Investments in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]



Shopping Center		Ownership as of December 31, 2019 and 2018
CityOn.Xi'an ⁽¹⁾		50%
CityOn.Zhengzhou ⁽¹⁾		24.5/49
Country Club Plaza		50
Fair Oaks Mall		50
The Gardens Mall ⁽²⁾		48.5/0
International Plaza		50.1
The Mall at Millenia		50
Stamford Town Center		50
Starfield Anseong (under development)		Note 2
Starfield Hanam ⁽¹⁾		17.15/34.3
Sunvalley		50
The Mall at University Town Center		50
Waterside Shops		50
Westfarms		79


(1)	We entered into agreements to sell half of our ownership interest in CityOn.Xi'an, CityOn.Zhengzhou, and Starfield Hanam in February 2019. In September 2019 and December 2019, we completed the sales of 50% of our interests in Starfield Hanam and CityOn.Zhengzhou, respectively. CityOn.Xi'an is subject to customary closing conditions and is expected to close in the first quarter of 2020 (Note 2).

(2)

In April 2019, we acquired a 48.5% interest in The Gardens Mall (Note 2).

Equity Method Investment Summarized Financial Information Text Block



	December 31 2019			December 31 2018
Assets:
Properties	$	3,816,923		$	3,728,846
Accumulated depreciation and amortization	(942,840		)	(869,375		)
	$	2,874,083		$	2,859,471
Cash and cash equivalents	201,501			161,311
Accounts and notes receivable ⁽¹⁾	122,569			131,767
Operating lease right-of-use assets ⁽¹⁾	11,521
Deferred charges and other assets	178,708			140,444
	$	3,388,382		$	3,292,993

Liabilities and accumulated equity (deficiency) in assets:
Notes payable, net	$	3,049,737		$	2,815,617
Accounts payable and other liabilities	341,263			426,358
Operating lease liabilities ⁽¹⁾	13,274
TRG's accumulated deficiency in assets ⁽¹⁾	(212,380		)	(49,465		)
UJV Partners' accumulated equity in assets ⁽¹⁾	196,488			100,483
	$	3,388,382		$	3,292,993

TRG's accumulated deficiency in assets (above)	$	(212,380	)	$	(49,465	)
TRG's investment in Starfield Anseong (Note 2) and advances to CityOn.Zhengzhou	209,024			140,743
TRG basis adjustments, including elimination of intercompany profit ⁽²⁾	329,673			57,360
TCO's additional basis	32,625			47,178
Net investment in UJVs	$	358,942		$	195,816
Distributions in excess of investments in and net income of UJVs	473,053			477,800
Investment in UJVs	$	831,995		$	673,616

(1) Upon adoption of ASC Topic 842, "Leases" on January 1, 2019, we valued our operating lease obligations and recorded operating lease liabilities and related right-of-use assets. These lease liabilities and related right-of-use assets will amortize over the remaining life of the respective leases.

(2) The increase in basis adjustments is primarily due to the gains on remeasurements of ownership interests in UJVs (Note 2).



	Year Ended December 31
	2019			2018			2017
Revenues ⁽¹⁾	$	620,513		$	601,272		$	586,499
Maintenance, taxes, utilities, promotion, and other operating expenses	$	226,014		$	211,285		$	218,004
Impairment charge	6,154
Interest expense	139,756			132,669			130,339
Depreciation and amortization	131,223			131,884			127,625
Total operating costs	$	503,147		$	475,838		$	475,968
Nonoperating income, net	2,870			1,923			2,894
Income tax expense	(8,541		)	(5,935		)	(5,226		)
Gain on disposition, net of tax ⁽²⁾							3,713
Net income	$	111,695		$	121,422		$	111,912

Net income attributable to TRG	$	58,020		$	62,964		$	59,994
Realized intercompany profit, net of depreciation on TRG’s basis adjustments ⁽³⁾	5,698			8,386			9,326
Depreciation of TCO's additional basis	(1,946		)	(1,946		)	(1,946		)
Impairment of TCO's additional basis	(12,606		)
Equity in income of UJVs	$	49,166		$	69,404		$	67,374

Beneficial interest in UJVs’ operations:
Revenues less maintenance, taxes, utilities, promotion, and other operating expenses ⁽³⁾	$	212,057		$	209,423		$	202,332
Impairment charge	(17,951		)
Interest expense	(69,749		)	(68,225		)	(67,283		)
Depreciation and amortization	(71,583		)	(68,894		)	(66,933		)
Income tax expense	(3,608		)	(2,900		)	(2,825		)
Gain on disposition, net of tax ⁽¹⁾							2,083
Equity in income of UJVs	$	49,166		$	69,404		$	67,374

(1) Upon adoption of ASC Topic 842, "Leases", uncollectible tenant revenues are now recorded in Rental Revenues (Note 11).

(2) Amount represents the gain related to the sale of the Valencia Place office tower at Country Club Plaza in March 2017 (Note 2).

(3) 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 year ended December 31, 2019.