Simon Property 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Document Information
Entity Registrant Name	SIMON PROPERTY GROUP, INC.
Entity Central Index Key	0001063761
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2020
Entity File Number	001-14469
Entity Tax Identification Number	04-6268599
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	225 West Washington Street
Entity Address, City or Town	Indianapolis
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46204
City Area Code	317
Local Phone Number	636-1600
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Common stock
Document Information
Title of 12(b) Security	Common stock, $0.0001 par value
Trading Symbol	SPG
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding | shares	305,887,220
Entity Listing, Par Value Per Share | $ / shares	$ 0.0001
Class B common stock
Document Information
Entity Common Stock, Shares Outstanding | shares	8,000
Entity Listing, Par Value Per Share | $ / shares	$ 0.0001
Series J Preferred stock
Document Information
Title of 12(b) Security	83/8% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value
Trading Symbol	SPGJ
Security Exchange Name	NYSE
Simon Property Group, L.P.
Document Information
Entity Registrant Name	SIMON PROPERTY GROUP, L.P.
Entity Central Index Key	0001022344
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2020
Entity File Number	001-36110
Entity Tax Identification Number	34-1755769
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	225 West Washington Street
Entity Address, City or Town	Indianapolis
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46204
City Area Code	317
Local Phone Number	636-1600
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Simon Property Group, L.P. | Senior Unsecured 2.375% due 2020
Document Information
Title of 12(b) Security	2.375% Senior Unsecured Notes due 2020
Trading Symbol	SPG/20
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
ASSETS:
Investment properties, at cost	$ 37,972,093	$ 37,804,495
Less - accumulated depreciation	14,389,809	13,905,776
Investment properties, at cost, net	23,582,284	23,898,719
Cash and cash equivalents	3,306,100	669,373
Tenant receivables and accrued revenue, net	1,457,695	832,151
Investment in unconsolidated entities, at equity	2,385,946	2,371,053
Investment in Klepierre, at equity	1,644,020	1,731,649
Right-of-use assets, net	517,061	514,660
Deferred costs and other assets	1,133,064	1,214,025
Total assets	34,026,170	31,231,630
LIABILITIES:
Mortgages and unsecured indebtedness	27,268,883	24,163,230
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,216,831	1,390,682
Cash distributions and losses in unconsolidated entities, at equity	1,576,679	1,566,294
Dividend payable	458,150
Lease liabilities	519,416	516,809
Other liabilities	463,380	464,304
Total liabilities	31,503,339	28,101,319
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	187,392	219,061
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 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847	42,256	42,420
Capital in excess of par value	9,763,059	9,756,073
Accumulated deficit	(5,703,183)	(5,379,952)
Accumulated other comprehensive loss	(155,126)	(118,604)
Common stock held in treasury, at cost, 14,667,884 and 13,574,296 shares, respectively	(1,917,698)	(1,773,571)
Total stockholders' equity	2,029,340	2,526,398
Noncontrolling interests	306,099	384,852
Total equity	2,335,439	2,911,250
Total liabilities and equity	34,026,170	31,231,630
Simon Property Group, L.P.
ASSETS:
Investment properties, at cost	37,972,093	37,804,495
Less - accumulated depreciation	14,389,809	13,905,776
Investment properties, at cost, net	23,582,284	23,898,719
Cash and cash equivalents	3,306,100	669,373
Tenant receivables and accrued revenue, net	1,457,695	832,151
Investment in unconsolidated entities, at equity	2,385,946	2,371,053
Investment in Klepierre, at equity	1,644,020	1,731,649
Right-of-use assets, net	517,061	514,660
Deferred costs and other assets	1,133,064	1,214,025
Total assets	34,026,170	31,231,630
LIABILITIES:
Mortgages and unsecured indebtedness	27,268,883	24,163,230
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,216,831	1,390,682
Cash distributions and losses in unconsolidated entities, at equity	1,576,679	1,566,294
Dividend payable	458,150
Lease liabilities	519,416	516,809
Other liabilities	463,380	464,304
Total liabilities	31,503,339	28,101,319
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	187,392	219,061
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	42,256	42,420
General Partner, 305,895,220 and 306,868,960 units outstanding, respectively	1,987,084	2,483,978
Limited Partners, 46,529,247 and 46,740,117 units outstanding, respectively	302,242	378,339
Total partners' equity	2,331,582	2,904,737
Nonredeemable noncontrolling interests in properties, net	3,857	6,513
Total equity	2,335,439	2,911,250
Total liabilities and equity	34,026,170	31,231,630
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

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
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
Common stock held in treasury, shares	14,667,884	13,574,296
Series J Preferred stock
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
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	320,555,104	320,435,256
Common stock, shares outstanding	320,555,104	320,435,256
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
Simon Property Group, L.P.
Preferred units, units outstanding	796,948	796,948
Preferred units, Liquidation value (in dollars)	$ 39,847	$ 39,847
General Partner, units outstanding	305,895,220	306,868,960
Limited Partners, units outstanding	46,527,983	46,740,117

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUE:
Lease income	$ 1,013,510	$ 1,298,567	$ 2,275,742	$ 2,578,623
Management fees and other revenues	21,035	28,248	50,201	55,792
Other income	27,496	70,371	89,458	215,604
Total revenue	1,062,041	1,397,186	2,415,401	2,850,019
EXPENSES:
Property operating	70,620	106,119	176,243	217,669
Depreciation and amortization	324,140	352,606	652,402	681,249
Real estate taxes	117,221	115,914	234,764	231,372
Repairs and maintenance	14,080	21,850	38,511	49,772
Advertising and promotion	12,689	35,420	46,216	72,545
Home and regional office costs	36,090	46,467	90,460	99,027
General and administrative	7,296	10,359	14,190	19,496
Other	29,037	27,820	56,878	53,236
Total operating expenses	611,173	716,555	1,309,664	1,424,366
OPERATING INCOME BEFORE OTHER ITEMS	450,868	680,631	1,105,737	1,425,653
Interest expense	(197,061)	(198,425)	(384,688)	(397,160)
Income and other tax benefit (expense)	62	(7,010)	5,845	(17,112)
Income from unconsolidated entities	44,322	106,542	94,787	196,986
Unrealized gains (losses) in fair value of equity instruments	202	(12,317)	(18,846)	(7,000)
(Loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(7,845)	2,681	(6,883)	2,681
CONSOLIDATED NET INCOME	290,548	572,102	795,952	1,204,048
Net (loss) income attributable to noncontrolling interests	35,501	75,944	102,465	158,580
Preferred dividends	834	834	1,669	1,669
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 254,213	$ 495,324	$ 691,818	$ 1,043,799
BASIC AND DILUTED EARNINGS PER COMMON SHARE OR UNIT:
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 0.83	$ 1.60	$ 2.26	$ 3.38
Consolidated Net Income	$ 290,548	$ 572,102	$ 795,952	$ 1,204,048
Unrealized (loss) gain on derivative hedging activities	(24,332)	(7,022)	(1,859)	2,320
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(478)	1,086	(958)	2,174
Currency translation adjustments	(15,904)	(3,623)	(39,508)	(8,368)
Changes in available-for-sale securities and other	(552)	539	272	683
Comprehensive income	249,282	563,082	753,899	1,200,857
Comprehensive income attributable to noncontrolling interests	30,060	74,704	96,935	158,116
Comprehensive income attributable to common stockholders or unitholders	219,222	488,378	656,964	1,042,741
Simon Property Group, L.P.
REVENUE:
Lease income	1,013,510	1,298,567	2,275,742	2,578,623
Management fees and other revenues	21,035	28,248	50,201	55,792
Other income	27,496	70,371	89,458	215,604
Total revenue	1,062,041	1,397,186	2,415,401	2,850,019
EXPENSES:
Property operating	70,620	106,119	176,243	217,669
Depreciation and amortization	324,140	352,606	652,402	681,249
Real estate taxes	117,221	115,914	234,764	231,372
Repairs and maintenance	14,080	21,850	38,511	49,772
Advertising and promotion	12,689	35,420	46,216	72,545
Home and regional office costs	36,090	46,467	90,460	99,027
General and administrative	7,296	10,359	14,190	19,496
Other	29,037	27,820	56,878	53,236
Total operating expenses	611,173	716,555	1,309,664	1,424,366
OPERATING INCOME BEFORE OTHER ITEMS	450,868	680,631	1,105,737	1,425,653
Interest expense	(197,061)	(198,425)	(384,688)	(397,160)
Income and other tax benefit (expense)	62	(7,010)	5,845	(17,112)
Income from unconsolidated entities	44,322	106,542	94,787	196,986
Unrealized gains (losses) in fair value of equity instruments	202	(12,317)	(18,846)	(7,000)
(Loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(7,845)	2,681	(6,883)	2,681
CONSOLIDATED NET INCOME	290,548	572,102	795,952	1,204,048
Net (loss) income attributable to noncontrolling interests	(3,628)	400	(3,799)	(518)
Preferred dividends	1,313	1,313	2,626	2,626
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	292,863	570,389	797,125	1,201,940
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	254,213	495,324	691,818	1,043,799
Limited Partners	$ 38,650	$ 75,065	$ 105,307	$ 158,141
BASIC AND DILUTED EARNINGS PER COMMON SHARE OR UNIT:
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 0.83	$ 1.60	$ 2.26	$ 3.38
Consolidated Net Income	$ 290,548	$ 572,102	$ 795,952	$ 1,204,048
Unrealized (loss) gain on derivative hedging activities	(24,332)	(7,022)	(1,859)	2,320
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(478)	1,086	(958)	2,174
Currency translation adjustments	(15,904)	(3,623)	(39,508)	(8,368)
Changes in available-for-sale securities and other	(552)	539	272	683
Comprehensive income	249,282	563,082	753,899	1,200,857
Comprehensive income attributable to noncontrolling interests	293	427	729	575
Comprehensive income attributable to common stockholders or unitholders	$ 248,989	$ 562,655	$ 753,170	$ 1,200,282

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 795,952	$ 1,204,048
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	677,676	711,748
Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	6,883	(2,681)
Unrealized losses in fair value of equity instruments	18,846	7,000
Straight-line lease income	(3,525)	(32,359)
Equity in income of unconsolidated entities	(94,787)	(196,986)
Distributions of income from unconsolidated entities	120,643	222,565
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	(623,761)	47,967
Deferred costs and other assets	594	33,805
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	(84,209)	(107,540)
Net cash provided by operating activities	814,312	1,887,567
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(107,797)
Funding of loans to related parties	(6,393)
Capital expenditures, net	(337,467)	(403,346)
Investments in unconsolidated entities	(63,480)	(23,949)
Purchase of equity instruments	(24,923)	(20,850)
Proceeds from sales of equity instruments	30,000
Insurance proceeds for property restoration	1,058	2,938
Distributions of capital from unconsolidated entities and other	160,444	143,482
Net cash used in investing activities	(348,558)	(301,725)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other, net of transaction costs	(164)	(164)
Purchase of shares related to stock grant recipients' tax withholdings	(854)	(2,955)
Redemption of limited partner units	(16,067)	(135)
Purchase of treasury stock	(152,589)	(181,258)
Distributions to noncontrolling interest holders in properties	(4,108)	(3,839)
Contributions from noncontrolling interest holders in properties	28	70
Preferred distributions of the Operating Partnership	(957)	(957)
Distributions to stockholders and preferred dividends	(646,094)	(1,267,908)
Distributions to limited partners	(98,123)	(191,987)
Proceeds from issuance of debt, net of transaction costs	7,954,893	5,022,602
Repayments of debt	(4,864,992)	(4,993,870)
Net cash provided by (used in) financing activities	2,170,973	(1,620,401)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	2,636,727	(34,559)
CASH AND CASH EQUIVALENTS, beginning of period	669,373	514,335
CASH AND CASH EQUIVALENTS, end of period	3,306,100	479,776
Simon Property Group, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	795,952	1,204,048
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	677,676	711,748
Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	6,883	(2,681)
Unrealized losses in fair value of equity instruments	18,846	7,000
Straight-line lease income	(3,525)	(32,359)
Equity in income of unconsolidated entities	(94,787)	(196,986)
Distributions of income from unconsolidated entities	120,643	222,565
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	(623,761)	47,967
Deferred costs and other assets	594	33,805
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	(84,209)	(107,540)
Net cash provided by operating activities	814,312	1,887,567
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(107,797)
Funding of loans to related parties	(6,393)
Capital expenditures, net	(337,467)	(403,346)
Investments in unconsolidated entities	(63,480)	(23,949)
Purchase of equity instruments	(24,923)	(20,850)
Proceeds from sales of equity instruments	30,000
Insurance proceeds for property restoration	1,058	2,938
Distributions of capital from unconsolidated entities and other	160,444	143,482
Net cash used in investing activities	(348,558)	(301,725)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other, net of transaction costs	(164)	(164)
Purchase of shares related to stock grant recipients' tax withholdings	(854)	(2,955)
Redemption of limited partner units	(16,067)	(135)
Purchase of general partner units	(152,589)	(181,258)
Distributions to noncontrolling interest holders in properties	(4,108)	(3,839)
Contributions from noncontrolling interest holders in properties	28	70
Preferred distributions of the Operating Partnership	(745,174)	(1,460,852)
Proceeds from issuance of debt, net of transaction costs	7,954,893	5,022,602
Repayments of debt	(4,864,992)	(4,993,870)
Net cash provided by (used in) financing activities	2,170,973	(1,620,401)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	2,636,727	(34,559)
CASH AND CASH EQUIVALENTS, beginning of period	669,373	514,335
CASH AND CASH EQUIVALENTS, end of period	$ 3,306,100	$ 479,776

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Simon Property Group, L.P.Simon (Managing General Partner)	Simon Property Group, L.P.Limited Partners	Simon Property Group, L.P.Preferred Stock	Simon Property Group, L.P.Noncontrolling Interests	Simon Property Group, L.P.	Preferred Stock	Common Stock	Accumulated Other Comprehensive Income (Loss)	Capital in Excess of Par Value	Accumulated Deficit	Common Stock Held in Treasury	Noncontrolling Interests	Total
Balance at Dec. 31, 2018						$ 42,748	$ 32	$ (126,017)	$ 9,700,418	$ (4,893,069)	$ (1,427,431)	$ 500,275	$ 3,796,956
Balance at Dec. 31, 2018	$ 3,253,933	$ 492,877	$ 42,748	$ 7,398	$ 3,796,956
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units (132,946 and 24,000 common shares respectively in three months ended March 31, 2020 and 2019, Note 8)									253			(253)
Series J preferred stock premium amortization			(82)		(82)	(82)							(82)
Limited partner units exchanged to common units (132,946 and 24,000 units) for three months ended March 31, 2020 and 2019 respectively	253	(253)
Redemption of limited partner units (116,072 and 774 units respectively in three months ended March 31, 2020 and 2019)	(127)	(8)			(135)				(127)			(8)	(135)
Amortization of stock incentive	1,309				1,309				1,309				1,309
Treasury stock purchase (1,245,654, 46,377 and 1,046,580 shares in three months ended March 31, 2020, 2019 and June 2019 respectively)											(7,628)		(7,628)
Treasury unit purchase (1,245,654, 46,377 and 1,046,580 shares in three months ended March 31, 2020, 2019 and June 2019 respectively)	(7,628)				(7,628)
Long-term incentive performance units		3,701			3,701							3,701	3,701
Issuance of unit equivalents and other	(1,756)	(2)			(1,758)				1	(1,507)	(250)	(2)	(1,758)
Unrealized (loss) gain on derivative hedging activities	8,115	1,227			9,342			8,115				1,227	9,342
Currency translation adjustments	(4,130)	(614)			(4,744)			(4,130)				(614)	(4,744)
Changes in available-for-sale securities and other	125	19			144			125				19	144
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	945	143			1,088			945				143	1,088
Other comprehensive income	5,055	775			5,830			5,055				775	5,830
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	4,167	(4,167)							4,167			(4,167)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(634,222)		(96,010)	(730,232)
Distributions to other noncontrolling interest partners												(552)	(552)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(633,388)	(96,010)	(834)	(552)	(730,784)
Net income, excluding preferred distributions on temporary equity preferred units of $479, $608 and $1,065 loss attributable to noncontrolling redeemable interests in properties for March 31, 2020 and 2019 respectively	548,475	83,076	834	148	632,533					549,309		83,224	632,533
Balance at Mar. 31, 2019						42,666	32	(120,962)	9,706,021	(4,979,489)	(1,435,309)	486,983	3,699,942
Balance at Mar. 31, 2019	3,170,293	479,989	42,666	6,994	3,699,942
Balance at Dec. 31, 2018						42,748	32	(126,017)	9,700,418	(4,893,069)	(1,427,431)	500,275	3,796,956
Balance at Dec. 31, 2018	3,253,933	492,877	42,748	7,398	3,796,956
Increase (Decrease) in Stockholders' Equity
Unrealized (loss) gain on derivative hedging activities					2,320								2,320
Currency translation adjustments					(8,368)								(8,368)
Changes in available-for-sale securities and other					683								683
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings					2,174								2,174
Balance at Jun. 30, 2019						42,584	32	(128,743)	9,723,378	(5,122,281)	(1,595,305)	444,007	3,363,672
Balance at Jun. 30, 2019	2,877,081	436,973	42,584	7,034	3,363,672
Balance at Mar. 31, 2019						42,666	32	(120,962)	9,706,021	(4,979,489)	(1,435,309)	486,983	3,699,942
Balance at Mar. 31, 2019	3,170,293	479,989	42,666	6,994	3,699,942
Increase (Decrease) in Stockholders' Equity
Series J preferred stock premium amortization			(82)		(82)	(82)							(82)
Stock incentive program (1,081, 155,610 and 89,368 common shares, net)									(16,340)		16,340
Amortization of stock incentive	5,098				5,098				5,098				5,098
Treasury stock purchase (1,245,654, 46,377 and 1,046,580 shares in three months ended March 31, 2020, 2019 and June 2019 respectively)											(173,630)		(173,630)
Treasury unit purchase (1,245,654, 46,377 and 1,046,580 shares in three months ended March 31, 2020, 2019 and June 2019 respectively)	(173,630)				(173,630)
Long-term incentive performance units		7,721			7,721							7,721	7,721
Issuance of unit equivalents and other	(7,960)	1		69	(7,890)				11	(5,265)	(2,706)	70	(7,890)
Unrealized (loss) gain on derivative hedging activities	(6,113)	(909)			(7,022)			(6,113)				(909)	(7,022)
Currency translation adjustments	(3,078)	(545)			(3,623)			(3,078)				(545)	(3,623)
Changes in available-for-sale securities and other	468	71			539			468				71	539
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	942	144			1,086			942				144	1,086
Other comprehensive income	(7,781)	(1,239)			(9,020)			(7,781)				(1,239)	(9,020)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	28,588	(28,588)							28,588			(28,588)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(633,686)		(95,977)	(729,663)
Distributions to other noncontrolling interest partners												(455)	(455)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(632,851)	(95,977)	(835)	(455)	(730,118)
Net income, excluding preferred distributions on temporary equity preferred units of $479, $608 and $1,065 loss attributable to noncontrolling redeemable interests in properties for March 31, 2020 and 2019 respectively	495,324	75,066	835	426	571,651					496,159		75,492	571,651
Balance at Jun. 30, 2019						42,584	32	(128,743)	9,723,378	(5,122,281)	(1,595,305)	444,007	3,363,672
Balance at Jun. 30, 2019	2,877,081	436,973	42,584	7,034	3,363,672
Balance at Dec. 31, 2019						42,420	32	(118,604)	9,756,073	(5,379,952)	(1,773,571)	384,852	2,911,250
Balance at Dec. 31, 2019	2,483,978	378,339	42,420	6,513	2,911,250
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units (132,946 and 24,000 common shares respectively in three months ended March 31, 2020 and 2019, Note 8)									1,076			(1,076)
Series J preferred stock premium amortization			(82)		(82)	(82)							(82)
Limited partner units exchanged to common units (132,946 and 24,000 units) for three months ended March 31, 2020 and 2019 respectively	1,076	(1,076)
Redemption of limited partner units (116,072 and 774 units respectively in three months ended March 31, 2020 and 2019)	(15,127)	(940)			(16,067)				(15,127)			(940)	(16,067)
Amortization of stock incentive	1,891				1,891				1,891				1,891
Treasury stock purchase (1,245,654, 46,377 and 1,046,580 shares in three months ended March 31, 2020, 2019 and June 2019 respectively)											(152,589)		(152,589)
Treasury unit purchase (1,245,654, 46,377 and 1,046,580 shares in three months ended March 31, 2020, 2019 and June 2019 respectively)	(152,589)				(152,589)
Long-term incentive performance units		4,987			4,987							4,987	4,987
Issuance of unit equivalents and other	3,316			26	3,342				29	3,287		26	3,342
Unrealized (loss) gain on derivative hedging activities	19,510	2,963			22,473			19,510				2,963	22,473
Currency translation adjustments	(20,505)	(3,099)			(23,604)			(20,505)				(3,099)	(23,604)
Changes in available-for-sale securities and other	715	109			824			715				109	824
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(417)	(63)			(480)			(417)				(63)	(480)
Other comprehensive income	(697)	(90)			(787)			(697)				(90)	(787)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	24,233	(24,233)							24,233			(24,233)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(645,259)		(98,099)	(743,358)
Distributions to other noncontrolling interest partners												(3,167)	(3,167)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(644,425)	(98,099)	(834)	(3,167)	(746,525)
Net income, excluding preferred distributions on temporary equity preferred units of $479, $608 and $1,065 loss attributable to noncontrolling redeemable interests in properties for March 31, 2020 and 2019 respectively	437,605	66,658	834	436	505,533					438,439		67,094	505,533
Balance at Mar. 31, 2020						42,338	32	(119,301)	9,768,175	(5,583,485)	(1,926,160)	329,354	2,510,953
Balance at Mar. 31, 2020	2,139,261	325,546	42,338	3,808	2,510,953
Balance at Dec. 31, 2019						42,420	32	(118,604)	9,756,073	(5,379,952)	(1,773,571)	384,852	2,911,250
Balance at Dec. 31, 2019	2,483,978	378,339	42,420	6,513	2,911,250
Increase (Decrease) in Stockholders' Equity
Unrealized (loss) gain on derivative hedging activities					(1,859)								(1,859)
Currency translation adjustments					(39,508)								(39,508)
Changes in available-for-sale securities and other					272								272
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings					(958)								(958)
Balance at Jun. 30, 2020						42,256	32	(155,126)	9,763,059	(5,703,183)	(1,917,698)	306,099	2,335,439
Balance at Jun. 30, 2020	1,987,084	302,242	42,256	3,857	2,335,439
Balance at Mar. 31, 2020						42,338	32	(119,301)	9,768,175	(5,583,485)	(1,926,160)	329,354	2,510,953
Balance at Mar. 31, 2020	2,139,261	325,546	42,338	3,808	2,510,953
Increase (Decrease) in Stockholders' Equity
Series J preferred stock premium amortization			(82)		(82)	(82)							(82)
Stock incentive program (1,081, 155,610 and 89,368 common shares, net)									(9,317)		9,317
Amortization of stock incentive	4,969				4,969				4,969				4,969
Long-term incentive performance units		3,229			3,229							3,229	3,229
Issuance of unit equivalents and other	22,899	(2)			22,897				1	23,753	(855)	(2)	22,897
Unrealized (loss) gain on derivative hedging activities	(21,116)	(3,216)			(24,332)			(21,116)				(3,216)	(24,332)
Currency translation adjustments	(13,815)	(2,088)			(15,904)			(13,815)				(2,088)	(15,904)
Changes in available-for-sale securities and other	(479)	(73)			(552)			(479)				(73)	(552)
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(415)	(63)			(478)			(415)				(63)	(478)
Other comprehensive income	(35,825)	(5,440)			(41,265)			(35,825)				(5,440)	(41,265)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	(769)	769							(769)			769
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(398,499)		(60,510)	(459,009)
Distributions to other noncontrolling interest partners												(244)	(244)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(397,664)	(60,510)	(835)	(244)	(459,253)
Net income, excluding preferred distributions on temporary equity preferred units of $479, $608 and $1,065 loss attributable to noncontrolling redeemable interests in properties for March 31, 2020 and 2019 respectively	254,213	38,650	835	293	293,991					255,048		38,943	293,991
Balance at Jun. 30, 2020						$ 42,256	$ 32	$ (155,126)	$ 9,763,059	$ (5,703,183)	$ (1,917,698)	$ 306,099	$ 2,335,439
Balance at Jun. 30, 2020	$ 1,987,084	$ 302,242	$ 42,256	$ 3,857	$ 2,335,439

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - USD ($)	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Exchange of limited partner units, (in shares)		132,946		24,000
Stock incentive program, units, net - shares forfeited		1,081
Stock incentive program, shares, net	155,610		89,368
Redemption of Limited Partner Units		116,072		774
Treasury stock purchase, shares		1,245,654	1,046,580	46,377
Shares repurchased	15,561		14,853	1,483
Net income attributable to preferred interests in the Operating Partnership (in dollars)	$ 478,000	$ 479,000	$ 478,000	$ 479,000
Net loss attributable to noncontrolling redeemable interests in properties (in dollars)	$ 3,921,000	$ 608,000	$ 28,000	$ 1,065,000
Simon Property Group, L.P.
Limited partner units exchanged to common units		132,946		24,000
Stock incentive program, units, net - shares forfeited		1,081
Stock incentive program, units, net	155,610		89,368
Redemption of Limited Partner Units		116,072		774
Treasury unit purchase, units		1,245,654	1,046,580	46,377
Issuance of equivalents units	1,264		14,853
Issuance of common units	$ 15,561	$ 38,148		$ 1,483
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars)	478,000	479,000	$ 478,000	479,000
Net loss attributable to noncontrolling redeemable interests in properties (in dollars)	$ 3,921,000	$ 608,000	$ 28,000	$ 1,065,000

Organization

Organization	6 Months Ended
	Jun. 30, 2020
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. According to the Operating Partnership’s partnership agreement, the Operating Partnership is required to pay all expenses of Simon. 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. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets ® ®

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Basis of Presentation and Consolidation
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 June 30, 2020 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 a 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 2019 Annual Report on Form 10-K of Simon and the Operating Partnership. Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations. As of June 30, 2020, we consolidated 133 wholly-owned properties and 18 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 84 properties, or the joint venture properties, as well as our investments in Klépierre, Authentic Brands Group, LLC, or ABG, Forever 21, HBS Global Properties, or HBS, Rue Gilt Groupe, or RGG, and Sparc Group, formerly known as Aéropostale, 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 57 of the 84 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, Thailand, Canada, Spain, and the United Kingdom comprise 23 of the remaining 27 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% for both the six months ended June 30, 2020 and 2019. As of June 30, 2020 and December 31, 2019, Simon’s ownership interest in the Operating Partnership was 86.8%. 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	6 Months Ended
	Jun. 30, 2020
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. Equity Instruments and Debt Securities Equity instruments and debt securities consist primarily of equity instruments, our deferred compensation plan investments, the debt securities of our captive insurance subsidiary, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At June 30, 2020 and December 31, 2019, we had equity instruments with readily determinable fair values of $45.4 million and $68.2 million, respectively. Changes in the fair value of these equity instruments are recorded in earnings. Non-cash mark-to-market adjustments related to an investment we hold in units of a publicly traded real estate investment trust are included in unrealized gains (losses) in fair value of equity instruments in our consolidated statements of operations and comprehensive income. Non-cash mark-to-market adjustments related to other non-real estate securities with readily determinable fair values for the three and six months ended June 30, 2020 and 2019 were nil in each period. At June 30, 2020 and December 31, 2019, we had equity instruments without readily determinable fair values of $305.8 million and $295.4 million, respectively, for which we have elected the measurement alternative. We regularly evaluate these investments for any impairment in their estimated fair value, as well as any observable price changes for an identical or similar equity instrument of the same issuer, and determined that no material adjustment in the carrying value was required for the three or six months ended June 30, 2020 and 2019. Our deferred compensation plan equity instruments 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. At June 30, 2020 and December 31, 2019, we held debt securities of $32.6 million and $52.8 million, respectively, in our captive insurance subsidiary. The types of securities included in the investment portfolio of our captive insurance subsidiary are typically U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than one year to ten 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 subsidiary 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 is recorded and a new cost basis is established. Our captive insurance subsidiary is 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. 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 equity instruments with readily determinable fair values we held at June 30, 2020 and December 31, 2019 were primarily classified as having Level 1 and Level 2 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 asset balance of $25.4 million and $17.5 million at June 30, 2020 and December 31, 2019, respectively, and a gross liability balance of $3.6 million and $3.8 million at June 30, 2020 and December 31, 2019, respectively. Note 7 includes a discussion of the fair value of debt measured using Level 2 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 our noncontrolling interests are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ June 30, ​ December 31, ​ ​ ​ 2020 ​ 2019 Limited partners’ interests in the Operating Partnership ​ $ 302,242 ​ $ 378,339 ​ Nonredeemable noncontrolling interests in properties, net ​ 3,857 ​ 6,513 ​ Total noncontrolling interests reflected in equity ​ $ 306,099 ​ $ 384,852 ​ ​ 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. 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. Accumulated Other Comprehensive Income (Loss) Simon The total accumulated other comprehensive income (loss) related to Simon’s currency translation adjustment was ($194.7 million) and ($160.4 million) as of June 30, 2020 and December 31, 2019, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ Affected line item where net income is presented ​ Accumulated derivative gains (losses), net ​ $ 478 $ (1,086) ​ $ 958 $ (2,174) Interest expense ​ ​ ​ (63) 144 ​ (126) 287 Net income attributable to noncontrolling interests ​ ​ ​ $ 415 ​ $ (942) ​ $ 832 ​ $ (1,887) ​ ​ ​ ​ The Operating Partnership The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($224.3 million) and ($184.8 million) as of June 30, 2020 and December 31, 2019, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ Affected line item where net income is presented ​ Accumulated derivative gains (losses), net ​ $ 478 $ (1,086) ​ $ 958 $ (2,174) Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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. 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 June 30, 2020 and December 31, 2019, we had no outstanding interest rate derivatives. We generally do not apply hedge accounting to interest rate caps, which had a nominal value as of June 30, 2020 and December 31, 2019. We may enter into treasury lock agreements as part of an anticipated debt issuance. Upon completion of the debt issuance, the fair value of these instruments is recorded as part of accumulated other comprehensive income (loss) and is amortized to interest expense over the life of the debt agreement. The unamortized gain on our treasury locks and terminated hedges recorded in accumulated other comprehensive income (loss) was $9.6 million as of June 30, 2020, compared to an unamortized gain of $10.6 million as of December 31, 2019. Within the next year, we expect to reclassify to earnings approximately $1.0 million of gains related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss). We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposures, with gains and losses on the derivative contracts hedging these exposures. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes. We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euro. We use currency forward contracts, cross currency swap 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 designated as net investment hedges at June 30, 2020 and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset (Liability) Value as of ​ ​ ​ ​ June 30, December 31, Notional Value ​ Maturity Date ​ 2020 ​ 2019 € 50.0 ​ March 20, 2020 ​ ​ — ​ (0.5) € 50.0 ​ March 20, 2020 ​ ​ — ​ (0.5) € 50.0 ​ March 20, 2020 ​ ​ — ​ (0.5) € 50.0 ​ May 15, 2020 ​ ​ — ​ 1.5 € 100.0 ​ June 18, 2020 ​ ​ — ​ (0.6) € 90.0 ​ June 18, 2020 ​ ​ — ​ (0.5) € 33.0 ​ September 23, 2020 ​ ​ 0.2 ​ — € 60.0 ​ September 23, 2020 ​ ​ 0.3 ​ — € 60.0 ​ September 23, 2020 ​ ​ 0.3 ​ — € 120.0 ​ September 23, 2020 ​ ​ 0.6 ​ — € 50.0 ​ September 23, 2020 ​ ​ (1.0) ​ — € 30.0 ​ September 23, 2020 ​ ​ (0.7) ​ — € 10.0 ​ September 23, 2020 ​ ​ (0.2) ​ — € 50.0 ​ December 18, 2020 ​ ​ 0.3 ​ — € 100.0 ​ December 18, 2020 ​ ​ 1.2 ​ ​ (0.6) € 100.0 ​ December 18, 2020 ​ ​ 1.2 ​ ​ (0.6) € 20.0 ​ May 14, 2021 ​ ​ 0.2 ​ ​ — € 50.0 ​ May 14, 2021 ​ ​ 2.5 ​ ​ 1.3 € 50.0 ​ May 14, 2021 ​ ​ (1.8) ​ ​ — € 30.0 ​ May 14, 2021 ​ ​ 0.2 ​ — € 60.0 ​ December 20, 2021 ​ ​ 1.4 ​ — € 60.0 ​ December 20, 2021 ​ ​ 1.5 ​ — € 30.0 ​ December 20, 2021 ​ ​ 0.6 ​ — ​ Asset balances in the above table are included in deferred costs and other assets. Liability balances in the above table are included in other liabilities. We use a Euro-denominated cross-currency swap agreement to manage our exposure to changes in foreign exchange rates by swapping $150.0 million of 4.38% fixed rate U.S. dollar-denominated debt to 1.37% fixed rate Euro-denominated debt of €121.6 million. The cross-currency swap matures on December 1, 2020. The fair value of our cross-currency swap agreement at June 30, 2020 and December 31, 2019 was $14.8 million and $14.7 million, respectively, and is included in deferred costs and other assets. We have designated certain currency forward contracts and the cross-currency swap 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 accumulated other comprehensive income related to Simon’s derivative activities, including our share of other comprehensive income from unconsolidated entities, was $38.8 million and $41.2 million as of June 30, 2020 and December 31, 2019, respectively. The total accumulated other comprehensive income related to the Operating Partnership’s derivative activities, including our share of other comprehensive income from unconsolidated entities, was $44.7 million and $47.5 million as of June 30, 2020 and December 31, 2019, respectively. New Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, "Financial Instruments - Credit Losses," which introduced 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. In November 2018, the FASB issued ASU 2018-19, which clarifies that operating lease receivables are outside the scope of the new standard. This standard was effective for us as of January 1, 2020. There was no impact on our consolidated financial statements at adoption. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform,” which provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance is effective upon issuance and generally can be applied to any contract modifications or existing and new hedging relationships through December 31, 2022. We are currently evaluating the impact that the expected market transition from LIBOR to alternative references rates will have on our financial statements as well as the applicability of the aforementioned expedients and exceptions provided in ASU 2020-04.

Real Estate Acquisitions and Di

Real Estate Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2020
Real Estate Acquisitions and Dispositions
Real Estate Acquisitions and Dispositions	4. Real Estate Acquisitions and Dispositions Unless otherwise noted, gains and losses on property transactions are included in (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. We capitalize asset acquisition costs and expense costs related to business combinations, as well as disposition related costs as they are incurred. We incurred a minimal amount of transaction expenses during the three months ended June 30, 2020 and 2019. On September 19, 2019, we acquired the remaining 50% interest in a hotel adjacent to one of our properties for cash consideration of $12.8 million. As of closing, the property was subject to a $21.5 million, 4.02% variable rate mortgage. We accounted for this transaction as an asset acquisition and substantially all of our investment relates to investment property.

Per Share and Per Unit Data

Per Share and Per Unit Data	6 Months Ended
	Jun. 30, 2020
Per Share and Per Unit Data
Per Share and Per Unit Data	5. 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 components of basic and diluted earnings per share and basic and diluted earnings per unit. Simon ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, ​ ​ ​ 2020 ​ 2019 2020 2019 Net Income attributable to Common Stockholders — Basic and Diluted $ 254,213 $ 495,324 $ 691,818 $ 1,043,799 Weighted Average Shares Outstanding — Basic and Diluted ​ 305,882,326 ​ 308,708,798 ​ 306,193,205 ​ 308,842,682 ​ ​ For the three and six June 30 2020 three or six The Operating Partnership ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, ​ ​ ​ 2020 ​ 2019 2020 2019 Net Income attributable to Unitholders — Basic and Diluted $ 292,863 $ 570,389 $ 797,125 $ 1,201,940 Weighted Average Units Outstanding — Basic and Diluted ​ 352,410,392 ​ 355,491,396 ​ 352,801,176 ​ 355,634,031 ​ ​ For the three and six June 30 2020 three or six

Investment in Unconsolidated En

Investment in Unconsolidated Entities and International Investments	6 Months Ended
	Jun. 30, 2020
Investments in Unconsolidated Entities and International Investments
Investments in Unconsolidated Entities and International Investments	6. Investment in Unconsolidated Entities and International Investments 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 84 properties as of June 30, 2020. 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 June 30, 2020 and December 31, 2019, we had construction loans and other advances to related parties totaling $86.3 million and $78.4 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. Unconsolidated Entity Transactions On February 19, 2020, we and a group of co-investors acquired certain assets and liabilities of Forever 21, a retailer of apparel and accessories, out of bankruptcy. The interests were acquired through two separate joint ventures, a licensing venture and an operating venture. Our noncontrolling interest in each of the retail operations venture and in the licensing venture is 37.5% . Our aggregate investment in the ventures was $67.6 million. In connection with the acquisition of our interest, the Forever 21 joint venture recorded a non-cash bargain purchase gain of which our share of $35.0 million pre-tax is included in income from unconsolidated entities in the consolidated statement of operations and comprehensive income. On June 10, 2020, we exercised our contractual right to terminate the February 10, 2020, Agreement and Plan of Merger, or the Merger Agreement, with Taubman Centers, Inc., or TCO, a publicly held Michigan corporation. We also filed an action in the Circuit Court for the 6 th Judicial Circuit of Oakland County, Michigan against Taubman Centers, Inc. and The Taubman Realty Group Limited Partnership (collectively, Taubman) requesting a declaration that Taubman had suffered a Material Adverse Event under the Merger Agreement and had breached covenants and representations in the Merger Agreement. On October 16, 2019, we contributed approximately $276.8 million consisting of cash and the Shop Premium Outlets, or SPO, assets for a 45% noncontrolling interest in RGG to create a new multi-platform venture dedicated to digital value shopping. We attributed substantially all of our investment to goodwill and certain amortizing and non-amortizing intangibles. On September 19, 2019, as discussed in note 4, we acquired the remaining 50% interest in a hotel adjacent to one of our properties from our joint venture partner. As a result of this acquisition, we now own 100% of this property. During the first quarter of 2019, we disposed of our interests in a multi-family residential investment. Our share of the gross proceeds was $17.3 million. The gain of $15.6 million is included in other income in the accompanying consolidated statement of operations and comprehensive income. As of June 30, 2020 and December 31, 2019, we had an 11.7% legal noncontrolling equity interest in HBS, a joint venture we formed with Hudson’s Bay Company. Our share of net income (loss), net of amortization of our excess investment, was $0.2 million and ($5.6) million for the three months ended June 30, 2020 and 2019, respectively, and $1.0 million and ($8.2) million for the six months ended June 30, 2020 and 2019, respectively. Total revenues, operating income and consolidated net income (loss) of HBS were approximately $64.7 million, $26.8 million and $8.7 million, respectively, for the six months ended June 30, 2020 and $67.2 million, $1.1 million and ($22.1) million, respectively, for the six months ended June 30, 2019. On September 15, 2016, we and a group of co-investors acquired certain assets and liabilities of Aéropostale, a retailer of apparel and accessories, out of bankruptcy, and subsequently renamed Sparc Group. The interests were acquired through two separate joint ventures, a licensing venture and an operating venture. In April 2018, we contributed our entire interest in the licensing venture in exchange for additional interests in ABG, a brand development, marketing, and entertainment company. In January 2020, we acquired additional interests of 5.05% and 1.37% in Sparc Group and ABG, respectively, for $6.7 million and $33.5 million, respectively. At June 30, 2020, our noncontrolling equity method interests in the operations venture of Sparc Group and in ABG were 50.0% and 6.8% , respectively. European Investments At June 30, 2020, we owned 63,924,148 shares, or approximately 22.4%, of Klépierre, which had a quoted market price of $19.92 per share, which is below our carrying value. We have evaluated this investment and believe that any impairment is not other-than-temporary. Our share of net income, net of amortization of our excess investment, was $2.2 million and $21.2 million for the three months ended June 30, 2020 and 2019, respectively, and $9.4 million and $39.0 million for the six months ended June 30, 2020 and 2019, respectively. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre’s results to GAAP, Klépierre’s total revenues, operating income before other items and consolidated net income were approximately $672.3 million, $199.9 million and $152.6 million, respectively, for the six months ended June 30, 2020 and $760.2 million, $318.5 million and $276.6 million, respectively, for the six months ended June 30, 2019. During the six months ended June 30, 2020, we recorded a $7.8 million net loss related to the impairment and disposition of certain assets of Klépierre. During the six months ended June 30, 2019, Klépierre completed the disposal of its interests in certain shopping centers and we recorded a gain of $2.7 million. These transactions are included in (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. We have an interest in a European investee that had interests in ten and nine Designer Outlet properties, of which six are consolidated by us, as of June 30, 2020 and December 31, 2019, respectively. As of June 30, 2020, our legal percentage ownership interests in these properties ranged from 45% to 94%. 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. 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 also have a direct minority ownership in three of those outlets. At June 30, 2020 and December 31, 2019, the carrying value of these equity instruments without readily determinable fair values 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 $187.7 million and $212.1 million as of June 30, 2020 and December 31, 2019, 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 $170.9 million and $173.9 million as of June 30, 2020 and December 31, 2019, respectively, including all related components of accumulated other comprehensive income (loss). Summary Financial Information A summary of the combined balance sheets and statements of operations of our equity method investments and share of income from such investments, excluding Klépierre, ABG, HBS, RGG, Forever 21, and Sparc Group as follows. COMBINED BALANCE SHEETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Assets: ​ ​ ​ ​ ​ ​ ​ Investment properties, at cost ​ $ 19,670,435 ​ $ 19,525,665 ​ Less - accumulated depreciation ​ 7,641,911 ​ 7,407,627 ​ ​ ​ 12,028,524 ​ 12,118,038 ​ Cash and cash equivalents ​ 733,224 ​ 1,015,864 ​ Tenant receivables and accrued revenue, net ​ 756,871 ​ 510,157 ​ Right-of-use assets, net ​ ​ 180,952 ​ ​ 185,302 ​ Deferred costs and other assets ​ 368,254 ​ 384,663 ​ Total assets ​ $ 14,067,825 ​ $ 14,214,024 ​ Liabilities and Partners’ Deficit: ​ ​ ​ ​ ​ ​ ​ Mortgages ​ $ 15,436,464 ​ $ 15,391,781 ​ Accounts payable, accrued expenses, intangibles, and deferred revenue ​ 808,425 ​ 977,112 ​ Lease liabilities ​ ​ 183,406 ​ ​ 186,594 ​ Other liabilities ​ 395,429 ​ 338,412 ​ Total liabilities ​ 16,823,724 ​ 16,893,899 ​ Preferred units ​ 67,450 ​ 67,450 ​ Partners’ deficit ​ (2,823,349) ​ (2,747,325) ​ Total liabilities and partners’ deficit ​ $ 14,067,825 ​ $ 14,214,024 ​ Our Share of: ​ ​ ​ ​ ​ ​ ​ Partners’ deficit ​ $ (1,233,667) ​ $ (1,196,926) ​ Add: Excess Investment ​ 1,488,444 ​ 1,525,903 ​ Our net Investment in unconsolidated entities, at equity ​ $ 254,777 ​ $ 328,977 ​ ​ “Excess Investment” represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures or other investments acquired and has been determined to relate to the fair value of the investment properties, intangible assets, including goodwill, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of assets acquired, typically no greater than 40 years, the terms of the applicable leases, the estimated useful lives of the finite lived intangibles, 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 Months Ended ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 REVENUE: ​ ​ ​ ​ ​ ​ ​ Lease income ​ $ 574,246 ​ $ 760,131 ​ $ 1,318,096 ​ $ 1,519,110 ​ Other income ​ 46,205 ​ 79,389 ​ 120,718 ​ 155,311 ​ Total revenue ​ 620,451 ​ 839,520 ​ 1,438,814 ​ 1,674,421 ​ OPERATING EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property operating ​ 107,309 ​ 140,262 ​ 254,339 ​ 284,983 ​ Depreciation and amortization ​ 165,511 ​ 170,407 ​ 336,989 ​ 340,664 ​ Real estate taxes ​ 60,634 ​ 67,809 ​ 129,023 ​ 136,526 ​ Repairs and maintenance ​ 13,589 ​ 18,832 ​ 33,204 ​ 41,209 ​ Advertising and promotion ​ 10,016 ​ 19,695 ​ 32,768 ​ 44,021 ​ Other ​ 15,734 ​ 47,743 ​ 65,964 ​ 97,058 ​ Total operating expenses ​ 372,793 ​ 464,748 ​ 852,287 ​ 944,461 ​ Operating Income Before Other Items ​ 247,658 ​ 374,772 ​ 586,527 ​ 729,960 ​ Interest expense ​ (152,409) ​ (157,927) ​ (309,050) ​ (313,944) ​ Gain on sale or disposal of assets and interests in unconsolidated entities, net ​ ​ — ​ ​ — ​ ​ — ​ ​ 21,587 ​ Net Income ​ $ 95,249 ​ $ 216,845 ​ $ 277,477 ​ $ 437,603 ​ Third-Party Investors’ Share of Net Income ​ $ 53,989 ​ $ 110,620 ​ $ 146,848 ​ $ 223,287 ​ Our Share of Net Income ​ 41,260 ​ 106,225 ​ 130,629 ​ 214,316 ​ Amortization of Excess Investment ​ (20,761) ​ (20,774) ​ (41,601) ​ (41,567) ​ Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements ​ ​ — ​ ​ — ​ ​ — ​ ​ (9,155) ​ Income from Unconsolidated Entities ​ $ 20,499 ​ $ 85,451 ​ $ 89,028 ​ $ 163,594 ​ ​ Our share of income from unconsolidated entities in the above table, aggregated with our share of the results of Klépierre, ABG, HBS, RGG, Forever 21, and Sparc Group

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt
Debt	7. Debt Unsecured Debt At June 30, 2020, our unsecured debt consisted of $15.9 billion of senior unsecured notes of the Operating Partnership, $3.1 billion outstanding under the Operating Partnership’s $4.0 billion unsecured revolving credit facility, or Credit Facility, $750.0 million outstanding under the Operating Partnership’s $3.5 billion unsecured revolving credit facility, or Supplemental Facility, and $702.3 million outstanding under the Operating Partnership’s global unsecured commercial paper note program, or Commercial Paper program. On March 16, 2020, the Operating Partnership replaced in its entirety its existing $4.0 billion unsecured revolving credit facility by entering into an unsecured credit facility comprised of (i) an amendment and extension of the Credit Facility and (ii) a $2.0 billion delayed-draw term loan facility, or Term Facility, or together with the Credit Facility and the Supplemental Facility, the Facilities. The Credit Facility and the Term Facility can be increased in the form of either additional commitments under the Credit Facility or incremental term loans under the Term Facility in an aggregate amount for all such increases not to exceed $1.0 billion, for a total aggregate size of $7.0 billion, in each case, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent. Borrowings may be denominated in U.S. dollars, Euro, 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 Term Facility and Credit Facility are June 30, 2022 and June 30, 2024, respectively. Each of the Term Facility and Credit Facility can be extended for two additional six-month periods to June 30, 2023 and June 30, 2025, respectively, at our sole option, subject to satisfying certain customary conditions precedent. The Term Facility is available via a single draw during the nine-month period following March 16, 2020. Borrowings under the Credit Facility bear interest, at the Operating Partnership’s election, at either (i) LIBOR plus a margin determined by the Operating Partnership’s corporate credit rating of between 0.650% and 1.400% or (ii) the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or LIBOR plus 1.000%) (the “Base Rate”), plus a margin determined by the Operating Partnership’s corporate credit rating of between 0.000% and 0.400%. The Credit Facility includes a facility fee determined by the Operating Partnership’s corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Credit Facility. The Credit Facility contains a money market competitive bid option program that allows the Operating Partnership to hold auctions to achieve lower pricing for short-term borrowings. Borrowings under the Term Facility bear interest, at the Operating Partnership’s election, at either (i) LIBOR plus a margin determined based on the Operating Partnership’s corporate credit rating of between 0.725% and 1.600% or (ii) the base rate (equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or LIBOR plus 1.000%) plus a margin determined by the Operating Partnership’s corporate credit rating of between 0.000% and 0.600%. The Term Facility includes a ticking fee equal to 0.100% of the unused term loan commitment under the Term Facility, which ticking fee shall commence accruing on the date that is forty-five days after the closing of the Term Facility. The Supplemental Facility’s initial borrowing capacity of $3.5 billion may be increased to $4.5 billion during its term and provides for borrowings denominated in U.S. dollars, Euro, Yen, Sterling, Canadian dollars and Australian dollars. The initial maturity date of the Supplemental Facility is June 30, 2022 and can be extended for an additional year to June 30, 2023 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the Supplemental Facility is LIBOR plus 77.5 basis points with a facility fee of 10 basis points. At June 30, 2020, we had an aggregate available borrowing capacity of $4.9 billion under the Facilities. The maximum aggregate outstanding balance under the Facilities during the six months ended June 30, 2020 was $3.9 billion and the weighted average outstanding balance was $2.3 billion. Letters of credit of $11.3 million were outstanding under the Facilities as of June 30, 2020. The Operating Partnership also has available a Commercial Paper program of $2.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euro 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 are 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 June 30, 2020, we had $702.3 million outstanding under the Commercial Paper program, fully comprised of U.S. dollar-denominated notes with a weighted average interest rate of 0.24%. These borrowings have a weighted average maturity date of July 20, 2020 and reduce amounts otherwise available under the Facilities. On July 9, 2020, the Operating Partnership completed the issuance of the following senior unsecured notes: $500.0 million with a fixed interest rate of 3.500%, $750 million with a fixed interest rate of 2.650%, and $750 million with a fixed interest rate of 3.800%, with maturity dates of September 2025 (the “2025” Notes”), June 2030, and June 2050, respectively. The 2025 Notes were issued as additional notes under an indenture pursuant to which the Operating Partnership previously issued $600 million principal amount of 3.500% senior notes due September 2025 on August 17, 2015. Proceeds from the unsecured notes offering funded the optional redemption at par of senior unsecured notes in July and August 2020, as discussed below, and repaid a portion of the indebtedness under the Facilities. On July 10, 2020 the Operating Partnership repaid $1.75 billion under the Credit Facility and $750.0 million under the Supplemental Facility. On July 22, 2020, the Operating Partnership completed the optional redemption at par of its $500 million 2.500% notes due September 1, 2020. On August 6, 2020 the Operating Partnership completed the optional redemption at par of its €375 million 2.375% notes due October 2, 2020. Mortgage Debt Total mortgage indebtedness was $6.9 billion at June 30, 2020 and December 31, 2019. Covenants Our unsecured debt agreements contain financial covenants and other non-financial covenants. The Facilities contain ongoing covenants relating to total and secured leverage to capitalization value, minimum earnings before interest, taxes, depreciation, and amortization, or EBITDA, and unencumbered EBITDA coverage requirements. Payment under the Facilities can be accelerated if the Operating Partnership or Simon is subject to bankruptcy proceedings or upon the occurrence of certain other events. 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 June 30, 2020, we were in compliance with all covenants of our unsecured debt. At June 30, 2020, our consolidated subsidiaries were the borrowers under 46 non-recourse mortgage notes secured by mortgages on 50 properties and other assets, 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 June 30, 2020, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually or in the aggregate, giving effect to applicable cross-default provisions, have a material adverse effect on our financial condition, liquidity or results of operations. Fair Value of Debt The carrying value of our variable-rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed rate mortgages and unsecured indebtedness including commercial paper was $22.6 billion and $23.2 billion as of June 30, 2020 and December 31, 2019, respectively. The fair values of these financial instruments and the related discount rate assumptions as of June 30, 2020 and December 31, 2019 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2020 2019 ​ Fair value of consolidated fixed rate mortgages and unsecured indebtedness ​ $ 23,834 ​ $ 23,231 ​ ​ Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages ​ 2.37 % 3.75 % ​ Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness ​ ​ 2.47 % ​ 3.67 % ​ ​

Equity

Equity	6 Months Ended
	Jun. 30, 2020
Equity
Equity	​ 8. Equity During the six months ended June 30, 2020, Simon issued 132,946 shares of common stock to four limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. During the six months ended June 30, 2020, the Operating Partnership redeemed 116,072 units from two limited partners for $16.1 million. 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. On February 11, 2019, Simon's Board of Directors authorized a new common stock repurchase plan. Under the new plan, Simon may repurchase up to $2.0 billion of its common stock during the two-year period ending February 11, 2021 in the open market or in privately negotiated transactions as market conditions warrant. During the six months ended June 30, 2020, Simon purchased 1,245,654 shares at an average price of $122.50 per share. During the six months ended June 30, 2019, Simon purchased 1,092,957 shares at an average price of $165.84 per share, of which 46,377 shares at an average price of $164.49 per share were purchased as part of the previous program. As Simon repurchases shares under these programs, the Operating Partnership repurchases an equal number of units from Simon. We paid a common stock dividend of $2.10 per share in the first quarter of 2020 2019 June 30, 2019 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 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 in the consolidated statements of equity in issuance of unit equivalents and other. There were no noncontrolling interests redeemable at amounts in excess of fair value as of June 30, 2020 and December 31, 2019. 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 ​ ​ June 30, ​ December 31, ​ ​ ​ 2020 ​ 2019 ​ 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 ​ 161,855 ​ 193,524 ​ Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties ​ $ 187,392 ​ $ 219,061 ​ ​ 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 ​ ​ June 30, ​ December 31, ​ ​ ​ 2020 ​ 2019 ​ 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 ​ 161,855 ​ 193,524 ​ Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties ​ $ 187,392 ​ $ 219,061 ​ ​ 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 either market or 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. Operating Partnership. As a result, we account for these LTIP units as participating securities under the two-class method of computing earnings per share. In 2018, the Compensation Committee established and granted awards under a redesigned LTIP program, or the 2018 LTIP program. Awards under the 2018 LTIP program were granted in two tranches, Tranche A LTIP units and Tranche B LTIP units. Each of the Tranche A LTIP units and the Tranche B LTIP units will be considered earned if, and only to the extent to which, the respective goals based on Funds From Operations, or FFO, per share or Relative TSR Goal performance criteria, as defined in the applicable award agreements, are achieved during the applicable two-year and three-year performance periods of the Tranche A LTIP units and Tranche B LTIP units, respectively. One half one-half The grant date fair value of the portion of the LTIP units based on achieving the target FFO performance criteria is $6.1 million for the Tranche A LTIP units and the Tranche B In 2019, the Compensation Committee established and granted awards under a redesigned LTIP program, or the 2019 LTIP program. Awards under the 2019 LTIP program will be considered earned if, and only to the extent to which, the respective performance conditions (based on Funds From Operations, or FFO, per share, and Objective Criteria Goals) and market conditions (based on Relative TSR performance), as defined in the applicable award agreements, are achieved during the applicable three-year measurement period, subject to the recipient’s continued employment through the vesting date. All of the earned LTIP units under the 2019 LTIP program will vest on January 1, 2023. The 2019 LTIP program provides that the amount earned of the performance-based portion of the awards is dependent on Simon’s performance compared to certain criteria and has a maximum potential fair value at issuance of $22.1 million. The grant date fair values of any LTIP units for market-based awards are estimated using a Monte Carlo model, and the resulting fixed expense is recorded regardless of whether the market condition criteria are achieved if the required service is delivered. The grant date fair values of the market-based awards are being amortized into expense over the period from the grant date to the date at which the awards, if earned, would become vested. The expense of the performance-based award is recorded over the period from the grant date to the date at which the awards, if earned, would become vested, based on our assessment as to whether it is probable that the performance criteria will be achieved during the applicable performance periods. The Compensation Committee approved LTIP unit grants as shown in the table below. 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 of TSR Award Grant Date Target Value of Performance-Based Awards 2018 LTIP program - Tranche A 38,148 $6.1 million $6.1 million 2018 LTIP program - Tranche B To be determined in 2021 $6.1 million $6.1 million 2019 LTIP program ​ To be determined in 2022 $9.5 million $14.7 million ​ We recorded compensation expense, net of capitalization, related to these LTIP programs of approximately $6.9 million and $8.1 million for the six months ended June 30, 2020 and 2019, respectively. Restricted Stock. We recorded compensation expense, net of capitalization, related to restricted stock of approximately $6.0 million and $3.8 million for the six months ended June 30, 2020 and 2019, respectively. Other Compensation Arrangements.

Lease Income

Lease Income	6 Months Ended
	Jun. 30, 2020
Lease Income
Lease Income	9. Lease Income Fixed lease income under our operating leases includes fixed minimum lease consideration and fixed common area maintenance, or CAM, reimbursements recorded on a straight-line basis. Variable lease income includes consideration based on sales, as well as reimbursements for real estate taxes, utilities, marketing, and certain other items including negative variable lease income as discussed below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ June 30, ​ June 30, ​ 2020 ​ 2019 2020 2019 Fixed lease income $ 954,966 ​ $ 1,068,701 ​ $ 2,009,920 ​ $ 2,128,820 Variable lease income 58,544 ​ ​ 229,866 ​ ​ 265,822 ​ ​ 449,803 Total lease income $ 1,013,510 ​ $ 1,298,567 ​ $ 2,275,742 ​ $ 2,578,623 ​ ​ ​ ​ ​ In April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of COVID-19 on the application of lease modification guidance in Accounting Standards Codification (ASC) 842, “Leases.” The guidance provides a practical expedient to forgo the associated reassessments required by ASC 842 when changes to a lease result in similar or lower future consideration. As a result, rent abatements are generally accounted for as negative variable lease consideration in the period granted, and further abatements granted will reduce lease income in future periods when the abatements are granted. We have agreed to deferral or abatement arrangements with a limited number of our tenants. Discussions with our tenants are ongoing and may result in further rent deferrals, lease amendments, abatements and/or lease terminations, as we deem appropriate on a case-by-case basis based on each tenant's unique financial and operating situation. In addition, uncollected rent due from certain of our tenants is subject to ongoing litigation, the outcome of which may affect our ability to collect in full the associated outstanding receivable balances. In connection with rent deferrals or other accruals of unpaid rent payments, if we determine that rent payments are probable of collection, we will continue to recognize lease income on a straight-line basis over the lease term along with associated tenant receivables. However, if we determine that such deferred rent payments or other accrued but unpaid rent payments are not probable of collection, lease income will be recorded on the cash basis, with the corresponding tenant receivable and deferred rent receivable balances charged as a direct write-off against lease income in the period of the change in our collectability determination. When a tenant seeks to reorganize its operations through bankruptcy proceedings, we assess the collectability of receivable balances. Our ongoing assessment incorporates, among other things, the timing of a tenant’s bankruptcy filing and our expectations of the assumptions by the tenant in bankruptcy proceedings of leases at the Company’s properties on substantially similar terms.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies.
Commitments and Contingencies	10. 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. During the first quarter of 2019, we settled a lawsuit with our former insurance broker, Aon Risk Services Central Inc., related to the significant flood damage sustained at Opry Mills in May 2010. In accordance with a previous agreement with the prior co-investor in Opry Mills, a portion of the settlement was remitted to the co-investor. Our share of the settlement was approximately $68.0 million, which was recorded as other income in the accompanying consolidated statement of operations and comprehensive income. Lease Commitments As of June 30, 2020, a total of 23 of our consolidated properties are subject to ground leases. The termination dates of these ground leases range from 2021 to 2090, including periods for which exercising an extension option is reasonably assured. These ground leases generally require us to make fixed annual rental payments, or a fixed annual rental payment plus a percentage rent component based upon the revenues or total sales of the property. In addition, we have several regional office locations that are subject to leases with termination dates ranging from 2020 to 2028. These office leases generally require us to make fixed annual rental payments plus pay our share of common area, real estate, and utility expenses. Some of our ground and office leases include escalation clauses. All of our lease arrangements are classified as operating leases. We incurred ground lease expense and office lease expense, which are included in other expense and home office and regional expense, respectively, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, 2020 ​ June 30, 2019 June 30, 2020 ​ June 30, 2019 Operating Lease Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed lease cost ​ $ 7,137 ​ $ 7,943 ​ $ 15,146 ​ $ 15,108 Variable lease cost ​ ​ 3,147 ​ ​ 4,186 ​ ​ 7,087 ​ ​ 8,330 Sublease income ​ (187) ​ (167) ​ (373) ​ (334) Total operating lease cost ​ $ 10,097 ​ $ 11,962 ​ $ 21,860 ​ $ 23,104 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ ​ June 30, 2020 ​ June 30, 2019 Other Information ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 22,180 ​ $ 24,172 ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ 34.8 years ​ ​ 36 years Weighted-average discount rate - operating leases ​ ​ 4.86% ​ ​ 4.87% ​ Minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and renewal options unless reasonably certain of exercise and any sublease income, are as follows: ​ ​ ​ ​ ​ 2020 $ 32,706 2021 ​ 32,697 2022 ​ 32,721 2023 ​ 32,863 2024 ​ 32,997 Thereafter ​ 924,243 ​ ​ $ 1,088,227 Impact of discounting ​ ​ (568,811) Operating lease liabilities ​ $ 519,416 ​ ​ 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 June 30, 2020 and December 31, 2019, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $193.3 million and $214.8 million, respectively 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 upon anchor tenants to attract customers; however, anchors do not contribute materially to our financial results as many anchors 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, our two wholly-owned properties located in Puerto Rico experienced property damage and business interruption as a result of Hurricane Maria. Since the date of the loss, we have received $77.6 million of insurance proceeds from third-party carriers related to the two properties located in Puerto Rico, of which $46.5 million was used for property restoration and remediation and to reduce the insurance recovery receivable. During the three and six months ended June 30, 2020, we recorded $1.6 million and $2.7 million, respectively, as business interruption income. During the three and six months ended June 30, 2019, we recorded $3.2 million and $7.6 million, respectively, as business interruption income. These amounts were recorded in other income in the accompanying consolidated statements of operations and comprehensive income. COVID-19 On March 11, 2020, the World Health Organization declared the novel strain of coronavirus, or COVID-19, a global pandemic and recommended containment and mitigation measures worldwide. The COVID-19 pandemic has already had a significant impact on economic and market conditions around the world in the first half of 2020 and continues to adversely impact economic activity in retail real estate. The impact of the COVID-19 pandemic continues to evolve and governments and other authorities, including where we own or hold interests in properties, have imposed measures intended to control its spread, including restrictions on freedom of movement, group gatherings and business operations such as travel bans, border closings, business closures, quarantines, stay-at-home, shelter-in-place orders, density limitations and social distancing measures. Governments and other authorities are in varying stages of lifting or modifying some of these measures, however certain governments and other authorities have already been forced to, and others may in the future, reinstate these measures or impose new, more restrictive measures, if the risks, or the tenants’ and consumers’ perception of the risks, related to the COVID-19 pandemic worsen at any time. Given the differing consumer demographics and responses to the pandemic and the characteristics and layout of certain properties, the impact of COVID-19 and these measures has been, and will continue be, greater on some properties than others. As a result of the COVID-19 pandemic and these measures, the Company may experience material impacts including changes in the ability to recognize revenue due to changes in our assessment of the probability of collection of lease income and asset impairment charges as a result of changing cash flows generated by our properties. As of June 30, 2020, 199 of our domestic properties, certain of our retailer investments, and certain international properties had reopened. All of our retail properties were reopened as of July 10 th th In March, as a precautionary measure to maximize liquidity and to increase available cash on hand, the Company drew $3.75 billion on its Facilities and has repaid certain amounts outstanding as discussed in note 7.

Summary of Significant Accounti

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
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.
Equity Instruments and Debt Securities	Equity Instruments and Debt Securities Equity instruments and debt securities consist primarily of equity instruments, our deferred compensation plan investments, the debt securities of our captive insurance subsidiary, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At June 30, 2020 and December 31, 2019, we had equity instruments with readily determinable fair values of $45.4 million and $68.2 million, respectively. Changes in the fair value of these equity instruments are recorded in earnings. Non-cash mark-to-market adjustments related to an investment we hold in units of a publicly traded real estate investment trust are included in unrealized gains (losses) in fair value of equity instruments in our consolidated statements of operations and comprehensive income. Non-cash mark-to-market adjustments related to other non-real estate securities with readily determinable fair values for the three and six months ended June 30, 2020 and 2019 were nil in each period. At June 30, 2020 and December 31, 2019, we had equity instruments without readily determinable fair values of $305.8 million and $295.4 million, respectively, for which we have elected the measurement alternative. We regularly evaluate these investments for any impairment in their estimated fair value, as well as any observable price changes for an identical or similar equity instrument of the same issuer, and determined that no material adjustment in the carrying value was required for the three or six months ended June 30, 2020 and 2019. Our deferred compensation plan equity instruments 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. At June 30, 2020 and December 31, 2019, we held debt securities of $32.6 million and $52.8 million, respectively, in our captive insurance subsidiary. The types of securities included in the investment portfolio of our captive insurance subsidiary are typically U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than one year to ten 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 subsidiary 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 is recorded and a new cost basis is established. Our captive insurance subsidiary is 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.
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 equity instruments with readily determinable fair values we held at June 30, 2020 and December 31, 2019 were primarily classified as having Level 1 and Level 2 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 asset balance of $25.4 million and $17.5 million at June 30, 2020 and December 31, 2019, respectively, and a gross liability balance of $3.6 million and $3.8 million at June 30, 2020 and December 31, 2019, respectively. Note 7 includes a discussion of the fair value of debt measured using Level 2 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 our noncontrolling interests are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ June 30, ​ December 31, ​ ​ ​ 2020 ​ 2019 Limited partners’ interests in the Operating Partnership ​ $ 302,242 ​ $ 378,339 ​ Nonredeemable noncontrolling interests in properties, net ​ 3,857 ​ 6,513 ​ Total noncontrolling interests reflected in equity ​ $ 306,099 ​ $ 384,852 ​ ​ 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. 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.
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Simon The total accumulated other comprehensive income (loss) related to Simon’s currency translation adjustment was ($194.7 million) and ($160.4 million) as of June 30, 2020 and December 31, 2019, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ Affected line item where net income is presented ​ Accumulated derivative gains (losses), net ​ $ 478 $ (1,086) ​ $ 958 $ (2,174) Interest expense ​ ​ ​ (63) 144 ​ (126) 287 Net income attributable to noncontrolling interests ​ ​ ​ $ 415 ​ $ (942) ​ $ 832 ​ $ (1,887) ​ ​ ​ ​ The Operating Partnership The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($224.3 million) and ($184.8 million) as of June 30, 2020 and December 31, 2019, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ Affected line item where net income is presented ​ Accumulated derivative gains (losses), net ​ $ 478 $ (1,086) ​ $ 958 $ (2,174) Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
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. 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 June 30, 2020 and December 31, 2019, we had no outstanding interest rate derivatives. We generally do not apply hedge accounting to interest rate caps, which had a nominal value as of June 30, 2020 and December 31, 2019. We may enter into treasury lock agreements as part of an anticipated debt issuance. Upon completion of the debt issuance, the fair value of these instruments is recorded as part of accumulated other comprehensive income (loss) and is amortized to interest expense over the life of the debt agreement. The unamortized gain on our treasury locks and terminated hedges recorded in accumulated other comprehensive income (loss) was $9.6 million as of June 30, 2020, compared to an unamortized gain of $10.6 million as of December 31, 2019. Within the next year, we expect to reclassify to earnings approximately $1.0 million of gains related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss). We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposures, with gains and losses on the derivative contracts hedging these exposures. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes. We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euro. We use currency forward contracts, cross currency swap 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 designated as net investment hedges at June 30, 2020 and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset (Liability) Value as of ​ ​ ​ ​ June 30, December 31, Notional Value ​ Maturity Date ​ 2020 ​ 2019 € 50.0 ​ March 20, 2020 ​ ​ — ​ (0.5) € 50.0 ​ March 20, 2020 ​ ​ — ​ (0.5) € 50.0 ​ March 20, 2020 ​ ​ — ​ (0.5) € 50.0 ​ May 15, 2020 ​ ​ — ​ 1.5 € 100.0 ​ June 18, 2020 ​ ​ — ​ (0.6) € 90.0 ​ June 18, 2020 ​ ​ — ​ (0.5) € 33.0 ​ September 23, 2020 ​ ​ 0.2 ​ — € 60.0 ​ September 23, 2020 ​ ​ 0.3 ​ — € 60.0 ​ September 23, 2020 ​ ​ 0.3 ​ — € 120.0 ​ September 23, 2020 ​ ​ 0.6 ​ — € 50.0 ​ September 23, 2020 ​ ​ (1.0) ​ — € 30.0 ​ September 23, 2020 ​ ​ (0.7) ​ — € 10.0 ​ September 23, 2020 ​ ​ (0.2) ​ — € 50.0 ​ December 18, 2020 ​ ​ 0.3 ​ — € 100.0 ​ December 18, 2020 ​ ​ 1.2 ​ ​ (0.6) € 100.0 ​ December 18, 2020 ​ ​ 1.2 ​ ​ (0.6) € 20.0 ​ May 14, 2021 ​ ​ 0.2 ​ ​ — € 50.0 ​ May 14, 2021 ​ ​ 2.5 ​ ​ 1.3 € 50.0 ​ May 14, 2021 ​ ​ (1.8) ​ ​ — € 30.0 ​ May 14, 2021 ​ ​ 0.2 ​ — € 60.0 ​ December 20, 2021 ​ ​ 1.4 ​ — € 60.0 ​ December 20, 2021 ​ ​ 1.5 ​ — € 30.0 ​ December 20, 2021 ​ ​ 0.6 ​ — ​ Asset balances in the above table are included in deferred costs and other assets. Liability balances in the above table are included in other liabilities. We use a Euro-denominated cross-currency swap agreement to manage our exposure to changes in foreign exchange rates by swapping $150.0 million of 4.38% fixed rate U.S. dollar-denominated debt to 1.37% fixed rate Euro-denominated debt of €121.6 million. The cross-currency swap matures on December 1, 2020. The fair value of our cross-currency swap agreement at June 30, 2020 and December 31, 2019 was $14.8 million and $14.7 million, respectively, and is included in deferred costs and other assets. We have designated certain currency forward contracts and the cross-currency swap 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 accumulated other comprehensive income related to Simon’s derivative activities, including our share of other comprehensive income from unconsolidated entities, was $38.8 million and $41.2 million as of June 30, 2020 and December 31, 2019, respectively. The total accumulated other comprehensive income related to the Operating Partnership’s derivative activities, including our share of other comprehensive income from unconsolidated entities, was $44.7 million and $47.5 million as of June 30, 2020 and December 31, 2019, respectively.
New Accounting Pronouncements	New Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, "Financial Instruments - Credit Losses," which introduced 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. In November 2018, the FASB issued ASU 2018-19, which clarifies that operating lease receivables are outside the scope of the new standard. This standard was effective for us as of January 1, 2020. There was no impact on our consolidated financial statements at adoption. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform,” which provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance is effective upon issuance and generally can be applied to any contract modifications or existing and new hedging relationships through December 31, 2022. We are currently evaluating the impact that the expected market transition from LIBOR to alternative references rates will have on our financial statements as well as the applicability of the aforementioned expedients and exceptions provided in ASU 2020-04.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Significant Accounting Policies
Schedule of carrying amount of noncontrolling interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ June 30, ​ December 31, ​ ​ ​ 2020 ​ 2019 Limited partners’ interests in the Operating Partnership ​ $ 302,242 ​ $ 378,339 ​ Nonredeemable noncontrolling interests in properties, net ​ 3,857 ​ 6,513 ​ Total noncontrolling interests reflected in equity ​ $ 306,099 ​ $ 384,852 ​
Schedule of reclassifications out of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ Affected line item where net income is presented ​ Accumulated derivative gains (losses), net ​ $ 478 $ (1,086) ​ $ 958 $ (2,174) Interest expense ​ ​ ​ (63) 144 ​ (126) 287 Net income attributable to noncontrolling interests ​ ​ ​ $ 415 ​ $ (942) ​ $ 832 ​ $ (1,887) ​ ​ ​
Schedule of Euro:USD forward contracts	We had the following Euro:USD forward contracts designated as net investment hedges at June 30, 2020 and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset (Liability) Value as of ​ ​ ​ ​ June 30, December 31, Notional Value ​ Maturity Date ​ 2020 ​ 2019 € 50.0 ​ March 20, 2020 ​ ​ — ​ (0.5) € 50.0 ​ March 20, 2020 ​ ​ — ​ (0.5) € 50.0 ​ March 20, 2020 ​ ​ — ​ (0.5) € 50.0 ​ May 15, 2020 ​ ​ — ​ 1.5 € 100.0 ​ June 18, 2020 ​ ​ — ​ (0.6) € 90.0 ​ June 18, 2020 ​ ​ — ​ (0.5) € 33.0 ​ September 23, 2020 ​ ​ 0.2 ​ — € 60.0 ​ September 23, 2020 ​ ​ 0.3 ​ — € 60.0 ​ September 23, 2020 ​ ​ 0.3 ​ — € 120.0 ​ September 23, 2020 ​ ​ 0.6 ​ — € 50.0 ​ September 23, 2020 ​ ​ (1.0) ​ — € 30.0 ​ September 23, 2020 ​ ​ (0.7) ​ — € 10.0 ​ September 23, 2020 ​ ​ (0.2) ​ — € 50.0 ​ December 18, 2020 ​ ​ 0.3 ​ — € 100.0 ​ December 18, 2020 ​ ​ 1.2 ​ ​ (0.6) € 100.0 ​ December 18, 2020 ​ ​ 1.2 ​ ​ (0.6) € 20.0 ​ May 14, 2021 ​ ​ 0.2 ​ ​ — € 50.0 ​ May 14, 2021 ​ ​ 2.5 ​ ​ 1.3 € 50.0 ​ May 14, 2021 ​ ​ (1.8) ​ ​ — € 30.0 ​ May 14, 2021 ​ ​ 0.2 ​ — € 60.0 ​ December 20, 2021 ​ ​ 1.4 ​ — € 60.0 ​ December 20, 2021 ​ ​ 1.5 ​ — € 30.0 ​ December 20, 2021 ​ ​ 0.6 ​ —
Simon Property Group, L.P.
Significant Accounting Policies
Schedule of reclassifications out of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ Affected line item where net income is presented ​ Accumulated derivative gains (losses), net ​ $ 478 $ (1,086) ​ $ 958 $ (2,174) Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Per Share and Per Unit Data (Ta

Per Share and Per Unit Data (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, ​ For the Six Months Ended June 30, ​ ​ ​ 2020 ​ 2019 2020 2019 Net Income attributable to Common Stockholders — Basic and Diluted $ 254,213 $ 495,324 $ 691,818 $ 1,043,799 Weighted Average Shares Outstanding — Basic and Diluted ​ 305,882,326 ​ 308,708,798 ​ 306,193,205 ​ 308,842,682 ​
Simon Property Group, L.P.
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 June 30, ​ For the Six Months Ended June 30, ​ ​ ​ 2020 ​ 2019 2020 2019 Net Income attributable to Unitholders — Basic and Diluted $ 292,863 $ 570,389 $ 797,125 $ 1,201,940 Weighted Average Units Outstanding — Basic and Diluted ​ 352,410,392 ​ 355,491,396 ​ 352,801,176 ​ 355,634,031 ​

Investment in Unconsolidated _2

Investment in Unconsolidated Entities and International Investments (Tables)	6 Months Ended
	Jun. 30, 2020
Investments in Unconsolidated Entities and International Investments
Summary of equity method investments and share of income from such investments, balance sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Assets: ​ ​ ​ ​ ​ ​ ​ Investment properties, at cost ​ $ 19,670,435 ​ $ 19,525,665 ​ Less - accumulated depreciation ​ 7,641,911 ​ 7,407,627 ​ ​ ​ 12,028,524 ​ 12,118,038 ​ Cash and cash equivalents ​ 733,224 ​ 1,015,864 ​ Tenant receivables and accrued revenue, net ​ 756,871 ​ 510,157 ​ Right-of-use assets, net ​ ​ 180,952 ​ ​ 185,302 ​ Deferred costs and other assets ​ 368,254 ​ 384,663 ​ Total assets ​ $ 14,067,825 ​ $ 14,214,024 ​ Liabilities and Partners’ Deficit: ​ ​ ​ ​ ​ ​ ​ Mortgages ​ $ 15,436,464 ​ $ 15,391,781 ​ Accounts payable, accrued expenses, intangibles, and deferred revenue ​ 808,425 ​ 977,112 ​ Lease liabilities ​ ​ 183,406 ​ ​ 186,594 ​ Other liabilities ​ 395,429 ​ 338,412 ​ Total liabilities ​ 16,823,724 ​ 16,893,899 ​ Preferred units ​ 67,450 ​ 67,450 ​ Partners’ deficit ​ (2,823,349) ​ (2,747,325) ​ Total liabilities and partners’ deficit ​ $ 14,067,825 ​ $ 14,214,024 ​ Our Share of: ​ ​ ​ ​ ​ ​ ​ Partners’ deficit ​ $ (1,233,667) ​ $ (1,196,926) ​ Add: Excess Investment ​ 1,488,444 ​ 1,525,903 ​ Our net Investment in unconsolidated entities, at equity ​ $ 254,777 ​ $ 328,977 ​
Summary of equity method investments and share of income from such investments, statements of operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 REVENUE: ​ ​ ​ ​ ​ ​ ​ Lease income ​ $ 574,246 ​ $ 760,131 ​ $ 1,318,096 ​ $ 1,519,110 ​ Other income ​ 46,205 ​ 79,389 ​ 120,718 ​ 155,311 ​ Total revenue ​ 620,451 ​ 839,520 ​ 1,438,814 ​ 1,674,421 ​ OPERATING EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property operating ​ 107,309 ​ 140,262 ​ 254,339 ​ 284,983 ​ Depreciation and amortization ​ 165,511 ​ 170,407 ​ 336,989 ​ 340,664 ​ Real estate taxes ​ 60,634 ​ 67,809 ​ 129,023 ​ 136,526 ​ Repairs and maintenance ​ 13,589 ​ 18,832 ​ 33,204 ​ 41,209 ​ Advertising and promotion ​ 10,016 ​ 19,695 ​ 32,768 ​ 44,021 ​ Other ​ 15,734 ​ 47,743 ​ 65,964 ​ 97,058 ​ Total operating expenses ​ 372,793 ​ 464,748 ​ 852,287 ​ 944,461 ​ Operating Income Before Other Items ​ 247,658 ​ 374,772 ​ 586,527 ​ 729,960 ​ Interest expense ​ (152,409) ​ (157,927) ​ (309,050) ​ (313,944) ​ Gain on sale or disposal of assets and interests in unconsolidated entities, net ​ ​ — ​ ​ — ​ ​ — ​ ​ 21,587 ​ Net Income ​ $ 95,249 ​ $ 216,845 ​ $ 277,477 ​ $ 437,603 ​ Third-Party Investors’ Share of Net Income ​ $ 53,989 ​ $ 110,620 ​ $ 146,848 ​ $ 223,287 ​ Our Share of Net Income ​ 41,260 ​ 106,225 ​ 130,629 ​ 214,316 ​ Amortization of Excess Investment ​ (20,761) ​ (20,774) ​ (41,601) ​ (41,567) ​ Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements ​ ​ — ​ ​ — ​ ​ — ​ ​ (9,155) ​ Income from Unconsolidated Entities ​ $ 20,499 ​ $ 85,451 ​ $ 89,028 ​ $ 163,594 ​

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt
Schedule of fair value of financial instruments and the related discount rate assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2020 2019 ​ Fair value of consolidated fixed rate mortgages and unsecured indebtedness ​ $ 23,834 ​ $ 23,231 ​ ​ Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages ​ 2.37 % 3.75 % ​ Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness ​ ​ 2.47 % ​ 3.67 % ​

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ June 30, ​ December 31, ​ ​ ​ 2020 ​ 2019 ​ 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 ​ 161,855 ​ 193,524 ​ Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties ​ $ 187,392 ​ $ 219,061 ​
Schedule of LTIP units earned and aggregate grant date fair values adjusted for estimated forfeitures	​ ​ ​ ​ ​ ​ ​ ​ LTIP Program LTIP Units Earned Grant Date Fair Value of TSR Award Grant Date Target Value of Performance-Based Awards 2018 LTIP program - Tranche A 38,148 $6.1 million $6.1 million 2018 LTIP program - Tranche B To be determined in 2021 $6.1 million $6.1 million 2019 LTIP program ​ To be determined in 2022 $9.5 million $14.7 million
Simon Property Group, L.P.
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ June 30, ​ December 31, ​ ​ ​ 2020 ​ 2019 ​ 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 ​ 161,855 ​ 193,524 ​ Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties ​ $ 187,392 ​ $ 219,061 ​

Lease Income (Tables)

Lease Income (Tables)	6 Months Ended
	Jun. 30, 2020
Lease Income
Schedule of lease income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ June 30, ​ June 30, ​ 2020 ​ 2019 2020 2019 Fixed lease income $ 954,966 ​ $ 1,068,701 ​ $ 2,009,920 ​ $ 2,128,820 Variable lease income 58,544 ​ ​ 229,866 ​ ​ 265,822 ​ ​ 449,803 Total lease income $ 1,013,510 ​ $ 1,298,567 ​ $ 2,275,742 ​ $ 2,578,623

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies.
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, 2020 ​ June 30, 2019 June 30, 2020 ​ June 30, 2019 Operating Lease Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed lease cost ​ $ 7,137 ​ $ 7,943 ​ $ 15,146 ​ $ 15,108 Variable lease cost ​ ​ 3,147 ​ ​ 4,186 ​ ​ 7,087 ​ ​ 8,330 Sublease income ​ (187) ​ (167) ​ (373) ​ (334) Total operating lease cost ​ $ 10,097 ​ $ 11,962 ​ $ 21,860 ​ $ 23,104
Schedule of other lease information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ ​ June 30, 2020 ​ June 30, 2019 Other Information ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 22,180 ​ $ 24,172 ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ 34.8 years ​ ​ 36 years Weighted-average discount rate - operating leases ​ ​ 4.86% ​ ​ 4.87%
Schedule of future minimum lease payments due	​ ​ ​ ​ ​ 2020 $ 32,706 2021 ​ 32,697 2022 ​ 32,721 2023 ​ 32,863 2024 ​ 32,997 Thereafter ​ 924,243 ​ ​ $ 1,088,227 Impact of discounting ​ ​ (568,811) Operating lease liabilities ​ $ 519,416

Organization (Details)

Organization (Details)	Jun. 30, 2020propertycountrystate
U.S. and Puerto Rico
Real Estate Properties
Number of properties	204
Number of U.S. states containing property locations | state	37
U.S. and Puerto Rico | Malls
Real Estate Properties
Number of properties	99
U.S. and Puerto Rico | Premium Outlets
Real Estate Properties
Number of properties	69
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	18
Asia, Europe and Canada | Premium and Designer Outlets
Real Estate Properties
Number of properties | state	31
Europe | Klepierre
Real Estate Properties
Ownership percentage	22.40%
Number of countries | country	15

Basis of Presentation (Details)

Basis of Presentation (Details) - property	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Real Estate Properties
Total number of joint venture properties	84
Number of joint venture properties managed by the entity	57
Number of International joint venture properties	23
Number of joint venture properties managed by others	27
Simon Property Group, L.P.
Ownership interest:
Ownership interest in the Operating Partnership (as a percent)	86.80%		86.80%
Simon Property Group, L.P. | Weighted average
Ownership interest:
Ownership interest in the Operating Partnership (as a percent)	86.80%	86.80%
Wholly owned properties
Real Estate Properties
Number of properties	133
Partially owned properties
Real Estate Properties
Number of properties	18

Significant Accounting Polici_2

Significant Accounting Policies - Equity Instruments and Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Equity Instruments and Investments
Equity instruments with readily determinable fair value	$ 45,400		$ 45,400		$ 68,200
Non-cash mark-to-market adjustment	0	$ 0	0	$ 0
Equity instruments without readily determinable fair values	305,800		305,800		295,400
Debt securities of our captive insurance companies	$ 32,600		$ 32,600		$ 52,800
Debt Securities | Securities in captive insurance subsidiary portfolio | Minimum
Equity Instruments and Investments
Investment maturity period			1 year
Debt Securities | Securities in captive insurance subsidiary portfolio | Maximum
Equity Instruments and Investments
Investment maturity period			10 years

Significant Accounting Polici_3

Significant Accounting Policies - Fair Value Measurements (Details) $ in Millions	Jun. 30, 2020USD ($)item	Dec. 31, 2019USD ($)
Fair Value Measurements
Number of investments for which fair value is measured on a recurring basis using Level 3 inputs | item	0
Level 2 | Recurring
Fair Value Measurements
Interest rate swap agreements and foreign currency forward contracts, gross asset balance	$ 25.4	$ 17.5
Interest rate swap agreements and foreign currency forward contracts, gross liability balance	$ 3.6	$ 3.8

Significant Accounting Polici_4

Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Significant Accounting Policies
Limited partners' interests in the Operating Partnership	$ 302,242	$ 378,339
Nonredeemable noncontrolling interests in properties, net	3,857	6,513
Total noncontrolling interests reflected in equity	$ 306,099	$ 384,852

Significant Accounting Polici_5

Significant Accounting Policies - Reclassification Out of AOCI, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Significant Accounting Policies
Total accumulated other comprehensive income (loss)	$ (194,700)		$ (194,700)		$ (160,400)
Interest expense	(197,061)	$ (198,425)	(384,688)	$ (397,160)
Net income attributable to noncontrolling interests	(35,501)	(75,944)	(102,465)	(158,580)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	254,213	495,324	691,818	1,043,799
Accumulated derivative losses, net, including noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense	478	(1,086)	958	(2,174)
Accumulated derivative losses, attributable to noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests	(63)	144	(126)	287
Accumulated derivative gains (losses), net | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 415	$ (942)	$ 832	$ (1,887)

Significant Accounting Polici_6

Significant Accounting Policies - Reclassification Out Of AOCI, Simon Property Group, L.P. (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Significant Accounting Policies
Total accumulated other comprehensive income (loss)	$ (194,700)		$ (194,700)		$ (160,400)
Interest expense	(197,061)	$ (198,425)	(384,688)	$ (397,160)
Simon Property Group, L.P.
Significant Accounting Policies
Total accumulated other comprehensive income (loss)	(224,300)		(224,300)		$ (184,800)
Interest expense	(197,061)	(198,425)	(384,688)	(397,160)
Simon Property Group, L.P. | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense	$ 478	$ (1,086)	$ 958	$ (2,174)

Significant Accounting Polici_7

Significant Accounting Policies - Derivative Financial Instruments (Details) € in Millions, $ in Millions	Jun. 30, 2020USD ($)DerivativeInstrument	Jun. 30, 2020EUR (€)DerivativeInstrument	Dec. 31, 2019USD ($)DerivativeInstrument	Dec. 31, 2019EUR (€)DerivativeInstrument
Derivative Financial Instruments
Number of credit-risk-related hedging or derivative activities | DerivativeInstrument	0	0
Unamortized gain on treasury locks and terminated hedges	$ 9.6		$ 10.6
Amount expected to be reclassified from accumulated other comprehensive loss to earnings within the next year	1
Gross accumulated other comprehensive income related to derivative activities	$ 38.8		$ 41.2
Interest rate swap | Designated as Hedging Instrument
Derivative Financial Instruments
Number of Instruments | DerivativeInstrument	0	0	0	0
Euro:USD currency forward contract | March 20, 2020 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €				€ 50
Forward contract net, fair value			$ (0.5)
Euro:USD currency forward contract | March 20, 2020 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €				50
Forward contract net, fair value			(0.5)
Euro:USD currency forward contract | March 20, 2020 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €				50
Forward contract net, fair value			(0.5)
Euro:USD currency forward contract | May 15, 2020 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €				50
Forward contract net, fair value			1.5
Euro:USD currency forward contract | June 18, 2020 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €				100
Forward contract net, fair value			(0.6)
Euro:USD currency forward contract | June 18, 2020 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €				90
Forward contract net, fair value			(0.5)
Euro:USD currency forward contract | September 23, 2020 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		€ 33
Forward contract net, fair value	$ 0.2
Euro:USD currency forward contract | September 23, 2020 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		60
Forward contract net, fair value	0.3
Euro:USD currency forward contract | September 23, 2020 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		60
Forward contract net, fair value	0.3
Euro:USD currency forward contract | September 23, 2020 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		120
Forward contract net, fair value	0.6
Euro:USD currency forward contract | September 23, 2020 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		50
Forward contract net, fair value	(1)
Euro:USD currency forward contract | September 23, 2020 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		30
Forward contract net, fair value	(0.7)
Euro:USD currency forward contract | September 23, 2020 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		10
Forward contract net, fair value	(0.2)
Euro:USD currency forward contract | December 18, 2020 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		50
Forward contract net, fair value	0.3
Euro:USD currency forward contract | December 18, 2020 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		100		100
Forward contract net, fair value	1.2		(0.6)
Euro:USD currency forward contract | December 18, 2020 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		100		100
Forward contract net, fair value	1.2		(0.6)
Euro:USD currency forward contract | May 14, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		20
Forward contract net, fair value	0.2
Euro:USD currency forward contract | May 14, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		50		€ 50
Forward contract net, fair value	2.5		1.3
Euro:USD currency forward contract | May 14, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		50
Forward contract net, fair value	(1.8)
Euro:USD currency forward contract | May 14, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		30
Forward contract net, fair value	0.2
Euro:USD currency forward contract | December 20, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		60
Forward contract net, fair value	1.4
Euro:USD currency forward contract | December 20, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		60
Forward contract net, fair value	1.5
Euro:USD currency forward contract | December 20, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		€ 30
Forward contract net, fair value	0.6
US denominated cross currency swap | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount	$ 150
Swapping interest rate	4.38%	4.38%
Euro denominated cross currency swap | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		€ 121.6
Fixed exchange rate	1.37%	1.37%
Euro denominated cross currency swap | Deferred costs and other assets | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Interest rate derivative asset, fair value	$ 14.8		14.7
Simon Property Group, L.P.
Derivative Financial Instruments
Gross accumulated other comprehensive income related to derivative activities	$ 44.7		$ 47.5

Real Estate Acquisitions and _2

Real Estate Acquisitions and Dispositions (Details) - Hotel $ in Millions	Sep. 19, 2019USD ($)
Acquisitions
Ownership interests acquired (as a percent)	50.00%
Cash purchase price for acquisition	$ 12.8
Mortgage bearing 4.02%
Acquisitions
Fixed rate debt	$ 21.5
Fixed rate of interest	4.02%

Per Share and Per Unit Data (De

Per Share and Per Unit Data (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 29, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Per Share And Per Unit Data
Net Income attributable to Common Stockholders - Basic		$ 254,213	$ 495,324	$ 691,818	$ 1,043,799
Net Income attributable to Common Stockholders - Diluted		$ 254,213	$ 495,324	$ 691,818	$ 1,043,799
Weighted Average Shares Outstanding - Basic and Diluted		305,882,326	308,708,798	306,193,205	308,842,682
Dividends
Dividends declared per common share (in dollars per share)	$ 1.30
Dividend payable		$ 458,150		$ 458,150
Simon Property Group, L.P.
Per Share And Per Unit Data
Net Income attributable to Common Stockholders - Basic		292,863	$ 570,389	797,125	$ 1,201,940
Net Income attributable to Common Stockholders - Diluted		$ 292,863	$ 570,389	$ 797,125	$ 1,201,940
Weighted Average Shares Outstanding - Basic and Diluted		352,410,392	355,491,396	352,801,176	355,634,031
Dividends
Distribution declared per unit (in dollars per share)	$ 1.30
Dividend payable		$ 458,150		$ 458,150

Investments in Unconsolidated E

Investments in Unconsolidated Entities and International Investments - Real Estate Joint Ventures and Investments (Details) $ in Millions	Jun. 30, 2020USD ($)property	Dec. 31, 2019USD ($)
Investment in Unconsolidated Entities
Total number of joint venture properties | property	84
Construction and other related party loans
Investment in Unconsolidated Entities
Loans to related party | $	$ 86.3	$ 78.4

Investments in Unconsolidated_2

Investments in Unconsolidated Entities and International Investments - Unconsolidated Entity Transactions (Details) $ in Thousands	Feb. 19, 2020USD ($)item	Oct. 16, 2019USD ($)	Sep. 15, 2016item	Jan. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Sep. 19, 2019
Investment in Unconsolidated Entities
Aggregate investment in ventures					$ 1,644,020			$ 1,644,020		$ 1,731,649
Share of net income, net of amortization of our excess investment excluding impairment					44,322	$ 106,542		94,787	$ 196,986
Total revenue					1,062,041	1,397,186		2,415,401	2,850,019
Operating Income					450,868	680,631		1,105,737	1,425,653
Consolidated Net Income					290,548	572,102		795,952	1,204,048
Hotel
Investment in Unconsolidated Entities
Ownership interests acquired (as a percent)											50.00%
Ownership interest after acquisition (as a percent)											100.00%
Simon Property Group, L.P.
Investment in Unconsolidated Entities
Aggregate investment in ventures					1,644,020			1,644,020		$ 1,731,649
Share of net income, net of amortization of our excess investment excluding impairment					44,322	106,542		94,787	196,986
Total revenue					1,062,041	1,397,186		2,415,401	2,850,019
Operating Income					450,868	680,631		1,105,737	1,425,653
Consolidated Net Income					$ 290,548	572,102		$ 795,952	1,204,048
Forever 21
Investment in Unconsolidated Entities
Number of joint ventures | item	2
Ownership interest (as a percent)	37.50%
Aggregate investment in ventures	$ 67,600
Bargain purchase gain	$ 35,000
Shop Premium Outlets
Investment in Unconsolidated Entities
Ownership interest (as a percent)		45.00%
Contribution to form joint venture		$ 276,800
Sparc Group
Investment in Unconsolidated Entities
Number of joint ventures | item			2
Sparc Group Retail Operations
Investment in Unconsolidated Entities
Ownership interest (as a percent)					50.00%			50.00%
Additional noncontrolling interest purchased				5.05%
Purchase of equity instruments				$ 6,700
Authentic Brands Group LLC
Investment in Unconsolidated Entities
Ownership interest (as a percent)					6.80%			6.80%
Additional noncontrolling interest purchased				1.37%
Purchase of equity instruments				$ 33,500
HBS
Investment in Unconsolidated Entities
Ownership interest (as a percent)					11.70%			11.70%		11.70%
Share of net income, net of amortization of our excess investment excluding impairment					$ 200	$ (5,600)		$ 1,000	(8,200)
Total revenue								64,700	67,200
Operating Income								26,800	1,100
Consolidated Net Income								$ 8,700	$ (22,100)
Unconsolidated properties | Disposed by Sales | Residential properties
Investment in Unconsolidated Entities
Proceeds from sale or disposal of real estate assets							$ 17,300
Gain (loss) on disposition of interest in properties							$ 15,600

Investments in Unconsolidated_3

Investments in Unconsolidated Entities and International Investments - European Investments (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)property$ / sharesshares	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)property$ / sharesshares	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)property
Investment in Unconsolidated Entities
Income from unconsolidated entities	$ 44,322	$ 106,542	$ 94,787	$ 196,986
Total revenue	1,062,041	1,397,186	2,415,401	2,850,019
Operating Income	450,868	680,631	1,105,737	1,425,653
Consolidated Net Income	290,548	572,102	795,952	1,204,048
Loss on disposal of certain assets and related impairment	7,845	(2,681)	6,883	(2,681)
Noncontrolling interests	$ 306,099		$ 306,099		$ 384,852
European Joint Venture | Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties | property	10		10		9
Number of properties consolidated by entity | property			6		6
European Joint Venture | Designer Outlet properties | Minimum
Investment in Unconsolidated Entities
Ownership interest (as a percent)	45.00%		45.00%
European Joint Venture | Designer Outlet properties | Maximum
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)	22.40%		22.40%
Quoted market price per share (in dollars per share) | $ / shares	$ 19.92		$ 19.92
Income from unconsolidated entities	$ 2,200	$ 21,200	$ 9,400	39,000
Total revenue			672,300	760,200
Operating Income			199,900	318,500
Consolidated Net Income			152,600	276,600
Loss on disposal of certain assets and related impairment			$ 7,800
Europe | Klepierre | Disposed by Sales | Shopping centers
Investment in Unconsolidated Entities
Gain (loss) on sale or disposal of assets and interests in unconsolidated entities				$ 2,700
Europe | Value Retail PLC
Investment in Unconsolidated Entities
Number of luxury outlets owned and operated | property	9		9
Number of outlets in which the entity has a minority direct ownership | property	3		3
Europe | Value Retail PLC | Deferred costs and other assets
Investment in Unconsolidated Entities
Value of equity instruments	$ 140,800		$ 140,800		$ 140,800

Investments in Unconsolidated_4

Investments in Unconsolidated Entities and International Investments - Asian Joint Ventures (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investment in Unconsolidated Entities
Our net Investment in unconsolidated entities, at equity	$ 1,644,020	$ 1,731,649
Japan | Mitsubishi Estate Co., Ltd. | Premium Outlets
Investment in Unconsolidated Entities
Ownership percentage	40.00%	40.00%
Our net Investment in unconsolidated entities, at equity	$ 187,700	$ 212,100
South Korea | Shinsegae International Co | Premium Outlets
Investment in Unconsolidated Entities
Ownership percentage	50.00%	50.00%
Our net Investment in unconsolidated entities, at equity	$ 170,900	$ 173,900

Investments in Unconsolidated_5

Investments in Unconsolidated Entities and International Investments - Combined Balance Sheets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
ASSETS:
Investment properties, at cost	$ 37,972,093	$ 37,804,495
Less - accumulated depreciation	14,389,809	13,905,776
Investment properties, at cost, net	23,582,284	23,898,719
Cash and cash equivalents	3,306,100	669,373
Tenant receivables and accrued revenue, net	1,457,695	832,151
Right-of-use assets, net	517,061	514,660
Deferred costs and other assets	1,133,064	1,214,025
Total assets	34,026,170	31,231,630
Liabilities and Partners' Deficit:
Mortgages and unsecured indebtedness	27,268,883	24,163,230
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,216,831	1,390,682
Operating lease liabilities	519,416	516,809
Other liabilities	463,380	464,304
Total liabilities	31,503,339	28,101,319
Preferred units	187,392	219,061
Total liabilities and equity	34,026,170	31,231,630
Our Share of:
Our net Investment in unconsolidated entities, at equity	$ 1,644,020	1,731,649
Unconsolidated properties | Maximum
Our Share of:
Estimated life of investment property	40 years
Equity Method Investees excluding Klepierre, ABG, HBS, RGG, Forever 21 and Sparc Group | Unconsolidated properties
ASSETS:
Investment properties, at cost	$ 19,670,435	19,525,665
Less - accumulated depreciation	7,641,911	7,407,627
Investment properties, at cost, net	12,028,524	12,118,038
Cash and cash equivalents	733,224	1,015,864
Tenant receivables and accrued revenue, net	756,871	510,157
Right-of-use assets, net	180,952	185,302
Deferred costs and other assets	368,254	384,663
Total assets	14,067,825	14,214,024
Liabilities and Partners' Deficit:
Mortgages and unsecured indebtedness	15,436,464	15,391,781
Accounts payable, accrued expenses, intangibles, and deferred revenues	808,425	977,112
Operating lease liabilities	183,406	186,594
Other liabilities	395,429	338,412
Total liabilities	16,823,724	16,893,899
Preferred units	67,450	67,450
Partners' deficit	(2,823,349)	(2,747,325)
Total liabilities and equity	14,067,825	14,214,024
Our Share of:
Partners' deficit	(1,233,667)	(1,196,926)
Add: Excess Investment	1,488,444	1,525,903
Our net Investment in unconsolidated entities, at equity	$ 254,777	$ 328,977

Investments in Unconsolidated_6

Investments in Unconsolidated Entities and International Investments - Combined Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUE:
Lease income	$ 1,013,510	$ 1,298,567	$ 2,275,742	$ 2,578,623
Other income	27,496	70,371	89,458	215,604
Total revenue	1,062,041	1,397,186	2,415,401	2,850,019
EXPENSES:
Property operating	70,620	106,119	176,243	217,669
Depreciation and amortization	324,140	352,606	652,402	681,249
Real estate taxes	117,221	115,914	234,764	231,372
Repairs and maintenance	14,080	21,850	38,511	49,772
Advertising and promotion	12,689	35,420	46,216	72,545
Other	29,037	27,820	56,878	53,236
Total operating expenses	611,173	716,555	1,309,664	1,424,366
OPERATING INCOME BEFORE OTHER ITEMS	450,868	680,631	1,105,737	1,425,653
Interest expense	(197,061)	(198,425)	(384,688)	(397,160)
Gain on sale or disposal of assets and interests in unconsolidated entities, net	(7,845)	2,681	(6,883)	2,681
CONSOLIDATED NET INCOME	290,548	572,102	795,952	1,204,048
Income from Unconsolidated Entities	44,322	106,542	94,787	196,986
Equity Method Investees excluding Klepierre, ABG, HBS, RGG, Forever 21 and Sparc Group | Unconsolidated properties
REVENUE:
Lease income	574,246	760,131	1,318,096	1,519,110
Other income	46,205	79,389	120,718	155,311
Total revenue	620,451	839,520	1,438,814	1,674,421
EXPENSES:
Property operating	107,309	140,262	254,339	284,983
Depreciation and amortization	165,511	170,407	336,989	340,664
Real estate taxes	60,634	67,809	129,023	136,526
Repairs and maintenance	13,589	18,832	33,204	41,209
Advertising and promotion	10,016	19,695	32,768	44,021
Other	15,734	47,743	65,964	97,058
Total operating expenses	372,793	464,748	852,287	944,461
OPERATING INCOME BEFORE OTHER ITEMS	247,658	374,772	586,527	729,960
Interest expense	(152,409)	(157,927)	(309,050)	(313,944)
Gain on sale or disposal of assets and interests in unconsolidated entities, net				21,587
CONSOLIDATED NET INCOME	95,249	216,845	277,477	437,603
Third-Party Investors' Share of Net Income	53,989	110,620	146,848	223,287
Our Share of Net Income	41,260	106,225	130,629	214,316
Amortization of Excess Investment	(20,761)	(20,774)	(41,601)	(41,567)
Our Share of Gain on Sale or Disposal of Assets and Interest in Other Income in the Consolidated Financial Statements				(9,155)
Income from Unconsolidated Entities	$ 20,499	$ 85,451	$ 89,028	$ 163,594

Debt (Details)

Debt (Details) $ in Thousands, € in Millions	Jul. 10, 2020USD ($)	Mar. 16, 2020USD ($)item	Jun. 30, 2020USD ($)itemproperty	Aug. 06, 2020EUR (€)	Jul. 22, 2020USD ($)	Jul. 09, 2020USD ($)	Dec. 31, 2019USD ($)	Aug. 17, 2015USD ($)
Debt
Unsecured debt			$ 27,268,883				$ 24,163,230
Simon Property Group, L.P.
Debt
Unsecured debt			27,268,883				24,163,230
Secured Debt | Mortgages
Debt
Unsecured debt			$ 6,900,000				$ 6,900,000
Number of properties pledged as collateral | property			50
Debt covenants
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers | item			46
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
Unsecured Debt | Senior unsecured notes | Simon Property Group, L.P.
Debt
Unsecured debt			$ 15,900,000
Unsecured Debt | Senior Unsecured Notes Maturing September 2025 | Simon Property Group, L.P.
Debt
Unsecured debt						$ 500,000		$ 600,000
Interest rate on debt (as a percent)						3.50%		3.50%
Unsecured Debt | Senior Unsecured Notes Maturing June 2030 | Simon Property Group, L.P.
Debt
Unsecured debt						$ 750,000
Interest rate on debt (as a percent)						2.65%
Unsecured Debt | Senior Unsecured Notes Maturing June 2050 | Simon Property Group, L.P.
Debt
Unsecured debt						$ 750,000
Interest rate on debt (as a percent)						3.80%
Unsecured Debt | Senior Unsecured Notes Maturing September 2020 | Simon Property Group, L.P.
Debt
Amount of debt redeemed					$ 500,000
Interest rate on debt (as a percent)					2.50%
Unsecured Debt | Senior Unsecured Notes Maturing October 2020 | Simon Property Group, L.P.
Debt
Amount of debt redeemed | €				€ 375
Interest rate on debt (as a percent)				2.375%
Unsecured Debt | Commercial Paper | Simon Property Group, L.P.
Debt
Credit facility, amount outstanding			702,300
Maximum borrowing capacity			2,000,000
Unsecured Debt | U.S Dollar Denominated Notes | Simon Property Group, L.P.
Debt
Credit facility, amount outstanding			$ 702,300
Weighted average interest rate (as a percent)			0.24%
Unsecured Debt | Facilities | Simon Property Group, L.P.
Debt
Available borrowing capacity			$ 4,900,000
Maximum amount outstanding during period			3,900,000
Credit facility, weighted average amount outstanding			2,300,000
Letters of credit outstanding			$ 11,300
Unsecured Debt | Credit Facility and Term Facility | Simon Property Group, L.P.
Debt
Maximum borrowing capacity		$ 7,000,000
Additional borrowing capacity		$ 1,000,000
Additional extension period | item		2
Debt extension period		6 months
Debt single draw period		9 months
Unsecured Debt | Credit Facility and Term Facility | Maximum | Simon Property Group, L.P.
Debt
Percentage of borrowings in currencies other than the U.S. dollar		95.00%
Unsecured Debt | Term loan | Simon Property Group, L.P.
Debt
Maximum borrowing capacity		$ 2,000,000
Commitment fee (in percentage)			0.10%
Ticketing fee accruing after closing term facility			45 days
Unsecured Debt | Term loan | Simon Property Group, L.P. | LIBOR
Debt
Interest rate (as a percent)			1.00%
Unsecured Debt | Term loan | Simon Property Group, L.P. | Fed Funds Effective Rate
Debt
Interest rate (as a percent)			0.50%
Unsecured Debt | Term loan | Minimum | Simon Property Group, L.P. | LIBOR
Debt
Interest rate (as a percent)			0.725%
Unsecured Debt | Term loan | Minimum | Simon Property Group, L.P. | Base Rate
Debt
Interest rate (as a percent)			0.00%
Unsecured Debt | Term loan | Maximum | Simon Property Group, L.P. | LIBOR
Debt
Interest rate (as a percent)			1.60%
Unsecured Debt | Term loan | Maximum | Simon Property Group, L.P. | Base Rate
Debt
Interest rate (as a percent)			0.60%
Unsecured Debt | Credit Facility | Simon Property Group, L.P.
Debt
Credit facility, amount outstanding			$ 3,100,000
Maximum borrowing capacity		$ 4,000,000	$ 4,000,000
Credit facility, amount repaid	$ 1,750,000
Unsecured Debt | Credit Facility | Simon Property Group, L.P. | LIBOR
Debt
Interest rate (as a percent)			1.00%
Unsecured Debt | Credit Facility | Simon Property Group, L.P. | Fed Funds Effective Rate
Debt
Interest rate (as a percent)			0.50%
Unsecured Debt | Credit Facility | Minimum | Simon Property Group, L.P. | LIBOR
Debt
Interest rate (as a percent)			0.65%
Commitment fee (in percentage)			0.10%
Unsecured Debt | Credit Facility | Minimum | Simon Property Group, L.P. | Base Rate
Debt
Interest rate (as a percent)			0.00%
Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P. | LIBOR
Debt
Interest rate (as a percent)			1.40%
Commitment fee (in percentage)			0.30%
Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P. | Base Rate
Debt
Interest rate (as a percent)			0.40%
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P.
Debt
Unsecured debt			$ 750,000
Maximum borrowing capacity			3,500,000
Credit facility, amount repaid	$ 750,000
Optional expanded maximum borrowing capacity			$ 4,500,000
Additional facility fee (as a percent)			0.10%
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | LIBOR
Debt
Interest rate (as a percent)			0.775%

Debt - Fair Value (Details)

Debt - Fair Value (Details) $ in Millions	Jun. 30, 2020USD ($)item	Dec. 31, 2019USD ($)item
Fixed rate mortgages and unsecured indebtedness | Book value
Fair Value of Debt
Fair value of consolidated fixed rate mortgages and unsecured indebtedness | $	$ 22,600	$ 23,200
Fixed rate mortgages and unsecured indebtedness | Fair value
Fair Value of Debt
Fair value of consolidated fixed rate mortgages and unsecured indebtedness | $	$ 23,834	$ 23,231
Discount Rate | Weighted average | Fixed rate mortgages
Fair Value of Debt
Debt percentage- measurement input | item	0.0237	0.0375
Discount Rate | Weighted average | Unsecured Debt
Fair Value of Debt
Debt percentage- measurement input | item	0.0247	0.0367

Equity - Shares or Units Activi

Equity - Shares or Units Activity (Details) $ / shares in Units, $ in Millions	Jun. 29, 2020$ / shares	Feb. 11, 2019USD ($)	Feb. 13, 2017USD ($)	Mar. 31, 2020$ / sharesshares	Jun. 30, 2019$ / sharesshares	Mar. 31, 2019shares	Jun. 30, 2020USD ($)item$ / sharesshares	Jun. 30, 2019$ / sharesshares
Equity
Redemption of units				116,072		774
Exchange of limited partner units, (in shares)				132,946		24,000
Common stock authorized for repurchase | $		$ 2,000	$ 2,000
Period common stock is authorized to repurchase		2 years
Stock repurchase program, extension period			2 years
Shares repurchased (in shares)				1,245,654	1,046,580	46,377	1,245,654	1,092,957
Average share price repurchased (in dollars per share) | $ / shares							$ 122.50	$ 165.84
Common stock dividends paid (in dollars per share) | $ / shares				$ 2.10	$ 2.05			$ 4.10
Dividends declared per common share (in dollars per share) | $ / shares	$ 1.30
Limited Partners
Equity
Exchange of limited partner units, (in shares)							132,946
Number of limited partners who received common stock | item							4
2017 Share Repurchase Program
Equity
Shares repurchased (in shares)								46,377
Average share price repurchased (in dollars per share) | $ / shares								$ 164.49
Simon Property Group, L.P.
Equity
Redemption of units				116,072		774
Distributions paid per unit (in dollars per unit) | $ / shares				$ 2.10	$ 2.05			$ 4.10
Simon Property Group, L.P. | Limited Partners
Equity
Redemption of units							116,072
Number of limited partners who received common stock | item							2
Value of units redeemed | $							$ 16.1

Equity - Temporary Equity (Deta

Equity - Temporary Equity (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)itemshares	Dec. 31, 2019USD ($)itemshares
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $	$ 187,392	$ 219,061
Simon Property Group, L.P.
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $	$ 187,392	$ 219,061
7.5% Cumulative Redeemable Preferred Units
Redeemable preferred stock
Number of series of units classified into temporary equity | item	1	1
Noncontrolling interests redeemable at amounts in excess of fair value | item	0	0
Preferred stock stated dividend rate percentage	7.50%	7.50%
Temporary equity, shares authorized | shares	260,000	260,000
Temporary equity, shares issued | shares	255,373	255,373
Temporary equity, shares outstanding | shares	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 | Simon Property Group, L.P.
Redeemable preferred stock
Number of series of units classified into temporary equity | item	1	1
Preferred stock stated dividend rate percentage	7.50%	7.50%
Temporary equity, shares authorized | shares	260,000	260,000
Temporary equity, shares issued | shares	255,373	255,373
Temporary equity, shares outstanding | shares	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 | $	161,855	193,524
Other noncontrolling redeemable interest | Simon Property Group, L.P.
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $	$ 161,855	$ 193,524

Equity - Stock Based Compensati

Equity - Stock Based Compensation (Details) $ / shares in Units, $ in Millions	Jul. 06, 2011USD ($)shares	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)item	Dec. 31, 2017shares	Dec. 31, 2016shares	Dec. 31, 2015shares
Restricted stock
Stock-based incentive plan awards
Compensation expense, net of capitalization		$ 6	$ 3.8
Restricted stock | Employees
Stock-based incentive plan awards
Shares awarded (in shares) | shares		135,140
Weighted average fair value (in dollars per share) | $ / shares		$ 54.86
Vesting service period		3 years
Restricted stock | Non-employee Director
Stock-based incentive plan awards
Shares awarded (in shares) | shares		32,487
Weighted average fair value (in dollars per share) | $ / shares		$ 58.57
Vesting service period		1 year
LTIP Retention Award to Chairman and CEO
Stock-based incentive plan awards
Awards earned (in units) | shares	1,000,000
Grant Date Fair Value	$ 120.3
Service period	8 years
LTIP Retention Award to Chairman and CEO | A Units
Stock-based incentive plan awards
Awards earned (in units) | shares							360,000
LTIP Retention Award to Chairman and CEO | B Units
Stock-based incentive plan awards
Awards earned (in units) | shares						360,000
LTIP Retention Award to Chairman and CEO | C Units
Stock-based incentive plan awards
Awards earned (in units) | shares					280,000
LTIP programs
Stock-based incentive plan awards
Percent of distributions of Operating Partnership that participants are entitled to receive during performance period		10.00%
Compensation expense, net of capitalization		$ 6.9	$ 8.1
2018 LTIP program | LTIP Units
Stock-based incentive plan awards
Number of tranches | item				2
Grant Date Fair Value				$ 12.1
2018 LTIP program | LTIP Units | Maximum
Stock-based incentive plan awards
Grant Date Fair Value				$ 18.2
2018 LTIP program | LTIP Units | Tranche A
Stock-based incentive plan awards
Vesting rights each year beginning 2021 (as a percent)				50.00%
Performance period				2 years
Awards earned (in units) | shares		38,148
Grant Date Fair Value		$ 6.1		$ 6.1
Grant Date Target Value		6.1
2018 LTIP program | LTIP Units | Tranche B
Stock-based incentive plan awards
Performance period				3 years
Grant Date Fair Value		6.1		$ 6.1
Grant Date Target Value		$ 6.1
2019 LTIP program | LTIP Units
Stock-based incentive plan awards
Performance period		3 years
Grant Date Fair Value		$ 9.5
Grant Date Target Value		14.7
2019 LTIP program | LTIP Units | Maximum
Stock-based incentive plan awards
Grant Date Target Value		$ 22.1

Lease Income (Details)

Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Lease Income
Fixed-lease income	$ 954,966	$ 1,068,701	$ 2,009,920	$ 2,128,820
Variable lease income	58,544	229,866	265,822	449,803
Total lease income	$ 1,013,510	$ 1,298,567	$ 2,275,742	$ 2,578,623

Commitments and Contingencies -

Commitments and Contingencies - Litigation (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Opry Mills, Nashville, TN | Other income
Insurance
Gain on litigation settlement	$ 68

Commitments and Contingencies_2

Commitments and Contingencies - Lease Commitments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Lease Commitments
Properties subject to ground leases | property	23		23
Lease Cost
Fixed lease cost	$ 7,137	$ 7,943	$ 15,146	$ 15,108
Variable lease cost	3,147	4,186	7,087	8,330
Sublease income	(187)	(167)	(373)	(334)
Total operating lease cost	$ 10,097	$ 11,962	21,860	23,104
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases			$ 22,180	$ 24,172
Weighted-average remaining lease term - operating leases	34 years 9 months 18 days	36 years	34 years 9 months 18 days	36 years
Weighted-average discount rate - operating leases	4.86%	4.87%	4.86%	4.87%
Operating Lease Liabilities
2020	$ 32,706		$ 32,706
2021	32,697		32,697
2022	32,721		32,721
2023	32,863		32,863
2024	32,997		32,997
Thereafter	924,243		924,243
Future minimum gross lease payments	1,088,227		1,088,227
Impact of discounting	(568,811)		(568,811)
Operating lease liabilities	$ 519,416		$ 519,416		$ 516,809

Commitments and Contingencies_3

Commitments and Contingencies - Guarantees of Indebtedness (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Joint Venture Mortgage and Indebtedness
Guarantees of Joint Venture Indebtedness:
Loan guarantee	$ 193.3	$ 214.8

Commitments and Contingencies_4

Commitments and Contingencies - Concentration of Credit Risk (Details)	6 Months Ended
	Jun. 30, 2020
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 Contingencies_5

Commitments and Contingencies - Hurricane Impacts (Details) $ in Thousands	3 Months Ended			6 Months Ended		30 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Sep. 30, 2017property	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2020USD ($)
Hurricane Impact
Insurance proceeds for property restoration				$ 1,058	$ 2,938
Loss from Catastrophes | PUERTO RICO | Wholly owned properties
Hurricane Impact
Number of properties significantly damaged | property			2
Total insurance proceeds received						$ 77,600
Insurance proceeds for property restoration						$ 46,500
Loss from Catastrophes | PUERTO RICO | Wholly owned properties | Other income
Hurricane Impact
Insurance proceeds for business interruption	$ 1,600	$ 3,200		$ 2,700	$ 7,600

Commitments and Contingencies_6

Commitments and Contingencies - COVID 19 (Details) $ in Millions	Jul. 15, 2020property	Mar. 31, 2020USD ($)	Jun. 30, 2020property
Commitments and Contingencies
Number of properties reopened since temporary closure			199
CALIFORNIA
Commitments and Contingencies
Number of enclosed properties previously reopened and then closed due to new restrictive governmental orders	7
Facilities
Commitments and Contingencies
Amount drawn for precautionary measure | $		$ 3,750