Document and Entity Information Document - shares	9 Months Ended
Document and Entity Information Document - shares	Sep. 30, 2020	Nov. 06, 2020
Entity Information [Line Items]
Entity Central Index Key	0000890319
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2020
Entity File Number	1-11530
Entity Registrant Name	TAUBMAN CENTERS, INC.
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-2033632
Entity Address, Address Line One	200 East Long Lake Road,
Entity Address, Address Line Two	Suite 300,
Entity Address, City or Town	Bloomfield Hills,
Entity Address, State or Province	MI
Entity Address, Country	US
Entity Address, Postal Zip Code	48304-2324
City Area Code	(248)
Local Phone Number	258-6800
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Common Stock, Shares Outstanding		61,725,350
Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	TCO
Security Exchange Name	NYSE
Series J Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	6.5% Series J Cumulative Redeemable Preferred Stock,No Par Value
Trading Symbol	TCO PR J
Security Exchange Name	NYSE
Series K Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	6.25% Series K CumulativeRedeemable Preferred Stock,No Par Value
Trading Symbol	TCO PR K
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEET - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Assets:
Properties	$ 4,725,672,000	$ 4,731,061,000
Accumulated depreciation and amortization	(1,625,433,000)	(1,514,992,000)
Real Estate Investment Property, Net	3,100,239,000	3,216,069,000
Investment in Unconsolidated Joint Ventures (UJVs) (Notes 2 and 4)	787,951,000	831,995,000
Cash and cash equivalents (Note 13)	256,512,000	102,762,000
Restricted cash (Note 13)	632,000	656,000
Accounts and notes receivable (Note 1)	172,525,000	95,416,000
Accounts receivable from related parties	4,065,000	2,112,000
Operating lease right-of-use assets	172,050,000	173,796,000
Deferred charges and other assets	85,616,000	92,659,000
Total Assets	4,579,590,000	4,515,465,000
Liabilities:
Notes payable, net (Note 5)	3,897,515,000	3,710,327,000
Accounts payable and accrued liabilities	278,055,000	268,714,000
Operating lease liabilities	240,611,000	240,777,000
Distributions in excess of investments in and net income of UJVs (Note 4)	461,360,000	473,053,000
Total Liabilities	4,877,541,000	4,692,871,000
Commitments and contingencies (Notes 5, 6, 7, 8, and 9)
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Redeemable noncontrolling interests (Note 6)	0	0
Equity (Deficit):
Series B Non-Participating Convertible Preferred Stock, $0.001 par and liquidation value, 40,000,000 shares authorized, 25,979,064 and 26,398,473 shares issued and outstanding at September 30, 2020 and December 31, 2019	26,000	26,000
Common Stock, $0.01 par value, 250,000,000 shares authorized, 61,723,103 and 61,228,579 shares issued and outstanding at September 30, 2020 and December 31, 2019	617,000	612,000
Additional paid-in capital	746,728,000	741,026,000
Accumulated other comprehensive income (loss) (Note 12)	(41,445,000)	(39,003,000)
Dividends in excess of net income (Note 7)	(802,672,000)	(712,884,000)
Stockholders' Equity Attributable to Parent	(96,746,000)	(10,223,000)
Noncontrolling interests (Note 6)	(201,205,000)	(167,183,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(297,951,000)	(177,406,000)
Total Liabilities and Equity	$ 4,579,590,000	$ 4,515,465,000

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	61,723,103	61,228,579
Common stock, shares outstanding	61,723,103	61,228,579
Series B Preferred Stock [Member]
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, liquidation preference per share	$ 0.001	$ 0.001
Preferred Stock, shares authorized	40,000,000	40,000,000
Preferred Stock, shares issued	25,979,064	26,398,473
Preferred Stock, shares outstanding	25,979,064	26,398,473
Series J Preferred Stock [Member]
Preferred Stock, par value	$ 0	$ 0
Preferred Stock, liquidation preference	$ 192,500,000	$ 192,500,000
Preferred Stock, liquidation preference per share	$ 25
Preferred Stock, shares authorized	7,700,000	7,700,000
Preferred Stock, shares issued	7,700,000	7,700,000
Preferred Stock, shares outstanding	7,700,000	7,700,000
Series K Preferred Stock [Member]
Preferred Stock, par value	$ 0	$ 0
Preferred Stock, liquidation preference	$ 170,000,000	$ 170,000,000
Preferred Stock, liquidation preference per share	$ 25
Preferred Stock, shares authorized	6,800,000	6,800,000
Preferred Stock, shares issued	6,800,000	6,800,000
Preferred Stock, shares outstanding	6,800,000	6,800,000

CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Rental revenues (Note 1)	$ 122,817,000	$ 141,213,000	$ 377,693,000	$ 432,508,000
Overage rents	540,000	3,865,000	5,506,000	8,719,000
Management, leasing, and development services	440,000	1,927,000	1,830,000	4,035,000
Other (Note 1)	7,201,000	15,501,000	23,963,000	39,056,000
Total Revenues	130,998,000	162,506,000	408,992,000	484,318,000
Expenses:
Maintenance, taxes, utilities, and promotion	37,053,000	40,786,000	110,315,000	118,506,000
Other operating	13,289,000	19,753,000	44,223,000	60,210,000
Management, leasing, and development services	435,000	1,895,000	1,587,000	2,917,000
General and administrative	7,048,000	9,632,000	22,587,000	26,762,000
Restructuring charges (Note 1)	2,395,000	876,000	2,757,000	1,585,000
Simon Property Group, Inc. transaction costs (Note 1)	17,060,000		32,505,000
Costs associated with shareholder activism (Note 1)	0	675,000	0	16,675,000
Interest expense	33,052,000	37,695,000	101,254,000	112,590,000
Depreciation and amortization	49,235,000	47,849,000	162,769,000	137,064,000
Operating Expenses	159,567,000	159,161,000	477,997,000	476,309,000
Nonoperating income, net (Notes 9 and 11)	1,694,000	11,108,000	1,332,000	26,468,000
Income (loss) before income tax expense, equity in income (loss) of UJVs, gains on partial dispositions of ownership interests in UJVs, net of tax, and gains on remeasurements of ownership interests in UJVs	(26,875,000)	14,453,000	(67,673,000)	34,477,000
Income tax expense (Note 3)	(37,000)	(2,021,000)	(545,000)	(4,924,000)
Equity in income (loss) of UJVs (Note 4)	(9,736,000)	20,252,000	836,000	49,746,000
Income (loss) before gains on partial dispositions of ownership interests in UJVs, net of tax, and gains on remeasurements of ownership interests in UJVs	(36,648,000)	32,684,000	(67,382,000)	79,299,000
Gains on partial dispositions of ownership interests in UJVs, net of tax (Note 2)	0	138,696,000	11,277,000	138,696,000
Gains on remeasurements of ownership interests in UJVs (Note 2)	0	145,010,000	14,146,000	145,010,000
Net income (loss)	(36,648,000)	316,390,000	(41,959,000)	363,005,000
Net (income) loss attributable to noncontrolling interests (Note 6)	12,360,000	(94,648,000)	15,638,000	(107,118,000)
Net income (loss) attributable to Taubman Centers, Inc.	(24,288,000)	221,742,000	(26,321,000)	255,887,000
Distributions to participating securities of TRG (Notes 1 and 8)		(597,000)	(595,000)	(1,817,000)
Preferred stock dividends	(5,784,000)	(5,784,000)	(17,353,000)	(17,353,000)
Net income (loss) attributable to Taubman Centers, Inc. common shareholders	(30,072,000)	215,361,000	(44,269,000)	236,717,000
Other comprehensive income (loss) (Note 12):
Unrealized loss on interest rate instruments	(38,000)	(1,864,000)	(20,149,000)	(16,285,000)
Cumulative translation adjustment	14,521,000	(9,952,000)	4,901,000	(20,463,000)
Reclassification adjustment for amounts recognized in net income (loss)	3,819,000	(396,000)	7,873,000	(2,242,000)
Other comprehensive income (loss)	18,302,000	(12,212,000)	(7,375,000)	(38,990,000)
Comprehensive income (loss)	(18,346,000)	304,178,000	(49,334,000)	324,015,000
Comprehensive (income) loss attributable to noncontrolling interests	6,912,000	(93,435,000)	16,639,000	(97,829,000)
Comprehensive income (loss) attributable to Taubman Centers, Inc.	$ (11,434,000)	$ 210,743,000	$ (32,695,000)	$ 226,186,000
Basic earnings (loss) per common share (Note 10)	$ (0.49)	$ 3.52	$ (0.72)	$ 3.87
Diluted earnings (loss) per common share (Note 10)	$ (0.49)	$ 3.48	$ (0.72)	$ 3.84
Weighted average number of common shares outstanding – basic	61,696,565	61,211,249	61,512,816	61,169,279

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($)	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Distributions in Excess of Net Income [Member]	Noncontrolling Interest [Member]	Series J Preferred Stock [Member]	Series K Preferred Stock [Member]	Former Taubman Asia Redeemable Noncontrolling Interest [Member]
Balance at Dec. 31, 2018	$ (307,897,000)	$ 25,000	$ 611,000	$ 676,097,000	$ (25,376,000)	$ (744,230,000)	$ (215,024,000)
Balance (in shares) at Dec. 31, 2018		39,362,994	61,069,108
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock pursuant to Continuing Offer (Notes 8 and 9)	0
Issuance of stock pursuant to Continuing Offer (Notes 8 and 9), shares		(41,060)	45,511
Issuance of equity for acquisition of interest in UJV (Note 2)	79,320,000	$ 1,000					79,319,000
Issuance of equity for acquisition of interest in UJV, shares		1,500,000
Share-based compensation under employee and director benefit plans (Note 8)	6,727,000		$ 1,000	6,726,000
Share-based compensation under employee and director benefit plans (Note 8), shares		91,183	98,551
Redeemable Noncontrolling Interest, Vested Balance of Ownership Interest	1,800,000			1,800,000
Adjustments of noncontrolling interests (Note 6)	(237,000)			55,691,000	(76,000)		(55,852,000)
Dividends and distributions (Note 1) (1)	(197,257,000)					(143,067,000)
Distributions to noncontrolling interests							(54,190,000)
Partial disposition of ownership interest in Unconsolidated Joint Venture (Note 2)	0				8,185,000	(8,185,000)
Adjustments of Accumulated Distributions in Excess of Net Income \| Accounting Standards Update 2016-02 [Member]						3,156,000
Adjustment of Non-Redeemable Noncontrolling Interest \| Accounting Standards Update 2016-02 [Member]							1,763,000
Adjustments of Total Equity \| Accounting Standards Update 2016-02 [Member]	4,919,000
Payments for Repurchase of Redeemable Noncontrolling Interest	(6,000,000)									$ (6,000,000)
Other	(616,000)					(616,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	363,005,000
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	(237,000)									237,000
Net income (excludes net loss attributable to redeemable noncontrolling interests)	363,242,000					255,887,000	107,355,000
Unrealized gain (loss) on interest rate instruments and other	(16,285,000)				(11,375,000)		(4,910,000)
Cumulative translation adjustment	(20,463,000)				(16,760,000)		(3,703,000)
Reclassification adjustment for amounts recognized in net income	(2,242,000)				(1,565,000)		(677,000)
Balance at Sep. 30, 2019	(88,989,000)	$ 26,000	$ 612,000	740,314,000	(46,967,000)	(637,055,000)	(145,919,000)
Balance (in shares) at Sep. 30, 2019		40,913,117	61,213,170
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Declared			$ 2.025
Preferred Stock, Dividends Per Share, Declared								$ 1.21875	$ 1.171875
Balance at Dec. 31, 2018	(307,897,000)	$ 25,000	$ 611,000	676,097,000	(25,376,000)	(744,230,000)	(215,024,000)
Balance (in shares) at Dec. 31, 2018		39,362,994	61,069,108
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Payments for Repurchase of Redeemable Noncontrolling Interest										(6,000,000.0)
Balance at Dec. 31, 2019	(177,406,000)	$ 26,000	$ 612,000	741,026,000	(39,003,000)	(712,884,000)	(167,183,000)
Balance (in shares) at Dec. 31, 2019		40,898,473	61,228,579
Balance at Jun. 30, 2019	(329,952,000)	$ 26,000	$ 612,000	739,046,000	(44,154,000)	(802,809,000)	(222,673,000)
Balance (in shares) at Jun. 30, 2019		40,913,117	61,208,580
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock pursuant to Continuing Offer (Notes 8 and 9)	0
Issuance of stock pursuant to Continuing Offer (Notes 8 and 9), shares			(3)
Share-based compensation under employee and director benefit plans (Note 8)	3,077,000			3,077,000
Share-based compensation under employee and director benefit plans (Note 8), shares			4,593
Adjustments of noncontrolling interests (Note 6)	0			(1,809,000)			1,809,000
Dividends and distributions (Note 1) (1)	(66,189,000)					(47,700,000)
Distributions to noncontrolling interests							(18,489,000)
Partial disposition of ownership interest in Unconsolidated Joint Venture (Note 2)	0				8,185,000	(8,185,000)
Payments for Repurchase of Redeemable Noncontrolling Interest	(6,000,000)									$ (6,000,000)
Other	(103,000)					(103,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	316,390,000					221,742,000	94,648,000
Unrealized gain (loss) on interest rate instruments and other	(1,864,000)				(1,303,000)		(561,000)
Cumulative translation adjustment	(9,952,000)				(9,419,000)		(533,000)
Reclassification adjustment for amounts recognized in net income	(396,000)				(276,000)		(120,000)
Balance at Sep. 30, 2019	(88,989,000)	$ 26,000	$ 612,000	740,314,000	(46,967,000)	(637,055,000)	(145,919,000)
Balance (in shares) at Sep. 30, 2019		40,913,117	61,213,170
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Declared			$ 0.675
Preferred Stock, Dividends Per Share, Declared								0.40625	0.390625
Balance at Dec. 31, 2019	(177,406,000)	$ 26,000	$ 612,000	741,026,000	(39,003,000)	(712,884,000)	(167,183,000)
Balance (in shares) at Dec. 31, 2019		40,898,473	61,228,579
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock pursuant to Continuing Offer (Notes 8 and 9)	0		$ 4,000	(4,000)
Issuance of stock pursuant to Continuing Offer (Notes 8 and 9), shares		(438,365)	438,395
Share-based compensation under employee and director benefit plans (Note 8)	6,091,000		$ 1,000	6,090,000
Share-based compensation under employee and director benefit plans (Note 8), shares		18,956	56,129
Adjustments of noncontrolling interests (Note 6)	0			(384,000)	(67,000)		451,000
Contributions from noncontrolling interests	1,950,000						1,950,000
Dividends and distributions (Note 1) (1)	(79,089,000)					(59,305,000)
Distributions to noncontrolling interests							(19,784,000)
Partial disposition of ownership interest in Unconsolidated Joint Venture (Note 2)	0				3,999,000	(3,999,000)
Other	(163,000)					(163,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(41,959,000)					(26,321,000)	(15,638,000)
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest
Unrealized gain (loss) on interest rate instruments and other	(20,149,000)				(14,177,000)		(5,972,000)
Cumulative translation adjustment	4,901,000				2,264,000		2,637,000
Reclassification adjustment for amounts recognized in net income	7,873,000				5,539,000		2,334,000
Balance at Sep. 30, 2020	(297,951,000)	$ 26,000	$ 617,000	746,728,000	(41,445,000)	(802,672,000)	(201,205,000)
Balance (in shares) at Sep. 30, 2020		40,479,064	61,723,103
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Declared			$ 0.675
Preferred Stock, Dividends Per Share, Declared								1.21875	1.171875
Balance at Jun. 30, 2020	(274,809,000)	$ 26,000	$ 616,000	745,326,000	(54,283,000)	(772,700,000)	(193,794,000)
Balance (in shares) at Jun. 30, 2020		40,579,064	61,615,362
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock pursuant to Continuing Offer (Notes 8 and 9)	0		$ 1,000	(1,000)
Issuance of stock pursuant to Continuing Offer (Notes 8 and 9), shares		(100,000)	100,007
Share-based compensation under employee and director benefit plans (Note 8)	1,539,000			1,539,000
Share-based compensation under employee and director benefit plans (Note 8), shares			7,734
Adjustments of noncontrolling interests (Note 6)	0			(136,000)	(16,000)		152,000
Dividends and distributions (Note 1) (1)	(6,436,000)					(5,785,000)
Distributions to noncontrolling interests							(651,000)
Other	101,000					101,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(36,648,000)					(24,288,000)	(12,360,000)
Unrealized gain (loss) on interest rate instruments and other	(38,000)				(49,000)		11,000
Cumulative translation adjustment	14,521,000				10,212,000		4,309,000
Reclassification adjustment for amounts recognized in net income	3,819,000				2,691,000		1,128,000
Balance at Sep. 30, 2020	$ (297,951,000)	$ 26,000	$ 617,000	$ 746,728,000	$ (41,445,000)	$ (802,672,000)	$ (201,205,000)
Balance (in shares) at Sep. 30, 2020		40,479,064	61,723,103
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Declared			$ 0
Preferred Stock, Dividends Per Share, Declared								$ 0.40625	$ 0.390625

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows From Operating Activities:
Net income (loss)	$ 41,959	$ (363,005)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	162,769	137,064
Gains on partial dispositions of ownership interests in UJVs, net of tax (Note 2)	(11,277)	(138,696)
Gains on remeasurements of ownership interests in UJVs (Note 2)	(14,146)	(145,010)
Gain on Saks settlement - The Mall of San Juan (Note 9)		(10,095)
Fluctuation in fair value of equity securities (Note 11)	933	(3,346)
Income from UJVs net of distributions	17,284	3,304
Non-cash operating lease expense	1,580	1,527
Other	10,201	9,826
Increase (decrease) in cash attributable to changes in assets and liabilities:
Receivables, deferred charges, and other assets (Note 1)	(85,292)	(13,553)
Accounts payable and accrued liabilities	9,652	9,661
Net Cash Provided By Operating Activities	49,745	213,687
Cash Flows From Investing Activities:
Additions to properties	(50,394)	(158,740)
Partial reimbursement of Saks anchor allowance at The Mall of San Juan (Note 9)	3,000	20,000
Proceeds from partial dispositions of ownership interests in UJVs (Note 2)	48,673	235,745
Proceeds from sale of equity securities (Note 11)		52,077
Insurance proceeds for capital items at The Mall of San Juan (Note 9)		948
Contributions to UJVs (Note 2)	(8,275)	(47,849)
Distributions from UJVs (less than) in excess of income	5,673	8,117
Other	72	69
Net Cash Provided By (Used In) Investing Activities	(1,251)	110,367
Cash Flows From Financing Activities:
Proceeds from (payments to) revolving lines of credit, net (Note 5)	195,000	(189,700)
Debt payments	(8,961)	(8,430)
Debt issuance costs	(3,304)
Issuance of common stock and/or TRG Units in connection with incentive plans	(720)	(706)
Contributions from noncontrolling interests	1,950
Distributions to noncontrolling interests (Note 1)	(19,784)	(60,190)
Distributions to participating securities of TRG (Note 1)	(595)	(1,817)
Cash dividends to preferred shareholders	(17,353)	(17,353)
Cash dividends to common shareholders (Note 1)	(41,357)	(123,897)
Net Cash Provided By (Used In) Financing Activities	104,876	(402,093)
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash (Note 13)	356	(1,656)
Net Increase (Decrease) In Cash, Cash Equivalents, and Restricted Cash	153,726	(79,695)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period (Note 13)	103,418	142,929
Cash, Cash Equivalents, and Restricted Cash at End of Period (Note 13)	$ 257,144	$ 63,234

Interim Financial Statements

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements [Abstract]

Interim Financial Statements

General

Taubman Centers, Inc. (TCO) is a Michigan corporation that operates as a self-administered and self-managed real estate investment trust (REIT). TCO's sole asset is an approximate 70% general partnership interest in The Taubman Realty Group Limited Partnership (TRG), which owns direct or indirect interests in all of our real estate properties. In this report, the terms “we", "us", and "our'" refer to TCO, TRG, and/or TRG's subsidiaries as the context may require. We own, manage, lease, acquire, dispose of, develop, and expand retail shopping centers and interests therein. Our owned portfolio as of September 30, 2020 included 24 urban and suburban shopping centers operating in 11 U.S. states, Puerto Rico, South Korea, and China. The Taubman Company LLC (the Manager) provides certain management and administrative services for us and for our U.S. properties. In October 2020, we disposed of our ownership interest in Stamford Town Center, one of our two shopping centers in the state of Connecticut, and opened Starfield Anseong, a newly developed shopping center in Anseong, Gyeonggi Province, South Korea (Note 2).

The Consolidated Businesses consist of shopping centers and entities that are controlled, through ownership or contractual agreements, by TRG, the Manager, or Taubman Properties Asia LLC and its subsidiaries and affiliates (Taubman Asia). Shopping centers owned through joint ventures that are not controlled by us but over which we have significant influence (UJVs) are accounted for under the equity method.

The unaudited interim financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. The results of interim periods are not necessarily indicative of the results for a full year.

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

Risks and Uncertainties Related to COVID-19 Pandemic

The operations of both our U.S. and Asia shopping centers have been and could continue to be adversely impacted by the COVID-19 pandemic. The impact of the COVID-19 pandemic has had and continues to have adverse effects on our business, financial statements, and liquidity including, but not limited to, the following:


•	reduced global economic activity has impacted certain of our tenants' businesses, financial performance, and liquidity and has caused, and could continue to cause, certain tenants to be unable to fully meet their obligations to us or to otherwise seek modifications of such obligations, resulting in increases in uncollectible tenant receivables, deferrals, and abatements;

•

the negative financial impact could affect our future compliance with financial covenants of our $1.1 billion primary unsecured revolving line of credit, unsecured term loans, and other debt agreements and our ability to fund debt service. In August 2020, we entered into amendments to waive all of our existing financial covenants related to our primary unsecured revolving line of credit, $275 million unsecured term loan, and $250 million unsecured term loan for the quarter ending September 30, 2020 through and including the quarter ending June 30, 2021. The financial covenants for our loan on International Market Place mirror the requirements under our primary unsecured revolving line of credit so therefore, the waiver of our financial covenants also applies to the International Market Place loan (Note 5); and


•	weaker economic conditions could result in lower fair values of assets and cause us to recognize impairment charges for our consolidated centers or other than temporary impairment of our Investments in UJVs. See Note 4 for the additional impairment recognized during the three months ended September 30, 2020 for the sale of Stamford Town Center.

In response to the COVID-19 pandemic, we temporarily closed most of our U.S. shopping centers in mid-March 2020. As of June 30, 2020, all U.S. properties and nearly 85% of stores had reopened with restrictions in place to ensure compliance with all local, state, and federal laws and mandates to help ensure the health and safety of communities we serve. However, in mid-July 2020, two of our centers in California were ordered to temporarily close again amid rising cases of COVID-19. In late August, International Market Place in Hawaii was also ordered to temporarily close, but reopened in late September. In early September and October, our two centers in California reopened and currently all of our U.S. centers remain open. As of November 2, 2020, nearly 94% of our U.S. tenants had reopened with traffic, sales and tenant collections improving each month since May. If the U.S. continues to see prolonged or increased cases of COVID-19 infection, the risk of government mandated restrictions may rise, which could require centers to close.

The closures of our U.S. shopping centers adversely impacted mall tenant sales during the three and nine months ended September 30, 2020. As a result, Rental Revenues on our Consolidated Statement of Operations and Comprehensive Income (Loss) was adversely affected, primarily due to an increase in uncollectible tenant revenues for the three and nine months ended September 30, 2020. We assess collectibility of receivables on a tenant by tenant basis in accordance with ASC 842 (see "Changes in Accounting Policies - Accounts Receivable and Uncollectible Tenant Revenues"). Uncollectible tenant revenues are an estimate based on our assessment of revenues billed that may not result in collection, however we will continue our efforts to collect past due amounts. As such, the impact of the COVID-19 pandemic on our uncollectible tenant revenues in the future cannot be predicted at this point in time. The closures of our U.S. shopping centers also have adversely impacted parking revenue and food and beverage revenue of our restaurant joint venture, which has adversely affected Other Revenue on our Consolidated Statement of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2020.

In relation to cash collections and our increased accounts receivable balance as a result of the COVID-19 pandemic, we have received requests from many tenants for rent abatement and rent deferral. A substantial amount of our rental revenue receivables for April 2020 through October 2020 currently remain outstanding and are under negotiation, including those that have been deemed uncollectible and written off, with negotiations expected to continue through the end of the year and into 2021, resulting in an increase in Accounts and Notes Receivable on our Consolidated Balance Sheet. As of September 30, 2020, the Accounts and Notes Receivable balance on our Consolidated Balance Sheet was $172.5 million, compared to $95.4 million as of December 31, 2019. As a result of the progressive increase in collections and execution of rent deferrals and abatements, during the three months ended September 30, 2020, the Accounts and Notes Receivable balance on our Consolidated Balance Sheet did not increase significantly. As of September 30, 2020, we had executed deferral and/or abatement agreements with less than a majority of U.S. leases. We have made certain accounting policy elections for rent deferrals and abatements negotiated with tenants as a result of the COVID-19 pandemic (Note 14). As a result of the uncertainty surrounding the impacts of the COVID-19 pandemic as well as the timing of the general economy's stabilization and recovery, collections and rent relief requests to-date may not be indicative of collections or requests in any future period. As such, the impact of the COVID-19 pandemic on our rental revenues, cash provided by operating activities, and accounts receivable in the future cannot be predicted at this point in time.

In Asia, our three operating centers experienced varying levels of disruption due to the COVID-19 pandemic. CityOn.Xi'an was closed for about a month in February, CityOn.Zhengzhou was closed for 10 days in February, and Starfield Hanam never closed. The closures of our Asia centers only adversely impacted the operations and financial results of the centers for the three months ended March 31, 2020, though our share of the impact was limited due to our partial ownership interests in the centers (Note 2).

The extent to which the COVID-19 pandemic will continue to adversely impact our operations, financial condition, results of operations, and liquidity in the future, and those of our tenants and anchors, will depend on future actions and outcomes, which remain highly uncertain and cannot be predicted, including (1) the severity and duration of the COVID-19 pandemic and its impact, as well as the general economy's stabilization and recovery, (2) the actions taken to contain the pandemic or mitigate its impact, and (3) the direct and indirect economic and financial market effects of the pandemic and containment measures, among others.

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.

Except as referred to or implied herein, we are not presently aware of any events or circumstances arising from the COVID-19 pandemic that would require us to update our current estimates, assumptions, or 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. Our estimates may change, however, as new events occur and additional information is obtained, and any such changes will be recognized in the consolidated financial statements. Actual results could differ from those estimates.

Merger Agreement

On February 9, 2020, TCO and TRG (the Taubman Parties) entered into an Agreement and Plan of Merger (the Merger Agreement) for Simon Property Group, Inc. (Simon) to acquire a 100% ownership interest in TCO and an 80% ownership interest in TRG. Under the Merger Agreement, Simon, through its operating partnership, Simon Property Group, L.P. (the Simon Operating Partnership), would acquire all of TCO’s common stock (other than certain shares of excluded common stock) for $52.50 per share in cash and certain members of the Taubman Family (including Robert S. Taubman, William S. Taubman, Gayle Taubman Kalisman, and the Estate of A. Alfred Taubman) would retain certain of their TRG interests so that they remain a 20% partner in TRG and would sell their remaining ownership interest in TRG for $52.50 per share in cash. During the three and nine months ended September 30, 2020, we incurred costs of $17.1 million and $32.5 million related to the transaction, respectively, which have been separately classified as Simon Property Group, Inc. Transaction Costs on our Consolidated Statement of Operations and Comprehensive Income (Loss). For additional information regarding the Merger Agreement, see our other filings with the Securities and Exchange Commission (SEC), which are available on the SEC’s website at www.sec.gov; provided, that the content of such website is not incorporated herein by reference.

On June 10, 2020, Simon delivered to the Taubman Parties a notice purporting to terminate the Merger Agreement (the Purported Termination Notice). In the Purported Termination Notice, Simon claimed that the Taubman Parties had suffered a Material Adverse Effect (as defined in the Merger Agreement) and had also breached their covenant to use commercially reasonable efforts to operate in the ordinary course of business. The Taubman Parties believe that Simon's purported termination of the Merger Agreement is invalid and without merit, and that Simon continues to be bound to the transaction in all respects. The Taubman Parties intend to hold Simon to its obligations under the Merger Agreement and the agreed transaction and to vigorously contest Simon's purported termination and legal claims. The Taubman Parties also intend to pursue their remedies to enforce their contractual rights under the Merger Agreement, including, among other things, the right to specific performance and the right to monetary damages, including damages based on the transaction price.

Also on June 10, 2020, Simon and the Simon Operating Partnership filed a complaint (the Simon Complaint), captioned, Simon Property Group, Inc. and Simon Property Group, L.P. v. Taubman Centers, Inc. and Taubman Realty Group, L.P., Case No. 2020-181675-CB, in the State of Michigan Circuit Court for the Sixth Judicial Circuit (Oakland County) (the Court), seeking a declaratory judgment that, among other things, the Taubman Parties had suffered a Material Adverse Effect and had breached their covenant in the Merger Agreement to use commercially reasonable efforts to operate in the ordinary course of business, and, as a result, Simon’s purported termination of the Merger Agreement was valid. On June 17, 2020, the Taubman Parties filed an Answer, Affirmative Defenses, and Counterclaim (the Taubman Answer and Counterclaim) in response to the Simon Complaint, which added Silver Merger Sub 1, LLC and Silver Merger Sub 2, LLC (with Simon and the Simon Operating Partnership, the Simon Parties) as counterclaim defendants. In the Taubman Answer and Counterclaim, the Taubman Parties deny that the Taubman Parties had suffered a Material Adverse Effect or that they had breached their covenant to use commercially reasonable efforts to operate in the ordinary course of business consistent with past practices, and, therefore, the Merger Agreement could not be terminated by the Simon Parties. Additionally, in the Taubman Answer and Counterclaim, the Taubman Parties ask the Court to enter a judgment of specific performance, compelling the Simon Parties to comply with their obligations under the Merger Agreement and consummate the transaction. Additionally, the Taubman Parties seek a declaratory judgment that, due to the Simon Parties' repudiation and material breach of the Merger Agreement by delivering the Purported Termination Notice and failing to use reasonable best efforts to consummate the transaction, the Taubman Parties have the right to seek damages, including based on the loss of the premium offered to the Taubman Parties’ equity holders. See Note 9 for more information regarding the ongoing litigation.

On June 25, 2020, we held a special meeting of shareholders, at which shareholders approved and adopted the Merger Agreement. Approximately 99.7% of the shares voted were in favor of the Merger Agreement and the transaction, which constitutes approximately 84.7% of the outstanding shares entitled to vote. The shareholder approval satisfied the final condition precedent to the closing of the transaction (other than those conditions that by their nature are to be satisfied at closing or by Simon). Simon, however, did not consummate the transaction on June 30, 2020, despite their contractual obligation to do so.

On June 23, 2020, the Court ordered that the case be referred to facilitative mediation to be completed by July 31, 2020. Discovery was ordered to commence immediately, and the case was ordered to be trial ready by mid-November 2020. Facilitative mediation

has not resulted in a settlement as of the date hereof.

On September 9, 2020, Simon filed a Supplemental Complaint. In the Supplemental Complaint, Simon alleges that the Taubman Parties breached certain interim operating covenants in the Merger Agreement by (i) amending their credit facilities and (ii) granting rent abatements and deferrals to distressed tenants. On September 16, 2020, the Taubman Parties filed an Answer, Affirmative Defenses, and Counterclaim (the Taubman Amended Answer and Counterclaim) in response to the Supplemental Complaint. In the Taubman Amended Answer and Counterclaim, the Taubman Parties deny that they breached the operating covenants in the Merger Agreement by amending their credit facilities or by granting rent abatements and deferrals to financially distressed tenants.

Trial is scheduled to begin on November 16, 2020, and is scheduled to conclude on November 20, 2020.

Consolidation

The consolidated financial statements of TCO include all accounts of TCO, TRG, and our consolidated businesses, including the Manager and Taubman Asia. All intercompany transactions have been eliminated. The entities included in these consolidated financial statements are separate legal entities and maintain records and books of account separate from any other entity. However, inclusion of these separate entities in our 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 our consolidated financial statements.

In determining the method of accounting for partially owned joint ventures, we evaluate the characteristics of associated entities and determine whether an entity is a variable interest entity (VIE), and, if so, determine whether we are the primary beneficiary by analyzing whether we have both the power to direct the entity's significant economic activities and the obligation to absorb potentially significant losses or receive potentially significant benefits. Significant judgments and assumptions inherent in this analysis include the nature of the entity's operations, the entity's financing and capital structure, and contractual relationship and terms, including consideration of governance and decision making rights. We consolidate a VIE when we have determined that we are the primary beneficiary. All of our consolidated joint ventures, including TRG, meet the definition and criteria as VIEs, as either we or an affiliate of ours is the primary beneficiary of each VIE.

TCO's sole asset is an approximate 70% general partnership interest in TRG and, consequently, substantially all of TCO's consolidated assets and liabilities are assets and liabilities of TRG. All of TCO's debt (Note 5) is a direct obligation of TRG or one of our other consolidated subsidiaries. Note 5 also provides disclosure of guarantees provided by TRG to certain consolidated joint ventures and UJVs. Note 6 provides additional disclosures of the carrying balance of the noncontrolling interests in our consolidated joint ventures and other information, including a description of certain rights of the noncontrolling owners.

Investments in UJVs are accounted for under the equity method. We have evaluated our investments in UJVs under guidance for determining whether an entity is a VIE and have concluded that the ventures are not VIEs. Accordingly, we account for our interests in these entities under general accounting standards for investments in real estate ventures (including guidance for determining effective control of a limited partnership or similar entity). Our partners or other owners in these UJVs have substantive participating rights including approval rights over annual operating budgets, capital spending, financing, admission of new partners/members, or sale of the properties and we have concluded that the equity method of accounting is appropriate for these interests. Specifically, our 79% and 50.1% investments in Westfarms and International Plaza, respectively, are through general partnerships in which the other general partners have participating rights over annual operating budgets, capital spending, refinancing, or sale of the property. We provide our beneficial interest in certain financial information of our UJVs (Notes 4 and 5). This beneficial information is derived as our ownership interest in the investee multiplied by the specific financial statement item being presented. Investors are cautioned that deriving our beneficial interest in this manner may not accurately depict the legal and economic implications of holding a noncontrolling interest in the investee.

Ownership

In addition to common stock, we had three classes of preferred stock outstanding (Series B, J, and K) as of September 30, 2020. Dividends on the 6.5% Series J Cumulative Redeemable Preferred Stock (Series J Preferred Stock) and the 6.25% Series K Cumulative Redeemable Preferred Stock (Series K Preferred Stock) are cumulative and are paid on the last business day of each calendar quarter. We own corresponding Series J and Series K Preferred Equity interests in TRG that entitle us to income and distributions (in the form of guaranteed payments) in amounts equal to the dividends payable on our Series J and Series K Preferred Stock. If the Merger Agreement referenced above is consummated per the terms of the agreement, immediately prior to the effective time of the merger of TCO with and into a subsidiary of Simon (REIT Merger Effective Time), TCO will issue a redemption notice and cause funds to be set aside to pay the redemption price for each share of Series J Preferred Stock and each share of Series K Preferred Stock, at their respective liquidation preference of $25.00 plus all accumulated and unpaid dividends up to, but not including, the redemption date of such share.

We are also obligated to issue to the noncontrolling partners of TRG, upon subscription, one share of Series B Non-Participating Convertible Preferred Stock (Series B Preferred Share) per each unit of limited partnership in TRG (TRG Unit). Each Series B Preferred Share entitles the holder to one vote on all matters submitted to our shareholders. The holders of Series B Preferred Shares, voting as a class, have the right to designate up to four nominees for election as directors of TCO. On all other matters on which the holders of common stock are entitled to vote, including the election of directors, the holders of Series B Preferred Shares will vote with the holders of common stock. The holders of Series B Preferred Shares are not entitled to dividends or earnings of TCO. The Series B Preferred Shares are convertible into common stock at a ratio of 14,000 shares of Series B Preferred Stock for one share of common stock.

Outstanding voting securities of TCO at September 30, 2020 consisted of 25,979,064 shares of Series B Preferred Stock and 61,723,103 shares of common stock.

Dividends and Distributions

For both the three months ended September 30, 2020 and June 30, 2020, we did not pay a quarterly dividend to our common shareholders or any monthly distribution to participating securities of TRG. We continued to pay a quarterly dividend of $0.40625 per share on our 6.50% Series J Preferred Stock and $0.390625 per share on our 6.25% Series K Preferred Stock. The Board of Directors will continue to monitor our financial performance and liquidity position on an ongoing basis and will distribute taxable income, in the form of a common dividend and distributions to participating securities, in accordance with our partnership agreement and REIT qualification requirements as permitted under the new covenant waiver amendments (Note 5).

TRG

At September 30, 2020, TRG’s equity included two classes of preferred equity (Series J and K) and the net equity of the TRG unitholders. Net income and distributions of TRG are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in TRG in accordance with their percentage ownership. The Series J and Series K Preferred Equity are owned by TCO and are eliminated in consolidation.

TCO's ownership in TRG at September 30, 2020 consisted of a 70% managing general partnership interest, as well as the Series J and Series K Preferred Equity interests. Our average ownership percentage in TRG for both the nine months ended September 30, 2020 and 2019 was 70%. At September 30, 2020, TRG had 87,719,766 TRG Units outstanding, of which we owned 61,723,103 TRG Units. Disclosures about TRG Units outstanding exclude TRG Profits Units granted or other share-based grants for which TRG Units may eventually be issued (Note 8).

The remaining approximate 30% of TRG Units are owned by TRG's partners other than TCO, including the Taubman Family.

Leases

Shopping center space is leased to tenants and certain anchors pursuant to lease agreements. Future rental revenues under operating leases in effect at September 30, 2020 for operating centers, assuming no new or renegotiated leases or option extensions on anchor agreements, is summarized as follows:



2020	$	105,480
2021	388,639
2022	344,731
2023	312,900
2024	290,987
Thereafter	797,895

Revenue Recognition

Disaggregation of Revenue

The nature, amount, timing, and uncertainty of individual types of revenues may be affected differently by economic factors. Under Accounting Standards Codification (ASC) Topic 606, "Revenue from Contracts with Customers", we are required to disclose a disaggregation of our revenues derived from contracts with customers that considers economic differences between revenue types. The following table summarizes our disaggregation of consolidated revenues for this purpose.



	Three Months Ended September 30				Nine Months Ended September 30
	2020		2019		2020		2019
Shopping center and other operational revenues	$	7,201	15,501		$	23,963	39,056
Management, leasing, and development services	440		1,927		1,830		4,035
Total revenue from contracts with customers	$	7,641	$	17,428	$	25,793	$	43,091

Information about Contract Balances and Unsatisfied Performance Obligations

Contract assets exist when we have a right to payment for services rendered that remains conditional on factors other than the passage of time. Similarly, contract liabilities are incurred when customers prepay for services to be rendered. Certain revenue streams within shopping center and other operational revenues may give rise to contract assets and liabilities. However, these revenue streams are generally short-term in nature and the difference between revenue recognition and cash collection, although variable, does not differ significantly from period to period. As of September 30, 2020, we had an inconsequential amount of contract assets and liabilities.

The aggregate amount of the transaction price allocated to our performance obligations that were unsatisfied, or partially unsatisfied, as of September 30, 2020 were inconsequential.

Restructuring Charges

We have been undergoing a restructuring to reduce our workforce and reorganize various areas of the organization in response to the completion of another major development cycle. During the three and nine months ended September 30, 2020, we incurred $2.4 million and $2.8 million, respectively, of expense related to our restructuring efforts. During the three and nine months ended September 30, 2019, we incurred $0.9 million and $1.6 million, respectively, of expense related to our restructuring efforts. These expenses have been separately classified as Restructuring Charges on our Consolidated Statement of Operations and Comprehensive Income (Loss).

Costs Associated with Shareholder Activism

During the three and nine months ended September 30, 2019, we incurred $0.7 million and $16.7 million of expense associated with activities related to shareholder activism, largely legal and advisory services. Expenses for the nine months ended September 30, 2019 include a $5.0 million expense pursuant to an agreement with Land & Buildings Investment Management, LLC (Land & Buildings) for a reimbursement of a portion of the billed fees and expenses incurred by Land & Buildings and its affiliated funds in connection with Land & Buildings' activist involvement with TCO and the service on our Board of Directors of its founder and Chief Investment Officer, Jonathan Litt, which reimbursement represented a related party transaction. We received written certification from Land and Buildings that the actual billed fees and expenses as of the payment date exceeded $5.0 million.

Also included in the activism costs was a retention program for certain employees, which fully vested in December 2019. Given the uncertainties associated with shareholder activism and to ensure the retention of top talent in key positions within TCO, certain key employees were provided certain incentive benefits in the form of cash and/or equity retention awards. We and our Board of Directors believed these benefits were instrumental in ensuring the continued success of TCO during the retention period. Due to the unusual and infrequent nature of these expenses in our history, they were separately classified as Costs Associated with Shareholder Activism on our Consolidated Statement of Operations and Comprehensive Income (Loss). No expenses associated with activities related to shareholder activism were incurred during the three or nine months ended September 30, 2020.

Management’s Responsibility to Evaluate Our Ability to Continue as a Going Concern

When preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements are issued. No such conditions or events were identified as of the issuance date of the financial statements contained in this Quarterly Report on Form 10-Q.

Change in Accounting Policies

Accounts Receivable and Uncollectible Tenant Revenues

In connection with the adoption of ASC Topic 842, "Leases", on January 1, 2019, we began reviewing the collectibility of both billed and accrued charges under our tenant leases each quarter on a tenant by tenant basis considering the tenant’s payment history, credit-worthiness, aging of the receivable, the tenant's operating performance and other factors. For any tenant receivable balances thought to be uncollectible, we record an offset for uncollectible tenant revenues directly to Rental Revenues on our Consolidated Statement of Operations and Comprehensive Income (Loss) for the total receivable balance, including straight-line receivables, and the tenant is transitioned to a cash basis for revenue recognition.

As a result of the above change in evaluation in uncollectible tenant revenues, the allowance for doubtful accounts was written off and an entry was recorded as of January 1, 2019 to adjust the receivables and equity balances of our Consolidated Businesses and UJVs. This resulted in a cumulative effect adjustment increasing Dividends in Excess of Net Income by $3.2 million and Non-redeemable Noncontrolling Interest by $1.8 million on our Consolidated Balance Sheet with offsetting increases in Accounts and Notes Receivable, Investment in UJVs, and Distributions in Excess of Investments In and Net Income of UJVs balances on our Consolidated Balance Sheet.

Acquisition, Partial Disposition of Ownership Interests, Redevelopment, and Development	9 Months Ended
	Sep. 30, 2020
Acquisition, Partial Disposition of Ownership Interests, Redevelopment, and Development [Abstract]
Disposition, Redevelopments, and Developments [Text Block]	Dispositions, Partial Dispositions of Ownership Interests, Acquisition, Redevelopments, and Development Dispositions In May 2018, we entered into a redevelopment agreement for Taubman Prestige Outlets Chesterfield, and all operations at the center, as well as the building and improvements, were transferred to The Staenberg Group (TSG). TSG leases the land from us through a long-term, participating ground lease. In December 2019, we determined that construction on the redevelopment was probable of commencing within the year, which would nullify our right to terminate the ground lease that was contingent on TSG commencing construction on the redevelopment within five years. Accordingly, the center was classified as held for sale as of December 31, 2019 and an impairment charge of $72.2 million was recognized in the fourth quarter of 2019, which reduced the book value of the buildings, improvements, and equipment that were transferred to zero. In March 2020, TSG began construction on the redevelopment and therefore our termination right was nullified, resulting in the sale of the center. In October 2020, we disposed of our ownership interest in Stamford Town Center (Note 4). Partial Dispositions of Ownership Interests In February 2019, we announced agreements to sell 50% of our interests in Starfield Hanam, CityOn.Xi’an, and CityOn.Zhengzhou to funds managed by The Blackstone Group L.P. (Blackstone). The interests sold were valued at $480 million which, after transaction costs, taxes and the allocation to Blackstone of its share of third party debt, resulted in net cash proceeds of about $330 million that were used to pay down our revolving lines of credit. We remain the partner responsible for the joint management of the three shopping centers, with Blackstone paying a property service fee recorded within Other Revenue on our Consolidated Statement of Operations and Comprehensive Income (Loss). In September 2019, we completed the sale of 50% of our interest in Starfield Hanam. Net cash proceeds from the sale were $235.7 million following the allocation to Blackstone of its share of third party debt and transaction costs. An initial gain of $138.7 million was recognized as a result of the partial disposition of our interest, which represented the excess of the net consideration from the sale over our investment in the UJV. In addition, upon the completion of the sale, we remeasured our remaining 17.15% interest in the shopping center to fair value, resulting in the recognition of a $145.0 million gain on remeasurement. The sale of 50% of our interest in CityOn.Zhengzhou was completed in December 2019. In March 2020, we received an additional $0.5 million of cash proceeds from the sale of 50% of our interest in CityOn.Zhengzhou. As a result, we recorded adjustments to the previously recognized gains resulting in an additional $0.5 million gain on disposition and an additional $0.5 million gain on remeasurement during the nine months ended September 30, 2020. In February 2020, we completed the sale of 50% of our interest in CityOn.Xi'an. Net cash proceeds from the sale were $48.0 million, following the allocation to Blackstone of its share of third party debt, taxes, and transaction costs. A gain of $10.6 million was recognized as a result of the partial disposition of our interest, which represented the excess of the net consideration from the sale over our investment in the UJV. In addition, upon completion of the sale, we remeasured our remaining 25% interest in the shopping center to fair value, resulting in the recognition of a $13.2 million gain on remeasurement. In June 2020, we received an additional $0.4 million of cash proceeds from the sale of 50% of our interest in CityOn.Xi'an. As a result, we recorded adjustments in June 2020 to the previously recognized gains resulting in an additional $0.4 million gain on disposition and an additional $0.4 million gain on remeasurement. Acquisition In April 2019, we acquired a 48.5% interest in The Gardens Mall in Palm Beach Gardens, Florida, in exchange for 1.5 million newly issued TRG Units. We also assumed our $94.6 million share of the existing debt at the center. Our ownership interest in the center is accounted for as a UJV under the equity method. Redevelopments Beverly Center We substantially completed our redevelopment project at Beverly Center in November 2018, although some spending continued into 2019. We expect additional spending in future periods related to the ongoing redevelopment and tenant replacement activity, including the consolidation of the Macy's Men's space into the Macy's space in 2020. We have reclaimed the Macy's Men's space and are currently in negotiations with a potential replacement tenant. The Mall at Green Hills We substantially completed our redevelopment project at The Mall at Green Hills in June 2019. We expect some capital spending at The Mall at Green Hills to continue into future periods as certain costs are incurred subsequent to the project's completion, including construction on certain tenant spaces. Asia Development Starfield Anseong We have a joint venture with Shinsegae Group, which owns and manages Starfield Anseong, a 1.0 million square foot shopping center in Anseong, Gyeonggi Province, South Korea. The shopping center opened in October 2020. We have a 49% interest in Starfield Anseong. As of September 30, 2020, our share of total project costs was $287.6 million, after cumulative currency translation adjustments. This investment is classified within Investment in UJVs on our Consolidated Balance Sheet.

Income Taxes

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income Tax Expense (Benefit)

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted in response to the COVID-19 pandemic. The CARES Act allows a Federal net operating loss (NOL) incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. Additionally, the CARES Act permits bonus depreciation deductions for qualifying improvement property additions retroactive for tax years after 2017. As a result, our taxable REIT subsidiary had an amended total NOL of $12.8 million from its 2018 tax year that was carried back to prior tax years to claim a total Federal tax refund of $4.5 million, which was received in 2020. A net Federal tax benefit of $1.9 million was recorded as an income tax benefit to reflect the effective 36% Federal tax recovery rate of the NOL carryback as compared to the 21% corporate tax rate at which the deferred items were originally recorded. The net Federal deferred tax asset has been reduced by $2.3 million in 2020 primarily due to the full utilization of the 2018 Federal NOL in the carryback claim and the use of additional investment tax credits in 2019.

Our income tax expense (benefit) for the three and nine months ended September 30, 2020 and 2019 consisted of the following:



	Three Months Ended September 30							Nine Months Ended September 30
	2020			2019				2020				2019
Federal current	$	—		(78		)		$	—			$	38
Federal deferred	(186		)	681				(2,112		)		1,302
Foreign current	253			1,191			⁽¹⁾	1,355				1,787		⁽¹⁾
Foreign deferred	(55		)	157				1,181			⁽²⁾	1,592		⁽²⁾
State current	22			3				38				44
State deferred	3			67				83				161
Total income tax expense (benefit)	$	37		$	2,021			$	545			$	4,924


(1)	During the three and nine months ended September 30, 2019, we recognized $0.9 million of income tax expense related to a promote fee paid by our previous institutional partner in Starfield Hanam (Note 4).

(2)

Due to the sale of 50% of our interests to funds managed by Blackstone (Note 2), we are no longer able to assert indefinite reinvestment in CityOn.Xi'an and CityOn.Zhengzhou. The foreign deferred tax expense (10% tax rate) is related to an excess of the Investment in the UJVs under GAAP accounting over the tax basis of our investments. During the nine months ended September 30, 2020, we recognized $1.3 million of foreign deferred tax expense and recognized $1.7 million of foreign deferred tax expense for the nine months ended September 30, 2019.

Deferred Taxes

Deferred tax assets and liabilities as of September 30, 2020 and December 31, 2019 were as follows:



	2020				2019
Deferred tax assets:
Federal	$	1,951		⁽¹⁾	$	4,385		⁽²⁾
Foreign	2,341				2,020
State	1,656				1,388
Total deferred tax assets	$	5,948			$	7,793
Valuation allowances	(3,212		)	⁽³⁾	(2,761		)	⁽⁴⁾
Net deferred tax assets	$	2,736			$	5,032
Deferred tax liabilities:
Foreign ⁽⁵⁾	$	5,497			$	4,449
Total deferred tax liabilities	$	5,497			$	4,449


(1)	The Federal deferred tax asset is net of Federal deferred tax liabilities and includes a $2.8 million Federal investment tax credit carryforward.


(2)	Includes a $4.4 million Federal investment tax credit carryforward.


(3)	Includes a $1.8 million valuation allowance against Foreign deferred tax assets, and a $1.4 million valuation allowance against State deferred tax assets.


(4)	Includes a $1.7 million valuation allowance against Foreign deferred tax assets, and a $1.1 million valuation allowance against State deferred tax assets.


(5)	The foreign deferred tax liability relates to shareholder level withholding taxes from Korea and China on undistributed profits and an excess of the Investments in the UJVs under GAAP accounting over the tax basis of our investments.

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

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Investments in Unconsolidated Joint Ventures

9 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

Investments in UJVs

General Information

We own beneficial interests in joint ventures that own shopping centers. TRG is the sole direct or indirect managing general partner or managing member of Fair Oaks Mall, International Plaza, Sunvalley, The Mall at University Town Center, and Westfarms; however, these joint ventures are accounted for under the equity method due to the substantive participation rights of the outside partners. TRG also provides certain management, leasing, and/or development services to the other shopping centers noted below.



Shopping Center		Ownership as of September 30, 2020 and December 31, 2019
CityOn.Xi'an ⁽¹⁾		25% / 50%
CityOn.Zhengzhou		24.5
Country Club Plaza		50
Fair Oaks Mall		50
The Gardens Mall		48.5
International Plaza		50.1
The Mall at Millenia		50
Stamford Town Center ⁽²⁾		50
Starfield Anseong ⁽³⁾		Note 2
Starfield Hanam		17.15
Sunvalley		50
The Mall at University Town Center		50
Waterside Shops		50
Westfarms		79


(1)	In February 2020, we completed the sale of 50% of our interest in CityOn.Xian (Note 2).


(2)	In October 2020, we disposed of our 50% interest in Stamford Town Center (Note 2).


(3)	Starfield Anseong opened in October 2020 (Note 2).

The carrying value of our investment in UJVs differs from our share of the partnership or members’ equity reported on the combined balance sheet of the UJVs due to (i) the cost of our investment in excess of the historical net book values of the UJVs and (ii) TRG’s adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the UJVs. Our additional basis allocated to depreciable assets is generally recognized on a straight-line basis over 40 years. TRG’s differences in bases are amortized over the useful lives or terms of the related assets and liabilities.

On our Consolidated Balance Sheet, we separately report our investment in UJVs for which accumulated distributions have exceeded investments in and net income of the UJVs. The net equity of certain joint ventures is less than zero because distributions are usually greater than net income, as net income includes non-cash charges for depreciation and amortization. In addition, any distributions related to refinancing of the centers further decrease the net equity of the shopping centers.

Combined Financial Information

Combined balance sheet and results of operations information is presented in the following table for our UJVs, followed by TRG's beneficial interest in the combined operations information. The combined financial information of the UJVs as of September 30, 2020 and December 31, 2019 excludes the balances of Starfield Anseong, which was under development as of September 30, 2020 (Note 2). Beneficial interest is calculated based on TRG's ownership interest in each of the UJVs.



	September 30, 2020			December 31, 2019
Assets:
Properties	$	3,821,579		$	3,816,923
Accumulated depreciation and amortization	(1,018,816		)	(942,840		)
	$	2,802,763		$	2,874,083
Cash and cash equivalents	170,994			201,501
Accounts and notes receivable	154,476			122,569
Operating lease right-of-use assets	13,296			11,521
Deferred charges and other assets	149,804			178,708
	$	3,291,333		$	3,388,382

Liabilities and accumulated equity (deficiency) in assets:
Notes payable, net ⁽¹⁾	$	3,051,345		$	3,049,737
Accounts payable and other liabilities	265,663			341,263
Operating lease liabilities	15,043			13,274
TRG's accumulated deficiency in assets	(257,933		)	(212,380		)
UJV Partners' accumulated equity in assets	217,215			196,488
	$	3,291,333		$	3,388,382

TRG's accumulated deficiency in assets (above)	$	(257,933	)	$	(212,380	)
TRG's investment in Starfield Anseong (Note 2) and advances to CityOn.Zhengzhou	215,784			209,024
TRG basis adjustments, including elimination of intercompany profit	337,167			329,673
TCO's additional basis	31,573			32,625
Net investment in UJVs	$	326,591		$	358,942
Distributions in excess of investments in and net income of UJVs	461,360			473,053
Investment in UJVs	$	787,951		$	831,995

(1) The Notes Payable, Net amount excludes the construction financing outstanding for Starfield Anseong of $237.1 million ($116.2 million at TRG's share) as of September 30, 2020.



	Three Months Ended September 30						Nine Months Ended September 30
	2020			2019			2020			2019
Revenues	$	134,084		$	153,749		$	402,503		$	450,775
Maintenance, taxes, utilities, promotion, and other operating expenses	$	50,799		$	54,441		$	156,323		$	158,851
Impairment charge	39,646						39,646
Interest expense	35,456			35,926			105,686			104,637
Depreciation and amortization	31,932			31,861			93,662			98,501
Total operating costs	$	157,833		$	122,228		$	395,317		$	361,989
Nonoperating income, net ⁽¹⁾	12,143			837			13,285			2,161
Income tax expense	(2,184		)	(2,023		)	(6,451		)	(5,669		)
Net income (loss)	$	(13,790	)	$	30,335		$	14,020		$	85,278

Net income attributable to TRG	$	(7,155	)	$	15,545		$	6,477		$	43,993
Realized intercompany profit, net of depreciation on TRG’s basis adjustments	(2,229		)	5,195			(4,588		)	7,213
Depreciation of TCO's additional basis	(352		)	(488		)	(1,053		)	(1,460		)
Equity in income (loss) of UJVs	$	(9,736	)	$	20,252		$	836		$	49,746

Beneficial interest in UJVs’ operations:
Revenues less maintenance, taxes, utilities, promotion, and other operating expenses	$	23,548		$	56,703		$	98,942		$	158,813
Impairment charge	(19,834		)				(19,834		)
Interest expense	(16,127		)	(17,798		)	(48,487		)	(52,579		)
Depreciation and amortization	3,610			(17,662		)	(28,423		)	(53,808		)
Income tax expense	(933		)	(991		)	(1,362		)	(2,680		)
Equity in income (loss) of UJVs	$	(9,736	)	$	20,252		$	836		$	49,746

(1)

In addition to the disposition of 50% of our ownership interest in Starfield Hanam, in September 2019, Blackstone also purchased the 14.7% interest in Starfield Hanam that was previously owned by our institutional joint venture partner. Our previous partnership agreement provided for a promote fee due to Taubman Asia upon the institutional partner's exit from the partnership based on performance measures under the prior agreement, which resulted in the recognition of a $4.8 million promote fee during the three and nine months ended September 30, 2019. During the three and nine months ended September 30, 2020, reductions of the previously recognized promote fee of $0.3 million and $0.6 million, respectively, were recognized.

Related Party

We have a note receivable outstanding with CityOn.Zhengzhou, which was originally issued to fund development costs. The balance of the note receivable was $44.4 million and $43.1 million as of September 30, 2020 and December 31, 2019, respectively, and is classified within Investment in UJVs on our Consolidated Balance Sheet.

Stamford Town Center

In December 2019, we concluded that the carrying value of our 50% interest in the investment in the UJV that owns Stamford Town Center was impaired and recognized an impairment charge of $18.0 million within Equity in Income (Loss) of UJVs on our Consolidated Statement of Operations and Comprehensive Income (Loss). The charge represented the excess of the book value of our equity investment in Stamford Town Center over our 50% share of its expected fair value, which was based on offers received from potential buyers of the shopping center at that time.

In October 2020, we completed the sale of our interest in Stamford Town Center. As a result of the sale, during both the three and nine months ended September 30, 2020, we recognized an impairment charge of $19.8 million within Equity in Income (Loss) of UJVs on our Consolidated Statement of Operations and Comprehensive Income (Loss). The charge represents the excess of the book value of our equity investment in Stamford Town Center over our $9.7 million share of the net sales proceeds.

Beneficial Interest in Debt and Interest Expense

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Beneficial interest in Debt and Interest Expense

Beneficial Interest in Debt and Interest Expense

TRG's beneficial interest in the debt, capitalized interest, and interest expense of our consolidated subsidiaries and our UJVs is summarized in the following table. TRG's beneficial interest in the consolidated subsidiaries excludes debt and interest related to the noncontrolling interest in Cherry Creek Shopping Center (50%) and International Market Place (6.5%).



	At 100%						At Beneficial Interest
	Consolidated Subsidiaries			UJVs			Consolidated Subsidiaries			UJVs
Debt as of:
September 30, 2020	$	3,897,515		$	3,288,418		$	3,606,741		$	1,581,599
December 31, 2019	3,710,327			3,049,737			3,419,625			1,508,506

Capitalized interest:
Nine Months Ended September 30, 2020	$	4,784	⁽¹⁾	$	1,405	⁽²⁾	$	4,685	⁽¹⁾	$	1,165	⁽²⁾
Nine Months Ended September 30, 2019	6,138		⁽¹⁾	189			6,120		⁽¹⁾	112

Interest expense:
Nine Months Ended September 30, 2020	$	101,254		$	104,101		$	92,977		$	48,487
Nine Months Ended September 30, 2019	112,590			104,637			103,692			52,579


(1)	We capitalize interest costs incurred in funding our equity contributions to development projects accounted for as UJVs. The capitalized interest cost is included at our basis in our investment in UJVs. Such capitalized interest reduces interest expense on our Consolidated Statement of Operations and Comprehensive Income (Loss) and in the table above is included within Consolidated Subsidiaries.


(2)	Capitalized interest on the Asia UJV construction financing is presented at our beneficial interest in both the UJVs (at 100%) and UJVs (at Beneficial Interest Columns).

Upcoming Maturities

In August 2020, we extended the maturity date on the $150 million loan for The Mall at Green Hills to December 2021. The loan was previously scheduled to mature in December 2020 and commencing December 2020, the interest rate will be a variable rate equal to the greater of LIBOR plus 2.75% or 3.25%.

The $250 million loan for International Market Place matures in August 2021 and has two, one year extension options available. We are currently evaluating our options related to extending or refinancing this loan.

Revolving Lines of Credit

In late March 2020, we borrowed an additional $350 million on our $1.1 billion primary unsecured revolving line of credit as a precautionary measure to increase liquidity, preserve financial flexibility, and fund temporary working capital needs due to uncertainty resulting from the COVID-19 pandemic. In June 2020, we repaid $100 million, reducing the balance on our $1.1 billion primary unsecured revolving line of credit to $870 million as of September 30, 2020. In August 2020, we entered into an amendment to waive all of our existing financial covenants related to our primary unsecured revolving line of credit for the quarter ending September 30, 2020 through and including the quarter ending June 30, 2021 (the covenant waiver period), including setting a maximum amount that can be borrowed at $1,012.3 million until the financial covenants are in compliance using the definitions and requirements prior to the amendments (the covenant compliance date), which must be no later than the quarter ending June 30, 2022. See Debt Covenants and Guarantees for further information. We also have a secured revolving line of credit of $65 million. The availability under these facilities as of September 30, 2020, after considering the outstanding balances, the outstanding letters of credit, and the terms of the covenant waiver amendment as of September 30, 2020, was $197.5 million.

Debt Covenants and Guarantees

Certain loan agreements contain various restrictive covenants, including the following corporate covenants on our primary unsecured revolving line of credit, as well as our unsecured term loans and the loan on International Market Place: a minimum net worth requirement, a maximum total leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a maximum recourse secured debt ratio, and a maximum payout ratio. In addition, our primary unsecured revolving line of credit and unsecured term loans have unencumbered pool covenants which currently apply to Beverly Center, Dolphin Mall, and The Gardens on El Paseo on a combined basis. 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. In August 2020, we entered into amendments which waive these financial covenants and replace them with a single liquidity covenant for the covenant waiver period. See below for further details related to the covenant waiver. We were in compliance with the liquidity covenant and loan obligations as of September 30, 2020. Failure to meet the liquidity covenant could cause an event of default under and/or accelerate some or all of such indebtedness, which could have an adverse effect on us. The maximum payout ratio covenant will limit the payment of distributions after the covenant waiver period generally to 95% of Funds from Operations, as defined in the loan agreements, except as required to maintain our tax status, pay preferred distributions, and for distributions related to the sale of certain assets.

The August 2020 amendments waive all of our existing financial covenants related to our primary unsecured revolving line of credit, $275 million unsecured term loan, and $250 million unsecured term loan for the covenant waiver period. The existing covenant requiring us to maintain a minimum of three eligible unencumbered assets remains in effect during the covenant waiver period. The amendments also added a liquidity covenant, which remains in effect until the covenant compliance date. The amendments impose limitations during the waiver period on acquisitions, additional indebtedness, share repurchases, as well as certain required prepayments following dispositions, equity or debt issuances. Additionally, the lenders have received a secured interest in certain unencumbered assets through the waiver period. The amendments provide for flexibility to complete planned capital spending, including spending for tenant allowances and redevelopment projects. In relation to distributions, the amendments permit distributions of taxable income in accordance with our partnership agreement and REIT qualification requirements and the ability to continue dividend payments for our 6.5% Series J Preferred Stock and 6.25% Series K Preferred Stock. The financial covenants for our loan on International Market Place mirror the requirements under our primary unsecured revolving line of credit so therefore, the waiver of our financial covenants also applies to the International Market Place loan.

Through the covenant compliance date, our primary unsecured revolving line of credit bears interest at the maximum total leverage ratio level of LIBOR, subject to a 0.5% floor on the unhedged balance, plus 1.60% with a 0.25% facility fee; our $275 million unsecured term loan bears interest at the maximum total leverage ratio level of LIBOR plus 1.80%; and our $250 million unsecured term loan bears interest at the maximum total leverage ratio level of LIBOR plus 1.90%.

In connection with the August 2018 financing at International Market Place, TRG provided an unconditional guarantee of the loan principal balance and all accrued but unpaid interest during the term of the loan. The $250 million loan is interest only during the initial three year term with principal amortization required during the extension periods, if exercised. Accrued but unpaid interest as of September 30, 2020 was $0.5 million. We believe the likelihood of a repayment under the guarantee to be remote.

In connection with the $175 million additional financing at International Plaza, which is owned by a UJV, TRG provided an unconditional and several guarantee of 50.1% of all obligations and liabilities related to an interest rate swap that was required on the debt for the term of the loan. As of September 30, 2020, the interest rate swap was a $3.0 million liability and accrued but unpaid interest was $0.2 million. We believe the likelihood of a payment under the guarantee to be remote.

Noncontrolling Interests

9 Months Ended

Sep. 30, 2020

Noncontrolling Interest [Abstract]

Noncontrolling Interests

Redeemable Noncontrolling Interests

Former Taubman Asia President

In September 2019, we reacquired René Tremblay's (the Former Taubman Asia President's) remaining 5% ownership interest in Taubman Asia for $6.0 million, which included the return of the $2.0 million previously contributed by the Former Taubman Asia President in connection with the prior repurchase transaction. The $6.0 million acquisition price is reflected as a distribution to noncontrolling interests on the Consolidated Statement of Cash Flows.

The Former Taubman Asia President had an ownership interest in Taubman Asia, which entitled him to 5% of Taubman Asia's dividends, with 85% of his dividends relating to investment activities withheld during his tenure as Taubman Asia President. These withholdings would have continued until he contributed and maintained his capital consistent with his percentage ownership interest, including all capital funded by TRG for Taubman Asia's operating and investment activities subsequent to the Former Taubman Asia President obtaining his ownership interest. TRG had a preferred investment in Taubman Asia to the extent the Former Taubman Asia President had not yet contributed capital commensurate with his ownership interest. The $6.0 million acquisition price for the ownership interest represented the fair value of the ownership interest less the amount required to return TRG's preferred interest. The 5% ownership interest became puttable in 2019.

Prior to the acquisition, we determined that the Former Taubman Asia President's ownership interest in Taubman Asia qualified as an equity award, considering its specific redemption provisions, and accounted for it as a contingently redeemable noncontrolling interest. We presented as temporary equity at each balance sheet date an estimate of the redemption value of the ownership interest, which was classified as Level 3 of the fair value hierarchy. Adjustments to the redemption value were recorded through equity.

In September 2016, we announced the appointment of Peter Sharp as president of Taubman Asia, succeeding the Former Taubman Asia President effective January 1, 2017. Peter Sharp also had an ownership interest in Taubman Asia, which entitled him to 3% of Taubman Asia's dividends for investment activities undergone by Taubman Asia subsequent to him obtaining his ownership interest, with all of his dividends being withheld as contributions to capital. Peter Sharp resigned from Taubman Asia effective October 2019. Upon resignation, Peter Sharp's ownership interest in Taubman Asia was assigned to us.

International Market Place

We own a 93.5% controlling interest in a joint venture that owns International Market Place in Waikiki, Honolulu, Hawaii. The 6.5% joint venture partner has no obligation and no right to contribute capital. We are entitled to a preferential return on our capital contributions. We have the right to purchase the joint venture partner's interest and the joint venture partner has the right to require us to purchase the joint venture partner's interest annually. The purchase price of the joint venture partner's interest will be based on fair value. Considering the redemption provisions, we account for the joint venture partner's interest as a contingently redeemable noncontrolling interest with a carrying value of zero at both September 30, 2020 and December 31, 2019. Any adjustments to the redemption value are recorded through equity.

Reconciliation of Redeemable Noncontrolling Interest



	Three Months Ended September 30					Nine Months Ended September 30
	2020		2019			2020		2019
Beginning Balance	$	—	$	6,000		$	—	$	7,800
Distributions			(6,000		)			(6,000		)
Allocation of net loss								(237		)
Former Taubman Asia President adjustment of redeemable equity								(1,800		)
Adjustments of redeemable noncontrolling interest								237
Ending Balance	$	—	$	—		$	—	$	—

Equity Balances of Non-redeemable Noncontrolling Interests

The net equity balance of the non-redeemable noncontrolling interests as of September 30, 2020 and December 31, 2019 included the following:



	2020			2019
Non-redeemable noncontrolling interests:
Noncontrolling interests in consolidated joint ventures	$	(152,330	)	$	(153,343	)
Noncontrolling interests in partnership equity of TRG	(48,875		)	(13,840		)
	$	(201,205	)	$	(167,183	)

Net Income (Loss) Attributable to Noncontrolling Interests

Net income (loss) attributable to the noncontrolling interests for the three months ended September 30, 2020 and 2019 included the following:



	Three Months Ended September 30
	2020			2019
Net income (loss) attributable to noncontrolling interests:
Non-redeemable noncontrolling interests:
Noncontrolling share of income (loss) of consolidated joint ventures	$	(308	)	$	958
Noncontrolling share of income (loss) of TRG	(12,052		)	93,690
	$	(12,360	)	$	94,648

Net income (loss) attributable to the noncontrolling interests for the nine months ended September 30, 2020 and 2019 included the following:



	Nine Months Ended September 30
	2020			2019
Net income (loss) attributable to noncontrolling interests:
Non-redeemable noncontrolling interests:
Noncontrolling share of income of consolidated joint ventures	1,015			$	3,456
Noncontrolling share of income (loss) of TRG	(16,653		)	103,899
	$	(15,638	)	$	107,355
Redeemable noncontrolling interest:				(237		)
	$	(15,638	)	$	107,118

Equity Transactions

The following table presents the effects of changes in TCO’s ownership interest in consolidated subsidiaries on TCO’s equity for the nine months ended September 30, 2020 and 2019:



	Nine Months Ended September 30
	2020			2019
Net income (loss) attributable to TCO common shareholders	$	(44,269	)	$	236,717
Transfers (to) from the noncontrolling interest:
Increase (decrease) in TCO’s paid-in capital for adjustments of noncontrolling interest ⁽¹⁾	(384		)	55,691
Net transfers (to) from noncontrolling interests	(384		)	55,691
Change from net income (loss) attributable to TCO and transfers (to) from noncontrolling interests	$	(44,653	)	$	292,408

(1)

In 2020 and 2019, adjustments of the noncontrolling interest were made as a result of changes in our ownership of TRG in connection with our share-based compensation under employee and director benefit plans (Note 8) and issuances of common stock pursuant to the Continuing Offer (Note 9). In 2019, adjustments of noncontrolling interest were made in connection with the accounting for the Former Taubman Asia President's redeemable ownership interest and issuance of TRG Units for the acquisition of The Gardens Mall (Note 2).

Finite Life Entities

ASC Topic 480, “Distinguishing Liabilities from Equity” establishes standards for classifying and measuring as liabilities certain financial instruments that embody obligations of the issuer and have characteristics of both liabilities and equity. At September 30, 2020, we held a controlling interest in a consolidated entity with a specified termination date in 2083. The noncontrolling owners' interest in this entity is to be settled upon termination by distribution or transfer of either cash or specific assets of the underlying entity. The estimated fair value of this noncontrolling interest was approximately $152 million at September 30, 2020, compared to a book value of $(152.3) million that is classified in Noncontrolling Interests on our Consolidated Balance Sheet. The fair value of the noncontrolling interest was calculated as the noncontrolling interest's effective ownership share of the underlying property's net asset value. The property's net asset value was estimated by considering its in-place net operating income, current market capitalization rate, and mortgage debt outstanding.

Derivative and Hedging Activities

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Hedging Activities

Risk Management Objective and Strategies for Using Derivatives

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

We do not use derivatives for trading or speculative purposes and currently do not have material derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging.

As of September 30, 2020, we had the following outstanding derivatives that were designated and are expected to be effective as cash flow hedges of the interest payments and/or the currency exchange rate on the associated debt.



Instrument Type	Ownership	Notional Amount	Swap Rate	Credit Spread on Loan				Total Swapped Rate on Loan				Maturity Date
Consolidated Subsidiaries:
Receive variable (LIBOR) /pay-fixed swap ⁽¹⁾	100%	100,000	2.14%	1.80%			⁽¹⁾	3.94%			⁽¹⁾	February 2022
Receive variable (LIBOR) /pay-fixed swap ⁽¹⁾	100%	100,000	2.14%	1.80%			⁽¹⁾	3.94%			⁽¹⁾	February 2022
Receive variable (LIBOR) /pay-fixed swap ⁽¹⁾	100%	50,000	2.14%	1.80%			⁽¹⁾	3.94%			⁽¹⁾	February 2022
Receive variable (LIBOR) /pay-fixed swap ⁽¹⁾	100%	50,000	2.14%	1.60%	/	1.80%	⁽¹⁾	3.74%	/	3.94%	⁽¹⁾	February 2022
Receive variable (LIBOR) /pay-fixed swap ⁽²⁾	100%	125,000	3.02%	1.90%			⁽²⁾	4.92%			⁽²⁾	March 2023
Receive variable (LIBOR) /pay-fixed swap ⁽²⁾	100%	75,000	3.02%	1.90%			⁽²⁾	4.92%			⁽²⁾	March 2023
Receive variable (LIBOR) /pay-fixed swap ⁽²⁾	100%	50,000	3.02%	1.90%			⁽²⁾	4.92%			⁽²⁾	March 2023
Receive variable (LIBOR) /pay-fixed swap ⁽³⁾	100%	12,000	2.09%	1.40%				3.49%				March 2024
UJVs:
Receive variable (LIBOR) /pay-fixed swap⁽⁴⁾	50.1%	155,791	1.83%	1.75%				3.58%				December 2021

(1)

The hedged forecasted transaction for each of these swaps is the first previously unhedged one-month LIBOR-indexed interest payment accrued and made each month on a debt principal amount equal to the swap notional amount, regardless of the specific debt agreement from which they may flow. We are currently using these swaps to manage interest rate risk on the $275 million unsecured term loan and $25 million on the $1.1 billion primary unsecured revolving line of credit. The credit spread on these loans can vary within a range of 1.15% to 1.80% on the $275 million unsecured term loan and 1.05% to 1.60% on the $1.1 billion unsecured revolving line of credit, depending on our total leverage ratio at the measurement date, resulting in an effective rate in the range of 3.29% to 3.94% on the $275 million unsecured term loan and 3.19% to 3.74% on $25 million of the $1.1 billion primary unsecured revolving line of credit during the remaining swap period. In August 2020, we entered into amendments to waive all of our existing financial covenants related to our primary unsecured revolving line of credit and $275 million unsecured term loan for the covenant waiver period. Through the covenant compliance date, our primary unsecured revolving line of credit bears interest at the maximum total leverage ratio level of LIBOR, subject to 0.5% floor on the unhedged balance, plus 1.60%, and our $275 million unsecured term loan bears interest at the maximum total leverage ratio level of LIBOR plus 1.80%.

(2)

The hedged forecasted transaction for each of these swaps is the first previously unhedged one-month LIBOR-indexed interest payment accrued and made each month on a debt principal amount equal to the swap notional amount, regardless of the specific debt agreement from which they may flow beginning with the March 2019 effective date of these swaps. We are currently using these swaps to manage interest rate risk on the $250 million unsecured term loan. The credit spread on this loan can vary within a range of 1.25% to 1.90%, depending on our total leverage ratio at the measurement date, resulting in an effective rate in the range of 4.27% to 4.92% during the swap period. In August 2020, we entered into amendments to waive all of our existing financial covenants related to our $250 million unsecured term loan for the covenant waiver period. Through the covenant compliance date, our $250 million unsecured term loan bears interest at the maximum total leverage ratio level of LIBOR plus 1.90%.


(3)	The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on the U.S. headquarters building.


(4)	The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on International Plaza.

Cash Flow Hedges

We recognize all changes in fair value for hedging instruments designated and qualifying for cash flow hedge accounting treatment as a component of Other Comprehensive Income (OCI).

Amounts reported in Accumulated Other Comprehensive Income (AOCI) related to currently outstanding interest rate derivatives are recognized as an adjustment to income as interest payments are made on our variable-rate debt. Realized gains or losses on settled derivative instruments included in AOCI are recognized as an adjustment to income over the term of the hedged debt transaction. Amounts reported in AOCI related to the cross-currency interest rate swap are recognized as an adjustment to income as transaction gains or losses arising from the remeasurement of foreign currency denominated loans are recognized and as actual interest and principal obligations are repaid.

We expect that approximately $14.8 million of AOCI of TCO and the noncontrolling interests will be reclassified from AOCI and recognized as an increase in expense in the following 12 months.

The following tables present the effect of derivative instruments on our Consolidated Statement of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2020 and 2019. The tables include the amount of gains or losses on outstanding derivative instruments recognized in OCI in cash flow hedging relationships and the location and amount of gains or losses reclassified from AOCI into income resulting from outstanding derivative instruments.



	Amount of Gain or (Loss) Recognized in OCI on Derivative					Location of Gain or (Loss) Reclassified from AOCI into Income	Amount of Gain or (Loss) Reclassified from AOCI into Income
	Three Months Ended September 30						Three Months Ended September 30
	2020		2019				2020			2019
Derivatives in cash flow hedging relationships:
Interest rate contracts – consolidated subsidiaries	$	3,431	$	(2,059	)	Interest Expense	$	(3,399	)	$	(400	)
Interest rate contracts – UJVs	334		(253		)	Equity in Income (Loss) of UJVs	(333		)	85
Cross-currency interest rate contract – UJV	16		52			Equity in Income (Loss) of UJVs	(87		)	711
Total derivatives in cash flow hedging relationships	$	3,781	$	(2,260	)		$	(3,819	)	$	396



	Amount of Gain or (Loss) Recognized in OCI on Derivative						Location of Gain or (Loss) Reclassified from AOCI into Income	Amount of Gain or (Loss) Reclassified from AOCI into Income
	Nine Months Ended September 30							Nine Months Ended September 30
	2020			2019				2020			2019
Derivatives in cash flow hedging relationships:
Interest rate contracts – consolidated subsidiaries	$	(11,192	)	$	(16,583	)	Interest Expense	$	(7,479	)	$	366
Interest rate contracts – UJVs	(1,106		)	(1,953		)	Equity in Income (Loss) of UJVs	(627		)	354
Cross-currency interest rate contract – UJV	22			9			Equity in Income (Loss) of UJVs	233			1,522
Total derivatives in cash flow hedging relationships	$	(12,276	)	$	(18,527	)		$	(7,873	)	$	2,242

We record all derivative instruments at fair value on our Consolidated Balance Sheet. The following table presents the location and fair value of our derivative financial instruments as reported on our Consolidated Balance Sheet as of September 30, 2020 and December 31, 2019.



		Fair Value
	Consolidated Balance Sheet Location	September 30, 2020			December 31, 2019
Liability derivatives:
Interest rate contracts – consolidated subsidiaries	Accounts Payable and Accrued Liabilities	$	(26,611	)	$	(15,419	)
Interest rate contract – UJV	Investment in UJVs	(1,518		)	(412		)
Cross-currency interest rate contract – UJV	Investment in UJVs				(91		)
Total liabilities designated as hedging instruments		$	(28,129	)	$	(15,922	)

Contingent Features

Our outstanding derivatives contain provisions that state if the hedged entity defaults on its indebtedness above a certain threshold, then the derivative obligation could also be declared in default. The cross default thresholds vary for each agreement, ranging from $0.1 million of any indebtedness to $50 million of indebtedness on TRG's indebtedness. As of September 30, 2020, we are not in default on any indebtedness that would trigger a credit-risk-related default on our current outstanding derivatives.

As of September 30, 2020 and December 31, 2019, the fair value of derivative instruments with credit-risk-related contingent features that were in a liability position was $28.1 million and $15.9 million, respectively. As of September 30, 2020 and December 31, 2019, we were not required to post any collateral related to these agreements. If we breached any of these provisions we would be required to settle our obligations under the agreements at their fair value. See Note 5 regarding guarantees and Note 11 for fair value information on derivatives.

Share-Based Compensation

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

General

In May 2018, our shareholders approved The Taubman Company LLC 2018 Omnibus Long-Term Incentive Plan (2018 Omnibus Plan). The 2018 Omnibus Plan provides for the award of restricted shares, restricted share units, restricted profits units of TRG (TRG Profits Units), options to purchase common shares, unrestricted shares, and dividend equivalent rights, in each case with or without performance conditions, to acquire up to an aggregate of 2.8 million common shares or TRG Profits Units to directors, officers, employees, and other service providers of TCO and our affiliates. Every share or TRG Profits Unit subject to awards under the 2018 Omnibus Plan shall be counted against this limit as one share or TRG Profits Unit for every one share or TRG Profits Unit granted. The amount of shares or TRG Profits Units available for future grants is adjusted when the number of contingently issuable common shares or units are settled. If an award issued under the 2018 Omnibus Plan is forfeited, expires without being exercised, or is used to pay tax withholding on such award, the shares or TRG Profits Units become available for issuance under new awards. TRG Profits Units are intended to constitute "profits interests" within the meaning of Treasury authority under the Internal Revenue Code of 1986, as amended. In addition, non-employee directors have the option to defer their compensation under a deferred compensation plan. The 2018 Omnibus Plan allows us to permit or require the deferral of all or a part of an award payment into a deferred compensation arrangement. Prior to the adoption of the 2018 Omnibus Plan, we provided share-based compensation through The Taubman Company LLC 2008 Omnibus Long-Term Incentive Plan (2008 Omnibus Plan), as amended, which expired in May 2018.

Changes to Share-Based Compensation Agreements Following Completion of Merger

Certain terms of our existing share-based compensation programs will change following the completion of Simon's pending acquisition of TCO, if the acquisition is consummated per the terms of the Merger Agreement. See Note 1 for more information on the status of the Merger Agreement. At the REIT Merger Effective Time, (1) each outstanding restricted stock unit award of TCO (each, a RSU) and each outstanding performance stock unit award (each, a PSU) granted under the 2008 Omnibus Plan and 2018 Omnibus Plan (Taubman Stock Plans) that vest in accordance with its terms in connection with the closing of the merger will automatically convert into the right to receive the Common Stock Merger Consideration; (2) each outstanding RSU and PSU that is not eligible to vest in accordance with its terms at the REIT Merger Effective Time will be converted into a cash substitute award to be paid (A) with respect to any such award granted prior to 2020, in accordance with the same service-vesting schedule that applied to the original RSU or PSU award and (B) with respect to any such award granted in 2020, in accordance with the same vesting schedule (including performance-vesting conditions) that applied to the original RSU or PSU award; (3) each outstanding share of deferred TCO Common Stock (each, a TCO DSU) granted under the Taubman Stock Plans will be converted into the right to receive the Common Stock Merger Consideration, and (4) each dividend equivalent right granted in tandem with any RSU or PSU (each, a TCO DER) will be treated in the same manner as the outstanding RSU or PSU to which such TCO DER relates.

TRG Profits Units

There were no TRG Profits Units granted in 2020. The following types of TRG Profits Units awards were granted to certain senior management employees in prior years: (1) a time-based award with a three year cliff vesting period (Restricted TRG Profits Units); (2) a performance-based award that is based on the achievement of relative total shareholder return (TSR) over a three year period (Relative TSR Performance-based TRG Profits Units); and (3) a performance-based award that is based on the achievement of net operating income (NOI) over a three year period (NOI Performance-based TRG Profits Units). The maximum number of Relative TSR and NOI Performance-based TRG Profits Units are issued at grant, eventually subject to a recovery and cancellation of previously granted amounts depending on actual performance against TSR and NOI measures over the three year performance measurement period. NOI Performance-based TRG Profits Units provide for a cap on the maximum number of units vested if absolute TSR is not positive over a three year period. Relative TSR and NOI Performance-based TRG Profits Units are generally subject to the same performance measures as the TSR-Based and NOI-Based Performance Share Units (see 2020 Awards - Other Management Employee Grants below). Despite the difference in scaling of the grant programs, the final outcome of the TSR and NOI performance measures will result in similar numbers of either TRG Units or common shares being issued at vesting under the TRG Profits Units program and the Performance Share Unit program, respectively.

Each such award represents a contingent right to receive a TRG Unit upon vesting and the satisfaction of certain tax-driven requirements and, as to the TSR and NOI Performance-based TRG Profits Units, the satisfaction of certain performance-based requirements. Until vested, a TRG Profits Unit entitles the holder to only one-tenth of the distributions otherwise payable by TRG on a TRG Unit. Therefore, we account for these TRG Profits Units as participating securities in TRG. A portion of the TRG Profits Units award represents estimated cash distributions that otherwise would have been payable during the vesting period and, upon vesting, there will be an adjustment in actual number of TRG Profits Units realized under each award to reflect TRG's actual cash distributions during the vesting period.

All outstanding TRG Profits Units previously issued will vest in March 2021, if continuous service has been provided, or upon retirement or certain other events (such as death or disability) if earlier. Each holder of a TRG Profits Unit will be treated as a limited partner in TRG from the date of grant. To the extent the vested TRG Profits Units have not achieved the applicable criteria for conversion to TRG Units, vesting and economic equivalence to a TRG Unit prior to the tenth anniversary of the date of grant, the awards will be forfeited pursuant to the terms of the award agreement.

2020 Awards - Other Management Employee Grants

During 2020 and in prior years, other types of awards granted to management employees include those described below. The awards granted in 2020 vest in March 2023, if continuous service has been provided, or upon retirement or certain other events (such as death or disability) if earlier.

TSR - Based Performance Share Units (TSR PSU) - Each TSR PSU represents the right to receive, upon vesting, shares of common stock ranging from 0-300% of the TSR PSU based on our market performance relative to that of a peer group. The TSR PSU grants include a cash payment upon vesting equal to the aggregate cash dividends that would have been paid on such shares of common stock during the vesting period.

NOI - Based Performance Share Units (NOI PSU) - Each NOI PSU represents the right to receive, upon vesting, shares of common stock ranging from 0-300% of the NOI PSU based on our NOI performance, as well as a cash payment upon vesting equal to the aggregate cash dividends that would have been paid on such shares of common stock during the vesting period. These awards also provide for a cap on the maximum number of units vested if absolute TSR is not positive over a three-year period.

Restricted Share Units (RSU) - Each RSU represents the right to receive upon vesting one share of common stock, as well as a cash payment upon vesting equal to the aggregate cash dividends that would have been paid on such shares of common stock during the vesting period.

Expensed and Capitalized Costs

The compensation cost charged to income for our share-based compensation plans was $1.7 million and $5.7 million for the three and nine months ended September 30, 2020, respectively. The compensation cost charged to income for our share-based compensation plans was $1.9 million and $6.1 million for the three and nine months ended September 30, 2019, respectively. Compensation cost capitalized as part of properties and deferred leasing costs was $0.1 million and $0.3 million for the three and nine months ended September 30, 2020, respectively, and $0.1 million and $0.3 million for the three and nine months ended September 30, 2019.

Valuation Methodologies

We estimated the grant-date fair values of share-based grants using the methods as follows. Expected volatility and dividend yields are based on historical volatility and yields of our common stock, respectively, as well as other factors. The risk-free interest rates used are based on the U.S. Treasury yield curves in effect at the grant date. We assume no forfeitures for failure to meet the service requirement of PSU or TRG Profits Units, due to the small number of participants and low turnover rate.

The valuations of all grants utilized our common stock price at the grant date. Common stock prices when used in valuing TRG Profits Units are further adjusted by the present value of expected differences in dividends payable on the common stock versus the distributions payable on the TRG Profits Units over the vesting period. We estimated the value of grants dependent on TSR performance using a Monte Carlo simulation and considering historical returns of TCO and the peer group.

For awards dependent on NOI performance, we consider the NOI measure a performance condition under applicable accounting standards, and as such, have estimated a grant-date fair value for each of its possible outcomes. The compensation cost ultimately will be recognized equal to the grant-date fair value of the award that coincides with the actual outcome of the NOI performance. The weighted average grant-date fair value shown for NOI-dependent awards corresponds with management's current expectation of the probable outcome of the NOI performance measure. The product of the NOI-dependent awards outstanding and the grant-date fair value represents the compensation cost being recognized over the service periods.

The valuations of TRG Profits Units consider the possibility that sufficient share price appreciation will not be realized, such that the conversion to TRG Units will not occur and the awards will be forfeited.

Summaries of Activity for the Nine Months Ended September 30, 2020

Restricted TRG Profits Units



	Number of Restricted TRG Profits Units		Weighted Average Grant-Date Fair Value
Outstanding at January 1, 2020	22,411		$	54.73
Units recovered and cancelled ⁽¹⁾	(58	)	57.84
Vested and converted ⁽²⁾	(14,199	)	57.84
Outstanding at September 30, 2020	8,154		$	49.29


(1)	This reflects the recovery and cancellation of previously granted Restricted TRG Profits Units, which vested on March 1, 2020, as a result of the actual cash distributions made during the vesting period.


(2)	This represents the conversion of Restricted TRG Profits Units to TRG Units, which vested on March 1, 2020, and had previously satisfied certain tax–driven requirements.

As of September 30, 2020, there was $0.1 million of total unrecognized compensation cost related to nonvested Restricted TRG Profits Units outstanding. This cost is expected to be recognized over an average period of 0.4 years.

Relative TSR Performance-based TRG Profits Units



	Number of relative TSR Performance-based TRG Profits Units		Weighted Average Grant-Date Fair Value
Outstanding at January 1, 2020	50,420		$	22.81
Units recovered and cancelled ⁽¹⁾	(27,318	)	23.14
Vested and converted ⁽²⁾	(4,757	)	23.14
Outstanding at September 30, 2020	18,345		$	22.22

(1)

This reflects the recovery and cancellation of previously granted (300% of target grant amount) Relative TSR Performance-based TRG Profits Units, which vested on March 1, 2020, as a result of the performance payout ratio of 17% and the actual cash distributions made during the vesting period. That is, despite the completion of applicable employee service requirements, the number of Relative TSR Performance-based TRG Profits Units ultimately considered earned is determined by the extent to which the TSR market performance measure was achieved during the performance period.


(2)	This represents the conversion of Restricted TRG Profits Units to TRG Units, which vested on March 1, 2020, and had previously satisfied certain tax–driven requirements.

As of September 30, 2020, there was $0.1 million of total unrecognized compensation cost related to nonvested Relative TSR Performance-based TRG Profits Units outstanding. This cost is expected to be recognized over an average period of 0.4 years.

NOI Performance-based TRG Profits Units



	Number of NOI Performance-based TRG Profits Units		Weighted Average Grant-Date Fair Value
Outstanding at January 1, 2020	50,420		$	2.99
Units recovered and cancelled ⁽¹⁾	(32,075	)	—
Outstanding at September 30, 2020	18,345		$	8.21

(1)

This reflects the recovery and cancellation of previously granted (300% of target grant amount) NOI Performance-based TRG Profits Units, which vested on March 1, 2020, as a result of the performance payout ratio of 0%. That is, despite the completions of applicable employee service requirements, the number of NOI Performance-based TRG Profits Units ultimately considered earned is determined by the extent to which the NOI performance measure was achieved during the performance period.

As of September 30, 2020, there was less than $0.1 million of total unrecognized compensation cost related to nonvested NOI Performance-based TRG Profits Units outstanding. This cost is expected to be recognized over an average period of 0.4 years.

TSR - Based Performance Share Units



	Number of TSR PSU		Weighted Average Grant-Date Fair Value
Outstanding at January 1, 2020	29,375		$	82.95
Vested ⁽¹⁾	(2,492	)	79.60
Outstanding at September 30, 2020	26,883		$	83.26

(1)

Based on our market performance relative to that of a peer group, the actual number of shares of common stock issued upon vesting on March 1, 2020 was 1,297 shares for the TSR PSU three-year grants. The shares of common stock were issued at 0.52x. That is, despite the completion of the applicable employee service requirements, the number of shares ultimately considered earned is determined by the extent to which the TSR market performance measure was achieved during the performance period.

As of September 30, 2020, there was $0.7 million of total unrecognized compensation cost related to nonvested TSR PSU outstanding. This cost is expected to be recognized over an average period of 1.2 years.

NOI - Based Performance Share Units



	Number of NOI PSU		Weighted Average Grant-Date Fair Value
Outstanding at January 1, 2020	29,375		$	40.95
Granted	31,318		43.24
Vested ⁽¹⁾	(2,492	)	—
Outstanding at September 30, 2020	58,201		$	43.94


(1)	The actual number of shares of common stock issued upon vesting on March 1, 2020 was zero. That is, despite the completion of applicable employee service requirements, the number of shares ultimately considered earned is determined by the extent to which NOI was achieved during the performance period.

As of September 30, 2020, there was $1.4 million of total unrecognized compensation cost related to nonvested NOI PSU outstanding. This cost is expected to be recognized over an average period of 1.8 years.

Restricted Share Units



	Number of RSU		Weighted Average Grant-Date Fair Value
Outstanding at January 1, 2020	179,846		$	57.73
Granted	84,352		47.07
Vested	(52,723	)	64.22
Forfeited	(5,398	)	53.98
Outstanding at September 30, 2020	206,077		$	51.81

As of September 30, 2020, there was $4.8 million of total unrecognized compensation cost related to nonvested RSU outstanding. This cost is expected to be recognized over an average period of 1.8 years.

Unit Option Deferral Election

Under a prior option plan, the 2008 Omnibus Plan, and the 2018 Omnibus Plan, vested unit options can be exercised by tendering mature units with a market value equal to the exercise price of the unit options. In 2002, Robert S. Taubman, our chief executive officer, exercised options for 3.0 million units by tendering 2.1 million mature units and deferring receipt of 0.9 million units under the unit option deferral election. As TRG pays distributions, the deferred option units receive their proportionate share of the distributions in the form of cash payments. Under an amendment executed in January 2011 and subsequent deferral elections (the latest being made in September 2016), beginning in December 2022 (unless Mr. Taubman retires earlier), the deferred options units will be issued as TRG Units in five annual installments. The deferred option units are accounted for as participating securities of TRG.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Cash Tender

At the time of our initial public offering and acquisition of our partnership interest in TRG in 1992, we entered into an agreement (the Cash Tender Agreement) with the A. Alfred Taubman Restated Revocable Trust (Revocable Trust) and TRA Partners (now Taubman Ventures Group LLC or TVG), each of whom owned an interest in TRG, whereby each of the Revocable Trust and TVG (and/or any assignee of the Revocable Trust or TVG, which now include the Estate of A. Alfred Taubman and other specified entities that are affiliated with the children of A. Alfred Taubman (Robert S. Taubman, William S. Taubman, and Gayle Taubman Kalisman)) has the right to tender to us TRG Units (provided that if the tendering party is tendering less than all of its TRG Units, the aggregate value is at least $50 million) and cause us to purchase the tendered interests at a purchase price based on a market valuation of TCO on the trading date immediately preceding the date of the tender (except as otherwise provided below). TVG is controlled by a majority-in-interest among the Estate of A. Alfred Taubman and entities affiliated with the children of A. Alfred Taubman (Robert S. Taubman, William S. Taubman, and Gayle Taubman Kalisman). At the election of the tendering party, TRG Units held by members of A. Alfred Taubman’s family and TRG Units held by entities in which his family members hold interests may be included in such a tender.

We would have the option to pay for these interests from available cash, borrowed funds, or from the proceeds of an offering of common stock. Generally, we expect to finance these purchases, if any, through the sale of new shares of our common stock. The tendering partner would bear all market risk if the market price at closing is less than the purchase price and would bear the costs of sale. Any proceeds of the offering in excess of the purchase price would be for our sole benefit. We account for the Cash Tender Agreement as a freestanding written put option. As the option put price is defined by the current market price of our stock at the time of tender, the fair value of the written option defined by the Cash Tender Agreement is considered to be zero.

Based on a market value at September 30, 2020 of $33.29 per share for our common stock, the aggregate value of TRG Units that may be tendered under the Cash Tender Agreement was $0.8 billion. The purchase of these interests at September 30, 2020 would have resulted in us owning an additional 28% interest in TRG.

Continuing Offer

We have made a continuing, irrevocable offer to exchange shares of common stock for TRG Units (the Continuing Offer) to all present holders of TRG Units (other than certain excluded holders, currently TVG and other specified entities), permitted assignees of all present holders of TRG Units, those future holders of TRG Units as we may, in our sole discretion, agree to include in the Continuing Offer, and all future optionees under the 2018 Omnibus Plan. Under the Continuing Offer agreement, one TRG Unit is exchangeable for one share of common stock. Upon a tender of TRG Units, the corresponding shares of Series B Preferred Stock, if any, will automatically be converted into common stock at a ratio of 14,000 shares of Series B Preferred Stock for one share of common stock.

Insurance

We carry liability insurance to mitigate our exposure to certain losses, including those relating to personal injury claims. We believe our insurance policy terms, conditions, and limits are appropriate and adequate given the relative risk of loss and industry practice. However, there are certain types of losses, such as punitive damage awards, which may not be covered by insurance, and not all potential losses are insured against.

Simon Merger Agreement Litigation

In connection with the Merger Agreement for Simon and the Simon Operating Partnership to acquire a 100% ownership interest in TCO and an 80% ownership interest in TRG (Note 1), on June 10, 2020, Simon and the Simon Operating Partnership filed the Simon Complaint (Case Number 2020-181675-CB) in the Court seeking a declaration that they validly terminated the Merger Agreement and that they are not required to close the transaction contemplated by the Merger Agreement, and requesting an award of unspecified damages for our alleged breaches of the Merger Agreement. In the Simon Complaint, Simon and the Simon Operating Partnership allege that we have suffered a Material Adverse Effect under the Merger Agreement due to the effects of the COVID-19 pandemic, and that we breached the covenants in the Merger Agreement governing the conduct of our business in the ordinary course. On June 17, 2020, we filed our answer to the Simon Complaint and a counterclaim for a judgment enforcing specifically the performance by Simon, the Simon Operating Partnership, and their subsidiaries of their obligations under the Merger Agreement, including their obligation to consummate the transaction, or, in the alternative, a judgment for declaratory relief and for damages caused by their willful breach of the Merger Agreement.

See Note 1 for further detail of the status of the transaction and related litigation.

We are vigorously defending the claims and prosecuting our counterclaim. While we believe that the allegations made in the complaint are without merit, there can be no assurance that we will be successful in the outcome of any proceeding related to the complaint or any other lawsuits that may be brought against us in the future in connection with the transaction. An unfavorable outcome in this lawsuit may delay or prevent the transaction from being completed, which may have an adverse effect on our shareholders.

Additionally, several shareholders have filed complaints against us and our directors, stating claims arising under Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78n(a), 78t(a), and U.S. Securities and Exchange Commission (SEC) Rule 14a-9, based on certain alleged misstatements or omissions in a proxy statement filed with the SEC concerning our proposed transaction with Simon. We are attempting to resolve all of these complaints and have tendered these complaints to our insurance carrier. The outcome of the actions cannot be predicted, and, at this time, we are unable to estimate the amount of loss that could result from unfavorable outcomes. As such, as of September 30, 2020, no contingent liability was recorded.

Hurricane Maria and The Mall of San Juan

The Mall of San Juan incurred significant damage from Hurricane Maria in 2017. We have received substantial insurance proceeds to cover hurricane and flood damage, as well as business and service interruption. In June 2019, we reached a final settlement with our insurer and received final payment related to our claims.

The following table presents a summary of the insurance proceeds received relating to our claim for The Mall of San Juan for the nine months ended September 30, 2019. There were no insurance proceeds received during the three months ended September 30, 2019 or the three and nine months ended September 30, 2020:



Proceeds Description	Consolidated Statement of Operations and Comprehensive Income (Loss) Location	Nine Months Ended September 30, 2019
Proceeds Description		Nine Months Ended September 30, 2019
		(in thousands)
Business interruption insurance recoveries	Nonoperating Income, Net	$	8,574
Revenue reduction related to business interruption ⁽¹⁾	Reduction of Rental Revenues	(1,202		)
Expense reimbursement insurance recoveries	Nonoperating Income, Net	185
Reimbursement for capital items damaged in hurricane in 2017	Reversal of previously recognized Depreciation Expense	2,000			(2)
Gain on insurance recoveries	Nonoperating Income, Net	1,418


(1)	Represents amounts recognized in prior periods that were credited back to tenants upon receipt of business interruption claim proceeds.


(2)	Represents reduction of depreciation expense recorded in June 2019 for proceeds received in final settlement of insurance claim, which offset the original deductible expensed in 2017.

In August 2019, we settled previously ongoing litigation in the Commonwealth of Puerto Rico Court of First Instance, San Juan Judicial Center, Superior Court, Civil No. SJ2017CV02094 (503) related to the Saks Fifth Avenue store at The Mall of San Juan. As a result of the settlement, Saks Fifth Avenue agreed to pay us $26 million for partial reimbursement of the previously paid anchor allowance in exchange for the termination of their obligations under their agreements. $20 million was received in August 2019; $3 million was received in January 2020, and $3 million will be received on or before January 2021. The allowance reimbursement and value of the former Saks Fifth Avenue building and improvements, which we now control, exceeded the write-off of the book value of the anchor allowance and legal costs incurred in the third quarter of 2019, resulting in the recognition of a $10.1 million net gain, which has been included within Nonoperating Income, Net on the Consolidated Statement of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2019.

Along with the settlement of the lawsuit, we have resolved substantially all of the leases with other mall tenants that had co-tenancy requirements related to Saks Fifth Avenue.

Other

See Note 5 for TRG's guarantees of certain notes payable, including guarantees relating to UJVs, Note 6 for contingent features relating to certain joint venture agreements, Note 7 for contingent features relating to derivative instruments, and Note 8 for obligations under existing share-based compensation plans.

Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Earnings (Loss) Per Common Share

Basic earnings (loss) per common share amounts are based on the weighted average of common shares outstanding for the respective periods. Diluted earnings (loss) per common share amounts are based on the weighted average of common shares outstanding plus the dilutive effect of potential common stock. Potential common stock includes outstanding TRG Units exchangeable for common shares under the Continuing Offer (Note 9), TSR PSU, NOI PSU, Restricted and Performance-based TRG Profits Units, RSU, deferred shares under the Non-Employee Directors’ Deferred Compensation Plan, and unissued TRG Units under a unit option deferral election (Note 8). In computing the potentially dilutive effect of potential common stock, TRG Units are assumed to be exchanged for common shares under the Continuing Offer, increasing the weighted average number of shares outstanding. The potentially dilutive effects of TRG Units outstanding and/or issuable under the unit option deferral elections are calculated using the if-converted method, while the effects of other potential common stock are calculated using the treasury method. Contingently issuable shares are included in diluted earnings per common share based on the number of shares, if any, which would be issuable if the end of the reporting period were the end of the contingency period.



	Three Months Ended September 30					Nine Months Ended September 30
	2020			2019		2020			2019
Net income (loss) attributable to TCO common shareholders (Numerator):
Basic	$	(30,072	)	$	215,361	$	(44,269	)	$	236,717
Impact of additional ownership of TRG				1,512					2,506
Diluted	$	(30,072	)	$	216,873	$	(44,269	)	$	239,223

Shares (Denominator) – basic	61,696,565			61,211,249		61,512,816			61,169,279
Effect of dilutive securities				1,034,165					1,063,217
Shares (Denominator) – diluted	61,696,565			62,245,414		61,512,816			62,232,496

Earnings (loss) per common share – basic	$	(0.49	)	$	3.52	$	(0.72	)	$	3.87
Earnings (loss) per common share – diluted	$	(0.49	)	$	3.48	$	(0.72	)	$	3.84

The calculation of diluted earnings per common share in certain periods excluded certain potential common stock including outstanding TRG Units and unissued TRG Units under a unit option deferral election, both of which may be exchanged for common shares of TCO under the Continuing Offer. The table below presents the potential common stock excluded from the calculation of diluted earnings per common share as they were anti-dilutive in the period presented. Potentially dilutive securities were excluded from the computation of EPS for the three and nine months ended September 30, 2020 because they were anti-dilutive due to net losses in these periods.



	Three Months Ended September 30		Nine Months Ended September 30
	2020	2019	2020	2019
Weighted average noncontrolling TRG Units outstanding	3,211,571	5,977,536	3,355,589	5,388,947
Unissued TRG Units under unit option deferral elections	871,262		871,262
Unvested TSR PSU, NOI PSU, Restricted and Performance-based TRG Profits Units, RSU and deferred shares under the Non-Employee Directors’ Deferred Compensation Plan	289,116		239,556

Fair Value Disclosures

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Disclosures

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

Recurring Valuations

Derivative Instruments

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

Other

Our valuations of both our investments in an insurance deposit and in Simon common shares utilize unadjusted quoted prices determined by active markets for the specific securities we have invested in, and therefore fall into Level 1 of the fair value hierarchy. We measured our investment in Simon common shares at fair value with changes in value recorded through net income.

We owned zero Simon common shares as of both September 30, 2020 and December 31, 2019. In January 2019, we sold our remaining investment in 290,124 Simon common shares at an average price of $179.52 per share. Proceeds from the sale were used to pay down our revolving lines of credit.

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 September 30, 2020 Using					Fair Value Measurements as of December 31, 2019 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)
Insurance deposit	$	11,187				$	11,213
Total assets	$	11,187	$	—		$	11,213	$	—

Derivative interest rate contracts (Note 7)			$	(26,611	)			$	(15,419	)
Total liabilities			$	(26,611	)			$	(15,419	)

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

We own interests in various strategic partnerships that are not displayed in the above table as the fair value of such ownership interests is inconsequential. During the nine months ended September 30, 2020, one of these partnerships was sold resulting in a $1.5 million write down of our investment and the fair value of one of these partnerships was increased by $0.6 million, which were recorded within Nonoperating Income, Net within our Consolidated Statement of Operations and Comprehensive Income (Loss).

Financial Instruments Carried at Other Than Fair Values

Notes Payable

The fair value of notes payable is estimated using cash flows discounted at current market rates and therefore falls into Level 2 of the fair value hierarchy. When selecting discount rates for purposes of estimating the fair value of notes payable at September 30, 2020 and December 31, 2019, we employed the credit spreads at which the debt was originally issued.

The estimated fair values of notes payable at September 30, 2020 and December 31, 2019 were as follows:



	2020				2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable, net	$	3,897,515	$	4,120,266	$	3,710,327	$	3,753,531

The fair values of the notes payable are dependent on the interest rates used in estimating the values. An overall 1% increase in interest rates employed in making these estimates would have decreased the fair values of the debt shown above at September 30, 2020 by $132.2 million or 3.2%.

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 is estimated using cash flows discounted at current market rates and therefore falls into Level 2 of the fair value hierarchy.

See Note 7 regarding additional information on derivatives.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Comprehensive Income (Loss) Note [Text Block]

Accumulated Other Comprehensive Income

Changes in the balance of each component of AOCI for the nine months ended September 30, 2020 were as follows:



	TCO 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, 2020	$	(18,953	)	$	(20,050	)	$	(39,003	)	$	(8,176	)	$	4,197		$	(3,979	)
Other comprehensive income (loss) before reclassifications	2,264			(14,177		)	(11,913		)	2,637			(5,972		)	(3,335		)
Amounts reclassified from AOCI				5,539			5,539						2,334			2,334
Net current period other comprehensive income (loss)	$	2,264		$	(8,638	)	$	(6,374	)	$	2,637		$	(3,638	)	$	(1,001	)
Partial disposition of ownership interest in UJV	3,999						3,999									—
Adjustments due to changes in ownership	(137		)	70			(67		)	137			(70		)	67
September 30, 2020	$	(12,827	)	$	(28,618	)	$	(41,445	)	$	(5,402	)	$	489		$	(4,913	)

Changes in the balance of each component of AOCI for the nine months ended September 30, 2019 were as follows:



	TCO 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, 2019	$	(16,128	)	$	(9,248	)	$	(25,376	)	$	(6,569	)	$	8,363		$	1,794
Other comprehensive income (loss) before reclassifications	(16,760		)	(11,375		)	(28,135		)	(3,703		)	(4,910		)	(8,613		)
Amounts reclassified from AOCI				(1,565		)	(1,565		)				(677		)	(677		)
Net current period other comprehensive income (loss)	$	(16,760	)	$	(12,940	)	$	(29,700	)	$	(3,703	)	$	(5,587	)	$	(9,290	)
Partial disposition of ownership interest in UJV	8,185						$	8,185								$	—
Adjustments due to changes in ownership	274			(350		)	(76		)	(274		)	350			76
September 30, 2019	$	(24,429	)	$	(22,538	)	$	(46,967	)	$	(10,546	)	$	3,126		$	(7,420	)

The following table presents reclassifications out of AOCI for the nine months ended September 30, 2020:



Details about AOCI Components	Amounts reclassified from AOCI			Affected line item on our Consolidated Statement of Operations and Comprehensive Income (Loss)
Losses (gains) on interest rate instruments and other:
Realized loss on interest rate contracts - consolidated subsidiaries	$	7,479		Interest Expense
Realized loss on interest rate contracts - UJVs	627			Equity in Income (Loss) of UJVs
Realized gain on cross-currency interest rate contract - UJV	(233		)	Equity in Income (Loss) of UJVs
Total reclassifications for the period	$	7,873

The following table presents reclassifications out of AOCI for the nine months ended September 30, 2019:



Details about AOCI Components	Amounts reclassified from AOCI			Affected line item on our Consolidated Statement of Operations and Comprehensive Income (Loss)
Gains on interest rate instruments and other:
Realized gain on interest rate contracts - consolidated subsidiaries	$	(366	)	Interest Expense
Realized gain on interest rate contracts - UJVs	(354		)	Equity in Income (Loss) of UJVs
Realized gain on cross-currency interest rate contract - UJV	(1,522		)	Equity in Income (Loss) of UJVs
Total reclassifications for the period	$	(2,242	)

Cash Flow Disclosures and Non-Cash Investing and Financing Activities

9 Months Ended

Sep. 30, 2020

Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]

Cash Flow, Supplemental Disclosures [Text Block]

Cash Flow Disclosures and Non-Cash Investing and Financing Activities

Interest paid for the nine months ended September 30, 2020 and 2019, net of amounts capitalized of $4.8 million and $6.1 million, respectively, was $97.9 million and $109.1 million, respectively. Income taxes paid for the nine months ended September 30, 2020 and 2019 were $1.0 million and $0.9 million, respectively. Cash paid for operating leases for both the nine months ended September 30, 2020 and 2019 was $10.8 million. Other non-cash additions to properties during the nine months ended September 30, 2020 and 2019 were $65.2 million and $73.5 million, respectively, and primarily represent accrued construction and tenant allowance costs. In connection with the adoption of ASC Topic 842, "Leases", we recorded $178.1 million of operating lease right-of-use assets as of January 1, 2019, which were classified as non-cash investing activities. In April 2019, we issued 1.5 million TRG Units as partial consideration for the acquisition of The Gardens Mall, which were valued at $79.3 million as of the acquisition date.

Reconciliation of Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within our Consolidated Balance Sheet that sum to the total of the same such amounts shown on our Consolidated Statement of Cash Flows.



	September 30, 2020		December 31, 2019
Cash and cash equivalents	$	256,512	$	102,762
Restricted cash	632		656
Total Cash, Cash Equivalents, and Restricted Cash shown on our Consolidated Statement of Cash Flows	$	257,144	$	103,418

Restricted Cash

We are required to escrow cash balances for specific uses stipulated by certain of our lenders and other various agreements. As of September 30, 2020 and December 31, 2019, our cash balances restricted for these uses were $0.6 million and $0.7 million, respectively.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

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.

Except as referred to or implied herein, we are not presently aware of any events or circumstances arising from the COVID-19 pandemic that would require us to update our current estimates, assumptions, or 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. Our estimates may change, however, as new events occur and additional information is obtained, and any such changes will be recognized in the consolidated financial statements. Actual results could differ from those estimates.

Accounting Changes [Text Block]

Accounts Receivable and Uncollectible Tenant Revenues

In connection with the adoption of ASC Topic 842, "Leases", on January 1, 2019, we began reviewing the collectibility of both billed and accrued charges under our tenant leases each quarter on a tenant by tenant basis considering the tenant’s payment history, credit-worthiness, aging of the receivable, the tenant's operating performance and other factors. For any tenant receivable balances thought to be uncollectible, we record an offset for uncollectible tenant revenues directly to Rental Revenues on our Consolidated Statement of Operations and Comprehensive Income (Loss) for the total receivable balance, including straight-line receivables, and the tenant is transitioned to a cash basis for revenue recognition.

As a result of the above change in evaluation in uncollectible tenant revenues, the allowance for doubtful accounts was written off and an entry was recorded as of January 1, 2019 to adjust the receivables and equity balances of our Consolidated Businesses and UJVs. This resulted in a cumulative effect adjustment increasing Dividends in Excess of Net Income by $3.2 million and Non-redeemable Noncontrolling Interest by $1.8 million on our Consolidated Balance Sheet with offsetting increases in Accounts and Notes Receivable, Investment in UJVs, and Distributions in Excess of Investments In and Net Income of UJVs balances on our Consolidated Balance Sheet.

Revenue from Contract with Customer [Text Block]

Revenue Recognition

Disaggregation of Revenue

The nature, amount, timing, and uncertainty of individual types of revenues may be affected differently by economic factors. Under Accounting Standards Codification (ASC) Topic 606, "Revenue from Contracts with Customers", we are required to disclose a disaggregation of our revenues derived from contracts with customers that considers economic differences between revenue types. The following table summarizes our disaggregation of consolidated revenues for this purpose.



	Three Months Ended September 30				Nine Months Ended September 30
	2020		2019		2020		2019
Shopping center and other operational revenues	$	7,201	15,501		$	23,963	39,056
Management, leasing, and development services	440		1,927		1,830		4,035
Total revenue from contracts with customers	$	7,641	$	17,428	$	25,793	$	43,091

Information about Contract Balances and Unsatisfied Performance Obligations

Contract assets exist when we have a right to payment for services rendered that remains conditional on factors other than the passage of time. Similarly, contract liabilities are incurred when customers prepay for services to be rendered. Certain revenue streams within shopping center and other operational revenues may give rise to contract assets and liabilities. However, these revenue streams are generally short-term in nature and the difference between revenue recognition and cash collection, although variable, does not differ significantly from period to period. As of September 30, 2020, we had an inconsequential amount of contract assets and liabilities.

The aggregate amount of the transaction price allocated to our performance obligations that were unsatisfied, or partially unsatisfied, as of September 30, 2020 were inconsequential.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Interim Financial Statements (Tables)

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements [Abstract]

Lessee, Operating Lease, Disclosure [Table Text Block]

Future rental revenues under operating leases in effect at September 30, 2020 for operating centers, assuming no new or renegotiated leases or option extensions on anchor agreements, is summarized as follows:



2020	$	105,480
2021	388,639
2022	344,731
2023	312,900
2024	290,987
Thereafter	797,895

Disaggregation of Revenue [Table Text Block]

The following table summarizes our disaggregation of consolidated revenues for this purpose.



	Three Months Ended September 30				Nine Months Ended September 30
	2020		2019		2020		2019
Shopping center and other operational revenues	$	7,201	15,501		$	23,963	39,056
Management, leasing, and development services	440		1,927		1,830		4,035
Total revenue from contracts with customers	$	7,641	$	17,428	$	25,793	$	43,091

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2020

Income Tax Contingency [Line Items]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Our income tax expense (benefit) for the three and nine months ended September 30, 2020 and 2019 consisted of the following:



	Three Months Ended September 30							Nine Months Ended September 30
	2020			2019				2020				2019
Federal current	$	—		(78		)		$	—			$	38
Federal deferred	(186		)	681				(2,112		)		1,302
Foreign current	253			1,191			⁽¹⁾	1,355				1,787		⁽¹⁾
Foreign deferred	(55		)	157				1,181			⁽²⁾	1,592		⁽²⁾
State current	22			3				38				44
State deferred	3			67				83				161
Total income tax expense (benefit)	$	37		$	2,021			$	545			$	4,924


(1)	During the three and nine months ended September 30, 2019, we recognized $0.9 million of income tax expense related to a promote fee paid by our previous institutional partner in Starfield Hanam (Note 4).

(2)

Due to the sale of 50% of our interests to funds managed by Blackstone (Note 2), we are no longer able to assert indefinite reinvestment in CityOn.Xi'an and CityOn.Zhengzhou. The foreign deferred tax expense (10% tax rate) is related to an excess of the Investment in the UJVs under GAAP accounting over the tax basis of our investments. During the nine months ended September 30, 2020, we recognized $1.3 million of foreign deferred tax expense and recognized $1.7 million of foreign deferred tax expense for the nine months ended September 30, 2019.

Deferred tax assets and liabilities

Deferred tax assets and liabilities as of September 30, 2020 and December 31, 2019 were as follows:



	2020				2019
Deferred tax assets:
Federal	$	1,951		⁽¹⁾	$	4,385		⁽²⁾
Foreign	2,341				2,020
State	1,656				1,388
Total deferred tax assets	$	5,948			$	7,793
Valuation allowances	(3,212		)	⁽³⁾	(2,761		)	⁽⁴⁾
Net deferred tax assets	$	2,736			$	5,032
Deferred tax liabilities:
Foreign ⁽⁵⁾	$	5,497			$	4,449
Total deferred tax liabilities	$	5,497			$	4,449


(1)	The Federal deferred tax asset is net of Federal deferred tax liabilities and includes a $2.8 million Federal investment tax credit carryforward.


(2)	Includes a $4.4 million Federal investment tax credit carryforward.


(3)	Includes a $1.8 million valuation allowance against Foreign deferred tax assets, and a $1.4 million valuation allowance against State deferred tax assets.


(4)	Includes a $1.7 million valuation allowance against Foreign deferred tax assets, and a $1.1 million valuation allowance against State deferred tax assets.


(5)	The foreign deferred tax liability relates to shareholder level withholding taxes from Korea and China on undistributed profits and an excess of the Investments in the UJVs under GAAP accounting over the tax basis of our investments.

Investments in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2020

Beneficial Interests In Joint Ventures

We own beneficial interests in joint ventures that own shopping centers. TRG is the sole direct or indirect managing general partner or managing member of Fair Oaks Mall, International Plaza, Sunvalley, The Mall at University Town Center, and Westfarms; however, these joint ventures are accounted for under the equity method due to the substantive participation rights of the outside partners. TRG also provides certain management, leasing, and/or development services to the other shopping centers noted below.



Shopping Center		Ownership as of September 30, 2020 and December 31, 2019
CityOn.Xi'an ⁽¹⁾		25% / 50%
CityOn.Zhengzhou		24.5
Country Club Plaza		50
Fair Oaks Mall		50
The Gardens Mall		48.5
International Plaza		50.1
The Mall at Millenia		50
Stamford Town Center ⁽²⁾		50
Starfield Anseong ⁽³⁾		Note 2
Starfield Hanam		17.15
Sunvalley		50
The Mall at University Town Center		50
Waterside Shops		50
Westfarms		79


(1)	In February 2020, we completed the sale of 50% of our interest in CityOn.Xian (Note 2).


(2)	In October 2020, we disposed of our 50% interest in Stamford Town Center (Note 2).

(3)

Starfield Anseong opened in October 2020 (Note 2).

Equity Method Investment Summarized Financial Information Text Block

Combined Financial Information

Combined balance sheet and results of operations information is presented in the following table for our UJVs, followed by TRG's beneficial interest in the combined operations information. The combined financial information of the UJVs as of September 30, 2020 and December 31, 2019 excludes the balances of Starfield Anseong, which was under development as of September 30, 2020 (Note 2). Beneficial interest is calculated based on TRG's ownership interest in each of the UJVs.



	September 30, 2020			December 31, 2019
Assets:
Properties	$	3,821,579		$	3,816,923
Accumulated depreciation and amortization	(1,018,816		)	(942,840		)
	$	2,802,763		$	2,874,083
Cash and cash equivalents	170,994			201,501
Accounts and notes receivable	154,476			122,569
Operating lease right-of-use assets	13,296			11,521
Deferred charges and other assets	149,804			178,708
	$	3,291,333		$	3,388,382

Liabilities and accumulated equity (deficiency) in assets:
Notes payable, net ⁽¹⁾	$	3,051,345		$	3,049,737
Accounts payable and other liabilities	265,663			341,263
Operating lease liabilities	15,043			13,274
TRG's accumulated deficiency in assets	(257,933		)	(212,380		)
UJV Partners' accumulated equity in assets	217,215			196,488
	$	3,291,333		$	3,388,382

TRG's accumulated deficiency in assets (above)	$	(257,933	)	$	(212,380	)
TRG's investment in Starfield Anseong (Note 2) and advances to CityOn.Zhengzhou	215,784			209,024
TRG basis adjustments, including elimination of intercompany profit	337,167			329,673
TCO's additional basis	31,573			32,625
Net investment in UJVs	$	326,591		$	358,942
Distributions in excess of investments in and net income of UJVs	461,360			473,053
Investment in UJVs	$	787,951		$	831,995

(1) The Notes Payable, Net amount excludes the construction financing outstanding for Starfield Anseong of $237.1 million ($116.2 million at TRG's share) as of September 30, 2020.



	Three Months Ended September 30						Nine Months Ended September 30
	2020			2019			2020			2019
Revenues	$	134,084		$	153,749		$	402,503		$	450,775
Maintenance, taxes, utilities, promotion, and other operating expenses	$	50,799		$	54,441		$	156,323		$	158,851
Impairment charge	39,646						39,646
Interest expense	35,456			35,926			105,686			104,637
Depreciation and amortization	31,932			31,861			93,662			98,501
Total operating costs	$	157,833		$	122,228		$	395,317		$	361,989
Nonoperating income, net ⁽¹⁾	12,143			837			13,285			2,161
Income tax expense	(2,184		)	(2,023		)	(6,451		)	(5,669		)
Net income (loss)	$	(13,790	)	$	30,335		$	14,020		$	85,278

Net income attributable to TRG	$	(7,155	)	$	15,545		$	6,477		$	43,993
Realized intercompany profit, net of depreciation on TRG’s basis adjustments	(2,229		)	5,195			(4,588		)	7,213
Depreciation of TCO's additional basis	(352		)	(488		)	(1,053		)	(1,460		)
Equity in income (loss) of UJVs	$	(9,736	)	$	20,252		$	836		$	49,746

Beneficial interest in UJVs’ operations:
Revenues less maintenance, taxes, utilities, promotion, and other operating expenses	$	23,548		$	56,703		$	98,942		$	158,813
Impairment charge	(19,834		)				(19,834		)
Interest expense	(16,127		)	(17,798		)	(48,487		)	(52,579		)
Depreciation and amortization	3,610			(17,662		)	(28,423		)	(53,808		)
Income tax expense	(933		)	(991		)	(1,362		)	(2,680		)
Equity in income (loss) of UJVs	$	(9,736	)	$	20,252		$	836		$	49,746

(1)

In addition to the disposition of 50% of our ownership interest in Starfield Hanam, in September 2019, Blackstone also purchased the 14.7% interest in Starfield Hanam that was previously owned by our institutional joint venture partner. Our previous partnership agreement provided for a promote fee due to Taubman Asia upon the institutional partner's exit from the partnership based on performance measures under the prior agreement, which resulted in the recognition of a $4.8 million promote fee during the three and nine months ended September 30, 2019. During the three and nine months ended September 30, 2020, reductions of the previously recognized promote fee of $0.3 million and $0.6 million, respectively, were recognized.

Beneficial Interest in Debt and Interest Expense (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Operating Partnership's beneficial interest

TRG's beneficial interest in the debt, capitalized interest, and interest expense of our consolidated subsidiaries and our UJVs is summarized in the following table. TRG's beneficial interest in the consolidated subsidiaries excludes debt and interest related to the noncontrolling interest in Cherry Creek Shopping Center (50%) and International Market Place (6.5%).



	At 100%						At Beneficial Interest
	Consolidated Subsidiaries			UJVs			Consolidated Subsidiaries			UJVs
Debt as of:
September 30, 2020	$	3,897,515		$	3,288,418		$	3,606,741		$	1,581,599
December 31, 2019	3,710,327			3,049,737			3,419,625			1,508,506

Capitalized interest:
Nine Months Ended September 30, 2020	$	4,784	⁽¹⁾	$	1,405	⁽²⁾	$	4,685	⁽¹⁾	$	1,165	⁽²⁾
Nine Months Ended September 30, 2019	6,138		⁽¹⁾	189			6,120		⁽¹⁾	112

Interest expense:
Nine Months Ended September 30, 2020	$	101,254		$	104,101		$	92,977		$	48,487
Nine Months Ended September 30, 2019	112,590			104,637			103,692			52,579


(1)	We capitalize interest costs incurred in funding our equity contributions to development projects accounted for as UJVs. The capitalized interest cost is included at our basis in our investment in UJVs. Such capitalized interest reduces interest expense on our Consolidated Statement of Operations and Comprehensive Income (Loss) and in the table above is included within Consolidated Subsidiaries.


(2)	Capitalized interest on the Asia UJV construction financing is presented at our beneficial interest in both the UJVs (at 100%) and UJVs (at Beneficial Interest Columns).

Noncontrolling Interests (Tables)

9 Months Ended

Sep. 30, 2020

Noncontrolling Interest [Line Items]

Reconciliation Of Redeemable Noncontrolling Interest

Reconciliation of Redeemable Noncontrolling Interest



	Three Months Ended September 30					Nine Months Ended September 30
	2020		2019			2020		2019
Beginning Balance	$	—	$	6,000		$	—	$	7,800
Distributions			(6,000		)			(6,000		)
Allocation of net loss								(237		)
Former Taubman Asia President adjustment of redeemable equity								(1,800		)
Adjustments of redeemable noncontrolling interest								237
Ending Balance	$	—	$	—		$	—	$	—

Net equity balance of noncontrolling interests

The net equity balance of the non-redeemable noncontrolling interests as of September 30, 2020 and December 31, 2019 included the following:



	2020			2019
Non-redeemable noncontrolling interests:
Noncontrolling interests in consolidated joint ventures	$	(152,330	)	$	(153,343	)
Noncontrolling interests in partnership equity of TRG	(48,875		)	(13,840		)
	$	(201,205	)	$	(167,183	)

Net income (loss) attributable to noncontrolling interests

Net income (loss) attributable to the noncontrolling interests for the three months ended September 30, 2020 and 2019 included the following:



	Three Months Ended September 30
	2020			2019
Net income (loss) attributable to noncontrolling interests:
Non-redeemable noncontrolling interests:
Noncontrolling share of income (loss) of consolidated joint ventures	$	(308	)	$	958
Noncontrolling share of income (loss) of TRG	(12,052		)	93,690
	$	(12,360	)	$	94,648

Net income (loss) attributable to the noncontrolling interests for the nine months ended September 30, 2020 and 2019 included the following:



	Nine Months Ended September 30
	2020			2019
Net income (loss) attributable to noncontrolling interests:
Non-redeemable noncontrolling interests:
Noncontrolling share of income of consolidated joint ventures	1,015			$	3,456
Noncontrolling share of income (loss) of TRG	(16,653		)	103,899
	$	(15,638	)	$	107,355
Redeemable noncontrolling interest:				(237		)
	$	(15,638	)	$	107,118

Effects of changes in ownership interest in consolidated subsidiaries on equity

The following table presents the effects of changes in TCO’s ownership interest in consolidated subsidiaries on TCO’s equity for the nine months ended September 30, 2020 and 2019:



	Nine Months Ended September 30
	2020			2019
Net income (loss) attributable to TCO common shareholders	$	(44,269	)	$	236,717
Transfers (to) from the noncontrolling interest:
Increase (decrease) in TCO’s paid-in capital for adjustments of noncontrolling interest ⁽¹⁾	(384		)	55,691
Net transfers (to) from noncontrolling interests	(384		)	55,691
Change from net income (loss) attributable to TCO and transfers (to) from noncontrolling interests	$	(44,653	)	$	292,408

(1)

In 2020 and 2019, adjustments of the noncontrolling interest were made as a result of changes in our ownership of TRG in connection with our share-based compensation under employee and director benefit plans (Note 8) and issuances of common stock pursuant to the Continuing Offer (Note 9). In 2019, adjustments of noncontrolling interest were made in connection with the accounting for the Former Taubman Asia President's redeemable ownership interest and issuance of TRG Units for the acquisition of The Gardens Mall (Note 2).

Derivative and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments, Gain (Loss) [Line Items]

Interest rate derivatives designated as cash flow hedges

As of September 30, 2020, we had the following outstanding derivatives that were designated and are expected to be effective as cash flow hedges of the interest payments and/or the currency exchange rate on the associated debt.



Instrument Type	Ownership	Notional Amount	Swap Rate	Credit Spread on Loan				Total Swapped Rate on Loan				Maturity Date
Consolidated Subsidiaries:
Receive variable (LIBOR) /pay-fixed swap ⁽¹⁾	100%	100,000	2.14%	1.80%			⁽¹⁾	3.94%			⁽¹⁾	February 2022
Receive variable (LIBOR) /pay-fixed swap ⁽¹⁾	100%	100,000	2.14%	1.80%			⁽¹⁾	3.94%			⁽¹⁾	February 2022
Receive variable (LIBOR) /pay-fixed swap ⁽¹⁾	100%	50,000	2.14%	1.80%			⁽¹⁾	3.94%			⁽¹⁾	February 2022
Receive variable (LIBOR) /pay-fixed swap ⁽¹⁾	100%	50,000	2.14%	1.60%	/	1.80%	⁽¹⁾	3.74%	/	3.94%	⁽¹⁾	February 2022
Receive variable (LIBOR) /pay-fixed swap ⁽²⁾	100%	125,000	3.02%	1.90%			⁽²⁾	4.92%			⁽²⁾	March 2023
Receive variable (LIBOR) /pay-fixed swap ⁽²⁾	100%	75,000	3.02%	1.90%			⁽²⁾	4.92%			⁽²⁾	March 2023
Receive variable (LIBOR) /pay-fixed swap ⁽²⁾	100%	50,000	3.02%	1.90%			⁽²⁾	4.92%			⁽²⁾	March 2023
Receive variable (LIBOR) /pay-fixed swap ⁽³⁾	100%	12,000	2.09%	1.40%				3.49%				March 2024
UJVs:
Receive variable (LIBOR) /pay-fixed swap⁽⁴⁾	50.1%	155,791	1.83%	1.75%				3.58%				December 2021

(1)

The hedged forecasted transaction for each of these swaps is the first previously unhedged one-month LIBOR-indexed interest payment accrued and made each month on a debt principal amount equal to the swap notional amount, regardless of the specific debt agreement from which they may flow. We are currently using these swaps to manage interest rate risk on the $275 million unsecured term loan and $25 million on the $1.1 billion primary unsecured revolving line of credit. The credit spread on these loans can vary within a range of 1.15% to 1.80% on the $275 million unsecured term loan and 1.05% to 1.60% on the $1.1 billion unsecured revolving line of credit, depending on our total leverage ratio at the measurement date, resulting in an effective rate in the range of 3.29% to 3.94% on the $275 million unsecured term loan and 3.19% to 3.74% on $25 million of the $1.1 billion primary unsecured revolving line of credit during the remaining swap period. In August 2020, we entered into amendments to waive all of our existing financial covenants related to our primary unsecured revolving line of credit and $275 million unsecured term loan for the covenant waiver period. Through the covenant compliance date, our primary unsecured revolving line of credit bears interest at the maximum total leverage ratio level of LIBOR, subject to 0.5% floor on the unhedged balance, plus 1.60%, and our $275 million unsecured term loan bears interest at the maximum total leverage ratio level of LIBOR plus 1.80%.

(2)

The hedged forecasted transaction for each of these swaps is the first previously unhedged one-month LIBOR-indexed interest payment accrued and made each month on a debt principal amount equal to the swap notional amount, regardless of the specific debt agreement from which they may flow beginning with the March 2019 effective date of these swaps. We are currently using these swaps to manage interest rate risk on the $250 million unsecured term loan. The credit spread on this loan can vary within a range of 1.25% to 1.90%, depending on our total leverage ratio at the measurement date, resulting in an effective rate in the range of 4.27% to 4.92% during the swap period. In August 2020, we entered into amendments to waive all of our existing financial covenants related to our $250 million unsecured term loan for the covenant waiver period. Through the covenant compliance date, our $250 million unsecured term loan bears interest at the maximum total leverage ratio level of LIBOR plus 1.90%.


(3)	The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on the U.S. headquarters building.


(4)	The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on International Plaza.

Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income

The following tables present the effect of derivative instruments on our Consolidated Statement of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2020 and 2019. The tables include the amount of gains or losses on outstanding derivative instruments recognized in OCI in cash flow hedging relationships and the location and amount of gains or losses reclassified from AOCI into income resulting from outstanding derivative instruments.



	Amount of Gain or (Loss) Recognized in OCI on Derivative					Location of Gain or (Loss) Reclassified from AOCI into Income	Amount of Gain or (Loss) Reclassified from AOCI into Income
	Three Months Ended September 30						Three Months Ended September 30
	2020		2019				2020			2019
Derivatives in cash flow hedging relationships:
Interest rate contracts – consolidated subsidiaries	$	3,431	$	(2,059	)	Interest Expense	$	(3,399	)	$	(400	)
Interest rate contracts – UJVs	334		(253		)	Equity in Income (Loss) of UJVs	(333		)	85
Cross-currency interest rate contract – UJV	16		52			Equity in Income (Loss) of UJVs	(87		)	711
Total derivatives in cash flow hedging relationships	$	3,781	$	(2,260	)		$	(3,819	)	$	396



	Amount of Gain or (Loss) Recognized in OCI on Derivative						Location of Gain or (Loss) Reclassified from AOCI into Income	Amount of Gain or (Loss) Reclassified from AOCI into Income
	Nine Months Ended September 30							Nine Months Ended September 30
	2020			2019				2020			2019
Derivatives in cash flow hedging relationships:
Interest rate contracts – consolidated subsidiaries	$	(11,192	)	$	(16,583	)	Interest Expense	$	(7,479	)	$	366
Interest rate contracts – UJVs	(1,106		)	(1,953		)	Equity in Income (Loss) of UJVs	(627		)	354
Cross-currency interest rate contract – UJV	22			9			Equity in Income (Loss) of UJVs	233			1,522
Total derivatives in cash flow hedging relationships	$	(12,276	)	$	(18,527	)		$	(7,873	)	$	2,242

Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet

The following table presents the location and fair value of our derivative financial instruments as reported on our Consolidated Balance Sheet as of September 30, 2020 and December 31, 2019.



		Fair Value
	Consolidated Balance Sheet Location	September 30, 2020			December 31, 2019
Liability derivatives:
Interest rate contracts – consolidated subsidiaries	Accounts Payable and Accrued Liabilities	$	(26,611	)	$	(15,419	)
Interest rate contract – UJV	Investment in UJVs	(1,518		)	(412		)
Cross-currency interest rate contract – UJV	Investment in UJVs				(91		)
Total liabilities designated as hedging instruments		$	(28,129	)	$	(15,922	)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959

+ Details

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share-based Compensation Arrangement by Share-based Payment Award Restricted Profits Units, Vested and Expected to Vest [Table Text Block]



	Number of Restricted TRG Profits Units		Weighted Average Grant-Date Fair Value
Outstanding at January 1, 2020	22,411		$	54.73
Units recovered and cancelled ⁽¹⁾	(58	)	57.84
Vested and converted ⁽²⁾	(14,199	)	57.84
Outstanding at September 30, 2020	8,154		$	49.29


(1)	This reflects the recovery and cancellation of previously granted Restricted TRG Profits Units, which vested on March 1, 2020, as a result of the actual cash distributions made during the vesting period.

(2)

This represents the conversion of Restricted TRG Profits Units to TRG Units, which vested on March 1, 2020, and had previously satisfied certain tax–driven requirements.

Schedule of Share-based Compensation Arrangement by Share-based Payment Award, TSR Performance-Based Profits Units, Vested and Expected to Vest [Table Text Block]



	Number of relative TSR Performance-based TRG Profits Units		Weighted Average Grant-Date Fair Value
Outstanding at January 1, 2020	50,420		$	22.81
Units recovered and cancelled ⁽¹⁾	(27,318	)	23.14
Vested and converted ⁽²⁾	(4,757	)	23.14
Outstanding at September 30, 2020	18,345		$	22.22

(1)

This reflects the recovery and cancellation of previously granted (300% of target grant amount) Relative TSR Performance-based TRG Profits Units, which vested on March 1, 2020, as a result of the performance payout ratio of 17% and the actual cash distributions made during the vesting period. That is, despite the completion of applicable employee service requirements, the number of Relative TSR Performance-based TRG Profits Units ultimately considered earned is determined by the extent to which the TSR market performance measure was achieved during the performance period.


(2)	This represents the conversion of Restricted TRG Profits Units to TRG Units, which vested on March 1, 2020, and had previously satisfied certain tax–driven requirements.

Schedule of Share-based Compensation Arrangement by Share-based Payment Award, NOI Performance-Based Profits Units, Vested and Expected to Vest1 [Table Text Block]



	Number of NOI Performance-based TRG Profits Units		Weighted Average Grant-Date Fair Value
Outstanding at January 1, 2020	50,420		$	2.99
Units recovered and cancelled ⁽¹⁾	(32,075	)	—
Outstanding at September 30, 2020	18,345		$	8.21

(1)

This reflects the recovery and cancellation of previously granted (300% of target grant amount) NOI Performance-based TRG Profits Units, which vested on March 1, 2020, as a result of the performance payout ratio of 0%. That is, despite the completions of applicable employee service requirements, the number of NOI Performance-based TRG Profits Units ultimately considered earned is determined by the extent to which the NOI performance measure was achieved during the performance period.

Schedule of Nonvested Performance-based Units Activity [Table Text Block]



	Number of TSR PSU		Weighted Average Grant-Date Fair Value
Outstanding at January 1, 2020	29,375		$	82.95
Vested ⁽¹⁾	(2,492	)	79.60
Outstanding at September 30, 2020	26,883		$	83.26

(1)

Based on our market performance relative to that of a peer group, the actual number of shares of common stock issued upon vesting on March 1, 2020 was 1,297 shares for the TSR PSU three-year grants. The shares of common stock were issued at 0.52x. That is, despite the completion of the applicable employee service requirements, the number of shares ultimately considered earned is determined by the extent to which the TSR market performance measure was achieved during the performance period.

Schedule of Nonvested NOI Performance-based Units Activity [Table Text Block]



	Number of NOI PSU		Weighted Average Grant-Date Fair Value
Outstanding at January 1, 2020	29,375		$	40.95
Granted	31,318		43.24
Vested ⁽¹⁾	(2,492	)	—
Outstanding at September 30, 2020	58,201		$	43.94

(1)

The actual number of shares of common stock issued upon vesting on March 1, 2020 was zero. That is, despite the completion of applicable employee service requirements, the number of shares ultimately considered earned is determined by the extent to which NOI was achieved during the performance period.

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]



	Number of RSU		Weighted Average Grant-Date Fair Value
Outstanding at January 1, 2020	179,846		$	57.73
Granted	84,352		47.07
Vested	(52,723	)	64.22
Forfeited	(5,398	)	53.98
Outstanding at September 30, 2020	206,077		$	51.81

Commitments and Contingencies Insurance Proceeds (Tables)

9 Months Ended

Sep. 30, 2020

Business Interruption Loss [Line Items]

Business Insurance Recoveries [Text Block]

The following table presents a summary of the insurance proceeds received relating to our claim for The Mall of San Juan for the nine months ended September 30, 2019. There were no insurance proceeds received during the three months ended September 30, 2019 or the three and nine months ended September 30, 2020:



Proceeds Description	Consolidated Statement of Operations and Comprehensive Income (Loss) Location	Nine Months Ended September 30, 2019
Proceeds Description		Nine Months Ended September 30, 2019
		(in thousands)
Business interruption insurance recoveries	Nonoperating Income, Net	$	8,574
Revenue reduction related to business interruption ⁽¹⁾	Reduction of Rental Revenues	(1,202		)
Expense reimbursement insurance recoveries	Nonoperating Income, Net	185
Reimbursement for capital items damaged in hurricane in 2017	Reversal of previously recognized Depreciation Expense	2,000			(2)
Gain on insurance recoveries	Nonoperating Income, Net	1,418


(1)	Represents amounts recognized in prior periods that were credited back to tenants upon receipt of business interruption claim proceeds.


(2)	Represents reduction of depreciation expense recorded in June 2019 for proceeds received in final settlement of insurance claim, which offset the original deductible expensed in 2017.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Basic and diluted earnings per share



	Three Months Ended September 30					Nine Months Ended September 30
	2020			2019		2020			2019
Net income (loss) attributable to TCO common shareholders (Numerator):
Basic	$	(30,072	)	$	215,361	$	(44,269	)	$	236,717
Impact of additional ownership of TRG				1,512					2,506
Diluted	$	(30,072	)	$	216,873	$	(44,269	)	$	239,223

Shares (Denominator) – basic	61,696,565			61,211,249		61,512,816			61,169,279
Effect of dilutive securities				1,034,165					1,063,217
Shares (Denominator) – diluted	61,696,565			62,245,414		61,512,816			62,232,496

Earnings (loss) per common share – basic	$	(0.49	)	$	3.52	$	(0.72	)	$	3.87
Earnings (loss) per common share – diluted	$	(0.49	)	$	3.48	$	(0.72	)	$	3.84

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

The table below presents the potential common stock excluded from the calculation of diluted earnings per common share as they were anti-dilutive in the period presented. Potentially dilutive securities were excluded from the computation of EPS for the three and nine months ended September 30, 2020 because they were anti-dilutive due to net losses in these periods.



	Three Months Ended September 30		Nine Months Ended September 30
	2020	2019	2020	2019
Weighted average noncontrolling TRG Units outstanding	3,211,571	5,977,536	3,355,589	5,388,947
Unissued TRG Units under unit option deferral elections	871,262		871,262
Unvested TSR PSU, NOI PSU, Restricted and Performance-based TRG Profits Units, RSU and deferred shares under the Non-Employee Directors’ Deferred Compensation Plan	289,116		239,556

Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

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 September 30, 2020 Using					Fair Value Measurements as of December 31, 2019 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)
Insurance deposit	$	11,187				$	11,213
Total assets	$	11,187	$	—		$	11,213	$	—

Derivative interest rate contracts (Note 7)			$	(26,611	)			$	(15,419	)
Total liabilities			$	(26,611	)			$	(15,419	)

Estimated fair value of notes payable

The estimated fair values of notes payable at September 30, 2020 and December 31, 2019 were as follows:



	2020				2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable, net	$	3,897,515	$	4,120,266	$	3,710,327	$	3,753,531

Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Accumulated Other Comprehensive Income Components [Line Items]

OtherComprehensiveIncomeLossReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax [Table Text Block]

The following table presents reclassifications out of AOCI for the nine months ended September 30, 2020:



Details about AOCI Components	Amounts reclassified from AOCI			Affected line item on our Consolidated Statement of Operations and Comprehensive Income (Loss)
Losses (gains) on interest rate instruments and other:
Realized loss on interest rate contracts - consolidated subsidiaries	$	7,479		Interest Expense
Realized loss on interest rate contracts - UJVs	627			Equity in Income (Loss) of UJVs
Realized gain on cross-currency interest rate contract - UJV	(233		)	Equity in Income (Loss) of UJVs
Total reclassifications for the period	$	7,873

The following table presents reclassifications out of AOCI for the nine months ended September 30, 2019:



Details about AOCI Components	Amounts reclassified from AOCI			Affected line item on our Consolidated Statement of Operations and Comprehensive Income (Loss)
Gains on interest rate instruments and other:
Realized gain on interest rate contracts - consolidated subsidiaries	$	(366	)	Interest Expense
Realized gain on interest rate contracts - UJVs	(354		)	Equity in Income (Loss) of UJVs
Realized gain on cross-currency interest rate contract - UJV	(1,522		)	Equity in Income (Loss) of UJVs
Total reclassifications for the period	$	(2,242	)

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

Changes in the balance of each component of AOCI for the nine months ended September 30, 2020 were as follows:



	TCO 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, 2020	$	(18,953	)	$	(20,050	)	$	(39,003	)	$	(8,176	)	$	4,197		$	(3,979	)
Other comprehensive income (loss) before reclassifications	2,264			(14,177		)	(11,913		)	2,637			(5,972		)	(3,335		)
Amounts reclassified from AOCI				5,539			5,539						2,334			2,334
Net current period other comprehensive income (loss)	$	2,264		$	(8,638	)	$	(6,374	)	$	2,637		$	(3,638	)	$	(1,001	)
Partial disposition of ownership interest in UJV	3,999						3,999									—
Adjustments due to changes in ownership	(137		)	70			(67		)	137			(70		)	67
September 30, 2020	$	(12,827	)	$	(28,618	)	$	(41,445	)	$	(5,402	)	$	489		$	(4,913	)

Changes in the balance of each component of AOCI for the nine months ended September 30, 2019 were as follows:



	TCO 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, 2019	$	(16,128	)	$	(9,248	)	$	(25,376	)	$	(6,569	)	$	8,363		$	1,794
Other comprehensive income (loss) before reclassifications	(16,760		)	(11,375		)	(28,135		)	(3,703		)	(4,910		)	(8,613		)
Amounts reclassified from AOCI				(1,565		)	(1,565		)				(677		)	(677		)
Net current period other comprehensive income (loss)	$	(16,760	)	$	(12,940	)	$	(29,700	)	$	(3,703	)	$	(5,587	)	$	(9,290	)
Partial disposition of ownership interest in UJV	8,185						$	8,185								$	—
Adjustments due to changes in ownership	274			(350		)	(76		)	(274		)	350			76
September 30, 2019	$	(24,429	)	$	(22,538	)	$	(46,967	)	$	(10,546	)	$	3,126		$	(7,420	)

Cash Flow Disclosures and Non-Cash Investing and Financing Activities (Tables)

9 Months Ended

Sep. 30, 2020

Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within our Consolidated Balance Sheet that sum to the total of the same such amounts shown on our Consolidated Statement of Cash Flows.



	September 30, 2020		December 31, 2019
Cash and cash equivalents	$	256,512	$	102,762
Restricted cash	632		656
Total Cash, Cash Equivalents, and Restricted Cash shown on our Consolidated Statement of Cash Flows	$	257,144	$	103,418

Interim Financial Statements (Details) - USD ($)	3 Months Ended		9 Months Ended
Interim Financial Statements (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Nov. 02, 2020	Jun. 30, 2020	Jun. 25, 2020	Feb. 09, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent Company	70.00%		70.00%
Number of urban and suburban shopping centers in the Company's owned portfolio	24		24
Number of states in which Company operates	11		11
Percent of Tenants Reopened Following COVID-19 Related Closures.					94.00%	85.00%
Accounts and Financing Receivable, after Allowance for Credit Loss	$ 172,525,000		$ 172,525,000						$ 95,416,000
Simon Property Group, Inc. transaction costs	17,060,000		32,505,000
Operating Leases, Future Minimum Payments Receivable, Current	105,480,000		105,480,000
Operating Leases, Future Minimum Payments Receivable, in Two Years	388,639,000		388,639,000
Operating Leases, Future Minimum Payments Receivable, in Three Years	344,731,000		344,731,000
Operating Leases, Future Minimum Payments Receivable, in Four Years	312,900,000		312,900,000
Operating Leases, Future Minimum Payments Receivable, in Five Years	290,987,000		290,987,000
Operating Leases, Future Minimum Payments Receivable, Thereafter	797,895,000		797,895,000
Shopping Center and Other Operational Revenues	7,201,000	$ 15,501,000	23,963,000	$ 39,056,000
Management Leasing And Development Services	440,000	1,927,000	1,830,000	4,035,000
Total revenue from contracts with customers	7,641,000	17,428,000	25,793,000	43,091,000
Restructuring Charges	2,395,000	876,000	2,757,000	1,585,000
Costs Associated With Shareowner Activism	$ 0	675,000	$ 0	16,675,000
Related Party Costs		$ 5,000,000.0		5,000,000
Substantial Doubt about Going Concern, Management's Evaluation			When preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements are issued. No such conditions or events were identified as of the issuance date of the financial statements contained in this Quarterly Report on Form 10-Q.
Westfarms [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in hundredths)	79.00%		79.00%						79.00%
International Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in hundredths)	50.10%		50.10%						50.10%
Series J Preferred Stock [Member]
Schedule of Equity Method Investments [Line Items]
Preferred Stock, Dividend Rate, Percentage			6.50%
Series K Preferred Stock [Member]
Schedule of Equity Method Investments [Line Items]
Preferred Stock, Dividend Rate, Percentage			6.25%
Accumulated Distributions in Excess of Net Income [Member] \| Accounting Standards Update 2016-02 [Member]
Schedule of Equity Method Investments [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification (Deprecated 2020-01-31)				$ 3,156,000
Series K Preferred Stock [Member]
Schedule of Equity Method Investments [Line Items]
Preferred Stock, Dividends Per Share, Declared	$ 0.390625	$ 0.390625	$ 1.171875	$ 1.171875
Series J Preferred Stock [Member]
Schedule of Equity Method Investments [Line Items]
Preferred Stock, Dividends Per Share, Declared	$ 0.40625	$ 0.40625	$ 1.21875	$ 1.21875
Noncontrolling Interest [Member] \| Accounting Standards Update 2016-02 [Member]
Schedule of Equity Method Investments [Line Items]
Adjustment of Non-Redeemable Noncontrolling Interest				$ 1,763,000
Taubman Centers Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Business Acquisition, Ownership Percentage, Simon Operating Partnership								100.00%
Business Acquisition, Share Price								$ 52.50
Shareholders Voted in Favor of Merger Agreement - Percent of Shares Voted							99.70%
Shareholders Voted in Favor of Merger Agreement as a Percent of Shares Entitled to Vote							84.70%
TRG [Member]
Schedule of Equity Method Investments [Line Items]
Business Acquisition, Ownership Percentage, Simon Operating Partnership								80.00%
Business Acquisition, Ownership Percentage, Taubman Family								20.00%
Line of Credit [Member]
Schedule of Equity Method Investments [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,100,000,000		$ 1,100,000,000
Unsecured Debt 275M Term Loan [Member]
Schedule of Equity Method Investments [Line Items]
Unsecured Debt	275,000,000		275,000,000
Unsecured Debt 250M Term Loan [Member]
Schedule of Equity Method Investments [Line Items]
Unsecured Debt	$ 250,000,000		$ 250,000,000

Interim Financial Statements (Operating Partnership) (Details) - $ / shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
The Operating Partnership [Abstract]
Number Of Classes Of Preferred Stock	three
Common stock, shares outstanding	61,723,103		61,228,579
Number Of Classes Of Preferred Equity	two
Noncontrolling Interest, Ownership Percentage by Parent Company	70.00%
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interests	70.00%	70.00%
Units of Partnership Interest, Amount	87,719,766
Number Of Operating Partnership Units Outstanding Owned By Company	61,723,103
Noncontrolling Interest, Ownership Percentage by Noncontrolling Interest	30.00%
Series J Preferred Stock [Member]
The Operating Partnership [Abstract]
Dividend rate (in hundredths)	6.50%
Preferred Stock, liquidation preference per share	$ 25
Preferred Stock, Shares Outstanding	7,700,000		7,700,000
Series K Preferred Stock [Member]
The Operating Partnership [Abstract]
Dividend rate (in hundredths)	6.25%
Preferred Stock, liquidation preference per share	$ 25
Preferred Stock, Shares Outstanding	6,800,000		6,800,000
Series B Preferred Stock [Member]
The Operating Partnership [Abstract]
Preferred Stock, liquidation preference per share	$ 0.001		$ 0.001
Units of Partnership Interest, Terms of Conversion	one share of Series B Non-Participating Convertible Preferred Stock (Series B Preferred Share) per each unit of limited partnership in TRG (TRG Unit)
Preferred Stock, voting rights	Each Series B Preferred Share entitles the holder to one vote on all matters submitted to our shareholders. The holders of Series B Preferred Shares, voting as a class, have the right to designate up to four nominees for election as directors of TCO. On all other matters on which the holders of common stock are entitled to vote, including the election of directors, the holders of Series B Preferred Shares will vote with the holders of common stock.
Convertible Preferred Stock, Terms of Conversion	ratio of 14,000 shares of Series B Preferred Stock for one share of common stock
Preferred Stock, Shares Outstanding	25,979,064		26,398,473

Acquisition, Partial Disposition of Ownership Interests, Redevelopment, and Development (Details)		3 Months Ended					9 Months Ended		12 Months Ended
	Feb. 14, 2019 USD ($)	Sep. 30, 2020 USD ($) ft²	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($) Rate	Sep. 30, 2020 USD ($) ft²	Sep. 30, 2019 USD ($) Rate shares	Dec. 31, 2019 USD ($)
Disposition, Redevelopments, and Developments
Proceeds from the Sale of Interests in Real Estate net of Transaction Costs							$ 48,673,000	$ 235,745,000
Gain (Loss) on Disposition of Assets		$ 0				$ 138,696,000	11,277,000	138,696,000
Gain on remeasurement of ownership interest in Unconsolidated Joint Venture		$ 0				$ 145,010,000	$ 14,146,000	$ 145,010,000
Starfield Hanam [Member]
Disposition, Redevelopments, and Developments
Equity Method Investment, Ownership Percentage		17.15%			17.15%		17.15%		17.15%
CityOn.Xi'an [Member]
Disposition, Redevelopments, and Developments
Equity Method Investment, Ownership Percentage		25.00%			50.00%		25.00%		50.00%
CityOn.Zhengzhou [Member]
Disposition, Redevelopments, and Developments
Equity Method Investment, Ownership Percentage		24.50%			24.50%		24.50%		24.50%
Taubman Prestige Outlets Chesterfield [Member]
Disposition, Redevelopments, and Developments
Impairment Charge on Reclassified Assets									$ 72,200,000
Buildings and Improvements, Gross					$ 0				$ 0
The Gardens Mall [Member]
Disposition, Redevelopments, and Developments
Equity Method Investment, Summarized Financial Information, Ownership Interest Acquired								48.50%
Noncash or Part Noncash Acquisition, Debt Assumed								$ 94,600,000
Blackstone Transaction [Member]
Disposition, Redevelopments, and Developments
Equity Method Investment, Summarized Financial Information, Ownership Interest Agreed to be Sold	50.00%
Equity Method Investment, Value of Ownership Interest Agreed to be Sold	$ 480,000,000
Proceeds from the Sale of Interests in Real Estate net of Transaction Costs	$ 330,000,000
Blackstone Transaction [Member] \| Starfield Hanam [Member]
Disposition, Redevelopments, and Developments
Equity Method Investment, Summarized Financial Information, Ownership Interest Sold \| Rate								50.00%
Proceeds from the Sale of Interests in Real Estate net of Transaction Costs								$ 235,700,000
Gain (Loss) on Disposition of Assets								138,700,000
Gain on remeasurement of ownership interest in Unconsolidated Joint Venture								$ 145,000,000.0
Equity Method Investment, Ownership Percentage \| Rate						17.15%		17.15%
Blackstone Transaction [Member] \| CityOn.Xi'an [Member]
Disposition, Redevelopments, and Developments
Equity Method Investment, Summarized Financial Information, Ownership Interest Sold							50.00%
Proceeds from the Sale of Interests in Real Estate net of Transaction Costs			$ 400,000	$ 48,000,000.0
Gain (Loss) on Disposition of Assets			400,000	10,600,000
Gain on remeasurement of ownership interest in Unconsolidated Joint Venture			$ 400,000	$ 13,200,000
Equity Method Investment, Ownership Percentage		25.00%					25.00%
Blackstone Transaction [Member] \| CityOn.Zhengzhou [Member]
Disposition, Redevelopments, and Developments
Equity Method Investment, Summarized Financial Information, Ownership Interest Sold					50.00%
Proceeds from the Sale of Interests in Real Estate net of Transaction Costs							$ 500,000
Gain (Loss) on Disposition of Assets							500,000
Gain on remeasurement of ownership interest in Unconsolidated Joint Venture							$ 500,000
Starfield Anseong [Member]
Disposition, Redevelopments, and Developments
Equity Method Investment, Ownership Percentage		49.00%					49.00%
Area of Real Estate Property \| ft²		1,000,000.0					1,000,000.0
Redevelopment total project costs		$ 287,600,000					$ 287,600,000
Preferred Stock [Member]
Disposition, Redevelopments, and Developments
Stock Issued During Period, Shares, Acquisitions \| shares								1,500,000
Preferred Stock [Member] \| The Gardens Mall [Member]
Disposition, Redevelopments, and Developments
Stock Issued During Period, Shares, Acquisitions \| shares								1,500,000

Income Taxes (Details) - USD ($)	3 Months Ended			9 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				21.00%			36.00%
Reduction in Deferred Tax Asset				$ 2,300,000
Income tax expense (benefit) [Abstract]
Federal current	$ 0		$ (78,000)	0	$ 38,000
Federal deferred	(186,000)		681,000	(2,112,000)	1,302,000
Foreign current	253,000		1,191,000	1,355,000	1,787,000
Foreign deferred	(55,000)		157,000	1,181,000	1,592,000
State current	22,000		3,000	38,000	44,000
State deferred	3,000		67,000	83,000	161,000
Total income tax expense (benefit)	37,000		2,021,000	545,000	4,924,000
Deferred tax assets:
Deferred Tax Assets, Gross	5,948,000	$ 7,793,000		5,948,000
Valuation allowances	(3,212,000)	(2,761,000)		(3,212,000)
Net deferred tax assets	2,736,000	5,032,000		2,736,000
Deferred tax liabilities:
Deferred tax liabilities	5,497,000	4,449,000		5,497,000
Starfield Hanam [Member]
Income tax expense (benefit) [Abstract]
Income Tax Expense on Promote Fee Income			$ 900,000		900,000
State Administration of Taxation, China [Member]
Income tax expense (benefit) [Abstract]
Foreign deferred				$ 1,300,000	$ 1,700,000.0
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Percent				10.00%
Domestic Country [Member]
Deferred tax assets:
Deferred Tax Assets, Gross	1,951,000	4,385,000		$ 1,951,000
Deferred tax liabilities:
Tax Credit Carryforward, Amount	2,800,000	4,400,000		2,800,000
Foreign Country [Member]
Deferred tax assets:
Deferred Tax Assets, Gross	2,341,000	2,020,000		2,341,000
Valuation allowances	(1,800,000)	(1,700,000)		(1,800,000)
Deferred tax liabilities:
Deferred tax liabilities	5,497,000	4,449,000		5,497,000
State and Local Jurisdiction [Member]
Deferred tax assets:
Deferred Tax Assets, Gross	1,656,000	1,388,000		1,656,000
Valuation allowances	$ (1,400,000)	$ (1,100,000)		$ (1,400,000)
Blackstone Transaction [Member] \| Starfield Hanam [Member]
Income tax expense (benefit) [Abstract]
Equity Method Investment, Summarized Financial Information, Ownership Interest Sold					50.00%
Blackstone Transaction [Member] \| CityOn.Xi'an [Member]
Income tax expense (benefit) [Abstract]
Equity Method Investment, Summarized Financial Information, Ownership Interest Sold				50.00%
Blackstone Transaction [Member] \| CityOn.Zhengzhou [Member]
Income tax expense (benefit) [Abstract]
Equity Method Investment, Summarized Financial Information, Ownership Interest Sold		50.00%
Coronavirus Aid, Relief, and Economic Security Act (CARES Act) [Member]
Operating Loss Carryforwards [Line Items]
Net Operating Loss						$ 12,800,000
Federal Tax Refund				$ 4,500,000
Other Tax Expense (Benefit)				$ 1,900,000

Investments in Unconsolidated Joint Ventures (Details) - USD ($)		3 Months Ended					9 Months Ended		12 Months Ended
	Feb. 14, 2019	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Depreciable Basis In Years							40 years
Equity of certain joint ventures							less than zero
Proceeds from the Sale of Interests in Real Estate net of Transaction Costs							$ 48,673,000	$ 235,745,000
CityOn.Xi'an [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage			25.00%			50.00%	25.00%		50.00%
CityOn.Zhengzhou [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage			24.50%			24.50%	24.50%		24.50%
Country Club Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage			50.00%			50.00%	50.00%		50.00%
Fair Oaks Mall Member
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage			50.00%			50.00%	50.00%		50.00%
The Gardens Mall [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage			48.50%			48.50%	48.50%		48.50%
International Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage			50.10%			50.10%	50.10%		50.10%
The Mall at Millenia [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage			50.00%			50.00%	50.00%		50.00%
Stamford Town Center [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage			50.00%			50.00%	50.00%		50.00%
Equity Method Investment, Summarized Financial Information, Ownership Interest Sold		50.00%
Starfield Hanam [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage			17.15%			17.15%	17.15%		17.15%
Sunvalley [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage			50.00%			50.00%	50.00%		50.00%
The Mall at University Town Center [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage			50.00%			50.00%	50.00%		50.00%
Waterside Shops [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage			50.00%			50.00%	50.00%		50.00%
Westfarms [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage			79.00%			79.00%	79.00%		79.00%
Stamford Town Center [Member]
Schedule of Equity Method Investments [Line Items]
Income Loss From Equity Method Investments Potion Due To Impairment			$ 19,800,000						$ 18,000,000.0
Proceeds from the Sale of Interests in Real Estate net of Transaction Costs		$ 9,700,000
Blackstone Transaction [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from the Sale of Interests in Real Estate net of Transaction Costs	$ 330,000,000
Blackstone Transaction [Member] \| CityOn.Xi'an [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage			25.00%				25.00%
Equity Method Investment, Summarized Financial Information, Ownership Interest Sold							50.00%
Proceeds from the Sale of Interests in Real Estate net of Transaction Costs				$ 400,000	$ 48,000,000.0
Blackstone Transaction [Member] \| CityOn.Zhengzhou [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Ownership Interest Sold						50.00%
Proceeds from the Sale of Interests in Real Estate net of Transaction Costs							$ 500,000
Blackstone Transaction [Member] \| Starfield Hanam [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage								17.15%
Equity Method Investment, Summarized Financial Information, Ownership Interest Sold								50.00%
Proceeds from the Sale of Interests in Real Estate net of Transaction Costs								$ 235,700,000
CityOn.Zhengzhou [Member]
Schedule of Equity Method Investments [Line Items]
Notes Receivable, Related Parties			$ 44,400,000			$ 43,100,000	44,400,000		$ 43,100,000
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Schedule of Equity Method Investments [Line Items]
Income Loss From Equity Method Investments Potion Due To Impairment			$ 19,834,000				$ 19,834,000

Investments in Unconsolidated Joint Ventures (Combined Financial Information Balance Sheet) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Dec. 31, 2019	Jan. 01, 2019
Properties		$ 4,725,672	$ 4,731,061
Accumulated depreciation and amortization		(1,625,433)	(1,514,992)
Real Estate Investment Property, Net		3,100,239	3,216,069
Cash and cash equivalents (Note 13)		256,512	102,762
Accounts and notes receivable (Note 1)		172,525	95,416
Operating Lease, Right-of-Use Asset		172,050	173,796	$ 178,100
Deferred charges and other assets		85,616	92,659
Total Assets		4,579,590	4,515,465
Notes Payable		3,897,515	3,710,327
Accounts Payable and Accrued Liabilities		278,055	268,714
Operating lease liabilities		240,611	240,777
Liabilities and Equity		(4,579,590)	(4,515,465)
Distributions in excess of investments in and net income of UJVs		461,360	473,053
Investment in Unconsolidated Joint Ventures		(787,951)	$ (831,995)
Starfield Anseong [Member]
Notes Payable, Current		237,100
Notes Payable, At Beneficial Interest		$ 116,200
Starfield Hanam [Member]
Equity Method Investment, Ownership Percentage		17.15%	17.15%
Blackstone Transaction [Member] \| Starfield Hanam [Member]
Ownership Interest Sold	50.00%
Equity Method Investment, Ownership Percentage	17.15%
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Properties		$ 3,821,579	$ 3,816,923
Accumulated depreciation and amortization		(1,018,816)	(942,840)
Real Estate Investment Property, Net		2,802,763	2,874,083
Cash and cash equivalents (Note 13)		170,994	201,501
Accounts and notes receivable (Note 1)		154,476	122,569
Operating Lease, Right-of-Use Asset		13,296	11,521
Deferred charges and other assets		149,804	178,708
Total Assets		3,291,333	3,388,382
Notes Payable		3,051,345	3,049,737
Accounts Payable and Accrued Liabilities		265,663	341,263
Operating lease liabilities		15,043	13,274
TRG's accumulated deficiency in assets		(257,933)	(212,380)
UJV Partners' accumulated equity in assets		217,215	196,488
Liabilities and Equity		(3,291,333)	(3,388,382)
TRG's accumulated deficiency in assets (above)		(257,933)	(212,380)
TRG's investment in Starfield Anseong (Note 2) and advances to CityOn.Zhengzhou		215,784	209,024
TRG basis adjustments, including elimination of intercompany profit		337,167	329,673
TCO's additional basis		31,573	32,625
Net investment in UJVs		326,591	358,942
Distributions in excess of investments in and net income of UJVs		461,360	473,053
Investment in Unconsolidated Joint Ventures		$ 787,951	$ 831,995

Investments in Unconsolidated Joint Ventures (Combined Financial Information Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues	$ 130,998	$ 162,506	$ 408,992	$ 484,318
Interest Expense	(33,052)	(37,695)	(101,254)	(112,590)
Depreciation, Depletion and Amortization	49,235	47,849	162,769	137,064
Operating Expenses	159,567	159,161	477,997	476,309
Nonoperating Income (Expense)	1,694	11,108	1,332	26,468
Income tax expense	(37)	(2,021)	(545)	(4,924)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	36,648	(316,390)	41,959	(363,005)
Net Income (Loss) Attributable to Parent	(24,288)	221,742	(26,321)	255,887
Income (Loss) from Equity Method Investments	(9,736)	20,252	836	49,746
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Revenues	134,084	153,749	402,503	450,775
Maintenance, taxes, utilities, promotion, and other operating expenses	50,799	54,441	156,323	158,851
Impairment of Real Estate	39,646		39,646
Interest Expense	(35,456)	(35,926)	(105,686)	(104,637)
Depreciation, Depletion and Amortization	31,932	31,861	93,662	98,501
Operating Expenses	157,833	122,228	395,317	361,989
Nonoperating Income (Expense)	12,143	837	13,285	2,161
Income tax expense	(2,184)	(2,023)	(6,451)	(5,669)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	13,790	(30,335)	(14,020)	(85,278)
Net Income (Loss) Attributable to Parent	(7,155)	15,545	6,477	43,993
Realized intercompany profit, net of depreciation on TRG’s basis adjustments	(2,229)	5,195	(4,588)	7,213
Depreciation of TCO's additional basis	(352)	(488)	(1,053)	(1,460)
Income (Loss) from Equity Method Investments	(9,736)	20,252	836	49,746
Beneficial interest in UJVs’ operations:
Revenues less maintenance, taxes, utilities, promotion, and other operating expenses	23,548	56,703	98,942	158,813
Income Loss From Equity Method Investments Portion Due To Impairment	(19,834)		(19,834)
Interest expense	(16,127)	(17,798)	(48,487)	(52,579)
Depreciation and amortization	3,610	(17,662)	(28,423)	(53,808)
Income tax expense	(933)	$ (991)	(1,362)	(2,680)
Starfield Hanam [Member]
Beneficial interest in UJVs’ operations:
Promote Fee Income				$ 4,800
Reductions to Previously Recognized Promote Fee	$ (300)		$ (600)
Starfield Hanam [Member] \| Blackstone Transaction [Member]
Beneficial interest in UJVs’ operations:
Ownership Interest Sold				50.00%
Ownership Interest Purchased by Joint Venture Partner				14.70%

Beneficial Interest in Debt and Interest Expense (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended	9 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Dec. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Interest		30.00%					30.00%
At 100% [Abstract]
Notes Payable		$ 3,897,515					$ 3,897,515		$ 3,710,327
Capitalized interest, consolidated subsidiaries at 100%							4,784	$ 6,138
Interest Expense		33,052			$ 37,695		101,254	112,590
At beneficial interest [Abstract]
Debt Consolidated Subsidiaries At Beneficial Interest		$ 3,606,741					3,606,741		3,419,625
Capitalized interest, consolidated subsidiaries at beneficial interest							4,685	6,120
Interest expense, consolidated subsidiaries at beneficial interest							$ 92,977	103,692
Cherry Creek Shopping Center [Member]
Debt Instrument [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Interest		50.00%					50.00%
International Market Place [Member]
Debt Instrument [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Interest		6.50%					6.50%
At 100% [Abstract]
Notes Payable		$ 250,000					$ 250,000
At beneficial interest [Abstract]
Number of Extension Options							two
Length Of Extension Option							one year
The Mall at Green Hills [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.25%					3.25%
At 100% [Abstract]
Notes Payable		150,000					$ 150,000
Debt Instrument, Description of Variable Rate Basis	LIBOR
Debt Instrument, Basis Spread on Variable Rate	2.75%
Line of Credit [Member]
At 100% [Abstract]
Debt Instrument, Description of Variable Rate Basis						LIBOR
Debt Instrument, Basis Spread on Variable Rate						1.60%
At beneficial interest [Abstract]
Proceeds from Lines of Credit				$ 350,000
Line of Credit Facility, Maximum Borrowing Capacity		1,100,000					1,100,000
Long-term Line of Credit		870,000					870,000
Repayments of Lines of Credit			$ (100,000)
Secondary Line of Credit [Member]
At beneficial interest [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity		65,000					65,000
Unsecured Debt [Member]
At beneficial interest [Abstract]
Line of Credit Facility, Remaining Borrowing Capacity		197,500					197,500
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
At 100% [Abstract]
Notes Payable		3,051,345					3,051,345		3,049,737
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities (Deprecated 2020-01-31)		3,288,418					3,288,418		3,049,737
Capitalized interest, consolidated subsidiaries at 100%							1,405	189
Interest Expense		35,456			35,926		105,686	104,637
Interest Expense, Unconsolidated Joint Ventures, at 100%							104,101	104,637
At beneficial interest [Abstract]
Debt, unconsolidated joint ventures at beneficial interest		1,581,599					1,581,599		$ 1,508,506
Capitalized Interest, Unconsolidated Joint Ventures at Beneficial Interest							1,165	112
Interest expense, unconsolidated joint ventures at beneficial interest		$ 16,127			$ 17,798		$ 48,487	$ 52,579

Beneficial Interest in Debt and Interest Expense (Debt Covenants and Guarantees) (Details) - USD ($) $ in Thousands	6 Months Ended	9 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Guarantor Obligations [Line Items]
Other Restrictions on Payment of Dividends		95.00%
Notes Payable, Net		$ 3,897,515	$ 3,710,327
International Market Place [Member]
Guarantor Obligations [Line Items]
Notes Payable, Net		250,000
Interest Payable		$ 500
Unconditional Guaranty Liability, Principal Balance, Percent		100.00%
Unconditional Guaranty Liability, Interest, Percent		100.00%
Debt Instrument, Term		3 years
International Plaza [Member]
Guarantor Obligations [Line Items]
Debt Instrument, Face Amount		$ 175,000
Company's Percentage Share of Derivative Guarantee		50.10%
Interest Rate Derivative Liabilities, at Fair Value		$ 3,000
Interest Payable		200
Unsecured Debt $275M Term Loan [Member]
Guarantor Obligations [Line Items]
Unsecured Debt		275,000
Debt Instrument, Description of Variable Rate Basis	LIBOR
Debt Instrument, Basis Spread on Variable Rate	1.80%
Unsecured Debt 250M Term Loan [Member]
Guarantor Obligations [Line Items]
Unsecured Debt		250,000
Debt Instrument, Description of Variable Rate Basis	LIBOR
Debt Instrument, Basis Spread on Variable Rate	1.90%
Line of Credit [Member]
Guarantor Obligations [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity - Covenant Waiver Period		$ 1,012,300
Debt Instrument, Description of Variable Rate Basis	LIBOR
Debt Instrument, Interest Rate, Basis for Effective Rate	0.5%
Debt Instrument, Basis Spread on Variable Rate	1.60%
Line of Credit Facility, Commitment Fee Percentage	0.25%
Series J Preferred Stock [Member]
Guarantor Obligations [Line Items]
Preferred Stock, Dividend Rate, Percentage		6.50%
Series K Preferred Stock [Member]
Guarantor Obligations [Line Items]
Preferred Stock, Dividend Rate, Percentage		6.25%

Noncontrolling Interests (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
Noncontrolling Interests (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	70.00%		70.00%
Percentage of noncontrolling interests (in hundredths)	30.00%		30.00%
Redeemable Noncontrolling Interest, Equity, Carrying Amount	$ 0	$ 0	$ 0	$ 0	$ 0
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable	(308,000)	958,000	1,015,000	3,456,000
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable	(12,052,000)	93,690,000	(16,653,000)	103,899,000
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest	(12,360,000)	94,648,000	(15,638,000)	107,355,000
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest				(237,000)
Net Income (Loss) Attributable to Noncontrolling Interest			(15,638,000)	107,118,000
Reconciliation Of Redeemable Noncontrolling Interests [Roll Forward]
Redeemable Noncontrolling Interest, Equity, Carrying Amount	0	6,000,000	0	7,800,000	7,800,000
Distributions to redeemable noncontrolling interest		(6,000,000)		(6,000,000)
Allocation of net loss to redeemable noncontrolling interest				(237,000)
Redeemable Noncontrolling Interest, Vested Balance of Ownership Interest				(1,800,000)
Adjustments of redeemable noncontrolling interest				237,000
Redeemable Noncontrolling Interest, Equity, Carrying Amount	0	0	0	0	0
Non-redeemable noncontrolling interests:
Noncontrolling interests in consolidated joint ventures	(152,330,000)		(152,330,000)		(153,343,000)
Noncontrolling interests in partnership equity of TRG	(48,875,000)		(48,875,000)		(13,840,000)
Noncontrolling interests (Note 6)	(201,205,000)		(201,205,000)		$ (167,183,000)
Effects of changes in ownership interest in consolidated subsidiaries on equity [Abstract]
Net income (loss) attributable to TCO common shareholders	(30,072,000)	215,361,000	(44,269,000)	236,717,000
Increase (decrease) in TCO’s paid-in capital for adjustments of noncontrolling interest (1)	$ 0	0	0	(237,000)
Net transfers (to) from noncontrolling interests			(384,000)	55,691,000
Change from net income (loss) attributable to TCO and transfers (to) from noncontrolling interests			$ (44,653,000)	292,408,000
Former Taubman Asia Redeemable Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Percentage Of the Former Asia President's interest To Which Is Puttable Beginning In 2019					5.00%
Percentage of dividends to which the President is entitled (in hundredths)					5.00%
Percentage of President's dividends withheld as contributions to capital (in hundredths)					85.00%
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest				237,000
Reconciliation Of Redeemable Noncontrolling Interests [Roll Forward]
Distributions to redeemable noncontrolling interest		(6,000,000)		(6,000,000)	$ (6,000,000.0)
Contributions					$ 2,000,000.0
Allocation of net loss to redeemable noncontrolling interest				237,000
Taubman Successor Asia President Redeemable Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Percentage of dividends to which the President is entitled (in hundredths)					3.00%
International Market Place [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	93.50%		93.50%
Percentage of noncontrolling interests (in hundredths)	6.50%		6.50%
Redeemable Noncontrolling Interest, Equity, Carrying Amount	$ 0		$ 0		$ 0
Reconciliation Of Redeemable Noncontrolling Interests [Roll Forward]
Redeemable Noncontrolling Interest, Equity, Carrying Amount			0
Redeemable Noncontrolling Interest, Equity, Carrying Amount	0		0		$ 0
Finite Life Entities [Member]
Non-redeemable noncontrolling interests:
Noncontrolling interests (Note 6)	(152,300,000)		$ (152,300,000)
Finite Life Entities [Abstract]
Termination date of partnership agreement			Jan. 01, 2083
Estimated Fair Value Of Noncontrolling Interests	152,000,000		$ 152,000,000
Additional Paid-in Capital [Member]
Reconciliation Of Redeemable Noncontrolling Interests [Roll Forward]
Redeemable Noncontrolling Interest, Vested Balance of Ownership Interest				(1,800,000)
Effects of changes in ownership interest in consolidated subsidiaries on equity [Abstract]
Increase (decrease) in TCO’s paid-in capital for adjustments of noncontrolling interest (1)	$ (136,000)	$ (1,809,000)	$ (384,000)	$ 55,691,000

Derivative and Hedging Activities (Interest Rate Derivatives) (Details) - USD ($) $ in Thousands	6 Months Ended	9 Months Ended
	Dec. 31, 2020	Sep. 30, 2020
Cash flow hedges of interest rate risk [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent		70.00%
Line of Credit [Member]
Cash flow hedges of interest rate risk [Abstract]
Debt Instrument, Description of Variable Rate Basis	LIBOR
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,100,000
Debt Instrument, Interest Rate, Basis for Effective Rate	0.5%
Debt Instrument, Basis Spread on Variable Rate	1.60%
Unsecured Debt 275M Term Loan [Member]
Cash flow hedges of interest rate risk [Abstract]
Debt Instrument, Description of Variable Rate Basis	LIBOR
Unsecured Debt		$ 275,000
Debt Instrument, Basis Spread on Variable Rate	1.80%
Consolidated Subsidiaries Interest Rate Swap 1 [Domain]
Cash flow hedges of interest rate risk [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent		100.00%
Derivative, Notional Amount		$ 100,000
Derivative, Fixed Interest Rate		2.14%
Derivative, Basis Spread on Variable Rate		1.80%
Total Swapped Rate On Loan		3.94%
Derivative, Maturity Date		Feb. 01, 2022
Consolidated Subsidiaries Interest Rate Swap 1 [Domain] \| Unsecured Debt 275M Term Loan [Member]
Cash flow hedges of interest rate risk [Abstract]
Unsecured Debt		$ 275,000
Derivative, Lower Range of Basis Spread, Variable Rate		1.15%
Derivative, Higher Range of Basis Spread, Variable Rate		1.80%
Derivative, Lower Range of Effective Rate, Variable Rate		3.29%
Derivative, Upper Range of Effective Rate, Variable Rate		3.94%
Consolidated Subsidiaries Interest Rate Swap 1 [Domain] \| London Interbank Offered Rate (LIBOR) [Member]
Cash flow hedges of interest rate risk [Abstract]
Debt Instrument, Description of Variable Rate Basis		one-month LIBOR
Consolidated Subsidiaries Interest Rate Swap 2 [Domain]
Cash flow hedges of interest rate risk [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent		100.00%
Derivative, Notional Amount		$ 100,000
Derivative, Fixed Interest Rate		2.14%
Derivative, Basis Spread on Variable Rate		1.80%
Total Swapped Rate On Loan		3.94%
Derivative, Maturity Date		Feb. 01, 2022
Consolidated Subsidiaries Interest Rate Swap 2 [Domain] \| Unsecured Debt 275M Term Loan [Member]
Cash flow hedges of interest rate risk [Abstract]
Unsecured Debt		$ 275,000
Derivative, Lower Range of Basis Spread, Variable Rate		1.15%
Derivative, Higher Range of Basis Spread, Variable Rate		1.80%
Derivative, Lower Range of Effective Rate, Variable Rate		3.29%
Derivative, Upper Range of Effective Rate, Variable Rate		3.94%
Consolidated Subsidiaries Interest Rate Swap 2 [Domain] \| London Interbank Offered Rate (LIBOR) [Member]
Cash flow hedges of interest rate risk [Abstract]
Debt Instrument, Description of Variable Rate Basis		one-month LIBOR
Consolidated Subsidiaries Interest Rate Swap 3 [Domain]
Cash flow hedges of interest rate risk [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent		100.00%
Derivative, Notional Amount		$ 50,000
Derivative, Fixed Interest Rate		2.14%
Derivative, Basis Spread on Variable Rate		1.80%
Total Swapped Rate On Loan		3.94%
Derivative, Maturity Date		Feb. 01, 2022
Consolidated Subsidiaries Interest Rate Swap 3 [Domain] \| Unsecured Debt 275M Term Loan [Member]
Cash flow hedges of interest rate risk [Abstract]
Unsecured Debt		$ 275,000
Derivative, Lower Range of Basis Spread, Variable Rate		1.15%
Derivative, Higher Range of Basis Spread, Variable Rate		1.80%
Derivative, Lower Range of Effective Rate, Variable Rate		3.29%
Derivative, Upper Range of Effective Rate, Variable Rate		3.94%
Consolidated Subsidiaries Interest Rate Swap 3 [Domain] \| London Interbank Offered Rate (LIBOR) [Member]
Cash flow hedges of interest rate risk [Abstract]
Debt Instrument, Description of Variable Rate Basis		one-month LIBOR
Consolidated Subsidiaries Interest Rate Swap 4 [Domain]
Cash flow hedges of interest rate risk [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent		100.00%
Derivative, Notional Amount		$ 50,000
Derivative, Fixed Interest Rate		2.14%
Derivative, Maturity Date		Feb. 01, 2022
Consolidated Subsidiaries Interest Rate Swap 4 [Domain] \| Line of Credit [Member]
Cash flow hedges of interest rate risk [Abstract]
Derivative, Basis Spread on Variable Rate		1.80%
Total Swapped Rate On Loan		3.94%
Unsecured Debt		$ 25,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,100,000
Derivative, Lower Range of Basis Spread, Variable Rate		1.05%
Derivative, Higher Range of Basis Spread, Variable Rate		1.60%
Derivative, Lower Range of Effective Rate, Variable Rate		3.19%
Derivative, Upper Range of Effective Rate, Variable Rate		3.74%
Consolidated Subsidiaries Interest Rate Swap 4 [Domain] \| Unsecured Debt 275M Term Loan [Member]
Cash flow hedges of interest rate risk [Abstract]
Derivative, Basis Spread on Variable Rate		1.60%
Total Swapped Rate On Loan		3.74%
Unsecured Debt		$ 275,000
Derivative, Lower Range of Basis Spread, Variable Rate		1.15%
Derivative, Higher Range of Basis Spread, Variable Rate		1.80%
Derivative, Lower Range of Effective Rate, Variable Rate		3.29%
Derivative, Upper Range of Effective Rate, Variable Rate		3.94%
Consolidated Subsidiaries Interest Rate Swap 4 [Domain] \| London Interbank Offered Rate (LIBOR) [Member]
Cash flow hedges of interest rate risk [Abstract]
Debt Instrument, Description of Variable Rate Basis		one-month LIBOR
Consolidated Subsidiaries Interest Rate Swap 5 [Domain]
Cash flow hedges of interest rate risk [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent		100.00%
Derivative, Notional Amount		$ 125,000
Derivative, Fixed Interest Rate		3.02%
Derivative, Basis Spread on Variable Rate		1.90%
Total Swapped Rate On Loan		4.92%
Derivative, Maturity Date		Mar. 01, 2023
Unsecured Debt		$ 250,000
Derivative, Lower Range of Basis Spread, Variable Rate		1.25%
Derivative, Higher Range of Basis Spread, Variable Rate		1.90%
Derivative, Lower Range of Effective Rate, Variable Rate		4.27%
Derivative, Upper Range of Effective Rate, Variable Rate		4.92%
Consolidated Subsidiaries Interest Rate Swap 5 [Domain] \| London Interbank Offered Rate (LIBOR) [Member]
Cash flow hedges of interest rate risk [Abstract]
Debt Instrument, Description of Variable Rate Basis		one-month LIBOR
Consolidated Subsidiaries Interest Rate Swap 6 [Domain]
Cash flow hedges of interest rate risk [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent		100.00%
Derivative, Notional Amount		$ 75,000
Derivative, Fixed Interest Rate		3.02%
Derivative, Basis Spread on Variable Rate		1.90%
Total Swapped Rate On Loan		4.92%
Derivative, Maturity Date		Mar. 01, 2023
Unsecured Debt		$ 250,000
Derivative, Lower Range of Basis Spread, Variable Rate		1.25%
Derivative, Higher Range of Basis Spread, Variable Rate		1.90%
Derivative, Lower Range of Effective Rate, Variable Rate		4.27%
Derivative, Upper Range of Effective Rate, Variable Rate		4.92%
Consolidated Subsidiaries Interest Rate Swap 6 [Domain] \| London Interbank Offered Rate (LIBOR) [Member]
Cash flow hedges of interest rate risk [Abstract]
Debt Instrument, Description of Variable Rate Basis		one-month LIBOR
Consolidated Subsidiaries Interest Rate Swap 7 [Domain]
Cash flow hedges of interest rate risk [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent		100.00%
Derivative, Notional Amount		$ 50,000
Derivative, Fixed Interest Rate		3.02%
Derivative, Basis Spread on Variable Rate		1.90%
Total Swapped Rate On Loan		4.92%
Derivative, Maturity Date		Mar. 01, 2023
Unsecured Debt		$ 250,000
Derivative, Lower Range of Basis Spread, Variable Rate		1.25%
Derivative, Higher Range of Basis Spread, Variable Rate		1.90%
Derivative, Lower Range of Effective Rate, Variable Rate		4.27%
Derivative, Upper Range of Effective Rate, Variable Rate		4.92%
Consolidated Subsidiaries Interest Rate Swap 7 [Domain] \| London Interbank Offered Rate (LIBOR) [Member]
Cash flow hedges of interest rate risk [Abstract]
Debt Instrument, Description of Variable Rate Basis		one-month LIBOR
Consolidated Subsidiaries Interest Rate Swap 8 [Domain]
Cash flow hedges of interest rate risk [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent		100.00%
Derivative, Notional Amount		$ 12,000
Derivative, Fixed Interest Rate		2.09%
Derivative, Basis Spread on Variable Rate		1.40%
Total Swapped Rate On Loan		3.49%
Derivative, Maturity Date		Mar. 01, 2024
Unconsolidated Joint Ventures Interest Rate Swap 1 [Member]
Cash flow hedges of interest rate risk [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent		50.10%
Derivative, Notional Amount		$ 155,791
Derivative, Fixed Interest Rate		1.83%
Derivative, Basis Spread on Variable Rate		1.75%
Total Swapped Rate On Loan		3.58%
Derivative, Maturity Date		Dec. 01, 2021

Derivative and Hedging Activities (Effect of Derivative Instruments on the Consolidated Statement of Operations and Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract]
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ 14,800		$ 14,800
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	3,781	$ (2,260)	(12,276)	$ (18,527)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(3,819)	396	(7,873)	2,242
Consolidated Properties [Member] \| Cash Flow Hedging [Member] \| Interest Rate Contract [Member] \| Other comprehensive income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	3,431	(2,059)	(11,192)	(16,583)
Consolidated Properties [Member] \| Cash Flow Hedging [Member] \| Interest Rate Contract [Member] \| Interest expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(3,399)	(400)	(7,479)	366
Unconsolidated Properties [Member] \| Cash Flow Hedging [Member] \| Interest Rate Contract [Member] \| Other comprehensive income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	334	(253)	(1,106)	(1,953)
Unconsolidated Properties [Member] \| Cash Flow Hedging [Member] \| Interest Rate Contract [Member] \| Equity Method Investments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(333)	85	(627)	354
Unconsolidated Properties [Member] \| Cash Flow Hedging [Member] \| Cross Currency Interest Rate Contract [Member] \| Other comprehensive income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	16	52	22	9
Unconsolidated Properties [Member] \| Cash Flow Hedging [Member] \| Cross Currency Interest Rate Contract [Member] \| Equity Method Investments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ (87)	$ 711	$ 233	$ 1,522

Derivative and Hedging Activities (Location and Fair Value of Derivative Instruments as Reported in the Consoiidated Balance Sheet) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]
Derivative Liability, Fair Value, Gross Liability	$ (28,129)	$ (15,922)
Default Option, Range, Minimum [Member]
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]
Interest Rate Recourse Provisions	100
Default Option, Range, Maximum [Member]
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]
Interest Rate Recourse Provisions	50,000
Consolidated Properties [Member] \| Interest Rate Contract [Member] \| Accounts Payable and Accrued Liabilities [Member]
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]
Derivative Liability, Fair Value, Gross Liability	(26,611)	(15,419)
Unconsolidated Properties [Member] \| Interest Rate Contract [Member] \| Equity Method Investments [Member]
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]
Derivative Liability, Fair Value, Gross Liability	(1,518)	(412)
Unconsolidated Properties [Member] \| Cross Currency Interest Rate Contract [Member] \| Equity Method Investments [Member]
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]
Derivative Liability, Fair Value, Gross Liability		$ (91)

Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based compensation, allocation and classification in financial statements [Abstract]
Compensation cost charged to income for the Company's share-based compensation plans	$ 1.7	$ 1.9	$ 5.7	$ 6.1
Share-based Payment Arrangement, Amount Capitalized	$ 0.1	$ 0.1	$ 0.3	$ 0.3
2018 Omnibus Plan [Member]
Deferred compensation arrangements [Abstract]
Aggregate number of Company common shares or Operating Partnership units approved for awards under the 2018 Omnibus Plan, amended (in shares)	2,800,000		2,800,000
The ratio at which awards granted are deducted from the shares available for grant			one share or TRG Profits Unit for every one share or TRG Profits Unit granted
Profits Units [Member]
Deferred compensation arrangements [Abstract]
Awards under the Omnibus Plan			represents a contingent right to receive a TRG Unit upon vesting and the satisfaction of certain tax-driven requirements and, as to the TSR and NOI Performance-based TRG Profits Units, the satisfaction of certain performance-based requirements. Until vested, a TRG Profits Unit entitles the holder to only one-tenth of the distributions otherwise payable by TRG on a TRG Unit. Therefore, we account for these TRG Profits Units as participating securities in TRG. A portion of the TRG Profits Units award represents estimated cash distributions that otherwise would have been payable during the vesting period and, upon vesting, there will be an adjustment in actual number of TRG Profits Units realized under each award to reflect TRG's actual cash distributions during the vesting period
Restricted TRG Profits Units [Member]
Summary of non-option activity [Roll Forward]
Outstanding at January 1, 2020			22,411
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share)			$ 54.73
Units recovered and cancelled (1)			(58)
Units recovered and cancelled (1), weighted average grant date fair value (in dollars per share)			$ 57.84
Vested			(14,199)
Vested, weighted average grant date fair value (in dollars per share)			$ 57.84
Outstanding at September 30, 2020	8,154		8,154
Outstanding at end of period, weighted average grant date fair value (in dollars per share)	$ 49.29		$ 49.29
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 0.1		$ 0.1
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition			4 months 24 days
TSR Performance-based TRG Profits Units [Member]
Summary of non-option activity [Roll Forward]
Outstanding at January 1, 2020			50,420
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share)			$ 22.81
Units recovered and cancelled (1)			(27,318)
Units recovered and cancelled (1), weighted average grant date fair value (in dollars per share)			$ 23.14
Vested			(4,757)
Vested, weighted average grant date fair value (in dollars per share)			$ 23.14
Outstanding at September 30, 2020	18,345		18,345
Outstanding at end of period, weighted average grant date fair value (in dollars per share)	$ 22.22		$ 22.22
Target Grant Amount			300.00%
Weighted Average Payout Rate for Vesting During Period			17.00%
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 0.1		$ 0.1
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition			4 months 24 days
NOI Performance-based TRG Profits Units [Member]
Summary of non-option activity [Roll Forward]
Outstanding at January 1, 2020			50,420
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share)			$ 2.99
Units recovered and cancelled (1)			(32,075)
Units recovered and cancelled (1), weighted average grant date fair value (in dollars per share)			$ 0
Outstanding at September 30, 2020	18,345		18,345
Outstanding at end of period, weighted average grant date fair value (in dollars per share)	$ 8.21		$ 8.21
Target Grant Amount			300.00%
Weighted Average Payout Rate for Vesting During Period			0.00%
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 0.1		$ 0.1
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition			4 months 24 days
TSR Performance Shares [Member]
Deferred compensation arrangements [Abstract]
Awards under the Omnibus Plan			represents the right to receive, upon vesting, shares of common stock ranging from 0-300% of the TSR PSU based on our market performance relative to that of a peer group. The TSR PSU grants include a cash payment upon vesting equal to the aggregate cash dividends that would have been paid on such shares of common stock during the vesting period.
Summary of non-option activity [Roll Forward]
Outstanding at January 1, 2020			29,375
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share)			$ 82.95
Vested			(2,492)
Vested, weighted average grant date fair value (in dollars per share)			$ 79.60
Outstanding at September 30, 2020	26,883		26,883
Outstanding at end of period, weighted average grant date fair value (in dollars per share)	$ 83.26		$ 83.26
Actual Shares Issued Upon Vesting During Period			1,297
Weighted Average Payout Rate for Vesting During Period			52.00%
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 0.7		$ 0.7
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition			1 year 2 months 12 days
NOI Performance Shares [Member]
Deferred compensation arrangements [Abstract]
Awards under the Omnibus Plan			represents the right to receive, upon vesting, shares of common stock ranging from 0-300% of the NOI PSU based on our NOI performance, as well as a cash payment upon vesting equal to the aggregate cash dividends that would have been paid on such shares of common stock during the vesting period. These awards also provide for a cap on the maximum number of units vested if absolute TSR is not positive over a three-year period.
Summary of non-option activity [Roll Forward]
Outstanding at January 1, 2020			29,375
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share)			$ 40.95
Granted			31,318
Granted, weighted average grant date value (in dollars per share)			$ 43.24
Vested			(2,492)
Vested, weighted average grant date fair value (in dollars per share)			$ 0
Outstanding at September 30, 2020	58,201		58,201
Outstanding at end of period, weighted average grant date fair value (in dollars per share)	$ 43.94		$ 43.94
Actual Shares Issued Upon Vesting During Period			0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 1.4		$ 1.4
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition			1 year 9 months 18 days
Restricted Stock Units (RSUs) [Member]
Deferred compensation arrangements [Abstract]
Awards under the Omnibus Plan			represents the right to receive upon vesting one share of common stock, as well as a cash payment upon vesting equal to the aggregate cash dividends that would have been paid on such shares of common stock during the vesting period
Summary of non-option activity [Roll Forward]
Outstanding at January 1, 2020			179,846
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share)			$ 57.73
Granted			84,352
Granted, weighted average grant date value (in dollars per share)			$ 47.07
Forfeited			(5,398)
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share)			$ 53.98
Vested			(52,723)
Vested, weighted average grant date fair value (in dollars per share)			$ 64.22
Outstanding at September 30, 2020	206,077		206,077
Outstanding at end of period, weighted average grant date fair value (in dollars per share)	$ 51.81		$ 51.81
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 4.8		$ 4.8
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition			1 year 9 months 18 days
Unissued Partnership Units Under Unit Option Deferral Election Member
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Options exercised under unit option deferral election plan (in shares)			3,000,000.0
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 2022
Number of Annual Installments during which Deferred Partnership Units will be issued			five

Commitments and Contingencies (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Feb. 09, 2020
Cash tender [Abstract]
Minimum aggregate value of Operating Partnership units to be tendered		$ 50,000
Fair Value of Written Option, Cash Tender Agreement		$ 0
Market value per common share (in dollars per share)		$ 33.29
Approximate aggregate value of interests in the Operating Partnership that may be tendered		$ 800,000
Additional interest the Company would have owned in the Operating Partnership upon purchase of interests (in hundredths)		28.00%
Continuing offer [Abstract]
Common Stock, Conversion Basis		one TRG Unit is exchangeable for one share of common stock
Partial Reimbursement of Anchor Allowance		$ 3,000	$ 20,000
Gain (Loss) Related to Litigation Settlement			10,095
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
The Mall of San Juan [Member]
Partial Reimbursement of Anchor Allowance, Total Agreed Upon Amount			26,000
Continuing offer [Abstract]
Business Interruption Insurance Proceeds Received	$ 0		8,574
Insurance Recoveries - Revenue Reduction	0		(1,202)
Insurance Recoveries - Expense Items	0		185
Insurance Recoveries - Capital Items	0		2,000
Gain on Business Interruption Insurance Recovery	$ 0		1,418
Partial Reimbursement of Anchor Allowance			20,000
Partial Reimbursement of Anchor Allowance, Future Installment Payment Amounts			3,000
Gain (Loss) Related to Litigation Settlement			$ 10,100
Taubman Centers Inc. [Member]
Continuing offer [Abstract]
Business Acquisition, Ownership Percentage, Simon Operating Partnership				100.00%
TRG [Member]
Continuing offer [Abstract]
Business Acquisition, Ownership Percentage, Simon Operating Partnership				80.00%

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income (loss) attributable to TCO common shareholders (Numerator):
Basic	$ (30,072)	$ 215,361	$ (44,269)	$ 236,717
Impact of additional ownership of TRG		1,512		2,506
Diluted	$ (30,072)	$ 216,873	$ (44,269)	$ 239,223
Shares (Denominator) – basic	61,696,565	61,211,249	61,512,816	61,169,279
Effect of dilutive securities		1,034,165		1,063,217
Shares (Denominator) – diluted	61,696,565	62,245,414	61,512,816	62,232,496
Earnings (loss) per common share – basic	$ (0.49)	$ 3.52	$ (0.72)	$ 3.87
Earnings (loss) per common share – diluted	$ (0.49)	$ 3.48	$ (0.72)	$ 3.84
Weighted average noncontrolling partnership units outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,211,571	5,977,536	3,355,589	5,388,947
Unissued TRG Units under unit option deferral elections
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	871,262		871,262
Unvested TSR PSU, NOI PSU, Restricted and Performance-based TRG Profits Units, RSU and deferred shares under the Non-Employee Directors’ Deferred Compensation Plan [Domain]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	289,116		239,556

Fair Value Disclosures (Fair Value Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Inputs, Level 1 [Member]
Assets and liabilities measured at fair value on a recurring basis [Abstract]
Insurance deposit	$ 11,187	$ 11,213
Total Assets	11,187	11,213
Fair Value, Inputs, Level 2 [Member]
Assets and liabilities measured at fair value on a recurring basis [Abstract]
Total Assets	0	0
Derivative interest rate contracts (Note 7)	(26,611)	(15,419)
Total liabilities	$ (26,611)	$ (15,419)

Fair Value Disclosures (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Jan. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Adjustment	$ 0.6	$ (1.5)
SPG Units [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-For-Sale Securities Held	0
Simon Property Group Common Shares Sold			290,124
SPG Common Shares Average Sales Price			$ 179.52

Fair Value Disclosures (Estimated Fair Value of Notes Payable) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Notes Payable, Net	$ 3,897,515	$ 3,710,327
Fair Value, Inputs, Level 2 [Member]
Real Estate Properties [Line Items]
Notes Payable, Fair Value Disclosure	$ 4,120,266	$ 3,753,531
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	$ 132,200
Impact Of Overall One Percent Increase In Interest Rates Decrease In Fair Values Of Notes Payable Percent	3.20%

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income Components [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (41,445)		$ (41,445)		$ (39,003)
Reclassification adjustment for amounts recognized in net income	3,819	$ (396)	7,873	$ (2,242)
Adjustments To Equity For Partial Disposition of Ownership Interest In Unconsolidated Joint Venture		0	0	0
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income Components [Line Items]
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	(12,827)	(24,429)	(12,827)	(24,429)	(18,953)	$ (16,128)
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax	(28,618)	(22,538)	(28,618)	(22,538)	(20,050)	(9,248)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(41,445)	(46,967)	(41,445)	(46,967)	(39,003)	(25,376)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax			2,264	(16,760)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax			(14,177)	(11,375)
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent			(11,913)	(28,135)
Reclassification adjustment for amounts recognized in net income	2,691	(276)	5,539	(1,565)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent			2,264	(16,760)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent			(8,638)	(12,940)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent			(6,374)	(29,700)
Adjustments To Equity For Partial Disposition of Ownership Interest In Unconsolidated Joint Venture		8,185	3,999	8,185
Other Comprehensive income Loss Adjustment Foreign Currency Attributable To Parent			(137)	274
Other comprehensive income (loss), adjustments, attributable to parent			70	(350)
Other comprehensive income (loss), total adjustments attributable to parent			(67)	(76)
Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income Components [Line Items]
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	(5,402)	(10,546)	(5,402)	(10,546)	(8,176)	(6,569)
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax	489	3,126	489	3,126	4,197	8,363
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (4,913)	$ (7,420)	(4,913)	(7,420)	$ (3,979)	$ 1,794
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax			2,637	(3,703)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax			(5,972)	(4,910)
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Noncontrolling Interest			(3,335)	(8,613)
Reclassification adjustment for amounts recognized in net income			2,334	(677)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest			2,637	(3,703)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Noncontrolling Interest			(3,638)	(5,587)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest			(1,001)	(9,290)
Adjustments To Equity For Partial Disposition of Ownership Interest In Unconsolidated Joint Venture			0	0
Other Comprehensive Income Loss Adjustment Foreign Currency Attributable To Noncontrolling Interest			137	(274)
Other comprehensive income (loss), adjustments, attributable to noncontrolling interests			(70)	350
Other comprehensive income (loss), total adjustments attributable to noncontrolling interests			67	76
Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income Components [Line Items]
Reclassification adjustment for amounts recognized in net income			7,873	(2,242)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income Components [Line Items]
Amount of gain/loss on interest rate contract reclassfied from AOCI			7,479	(366)
Amount of gain/loss on interest rate contract reclassfied from AOCI for unconsolidated joint ventures			627	(354)
Amount of gain/loss on cross-currency interest rate contract reclassified from AOCI for Unconsolidated Joint Ventures			$ (233)	$ (1,522)

Cash Flow Disclosures and Non-Cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Interest Costs Capitalized	$ 4,784	$ 6,138
Interest Paid, Excluding Capitalized Interest, Operating Activities	97,900	109,100
Income Taxes Paid, Net	1,000	900
Cash Paid for Operating Leases	10,800	10,800
Capital Expenditures Incurred but Not yet Paid	65,200	73,500
Operating Lease, Right-of-Use Asset	172,050		$ 173,796		$ 178,100
Cash and cash equivalents	256,512		102,762
Restricted Cash and Cash Equivalents	632		656
Total Cash, Cash Equivalents, and Restricted Cash shown on our Consolidated Statement of Cash Flows	257,144	$ 63,234	103,418			$ 142,929
The Gardens Mall [Member]
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned				$ 79,300
Restricted Cash Stipulated by Lenders and Various Agreements [Member]
Restricted Cash and Cash Equivalents	$ 600		$ 700
Preferred Stock [Member]
Stock Issued During Period, Shares, Acquisitions		1,500,000
Preferred Stock [Member] \| The Gardens Mall [Member]
Stock Issued During Period, Shares, Acquisitions		1,500,000

New Accounting Pronouncement (Details)	3 Months Ended	9 Months Ended
New Accounting Pronouncement (Details)	Jun. 30, 2020	Sep. 30, 2020
New Accounting Pronouncements [Abstract]
New Accounting Pronouncement, Policy [Policy Text Block]		New Accounting Pronouncements and Impending LIBOR Transition New Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, "Financial Instruments - Credit Losses", which introduces new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for equity securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. Instruments in scope include loans, held-to-maturity debt securities, and net investments in leases as well as reinsurance and trade receivables. In November 2018, the FASB issued ASU No. 2018-19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses", which clarifies that operating lease receivables are outside the scope of the new standard. ASU No. 2016-13 is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2019. On January 1, 2020, we adopted ASU No. 2016–13, "Financial Instruments – Credit Losses", which did not have a material impact to our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform - Topic 848", which contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU No. 2020-04 is optional and may be elected over time as reference rate reform activities occur. We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In April 2020, the FASB issued interpretive guidance related to the accounting for lease concessions provided as a result of the COVID-19 pandemic. The guidance permits entities to elect not to apply lease modification accounting with respect to such lease concessions and instead treat the concession as if it were a part of the existing contract. This guidance is only applicable to lease concessions granted as a result of the COVID-19 pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We have made this election for all COVID-19 related lease concessions. Previously, in our quarterly report on Form 10-Q for the quarter ended June 30, 2020, we disclosed that we determined to make this election for leases with tenants that have reached agreement with us for payment deferrals, but did not make this election for abatement concessions. Upon review of recent Form 10-Q disclosures of other companies within the publicly held U.S. regional mall industry, we have determined to make this election for payment deferrals as well as abatement concessions in order to be consistent with a number of other U.S. regional mall operators. The change in election did not have a significant effect on our results of operations for the three months ended June 30, 2020. Specifically, our election of the practical expedient reduced net income by less than $0.1 million for the three months ended June 30, 2020, which was recognized during the three months ended September 30, 2020. LIBOR Transition In July 2017, the Financial Conduct Authority (FCA), the authority that regulates LIBOR, announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee, which identified the Secured Overnight Financing Rate (SOFR) as its preferred alternative rate for USD-LIBOR in derivatives and other financial contracts. We are not able to predict when LIBOR will cease to be available or when there will be sufficient liquidity in the SOFR markets. Any changes adopted by the FCA or other governing bodies in the method used for determining LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR. If that were to occur, our interest payments could change. In addition, uncertainty about the extent and manner of future changes may result in interest rates and/or payments that are higher or lower than if LIBOR were to remain available in its current form. We have material contracts that are indexed to LIBOR and are monitoring and evaluating the related risks, which include interest on loans or amounts received and paid on derivative instruments. Refer to "Note 5 - Beneficial Interest in Debt and Interest Expense" and "Note 7 - Derivative and Hedging Activities" to our consolidated financial statements for more details on our loans and derivative instruments, respectively. These risks arise in connection with transitioning contracts to an alternative rate, including any resulting value transfer that may occur. The value of loans or derivative instruments tied to LIBOR could also be impacted if LIBOR is limited or discontinued. For some instruments the method of transitioning to an alternative reference rate may be challenging, especially if we cannot agree with the respective counterparty about how to make the transition. If a contract is not transitioned to an alternative reference rate and LIBOR is discontinued, the impact on our contracts is likely to vary by contract. If LIBOR is discontinued or if the methods of calculating LIBOR change from their current form, interest rates on our current or future indebtedness may be adversely affected. While we expect LIBOR to be available in substantially its current form until the end of 2021, it is possible that LIBOR will become unavailable prior to that point. This could result, for example, if sufficient banks decline to make submissions to the LIBOR administrator. In that case, the risks associated with the transition to an alternative reference rate will be accelerated and magnified. Alternative rates and other market changes related to the replacement of LIBOR, including the introduction of financial products and changes in market practices, may lead to risk modeling and valuation challenges, such as adjusting interest rate accrual calculations and building a term structure for an alternative rate. The introduction of an alternative rate also may create additional basis risk and increased volatility as alternative rates are phased in and utilized in parallel with LIBOR. We are currently evaluating the impact that the LIBOR transition will have on our consolidated financial statements.
New Accounting Pronouncement or Change in Accounting Principle [Line Items]
Reduction to Net Income due to Change in Accounting Policy	less than $0.1 million

Label	Element	Value
Equity Securities FV NI Recognized Gain Loss	tco_EquitySecuritiesFVNIRecognizedGainLoss	$ (1,535,000)