
 
Summary of non-option activity, additional disclosures [Abstract]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum
0.46% 
0.70% 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum
0.62% 
0.90% 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Period
four years 
five years 
 
 
Granted, weighted average grant date fair value (in dollars per share)
$ 171.05 
$ 189.23 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Description
represent the right to receive, upon vesting, shares of the Company’s common stock ranging from 0-400% of the PSU based on the Company’s market performance relative to that of a peer group 
represent the right to receive, upon vesting, shares of the Company’s common stock ranging from 0-400% of the PSU based on the Company’s market performance relative to that of a peer group 
 
 
Summary of non-option activity [Roll Forward]
 
 
 
 
Granted (in shares)
15,444,000 
108,224,000 
 
 
Total Performance Share Units [Member]
 
 
 
 
Summary of non-option activity, additional disclosures [Abstract]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Redeemed in Period, Intrinsic Value
16,900,000 
32,800,000 
0 
 
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized
18,400,000 
 
 
 
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition
2 years 9 months 4 days 
 
 
 
Summary of non-option activity [Roll Forward]
 
 
 
 
Outstanding at beginning of period (in shares)
262,740,000 
326,151,000 
272,356,000 
 
Granted (in shares)
 
 
53,795,000 
 
Forfeited (in shares)
(12,240,000)
(24,733,000)
 
 
Vested (in shares)
(73,259,000)
(196,943,000)
 
 
Outstanding at end of period (in shares)
234,863,000 
262,740,000 
326,151,000 
 
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share)
$ 122.52 
$ 38.20 
$ 28.88 
 
Vested, weighted average grant date fair value (in dollars per share)
$ 65.29 
$ 15.60 
 
 
Forfeited, weighted average grant date fair value (in dollars per share)
$ 140.49 
$ 123.41 
 
 
Outstanding at end of period, weighted average grant date fair value (in dollars per share)
$ 139.18 
$ 122.52 
$ 38.20 
 
Restricted Share Units [Member]
 
 
 
 
Summary of non-option activity, additional disclosures [Abstract]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum
0.30% 
0.35% 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum
0.49% 
0.50% 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate
 
 
1.18% 
 
Granted, weighted average grant date fair value (in dollars per share)
$ 71.67 
$ 65.14 
$ 47.98 
 
Share-based Compensation Arrangement by Share-based Payment Award, Description
represent the right to receive upon vesting one share of the Company’s common stock 
 
 
 
Summary of non-option activity [Roll Forward]
 
 
 
 
Granted (in shares)
92,103 
107,653 
105,391 
 
Additional Restricted Share Units [Member]
 
 
 
 
Summary of non-option activity, additional disclosures [Abstract]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum
0.10% 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum
0.19% 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate
 
 
0.78% 
 
Granted, weighted average grant date fair value (in dollars per share)
$ 81.38 
 
$ 53.65 
 
Share-based Compensation Arrangement by Share-based Payment Award, Description
represent the right to receive upon vesting one share of the Company’s common stock 
 
 
 
Summary of non-option activity [Roll Forward]
 
 
 
 
Granted (in shares)
5,197 
 
1,972 
 
Total Restricted Share Units [Member]
 
 
 
 
Summary of non-option activity, additional disclosures [Abstract]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeiture Assumption
2.00% 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Redeemed in Period, Intrinsic Value
10,600,000 
25,200,000 
6,400,000 
 
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized
6,800,000 
 
 
 
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition
1 year 8 months 24 days 
 
 
 
Summary of non-option activity [Roll Forward]
 
 
 
 
Outstanding at beginning of period (in shares)
322,305 
605,927 
617,884 
 
Forfeited (in shares)
(11,678)
(26,665)
(3,450)
 
Vested (in shares)
(138,028)
(364,610)
(115,870)
 
Outstanding at end of period (in shares)
269,899 
322,305 
605,927 
 
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share)
$ 48.19 
$ 22.06 
$ 22.72 
 
Vested, weighted average grant date fair value (in dollars per share)
$ 37.03 
$ 9.90 
$ 49.67 
 
Forfeited, weighted average grant date fair value (in dollars per share)
$ 57.60 
$ 46.48 
$ 22.19 
 
Outstanding at end of period, weighted average grant date fair value (in dollars per share)
$ 62.00 
$ 48.19 
$ 22.06 
 
Non-Employee Directors' Stock Grant [Member]
 
 
 
 
Non-Employee Directors' Stock Grant And Deferred Compensation [Abstract]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period, Total Fair Value
120,000 
 
70,000 
 
2008 Omnibus Plan [Member]
 
 
 
 
Deferred compensation arrangements [Abstract]
 
 
 
 
Aggregate number of Company common shares or Operating Partnership units approved for awards under the 2008 Omnibus Plan, original (in shares)
8,500,000 
 
 
 
Non-Employee Directors' Stock Grant And Deferred Compensation [Abstract]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity, Instruments Other than Options, Outstanding
7,712 
 
 
 
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, Equity, Instruments Other than Options, Number
93,955 
 
 
 
Other Employee Plans [Member]
 
 
 
 
Share-based compensation, allocation and classification in financial statements [Abstract]
 
 
 
 
Compensation cost charged to income for the Company's share-based compensation plans
100,000 
300,000 
300,000 
 
Non-Employee Directors' Stock Grant And Deferred Compensation [Abstract]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity, Instruments Other than Options, Number
10,536 
10,243 
 
 
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards
$ 0 
$ 700,000 
$ 0 
 
Common and Preferred Stock and Equity of TRG (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Class of Stock [Line Items]
 
 
 
Stock Repurchase Program, Authorized Amount
$ 200,000,000 
 
 
Stock Repurchased and Retired During Period, Shares
786,805 
 
 
Stock Acquired and Retired During Period, Cost Per Share
$ 66.45 
 
 
Stock Repurchased and Retired During Period, Value
52,287,000 
 
 
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
 
 
 
Stock Issued During Period, Shares, New Issues
0 
2,875,000 
2,012,500 
Issuance of common stock, net of offering costs
 
208,939,000 
111,956,000 
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
 
 
 
Conversion of Stock, Numver of shares of Common Stock converted from Series B Preferred Stock under Continuing Offer
10 
65 
76 
Preferred Stock Issued During Period, Value, New Issues
164,395,000 
186,215,000 
 
Series B Preferred Stock [Member]
 
 
 
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
 
 
 
Convertible Preferred Stock, Terms of Conversion
ratio of 14,000 shares of Series B Preferred Stock for one share of common stock 
 
 
Conversion of Stock, Shares Converted
176,630 
1,132,359 
1,092,690 
Preferred Stock, liquidation value per share
$ 0.001 
$ 0.001 
 
Preferred Stock, shares outstanding
25,151,069 
25,327,699 
 
Series K Preferred Stock [Member]
 
 
 
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
 
 
 
Preferred Stock, Dividend Rate, Percentage
6.25% 
 
 
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs
5,600,000 
 
 
Preferred Stock, Liquidation Preference, Value
170,000,000 
 
 
Preferred Stock, liquidation value per share
$ 25 
 
 
Preferred Stock, Redemption Price Per Share
$ 25 
 
 
Preferred Stock, shares outstanding
6,800,000 
 
 
Preferred Stock Issued During Period, Value, New Issues
164,400,000 
 
 
Preferred Stock Issued During Period, Shares, New Issues
6,800,000 
 
 
Series G Preferred Stock [Member]
 
 
 
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
 
 
 
Preferred Stock, Dividend Rate, Percentage
 
8.00% 
 
Preferred Stock, Liquidation Preference, Value
 
100,000,000 
 
Preferred Stock, Redemption Price Per Share
 
$ 25.35 
 
Preferred Stock, shares outstanding
 
4,000,000 
 
Preferred Stock, Redemption Charge
 
3,300,000 
 
Series H Preferred Stock [Member]
 
 
 
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
 
 
 
Preferred Stock, Dividend Rate, Percentage
 
7.625% 
 
Preferred Stock, Liquidation Preference, Value
 
87,000,000 
 
Preferred Stock, Redemption Price Per Share
 
$ 25.33359375 
 
Preferred Stock, shares outstanding
 
3,480,000 
 
Preferred Stock, Redemption Charge
 
3,100,000 
 
Series J Preferred Stock [Member]
 
 
 
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
 
 
 
Preferred Stock, Dividend Rate, Percentage
 
6.50% 
 
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs
 
6,300,000 
 
Preferred Stock, Liquidation Preference, Value
192,500,000 
192,500,000 
 
Preferred Stock, liquidation value per share
$ 25 
 
 
Preferred Stock, Redemption Price Per Share
$ 25 
 
 
Preferred Stock, shares outstanding
7,700,000 
7,700,000 
 
Preferred Stock Issued During Period, Value, New Issues
 
186,200,000 
 
Preferred Stock Issued During Period, Shares, New Issues
 
7,700,000 
 
Series F Preferred Stock [Member]
 
 
 
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
 
 
 
Preferred Stock, Dividend Rate, Percentage
 
 
8.20% 
Preferred Stock, Liquidation Preference, Value
 
 
30,000,000 
Preferred Stock, Redeemed Amount
 
 
27,000,000 
Redemption amount, discount from book value
 
 
$ 2,200,000 
Commitments and Contingencies (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Cash tender [Abstract]
 
Minimum aggregate value of Operating Partnership units to be tendered
$ 50,000,000 
Fair Value of Written Option, Cash Tender Agreement
zero 
Market value per common share (in dollars per share)
$ 63.92 
Approximate aggregate value of interests in the Operating Partnership that may be tendered
1,500,000,000 
Additional interest the Company would have owned in the Operating Partnership upon purchase of interests (in hundredths)
27.00% 
Continuing offer [Abstract]
 
Common Stock, Conversion Basis
one unit of the Operating Partnership interest is exchangeable for one share of the Company's common stock 
Case No CV01619 [Member]
 
Loss Contingencies [Line Items]
 
Number Of Restaurant Owners That Filed Lawsuit
2 
Number Of Restaurants That Filed Lawsuit
2 
Minimum amount of damages sought by plaintiff
$ 20,000,000 
NumberOfIndividualsSuitWasFiledAgainst
3 
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) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator):
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations - basic
 
 
 
 
 
 
 
 
$ 109,908 
$ 83,511 
$ 75,011 
Impact of additional ownership of TRG on income from continuing operations
 
 
 
 
 
 
 
 
497 
672 
625 
Income from continuing operations - diluted
 
 
 
 
 
 
 
 
110,405 
84,183 
75,636 
Income from discontinued operations - basic
 
 
 
 
 
 
 
 
 
   
101,690 
Net income attributable to Taubman Centers, Inc. common shareowners
39,834 
24,488 
17,842 
27,744 
27,907 
21,700 
16,373 
17,531 
109,908 
83,511 
176,701 
Impact of additional ownership of TRG on income from discontinued operations
 
 
 
 
 
 
 
 
 
   
296 
Diluted
 
 
 
 
 
 
 
 
$ 110,405 
$ 84,183 
$ 177,622 
Shares – basic
 
 
 
 
 
 
 
 
63,591,523 
59,884,455 
56,899,966 
Effect of dilutive securities
 
 
 
 
 
 
 
 
983,889 
1,491,989 
1,629,123 
Shares (Denominator) – diluted
 
 
 
 
 
 
 
 
64,575,412 
61,376,444 
58,529,089 
Earnings per common share from continuing operations
 
 
 
 
 
 
 
 
$ 1.73 
$ 1.39 
$ 1.32 
Income from discontinued operations
 
 
 
 
 
 
 
 
 
   
$ 1.79 
Total basic earnings per common share
$ 0.63 
$ 0.38 
$ 0.28 
$ 0.44 
$ 0.45 
$ 0.36 
$ 0.28 
$ 0.30 
$ 1.73 
$ 1.39 
$ 3.11 
Earnings per common share from continuing operations
 
 
 
 
 
 
 
 
$ 1.71 
$ 1.37 
$ 1.29 
Income from discontinued operations
 
 
 
 
 
 
 
 
 
   
$ 1.74 
Total diluted earnings per common share
$ 0.62 
$ 0.38 
$ 0.28 
$ 0.43 
$ 0.44 
$ 0.35 
$ 0.27 
$ 0.30 
$ 1.71 
$ 1.37 
$ 3.03 
Outstanding partnership units exchangeable for common shares under the Continuing Offer [Member]
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator):
 
 
 
 
 
 
 
 
 
 
 
Anti-dilutive effect (in shares)
 
 
 
 
 
 
 
 
4,428,624 
5,063,736 
7,499,132 
Unissued partnership units under a unit option deferral election [Member]
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator):
 
 
 
 
 
 
 
 
 
 
 
Anti-dilutive effect (in shares)
 
 
 
 
 
 
 
 
871,262 
871,262 
871,262 
Out-of-the-money options [Member]
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator):
 
 
 
 
 
 
 
 
 
 
 
Anti-dilutive effect (in shares)
 
 
 
 
 
 
 
 
 
   
60,469 
Fair Value Disclosures (Fair Value Assets and Liabilities Measured on Recurring Basis) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Fair Value, Inputs, Level 1 [Member]
 
 
Assets and liabilities measured at fair value on a recurring basis [Abstract]
 
 
Available-for-sale securities
    
$ 2,452 
Insurance deposit
12,225 
11,291 
Total assets
12,225 
13,743 
Fair Value, Inputs, Level 2 [Member]
 
 
Assets and liabilities measured at fair value on a recurring basis [Abstract]
 
 
Derivative interest rate contracts (Note 10)
1,543 
 
Total assets
1,543 
 
Derivative interest rate contract (Note 10)
(3,418)
(11,865)
Total liabilities
$ (3,418)
$ (11,865)
Fair Value Disclosures (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Financial Statement Captions [Line Items]
 
 
Proceeds from sale of marketable securities (Note 17)
$ 2,493,000 
 
Gain on sale of marketable securities (Note 17)
(1,323,000)
 
Community Development District Obligation [Abstract]
 
 
Book value of the capitalized infrastructure assets and improvements, net of depreciation
37,800,000 
39,800,000 
Special Assessment Bond
59,700,000 
60,800,000 
Obligation for future special assessments, fair value
$ 59,800,000 
$ 60,900,000 
Fair Value Disclosures (Estimated Fair Value of Notes Payable) (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Estimated fair values of notes payable [Abstract]
 
 
Notes Payable
$ 3,058,053,000 
$ 2,952,030,000 
Notes payable, fair value disclosure
3,107,119,000 
3,082,265,000 
Additional Credit Spread Included In Discount Rate To Estimate Fair Value Of Notes Payable
1.00% 
1.50% 
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
$ 69,800,000 
 
Impact Of Overall One Percent Increase In Interest Rates Decrease In Fair Values Of Notes Payable Percent
2.20% 
 
Cash Flow Disclosures & Non-Cash Investing and Financing Activities (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Interest Paid, Capitalized
$ 16,400,000 
$ 3,600,000 
$ 400,000 
Interest Paid, Net
128,200,000 
142,000,000 
117,200,000 
Financing Receivable, Gross
9,407,000 
9,512,000 
 
Accounts and notes receivable, less allowance for doubtful accounts of $1,934 and $3,424 in 2013 and 2012 (Note 6)
73,193,000 
69,033,000 
 
Assumption of debt in connection with acquisitions of The Mall at Green Hills and The Gardens on El Paseo and El Paseo Village (Note 2)
 
 
215,439,000 
Issuance of installment notes in connection with acquisitions of The Mall at Green Hills and The Gardens on El Paseo and El Paseo Village (Note 2)
 
 
281,467,000 
Issuance of redeemable equity in connection with acquisition of Taubman TCBL (Note 2)
 
 
11,882,000 
TCBL disposition escrow (Note 2)
   
3,550,000 
 
Capital relinquished in connection with TCBL disposition (Note 2)
 
8,855,000 
 
Transfer of The Pier Shops and Regency Square in settlement of mortgage debt obligations, net (Note 2)
 
 
63,941,000 
Other non-cash additions to properties
14,030,000 
19,952,000 
29,803,000 
Taubman TCBL [Member]
 
 
 
Accounts and notes receivable, less allowance for doubtful accounts of $1,934 and $3,424 in 2013 and 2012 (Note 6)
 
9,353,000 
 
TCBL disposition escrow (Note 2)
 
3,550,000 
 
Capital relinquished in connection with TCBL disposition (Note 2)
 
8,855,000 
 
Davis Street Unitholders [Member]
 
 
 
Issuance of TRG partnership units in connection with acquisitions of The Mall at Green Hills and The Gardens on El Paseo and El Paseo Village (Note 2)
 
 
72,683,000 
Land [Member]
 
 
 
Financing Receivable, Gross
$ 7,411,000 
 
 
Accumulated Other Comprehensive Income (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Accumulated Other Comprehensive Income Components [Line Items]
 
 
 
 
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax
 
 
   
   
Accumulated Other Comprehensive Income (Loss), Net of Tax
(8,914)
(22,064)
 
 
Reclassification adjustment for amounts recognized in net income
5,583 
793 
1,215 
 
Gain on sale of marketable securities (Note 17)
1,323 
 
 
 
Accumulated Other Comprehensive Income [Member]
 
 
 
 
Accumulated Other Comprehensive Income Components [Line Items]
 
 
 
 
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax
5,040 
1,888 
 
 
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax
(13,954)
(23,952)
(27,613)
(14,925)
Accumulated Other Comprehensive Income (Loss), Net of Tax
(8,914)
(22,064)
(27,613)
(14,925)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax
3,150 
 
 
 
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax
6,117 
 
 
 
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent
9,267 
 
 
 
Reclassification adjustment for amounts recognized in net income
3,875 
566 
843 
 
Cumulative Translation Adjustment, Net of Tax, Period Increase (Decrease)
3,150 
1,888 
 
 
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent
9,992 
(2,551)
(13,137)
 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
13,142 
(663)
(13,137)
 
OtherComprehensiveIncomeLossAdjustmentForeignCurrencyAttributableToParent
2 
 
 
 
Other comprehensive income (loss), adjustments, attributable to parent
6 
6,212 
449 
 
Other comprehensive income (loss), total adjustments attributable to parent
8 
6,212 
449 
 
Noncontrolling Interest [Member]
 
 
 
 
Accumulated Other Comprehensive Income Components [Line Items]
 
 
 
 
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax
2,011 
756 
   
   
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax
6,141 
1,739 
9,113 
15,802 
Accumulated Other Comprehensive Income (Loss), Net of Tax
8,152 
2,495 
9,113 
15,802 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax
1,257 
 
 
 
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax
2,700 
 
 
 
Other Comprehensive (Income) Loss, before Tax, Portion Attributable to Noncontrolling Interest
3,957 
 
 
 
Reclassification adjustment for amounts recognized in net income
1,708 
227 
372 
 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest
1,257 
756 
 
 
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Noncontrolling Interest
4,408 
(1,162)
(6,240)
 
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest
5,665 
(406)
(6,240)
 
OtherComprehensiveIncomeLossAdjustmentForeignCurrencyAttributableToParent
(2)
 
 
 
Other comprehensive income (loss), adjustments, attributable to noncontrolling interests
(6)
(6,212)
(449)
 
Other comprehensive income (loss), total adjustments attributable to noncontrolling interests
(8)
(6,212)
(449)
 
Reclassification out of Accumulated Other Comprehensive Income [Member]
 
 
 
 
Accumulated Other Comprehensive Income Components [Line Items]
 
 
 
 
Reclassification adjustment for amounts recognized in net income
5,583 
 
 
 
Amount of gain/loss on interest rate contract reclassfied from AOCI
3,826 
 
 
 
Amount of gain/loss on interest rate contract reclassfied from AOCI for unconsolidated joint ventures
3,080 
 
 
 
Gain on sale of marketable securities (Note 17)
$ (1,323)
 
 
 
Quarterly Financial Data (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Revenues
$ 211,772 
$ 193,938 
$ 178,187 
$ 183,257 
$ 209,706 
$ 189,539 
$ 179,465 
$ 169,264 
$ 767,154 
$ 747,974 
$ 644,918 
Equity in income of Unconsolidated Joint Ventures
18,418 
12,220 
11,481 
10,346 
12,751 
12,672 
11,170 
11,901 
52,465 
48,494 
46,064 
Net income
66,166 
43,243 
33,603 
46,356 
49,131 
45,061 
31,448 
32,177 
189,368 
157,817 
287,398 
Net income attributable to TCO common shareowners
$ 39,834 
$ 24,488 
$ 17,842 
$ 27,744 
$ 27,907 
$ 21,700 
$ 16,373 
$ 17,531 
$ 109,908 
$ 83,511 
$ 176,701 
Earnings per common share – basic
$ 0.63 
$ 0.38 
$ 0.28 
$ 0.44 
$ 0.45 
$ 0.36 
$ 0.28 
$ 0.30 
$ 1.73 
$ 1.39 
$ 3.11 
Earnings per common share – diluted
$ 0.62 
$ 0.38 
$ 0.28 
$ 0.43 
$ 0.44 
$ 0.35 
$ 0.27 
$ 0.30 
$ 1.71 
$ 1.37 
$ 3.03 
Subsequent Events (Details) (USD $)
3 Months Ended
Mar. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Subsequent Event [Line Items]
 
 
 
Notes payable
 
$ 3,058,053,000 
$ 2,952,030,000 
International Plaza [Member]
 
 
 
Subsequent Event [Line Items]
 
 
 
Noncash or Part Noncash Disposition, Interest Sold
49.90% 
 
 
Noncash or Part Noncash Divestiture, Total Consideration Received
499,000,000 
 
 
Noncash or Part Noncash Divestiture, Amount of Consideration Received
162,000,000 
 
 
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes
350,000,000 
 
 
Gain (Loss) on Sale of Properties, Applicable Income Taxes, Minimum
10,000,000 
 
 
Gain (Loss) on Sale of Properties, Applicable Income Taxes, Maximum
14,000,000 
 
 
Equity Method Investment, Ownership Percentage
50.10% 
 
 
Notes payable
 
325,000,000 
325,000,000 
Proceeds from Sales of Assets, Investing Activities
337,000,000 
 
 
Stony Point [Member]
 
 
 
Subsequent Event [Line Items]
 
 
 
Notes payable
 
99,526,000 
101,644,000 
Arizona Mills Member
 
 
 
Subsequent Event [Line Items]
 
 
 
Noncash or Part Noncash Divestiture, Total Consideration Received
230,000,000 
 
 
Noncash or Part Noncash Divestiture, Amount of Consideration Received
84,000,000 
 
 
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes
100,000,000 
 
 
Equity Method Investment, Ownership Percentage
 
50.00% 
 
Notes payable
 
167,000,000 
 
Proceeds from Sales of Assets, Investing Activities
$ 60,000,000 
 
 
Number of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets
555,150 
 
 
Value of Partnership Unit Received in Connection with Disposition
$ 154.91 
 
 
Valuation and Qualifying Accounts (Details) (Allowance for doubtful receivables [Member], USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Allowance for doubtful receivables [Member]
 
 
 
Movement in Valuation Allowances and Reserves [Roll Forward]
 
 
 
Balance at beginning of year
$ 3,424 
$ 3,303 
$ 7,966 
Charged to costs and expenses
489 
1,397 
2,032 
Write-offs
(1,979)
(1,276)
(2,535)
Transfers, net
 
   
(4,160)
Balance at end of year
$ 1,934 
$ 3,424 
$ 3,303 
Real Estate and Accumulated Depreciation (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2013
Beverly Center [Member]
Dec. 31, 2013
Cherry Creek Shopping Center [Member]
Dec. 31, 2013
City Creek Center [Member]
Dec. 31, 2013
Dolphin Mall [Member]
Dec. 31, 2013
Fairlane Town Center Member
Dec. 31, 2013
The Gardens on El Paseo and El Paseo Village [Member]
Dec. 31, 2013
The Gardens on El Paseo [Member]
Dec. 31, 2013
El Paseo Village [Member]
Dec. 31, 2013
Great Lakes Crossing [Member]
Dec. 31, 2013
The Mall at Green Hills [Member]
Dec. 31, 2013
International Plaza [Member]
Dec. 31, 2013
Mac Arthur Center Member
Dec. 31, 2013
Northlake [Member]
Dec. 31, 2013
Mall At Partridge Creek Member
Dec. 31, 2013
Short Hills [Member]
Dec. 31, 2013
Stony Point [Member]
Dec. 31, 2013
Taubman Prestige Outlets of Chesterfield [Member]
Dec. 31, 2013
Twelve Oaks Mall Member
Dec. 31, 2013
Mall At Wellington Green [Member]
Dec. 31, 2013
The Shops At Willow Bend [Member]
Dec. 31, 2013
Office Facilities [Member]
Dec. 31, 2013
Peripheral Land [Member]
Dec. 31, 2013
Construction In Process And Development Pre Construction Costs [Member]
Dec. 31, 2013
Assets under CDD Obligations [Member]
Dec. 31, 2013
Other Real Estate Property [Member]
Real Estate and Accumulated Depreciation [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land, Initial Cost of Company
$ 407,048 
 
 
 
    
    
    
$ 34,881 
$ 17,330 
$ 23,500 
 
 
$ 15,506 
$ 48,551 
    
    
$ 22,540 
$ 14,097 
$ 25,114 
$ 10,677 
$ 16,079 
$ 25,410 
$ 18,967 
$ 26,192 
    
$ 30,880 
$ 73,160 
$ 4,164 
    
Buildings, Improvements, and Equipment, Initial Cost to Company
3,216,888 
 
 
 
209,093 
99,087 
75,229 
222,301 
104,668 
131,858 
 
 
188,773 
332,261 
299,244 
142,804 
141,365 
118,531 
167,595 
90,731 
108,934 
190,455 
180,799 
212,565 
   
   
132,218 
61,411 
6,966 
Cost Capitalized Subsequent to Acquisition
861,149 
 
 
 
72,015 
130,923 
603 
63,250 
51,392 
5,029 
 
 
44,779 
2,556 
42,323 
21,215 
12,532 
15,715 
164,857 
14,159 
   
88,074 
15,213 
37,106 
32,462 
   
46,946 
   
   
Land, Gross Amount at Which Carried at Close of Period
409,523 
 
 
 
   
   
   
34,881 
17,330 
23,500 
 
 
15,506 
48,551 
   
   
22,540 
14,097 
25,114 
10,677 
16,079 
25,410 
21,439 
26,192 
   
30,880 
73,163 
4,164 
   
Buildings, Improvements, and Equipment, Gross Amount at Which Carried at Close of Period
4,075,567 
 
 
 
281,108 
230,010 
75,832 
285,551 
156,060 
136,887 
 
 
233,552 
334,817 
341,567 
164,019 
153,897 
134,246 
332,452 
104,890 
108,934 
278,529 
193,540 
249,671 
32,462 
   
179,166 
61,411 
6,966 
Total, Gross Amount at Which Carried at Close of Period
4,485,090 
4,246,000 
4,020,954 
3,528,297 
281,108 
230,010 
75,832 
320,432 
173,390 
160,387 
 
 
249,058 
383,368 
341,567 
164,019 
176,437 
148,343 
357,566 
115,567 
125,013 
303,939 
214,979 
275,863 
32,462 
30,880 
252,329 
65,575 
6,966 
Accumulated Depreciation (A/D)
1,516,982 
1,395,876 
1,271,943 
1,199,247 
160,020 
134,920 
5,006 
95,231 
79,364 
7,654 
 
 
117,129 
21,141 
124,459 
66,081 
67,729 
54,202 
166,140 
50,382 
2,038 
135,279 
82,734 
94,170 
24,085 
 
 
27,585 
1,633 
Properties, net
2,968,108 
2,850,124 
 
 
121,088 
95,090 
70,826 
225,201 
94,026 
152,733 
 
 
131,929 
362,227 
217,108 
97,938 
108,708 
94,141 
191,426 
65,185 
122,975 
168,660 
132,245 
181,693 
8,377 
30,880 
252,329 
37,990 
5,333 
Encumbrances
 
 
 
 
 
$ 280,000 
$ 84,560 
 
 
 
$ 84,197 
$ 16,322 
$ 221,541 
$ 150,000 
$ 325,000 
$ 129,205 
$ 215,500 
$ 79,162 
$ 540,000 
$ 99,526 
 
 
$ 200,000 
 
 
 
 
 
 
Depreciable Life
 
 
 
 
40 years 
40 years 
30 years 
50 years 
40 years 
 
40 years 
48 years 
50 years 
40 years 
50 years 
50 years 
50 years 
50 years 
40 years 
50 years 
50 years 
50 years 
50 years 
50 years 
 
 
 
 
 
Real Estate and Accumulated Depreciation Changes in Total Real Estate Assets and Accumulated Depreciation (Details) (USD $)
12 Months Ended 3 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2013
Segment, Continuing Operations [Member]
Dec. 31, 2012
Segment, Continuing Operations [Member]
Dec. 31, 2011
Segment, Continuing Operations [Member]
Dec. 31, 2011
Segment, Discontinued Operations [Member]
Dec. 31, 2013
The Gardens on El Paseo [Member]
Dec. 31, 2013
El Paseo Village [Member]
Dec. 31, 2013
Stony Point [Member]
Dec. 31, 2011
Pier Shops Member
Dec. 31, 2011
Regency Square Member
Mar. 31, 2014
International Plaza [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of year
$ 4,246,000,000 
$ 4,020,954,000 
$ 3,528,297,000 
 
 
 
 
 
 
$ 115,567,000 
 
 
 
Real Estate, Acquisitions
 
   
543,136,000 
 
 
 
 
 
 
 
 
 
 
Real Estate, New development and improvements
280,972,000 
237,877,000 
76,026,000 
 
 
 
 
 
 
 
 
 
 
Real Estate, Disposals / Write-offs
(35,964,000)
(11,972,000)
(123,839,000)
 
 
 
 
 
 
 
 
 
 
Real Estate, Transfers In/(Out)
(5,918,000)
(859,000)
(2,666,000)
 
 
 
 
 
 
 
 
 
 
Balance, end of year
4,485,090,000 
4,246,000,000 
4,020,954,000 
 
 
 
 
 
 
115,567,000 
 
 
 
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
Real Estate, Accumulated Depreciations
(1,395,876,000)
(1,271,943,000)
(1,199,247,000)
 
 
 
 
 
 
(50,382,000)
 
 
 
Real Estate Accumulated Depreciation, Depreciation Expense
(142,500,000)
(134,900,000)
(127,200,000)
(142,458,000)
(134,858,000)
(117,466,000)
(9,764,000)
 
 
 
 
 
 
Real Estate Accumulated Depreciation, Other Deductions
21,352,000 
10,925,000 
54,534,000 
 
 
 
 
 
 
 
 
 
 
Real Estate, Accumulated Depreciations
(1,516,982,000)
(1,395,876,000)
(1,271,943,000)
 
 
 
 
 
 
(50,382,000)
 
 
 
Debt Instrument, Unamortized Premium
2,877,000 
 
 
 
 
 
 
2,700,000 
200,000 
 
 
 
 
Noncash or Part Noncash Disposition, Interest Sold
 
 
 
 
 
 
 
 
 
 
 
 
49.90% 
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances
 
 
 
 
 
 
 
84,197,000 
16,322,000 
99,526,000 
 
 
 
Notes Payable
3,058,053,000 
2,952,030,000 
 
 
 
 
 
 
 
 
 
 
 
Tax Basis of Investments, Cost for Income Tax Purposes
5,395,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
Real Estate Investment Property, Net
$ 2,968,108,000 
$ 2,850,124,000 
 
 
 
 
 
 
 
$ 65,185,000 
$ 25,700,000 
$ 35,900,000