Simon Property (SPG) 10-Q 6 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	9 Months Ended
	Sep. 30, 2013
Entity Registrant Name	'SIMON PROPERTY GROUP INC /DE/
Entity Central Index Key	'0001063761
Document Type	'10-Q
Document Period End Date	30-Sep-13
Amendment Flag	'false
Current Fiscal Year End Date	'--12-31
Entity Current Reporting Status	'Yes
Entity Filer Category	'Large Accelerated Filer
Document Fiscal Year Focus	'2013
Document Fiscal Period Focus	'Q3
Common stock	'
Entity Common Stock, Shares Outstanding	310,325,283
Entity Listing, Par Value Per Share	0.0001
Class B common stock	'
Entity Common Stock, Shares Outstanding	8,000
Entity Listing, Par Value Per Share	0.0001

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
ASSETS:	'	'
Investment properties at cost	$34,764,669	$34,252,521
Less - accumulated depreciation	9,804,069	9,068,388
Investment properties, net	24,960,600	25,184,133
Cash and cash equivalents	1,099,321	1,184,518
Tenant receivables and accrued revenue, net	529,893	521,301
Investment in unconsolidated entities, at equity	1,991,900	2,108,966
Investment in Klepierre, at equity	1,971,230	2,016,954
Deferred costs and other assets	1,558,465	1,570,734
Total assets	32,111,409	32,586,606
LIABILITIES:	'	'
Mortgages and unsecured indebtedness	22,729,654	23,113,007
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,328,089	1,374,172
Cash distributions and losses in partnerships and joint ventures, at equity	842,062	724,744
Other liabilities	227,319	303,588
Total liabilities	25,127,124	25,515,511
Commitments and contingencies	'	'
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	179,792	178,006
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):	'	'
Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $ 39,847	44,472	44,719
Capital in excess of par value	9,197,939	9,175,724
Accumulated deficit	-3,218,890	-3,083,190
Accumulated other comprehensive loss	-76,702	-90,900
Common stock held in treasury at cost, 3,651,580 and 3,762,595 shares, respectively	-118,031	-135,781
Total stockholders' equity	5,828,819	5,910,603
Noncontrolling interests	975,674	982,486
Total equity	6,804,493	6,893,089
Total liabilities and equity	32,111,409	32,586,606
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	31	31
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 $)	9 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Capital stock, total shares authorized	850,000,000	850,000,000
Capital stock, par value (in dollars per share)	$0.00	$0.00
Capital stock, shares of excess common stock	238,000,000	238,000,000
Capital stock, authorized shares of preferred stock	100,000,000	100,000,000
Preferred stock stated dividend rate percentage	8.38%	8.38%
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
Series J 8 3/8% cumulative redeemable preferred stock, liquidation value (in dollars)	$39,847	$39,847
Common stock held in treasury, shares	3,651,580	3,762,595
Common stock	'	'
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	511,990,000	511,990,000
Common stock, shares issued	313,976,863	313,658,419
Common stock, shares outstanding	313,976,863	313,658,419
Class B common stock	'	'
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	10,000	10,000
Common stock, shares issued	8,000	8,000
Common stock, shares outstanding	8,000	8,000

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Comprehensive Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
REVENUE:	'	'	'	'
Minimum rent	$795,809	$759,039	$2,351,876	$2,207,334
Overage rent	56,511	51,170	134,458	110,277
Tenant reimbursements	367,702	342,443	1,059,834	979,300
Management fees and other revenues	33,613	32,294	95,156	92,928
Other income	48,621	43,671	112,553	145,813
Total revenue	1,302,256	1,228,617	3,753,877	3,535,652
EXPENSES:	'	'	'	'
Property operating	126,706	132,378	354,094	353,136
Depreciation and amortization	326,073	310,244	961,344	907,217
Real estate taxes	113,145	105,694	332,259	311,173
Repairs and maintenance	27,747	26,556	84,579	78,862
Advertising and promotion	30,725	28,114	81,343	77,762
Provision for (recovery of) credit losses	2,774	-1,180	4,207	5,271
Home and regional office costs	34,171	27,057	106,021	95,019
General and administrative	14,546	14,165	44,476	42,787
Other	25,804	20,636	62,411	58,424
Total operating expenses	701,691	663,664	2,030,734	1,929,651
OPERATING INCOME	600,565	564,953	1,723,143	1,606,001
Interest expense	-284,491	-288,896	-849,482	-835,532
Income and other taxes	-7,768	-3,904	-29,943	-9,872
Income from unconsolidated entities	47,916	37,129	158,663	96,613
Gain (loss) upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net	11,071	-2,911	99,906	491,926
CONSOLIDATED NET INCOME	367,293	306,371	1,102,287	1,349,136
Net income attributable to noncontrolling interests	54,784	50,616	165,035	230,857
Preferred dividends	834	834	2,503	2,503
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	311,675	254,921	934,749	1,115,776
BASIC EARNINGS PER COMMON SHARE:	'	'	'	'
Net income attributable to common stockholders (in dollars per share)	$1	$0.84	$3.01	$3.71
DILUTED EARNINGS PER COMMON SHARE:	'	'	'	'
Net income attributable to common stockholders (in dollars per share)	$1	$0.84	$3.01	$3.71
Consolidated Net Income	367,293	306,371	1,102,287	1,349,136
Unrealized (loss) gain on derivative hedge agreements	-4,378	-8,555	897	-5,450
Net loss reclassified from accumulated other comprehensive income into earnings	2,566	5,187	6,642	15,440
Currency translation adjustments	32,515	9,138	10,603	-12,374
Changes in available-for-sale securities and other	-773	16,573	-1,588	40,442
Comprehensive income	397,223	328,714	1,118,841	1,387,194
Comprehensive income attributable to noncontrolling interests	59,089	56,077	167,391	239,427
Comprehensive income attributable to common stockholders	$338,134	$272,637	$951,450	$1,147,767

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Consolidated Net Income	$1,102,287	$1,349,136
Adjustments to reconcile consolidated net income to net cash provided by operating activities -	'	'
Depreciation and amortization	991,715	940,310
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net	-99,906	-491,926
Straight-line rent	-32,906	-27,447
Equity in income of unconsolidated entities	-158,663	-96,613
Distributions of income from unconsolidated entities	143,202	114,508
Changes in assets and liabilities -	'	'
Tenant receivables and accrued revenue, net	22,528	57,479
Deferred costs and other assets	-46,537	-69,553
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	7,173	51,251
Net cash provided by operating activities	1,928,893	1,827,145
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Acquisitions	-308,635	-3,690,778
Funding of loans to related parties	-62,689	-18,613
Repayments from loans to related parties	'	92,600
Capital expenditures, net	-628,577	-589,671
Cash from acquisitions and cash impact from the consolidation and deconsolidation of properties	'	91,170
Net proceeds from sale of assets	248,495	380,946
Investments in unconsolidated entities	-113,428	-145,559
Purchase of marketable and non-marketable securities	-39,945	-179,887
Proceeds from sale of marketable and non-marketable securities	47,495	'
Repayments of loans held for investment	'	163,908
Distributions of capital from unconsolidated entities and other	460,071	151,855
Net cash used in investing activities	-397,213	-3,744,029
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Proceeds from sales of common stock and other, net of transaction costs	181	1,213,715
Redemption of limited partner units	'	-248,000
Distributions to noncontrolling interest holders in properties	-7,393	-9,534
Contributions from noncontrolling interest holders in properties	5,684	2,107
Preferred distributions of the Operating Partnership	-1,436	-1,436
Preferred dividends and distributions to stockholders	-1,072,782	-903,426
Distributions to limited partners	-179,855	-181,084
Proceeds from issuance of debt, net of transaction costs	1,242,868	5,127,045
Repayments of debt	-1,604,144	-3,428,441
Net cash (used in) provided by financing activities	-1,616,877	1,570,946
DECREASE IN CASH AND CASH EQUIVALENTS	-85,197	-345,938
CASH AND CASH EQUIVALENTS, beginning of period	1,184,518	798,650
CASH AND CASH EQUIVALENTS, end of period	$1,099,321	$452,712

Organization

Organization	9 Months Ended
	Sep. 30, 2013
Organization	'
Organization	'
	1.    Organization
	Simon Property Group, Inc., or Simon Property, 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. REITs will generally not be liable for federal corporate income taxes as long as they continue to distribute not less than 100% of their taxable income. Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In these condensed notes to the unaudited consolidated financial statements, the terms "we", "us" and "our" refer to Simon Property, the Operating Partnership, and its subsidiaries.
	We own, develop and manage retail real estate properties, which consist primarily of malls, Premium Outlets®, The Mills®, and community/lifestyle centers. As of September 30, 2013, we owned or held an interest in 312 income-producing properties in the United States, which consisted of 158 malls, 66 Premium Outlets, 64 community/lifestyle centers, 13 Mills, and 11 other shopping centers or outlet centers in 38 states and Puerto Rico. Internationally, as of September 30, 2013, we had ownership interests in nine Premium Outlets in Japan, three Premium Outlets in South Korea, one Premium Outlet in Canada, one Premium Outlet in Mexico, and one Premium Outlet in Malaysia. Additionally, as of September 30, 2013, we owned a 28.9% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, more than 260 shopping centers located in 13 countries in Europe.

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2013
Basis of Presentation	'
Basis of Presentation	'
	2.    Basis of Presentation
	The accompanying unaudited consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. Due to the seasonal nature of certain operational activities, the results for the interim period ended September 30, 2013, are not necessarily indicative of the results to be expected for the full year.
	These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (GAAP) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in our 2012 Annual Report on Form 10-K.
	As of September 30, 2013, we consolidated 220 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 89 properties, or the joint venture properties, as well as our investment in Klépierre, 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 71 of the 89 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, Canada, Mexico, and Malaysia comprise 15 of the remaining 18 properties. The international properties are managed locally by joint ventures in which we share oversight responsibility with our partner.
	Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests held by limited partners, 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 third parties and to us based on the partners' respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to third parties are reflected in net income attributable to noncontrolling interests. Our weighted average ownership interest in the Operating Partnership was 85.6% and 83.3% for the nine months ended September 30, 2013 and 2012, respectively. As of September 30, 2013 and December 31, 2012, our ownership interest in the Operating Partnership was 85.6%. We adjust the noncontrolling limited partners' interests at the end of each period to reflect their interest in the Operating Partnership.
	Reclassifications
	We made certain reclassifications of prior period amounts in the consolidated financial statements to conform to the 2013 presentation. These reclassifications had no impact on previously reported net income attributable to common stockholders or earnings per share.

Significant_Accounting_Policie

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
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 with high credit quality. However, at certain times, such cash and cash equivalents are in excess of FDIC and SIPC insurance limits.
	Marketable and Non-Marketable Securities
	Marketable securities consist primarily of investments of our captive insurance subsidiaries, our deferred compensation plan investments, and certain other investments.
	The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than 1 to 10 years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiaries is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment charge is recorded and a new cost basis is established. Subsequent changes are then recognized through other comprehensive income (loss) unless another other-than-temporary impairment is deemed to have occurred. Net unrealized gains recorded in accumulated other comprehensive income (loss) as of September 30, 2013 and December 31, 2012 were approximately $1.0 million and $2.6 million, respectively, which represent the valuation and related currency adjustments for our marketable securities. Our insurance subsidiaries are required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited.
	Our deferred compensation plan investments are classified as trading securities and are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income.
	At September 30, 2013 and December 31, 2012, we also had investments of $16.5 million and $24.9 million, respectively, which must be used to fund the debt service requirements of mortgage debt related to an investment property that we sold. These investments are classified as held-to-maturity and are recorded at amortized cost as we have the ability and intent to hold these investments to maturity.
	At September 30, 2013 and December 31, 2012, we had investments of $118.8 million and $98.9 million, respectively, in non-marketable securities that we account for under the cost method. We regularly evaluate these investments for any other-than-temporary impairment in their estimated fair value and determined that no adjustment in the carrying value was required.
	Loans Held for Investment
	From time to time, we may make investments in mortgage loans or mezzanine loans of third parties that own and operate commercial real estate assets located in the United States. Mortgage loans are secured, in part, by mortgages recorded against the underlying properties which are not owned by us. Mezzanine loans are secured, in part, by pledges of ownership interests of the entities that own the underlying real estate. Loans held for investment are carried at cost, net of any premiums or discounts which are accreted or amortized over the life of the related loan receivable utilizing the effective interest method. We evaluate the collectability of both interest and principal of each of these loans quarterly to determine whether the value has been impaired. A loan is deemed to be impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the loan held for investment to its estimated realizable value.
	We had investments in three mortgage and mezzanine loans that were repaid in their entirety during 2012. For the nine months ended September 30, 2012, we earned $6.8 million in interest income on these loans.
	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.
	We held marketable securities that totaled $141.7 million and $170.2 million at September 30, 2013 and December 31, 2012, respectively, that were primarily classified as having Level 1 fair value inputs. In addition, we have derivative instruments which are classified as having Level 2 inputs which consist primarily of interest rate swap agreements and foreign currency forward contracts with a gross liability balance of $4.6 million and $1.5 million at September 30, 2013 and December 31, 2012, respectively, and a gross asset value of $4.1 million and $3.0 million at September 30, 2013 and December 31, 2012, respectively. We also have interest rate cap agreements with nominal values.
	Note 6 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 5 and 9 include discussion of the fair values recorded in purchase accounting and impairment, using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment include our estimations of net operating results of the property, capitalization rates and discount rates.
	Noncontrolling Interests and Temporary Equity
	Details of the carrying amount of our noncontrolling interests are as follows:
		As of		As of
		September 30,		December 31,
		2013		2012
	Limited partners' interests in the Operating Partnership	$	971,488	$	983,363
	Nonredeemable noncontrolling deficit interests in properties, net		4,186		-877
	Total noncontrolling interests reflected in equity	$	975,674	$	982,486
	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 our control, are accounted for as temporary equity within limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties in the accompanying consolidated balance sheets. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded within accumulated deficit. There are no noncontrolling interests redeemable at amounts in excess of fair value.
	Net income attributable to noncontrolling interests (which includes nonredeemable noncontrolling interests in consolidated properties, limited partners' interests in the Operating Partnership, redeemable noncontrolling interests in consolidated properties and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders.
	A rollforward of noncontrolling interests reflected in equity is as follows:
		For the Three Months Ended				For the Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
	Noncontrolling interests, beginning of period	$	971,498	$	1,185,418	$	982,486	$	894,622
	Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties		52,339		47,668		157,100		222,986
	Distributions to noncontrolling interest holders		-60,197		-62,149		-180,104		-181,354
	Other comprehensive income (loss) allocable to noncontrolling interests:
	Unrealized (loss) gain on derivative hedge agreements		-629		1,327		111		2,333
	Net loss reclassified from accumulated other comprehensive loss into earnings		369		517		955		2,233
	Currency translation adjustments		4,676		2,716		1,518		-717
	Changes in available-for-sale securities and other		-111		902		-228		4,721
			4,305		5,462		2,356		8,570
	Adjustment to limited partners' interest from change in ownership in the Operating Partnership		-8,841		-38,715		-19,422		117,584
	Units exchanged for common shares		-59		-129,783		-6,041		-133,801
	Units redeemed		—		-38,904		—		-38,904
	Purchase of noncontrolling interests and other		16,629		10,367		39,299		89,661
	Noncontrolling interests, end of period	$	975,674	$	979,364	$	975,674	$	979,364
	Accumulated Other Comprehensive Income (Loss)
	The changes in accumulated other comprehensive income (loss) net of noncontrolling interest by component consisted of the following as of September 30, 2013:
		Currency		Accumulated		Net unrealized		Total
		translation		derivative		gains on
		adjustments		losses, net		marketable securities
	Beginning balance	$	-26,220	$	-66,917	$	2,237	$	-90,900
	Other comprehensive income (loss) before reclassifications		9,085		786		-1,360		8,511
	Amounts reclassified from accumulated other comprehensive income (loss)		—		5,687		—		5,687
	Net current-period other comprehensive income (loss)		9,085		6,473		-1,360		14,198
	Ending balance	$	-17,135	$	-60,444	$	877	$	-76,702
	The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of September 30, 2013:
	Details about accumulated	Amount reclassified from		Affected line item in the statement where net
	other comprehensive	accumulated other		income is presented
	income (loss) components:	comprehensive income
		(loss)
	Accumulated derivative losses, net
		$	-6,642	Interest expense
			955	Net income attributable to noncontrolling interests
		$	-5,687
Derivative Financial Instruments
We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there is no significant ineffectiveness from any of our derivative activities. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities.
As of September 30, 2013, we had the following outstanding interest rate derivatives related to managing our interest rate risk:
Interest Rate Derivative	Number of		Notional Amount
	Instruments
Interest Rate Swaps		2	$	492.2 million
Interest Rate Caps		5	$	249.4 million
The carrying value of our interest rate swaps, at fair value, was a liability balance of $4.6 million and $1.5 million at September 30, 2013 and December 31, 2012, respectively, and is included in other liabilities. The interest rate caps were of nominal value at September 30, 2013 and December 31, 2012 and we generally do not apply hedge accounting to these arrangements.
We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Japan and Europe. We use currency forward contracts and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in US dollars for their fair value at or close to their settlement date. Approximately ¥1.7 billion remains as of September 30, 2013 for all forward contracts that we expect to receive through January 5, 2015. The September 30, 2013 asset balance related to these forward contracts was $4.1 million and is included in deferred costs and other assets. We have reported the changes in fair value for these forward contracts in earnings. The underlying currency adjustments on the foreign currency denominated receivables are also reported in income and generally offset the amounts in earnings for these forward contracts.
The total gross accumulated other comprehensive loss related to our derivative activities, including our share of the other comprehensive loss from joint venture properties, approximated $70.6 million and $78.1 million as of September 30, 2013 and December 31, 2012, respectively.

Per_Share_Data

Per Share Data	9 Months Ended
	Sep. 30, 2013
Per Share Data	'
Per Share Data	'
	4.    Per Share Data
	We determine basic earnings per share based on the weighted average number of shares of common stock outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share based on the weighted average number of shares of common stock outstanding combined with the incremental weighted average shares that would have been outstanding assuming all dilutive potential securities were converted into common shares at the earliest date possible. The following table sets forth the computation of our basic and diluted earnings per share.
		For the Three Months				For the Nine Months
		Ended September 30,				Ended September 30,
		2013		2012		2013		2012
	Net Income attributable to Common Stockholders — Basic and Diluted	$	311,675	$	254,921	$	934,749	$	1,115,776
	Weighted Average Shares Outstanding — Basic		310,332,777		304,107,489		310,194,789		301,029,029
	Effect of stock options		—		1,070		67		1,077
	Weighted Average Shares Outstanding — Diluted		310,332,777		304,108,559		310,194,856		301,030,106
	For the nine months ended September 30, 2013, potentially dilutive securities include stock options, units that are exchangeable for common stock and long-term incentive performance, or LTIP, units granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. The only securities that had a dilutive effect for the nine months ended September 30, 2013 and 2012 were stock options. We accrue dividends when they are declared.

Investment_in_Unconsolidated_E

Investment in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2013
Investment in Unconsolidated Entities	'
Investment in Unconsolidated Entities	'
	5.    Investment in Unconsolidated Entities
	Real Estate Joint Ventures and Investments
	Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties and diversify our risk in a particular property or portfolio of properties. We held joint venture ownership interests in 74 properties in the United States as of September 30, 2013 and 78 properties as of December 31, 2012. We held interests in nine joint venture properties in Japan as of September 30, 2013 and eight joint venture properties as of December 31, 2012. We held interests in three joint venture properties in South Korea as of September 30, 2013 and two as of December 31, 2012. At September 30, 2013 and December 31, 2012, we also held interests in one joint venture property in Mexico and one joint venture property in Malaysia. On August 1, 2013, our first joint venture property in Canada opened. We account for these joint venture properties using the equity method of accounting. As discussed below, on January 9, 2012, we sold our interest in Gallerie Commerciali Italia, S.p.A,, or GCI, which at the time owned 45 properties located in Italy. On March 14, 2012, we purchased a 28.7% equity stake in Klépierre. On May 21, 2012, Klépierre paid a dividend, which we elected to receive in additional shares, resulting in an increase in our ownership to approximately 28.9%.
	Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash or borrowings, or the use of limited partnership interests in the Operating Partnership, to acquire the joint venture interest from our partner.
	We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of September 30, 2013 and December 31, 2012, we had construction loans and other advances to related parties totaling $103.6 million and $25.4 million, respectively, which are included in deferred costs and other assets.
	Unconsolidated Property Transactions
	On December 31, 2012, we formed a joint venture with Institutional Mall Investors, or IMI, to own and operate The Shops at Mission Viejo in the Los Angeles suburb of Mission Viejo, California, and Woodfield Mall in the Chicago suburb of Schaumburg, Illinois. We and IMI each own a noncontrolling 50% interest in Woodfield Mall and we own a noncontrolling 51% interest in The Shops at Mission Viejo and IMI owns the remaining 49%. Prior to the formation of the joint venture, we owned 100% of The Shops at Mission Viejo and IMI owned 100% of Woodfield Mall. No gain was recorded as the transaction was recorded based on the carryover basis of our previous investment. Woodfield Mall is encumbered by a $425 million mortgage loan which matures in March of 2024 and bears interest at 4.5%. In January 2013, the joint venture closed a $295 million mortgage on the Shops at Mission Viejo which bears interest at 3.61% and matures in February of 2023. The proceeds from the financing were distributed to the venture partners and, as a result, we received a distribution of $149.7 million.
	On March 22, 2012, we acquired, through an acquisition of substantially all of the assets of The Mills Limited Partnership, or TMLP, additional interests in 26 properties, or the Mills transaction. The transaction resulted in additional interests in 16 of the properties which remain unconsolidated, the consolidation of nine previously unconsolidated properties and the purchase of the remaining noncontrolling interest in a previously consolidated property. The transaction was valued at $1.5 billion, which included repayment of the remaining $562.1 million balance on TMLP's senior loan facility, and retirement of $100.0 million of TMLP's trust preferred securities. In connection with the transaction, our $558.4 million loan to SPG-FCM Ventures, LLC, or SPG-FCM, was extinguished on a non-cash basis. We consolidated $2.6 billion in additional property-level mortgage debt in connection with this transaction. This property-level mortgage debt was previously presented as debt of our unconsolidated entities. We and our joint venture partner had equal ownership in these properties prior to the transaction.
	The consolidation of the previously unconsolidated properties resulted in a remeasurement of our previously held interests in these nine newly consolidated properties to fair value and recognition of a corresponding non-cash gain of $488.7 million. In addition, we recorded an other-than-temporary impairment charge of $22.4 million for the excess of carrying value of our remaining investment in SPG-FCM over its estimated fair value. The gain on the transaction and impairment charge are included in gain (loss) upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net, in the accompanying consolidated statements of operations and comprehensive income. The assets and liabilities of the newly consolidated properties acquired in the Mills transaction have been reflected at their estimated fair value at the acquisition date.
	We recorded our acquisition of the interests in the nine newly consolidated properties using the acquisition method of accounting. Tangible and intangible assets and liabilities were established based on their fair values at the date of acquisition. The results of operations of the newly consolidated properties have been included in our consolidated results from the date of acquisition. The purchase price allocations were finalized during the first quarter of 2013. No significant adjustments were made to the previously reported purchase price allocations.
	On January 6, 2012, we paid $50.0 million to acquire an additional interest in Del Amo Fashion Center, increasing our interest in the property to 50%.
	European Investments
	At September 30, 2013, we owned 57,634,148 shares, or approximately 28.9%, of Klépierre, which had a quoted market price of $43.25 per share. At the date of purchase on March 14, 2012, our excess investment in Klépierre was approximately $1.2 billion which we have allocated to the underlying investment property, other assets and liabilities based on estimated fair value. Our share of net income, net of amortization of our excess investment, was $23.8 million for the nine months ended September 30, 2013. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre's results to GAAP, Klépierre's total revenues, operating income and consolidated net income were approximately $1.1 billion, $538.6 million and $231.5 million, respectively, for the nine months ended September 30, 2013. Our share of net income, net of the amortization of our excess investment, was $4.7 million from the acquisition date through September 30, 2012.
	During the second quarter of 2013, we signed a definitive agreement to form one or more joint ventures to invest in certain existing designer outlets, development projects, and the property management and development companies of McArthurGlen, an owner, developer and manager of designer outlets in Europe. As of September 30, 2013, we had made equity investments and advances and funded our share of development costs of approximately $73.9 million, which included the acquisition of a noncontrolling 50% ownership interest in the property management and development companies, a 45% ownership interest in a development project, and a 22.5% interest in Ashford Designer Outlets in Kent, UK. On October 16, 2013, we completed the transactions contemplated by our previously announced definitive agreement by acquiring interests in four existing McArthurGlen outlets — Parndorf (Vienna, Austria), La Reggia (Naples, Italy), Noventa di Piave (Venice, Italy) and Roermond (Roermond, the Netherlands) for cash consideration of €327.5 million ($444.1 million USD equivalent). Our noncontrolling ownership interests in these four centers range from 60% to 90%.
	We also have a minority interest in Value Retail PLC, which owns and operates nine luxury outlets throughout Europe and a direct minority ownership in three of those outlets. These investments are accounted for under the cost method. At September 30, 2013 and December 31, 2012, the carrying value of these investments was $115.4 and $95.5 million, respectively, and is included in deferred costs and other assets.
	On January 9, 2012, we sold our entire ownership interest in GCI to our venture partner, Auchan S.A. The aggregate cash we received was $375.8 million, and we recognized a gain on the sale of $28.8 million. Our investment carrying value included $39.5 million of accumulated losses related to currency translation and net investment hedge accumulated balances, which had been recorded in accumulated other comprehensive income (loss).
	Asian Joint Ventures
	We conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi Estate Co., Ltd. We have a 40% ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $276.2 million and $314.2 million as of September 30, 2013 and December 31, 2012, respectively, including all related components of accumulated other comprehensive income (loss). We conduct our international Premium Outlet operations in South Korea through a joint venture with Shinsegae International Co. We have a 50% ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $70.7 million and $62.9 million as of September 30, 2013 and December 31, 2012, respectively; including all related components of accumulated other comprehensive income (loss).
	Summary Financial Information
	A summary of our equity method investments and share of income from such investments, excluding Klépierre, follows. We acquired additional controlling interests in nine properties in the Mills transaction on March 22, 2012. These previously unconsolidated properties became consolidated properties as of their acquisition date. During 2012, we disposed of our joint venture interests in one mall and three retail properties. The results of operations of the properties for all of these 2012 transactions are classified as gain (loss) from operations of discontinued joint venture interests in the accompanying joint venture statements of operations. In 2013, we disposed of two retail properties. The gain on disposal is reported in gain (loss) on disposal of discontinued operations, net in the accompanying joint venture statements of operations. Balance sheet information for these investments is as follows:
		September 30,		December 31,
		2013		2012
	BALANCE SHEETS
	Assets:
	Investment properties, at cost	$	14,828,264	$	14,607,291
	Less — accumulated depreciation		5,144,189		4,926,511
			9,684,075		9,680,780
	Cash and cash equivalents		653,185		619,546
	Tenant receivables and accrued revenue, net		270,770		252,774
	Investment in unconsolidated entities, at equity		38,669		39,589
	Deferred costs and other assets		442,831		438,399
	Total assets	$	11,089,530	$	11,031,088
	Liabilities and Partners' Deficit:
	Mortgages	$	11,979,021	$	11,584,863
	Accounts payable, accrued expenses, intangibles, and deferred revenue		723,143		672,483
	Other liabilities		394,461		447,132
	Total liabilities		13,096,625		12,704,478
	Preferred units		67,450		67,450
	Partners' deficit		-2,074,545		-1,740,840
	Total liabilities and partners' deficit	$	11,089,530	$	11,031,088
	Our Share of:
	Partners' deficit	$	-943,037	$	-799,911
	Add: Excess Investment		2,092,875		2,184,133
	Our net Investment in unconsolidated entities, at equity	$	1,149,838	$	1,384,222
	"Excess Investment" represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures or other investments acquired and is allocated on a fair value basis primarily to investment property, lease related intangibles, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of investment property, typically no greater than 40 years, the terms of the applicable leases and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities.
		For the Three Months				For the Nine Months
		Ended September 30,				Ended September 30,
		2013		2012		2013		2012
	STATEMENT OF OPERATIONS
	Revenue:
	Minimum rent	$	408,204	$	370,183	$	1,201,748	$	1,091,701
	Overage rent		40,784		44,002		128,565		128,622
	Tenant reimbursements		197,494		176,544		569,044		508,698
	Other income		40,903		34,754		122,505		121,686
	Total revenue		687,385		625,483		2,021,862		1,850,707
	Operating Expenses:
	Property operating		125,329		125,162		364,494		351,963
	Depreciation and amortization		135,457		125,828		389,843		375,280
	Real estate taxes		55,374		45,068		160,152		132,618
	Repairs and maintenance		15,653		15,418		48,156		45,269
	Advertising and promotion		14,141		11,706		44,164		39,600
	Provision for (recovery of) credit losses		192		-646		1,772		-247
	Other		37,948		36,089		110,129		128,134
Total operating expenses		384,094		358,625		1,118,710		1,072,617
Operating Income		303,291		266,858		903,152		778,090
Interest expense		-151,579		-148,891		-453,573		-451,581
Income from Continuing Operations		151,712		117,967		449,579		326,509
Gain (loss) from operations of discontinued joint venture interests		7		-1,978		-339		-20,769
Gain (loss) on disposal of discontinued operations, net		6,580		-4,904		24,936		-4,904
Net Income	$	158,299	$	111,085	$	474,176	$	300,836
Third-party investors' share of net income	$	85,211	$	66,308	$	263,926	$	163,108
Our share of net income		73,088		44,777		210,250		137,728
Amortization of excess investment		-25,733		-21,726		-75,415		-55,059
Our share of loss on sale or disposal of assets and interests in unconsolidated entities, net		—		9,245		—		9,245
Income from unconsolidated entities	$	47,355	$	32,296	$	134,835	$	91,914
Our share of income from unconsolidated entities in the above table, aggregated with our share of the results of Klépierre, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income.

Debt

Debt	9 Months Ended
	Sep. 30, 2013
Debt	'
Debt	'
	6.    Debt
	Unsecured Debt
	At September 30, 2013, our unsecured debt consisted of $12.9 billion of senior unsecured notes of the Operating Partnership, $1.2 billion outstanding under our $4.0 billion unsecured revolving credit facility, or Credit Facility, $227.6 million outstanding under our $2.0 billion supplemental unsecured revolving credit facility, or Supplemental Facility, and $240.0 million outstanding under an unsecured term loan. The entire balance on the Credit Facility at September 30, 2013 consisted of Euro-denominated borrowings and the entire balance on the Supplemental Facility on such date consisted of Yen-denominated borrowings, both of which are designated as net investment hedges of our international investments.
	On September 30, 2013, we had an aggregate available borrowing capacity of $4.5 billion under the two credit facilities. The maximum outstanding balance of the credit facilities during the nine months ended September 30, 2013 was $1.6 billion and the weighted average outstanding balance was $1.4 billion. Letters of credit of $45.0 million were outstanding under the two credit facilities as of September 30, 2013.
	The Credit Facility's initial borrowing capacity of $4.0 billion can be increased at our sole option to $5.0 billion during its term. The Credit Facility will initially mature on October 30, 2015 and can be extended for an additional year at our sole option. As of September 30, 2013, the base interest rate on the Credit Facility was LIBOR plus 95 basis points (reflects a five basis point reduction effective May 16, 2013) with an additional facility fee of 15 basis points. In addition, the Credit Facility provides for a money market competitive bid option program that allows us to hold auctions to achieve lower pricing for short-term borrowings. The Credit Facility also includes a $2.0 billion multi-currency tranche.
	The Supplemental Facility's borrowing capacity of $2.0 billion can be increased at our sole option to $2.5 billion during its term. The Supplemental Facility will initially mature on June 30, 2016 and can be extended for an additional year at our sole option. As of September 30, 2013, the base interest rate on the Supplemental Facility was LIBOR plus 95 basis points (reflects a five basis point reduction effective May 16, 2013) with an additional facility fee of 15 basis points. Like the Credit Facility, the Supplemental Facility provides for a money market competitive bid option program and allows for multi-currency borrowings.
	During the nine months ended September 30, 2013, we redeemed at par or repaid at maturity $504.5 million of senior unsecured notes with fixed rates ranging from 5.30% to 7.18% with cash on hand. In addition, we repaid a $240.0 million mortgage loan with the proceeds from a $240.0 million unsecured term loan. The term loan has a capacity of up to $300.0 million, bears interest at LIBOR plus 110 basis points and matures on February 28, 2016 with two available one-year extension options.
	On October 2, 2013, the Operating Partnership issued €750.0 million ($1.0 billion USD equivalent) of senior unsecured notes at a fixed interest rate of 2.375% with a maturity date of October 2, 2020. Proceeds from the unsecured notes offering were used to pay down a portion of Euro-denominated borrowings on the Credit Facility and the acquisition of various assets in the McArthurGlen transactions further discussed in Note 5. These notes are designated as a net investment hedge of our Euro-denominated international investments.
	Mortgage Debt
	Total mortgage indebtedness was $8.1 billion and $8.0 billion at September 30, 2013 and December 31, 2012, respectively.
	Covenants
	Our unsecured debt agreements contain financial covenants and other non-financial covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender including adjustments to the applicable interest rate. As of September 30, 2013, we were in compliance with all covenants of our unsecured debt.
	At September 30, 2013, we or our subsidiaries are the borrowers under 79 non-recourse mortgage notes secured by mortgages on 79 properties, including seven separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of 27 properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties which serve as collateral for that debt. If the borrower fails to comply with these covenants, the lender could accelerate the debt and enforce its right against their collateral. At September 30, 2013, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually, or giving effect to applicable cross-default provisions in the aggregate, have a material adverse effect on our financial condition, results of operations or cash flows.
	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 was $20.7 billion and $21.0 billion as of September 30, 2013 and December 31, 2012, respectively. The fair values of these financial instruments and the related discount rate assumptions as of September 30, 2013 and December 31, 2012 are summarized as follows:
		September 30,		December 31,
		2013		2012
	Fair value of fixed-rate mortgages and unsecured indebtedness	$	22,140	$	23,373
	Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages		3.55%		3.24%

Equity

Equity	9 Months Ended
	Sep. 30, 2013
Equity	'
Equity	'
	7.    Equity
	During the nine months ended September 30, 2013, we issued 321,354 shares of common stock to 10 limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership.
	Stock Based Compensation
	Awards under our stock based compensation plans primarily take the form of LTIP units and restricted stock grants made under The Simon Property Group, L.P. 1998 Stock Incentive Plan, or the Plan. These awards are all performance based and are based on various corporate and business unit performance measures as further described below. In the aggregate, we recorded compensation expense, net of capitalization, related to these stock based compensation arrangements of approximately $40.0 million and $35.1 million for the nine months ended September 30, 2013 and 2012, respectively, which is included within home and regional office costs and general and administrative costs in the accompanying statements of operations and comprehensive income.
	LTIP Programs.    On March 16, 2010, the Compensation Committee of our Board of Directors, or the Compensation Committee, approved three long-term, performance based incentive compensation programs, or the 2010 LTIP programs, for certain senior executive officers. Awards under the LTIP programs take the form of LTIP units, a form of limited partnership interest issued by the Operating Partnership, and will be considered earned if, and only to the extent to which, applicable total shareholder return, or TSR, performance measures are achieved during the performance period. Once earned, LTIP units will become the equivalent of units only after a two year service-based vesting period, beginning after the end of the performance period. Awarded LTIP units not earned are forfeited. During the performance period, participants are entitled to receive on the LTIP units awarded to them distributions equal to 10% of the regular quarterly distributions paid on a unit of the Operating Partnership. As a result, we account for these LTIP units as participating securities under the two-class method of computing earnings per share. The 2010 LTIP programs had one, two and three year performance periods, which ended on December 31, 2010, 2011 and 2012, respectively.
	In the first quarter of 2011, the Compensation Committee determined the extent to which the performance measures had been achieved and 133,673 LTIP units were earned under the one-year 2010 LTIP program and, pursuant to the award agreements, vested in two equal installments in 2012 and 2013. In the first quarter of 2012, the Compensation Committee determined the extent to which the performance measures had been achieved and 337,006 LTIP units were earned under the two-year 2010 LTIP program and, pursuant to the award agreements, will vest in two equal installments in 2013 and 2014. In the first quarter of 2013, the Compensation Committee determined the extent to which the performance measures had been achieved and 489,654 LTIP units were earned under the three-year 2010 LTIP program and, pursuant to the award agreements entered into with program participants, the earned LTIP units will vest in two equal installments in 2014 and 2015, subject to the conditions described in those agreements.
	During July 2011, the Compensation Committee approved a new three-year long-term performance based incentive compensation program, or the 2011-2013 LTIP program, and awarded LTIP units to certain senior executive officers. The 2011-2013 LTIP program has a three year performance period ending on December 31, 2013.
	During March 2012, the Compensation Committee approved a three-year long-term performance based incentive compensation program, or the 2012-2014 LTIP program, and awarded LTIP units to certain senior executive officers. The 2012-2014 LTIP program has a three year performance period ending December 31, 2014 and units awarded under that program will be considered earned if, and only to the extent to which, applicable TSR performance measures are achieved during the performance period. One-half of the earned LTIP units will vest on January 1 of each of the second and third years following the end of the applicable performance period, subject to the participant maintaining employment with us through those dates.
	During February 2013, the Compensation Committee approved a three-year long-term performance based incentive compensation program, or the 2013-2015 LTIP program, and awarded LTIP units to certain senior executive officers. The 2013-2015 LTIP program has a three year performance period ending December 31, 2015 and units awarded under that program will be considered earned if, and only to the extent to which, applicable TSR performance measures are achieved during the performance period. One-half of the earned LTIP units will vest on January 1 of each of the second and third years following the end of the applicable performance period, subject to the participant maintaining employment with us through those dates.
	The 2010 LTIP program awards have an aggregate grant date fair value, adjusted for estimated forfeitures, of $7.2 million for the one-year program, $14.8 million for the two-year program and $23.0 million for the three-year program. Both the 2011-2013 LTIP program and 2012-2014 LTIP program have aggregate grant date fair values of $35.0 million, adjusted for estimated forfeitures. The 2013-2015 LTIP program has an aggregate grant date fair value of $33.5 million, adjusted for estimated forfeitures. Grant date fair values were estimated based upon the results of a Monte Carlo model, and the resulting expense will be recorded regardless of whether the TSR performance measures are achieved, if the required service is delivered. The grant date fair values are being amortized into expense over the period from the grant date to the date at which the awards, if any, become vested.
	Restricted Stock.    The Compensation Committee awarded an aggregate of 107,528 shares of restricted stock to employees on February 25, 2013, April 1, 2013 and June 6, 2013 under the Plan, at a fair market value of $157.37 per share, $159.32 per share and $166.56 per share, respectively. On May 14, 2013, our non-employee Directors were awarded 3,487 shares of restricted stock under the Plan at a fair market value of $179.23 per. The fair market value of the restricted stock awarded on February 25, 2013, April 1, 2013 and June 6, 2013 is being recognized as expense over the three-year vesting service period. The fair market value of the restricted stock awarded on May 14, 2013 to our non-employee Directors is being recognized as expense over the one-year vesting service period.
	Other Compensation Arrangements.    On July 6, 2011, in connection with the execution of an employment agreement, the Compensation Committee granted David Simon, our Chairman and CEO, a retention award in the form of 1,000,000 LTIP units. The award vests in one-third increments on July 5th of 2017, 2018 and 2019, subject to continued employment. The grant date fair value of the retention award was $120.3 million which is being recognized as expense over the eight-year term of his employment agreement on a straight-line basis.
	Changes in Equity
	The following table provides a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to common stockholders and equity attributable to noncontrolling interests:
		Preferred		Common		Accumulated		Capital in		Accumulated		Common		Noncontrolling		Total
		Stock		Stock		Other		Excess of		Deficit		Stock		interests		Equity
						Comprehensive		Par Value				Held in
						Income (Loss)						Treasury
	January 1, 2013	$	44,719	$	31	$	-90,900	$	9,175,724	$	-3,083,190	$	-135,781	$	982,486	$	6,893,089
	Exchange of limited partner units for common shares								6,041						-6,041		—
	Issuance of limited partner units																—
	Contributions from noncontrolling interest partners and other		-247						-3,248		-170		17,750		39,299		53,384
	Adjustment to limited partners' interest from change in ownership in the Operating Partnership								19,422						-19,422		—
	Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										-1,072,782				-179,855		-1,252,637
	Distributions to other noncontrolling interest partners														-249		-249
	Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and $6,499 attributable to noncontrolling redeemable interests in properties in temporary equity						14,198				937,252				159,456		1,110,906
	September 30, 2013	$	44,472	$	31	$	-76,702	$	9,197,939	$	-3,218,890	$	-118,031	$	975,674	$	6,804,493

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies.	'
Commitments and Contingencies	'
	8.    Commitments and Contingencies
	Litigation
	We are involved from time-to-time in various legal 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 including acquisitions and divestitures. We believe that such litigation, claims and administrative proceedings will not have a material adverse impact on our financial position or our results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated.
	In May 2010, Opry Mills sustained significant flood damage. Insurance proceeds of $50 million have been funded by the insurers, remediation work has been completed and the property was re-opened March 29, 2012. The excess insurance carriers (those providing coverage above $50 million) have denied the claim under the policy for additional proceeds (of up to $150 million) to pay further amounts for restoration costs and business interruption losses. We and our lenders are continuing our efforts through pending litigation to recover our losses under the excess insurance policies for Opry Mills and we believe recovery is probable, but no assurances can be made that our efforts to recover these funds will be successful.
	Guarantees of Indebtedness
	Joint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non-recourse to us. As of September 30, 2013 and December 31, 2012, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $179.2 million and $84.9 million, respectively (of which we have a right of recovery from our venture partners of $81.1 million and $38.6 million, respectively). Mortgages guaranteed by us are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount.
	Concentration of Credit Risk
	Our malls, Premium Outlets, The Mills, and community/lifestyle centers rely heavily upon anchor tenants to attract customers; however anchor retailers do not contribute materially to our financial results as many anchor retailers own their spaces. All material operations are within the United States and no customer or tenant accounts for 5% or more of our consolidated revenues.

Real_Estate_Acquisitions_and_D

Real Estate Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2013
Real Estate Acquisitions and Dispositions	'
Real Estate Acquisitions and Dispositions	'
	9.    Real Estate Acquisitions and Dispositions
	During the first nine months of 2013, we increased our economic interest in three unconsolidated community centers and subsequently disposed of our interests in those properties. Additionally, we disposed of our interests in four consolidated retail properties and two unconsolidated retail properties. The aggregate gain recognized on these transactions was approximately $72.6 million. Also, during the third quarter of 2013, we disposed of our interest in an office property located in the Boston, Massachusetts area. The gain on the sale was $7.9 million which is included in other income in the accompanying consolidated statements of operations and comprehensive income.
	On May 30, 2013 we acquired a 100% interest in a 390,000 square foot outlet center located near Portland, Oregon for cash consideration of $146.7 million. The fair value of the acquisition was recorded primarily as investment property and lease related intangibles. As a result of the excess of fair value over amounts paid, we recognized a gain of approximately $27.3 million.
	During 2012, we disposed of our interests in nine consolidated retail properties and four unconsolidated retail properties. Our share of the net gain on these disposals was $15.5 million. On May 3, 2012, we sold our interests in two residential apartment buildings located at The Domain in Austin, Texas. Our share of the gain from the sale was $12.4 million which is included in other income in the accompanying 2012 consolidated statement of operations and comprehensive income.
	On December 31, 2012, as discussed in Note 5, we contributed a wholly-owned property to a newly formed joint venture in exchange for an interest in a property contributed to the same joint venture by our joint venture partner.
	On December 4, 2012, we acquired the remaining 50% noncontrolling equity interests in two previously consolidated outlet properties located in Grand Prairie, Texas and Livermore, California and accordingly, we now own 100% of these properties. We paid consideration of $260.9 million for the additional interest in the properties, 90% of which was paid in cash and 10% of which was satisfied through the issuance of units of the Operating Partnership. In addition, the construction loans we had provided to the properties totaling $162.5 million were extinguished on a non-cash basis. The transaction was accounted for as an equity transaction, as the properties had been previously consolidated.
	On June 4, 2012, we acquired a 50% interest in a 465,000 square foot outlet center located in Destin, Florida for $70.5 million.
	On March 22, 2012, as discussed in Note 5, we acquired additional interests in 26 of our joint venture properties in a transaction valued at approximately $1.5 billion.
	On March 14, 2012, as discussed in Note 5, we acquired a 28.7% equity stake in Klépierre for approximately $2.0 billion, including the capitalization of acquisition costs.
	On January 9, 2012, as discussed in Note 5, we sold our entire ownership interest in GCI.
	On January 6, 2012, we paid $50.0 million to acquire an additional interest in Del Amo Fashion Center, thereby increasing our interest to 50%.
	Unless otherwise noted, gains and losses on the above transactions are included in gain (loss) upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. We expense acquisition and potential acquisition costs related to business combinations and disposition related costs as they are incurred. We incurred a minimal amount of transaction expenses during the nine months ended September 30, 2013 and 2012.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2013
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 with high credit quality. However, at certain times, such cash and cash equivalents are in excess of FDIC and SIPC insurance limits.
Marketable and Non-Marketable Securities	'
	Marketable and Non-Marketable Securities
	Marketable securities consist primarily of investments of our captive insurance subsidiaries, our deferred compensation plan investments, and certain other investments.
	The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than 1 to 10 years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiaries is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment charge is recorded and a new cost basis is established. Subsequent changes are then recognized through other comprehensive income (loss) unless another other-than-temporary impairment is deemed to have occurred. Net unrealized gains recorded in accumulated other comprehensive income (loss) as of September 30, 2013 and December 31, 2012 were approximately $1.0 million and $2.6 million, respectively, which represent the valuation and related currency adjustments for our marketable securities. Our insurance subsidiaries are required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited.
	Our deferred compensation plan investments are classified as trading securities and are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income.
	At September 30, 2013 and December 31, 2012, we also had investments of $16.5 million and $24.9 million, respectively, which must be used to fund the debt service requirements of mortgage debt related to an investment property that we sold. These investments are classified as held-to-maturity and are recorded at amortized cost as we have the ability and intent to hold these investments to maturity.
	At September 30, 2013 and December 31, 2012, we had investments of $118.8 million and $98.9 million, respectively, in non-marketable securities that we account for under the cost method. We regularly evaluate these investments for any other-than-temporary impairment in their estimated fair value and determined that no adjustment in the carrying value was required.
Loans Held for Investment	'
	Loans Held for Investment
	From time to time, we may make investments in mortgage loans or mezzanine loans of third parties that own and operate commercial real estate assets located in the United States. Mortgage loans are secured, in part, by mortgages recorded against the underlying properties which are not owned by us. Mezzanine loans are secured, in part, by pledges of ownership interests of the entities that own the underlying real estate. Loans held for investment are carried at cost, net of any premiums or discounts which are accreted or amortized over the life of the related loan receivable utilizing the effective interest method. We evaluate the collectability of both interest and principal of each of these loans quarterly to determine whether the value has been impaired. A loan is deemed to be impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the loan held for investment to its estimated realizable value.
	We had investments in three mortgage and mezzanine loans that were repaid in their entirety during 2012. For the nine months ended September 30, 2012, we earned $6.8 million in interest income on these loans.
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.
	We held marketable securities that totaled $141.7 million and $170.2 million at September 30, 2013 and December 31, 2012, respectively, that were primarily classified as having Level 1 fair value inputs. In addition, we have derivative instruments which are classified as having Level 2 inputs which consist primarily of interest rate swap agreements and foreign currency forward contracts with a gross liability balance of $4.6 million and $1.5 million at September 30, 2013 and December 31, 2012, respectively, and a gross asset value of $4.1 million and $3.0 million at September 30, 2013 and December 31, 2012, respectively. We also have interest rate cap agreements with nominal values.
	Note 6 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 5 and 9 include discussion of the fair values recorded in purchase accounting and impairment, using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment include our estimations of net operating results of the property, capitalization rates and discount rates.
Noncontrolling Interests and Temporary Equity	'
	Noncontrolling Interests and Temporary Equity
	Details of the carrying amount of our noncontrolling interests are as follows:
		As of		As of
		September 30,		December 31,
		2013		2012
	Limited partners' interests in the Operating Partnership	$	971,488	$	983,363
	Nonredeemable noncontrolling deficit interests in properties, net		4,186		-877
	Total noncontrolling interests reflected in equity	$	975,674	$	982,486
	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 our control, are accounted for as temporary equity within limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties in the accompanying consolidated balance sheets. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded within accumulated deficit. There are no noncontrolling interests redeemable at amounts in excess of fair value.
	Net income attributable to noncontrolling interests (which includes nonredeemable noncontrolling interests in consolidated properties, limited partners' interests in the Operating Partnership, redeemable noncontrolling interests in consolidated properties and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders.
	A rollforward of noncontrolling interests reflected in equity is as follows:
		For the Three Months Ended				For the Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
	Noncontrolling interests, beginning of period	$	971,498	$	1,185,418	$	982,486	$	894,622
	Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties		52,339		47,668		157,100		222,986
	Distributions to noncontrolling interest holders		-60,197		-62,149		-180,104		-181,354
	Other comprehensive income (loss) allocable to noncontrolling interests:
	Unrealized (loss) gain on derivative hedge agreements		-629		1,327		111		2,333
	Net loss reclassified from accumulated other comprehensive loss into earnings		369		517		955		2,233
	Currency translation adjustments		4,676		2,716		1,518		-717
	Changes in available-for-sale securities and other		-111		902		-228		4,721
			4,305		5,462		2,356		8,570
	Adjustment to limited partners' interest from change in ownership in the Operating Partnership		-8,841		-38,715		-19,422		117,584
	Units exchanged for common shares		-59		-129,783		-6,041		-133,801
	Units redeemed		—		-38,904		—		-38,904
	Purchase of noncontrolling interests and other		16,629		10,367		39,299		89,661
	Noncontrolling interests, end of period	$	975,674	$	979,364	$	975,674	$	979,364
Accumulated Other Comprehensive Income (Loss)	'
	Accumulated Other Comprehensive Income (Loss)
	The changes in accumulated other comprehensive income (loss) net of noncontrolling interest by component consisted of the following as of September 30, 2013:
		Currency		Accumulated		Net unrealized		Total
		translation		derivative		gains on
		adjustments		losses, net		marketable securities
	Beginning balance	$	-26,220	$	-66,917	$	2,237	$	-90,900
	Other comprehensive income (loss) before reclassifications		9,085		786		-1,360		8,511
	Amounts reclassified from accumulated other comprehensive income (loss)		—		5,687		—		5,687
	Net current-period other comprehensive income (loss)		9,085		6,473		-1,360		14,198
	Ending balance	$	-17,135	$	-60,444	$	877	$	-76,702
	The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of September 30, 2013:
	Details about accumulated	Amount reclassified from		Affected line item in the statement where net
	other comprehensive	accumulated other		income is presented
	income (loss) components:	comprehensive income
		(loss)
	Accumulated derivative losses, net
		$	-6,642	Interest expense
			955	Net income attributable to noncontrolling interests
		$	-5,687
Derivative Financial Instruments	'
	Derivative Financial Instruments
	We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there is no significant ineffectiveness from any of our derivative activities. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities.
	As of September 30, 2013, we had the following outstanding interest rate derivatives related to managing our interest rate risk:
	Interest Rate Derivative	Number of		Notional Amount
		Instruments
	Interest Rate Swaps		2	$	492.2 million
	Interest Rate Caps		5	$	249.4 million
	The carrying value of our interest rate swaps, at fair value, was a liability balance of $4.6 million and $1.5 million at September 30, 2013 and December 31, 2012, respectively, and is included in other liabilities. The interest rate caps were of nominal value at September 30, 2013 and December 31, 2012 and we generally do not apply hedge accounting to these arrangements.
	We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Japan and Europe. We use currency forward contracts and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in US dollars for their fair value at or close to their settlement date. Approximately ¥1.7 billion remains as of September 30, 2013 for all forward contracts that we expect to receive through January 5, 2015. The September 30, 2013 asset balance related to these forward contracts was $4.1 million and is included in deferred costs and other assets. We have reported the changes in fair value for these forward contracts in earnings. The underlying currency adjustments on the foreign currency denominated receivables are also reported in income and generally offset the amounts in earnings for these forward contracts.
	The total gross accumulated other comprehensive loss related to our derivative activities, including our share of the other comprehensive loss from joint venture properties, approximated $70.6 million and $78.1 million as of September 30, 2013 and December 31, 2012, respectively.

Significant_Accounting_Policie2

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2013
Significant Accounting Policies	'
Schedule of carrying amount of noncontrolling interests	'
		As of		As of
		September 30,		December 31,
		2013		2012
	Limited partners' interests in the Operating Partnership	$	971,488	$	983,363
	Nonredeemable noncontrolling deficit interests in properties, net		4,186		-877
	Total noncontrolling interests reflected in equity	$	975,674	$	982,486
Schedule of rollforward of noncontrolling interests	'
		For the Three Months Ended				For the Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
	Noncontrolling interests, beginning of period	$	971,498	$	1,185,418	$	982,486	$	894,622
	Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties		52,339		47,668		157,100		222,986
	Distributions to noncontrolling interest holders		-60,197		-62,149		-180,104		-181,354
	Other comprehensive income (loss) allocable to noncontrolling interests:
	Unrealized (loss) gain on derivative hedge agreements		-629		1,327		111		2,333
	Net loss reclassified from accumulated other comprehensive loss into earnings		369		517		955		2,233
	Currency translation adjustments		4,676		2,716		1,518		-717
	Changes in available-for-sale securities and other		-111		902		-228		4,721
			4,305		5,462		2,356		8,570
	Adjustment to limited partners' interest from change in ownership in the Operating Partnership		-8,841		-38,715		-19,422		117,584
	Units exchanged for common shares		-59		-129,783		-6,041		-133,801
	Units redeemed		—		-38,904		—		-38,904
	Purchase of noncontrolling interests and other		16,629		10,367		39,299		89,661
	Noncontrolling interests, end of period	$	975,674	$	979,364	$	975,674	$	979,364
Schedule of changes in accumulated other comprehensive income (loss) net of noncontrolling interest by component	'
	The changes in accumulated other comprehensive income (loss) net of noncontrolling interest by component consisted of the following as of September 30, 2013:
		Currency		Accumulated		Net unrealized		Total
		translation		derivative		gains on
		adjustments		losses, net		marketable securities
	Beginning balance	$	-26,220	$	-66,917	$	2,237	$	-90,900
	Other comprehensive income (loss) before reclassifications		9,085		786		-1,360		8,511
	Amounts reclassified from accumulated other comprehensive income (loss)		—		5,687		—		5,687
	Net current-period other comprehensive income (loss)		9,085		6,473		-1,360		14,198
	Ending balance	$	-17,135	$	-60,444	$	877	$	-76,702
Schedule of reclassifications out of accumulated other comprehensive income (loss)	'
	The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of September 30, 2013:
	Details about accumulated	Amount reclassified from		Affected line item in the statement where net
	other comprehensive	accumulated other		income is presented
	income (loss) components:	comprehensive income
		(loss)
	Accumulated derivative losses, net
		$	-6,642	Interest expense
			955	Net income attributable to noncontrolling interests
		$	-5,687
Schedule of outstanding interest rate derivatives related to interest rate risk	'
	As of September 30, 2013, we had the following outstanding interest rate derivatives related to managing our interest rate risk:
	Interest Rate Derivative	Number of		Notional Amount
		Instruments
	Interest Rate Swaps		2	$	492.2 million
	Interest Rate Caps		5	$	249.4 million

Per_Share_Data_Tables

Per Share Data (Tables)	9 Months Ended
	Sep. 30, 2013
Per Share Data	'
Schedule of computation of basic and diluted earnings per share	'
		For the Three Months				For the Nine Months
		Ended September 30,				Ended September 30,
		2013		2012		2013		2012
	Net Income attributable to Common Stockholders — Basic and Diluted	$	311,675	$	254,921	$	934,749	$	1,115,776
	Weighted Average Shares Outstanding — Basic		310,332,777		304,107,489		310,194,789		301,029,029
	Effect of stock options		—		1,070		67		1,077
	Weighted Average Shares Outstanding — Diluted		310,332,777		304,108,559		310,194,856		301,030,106

Investment_in_Unconsolidated_E1

Investment in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2013
Investment in Unconsolidated Entities	'
Summary of equity method investments and share of income from such investments, balance sheet	'
		September 30,		December 31,
		2013		2012
	BALANCE SHEETS
	Assets:
	Investment properties, at cost	$	14,828,264	$	14,607,291
	Less — accumulated depreciation		5,144,189		4,926,511
			9,684,075		9,680,780
	Cash and cash equivalents		653,185		619,546
	Tenant receivables and accrued revenue, net		270,770		252,774
	Investment in unconsolidated entities, at equity		38,669		39,589
	Deferred costs and other assets		442,831		438,399
	Total assets	$	11,089,530	$	11,031,088
	Liabilities and Partners' Deficit:
	Mortgages	$	11,979,021	$	11,584,863
	Accounts payable, accrued expenses, intangibles, and deferred revenue		723,143		672,483
	Other liabilities		394,461		447,132
	Total liabilities		13,096,625		12,704,478
	Preferred units		67,450		67,450
	Partners' deficit		-2,074,545		-1,740,840
	Total liabilities and partners' deficit	$	11,089,530	$	11,031,088
	Our Share of:
	Partners' deficit	$	-943,037	$	-799,911
	Add: Excess Investment		2,092,875		2,184,133
	Our net Investment in unconsolidated entities, at equity	$	1,149,838	$	1,384,222
Summary of equity method investments and share of income from such investments, statement of operations	'
		For the Three Months				For the Nine Months
		Ended September 30,				Ended September 30,
		2013		2012		2013		2012
	STATEMENT OF OPERATIONS
	Revenue:
	Minimum rent	$	408,204	$	370,183	$	1,201,748	$	1,091,701
	Overage rent		40,784		44,002		128,565		128,622
	Tenant reimbursements		197,494		176,544		569,044		508,698
	Other income		40,903		34,754		122,505		121,686
	Total revenue		687,385		625,483		2,021,862		1,850,707
	Operating Expenses:
	Property operating		125,329		125,162		364,494		351,963
	Depreciation and amortization		135,457		125,828		389,843		375,280
	Real estate taxes		55,374		45,068		160,152		132,618
	Repairs and maintenance		15,653		15,418		48,156		45,269
	Advertising and promotion		14,141		11,706		44,164		39,600
	Provision for (recovery of) credit losses		192		-646		1,772		-247
	Other		37,948		36,089		110,129		128,134
	Total operating expenses		384,094		358,625		1,118,710		1,072,617
	Operating Income		303,291		266,858		903,152		778,090
	Interest expense		-151,579		-148,891		-453,573		-451,581
	Income from Continuing Operations		151,712		117,967		449,579		326,509
	Gain (loss) from operations of discontinued joint venture interests		7		-1,978		-339		-20,769
	Gain (loss) on disposal of discontinued operations, net		6,580		-4,904		24,936		-4,904
	Net Income	$	158,299	$	111,085	$	474,176	$	300,836
	Third-party investors' share of net income	$	85,211	$	66,308	$	263,926	$	163,108
	Our share of net income		73,088		44,777		210,250		137,728
	Amortization of excess investment		-25,733		-21,726		-75,415		-55,059
	Our share of loss on sale or disposal of assets and interests in unconsolidated entities, net		—		9,245		—		9,245
	Income from unconsolidated entities	$	47,355	$	32,296	$	134,835	$	91,914

Debt_Tables

Debt (Tables)	9 Months Ended
	Sep. 30, 2013
Debt	'
Schedule of fair value of fixed rate mortgages and unsecured indebtedness	'
		September 30,		December 31,
		2013		2012
	Fair value of fixed-rate mortgages and unsecured indebtedness	$	22,140	$	23,373
	Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages		3.55%		3.24%

Equity_Tables

Equity (Tables)	9 Months Ended
	Sep. 30, 2013
Equity	'
Reconciliation of carrying amounts of equity	'
		Preferred		Common		Accumulated		Capital in		Accumulated		Common		Noncontrolling		Total
		Stock		Stock		Other		Excess of		Deficit		Stock		interests		Equity
						Comprehensive		Par Value				Held in
						Income (Loss)						Treasury
	January 1, 2013	$	44,719	$	31	$	-90,900	$	9,175,724	$	-3,083,190	$	-135,781	$	982,486	$	6,893,089
	Exchange of limited partner units for common shares								6,041						-6,041		—
	Issuance of limited partner units																—
	Contributions from noncontrolling interest partners and other		-247						-3,248		-170		17,750		39,299		53,384
	Adjustment to limited partners' interest from change in ownership in the Operating Partnership								19,422						-19,422		—
	Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										-1,072,782				-179,855		-1,252,637
	Distributions to other noncontrolling interest partners														-249		-249
	Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and $6,499 attributable to noncontrolling redeemable interests in properties in temporary equity						14,198				937,252				159,456		1,110,906
	September 30, 2013	$	44,472	$	31	$	-76,702	$	9,197,939	$	-3,218,890	$	-118,031	$	975,674	$	6,804,493

Organization_Details

Organization (Details)

Mar. 14, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Klepierre

U.S. and Puerto Rico

U.S. and Puerto Rico

U.S. and Puerto Rico

U.S. and Puerto Rico

U.S. and Puerto Rico

U.S. and Puerto Rico

Japan

Japan

Japan

South Korea

South Korea

South Korea

Canada

Mexico

Mexico

Mexico

Malaysia

Malaysia

Malaysia

Europe

Europe

property

Malls

Premium Outlets

Community/Lifestyle Centers

Other shopping centers or outlet centers

The Mills

property

property

Premium Outlets

property

property

Premium Outlets

Premium Outlets

property

property

Premium Outlets

property

property

Premium Outlets

Klepierre

Shopping centers

Item

property

property

property

property

property

property

property

property

property

property

country

Minimum

Klepierre

property

Owned, developed and managed retail properties:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of income-producing properties

'

312

158

66

64

11

13

9

8

9

3

2

3

1

1

1

1

1

1

1

'

260

Number of U.S. states containing property locations

'

38

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Joint venture ownership percentage

28.70%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

28.90%

'

Number of countries

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

13

'

Basis_of_Presentation_Details

Basis of Presentation (Details)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2013
	property		Weighted average	Weighted average	Wholly owned properties	Partially owned properties
					property	property
Basis of Presentation	'	'	'	'	'	'
Number of properties included in consolidation	'	'	'	'	220	18
Total number of joint venture properties	89	'	'	'	'	'
Number of joint venture properties managed by the entity	71	'	'	'	'	'
Number of International joint venture properties	15	'	'	'	'	'
Number of joint venture properties managed by others	18	'	'	'	'	'
Ownership interest:	'	'	'	'	'	'
Ownership percentage in the Operating Partnership	85.60%	85.60%	85.60%	83.30%	'	'

Significant_Accounting_Policie3

Significant Accounting Policies (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Marketable and Non-Marketable Securities	'	'
Net unrealized gains (losses) recorded in accumulated other comprehensive income (loss)	$1	$2.60
Carrying value of investments under the cost method	118.8	98.9
Other-than-temporary non-cash charges	0	'
Available for sale securities | Securities in captive insurance subsidiary portfolio | Minimum	'	'
Marketable and Non-Marketable Securities	'	'
Investment maturity period	'1 year	'
Available for sale securities | Securities in captive insurance subsidiary portfolio | Maximum	'	'
Marketable and Non-Marketable Securities	'	'
Investment maturity period	'10 years	'
Held-to-maturity securities	'	'
Marketable and Non-Marketable Securities	'	'
Investments used to fund debt service requirements	$16.50	$24.90

Significant_Accounting_Policie4

Significant Accounting Policies (Details 2) (USD $)	9 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2012
		Item
Loans Held for Investment	'	'
Number of mortgage and mezzanine loans secured by real estate repaid during the year	'	3
Interest income on loans held for investment	$6.80	'

Significant_Accounting_Policie5

Significant Accounting Policies (Details 3) (Recurring, USD $)	Sep. 30, 2013	Dec. 31, 2012
In Millions, unless otherwise specified
Level 1	'	'
Fair Value Measurement:	'	'
Marketable securities with Level 1 fair value inputs	$141.70	$170.20
Level 2	'	'
Fair Value Measurement:	'	'
Interest rate swap agreements and foreign currency forward contracts, gross liability balance	4.6	1.5
Interest rate swap agreements and foreign currency forward contracts, gross asset balance	4.1	3
Level 3	'	'
Fair Value Measurement:	'	'
Investments	$0	'

Significant_Accounting_Policie6

Significant Accounting Policies (Details 4) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Noncontrolling interests, carrying amounts, reclassified to permanent equity:	'	'
Limited partners' interests in the Operating Partnership	$971,488	$983,363
Nonredeemable noncontrolling deficit interests in properties, net	4,186	-877
Total noncontrolling interests reflected in equity	975,674	982,486
Noncontrolling interests redeemable at amounts in excess of fair value	$0	'

Significant_Accounting_Policie7

Significant Accounting Policies (Details 5) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Noncontrolling interests:	'	'	'	'
Balance	'	'	$6,893,089	'
Other comprehensive income (loss) allocable to noncontrolling interests:	'	'	'	'
Unrealized (loss) gain on derivative hedge agreements	-4,378	-8,555	897	-5,450
Net loss reclassified from accumulated other comprehensive loss into earnings	2,566	5,187	6,642	15,440
Currency translation adjustments	32,515	9,138	10,603	-12,374
Changes in available-for-sale securities and other	-773	16,573	-1,588	40,442
Other comprehensive income (loss)	'	'	14,198	'
Balance	6,804,493	'	6,804,493	'
Noncontrolling Interests	'	'	'	'
Noncontrolling interests:	'	'	'	'
Balance	971,498	1,185,418	982,486	894,622
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties	52,339	47,668	157,100	222,986
Distributions to noncontrolling interest holders	-60,197	-62,149	-180,104	-181,354
Other comprehensive income (loss) allocable to noncontrolling interests:	'	'	'	'
Unrealized (loss) gain on derivative hedge agreements	-629	1,327	111	2,333
Net loss reclassified from accumulated other comprehensive loss into earnings	369	517	955	2,233
Currency translation adjustments	4,676	2,716	1,518	-717
Changes in available-for-sale securities and other	-111	902	-228	4,721
Other comprehensive income (loss)	4,305	5,462	2,356	8,570
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	-8,841	-38,715	-19,422	117,584
Units exchanged for common shares	-59	-129,783	-6,041	-133,801
Units Redeemed	'	-38,904	'	-38,904
Purchase of noncontrolling interests and other	16,629	10,367	39,299	89,661
Balance	$975,674	$979,364	$975,674	$979,364

Significant_Accounting_Policie8

Significant Accounting Policies (Details 6) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Significant Accounting Policies	'
Beginning balance	($90,900)
Other comprehensive income (loss) before reclassifications	8,511
Amounts reclassified from accumulated other comprehensive income (loss)	5,687
Other comprehensive income (loss)	14,198
Ending balance	-76,702
Currency translation adjustments	'
Significant Accounting Policies	'
Beginning balance	-26,220
Other comprehensive income (loss) before reclassifications	9,085
Other comprehensive income (loss)	9,085
Ending balance	-17,135
Accumulated derivative losses, net	'
Significant Accounting Policies	'
Beginning balance	-66,917
Other comprehensive income (loss) before reclassifications	786
Amounts reclassified from accumulated other comprehensive income (loss)	5,687
Other comprehensive income (loss)	6,473
Ending balance	-60,444
Net unrealized gains on marketable securities	'
Significant Accounting Policies	'
Beginning balance	2,237
Other comprehensive income (loss) before reclassifications	-1,360
Other comprehensive income (loss)	-1,360
Ending balance	$877

Significant_Accounting_Policie9

Significant Accounting Policies (Details 7) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Significant Accounting Policies	'	'	'	'
Interest expense	($284,491)	($288,896)	($849,482)	($835,532)
Net income attributable to noncontrolling interests	54,784	50,616	165,035	230,857
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	311,675	254,921	934,749	1,115,776
Amount reclassified from accumulated other comprehensive income (loss)	'	'	'	'
Significant Accounting Policies	'	'	'	'
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	'	'	-5,687	'
Accumulated derivative losses, net | Amount reclassified from accumulated other comprehensive income (loss)	'	'	'	'
Significant Accounting Policies	'	'	'	'
Interest expense	'	'	-6,642	'
Net income attributable to noncontrolling interests	'	'	$955	'

Recovered_Sheet1

Significant Accounting Policies (Details 8)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
In Millions, unless otherwise specified	USD ($)	USD ($)	Interest rate swap	Interest rate swap	Interest rate cap	USD-Yen currency forward contract	USD-Yen currency forward contract
			USD ($)	USD ($)	USD ($)	USD ($)	JPY (¥)
			instrument		instrument
Derivative financial instruments	'	'	'	'	'	'	'
Number of Instruments	'	'	2	'	5	'	'
Notional Amount	'	'	$492.20	'	$249.40	'	¥ 1,700
Interest rate net derivative liability, fair value	'	'	4.6	1.5	'	'	'
Asset value of forwards included in deferred costs and other assets	'	'	'	'	'	4.1	'
Gross accumulated other comprehensive income or loss related to derivative activities	$70.60	$78.10	'	'	'	'	'

Per_Share_Data_Details

Per Share Data (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Per Share Data	'	'	'	'
Net Income attributable to Common Stockholders - Basic	$311,675	$254,921	$934,749	$1,115,776
Net Income attributable to Common Stockholders - Diluted	$311,675	$254,921	$934,749	$1,115,776
Weighted Average Shares Outstanding - Basic	310,332,777	304,107,489	310,194,789	301,029,029
Effect of stock options (in shares)	'	1,070	67	1,077
Weighted Average Shares Outstanding - Diluted	310,332,777	304,108,559	310,194,856	301,030,106

Investment_in_Unconsolidated_E2

Investment in Unconsolidated Entities (Details) (USD $)

9 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

21-May-12

Mar. 14, 2012

Dec. 31, 2012

Jan. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Jan. 09, 2012

Construction and other related party loans

Construction and other related party loans

The Shops at Mission Viejo

IMI

Klepierre

Klepierre

IMI Joint Venture

IMI Joint Venture

IMI Joint Venture

IMI Joint Venture

IMI Joint Venture

United States

United States

Japan

Japan

South Korea

South Korea

Mexico

Mexico

Malaysia

Malaysia

Italy

Woodfield Mall

Woodfield Mall

The Shops at Mission Viejo

The Shops at Mission Viejo

IMI

IMI

property

property

property

property

property

property

property

property

property

property

GCI

Woodfield Mall

The Shops at Mission Viejo

property

Schedule of Equity Method Investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties

'

'

'

'

'

'

'

'

'

'

'

'

'

74

78

9

8

3

2

1

1

1

1

'

Number of properties sold

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

45

Joint venture ownership percentage

'

'

'

'

'

'

'

28.70%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Joint venture ownership percentage after transactions

'

'

'

'

'

'

28.90%

'

50.00%

'

51.00%

50.00%

49.00%

'

'

'

'

'

'

'

'

'

'

'

Loans to related party

'

'

$103,600,000

$25,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Joint venture ownership percentage before transaction

'

'

'

'

100.00%

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain due to formation of joint venture

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate face amount of mortgage notes

'

'

'

'

'

'

'

'

425,000,000

295,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate on mortgage loan (as a percent)

'

'

'

'

'

'

'

'

4.50%

3.61%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Distribution from joint venture financing proceeds

$143,202,000

$114,508,000

'

'

'

'

'

'

'

$149,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment_in_Unconsolidated_E3

Investment in Unconsolidated Entities (Details 2) (USD $)	0 Months Ended		0 Months Ended						0 Months Ended
	Jan. 06, 2012	Sep. 30, 2013	Mar. 22, 2012	Mar. 22, 2012	Mar. 22, 2012	Mar. 22, 2012	Mar. 22, 2012	Mar. 22, 2012	Mar. 22, 2012
	Del Amo Fashion Center	Consolidated and unconsolidated property interests	TMLP 2012 acquisition	TMLP 2012 acquisition	TMLP 2012 acquisition	TMLP 2012 acquisition	TMLP 2012 acquisition	TMLP 2012 acquisition	TMLP 2012 acquisition
		property		TMLP Senior Loan Facility	TMLP Trust Preferred Securities	SPG-FCM Loan	Consolidated and unconsolidated property interests	Unconsolidated property interests	Consolidated property interests
							property	property	property
Acquisitions	'	'	'	'	'	'	'	'	'
Number of properties	'	18	'	'	'	'	26	16	9
Transaction value	'	'	$1,500,000,000	'	'	'	'	'	'
Repayment of TMLP senior loan facility	'	'	'	562,100,000	100,000,000	'	'	'	'
Debt extinguished, noncash	'	'	'	'	'	558,400,000	'	'	'
Mortgage debt assumed, consolidated	'	'	2,600,000,000	'	'	'	'	'	'
Gain due to acquisition of controlling interest	'	'	'	'	'	'	'	'	488,700,000
Other than temporary impairment charge	'	'	22,400,000	'	'	'	'	'	'
Purchase price of business acquired	$50,000,000	'	'	'	'	'	'	'	'
Joint venture ownership percentage after transactions	50.00%	'	'	'	'	'	'	'	'

Investment_in_Unconsolidated_E4

Investment in Unconsolidated Entities (Details 3)

3 Months Ended

9 Months Ended

0 Months Ended

6 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Mar. 14, 2012

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2013

Jun. 30, 2013

Sep. 30, 2013

Mar. 14, 2012

Oct. 16, 2013

Oct. 16, 2013

Oct. 16, 2013

Oct. 16, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Klepierre

Klepierre

Klepierre

McArthurGlen Group

McArthurGlen Group

Europe

Europe

Europe

Europe

Europe

Europe

Europe

Europe

Canada

USD ($)

USD ($)

USD ($)

USD ($)

Minimum

Klepierre

Klepierre

McArthurGlen Group

McArthurGlen Group

McArthurGlen Group

McArthurGlen Group

McArthurGlen Group

McArthurGlen Group

McArthurGlen Group

Item

USD ($)

USD ($)

USD ($)

EUR (€)

Minimum

Maximum

Ashford Designer Outlets

Property management and development companies

Development project

property

Schedule of Equity Method Investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares owned

'

'

'

'

'

'

'

'

'

'

57,634,148

'

'

'

'

'

'

'

'

Joint venture ownership percentage

'

'

'

'

'

28.70%

'

'

'

'

28.90%

'

'

'

60.00%

90.00%

22.50%

50.00%

45.00%

Quoted market price per share (in dollars per share)

'

'

'

'

'

'

'

'

'

'

$43.25

'

'

'

'

'

'

'

'

Excess investment

'

'

'

'

'

'

'

'

'

'

'

$1,200,000,000

'

'

'

'

'

'

'

Share of net income, net of amortization of our excess investment

47,916,000

37,129,000

158,663,000

96,613,000

'

'

4,700,000

'

'

'

23,800,000

'

'

'

'

'

'

'

'

Total revenues

'

'

'

'

'

'

'

'

'

'

1,100,000,000

'

'

'

'

'

'

'

'

Total operating income

'

'

'

'

'

'

'

'

'

'

538,600,000

'

'

'

'

'

'

'

'

Consolidated net Income

'

'

'

'

'

'

'

231,500,000

'

'

'

'

'

'

'

'

'

'

'

Equity investment

1,991,900,000

'

1,991,900,000

'

2,108,966,000

'

'

'

73,900,000

'

'

'

'

'

'

'

'

'

'

Number of joint ventures to invest in per definitive agreement

'

'

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

Number of outlets in which interest acquired

'

'

'

'

'

'

'

'

'

'

'

'

4

4

'

'

'

'

'

Purchase price of business acquired

'

'

'

'

'

$2,000,000,000

'

'

'

'

'

'

$441,100,000

€ 327,500,000

'

'

'

'

'

Investment_in_Unconsolidated_E5

Investment in Unconsolidated Entities (Details 4) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
	property
Cost method investments	'	'
Cost Method Investments	$118.80	$98.90
Europe | Value Retail PLC	'	'
Cost method investments	'	'
Number of luxury outlets owned and operated	9	'
Number of outlets in which the entity has a minority direct ownership	3	'
Cost Method Investments	$115.40	$95.50

Investment_in_Unconsolidated_E6

Investment in Unconsolidated Entities (Details 5) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012	Jan. 09, 2012	Jan. 09, 2012
			Currency translation and net investment hedges	Currency translation and net investment hedges	Europe	Europe
					GCI	GCI
						Currency translation and net investment hedges
Schedule of Equity Method Investments	'	'	'	'	'	'
Aggregate cash received	'	'	'	'	$375,800,000	'
Gain on sale of equity method investment	'	'	'	'	28,800,000	'
Accumulated losses recorded in AOCI	($76,702,000)	($90,900,000)	($17,135,000)	($26,220,000)	'	$39,500,000

Investment_in_Unconsolidated_E7

Investment in Unconsolidated Entities (Details 6) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Schedule of Equity Method Investments	'	'
Equity investment	$1,991,900	$2,108,966
Japan | Mitsubishi Estate Co., Ltd. | Premium Outlet operations	'	'
Schedule of Equity Method Investments	'	'
Joint venture ownership percentage	40.00%	'
Equity investment	276,200	314,200
South Korea | Shinsegae International Co | Premium Outlet operations	'	'
Schedule of Equity Method Investments	'	'
Joint venture ownership percentage	50.00%	'
Equity investment	$70,700	$62,900

Investment_in_Unconsolidated_E8

Investment in Unconsolidated Entities (Details 7) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2011	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012	Mar. 22, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013
In Thousands, unless otherwise specified					Mall	Retail properties	Retail properties	TMLP 2012 acquisition	Equity Method Investments	Equity Method Investments	Equity Method Investments
					property	property	property	Consolidated property interests	Unconsolidated property interests	Unconsolidated property interests	Unconsolidated property interests
								property			Maximum
Schedule of Equity Method Investments	'	'	'	'	'	'	'	'	'	'	'
Number of properties	'	'	'	'	'	'	'	9	'	'	'
Number of joint venture interests sold	'	'	'	'	1	2	3	'	'	'	'
Assets:	'	'	'	'	'	'	'	'	'	'	'
Investment properties, at cost	$34,764,669	$34,252,521	'	'	'	'	'	'	$14,828,264	$14,607,291	'
Less - accumulated depreciation	9,804,069	9,068,388	'	'	'	'	'	'	5,144,189	4,926,511	'
Investment properties, net	24,960,600	25,184,133	'	'	'	'	'	'	9,684,075	9,680,780	'
Cash and cash equivalents	1,099,321	1,184,518	452,712	798,650	'	'	'	'	653,185	619,546	'
Tenant receivables and accrued revenue, net	529,893	521,301	'	'	'	'	'	'	270,770	252,774	'
Investment in unconsolidated entities, at equity	'	'	'	'	'	'	'	'	38,669	39,589	'
Deferred costs and other assets	1,558,465	1,570,734	'	'	'	'	'	'	442,831	438,399	'
Total assets	'	'	'	'	'	'	'	'	11,089,530	11,031,088	'
Liabilities and Partners' Deficit:	'	'	'	'	'	'	'	'	'	'	'
Mortgages and unsecured indebtedness	22,729,654	23,113,007	'	'	'	'	'	'	11,979,021	11,584,863	'
Accounts payable, accrued expenses, intangibles, and deferred revenue	1,328,089	1,374,172	'	'	'	'	'	'	723,143	672,483	'
Other liabilities	227,319	303,588	'	'	'	'	'	'	394,461	447,132	'
Total liabilities	25,127,124	25,515,511	'	'	'	'	'	'	13,096,625	12,704,478	'
Preferred units	'	'	'	'	'	'	'	'	67,450	67,450	'
Partners' deficit	-3,218,890	-3,083,190	'	'	'	'	'	'	-2,074,545	-1,740,840	'
Total liabilities and equity	32,111,409	32,586,606	'	'	'	'	'	'	11,089,530	11,031,088	'
Our Share of:	'	'	'	'	'	'	'	'	'	'	'
Partners' deficit	'	'	'	'	'	'	'	'	-943,037	-799,911	'
Add: Excess Investment	'	'	'	'	'	'	'	'	2,092,875	2,184,133	'
Our net Investment in unconsolidated entities, at equity	$1,991,900	$2,108,966	'	'	'	'	'	'	$1,149,838	$1,384,222	'
Life of joint ventures with excess investment	'	'	'	'	'	'	'	'	'	'	'40 years

Investment_in_Unconsolidated_E9

Investment in Unconsolidated Entities (Details 8) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenue:	'	'	'	'
Minimum rent	$795,809	$759,039	$2,351,876	$2,207,334
Overage rent	56,511	51,170	134,458	110,277
Tenant reimbursements	367,702	342,443	1,059,834	979,300
Other income	48,621	43,671	112,553	145,813
Total revenue	1,302,256	1,228,617	3,753,877	3,535,652
Operating Expenses:	'	'	'	'
Property operating	126,706	132,378	354,094	353,136
Depreciation and amortization	326,073	310,244	961,344	907,217
Real estate taxes	113,145	105,694	332,259	311,173
Repairs and maintenance	27,747	26,556	84,579	78,862
Advertising and promotion	30,725	28,114	81,343	77,762
Provision for (recovery of) credit losses	2,774	-1,180	4,207	5,271
Other	25,804	20,636	62,411	58,424
Total operating expenses	701,691	663,664	2,030,734	1,929,651
OPERATING INCOME	600,565	564,953	1,723,143	1,606,001
Interest expense	-284,491	-288,896	-849,482	-835,532
Income from Unconsolidated Entities	47,916	37,129	158,663	96,613
Equity Method Investments | Unconsolidated property interests	'	'	'	'
Revenue:	'	'	'	'
Minimum rent	408,204	370,183	1,201,748	1,091,701
Overage rent	40,784	44,002	128,565	128,622
Tenant reimbursements	197,494	176,544	569,044	508,698
Other income	40,903	34,754	122,505	121,686
Total revenue	687,385	625,483	2,021,862	1,850,707
Operating Expenses:	'	'	'	'
Property operating	125,329	125,162	364,494	351,963
Depreciation and amortization	135,457	125,828	389,843	375,280
Real estate taxes	55,374	45,068	160,152	132,618
Repairs and maintenance	15,653	15,418	48,156	45,269
Advertising and promotion	14,141	11,706	44,164	39,600
Provision for (recovery of) credit losses	192	-646	1,772	-247
Other	37,948	36,089	110,129	128,134
Total operating expenses	384,094	358,625	1,118,710	1,072,617
OPERATING INCOME	303,291	266,858	903,152	778,090
Interest expense	-151,579	-148,891	-453,573	-451,581
Income from Continuing Operations	151,712	117,967	449,579	326,509
Gain (loss) from operations of discontinued joint venture interests	7	-1,978	-339	-20,769
Gain (loss) on disposal of discontinued operations	6,580	-4,904	24,936	-4,904
Net Income	158,299	111,085	474,176	300,836
Third-party investors' share of net income	85,211	66,308	263,926	163,108
Our share of net income	73,088	44,777	210,250	137,728
Amortization of excess investment	-25,733	-21,726	-75,415	-55,059
Our share of loss on sale or disposal of assets and interests in unconsolidated entities, net	'	9,245	'	9,245
Income from Unconsolidated Entities	$47,355	$32,296	$134,835	$91,914

Debt_Details

Debt (Details)

9 Months Ended

12 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Oct. 02, 2013

Oct. 02, 2013

Sep. 30, 2013

Sep. 30, 2013

16-May-13

Sep. 30, 2013

16-May-13

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

USD ($)

USD ($)

Unsecured Debt

Unsecured Debt

Unsecured Debt

Unsecured Debt

Unsecured Debt

Unsecured Debt

Unsecured Debt

Unsecured Debt

Unsecured Debt

Unsecured Debt

Secured Debt

Secured Debt

Senior unsecured notes

Senior unsecured notes 5.30% to 7.18%

Senior unsecured notes 2.375% due October 2020

Senior unsecured notes 2.375% due October 2020

Credit Facility and the Supplemental Facility

Credit Facility

Credit Facility

Supplemental Facility

Supplemental Facility

Term loan

Mortgages

Mortgages

USD ($)

USD ($)

USD ($)

EUR (€)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Item

Item

note

mortgagepool

property

Debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total Mortgages and Other Indebtedness

$22,729,654,000

$23,113,007,000

$12,900,000,000

'

'

'

'

'

'

'

'

$240,000,000

$8,100,000,000

$8,000,000,000

Credit facility, amount outstanding

'

'

'

'

'

'

'

1,200,000,000

'

227,600,000

'

'

'

'

Maximum borrowing capacity

'

'

'

'

'

'

'

4,000,000,000

'

2,000,000,000

'

300,000,000

'

'

Available borrowing capacity

'

'

'

'

'

'

4,500,000,000

'

'

'

'

'

'

'

Maximum amount outstanding during period

'

'

'

'

'

'

1,600,000,000

'

'

'

'

'

'

'

Credit facility, weighted average amount outstanding

'

'

'

'

'

'

1,400,000,000

'

'

'

'

'

'

'

Letters of credit outstanding

'

'

'

'

'

'

45,000,000

'

'

'

'

'

'

'

Number of credit facilities

'

'

'

'

'

'

2

'

'

'

'

'

'

'

Optional expanded maximum borrowing capacity

'

'

'

'

'

'

'

5,000,000,000

'

2,500,000,000

'

'

'

'

Reference rate

'

'

'

'

'

'

'

'LIBOR

'

'LIBOR

'

'LIBOR

'

'

Interest added to reference rate (as a percent)

'

'

'

'

'

'

'

0.95%

'

0.95%

'

1.10%

'

'

Additional facility fee (as a percent)

'

'

'

'

'

'

'

0.15%

'

0.15%

'

'

'

'

Reduction in interest added to reference rate (as a percent)

'

'

'

'

'

'

'

'

0.05%

'

0.05%

'

'

'

Multi-currency tranche

'

'

'

'

'

'

'

2,000,000,000

'

'

'

'

'

'

Amount of debt redeemed

'

'

'

504,500,000

'

'

'

'

'

'

'

'

240,000,000

'

Interest rate, low end of range (as a percent)

'

'

'

5.30%

'

'

'

'

'

'

'

'

'

'

Interest rate, high end of range (as a percent)

'

'

'

7.18%

'

'

'

'

'

'

'

'

'

'

Number of one-year extension options available

'

'

'

'

'

'

'

'

'

'

'

2

'

'

Debt instrument extension period

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

Debt issued

'

'

'

'

1,000,000,000

750,000,000

'

'

'

'

'

'

'

'

Interest rate on debt (as a percent)

'

'

'

'

2.38%

2.38%

'

'

'

'

'

'

'

'

Debt covenants

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers

'

'

'

'

'

'

'

'

'

'

'

'

79

'

Number of properties secured by non-recourse mortgage notes

'

'

'

'

'

'

'

'

'

'

'

'

79

'

Number of cross-defaulted and cross-collateralized mortgage pools

'

'

'

'

'

'

'

'

'

'

'

'

7

'

Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages

'

'

'

'

'

'

'

'

'

'

'

'

27

'

Fair value of debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Carrying value of fixed-rate mortgages and unsecured indebtedness

20,700,000,000

21,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Fair value of fixed-rate mortgages and unsecured indebtedness

$22,140,000,000

$23,373,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages (as a percent)

3.55%

3.24%

'

'

'

'

'

'

'

'

'

'

'

'

Equity_Details

Equity (Details) (USD $)

9 Months Ended

1 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

In Millions, except Share data, unless otherwise specified

Sep. 30, 2013

Sep. 30, 2012

Jul. 31, 2011

Jun. 06, 2013

Apr. 02, 2013

Feb. 25, 2013

Sep. 30, 2013

14-May-13

Sep. 30, 2013

Mar. 16, 2010

Sep. 30, 2013

Mar. 31, 2011

Sep. 30, 2013

Mar. 31, 2012

Sep. 30, 2013

Mar. 31, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

partner

LTIP Retention Award to Chairman and CEO

1998 Stock Incentive Plan

1998 Stock Incentive Plan

1998 Stock Incentive Plan

1998 Stock Incentive Plan

1998 Stock Incentive Plan

1998 Stock Incentive Plan

LTIP programs

LTIP programs

One-year 2010 LTIP Program

One-year 2010 LTIP Program

Two-year 2010 LTIP Program

Two-year 2010 LTIP Program

Three-year 2010 LTIP Program

Three-year 2010 LTIP Program

2011-2013 LTIP Program

2012-2014 LTIP Program

2013-2015 LTIP program

Restricted stock

Restricted stock

Restricted stock

Restricted stock

Restricted stock

Restricted stock

Item

Item

Item

Item

Employees

Employees

Employees

Employees

Non-employee Directors

Non-employee Directors

Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of partnership units exchanged for common stock

321,354

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of limited partners exchanging units

10

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Compensation expense, net of capitalization

$40

$35.10

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long Term Incentive Performance Programs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of programs approved

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

Post performance period service based vesting period

'

'

'

'

'

'

'

'

'

'

'

'

'2 years

'

'2 years

'

'2 years

'

'

'

Percent of distributions of Operating Partnership that participants are entitled to receive during performance period

'

'

'

'

'

'

'

'

'

'

10.00%

'

'

'

'

'

'

'

'

'

Vesting period (in installments)

'

'

'

'

'

'

'

'

'

'

'

2

'

2

'

2

'

'

'

'

Performance period

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'2 years

'

'3 years

'3 years

'3 years

'3 years

Restricted stock awards granted (in shares)

'

'

1,000,000

'

'

'

107,528

3,487

'

'

'

133,673

'

'

'

'

'

'

'

'

Units earned under LTIP program (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

337,006

'

489,654

'

'

'

'

Vesting rights (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50.00%

50.00%

Aggregate grant date fair value

'

'

$120.30

'

'

'

'

'

'

'

'

'

$7.20

'

$14.80

'

$23

$35

$35

$33.50

Weighted average fair value of shares granted during the year (in dollars per share)

'

'

'

$166.56

$159.32

$157.37

'

$179.23

'

'

'

'

'

'

'

'

'

'

'

'

Vesting period

'

'

'

'

'

'

'3 years

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

Service period

'

'

'8 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vesting rights (as a percent)

'

'

33.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity_Details_2

Equity (Details 2) (USD $)

3 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Preferred Stock

Common Stock

Common Stock

Accumulated Other Comprehensive Income (Loss)

Capital in Excess of Par Value

Accumulated Deficit

Common Stock Held in Treasury

Noncontrolling interests

Noncontrolling interests

Noncontrolling interests

Noncontrolling interests

Increase (Decrease) in Stockholders' Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance

'

'

$6,893,089

'

$44,719

$31

$31

($90,900)

$9,175,724

($3,083,190)

($135,781)

$971,498

$1,185,418

$982,486

$894,622

Exchange of limited partner units for common shares

'

'

'

'

'

'

'

'

6,041

'

'

-59

-129,783

-6,041

-133,801

Contributions from noncontrolling interest partners and other

'

'

53,384

'

-247

'

'

'

-3,248

-170

17,750

'

'

39,299

'

Adjustment to limited partners' interest from change in ownership in the Operating Partnership

'

'

'

'

'

'

'

'

19,422

'

'

'

'

-19,422

'

Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests

'

'

-1,252,637

'

'

'

'

'

'

-1,072,782

'

'

'

-179,855

'

Distributions to other noncontrolling interest partners

'

'

-249

'

'

'

'

'

'

'

'

'

'

-249

'

Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and $6,499 attributable to noncontrolling redeemable interests in properties in temporary equity

'

'

1,110,906

'

'

'

'

14,198

'

937,252

'

'

'

159,456

'

Balance

6,804,493

'

6,804,493

'

44,472

31

31

-76,702

9,197,939

-3,218,890

-118,031

975,674

979,364

975,674

979,364

Comprehensive income attributable to preferred interests

'

'

'

'

1,436

'

'

'

'

'

'

'

'

'

'

Comprehensive income attributable to noncontrolling interests

$59,089

$56,077

$167,391

$239,427

'

'

'

'

'

'

'

'

'

$6,499

'

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	1 Months Ended
In Millions, unless otherwise specified	31-May-10	Sep. 30, 2013	Dec. 31, 2012
		Joint Venture Mortgage and Indebtedness	Joint Venture Mortgage and Indebtedness
Commitments and Contingencies.	'	'	'
Insurance proceeds funded by insurers	$50	'	'
Minimum insurance coverage	50	'	'
Additional insurance proceeds	150	'	'
Guarantees of Joint Venture Indebtedness:	'	'	'
Loan guarantee	'	179.2	84.9
Loan guarantees recoverable	'	$81.10	$38.60

Commitments_and_Contingencies_1

Commitments and Contingencies (Details 2) (Consolidated revenues, Concentration of credit risk, Maximum)	9 Months Ended
	Sep. 30, 2013
Consolidated revenues | Concentration of credit risk | Maximum	'
Concentration of Credit Risk	'
Percentage of consolidated revenues from a single customer or tenant	5.00%

Real_Estate_Acquisitions_and_D1

Real Estate Acquisitions and Dispositions (Details) (USD $)

0 Months Ended

3 Months Ended

1 Months Ended

0 Months Ended

0 Months Ended

12 Months Ended

9 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

21-May-12

Mar. 14, 2012

Jan. 06, 2012

3-May-12

Sep. 30, 2013

31-May-13

30-May-13

Dec. 04, 2012

Dec. 04, 2012

Dec. 04, 2012

Jun. 04, 2012

Mar. 22, 2012

Dec. 31, 2012

Sep. 30, 2013

Mar. 22, 2012

Mar. 22, 2012

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Mar. 22, 2012

Sep. 30, 2013

Dec. 31, 2012

Dec. 04, 2012

Klepierre

Klepierre

Del Amo Fashion Center

The Domain, Austin, TX

Office property, Boston, Massachusetts

Outlet center, Portland OR

Outlet center, Portland OR

Grand Prairie and Livermore properties

Grand Prairie Premium Outlets, Grand Prairie (Dallas), TX

Livermore Premium Outlets, Livermore (San Francisco), CA

Outlet center, Destin, FL

TMLP 2012 acquisition

Retail properties

Real estate property interests

Real estate property interests

Unconsolidated properties

Unconsolidated properties

Unconsolidated properties

Unconsolidated properties

Consolidated properties

Consolidated properties

Consolidated properties

Consolidated properties

property

sqft

sqft

property

TMLP 2012 acquisition

TMLP 2012 acquisition

Community Centers

Retail properties

Retail properties

TMLP 2012 acquisition

Retail properties

Retail properties

Outlet center

property

property

property

property

property

property

property

property

Grand Prairie and Livermore properties

property

Real Estate Acquisitions and Dispositions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties in which additional interests acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

2

Number of properties disposed of during the period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

2

4

'

4

9

'

Gain on disposition

'

'

'

$12,400,000

$7,900,000

'

'

'

'

'

'

'

$15,500,000

$72,600,000

'

'

'

'

'

'

'

'

'

Property interest acquired (as a percent)

'

'

'

'

'

'

100.00%

'

'

'

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

Area of property acquired (in square feet)

'

'

'

'

'

'

390,000

'

'

'

465,000

'

'

'

'

'

'

'

'

'

'

'

'

Property interest acquired

'

'

'

'

'

146,700,000

'

'

'

'

70,500,000

'

'

'

'

'

'

'

'

'

'

'

'

Gain on acquisition of property interests

'

'

'

'

'

27,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties sold

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership interests acquired (as a percent)

'

'

'

'

'

'

'

'

50.00%

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership interest after acquisition (as a percent)

'

'

'

'

'

'

'

'

100.00%

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Consideration paid

'

'

'

'

'

'

'

260,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Consideration paid in cash, percentage

'

'

'

'

'

'

'

90.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Consideration paid by issuance of units, percentage

'

'

'

'

'

'

'

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Consideration paid

'

'

'

'

'

'

'

162,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties

'

'

'

'

'

'

'

'

'

'

'

'

'

18

26

16

'

'

'

9

'

'

'

Transaction value

'

'

'

'

'

'

'

'

'

'

'

1,500,000,000

'

'

'

'

'

'

'

'

'

'

'

Joint venture ownership percentage

'

28.70%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchase price of equity method investment acquired

'

$2,000,000,000

$50,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Joint venture ownership percentage after transactions

28.90%

'

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'