Simon Property 10-Q 30 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Entity Registrant Name	SIMON PROPERTY GROUP INC /DE/
Entity Central Index Key	1,063,761
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Common stock
Entity Common Stock, Shares Outstanding | shares	310,852,387
Entity Listing, Par Value Per Share | $ / shares	$ 0.0001
Class B common stock
Entity Common Stock, Shares Outstanding | shares	8,000
Entity Listing, Par Value Per Share | $ / shares	$ 0.0001

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS:
Investment properties, at cost	$ 35,925,315	$ 35,226,089
Less - accumulated depreciation	11,665,931	10,865,754
Investment properties at cost, net	24,259,384	24,360,335
Cash and cash equivalents	508,405	560,059
Tenant receivables and accrued revenue, net	686,617	664,619
Investment in unconsolidated entities, at equity	2,331,538	2,367,583
Investment in Klepierre, at equity	1,907,632	1,797,394
Deferred costs and other assets	1,338,834	1,353,588
Total assets	31,032,410	31,103,578
LIABILITIES:
Mortgages and unsecured indebtedness	23,410,357	22,977,104
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,290,382	1,214,022
Cash distributions and losses in unconsolidated entities, at equity	1,388,128	1,359,738
Other liabilities	514,205	455,040
Total liabilities	26,603,072	26,005,904
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	186,732	137,762
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847	43,159	43,405
Capital in excess of par value	9,597,812	9,523,086
Accumulated deficit	(4,776,512)	(4,459,387)
Accumulated other comprehensive loss	(111,039)	(114,126)
Common stock held in treasury, at cost, 9,094,827 and 6,756,748 shares, respectively	(1,068,310)	(682,562)
Total stockholders' equity	3,685,142	4,310,448
Noncontrolling interests	557,464	649,464
Total equity	4,242,606	4,959,912
Total liabilities and equity	31,032,410	31,103,578
Operating Partnership
ASSETS:
Investment properties, at cost	35,925,315	35,226,089
Less - accumulated depreciation	11,665,931	10,865,754
Investment properties at cost, net	24,259,384	24,360,335
Cash and cash equivalents	508,405	560,059
Tenant receivables and accrued revenue, net	686,617	664,619
Investment in unconsolidated entities, at equity	2,331,538	2,367,583
Investment in Klepierre, at equity	1,907,632	1,797,394
Deferred costs and other assets	1,338,834	1,353,588
Total assets	31,032,410	31,103,578
LIABILITIES:
Mortgages and unsecured indebtedness	23,410,357	22,977,104
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,290,382	1,214,022
Cash distributions and losses in unconsolidated entities, at equity	1,388,128	1,359,738
Other liabilities	514,205	455,040
Total liabilities	26,603,072	26,005,904
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	186,732	137,762
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Preferred units, 796,948 units outstanding. Liquidation value of $39,847	43,159	43,405
General Partner, 310,860,387 and 313,074,574 units outstanding, respectively	3,641,983	4,267,043
Limited Partners, 47,255,185 and 47,276,095 units outstanding, respectively	553,633	644,348
Total partners' equity	4,238,775	4,954,796
Nonredeemable noncontrolling interests in properties, net	3,831	5,116
Total equity	4,242,606	4,959,912
Total liabilities and equity	31,032,410	31,103,578
Common stock
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Common stock	32	32
Class B common stock
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Common stock

Unaudited Consolidated Balance3

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Capital stock, total shares authorized	850,000,000	850,000,000
Capital stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Capital stock, shares of excess common stock	238,000,000	238,000,000
Capital stock, authorized shares of preferred stock	100,000,000	100,000,000
Preferred stock stated dividend rate percentage	8.375%	8.375%
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized	1,000,000	1,000,000
Series J 8 3/8% cumulative redeemable preferred stock, shares issued	796,948	796,948
Series J 8 3/8% cumulative redeemable preferred stock, shares outstanding	796,948	796,948
Preferred units, Liquidation value (in dollars)	$ 39,847	$ 39,847
Common stock held in treasury, shares	9,094,827	6,756,748
Common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	511,990,000	511,990,000
Common stock, shares issued	319,947,214	319,823,322
Common stock, shares outstanding	319,947,214	319,823,322
Class B common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	10,000	10,000
Common stock, shares issued	8,000	8,000
Common stock, shares outstanding	8,000	8,000
Operating Partnership
Preferred units, units outstanding	796,948	796,948
Preferred units, Liquidation value (in dollars)	$ 39,847	$ 39,847
General Partner, units outstanding	310,860,387	313,074,574
Limited Partners, units outstanding	47,255,185	47,276,095

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
REVENUE:
Minimum rent	$ 861,184	$ 842,801	$ 2,559,535	$ 2,483,560
Overage rent	36,634	40,089	94,601	100,256
Tenant reimbursements	386,713	378,187	1,146,156	1,116,863
Management fees and other revenues	28,946	41,721	90,860	109,598
Other income	90,161	54,370	219,796	198,986
Total revenue	1,403,638	1,357,168	4,110,948	4,009,263
EXPENSES:
Property operating	118,807	120,099	330,226	327,915
Depreciation and amortization	317,037	311,757	950,265	915,956
Real estate taxes	111,953	111,727	332,027	328,656
Repairs and maintenance	25,352	23,178	72,654	72,085
Advertising and promotion	36,006	35,695	108,450	103,905
Provision for (recovery of) credit losses	2,895	(747)	10,765	7,861
Home and regional office costs	31,451	41,606	110,906	120,539
General and administrative	13,014	15,154	40,089	45,143
Other	57,055	22,508	102,678	66,875
Total operating expenses	713,570	680,977	2,058,060	1,988,935
OPERATING INCOME	690,068	676,191	2,052,888	2,020,328
Interest expense	(199,032)	(214,861)	(604,408)	(648,048)
Loss on extinguishment of debt			(128,618)
Income and other taxes	(14,511)	(6,325)	(16,981)	(28,626)
Income from unconsolidated entities	116,110	83,374	277,212	258,990
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		49,561	4,989	76,459
CONSOLIDATED NET INCOME	592,635	587,940	1,585,082	1,679,103
Net income (loss) attributable to noncontrolling interests	78,018	82,362	209,070	235,472
Preferred dividends	834	834	2,503	2,503
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ 513,783	$ 504,744	$ 1,373,509	$ 1,441,128
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT:
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 1.65	$ 1.61	$ 4.41	$ 4.61
Consolidated Net Income	$ 592,635	$ 587,940	$ 1,585,082	$ 1,679,103
Unrealized loss on derivative hedge agreements	(8,598)	(1,256)	(31,396)	(16,351)
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(19,362)	3,199	(14,303)	145,737
Currency translation adjustments	12,922	1,447	42,815	18,888
Changes in available-for-sale securities and other	6,787	1,313	6,324	13,375
Comprehensive income	584,384	592,643	1,588,522	1,840,752
Comprehensive income attributable to noncontrolling interests	76,935	82,982	209,424	260,267
Comprehensive income attributable to common stockholders or unitholders	507,449	509,661	1,379,098	1,580,485
Operating Partnership
REVENUE:
Minimum rent	861,184	842,801	2,559,535	2,483,560
Overage rent	36,634	40,089	94,601	100,256
Tenant reimbursements	386,713	378,187	1,146,156	1,116,863
Management fees and other revenues	28,946	41,721	90,860	109,598
Other income	90,161	54,370	219,796	198,986
Total revenue	1,403,638	1,357,168	4,110,948	4,009,263
EXPENSES:
Property operating	118,807	120,099	330,226	327,915
Depreciation and amortization	317,037	311,757	950,265	915,956
Real estate taxes	111,953	111,727	332,027	328,656
Repairs and maintenance	25,352	23,178	72,654	72,085
Advertising and promotion	36,006	35,695	108,450	103,905
Provision for (recovery of) credit losses	2,895	(747)	10,765	7,861
Home and regional office costs	31,451	41,606	110,906	120,539
General and administrative	13,014	15,154	40,089	45,143
Other	57,055	22,508	102,678	66,875
Total operating expenses	713,570	680,977	2,058,060	1,988,935
OPERATING INCOME	690,068	676,191	2,052,888	2,020,328
Interest expense	(199,032)	(214,861)	(604,408)	(648,048)
Loss on extinguishment of debt			(128,618)
Income and other taxes	(14,511)	(6,325)	(16,981)	(28,626)
Income from unconsolidated entities	116,110	83,374	277,212	258,990
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		49,561	4,989	76,459
CONSOLIDATED NET INCOME	592,635	587,940	1,585,082	1,679,103
Net income (loss) attributable to noncontrolling interests	(550)	5,361	(721)	6,655
Preferred dividends	1,313	1,313	3,939	3,939
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	591,872	581,266	1,581,864	1,668,509
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	513,783	504,744	1,373,509	1,441,128
Limited Partners	$ 78,089	$ 76,522	$ 208,355	$ 227,381
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT:
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 1.65	$ 1.61	$ 4.41	$ 4.61
Consolidated Net Income	$ 592,635	$ 587,940	$ 1,585,082	$ 1,679,103
Unrealized loss on derivative hedge agreements	(8,598)	(1,256)	(31,396)	(16,351)
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(19,362)	3,199	(14,303)	145,737
Currency translation adjustments	12,922	1,447	42,815	18,888
Changes in available-for-sale securities and other	6,787	1,313	6,324	13,375
Comprehensive income	584,384	592,643	1,588,522	1,840,752
Comprehensive income attributable to noncontrolling interests	316	5,361	1,388	6,655
Comprehensive income attributable to common stockholders or unitholders	$ 584,068	$ 587,282	$ 1,587,134	$ 1,834,097

Unaudited Consolidated Stateme5

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 1,585,082	$ 1,679,103
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
Depreciation and amortization	1,012,335	972,046
Loss on debt extinguishment	128,618
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	(4,989)	(76,459)
Gains on sales of marketable securities	(21,541)
Straight-line rent	(21,433)	(36,762)
Equity in income of unconsolidated entities	(277,212)	(258,990)
Distributions of income from unconsolidated entities	270,938	239,390
Changes in assets and liabilities -
Tenant receivables and accrued revenue, net	19,925	55,989
Deferred costs and other assets	(75,688)	8,216
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	103,418	(49,759)
Net cash provided by operating activities	2,719,453	2,532,774
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(87,741)	(499,976)
Funding of loans to related parties	(68,206)
Repayments of loans to related parties		8,207
Capital expenditures, net	(487,321)	(577,197)
Cash impact from the consolidation of properties	7,536	59,994
Net proceeds from sale of assets		36,558
Investments in unconsolidated entities	(111,225)	(252,337)
Purchase of marketable and non-marketable securities	(5,503)	(9,131)
Proceeds from sales of marketable and non-marketable securities	53,923
Distributions of capital from unconsolidated entities and other	331,693	472,109
Net cash used in investing activities	(366,844)	(761,773)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock, units and other, net of transaction costs	(246)	(246)
Purchase of shares or units related to stock grant recipients' tax withholdings	(2,789)	(4,299)
Purchase of treasury stock and limited partner units	(396,169)
Distributions to noncontrolling interest holders in properties	(8,936)	(6,518)
Contributions from noncontrolling interest holders in properties	289	682
Preferred distributions of the Operating Partnership	(1,436)	(1,436)
Distributions to stockholders and preferred dividends	(1,655,307)	(1,518,823)
Distributions to limited partners	(251,066)	(237,837)
Loss on debt extinguishment	(128,618)
Proceeds from issuance of debt, net of transaction costs	8,071,035	10,087,509
Repayments of debt	(8,031,020)	(9,976,420)
Net cash used in financing activities	(2,404,263)	(1,657,388)
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	(51,654)	113,613
CASH AND CASH EQUIVALENTS, beginning of period	560,059	701,134
CASH AND CASH EQUIVALENTS, end of period	508,405	814,747
Operating Partnership
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	1,585,082	1,679,103
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
Depreciation and amortization	1,012,335	972,046
Loss on debt extinguishment	128,618
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	(4,989)	(76,459)
Gains on sales of marketable securities	(21,541)
Straight-line rent	(21,433)	(36,762)
Equity in income of unconsolidated entities	(277,212)	(258,990)
Distributions of income from unconsolidated entities	270,938	239,390
Changes in assets and liabilities -
Tenant receivables and accrued revenue, net	19,925	55,989
Deferred costs and other assets	(75,688)	8,216
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	103,418	(49,759)
Net cash provided by operating activities	2,719,453	2,532,774
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(87,741)	(499,976)
Funding of loans to related parties	(68,206)
Repayments of loans to related parties		8,207
Capital expenditures, net	(487,321)	(577,197)
Cash impact from the consolidation of properties	7,536	59,994
Net proceeds from sale of assets		36,558
Investments in unconsolidated entities	(111,225)	(252,337)
Purchase of marketable and non-marketable securities	(5,503)	(9,131)
Proceeds from sales of marketable and non-marketable securities	53,923
Distributions of capital from unconsolidated entities and other	331,693	472,109
Net cash used in investing activities	(366,844)	(761,773)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock, units and other, net of transaction costs	(246)	(246)
Purchase of shares or units related to stock grant recipients' tax withholdings	(2,789)	(4,299)
Purchase of treasury stock and limited partner units	(396,169)
Distributions to noncontrolling interest holders in properties	(8,936)	(6,518)
Contributions from noncontrolling interest holders in properties	289	682
Preferred distributions of the Operating Partnership	(1,907,809)	(1,758,096)
Loss on debt extinguishment	(128,618)
Proceeds from issuance of debt, net of transaction costs	8,071,035	10,087,509
Repayments of debt	(8,031,020)	(9,976,420)
Net cash used in financing activities	(2,404,263)	(1,657,388)
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	(51,654)	113,613
CASH AND CASH EQUIVALENTS, beginning of period	560,059	701,134
CASH AND CASH EQUIVALENTS, end of period	$ 508,405	$ 814,747

Organization

Organization	9 Months Ended
	Sep. 30, 2017
Organization
Organization	1. Organization Simon Property Group, Inc. is a Delaware corporation that operates as 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 U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Delaware partnership subsidiary that owns all of our real estate properties and other assets. In these condensed notes to the consolidated financial statements, unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Unless otherwise indicated, these condensed notes to consolidated financial statements apply to both Simon and the Operating Partnership. According to the Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets ® , and The Mills ® . As of September 30, 2017, we owned or held an interest in 208 income‑producing properties in the United States, which consisted of 109 malls, 68 Premium Outlets, 14 Mills, four lifestyle centers, and 13 other retail properties in 37 states and Puerto Rico. Internationally, as of September 30, 2017, we had ownership interests in nine Premium Outlets in Japan, four Premium Outlets in South Korea, two Premium Outlets in Canada, two Premium Outlets in Malaysia and one Premium Outlet in Mexico. We also own an interest in eight Designer Outlet properties in Europe and one Designer Outlet property in Canada, of which six properties are consolidated. Of the eight properties in Europe, two are located in Italy, two are located in the Netherlands and one each is located in Austria, Germany, France and the United Kingdom. As of September 30, 2017, we also owned a 21.0% 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.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2017
Basis of Presentation
Basis of Presentation	2. Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. Due to the seasonal nature of certain operational activities, the results for the interim periods ended September 30, 2017 are not necessarily indicative of the results to be expected for the full year. These consolidated financial statements have been prepared in accordance with the instructions to Form 10‑Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (GAAP) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The consolidated financial statements in this Form 10‑Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the combined 2016 Annual Report on Form 10‑K of Simon and the Operating Partnership. As of September 30, 2017, we consolidated 134 wholly‑owned properties and 19 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 82 properties, or the joint venture properties, as well as our investments in Klépierre, Aéropostale, and HBS Global Properties, or HBS, 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 59 of the 82 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, Germany, Canada, and the United Kingdom comprise 19 of the remaining 23 properties. These international properties are managed by joint ventures in which we share control. Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to Simon based on the partners’ respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests. Simon’s weighted average ownership interest in the Operating Partnership was 86.8% and 86.4% for the nine months ended September 30, 2017 and 2016, respectively. As of September 30, 2017 and December 31, 2016, Simon’s ownership interest in the Operating Partnership was 86.8% and 86.9%, respectively. We adjust the noncontrolling limited partners’ interests at the end of each period to reflect their interest in the net assets of the Operating Partnership. Preferred unit requirements in the Operating Partnership’s accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units and are recorded when declared.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Significant Accounting Policies.
Significant Accounting Policies	3. Significant Accounting Policies 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 Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits. 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 September 30, 2017 and December 31, 2016, we had marketable securities of $110.9 million and $156.2 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 September 30, 2017 and December 31, 2016 were approximately $0.2 million and $15.4 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 year 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 July 26, 2017, we sold our investment in certain marketable securities that were accounted for as available-for-sale securities, with the value adjusted to the quoted market price through other comprehensive income (loss). The aggregate proceeds received from the sale were $53.9 million, and we recognized a gain on the sale of $21.5 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2017. At September 30, 2017 and December 31, 2016, we had investments of $205.8 million and $210.5 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 material adjustment in the carrying value was required for the three or nine months ended September 30, 2017. 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 September 30, 2017 and December 31, 2016 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 foreign currency forward contracts and interest rate swap agreements with a gross liability balance of $15.3 million at September 30, 2017 and a gross asset value of $43.9 million at December 31, 2016. Note 6 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 5 and 9 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. Noncontrolling Interests Simon Details of the carrying amount of Simon’s noncontrolling interests are as follows: As of As of September 30, December 31, 2017 2016 Limited partners’ interests in the Operating Partnership $ 553,633 $ 644,348 Nonredeemable noncontrolling interests in properties, net 3,831 5,116 Total noncontrolling interests reflected in equity $ 557,464 $ 649,464 Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties, limited partners’ interests in the Operating Partnership and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders. A rollforward of nonredeemable noncontrolling interests is as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Noncontrolling interests, beginning of period $ 564,444 $ 696,286 $ 649,464 $ 744,905 Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties 78,405 77,172 209,743 229,370 Distributions to noncontrolling interest holders (86,125) (79,235) (254,026) (239,679) Other comprehensive (loss) income allocable to noncontrolling interests: Unrealized loss on derivative hedge agreements (1,135) (164) (4,116) (1,886) Net (gain) loss reclassified from accumulated other comprehensive loss into earnings (2,555) 418 (1,887) 19,147 Currency translation adjustments 1,712 194 5,511 5,977 Changes in available-for-sale securities and other 895 172 846 1,557 (1,083) 620 354 24,795 Adjustment to limited partners’ interest from change in ownership in the Operating Partnership (7,350) (9,433) (75,685) (28,398) Units exchanged for common shares (252) (96) (1,605) (70,101) Long-term incentive performance units 9,374 12,081 28,932 36,243 Contributions by noncontrolling interests, net, and other 51 421 287 681 Noncontrolling interests, end of period $ 557,464 $ 697,816 $ 557,464 $ 697,816 The Operating Partnership Our evaluation of the appropriateness of classifying the Operating Partnership’s common units of partnership interest, or units, held by Simon and the Operating Partnership's limited partners within permanent equity considered several significant factors. First, as a limited partnership, all decisions relating to the Operating Partnership’s operations and distributions are made by Simon, acting as the Operating Partnership’s sole general partner. The decisions of the general partner are made by Simon's Board of Directors or management. The Operating Partnership has no other governance structure. Secondly, the sole asset of Simon is its interest in the Operating Partnership. As a result, a share of common stock of Simon, or common stock, if owned by the Operating Partnership, is best characterized as being similar to a treasury share and thus not an asset of the Operating Partnership. Limited partners of the Operating Partnership have the right under the Operating Partnership’s partnership agreement to exchange their units for shares of common stock or cash, as selected by Simon as the sole general partner. Accordingly, we classify units held by limited partners in permanent equity because Simon may elect to issue shares of common stock to limited partners exercising their exchange rights rather than using cash. Under the Operating Partnership’s partnership agreement, the Operating Partnership is required to redeem units held by Simon only when Simon has repurchased shares of 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. A rollforward of nonredeemable noncontrolling interests is as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Noncontrolling nonredeemable interests in properties, net — beginning of period $ 4,264 $ 3,853 $ 5,116 $ 3,456 Net income attributable to noncontrolling nonredeemable interests 316 650 1,388 1,989 Distributions to noncontrolling nonredeemable interestholders (800) (640) (2,960) (1,842) Contributions by noncontrolling interests, net, and other 51 421 287 681 Noncontrolling nonredeemable interests in properties, net — end of period $ 3,831 $ 4,284 $ 3,831 $ 4,284 Accumulated Other Comprehensive Income (Loss) Simon The changes in components of Simon’s accumulated other comprehensive income (loss) attributable to common stockholders consisted of the following net of noncontrolling interest as of September 30, 2017: Net unrealized Currency Accumulated gains on translation derivative marketable adjustments gains, net securities Total Beginning balance $ (157,864) $ 30,374 $ 13,364 $ (114,126) Other comprehensive income (loss) before reclassifications 37,304 (27,280) 5,478 15,502 Amounts reclassified from accumulated other comprehensive income (loss) — 6,283 (18,698) (12,415) Net current-period other comprehensive income (loss) 37,304 (20,997) (13,220) 3,087 Ending balance $ (120,560) $ 9,377 $ 144 $ (111,039) The reclassifications out of accumulated other comprehensive income (loss) consisted of the following during the nine months ended September 30 : 2017 2016 Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) net income is presented Currency translation adjustments $ — $ (136,806) Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net — 17,973 Net income attributable to noncontrolling interests $ — $ (118,833) Accumulated derivative gains, net $ (7,238) $ (9,303) Interest expense — 372 Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net 955 1,173 Net income attributable to noncontrolling interests $ (6,283) $ (7,758) Realized gains on sales of marketable securities $ 21,541 $ — Other income (2,843) — Net income attributable to noncontrolling interests $ 18,698 $ — The Operating Partnership The changes in accumulated other comprehensive income (loss) by component consisted of the following as of September 30, 2017: Net unrealized Currency Accumulated gains on translation derivative marketable adjustments gains, net securities Total Beginning balance $ (181,706) $ 34,956 $ 15,383 $ (131,367) Other comprehensive income (loss) before reclassifications 42,815 (31,396) 6,325 17,744 Amounts reclassified from accumulated other comprehensive income (loss) — 7,238 (21,541) (14,303) Net current-period other comprehensive income (loss) 42,815 (24,158) (15,216) 3,441 Ending balance $ (138,891) $ 10,798 $ 167 $ (127,926) The reclassifications out of accumulated other comprehensive income (loss) consisted of the following during the nine months ended September 30: 2017 2016 Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) net income is presented Currency translation adjustments $ — $ (136,806) Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net $ — $ (136,806) Accumulated derivative gains, net $ (7,238) $ (9,303) Interest expense — 372 Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net $ (7,238) $ (8,931) Realized gains on sales of marketable securities $ 21,541 $ — Other income $ 21,541 $ — Derivative Financial Instruments We record all derivatives on our consolidated balance sheets 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 September 30, 2017, we had no outstanding interest rate derivatives. As of December 31, 2016, we had the following outstanding interest rate derivative: Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swap 1 $ 250.0 million The carrying value of our interest rate swap agreement, at fair value, as of December 31, 2016, was a net asset value of $21.1 million, all of which was included in deferred costs and other assets. We generally do not apply hedge accounting to interest rate caps, which had a nominal value as of September 30, 2017 and December 31, 2016, respectively. We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euros. 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. We had the following Euro:USD forward contracts at September 30, 2017 and December 31, 2016 (in millions): Asset (Liability) Value as of September 30, December 31, Notional Value Maturity Date 2017 2016 € 50.0 August 11, 2017 $ — $ 15.5 € 50.0 May 15, 2019 (1.6) 3.9 € 50.0 May 15, 2019 (4.0) 1.5 € 50.0 May 15, 2020 (4.3) 1.1 € 50.0 May 14, 2021 (4.4) 0.6 Asset balances in the above table are included in deferred costs and other assets. We have designated the above as net investment hedges. Accordingly, we 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 income related to our derivative activities, including our share of the other comprehensive income from unconsolidated entities, approximated $10.8 million and $35.0 million as of September 30, 2017 and December 31, 2016, respectively. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014‑09, "Revenue From Contracts With Customers." ASU 2014-09 amends the existing accounting standards for revenue recognition. The new standard provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property, including real estate. Our revenues that will be impacted by this standard primarily include management, development, leasing and financing fee revenues for services performed related to various domestic joint ventures that we manage, licensing fees earned from various international properties, sales of real estate, including land parcels and operating properties, and other ancillary income earned at our properties. Through the first nine months of 2017 and for the year ended December 31, 2016, these revenues were less than 6.0% and 7.0% of consolidated revenue, respectively. We expect that the amount and timing of revenue recognition from our management services to joint ventures referenced above and licensing fee arrangements will be generally consistent with our current measurement and pattern of recognition. In addition, we do not actively sell operating properties as part of our core business strategy and, accordingly, the sale of properties does not generally constitute a significant part of our revenue and cash flows. As a result, we do not expect the adoption of this standard to have a significant impact on our consolidated financial statements as a whole. We expect to adopt the standard using the modified retrospective approach, which requires a cumulative effect adjustment, if any, as of the date of adoption. The new standard is effective for us beginning with the first quarter of 2018. 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 recognize changes in equity investments with readily determinable fair values in net income. We will record a cumulative-effect adjustment to beginning retained earnings in the year of adoption to reclassify unrealized gains and losses previously reported in accumulated other comprehensive income for equity investments with readily determinable fair values that are currently being accounted for as available for sale securities and certain investments currently being accounted for using the cost method for which the measurement alternative described below is not elected. For those equity investments that do not have readily determinable fair values, the ASU permits the application of a measurement alternative using the cost of the investment, less any impairments, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. This guidance will be applied prospectively upon the occurrence of an event which establishes fair value to all other investments we currently account for using the cost method. The guidance will be effective for us beginning with the first quarter of 2018. In February 2016, the FASB issued ASU 2016-02, "Leases," which will result in lessees recognizing most leased assets and corresponding lease liabilities on the balance sheet. Lessor accounting will remain substantially similar to the current accounting; however, certain refinements were made to conform the standard with the recently issued revenue recognition guidance in ASU 2014-09, specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. Leasing costs that are eligible to be capitalized as initial direct costs are also limited by ASU 2016-02. Substantially all of our revenue and the revenues of our equity method investments are earned from arrangements that are within the scope of ASU 2016-02, thus we anticipate that the timing of recognition and financial statement presentation of certain revenues, particularly those that relate to consideration from non-lease components, including fixed common area maintenance arrangements, may be affected. Upon adoption of ASU 2016-02, consideration related to these non-lease components will be accounted for using the guidance in ASU 2014-09. Further, leases of land and other arrangements where we are the lessee will be recognized on our balance sheet. We will adopt ASU 2016-02 beginning in the first quarter of 2019 using the modified retrospective approach required by the standard. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses," which introduces new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. Instruments in scope include loans, held-to-maturity debt securities, and net investments in leases as well as reinsurance and trade receivables. This standard will be effective for us in fiscal years beginning after December 15, 2019. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations: Clarifying the Definition of a Business,” which amends guidance that assists preparers in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business, likely resulting in more acquisitions being accounted for as asset acquisitions. There are certain differences in accounting under these models, including the capitalization of transaction expenses and application of a cost accumulation model in an asset acquisition. The standard is effective for annual periods beginning after December 15, 2018. We adopted this standard early as of January 1, 2017 as permitted under the standard. In February 2017, the FASB issued ASU 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets,” which clarifies the scope and application of Accounting Standards Codification 610-20 on the sale or transfer of nonfinancial assets and in substance assets to noncustomers, including partial sales. The standard generally aligns the measurement of a retained interest in a nonfinancial asset with that of a retained interest in a business. It also eliminates the use of the carryover basis for contributions of real estate into a joint venture where control of the real estate is not retained, which will result in the recognition of a gain or loss upon contribution. This standard will be effective for us for applicable transactions beginning with the first quarter of 2018.

Per Share and Per Unit Data

Per Share and Per Unit Data	9 Months Ended
	Sep. 30, 2017
Per Share and Per Unit Data
Per Share and Per Unit Data	4. Per Share and Per Unit Data We determine basic earnings per share and basic earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share and diluted earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding combined with the incremental weighted average number of shares or units, as applicable, that would have been outstanding assuming all potentially dilutive securities were converted into shares of common stock or units, as applicable, at the earliest date possible. The following tables set forth the computation of basic and diluted earnings per share and basic and diluted earnings per unit. Simon For the Three Months Ended For the Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Net Income attributable to Common Stockholders — Basic and Diluted $ 513,783 $ 504,744 $ 1,373,509 $ 1,441,128 Weighted Average Shares Outstanding — Basic and Diluted 310,853,299 314,234,418 311,740,360 312,356,986 For the three and nine months ended September 30, 2017, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance units, or LTIP units, granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. No securities had a material dilutive effect for the three or nine months ended September 30, 2017 and 2016. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared. The Operating Partnership For the Three Months Ended For the Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Net Income attributable to Unitholders — Basic and Diluted $ 591,872 $ 581,266 $ 1,581,864 $ 1,668,509 Weighted Average Units Outstanding — Basic and Diluted 358,115,572 361,764,112 359,029,893 361,640,742 For the three and nine months ended September 30, 2017, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the three or nine months ended September 30, 2017 and 2016. We accrue distributions when they are declared.

Investment in Unconsolidated En

Investment in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2017
Investment in Unconsolidated Entities
Investments in Unconsolidated Entities	5. Investment 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. As discussed in Note 2, we held joint venture interests in 82 properties as of September 30, 2017. 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 or borrowings, or the use of limited partnership interests in the Operating Partnership, 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 September 30, 2017 and December 31, 2016, we had construction loans and other advances to related parties totaling $83.5 million and $12.3 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. Unconsolidated Entity Transactions On September 15, 2016, we and our partners, through two separate joint ventures, acquired certain assets and liabilities of Aéropostale, a retailer of apparel and accessories, out of bankruptcy. Our noncontrolling interest in the retail operations venture and in the licensing venture is 49.05% and 28.45%, respectively. Our aggregate initial investment in the ventures was $33.1 million, which included our share of working capital funded into the retail business. We eliminate our share of rents and other tenant charges on leasing activities with this venture. On April 14, 2016, we and a joint venture partner completed the acquisition of The Shops at Crystals, a luxury shopping center on the Las Vegas Strip, for $1.1 billion. The transaction was funded with a combination of cash on hand, cash from our partner, and a $550.0 million, 3.74% fixed-rate mortgage financing that will mature on July 1, 2026. We have a 50% noncontrolling interest in this joint venture and manage the day-to-day operations. Substantially all of our investment has been determined to relate to investment property based on estimated fair values at the acquisition date. As of September 30, 2017, we had an 11.1% noncontrolling equity interest in HBS, a venture formed with Hudson’s Bay Company. The venture has 42 properties in the U.S. and, subsequent to formation, acquired 41 properties from Kaufhof. In exchange for our interest, we committed to contribute $100.0 million for improvements to certain properties. As of September 30, 2017, we had funded $52.0 million of this commitment. In addition, we contributed $178.5 million in connection with the acquisition of the Kaufhof department stores. Our share of net income, net of amortization of our excess investment, was $4.8 million and $4.7 million for the three months ended September 30, 2017 and 2016, respectively, and $11.3 million and $12.6 million for the nine months ended September 30, 2017 and 2016, respectively. Total revenues, operating income and consolidated net income were approximately $265.8 million, $246.9 million, and $176.2 million, respectively, for the nine months ended September 30, 2017 and $265.2 million, $175.1 million, and $107.0 million, respectively, for the nine months ended September 30, 2016. European Investments At September 30, 2017, we owned 63,924,148 shares, or approximately 21.0%, of Klépierre, which had a quoted market price of $39.24 per share. Our share of net income, net of amortization of our excess investment, was $14.1 million and $5.5 million for the three months ended September 30, 2017 and 2016, respectively, and $37.2 million and $24.1 million for the nine months ended September 30, 2017 and 2016, respectively. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre’s results to GAAP, Klépierre’s total revenues, operating income and consolidated net income were approximately $1.1 billion, $406.3 million and $298.3 million, respectively, for the nine months ended September 30, 2017 and $1.1 billion, $324.5 million and $157.7 million, respectively, for the nine months ended September 30, 2016. During the nine months ended September 30, 2017, Klépierre completed the disposal of its interest in certain shopping centers. In connection with these disposals, we recorded a gain of $5.0 million, representing our share of the gains recognized by Klépierre, 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. We had an interest in a European investee that had interests in nine and seven Designer Outlet properties as of September 30, 2017 and December 31, 2016, respectively. On January 1, 2016, we gained control of the entity through terms of the underlying venture agreement, requiring a remeasurement of our previously held equity interest to fair value resulting in a non-cash gain of $12.1 million in earnings during the first quarter of 2016, including amounts reclassified from accumulated other comprehensive income (loss) related to the currency translation adjustment previously recorded on our investment. The gain 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. As a result of the change in control, we consolidated two of the outlet properties on January 1, 2016. The consolidation required us to recognize the entity's identifiable assets and liabilities at fair value in our consolidated financial statements along with the fair value of the related redeemable noncontrolling interest representing our partners' share. The fair value of the consolidated assets and liabilities relates primarily to investment property, investments in unconsolidated entities and assumed mortgage debt. Due to certain redemption rights held by our venture partner, the noncontrolling interest is presented (i) in the accompanying Simon consolidated balance sheets outside of equity in limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties and (ii) in the accompanying Operating Partnership consolidated balance sheets within preferred units, various series, at liquidation value, and noncontrolling redeemable interests in properties. On July 25, 2016, this European investee also acquired the remaining 33% interest in two Italian outlet centers in Naples and Venice, as well as the remaining interests in related expansion projects and working capital for cash consideration of €145.5 million. This resulted in the consolidation of these two properties on the acquisition date, requiring a remeasurement of our previously held equity interest to fair value and the recognition of a non-cash gain of $29.3 million in earnings during the third quarter of 2016. Substantially all of our investment has been determined to relate to investment property based on estimated fair value at the acquisition date. On April 7, 2017, this European investee acquired an additional 15.7% investment in the Roermond Designer Outlets Phase 4 expansion for cash consideration of approximately $17.9 million, bringing its total noncontrolling interest in the expansion to 51.3%. On April 21, 2017, this European investee acquired a 100% interest in an outlet center in Roosendaal, Netherlands for cash consideration of $69.8 million and the assumption of existing mortgage debt of $40.1 million. In May, the assumed loan was refinanced with a $69.0 million mortgage due in 2024, after available extension options, with an interest rate of EURIBOR plus 1.85%. Substantially all of our investment has been determined to relate to investment property based on estimated fair value at the acquisition date. In addition, we have a 50.0% noncontrolling interest in a European property management and development company that provides services to the Designer Outlet properties. As of September 30, 2017, our legal percentage ownership interests in these properties ranged from 45% to 94%. We also have minority interests in Value Retail PLC and affiliated entities, which own or have interests in and operate nine luxury outlets located throughout Europe and we have a direct minority ownership in three of those outlets. Our investment in these entities is accounted for under the cost method. At both September 30, 2017 and December 31, 2016, the carrying value of these non-marketable investments was $140.8 million and is included in deferred costs and other assets. 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% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $230.3 million and $227.5 million as of September 30, 2017 and December 31, 2016, 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% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $143.1 million and $130.9 million as of September 30, 2017 and December 31, 2016, 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, our investment in Aéropostale, and HBS, follows. COMBINED BALANCE SHEETS September 30, December 31, 2017 2016 Assets: Investment properties, at cost $ 18,226,008 $ 17,549,078 Less - accumulated depreciation 6,272,006 5,892,960 11,954,002 11,656,118 Cash and cash equivalents 778,455 Tenant receivables and accrued revenue, net 348,139 Deferred costs and other assets 351,098 Total assets $ 13,649,746 $ 13,133,810 Liabilities and Partners’ Deficit: Mortgages $ 14,620,789 $ 14,237,576 Accounts payable, accrued expenses, intangibles, and deferred revenue 964,830 867,003 Other liabilities 373,579 325,078 Total liabilities 15,959,198 15,429,657 Preferred units 67,450 67,450 Partners’ deficit (2,376,902) (2,363,297) Total liabilities and partners’ deficit $ 13,649,746 $ 13,133,810 Our Share of: Partners’ deficit $ (1,060,793) $ (1,018,755) Add: Excess Investment 1,760,964 1,791,691 Our net Investment in unconsolidated entities, at equity $ 700,171 $ 772,936 “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 is allocated on a fair value basis primarily to investment properties, lease related intangibles, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of investment properties, 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. COMBINED STATEMENTS OF OPERATIONS For The Three For The Nine Months Ended Months Ended September 30, September 30, 2017 2016 2017 2016 REVENUE: Minimum rent $ 466,601 $ 454,315 $ 1,383,361 $ 1,351,429 Overage rent 45,064 141,591 Tenant reimbursements 222,788 645,994 Other income 55,558 169,044 Total revenue 809,143 777,725 2,388,044 2,308,058 OPERATING EXPENSES: Property operating 139,224 401,718 Depreciation and amortization 153,420 434,620 Real estate taxes 60,853 181,790 Repairs and maintenance 17,795 56,029 Advertising and promotion 18,884 62,190 Provision for (recovery of) credit losses (133) 5,441 Other 44,972 133,652 Total operating expenses 441,523 435,015 1,329,983 1,275,440 Operating Income 367,620 342,710 1,058,061 1,032,618 Interest expense (149,704) (444,485) Gain on sale or disposal of assets and interests in unconsolidated entities, net — 40,529 — 101,051 Net Income $ 217,874 $ 233,535 $ 619,668 $ 689,184 Third-Party Investors’ Share of Net Income $ 110,581 $ 118,291 $ 314,531 $ 337,491 Our Share of Net Income 115,244 351,693 Amortization of Excess Investment (21,901) (70,671) Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net — (20,149) — (22,636) Our Share of Gain on Sale or Disposal of Assets and Interests Included in Other Income in the Consolidated Financial Statements — — — (36,153) Income from Unconsolidated Entities $ 84,685 $ 73,194 $ 237,092 $ 222,233 Our share of income from unconsolidated entities in the above table, aggregated with our share of the results of Klépierre, our investment in Aéropostale, and HBS, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Unless otherwise noted, 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.

Debt

Debt	9 Months Ended
	Sep. 30, 2017
Debt
Debt	6. Debt Unsecured Debt At September 30, 2017, our unsecured debt consisted of $15.1 billion of senior unsecured notes of the Operating Partnership, $235.0 million outstanding under the Operating Partnership’s $4.0 billion unsecured revolving credit facility, or Credit Facility, $322.9 million outstanding under the Operating Partnership’s $3.5 billion supplemental unsecured revolving credit facility, or Supplemental Facility, and together with the Credit Facility, the Credit Facilities, and $995.1 million outstanding under the Operating Partnership’s global unsecured commercial paper note program, or Commercial Paper program. The September 30, 2017 balance on the Supplemental Facility included $197.9 million (U.S. dollar equivalent) of Yen-denominated borrowings. Foreign currency denominated borrowings under the Supplemental Facility are designated as net investment hedges of a portion of our international investments. On September 30, 2017, we had an aggregate available borrowing capacity of $5.9 billion under the Credit Facilities. The maximum aggregate outstanding balance under the Credit Facilities during the nine months ended September 30, 2017 was $960.9 million and the weighted average outstanding balance was $457.1 million. Letters of credit of $19.9 million were outstanding under the Credit Facilities as of September 30, 2017. On March 17, 2017, the Operating Partnership amended and extended the Credit Facility. The 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 95% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility was extended to June 30, 2021 and can be extended for an additional year to June 30, 2022 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the Credit Facility was reduced to LIBOR plus 77.5 basis points from LIBOR plus 80 basis points with a facility fee of 10 basis points. The Supplemental Facility’s borrowing capacity of $3.50 billion may be increased to $4.25 billion during its term. The initial maturity date of the Supplemental Facility is June 30, 2019, which 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 Supplemental Facility is LIBOR plus 80 basis points with an additional facility fee of 10 basis points. The Supplemental Facility provides for borrowings denominated in U.S. dollars, Euro, Yen, Sterling, Canadian dollars and Australian dollars. The Operating Partnership also has available a Commercial Paper program of $1.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership 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 subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. 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 the Operating Partnership’s 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. On September 30, 2017, we had $995.1 million outstanding under the Commercial Paper program, fully comprised of U.S. dollar denominated notes with a weighted average interest rate of 1.26%. These borrowings mature on various dates through December 18, 2017 and reduce amounts otherwise available under the Credit Facilities. On June 1, 2017, the Operating Partnership completed the issuance of $600.0 million of senior unsecured notes at a fixed interest rate of 2.63% with a maturity date of June 15, 2022 and $750.0 million of senior unsecured notes at a fixed interest rate of 3.38% with a maturity date of June 15, 2027. Proceeds from the unsecured notes offering were used to pay down the Credit Facility and for the early redemption of senior unsecured notes in June 2017 as discussed below. During the nine months ended September 30, 2017, the Operating Partnership redeemed at par $600.0 million of senior unsecured notes with a fixed interest rate of 2.15% and completed the early redemption of a series of senior unsecured notes comprising $1.25 billion with a fixed interest rate of 5.65%. We recorded a $128.6 million loss on extinguishment of debt in the second quarter of 2017 as a result of the early redemption. Mortgage Debt Total mortgage indebtedness was $6.9 billion and $6.5 billion at September 30, 2017 and December 31, 2016, respectively. On April 21, 2017, as discussed in Note 5, through our European investee, we acquired Rosada Designer Outlet in Roosendaal, Netherlands, subject to an existing EURIBOR-based variable rate mortgage loan of $40.1 million (U.S. dollar equivalent). Covenants Our unsecured debt agreements contain financial 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 September 30, 2017, we were in compliance with all covenants of our unsecured debt. At September 30, 2017, we or our subsidiaries were the borrowers under 47 non‑recourse mortgage notes secured by mortgages on 50 properties, including two separate pools of cross‑defaulted and cross‑collateralized mortgages encumbering a total of five 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 that serve as collateral for that debt. If the applicable borrower under these non-recourse mortgage notes were to fail to comply with these covenants, the lender could accelerate the debt and enforce its rights against their collateral. At September 30, 2017, 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. Fair Value of Debt The carrying values of our variable‑rate mortgages and other loans approximate 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 $22.0 billion and $22.1 billion as of September 30, 2017 and December 31, 2016, respectively. The fair values of these financial instruments and the related discount rate assumptions as of September 30, 2017 and December 31, 2016 are summarized as follows: September 30, December 31, 2017 2016 Fair value of fixed-rate mortgages and unsecured indebtedness $ 22,645 $ 22,703 Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages 4.12 % 4.12 % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 3.90 % 3.83 %

Equity

Equity	9 Months Ended
	Sep. 30, 2017
Equity
Equity	7. Equity During the nine months ended September 30, 2017, Simon issued 124,851 shares of common stock to fourteen limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. These transactions increased Simon’s ownership interest in the Operating Partnership. On February 13, 2017, Simon’s Board of Directors authorized a two-year extension of the previously authorized $2.0 billion common stock repurchase plan through March 31, 2019. Simon may repurchase the shares in the open market or in privately negotiated transactions as market conditions warrant. During the nine months ended September 30, 2017, Simon purchased 2,399,051 shares at an average price of $165.14 per share as part of this program. During the nine months ended September 30, 2016, no purchases were made as part of this program. As Simon repurchases shares under this program, the Operating Partnership repurchases an equal number of units from Simon. Temporary Equity Simon Simon classifies as temporary equity those securities for which there is the possibility that Simon could be required to redeem the security for cash irrespective of the probability of such a possibility. As a result, Simon classifies one series of preferred units in the Operating Partnership and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below. Limited Partners’ Preferred Interest in the Operating Partnership and Noncontrolling Redeemable Interests in Properties . The redemption features of the preferred units in the Operating Partnership contain provisions which could require the Operating Partnership to settle the redemption in cash. As a result, this series of preferred units in the Operating Partnership remains classified outside permanent equity. The remaining interests in a property or portfolio of properties which are redeemable at the option of the holder or in circumstances that may be outside Simon’s 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 accumulated deficit. There were no noncontrolling interests redeemable at amounts in excess of fair value as of September 30, 2017 and December 31, 2016. The following table summarizes the preferred units in the Operating Partnership and the amount of the noncontrolling redeemable interests in properties as follows: As of As of September 30, December 31, 2017 2016 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests in properties 161,195 112,225 Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ 186,732 $ 137,762 The Operating Partnership The Operating Partnership classifies as temporary equity those securities for which there is the possibility that the Operating Partnership could be required to redeem the security for cash, irrespective of the probability of such a possibility. As a result, the Operating Partnership classifies one series of preferred units and noncontrolling redeemable interests in properties in temporary equity. The following table summarizes the preferred units and the amount of the noncontrolling redeemable interests in properties as follows: As of As of September 30, December 31, 2017 2016 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests in properties 161,195 112,225 Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ 186,732 $ 137,762 Stock Based Compensation Awards under our stock based compensation plans primarily take the form of LTIP units and restricted stock grants. 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. 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 the Operating Partnership, 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 of the Operating Partnership. As a result, we account for these LTIP units as participating securities under the two‑class method of computing earnings per share. From 2010 to 2016, 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 value, 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 466,405 $28.5 million 2014-2016 LTIP program 120,314 $27.5 million 2015-2017 LTIP program To be determined in 2018 $25.1 million 2016-2018 LTIP program To be determined in 2019 $26.3 million The Compensation Committee did not establish a 2017-2019 LTIP program. We recorded compensation expense, net of capitalization, related to these LTIP programs of approximately $9.7 million and $19.5 million for the nine months ended September 30, 2017 and 2016, respectively. Restricted Stock. The Compensation Committee awarded 69,269 shares of restricted stock to employees during the nine months ended September 30, 2017 at a weighted-average fair market value of $171.89 per share. On May 10, 2017, our non-employee Directors were awarded an aggregate of 7,864 shares of restricted stock at a fair market value of $165.65 per share. These shares represent a portion of the compensation we pay our non-employee Directors, and all of the shares have been placed in a non-employee Director deferred compensation account maintained by us. The grant date fair value of the employee restricted stock awards is being recognized as expense over the three-year vesting service period. The grant date fair value of the non-employee Director restricted stock awards is being recognized as expense over the one-year vesting service period. In accordance with the Operating Partnership's partnership agreement, the Operating Partnership issued an equal number of units to Simon that are subject to the same vesting conditions as the restricted stock. We recorded compensation expense, net of capitalization, related to restricted stock of approximately $7.6 million and $6.6 million for the nine months ended September 30, 2017 and 2016, respectively. Other Compensation Arrangements. On July 6, 2011, in connection with the execution of an employment agreement, the Compensation Committee granted David Simon, Simon’s 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 Simon’s 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 Company‑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, or FFO, 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. Based on the Company’s performance in 2015, 360,000 A units were earned. Based on the Company’s performance in 2016, 360,000 B units were earned. The earned A units will vest on January 1, 2018, earned B units will vest on January 1, 2019 and earned C units, if any, 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. Changes in Equity Simon The following table provides a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to common stockholders and equity attributable to noncontrolling interests: Accumulated Common Other Capital in Stock Preferred Common Comprehensive Excess of Accumulated Held in Noncontrolling Total Stock Stock Income (Loss) Par Value Deficit Treasury interests Equity January 1, 2017 $ 43,405 $ 32 $ (114,126) $ 9,523,086 $ (4,459,387) $ (682,562) $ 649,464 $ 4,959,912 Exchange of limited partner units for common shares 1,605 (1,605) — Treasury stock purchase (396,169) (396,169) LTIP units 28,932 28,932 Purchase and disposition of noncontrolling interests, net and other (246) (2,564) (37,830) 10,421 287 (29,932) Adjustment to limited partners’ interest from change in ownership in the Operating Partnership 75,685 (75,685) — Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests (1,655,307) (251,066) (1,906,373) Distributions to other noncontrolling interest partners (2,960) (2,960) Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and a $2,109 loss attributable to noncontrolling redeemable interests in properties 3,087 1,376,012 210,097 1,589,196 September 30, 2017 $ 43,159 $ 32 $ (111,039) $ 9,597,812 $ (4,776,512) $ (1,068,310) $ 557,464 $ 4,242,606 The Operating Partnership The following table provides a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to partners and equity attributable to noncontrolling interests: Preferred Simon (Managing Limited Noncontrolling Total Units General Partner) Partners interests Equity January 1, 2017 $ 43,405 $ 4,267,043 $ 644,348 $ 5,116 $ 4,959,912 Limited partner units exchanged to units 1,605 (1,605) — Treasury unit purchase (396,169) (396,169) LTIP Units 28,932 28,932 Purchase and disposition of noncontrolling interests, net and other (246) (29,973) 287 (29,932) Adjustment to limited partners’ interest from change in ownership in the Operating Partnership 75,685 (75,685) — Distributions to limited partners, excluding preferred interests classified as temporary equity (2,503) (1,652,804) (251,066) (2,960) (1,909,333) Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and a $2,109 loss attributable to noncontrolling redeemable interests in properties 2,503 1,376,596 208,709 1,388 1,589,196 September 30, 2017 $ 43,159 $ 3,641,983 $ 553,633 $ 3,831 $ 4,242,606

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies.
Commitments and Contingencies	8. 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 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 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). In April 2016, the court entered final judgment in the amount of the jury verdict, which amount will bear interest from the date of the jury’s verdict. We and the excess insurance carriers have appealed certain portions of the trial court’s rulings and the jury’s verdict, respectively. We will continue our efforts through the conclusion of the pending litigation, including any and all appeals, to recover our losses, including consequential damages, under the excess insurance policies for Opry Mills and we believe recovery is probable, but no assurance can be made that our efforts to recover these funds will be successful. 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 September 30, 2017 and December 31, 2016, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $192.3 million and $400.5 million, respectively (of which we have a right of recovery from our venture partners of $10.8 million as of September 30, 2017). Mortgages guaranteed by the Operating Partnership 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 U.S. Malls, Premium Outlets, and The 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 are within the United States and no customer or tenant accounts for 5% or more of our consolidated revenues. Hurricane Impacts During the third quarter of 2017, two of our wholly-owned properties located on the island of Puerto Rico sustained significant damage as a result of Hurricane Maria. Due to the current conditions on the island, we are unable to determine a reliable estimate or a range of reliable estimates of the extent of the damages at these properties. We anticipate recording an impairment loss in the fourth quarter as more information becomes available which will be offset by an insurance recovery receivable. We believe we maintain adequate insurance coverages for these properties and all property damage losses, as well as future losses from business interruption, are fully recoverable from insurance proceeds. The extent of the impact related to property damage is limited to our $1 million insurance deductible per occurrence, which has been recorded in our statements of operations for the periods ended September 30, 2017. Damage to our properties from recent hurricanes in Florida and Texas was minimal. The impact was primarily limited to repairs at the affected properties and, as such, we do not expect to recognize any significant impairment charges. The extent of the impact related to the Texas hurricane was not significant during the periods ended September 30, 2017. The extent of the impact related to the property damage in Florida is limited to our $1 million insurance deductible which has been recorded in our statements of operations for the periods ended September 30, 2017.

Real Estate Acquisitions and Di

Real Estate Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2017
Real Estate Acquisitions and Dispositions
Real Estate Acquisitions and Dispositions	9. Real Estate Acquisitions and Dispositions As discussed in Note 5, during the nine months ended September 30, 2017, Klépierre disposed of its interest in certain shopping centers resulting in a gain of which our share was $5.0 million. During the first nine months of 2016, we disposed of our interests in two unconsolidated multi-family residential investments, three consolidated retail properties and four unconsolidated retail properties. Our share of the gross proceeds from these transactions was $81.8 million. The gain on the consolidated retail properties was $12.4 million. The gain on the unconsolidated retail properties was $22.6 million. The aggregate gain of $36.2 million from the sale of the two unconsolidated multi-family residential investments is included in other income and resulted in an additional $7.2 million in taxes included in income and other taxes. On April 14, 2016, we acquired a 50% interest in The Shops at Crystals. On January 1, 2016, we gained control of the European investee that held our interest in six Designer Outlet properties, requiring a remeasurement of our previously held equity interest to fair value and a corresponding non-cash gain of $12.1 million and which also resulted in the consolidation of two of the six properties, which had been previously unconsolidated. In February 2016, we and our partner, through this European investee, acquired a noncontrolling 75.0% ownership interest in an outlet center in Ochtrup, Germany for cash consideration of approximately $38.3 million. On July 25, 2016, as further discussed in Note 5, this European entity also acquired the remaining 33% interest in two Italian outlet centers in Naples and Venice. The consolidation of these two properties resulted in a remeasurement of our previously held equity interest to fair value and a corresponding non-cash gain of $29.3 million. On April 21, 2017, this European investee acquired a 100% interest in an outlet center in Roosendaal, Netherlands for cash consideration of $69.8 million and the assumption of existing mortgage debt of $40.1 million. In May, the assumed loan was refinanced with a $69.0 million mortgage due in 2024, after available extension options, with an interest rate of EURIBOR plus 1.85%. Unless otherwise noted, gains and losses on the above 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 business acquisition, potential acquisition and disposition related costs as they are incurred. We incurred a minimal amount of transaction expenses during the nine months ended September 30, 2017 and 2016.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2017
Basis of Presentation
Basis of Presentation	The accompanying unaudited consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. Due to the seasonal nature of certain operational activities, the results for the interim periods ended September 30, 2017 are not necessarily indicative of the results to be expected for the full year. These consolidated financial statements have been prepared in accordance with the instructions to Form 10‑Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (GAAP) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The consolidated financial statements in this Form 10‑Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the combined 2016 Annual Report on Form 10‑K of Simon and the Operating Partnership. As of September 30, 2017, we consolidated 134 wholly‑owned properties and 19 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 82 properties, or the joint venture properties, as well as our investments in Klépierre, Aéropostale, and HBS Global Properties, or HBS, 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 59 of the 82 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, Germany, Canada, and the United Kingdom comprise 19 of the remaining 23 properties. These international properties are managed by joint ventures in which we share control. Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to Simon based on the partners’ respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests. Simon’s weighted average ownership interest in the Operating Partnership was 86.8% and 86.4% for the nine months ended September 30, 2017 and 2016, respectively. As of September 30, 2017 and December 31, 2016, Simon’s ownership interest in the Operating Partnership was 86.8% and 86.9%, respectively. We adjust the noncontrolling limited partners’ interests at the end of each period to reflect their interest in the net assets of the Operating Partnership. Preferred unit requirements in the Operating Partnership’s accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units and are recorded when declared.

Significant Accounting Polici16

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Significant Accounting Policies.
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 Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits.
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 September 30, 2017 and December 31, 2016, we had marketable securities of $110.9 million and $156.2 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 September 30, 2017 and December 31, 2016 were approximately $0.2 million and $15.4 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 year 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 July 26, 2017, we sold our investment in certain marketable securities that were accounted for as available-for-sale securities, with the value adjusted to the quoted market price through other comprehensive income (loss). The aggregate proceeds received from the sale were $53.9 million, and we recognized a gain on the sale of $21.5 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2017. At September 30, 2017 and December 31, 2016, we had investments of $205.8 million and $210.5 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 material adjustment in the carrying value was required for the three or nine months ended September 30, 2017.
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 September 30, 2017 and December 31, 2016 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 foreign currency forward contracts and interest rate swap agreements with a gross liability balance of $15.3 million at September 30, 2017 and a gross asset value of $43.9 million at December 31, 2016. Note 6 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 5 and 9 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.
Noncontrolling Interests	Noncontrolling Interests Simon Details of the carrying amount of Simon’s noncontrolling interests are as follows: As of As of September 30, December 31, 2017 2016 Limited partners’ interests in the Operating Partnership $ 553,633 $ 644,348 Nonredeemable noncontrolling interests in properties, net 3,831 5,116 Total noncontrolling interests reflected in equity $ 557,464 $ 649,464 Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties, limited partners’ interests in the Operating Partnership and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders. A rollforward of nonredeemable noncontrolling interests is as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Noncontrolling interests, beginning of period $ 564,444 $ 696,286 $ 649,464 $ 744,905 Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties 78,405 77,172 209,743 229,370 Distributions to noncontrolling interest holders (86,125) (79,235) (254,026) (239,679) Other comprehensive (loss) income allocable to noncontrolling interests: Unrealized loss on derivative hedge agreements (1,135) (164) (4,116) (1,886) Net (gain) loss reclassified from accumulated other comprehensive loss into earnings (2,555) 418 (1,887) 19,147 Currency translation adjustments 1,712 194 5,511 5,977 Changes in available-for-sale securities and other 895 172 846 1,557 (1,083) 620 354 24,795 Adjustment to limited partners’ interest from change in ownership in the Operating Partnership (7,350) (9,433) (75,685) (28,398) Units exchanged for common shares (252) (96) (1,605) (70,101) Long-term incentive performance units 9,374 12,081 28,932 36,243 Contributions by noncontrolling interests, net, and other 51 421 287 681 Noncontrolling interests, end of period $ 557,464 $ 697,816 $ 557,464 $ 697,816 The Operating Partnership Our evaluation of the appropriateness of classifying the Operating Partnership’s common units of partnership interest, or units, held by Simon and the Operating Partnership's limited partners within permanent equity considered several significant factors. First, as a limited partnership, all decisions relating to the Operating Partnership’s operations and distributions are made by Simon, acting as the Operating Partnership’s sole general partner. The decisions of the general partner are made by Simon's Board of Directors or management. The Operating Partnership has no other governance structure. Secondly, the sole asset of Simon is its interest in the Operating Partnership. As a result, a share of common stock of Simon, or common stock, if owned by the Operating Partnership, is best characterized as being similar to a treasury share and thus not an asset of the Operating Partnership. Limited partners of the Operating Partnership have the right under the Operating Partnership’s partnership agreement to exchange their units for shares of common stock or cash, as selected by Simon as the sole general partner. Accordingly, we classify units held by limited partners in permanent equity because Simon may elect to issue shares of common stock to limited partners exercising their exchange rights rather than using cash. Under the Operating Partnership’s partnership agreement, the Operating Partnership is required to redeem units held by Simon only when Simon has repurchased shares of 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. A rollforward of nonredeemable noncontrolling interests is as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Noncontrolling nonredeemable interests in properties, net — beginning of period $ 4,264 $ 3,853 $ 5,116 $ 3,456 Net income attributable to noncontrolling nonredeemable interests 316 650 1,388 1,989 Distributions to noncontrolling nonredeemable interestholders (800) (640) (2,960) (1,842) Contributions by noncontrolling interests, net, and other 51 421 287 681 Noncontrolling nonredeemable interests in properties, net — end of period $ 3,831 $ 4,284 $ 3,831 $ 4,284
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Simon The changes in components of Simon’s accumulated other comprehensive income (loss) attributable to common stockholders consisted of the following net of noncontrolling interest as of September 30, 2017: Net unrealized Currency Accumulated gains on translation derivative marketable adjustments gains, net securities Total Beginning balance $ (157,864) $ 30,374 $ 13,364 $ (114,126) Other comprehensive income (loss) before reclassifications 37,304 (27,280) 5,478 15,502 Amounts reclassified from accumulated other comprehensive income (loss) — 6,283 (18,698) (12,415) Net current-period other comprehensive income (loss) 37,304 (20,997) (13,220) 3,087 Ending balance $ (120,560) $ 9,377 $ 144 $ (111,039) The reclassifications out of accumulated other comprehensive income (loss) consisted of the following during the nine months ended September 30 : 2017 2016 Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) net income is presented Currency translation adjustments $ — $ (136,806) Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net — 17,973 Net income attributable to noncontrolling interests $ — $ (118,833) Accumulated derivative gains, net $ (7,238) $ (9,303) Interest expense — 372 Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net 955 1,173 Net income attributable to noncontrolling interests $ (6,283) $ (7,758) Realized gains on sales of marketable securities $ 21,541 $ — Other income (2,843) — Net income attributable to noncontrolling interests $ 18,698 $ — The Operating Partnership The changes in accumulated other comprehensive income (loss) by component consisted of the following as of September 30, 2017: Net unrealized Currency Accumulated gains on translation derivative marketable adjustments gains, net securities Total Beginning balance $ (181,706) $ 34,956 $ 15,383 $ (131,367) Other comprehensive income (loss) before reclassifications 42,815 (31,396) 6,325 17,744 Amounts reclassified from accumulated other comprehensive income (loss) — 7,238 (21,541) (14,303) Net current-period other comprehensive income (loss) 42,815 (24,158) (15,216) 3,441 Ending balance $ (138,891) $ 10,798 $ 167 $ (127,926) The reclassifications out of accumulated other comprehensive income (loss) consisted of the following during the nine months ended September 30: 2017 2016 Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) net income is presented Currency translation adjustments $ — $ (136,806) Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net $ — $ (136,806) Accumulated derivative gains, net $ (7,238) $ (9,303) Interest expense — 372 Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net $ (7,238) $ (8,931) Realized gains on sales of marketable securities $ 21,541 $ — Other income $ 21,541 $ —
Derivative Financial Instruments	Derivative Financial Instruments We record all derivatives on our consolidated balance sheets 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 September 30, 2017, we had no outstanding interest rate derivatives. As of December 31, 2016, we had the following outstanding interest rate derivative: Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swap 1 $ 250.0 million The carrying value of our interest rate swap agreement, at fair value, as of December 31, 2016, was a net asset value of $21.1 million, all of which was included in deferred costs and other assets. We generally do not apply hedge accounting to interest rate caps, which had a nominal value as of September 30, 2017 and December 31, 2016, respectively. We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euros. 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. We had the following Euro:USD forward contracts at September 30, 2017 and December 31, 2016 (in millions): Asset (Liability) Value as of September 30, December 31, Notional Value Maturity Date 2017 2016 € 50.0 August 11, 2017 $ — $ 15.5 € 50.0 May 15, 2019 (1.6) 3.9 € 50.0 May 15, 2019 (4.0) 1.5 € 50.0 May 15, 2020 (4.3) 1.1 € 50.0 May 14, 2021 (4.4) 0.6 Asset balances in the above table are included in deferred costs and other assets. We have designated the above as net investment hedges. Accordingly, we 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 income related to our derivative activities, including our share of the other comprehensive income from unconsolidated entities, approximated $10.8 million and $35.0 million as of September 30, 2017 and December 31, 2016, respectively.
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014‑09, "Revenue From Contracts With Customers." ASU 2014-09 amends the existing accounting standards for revenue recognition. The new standard provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property, including real estate. Our revenues that will be impacted by this standard primarily include management, development, leasing and financing fee revenues for services performed related to various domestic joint ventures that we manage, licensing fees earned from various international properties, sales of real estate, including land parcels and operating properties, and other ancillary income earned at our properties. Through the first nine months of 2017 and for the year ended December 31, 2016, these revenues were less than 6.0% and 7.0% of consolidated revenue, respectively. We expect that the amount and timing of revenue recognition from our management services to joint ventures referenced above and licensing fee arrangements will be generally consistent with our current measurement and pattern of recognition. In addition, we do not actively sell operating properties as part of our core business strategy and, accordingly, the sale of properties does not generally constitute a significant part of our revenue and cash flows. As a result, we do not expect the adoption of this standard to have a significant impact on our consolidated financial statements as a whole. We expect to adopt the standard using the modified retrospective approach, which requires a cumulative effect adjustment, if any, as of the date of adoption. The new standard is effective for us beginning with the first quarter of 2018. 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 recognize changes in equity investments with readily determinable fair values in net income. We will record a cumulative-effect adjustment to beginning retained earnings in the year of adoption to reclassify unrealized gains and losses previously reported in accumulated other comprehensive income for equity investments with readily determinable fair values that are currently being accounted for as available for sale securities and certain investments currently being accounted for using the cost method for which the measurement alternative described below is not elected. For those equity investments that do not have readily determinable fair values, the ASU permits the application of a measurement alternative using the cost of the investment, less any impairments, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. This guidance will be applied prospectively upon the occurrence of an event which establishes fair value to all other investments we currently account for using the cost method. The guidance will be effective for us beginning with the first quarter of 2018. In February 2016, the FASB issued ASU 2016-02, "Leases," which will result in lessees recognizing most leased assets and corresponding lease liabilities on the balance sheet. Lessor accounting will remain substantially similar to the current accounting; however, certain refinements were made to conform the standard with the recently issued revenue recognition guidance in ASU 2014-09, specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. Leasing costs that are eligible to be capitalized as initial direct costs are also limited by ASU 2016-02. Substantially all of our revenue and the revenues of our equity method investments are earned from arrangements that are within the scope of ASU 2016-02, thus we anticipate that the timing of recognition and financial statement presentation of certain revenues, particularly those that relate to consideration from non-lease components, including fixed common area maintenance arrangements, may be affected. Upon adoption of ASU 2016-02, consideration related to these non-lease components will be accounted for using the guidance in ASU 2014-09. Further, leases of land and other arrangements where we are the lessee will be recognized on our balance sheet. We will adopt ASU 2016-02 beginning in the first quarter of 2019 using the modified retrospective approach required by the standard. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses," which introduces new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. Instruments in scope include loans, held-to-maturity debt securities, and net investments in leases as well as reinsurance and trade receivables. This standard will be effective for us in fiscal years beginning after December 15, 2019. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations: Clarifying the Definition of a Business,” which amends guidance that assists preparers in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business, likely resulting in more acquisitions being accounted for as asset acquisitions. There are certain differences in accounting under these models, including the capitalization of transaction expenses and application of a cost accumulation model in an asset acquisition. The standard is effective for annual periods beginning after December 15, 2018. We adopted this standard early as of January 1, 2017 as permitted under the standard. In February 2017, the FASB issued ASU 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets,” which clarifies the scope and application of Accounting Standards Codification 610-20 on the sale or transfer of nonfinancial assets and in substance assets to noncustomers, including partial sales. The standard generally aligns the measurement of a retained interest in a nonfinancial asset with that of a retained interest in a business. It also eliminates the use of the carryover basis for contributions of real estate into a joint venture where control of the real estate is not retained, which will result in the recognition of a gain or loss upon contribution. This standard will be effective for us for applicable transactions beginning with the first quarter of 2018.

Significant Accounting Polici17

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2017
Significant Accounting Policies
Schedule of carrying amount of noncontrolling interests	As of As of September 30, December 31, 2017 2016 Limited partners’ interests in the Operating Partnership $ 553,633 $ 644,348 Nonredeemable noncontrolling interests in properties, net 3,831 5,116 Total noncontrolling interests reflected in equity $ 557,464 $ 649,464
Schedule of rollforward of nonredeemable noncontrolling interests	For the Three Months Ended For the Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Noncontrolling interests, beginning of period $ 564,444 $ 696,286 $ 649,464 $ 744,905 Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties 78,405 77,172 209,743 229,370 Distributions to noncontrolling interest holders (86,125) (79,235) (254,026) (239,679) Other comprehensive (loss) income allocable to noncontrolling interests: Unrealized loss on derivative hedge agreements (1,135) (164) (4,116) (1,886) Net (gain) loss reclassified from accumulated other comprehensive loss into earnings (2,555) 418 (1,887) 19,147 Currency translation adjustments 1,712 194 5,511 5,977 Changes in available-for-sale securities and other 895 172 846 1,557 (1,083) 620 354 24,795 Adjustment to limited partners’ interest from change in ownership in the Operating Partnership (7,350) (9,433) (75,685) (28,398) Units exchanged for common shares (252) (96) (1,605) (70,101) Long-term incentive performance units 9,374 12,081 28,932 36,243 Contributions by noncontrolling interests, net, and other 51 421 287 681 Noncontrolling interests, end of period $ 557,464 $ 697,816 $ 557,464 $ 697,816
Schedule of changes in components of accumulated other comprehensive income (loss) net of noncontrolling interest	The changes in components of Simon’s accumulated other comprehensive income (loss) attributable to common stockholders consisted of the following net of noncontrolling interest as of September 30, 2017: Net unrealized Currency Accumulated gains on translation derivative marketable adjustments gains, net securities Total Beginning balance $ (157,864) $ 30,374 $ 13,364 $ (114,126) Other comprehensive income (loss) before reclassifications 37,304 (27,280) 5,478 15,502 Amounts reclassified from accumulated other comprehensive income (loss) — 6,283 (18,698) (12,415) Net current-period other comprehensive income (loss) 37,304 (20,997) (13,220) 3,087 Ending balance $ (120,560) $ 9,377 $ 144 $ (111,039)
Schedule of reclassifications out of accumulated other comprehensive income (loss)	2017 2016 Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) net income is presented Currency translation adjustments $ — $ (136,806) Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net — 17,973 Net income attributable to noncontrolling interests $ — $ (118,833) Accumulated derivative gains, net $ (7,238) $ (9,303) Interest expense — 372 Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net 955 1,173 Net income attributable to noncontrolling interests $ (6,283) $ (7,758) Realized gains on sales of marketable securities $ 21,541 $ — Other income (2,843) — Net income attributable to noncontrolling interests $ 18,698 $ —
Schedule of outstanding interest rate derivatives	As of September 30, 2017, we had no outstanding interest rate derivatives. As of December 31, 2016, we had the following outstanding interest rate derivative: Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swap 1 $ 250.0 million
Schedule of Euro:USD forward contracts	We had the following Euro:USD forward contracts at September 30, 2017 and December 31, 2016 (in millions): Asset (Liability) Value as of September 30, December 31, Notional Value Maturity Date 2017 2016 € 50.0 August 11, 2017 $ — $ 15.5 € 50.0 May 15, 2019 (1.6) 3.9 € 50.0 May 15, 2019 (4.0) 1.5 € 50.0 May 15, 2020 (4.3) 1.1 € 50.0 May 14, 2021 (4.4) 0.6
Operating Partnership
Significant Accounting Policies
Schedule of rollforward of nonredeemable noncontrolling interests	For the Three Months Ended For the Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Noncontrolling nonredeemable interests in properties, net — beginning of period $ 4,264 $ 3,853 $ 5,116 $ 3,456 Net income attributable to noncontrolling nonredeemable interests 316 650 1,388 1,989 Distributions to noncontrolling nonredeemable interestholders (800) (640) (2,960) (1,842) Contributions by noncontrolling interests, net, and other 51 421 287 681 Noncontrolling nonredeemable interests in properties, net — end of period $ 3,831 $ 4,284 $ 3,831 $ 4,284
Schedule of changes in components of accumulated other comprehensive income (loss) net of noncontrolling interest	The changes in accumulated other comprehensive income (loss) by component consisted of the following as of September 30, 2017: Net unrealized Currency Accumulated gains on translation derivative marketable adjustments gains, net securities Total Beginning balance $ (181,706) $ 34,956 $ 15,383 $ (131,367) Other comprehensive income (loss) before reclassifications 42,815 (31,396) 6,325 17,744 Amounts reclassified from accumulated other comprehensive income (loss) — 7,238 (21,541) (14,303) Net current-period other comprehensive income (loss) 42,815 (24,158) (15,216) 3,441 Ending balance $ (138,891) $ 10,798 $ 167 $ (127,926)
Schedule of reclassifications out of accumulated other comprehensive income (loss)	2017 2016 Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) net income is presented Currency translation adjustments $ — $ (136,806) Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net $ — $ (136,806) Accumulated derivative gains, net $ (7,238) $ (9,303) Interest expense — 372 Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net $ (7,238) $ (8,931) Realized gains on sales of marketable securities $ 21,541 $ — Other income $ 21,541 $ —

Per Share and Per Unit Data (Ta

Per Share and Per Unit Data (Tables)	9 Months Ended
	Sep. 30, 2017
Per Share And Per Unit Data
Schedule of computation of basic and diluted earnings per share and basic and diluted earnings per unit	For the Three Months Ended For the Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Net Income attributable to Common Stockholders — Basic and Diluted $ 513,783 $ 504,744 $ 1,373,509 $ 1,441,128 Weighted Average Shares Outstanding — Basic and Diluted 310,853,299 314,234,418 311,740,360 312,356,986
Operating Partnership
Per Share And Per Unit Data
Schedule of computation of basic and diluted earnings per share and basic and diluted earnings per unit	For the Three Months Ended For the Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Net Income attributable to Unitholders — Basic and Diluted $ 591,872 $ 581,266 $ 1,581,864 $ 1,668,509 Weighted Average Units Outstanding — Basic and Diluted 358,115,572 361,764,112 359,029,893 361,640,742

Investment in Unconsolidated 19

Investment in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2017
Investment in Unconsolidated Entities
Summary of equity method investments and share of income from such investments, balance sheet	September 30, December 31, 2017 2016 Assets: Investment properties, at cost $ 18,226,008 $ 17,549,078 Less - accumulated depreciation 6,272,006 5,892,960 11,954,002 11,656,118 Cash and cash equivalents 778,455 Tenant receivables and accrued revenue, net 348,139 Deferred costs and other assets 351,098 Total assets $ 13,649,746 $ 13,133,810 Liabilities and Partners’ Deficit: Mortgages $ 14,620,789 $ 14,237,576 Accounts payable, accrued expenses, intangibles, and deferred revenue 964,830 867,003 Other liabilities 373,579 325,078 Total liabilities 15,959,198 15,429,657 Preferred units 67,450 67,450 Partners’ deficit (2,376,902) (2,363,297) Total liabilities and partners’ deficit $ 13,649,746 $ 13,133,810 Our Share of: Partners’ deficit $ (1,060,793) $ (1,018,755) Add: Excess Investment 1,760,964 1,791,691 Our net Investment in unconsolidated entities, at equity $ 700,171 $ 772,936
Summary of equity method investments and share of income from such investments, statements of operations	For The Three For The Nine Months Ended Months Ended September 30, September 30, 2017 2016 2017 2016 REVENUE: Minimum rent $ 466,601 $ 454,315 $ 1,383,361 $ 1,351,429 Overage rent 45,064 141,591 Tenant reimbursements 222,788 645,994 Other income 55,558 169,044 Total revenue 809,143 777,725 2,388,044 2,308,058 OPERATING EXPENSES: Property operating 139,224 401,718 Depreciation and amortization 153,420 434,620 Real estate taxes 60,853 181,790 Repairs and maintenance 17,795 56,029 Advertising and promotion 18,884 62,190 Provision for (recovery of) credit losses (133) 5,441 Other 44,972 133,652 Total operating expenses 441,523 435,015 1,329,983 1,275,440 Operating Income 367,620 342,710 1,058,061 1,032,618 Interest expense (149,704) (444,485) Gain on sale or disposal of assets and interests in unconsolidated entities, net — 40,529 — 101,051 Net Income $ 217,874 $ 233,535 $ 619,668 $ 689,184 Third-Party Investors’ Share of Net Income $ 110,581 $ 118,291 $ 314,531 $ 337,491 Our Share of Net Income 115,244 351,693 Amortization of Excess Investment (21,901) (70,671) Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net — (20,149) — (22,636) Our Share of Gain on Sale or Disposal of Assets and Interests Included in Other Income in the Consolidated Financial Statements — — — (36,153) Income from Unconsolidated Entities $ 84,685 $ 73,194 $ 237,092 $ 222,233

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt
Schedule of fair value of financial instruments and the related discount rate assumptions	September 30, December 31, 2017 2016 Fair value of fixed-rate mortgages and unsecured indebtedness $ 22,645 $ 22,703 Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages 4.12 % 4.12 % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 3.90 % 3.83 %

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties	As of As of September 30, December 31, 2017 2016 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests in properties 161,195 112,225 Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ 186,732 $ 137,762
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 466,405 $28.5 million 2014-2016 LTIP program 120,314 $27.5 million 2015-2017 LTIP program To be determined in 2018 $25.1 million 2016-2018 LTIP program To be determined in 2019 $26.3 million
Reconciliation of carrying amounts of equity	Accumulated Common Other Capital in Stock Preferred Common Comprehensive Excess of Accumulated Held in Noncontrolling Total Stock Stock Income (Loss) Par Value Deficit Treasury interests Equity January 1, 2017 $ 43,405 $ 32 $ (114,126) $ 9,523,086 $ (4,459,387) $ (682,562) $ 649,464 $ 4,959,912 Exchange of limited partner units for common shares 1,605 (1,605) — Treasury stock purchase (396,169) (396,169) LTIP units 28,932 28,932 Purchase and disposition of noncontrolling interests, net and other (246) (2,564) (37,830) 10,421 287 (29,932) Adjustment to limited partners’ interest from change in ownership in the Operating Partnership 75,685 (75,685) — Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests (1,655,307) (251,066) (1,906,373) Distributions to other noncontrolling interest partners (2,960) (2,960) Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and a $2,109 loss attributable to noncontrolling redeemable interests in properties 3,087 1,376,012 210,097 1,589,196 September 30, 2017 $ 43,159 $ 32 $ (111,039) $ 9,597,812 $ (4,776,512) $ (1,068,310) $ 557,464 $ 4,242,606
Operating Partnership
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties	As of As of September 30, December 31, 2017 2016 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests in properties 161,195 112,225 Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ 186,732 $ 137,762
Reconciliation of carrying amounts of equity	Preferred Simon (Managing Limited Noncontrolling Total Units General Partner) Partners interests Equity January 1, 2017 $ 43,405 $ 4,267,043 $ 644,348 $ 5,116 $ 4,959,912 Limited partner units exchanged to units 1,605 (1,605) — Treasury unit purchase (396,169) (396,169) LTIP Units 28,932 28,932 Purchase and disposition of noncontrolling interests, net and other (246) (29,973) 287 (29,932) Adjustment to limited partners’ interest from change in ownership in the Operating Partnership 75,685 (75,685) — Distributions to limited partners, excluding preferred interests classified as temporary equity (2,503) (1,652,804) (251,066) (2,960) (1,909,333) Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and a $2,109 loss attributable to noncontrolling redeemable interests in properties 2,503 1,376,596 208,709 1,388 1,589,196 September 30, 2017 $ 43,159 $ 3,641,983 $ 553,633 $ 3,831 $ 4,242,606

Organization (Details)

Organization (Details)	Sep. 30, 2017statecountryproperty
U.S. and Puerto Rico
Real Estate Properties
Number of properties	208
Number of U.S. states containing property locations | state	37
U.S. and Puerto Rico | Malls
Real Estate Properties
Number of properties	109
U.S. and Puerto Rico | Premium Outlets
Real Estate Properties
Number of properties	68
U.S. and Puerto Rico | The Mills
Real Estate Properties
Number of properties	14
U.S. and Puerto Rico | Community/Lifestyle Centers
Real Estate Properties
Number of properties	4
U.S. and Puerto Rico | Other shopping centers or outlet centers
Real Estate Properties
Number of properties	13
Japan | Premium Outlets
Real Estate Properties
Number of properties	9
South Korea | Premium Outlets
Real Estate Properties
Number of properties	4
Canada | Premium Outlets
Real Estate Properties
Number of properties	2
Canada | Designer Outlets
Real Estate Properties
Number of properties	1
Europe and Canada | Designer Outlets | Consolidated properties
Real Estate Properties
Number of properties	6
Malaysia | Premium Outlets
Real Estate Properties
Number of properties	2
Mexico | Premium Outlets
Real Estate Properties
Number of properties	1
Europe | Klepierre
Real Estate Properties
Ownership percentage	21.00%
Number of countries | country	16
Europe | Designer Outlets
Real Estate Properties
Number of properties	8
Italy | Designer Outlets
Real Estate Properties
Number of properties	2
Netherlands | Designer Outlets
Real Estate Properties
Number of properties	2
Austria | Designer Outlets
Real Estate Properties
Number of properties	1
Germany | Designer Outlets
Real Estate Properties
Number of properties	1
France | Designer Outlets
Real Estate Properties
Number of properties	1
United Kingdom | Designer Outlets
Real Estate Properties
Number of properties	1

Basis of Presentation (Details)

Basis of Presentation (Details) - property	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Real Estate Properties
Total number of joint venture properties	82
Number of joint venture properties managed by the entity	59
Number of International joint venture properties	19
Number of joint venture properties managed by others	23
Ownership interest:
Weighted average ownership in the Operating Partnership (as a percent)	86.80%	86.40%
Ownership interest in the Operating Partnership (as a percent)	86.80%		86.90%
Wholly owned properties
Real Estate Properties
Number of properties	134
Partially owned properties
Real Estate Properties
Number of properties	19

Significant Accounting Polici24

Significant Accounting Policies - Marketable and Non Marketable Securities (Details) - USD ($) $ in Thousands	Jul. 26, 2017	Sep. 30, 2017	Sep. 30, 2017	Dec. 31, 2016
Marketable and Non-Marketable Securities
Net unrealized gains recorded in other comprehensive income (loss)		$ 200	$ 200	$ 15,400
Gain on sale of investment			21,541
Carrying value of investments under the cost method		205,800	205,800	210,500
Available for sale securities
Marketable and Non-Marketable Securities
Marketable Securities		110,900	110,900	$ 156,200
Proceeds received from the sale of investments	$ 53,900
Gain on sale of investment		$ 21,500	$ 21,500
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

Significant Accounting Polici25

Significant Accounting Policies - Fair Value Measurements (Details) - Recurring - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Level 2
Fair Value Measurements
Interest rate swap agreements and foreign currency forward contracts, gross liability balance	$ 15.3
Interest rate swap agreements and foreign currency forward contracts, gross asset balance		$ 43.9
Level 3
Fair Value Measurements
Investments	$ 0

Significant Accounting Polici26

Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Significant Accounting Policies.
Limited partners' interests in the Operating Partnership	$ 553,633		$ 644,348
Nonredeemable noncontrolling interests in properties, net	3,831		5,116
Total noncontrolling interests reflected in equity	$ 557,464	$ 564,444	$ 649,464	$ 697,816	$ 696,286	$ 744,905

Significant Accounting Polici27

Significant Accounting Policies - Rollforward Of Noncontrolling Interest, Simon Group Property, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Noncontrolling interests:
Noncontrolling interests, beginning of period	$ 564,444	$ 696,286	$ 649,464	$ 744,905
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties	78,405	77,172	209,743	229,370
Distributions to noncontrolling interest holders	(86,125)	(79,235)	(254,026)	(239,679)
Other comprehensive (loss) income allocable to noncontrolling interests:
Unrealized loss on derivative hedge agreements	(1,135)	(164)	(4,116)	(1,886)
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(2,555)	418	(1,887)	19,147
Currency translation adjustments	1,712	194	5,511	5,977
Changes in available-for-sale securities and other	895	172	846	1,557
Other comprehensive income (loss)	(1,083)	620	354	24,795
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	(7,350)	(9,433)	(75,685)	(28,398)
Units exchanged for common shares	(252)	(96)	(1,605)	(70,101)
Long-term incentive performance units	9,374	12,081	28,932	36,243
Contributions by noncontrolling interests, net, and other	51	421	287	681
Noncontrolling interests, end of period	$ 557,464	$ 697,816	$ 557,464	$ 697,816

Significant Accounting Polici28

Significant Accounting Policies - Rollforward Of Noncontrolling Interest, Simon Group Property L.P. (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Noncontrolling interests:
Net income attributable to noncontrolling nonredeemable interests	$ 78,405	$ 77,172	$ 209,743	$ 229,370
Distributions to noncontrolling nonredeemable interest holders	(86,125)	(79,235)	(254,026)	(239,679)
Contributions by noncontrolling interests, net, and other	51	421	287	681
Operating Partnership
Noncontrolling interests:
Noncontrolling nonredeemable interests in properties, beginning of period	4,264	3,853	5,116	3,456
Net income attributable to noncontrolling nonredeemable interests	316	650	1,388	1,989
Distributions to noncontrolling nonredeemable interest holders	(800)	(640)	(2,960)	(1,842)
Contributions by noncontrolling interests, net, and other	51	421	287	681
Noncontrolling nonredeemable interests in properties, end of period	$ 3,831	$ 4,284	$ 3,831	$ 4,284

Significant Accounting Polici29

Significant Accounting Policies - AOCI, Simon Property Group, Inc. (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Changes in accumulated other comprehensive income (loss)
Beginning balance	$ 4,310,448
Ending balance	3,685,142
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Beginning balance	(114,126)
Other comprehensive income (loss) before reclassifications	15,502
Amounts reclassified from accumulated other comprehensive income (loss)	(12,415)
Net current-period other comprehensive income (loss)	3,087
Ending balance	(111,039)
Currency translation adjustments
Changes in accumulated other comprehensive income (loss)
Beginning balance	(157,864)
Other comprehensive income (loss) before reclassifications	37,304
Net current-period other comprehensive income (loss)	37,304
Ending balance	(120,560)
Accumulated derivative losses, net
Changes in accumulated other comprehensive income (loss)
Beginning balance	30,374
Other comprehensive income (loss) before reclassifications	(27,280)
Amounts reclassified from accumulated other comprehensive income (loss)	6,283
Net current-period other comprehensive income (loss)	(20,997)
Ending balance	9,377
Net unrealized gains on marketable securities
Changes in accumulated other comprehensive income (loss)
Beginning balance	13,364
Other comprehensive income (loss) before reclassifications	5,478
Amounts reclassified from accumulated other comprehensive income (loss)	(18,698)
Net current-period other comprehensive income (loss)	(13,220)
Ending balance	$ 144

Significant Accounting Polici30

Significant Accounting Policies - Reclassification Out of AOCI, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Significant Accounting Policies
Interest expense	$ (199,032)	$ (214,861)	$ (604,408)	$ (648,048)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		49,561	4,989	76,459
Other income	90,161	54,370	219,796	198,986
Net income attributable to noncontrolling interests	(78,018)	(82,362)	(209,070)	(235,472)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ 513,783	$ 504,744	1,373,509	1,441,128
Currency translation adjustments, including noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net				(136,806)
Currency translation adjustments, attributable to noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests				17,973
Currency translation adjustments | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS				(118,833)
Accumulated derivative losses, net, including noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense			(7,238)	(9,303)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net				372
Accumulated derivative losses, attributable to noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests			955	1,173
Accumulated derivative losses, net | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS			(6,283)	$ (7,758)
Realized gains on sales of marketable securities, including Portion Attributable to Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Other income			21,541
Realized gains on sales of marketable securities, attributable to Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests			(2,843)
Net unrealized gains on marketable securities | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS			$ 18,698

Significant Accounting Polici31

Significant Accounting Policies - AOCI, Simon Property Group L.P. (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Operating Partnership
Changes in accumulated other comprehensive income (loss)
Beginning Balance	$ 4,954,796
Ending balance	4,238,775
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications	15,502
Amounts reclassified from accumulated other comprehensive income (loss)	(12,415)
Net current-period other comprehensive income (loss)	3,087
Accumulated Other Comprehensive Income (Loss) | Operating Partnership
Changes in accumulated other comprehensive income (loss)
Beginning Balance	(131,367)
Other comprehensive income (loss) before reclassifications	17,744
Amounts reclassified from accumulated other comprehensive income (loss)	(14,303)
Net current-period other comprehensive income (loss)	3,441
Ending balance	(127,926)
Currency translation adjustments
Changes in accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications	37,304
Net current-period other comprehensive income (loss)	37,304
Currency translation adjustments | Operating Partnership
Changes in accumulated other comprehensive income (loss)
Beginning Balance	(181,706)
Other comprehensive income (loss) before reclassifications	42,815
Net current-period other comprehensive income (loss)	42,815
Ending balance	(138,891)
Accumulated derivative losses, net
Changes in accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications	(27,280)
Amounts reclassified from accumulated other comprehensive income (loss)	6,283
Net current-period other comprehensive income (loss)	(20,997)
Accumulated derivative losses, net | Operating Partnership
Changes in accumulated other comprehensive income (loss)
Beginning Balance	34,956
Other comprehensive income (loss) before reclassifications	(31,396)
Amounts reclassified from accumulated other comprehensive income (loss)	7,238
Net current-period other comprehensive income (loss)	(24,158)
Ending balance	10,798
Net unrealized gains on marketable securities
Changes in accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications	5,478
Amounts reclassified from accumulated other comprehensive income (loss)	(18,698)
Net current-period other comprehensive income (loss)	(13,220)
Net unrealized gains on marketable securities | Operating Partnership
Changes in accumulated other comprehensive income (loss)
Beginning Balance	15,383
Other comprehensive income (loss) before reclassifications	6,325
Amounts reclassified from accumulated other comprehensive income (loss)	(21,541)
Net current-period other comprehensive income (loss)	(15,216)
Ending balance	$ 167

Significant Accounting Polici32

Significant Accounting Policies - Reclassification Out Of AOCI, Simon Property Group, L.P. (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Significant Accounting Policies
Interest expense	$ (199,032)	$ (214,861)	$ (604,408)	$ (648,048)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		49,561	4,989	76,459
Other Income	90,161	54,370	219,796	198,986
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	513,783	504,744	1,373,509	1,441,128
Operating Partnership
Significant Accounting Policies
Interest expense	(199,032)	(214,861)	(604,408)	(648,048)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		49,561	4,989	76,459
Other Income	90,161	54,370	219,796	198,986
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ 591,872	$ 581,266	1,581,864	1,668,509
Currency translation adjustments | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS				(118,833)
Currency translation adjustments | Operating Partnership | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net				(136,806)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS				(136,806)
Accumulated derivative losses, net | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS			(6,283)	(7,758)
Accumulated derivative losses, net | Operating Partnership | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense			(7,238)	(9,303)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net				372
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS			(7,238)	$ (8,931)
Net unrealized gains on marketable securities | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS			18,698
Net unrealized gains on marketable securities | Operating Partnership | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Other Income			21,541
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS			$ 21,541

Significant Accounting Polici33

Significant Accounting Policies - Derivative Financial Instruments (Details) € in Millions, $ in Millions	Sep. 30, 2017EUR (€)DerivativeInstrumentitem	Sep. 30, 2017USD ($)DerivativeInstrumentitem	Dec. 31, 2016EUR (€)item	Dec. 31, 2016USD ($)item
Derivative Financial Instruments
Number of credit-risk-related hedging or derivative activities | item	0	0
Gross accumulated other comprehensive income related to derivative activities		$ 10.8		$ 35
Interest rate swap | Designated as Hedging Instrument
Derivative Financial Instruments
Number of Instruments	0	0	1	1
Notional Amount				$ 250
Interest rate swap | Deferred costs and other assets | Designated as Hedging Instrument
Derivative Financial Instruments
Interest rate derivative asset, fair value				21.1
USD-Euro currency forward contract | August 11, 2017 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €	€ 50		€ 50
Forward contract net, fair value				15.5
USD-Euro currency forward contract | May 15, 2019 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €	50		50
Forward contract net, fair value		$ (1.6)		3.9
USD-Euro currency forward contract | May 15, 2019 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €	50		50
Forward contract net, fair value		(4)		1.5
USD-Euro currency forward contract | May 15, 2020 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €	50		50
Forward contract net, fair value		(4.3)		1.1
USD-Euro currency forward contract | May 14, 2021 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €	€ 50		€ 50
Forward contract net, fair value		$ (4.4)		$ 0.6

Significant Accounting Polici34

Significant Accounting Policies - New Accounting Pronouncements (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Accounting Standards Update 2014-09 | Maximum
New Accounting Pronouncements
Percentage of revenues impacted by ASU (as a percent)	6.00%	7.00%

Per Share and Per Unit Data (De

Per Share and Per Unit Data (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Per Share And Per Unit Data
Net Income attributable to common stockholders or unitholders	$ 513,783	$ 504,744	$ 1,373,509	$ 1,441,128
Net Income attributable to Common Stockholders — Diluted	$ 513,783	$ 504,744	$ 1,373,509	$ 1,441,128
Weighted Average Shares Outstanding — Basic and Diluted	310,853,299	314,234,418	311,740,360	312,356,986
Operating Partnership
Per Share And Per Unit Data
Net Income attributable to common stockholders or unitholders	$ 591,872	$ 581,266	$ 1,581,864	$ 1,668,509
Net Income attributable to Common Stockholders — Diluted	$ 591,872	$ 581,266	$ 1,581,864	$ 1,668,509
Weighted Average Shares Outstanding — Basic and Diluted	358,115,572	361,764,112	359,029,893	361,640,742

Investments in Unconsolidated E

Investments in Unconsolidated Entities - Real Estate Joint Ventures and Investments (Details) $ in Millions	Sep. 30, 2017USD ($)property	Dec. 31, 2016USD ($)
Investment in Unconsolidated Entities
Total number of joint venture properties | property	82
Construction and other related party loans
Investment in Unconsolidated Entities
Loans to related party | $	$ 83.5	$ 12.3

Investments in Unconsolidated37

Investments in Unconsolidated Entities - Unconsolidated Entity Transactions (Details) $ in Thousands	Sep. 15, 2016USD ($)item	Apr. 14, 2016USD ($)	Sep. 30, 2017USD ($)property	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)property	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Investment in Unconsolidated Entities
Equity investment			$ 2,331,538		$ 2,331,538		$ 2,367,583
Share of net income, net of amortization of our excess investment			$ 116,110	$ 83,374	$ 277,212	$ 258,990
The Shops at Crystals
Investment in Unconsolidated Entities
Ownership interest (as a percent)		50.00%
Acquisition price		$ 1,100,000
HBS
Investment in Unconsolidated Entities
Ownership interest (as a percent)			11.10%		11.10%
Number of properties contributed to form joint venture | property			42		42
Number of Kaufhof properties purchased by the joint venture | property					41
Committed amount to contribute					$ 100,000
Contributions for improvements to properties			$ 52,000		52,000
Contribution to form joint venture					178,500
Share of net income, net of amortization of our excess investment			$ 4,800	$ 4,700	11,300	12,600
Total revenues					265,800	265,200
Total operating income					246,900	175,100
Consolidated net income					$ 176,200	$ 107,000
Aeropostale
Investment in Unconsolidated Entities
Number of joint ventures | item	2
Equity investment	$ 33,100
Aeropostale Retail Operations
Investment in Unconsolidated Entities
Ownership interest (as a percent)	49.05%
Aeropostale Licensing Joint Venture
Investment in Unconsolidated Entities
Ownership interest (as a percent)	28.45%
3.74% fixed-rate mortgage maturing July 2026 | The Shops at Crystals
Investment in Unconsolidated Entities
Debt issued		$ 550,000
Fixed interest rate (as a percent)		3.74%

Investments in Unconsolidated38

Investments in Unconsolidated Entities - European Investments (Details) $ / shares in Units, $ in Thousands, € in Millions	Apr. 21, 2017USD ($)	Apr. 07, 2017USD ($)	Jul. 25, 2016EUR (€)property	Jul. 25, 2016USD ($)property	Jan. 01, 2016USD ($)property	May 31, 2017USD ($)	Sep. 30, 2017USD ($)property$ / sharesshares	Sep. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Sep. 30, 2017USD ($)property$ / sharesshares	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)property
Investment in Unconsolidated Entities
Income from unconsolidated entities							$ 116,110	$ 83,374		$ 277,212	$ 258,990
Cost method investments included in deferred costs and other assets							$ 205,800			205,800		$ 210,500
Klepierre | Disposed by Sales | Shopping centers
Investment in Unconsolidated Entities
Gain (loss) on disposition of interest in properties										$ 5,000
European Joint Venture | Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties | property					6		9			9		7
Number of consolidated properties under step acquisition | property					2
Gain due to acquisition of controlling interest					$ 12,100				$ 12,100
European Joint Venture | Outlet Centers In Italy
Investment in Unconsolidated Entities
Ownership interests acquired (as a percent)			33.00%	33.00%
Number of properties in which additional interest is acquired | property			2	2
Number of consolidated properties under step acquisition | property			2	2
Gain due to acquisition of controlling interest				$ 29,300				29,300
Cash purchase price for acquisition | €			€ 145.5
European Joint Venture | Roermond Designer Outlet
Investment in Unconsolidated Entities
Ownership interest (as a percent)		51.30%
Ownership interests acquired (as a percent)		15.70%
Cash purchase price for acquisition		$ 17,900
European Joint Venture | Outlet Center In Roosendaal
Investment in Unconsolidated Entities
Ownership interests acquired (as a percent)	100.00%
Cash purchase price for acquisition	$ 69,800
Mortgage debt assumed	$ 40,100
European Joint Venture | Outlet Center In Roosendaal | Mortgage Maturing 2024
Investment in Unconsolidated Entities
Debt issued to refinance previous mortgage						$ 69,000
European Joint Venture | Outlet Center In Roosendaal | Mortgage Maturing 2024 | EURIBOR
Investment in Unconsolidated Entities
Interest added to reference rate (as a percent)						1.85%
European Joint Venture | Minimum | Designer Outlet properties
Investment in Unconsolidated Entities
Ownership interest (as a percent)							45.00%			45.00%
European Joint Venture | Maximum | Designer Outlet properties
Investment in Unconsolidated Entities
Ownership interest (as a percent)							94.00%			94.00%
European Property Management and Development | Designer Outlet properties
Investment in Unconsolidated Entities
Ownership interest (as a percent)							50.00%			50.00%
Europe | Klepierre
Investment in Unconsolidated Entities
Shares owned | shares							63,924,148			63,924,148
Ownership interest (as a percent)							21.00%			21.00%
Quoted market price per share (in dollars per share) | $ / shares							$ 39.24			$ 39.24
Income from unconsolidated entities							$ 14,100	$ 5,500		$ 37,200	24,100
Total revenues										1,100,000	1,100,000
Total operating income										406,300	324,500
Consolidated net income										$ 298,300	$ 157,700
Europe | Value Retail PLC
Investment in Unconsolidated Entities
Number of outlets in which the entity has a minority direct ownership | property							3			3
Number of luxury outlets owned and operated | property							9			9
Cost method investments included in deferred costs and other assets							$ 140,800			$ 140,800		$ 140,800

Investments in Unconsolidated39

Investments in Unconsolidated Entities - Asian Joint Ventures (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Investment in Unconsolidated Entities
Equity investment	$ 2,331,538	$ 2,367,583
Japan | Mitsubishi Estate Co., Ltd. | Premium Outlets
Investment in Unconsolidated Entities
Ownership percentage	40.00%
Equity investment	$ 230,300	227,500
South Korea | Shinsegae International Co | Premium Outlets
Investment in Unconsolidated Entities
Ownership percentage	50.00%
Equity investment	$ 143,100	$ 130,900

Investments in Unconsolidated40

Investments in Unconsolidated Entities - Balance Sheets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Our Share of:
Investment in unconsolidated entities, at equity	$ 2,331,538	$ 2,367,583
Unconsolidated properties | Maximum
Our Share of:
Estimated life of investment property	40 years
Equity Method Investees excluding Klepierre, Aeropostale and HBS | Unconsolidated properties
Assets:
Investment properties, at cost	$ 18,226,008	17,549,078
Less - accumulated depreciation	6,272,006	5,892,960
Investment properties at cost, net	11,954,002	11,656,118
Cash and cash equivalents	909,216	778,455
Tenant receivables and accrued revenue, net	381,779	348,139
Deferred costs and other assets	404,749	351,098
Total assets	13,649,746	13,133,810
Liabilities and Partners' Deficit:
Mortgages	14,620,789	14,237,576
Accounts payable, accrued expenses, intangibles, and deferred revenues	964,830	867,003
Other liabilities	373,579	325,078
Total liabilities	15,959,198	15,429,657
Preferred units	67,450	67,450
Partners' deficit	(2,376,902)	(2,363,297)
Total liabilities and equity	13,649,746	13,133,810
Our Share of:
Partners' deficit	(1,060,793)	(1,018,755)
Add: Excess Investment	1,760,964	1,791,691
Investment in unconsolidated entities, at equity	$ 700,171	$ 772,936

Investments in Unconsolidated41

Investments in Unconsolidated Entities - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
OPERATING EXPENSES:
Income from Unconsolidated Entities	$ 116,110	$ 83,374	$ 277,212	$ 258,990
Equity Method Investees excluding Klepierre, Aeropostale and HBS | Unconsolidated properties
REVENUE:
Minimum rent	466,601	454,315	1,383,361	1,351,429
Overage rent	52,560	45,064	150,376	141,591
Tenant reimbursements	215,774	222,788	644,020	645,994
Other income	74,208	55,558	210,287	169,044
Total revenue	809,143	777,725	2,388,044	2,308,058
OPERATING EXPENSES:
Property operating	145,288	139,224	410,301	401,718
Depreciation and amortization	156,682	153,420	469,884	434,620
Real estate taxes	54,668	60,853	185,228	181,790
Repairs and maintenance	18,811	17,795	59,512	56,029
Advertising and promotion	19,837	18,884	63,871	62,190
Provision for (recovery of) credit losses	1,063	(133)	7,629	5,441
Other	45,174	44,972	133,558	133,652
Total operating expenses	441,523	435,015	1,329,983	1,275,440
Operating Income	367,620	342,710	1,058,061	1,032,618
Interest expense	(149,746)	(149,704)	(438,393)	(444,485)
Gain on sale or disposal of assets and interests in unconsolidated entities, net		40,529		101,051
Net Income	217,874	233,535	619,668	689,184
Third-Party Investors’ Share of Net Income	110,581	118,291	314,531	337,491
Our Share of Net Income	107,293	115,244	305,137	351,693
Amortization of Excess Investment	(22,608)	(21,901)	(68,045)	(70,671)
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		(20,149)		(22,636)
Our Share of Gain on Sale or Disposal of Assets and Interests Included in Other Income in the Consolidated Financial Statements				(36,153)
Income from Unconsolidated Entities	$ 84,685	$ 73,194	$ 237,092	$ 222,233

Debt (Details)

Debt (Details) $ in Thousands	Mar. 17, 2017USD ($)	Mar. 16, 2017	Jun. 30, 2017USD ($)	Sep. 30, 2017USD ($)itemproperty	Dec. 31, 2016USD ($)	Jun. 01, 2017USD ($)	Apr. 21, 2017USD ($)
Debt
Total Mortgages and Unsecured Indebtedness				$ 23,410,357	$ 22,977,104
Loss on extinguishment of debt				128,618
Operating Partnership
Debt
Total Mortgages and Unsecured Indebtedness				23,410,357	$ 22,977,104
Loss on extinguishment of debt				128,618
Senior Unsecured Note 2.15% | Operating Partnership
Debt
Amount of debt redeemed				$ 600,000
Interest rate on debt (as a percent)				2.15%
Senior Unsecured Note 5.65% | Operating Partnership
Debt
Amount of debt redeemed				$ 1,250,000
Interest rate on debt (as a percent)				5.65%
Loss on extinguishment of debt			$ 128,600
European Joint Venture | Outlet Center In Roosendaal
Debt
Mortgage debt assumed							$ 40,100
Unsecured Debt | Weighted average
Fair Value of Debt
Discount rates assumed in calculation of fair value for debt (as a percent)				3.90%	3.83%
Unsecured Debt | Senior unsecured notes | Operating Partnership
Debt
Total Mortgages and Unsecured Indebtedness				$ 15,100,000
Unsecured Debt | Senior Unsecured Notes 2.63% due 2022 | Operating Partnership
Debt
Debt issued						$ 600,000
Interest rate on debt (as a percent)						2.63%
Unsecured Debt | Senior Unsecured Notes 3.38% due 2027 | Operating Partnership
Debt
Debt issued						$ 750,000
Interest rate on debt (as a percent)						3.38%
Unsecured Debt | Credit Facility and the Supplemental Facility
Debt
Available borrowing capacity				5,900,000
Maximum amount outstanding during period				960,900
Credit facility, weighted average amount outstanding				457,100
Letters of credit outstanding				19,900
Unsecured Debt | Credit Facility | Operating Partnership
Debt
Credit facility, amount outstanding				235,000
Maximum borrowing capacity				4,000,000
Unsecured Debt | Credit Facility | Operating Partnership | Yen
Debt
Credit facility, amount outstanding				197,900
Unsecured Debt | Credit Facility | LIBOR | Operating Partnership
Debt
Interest added to reference rate (as a percent)		0.80%
Unsecured Debt | Supplemental Facility | Operating Partnership
Debt
Credit facility, amount outstanding				322,900
Maximum borrowing capacity	$ 3,500,000			3,500,000
Optional expanded maximum borrowing capacity	$ 4,250,000
Additional facility fee (as a percent)	0.10%
Unsecured Debt | Supplemental Facility | LIBOR | Operating Partnership
Debt
Interest added to reference rate (as a percent)	0.80%
Unsecured Debt | Amended Credit Facility | Operating Partnership
Debt
Optional expanded maximum borrowing capacity	$ 5,000,000
Additional facility fee (as a percent)	0.10%
Unsecured Debt | Amended Credit Facility | Maximum | Operating Partnership
Debt
Percentage of borrowings in currencies other than the U.S. dollar	95.00%
Unsecured Debt | Amended Credit Facility | LIBOR | Operating Partnership
Debt
Interest added to reference rate (as a percent)	0.775%
Unsecured Debt | Commercial Paper | Operating Partnership
Debt
Credit facility, amount outstanding				995,100
Maximum borrowing capacity				$ 1,000,000
Unsecured Debt | Commercial Paper | Operating Partnership | USD
Debt
Weighted average interest rate (as a percent)				1.26%
Secured Debt | Mortgages
Debt
Total Mortgages and Unsecured Indebtedness				$ 6,900,000	$ 6,500,000
Debt covenants
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers | item				47
Number of properties pledged as collateral | property				50
Number of cross-defaulted and cross-collateralized mortgage pools | item				2
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages | property				5
Fixed rate mortgages | Weighted average
Fair Value of Debt
Discount rates assumed in calculation of fair value for debt (as a percent)				4.12%	4.12%
Book value | Fixed rate mortgages and unsecured indebtedness
Fair Value of Debt
Fair value of fixed-rate mortgages and unsecured indebtedness				$ 22,000,000	$ 22,100,000
Fair value | Fixed rate mortgages and unsecured indebtedness
Fair Value of Debt
Fair value of fixed-rate mortgages and unsecured indebtedness				$ 22,645,000	$ 22,703,000

Equity - Shares or Units Activi

Equity - Shares or Units Activity (Details) $ / shares in Units, $ in Billions	Feb. 13, 2017	Sep. 30, 2017item$ / sharesshares	Sep. 30, 2016shares	Apr. 02, 2015USD ($)
Equity
Stock repurchase program, extension period	2 years
Shares repurchased (in shares)		2,399,051	0
Average share price repurchased (in dollars per share) | $ / shares		$ 165.14
Limited Partners
Equity
Exchange of limited partner units, (in shares)		124,851
Number of limited partners who received common stock | item		14
Maximum
Equity
Common stock authorized for repurchase | $				$ 2

Equity - Temporary Equity (Deta

Equity - Temporary Equity (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Redeemable preferred stock
Preferred stock stated dividend rate percentage	8.375%	8.375%
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 186,732	$ 137,762
Operating Partnership
Redeemable preferred stock
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	186,732	137,762
7.5% Cumulative Redeemable Preferred Units
Redeemable preferred stock
Noncontrolling interests redeemable at amounts in excess of fair value	$ 0	$ 0
Preferred stock stated dividend rate percentage	7.50%	7.50%
Temporary equity, shares authorized	260,000	260,000
Temporary equity, shares issued	255,373	255,373
Temporary equity, shares outstanding	255,373	255,373
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 25,537	$ 25,537
7.5% Cumulative Redeemable Preferred Units | Operating Partnership
Redeemable preferred stock
Preferred stock stated dividend rate percentage	7.50%	7.50%
Temporary equity, shares authorized	260,000	260,000
Temporary equity, shares issued	255,373	255,373
Temporary equity, shares outstanding	255,373	255,373
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 25,537	$ 25,537
Other noncontrolling redeemable interest
Redeemable preferred stock
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	161,195	112,225
Other noncontrolling redeemable interest | Operating Partnership
Redeemable preferred stock
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 161,195	$ 112,225

Equity - Stock Based Compensati

Equity - Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	May 10, 2017	Jul. 06, 2011	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2013
Restricted stock
Stock-based incentive plan awards
Compensation expense, net of capitalization			$ 7,600	$ 6,600
Restricted stock | Employees
Stock-based incentive plan awards
Vesting period			3 years
Awards earned (in units)			69,269
Weighted average fair value of shares granted during the period (in dollars per share)			$ 171.89
Restricted stock | Non-employee Directors
Stock-based incentive plan awards
Vesting period	1 year
Awards earned (in units)	7,864
Weighted average fair value of shares granted during the period (in dollars per share)	$ 165.65
LTIP Retention Award to Chairman and CEO
Stock-based incentive plan awards
Awards earned (in units)		1,000,000
Grant Date Fair Value		$ 120,300
Service period		8 years
LTIP Retention Award to Chairman and CEO | A Units
Stock-based incentive plan awards
Awards earned (in units)						360,000
LTIP Retention Award to Chairman and CEO | A Units | Maximum
Stock-based incentive plan awards
Shares reserved for issuance (in shares)							360,000
LTIP Retention Award to Chairman and CEO | B Units
Stock-based incentive plan awards
Awards earned (in units)					360,000
LTIP Retention Award to Chairman and CEO | B Units | Maximum
Stock-based incentive plan awards
Shares reserved for issuance (in shares)							360,000
LTIP Retention Award to Chairman and CEO | C Units | Maximum
Stock-based incentive plan awards
Shares reserved for issuance (in shares)							280,000
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			$ 9,700	$ 19,500
One-year 2010 LTIP Program | LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units)			133,673
Performance period			1 year
Grant Date Fair Value			$ 7,200
Two-year 2010 LTIP Program | LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units)			337,006
Performance period			2 years
Grant Date Fair Value			$ 14,800
Three-year 2010 LTIP Program | LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units)			489,654
Performance period			3 years
Grant Date Fair Value			$ 23,000
2011-2013 LTIP Program | LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units)			469,848
Grant Date Fair Value			$ 35,000
2012-2014 LTIP Program | LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units)			401,203
Grant Date Fair Value			$ 35,000
2013-2015 LTIP program | LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units)			466,405
Grant Date Fair Value			$ 28,500
2014-2016 LTIP program | LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units)			120,314
Grant Date Fair Value			$ 27,500
2015-2017 LTIP program | LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value			25,100
2016-2018 LTIP program | LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value			$ 26,300

Equity - Changes in Equity, Sim

Equity - Changes in Equity, Simon Property Group, Inc. (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Increase (Decrease) in Stockholders' Equity
Balance	$ 4,959,912
Treasury stock purchase	(396,169)
LTIP Units	28,932
Purchase and disposition of noncontrolling interests, net and other	(29,932)
Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests	(1,906,373)
Distributions to noncontrolling other interest holders	(2,960)
Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and a $2,109 loss attributable to noncontrolling redeemable interests in properties	1,589,196
Balance	4,242,606
Comprehensive income attributable to preferred interests	1,436
Comprehensive loss attributable to noncontrolling redeemable interests in properties	2,109
Preferred Stock
Increase (Decrease) in Stockholders' Equity
Balance	43,405
Purchase and disposition of noncontrolling interests, net and other	(246)
Balance	43,159
Common Stock
Increase (Decrease) in Stockholders' Equity
Balance	32
Balance	32
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity
Balance	(114,126)
Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and a $2,109 loss attributable to noncontrolling redeemable interests in properties	3,087
Balance	(111,039)
Capital in Excess of Par Value
Increase (Decrease) in Stockholders' Equity
Balance	9,523,086
Exchange of limited partner units for common shares	1,605
Purchase and disposition of noncontrolling interests, net and other	(2,564)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	75,685
Balance	9,597,812
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity
Balance	(4,459,387)
Purchase and disposition of noncontrolling interests, net and other	(37,830)
Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests	(1,655,307)
Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and a $2,109 loss attributable to noncontrolling redeemable interests in properties	1,376,012
Balance	(4,776,512)
Common Stock Held in Treasury
Increase (Decrease) in Stockholders' Equity
Balance	(682,562)
Treasury stock purchase	(396,169)
Purchase and disposition of noncontrolling interests, net and other	10,421
Balance	(1,068,310)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity
Balance	649,464
Exchange of limited partner units for common shares	(1,605)
LTIP Units	28,932
Purchase and disposition of noncontrolling interests, net and other	287
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	(75,685)
Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests	(251,066)
Distributions to noncontrolling other interest holders	(2,960)
Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and a $2,109 loss attributable to noncontrolling redeemable interests in properties	210,097
Balance	$ 557,464

Equity - Changes in Equity, S47

Equity - Changes in Equity, Simon Property Group, L.P. (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Increase (Decrease) in Stockholders' Equity
LTIP Units	$ 28,932
Purchase and disposition of noncontrolling interests, net and other	(29,932)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(1,906,373)
Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and a $2,109 loss attributable to noncontrolling redeemable interests in properties	1,589,196
Comprehensive income attributable to preferred interests	1,436
Comprehensive loss attributable to noncontrolling redeemable interests in properties	2,109
Operating Partnership
Increase (Decrease) in Stockholders' Equity
Balance	4,959,912
Treasury unit purchase	(396,169)
LTIP Units	28,932
Purchase and disposition of noncontrolling interests, net and other	(29,932)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(1,909,333)
Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and a $2,109 loss attributable to noncontrolling redeemable interests in properties	1,589,196
Balance	4,242,606
Comprehensive income attributable to preferred interests	1,436
Comprehensive loss attributable to noncontrolling redeemable interests in properties	2,109
Operating Partnership | Preferred Stock
Increase (Decrease) in Stockholders' Equity
Balance	43,405
Purchase and disposition of noncontrolling interests, net and other	(246)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(2,503)
Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and a $2,109 loss attributable to noncontrolling redeemable interests in properties	2,503
Balance	43,159
Operating Partnership | Simon (Managing General Partner)
Increase (Decrease) in Stockholders' Equity
Balance	4,267,043
Limited partner units exchanged to units	1,605
Treasury unit purchase	(396,169)
Purchase and disposition of noncontrolling interests, net and other	(29,973)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	75,685
Distributions to limited partners, excluding preferred interests classified as temporary equity	(1,652,804)
Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and a $2,109 loss attributable to noncontrolling redeemable interests in properties	1,376,596
Balance	3,641,983
Operating Partnership | Limited Partners
Increase (Decrease) in Stockholders' Equity
Balance	644,348
Limited partner units exchanged to units	(1,605)
LTIP Units	28,932
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	(75,685)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(251,066)
Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and a $2,109 loss attributable to noncontrolling redeemable interests in properties	208,709
Balance	553,633
Operating Partnership | Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity
Balance	5,116
Purchase and disposition of noncontrolling interests, net and other	287
Distributions to limited partners, excluding preferred interests classified as temporary equity	(2,960)
Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and a $2,109 loss attributable to noncontrolling redeemable interests in properties	1,388
Balance	$ 3,831

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 Contingencies49

Commitments and Contingencies - Guarantees of Indebtedness (Details) - Joint Venture Mortgage and Indebtedness - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Guarantees of Joint Venture Indebtedness:
Loan guarantee	$ 192.3	$ 400.5
Loan guarantees recoverable	$ 10.8

Commitments and Contingencies50

Commitments and Contingencies - Concentration of Credit Risk (Details)	9 Months Ended
	Sep. 30, 2017
Consolidated revenues | Concentration of credit risk | Maximum
Concentration of Credit Risk
Percentage of consolidated revenues from a single customer or tenant	5.00%

Commitments and Contingencies51

Commitments and Contingencies - Hurricane Impacts (Details) - Loss from Catastrophes $ in Millions	3 Months Ended
	Sep. 30, 2017USD ($)property
PUERTO RICO | Wholly owned properties
Hurricane Impact
Number of properties significantly damaged | property	2
Impact related to property damages	$ 1
FLORIDA
Hurricane Impact
Impact related to property damages	$ 1

Real Estate Acquisitions and 52

Real Estate Acquisitions and Dispositions (Details) € in Millions, $ in Millions

Apr. 21, 2017USD ($)

Jul. 25, 2016EUR (€)property

Jul. 25, 2016USD ($)property

Jan. 01, 2016USD ($)property

May 31, 2017USD ($)

Feb. 29, 2016USD ($)

Sep. 30, 2016USD ($)

Mar. 31, 2016USD ($)

Sep. 30, 2017USD ($)property

Sep. 30, 2016USD ($)property

Dec. 31, 2016property

Apr. 14, 2016

Residential and Retail Properties | Disposed by Sales

Dispositions

Proceeds from sale or disposal of real estate assets

$ 81.8

Shopping centers | Disposed by Sales | Klepierre

Dispositions

Gain (loss) on disposition of interest in properties

$ 5

The Shops at Crystals

Acquisitions

Ownership interests acquired (as a percent)

50.00%

Designer Outlet properties | European Joint Venture

Acquisitions

Number of consolidated properties under step acquisition | property

2

Number of properties | property

6

9

7

Non-cash gain on step acquisition

$ 12.1

$ 12.1

Outlet Center In Ochtrup | European Joint Venture

Acquisitions

Ownership interest (as a percent)

75.00%

Payments to acquire equity method investment

$ 38.3

Outlet Centers In Italy | European Joint Venture

Acquisitions

Ownership interests acquired (as a percent)

33.00%

33.00%

Number of properties in which additional interest is acquired | property

2

2

Number of consolidated properties under step acquisition | property

2

2

Non-cash gain on step acquisition

$ 29.3

$ 29.3

Cash purchase price for acquisition | €

€ 145.5

Outlet Center In Roosendaal | European Joint Venture

Acquisitions

Ownership interests acquired (as a percent)

100.00%

Cash purchase price for acquisition

$ 69.8

Mortgage debt assumed

$ 40.1

Outlet Center In Roosendaal | European Joint Venture | Mortgage Maturing 2024

Acquisitions

Debt issued to refinance previous mortgage

$ 69

Outlet Center In Roosendaal | European Joint Venture | Mortgage Maturing 2024 | EURIBOR

Acquisitions

Interest added to reference rate (as a percent)

1.85%

Unconsolidated properties | Residential properties | Disposed by Sales

Dispositions

Number of properties disposed of during the period | property

2

Unconsolidated properties | Residential properties | Disposed by Sales | Other income.

Dispositions

Gain (loss) on disposition of interest in properties

$ 36.2

Unconsolidated properties | Residential properties | Disposed by Sales | Income and other taxes

Dispositions

Gain from sale of properties, tax effect

7.2

Unconsolidated properties | Retail properties | Disposed by Sales

Dispositions

Gain (loss) on disposition of interest in properties

$ 22.6

Number of properties disposed of during the period | property

4

Consolidated properties | Retail properties | Disposed by Sales

Dispositions

Gain (loss) on disposition of interest in properties

$ 12.4

Number of properties disposed of during the period | property

3