Simon Property 10-K 26 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	SIMON PROPERTY GROUP L P /DE/
Entity Central Index Key	1,022,344
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float		$ 0
Entity Common Stock, Shares Outstanding	0
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS:
Investment properties at cost	$ 33,463,124	$ 31,318,532
Less - accumulated depreciation	9,915,386	8,950,747
Investment properties at cost, net	23,547,738	22,367,785
Cash and cash equivalents	701,134	612,282
Tenant receivables and accrued revenue, net	624,605	580,197
Investment in unconsolidated entities, at equity	2,481,574	2,378,800
Investment in Klepierre, at equity	1,943,363	1,786,477
Deferred costs and other assets	1,352,259	1,806,789
Total assets	30,650,673	29,532,330
LIABILITIES:
Mortgages and unsecured indebtedness	22,502,173	20,852,993
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,323,801	1,259,681
Cash distributions and losses in partnerships and joint ventures, at equity	1,368,544	1,167,163
Other liabilities	214,249	275,451
Total liabilities	$ 25,408,767	$ 23,555,288
Commitments and contingencies
Preferred units, at liquidation value	$ 25,537	$ 25,537
Partners' Equity
Preferred units, 796,948 units outstanding. Liquidation value of $39,847	43,733	44,062
General Partner, 309,420,569 and 310,787,910 units outstanding, respectively	4,427,731	5,049,115
Limited Partners, 51,814,235 and 52,846,682 units outstanding, respectively	741,449	858,557
Total partners' equity	5,212,913	5,951,734
Nonredeemable noncontrolling deficit interests in properties, net	3,456	(229)
Total equity	5,216,369	5,951,505
Total liabilities and equity	$ 30,650,673	$ 29,532,330

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Consolidated Balance Sheets
Preferred units, units outstanding	796,948	796,948
Preferred units, Liquidation value (in dollars)	$ 39,847	$ 39,847
General Partner, units outstanding	309,420,569	310,787,910
Limited Partners, units outstanding	51,814,235	52,846,682

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
REVENUE:
Minimum rent	$ 3,142,347	$ 2,962,295	$ 2,775,919
Overage rent	194,070	207,104	214,758
Tenant reimbursements	1,445,623	1,362,412	1,258,165
Management fees and other revenues	158,466	138,226	126,972
Other income	325,597	200,781	168,035
Total revenue	5,266,103	4,870,818	4,543,849
EXPENSES:
Property operating	425,983	398,598	371,044
Depreciation and amortization	1,177,568	1,143,827	1,107,700
Real estate taxes	432,840	384,189	368,683
Repairs and maintenance	101,369	100,016	98,219
Advertising and promotion	134,854	136,656	117,894
Provision for credit losses	6,635	12,001	7,165
Home and regional office costs	154,816	158,576	140,931
General and administrative	60,329	59,958	59,803
Other	102,836	91,655	83,741
Total operating expenses	2,597,230	2,485,476	2,355,180
OPERATING INCOME	2,668,873	2,385,342	2,188,669
Interest expense	(923,697)	(992,601)	(1,082,081)
Loss on extinguishment of debt	(120,953)	(127,573)
Income and other taxes	(20,170)	(28,085)	(39,538)
Income from unconsolidated entities	284,806	226,774	206,380
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	250,516	158,308	93,363
Consolidated income from continuing operations	2,139,375	1,622,165	1,366,793
Discontinued operations and gain on disposal		67,524	184,797
Discontinued operations transaction expenses		(38,163)
CONSOLIDATED NET INCOME	2,139,375	1,651,526	1,551,590
Net income attributable to noncontrolling interests	2,984	2,491	8,990
Preferred unit requirements	5,252	5,252	5,252
NET INCOME ATTRIBUTABLE TO UNITHOLDERS	2,131,139	1,643,783	1,537,348
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	1,824,383	1,405,251	1,316,304
Limited Partners	306,756	238,532	221,044
Net income attributable to unitholders	$ 2,131,139	$ 1,643,783	$ 1,537,348
BASIC AND DILUTED EARNINGS PER UNIT
Income from continuing operations (in dollars per unit)	$ 5.88	$ 4.44	$ 3.73
Discontinued operations (in dollars per unit)		0.08	0.51
Net income attributable to unitholders (in dollars per unit)	$ 5.88	$ 4.52	$ 4.24
Consolidated net income	$ 2,139,375	$ 1,651,526	$ 1,551,590
Unrealized gain on derivative hedge agreements	17,122	5,220	7,101
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(69,189)	10,789	9,205
Currency translation adjustments	(160,312)	(101,799)	2,865
Changes in available-for-sale securities and other	(11,200)	102,816	(1,479)
Comprehensive income	1,915,796	1,668,552	1,569,282
Comprehensive income attributable to noncontrolling interests	2,984	2,491	8,990
Comprehensive income attributable to unitholders	$ 1,912,812	$ 1,666,061	$ 1,560,292

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 2,139,375	$ 1,651,526	$ 1,551,590
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
Depreciation and amortization	1,239,214	1,285,784	1,332,950
Loss on debt extinguishment	120,953	127,573
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	(250,516)	(158,550)	(107,515)
Gain on sale of marketable securities	(80,187)
Straight-line rent	(54,129)	(48,880)	(48,264)
Equity in income of unconsolidated entities	(284,806)	(227,426)	(205,259)
Distributions of income from unconsolidated entities	271,998	202,269	179,054
Changes in assets and liabilities -
Tenant receivables and accrued revenue, net	9,918	(6,730)	(13,938)
Deferred costs and other assets	(122,677)	(65,569)	(30,013)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	35,542	(29,577)	42,391
Net cash provided by operating activities	3,024,685	2,730,420	2,700,996
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(1,410,881)	(85,459)	(866,541)
Funding of loans to related parties		(50,892)	(99,079)
Repayments of loans to related parties		170,953
Capital expenditures, net	(1,020,924)	(796,736)	(841,209)
Cash impact from the consolidation of properties		5,402
Net proceeds from sale of assets	33,015		274,058
Investments in unconsolidated entities	(329,928)	(239,826)	(143,149)
Purchase of marketable and non-marketable securities	(59,523)	(391,188)	(44,117)
Proceeds from sale of marketable and non-marketable securities	504,012		47,495
Distributions of capital from unconsolidated entities and other	821,509	490,480	724,454
Net cash used in investing activities	(1,462,720)	(897,266)	(948,088)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of units	(285)	277	99
Purchase of units related to stock grant recipients' tax withholdings	(3,301)
Cash impact of Washington Prime spin-off		(33,776)
Redemption of limited partner units		(14,435)
Purchase of limited partner units and treasury stock	(505,691)
Purchase of noncontrolling interest in consolidated properties and other		(172,652)
Distributions to noncontrolling interest holders in properties	(8,041)	(21,259)	(9,335)
Contributions from noncontrolling interest holders in properties	4,552	1,738	6,053
Partnership distributions	(2,196,041)	(1,877,158)	(1,690,553)
Loss on debt extinguishment	(120,953)	(127,573)
Mortgage and unsecured indebtedness proceeds, net of transaction costs	10,468,667	3,627,154	2,919,364
Mortgage and unsecured indebtedness principal payments	(9,112,020)	(5,323,186)	(2,446,191)
Proceeds from issuance of debt related to Washington Prime properties, net		1,003,135
Net cash used in financing activities	(1,473,113)	(2,937,735)	(1,220,563)
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	88,852	(1,104,581)	532,345
CASH AND CASH EQUIVALENTS, beginning of period	612,282	1,716,863	1,184,518
CASH AND CASH EQUIVALENTS, end of period	$ 701,134	$ 612,282	$ 1,716,863

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Preferred Units	Simon Property (Managing General Partner)	Limited Partners	Noncontrolling Interests	Total
Balance at Dec. 31, 2012	$ 44,719	$ 5,865,884	$ 983,363	$ (877)	$ 6,893,089
Increase (Decrease) in Stockholders' Equity
General partner contributions (1,567 units in 2013)		90			90
Series J preferred stock premium and amortization	(329)				(329)
Limited partner units exchanged to common units (596,051, 70,291 and 489,291 units for the years ended 2015, 2014 and 2013, respectively)		11,161	(11,161)
Amortization of stock incentive		18,311			18,311
Issuance of unit equivalents and other (401,203, 603,287 and 489,654 units for the years ended 2015, 2014 and 2013 and, 17,030 and 25,545 common units for the years ended 2015 and 2014)		(7,516)	44,107	5,294	41,885
Adjustment to limited partners' interest from change in ownership in the Operating Partnership		28,382	(28,382)
Distributions, excluding distributions on preferred interests classified as temporary equity	(3,337)	(1,442,705)	(242,596)	(285)	(1,688,923)
Net income, excluding preferred distributions on temporary equity preferred units of $1,915, $1,915 and $1,915 for the years ended 2015, 2014 and 2013 and $8,858 attributable to noncontrolling redeemable interests in properties in temporary equity for the years ended 2013	3,337	1,316,304	221,044	132	1,540,817
Other comprehensive income		15,105	2,587		17,692
Balance at Dec. 31, 2013	44,390	5,805,016	968,962	4,264	6,822,632
Increase (Decrease) in Stockholders' Equity
Issuance of limited partner units (555,150 units for the year ended 2014)			84,910		84,910
Series J preferred stock premium and amortization	(328)				(328)
Limited partner units exchanged to common units (596,051, 70,291 and 489,291 units for the years ended 2015, 2014 and 2013, respectively)		1,297	(1,297)
Redemption of limited partner units		(12,972)	(1,463)		(14,435)
Amortization of stock incentive		18,256			18,256
Spin-off of Washington Prime		(694,457)	(118,306)		(812,763)
Long-term incentive performance units			49,938		49,938
Issuance of unit equivalents and other (401,203, 603,287 and 489,654 units for the years ended 2015, 2014 and 2013 and, 17,030 and 25,545 common units for the years ended 2015 and 2014)		18,885		12,081	30,966
Adjustment to limited partners' interest from change in ownership in the Operating Partnership		93,351	(93,351)
Distributions, excluding distributions on preferred interests classified as temporary equity	(3,337)	(1,600,266)	(271,640)	(19,065)	(1,894,308)
Net income, excluding preferred distributions on temporary equity preferred units of $1,915, $1,915 and $1,915 for the years ended 2015, 2014 and 2013 and $8,858 attributable to noncontrolling redeemable interests in properties in temporary equity for the years ended 2013	3,337	1,405,251	238,532	2,491	1,649,611
Other comprehensive income		14,754	2,272		17,026
Balance at Dec. 31, 2014	44,062	5,049,115	858,557	(229)	5,951,505
Increase (Decrease) in Stockholders' Equity
Series J preferred stock premium and amortization	(329)				(329)
Limited partner units exchanged to common units (596,051, 70,291 and 489,291 units for the years ended 2015, 2014 and 2013, respectively)		7,942	(7,942)
Redemption of limited partner units		(147,841)	(14,843)		(162,684)
Amortization of stock incentive		13,692			13,692
Treasury unit purchase (1,903,340 units in 2015)		(343,007)			(343,007)
Long-term incentive performance units			47,279		47,279
Issuance of unit equivalents and other (401,203, 603,287 and 489,654 units for the years ended 2015, 2014 and 2013 and, 17,030 and 25,545 common units for the years ended 2015 and 2014)		(10,543)		4,537	(6,006)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership		101,480	(101,480)
Distributions, excluding distributions on preferred interests classified as temporary equity	(3,337)	(1,875,845)	(314,944)	(3,836)	(2,197,962)
Net income, excluding preferred distributions on temporary equity preferred units of $1,915, $1,915 and $1,915 for the years ended 2015, 2014 and 2013 and $8,858 attributable to noncontrolling redeemable interests in properties in temporary equity for the years ended 2013	3,337	1,824,383	306,756	2,984	2,137,460
Other comprehensive income		(191,645)	(31,934)		(223,579)
Balance at Dec. 31, 2015	$ 43,733	$ 4,427,731	$ 741,449	$ 3,456	$ 5,216,369

Consolidated Statements of Equ7

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statements of Equity
General partner contributions, units			1,567
Issuance of limited partner, units		555,150
Limited partner units exchanged to common units	489,291	70,291	596,051
Stock incentive program, units	63,784	83,509	107,123
Redemption of limited partner units	944,359	87,621
Treasury units purchase. units	1,903,340
Issuance of equivalents units	401,203	603,287	489,654
Issuance of other units	17,030	25,545
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars)	$ 1,915	$ 1,915	$ 1,915
Net income, attributable to noncontrolling redeemable interests in properties in temporary equity (in dollars)			$ 8,858

Organization

Organization	12 Months Ended
	Dec. 31, 2015
Organization
Organization	1. Organization Simon Property Group, L.P. is a Delaware limited partnership and the majority-owned subsidiary of Simon Property Group, Inc., a Delaware corporation. In these notes to consolidated financial statements, the terms "Operating Partnership", "we", "us" and "our" refer to Simon Property Group, L.P. and its subsidiaries and the term "Simon" refers specifically to Simon Property Group, Inc. (NYSE: SPG). Simon is a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. According to our partnership agreement, we are required to pay all expenses of Simon. We own, develop and manage retail real estate properties, which consist primarily of malls, Premium Outlets®, and The Mills® . As of December 31, 2015, we owned or held an interest in 209 income-producing properties in the United States, which consisted of 108 malls, 71 Premium Outlets, 14 Mills, four lifestyle centers, and 12 other retail properties in 37 states and Puerto Rico. Internationally, as of December 31, 2015, we had ownership interests in nine Premium Outlets in Japan, three Premium Outlets in South Korea, two Premium Outlets in Canada, one Premium Outlet in Mexico, and one Premium Outlet in Malaysia. As of December 31, 2015, we had a noncontrolling ownership interest in a joint venture that holds five outlet properties in Europe and one outlet property in Canada. Of the five properties in Europe, two are located in Italy and one each is located in Austria, the Netherlands, and the United Kingdom. Additionally, as of December 31, 2015, we owned a 20.3% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company which owns, or has an interest in, shopping centers located in 16 countries in Europe. We generate the majority of our revenues from leases with retail tenants including: · base minimum rents, · overage and percentage rents based on tenants' sales volume, and · recoverable expenditures such as property operating, real estate taxes, repair and maintenance, and advertising and promotional expenditures. Revenues of our management company, after intercompany eliminations, consist primarily of management fees that are typically based upon the revenues of the property being managed. We also grow by generating supplemental revenues from the following activities: · establishing our malls as leading market resource providers for retailers and other businesses and consumer-focused corporate alliances, including payment systems (such as handling fees relating to the sales of bank-issued prepaid cards), national marketing alliances, static and digital media initiatives, business development, sponsorship, and events, · offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services, · selling or leasing land adjacent to our properties, commonly referred to as "outlots" or "outparcels," and · generating interest income on cash deposits and investments in loans, including those made to related entities.

Basis of Presentation and Conso

Basis of Presentation and Consolidation	12 Months Ended
	Dec. 31, 2015
Basis of Presentation and Consolidation
Basis of Presentation and Consolidation	2. Basis of Presentation and Consolidation The accompanying consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. We consolidate properties that are wholly owned or properties where we own less than 100% but we control. Control of a property is demonstrated by, among other factors, our ability to refinance debt and sell the property without the consent of any other partner or owner and the inability of any other partner or owner to replace us. We also consolidate a variable interest entity, or VIE, when we are determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE, including management agreements and other contractual arrangements. There have been no changes during 2015 in previous conclusions about whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. During 2014 and 2015, we did not provide financial or other support to a previously identified VIE that we were not previously contractually obligated to provide. Investments in partnerships and joint ventures represent our noncontrolling ownership interests in properties. We account for these investments using the equity method of accounting. We initially record these investments at cost and we subsequently adjust for net equity in income or loss, which we allocate in accordance with the provisions of the applicable partnership or joint venture agreement, cash contributions and distributions, and foreign currency fluctuations, if applicable. The allocation provisions in the partnership or joint venture agreements are not always consistent with the legal ownership interests held by each general or limited partner or joint venture investee primarily due to partner preferences. We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income of the joint ventures within cash distributions and losses in partnerships and joint ventures, at equity in the consolidated balance sheets. The net equity of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes non-cash charges for depreciation and amortization. As of December 31, 2015, we consolidated 137 wholly-owned properties and 13 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We account for the remaining 81 properties, or the joint venture properties, as well as our investment in Klépierre and our joint venture with Hudson's Bay Company, or HBC, using the equity method of accounting, as we have determined we have significant influence over their operations. We manage the day-to-day operations of 58 of the 81 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, and the six outlet properties owned by our European joint venture comprise 20 of the remaining 23 properties. These international properties are managed by joint ventures in which we share control. We allocate our net operating results after preferred distributions based on our partners' respective weighted average ownership. Simon owns a majority of our common units of partnership interest, or units, and certain series of our preferred units of partnership interest, or preferred units, which have terms comparable to outstanding shares of Simon preferred stock. Simon's weighted average ownership interest in us was as follows: For the Year Ended December 31, 2015 2014 2013 Weighted average ownership interest % % % As of December 31, 2015 and 2014, Simon's ownership interest in us was 85.7% and 85.5%, respectively. We adjust the noncontrolling limited partners' interests at the end of each period to reflect their respective interests in us. Preferred unit requirements in the accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units held by limited partners and are recorded when declared.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies Investment Properties We record investment properties at cost. Investment properties include costs of acquisitions; development, predevelopment, and construction (including allocable salaries and related benefits); tenant allowances and improvements; and interest and real estate taxes incurred during construction. We capitalize improvements and replacements from repair and maintenance when the repair and maintenance extends the useful life, increases capacity, or improves the efficiency of the asset. All other repair and maintenance items are expensed as incurred. We capitalize interest on projects during periods of construction until the projects are ready for their intended purpose based on interest rates in place during the construction period. The amount of interest capitalized during each year is as follows: For the Year Ended December 31, 2015 2014 2013 Capitalized interest $ $ $ We record depreciation on buildings and improvements utilizing the straight-line method over an estimated original useful life, which is generally 10 to 35 years. We review depreciable lives of investment properties periodically and we make adjustments when necessary to reflect a shorter economic life. We amortize tenant allowances and tenant improvements utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. We record depreciation on equipment and fixtures utilizing the straight-line method over seven to ten years. We review investment properties for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable. These circumstances include, but are not limited to, declines in a property's cash flows, ending occupancy or total sales per square foot. We measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization plus its residual value is less than the carrying value of the property. To the extent impairment has occurred, we charge to income the excess of carrying value of the property over its estimated fair value. We estimate fair value using unobservable data such as operating income, estimated capitalization rates, or multiples, leasing prospects and local market information. We may decide to sell properties that are held for use and the sale prices of these properties may differ from their carrying values. We also review our investments, including investments in unconsolidated entities, if events or circumstances change indicating that the carrying amount of our investments may not be recoverable. We will record an impairment charge if we determine that a decline in the fair value of the investments is other-than-temporary. Changes in economic and operating conditions that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results. Purchase Accounting We allocate the purchase price of acquisitions and any excess investment in unconsolidated entities to the various components of the acquisition based upon the fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, we may utilize third party valuation specialists. These components typically include buildings, land and intangibles related to in-place leases and we estimate: · the fair value of land and related improvements and buildings on an as-if-vacant basis, · the market value of in-place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into revenues, · the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and · the value of revenue and recovery of costs foregone during a reasonable lease-up period, as if the space was vacant. The fair value of buildings is depreciated over the estimated remaining life of the acquired building or related improvements. We amortize tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. We also estimate the value of other acquired intangible assets, if any, which are amortized over the remaining life of the underlying related intangibles. Discontinued Operations On May 28, 2014, we completed the spin-off of our interests in 98 properties comprised of substantially all of our strip center business and our smaller enclosed malls to WP Glimcher Inc. (formerly known as Washington Prime Group Inc.), or Washington Prime, an independent, publicly traded REIT. The spin-off was effectuated through a distribution of the common shares of Washington Prime to holders of Simon common stock as of the distribution record date, and qualified as a tax-free distribution for U.S. federal income tax purposes. For every two shares of Simon common stock held as of the record date of May 16, 2014, Simon stockholders received one Washington Prime common share on May 28, 2014. At the time of the separation and distribution, Washington Prime owned a percentage of the outstanding units of partnership interest of Washington Prime Group, L.P. that was approximately equal to the percentage of our outstanding units owned by Simon. The remaining units of Washington Prime Group, L.P. were owned by our limited partners who received one Washington Prime Group, L.P. unit for every two units they owned of us. Subsequent to the spin-off, we retained a nominal interest in Washington Prime Group, L.P. We also retained approximately $1.0 billion of proceeds from completed unsecured debt and mortgage debt as part of the spin-off and incurred $38.2 million in transaction costs during 2014 related to the spin-off of Washington Prime. The historical results of operations of the Washington Prime properties have been presented as discontinued operations in our consolidated statements of operations and comprehensive income. The accompanying consolidated statement of cash flows includes, within operating, investing and financing cash flows, those activities which related to our period of ownership of the Washington Prime properties. Summarized financial information for discontinued operations for the years ended December 31, 2014 and 2013 is present below. For the Year Ended 2014 2013 TOTAL REVENUE $ $ Property Operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion Provision for credit losses Other ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses OPERATING INCOME Interest expense ) ) Income and other taxes ) ) Income (loss) from unconsolidated entities ) Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net ​ ​ ​ ​ ​ ​ ​ ​ CONSOLIDATED NET INCOME Net income attributable to noncontrolling interests ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures on a cash basis for the years ended December 31, 2014 and 2013 were $31.9 million and $93.3 million, respectively. We and Washington Prime entered into property management and transitional services agreements in connection with the spin-off whereby we provide certain services to Washington Prime and its properties that were previously owned by us. Pursuant to the terms of the property management agreements, we manage, lease, and maintain those Washington Prime mall properties under the direction of Washington Prime. In exchange, Washington Prime pays us annual fixed rate property management fees ranging from 2.5% to 4.0% of base minimum and percentage rents, reimburses us for direct out-of-pocket costs and expenses and also pays us separate fees for any leasing and development services we provide. The property management agreements had an initial term of two years and will terminate upon the two-year anniversary of the spinoff. Either party may terminate the property management agreements on or after the two-year anniversary of the spin-off upon 180 days prior written notice. We also provide certain support services to the Washington Prime strip centers that were previously owned by us and certain of its central functions to assist Washington Prime as it establishes its stand-alone processes for various activities that were previously provided by us. These services, which do not constitute significant continuing support of Washington Prime's operations, include assistance in the areas of information technology, treasury and financial management, payroll, lease administration, taxation and procurement. The charges for such services are intended to allow us to recover costs of providing these services. The transition services agreement will terminate upon the two-year anniversary of the spinoff. Transitional services fees earned for 2015 and for the portion of 2014 subsequent to the spin-off were approximately $5.7 million and $3.2 million, respectively. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers' acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of FDIC and SIPC insurance limits. See Notes 4 and 10 for disclosures about non-cash investing and financing transactions. Marketable and Non-Marketable Securities Marketable securities consist primarily of the investments of our captive insurance subsidiaries, available-for-sale securities, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At December 31, 2015 and 2014, we had marketable securities of $183.8 million and $643.0 million, respectively, generally accounted for as available-for-sale, which are adjusted to their quoted market price with a corresponding adjustment in other comprehensive income (loss). Net unrealized gains recorded in accumulated other comprehensive income (loss) as of December 31, 2015 and 2014 were approximately $12.6 million and $103.9 million, respectively, and represent the valuation adjustments for our marketable securities. The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than 1 to 10 years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiaries is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment charge is recorded and a new cost basis is established. Our insurance subsidiaries are required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. Our deferred compensation plan investments are classified as trading securities and are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income. On June 24, 2015, we sold our investment in certain marketable securities that were accounted for as an available-for-sale security, with the value adjusted to its quoted market price through other comprehensive income (loss). At the date of sale, we owned 5.71 million shares. The aggregate proceeds received from the sale were $454.0 million, and we recognized a gain on the sale of $80.2 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2015. At December 31, 2015 and 2014, we had investments of $181.4 million and $167.1 million, respectively, in non-marketable securities that we account for under the cost method. We regularly evaluate these investments for any other-than-temporary impairment in their estimated fair value and determined that no adjustment in the carrying value was required. Fair Value Measurements Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs. The marketable securities we held at December 31, 2015 and 2014 were primarily classified as having Level 1 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs, which consist primarily of interest rate swap agreements and foreign currency forward contracts with a gross liability balance of $2.1 million at December 31, 2014, and a gross asset value of $27.8 million and $20.1 million at December 31, 2015 and 2014, respectively. Note 8 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3 and 4 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates. Gains on Issuances of Stock by Equity Method Investees When one of our equity method investees issues additional shares to third parties, our percentage ownership interest in the investee may decrease. In the event the issuance price per share is higher or lower than our average carrying amount per share, we recognize a noncash gain or loss on the issuance, when appropriate. This noncash gain or loss is recognized in our net income in the period the change of ownership interest occurs. In 2015, as discussed in Note 7, we recorded a non-cash gain of $206.9 million related to Klépierre's issuance of shares in connection with Klépierre's acquisition of Corio N.V., or Corio, which is included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. Use of Estimates We prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates. Segment Disclosure Our primary business is the ownership, development, and management of retail real estate. We have aggregated our retail operations, including malls, Premium Outlets, The Mills, and our international investments into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same tenants. Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31: 2015 2014 Deferred financing and lease costs, net $ $ In-place lease intangibles, net Acquired above market lease intangibles, net Marketable securities of our captive insurance companies Goodwill Other marketable and non-marketable securities Prepaids, notes receivable and other assets, net ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Financing and Lease Costs Our deferred costs consist primarily of financing fees we incurred in order to obtain long-term financing and internal and external leasing commissions and related costs. We record amortization of deferred financing costs on a straight-line basis over the terms of the respective loans or agreements. Our deferred leasing costs consist primarily of capitalized salaries and related benefits in connection with lease originations. We record amortization of deferred leasing costs on a straight-line basis over the terms of the related leases. Details of these deferred costs as of December 31 are as follows: 2015 2014 Deferred financing and lease costs $ $ Accumulated amortization ) ) ​ ​ ​ ​ ​ ​ ​ ​ Deferred financing and lease costs, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ We report amortization of deferred financing costs, amortization of premiums, and accretion of discounts as part of interest expense. Amortization of deferred leasing costs is a component of depreciation and amortization expense. We amortize debt premiums and discounts, which are included in mortgages and unsecured indebtedness, over the remaining terms of the related debt instruments. These debt premiums or discounts arise either at the time of the debt issuance or as part of purchase accounting for the fair value of debt assumed in acquisitions. The accompanying consolidated statements of operations and comprehensive income include amortization from continuing operations as follows: For the Year Ended December 31, 2015 2014 2013 Amortization of deferred financing costs $ $ $ Amortization of debt premiums, net of discounts ) ) ) Amortization of deferred leasing costs Intangibles The average remaining life of in-place lease intangibles is approximately 3.1 years and is being amortized on a straight-line basis and is included with depreciation and amortization in the consolidated statements of operations and comprehensive income. The fair market value of above and below market leases is amortized into revenue over the remaining lease life as a component of reported minimum rents. The weighted average remaining life of these intangibles is approximately 5.3 years. The unamortized amount of below market leases is included in accounts payable, accrued expenses, intangibles and deferred revenues in the consolidated balance sheets and was $117.8 million and $103.1 million as of December 31, 2015 and 2014, respectively. The amount of amortization from continuing operations of above and below market leases, net for the years ended December 31, 2015, 2014, and 2013 was $13.6 million, $11.3 million, and $22.8 million, respectively. If a lease is terminated prior to the original lease termination, any remaining unamortized intangible is written off to earnings. Details of intangible assets as of December 31 are as follows: 2015 2014 In-place lease intangibles $ $ Accumulated depreciation ) ) ​ ​ ​ ​ ​ ​ ​ ​ In-place lease intangibles, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2015 2014 Acquired above market lease intangibles $ $ Accumulated amortization ) ) ​ ​ ​ ​ ​ ​ ​ ​ Acquired above market lease intangibles, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2015 are as follows: Below Market Leases Above Market Leases Impact to Minimum Rent, Net 2016 $ $ ) $ 2017 ) 2018 ) 2019 ) 2020 ) Thereafter ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Financial Instruments We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there is no significant ineffectiveness from any of our derivative activities. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities. As of December 31, 2015, we had no outstanding interest rate derivatives. As of December 31, 2014, we had two interest rate swaps with an aggregate notional amount of $375.0 million. The carrying value of our interest rate swap agreements, at fair value, as of December 31, 2014, was a net liability balance of $1.2 million, of which $2.1 million was included in other liabilities and $0.9 million was included in deferred costs and other assets. We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Japan and Europe. We use currency forward contracts and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date. As of December 31, 2015, we had no outstanding Yen:USD forward contracts. Approximately ¥14.7 million remained as of December 31, 2014 for our Yen forward contracts that matured on January 5, 2015. The December 31, 2014 asset balance related to these forward contracts was $0.1 million and was included in deferred costs and other assets. We have reported the changes in fair value for these forward contracts in earnings. The underlying currency adjustments on the foreign currency denominated receivables are also reported in income and generally offset the amounts in earnings for these forward contracts. In the third quarter of 2014, we entered into Euro:USD forward contracts, which were designated as net investment hedges, with an aggregate €150.0 million notional value which mature through August 11, 2017. During the second quarter of 2015, one forward contract with a €50.0 million notional value was settled. The December 31, 2015 asset balance related to the remaining €100.0 million forward contracts was $26.0 million and is included in deferred costs and other assets. The December 31, 2014 asset balance related to these forward contracts was $19.1 million and is included in deferred costs and other assets. During the fourth quarter of 2015, we entered into a Euro:USD forward contract, which was designated as a net investment hedge, with an aggregate €50.0 million notional value that matures on May 15, 2019. The December 31, 2015 asset balance related to this forward contract was $1.8 million and is included in deferred costs and other assets. We apply hedge accounting to these forward contracts and report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro-denominated joint venture investment. The total gross accumulated other comprehensive loss related to our derivative activities, including our share of the other comprehensive loss from joint venture properties, approximated $17.7 million and $45.8 million as of December 31, 2015 and 2014, respectively. New Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 became effective prospectively for fiscal years beginning after December 15, 2014, but could be early-adopted. We early adopted ASU 2014-08 in the first quarter of 2014 and are applying the revised definition to all disposals on a prospective basis, including the spin-off of Washington Prime. ASU 2014-08 also requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. In May 2014, the FASB issued ASU 2014-09, "Revenue From Contracts With Customers." ASU 2014-09 amends the existing accounting standards for revenue recognition and is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. In July 2015, the FASB delayed the effective date of the new revenue recognition standard by one year, which will result in the new standard being effective for us beginning with the first quarter of 2018. The new standard can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. We are currently evaluating the impact adopting the new accounting standard (and the transition method of such adoption) will have on our consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 makes changes to both the variable interest model and the voting model. This guidance becomes effective for annual and interim periods beginning after December 15, 2015. All reporting entities involved with limited partnerships will have to re-evaluate whether these entities qualify for consolidation and revise documentation accordingly. We are currently evaluating the impact adopting the new accounting standard will have on our consolidated financial statements, but we do not currently believe it will result in material changes to our previous consolidation conclusions. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 will be effective for us retrospectively beginning in the first quarter of 2016. We expect this new guidance will reduce total assets and total mortgage and unsecured indebtedness on our consolidated balance sheets for amounts classified as deferred costs specific to debt issuance costs. We do not expect this guidance to have any other effect on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments," which requires adjustments to provisional amounts used in business combinations during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. It also requires the disclosure of the impact on changes in estimates on earnings, depreciation, amortization and other income effects. ASU 2015-16 will be effective beginning January 1, 2016. We do not expect the adoption of this standard to have a significant impact on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments — Overall: Recognition and Measurement of Financial Assets and Financial Liabilities," which will require entities to measure their investments at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicability exception. The practicability exception will be available for equity investments that do not have readily determinable fair values. The guidance will be effective for us beginning with the first quarter of 2018. We are currently evaluating the impact of adopting the new standard will have on our consolidated financial statements. Noncontrolling Interests and Temporary Equity In addition to noncontrolling redeemable interests in properties, we classify our 7.5% Cumulative Redeemable Preferred Units, or 7.5% preferred units, in temporary equity. Although we may redeem the 7.5% preferred units for cash or shares of Simon common stock, we could be required to redeem the securities for cash because the non-cash redemption alternative requires us to deliver fully registered shares of Simon common stock which we may not be able to deliver depending upon the circumstances that exist at the time of redemption. The previous and current carrying amounts are equal to the liquidation value, which is the amount payable upon the occurrence of any event that could potentially result in cash settlement. Our evaluation of the appropriateness of classifying the units held by Simon and limited partners within permanent equity considered several significant factors. First, as a limited partnership, all decisions relating to our operations and distributions are made by Simon, acting as our sole general partner. The decisions of the general partner are made by Simon's Board of Directors or management. We have no other governance structure. Secondly, the sole asset of Simon is its interest in us. As a result, a share of Simon common stock (if owned by us) is best characterized as being similar to a treasury share and thus not an asset of the Operating Partnership. Limited partners have the right under our partnership agreement to exchange their units for shares of Simon common stock or cash as selected by the general partner. Accordingly, we classify units held by limited partners in permanent equity because Simon has the ability to issue shares of its common stock to limited partners exercising their exchange rights rather than using cash or other assets. Under our partnership agreement, we are required to redeem units held by Simon only when Simon has redeemed shares of its common stock. We classify units held by Simon in permanent equity because the decision to redeem those units would be made by Simon. Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties) is a component of consolidated net income. During 2015, 2014 and 2013, no individual components of other comprehensive income (loss) were attributable to noncontrolling interests. A rollforward of noncontrolling interests for the years ended December 31 is as follows: 2015 2014 2013 Noncontrolling nonredeemable (deficit) interests in properties, net — beginning of period $ ) $ $ ) Net income attributable to noncontrolling nonredeemable interests Distributions to noncontrolling nonredeemable interestholders ) ) ) Contributions by noncontrolling interest holders, net and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncontrolling nonredeemable interests (deficit) in properties, net — end

Real Estate Acquisitions and Di

Real Estate Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2015
Real Estate Acquisitions and Dispositions
Real Estate Acquisitions and Dispositions	4. Real Estate Acquisitions and Dispositions We acquire interests in properties to generate both current income and long-term appreciation in value. We acquire interests in individual properties or portfolios of retail real estate companies that meet our investment criteria and sell properties which no longer meet our strategic criteria. Unless otherwise noted below, gains and losses on these transactions are included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. We expense acquisition, potential acquisition and disposition related costs as they are incurred. We incurred $4.4 million in transaction costs during 2015 in connection with the acquisitions of Jersey Gardens and University Park Village, which are included in other expenses in the accompanying consolidated statements of operations and comprehensive income. We also incurred $38.2 million in transaction costs during the first six months of 2014 related to the spin-off of Washington Prime. Other than these transaction costs, we incurred a minimal amount of transaction expenses during 2015, 2014, and 2013. Our consolidated and unconsolidated acquisition and disposition activity for the periods presented are as follows: 2015 Acquisitions On January 15, 2015, we acquired a 100% interest in Jersey Gardens (renamed The Mills at Jersey Gardens) in Elizabeth, New Jersey, and University Park Village in Fort Worth, Texas, properties previously owned by Glimcher Realty Trust for $677.9 million of cash and the assumption of existing mortgage debt of $405.0 million. We recorded the assets and liabilities of these properties at estimated fair value at the acquisition date and the determination of fair value was finalized during the fourth quarter of 2015 resulting in a valuation of investment property of $1.1 billion, net lease related intangibles of $3.6 million and mortgage debt premiums of $17.9 million. We amortize these amounts over the estimated life of the related depreciable components of investment property, typically no greater than 40 years, the terms of the applicable leases and the applicable debt maturities, respectively. 2014 Acquisitions On April 10, 2014, as discussed further in Note 7, through a European joint venture, we acquired an additional 22.5% noncontrolling interest in Ashford Designer Outlet, increasing our percentage ownership to 45%. On January 30, 2014, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner, as well as approximately 39 acres of land in Oyster Bay, New York, for approximately $145.8 million, consisting of cash consideration and 555,150 units. Arizona Mills is subject to a mortgage which was $166.9 million at the time of the acquisition. The consolidation of this previously unconsolidated property resulted in a remeasurement of our previously held interest to fair value and a corresponding non-cash gain of $2.7 million in the first quarter of 2014. We now own 100% of this property. On January 10, 2014, we acquired one of our partner's interests in a portfolio of ten properties for approximately $114.4 million, seven of which were previously consolidated. 2013 Acquisitions During 2013, as further discussed in Note 7, we acquired noncontrolling interests in the property management and development companies of our European joint venture as well as interests in five designer outlet properties. On May 30, 2013, we acquired a 100% interest in a 390,000 square foot outlet center located near Portland, Oregon for cash consideration of $146.7 million. The fair value of the acquisition was recorded primarily as investment property and lease related intangibles. As a result of the excess of fair value over amounts paid, we recognized a gain of approximately $27.3 million. 2015 and 2016 Dispositions During 2015, we disposed of our interests in three unconsolidated retail properties. The aggregate gain recognized on these transactions was approximately $43.6 million. In January of 2016, we disposed of our interests in two residential properties and a consolidated retail property. The aggregate gain from these transactions was $36.8 million. 2014 Dispositions During 2014, we disposed of our interests in three consolidated retail properties. The aggregate gain recognized on these transactions was approximately $21.8 million. On September 26, 2014, we sold our investment in a hotel located at Coconut Point in Estero, Florida. The gain from this sale was $4.5 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income. 2013 Dispositions During 2013, we increased our economic interest in three unconsolidated community centers and subsequently disposed of our interests in those properties. Additionally, we disposed of our interests in eight consolidated retail properties and three unconsolidated retail properties. The aggregate gain recognized on these transactions was approximately $80.2 million. On August 8, 2013, we disposed of our interest in an office property located in the Boston, Massachusetts area. The gain on the sale was $7.9 million and is included in other income in the accompanying consolidated statements of operations and comprehensive income.

Per Unit Data

Per Unit Data	12 Months Ended
	Dec. 31, 2015
Per Unit Data
Per Unit Data	5. Per Unit Data We determine basic earnings per unit based on the weighted average number of units outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per unit based on the weighted average number of units outstanding combined with the incremental weighted average units that would have been outstanding assuming all potentially dilutive securities were converted into units at the earliest date possible. The following table sets forth the computation of our basic and diluted earnings per unit. For the Year Ended December 31, 2015 2014 2013 Net Income attributable to Unitholders — Basic and Diluted $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Units Outstanding — Basic Effect of stock options of Simon — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Units Outstanding — Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2015 and 2014, potentially dilutive securities include long-term incentive performance units, or LTIP units. No securities had a material dilutive effect for the years ended December 31, 2015 and 2014. The only securities that had a dilutive effect for the year ended December 31, 2013 were options of Simon. We accrue distributions when they are declared. The taxable nature of the distributions declared for each of the years ended as indicated is summarized as follows: For the Year Ended December 31, 2015 2014 2013 Total distributions paid per unit $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percent taxable as ordinary income % % % Percent taxable as long-term capital gains % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % % % In January 2016, Simon's Board of Directors declared a quarterly cash dividend for the first quarter of 2016 of $1.60 per share. The distribution rate on our units is equal to the dividend rate on Simon's common stock.

Investment Properties

Investment Properties	12 Months Ended
	Dec. 31, 2015
Investment Properties
Investment Properties	6. Investment Properties Investment properties consist of the following as of December 31: 2015 2014 Land $ $ Buildings and improvements ​ ​ ​ ​ ​ ​ ​ ​ Total land, buildings and improvements Furniture, fixtures and equipment ​ ​ ​ ​ ​ ​ ​ ​ Investment properties at cost Less — accumulated depreciation ​ ​ ​ ​ ​ ​ ​ ​ Investment properties at cost, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction in progress included above $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Investments in Unconsolidated E

Investments in Unconsolidated Entities	12 Months Ended
	Dec. 31, 2015
Investments in Unconsolidated Entities
Investments in Unconsolidated Entities	7. Investments in Unconsolidated Entities Real Estate Joint Ventures and Investments Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties, and diversify our risk in a particular property or portfolio of properties. We held joint venture interests in 81 properties as of December 31, 2015 and 82 properties as of December 31, 2014. Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash, borrowings or our units to acquire the joint venture interest from our partner. We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of December 31, 2015 and 2014, we had construction loans and other advances to related parties totaling $13.9 million and $14.9 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. Unconsolidated Property Transactions On July 22, 2015, we closed on our previously announced joint venture with HBC, to which HBC contributed 42 properties in the U.S. and we committed to contribute $100.0 million for improvements to the properties contributed by HBC in exchange for a noncontrolling interest in the newly formed joint venture. As of December 31, 2015, we have funded $1.0 million of this commitment. On September 30, 2015, HBC announced it had closed on the acquisition of Galeria Holding, the parent company of Germany's leading department store, Kaufhof. In conjunction with the closing, the joint venture acquired 41 Kaufhof properties in Germany from HBC. All of the joint venture's properties have been leased to affiliates of HBC. We contributed an additional $178.5 million to the joint venture upon closing of the Galeria Holding transaction. Our noncontrolling interest in the joint venture is approximately 8.9%. Our share of net loss was $0.7 million from the date of our investment through December 31, 2015. The joint venture's total assets and total liabilities as of December 31, 2015 were $4.2 billion and $2.9 billion, respectively, and the joint venture's total revenues, operating income and consolidated net loss were approximately $55.0 million, $10.0 million and $8.0 million, respectively, for the period of our ownership in 2015. On April 23, 2015, we announced a partnership with Swire Properties Inc. and Whitman Family Development to jointly develop the approximately 500,000 square foot shopping center component of Brickell City Centre, a mixed-use development in downtown Miami. We own a 25% interest in the retail component of this project, which is scheduled to open in September 2016. Our share of the estimated cost of this project including development fees is approximately $110.0 million. As of December 31, 2015, we have contributed substantially all of our share of the cost of this project. On April 13, 2015, we announced a joint venture with Sears Holdings, or Sears, whereby Sears contributed 10 of its properties located at our malls to the joint venture in exchange for a 50% noncontrolling interest in the joint venture. We contributed $114.0 million in cash in exchange for a 50% noncontrolling interest in the joint venture. Sears or its affiliates are leasing back each of the 10 properties from the joint venture. The joint venture has the right to recapture not less than 50% of the space leased to Sears to be used for purposes of redeveloping and releasing the recaptured space. We will provide development, leasing and management services to the joint venture for any recaptured space. On July 7, 2015, we separately invested approximately $33.0 million in exchange for 1,125,760 common shares of Seritage Growth Properties, or Seritage, a public REIT recently formed by Sears, which we account for as an available-for-sale security. Seritage now holds Sears' interest in the joint venture. On February 24, 2015, Houston Galleria, in which we own a 50.4% noncontrolling interest, refinanced its $821.0 million mortgage with a $1.2 billion mortgage that matures on March 1, 2025. The fixed interest rate was reduced from 5.44% to 3.55% as a result. Excess proceeds of $377.1 million from the financing were distributed to the venture partners in February 2015. On January 30, 2014, as discussed in Note 4, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner. The consolidation of this previously unconsolidated property resulted in a remeasurement of our previously held interest to fair value and a corresponding non-cash gain of $2.7 million in the first quarter of 2014. As a result of this acquisition, we now own 100% of this property. International Investments We conduct our international operations through joint venture arrangements and account for all of our international joint venture investments using the equity method of accounting European Investments. At December 31, 2015, we owned 63,924,148 shares, or approximately 20.3%, of Klépierre, which had a quoted market price of $44.82 per share. On July 29, 2014 Klépierre announced that it had entered into a conditional agreement to acquire Corio pursuant to which Corio shareholders received 1.14 Klépierre ordinary shares for each Corio ordinary share. On January 15, 2015 the tender offer transaction closed and the merger was completed on March 31, 2015, reducing our ownership from 28.9% at December 31, 2014 to 18.3%, resulting in a non-cash gain of $206.9 million that was required to be recognized in the first quarter of 2015 as if we had sold a proportionate share of our investment. On May 11, 2015, we purchased 6,290,000 additional shares of Klépierre for $279.4 million bringing our ownership to 20.3%. All of the excess investment related to this additional purchase has been determined to relate to investment property. Our share of net income, net of amortization of our excess investment, was $6.7 million and $131.5 million for the year ended December 31, 2015 and 2014, respectively. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre's results to GAAP, Klépierre's total assets, total liabilities, and noncontrolling interests were $20.8 billion, $12.4 billion, and $1.4 billion, respectively, as of December 31, 2015 and $12.7 billion, $8.2 billion, and $1.4 billion, respectively, as of December 31, 2014. Klépierre's total revenues, operating income and consolidated net income were approximately $1.5 billion, $414.8 million and $181.2 million, respectively, for the year ended December 31, 2015 and $1.2 billion, $432.1 million and $1.3 billion, respectively, for the year ended December 31, 2014. On April 16, 2014, Klépierre completed the disposal of a portfolio of 126 retail galleries located in France, Spain and Italy. Total gross consideration for the transaction, including transfer duties, was €1.98 billion (€1.65 billion Klépierre's group share). The net cash proceeds were used by Klépierre to reduce its overall indebtedness. In connection with this transaction, we recorded a gain of $133.9 million, net of the write-off of a portion of our excess investment, which is included in gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. Our joint venture in Europe has interests in six outlet properties, as well as a property management and development company. As of December 31, 2015, our legal percentage ownership interests in these entities ranged from 45% to 90%. The carrying amount of our investment in these joint ventures, including all related components of accumulated other comprehensive income (loss) as well as subsequent capital contributions for development, was $577.3 million and $677.1 million as of December 31, 2015 and 2014, respectively. In December 2014, Roermond Designer Outlet phases 2 and 3, in which we own a 90% interest, refinanced its $85.1 million mortgage maturing in 2017 with a $218.9 million mortgage that matures in 2021. The fixed interest rate was reduced from 5.12% to 1.86% as a result. Excess proceeds of approximately $106.0 million from the financing were distributed to the venture partners in January 2015. In the first quarter of 2016, we will consolidate the entity that holds our interests in the six outlet properties as we obtain control of the investee entity. This will result in the consolidation of two of the six operating properties and will be accounted for as a step acquisition, requiring a remeasurement of our previously held equity interest to fair value and the recognition of a non-cash gain in earnings during the first quarter of 2016. Consolidation will require us to recognize the investee's identifiable assets and liabilities at fair value in our consolidated financial statements along with the related noncontrolling interest representing our partners' share. In February 2016, our joint venture acquired a 75% interest in an outlet center in Ochtrup, Germany for cash consideration of approximately $34.9 million. We also have minority interests in Value Retail PLC and affiliated entities, which own or have interests in and operate nine luxury outlets throughout Europe and a direct minority ownership in three of those outlets. Our investment in these entities is accounted for under the cost method. At both December 31, 2015 and 2014, the carrying value of these non-marketable investments was $115.4 million and is included in deferred costs and other assets. On March 19, 2015, we disposed of our interest in a joint venture which had held interests in rights to pre-development projects in Europe, for total proceeds of $19.0 million. We recognized a gain on the sale of $8.3 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income. Asian Joint Ventures. We conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi Estate Co., Ltd. We have a 40% ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $224.6 million and $229.8 million as of December 31, 2015 and 2014, respectively, including all related components of accumulated other comprehensive income (loss). We conduct our international Premium Outlet operations in South Korea through a joint venture with Shinsegae International Co. We have a 50% ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $117.0 million and $104.5 million as of December 31, 2015 and 2014, respectively, including all related components of accumulated other comprehensive income (loss). Summary Financial Information A summary of our equity method investments and share of income from such investments, excluding Klépierre and our joint venture with HBC, is included below. During 2015, we disposed of three retail properties. During 2013, we disposed of three retail properties. As discussed in Note 3, on May 28, 2014, we completed the spin-off of Washington Prime, which included ten unconsolidated properties. The net income of these ten properties is included in income from operations of discontinued joint venture interests in the accompanying summary financial information. BALANCE SHEETS December 31, 2015 December 31, 2014 Assets: Investment properties, at cost $ $ Less — accumulated depreciation ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents Tenant receivables and accrued revenue, net Investment in unconsolidated entities, at equity — Deferred costs and other assets ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and Partners' Deficit: Mortgages $ $ Accounts payable, accrued expenses, intangibles, and deferred revenue Other liabilities ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities Preferred units Partners' deficit ) ) ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and partners' deficit $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our Share of: Partners' deficit $ ) $ ) Add: Excess Investment ​ ​ ​ ​ ​ ​ ​ ​ Our net Investment in unconsolidated entities, at equity $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ "Excess Investment" represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures or other investments acquired and has been determined to relate to the fair value of the investment property, lease related intangibles, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of investment property, typically no greater than 40 years, the terms of the applicable leases and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities. As of December 31, 2015, scheduled principal repayments on joint venture properties' mortgage indebtedness are as follows: 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ Total principal maturities Net unamortized debt premium ​ ​ ​ ​ ​ Total mortgages and unsecured indebtedness $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ This debt becomes due in installments over various terms extending through 2035 with interest rates ranging from 0.37% to 9.35% and a weighted average interest rate of 4.15% at December 31, 2015. In November 2013, Aventura Mall in which we own a 33% interest refinanced its $430.0 million mortgage maturing on December 11, 2017 with a $1.2 billion mortgage that matures on December 1, 2020. The fixed interest rate was reduced from 5.91% to 3.75% as a result of this transaction and an extinguishment charge of $82.8 million was incurred which is included in interest expense in the accompanying joint venture statements of operations. Excess proceeds from the financing were distributed to the venture partners. STATEMENTS OF OPERATIONS For the Year Ended December 31, 2015 2014 2013 Revenue: Minimum rent $ $ $ Overage rent Tenant reimbursements Other income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue Operating Expenses: Property operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion Provision for credit losses Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income Interest expense ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from Continuing Operations Income from operations of discontinued joint venture interests — Gain on disposal of discontinued operations, net — — Gain on sale or disposal of assets and interests in unconsolidated entities, net — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third-Party Investors' Share of Net Income $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our Share of Net Income Amortization of Excess Investment ) ) ) Our Share of (Loss) Income from Unconsolidated Discontinued Operations — ) Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net ) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from Unconsolidated Entities $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our share of income from unconsolidated entities in the above table, aggregated with our share of results of Klépierre and our joint venture with HBC, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Our share of the gain on sale or disposal of assets and interests in unconsolidated entities, net is reflected within gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. 2015 Dispositions In 2015, we disposed of our interests in three retail properties. Our share of the net gain on disposition was $43.6 million. 2013 Dispositions In 2013, we disposed of our interest in three retail properties. We recognized no gain or loss on the disposal of these properties.

Indebtedness and Derivative Fin

Indebtedness and Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2015
Indebtedness and Derivative Financial Instruments
Indebtedness and Derivative Financial Instruments	8. Indebtedness and Derivative Financial Instruments Our mortgages and unsecured indebtedness, excluding the impact of derivative instruments, consist of the following as of December 31: 2015 2014 Fixed-Rate Debt: Mortgage notes, including $44,594 and $49,723 net premiums, respectively. Weighted average interest and maturity of 5.12% and 4.6 years at December 31, 2015. $ $ Unsecured notes, including $44,698 and $40,701 net discounts, respectively. Weighted average interest and maturity of 3.93% and 7.3 years at December 31, 2015. Commercial Paper (see below) ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed-Rate Debt Variable-Rate Debt: Mortgages notes, at face value. Weighted average interest and maturity of 2.29% and 1.3 years at December 31, 2015. Unsecured Term Loan (see below) Credit Facility (see below) Total Variable-Rate Debt ​ ​ ​ ​ ​ ​ ​ ​ Total Mortgages and Unsecured Indebtedness $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General. Our unsecured debt agreements contain financial covenants and other non-financial covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender including adjustments to the applicable interest rate. As of December 31, 2015, we were in compliance with all covenants of our unsecured debt. At December 31, 2015, we or our subsidiaries were the borrowers under 44 non-recourse mortgage notes secured by mortgages on 49 properties, including four separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of 11 properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties which serve as collateral for that debt. If the applicable borrower under these non-recourse mortgage notes fails to comply with these covenants, the lender could accelerate the debt and enforce its right against their collateral. At December 31, 2015, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually, or giving effect to applicable cross-default provisions in the aggregate, have a material adverse effect on our financial condition, liquidity or results of operations. Unsecured Debt At December 31, 2015, our unsecured debt consisted of $13.5 billion of our senior unsecured notes, net of discounts, $1.2 billion outstanding under our $4.0 billion unsecured revolving credit facility, or Credit Facility, $240.0 million outstanding under an unsecured term loan, and $878.7 million outstanding under our global unsecured commercial paper note program, or Commercial Paper program. The December 31, 2015 balance on the Credit Facility included $237.8 million (U.S. dollar equivalent) of Euro-denominated borrowings and $184.8 million (U.S. dollar equivalent) of Yen-denominated borrowings. At December 31, 2015 the outstanding amount under the Commercial Paper program was $878.7 million, of which $188.1 million was related to the U.S. dollar equivalent of Euro-denominated notes. Foreign currency denominated borrowings under both the Credit Facility and Commercial Paper program are designated as net investment hedges of a portion of our international investments. On December 31, 2015, we had an aggregate available borrowing capacity of $4.6 billion under the Credit Facility and our $2.75 billion supplemental unsecured revolving credit facility, or Supplemental Facility, and together with the Credit Facility, the Credit Facilities. The maximum aggregate outstanding balance under the two Credit Facilities during the year ended December 31, 2015 was $1.8 billion and the weighted average outstanding balance was $1.2 billion. Letters of credit of $36.9 million were outstanding under the two Credit Facilities as of December 31, 2015. The Credit Facility's initial borrowing capacity of $4.0 billion may be increased to $5.0 billion during its term and provides for borrowings denominated in U.S. dollars, Euros, Yen, Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 75% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility is June 30, 2018 and can be extended for an additional year to June 30, 2019 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the Credit Facility is LIBOR plus 80 basis points with an additional facility fee of 10 basis points. On March 2, 2015, we amended and extended the Supplemental Facility. The initial borrowing capacity of $2.0 billion was increased to $2.75 billion, may be further increased to $3.5 billion during its term, will initially mature on June 30, 2019 and can be extended for an additional year to June 30, 2020 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the amended Supplemental Facility was reduced to LIBOR plus 80 basis points and the additional facility fee was reduced to 10 basis points. The Supplemental Facility provides for borrowings denominated in U.S. dollars, Euros, Yen, Sterling, Canadian dollars and Australian dollars. On March 2, 2015, we increased the maximum aggregate program size of our Commercial Paper program from $500.0 million to $1.0 billion, or the non-U.S. dollar equivalent thereof. We may issue unsecured commercial paper notes, denominated in U.S. dollars, Euros and other currencies. Notes issued in non-U.S. currencies may be issued by one or more of our subsidiaries and are guaranteed by us. Notes will be sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) pari passu with our other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facilities and if necessary or appropriate, we may make one or more draws under either of the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program. At December 31, 2015, we had $878.7 million outstanding under the Commercial Paper program, comprised of $690.6 million outstanding in U.S. dollar denominated notes and $188.1 million (U.S. dollar equivalent) of Euro denominated notes with weighted average interest rates of 0.43% and 0.03%, respectively. The borrowings mature on various dates from January 4, 2016 to April 18, 2016 and reduce amounts otherwise available under the Credit Facilities. On August 17, 2015, we issued $500.0 million of senior unsecured notes at a fixed interest rate of 2.50% with a maturity date of September 1, 2020 and $600.0 million of senior unsecured notes at a fixed interest rate of 3.50% with a maturity date of September 1, 2025. Proceeds from the unsecured notes offering were used to repay debt and for general corporate purposes. On November 18, 2015, a wholly-owned subsidiary of ours issued €750.0 million ($798.3 million U.S. dollar equivalent) of senior unsecured notes at a fixed interest rate of 1.38% with a maturity date of November 18, 2022. Proceeds from the unsecured notes offering were used to pay down a portion of Euro-denominated borrowings on the Credit Facility. During 2015, we redeemed at par or repaid at maturity $693.5 million of senior unsecured notes with fixed interest rates ranging from 5.10% to 5.75% and completed the early redemption of two series of senior unsecured notes comprising $1.0 billion with fixed interest rates of 6.13% and 7.38%. We recorded a $121.0 million loss on extinguishment of debt in the fourth quarter of 2015 as a result of the early redemption. Further, on February 1, 2016, we redeemed at par $163.3 million of senior unsecured notes with a fixed interest rate of 6.10%. On January 13, 2016, we issued $550.0 million of senior unsecured notes at a fixed interest rate of 2.50% with a maturity date of July 15, 2021 and $800.0 million of senior unsecured notes at a fixed interest rate of 3.30% with a maturity date of January 15, 2026. Proceeds from the unsecured notes offering were used to pay down the Credit Facility, unencumber three assets and redeem senior unsecured notes at par in February 2016 and for general corporate purposes. Mortgage Debt Total mortgage indebtedness was $6.6 billion and $6.2 billion at December 31, 2015 and 2014, respectively. During the year ended December 31, 2015, we repaid $259.3 million in mortgage loans, with a weighted average interest rate of 5.51%, unencumbering five properties. On January 15, 2015, we acquired two properties — Jersey Gardens in Elizabeth, New Jersey (renamed The Mills at Jersey Gardens) and University Park Village in Fort Worth, Texas, subject to existing fixed-rate mortgage loans of $350.0 million and $55.0 million, respectively. The loans mature on November 1, 2020 and May 1, 2028 and bear interest at 3.83% and 3.85%, respectively. Debt Maturity and Other Our scheduled principal repayments on indebtedness as of December 31, 2015 are as follows: 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ Total principal maturities Net unamortized debt discount ) ​ ​ ​ ​ ​ Total mortgages and unsecured indebtedness $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our cash paid for interest in each period, net of any amounts capitalized, was as follows: For the Year Ended December 31, 2015 2014 2013 Cash paid for interest $ $ $ Derivative Financial Instruments Our exposure to market risk due to changes in interest rates primarily relates to our long-term debt obligations. We manage exposure to interest rate market risk through our risk management strategy by a combination of interest rate protection agreements to effectively fix or cap a portion of variable rate debt. We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposures, with gains and losses on the derivative contracts hedging these exposures. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes. We may enter into treasury lock agreements as part of an anticipated debt issuance. Upon completion of the debt issuance, the fair value of these instruments is recorded as part of accumulated other comprehensive income (loss) and is amortized to interest expense over the life of the debt agreement. The unamortized loss on our treasury locks and terminated hedges recorded in accumulated other comprehensive income (loss) was $60.8 million and $65.7 million as of December 31, 2015 and 2014, respectively. As of December 31, 2015, we had no outstanding interest rate derivatives. As of December 31, 2014, our outstanding LIBOR based derivative contracts consisted of fixed rate swap agreements with a notional amount of $375.0 million. Within the next year, we expect to reclassify to earnings approximately $12.4 million of losses related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss). Fair Value of Debt The carrying value of our variable-rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed-rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed-rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed-rate mortgages and unsecured indebtedness including Commercial Paper was $20.4 billion and $19.4 billion as of December 31, 2015 and 2014, respectively. The fair values of these financial instruments and the related discount rate assumptions as of December 31 are summarized as follows: 2015 2014 Fair value of fixed-rate mortgages and unsecured indebtedness (in millions) $21,331 $20,967 Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages 3.46% 3.02% Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 3.59% 3.51%

Rentals under Operating Leases

Rentals under Operating Leases	12 Months Ended
	Dec. 31, 2015
Rentals under Operating Leases
Rentals under Operating Leases	9. Rentals under Operating Leases Future minimum rentals to be received under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on tenant sales volume as of December 31, 2015 are as follows: 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Equity

Equity	12 Months Ended
	Dec. 31, 2015
Equity
Equity	10. Equity Temporary Equity We classify as temporary equity those securities for which there is the possibility that we could be required to redeem the security for cash, irrespective of the probability of such a possibility. As a result, we classify one series of preferred units and noncontrolling redeemable interests in properties in temporary equity. Noncontrolling Redeemable Interests in Properties Redeemable instruments, which typically represent the remaining interest in a property or portfolio of properties, and which are redeemable at the option of the holder or in circumstances that may be outside our control, are accounted for as temporary equity. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded within equity. There are no noncontrolling interests redeemable at amounts in excess of fair value and as of December 31, 2015 and 2014, there were no material noncontrolling redeemable interests in properties. On January 10, 2014, we acquired one of our partner's remaining redeemable interests in a portfolio of ten properties for approximately $114.4 million subject to a pre-existing contractual arrangement. The amount paid to acquire the interests in the seven properties which were previously consolidated had been included in temporary equity at December 31, 2013. During the second quarter of 2014, in connection with the resolution of all partnership disputes with related party limited partners in one of our partnerships, we contributed $83.0 million into the partnership in exchange for a new series of preferred partnership units that carry a 2.5% preferred return. Amounts due upon a future exercise of the limited partners' right to cause us to redeem their noncontrolling interests would be net of this preferred investment. Accordingly, this preferred investment contractually offsets the mezzanine liability previously recognized on the accompanying consolidated balance sheet. 7.5% Cumulative Redeemable Preferred Units The 7.5% preferred units accrue cumulative quarterly distributions at a rate of $7.50 annually. We may redeem the preferred units upon the death of the survivor of the original holders, or the transfer of any preferred units to any person or entity other than the persons or entities entitled to the benefits of the original holder. The redemption price is the liquidation value ($100.00 per preferred unit) plus accrued and unpaid distributions, payable either in cash or fully registered shares of common stock of Simon. In the event of the death of a holder of the 7.5% preferred units, the occurrence of certain tax triggering events applicable to the holder, or on or after November 10, 2006, the holder may require us to redeem the preferred units at the same redemption price payable at our option in either cash or fully registered shares of common stock of Simon. These preferred units have a carrying value of $25.5 million and are included in preferred units, at liquidation value in the consolidated balance sheets at December 31, 2015 and 2014. Permanent Equity Series J 8 3 / 8 % Cumulative Redeemable Preferred Units. Distributions accrue quarterly at an annual rate of 8 3 / 8 % per unit on the Series J 8 3 / 8 % preferred units, or Series J preferred units. Simon owns all of the Series J preferred units which have the same economic rights and preferences of an outstanding series of Simon preferred stock. We can redeem this series, in whole or in part, when Simon can redeem the related preferred stock, on and after October 15, 2027 at a redemption price of $50.00 per unit, plus accumulated and unpaid distributions. The Series J preferred units were issued at a premium of $7.5 million. The unamortized premium included in the carrying value of the preferred units at December 31, 2015 and 2014 was $3.9 million and $4.2 million, respectively. There are 1,000,000 Series J preferred units authorized and 796,948 issued and outstanding. Unit Issuances and Repurchases In 2015, nine limited partners exchanged 489,291 units for an equal number of shares of common stock of Simon pursuant to our partnership agreement. These transactions increased Simon's ownership interest in us. On April 2, 2015, Simon's Board of Directors authorized a common stock repurchase program under which Simon may purchase up to $2.0 billion of its common stock over a twenty-four month period as market conditions warrant. Simon may repurchase the shares in the open market or in privately negotiated transactions. Through December 31, 2015, Simon repurchased 1,903,340 shares of its common stock at an average price of $180.19 per share as part of this program. As a result of these share repurchases, we repurchased a like number of units from Simon. On May 14, 2015, we redeemed 944,359 units from a limited partner for $162.7 million. Other Equity Activity Notes Receivable from Former CPI Stockholders. Notes receivable of $14.8 million from stockholders of an entity we acquired in 1998 are reflected as a deduction from general partner's equity in the consolidated statements of equity in the accompanying financial statements. The notes do not bear interest and become due at the time the underlying shares are sold. The Simon Property Group 1998 Stock Incentive Plan, as amended. We, along with Simon, have a stock incentive plan, or the 1998 plan, which provides for the grant of awards with respect to the equity of Simon, in the form of options to purchase shares of Simon common stock, or options, stock appreciation rights, or SARs, restricted stock grants and performance-based unit awards, collectively, Awards. Options may be granted which are qualified as "incentive stock options" within the meaning of Section 422 of the Internal Revenue Code and options which are not so qualified. An aggregate of 16,300,000 shares of Simon common stock have been reserved for issuance under the 1998 plan. Additionally, the partnership agreement requires Simon to purchase units for cash in an amount equal to the fair market value of such shares issued on the exercise of options. Administration. The 1998 plan is administered by the Compensation Committee of Simon's Board of Directors, or the Compensation Committee. The Compensation Committee determines which eligible individuals may participate and the type, extent and terms of the awards to be granted to them. In addition, the Compensation Committee interprets the 1998 plan and makes all other determinations deemed advisable for its administration. Options granted to employees become exercisable over the period determined by the Compensation Committee. The exercise price of an employee option may not be less than the fair market value of the shares on the date of grant. Employee options generally vest over a three-year period and expire ten years from the date of grant. Awards and Compensation for Eligible Directors. Directors of Simon who are not employees of Simon or employees of affiliates of Simon, receive awards under the 1998 plan. Each independent director receives an annual cash retainer of $100,000, and an annual restricted stock award with a grant date value of $150,000. Committee chairs receive annual retainers for Simon's Audit, Compensation, and Nominating and Governance Committees of $35,000, $35,000 and $25,000, respectively. Directors receive fixed annual retainers for service on the Audit, Compensation and Nominating and Governance Committees, of $15,000, $15,000, and $10,000, respectively. The Lead Director receives an annual retainer of $50,000. These retainers are paid 50% in cash and 50% in restricted stock. Restricted stock awards vest in full after one year. Once vested, the delivery of the shares of restricted stock (including reinvested dividends) is deferred under our Director Deferred Compensation Plan until the director retires, dies or becomes disabled or otherwise no longer serves as a director. The directors may vote and are entitled to receive dividends on the underlying shares; however, any dividends on the shares of restricted stock must be reinvested in shares of Simon common stock and held in the Director Deferred Compensation Plan until the shares of restricted stock are delivered to the former director. Stock Based Compensation Awards under our stock based compensation plans primarily take the form of LTIP units and restricted stock grants of Simon. Restricted stock and awards under the LTIP programs are all performance-based and are based on various individual, corporate and business unit performance measures as further described below. The expense related to these programs, net of amounts capitalized, is included within home and regional office costs and general and administrative costs in the accompanying statements of operations and comprehensive income. LTIP Programs. Every year since 2010, the Compensation Committee has approved long-term, performance-based incentive compensation programs, or the LTIP programs, for certain senior executive officers. Awards under the LTIP programs take the form of LTIP units, a form of limited partnership interest issued by us, and will be considered earned if, and only to the extent to which, applicable total shareholder return, or TSR, performance measures are achieved during the performance period. Once earned, LTIP units are subject to a two year vesting period. One-half of the earned LTIP units will vest on January 1 of each of the second and third years following the end of the applicable performance period, subject to the participant maintaining employment with us through those dates and certain other conditions as described in those agreements. Awarded LTIP units not earned are forfeited. Earned and fully vested LTIP units are the equivalent of units. During the performance period, participants are entitled to receive distributions on the LTIP units awarded to them equal to 10% of the regular quarterly distributions paid on a unit. As a result, we account for these LTIP units as participating securities under the two-class method of computing earnings per unit. From 2010 to 2015, the Compensation Committee approved LTIP unit grants as shown in the table below. Grant date fair values of the LTIP units are estimated using a Monte Carlo model, and the resulting expense is recorded regardless of whether the TSR performance measures are achieved if the required service is delivered. The grant date fair values are being amortized into expense over the period from the grant date to the date at which the awards, if any, would become vested. The extent to which LTIP units were earned, and the aggregate grant date fair values adjusted for estimated forfeitures, are as follows: LTIP Program LTIP Units Earned Grant Date Fair Value 2010 LTIP program 1-year 2010 LTIP program 133,673 1-year program — $7.2 million 2-year 2010 LTIP program 337,006 2-year program — $14.8 million 3-year 2010 LTIP program 489,654 3-year program — $23.0 million 2011-2013 LTIP program 469,848 $35.0 million 2012-2014 LTIP program 401,203 $35.0 million 2013-2015 LTIP program To be determined in 2016 $29.5 million 2014-2016 LTIP program To be determined in 2017 $30.0 million 2015-2017 LTIP program To be determined in 2018 $29.9 million We recorded compensation expense, net of capitalization, related to these LTIP programs of approximately $24.9 million, $27.6 million, and $25.7 million for the years ended December 31, 2015, 2014 and 2013, respectively. Restricted Stock. The 1998 plan also provides for shares of restricted common stock of Simon to be granted to certain employees at no cost to those employees, subject to achievement of individual performance and certain financial and return-based performance measures established by the Compensation Committee related to the most recent year's performance. Once granted, the shares of restricted stock then vest annually over a three-year or a four-year period (as defined in the award). The cost of restricted stock grants, which is based upon the stock's fair market value on the grant date, is recognized as expense ratably over the vesting period. Through December 31, 2015 a total of 5,594,683 shares of restricted stock, net of forfeitures, have been awarded under the 1998 plan. Information regarding restricted stock awards is summarized in the following table for each of the years presented: For the Year Ended December 31, 2015 2014 2013 Shares of restricted stock awarded during the year, net of forfeitures Weighted average fair value of shares granted during the year $ $ $ Amortization expense $ $ $ We recorded compensation expense, net of capitalization, related to restricted stock of approximately $9.4 million, $12.3 million, and $13.4 million for the years ended December 31, 2015, 2014 and 2013, respectively. Other Compensation Arrangements. On July 6, 2011, in connection with the execution of an employment agreement, the Compensation Committee granted David Simon, our Chairman and Chief Executive Officer, a retention award in the form of 1,000,000 LTIP units, or the Award, for his continued service as our Chairman and Chief Executive Officer through July 5, 2019. Effective December 31, 2013, the Award was modified, or the Current Award, and as a result the LTIP units will now become earned and eligible to vest based on the attainment of Simon-based performance goals, in addition to the service-based vesting requirement included in the original Award. If the relevant performance criteria are not achieved, all or a portion of the Current Award will be forfeited. The Current Award does not contain an opportunity for Mr. Simon to receive additional LTIP units above and beyond the original Award should our performance exceed the higher end of the performance criteria. The performance criteria of the Current Award are based on the attainment of specific funds from operations per share. If the performance criteria have been met, a maximum of 360,000 LTIP units, or the A units, 360,000 LTIP units, or the B units, and 280,000 LTIP units, or the C units, may become earned on December 31, 2015, December 31, 2016 and December 31, 2017, respectively. The earned A units will vest on January 1, 2018, earned B units will vest on January 1, 2019 and earned C units will vest on June 30, 2019, subject to Mr. Simon's continued employment through such applicable date. The grant date fair value of the retention award of $120.3 million is being recognized as expense over the eight-year term of his employment agreement on a straight-line basis based through the applicable vesting periods of the A units, B units and C units. Since 2001, we have not granted any options to officers, directors or employees, except for a series of reload options we assumed as part of a prior business combination. As of December 31, 2014, there were no remaining options outstanding. We also maintain a tax-qualified retirement 401(k) savings plan and offer no other post-retirement or post-employment benefits to our employees. Exchange Rights Limited partners have the right under our partnership agreement to exchange all or any portion of their units for shares of Simon common stock on a one-for-one basis or cash, as determined by Simon in its sole discretion. If Simon selects cash, Simon cannot cause us to redeem the exchanged units for cash without contributing cash to us as partners' equity sufficient to effect the redemption. If sufficient cash is not contributed, Simon will be deemed to have elected to exchange the units for shares of Simon common stock. The amount of cash to be paid if the exchange right is exercised and the cash option is selected will be based on the trading price of Simon's common stock at that time. The number of shares of Simon's common stock issued pursuant to the exercise of the exchange right will be the same as the number of units exchanged.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies
Commitments and Contingencies	11. Commitments and Contingencies Litigation We are involved from time-to-time in various legal and regulatory proceedings that arise in the ordinary course of our business, including, but not limited to commercial disputes, environmental matters, and litigation in connection with transactions such as acquisitions and divestitures. We believe that our current proceedings will not have a material adverse effect on our financial condition, liquidity or results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated. In May 2010, Opry Mills sustained significant flood damage. Insurance proceeds of $50 million have been funded by the primary insurer and remediation and restoration work has been completed. The property was re-opened on March 29, 2012. The excess insurance carriers (those providing coverage above $50 million) denied our claim under the policy for additional proceeds (of up to $150 million) to pay further amounts for restoration costs and business interruption losses. In the first quarter of 2015, summary judgment was granted in our favor, concluding that up to $150 million of additional coverage is available under our excess insurance policy for this claim. In July and August 2015, trial on the damages portion of our claim was completed and the jury entered a verdict for damages in the amount of $204.1 million (inclusive of the $50.0 million previously paid by the primary carrier). The court has also ruled that we are entitled to recover prejudgment interest and legal fees paid to our lender's counsel, all in amounts to be determined by the court. We will continue our efforts through the conclusion of the pending litigation to recover our losses, including consequential damages, under the excess insurance policies for Opry Mills and we believe recovery is probable, but no assurances can be made that our efforts to recover these funds will be successful. Lease Commitments As of December 31, 2015, a total of 22 of the consolidated properties are subject to ground leases. The termination dates of these ground leases range from 2017 to 2090. These ground leases generally require us to make fixed annual rental payments, or a fixed annual rental payment plus a percentage rent component based upon the revenues or total sales of the property. In addition, we have several regional office locations that are subject to leases with termination dates ranging from 2016 to 2028. These office leases generally require us to make fixed annual rental payments plus pay our share of common area, real estate and utility expenses. Some of our ground and office leases include escalation clauses and renewal options. We incurred ground lease expense and office lease expense, which are included in other expense and home office and regional expense, respectively, as follows: For the Year Ended, December 31, 2015 2014 2013 Ground lease expense $ $ $ Office lease expense Future minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and any sublease income, are as follows: 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance We maintain insurance coverage with third party carriers who provide a portion of the coverage for specific layers of potential losses including commercial general liability, fire, flood, extended coverage and rental loss insurance on all of our properties in the United States. The initial portion of coverage not provided by third party carriers is either insured through our wholly-owned captive insurance companies, Rosewood Indemnity, Ltd. and Bridgewood Insurance Company, Ltd., or other financial arrangements controlled by us. The third party carrier has, in turn, agreed, if required, to provide evidence of coverage for this layer of losses under the terms and conditions of the carrier's policy. A similar policy written through our captive insurance entities also provides initial coverage for property insurance and certain windstorm risks at the properties located in coastal windstorm locations. We currently maintain insurance coverage against acts of terrorism on all of our properties in the United States on an "all risk" basis in the amount of up to $1 billion. The current federal laws which provide this coverage are expected to operate through 2020. Despite the existence of this insurance coverage, any threatened or actual terrorist attacks where we operate could adversely affect our property values, revenues, consumer traffic and tenant sales. Guarantees of Indebtedness Joint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non-recourse to us. As of December 31, 2015 and 2014, we guaranteed joint venture related mortgage indebtedness of $353.7 million and $223.5 million, respectively (of which we have a right of recovery from our venture partners of $112.8 million and $78.7 million, respectively). Mortgages guaranteed by us are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount. Concentration of Credit Risk Our malls, Premium Outlets and Mills rely heavily upon anchor tenants to attract customers; however, anchor retailers do not contribute materially to our financial results as many anchor retailers own their spaces. All material operations managed by us are within the United States and no customer or tenant accounts for 5% or more of our consolidated revenues. Limited Life Partnerships We are the controlling partner in several consolidated partnerships that have a limited life. We estimated the settlement values of these noncontrolling interests as of December 31, 2015 and 2014, as approximately $90.0 million and $101.0 million, respectively. The settlement values are based on the estimated fair values upon a hypothetical liquidation of the partnership interests and estimated yield maintenance or prepayment penalties associated with the payment to settle any underlying secured mortgage debt.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions
Related Party Transactions	12. Related Party Transactions Our management company provides management, insurance, and other services to Melvin Simon & Associates, Inc., a related party, unconsolidated joint ventures, and other non-owned related party properties. Amounts for services provided by our management company and its affiliates to our unconsolidated joint ventures and other related parties were as follows: For the Year Ended December 31, 2015 2014 2013 Amounts charged to unconsolidated joint ventures $ $ $ Amounts charged to properties owned by related parties During 2015, 2014 and 2013, we recorded development, royalty and other fee income, net of elimination, related to our international investments of $13.6 million, $13.7 million and $14.0 million, respectively. Also during 2015, 2014 and 2013, we received fees related to financing activities, net of elimination, provided to unconsolidated joint ventures of $2.3 million, $4.2 million and $15.9 million, respectively. The fees related to our international investments and financing activities are included in other income in the accompanying consolidated statements of operations and comprehensive income.

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)	13. Quarterly Financial Data (Unaudited) Quarterly 2015 and 2014 data is summarized in the table below. Quarterly amounts may not sum to annual amounts due to rounding. First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Total revenue $ $ $ $ Operating income Consolidated net income Net income attributable to unitholders Net income per unit — Basic and Diluted $ $ $ $ Weighted average units outstanding — Basic and Diluted 2014 Total revenue $ $ $ $ Operating income Consolidated income from continuing operations Consolidated net income Net income attributable to unitholders Net income per unit from continuing operations — Basic and Diluted $ $ $ $ Net income per unit — Basic and Diluted $ $ $ $ Weighted average units outstanding — Basic and Diluted

SCHEDULE III Real Estate and Ac

SCHEDULE III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
Schedule III Real Estate and Accumulated Depreciation
SCHEDULE III Real Estate and Accumulated Depreciation	SCHEDULE III Simon Property Group, L.P. and Subsidiaries Real Estate and Accumulated Depreciation December 31, 2015 (Dollars in thousands) Cost Capitalized Subsequent to Acquisition (3) Gross Amounts At Which Carried At Close of Period Initial Cost (3) Date of Construction or Acquisition Name Location Encumbrances (6) Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total (1) Accumulated Depreciation (2) Malls Bangor Mall Bangor, ME $ $ $ $ — $ $ $ $ $ 2004 (5) Barton Creek Square Austin, TX — 1981 Battlefield Mall Springfield, MO 1970 Bay Park Square Green Bay, WI — 1980 Brea Mall Brea (Los Angeles), CA — — 1998 (4) Broadway Square Tyler, TX — — 1994 (4) Burlington Mall Burlington (Boston), MA — 1998 (4) Castleton Square Indianapolis, IN — 1972 Cielo Vista Mall El Paso, TX — 1974 College Mall Bloomington, IN — 1965 Columbia Center Kennewick, WA — — 1987 Copley Place Boston, MA — — — — 2002 (4) Coral Square Coral Springs (Miami), FL — — 1984 Cordova Mall Pensacola, FL — 1998 (4) Domain, The Austin, TX — 2005 Empire Mall Sioux Falls, SD — 1998 (5) Fashion Mall at Keystone, The Indianapolis, IN — — 1997 (4) Firewheel Town Center Garland (Dallas), TX — — 2004 Forum Shops at Caesars, The Las Vegas, NV — — — — 1992 Greenwood Park Mall Greenwood (Indianapolis), IN 1979 Haywood Mall Greenville, SC — 1998 (4) Independence Center Independence (Kansas City), MO — 1994 (4) Ingram Park Mall San Antonio, TX 1979 King of Prussia King of Prussia (Philadelphia), PA — 2003 (5) La Plaza Mall McAllen, TX — 1976 Lakeline Mall Cedar Park (Austin), TX — 1995 Lenox Square Atlanta, GA — — 1998 (4) Livingston Mall Livingston (New York), NJ — — 1998 (4) Mall of Georgia Buford (Atlanta), GA — — 1999 (5) McCain Mall N. Little Rock, AR — — 1973 Menlo Park Mall Edison (New York), NJ — — 1997 (4) Midland Park Mall Midland, TX — 1980 Miller Hill Mall Duluth, MN — 1973 Montgomery Mall North Wales (Philadelphia), PA — 2004 (5) North East Mall Hurst (Dallas), TX — 1971 Northgate Mall Seattle, WA — — 1987 Simon Property Group, L.P. and Subsidiaries Real Estate and Accumulated Depreciation December 31, 2015 (Dollars in thousands) Cost Capitalized Subsequent to Acquisition (3) Gross Amounts At Which Carried At Close of Period Initial Cost (3) Date of Construction or Acquisition Name Location Encumbrances (6) Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total (1) Accumulated Depreciation (2) Ocean County Mall Toms River (New York), NJ — — 1998 (4) Orland Square Orland Park (Chicago), IL — — 1997 (4) Oxford Valley Mall Langhorne (Philadelphia), PA — 2003 (4) Penn Square Mall Oklahoma City, OK — 2002 (4) Pheasant Lane Mall Nashua, NH — 2004 (5) Phipps Plaza Atlanta, GA — — 1998 (4) Plaza Carolina Carolina (San Juan), PR — 2004 (4) Prien Lake Mall Lake Charles, LA — 1972 Rockaway Townsquare Rockaway (New York), NJ — — 1998 (4) Roosevelt Field Garden City (New York), NY — 1998 (4) Ross Park Mall Pittsburgh, PA — — 1986 Santa Rosa Plaza Santa Rosa, CA — — 1998 (4) Shops at Chestnut Hill, The Chestnut Hill (Boston), MA 2002 (5) Shops at Nanuet, The Nanuet, NY — — 2013 Shops at Riverside, The Hackensack (New York), NJ — 2007 (4)(5) South Hills Village Pittsburgh, PA — 1997 (4) South Shore Plaza Braintree (Boston), MA — — 1998 (4) Southdale Center Edina (Minneapolis), MN — 2007 (4)(5) SouthPark Charlotte, NC 2002 (4) Southridge Mall Greendale (Milwaukee), WI 2007 (4)(5) St. Charles Towne Center Waldorf (Washington, DC), MD — 1990 Stanford Shopping Center Palo Alto (San Jose), CA — — — — 2003 (4) Summit Mall Akron, OH — 1965 Tacoma Mall Tacoma (Seattle), WA — — 1987 Tippecanoe Mall Lafayette, IN — 1973 Town Center at Boca Raton Boca Raton (Miami), FL — — 1998 (4) Town Center at Cobb Kennesaw (Atlanta), GA — 1998 (5) Towne East Square Wichita, KS — 1975 Treasure Coast Square Jensen Beach, FL — 1987 Tyrone Square St. Petersburg (Tampa), FL — 1972 University Park Mall Mishawaka, IN — 1996 (4) Walt Whitman Shops Huntington Station (New York), NY 1998 (4) White Oaks Mall Springfield, IL 1977 Wolfchase Galleria Memphis, TN — 2002 (4) Woodland Hills Mall Tulsa, OK — 2004 (5) Simon Property Group, L.P. and Subsidiaries Real Estate and Accumulated Depreciation December 31, 2015 (Dollars in thousands) Cost Capitalized Subsequent to Acquisition (3) Gross Amounts At Which Carried At Close of Period Initial Cost (3) Date of Construction or Acquisition Name Location Encumbrances (6) Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total (1) Accumulated Depreciation (2) Premium Outlets Albertville Premium Outlets Albertville (Minneapolis), MN — — 2004 (4) Allen Premium Outlets Allen (Dallas), TX — 2004 (4) Aurora Farms Premium Outlets Aurora (Cleveland), OH — — 2004 (4) Birch Run Premium Outlets Birch Run (Detroit), MI — 2010 (4) Calhoun Premium Outlets Calhoun, GA — 2010 (4) Camarillo Premium Outlets Camarillo (Los Angeles), CA — 2004 (4) Carlsbad Premium Outlets Carlsbad (San Diego), CA — 2004 (4) Carolina Premium Outlets Smithfield (Raleigh), NC 2004 (4) Chicago Premium Outlets Aurora (Chicago), IL — 2004 (4) Cincinnati Premium Outlets Monroe (Cincinnati), OH — — 2008 Clinton Crossing Premium Outlets Clinton, CT — 2004 (4) Columbia Gorge Premium Outlets Troutdale (Portland), OR — — 2004 (4) Desert Hills Premium Outlets Cabazon (Palm Springs), CA — — 2004 (4) Edinburgh Premium Outlets Edinburgh (Indianapolis), IN — — 2004 (4) Ellenton Premium Outlets Ellenton (Tampa), FL — 2010 (4) Folsom Premium Outlets Folsom (Sacramento), CA — — 2004 (4) Gaffney Premium Outlets Gaffney (Greenville/Charlotte), SC — 2010 (4) Gilroy Premium Outlets Gilroy (San Jose), CA — — 2004 (4) Grand Prairie Premium Outlets Grand Prairie (Dallas), TX — — 2012 Grove City Premium Outlets Grove City (Pittsburgh), PA — 2010 (4) Gulfport Premium Outlets Gulfport, MS — — — 2010 (4) Hagerstown Premium Outlets Hagerstown (Baltimore/Washington, DC), MD — 2010 (4) Houston Premium Outlets Cypress (Houston), TX — — 2007 Jackson Premium Outlets Jackson (New York), NJ — 2004 (4) Jersey Shore Premium Outlets Tinton Falls (New York), NJ — — 2007 Johnson Creek Premium Outlets Johnson Creek, WI — — 2004 (4) Kittery Premium Outlets Kittery, ME — — 2004 (4) Las Americas Premium Outlets San Diego, CA — 2007 (4) Las Vegas North Premium Outlets Las Vegas, NV — 2004 (4) Las Vegas South Premium Outlets Las Vegas, NV — — 2004 (4) Lebanon Premium Outlets Lebanon (Nashville), TN — — 2010 (4) Lee Premium Outlets Lee, MA — 2010 (4) Leesburg Corner Premium Outlets Leesburg (Washington, DC), VA — — 2004 (4) Simon Property Group, L.P. and Subsidiaries Real Estate and Accumulated Depreciation December 31, 2015 (Dollars in thousands) Cost Capitalized Subsequent to Acquisition (3) Gross Amounts At Which Carried At Close of Period Initial Cost (3) Date of Construction or Acquisition Name Location Encumbrances (6) Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total (1) Accumulated Depreciation (2) Liberty Village Premium Outlets Flemington (New York), NJ — — 2004 (4) Lighthouse Place Premium Outlets Michigan City (Chicago, IL), IN — — 2004 (4) Merrimack Premium Outlets Merrimack, NH — 2012 Napa Premium Outlets Napa, CA — — 2004 (4) North Bend Premium Outlets North Bend (Seattle), WA — — 2004 (4) North Georgia Premium Outlets Dawsonville (Atlanta), GA — — 2004 (4) Orlando International Premium Outlets Orlando, FL — — 2010 (4) Orlando Vineland Premium Outlets Orlando, FL — 2004 (4) Osage Beach Premium Outlets Osage Beach, MO — — 2004 (4) Petaluma Village Premium Outlets Petaluma (San Francisco), CA — — 2004 (4) Philadelphia Premium Outlets Limerick (Philadelphia), PA — — 2006 Phoenix Premium Outlets Chandler (Phoenix), AZ — — — — — 2013 Pismo Beach Premium Outlets Pismo Beach, CA — 2010 (4) Pleasant Prairie Premium Outlets Pleasant Prairie (Chicago, IL/Milwaukee), WI — 2010 (4) Puerto Rico Premium Outlets Barceloneta, PR — 2010 (4) Queenstown Premium Outlets Queenstown (Baltimore), MD — 2010 (4) Rio Grande Valley Premium Outlets Mercedes (McAllen), TX — — 2005 Round Rock Premium Outlets Round Rock (Austin), TX — — 2005 San Francisco Premium Outlets Livermore (San Francisco), CA — 2012 San Marcos Premium Outlets San Marcos (Austin/San Antonio), TX — — 2010 (4) Seattle Premium Outlets Tulalip (Seattle), WA — — — — 2004 (4) St. Augustine Premium Outlets St. Augustine (Jacksonville), FL — 2004 (4) Tampa Premium Outlets Lutz (Tampa), FL — — — 2015 The Crossings Premium Outlets Tannersville, PA — 2004 (4) Tucson Premium Outlets Marana (Tucson), AZ — — — 2015 Vacaville Premium Outlets Vacaville, CA — — 2004 (4) Waikele Premium Outlets Waipahu (Honolulu), HI — — 2004 (4) Waterloo Premium Outlets Waterloo, NY — — 2004 (4) Williamsburg Premium Outlets Williamsburg, VA — 2010 (4) Woodburn Premium Outlets Woodburn (Portland), OR — — 2013 (4) Woodbury Common Premium Outlets Central Valley (New York), NY — 2004 (4) Wrentham Village Premium Outlets Wrentham (Boston), MA — — 2004 (4) The Mills Arizona Mills Tempe (Phoenix), AZ — 2007 (4)(5) Great Mall Milpitas (San Jose), CA — — 2007 (4)(5) Gurnee Mills Gurnee (Chicago), IL — 2007 (4)(5) Mills at Jersey Gardens, The Elizabeth, NJ — 2015 (4) Opry Mills Nashville, TN — 2007 (4)(5) Potomac Mills Woodbridge (Washington, DC), VA — 2007 (4)(5) Sawgrass Mills Sunrise (Miami), FL — 2007 (4)(5) Simon Property Group, L.P. and Subsidiaries Real Estate and Accumulated Depreciation December 31, 2015 (Dollars in thousands) Cost Capitalized Subsequent to Acquisition (3) Gross Amounts At Which Carried At Close of Period Initial Cost (3) Date of Construction or Acquisition Name Location Encumbrances (6) Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total (1) Accumulated Depreciation (2) Community Centers ABQ Uptown Albuquerque, NM — 2011 (4) University Park Village Fort Worth, TX — 2015 (4) Other Properties Florida Keys Outlet Center Florida City, FL — 2010 (4) Huntley Outlet Center Huntley, IL — — 2010 (4) Lincoln Plaza King of Prussia (Philadelphia), PA — — — — 2003 (4) Naples Outlet Center Naples, FL — — 2010 (4) Outlet Marketplace Orlando, FL — — 2010 (4) Development Projects Other pre-development costs — — — Other — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Simon Property Group, L.P. and Subsidiaries Notes to Schedule III as of December 31, 2015 (Dollars in thousands) All periods presented exclude properties which were spun-off to Washington Prime as further discussed in Note 3 to the consolidated financial statements. (1) Reconciliation of Real Estate Properties: The changes in real estate assets for the years ended December 31, 2015, 2014, and 2013 are as follows: 2015 2014 2013 Balance, beginning of year $ $ $ Acquisitions and consolidations (5) Improvements Disposals and deconsolidations ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, close of year $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The unaudited aggregate cost of real estate assets for federal income tax purposes as of December 31, 2015 was $29,771,725. (2) Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation for the years ended December 31, 2015, 2014, and 2013 are as follows: 2015 2014 2013 Balance, beginning of year $ $ $ Depreciation expense Disposals and deconsolidations ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, close of year $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation of our investment in buildings and improvements reflected in the consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as noted below. · Buildings and Improvements — typically 10-35 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment. · Tenant Allowances and Improvements — shorter of lease term or useful life. (3) Initial cost generally represents net book value at December 20, 1993, except for acquired properties and new developments after December 20, 1993. Initial cost also includes any new developments that are opened during the current year. Costs of disposals and impairments of property are first reflected as a reduction to cost capitalized subsequent to acquisition. (4) Not developed/constructed by us or our predecessors. The date of construction represents the initial acquisition date for assets in which we have acquired multiple interests. (5) Initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting. (6) Encumbrances represent face amount of mortgage debt and exclude any premiums or discounts.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Summary of Significant Accounting Policies
Investment Properties	Investment Properties We record investment properties at cost. Investment properties include costs of acquisitions; development, predevelopment, and construction (including allocable salaries and related benefits); tenant allowances and improvements; and interest and real estate taxes incurred during construction. We capitalize improvements and replacements from repair and maintenance when the repair and maintenance extends the useful life, increases capacity, or improves the efficiency of the asset. All other repair and maintenance items are expensed as incurred. We capitalize interest on projects during periods of construction until the projects are ready for their intended purpose based on interest rates in place during the construction period. The amount of interest capitalized during each year is as follows: For the Year Ended December 31, 2015 2014 2013 Capitalized interest $ $ $ We record depreciation on buildings and improvements utilizing the straight-line method over an estimated original useful life, which is generally 10 to 35 years. We review depreciable lives of investment properties periodically and we make adjustments when necessary to reflect a shorter economic life. We amortize tenant allowances and tenant improvements utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. We record depreciation on equipment and fixtures utilizing the straight-line method over seven to ten years. We review investment properties for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable. These circumstances include, but are not limited to, declines in a property's cash flows, ending occupancy or total sales per square foot. We measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization plus its residual value is less than the carrying value of the property. To the extent impairment has occurred, we charge to income the excess of carrying value of the property over its estimated fair value. We estimate fair value using unobservable data such as operating income, estimated capitalization rates, or multiples, leasing prospects and local market information. We may decide to sell properties that are held for use and the sale prices of these properties may differ from their carrying values. We also review our investments, including investments in unconsolidated entities, if events or circumstances change indicating that the carrying amount of our investments may not be recoverable. We will record an impairment charge if we determine that a decline in the fair value of the investments is other-than-temporary. Changes in economic and operating conditions that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results.
Purchase Accounting	Purchase Accounting We allocate the purchase price of acquisitions and any excess investment in unconsolidated entities to the various components of the acquisition based upon the fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, we may utilize third party valuation specialists. These components typically include buildings, land and intangibles related to in-place leases and we estimate: · the fair value of land and related improvements and buildings on an as-if-vacant basis, · the market value of in-place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into revenues, · the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and · the value of revenue and recovery of costs foregone during a reasonable lease-up period, as if the space was vacant. The fair value of buildings is depreciated over the estimated remaining life of the acquired building or related improvements. We amortize tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. We also estimate the value of other acquired intangible assets, if any, which are amortized over the remaining life of the underlying related intangibles.
Discontinued Operations	Discontinued Operations On May 28, 2014, we completed the spin-off of our interests in 98 properties comprised of substantially all of our strip center business and our smaller enclosed malls to WP Glimcher Inc. (formerly known as Washington Prime Group Inc.), or Washington Prime, an independent, publicly traded REIT. The spin-off was effectuated through a distribution of the common shares of Washington Prime to holders of Simon common stock as of the distribution record date, and qualified as a tax-free distribution for U.S. federal income tax purposes. For every two shares of Simon common stock held as of the record date of May 16, 2014, Simon stockholders received one Washington Prime common share on May 28, 2014. At the time of the separation and distribution, Washington Prime owned a percentage of the outstanding units of partnership interest of Washington Prime Group, L.P. that was approximately equal to the percentage of our outstanding units owned by Simon. The remaining units of Washington Prime Group, L.P. were owned by our limited partners who received one Washington Prime Group, L.P. unit for every two units they owned of us. Subsequent to the spin-off, we retained a nominal interest in Washington Prime Group, L.P. We also retained approximately $1.0 billion of proceeds from completed unsecured debt and mortgage debt as part of the spin-off and incurred $38.2 million in transaction costs during 2014 related to the spin-off of Washington Prime. The historical results of operations of the Washington Prime properties have been presented as discontinued operations in our consolidated statements of operations and comprehensive income. The accompanying consolidated statement of cash flows includes, within operating, investing and financing cash flows, those activities which related to our period of ownership of the Washington Prime properties. Summarized financial information for discontinued operations for the years ended December 31, 2014 and 2013 is present below. For the Year Ended 2014 2013 TOTAL REVENUE $ $ Property Operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion Provision for credit losses Other ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses OPERATING INCOME Interest expense ) ) Income and other taxes ) ) Income (loss) from unconsolidated entities ) Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net ​ ​ ​ ​ ​ ​ ​ ​ CONSOLIDATED NET INCOME Net income attributable to noncontrolling interests ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures on a cash basis for the years ended December 31, 2014 and 2013 were $31.9 million and $93.3 million, respectively. We and Washington Prime entered into property management and transitional services agreements in connection with the spin-off whereby we provide certain services to Washington Prime and its properties that were previously owned by us. Pursuant to the terms of the property management agreements, we manage, lease, and maintain those Washington Prime mall properties under the direction of Washington Prime. In exchange, Washington Prime pays us annual fixed rate property management fees ranging from 2.5% to 4.0% of base minimum and percentage rents, reimburses us for direct out-of-pocket costs and expenses and also pays us separate fees for any leasing and development services we provide. The property management agreements had an initial term of two years and will terminate upon the two-year anniversary of the spinoff. Either party may terminate the property management agreements on or after the two-year anniversary of the spin-off upon 180 days prior written notice. We also provide certain support services to the Washington Prime strip centers that were previously owned by us and certain of its central functions to assist Washington Prime as it establishes its stand-alone processes for various activities that were previously provided by us. These services, which do not constitute significant continuing support of Washington Prime's operations, include assistance in the areas of information technology, treasury and financial management, payroll, lease administration, taxation and procurement. The charges for such services are intended to allow us to recover costs of providing these services. The transition services agreement will terminate upon the two-year anniversary of the spinoff. Transitional services fees earned for 2015 and for the portion of 2014 subsequent to the spin-off were approximately $5.7 million and $3.2 million, respectively.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers' acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of FDIC and SIPC insurance limits. See Notes 4 and 10 for disclosures about non-cash investing and financing transactions.
Marketable and Non-Marketable Securities	Marketable and Non-Marketable Securities Marketable securities consist primarily of the investments of our captive insurance subsidiaries, available-for-sale securities, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At December 31, 2015 and 2014, we had marketable securities of $183.8 million and $643.0 million, respectively, generally accounted for as available-for-sale, which are adjusted to their quoted market price with a corresponding adjustment in other comprehensive income (loss). Net unrealized gains recorded in accumulated other comprehensive income (loss) as of December 31, 2015 and 2014 were approximately $12.6 million and $103.9 million, respectively, and represent the valuation adjustments for our marketable securities. The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than 1 to 10 years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiaries is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment charge is recorded and a new cost basis is established. Our insurance subsidiaries are required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. Our deferred compensation plan investments are classified as trading securities and are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income. On June 24, 2015, we sold our investment in certain marketable securities that were accounted for as an available-for-sale security, with the value adjusted to its quoted market price through other comprehensive income (loss). At the date of sale, we owned 5.71 million shares. The aggregate proceeds received from the sale were $454.0 million, and we recognized a gain on the sale of $80.2 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2015. At December 31, 2015 and 2014, we had investments of $181.4 million and $167.1 million, respectively, in non-marketable securities that we account for under the cost method. We regularly evaluate these investments for any other-than-temporary impairment in their estimated fair value and determined that no adjustment in the carrying value was required.
Fair Value Measurements	Fair Value Measurements Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs. The marketable securities we held at December 31, 2015 and 2014 were primarily classified as having Level 1 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs, which consist primarily of interest rate swap agreements and foreign currency forward contracts with a gross liability balance of $2.1 million at December 31, 2014, and a gross asset value of $27.8 million and $20.1 million at December 31, 2015 and 2014, respectively. Note 8 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3 and 4 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates.
Gains on Issuance of Stock by Equity Method Investees	Gains on Issuances of Stock by Equity Method Investees When one of our equity method investees issues additional shares to third parties, our percentage ownership interest in the investee may decrease. In the event the issuance price per share is higher or lower than our average carrying amount per share, we recognize a noncash gain or loss on the issuance, when appropriate. This noncash gain or loss is recognized in our net income in the period the change of ownership interest occurs. In 2015, as discussed in Note 7, we recorded a non-cash gain of $206.9 million related to Klépierre's issuance of shares in connection with Klépierre's acquisition of Corio N.V., or Corio, which is included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income.
Use of Estimates	Use of Estimates We prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates.
Segment Disclosure	Segment Disclosure Our primary business is the ownership, development, and management of retail real estate. We have aggregated our retail operations, including malls, Premium Outlets, The Mills, and our international investments into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same tenants.
Deferred Costs and Other Assets	Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31: 2015 2014 Deferred financing and lease costs, net $ $ In-place lease intangibles, net Acquired above market lease intangibles, net Marketable securities of our captive insurance companies Goodwill Other marketable and non-marketable securities Prepaids, notes receivable and other assets, net ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Deferred Financing and Lease Costs	Deferred Financing and Lease Costs Our deferred costs consist primarily of financing fees we incurred in order to obtain long-term financing and internal and external leasing commissions and related costs. We record amortization of deferred financing costs on a straight-line basis over the terms of the respective loans or agreements. Our deferred leasing costs consist primarily of capitalized salaries and related benefits in connection with lease originations. We record amortization of deferred leasing costs on a straight-line basis over the terms of the related leases. Details of these deferred costs as of December 31 are as follows: 2015 2014 Deferred financing and lease costs $ $ Accumulated amortization ) ) ​ ​ ​ ​ ​ ​ ​ ​ Deferred financing and lease costs, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ We report amortization of deferred financing costs, amortization of premiums, and accretion of discounts as part of interest expense. Amortization of deferred leasing costs is a component of depreciation and amortization expense. We amortize debt premiums and discounts, which are included in mortgages and unsecured indebtedness, over the remaining terms of the related debt instruments. These debt premiums or discounts arise either at the time of the debt issuance or as part of purchase accounting for the fair value of debt assumed in acquisitions. The accompanying consolidated statements of operations and comprehensive income include amortization from continuing operations as follows: For the Year Ended December 31, 2015 2014 2013 Amortization of deferred financing costs $ $ $ Amortization of debt premiums, net of discounts ) ) ) Amortization of deferred leasing costs
Intangibles	Intangibles The average remaining life of in-place lease intangibles is approximately 3.1 years and is being amortized on a straight-line basis and is included with depreciation and amortization in the consolidated statements of operations and comprehensive income. The fair market value of above and below market leases is amortized into revenue over the remaining lease life as a component of reported minimum rents. The weighted average remaining life of these intangibles is approximately 5.3 years. The unamortized amount of below market leases is included in accounts payable, accrued expenses, intangibles and deferred revenues in the consolidated balance sheets and was $117.8 million and $103.1 million as of December 31, 2015 and 2014, respectively. The amount of amortization from continuing operations of above and below market leases, net for the years ended December 31, 2015, 2014, and 2013 was $13.6 million, $11.3 million, and $22.8 million, respectively. If a lease is terminated prior to the original lease termination, any remaining unamortized intangible is written off to earnings. Details of intangible assets as of December 31 are as follows: 2015 2014 In-place lease intangibles $ $ Accumulated depreciation ) ) ​ ​ ​ ​ ​ ​ ​ ​ In-place lease intangibles, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2015 2014 Acquired above market lease intangibles $ $ Accumulated amortization ) ) ​ ​ ​ ​ ​ ​ ​ ​ Acquired above market lease intangibles, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2015 are as follows: Below Market Leases Above Market Leases Impact to Minimum Rent, Net 2016 $ $ ) $ 2017 ) 2018 ) 2019 ) 2020 ) Thereafter ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Derivative Financial Instruments	Derivative Financial Instruments We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there is no significant ineffectiveness from any of our derivative activities. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities. As of December 31, 2015, we had no outstanding interest rate derivatives. As of December 31, 2014, we had two interest rate swaps with an aggregate notional amount of $375.0 million. The carrying value of our interest rate swap agreements, at fair value, as of December 31, 2014, was a net liability balance of $1.2 million, of which $2.1 million was included in other liabilities and $0.9 million was included in deferred costs and other assets. We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Japan and Europe. We use currency forward contracts and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date. As of December 31, 2015, we had no outstanding Yen:USD forward contracts. Approximately ¥14.7 million remained as of December 31, 2014 for our Yen forward contracts that matured on January 5, 2015. The December 31, 2014 asset balance related to these forward contracts was $0.1 million and was included in deferred costs and other assets. We have reported the changes in fair value for these forward contracts in earnings. The underlying currency adjustments on the foreign currency denominated receivables are also reported in income and generally offset the amounts in earnings for these forward contracts. In the third quarter of 2014, we entered into Euro:USD forward contracts, which were designated as net investment hedges, with an aggregate €150.0 million notional value which mature through August 11, 2017. During the second quarter of 2015, one forward contract with a €50.0 million notional value was settled. The December 31, 2015 asset balance related to the remaining €100.0 million forward contracts was $26.0 million and is included in deferred costs and other assets. The December 31, 2014 asset balance related to these forward contracts was $19.1 million and is included in deferred costs and other assets. During the fourth quarter of 2015, we entered into a Euro:USD forward contract, which was designated as a net investment hedge, with an aggregate €50.0 million notional value that matures on May 15, 2019. The December 31, 2015 asset balance related to this forward contract was $1.8 million and is included in deferred costs and other assets. We apply hedge accounting to these forward contracts and report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro-denominated joint venture investment. The total gross accumulated other comprehensive loss related to our derivative activities, including our share of the other comprehensive loss from joint venture properties, approximated $17.7 million and $45.8 million as of December 31, 2015 and 2014, respectively.
New Accounting Pronouncements	New Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 became effective prospectively for fiscal years beginning after December 15, 2014, but could be early-adopted. We early adopted ASU 2014-08 in the first quarter of 2014 and are applying the revised definition to all disposals on a prospective basis, including the spin-off of Washington Prime. ASU 2014-08 also requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. In May 2014, the FASB issued ASU 2014-09, "Revenue From Contracts With Customers." ASU 2014-09 amends the existing accounting standards for revenue recognition and is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. In July 2015, the FASB delayed the effective date of the new revenue recognition standard by one year, which will result in the new standard being effective for us beginning with the first quarter of 2018. The new standard can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. We are currently evaluating the impact adopting the new accounting standard (and the transition method of such adoption) will have on our consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 makes changes to both the variable interest model and the voting model. This guidance becomes effective for annual and interim periods beginning after December 15, 2015. All reporting entities involved with limited partnerships will have to re-evaluate whether these entities qualify for consolidation and revise documentation accordingly. We are currently evaluating the impact adopting the new accounting standard will have on our consolidated financial statements, but we do not currently believe it will result in material changes to our previous consolidation conclusions. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 will be effective for us retrospectively beginning in the first quarter of 2016. We expect this new guidance will reduce total assets and total mortgage and unsecured indebtedness on our consolidated balance sheets for amounts classified as deferred costs specific to debt issuance costs. We do not expect this guidance to have any other effect on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments," which requires adjustments to provisional amounts used in business combinations during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. It also requires the disclosure of the impact on changes in estimates on earnings, depreciation, amortization and other income effects. ASU 2015-16 will be effective beginning January 1, 2016. We do not expect the adoption of this standard to have a significant impact on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments — Overall: Recognition and Measurement of Financial Assets and Financial Liabilities," which will require entities to measure their investments at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicability exception. The practicability exception will be available for equity investments that do not have readily determinable fair values. The guidance will be effective for us beginning with the first quarter of 2018. We are currently evaluating the impact of adopting the new standard will have on our consolidated financial statements.
Noncontrolling Interests and Temporary Equity	Noncontrolling Interests and Temporary Equity In addition to noncontrolling redeemable interests in properties, we classify our 7.5% Cumulative Redeemable Preferred Units, or 7.5% preferred units, in temporary equity. Although we may redeem the 7.5% preferred units for cash or shares of Simon common stock, we could be required to redeem the securities for cash because the non-cash redemption alternative requires us to deliver fully registered shares of Simon common stock which we may not be able to deliver depending upon the circumstances that exist at the time of redemption. The previous and current carrying amounts are equal to the liquidation value, which is the amount payable upon the occurrence of any event that could potentially result in cash settlement. Our evaluation of the appropriateness of classifying the units held by Simon and limited partners within permanent equity considered several significant factors. First, as a limited partnership, all decisions relating to our operations and distributions are made by Simon, acting as our sole general partner. The decisions of the general partner are made by Simon's Board of Directors or management. We have no other governance structure. Secondly, the sole asset of Simon is its interest in us. As a result, a share of Simon common stock (if owned by us) is best characterized as being similar to a treasury share and thus not an asset of the Operating Partnership. Limited partners have the right under our partnership agreement to exchange their units for shares of Simon common stock or cash as selected by the general partner. Accordingly, we classify units held by limited partners in permanent equity because Simon has the ability to issue shares of its common stock to limited partners exercising their exchange rights rather than using cash or other assets. Under our partnership agreement, we are required to redeem units held by Simon only when Simon has redeemed shares of its common stock. We classify units held by Simon in permanent equity because the decision to redeem those units would be made by Simon. Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties) is a component of consolidated net income. During 2015, 2014 and 2013, no individual components of other comprehensive income (loss) were attributable to noncontrolling interests. A rollforward of noncontrolling interests for the years ended December 31 is as follows: 2015 2014 2013 Noncontrolling nonredeemable (deficit) interests in properties, net — beginning of period $ ) $ $ ) Net income attributable to noncontrolling nonredeemable interests Distributions to noncontrolling nonredeemable interestholders ) ) ) Contributions by noncontrolling interest holders, net and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncontrolling nonredeemable interests (deficit) in properties, net — end of period $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The changes in components of our accumulated other comprehensive income (loss) consisted of the following net of noncontrolling interest as of December 31, 2015: Currency translation adjustments Accumulated derivative losses, net Net unrealized gains on marketable securities Total Beginning balance $ ) $ ) $ $ ) Other comprehensive income (loss) before reclassifications ) ) ) Amounts reclassified from accumulated other comprehensive income (loss) — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current-period other comprehensive income (loss) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ ) $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31, 2015, 2014 and 2013: December 31, 2015 December 31, 2014 December 31, 2013 Affected line item in the statement where net income is presented Details about accumulated other comprehensive income (loss) components: Amount reclassified from accumulated other comprehensive income (loss) Amount reclassified from accumulated other comprehensive income (loss) Amount reclassified from accumulated other comprehensive income (loss) Accumulated derivative losses, net $ ) $ ) $ ) Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain on sale of marketable securities $ $ — $ — Other income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Revenue Recognition	Revenue Recognition We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We accrue minimum rents on a straight-line basis over the terms of their respective leases. Substantially all of our retail tenants are also required to pay overage rents based on sales over a stated base amount during the lease year. We recognize overage rents only when each tenant's sales exceed the applicable sales threshold. We amortize any tenant inducements as a reduction of revenue utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. We structure our leases to allow us to recover a significant portion of our property operating, real estate taxes, repairs and maintenance, and advertising and promotion expenses from our tenants. A substantial portion of our leases, other than those for anchor stores, require the tenant to reimburse us for a substantial portion of our operating expenses, including common area maintenance, or CAM, real estate taxes and insurance. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation. Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. As of December 31, 2015 for substantially all of our leases in the U.S. mall portfolio, we receive a fixed payment from the tenant for the CAM component which is recognized as revenue when earned. When not reimbursed by the fixed-CAM component, CAM expense reimbursements are based on the tenant's proportionate share of the allocable operating expenses and CAM capital expenditures for the property. We also receive escrow payments for these reimbursements from substantially all our non-fixed CAM tenants and monthly fixed CAM payments throughout the year. We accrue reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. Our advertising and promotional costs are expensed as incurred.
Management Fees and Other Revenues	Management Fees and Other Revenues Management fees and other revenues are generally received from our unconsolidated joint venture properties as well as third parties. Management fee revenue is earned based on a contractual percentage of joint venture property revenue. Development fee revenue is earned on a contractual percentage of hard costs to develop a property. Leasing fee revenue is earned on a contractual per square foot charge based on the square footage of current year leasing activity. We recognize revenue for these services provided when earned based on the underlying activity. Revenues from insurance premiums charged to unconsolidated properties are recognized on a pro-rata basis over the terms of the policies. Insurance losses on these policies and our self-insurance for our consolidated properties are reflected in property operating expenses in the accompanying consolidated statements of operations and comprehensive income and include estimates for losses incurred but not reported as well as losses pending settlement. Estimates for losses are based on evaluations by third-party actuaries and management's estimates. Total insurance reserves for our insurance subsidiaries and other self-insurance programs as of December 31, 2015 and 2014 approximated $88.1 million and $93.5 million, respectively, and are included in other liabilities in the consolidated balance sheets. Information related to the securities included in the investment portfolio of our captive insurance subsidiaries is included within the "Marketable and Non-Marketable Securities" section above.
Allowance for Credit Losses	Allowance for Credit Losses We record a provision for credit losses based on our judgment of a tenant's creditworthiness, ability to pay and probability of collection. In addition, we also consider the retail sector in which the tenant operates and our historical collection experience in cases of bankruptcy, if applicable. Accounts are written off when they are deemed to be no longer collectible. Presented below is the activity in the allowance for credit losses during the following years: For the Year Ended December 31, 2015 2014 2013 Balance, beginning of period $ $ $ Provision for credit losses Accounts written off, net of recoveries ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, end of period $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Income Taxes	Income Taxes As a partnership, the allocated share of our income or loss for each year is included in the income tax returns of the partners; accordingly, no accounting for income taxes is required in the accompanying consolidated financial statements other than as discussed below for our taxable REIT subsidiaries, or TRSs. Simon and certain of our subsidiaries are taxed as REITs under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the entity to distribute at least 90% of REIT taxable income to its owners and meet certain other asset and income tests as well as other requirements. We intend to continue to make distributions to Simon in amounts sufficient to assist Simon in adhering to REIT requirements and maintaining its REIT status. Our subsidiary REIT entities will generally not be liable for federal corporate income taxes as long as they distribute in excess of 100% of their REIT taxable income. Thus, we made no provision for federal income taxes for these entities in the accompanying consolidated financial statements. If Simon or any of our REIT subsidiaries fail to qualify as a REIT, Simon or that entity will be subject to tax at regular corporate rates for the years in which it failed to qualify. If Simon or any of our REIT subsidiaries lost their REIT status, they could not elect to be taxed as a REIT for four taxable years following the year during which qualification was lost unless their failure to qualify was due to reasonable cause and certain other conditions were satisfied. We have also elected TRS status for some of our subsidiaries. This enables us to provide services that would otherwise be considered impermissible for REITs and participate in activities that do not qualify as "rents from real property". For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income. As of December 31, 2015 we had no net deferred tax asset or liability. As of December 31, 2014, we had a net deferred tax liability of $1.1 million related to our TRS subsidiaries. The net deferred tax liability is included in other liabilities in the accompanying consolidated balance sheets and consists primarily of operating losses and other carryforwards for federal income tax purposes as well as the timing of the deductibility of losses or reserves from insurance subsidiaries. No valuation allowance has been recorded as we believe these amounts will be realized. We are also subject to certain other taxes, including state and local taxes, franchise taxes, as well as income-based and withholding taxes on dividends from certain of our international investments, which are included in income and other taxes in the consolidated statements of operations and comprehensive income.
Corporate Expenses	Corporate Expenses Home and regional office costs primarily include compensation and personnel related costs, travel, building and office costs, and other expenses for our corporate home office and regional offices. General and administrative expense primarily includes executive compensation, benefits and travel expenses as well as costs of being a public company including certain legal costs, audit fees, regulatory fees, and certain other professional fees.

Basis of Presentation and Con23

Basis of Presentation and Consolidation (Tables)	12 Months Ended
	Dec. 31, 2015
Basis of Presentation and Consolidation
Schedule of weighted average ownership interest of Simon Property in the operating partnership	For the Year Ended December 31, 2015 2014 2013 Weighted average ownership interest % % %

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Summary of Significant Accounting Policies
Schedule of interest capitalized	For the Year Ended December 31, 2015 2014 2013 Capitalized interest $ $ $
Summarized financial information for discontinued operations	For the Year Ended 2014 2013 TOTAL REVENUE $ $ Property Operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion Provision for credit losses Other ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses OPERATING INCOME Interest expense ) ) Income and other taxes ) ) Income (loss) from unconsolidated entities ) Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net ​ ​ ​ ​ ​ ​ ​ ​ CONSOLIDATED NET INCOME Net income attributable to noncontrolling interests ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of deferred costs and other assets	2015 2014 Deferred financing and lease costs, net $ $ In-place lease intangibles, net Acquired above market lease intangibles, net Marketable securities of our captive insurance companies Goodwill Other marketable and non-marketable securities Prepaids, notes receivable and other assets, net ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of deferred financing and leasing costs	2015 2014 Deferred financing and lease costs $ $ Accumulated amortization ) ) ​ ​ ​ ​ ​ ​ ​ ​ Deferred financing and lease costs, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of amortization, included in statements of operations and comprehensive income	For the Year Ended December 31, 2015 2014 2013 Amortization of deferred financing costs $ $ $ Amortization of debt premiums, net of discounts ) ) ) Amortization of deferred leasing costs
Schedule of intangible assets	2015 2014 In-place lease intangibles $ $ Accumulated depreciation ) ) ​ ​ ​ ​ ​ ​ ​ ​ In-place lease intangibles, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2015 2014 Acquired above market lease intangibles $ $ Accumulated amortization ) ) ​ ​ ​ ​ ​ ​ ​ ​ Acquired above market lease intangibles, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of estimated future amortization and the increasing (decreasing) effect on minimum rents for above and below market leases	Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2015 are as follows: Below Market Leases Above Market Leases Impact to Minimum Rent, Net 2016 $ $ ) $ 2017 ) 2018 ) 2019 ) 2020 ) Thereafter ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of rollforward of noncontrolling interests	2015 2014 2013 Noncontrolling nonredeemable (deficit) interests in properties, net — beginning of period $ ) $ $ ) Net income attributable to noncontrolling nonredeemable interests Distributions to noncontrolling nonredeemable interestholders ) ) ) Contributions by noncontrolling interest holders, net and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncontrolling nonredeemable interests (deficit) in properties, net — end of period $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of changes in components of accumulated other comprehensive income (loss) net of noncontrolling interest	The changes in components of our accumulated other comprehensive income (loss) consisted of the following net of noncontrolling interest as of December 31, 2015: Currency translation adjustments Accumulated derivative losses, net Net unrealized gains on marketable securities Total Beginning balance $ ) $ ) $ $ ) Other comprehensive income (loss) before reclassifications ) ) ) Amounts reclassified from accumulated other comprehensive income (loss) — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current-period other comprehensive income (loss) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ ) $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of reclassifications out of accumulated other comprehensive income (loss)	December 31, 2015 December 31, 2014 December 31, 2013 Affected line item in the statement where net income is presented Details about accumulated other comprehensive income (loss) components: Amount reclassified from accumulated other comprehensive income (loss) Amount reclassified from accumulated other comprehensive income (loss) Amount reclassified from accumulated other comprehensive income (loss) Accumulated derivative losses, net $ ) $ ) $ ) Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain on sale of marketable securities $ $ — $ — Other income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of activity in the allowance for credit losses	For the Year Ended December 31, 2015 2014 2013 Balance, beginning of period $ $ $ Provision for credit losses Accounts written off, net of recoveries ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, end of period $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Per Unit Data (Tables)

Per Unit Data (Tables)	12 Months Ended
	Dec. 31, 2015
Per Unit Data
Schedule of computation of basic and diluted earnings per unit	For the Year Ended December 31, 2015 2014 2013 Net Income attributable to Unitholders — Basic and Diluted $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Units Outstanding — Basic Effect of stock options of Simon — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Units Outstanding — Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of taxable nature of distribution declared	For the Year Ended December 31, 2015 2014 2013 Total distributions paid per unit $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percent taxable as ordinary income % % % Percent taxable as long-term capital gains % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % % %

Investment Properties (Tables)

Investment Properties (Tables)	12 Months Ended
	Dec. 31, 2015
Investment Properties
Schedule of investment properties	2015 2014 Land $ $ Buildings and improvements ​ ​ ​ ​ ​ ​ ​ ​ Total land, buildings and improvements Furniture, fixtures and equipment ​ ​ ​ ​ ​ ​ ​ ​ Investment properties at cost Less — accumulated depreciation ​ ​ ​ ​ ​ ​ ​ ​ Investment properties at cost, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction in progress included above $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Investments in Unconsolidated27

Investments in Unconsolidated Entities (Tables)	12 Months Ended
	Dec. 31, 2015
Investments in Unconsolidated Entities
Summary of equity method investments and share of income from such investments, balance sheet	BALANCE SHEETS December 31, 2015 December 31, 2014 Assets: Investment properties, at cost $ $ Less — accumulated depreciation ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents Tenant receivables and accrued revenue, net Investment in unconsolidated entities, at equity — Deferred costs and other assets ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and Partners' Deficit: Mortgages $ $ Accounts payable, accrued expenses, intangibles, and deferred revenue Other liabilities ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities Preferred units Partners' deficit ) ) ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and partners' deficit $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our Share of: Partners' deficit $ ) $ ) Add: Excess Investment ​ ​ ​ ​ ​ ​ ​ ​ Our net Investment in unconsolidated entities, at equity $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Scheduled principal payment repayments on joint venture properties' mortgages indebtedness	As of December 31, 2015, scheduled principal repayments on joint venture properties' mortgage indebtedness are as follows: 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ Total principal maturities Net unamortized debt premium ​ ​ ​ ​ ​ Total mortgages and unsecured indebtedness $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of equity method investments and share of income from such investments, statements of operations	STATEMENTS OF OPERATIONS For the Year Ended December 31, 2015 2014 2013 Revenue: Minimum rent $ $ $ Overage rent Tenant reimbursements Other income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue Operating Expenses: Property operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion Provision for credit losses Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income Interest expense ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from Continuing Operations Income from operations of discontinued joint venture interests — Gain on disposal of discontinued operations, net — — Gain on sale or disposal of assets and interests in unconsolidated entities, net — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third-Party Investors' Share of Net Income $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our Share of Net Income Amortization of Excess Investment ) ) ) Our Share of (Loss) Income from Unconsolidated Discontinued Operations — ) Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net ) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from Unconsolidated Entities $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Indebtedness and Derivative F28

Indebtedness and Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Indebtedness and Derivative Financial Instruments
Schedule of mortgages and unsecured indebtedness	2015 2014 Fixed-Rate Debt: Mortgage notes, including $44,594 and $49,723 net premiums, respectively. Weighted average interest and maturity of 5.12% and 4.6 years at December 31, 2015. $ $ Unsecured notes, including $44,698 and $40,701 net discounts, respectively. Weighted average interest and maturity of 3.93% and 7.3 years at December 31, 2015. Commercial Paper (see below) ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed-Rate Debt Variable-Rate Debt: Mortgages notes, at face value. Weighted average interest and maturity of 2.29% and 1.3 years at December 31, 2015. Unsecured Term Loan (see below) Credit Facility (see below) Total Variable-Rate Debt ​ ​ ​ ​ ​ ​ ​ ​ Total Mortgages and Unsecured Indebtedness $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of principal repayments of indebtedness	Our scheduled principal repayments on indebtedness as of December 31, 2015 are as follows: 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ Total principal maturities Net unamortized debt discount ) ​ ​ ​ ​ ​ Total mortgages and unsecured indebtedness $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of cash paid for interest in each period, net of any amounts capitalized	For the Year Ended December 31, 2015 2014 2013 Cash paid for interest $ $ $
Schedule of fair value of financial instruments and the related discount rate assumptions	2015 2014 Fair value of fixed-rate mortgages and unsecured indebtedness (in millions) $21,331 $20,967 Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages 3.46% 3.02% Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 3.59% 3.51%

Rentals under Operating Leases

Rentals under Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2015
Rentals under Operating Leases
Schedule of future minimum rentals to be received under non-cancelable tenant operating leases for each of the next five years and thereafter	Future minimum rentals to be received under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on tenant sales volume as of December 31, 2015 are as follows: 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Equity
Schedule of LTIP units earned and aggregate grant date fair values adjusted for estimated forfeitures	LTIP Program LTIP Units Earned Grant Date Fair Value 2010 LTIP program 1-year 2010 LTIP program 133,673 1-year program — $7.2 million 2-year 2010 LTIP program 337,006 2-year program — $14.8 million 3-year 2010 LTIP program 489,654 3-year program — $23.0 million 2011-2013 LTIP program 469,848 $35.0 million 2012-2014 LTIP program 401,203 $35.0 million 2013-2015 LTIP program To be determined in 2016 $29.5 million 2014-2016 LTIP program To be determined in 2017 $30.0 million 2015-2017 LTIP program To be determined in 2018 $29.9 million
Schedule of restricted stock awards	For the Year Ended December 31, 2015 2014 2013 Shares of restricted stock awarded during the year, net of forfeitures Weighted average fair value of shares granted during the year $ $ $ Amortization expense $ $ $

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies
Schedule of ground lease expense and office lease expense	For the Year Ended, December 31, 2015 2014 2013 Ground lease expense $ $ $ Office lease expense
Schedule of future minimum lease payments due under leases, excluding applicable extension options and any sublease income	Future minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and any sublease income, are as follows: 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions
Schedule of related party transactions	For the Year Ended December 31, 2015 2014 2013 Amounts charged to unconsolidated joint ventures $ $ $ Amounts charged to properties owned by related parties

Quarterly Financial Data (Una33

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Data (Unaudited)
Schedule of quarterly financial data	First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Total revenue $ $ $ $ Operating income Consolidated net income Net income attributable to unitholders Net income per unit — Basic and Diluted $ $ $ $ Weighted average units outstanding — Basic and Diluted 2014 Total revenue $ $ $ $ Operating income Consolidated income from continuing operations Consolidated net income Net income attributable to unitholders Net income per unit from continuing operations — Basic and Diluted $ $ $ $ Net income per unit — Basic and Diluted $ $ $ $ Weighted average units outstanding — Basic and Diluted

Organization (Details)

Organization (Details)	Dec. 31, 2015statecountryproperty	May. 11, 2015	Mar. 31, 2015	Dec. 31, 2014
U.S. and Puerto Rico
Real Estate Properties
Number of properties	209
Number of U.S. states containing property locations | state	37
U.S. and Puerto Rico | Malls
Real Estate Properties
Number of properties	108
U.S. and Puerto Rico | Premium Outlets
Real Estate Properties
Number of properties	71
U.S. and Puerto Rico | The Mills
Real Estate Properties
Number of properties	14
U.S. and Puerto Rico | Lifestyle/Community Centers
Real Estate Properties
Number of properties	4
U.S. and Puerto Rico | Other
Real Estate Properties
Number of properties	12
Japan | Premium Outlets
Real Estate Properties
Number of properties	9
South Korea | Premium Outlets
Real Estate Properties
Number of properties	3
Canada | Premium Outlets
Real Estate Properties
Number of properties	2
Canada | Premium Outlets | European Joint Venture
Real Estate Properties
Number of properties	1
Mexico | Premium Outlets
Real Estate Properties
Number of properties	1
Malaysia | Premium Outlets
Real Estate Properties
Number of properties	1
Europe | Klepierre
Real Estate Properties
Joint venture ownership percentage	20.30%	20.30%	18.30%	28.90%
Number of countries | country	16
Europe | Premium Outlets | European Joint Venture
Real Estate Properties
Number of properties	5
Italy | Premium Outlets | European Joint Venture
Real Estate Properties
Number of properties	2
Austria | Premium Outlets | European Joint Venture
Real Estate Properties
Number of properties	1
Netherlands | Premium Outlets | European Joint Venture
Real Estate Properties
Number of properties	1
United Kingdom | Premium Outlets | European Joint Venture
Real Estate Properties
Number of properties	1

Basis of Presentation and Con35

Basis of Presentation and Consolidation (Details) - property	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate Properties
Total number of joint venture properties	81	82
Number of joint venture properties managed by the entity	58
Number of International joint venture properties	20
Number of joint venture properties managed by others	23
Simon Property Group, Inc
Ownership interest:
Ownership interest in the Operating Partnership (as a percent)	85.70%	85.50%
Simon Property Group, Inc | Weighted average
Ownership interest:
Ownership interest in the Operating Partnership (as a percent)	85.60%	85.50%	85.60%
Wholly owned properties
Real Estate Properties
Number of properties	137
Partially owned properties
Real Estate Properties
Number of properties	13
Premium Outlets | European Joint Venture
Real Estate Properties
Number of properties in which interest is acquired	6

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Investment Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment properties
Capitalized interest	$ 32,664	$ 16,500	$ 15,585
Buildings and improvements | Minimum
Investment properties
Useful life	10 years
Buildings and improvements | Maximum
Investment properties
Useful life	35 years
Equipment and fixtures | Minimum
Investment properties
Useful life	7 years
Equipment and fixtures | Maximum
Investment properties
Useful life	10 years

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Discontinued Operations (Details) $ in Thousands	May. 28, 2014USD ($)property	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Discontinued Operations
Amount of retained proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off					$ 1,003,135
Discontinued operations transaction expenses					38,163
Transitional Services | Washington Prime Group Inc
Additional disclosures
Transition services fees earned			$ 3,200	$ 5,700
Minimum | Washington Prime Group Inc
Additional disclosures
Annual fixed rate property management fees (as a percent)				2.50%
Maximum | Washington Prime Group Inc
Additional disclosures
Annual fixed rate property management fees (as a percent)				4.00%
Strip Center Business and Small Malls | Spinoff
Discontinued Operations
Number of properties merged under spin off into publicly traded REIT (Washington Prime Group Inc.) | property	98
Amount of retained proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off	$ 1,000,000
Discontinued operations transaction expenses		$ 38,200			38,200
Summarized financial information for discontinued operations
TOTAL REVENUE					262,652	$ 626,289
Property Operating					43,175	104,089
Depreciation and amortization					76,992	182,828
Real estate taxes					32,474	76,216
Repairs and maintenance					10,331	22,584
Advertising and promotion					3,340	8,316
Provision for credit losses					1,494	572
Other					2,028	4,664
Total operating expenses					169,834	399,269
OPERATING INCOME					92,818	227,020
Interest expense					(26,076)	(55,058)
Income and other taxes					(112)	(196)
Income (loss) from unconsolidated entities					652	(1,121)
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net					242	14,152
CONSOLIDATED NET INCOME					67,524	184,797
Net income attributable to noncontrolling interests					9,781	26,571
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS					57,743	158,226
Additional disclosures
Capital expenditures on a cash basis					$ 31,900	$ 93,300
Strip Center Business and Small Malls | Spinoff | Washington Prime Group Inc
Discontinued Operations
Exchange ratio of common shares for entity's stockholders to receive under spin off	0.50
Additional disclosures
Term of property management agreement	2 years
Termination period of transition services agreement	2 years
Renewal term of property management agreement	2 years
Period of prior written notice for termination of property management agreement	180 days
Strip Center Business and Small Malls | Spinoff | Washington Prime Group LP
Discontinued Operations
Exchange ratio of common units for entity's stockholders to receive under spin off	0.50

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Marketable and Non Marketable Securities (Details) - USD ($) shares in Thousands, $ in Millions	Jun. 24, 2015	Dec. 31, 2015	Dec. 31, 2014
Marketable and Non-Marketable Securities
Market value of investments		$ 183.8	$ 643
Net unrealized gains (losses) recorded in accumulated other comprehensive income (loss)		12.6	103.9
Carrying value of investments under the cost method		181.4	$ 167.1
Available for sale securities
Marketable and Non-Marketable Securities
Number of shares owned	5,710
Proceeds received from the sale of investments	$ 454
Recognized gain on sale of investments		$ 80.2
Available for sale securities | Securities in captive insurance subsidiary portfolio | Minimum
Marketable and Non-Marketable Securities
Investment maturity period		1 year
Available for sale securities | Securities in captive insurance subsidiary portfolio | Maximum
Marketable and Non-Marketable Securities
Investment maturity period		10 years

Summary of Significant Accoun39

Summary of Significant Accounting Policies - Fair Value Measurements (Details) - Recurring - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Level 3
Fair Value Measurement:
Investments	$ 0
Level 2
Fair Value Measurement:
Interest rate swap agreements and foreign currency forward contracts, gross liability balance		$ 2.1
Interest rate swap agreements and foreign currency forward contracts, gross asset balance	$ 27.8	$ 20.1

Summary of Significant Accoun40

Summary of Significant Accounting Policies - Gains On Issuances Of Stock By Equity Method Investees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investments in Unconsolidated Entities
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	$ 250,516	$ 158,308	$ 93,363
Klepierre
Investments in Unconsolidated Entities
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	$ 206,900

Summary of Significant Accoun41

Summary of Significant Accounting Policies - Deferred Costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Segment Disclosure
Number of reportable segments | item	1
Deferred costs and other assets
Deferred financing and lease costs, net	$ 325,720	$ 312,569
In-place lease intangibles, net	188,219	216,330
Acquired above market lease intangibles, net	67,363	75,366
Marketable securities of our captive insurance companies	87,257	111,844
Goodwill	20,098	20,098
Other marketable and non-marketable securities	278,026	698,265
Prepaids, notes receivable and other assets, net	385,576	372,317
Deferred costs and other assets	1,352,259	1,806,789
Deferred Financing and Lease Costs
Deferred financing and lease costs, gross	567,862	533,050
Accumulated amortization	(242,142)	(220,481)
Deferred financing and lease costs, net	325,720	312,569
Amortization, included in statements of operations and comprehensive income
Amortization of deferred financing costs	19,349	21,392	$ 25,159
Amortization of debt premiums, net of discounts	(16,107)	(24,092)	(33,026)
Amortization of deferred leasing costs	$ 43,788	$ 39,488	$ 34,891

Summary of Significant Accoun42

Summary of Significant Accounting Policies - Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Intangible Assets
Unamortized below market leases included in accounts payable, accrued expenses, intangibles and deferred revenues	$ 117,800	$ 103,100
Estimated future amortization, and the increasing (decreasing) effect on below market minimum rents
2,016	30,568
2,017	23,517
2,018	18,424
2,019	15,347
2,020	12,131
Thereafter	17,801
Lease intangibles assets, net	117,788
Estimated future amortization, and the increasing (decreasing) effect on minimum rents
2,016	10,891
2,017	7,362
2,018	6,002
2,019	6,383
2,020	5,589
Thereafter	14,198
Lease intangibles assets, net	$ 50,425
In-place lease intangibles
Intangible Assets
Average life of in-place lease intangibles	3 years 1 month 6 days
Lease intangibles assets, gross	$ 431,712	416,623
Accumulated depreciation/amortization	(243,493)	(200,293)
Lease intangibles assets, net	$ 188,219	216,330
Above and below market leases
Intangible Assets
Weighted average remaining life of intangible	5 years 3 months 18 days
Amount of amortization expenses	$ 13,600	11,300	$ 22,800
Above Market Leases
Intangible Assets
Lease intangibles assets, gross	183,625	225,335
Accumulated depreciation/amortization	(116,262)	(149,969)
Lease intangibles assets, net	67,363	$ 75,366
Estimated future amortization, and the increasing (decreasing) effect on minimum rents
2,016	(19,677)
2,017	(16,155)
2,018	(12,422)
2,019	(8,964)
2,020	(6,542)
Thereafter	(3,603)
Lease intangibles assets, net	$ (67,363)

Summary of Significant Accoun43

Summary of Significant Accounting Policies - Derivative Financial Instruments (Details) € in Millions, ¥ in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2015EUR (€)DerivativeInstrument	Dec. 31, 2015JPY (¥)DerivativeInstrument	Dec. 31, 2015EUR (€)DerivativeInstrument	Dec. 31, 2015USD ($)DerivativeInstrument	Dec. 31, 2014JPY (¥)DerivativeInstrument	Dec. 31, 2014USD ($)DerivativeInstrument	Sep. 30, 2014EUR (€)
Derivative financial instruments
Gross accumulated other comprehensive income or loss related to derivative activities				$ 17.7		$ 45.8
Interest rate swap
Derivative financial instruments
Number of Instruments | DerivativeInstrument		0	0	0	2	2
Notional amount						$ 375
Interest rate net, fair value						(1.2)
Interest rate swap | Other liabilities.
Derivative financial instruments
Interest rate net, fair value						(2.1)
Interest rate swap | Deferred costs and other assets
Derivative financial instruments
Interest rate net, fair value						0.9
USD-Yen currency forward contract
Derivative financial instruments
Notional amount | ¥		¥ 0			¥ 14.7
USD-Yen currency forward contract | Deferred costs and other assets
Derivative financial instruments
Forward contract net, fair value						0.1
USD-Euro currency forward contract | Third quarter of 2014 | Designated as Hedging Instrument
Derivative financial instruments
Notional amount | €			€ 100				€ 150
Number of contracts settled | DerivativeInstrument	1
Notional contract settled during period | €	€ 50
USD-Euro currency forward contract | Third quarter of 2014 | Deferred costs and other assets | Designated as Hedging Instrument
Derivative financial instruments
Forward contract net, fair value				$ 26		$ 19.1
USD-Euro currency forward contract | Fourth quarter of 2015 | Designated as Hedging Instrument
Derivative financial instruments
Notional amount | €			€ 50
USD-Euro currency forward contract | Fourth quarter of 2015 | Other liabilities. | Designated as Hedging Instrument
Derivative financial instruments
Forward contract net, fair value				$ 1.8

Summary of Significant Accoun44

Summary of Significant Accounting Policie - Rollforward of noncontrolling interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Noncontrolling Interests:
Balance	$ 5,951,505	$ 6,822,632	$ 6,893,089
Balance	5,216,369	5,951,505	6,822,632
Noncontrolling Interests
Noncontrolling Interests:
Balance	(229)	4,264	(877)
Net income attributable to noncontrolling nonredeemable interests	2,984	2,491	132
Distributions to noncontrolling nonredeemable interestholders	(3,836)	(19,065)	(285)
Contributions by noncontrolling interestholders, net and other	4,537	12,081	5,294
Balance	$ 3,456	$ (229)	$ 4,264
7.5% Cumulative Redeemable Preferred Units
Noncontrolling Interests and Temporary Equity
Preferred stock stated dividend rate percentage	7.50%	7.50%
7.5% Cumulative Redeemable Preferred Units | Noncontrolling Interests
Noncontrolling Interests and Temporary Equity
Preferred stock stated dividend rate percentage	7.50%

Summary of Significant Accoun45

Summary of Significant Accounting Policies - Accumulated Other Comprehensive Income (loss) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Changes in accumulated other comprehensive income (loss)
Beginning balance	$ 5,951,734
Ending Balance	5,212,913
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Beginning balance	(71,428)
Other comprehensive income (loss) before reclassifications	(154,390)
Amounts reclassified from accumulated other comprehensive income (loss)	(69,189)
Net current-period other comprehensive income (loss)	(223,579)
Ending Balance	(295,007)
Currency translation adjustments
Changes in accumulated other comprehensive income (loss)
Beginning balance	(129,554)
Other comprehensive income (loss) before reclassifications	(160,312)
Net current-period other comprehensive income (loss)	(160,312)
Ending Balance	(289,866)
Accumulated derivative losses, net
Changes in accumulated other comprehensive income (loss)
Beginning balance	(45,824)
Other comprehensive income (loss) before reclassifications	17,122
Amounts reclassified from accumulated other comprehensive income (loss)	10,998
Net current-period other comprehensive income (loss)	28,120
Ending Balance	(17,704)
Net gain on marketable securities
Changes in accumulated other comprehensive income (loss)
Beginning balance	103,950
Other comprehensive income (loss) before reclassifications	(11,200)
Amounts reclassified from accumulated other comprehensive income (loss)	(80,187)
Net current-period other comprehensive income (loss)	(91,387)
Ending Balance	$ 12,563

Summary of Significant Accoun46

Summary of Significant Accounting Policies - Reclassifications out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Significant Accounting Policies
Interest expense									$ (923,697)	$ (992,601)	$ (1,082,081)
Other income									325,597	200,781	168,035
NET INCOME ATTRIBUTABLE TO UNITHOLDERS	$ 457,759	$ 490,344	$ 552,604	$ 630,432	$ 473,907	$ 294,900	$ 475,708	$ 399,267	2,131,139	1,643,783	1,537,348
Accumulated derivative losses, net | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense									(10,998)	(10,789)	(9,205)
NET INCOME ATTRIBUTABLE TO UNITHOLDERS									(10,998)	$ (10,789)	$ (9,205)
Net gain on marketable securities | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Other income									80,187
NET INCOME ATTRIBUTABLE TO UNITHOLDERS									$ 80,187

Summary of Significant Accoun47

Summary of Significant Accounting Policies - Allowance for Credit Losses and Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Management fees and other revenues
Insurance reserve for insurance subsidiaries and other self-insurance programs	$ 88,100	$ 93,500
Allowance for Credit Losses
Balance, beginning of period	33,282	32,681	$ 29,263
Provision for credit losses	6,635	12,001	7,165
Accounts written off, net of recoveries	(9,823)	(11,400)	(3,747)
Balance, end of period	30,094	33,282	$ 32,681
Income Taxes
Provision for federal income taxes for REIT entities	0
Deferred tax assets related to TRS subsidiaries, net	0
Deferred tax liabilities related to TRS subsidiaries, net	0
Deferred tax (liabilities) assets related to TRS subsidiaries, net		$ 1,100
Valuation allowance	$ 0

Real Estate Acquisitions and 48

Real Estate Acquisitions and Dispositions (Details) $ in Thousands

Jan. 15, 2015USD ($)property

Sep. 26, 2014USD ($)

Apr. 10, 2014

Jan. 30, 2014USD ($)ashares

Jan. 10, 2014USD ($)itemproperty

Jan. 10, 2014USD ($)itemproperty

Aug. 08, 2013USD ($)

May. 30, 2013USD ($)ft²

Jan. 31, 2016USD ($)property

Dec. 31, 2015USD ($)

Mar. 31, 2014USD ($)

Jun. 30, 2014USD ($)

Dec. 31, 2015USD ($)property

Dec. 31, 2014USD ($)property

Dec. 31, 2013USD ($)property

Real Estate Acquisitions and Dispositions

Discontinued operations transaction expenses

$ 38,163

Subsequent Event

Real Estate Acquisitions and Dispositions

Gain (loss) on disposition of interest in properties

$ 36,800

Number of properties disposed of during the period | property

2

Hotel

Real Estate Acquisitions and Dispositions

Gain (loss) on disposition of interest in properties

$ 4,500

Office property, Boston, Massachusetts

Real Estate Acquisitions and Dispositions

Gain (loss) on disposition of interest in properties

$ 7,900

McArthurGlen Group

Real Estate Acquisitions and Dispositions

Number of properties in which interest is acquired | property

5

Partially owned properties

Real Estate Acquisitions and Dispositions

Gain (loss) on disposition of interest in properties

$ 80,200

Consolidated properties | Retail properties

Real Estate Acquisitions and Dispositions

Gain (loss) on disposition

$ 21,800

Number of properties disposed of during the period | property

3

8

Unconsolidated properties | Retail properties

Real Estate Acquisitions and Dispositions

Gain (loss) on disposition of interest in properties

$ 43,600

Number of properties disposed of during the period | property

3

3

Unconsolidated properties | Lifestyle/Community Centers

Real Estate Acquisitions and Dispositions

Number of properties in which interest is acquired | property

3

Number of properties disposed of during the period | property

3

Jersey Gardens and University Park Village

Real Estate Acquisitions and Dispositions

Acquisition related transaction costs

$ 4,400

Ownership interests acquired (as a percent)

100.00%

Cash purchase price for acquisition

$ 677,900

Mortgage debt including debt premiums

$ 405,000

$ 17,900

17,900

Investment properties

1,100,000

1,100,000

Lease related intangibles

$ 3,600

$ 3,600

Number of properties in which interest is acquired | property

2

Jersey Gardens and University Park Village | Maximum

Real Estate Acquisitions and Dispositions

Life of joint ventures with excess investment

40 years

Arizona Mills

Real Estate Acquisitions and Dispositions

Ownership interests acquired (as a percent)

50.00%

Mortgage debt including debt premiums

$ 166,900

Area of property (in square feet) | a

39

Consideration paid

$ 145,800

Number of units issued in connection with acquisition of the remaining interest in Arizona Mills | shares

555,150

Gain due to acquisition of controlling interest

$ 2,700

Ownership interest after acquisition (as a percent)

100.00%

100.00%

100.00%

Portfolio of ten properties

Real Estate Acquisitions and Dispositions

Consideration paid

$ 114,400

$ 114,400

Number of partner's interest acquired | item

1

1

Number of properties in which interest is acquired | property

10

Portfolio of ten properties | Consolidated properties

Real Estate Acquisitions and Dispositions

Number of properties in which interest is acquired | property

7

7

Outlet center, Portland OR

Real Estate Acquisitions and Dispositions

Area of property (in square feet) | ft²

390,000

Property interest acquired (as a percent)

100.00%

Property interest acquired

$ 146,700

Gain on acquisition of property interests

$ 27,300

Ashford Designer Outlets | European Joint Venture

Real Estate Acquisitions and Dispositions

Joint venture ownership percentage before transaction

22.50%

Joint venture ownership percentage after transactions

45.00%

Spinoff | Strip Center Business and Small Malls

Real Estate Acquisitions and Dispositions

Discontinued operations transaction expenses

$ 38,200

$ 38,200

Per Unit Data (Details)

Per Unit Data (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Jan. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net Income attributable to Unitholders - Basic		$ 457,759	$ 490,344	$ 552,604	$ 630,432	$ 473,907	$ 294,900	$ 475,708	$ 399,267	$ 2,131,139	$ 1,643,783	$ 1,537,348
Net Income attributable to Unitholders - Diluted										$ 2,131,139	$ 1,643,783	$ 1,537,348
Weighted Average Units Outstanding - Basic (in shares)										362,244,154	363,475,504	362,355,581
Effect of stock options of Simon (in shares)												50
Weighted Average Units Outstanding - Diluted (in shares)										362,244,154	363,475,504	362,355,631
Effect of dilutive securities:
Securities with dilutive effect										$ 0	$ 0
Dividends
Total distributions paid per unit (in dollar per share)										$ 6.05	$ 5.15	$ 4.65
Percent taxable as ordinary income										94.30%	100.00%	97.50%
Percent taxable as long-term capital gains										5.70%	0.00%	2.50%
Total percentage of distributions paid										100.00%	100.00%	100.00%
Subsequent Event
Dividends
Dividends declared per common share (in dollars per share)	$ 1.60

Investment Properties (Details)

Investment Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investment Properties
Land	$ 3,417,716	$ 3,185,624
Buildings and improvements	29,715,169	27,828,509
Total land, buildings and improvements	33,132,885	31,014,133
Furniture, fixtures and equipment	330,239	304,399
Investment properties at cost	33,463,124	31,318,532
Less - accumulated depreciation	9,915,386	8,950,747
Investment properties at cost, net	23,547,738	22,367,785
Construction in progress included above	$ 663,271	$ 640,081

Investments in Unconsolidated51

Investments in Unconsolidated Entities - Retail Estate Joint Venture and Investements (Details) $ in Millions	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)property
Investments in Unconsolidated Entities
Total number of joint venture properties | property	81	82
Construction and other related party loans
Investments in Unconsolidated Entities
Loans to related party | $	$ 13.9	$ 14.9

Investments in Unconsolidated52

Investments in Unconsolidated Entities - Unconsolidated Property Transactsions (Details) $ in Millions	Jul. 22, 2015USD ($)property	Jul. 07, 2015USD ($)shares	Apr. 23, 2015USD ($)ft²	Apr. 13, 2015USD ($)property	Feb. 24, 2015USD ($)	Feb. 28, 2015USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2015USD ($)property	Jan. 30, 2014a
Arizona Mills
Investments in Unconsolidated Entities
Area of property (in square feet) | a										39
Ownership interests acquired (as a percent)										50.00%
Gain due to acquisition of controlling interest							$ 2.7
Ownership interest after acquisition (as a percent)								100.00%	100.00%	100.00%
Hudson's Bay Company (HBC) Joint Venture
Investments in Unconsolidated Entities
Committed amount to contribute	$ 100
Contributions for improvements to properties									$ 1
Contribution to form joint venture									$ 178.5
Joint venture ownership percentage								8.90%	8.90%
Share of net loss								$ 0.7
Total assets								4,200	$ 4,200
Total liabilities								2,900	$ 2,900
Total revenues								55
Total operating income								10
Consolidated net Income								$ 8
Hudson's Bay Company (HBC) Joint Venture | Hudson's Bay Company
Investments in Unconsolidated Entities
Number of properties contributed to form joint venture | property	42
Number of Kaufhof properties purchased by the joint venture | property									41
Sears Joint Venture
Investments in Unconsolidated Entities
Contribution to form joint venture				$ 114
Joint venture ownership percentage				50.00%
Sears Joint Venture | Sears
Investments in Unconsolidated Entities
Number of properties contributed to form joint venture | property				10
Joint venture ownership percentage				50.00%
Number of property being leased back | property				10
Sears Joint Venture | Minimum | Sears
Investments in Unconsolidated Entities
Percentage of property space subject to recapture				50.00%
Seritage Growth Properties
Investments in Unconsolidated Entities
Payments to acquire equity method investment		$ 33
Additional shares acquired (in shares) | shares		1,125,760
Houston Galleria
Investments in Unconsolidated Entities
Joint venture ownership percentage					50.40%
Houston Galleria | Mortgages
Investments in Unconsolidated Entities
Debt refinanced					$ 821
Interest rate on debt (as a percent)					5.44%
Houston Galleria | Mortgage Maturing March 2025
Investments in Unconsolidated Entities
Debt issued to refinance previous mortgage					$ 1,200
Interest rate on debt (as a percent)					3.55%
Excess proceeds from debt financing distributed to venture partners						$ 377.1
Development projects | Brickell City Centre
Investments in Unconsolidated Entities
Area of property (in square feet) | ft²			500,000
Property ownership interest (as a percent)			25.00%
Estimated cost of project, including development fees			$ 110

Investments in Unconsolidated53

Investments in Unconsolidated Entities - European Investments (Details) $ / shares in Units, $ in Thousands, € in Millions	May. 11, 2015USD ($)shares	Jan. 15, 2015	Apr. 16, 2014EUR (€)property	Apr. 16, 2014USD ($)property	Feb. 29, 2016USD ($)	Jan. 31, 2016property	Jan. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)property$ / sharesshares	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Mar. 31, 2015
Investments in Unconsolidated Entities
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net									$ 250,516	$ 158,308	$ 93,363
Share of net income, net of amortization of our excess investment									284,806	226,774	$ 206,380
Equity investment								$ 2,378,800	2,481,574	2,378,800
Subsequent Event
Investments in Unconsolidated Entities
Number of properties disposed of during the period | property						2
Klepierre
Investments in Unconsolidated Entities
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net									206,900
Gain (loss) on disposition				$ 133,900
Number of properties disposed of during the period | property			126	126
Total gross consideration | €			€ 1,980
Group's share of total consideration | €			€ 1,650
Klepierre | Corio
Investments in Unconsolidated Entities
Ordinary share conversion ratio		1.14
European Joint Venture
Investments in Unconsolidated Entities
Equity investment								$ 677,100	$ 577,300	$ 677,100
European Joint Venture | Outlet Center In Ochtrup Germany | Subsequent Event
Investments in Unconsolidated Entities
Joint venture ownership percentage					75.00%
Payments to acquire equity method investment					$ 34,900
Europe | Klepierre
Investments in Unconsolidated Entities
Shares owned | shares									63,924,148
Joint venture ownership percentage	20.30%							28.90%	20.30%	28.90%		18.30%
Quoted market price per share (in dollars per share) | $ / shares									$ 44.82
Additional shares acquired (in shares) | shares	6,290,000
Payments to acquire equity method investment	$ 279,400
Share of net income, net of amortization of our excess investment									$ 6,700	$ 131,500
Total assets								$ 12,700,000	20,800,000	12,700,000
Total liabilities								8,200,000	12,400,000	8,200,000
Noncontrolling interests								$ 1,400,000	1,400,000	1,400,000
Total revenues									1,500,000	1,200,000
Total operating income									414,800	432,100
Consolidated net Income									$ 181,200	$ 1,300,000
Europe | European Joint Venture | Minimum
Investments in Unconsolidated Entities
Joint venture ownership percentage									45.00%
Europe | European Joint Venture | Maximum
Investments in Unconsolidated Entities
Joint venture ownership percentage									90.00%
Premium Outlets | European Joint Venture
Investments in Unconsolidated Entities
Number of properties that will be consolidated in first quarter of 2016 | property									2
Premium Outlets | Europe | European Joint Venture
Investments in Unconsolidated Entities
Number of properties | property									6
Roermond Designer Outlet | European Joint Venture
Investments in Unconsolidated Entities
Joint venture ownership percentage								90.00%		90.00%
Roermond Designer Outlet | European Joint Venture | Mortgage Maturing 2017
Investments in Unconsolidated Entities
Debt refinanced								$ 85,100
Interest rate on debt (as a percent)								5.12%		5.12%
Roermond Designer Outlet | European Joint Venture | Mortgage Maturing 2021
Investments in Unconsolidated Entities
Debt issued								$ 218,900		$ 218,900
Interest rate on debt (as a percent)								1.86%		1.86%
Excess proceeds from debt financing distributed to venture partners							$ 106,000

Investments in Unconsolidated54

Investments in Unconsolidated Entities - Value Retail PLC (Details) $ in Millions	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)
Cost method investments
Cost method investments included in deferred costs and other assets | $	$ 181.4	$ 167.1
Europe | Value Retail PLC
Cost method investments
Number of luxury outlets owned and operated | property	9
Number of outlets in which the entity has a minority direct ownership | property	3
Cost method investments included in deferred costs and other assets | $	$ 115.4	$ 115.4

Investments in Unconsolidated55

Investments in Unconsolidated Entities - Pre-Development Projects (Details) - Europe - Pre-development Europe Projects Joint Venture - Disposed by Sales $ in Millions	Mar. 19, 2015USD ($)
Investments in Unconsolidated Entities
Aggregate proceeds received	$ 19
Gain on disposal of equity method investment	$ 8.3

Investments in Unconsolidated56

Investments in Unconsolidated Entities - Asian Joint Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investments in Unconsolidated Entities
Equity investment	$ 2,481,574	$ 2,378,800
Japan | Mitsubishi Estate Co., Ltd. | Premium Outlets
Investments in Unconsolidated Entities
Joint venture ownership percentage	40.00%
Equity investment	$ 224,600	229,800
South Korea | Shinsegae International Co | Premium Outlets
Investments in Unconsolidated Entities
Joint venture ownership percentage	50.00%
Equity investment	$ 117,000	$ 104,500

Investments in Unconsolidated57

Investments in Unconsolidated Entities - Balance Sheets (Details) $ in Thousands	May. 28, 2014property	Dec. 31, 2015USD ($)property	Dec. 31, 2013property	Dec. 31, 2014USD ($)
Assets:
Investment properties, at cost		$ 33,463,124		$ 31,318,532
Less - accumulated depreciation		9,915,386		8,950,747
Investment properties at cost, net		23,547,738		22,367,785
Cash and cash equivalents		701,134		612,282
Tenant receivables and accrued revenue, net		624,605		580,197
Deferred costs and other assets		1,352,259		1,806,789
Liabilities and Partners' Deficit:
Mortgages and other indebtedness		22,502,173		20,852,993
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,323,801		1,259,681
Other liabilities		214,249		275,451
Total liabilities		25,408,767		23,555,288
Preferred units		43,733		44,062
Total liabilities and equity		30,650,673		29,532,330
Our Share of:
Our net investment in unconsolidated entities, at equity		2,481,574		2,378,800
Unconsolidated properties
Investments in Unconsolidated Entities
Number of unconsolidated properties in the spin-off of Washington Prime | property	10
Equity Method Investments. | Unconsolidated properties
Assets:
Investment properties, at cost		17,186,884		16,087,282
Less - accumulated depreciation		5,780,261		5,457,899
Investment properties at cost, net		11,406,623		10,629,383
Cash and cash equivalents		818,805		993,178
Tenant receivables and accrued revenue, net		354,133		362,201
Investment in unconsolidated entities, at equity				11,386
Deferred costs and other assets		545,850		536,600
Total assets		13,125,411		12,532,748
Liabilities and Partners' Deficit:
Mortgages and other indebtedness		13,891,041		13,272,557
Accounts payable, accrued expenses, intangibles, and deferred revenues		985,159		1,015,334
Other liabilities		468,005		493,718
Total liabilities		15,344,205		14,781,609
Preferred units		67,450		67,450
Partners' deficit		(2,286,244)		(2,316,311)
Total liabilities and equity		13,125,411		12,532,748
Our Share of:
Partners' deficit		(854,562)		(663,700)
Add: Excess investment		1,788,749		1,875,337
Our net investment in unconsolidated entities, at equity		$ 934,187		$ 1,211,637
Equity Method Investments. | Unconsolidated properties | Retail properties
Investments in Unconsolidated Entities
Number of properties disposed of during the period | property		3	3

Investments in Unconsolidated58

Investments in Unconsolidated Entities - Repayments of Mortgages (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2013	Dec. 31, 2015	Dec. 31, 2014
Debt Maturity and Other
2,016		$ 2,928,580
2,017		3,043,067
2,018		1,024,275
2,019		2,607,519
2,020		3,159,632
Thereafter		9,739,204
Total principal maturities		22,502,277
Net unamortized debt premium		(104)
Total mortgages and unsecured indebtedness		22,502,173	$ 20,852,993
Loss on extinguishment of debt		(120,953)	(127,573)
Equity Method Investments. | Unconsolidated properties
Debt Maturity and Other
2,016		1,325,067
2,017		810,684
2,018		433,362
2,019		599,718
2,020		3,049,673
Thereafter		7,668,576
Total principal maturities		13,887,080
Net unamortized debt premium		3,961
Total mortgages and unsecured indebtedness		$ 13,891,041	$ 13,272,557
Debt repaid interest rate, low end of range (as a percent)		0.37%
Debt repaid interest rate, high end of range (as a percent)		9.35%
Weighted average interest rate (as a percent)		4.15%
Equity Method Investments. | Unconsolidated properties | Aventura Mall
Debt Maturity and Other
Joint venture ownership percentage	33.00%
Loss on extinguishment of debt	$ (82,800)
Equity Method Investments. | Unconsolidated properties | Mortgages maturing December 11, 2017 | Aventura Mall
Debt Maturity and Other
Debt refinanced	$ 430,000
Fixed interest rate (as a percent)	5.91%
Equity Method Investments. | Unconsolidated properties | Mortgages maturing December 01, 2020 | Aventura Mall
Debt Maturity and Other
Debt issued to refinance previous mortgage	$ 1,200,000
Fixed interest rate (as a percent)	3.75%
Equity Method Investments. | Unconsolidated properties | Maximum
Investments in Unconsolidated Entities
Life of joint ventures with excess investment		40 years

Investments in Unconsolidated59

Investments in Unconsolidated Entities -Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue:
Minimum rent									$ 3,142,347	$ 2,962,295	$ 2,775,919
Overage rent									194,070	207,104	214,758
Tenant reimbursements									1,445,623	1,362,412	1,258,165
Other income									325,597	200,781	168,035
Total revenue	$ 1,380,621	$ 1,320,137	$ 1,349,110	$ 1,216,235	$ 1,297,120	$ 1,234,694	$ 1,181,982	$ 1,157,022	5,266,103	4,870,818	4,543,849
Operating Expenses:
Property operating									425,983	398,598	371,044
Depreciation and amortization									1,177,568	1,143,827	1,107,700
Real estate taxes									432,840	384,189	368,683
Repairs and maintenance									101,369	100,016	98,219
Advertising and promotion									134,854	136,656	117,894
Provision for credit losses									6,635	12,001	7,165
Other									102,836	91,655	83,741
Total operating expenses									2,597,230	2,485,476	2,355,180
OPERATING INCOME	$ 709,730	$ 657,587	$ 702,385	$ 599,171	$ 655,288	$ 607,557	$ 561,531	$ 560,965	2,668,873	2,385,342	2,188,669
Interest expense									(923,697)	(992,601)	(1,082,081)
Income from Unconsolidated Entities									284,806	226,774	206,380
Equity Method Investments. | Unconsolidated properties
Revenue:
Minimum rent									1,801,023	1,746,549	1,618,802
Overage rent									191,249	183,478	180,435
Tenant reimbursements									799,420	786,351	747,447
Other income									236,726	293,419	199,197
Total revenue									3,028,418	3,009,797	2,745,881
Operating Expenses:
Property operating									530,798	574,706	487,144
Depreciation and amortization									594,973	604,199	512,702
Real estate taxes									231,154	221,745	204,894
Repairs and maintenance									73,286	71,203	66,612
Advertising and promotion									75,773	72,496	61,664
Provision for credit losses									4,153	6,527	1,388
Other									169,504	187,729	155,421
Total operating expenses									1,679,641	1,738,605	1,489,825
OPERATING INCOME									1,348,777	1,271,192	1,256,056
Interest expense									(593,187)	(598,900)	(680,321)
Income from Continuing Operations									755,590	672,292	575,735
Income from operations of discontinued joint venture interests										5,079	14,200
Gain on disposal of discontinuing operations, net											51,164
Gain on sale or disposal of assets and interests in unconsolidated entities, net									67,176
Net Income									822,766	677,371	641,099
Third-Party Investors' Share of Net Income									405,456	348,127	353,708
Our Share of Net Income									417,310	329,244	287,391
Amortization of Excess Investment									(94,828)	(99,463)	(102,875)
Our Share of (Loss) Income from Unconsolidated Discontinued Operations										(652)	1,121
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net									(43,589)
Income from Unconsolidated Entities									$ 278,893	$ 229,129	$ 185,637

Investments in Unconsolidated60

Investments in Unconsolidated Entities - Dispositions (Details) - Equity Method Investments. - Unconsolidated properties - Retail properties $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)property	Dec. 31, 2013USD ($)property
Investments in Unconsolidated Entities
Number of properties disposed of during the period | property	3	3
Gain on disposal of equity method investment | $	$ 43.6	$ 0

Indebtedness and Derivative F61

Indebtedness and Derivative Financial Instruments (Details) $ in Thousands, € in Millions	Jan. 13, 2016USD ($)item	Mar. 02, 2015USD ($)	Jan. 15, 2015USD ($)property	Dec. 31, 2015USD ($)itemproperty	Dec. 31, 2015USD ($)itemproperty	Dec. 31, 2014USD ($)	Feb. 01, 2016USD ($)	Nov. 18, 2015EUR (€)	Nov. 18, 2015USD ($)	Aug. 17, 2015USD ($)
Fixed-Rate Debt:
Fixed-rate mortgages and unsecured indebtedness				$ 20,394,511	$ 20,394,511	$ 19,424,456
Variable-Rate Debt:
Variable-rate mortgages and unsecured indebtedness				2,107,662	2,107,662	1,428,537
Total Mortgages and Unsecured Indebtedness				22,502,173	22,502,173	20,852,993
Debt covenants
Loss on debt extinguishment					120,953	127,573
Subsequent Event
Debt covenants
Number of unencumbered properties released on repayment of debt | item	3
Senior unsecured notes
Debt covenants
Loss on debt extinguishment				121,000
Senior Unsecured Notes 1.38% due 2022
Debt covenants
Debt issued								€ 750	$ 798,300
Interest rate on debt (as a percent)								1.38%	1.38%
Senior Unsecured Notes 5.10% to 5.75%
Debt covenants
Amount of debt redeemed				693,500	$ 693,500
Debt repaid interest rate, low end of range (as a percent)					5.10%
Debt repaid interest rate, high end of range (as a percent)					5.75%
Senior Unsecured Notes 6.13% to 7.38%
Debt covenants
Amount of debt redeemed				1,000,000	$ 1,000,000
Debt repaid interest rate, low end of range (as a percent)					6.13%
Debt repaid interest rate, high end of range (as a percent)					7.38%
Senior Unsecured Notes 6.10% | Subsequent Event
Debt covenants
Interest rate on debt (as a percent)							6.10%
Amount of debt redeemed							$ 163,300
Senior Unsecured Notes 2.50% due 2021 | Subsequent Event
Debt covenants
Debt issued	$ 550,000
Interest rate on debt (as a percent)	2.50%
Senior Unsecured Notes 3.30% due 2026 | Subsequent Event
Debt covenants
Debt issued	$ 800,000
Interest rate on debt (as a percent)	3.30%
Secured Debt | Mortgages
Fixed-Rate Debt:
Fixed-rate mortgages and unsecured indebtedness				5,985,427	$ 5,985,427	5,615,351
Net premiums				$ 44,594	$ 44,594	49,723
Weighted-average interest rate, fixed-rate debt (as a percent)				5.12%	5.12%
Weighted average maturity period, fixed-rate debt					4 years 7 months 6 days
Variable-Rate Debt:
Variable-rate mortgages and unsecured indebtedness				$ 630,000	$ 630,000	630,000
Weighted average interest rate, variable-rate debt (as a percent)				2.29%	2.29%
Weighted average maturity period, variable-rate debt					1 year 3 months 18 days
Total Mortgages and Unsecured Indebtedness				$ 6,600,000	$ 6,600,000	6,200,000
Debt covenants
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers | item					44
Number of properties secured by non-recourse mortgage notes | property				49	49
Number of cross-defaulted and cross-collateralized mortgage pools | item				4	4
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages | property				11	11
Interest rate on debt (as a percent)				5.51%	5.51%
Number of unencumbered properties released on repayment of debt | property					5
Debt repaid					$ 259,300
Unsecured Debt | Senior unsecured notes
Fixed-Rate Debt:
Fixed-rate mortgages and unsecured indebtedness				$ 13,530,427	13,530,427	13,399,920
Net discount				$ 44,698	$ 44,698	40,701
Weighted-average interest rate, fixed-rate debt (as a percent)				3.93%	3.93%
Weighted average maturity period, fixed-rate debt					7 years 3 months 18 days
Variable-Rate Debt:
Total Mortgages and Unsecured Indebtedness				$ 13,500,000	$ 13,500,000
Unsecured Debt | Senior unsecured notes 2.20% due February 2019
Debt covenants
Debt issued										$ 500,000
Interest rate on debt (as a percent)										2.50%
Unsecured Debt | Senior unsecured notes 3.75% due February 2024
Debt covenants
Debt issued										$ 600,000
Interest rate on debt (as a percent)										3.50%
Unsecured Debt | Commercial Paper
Fixed-Rate Debt:
Fixed-rate mortgages and unsecured indebtedness				878,657	878,657	409,185
Debt covenants
Maximum borrowing capacity		$ 500,000
Expanded maximum borrowing capacity		1,000,000
Unsecured Debt | Commercial Paper | Euro
Variable-Rate Debt:
Credit facility, amount outstanding				$ 188,100	$ 188,100
Debt covenants
Weighted average interest rate (as a percent)				0.03%	0.03%
Unsecured Debt | Commercial Paper | USD
Variable-Rate Debt:
Credit facility, amount outstanding				$ 690,600	$ 690,600
Debt covenants
Weighted average interest rate (as a percent)				0.43%	0.43%
Unsecured Debt | Credit Facility and the Supplemental Facility
Debt covenants
Available borrowing capacity				$ 4,600,000	$ 4,600,000
Maximum amount outstanding during period					1,800,000
Credit facility, weighted average amount outstanding					1,200,000
Letters of credit outstanding				36,900	$ 36,900
Number of credit facilities | item					2
Unsecured Debt | Credit Facility
Variable-Rate Debt:
Credit facility, amount outstanding				1,237,662	$ 1,237,662	558,537
Debt covenants
Maximum borrowing capacity				4,000,000	4,000,000
Optional expanded maximum borrowing capacity					$ 5,000,000
Additional facility fee (as a percent)					0.10%
Unsecured Debt | Credit Facility | LIBOR
Debt covenants
Interest added to reference rate (as a percent)					0.80%
Unsecured Debt | Credit Facility | Euro
Variable-Rate Debt:
Credit facility, amount outstanding				237,800	$ 237,800
Unsecured Debt | Credit Facility | Yen
Variable-Rate Debt:
Credit facility, amount outstanding				184,800	$ 184,800
Unsecured Debt | Credit Facility | Maximum
Debt covenants
Percentage of borrowings in currencies other than the U.S. dollar					75.00%
Unsecured Debt | Supplemental Facility
Debt covenants
Maximum borrowing capacity		2,000,000
Unsecured Debt | Amended Supplemental Facility
Debt covenants
Maximum borrowing capacity		2,750,000		2,750,000	$ 2,750,000
Optional expanded maximum borrowing capacity		$ 3,500,000
Additional facility fee (as a percent)		0.10%
Unsecured Debt | Amended Supplemental Facility | LIBOR
Debt covenants
Interest added to reference rate (as a percent)		0.80%
Unsecured Debt | Term loan
Variable-Rate Debt:
Total Mortgages and Unsecured Indebtedness				$ 240,000	$ 240,000	$ 240,000
Jersey Gardens and University Park Village
Debt covenants
Number of properties in which interest is acquired | property			2
Jersey Gardens (The Mills at Jersey Gardens) | Mortgage Maturing November 1, 2020
Variable-Rate Debt:
Total Mortgages and Unsecured Indebtedness			$ 350,000
Debt covenants
Interest rate on debt (as a percent)			3.83%
University Park Village | Mortgage Maturing May 1, 2028
Variable-Rate Debt:
Total Mortgages and Unsecured Indebtedness			$ 55,000
Debt covenants
Interest rate on debt (as a percent)			3.85%

Indebtedness and Derivative F62

Indebtedness and Derivative Financial Instruments - Maturity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Maturity and Other
2,016	$ 2,928,580
2,017	3,043,067
2,018	1,024,275
2,019	2,607,519
2,020	3,159,632
Thereafter	9,739,204
Total principal maturities	22,502,277
Net unamortized debt premium	(104)
Total mortgages and unsecured indebtedness	22,502,173	$ 20,852,993
Cash paid for interest	$ 943,683	$ 1,018,911	$ 1,086,128

Indebtedness and Derivative F63

Indebtedness and Derivative Financial Instruments - Derivatives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative financial instruments
Unamortized loss of benefits from treasury and interest rate hedge agreements	$ 60.8	$ 65.7
Amount expected to be reclassified from accumulated other comprehensive loss to earnings within the next year	12.4
Interest rate swap
Derivative financial instruments
Notional amount	$ 0	$ 375

Indebtedness and Derivative F64

Indebtedness and Derivative Financial Instruments - Fair Value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Mortgages
Fair Value of Debt
Weighted average discount rates assumed in calculation of fair value (as a percent)	3.46%	3.02%
Unsecured Debt
Fair Value of Debt
Weighted average discount rates assumed in calculation of fair value (as a percent)	3.59%	3.51%
Book value
Fair Value of Debt
Fixed-rate mortgages and unsecured indebtedness	$ 20,400	$ 19,400
Fair value | Fixed-rate mortgages and unsecured indebtedness
Fair Value of Debt
Fixed-rate mortgages and unsecured indebtedness	$ 21,331	$ 20,967

Rentals under Operating Lease65

Rentals under Operating Leases (Details) $ in Thousands	Dec. 31, 2015USD ($)
Future minimum rentals to be received under noncancelable tenant operating leases
2,016	$ 2,754,732
2,017	2,516,302
2,018	2,230,521
2,019	1,948,366
2,020	1,714,945
Thereafter	4,823,612
Future minimum rental receivables	$ 15,988,478

Equity - Common Stock (Details)

Equity - Common Stock (Details) $ / shares in Units, $ in Thousands	May. 14, 2015USD ($)shares	Apr. 02, 2015USD ($)	Dec. 31, 2015USD ($)item$ / sharesshares	Dec. 31, 2014USD ($)
Redeemable preferred stock
Period common stock is authorized to repurchase		24 months
Shares repurchased (in shares) | shares			1,903,340
Average share price repurchased (in dollars per share) | $ / shares			$ 180.19
Redemption of Limited Partner units during the period | $			$ 162,684	$ 14,435
Limited Partners
Redeemable preferred stock
Operating Partnership units redeemed | shares	944,359
Redemption of Limited Partner units during the period | $	$ 162,700		$ 14,843	$ 1,463
Partnership agreement | Limited Partners
Redeemable preferred stock
Exchange of limited partner units, common shares | shares			489,291
Number of limited partners who received common stock | item			9
Maximum
Redeemable preferred stock
Common stock authorized for repurchase | $		$ 2,000,000

Equity - Temporary Equity (Deta

Equity - Temporary Equity (Details) $ / shares in Units, $ in Thousands	Jan. 10, 2014USD ($)itemproperty	Jan. 10, 2014USD ($)itemproperty	Jun. 30, 2014USD ($)	Dec. 31, 2015USD ($)item$ / shares	Dec. 31, 2014USD ($)
Redeemable preferred stock
Number of series of units classified into temporary equity | item				1
Noncontrolling interests redeemable at amounts in excess of fair value				$ 0	$ 0
Contribution to noncontrolling interest partnership			$ 83,000
Noncontrolling interest preferred return percentage			2.50%
Limited partners' preferred interest in the Operating Partnership				$ 25,537	$ 25,537
Portfolio of ten properties
Redeemable preferred stock
Number of partner's interest acquired | item	1	1
Number of properties in which interest is acquired | property	10
Consideration transferred for partner's interests acquired	$ 114,400	$ 114,400
Portfolio of ten properties | Consolidated properties
Redeemable preferred stock
Number of properties in which interest is acquired | property	7	7
Series J Preferred Stock
Redeemable preferred stock
Preferred stock stated dividend rate percentage				8.375%	8.375%
7.5% Cumulative Redeemable Preferred Units
Redeemable preferred stock
Preferred stock stated dividend rate percentage				7.50%	7.50%
Cumulative quarterly distributions on preferred units (in dollars per share) | $ / shares				$ 7.50
Temporary equity redemption price (in dollars per share) | $ / shares				100
Liquidation preference (in dollars per share) | $ / shares				$ 100

Equity - Permanent (Details)

Equity - Permanent (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Equity
Preferred units, units outstanding	796,948	796,948
Series J Preferred Stock
Equity
Preferred stock stated dividend rate percentage	8.375%	8.375%
Redemption price of preferred stock (in dollars per share)	$ 50
Premium received on preferred stock issued	$ 7.5
Preferred stock unamortized premium	$ 3.9	$ 4.2
Preferred units, authorized	1,000,000
Preferred units, issued	796,948
Preferred units, units outstanding	796,948

Equity - Other (Details)

Equity - Other (Details)	Jul. 06, 2011USD ($)shares	Dec. 31, 2015USD ($)item$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares
Stock-based incentive plan awards
Notes Receivable from Former CPI Stockholders		$ 14,800,000
Exchange Rights
Limited partners units, exchange ratio | item		1
Audit Committee Chairman
Stock-based incentive plan awards
Retainer		$ 35,000
Compensation Committee Chairman
Stock-based incentive plan awards
Retainer		35,000
Nominating And Governance Committee Chairman
Stock-based incentive plan awards
Retainer		25,000
Audit Committee Member
Stock-based incentive plan awards
Retainer		15,000
Compensation Committee Member
Stock-based incentive plan awards
Retainer		15,000
Nominating And Governance Committee Member
Stock-based incentive plan awards
Retainer		$ 10,000
Directors
Stock-based incentive plan awards
Retainer fee paid cash (as a percent)		50.00%
Independent director
Stock-based incentive plan awards
Cash retainer		$ 100,000,000
Lead director
Stock-based incentive plan awards
Retainer		50,000,000
Restricted stock
Stock-based incentive plan awards
Compensation expense, net of capitalization		$ 9,400,000	$ 12,300,000	$ 13,400,000
Total number of shares awarded, net of forfeiture | shares		5,594,683
Shares of restricted stock awarded during the year, net of forfeitures | shares		63,738	83,509	107,123
Weighted average fair value of shares granted during the year (in dollars per share) | $ / shares		$ 197.17	$ 166.36	$ 160.22
Amortization expense		$ 13,692,000	$ 18,256,000	$ 18,311,000
Restricted stock | Minimum
Stock-based incentive plan awards
Vesting period		3 years
Restricted stock | Maximum
Stock-based incentive plan awards
Vesting period		4 years
Restricted stock | Directors
Stock-based incentive plan awards
Vesting period		1 year
Retainer fee paid in restricted shares (as a percent)		50.00%
LTIP Retention Award to Chairman and CEO
Stock-based incentive plan awards
Grant Date Fair Value (in dollars)	$ 120,300,000
Award of restricted stock (in shares) | shares	1,000,000
Service period	8 years
LTIP Retention Award to Chairman and CEO | Maximum | A Units
Stock-based incentive plan awards
Units to be earned under LTIP program (in shares) | shares		360,000
LTIP Retention Award to Chairman and CEO | Maximum | B Units
Stock-based incentive plan awards
Units to be earned under LTIP program (in shares) | shares		360,000
LTIP Retention Award to Chairman and CEO | Maximum | C Units
Stock-based incentive plan awards
Units to be earned under LTIP program (in shares) | shares		280,000
Employee Options
Stock-based incentive plan awards
Vesting period		3 years
Expiration period		10 years
Options outstanding (in shares) | shares			0
1998 Stock Incentive Plan
Stock-based incentive plan awards
Shares reserved for issuance | shares		16,300,000
1998 Stock Incentive Plan | Restricted stock | Independent director
Stock-based incentive plan awards
Retainer		$ 150,000
LTIP programs
Stock-based incentive plan awards
Vesting period		2 years
Vesting rights percentage		50.00%
Percent of distributions of Operating Partnership that participants are entitled to receive during performance period		10.00%
Compensation expense, net of capitalization		$ 24,900,000	$ 27,600,000	$ 25,700,000
One-year 2010 LTIP Program
Stock-based incentive plan awards
Grant Date Fair Value (in dollars)		$ 7,200,000
Units earned under LTIP program (in shares) | shares		133,673
Performance period		1 year
Two-year 2010 LTIP Program
Stock-based incentive plan awards
Grant Date Fair Value (in dollars)		$ 14,800,000
Units earned under LTIP program (in shares) | shares		337,006
Performance period		2 years
Three-year 2010 LTIP Program
Stock-based incentive plan awards
Grant Date Fair Value (in dollars)		$ 23,000,000
Units earned under LTIP program (in shares) | shares		489,654
Performance period		3 years
2011-2013 LTIP Program
Stock-based incentive plan awards
Grant Date Fair Value (in dollars)		$ 35,000,000
Units earned under LTIP program (in shares) | shares		469,848
2012-2014 LTIP Program
Stock-based incentive plan awards
Grant Date Fair Value (in dollars)		$ 35,000,000
Units earned under LTIP program (in shares) | shares		401,203
2013-2015 LTIP program
Stock-based incentive plan awards
Grant Date Fair Value (in dollars)		$ 29,500,000
2014-2016 LTIP Program
Stock-based incentive plan awards
Grant Date Fair Value (in dollars)		30,000,000
2015-2017 LTIP Program
Stock-based incentive plan awards
Grant Date Fair Value (in dollars)		$ 29,900,000

Commitments and Contingencies -

Commitments and Contingencies - Litigation (Details) - Opry Mills, Nashville, TN - USD ($) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended
	May. 31, 2010	Aug. 31, 2015	Mar. 31, 2015
Insurance
Insurance proceeds funded by insurers	$ 50
Minimum insurance coverage	50
Additional insurance proceeds	$ 150
Positive Outcome of Litigation
Insurance
Damages awarded, including amounts previously paid		$ 204.1
Positive Outcome of Litigation | Maximum
Insurance
Summary judgment of additional insurance coverage available under excess insurance policy			$ 150

Commitments and Contingencies71

Commitments and Contingencies - Lease and Insurance (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Lease Commitments
Properties subject to ground leases | property	22
Future minimum lease payments due under ground leases
2,016	$ 30,474
2,017	30,687
2,018	30,744
2,019	27,205
2,020	24,634
Thereafter	984,431
Total	1,128,175
Insurance
Insurance coverage, acts of terrorism	1,000,000
Ground
Lease Commitments
Lease expense	38,851	$ 39,898	$ 37,150
Office
Lease Commitments
Lease expense	$ 4,067	$ 4,577	$ 4,057

Commitments and Contingencies72

Commitments and Contingencies - Guarantees Of Indebtedness (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Limited Life Partnerships
Settlement values of noncontrolling interest	$ 90	$ 101
Joint venture mortgage indebtedness
Guarantees of Indebtedness
Loan guarantee	353.7	223.5
Loan guarantees recoverable	$ 112.8	$ 78.7

Commitments and Contingencies73

Commitments and Contingencies - Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2015
Consolidated revenues | Concentration of credit risk | Minimum
Concentration of Credit Risk
Percentage of consolidated revenues from a single customer or tenant	5.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Development, royalty and other fees
Related party transactions
Amounts charged to related party	$ 13,600	$ 13,700	$ 14,000
Unconsolidated joint ventures | Amounts for services provided
Related party transactions
Amounts charged to related party	154,098	133,730	121,996
Unconsolidated joint ventures | Fees for financing activities
Related party transactions
Amounts charged to related party	2,300	4,200	15,900
Properties owned by related parties | Amounts for services provided
Related party transactions
Amounts charged to related party	$ 4,324	$ 4,393	$ 4,510

Quarterly Financial Data (Una75

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Data (Unaudited)
Total revenue	$ 1,380,621	$ 1,320,137	$ 1,349,110	$ 1,216,235	$ 1,297,120	$ 1,234,694	$ 1,181,982	$ 1,157,022	$ 5,266,103	$ 4,870,818	$ 4,543,849
Operating income	709,730	657,587	702,385	599,171	655,288	607,557	561,531	560,965	2,668,873	2,385,342	2,188,669
Consolidated income from continuing operations					475,992	296,963	489,609	359,601	2,139,375	1,622,165	1,366,793
Consolidated net income	459,917	492,496	554,526	632,435	475,992	296,963	477,468	401,103	2,139,375	1,651,526	1,551,590
Net income attributable to unitholders	$ 457,759	$ 490,344	$ 552,604	$ 630,432	$ 473,907	$ 294,900	$ 475,708	$ 399,267	$ 2,131,139	$ 1,643,783	$ 1,537,348
Net income per unit from continuing operations - Basic and Diluted					$ 1.30	$ 0.81	$ 1.34	$ 0.99	$ 5.88	$ 4.44	$ 3.73
Net income per unit - Basic and Diluted	$ 1.27	$ 1.36	$ 1.52	$ 1.73	$ 1.30	$ 0.81	$ 1.31	$ 1.10	$ 5.88	$ 4.52	$ 4.24
Weighted average units outstanding - Basic and Diluted	361,234,804	361,234,111	362,762,067	363,784,004	363,634,759	363,645,178	363,604,376	363,008,959

SCHEDULE III Real Estate and 76

SCHEDULE III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate and Accumulated Depreciation
Encumbrances	$ 6,570,833
Initial Cost
Land	3,081,047
Buildings and Improvements	23,341,842
Costs Capitalized Subsequent to Acquisition
Land	336,669
Buildings and Improvements	6,373,327
Gross Amounts At Which Carried At Close of Period
Land	3,417,716
Buildings and Improvements	29,715,169
Total	33,132,885	$ 31,014,133	$ 30,048,230	$ 29,263,463
Accumulated Depreciation	9,696,420	$ 8,740,928	$ 7,896,614	$ 7,055,622
Other
Initial Cost
Land	2,615
Buildings and Improvements	10,873
Gross Amounts At Which Carried At Close of Period
Land	2,615
Buildings and Improvements	10,873
Total	13,488
Accumulated Depreciation	5,423
Bangor Mall, Bangor, ME | Malls
Real Estate and Accumulated Depreciation
Encumbrances	80,000
Initial Cost
Land	5,478
Buildings and Improvements	59,740
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	13,599
Gross Amounts At Which Carried At Close of Period
Land	5,478
Buildings and Improvements	73,339
Total	78,817
Accumulated Depreciation	35,268
Barton Creek Square, Austin, TX | Malls
Initial Cost
Land	2,903
Buildings and Improvements	20,929
Costs Capitalized Subsequent to Acquisition
Land	7,983
Buildings and Improvements	67,405
Gross Amounts At Which Carried At Close of Period
Land	10,886
Buildings and Improvements	88,334
Total	99,220
Accumulated Depreciation	56,790
Battlefield Mall, Springfield, MO | Malls
Real Estate and Accumulated Depreciation
Encumbrances	124,467
Initial Cost
Land	3,919
Buildings and Improvements	27,231
Costs Capitalized Subsequent to Acquisition
Land	3,000
Buildings and Improvements	63,987
Gross Amounts At Which Carried At Close of Period
Land	6,919
Buildings and Improvements	91,218
Total	98,137
Accumulated Depreciation	64,580
Bay Park Square, Green Bay, WI | Malls
Initial Cost
Land	6,358
Buildings and Improvements	25,623
Costs Capitalized Subsequent to Acquisition
Land	4,106
Buildings and Improvements	25,912
Gross Amounts At Which Carried At Close of Period
Land	10,464
Buildings and Improvements	51,535
Total	61,999
Accumulated Depreciation	28,944
Brea Mall, Brea (Los Angeles), CA | Malls
Initial Cost
Land	39,500
Buildings and Improvements	209,202
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	45,970
Gross Amounts At Which Carried At Close of Period
Land	39,500
Buildings and Improvements	255,172
Total	294,672
Accumulated Depreciation	120,465
Broadway Square, Tyler, TX | Malls
Initial Cost
Land	11,306
Buildings and Improvements	32,431
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	27,175
Gross Amounts At Which Carried At Close of Period
Land	11,306
Buildings and Improvements	59,606
Total	70,912
Accumulated Depreciation	33,195
Burlington Mall, Burlington (Boston), MA | Malls
Initial Cost
Land	46,600
Buildings and Improvements	303,618
Costs Capitalized Subsequent to Acquisition
Land	19,600
Buildings and Improvements	99,494
Gross Amounts At Which Carried At Close of Period
Land	66,200
Buildings and Improvements	403,112
Total	469,312
Accumulated Depreciation	186,168
Castleton Square, Indianapolis, IN | Malls
Initial Cost
Land	26,250
Buildings and Improvements	98,287
Costs Capitalized Subsequent to Acquisition
Land	7,434
Buildings and Improvements	76,214
Gross Amounts At Which Carried At Close of Period
Land	33,684
Buildings and Improvements	174,501
Total	208,185
Accumulated Depreciation	93,721
Cielo Vista Mall, El Paso, TX | Malls
Initial Cost
Land	1,005
Buildings and Improvements	15,262
Costs Capitalized Subsequent to Acquisition
Land	608
Buildings and Improvements	56,005
Gross Amounts At Which Carried At Close of Period
Land	1,613
Buildings and Improvements	71,267
Total	72,880
Accumulated Depreciation	43,202
College Mall, Bloomington, IN | Malls
Initial Cost
Land	1,003
Buildings and Improvements	16,245
Costs Capitalized Subsequent to Acquisition
Land	720
Buildings and Improvements	46,585
Gross Amounts At Which Carried At Close of Period
Land	1,723
Buildings and Improvements	62,830
Total	64,553
Accumulated Depreciation	37,926
Columbia Center, Kennewick, WA | Malls
Initial Cost
Land	17,441
Buildings and Improvements	66,580
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	28,108
Gross Amounts At Which Carried At Close of Period
Land	17,441
Buildings and Improvements	94,688
Total	112,129
Accumulated Depreciation	49,309
Copley Place, Boston, MA | Malls
Initial Cost
Buildings and Improvements	378,045
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	164,956
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	543,001
Total	543,001
Accumulated Depreciation	202,102
Coral Square, Coral Springs (Miami), FL | Malls
Initial Cost
Land	13,556
Buildings and Improvements	93,630
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	21,636
Gross Amounts At Which Carried At Close of Period
Land	13,556
Buildings and Improvements	115,266
Total	128,822
Accumulated Depreciation	78,296
Cordova Mall, Pensacola, FL | Malls
Initial Cost
Land	18,626
Buildings and Improvements	73,091
Costs Capitalized Subsequent to Acquisition
Land	7,321
Buildings and Improvements	64,641
Gross Amounts At Which Carried At Close of Period
Land	25,947
Buildings and Improvements	137,732
Total	163,679
Accumulated Depreciation	58,541
Domain, The, Austin, TX | Malls
Real Estate and Accumulated Depreciation
Encumbrances	195,224
Initial Cost
Land	40,436
Buildings and Improvements	197,010
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	139,994
Gross Amounts At Which Carried At Close of Period
Land	40,436
Buildings and Improvements	337,004
Total	377,440
Accumulated Depreciation	110,570
Empire Mall, Sioux Falls, SD | Malls
Real Estate and Accumulated Depreciation
Encumbrances	190,000
Initial Cost
Land	35,998
Buildings and Improvements	192,186
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	23,833
Gross Amounts At Which Carried At Close of Period
Land	35,998
Buildings and Improvements	216,019
Total	252,017
Accumulated Depreciation	30,463
Fashion Mall at Keystone, The, Indianapolis, IN | Malls
Initial Cost
Buildings and Improvements	120,579
Costs Capitalized Subsequent to Acquisition
Land	29,145
Buildings and Improvements	90,392
Gross Amounts At Which Carried At Close of Period
Land	29,145
Buildings and Improvements	210,971
Total	240,116
Accumulated Depreciation	94,575
Firewheel Town Center, Garland (Dallas), TX | Malls
Initial Cost
Land	8,485
Buildings and Improvements	82,716
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	27,079
Gross Amounts At Which Carried At Close of Period
Land	8,485
Buildings and Improvements	109,795
Total	118,280
Accumulated Depreciation	47,765
Forum Shops at Caesars, The, Las Vegas, NV | Malls
Initial Cost
Buildings and Improvements	276,567
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	241,471
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	518,038
Total	518,038
Accumulated Depreciation	219,881
Greenwood Park Mall, Greenwood (Indianapolis), IN | Malls
Real Estate and Accumulated Depreciation
Encumbrances	74,710
Initial Cost
Land	2,423
Buildings and Improvements	23,445
Costs Capitalized Subsequent to Acquisition
Land	5,253
Buildings and Improvements	116,410
Gross Amounts At Which Carried At Close of Period
Land	7,676
Buildings and Improvements	139,855
Total	147,531
Accumulated Depreciation	71,929
Haywood Mall, Greenville, SC | Malls
Initial Cost
Land	11,585
Buildings and Improvements	133,893
Costs Capitalized Subsequent to Acquisition
Land	6
Buildings and Improvements	36,461
Gross Amounts At Which Carried At Close of Period
Land	11,591
Buildings and Improvements	170,354
Total	181,945
Accumulated Depreciation	93,940
Independence Center, Independence (Kansas City), MO | Malls
Real Estate and Accumulated Depreciation
Encumbrances	200,000
Initial Cost
Land	5,042
Buildings and Improvements	45,798
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	43,166
Gross Amounts At Which Carried At Close of Period
Land	5,042
Buildings and Improvements	88,964
Total	94,006
Accumulated Depreciation	46,127
Ingram Park Mall, San Antonio, TX | Malls
Real Estate and Accumulated Depreciation
Encumbrances	135,491
Initial Cost
Land	733
Buildings and Improvements	17,163
Costs Capitalized Subsequent to Acquisition
Land	37
Buildings and Improvements	23,970
Gross Amounts At Which Carried At Close of Period
Land	770
Buildings and Improvements	41,133
Total	41,903
Accumulated Depreciation	28,372
King of Prussia Mall, King of Prussia (Philadelphia), PA | Malls
Real Estate and Accumulated Depreciation
Encumbrances	75,641
Initial Cost
Land	175,063
Buildings and Improvements	1,128,200
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	241,420
Gross Amounts At Which Carried At Close of Period
Land	175,063
Buildings and Improvements	1,369,620
Total	1,544,683
Accumulated Depreciation	194,201
La Plaza Mall, McAllen, TX | Malls
Initial Cost
Land	87,912
Buildings and Improvements	9,828
Costs Capitalized Subsequent to Acquisition
Land	6,569
Buildings and Improvements	54,620
Gross Amounts At Which Carried At Close of Period
Land	94,481
Buildings and Improvements	64,448
Total	158,929
Accumulated Depreciation	32,951
Lakeline Mall, Cedar Park (Austin), TX | Malls
Initial Cost
Land	10,088
Buildings and Improvements	81,568
Costs Capitalized Subsequent to Acquisition
Land	14
Buildings and Improvements	17,689
Gross Amounts At Which Carried At Close of Period
Land	10,102
Buildings and Improvements	99,257
Total	109,359
Accumulated Depreciation	54,030
Lenox Square, Atlanta, GA | Malls
Initial Cost
Land	38,058
Buildings and Improvements	492,411
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	116,271
Gross Amounts At Which Carried At Close of Period
Land	38,058
Buildings and Improvements	608,682
Total	646,740
Accumulated Depreciation	278,923
Livingston Mall, Livingston (New York), NJ | Malls
Initial Cost
Land	22,214
Buildings and Improvements	105,250
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	45,506
Gross Amounts At Which Carried At Close of Period
Land	22,214
Buildings and Improvements	150,756
Total	172,970
Accumulated Depreciation	69,295
Mall of Georgia, Buford (Atlanta), GA | Malls
Initial Cost
Land	47,492
Buildings and Improvements	326,633
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	20,673
Gross Amounts At Which Carried At Close of Period
Land	47,492
Buildings and Improvements	347,306
Total	394,798
Accumulated Depreciation	156,378
McCain Mall, N. Little Rock, AR | Malls
Initial Cost
Buildings and Improvements	9,515
Costs Capitalized Subsequent to Acquisition
Land	10,530
Buildings and Improvements	27,992
Gross Amounts At Which Carried At Close of Period
Land	10,530
Buildings and Improvements	37,507
Total	48,037
Accumulated Depreciation	11,225
Menlo Park Mall, Edison (New York), NJ | Malls
Initial Cost
Land	65,684
Buildings and Improvements	223,252
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	65,851
Gross Amounts At Which Carried At Close of Period
Land	65,684
Buildings and Improvements	289,103
Total	354,787
Accumulated Depreciation	145,610
Midland Park Mall, Midland, TX | Malls
Real Estate and Accumulated Depreciation
Encumbrances	80,362
Initial Cost
Land	687
Buildings and Improvements	9,213
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	24,594
Gross Amounts At Which Carried At Close of Period
Land	687
Buildings and Improvements	33,807
Total	34,494
Accumulated Depreciation	20,849
Miller Hill Mall, Duluth, MN | Malls
Initial Cost
Land	2,965
Buildings and Improvements	18,092
Costs Capitalized Subsequent to Acquisition
Land	1,811
Buildings and Improvements	40,222
Gross Amounts At Which Carried At Close of Period
Land	4,776
Buildings and Improvements	58,314
Total	63,090
Accumulated Depreciation	37,094
Montgomery Mall, North Wales (Philadelphia), PA | Malls
Real Estate and Accumulated Depreciation
Encumbrances	100,000
Initial Cost
Land	27,105
Buildings and Improvements	86,915
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	61,554
Gross Amounts At Which Carried At Close of Period
Land	27,105
Buildings and Improvements	148,469
Total	175,574
Accumulated Depreciation	53,682
North East Mall, Hurst (Dallas), TX | Malls
Initial Cost
Land	128
Buildings and Improvements	12,966
Costs Capitalized Subsequent to Acquisition
Land	19,010
Buildings and Improvements	151,594
Gross Amounts At Which Carried At Close of Period
Land	19,138
Buildings and Improvements	164,560
Total	183,698
Accumulated Depreciation	99,013
Northgate Mall, Seattle, WA | Malls
Initial Cost
Land	24,369
Buildings and Improvements	115,992
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	106,816
Gross Amounts At Which Carried At Close of Period
Land	24,369
Buildings and Improvements	222,808
Total	247,177
Accumulated Depreciation	105,543
Ocean County Mall, Toms River (New York), NJ | Malls
Initial Cost
Land	20,404
Buildings and Improvements	124,945
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	31,772
Gross Amounts At Which Carried At Close of Period
Land	20,404
Buildings and Improvements	156,717
Total	177,121
Accumulated Depreciation	76,563
Orland Square, Orland Park (Chicago), IL | Malls
Initial Cost
Land	35,514
Buildings and Improvements	129,906
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	50,868
Gross Amounts At Which Carried At Close of Period
Land	35,514
Buildings and Improvements	180,774
Total	216,288
Accumulated Depreciation	89,356
Oxford Valley Mall, Langhorne (Philadelphia), PA | Malls
Real Estate and Accumulated Depreciation
Encumbrances	65,249
Initial Cost
Land	24,544
Buildings and Improvements	100,287
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	20,367
Gross Amounts At Which Carried At Close of Period
Land	24,544
Buildings and Improvements	120,654
Total	145,198
Accumulated Depreciation	72,266
Penn Square Mall, Oklahoma City, OK | Malls
Real Estate and Accumulated Depreciation
Encumbrances	310,000
Initial Cost
Land	2,043
Buildings and Improvements	155,958
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	49,533
Gross Amounts At Which Carried At Close of Period
Land	2,043
Buildings and Improvements	205,491
Total	207,534
Accumulated Depreciation	102,945
Pheasant Lane Mall, Nashua, NH | Malls
Initial Cost
Land	3,902
Buildings and Improvements	155,068
Costs Capitalized Subsequent to Acquisition
Land	550
Buildings and Improvements	46,296
Gross Amounts At Which Carried At Close of Period
Land	4,452
Buildings and Improvements	201,364
Total	205,816
Accumulated Depreciation	86,814
Phipps Plaza, Atlanta, GA | Malls
Initial Cost
Land	15,005
Buildings and Improvements	210,610
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	59,887
Gross Amounts At Which Carried At Close of Period
Land	15,005
Buildings and Improvements	270,497
Total	285,502
Accumulated Depreciation	122,663
Plaza Carolina, Carolina (San Juan), PR | Malls
Real Estate and Accumulated Depreciation
Encumbrances	225,000
Initial Cost
Land	15,493
Buildings and Improvements	279,560
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	62,451
Gross Amounts At Which Carried At Close of Period
Land	15,493
Buildings and Improvements	342,011
Total	357,504
Accumulated Depreciation	124,038
Prien Lake Mall, Lake Charles, LA | Malls
Initial Cost
Land	1,842
Buildings and Improvements	2,813
Costs Capitalized Subsequent to Acquisition
Land	3,053
Buildings and Improvements	49,413
Gross Amounts At Which Carried At Close of Period
Land	4,895
Buildings and Improvements	52,226
Total	57,121
Accumulated Depreciation	24,866
Rockaway Townsquare, Rockaway (New York), NJ | Malls
Initial Cost
Land	41,918
Buildings and Improvements	212,257
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	44,919
Gross Amounts At Which Carried At Close of Period
Land	41,918
Buildings and Improvements	257,176
Total	299,094
Accumulated Depreciation	120,410
Roosevelt Field, Garden City (New York), NY | Malls
Initial Cost
Land	163,160
Buildings and Improvements	702,008
Costs Capitalized Subsequent to Acquisition
Land	1,246
Buildings and Improvements	339,761
Gross Amounts At Which Carried At Close of Period
Land	164,406
Buildings and Improvements	1,041,769
Total	1,206,175
Accumulated Depreciation	371,047
Ross Park Mall, Pittsburgh, PA | Malls
Initial Cost
Land	23,541
Buildings and Improvements	90,203
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	91,305
Gross Amounts At Which Carried At Close of Period
Land	23,541
Buildings and Improvements	181,508
Total	205,049
Accumulated Depreciation	102,132
Santa Rosa Plaza, Santa Rosa, CA | Malls
Initial Cost
Land	10,400
Buildings and Improvements	87,864
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	26,267
Gross Amounts At Which Carried At Close of Period
Land	10,400
Buildings and Improvements	114,131
Total	124,531
Accumulated Depreciation	52,621
Shops At Chestnut Hill, The Chestnut Hill, (Boston) | Malls
Real Estate and Accumulated Depreciation
Encumbrances	120,000
Initial Cost
Land	449
Buildings and Improvements	25,102
Costs Capitalized Subsequent to Acquisition
Land	43,257
Buildings and Improvements	102,405
Gross Amounts At Which Carried At Close of Period
Land	43,706
Buildings and Improvements	127,507
Total	171,213
Accumulated Depreciation	17,569
Shops at Nanuet, The, Nanuet, NY | Malls
Initial Cost
Land	28,125
Buildings and Improvements	143,120
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	10,175
Gross Amounts At Which Carried At Close of Period
Land	28,125
Buildings and Improvements	153,295
Total	181,420
Accumulated Depreciation	14,340
Shops at Riverside, The, Hackensack (New York), NJ | Malls
Real Estate and Accumulated Depreciation
Encumbrances	130,000
Initial Cost
Land	13,521
Buildings and Improvements	238,746
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	16,255
Gross Amounts At Which Carried At Close of Period
Land	13,521
Buildings and Improvements	255,001
Total	268,522
Accumulated Depreciation	34,240
South Hills Village, Pittsburgh, PA | Malls
Initial Cost
Land	23,445
Buildings and Improvements	125,840
Costs Capitalized Subsequent to Acquisition
Land	1,472
Buildings and Improvements	58,817
Gross Amounts At Which Carried At Close of Period
Land	24,917
Buildings and Improvements	184,657
Total	209,574
Accumulated Depreciation	80,596
South Shore Plaza, Braintree (Boston), MA | Malls
Initial Cost
Land	101,200
Buildings and Improvements	301,495
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	159,976
Gross Amounts At Which Carried At Close of Period
Land	101,200
Buildings and Improvements	461,471
Total	562,671
Accumulated Depreciation	195,016
Southdale Center, Edina (Minneapolis), MN | Malls
Real Estate and Accumulated Depreciation
Encumbrances	152,990
Initial Cost
Land	40,172
Buildings and Improvements	184,967
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	45,050
Gross Amounts At Which Carried At Close of Period
Land	40,172
Buildings and Improvements	230,017
Total	270,189
Accumulated Depreciation	30,404
SouthPark, Charlotte, NC | Malls
Real Estate and Accumulated Depreciation
Encumbrances	184,908
Initial Cost
Land	42,092
Buildings and Improvements	188,055
Costs Capitalized Subsequent to Acquisition
Land	100
Buildings and Improvements	186,322
Gross Amounts At Which Carried At Close of Period
Land	42,192
Buildings and Improvements	374,377
Total	416,569
Accumulated Depreciation	167,958
Southridge Mall, Greendale (Milwaukee), WI | Malls
Real Estate and Accumulated Depreciation
Encumbrances	123,922
Initial Cost
Land	12,359
Buildings and Improvements	130,111
Costs Capitalized Subsequent to Acquisition
Land	2,389
Buildings and Improvements	18,403
Gross Amounts At Which Carried At Close of Period
Land	14,748
Buildings and Improvements	148,514
Total	163,262
Accumulated Depreciation	26,086
St. Charles Towne Center, Waldorf (Washington, D.C.), MD | Malls
Initial Cost
Land	7,710
Buildings and Improvements	52,934
Costs Capitalized Subsequent to Acquisition
Land	1,180
Buildings and Improvements	30,898
Gross Amounts At Which Carried At Close of Period
Land	8,890
Buildings and Improvements	83,832
Total	92,722
Accumulated Depreciation	52,033
Stanford Shopping Center, Palo Alto (San Jose), CA | Malls
Initial Cost
Buildings and Improvements	339,537
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	104,531
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	444,068
Total	444,068
Accumulated Depreciation	133,697
Summit Mall, Akron, OH | Malls
Real Estate and Accumulated Depreciation
Encumbrances	65,000
Initial Cost
Land	15,374
Buildings and Improvements	51,137
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	47,643
Gross Amounts At Which Carried At Close of Period
Land	15,374
Buildings and Improvements	98,780
Total	114,154
Accumulated Depreciation	49,922
Tacoma Mall, Tacoma (Seattle), WA | Malls
Initial Cost
Land	37,803
Buildings and Improvements	125,826
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	87,545
Gross Amounts At Which Carried At Close of Period
Land	37,803
Buildings and Improvements	213,371
Total	251,174
Accumulated Depreciation	106,676
Tippecanoe Mall, Lafayette, IN | Malls
Initial Cost
Land	2,897
Buildings and Improvements	8,439
Costs Capitalized Subsequent to Acquisition
Land	5,517
Buildings and Improvements	48,227
Gross Amounts At Which Carried At Close of Period
Land	8,414
Buildings and Improvements	56,666
Total	65,080
Accumulated Depreciation	40,768
Town Center at Boca Raton, Boca Raton (Miami), FL | Malls
Initial Cost
Land	64,200
Buildings and Improvements	307,317
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	176,802
Gross Amounts At Which Carried At Close of Period
Land	64,200
Buildings and Improvements	484,119
Total	548,319
Accumulated Depreciation	229,468
Town Center at Cobb, Kennesaw (Atlanta), GA | Malls
Real Estate and Accumulated Depreciation
Encumbrances	195,052
Initial Cost
Land	32,355
Buildings and Improvements	158,225
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	18,869
Gross Amounts At Which Carried At Close of Period
Land	32,355
Buildings and Improvements	177,094
Total	209,449
Accumulated Depreciation	94,183
Towne East Square, Wichita, KS | Malls
Initial Cost
Land	8,525
Buildings and Improvements	18,479
Costs Capitalized Subsequent to Acquisition
Land	4,108
Buildings and Improvements	45,317
Gross Amounts At Which Carried At Close of Period
Land	12,633
Buildings and Improvements	63,796
Total	76,429
Accumulated Depreciation	42,464
Treasure Coast Square, Jensen Beach, FL | Malls
Initial Cost
Land	11,124
Buildings and Improvements	72,990
Costs Capitalized Subsequent to Acquisition
Land	3,067
Buildings and Improvements	37,728
Gross Amounts At Which Carried At Close of Period
Land	14,191
Buildings and Improvements	110,718
Total	124,909
Accumulated Depreciation	61,410
Tyrone Square, St. Petersburg (Tampa), FL | Malls
Initial Cost
Land	15,638
Buildings and Improvements	120,962
Costs Capitalized Subsequent to Acquisition
Land	1,459
Buildings and Improvements	50,226
Gross Amounts At Which Carried At Close of Period
Land	17,097
Buildings and Improvements	171,188
Total	188,285
Accumulated Depreciation	85,056
University Park Mall, Mishawaka, IN | Malls
Initial Cost
Land	16,768
Buildings and Improvements	112,158
Costs Capitalized Subsequent to Acquisition
Land	7,000
Buildings and Improvements	58,184
Gross Amounts At Which Carried At Close of Period
Land	23,768
Buildings and Improvements	170,342
Total	194,110
Accumulated Depreciation	137,801
Walt Whitman Shops, Huntington Station (New York), NY | Malls
Real Estate and Accumulated Depreciation
Encumbrances	113,933
Initial Cost
Land	51,700
Buildings and Improvements	111,258
Costs Capitalized Subsequent to Acquisition
Land	3,789
Buildings and Improvements	126,352
Gross Amounts At Which Carried At Close of Period
Land	55,489
Buildings and Improvements	237,610
Total	293,099
Accumulated Depreciation	94,988
White Oaks Mall, Springfield, IL | Malls
Real Estate and Accumulated Depreciation
Encumbrances	50,000
Initial Cost
Land	3,024
Buildings and Improvements	35,692
Costs Capitalized Subsequent to Acquisition
Land	2,102
Buildings and Improvements	62,858
Gross Amounts At Which Carried At Close of Period
Land	5,126
Buildings and Improvements	98,550
Total	103,676
Accumulated Depreciation	44,361
Wolfchase Galleria, Memphis, TN | Malls
Real Estate and Accumulated Depreciation
Encumbrances	225,000
Initial Cost
Land	15,881
Buildings and Improvements	128,276
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	16,002
Gross Amounts At Which Carried At Close of Period
Land	15,881
Buildings and Improvements	144,278
Total	160,159
Accumulated Depreciation	77,313
Woodland Hills Mall, Tulsa, OK | Malls
Real Estate and Accumulated Depreciation
Encumbrances	90,370
Initial Cost
Land	34,211
Buildings and Improvements	187,123
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	27,751
Gross Amounts At Which Carried At Close of Period
Land	34,211
Buildings and Improvements	214,874
Total	249,085
Accumulated Depreciation	106,778
Albertville Premium Outlets, Albertville (Minneapolis), MN | Premium Outlets
Initial Cost
Land	3,900
Buildings and Improvements	97,059
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,651
Gross Amounts At Which Carried At Close of Period
Land	3,900
Buildings and Improvements	104,710
Total	108,610
Accumulated Depreciation	41,127
Allen Premium Outlets, Allen (Dallas), TX | Premium Outlets
Initial Cost
Land	13,855
Buildings and Improvements	43,687
Costs Capitalized Subsequent to Acquisition
Land	9,132
Buildings and Improvements	14,883
Gross Amounts At Which Carried At Close of Period
Land	22,987
Buildings and Improvements	58,570
Total	81,557
Accumulated Depreciation	26,551
Aurora Farms Premium Outlets, Aurora (Cleveland), OH | Premium Outlets
Initial Cost
Land	2,370
Buildings and Improvements	24,326
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,075
Gross Amounts At Which Carried At Close of Period
Land	2,370
Buildings and Improvements	29,401
Total	31,771
Accumulated Depreciation	19,612
Birch Run Premium Outlets, Birch Run (Detroit), MI | Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	100,460
Initial Cost
Land	11,477
Buildings and Improvements	77,856
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,212
Gross Amounts At Which Carried At Close of Period
Land	11,477
Buildings and Improvements	83,068
Total	94,545
Accumulated Depreciation	21,469
Calhoun Premium Outlets, Calhoun, GA | Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	19,309
Initial Cost
Land	1,745
Buildings and Improvements	12,529
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,187
Gross Amounts At Which Carried At Close of Period
Land	1,745
Buildings and Improvements	13,716
Total	15,461
Accumulated Depreciation	6,683
Camarillo Premium Outlets, Camarillo (Los Angeles), CA | Premium Outlets
Initial Cost
Land	16,670
Buildings and Improvements	224,721
Costs Capitalized Subsequent to Acquisition
Land	395
Buildings and Improvements	65,372
Gross Amounts At Which Carried At Close of Period
Land	17,065
Buildings and Improvements	290,093
Total	307,158
Accumulated Depreciation	104,629
Carlsbad Premium Outlets, Carlsbad (San Diego), CA | Premium Outlets
Initial Cost
Land	12,890
Buildings and Improvements	184,990
Costs Capitalized Subsequent to Acquisition
Land	96
Buildings and Improvements	6,034
Gross Amounts At Which Carried At Close of Period
Land	12,986
Buildings and Improvements	191,024
Total	204,010
Accumulated Depreciation	64,132
Carolina Premium Outlets, Smithfield (Raleigh), NC | Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	47,409
Initial Cost
Land	3,175
Buildings and Improvements	59,863
Costs Capitalized Subsequent to Acquisition
Land	5,311
Buildings and Improvements	6,101
Gross Amounts At Which Carried At Close of Period
Land	8,486
Buildings and Improvements	65,964
Total	74,450
Accumulated Depreciation	30,147
Chicago Premium Outlets, Aurora (Chicago), IL | Premium Outlets
Initial Cost
Land	659
Buildings and Improvements	118,005
Costs Capitalized Subsequent to Acquisition
Land	13,050
Buildings and Improvements	94,636
Gross Amounts At Which Carried At Close of Period
Land	13,709
Buildings and Improvements	212,641
Total	226,350
Accumulated Depreciation	54,598
Cincinnati Premium Outlets, Monroe (Cincinnati), OH | Premium Outlets
Initial Cost
Land	14,117
Buildings and Improvements	71,520
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,199
Gross Amounts At Which Carried At Close of Period
Land	14,117
Buildings and Improvements	76,719
Total	90,836
Accumulated Depreciation	24,572
Clinton Crossing Premium Outlets, Clinton, CT | Premium Outlets
Initial Cost
Land	2,060
Buildings and Improvements	107,556
Costs Capitalized Subsequent to Acquisition
Land	1,532
Buildings and Improvements	3,831
Gross Amounts At Which Carried At Close of Period
Land	3,592
Buildings and Improvements	111,387
Total	114,979
Accumulated Depreciation	44,404
Columbia Gorge Premium Outlets, Troutdale (Portland), OR | Premium Outlets
Initial Cost
Land	7,900
Buildings and Improvements	16,492
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,189
Gross Amounts At Which Carried At Close of Period
Land	7,900
Buildings and Improvements	18,681
Total	26,581
Accumulated Depreciation	10,423
Desert Hills Premium Outlets, Cabazon (Palm Springs), CA | Premium Outlets
Initial Cost
Land	3,440
Buildings and Improvements	338,679
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	98,699
Gross Amounts At Which Carried At Close of Period
Land	3,440
Buildings and Improvements	437,378
Total	440,818
Accumulated Depreciation	121,914
Edinburgh Premium Outlets, Edinburgh (Indianapolis), IN | Premium Outlets
Initial Cost
Land	2,857
Buildings and Improvements	47,309
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	15,158
Gross Amounts At Which Carried At Close of Period
Land	2,857
Buildings and Improvements	62,467
Total	65,324
Accumulated Depreciation	27,262
Ellenton Premium Outlets, Ellenton (Tampa), FL | Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	178,000
Initial Cost
Land	15,807
Buildings and Improvements	182,412
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,159
Gross Amounts At Which Carried At Close of Period
Land	15,807
Buildings and Improvements	187,571
Total	203,378
Accumulated Depreciation	56,859
Folsom Premium Outlets, Folsom (Sacramento), CA | Premium Outlets
Initial Cost
Land	9,060
Buildings and Improvements	50,281
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,544
Gross Amounts At Which Carried At Close of Period
Land	9,060
Buildings and Improvements	54,825
Total	63,885
Accumulated Depreciation	26,112
Gaffney Premium Outlets, Gaffney (Greenville/Charlotte), SC | Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	35,042
Initial Cost
Land	4,056
Buildings and Improvements	32,371
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,672
Gross Amounts At Which Carried At Close of Period
Land	4,056
Buildings and Improvements	35,043
Total	39,099
Accumulated Depreciation	11,354
Gilroy Premium Outlets, Gilroy (San Jose), CA | Premium Outlets
Initial Cost
Land	9,630
Buildings and Improvements	194,122
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	10,697
Gross Amounts At Which Carried At Close of Period
Land	9,630
Buildings and Improvements	204,819
Total	214,449
Accumulated Depreciation	79,050
Grand Prairie Premium Outlets, Grand Prairie (Dallas), TX | Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	120,000
Initial Cost
Land	9,497
Buildings and Improvements	196,271
Gross Amounts At Which Carried At Close of Period
Land	9,497
Buildings and Improvements	196,271
Total	205,768
Accumulated Depreciation	22,660
Grove City Premium Outlets, Grove City (Pittsburgh), PA | Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	140,000
Initial Cost
Land	6,421
Buildings and Improvements	121,880
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,380
Gross Amounts At Which Carried At Close of Period
Land	6,421
Buildings and Improvements	126,260
Total	132,681
Accumulated Depreciation	39,372
Gulfport Premium Outlets, Gulfport, MS | Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	50,000
Initial Cost
Buildings and Improvements	27,949
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,434
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	30,383
Total	30,383
Accumulated Depreciation	9,717
Hagerstown Premium Outlets, Hagerstown (Baltimore/Washington DC), MD | Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	84,410
Initial Cost
Land	3,576
Buildings and Improvements	85,883
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,333
Gross Amounts At Which Carried At Close of Period
Land	3,576
Buildings and Improvements	88,216
Total	91,792
Accumulated Depreciation	22,933
Houston Premium Outlets, Cypress (Houston), TX | Premium Outlets
Initial Cost
Land	8,695
Buildings and Improvements	69,350
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	45,070
Gross Amounts At Which Carried At Close of Period
Land	8,695
Buildings and Improvements	114,420
Total	123,115
Accumulated Depreciation	35,097
Jackson Premium Outlets, Jackson (New York), NJ | Premium Outlets
Initial Cost
Land	6,413
Buildings and Improvements	104,013
Costs Capitalized Subsequent to Acquisition
Land	3
Buildings and Improvements	6,218
Gross Amounts At Which Carried At Close of Period
Land	6,416
Buildings and Improvements	110,231
Total	116,647
Accumulated Depreciation	37,818
Jersey Shore Premium Outlets, Tinton Falls (New York), NJ | Premium Outlets
Initial Cost
Land	15,390
Buildings and Improvements	50,979
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	75,287
Gross Amounts At Which Carried At Close of Period
Land	15,390
Buildings and Improvements	126,266
Total	141,656
Accumulated Depreciation	41,045
Johnson Creek Premium Outlets, Johnson Creek, WI | Premium Outlets
Initial Cost
Land	2,800
Buildings and Improvements	39,546
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,951
Gross Amounts At Which Carried At Close of Period
Land	2,800
Buildings and Improvements	46,497
Total	49,297
Accumulated Depreciation	17,956
Kittery Premium Outlets, Kittery, ME | Premium Outlets
Initial Cost
Land	11,832
Buildings and Improvements	94,994
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,099
Gross Amounts At Which Carried At Close of Period
Land	11,832
Buildings and Improvements	103,093
Total	114,925
Accumulated Depreciation	33,778
Las Americas Premium Outlets, San Diego, CA | Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	174,269
Initial Cost
Land	45,168
Buildings and Improvements	251,878
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,713
Gross Amounts At Which Carried At Close of Period
Land	45,168
Buildings and Improvements	258,591
Total	303,759
Accumulated Depreciation	63,471
Las Vegas Premium Outlets - North, Las Vegas, NV | Premium Outlets
Initial Cost
Land	25,435
Buildings and Improvements	134,973
Costs Capitalized Subsequent to Acquisition
Land	16,536
Buildings and Improvements	147,840
Gross Amounts At Which Carried At Close of Period
Land	41,971
Buildings and Improvements	282,813
Total	324,784
Accumulated Depreciation	81,049
Las Vegas Premium Outlets - South, Las Vegas, NV | Premium Outlets
Initial Cost
Land	13,085
Buildings and Improvements	160,777
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	31,102
Gross Amounts At Which Carried At Close of Period
Land	13,085
Buildings and Improvements	191,879
Total	204,964
Accumulated Depreciation	59,268
Lebanon Premium Outlets, Lebanon (Nashville), TN | Premium Outlets
Initial Cost
Land	1,758
Buildings and Improvements	10,189
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	741
Gross Amounts At Which Carried At Close of Period
Land	1,758
Buildings and Improvements	10,930
Total	12,688
Accumulated Depreciation	4,164
Lee Premium Outlets, Lee, MA | Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	48,201
Initial Cost
Land	9,167
Buildings and Improvements	52,212
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,510
Gross Amounts At Which Carried At Close of Period
Land	9,167
Buildings and Improvements	53,722
Total	62,889
Accumulated Depreciation	16,887
Leesburg Corner Premium Outlets, Leesburg (Washington D.C.), VA | Premium Outlets
Initial Cost
Land	7,190
Buildings and Improvements	162,023
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,292
Gross Amounts At Which Carried At Close of Period
Land	7,190
Buildings and Improvements	167,315
Total	174,505
Accumulated Depreciation	66,955
Liberty Village Premium Outlets, Flemington (New York), NJ | Premium Outlets
Initial Cost
Land	5,670
Buildings and Improvements	28,904
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,660
Gross Amounts At Which Carried At Close of Period
Land	5,670
Buildings and Improvements	30,564
Total	36,234
Accumulated Depreciation	16,815
Lighthouse Place Premium Outlets, Michigan City (Chicago, IL), IN | Premium Outlets
Initial Cost
Land	6,630
Buildings and Improvements	94,138
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,051
Gross Amounts At Which Carried At Close of Period
Land	6,630
Buildings and Improvements	103,189
Total	109,819
Accumulated Depreciation	45,349
Merrimack Premium Outlets, Merrimack, NH | Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	128,876
Initial Cost
Land	17,028
Buildings and Improvements	118,428
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,117
Gross Amounts At Which Carried At Close of Period
Land	17,028
Buildings and Improvements	119,545
Total	136,573
Accumulated Depreciation	19,546
Napa Premium Outlets, Napa, CA | Premium Outlets
Initial Cost
Land	11,400
Buildings and Improvements	45,023
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,808
Gross Amounts At Which Carried At Close of Period
Land	11,400
Buildings and Improvements	49,831
Total	61,231
Accumulated Depreciation	20,261
North Bend Premium Outlets, North Bend (Seattle), WA | Premium Outlets
Initial Cost
Land	2,143
Buildings and Improvements	36,197
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,645
Gross Amounts At Which Carried At Close of Period
Land	2,143
Buildings and Improvements	39,842
Total	41,985
Accumulated Depreciation	13,875
North Georgia Premium Outlets, Dawsonville (Atlanta), GA | Premium Outlets
Initial Cost
Land	4,300
Buildings and Improvements	132,325
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,174
Gross Amounts At Which Carried At Close of Period
Land	4,300
Buildings and Improvements	135,499
Total	139,799
Accumulated Depreciation	51,543
Orlando Premium Outlets - International Dr, Orlando, FL | Premium Outlets
Initial Cost
Land	31,998
Buildings and Improvements	472,815
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,148
Gross Amounts At Which Carried At Close of Period
Land	31,998
Buildings and Improvements	475,963
Total	507,961
Accumulated Depreciation	99,605
Orlando Vineland Premium Outlets - Orlando, FL | Premium Outlets
Initial Cost
Land	14,040
Buildings and Improvements	304,410
Costs Capitalized Subsequent to Acquisition
Land	36,023
Buildings and Improvements	79,938
Gross Amounts At Which Carried At Close of Period
Land	50,063
Buildings and Improvements	384,348
Total	434,411
Accumulated Depreciation	121,507
Osage Beach Premium Outlets, Osage Beach, MO | Premium Outlets
Initial Cost
Land	9,460
Buildings and Improvements	85,804
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,176
Gross Amounts At Which Carried At Close of Period
Land	9,460
Buildings and Improvements	92,980
Total	102,440
Accumulated Depreciation	38,512
Petaluma Village Premium Outlets, Petaluma (San Francisco), CA | Premium Outlets
Initial Cost
Land	13,322
Buildings and Improvements	13,710
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,178
Gross Amounts At Which Carried At Close of Period
Land	13,322
Buildings and Improvements	16,888
Total	30,210
Accumulated Depreciation	9,542
Philadelphia Premium Outlets, Limerick (Philadelphia), PA | Premium Outlets
Initial Cost
Land	16,676
Buildings and Improvements	105,249
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	17,114
Gross Amounts At Which Carried At Close of Period
Land	16,676
Buildings and Improvements	122,363
Total	139,039
Accumulated Depreciation	48,133
Phoenix Premium Outlets, Chandler (Phoenix), AZ | Premium Outlets
Initial Cost
Buildings and Improvements	63,724
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	63,724
Total	63,724
Accumulated Depreciation	9,960
Pismo Beach Premium Outlets, Pismo Beach, CA | Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	33,850
Initial Cost
Land	4,317
Buildings and Improvements	19,044
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,866
Gross Amounts At Which Carried At Close of Period
Land	4,317
Buildings and Improvements	20,910
Total	25,227
Accumulated Depreciation	7,621
Pleasant Prairie Premium Outlets, Pleasant Prairie (Chicago, IL/Milwaukee), WI | Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	34,560
Initial Cost
Land	16,823
Buildings and Improvements	126,686
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,508
Gross Amounts At Which Carried At Close of Period
Land	16,823
Buildings and Improvements	131,194
Total	148,017
Accumulated Depreciation	30,877
Puerto Rico Premium Outlets, Barceloneta, PR | Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	125,000
Initial Cost
Land	20,586
Buildings and Improvements	114,021
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,737
Gross Amounts At Which Carried At Close of Period
Land	20,586
Buildings and Improvements	118,758
Total	139,344
Accumulated Depreciation	27,930
Queenstown Premium Outlets, Queenstown (Baltimore), MD | Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	66,150
Initial Cost
Land	8,129
Buildings and Improvements	61,950
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,831
Gross Amounts At Which Carried At Close of Period
Land	8,129
Buildings and Improvements	65,781
Total	73,910
Accumulated Depreciation	16,751
Rio Grande Valley Premium Outlets, Mercedes (McAllen), TX | Premium Outlets
Initial Cost
Land	12,229
Buildings and Improvements	41,547
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	32,538
Gross Amounts At Which Carried At Close of Period
Land	12,229
Buildings and Improvements	74,085
Total	86,314
Accumulated Depreciation	33,103
Round Rock Premium Outlets, Round Rock (Austin), TX | Premium Outlets
Initial Cost
Land	14,706
Buildings and Improvements	82,252
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,631
Gross Amounts At Which Carried At Close of Period
Land	14,706
Buildings and Improvements	85,883
Total	100,589
Accumulated Depreciation	38,818
San Francisco Premium Outlets, Livermore (San Francisco), CA | Premium Outlets
Initial Cost
Land	21,925
Buildings and Improvements	308,694
Costs Capitalized Subsequent to Acquisition
Land	40,046
Buildings and Improvements	50,266
Gross Amounts At Which Carried At Close of Period
Land	61,971
Buildings and Improvements	358,960
Total	420,931
Accumulated Depreciation	33,858
San Marcos Premium Outlets, San Marcos (Austin/San Antonio), TX | Premium Outlets
Initial Cost
Land	13,180
Buildings and Improvements	287,179
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,249
Gross Amounts At Which Carried At Close of Period
Land	13,180
Buildings and Improvements	295,428
Total	308,608
Accumulated Depreciation	61,969
Seattle Premium Outlets, Tulalip (Seattle), WA | Premium Outlets
Initial Cost
Buildings and Improvements	103,722
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	54,487
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	158,209
Total	158,209
Accumulated Depreciation	53,196
St. Augustine Premium Outlets, St. Augustine (Jacksonville), FL | Premium Outlets
Initial Cost
Land	6,090
Buildings and Improvements	57,670
Costs Capitalized Subsequent to Acquisition
Land	2
Buildings and Improvements	10,128
Gross Amounts At Which Carried At Close of Period
Land	6,092
Buildings and Improvements	67,798
Total	73,890
Accumulated Depreciation	29,324
Tampa Premium Outlets, Tampa, FL | Premium Outlets
Initial Cost
Land	14,298
Buildings and Improvements	97,188
Gross Amounts At Which Carried At Close of Period
Land	14,298
Buildings and Improvements	97,188
Total	111,486
Accumulated Depreciation	1,146
The Crossings Premium Outlets, Tannersville, PA | Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	114,827
Initial Cost
Land	7,720
Buildings and Improvements	172,931
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	14,177
Gross Amounts At Which Carried At Close of Period
Land	7,720
Buildings and Improvements	187,108
Total	194,828
Accumulated Depreciation	64,181
Tucson Premium Outlets, Marana, Tucson, AZ | Premium Outlets
Initial Cost
Land	12,508
Buildings and Improvements	69,677
Gross Amounts At Which Carried At Close of Period
Land	12,508
Buildings and Improvements	69,677
Total	82,185
Accumulated Depreciation	666
Vacaville Premium Outlets, Vacaville, CA | Premium Outlets
Initial Cost
Land	9,420
Buildings and Improvements	84,850
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	13,957
Gross Amounts At Which Carried At Close of Period
Land	9,420
Buildings and Improvements	98,807
Total	108,227
Accumulated Depreciation	43,736
Waikele Premium Outlets, Waipahu (Honolulu), HI | Premium Outlets
Initial Cost
Land	22,630
Buildings and Improvements	77,316
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	18,519
Gross Amounts At Which Carried At Close of Period
Land	22,630
Buildings and Improvements	95,835
Total	118,465
Accumulated Depreciation	33,442
Waterloo Premium Outlets, Waterloo, NY | Premium Outlets
Initial Cost
Land	3,230
Buildings and Improvements	75,277
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,656
Gross Amounts At Which Carried At Close of Period
Land	3,230
Buildings and Improvements	83,933
Total	87,163
Accumulated Depreciation	36,662
Williamsburg Premium Outlets, Williamsburg, VA | Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	97,517
Initial Cost
Land	10,323
Buildings and Improvements	223,789
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,684
Gross Amounts At Which Carried At Close of Period
Land	10,323
Buildings and Improvements	228,473
Total	238,796
Accumulated Depreciation	48,100
Woodburn Premium Outlets, Woodburn (Portland), OR | Premium Outlets
Initial Cost
Land	9,414
Buildings and Improvements	150,414
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	536
Gross Amounts At Which Carried At Close of Period
Land	9,414
Buildings and Improvements	150,950
Total	160,364
Accumulated Depreciation	17,456
Woodbury Common Premium Outlets, Central Valley (New York), NY | Premium Outlets
Initial Cost
Land	11,110
Buildings and Improvements	862,559
Costs Capitalized Subsequent to Acquisition
Land	1,658
Buildings and Improvements	176,467
Gross Amounts At Which Carried At Close of Period
Land	12,768
Buildings and Improvements	1,039,026
Total	1,051,794
Accumulated Depreciation	301,038
Wrentham Village Premium Outlets, Wrentham (Boston), MA | Premium Outlets
Initial Cost
Land	4,900
Buildings and Improvements	282,031
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,637
Gross Amounts At Which Carried At Close of Period
Land	4,900
Buildings and Improvements	291,668
Total	296,568
Accumulated Depreciation	105,572
Arizona Mills Tempe Phoenix AZ | The Mills
Real Estate and Accumulated Depreciation
Encumbrances	161,834
Initial Cost
Land	41,936
Buildings and Improvements	297,289
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,686
Gross Amounts At Which Carried At Close of Period
Land	41,936
Buildings and Improvements	306,975
Total	348,911
Accumulated Depreciation	21,076
Great Mall, Milpitas (San Jose), CA | The Mills
Initial Cost
Land	70,496
Buildings and Improvements	463,101
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	15,318
Gross Amounts At Which Carried At Close of Period
Land	70,496
Buildings and Improvements	478,419
Total	548,915
Accumulated Depreciation	64,259
Gurnee Mills, Gurnee (Chicago), IL | The Mills
Real Estate and Accumulated Depreciation
Encumbrances	321,000
Initial Cost
Land	41,133
Buildings and Improvements	297,911
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,722
Gross Amounts At Which Carried At Close of Period
Land	41,133
Buildings and Improvements	307,633
Total	348,766
Accumulated Depreciation	42,976
Mills At Jersey Gardens, The Elizabeth, NJ | The Mills
Real Estate and Accumulated Depreciation
Encumbrances	350,000
Initial Cost
Land	120,417
Buildings and Improvements	865,605
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,088
Gross Amounts At Which Carried At Close of Period
Land	120,417
Buildings and Improvements	868,693
Total	989,110
Accumulated Depreciation	33,444
Opry Mills, Nashville, TN | The Mills
Real Estate and Accumulated Depreciation
Encumbrances	350,800
Initial Cost
Land	51,000
Buildings and Improvements	327,503
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	10,063
Gross Amounts At Which Carried At Close of Period
Land	51,000
Buildings and Improvements	337,566
Total	388,566
Accumulated Depreciation	46,444
Potomac Mills, Woodbridge (Washington, D.C.), VA | The Mills
Real Estate and Accumulated Depreciation
Encumbrances	410,000
Initial Cost
Land	61,755
Buildings and Improvements	425,370
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	34,324
Gross Amounts At Which Carried At Close of Period
Land	61,755
Buildings and Improvements	459,694
Total	521,449
Accumulated Depreciation	64,120
Sawgrass Mills, Sunrise (Miami), FL | The Mills
Initial Cost
Land	194,002
Buildings and Improvements	1,641,153
Costs Capitalized Subsequent to Acquisition
Land	5,395
Buildings and Improvements	94,365
Gross Amounts At Which Carried At Close of Period
Land	199,397
Buildings and Improvements	1,735,518
Total	1,934,915
Accumulated Depreciation	218,917
ABQ Uptown, Albuquerque, NM | Lifestyle/Community Centers
Initial Cost
Land	6,374
Buildings and Improvements	75,333
Costs Capitalized Subsequent to Acquisition
Land	4,054
Buildings and Improvements	4,522
Gross Amounts At Which Carried At Close of Period
Land	10,428
Buildings and Improvements	79,855
Total	90,283
Accumulated Depreciation	14,299
University Park Village, Fort Worth, TX | Lifestyle/Community Centers
Real Estate and Accumulated Depreciation
Encumbrances	55,000
Initial Cost
Land	18,031
Buildings and Improvements	100,354
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,362
Gross Amounts At Which Carried At Close of Period
Land	18,031
Buildings and Improvements	102,716
Total	120,747
Accumulated Depreciation	3,542
Florida Keys Outlet Center, Florida City, FL | Other Properties
Real Estate and Accumulated Depreciation
Encumbrances	17,000
Initial Cost
Land	1,560
Buildings and Improvements	1,748
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,017
Gross Amounts At Which Carried At Close of Period
Land	1,560
Buildings and Improvements	4,765
Total	6,325
Accumulated Depreciation	1,738
Huntley Outlet Center, Huntley, IL | Other Properties
Initial Cost
Land	3,477
Buildings and Improvements	2,027
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	345
Gross Amounts At Which Carried At Close of Period
Land	3,477
Buildings and Improvements	2,372
Total	5,849
Accumulated Depreciation	1,462
Lincoln Plaza, King of Prussia, Philadelphia, PA | Other Properties
Initial Cost
Buildings and Improvements	21,299
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,925
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	24,224
Total	24,224
Accumulated Depreciation	14,042
Naples Outlet Center, Naples, FL | Other Properties
Initial Cost
Land	1,514
Buildings and Improvements	519
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	107
Gross Amounts At Which Carried At Close of Period
Land	1,514
Buildings and Improvements	626
Total	2,140
Accumulated Depreciation	458
Outlet Marketplace, Orlando, FL | Other Properties
Initial Cost
Land	3,367
Buildings and Improvements	1,557
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,891
Gross Amounts At Which Carried At Close of Period
Land	3,367
Buildings and Improvements	3,448
Total	6,815
Accumulated Depreciation	1,209
Other pre-development costs | Development Projects
Initial Cost
Land	68,319
Buildings and Improvements	15,607
Gross Amounts At Which Carried At Close of Period
Land	68,319
Buildings and Improvements	15,607
Total	83,926
Accumulated Depreciation	$ 78

Schedule III Real Estate and 77

Schedule III Real Estate and Accumulated Depreciation - Changes in Real Estate Properties (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Real Estate Properties:
Balance, beginning of year	$ 31,014,133	$ 30,048,230	$ 29,263,463
Acquisitions and consolidations	1,190,944	393,351	288,835
Improvements	995,964	791,453	874,240
Disposals and deconsolidations	(68,156)	(218,901)	(378,308)
Balance, close of year	33,132,885	31,014,133	30,048,230
Unaudited aggregate cost of real estate for federal income tax purposes	29,771,725
Reconciliation of Accumulated Depreciation:
Balance, beginning of year	8,740,928	7,896,614	7,055,622
Depreciation expense	1,018,078	997,482	948,811
Disposals and deconsolidations	(62,586)	(153,168)	(107,819)
Balance, close of year	$ 9,696,420	$ 8,740,928	$ 7,896,614
Structure | Minimum
Depreciable life	10 years
Structure | Maximum
Depreciable life	35 years
Landscaping and parking lot
Depreciable life	15 years
HVAC equipment
Depreciable life	10 years