Simon Property (SPG) 10-Q 3 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Entity Registrant Name	SIMON PROPERTY GROUP INC /DE/
Entity Central Index Key	1,063,761
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Common stock
Entity Common Stock, Shares Outstanding | shares	314,229,517
Entity Listing, Par Value Per Share | $ / shares	$ 0.0001
Class B common stock
Entity Common Stock, Shares Outstanding | shares	8,000
Entity Listing, Par Value Per Share | $ / shares	$ 0.0001

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
ASSETS:
Investment properties at cost	$ 35,154,142	$ 33,463,124
Less - accumulated depreciation	10,622,781	9,915,386
Investment properties at cost, net	24,531,361	23,547,738
Cash and cash equivalents	814,747	701,134
Tenant receivables and accrued revenue, net	626,423	624,605
Investment in unconsolidated entities, at equity	2,439,554	2,481,574
Investment in Klepierre, at equity	1,897,095	1,943,363
Deferred costs and other assets	1,359,668	1,266,768
Total assets	31,668,848	30,565,182
LIABILITIES:
Mortgages and unsecured indebtedness	23,078,515	22,416,682
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,240,713	1,323,801
Cash distributions and losses in partnerships and joint ventures, at equity	1,369,842	1,368,544
Other liabilities	493,615	214,249
Total liabilities	26,182,685	25,323,276
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	159,350	25,537
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $ 39,847	43,487	43,733
Capital in excess of par value	9,478,309	9,384,450
Accumulated deficit	(4,349,705)	(4,266,930)
Accumulated other comprehensive loss	(115,832)	(252,686)
Common stock held in treasury, at cost, 5,347,551 and 5,394,345 shares, respectively	(427,294)	(437,134)
Total stockholders' equity	4,628,997	4,471,464
Noncontrolling interests	697,816	744,905
Total equity	5,326,813	5,216,369
Total liabilities and equity	31,668,848	30,565,182
Simon Property Group L.P.
ASSETS:
Investment properties at cost	35,154,142	33,463,124
Less - accumulated depreciation	10,622,781	9,915,386
Investment properties at cost, net	24,531,361	23,547,738
Cash and cash equivalents	814,747	701,134
Tenant receivables and accrued revenue, net	626,423	624,605
Investment in unconsolidated entities, at equity	2,439,554	2,481,574
Investment in Klepierre, at equity	1,897,095	1,943,363
Deferred costs and other assets	1,359,668	1,266,768
Total assets	31,668,848	30,565,182
LIABILITIES:
Mortgages and unsecured indebtedness	23,078,515	22,416,682
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,240,713	1,323,801
Cash distributions and losses in partnerships and joint ventures, at equity	1,369,842	1,368,544
Other liabilities	493,615	214,249
Total liabilities	26,182,685	25,323,276
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	159,350	25,537
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Preferred units, 796,948 units outstanding. Liquidation value of $39,847	43,487	43,733
General Partner, 314,237,517 and 309,420,569 units outstanding, respectively	4,585,510	4,427,731
Limited Partners, 47,526,595 and 51,814,235 units outstanding, respectively	693,532	741,449
Total partners' equity	5,322,529	5,212,913
Nonredeemable noncontrolling interests in properties, net	4,284	3,456
Total equity	5,326,813	5,216,369
Total liabilities and equity	31,668,848	30,565,182
Common stock
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Common stock	32	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

Unaudited Consolidated Balance3

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Capital stock, total shares authorized	850,000,000	850,000,000
Capital stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Capital stock, shares of excess common stock	238,000,000	238,000,000
Capital stock, authorized shares of preferred stock	100,000,000	100,000,000
Preferred stock stated dividend rate percentage	8.375%	8.375%
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized	1,000,000	1,000,000
Series J 8 3/8% cumulative redeemable preferred stock, shares issued	796,948	796,948
Series J 8 3/8% cumulative redeemable preferred stock, shares outstanding	796,948	796,948
Common stock held in treasury, shares	5,347,551	5,394,345
Preferred units, Liquidation value (in dollars)	$ 39,847	$ 39,847
Common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	511,990,000	511,990,000
Common stock, shares issued	319,577,068	314,806,914
Common stock, shares outstanding	319,577,068	314,806,914
Class B common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	10,000	10,000
Common stock, shares issued	8,000	8,000
Common stock, shares outstanding	8,000	8,000
Simon Property Group L.P.
Preferred units, units outstanding	796,948	796,948
Preferred units, Liquidation value (in dollars)	$ 39,847	$ 39,847
General Partner, units outstanding	314,237,517	309,420,569
Limited Partners, units outstanding	47,526,595	51,814,235

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
REVENUE:
Minimum rent	$ 842,801	$ 788,368	$ 2,483,560	$ 2,309,951
Overage rent	40,089	47,433	100,256	123,419
Tenant reimbursements	378,187	373,223	1,116,863	1,077,702
Management fees and other revenues	41,721	38,568	109,598	113,674
Other income	54,370	72,545	198,986	260,736
Total revenue	1,357,168	1,320,137	4,009,263	3,885,482
EXPENSES:
Property operating	120,099	115,820	327,915	315,418
Depreciation and amortization	311,757	289,360	915,956	873,243
Real estate taxes	111,727	114,145	328,656	327,519
Repairs and maintenance	23,178	21,189	72,085	73,599
Advertising and promotion	35,695	38,756	103,905	98,727
(Recovery of) provision for credit losses	(747)	(361)	7,861	6,172
Home and regional office costs	41,606	37,204	120,539	112,454
General and administrative	15,154	14,838	45,143	45,182
Other	22,508	31,599	66,875	74,025
Total operating expenses	680,977	662,550	1,988,935	1,926,339
OPERATING INCOME	676,191	657,587	2,020,328	1,959,143
Interest expense	(214,861)	(229,654)	(648,048)	(692,801)
Income and other taxes	(6,325)	(3,658)	(28,626)	(13,440)
Income from unconsolidated entities	83,374	68,221	258,990	203,289
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	49,561		76,459	223,266
CONSOLIDATED NET INCOME	587,940	492,496	1,679,103	1,679,457
Net income attributable to noncontrolling interests	82,362	71,653	235,472	244,868
Preferred dividends or unit requirements	834	834	2,503	2,503
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ 504,744	$ 420,009	$ 1,441,128	$ 1,432,086
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT:
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 1.61	$ 1.36	$ 4.61	$ 4.62
Consolidated Net Income	$ 587,940	$ 492,496	$ 1,679,103	$ 1,679,457
Unrealized (loss) gain on derivative hedge agreements	(1,256)	(6,884)	(16,351)	12,455
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings	3,199	2,819	145,737	(72,090)
Currency translation adjustments	1,447	(6,033)	18,888	(144,826)
Changes in available-for-sale securities and other	1,313	8,004	13,375	(14,080)
Comprehensive income	592,643	490,402	1,840,752	1,460,916
Comprehensive income attributable to noncontrolling interests	82,982	71,352	260,267	213,654
Comprehensive income attributable to common stockholders or unitholders	509,661	419,050	1,580,485	1,247,262
Simon Property Group L.P.
REVENUE:
Minimum rent	842,801	788,368	2,483,560	2,309,951
Overage rent	40,089	47,433	100,256	123,419
Tenant reimbursements	378,187	373,223	1,116,863	1,077,702
Management fees and other revenues	41,721	38,568	109,598	113,674
Other income	54,370	72,545	198,986	260,736
Total revenue	1,357,168	1,320,137	4,009,263	3,885,482
EXPENSES:
Property operating	120,099	115,820	327,915	315,418
Depreciation and amortization	311,757	289,360	915,956	873,243
Real estate taxes	111,727	114,145	328,656	327,519
Repairs and maintenance	23,178	21,189	72,085	73,599
Advertising and promotion	35,695	38,756	103,905	98,727
(Recovery of) provision for credit losses	(747)	(361)	7,861	6,172
Home and regional office costs	41,606	37,204	120,539	112,454
General and administrative	15,154	14,838	45,143	45,182
Other	22,508	31,599	66,875	74,025
Total operating expenses	680,977	662,550	1,988,935	1,926,339
OPERATING INCOME	676,191	657,587	2,020,328	1,959,143
Interest expense	(214,861)	(229,654)	(648,048)	(692,801)
Income and other taxes	(6,325)	(3,658)	(28,626)	(13,440)
Income from unconsolidated entities	83,374	68,221	258,990	203,289
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	49,561		76,459	223,266
CONSOLIDATED NET INCOME	587,940	492,496	1,679,103	1,679,457
Net income attributable to noncontrolling interests	5,361	839	6,655	2,138
Preferred dividends or unit requirements	1,313	1,313	3,939	3,939
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	581,266	490,344	1,668,509	1,673,380
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	504,744	420,009	1,441,128	1,432,086
Limited Partners	$ 76,522	$ 70,335	$ 227,381	$ 241,294
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT:
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 1.61	$ 1.36	$ 4.61	$ 4.62
Consolidated Net Income	$ 587,940	$ 492,496	$ 1,679,103	$ 1,679,457
Unrealized (loss) gain on derivative hedge agreements	(1,256)	(6,884)	(16,351)	12,455
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings	3,199	2,819	145,737	(72,090)
Currency translation adjustments	1,447	(6,033)	18,888	(144,826)
Changes in available-for-sale securities and other	1,313	8,004	13,375	(14,080)
Comprehensive income	592,643	490,402	1,840,752	1,460,916
Comprehensive income attributable to noncontrolling interests	5,361	839	6,655	2,138
Comprehensive income attributable to common stockholders or unitholders	$ 587,282	$ 489,563	$ 1,834,097	$ 1,458,778

Unaudited Consolidated Stateme5

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 1,679,103	$ 1,679,457
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
Depreciation and amortization	972,046	920,689
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	(76,459)	(223,266)
Gain on sale of marketable securities		(80,187)
Straight-line rent	(36,762)	(39,627)
Equity in income of unconsolidated entities	(258,990)	(203,289)
Distributions of income from unconsolidated entities	239,390	191,886
Changes in assets and liabilities -
Tenant receivables and accrued revenue, net	55,989	55,676
Deferred costs and other assets	8,216	(87,403)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	(49,759)	4,892
Net cash provided by operating activities	2,532,774	2,218,828
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(499,976)	(1,410,881)
Repayments of loans to related parties	8,207
Capital expenditures, net	(577,197)	(772,850)
Cash impact from the consolidation of properties	59,994
Net proceeds from sale of assets	36,558
Investments in unconsolidated entities	(252,337)	(233,416)
Purchase of marketable and non-marketable securities	(9,131)	(49,157)
Proceeds from sale of marketable and non-marketable securities		454,012
Distributions of capital from unconsolidated entities and other	472,109	739,845
Net cash used in investing activities	(761,773)	(1,272,447)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other or issuance of units, net of transaction costs	(246)	(3,547)
Purchase of shares or units related to stock grant recipients' tax withholdings	(4,299)
Purchase of preferred stock, limited partner units and treasury stock		(505,691)
Distributions to noncontrolling interest holders in properties	(6,518)	(6,026)
Contributions from noncontrolling interest holders in properties	682	777
Preferred distributions of the Operating Partnership or Partnership distributions	(1,436)	(1,436)
Preferred dividends and distributions to stockholders	(1,518,823)	(1,383,253)
Distributions to limited partners	(237,837)	(231,833)
Proceeds from issuance of debt or Mortgage and unsecured indebtedness proceeds, net of transaction costs	10,087,509	6,346,923
Repayments of debt or Mortgage and unsecured indebtedness principal payments	(9,976,420)	(4,917,716)
Net cash used in financing activities	(1,657,388)	(701,802)
INCREASE IN CASH AND CASH EQUIVALENTS	113,613	244,579
CASH AND CASH EQUIVALENTS, beginning of period	701,134	612,282
CASH AND CASH EQUIVALENTS, end of period	814,747	856,861
Simon Property Group L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	1,679,103	1,679,457
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
Depreciation and amortization	972,046	920,689
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	(76,459)	(223,266)
Gain on sale of marketable securities		(80,187)
Straight-line rent	(36,762)	(39,627)
Equity in income of unconsolidated entities	(258,990)	(203,289)
Distributions of income from unconsolidated entities	239,390	191,886
Changes in assets and liabilities -
Tenant receivables and accrued revenue, net	55,989	55,676
Deferred costs and other assets	8,216	(87,403)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	(49,759)	4,892
Net cash provided by operating activities	2,532,774	2,218,828
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(499,976)	(1,410,881)
Repayments of loans to related parties	8,207
Capital expenditures, net	(577,197)	(772,850)
Cash impact from the consolidation of properties	59,994
Net proceeds from sale of assets	36,558
Investments in unconsolidated entities	(252,337)	(233,416)
Purchase of marketable and non-marketable securities	(9,131)	(49,157)
Proceeds from sale of marketable and non-marketable securities		454,012
Distributions of capital from unconsolidated entities and other	472,109	739,845
Net cash used in investing activities	(761,773)	(1,272,447)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other or issuance of units, net of transaction costs	(246)	(3,547)
Purchase of shares or units related to stock grant recipients' tax withholdings	(4,299)
Purchase of preferred stock, limited partner units and treasury stock		(505,691)
Distributions to noncontrolling interest holders in properties	(6,518)	(6,026)
Contributions from noncontrolling interest holders in properties	682	777
Preferred distributions of the Operating Partnership or Partnership distributions	(1,758,096)	(1,616,522)
Proceeds from issuance of debt or Mortgage and unsecured indebtedness proceeds, net of transaction costs	10,087,509	6,346,923
Repayments of debt or Mortgage and unsecured indebtedness principal payments	(9,976,420)	(4,917,716)
Net cash used in financing activities	(1,657,388)	(701,802)
INCREASE IN CASH AND CASH EQUIVALENTS	113,613	244,579
CASH AND CASH EQUIVALENTS, beginning of period	701,134	612,282
CASH AND CASH EQUIVALENTS, end of period	$ 814,747	$ 856,861

Organization

Organization	9 Months Ended
	Sep. 30, 2016
Organization
Organization	1. Organization Simon Property Group, Inc. is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended. REITs will generally not be liable for federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Delaware partnership subsidiary that owns all of our real estate properties and other assets. In these condensed notes to the consolidated financial statements, unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Unless otherwise indicated, these condensed notes to consolidated financial statements apply to both Simon and the Operating Partnership. According to the Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage retail real estate properties, which consist primarily of malls, Premium Outlets ® , and The Mills ® . As of September 30, 2016, we owned or held an interest in 204 income‑producing properties in the United States, which consisted of 108 malls, 71 Premium Outlets, 14 Mills, four lifestyle centers, and seven other retail properties in 37 states and Puerto Rico. Internationally, as of September 30, 2016, we had ownership interests in nine Premium Outlets in Japan, three Premium Outlets in South Korea, two Premium Outlets in Canada, one Premium Outlet in Mexico, and one Premium Outlet in Malaysia. We also own an interest in six Designer Outlet properties in Europe and one Designer Outlet property in Canada, of which four properties are consolidated. Of the six properties in Europe, two are located in Italy and one each is located in Austria, Germany, the Netherlands, and the United Kingdom. As of September 30, 2016, we also owned a 20.3% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris‑based real estate company which owns, or has an interest in, shopping centers located in 16 countries in Europe.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2016
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, 2016 are not necessarily indicative of the results to be expected for the full year. These consolidated financial statements have been prepared in accordance with the instructions to Form 10‑Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (GAAP) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The consolidated financial statements in this Form 10‑Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the separate 2015 Annual Reports on Form 10‑K of Simon and the Operating Partnership. As of September 30, 2016, we consolidated 134 wholly‑owned properties and 17 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 76 properties, or the joint venture properties, as well as our investments in Klépierre, Aéropostale, and HBS Global Properties, or HBS, using the equity method of accounting, as we have determined we have significant influence over their operations. We manage the day‑to‑day operations of 55 of the 76 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, Germany, Canada, and the United Kingdom comprise 17 of the remaining 21 properties. These international properties are managed by joint ventures in which we share control. Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests in the Operating Partnership, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to Simon based on the partners’ respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests. Simon’s weighted average ownership interest in the Operating Partnership was 86.4% and 85.6% for the nine months ended September 30, 2016 and 2015, respectively. As of September 30, 2016 and December 31, 2015, Simon’s ownership interest in the Operating Partnership was 86.9% and 85.7%, respectively. We adjust the noncontrolling limited partners’ interests at the end of each period to reflect their interest in the net assets of the Operating Partnership. Preferred unit requirements in the Operating Partnership’s accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units and are recorded when declared. Reclassifications We made certain reclassifications of prior period amounts in the consolidated financial statements to conform to the 2016 presentation. These reclassifications had no impact on previously reported net income attributable to common stockholders or unitholders or earnings per share or per unit.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Significant Accounting Policies
Significant Accounting Policies	3. Significant Accounting Policies Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers’ acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits. Marketable and Non‑Marketable Securities Marketable securities consist primarily of the investments of our captive insurance subsidiaries, available‑for‑sale securities, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At September 30, 2016 and December 31, 2015, we had marketable securities of $209.8 million and $183.8 million, respectively, generally accounted for as available-for-sale, which are adjusted to their quoted market price with a corresponding adjustment in other comprehensive income (loss). Net unrealized gains as of September 30, 2016 and December 31, 2015 were approximately $25.6 million and $12.6 million, respectively, and represent the valuation adjustments for our marketable securities. The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than 1 to 10 years. These securities are classified as available‑for‑sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiaries is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other‑than‑temporary. We review any declines in value of these securities for other‑than‑temporary impairment and consider the severity and duration of any decline in value. To the extent an other‑than‑temporary impairment is deemed to have occurred, an impairment charge is recorded and a new cost basis is established. Our insurance subsidiaries are required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. Our deferred compensation plan investments are classified as trading securities and are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income. On June 24, 2015 we sold our investment in certain marketable securities that were accounted for as available-for-sale securities, with the value adjusted to their quoted market price through other comprehensive income (loss). At the date of sale, we owned 5.71 million shares. The aggregate proceeds received from the sale were $454.0 million, and we recognized a gain on the sale of $80.2 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income for the nine months ended September 30, 2015. At September 30, 2016 and December 31, 2015, we had investments of $188.2 million and $181.4 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. No material adjustment in the carrying value was required for the three and nine months ended September 30, 2016. Fair Value Measurements Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs. The marketable securities we held at September 30, 2016 and December 31, 2015 were primarily classified as having Level 1 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs, which consist primarily of foreign currency forward contracts and interest rate swap agreements with a gross liability balance of $ 13.8 million at September 30, 2016 and a gross asset value of $ 13.5 million and $27.8 million at September 30, 2016 and December 31, 2015, respectively. Note 6 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 5 and 9 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates. Noncontrolling Interests Simon Details of the carrying amount of Simon’s noncontrolling interests are as follows: As of As of September 30, December 31, 2016 2015 Limited partners’ interests in the Operating Partnership $ $ Nonredeemable noncontrolling interests in properties, net Total noncontrolling interests reflected in equity $ $ Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties, limited partners’ interests in the Operating Partnership and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders. A rollforward of noncontrolling interests reflected in equity is as follows: For The Three Months For the Nine Months Ended September 30, Ended September 30, 2016 2015 2016 2015 Noncontrolling interests, beginning of period $ $ $ $ Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties Distributions to noncontrolling interest holders Other comprehensive income (loss) allocable to noncontrolling interests: Unrealized (loss) gain on derivative hedge agreements Net loss (gain) reclassified from accumulated other comprehensive loss into earnings Currency translation adjustments Changes in available-for-sale securities and other Adjustment to limited partners’ interest from change in ownership in the Operating Partnership Units exchanged for common shares Units redeemed — — — Long-term incentive performance units Contributions by noncontrolling interests, net, and other Noncontrolling interests, end of period $ $ $ $ The Operating Partnership Our evaluation of the appropriateness of classifying the Operating Partnership’s common units of partnership interest, or units, held by Simon and the Operating Partnership's limited partners within permanent equity considered several significant factors. First, as a limited partnership, all decisions relating to the Operating Partnership’s operations and distributions are made by Simon, acting as the Operating Partnership’s sole general partner. The decisions of the general partner are made by Simon's Board of Directors or management. The Operating Partnership has no other governance structure. Secondly, the sole asset of Simon is its interest in the Operating Partnership. As a result, a share of common stock of Simon, or common stock, if owned by the Operating Partnership, is best characterized as being similar to a treasury share and thus not an asset of the Operating Partnership. Limited partners of the Operating Partnership have the right under the Operating Partnership’s partnership agreement to exchange their units for shares of common stock or cash, as selected by Simon as the sole general partner. Accordingly, we classify units held by limited partners in permanent equity because Simon may elect to issue shares of common stock to limited partners exercising their exchange rights rather than using cash. Under the Operating Partnership’s partnership agreement, the Operating Partnership is required to redeem units held by Simon only when Simon has repurchased shares of common stock. We classify units held by Simon in permanent equity because the decision to redeem those units would be made by Simon. Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties) is a component of consolidated net income. A rollforward of noncontrolling interests reflected in equity is as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Noncontrolling nonredeemable interests (deficit) in properties, net — beginning of period $ $ $ $ Net income attributable to noncontrolling nonredeemable interests Distributions to noncontrolling nonredeemable interestholders Contributions by noncontrolling interests, net, and other Noncontrolling nonredeemable interests (deficit) in properties, net — end of period $ $ $ $ Accumulated Other Comprehensive Income (Loss) Simon The changes in accumulated other comprehensive income (loss) net of noncontrolling interest by component consisted of the following as of September 30, 2016: Net unrealized Currency Accumulated gains on translation derivative marketable adjustments losses, net securities Total Beginning balance $ $ $ $ Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income (loss) — Net current-period other comprehensive income (loss) Ending balance $ $ $ $ The reclassifications out of accumulated other comprehensive income (loss) consisted of the following during the nine months ended September 30, 2016 and 2015 : September 30, 2016 September 30, 2015 Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) net income is presented Currency translation adjustments $ $ — Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net — Net income attributable to noncontrolling interests $ $ — Accumulated derivative losses, net $ $ Interest expense — Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net Net income attributable to noncontrolling interests $ $ Realized gain on sale of marketable securities $ — $ Other income — Net income attributable to noncontrolling interests $ — $ The Operating Partnership The changes in accumulated other comprehensive income (loss) by component consisted of the following as of September 30, 2016: Net unrealized Currency Accumulated gains on translation derivative marketable adjustments losses, net securities Total Beginning balance $ $ $ $ Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income (loss) — Net current-period other comprehensive income (loss) Ending balance $ $ $ $ The reclassifications out of accumulated other comprehensive income (loss) consisted of the following during the nine months ended September 30, 2016 and 2015: September 30, 2016 September 30, 2015 Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) net income is presented Currency translation adjustments $ $ — Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net $ $ — Accumulated derivative losses, net $ $ Interest expense — Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net $ $ Realized gain on sale of marketable securities $ — $ Other income $ — $ Derivative Financial Instruments We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there is no significant ineffectiveness from any of our derivative activities. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit‑risk‑related hedging or derivative activities. As of September 30, 2016, we had the following outstanding interest rate derivatives: Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swaps 3 $ 750.0 million Interest Rate Caps 1 $ 52.0 million The carrying value of our interest rate swap agreements, at fair value, as of September 30, 2016, is a net liability balance of $6.9 million, of which $7.9 million is included in other liabilities and $1.0 million is included in deferred costs and other assets. The interest rate cap agreement was of nominal value as of September 30, 2016 and we generally do not apply hedge accounting to these arrangements. As of December 31, 2015, we had no outstanding interest rate derivatives. We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Japan and Europe. We use currency forward contracts and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro‑denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date. We had the following Euro:USD forward contracts at September 30, 2016 and December 31, 2015 (in millions): Asset/(Liability) Value as of September 30, December 31, Notional Value Maturity Date 2016 2015 € 50.00 August 12, 2016 $ — $ € 50.00 August 11, 2017 $ $ € 50.00 May 15, 2019 $ $ € 50.00 May 15, 2019 $ — € 50.00 May 15, 2020 $ — € 50.00 May 14, 2021 $ — Asset balances in the above table are included in deferred costs and other assets and liability balances are recorded in other liabilities within the consolidated financial statements. We have designated the above as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro-denominated joint venture investment. The total gross accumulated loss related to our derivative activities, including our share of the other comprehensive loss from joint venture properties, approximated $24.8 million and $17.7 million as of September 30, 2016 and December 31, 2015, respectively. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, "Revenue From Contracts With Customers." ASU 2014-09 amends the existing accounting standards for revenue recognition and is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. In July 2015, the FASB delayed the effective date of the new revenue recognition standard by one year, which will result in the new standard being effective for us beginning with the first quarter of 2018. The new standard can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. We are currently evaluating the impact that the adoption of the new accounting standard will have on our consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 makes changes to both the variable interest model and the voting model. We adopted this standard as required on January 1, 2016. All reporting entities involved with limited partnerships and similar entities were required to re-evaluate whether these entities, including the Operating Partnership, are subject to the variable interest model or the voting model and whether they qualify for consolidation. The adoption of this new standard did not result in any material changes to our consolidated financial statements or disclosures, including the disclosures related to the Operating Partnership. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. We adopted this standard as required on January 1, 2016, resulting in a reclassification of $85.5 million from deferred costs and other assets to a reduction of the carrying amount of mortgages and other unsecured indebtedness. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments," which requires adjustments to provisional amounts used in business combinations during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. It also requires the disclosure of the impact on changes in estimates on earnings, depreciation, amortization and other income effects. We adopted this standard as required on January 1, 2016. The adoption of this standard did not have an impact on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments — Overall: Recognition and Measurement of Financial Assets and Financial Liabilities," which will require entities to measure their equity investments at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicability exception. The practicability exception will be available for equity investments that do not have readily determinable fair values. The guidance will be effective for us beginning with the first quarter of 2018. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases," which is expected to result in lessees recognizing most leased assets on the balance sheet. Lessor accounting will remain substantially similar to the current accounting; however, certain refinements were made to conform the standard with the recently issued revenue recognition guidance in ASU 2014-09. ASU 2016-02 will be effective for us retrospectively for annual and interim periods beginning after December 15, 2018. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, "Investments – Equity Method and Joint Ventures," eliminating the requirement for retrospective application of equity method accounting when an investment previously accounted for by another method initially qualifies for the equity method. This standard will be effective for us retrospectively for annual and interim periods beginning after December 15, 2016. We do not expect that the adoption of this new standard will have an impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses," which introduces new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. Instruments in scope include loans, held-to-maturity debt securities, and net investments in leases as well as reinsurance and trade receivables. This standard will be effective for us in fiscal years beginning after December 15, 2019. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows", which is expected to reduce diversity in practice regarding the classification of certain transactions in the statement of cash flows. The standard will be effective for us retrospectively for annual and interim periods beginning after December 15, 2017. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements.

Per Share and Per Unit Data

Per Share and Per Unit Data	9 Months Ended
	Sep. 30, 2016
Per Share and Per Unit Data
Per Share and Per Unit Data	4. Per Share and Per Unit Data We determine basic earnings per share and basic earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share and diluted earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding combined with the incremental weighted average number of shares or units, as applicable, that would have been outstanding assuming all potentially dilutive securities were converted into shares of common stock or units, as applicable, at the earliest date possible. The following tables set forth the computation of basic and diluted earnings per share and basic and diluted earnings per unit. Simon For the Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Net Income attributable to Common Stockholders — Basic and Diluted $ $ $ $ Weighted Average Shares Outstanding — Basic and Diluted For the nine months ended September 30, 2016, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance units, or LTIP units, granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. No securities had a material dilutive effect for the three and nine months ended September 30, 2016 and 2015. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or limited partner units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared. The Operating Partnership For the Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Net Income attributable to Unitholders — Basic and Diluted $ $ $ $ Weighted Average Units Outstanding — Basic and Diluted For the nine months ended September 30, 2016, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the three and nine months ended September 30, 2016 and 2015. We accrue distributions when they are declared.

Investment in Unconsolidated En

Investment in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2016
Investment in Unconsolidated Entities
Investments in Unconsolidated Entities	5. Investment in Unconsolidated Entities Real Estate Joint Ventures and Investments Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties and diversify our risk in a particular property or portfolio of properties. As discussed in Note 2, we held joint venture interests in 76 properties as of September 30, 2016. 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, 2016 and December 31, 2015, we had construction loans and other advances to related parties totaling $13.0 million and $13.9 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. Unconsolidated Entity Transactions On September 15, 2016, we and our partners, through two separate joint ventures, acquired certain assets and liabilities of Aéropostale, a retailer of apparel and accessories, out of bankruptcy. Our noncontrolling interest in the retail operations venture and in the licensing venture is 49.05% and 28.45%, respectively. Our aggregate investment in the ventures was $33.1 million, which includes our share of working capital funded into the retail business. On April 14, 2016, we and a joint venture partner completed the acquisition of The Shops at Crystals, a 262,000 square foot luxury shopping center on the Las Vegas Strip, for $1.1 billion. The transaction was funded with a combination of cash on hand, cash from our partner, and a $550.0 million 3.74% fixed-rate mortgage financing that will mature on July 1, 2026. We have a 50% noncontrolling interest in this joint venture and will manage the day-to-day operations. Substantially all the difference between the cost of our investment and our share of the underlying equity of the property has been determined to relate to investment property based on estimated fair values at the acquisition date. On April 5, 2016, Quaker Bridge Mall, in which we own a 50% noncontrolling interest, completed a $180.0 million mortgage financing with a fixed interest rate of 4.50% that matures on May 1, 2026. Proceeds of approximately $180.0 million from the financing were distributed to the joint venture partners in April 2016. On July 22, 2015, we closed on our previously announced transaction with Hudson’s Bay Company, or HBC, to which HBC contributed 42 properties in the U.S. and we committed to contribute $100.0 million for improvements to the properties contributed by HBC in exchange for a noncontrolling interest in the newly formed entity, HBS. As of September 30, 2016, we have funded $19.1 million of this commitment. On September 30, 2015, HBC announced it had closed on the acquisition of Galeria Holding, the parent company of Germany’s leading department store, Kaufhof. In conjunction with the closing, HBS acquired 41 Kaufhof properties in Germany from HBC. All of these properties have been leased to affiliates of HBC. We contributed an additional $178.5 million to HBS upon closing of the Galeria Holding transaction. Our noncontrolling equity interest in HBS is approximately 9.7% at September 30, 2016. Our share of net income, net of amortization of our excess investment, was $4.7 million and $12.6 million for the three and nine months ended September 30, 2016, respectively. Total assets and total liabilities of HBS as of September 30, 2016 were $4.3 billion and $2.9 billion, respectively, and total revenues, operating income and consolidated net income were approximately $265.2 million, $175.1 million, and $107.0 million, respectively, for the nine months ended September 30, 2016. On April 13, 2015, we announced a joint venture with Sears Holdings, or Sears, whereby Sears contributed 10 of its properties located at our malls to the joint venture in exchange for a 50% noncontrolling interest in the joint venture. We contributed $114.0 million in cash in exchange for a 50% noncontrolling interest in the joint venture. Sears or its affiliates are leasing back each of the 10 properties from the joint venture. The joint venture has the right to recapture not less than 50% of the space leased to Sears to be used for purposes of redeveloping and releasing the recaptured space. We will provide development, leasing and management services to the joint venture for any recaptured space. On July 7, 2015, we separately invested approximately $33.0 million in exchange for 1,125,760 common shares of Seritage Growth Properties, or Seritage, a public REIT formed by Sears, which we account for as an available-for-sale security. Seritage now holds Sears’ interest in the joint venture. European Investments At September 30, 2016, we owned 63,924,148 shares, or approximately 20.3%, of Klépierre, which had a quoted market price of $45.78 per share. On July 29, 2014, Klépierre announced that it had entered into a conditional agreement to acquire Corio N.V., or Corio, pursuant to which Corio shareholders received 1.14 Klépierre ordinary shares for each Corio ordinary share. On January 15, 2015, the tender offer transaction closed and the merger was completed on March 31, 2015, reducing our ownership from 28.9% at December 31, 2014 to 18.3% resulting in a non-cash gain of $206.9 million for the first quarter of 2015 as if we had sold a proportionate share of our investment. On May 11, 2015, we purchased 6,290,000 additional shares of Klépierre for $279.4 million bringing our ownership to 20.3%. All of the excess investment related to this additional purchase has been determined to relate to investment property. Our share of net income (loss), net of amortization of our excess investment, was $5.5 million and ($3.4) million for the three months ended September 30, 2016 and 2015, respectively, and $24.1 million and $6.2 million for the nine months ended September 30, 2016 and 2015, respectively. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre’s results to GAAP, Klépierre’s total revenues, operating income and consolidated net income were approximately $1.1 billion, $324.5 million and $157.7 million, respectively, for the nine months ended September 30, 2016 and $1.1 billion, $345.4 million and $139.7 million, respectively, for the nine months ended September 30, 2015. We have an interest in a European entity that had interests in six Designer Outlet properties as of December 31, 2015. As of March 31, 2016, our legal percentage ownership interests in these entities ranged from 45% to 90%. We obtained control of the entity requiring a remeasurement of our previously held equity interest to fair value and a corresponding non-cash gain of $12.1 million in earnings during the first quarter of 2016, which includes amounts reclassified from accumulated other comprehensive income (loss) related to the currency translation adjustment previously recorded on our investment. The gain is included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. As a result of the change in control, we consolidated two of the six outlet properties on January 1, 2016. The consolidation required us to recognize the entity's identifiable assets and liabilities at fair value in our consolidated financial statements along with the related redeemable noncontrolling interest representing our partners' share. The fair value of the consolidated assets and liabilities relates primarily to investment property, investments in unconsolidated entities and assumed mortgage debt. Due to certain redemption rights held by our venture partner, the noncontrolling interest is presented on the accompanying Simon consolidated balance sheet outside of equity in limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties and in the accompanying Operating Partnership consolidated balance sheet in preferred units, various series, at liquidation value, and noncontrolling redeemable interests in properties. In February 2016, we and our partner, through this European entity, acquired a noncontrolling 75.0% ownership interest in an outlet center in Ochtrup, Germany for cash consideration of approximately $38.3 million. On July 25, 2016, this European entity also acquired the remaining 33% interest in two Italian outlet centers in Naples and Venice, as well as the remaining interests in related expansion projects and working capital for cash consideration of €145.5 million. This resulted in the consolidation of these two properties on the acquisition date requiring a remeasurement of our previously held equity interest to fair value and the recognition of a non-cash gain of $29.3 million in earnings during the third quarter of 2016. The gain is included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. The preliminary allocation of fair value of the consolidated assets and liabilities consists primarily of investment property and lease related intangibles and will be completed within the one-year time period. In addition, we have a noncontrolling interest in a European property management and development company that provides services to Designer Outlet properties. We also have minority interests in Value Retail PLC and affiliated entities, which own or have interests in and operate nine luxury outlets located throughout Europe and we have a direct minority ownership in three of those outlets. Our investment in these entities is accounted for under the cost method. At both September 30, 2016 and December 31, 2015, the carrying value of these non-marketable investments was $115.4 million and is included in deferred costs and other assets. On March 19, 2015, we disposed of our interest in a joint venture which had held interests in rights to pre-development projects in Europe, for total proceeds of $19.0 million. We recognized a gain on the sale of $8.3 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income. Asian Joint Ventures We conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi Estate Co., Ltd. We have a 40% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $255.4 million and $224.6 million as of September 30, 2016 and December 31, 2015, respectively, including all related components of accumulated other comprehensive income (loss). We conduct our international Premium Outlet operations in South Korea through a joint venture with Shinsegae International Co. We have a 50% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $126.3 million and $117.0 million as of September 30, 2016 and December 31, 2015, respectively, including all related components of accumulated other comprehensive income (loss). Summary Financial Information A summary of our equity method investments and share of income from such investments, excluding Klépierre, our investment in Aéropostale, and HBS follows. BALANCE SHEETS September 30, December 31, 2016 2015 Assets: Investment properties, at cost $ $ Less - accumulated depreciation Cash and cash equivalents Tenant receivables and accrued revenue, net Deferred costs and other assets Total assets $ $ Liabilities and Partners’ Deficit: Mortgages $ $ Accounts payable, accrued expenses, intangibles, and deferred revenue Other liabilities Total liabilities Preferred units Partners’ deficit Total liabilities and partners’ deficit $ $ Our Share of: Partners’ deficit $ $ Add: Excess Investment Our net Investment in unconsolidated entities, at equity $ $ “Excess Investment” represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures or other investments acquired and 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. STATEMENT OF OPERATIONS For The Three For The Nine Months Ended Months Ended September 30, September 30, 2016 2015 2016 2015 REVENUE: Minimum rent $ $ $ $ Overage rent Tenant reimbursements Other income Total revenue OPERATING EXPENSES: Property operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion (Recovery of) Provision for credit losses Other Total operating expenses Operating Income Interest expense Gain on sale or disposal of assets and interests in unconsolidated entities, net — Net Income $ $ $ $ Third-Party Investors’ Share of Net Income $ $ $ $ Our Share of Net Income Amortization of Excess Investment Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net — Our Share of Gain on Sale or Disposal of Assets and Interests Included in Other Income in the Consolidated Financial Statements — — — Income from Unconsolidated Entities $ $ $ $ Our share of income from unconsolidated entities in the above table, aggregated with our share of the results of Klépierre, our investment in Aéropostale, and HBS, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Unless otherwise noted, our share of the gain on sale or disposal of assets and interests in unconsolidated entities, net is reflected within gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income.

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt
Debt	6. Debt Unsecured Debt At September 30, 2016, our unsecured debt consisted of $15.0 billion of senior unsecured notes of the Operating Partnership, net of discounts, $220.0 million outstanding under the Operating Partnership’s $4.0 billion unsecured revolving credit facility, or Credit Facility, $415.0 million outstanding under the Operating Partnership’s $3.5 billion supplemental unsecured revolving credit facility, or Supplemental Facility, and together with the Credit Facility, the Credit Facilities, and $982.7 million outstanding under the Operating Partnership’s global unsecured commercial paper note program, or the Commercial Paper program. The September 30, 2016 balance on the Credit Facility included $220.0 million (U.S. dollar equivalent) of Yen-denominated borrowings. Foreign currency denominated borrowings under the Credit Facility are designated as net investment hedges of a portion of our international investments. On September 30, 2016, we had an aggregate available borrowing capacity of $5.9 billion under the Credit Facilities. The maximum aggregate outstanding balance under the Credit Facilities during the nine months ended September 30, 2016 was $1.5 billion and the weighted average outstanding balance was $622.7 million. Letters of credit of $6.6 million were outstanding under the Credit Facilities as of September 30, 2016. The Credit Facility’s initial borrowing capacity of $4.0 billion may be increased to $5.0 billion during its term and provides for borrowings denominated in U.S. dollars, Euros, Yen, Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 75% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility is June 30, 2018 and can be extended for an additional year to June 30, 2019 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the Credit Facility is LIBOR plus 80 basis points with an additional facility fee of 10 basis points. On April 6, 2016, the Operating Partnership amended the Supplemental Facility to, among other matters, (i) exercise its $750.0 million accordion feature such that the Supplemental Facility’s borrowing capacity has been increased from $2.75 billion to $3.50 billion and (ii) add a new $750.0 million accordion feature to permit us to further increase the Supplemental Facility’s borrowing capacity to $4.25 billion during its term. The initial maturity date of the Supplemental Facility is June 30, 2019 and can be extended for an additional year to June 30, 2020 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the Supplemental Facility is LIBOR plus 80 basis points with an additional facility fee of 10 basis points. The Supplemental Facility provides for borrowings denominated in U.S. dollars, Euro, Yen, Sterling, Canadian dollars and Australian dollars. The maximum aggregate program size of the Commercial Paper program is $1.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euros and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S. and Euro commercial paper note markets and will rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership’s other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facility and the Supplemental Facility and if necessary or appropriate, we may make one or more draws under either the Credit Facility or the Supplemental Facility to pay amounts outstanding from time to time on the Commercial Paper program. On September 30, 2016, we had $982.7 million outstanding under the Commercial Paper program, comprised of $898.6 million outstanding in U.S. dollar denominated notes and $84.1 million (U.S. dollar equivalent) of Euro denominated notes with weighted average interest rates of 0.53% and -0.25% respectively. The borrowings mature on various dates from October 3, 2016 to December 22, 2016 and reduce amounts otherwise available under the Credit Facilities. On January 13, 2016, the Operating Partnership issued $550.0 million of senior unsecured notes at a fixed interest rate of 2.50% with a maturity date of July 15, 2021 and $800.0 million of senior unsecured notes at a fixed interest rate of 3.30% with a maturity date of January 15, 2026. Proceeds from the unsecured notes offering were used to pay down the Credit Facility, unencumber three properties and redeem senior unsecured notes at par in February 2016. On May 13, 2016, a wholly-owned subsidiary of the Operating Partnership issued €500 million ($566.7 million U.S. dollar equivalent) of senior unsecured notes at a fixed interest rate of 1.25% with a maturity date of May 13, 2025. Proceeds from the unsecured notes offering were used to pay down the Euro-denominated borrowings on the Credit Facilities and to repay at maturity the Euro-denominated borrowings under the Commercial Paper program, and for general corporate purposes. During the nine months ended September 30, 2016, the Operating Partnership redeemed at par $ 527.6 million of senior unsecured notes with fixed interest rates ranging from 5.25% to 6.10%, and repaid a $240.0 million unsecured term loan. Mortgage Debt Total mortgage indebtedness was $6.6 billion at both September 30, 2016 and December 31, 2015. During the nine months ended September 30, 2016, we repaid $ 580.9 million in mortgage loans, with a weighted average interest rate of 7.24%, unencumbering five properties. On January 1, 2016, as discussed in Note 5, we consolidated the European entity that held our interests in six Designer Outlet properties, as we obtained control of the entity. This resulted in the consolidation of two of the six operating properties – Parndorf Designer Outlet and Roermond Designer Outlet, subject to existing fixed rate mortgage loans of $103.2 million and $258.1 million, respectively (both amounts U.S. dollar equivalents). The loans mature on May 20, 2022 and December 1, 2021 and bear interest at 1.95% and 1.86%, respectively. On July 25, 2016, as discussed in Note 5, this European entity also acquired the remaining 33% interest in two Italian outlet centers in Naples and Venice as well as the remaining interests in related expansion projects. This resulted in the consolidation of these two properties – La Reggia Designer Outlet and Venice Designer Outlet, subject to existing Euribor-based variable rate mortgage loans of $62.6 million and $89.8 million, respectively (both amounts U.S. dollar equivalents). The loans mature on March 31, 2027 and June 30, 2020 and bear interest at 1.15% and 2.00%, respectively. Covenants Our unsecured debt agreements contain financial and other non-financial covenants. If we 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, 2016, we were in compliance with all covenants of our unsecured debt. At September 30, 2016, we are the borrowers under 45 non‑recourse mortgage notes secured by mortgages on 48 properties, including two separate pools of cross‑defaulted and cross‑collateralized mortgages encumbering a total of five properties. Under these cross‑default provisions, a default under any mortgage included in the cross‑defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non‑financial covenants which are specific to the properties that serve as collateral for that debt. If the applicable borrower under these non-recourse mortgage notes fails to comply with these covenants, the lender could accelerate the debt and enforce its right against their collateral. At September 30, 2016, the applicable borrowers under these non‑recourse mortgage notes were in compliance with all covenants where non‑compliance could individually, or giving effect to applicable cross‑default provisions in the aggregate, have a material adverse effect on our financial condition, liquidity or results of operations. Fair Value of Debt The carrying values of our variable‑rate mortgages and other loans approximate their fair values. We estimate the fair values of consolidated fixed‑rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed‑rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed‑rate mortgages and unsecured indebtedness including commercial paper was $21.9 billion and $20.4 billion as of September 30, 2016 and December 31, 2015, respectively. The fair values of these financial instruments and the related discount rate assumptions as of September 30, 2016 and December 31, 2015 are summarized as follows: September 30, December 31, 2016 2015 Fair value of fixed-rate mortgages and unsecured indebtedness $ $ Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages % % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness % %

Equity

Equity	9 Months Ended
	Sep. 30, 2016
Equity
Equity	7. Equity During the nine months ended September 30, 2016, Simon issued 4,770,419 shares of common stock to twelve limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. This transaction increased Simon’s ownership interest in the Operating Partnership. On April 2, 2015, Simon’s Board of Directors authorized Simon to repurchase up to $2.0 billion of common stock over a twenty-four month period as market conditions warrant. Simon may repurchase the shares in the open market or in privately negotiated transactions. During the nine months ended September 30, 2016, no purchases were made as part of this program. As Simon repurchases shares under this program, the Operating Partnership repurchases an equal number of units from Simon. Temporary Equity Simon We classify as temporary equity those securities for which there is the possibility that we could be required to redeem the security for cash irrespective of the probability of such a possibility. As a result, we classify one series of preferred units of the Operating Partnership and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below. Limited Partners’ Preferred Interest in the Operating Partnership and Noncontrolling Redeemable Interests in Properties . The redemption features of the preferred units of the Operating Partnership contain provisions which could require us to settle the redemption in cash. As a result, this series of preferred units in the Operating Partnership remains classified outside permanent equity. The remaining interests in a property or portfolio of properties that 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. The preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties are summarized as follows: As of As of September 30, December 31, 2016 2015 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ $ Other noncontrolling redeemable interests in properties — Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ $ The Operating Partnership We classify as temporary equity those securities for which there is the possibility that we could be required to redeem the security for cash, irrespective of the probability of such a possibility. As a result, we classify one series of preferred units and noncontrolling redeemable interests in properties in temporary equity. The carrying values for those securities classified in temporary equity are summarized as follows: As of As of September 30, December 31, 2016 2015 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ $ Other noncontrolling redeemable interests in properties — Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ $ 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, as amended, or the Plan. Restricted stock and awards under the LTIP programs are all performance based and are based on various corporate and business unit performance measures as further described below. The expense related to these programs, net of amounts capitalized, is included within home and regional office costs and general and administrative costs in the accompanying consolidated statements of operations and comprehensive income. LTIP Programs. Every year since 2010, the Compensation Committee of Simon’s Board of Directors, or the Compensation Committee, has approved long‑term, performance based incentive compensation programs, or the LTIP programs, for certain senior executive officers. Awards under the LTIP programs take the form of LTIP units, a form of limited partnership interest issued by the Operating Partnership, and will be considered earned if, and only to the extent to which, applicable total shareholder return, or TSR, performance measures are achieved during the performance period. Once earned, LTIP units are subject to a two-year vesting period. One‑half of the earned LTIP units will vest on January 1 of each of the second and third years following the end of the applicable performance period, subject to the participant maintaining employment with us through those dates and certain other conditions as described in those agreements. Awarded LTIP units not earned are forfeited. Earned and fully vested LTIP units are the equivalent of units. During the performance period, participants are entitled to receive distributions on the LTIP units awarded to them equal to 10% of the regular quarterly distributions paid on a unit of the Operating Partnership. As a result, we account for these LTIP units as participating securities under the two‑class method of computing earnings per share and earnings per unit. The Compensation Committee approved LTIP unit grants as shown in the table below. Grant date fair values of the LTIP units are estimated using a Monte Carlo model, and the resulting expense is recorded regardless of whether the TSR performance measures are achieved if the required service is delivered. The grant date fair values are being amortized into expense over the period from the grant date to the date at which the awards, if any, would become vested. The extent to which LTIP units were earned, and the aggregate grant date fair values adjusted for estimated forfeitures, are as follows: LTIP Program LTIP Units Earned Grant Date Fair Value 2010 LTIP program 1-year 2010 LTIP program 133,673 1-year program — $7.2 million 2-year 2010 LTIP program 337,006 2-year program — $14.8 million 3-year 2010 LTIP program 489,654 3-year program — $23.0 million 2011-2013 LTIP program 469,848 $35.0 million 2012-2014 LTIP program 401,203 $35.0 million 2013-2015 LTIP program 482,779 $29.5 million 2014-2016 LTIP program To be determined in 2017 $30.0 million 2015-2017 LTIP program To be determined in 2018 $29.9 million 2016-2018 LTIP program To be determined in 2019 $28.8 million We recorded compensation expense, net of capitalization, related to these LTIP programs of approximately $19.5 million and $18.6 million for the nine months ended September 30, 2016 and 2015, respectively. Restricted Stock. The Compensation Committee awarded 61,398 shares of restricted stock to employees during the nine months ended September 30, 2016 under the Plan at a weighted-average fair market value of $208.99 per share. On May 11, 2016, our non-employee Directors were awarded an aggregate of 6,437 shares of restricted stock under the Plan at a fair market value of $203.24 per share. These shares represent a portion of the compensation we pay our non-employee Directors, and all of the shares have been placed in a non-employee Director deferred compensation account maintained by us. The grant date fair value of the employee restricted stock awards is being recognized as expense over the three-year vesting service period. The grant date fair value of the non-employees Director restricted stock awards is being recognized as expense over the one-year vesting service period. In accordance with the Operating Partnership's partnership agreement, the Operating Partnership issued an equal number of units to Simon that are subject to the same vesting conditions as the restricted stock. We recorded compensation expense, net of capitalization, related to restricted stock of approximately $6.6 million for both the nine months ended September 30, 2016 and 2015. Other Compensation Arrangements. On July 6, 2011, in connection with the execution of an eight year employment agreement, the Compensation Committee granted David Simon, our Chairman and Chief Executive Officer, a retention award in the form of 1,000,000 LTIP units, or the Award, for his continued service as our Chairman and Chief Executive Officer through July 5, 2019. Effective December 31, 2013, the Award was modified, or the Current Award, and as a result the LTIP units will now become earned and eligible to vest based on the attainment of company‑based performance goals, in addition to the service‑based vesting requirement included in the original Award. If the relevant performance criteria are not achieved, all or a portion of the Current Award will be forfeited. The performance criteria of the Current Award are based on the attainment of certain specified funds from operations per share as defined by and as set forth in the Current Award. If the performance criteria have been met, a maximum of 360,000 LTIP units, or the A units, 360,000 LTIP units, or the B units, and 280,000 LTIP units, or the C units, may become earned on December 31, 2015, December 31, 2016 and December 31, 2017, respectively. Based on the Company’s performance in 2015, 360,000 A units were earned. The earned A units will vest on January 1, 2018, earned B units, if any, will vest on January 1, 2019 and earned C units, if any, will vest on June 30, 2019, subject to Mr. Simon’s continued employment through such applicable date. The grant date fair value of the retention award of $120.3 million is being recognized as expense over the eight‑year term of his employment agreement on a straight‑line basis through the applicable vesting periods of the A units, B units and C units. Changes in Equity Simon The following table provides a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to common stockholders and equity attributable to noncontrolling interests: Accumulated Common Other Capital in Stock Preferred Common Comprehensive Excess of Accumulated Held in Noncontrolling Total Stock Stock Income (Loss) Par Value Deficit Treasury interests Equity January 1, 2016 $ $ $ $ $ $ $ $ Exchange of limited partner units for common shares — LTIP units Purchase and disposition of noncontrolling interests, net and other Adjustment to limited partners’ interest from change in ownership in the Operating Partnership — Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests Distributions to other noncontrolling interest partners Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and $4,666 attributable to noncontrolling redeemable interests in properties September 30, 2016 $ $ $ $ $ $ $ $ The Operating Partnership The following table provides a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to partners and equity attributable to noncontrolling interests: Preferred Simon (Managing Limited Noncontrolling Total Units General Partner) Partners interests Equity January 1, 2016 $ $ $ $ $ Limited partner units exchanged to units — LTIP Units Purchase and disposition of noncontrolling interests, net and other Adjustment to limited partners’ interest from change in ownership in the Operating Partnership — Distributions to limited partners, excluding preferred interests classified as temporary equity Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and $4,666 attributable to noncontrolling redeemable interests in properties September 30, 2016 $ $ $ $ $

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies.
Commitments and Contingencies	8. Commitments and Contingencies Litigation We are involved from time-to-time in various legal and regulatory proceedings that arise in the ordinary course of our business, including, but not limited to, commercial disputes, environmental matters, and litigation in connection with transactions such as acquisitions and divestitures. We believe that our current proceedings will not have a material adverse effect on our financial condition, liquidity or results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated. In May 2010, Opry Mills sustained significant flood damage. Insurance proceeds of $50 million have been funded by the primary insurer and remediation and restoration work has been completed. The property re‑opened on March 29, 2012. The excess insurance carriers (those providing coverage above $50 million) denied our claim under the policy for additional proceeds (of up to $150 million) to pay further amounts for restoration costs and business interruption losses. In the first quarter of 2015, summary judgment was granted in our favor, concluding that up to $150 million of additional coverage is available under our excess insurance policy for this claim. In July and August 2015, trial on the damages portion of our claim was completed and the jury entered a verdict for damages in the amount of $204.1 million (inclusive of the $50.0 million previously paid by the primary carrier). In April 2016, the court entered final judgment in the amount of the jury verdict and it will bear interest from the date of the jury’s verdict. We will continue our efforts through the conclusion of the pending litigation to recover our losses, including consequential damages, under the excess insurance policies for Opry Mills and we believe recovery is probable, but no assurances can be made that our efforts to recover these funds will be successful. Guarantees of Indebtedness Joint venture debt is the liability of the applicable joint venture. The debt is typically secured by that joint venture’s property and is non-recourse to us. As of September 30, 2016 and December 31, 2015, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $376.2 million and $353.7 million, respectively (of which we have a right of recovery from our joint venture partners of $76.5 million and $112.8 million, respectively). Mortgages guaranteed by us are secured by the property of the applicable joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount. Concentration of Credit Risk Our U.S. Malls, Premium Outlets, and The Mills rely heavily upon anchor tenants to attract customers; however, anchor retailers do not contribute materially to our financial results as many anchor retailers own their spaces. All material operations are within the United States and no customer or tenant accounts for 5% or more of our consolidated revenues.

Real Estate Acquisitions and Di

Real Estate Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2016
Real Estate Acquisitions and Dispositions
Real Estate Acquisitions and Dispositions	9. Real Estate Acquisitions and Dispositions During the first nine months of 2016, we disposed of our interests in two multi-family residential investments, three consolidated retail properties, and four unconsolidated retail properties. Gross proceeds on the consolidated retail property dispositions were $81.8 million with an aggregate gain on these dispositions of $12.4 million. The gain on the unconsolidated retail properties was $22.7 million. The aggregate gain of $36.9 million from the sale of the two unconsolidated residential investments is included in other income and resulted in an additional $7.2 million in taxes included in income and other taxes. On April 14, 2016, as discussed further in Note 5, we acquired a 50% interest in The Shops at Crystals. On January 1, 2016, as discussed further in Note 5, we obtained control of the European entity that held our interest in six Designer Outlet properties, requiring a remeasurement of our previously held equity interest to fair value and a corresponding non-cash gain of $12.1 million and which also resulted in the consolidation of two of the six properties, which had been previously unconsolidated. In February 2016, we and our partner, through this European entity, acquired a noncontrolling 75.0% ownership interest in an outlet center in Ochtrup, Germany for cash consideration of approximately $38.3 million. On July 25, 2016, as further discussed in Note 5, this European entity also acquired the remaining 33% interest in two Italian outlet centers in Naples and Venice. The consolidation of these two properties resulted in a remeasurement of our previously held equity interest to fair value and a corresponding non-cash gain of $29.3 million. On January 15, 2015, we acquired a 100% interest in Jersey Gardens (renamed The Mills at Jersey Gardens) in Elizabeth, New Jersey, and University Park Village in Fort Worth, Texas, properties previously owned by Glimcher Realty Trust, for $677.9 million of cash and the assumption of existing mortgage debt of $405.0 million. We recorded the assets and liabilities of these properties at estimated fair value at the acquisition date and the determination of fair value was finalized during the fourth quarter of 2015, resulting in a valuation of investment property of $1.1 billion, net lease related intangibles of $3.6 million and mortgage debt premiums of $17.9 million. We amortize these amounts over the estimated life of the related depreciable components of investment property, typically no greater than 40 years, the terms of the applicable leases and the applicable debt maturities, respectively. Unless otherwise noted, gains and losses on the above transactions are included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. We expense acquisition, potential acquisition and disposition related costs as they are incurred. We incurred $4.4 million in transaction costs during the first three months of 2015 in connection with the acquisitions of Jersey Gardens and University Park Village, which are included in other expenses in the accompanying consolidated statements of operations and comprehensive income. Other than these transaction costs, we incurred a minimal amount of transaction expenses during the nine months ended September 30, 2016 and 2015.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2016
Basis of Presentation
Basis of Presentation	The accompanying unaudited consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. Due to the seasonal nature of certain operational activities, the results for the interim period ended September 30, 2016 are not necessarily indicative of the results to be expected for the full year. These consolidated financial statements have been prepared in accordance with the instructions to Form 10‑Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (GAAP) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The consolidated financial statements in this Form 10‑Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the separate 2015 Annual Reports on Form 10‑K of Simon and the Operating Partnership. As of September 30, 2016, we consolidated 134 wholly‑owned properties and 17 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 76 properties, or the joint venture properties, as well as our investments in Klépierre, Aéropostale, and HBS Global Properties, or HBS, using the equity method of accounting, as we have determined we have significant influence over their operations. We manage the day‑to‑day operations of 55 of the 76 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, Germany, Canada, and the United Kingdom comprise 17 of the remaining 21 properties. These international properties are managed by joint ventures in which we share control. Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests in the Operating Partnership, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to Simon based on the partners’ respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests. Simon’s weighted average ownership interest in the Operating Partnership was 86.4% and 85.6% for the nine months ended September 30, 2016 and 2015, respectively. As of September 30, 2016 and December 31, 2015, Simon’s ownership interest in the Operating Partnership was 86.9% and 85.7%, respectively. We adjust the noncontrolling limited partners’ interests at the end of each period to reflect their interest in the net assets of the Operating Partnership. Preferred unit requirements in the Operating Partnership’s accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units and are recorded when declared.
Reclassifications	Reclassifications We made certain reclassifications of prior period amounts in the consolidated financial statements to conform to the 2016 presentation. These reclassifications had no impact on previously reported net income attributable to common stockholders or unitholders or earnings per share or per unit.

Significant Accounting Polici16

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Significant Accounting Policies
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers’ acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits.
Marketable and Non-Marketable Securities	Marketable and Non‑Marketable Securities Marketable securities consist primarily of the investments of our captive insurance subsidiaries, available‑for‑sale securities, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At September 30, 2016 and December 31, 2015, we had marketable securities of $209.8 million and $183.8 million, respectively, generally accounted for as available-for-sale, which are adjusted to their quoted market price with a corresponding adjustment in other comprehensive income (loss). Net unrealized gains as of September 30, 2016 and December 31, 2015 were approximately $25.6 million and $12.6 million, respectively, and represent the valuation adjustments for our marketable securities. The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than 1 to 10 years. These securities are classified as available‑for‑sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiaries is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other‑than‑temporary. We review any declines in value of these securities for other‑than‑temporary impairment and consider the severity and duration of any decline in value. To the extent an other‑than‑temporary impairment is deemed to have occurred, an impairment charge is recorded and a new cost basis is established. Our insurance subsidiaries are required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. Our deferred compensation plan investments are classified as trading securities and are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income. On June 24, 2015 we sold our investment in certain marketable securities that were accounted for as available-for-sale securities, with the value adjusted to their quoted market price through other comprehensive income (loss). At the date of sale, we owned 5.71 million shares. The aggregate proceeds received from the sale were $454.0 million, and we recognized a gain on the sale of $80.2 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income for the nine months ended September 30, 2015. At September 30, 2016 and December 31, 2015, we had investments of $188.2 million and $181.4 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. No material adjustment in the carrying value was required for the three and nine months ended September 30, 2016.
Fair Value Measurements	Fair Value Measurements Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs. The marketable securities we held at September 30, 2016 and December 31, 2015 were primarily classified as having Level 1 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs, which consist primarily of foreign currency forward contracts and interest rate swap agreements with a gross liability balance of $ 13.8 million at September 30, 2016 and a gross asset value of $ 13.5 million and $27.8 million at September 30, 2016 and December 31, 2015, respectively. Note 6 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 5 and 9 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates.
Noncontrolling Interests	Noncontrolling Interests Simon Details of the carrying amount of Simon’s noncontrolling interests are as follows: As of As of September 30, December 31, 2016 2015 Limited partners’ interests in the Operating Partnership $ $ Nonredeemable noncontrolling interests in properties, net Total noncontrolling interests reflected in equity $ $ Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties, limited partners’ interests in the Operating Partnership and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders. A rollforward of noncontrolling interests reflected in equity is as follows: For The Three Months For the Nine Months Ended September 30, Ended September 30, 2016 2015 2016 2015 Noncontrolling interests, beginning of period $ $ $ $ Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties Distributions to noncontrolling interest holders Other comprehensive income (loss) allocable to noncontrolling interests: Unrealized (loss) gain on derivative hedge agreements Net loss (gain) reclassified from accumulated other comprehensive loss into earnings Currency translation adjustments Changes in available-for-sale securities and other Adjustment to limited partners’ interest from change in ownership in the Operating Partnership Units exchanged for common shares Units redeemed — — — Long-term incentive performance units Contributions by noncontrolling interests, net, and other Noncontrolling interests, end of period $ $ $ $ The Operating Partnership Our evaluation of the appropriateness of classifying the Operating Partnership’s common units of partnership interest, or units, held by Simon and the Operating Partnership's limited partners within permanent equity considered several significant factors. First, as a limited partnership, all decisions relating to the Operating Partnership’s operations and distributions are made by Simon, acting as the Operating Partnership’s sole general partner. The decisions of the general partner are made by Simon's Board of Directors or management. The Operating Partnership has no other governance structure. Secondly, the sole asset of Simon is its interest in the Operating Partnership. As a result, a share of common stock of Simon, or common stock, if owned by the Operating Partnership, is best characterized as being similar to a treasury share and thus not an asset of the Operating Partnership. Limited partners of the Operating Partnership have the right under the Operating Partnership’s partnership agreement to exchange their units for shares of common stock or cash, as selected by Simon as the sole general partner. Accordingly, we classify units held by limited partners in permanent equity because Simon may elect to issue shares of common stock to limited partners exercising their exchange rights rather than using cash. Under the Operating Partnership’s partnership agreement, the Operating Partnership is required to redeem units held by Simon only when Simon has repurchased shares of common stock. We classify units held by Simon in permanent equity because the decision to redeem those units would be made by Simon. Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties) is a component of consolidated net income. A rollforward of noncontrolling interests reflected in equity is as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Noncontrolling nonredeemable interests (deficit) in properties, net — beginning of period $ $ $ $ Net income attributable to noncontrolling nonredeemable interests Distributions to noncontrolling nonredeemable interestholders Contributions by noncontrolling interests, net, and other Noncontrolling nonredeemable interests (deficit) in properties, net — end of period $ $ $ $
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Simon The changes in accumulated other comprehensive income (loss) net of noncontrolling interest by component consisted of the following as of September 30, 2016: Net unrealized Currency Accumulated gains on translation derivative marketable adjustments losses, net securities Total Beginning balance $ $ $ $ Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income (loss) — Net current-period other comprehensive income (loss) Ending balance $ $ $ $ The reclassifications out of accumulated other comprehensive income (loss) consisted of the following during the nine months ended September 30, 2016 and 2015 : September 30, 2016 September 30, 2015 Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) net income is presented Currency translation adjustments $ $ — Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net — Net income attributable to noncontrolling interests $ $ — Accumulated derivative losses, net $ $ Interest expense — Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net Net income attributable to noncontrolling interests $ $ Realized gain on sale of marketable securities $ — $ Other income — Net income attributable to noncontrolling interests $ — $ The Operating Partnership The changes in accumulated other comprehensive income (loss) by component consisted of the following as of September 30, 2016: Net unrealized Currency Accumulated gains on translation derivative marketable adjustments losses, net securities Total Beginning balance $ $ $ $ Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income (loss) — Net current-period other comprehensive income (loss) Ending balance $ $ $ $ The reclassifications out of accumulated other comprehensive income (loss) consisted of the following during the nine months ended September 30, 2016 and 2015: September 30, 2016 September 30, 2015 Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) net income is presented Currency translation adjustments $ $ — Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net $ $ — Accumulated derivative losses, net $ $ Interest expense — Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net $ $ Realized gain on sale of marketable securities $ — $ Other income $ — $
Derivative Financial Instruments	Derivative Financial Instruments We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there is no significant ineffectiveness from any of our derivative activities. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit‑risk‑related hedging or derivative activities. As of September 30, 2016, we had the following outstanding interest rate derivatives: Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swaps 3 $ 750.0 million Interest Rate Caps 1 $ 52.0 million The carrying value of our interest rate swap agreements, at fair value, as of September 30, 2016, is a net liability balance of $6.9 million, of which $7.9 million is included in other liabilities and $1.0 million is included in deferred costs and other assets. The interest rate cap agreement was of nominal value as of September 30, 2016 and we generally do not apply hedge accounting to these arrangements. As of December 31, 2015, we had no outstanding interest rate derivatives. We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Japan and Europe. We use currency forward contracts and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro‑denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date. We had the following Euro:USD forward contracts at September 30, 2016 and December 31, 2015 (in millions): Asset/(Liability) Value as of September 30, December 31, Notional Value Maturity Date 2016 2015 € 50.00 August 12, 2016 $ — $ € 50.00 August 11, 2017 $ $ € 50.00 May 15, 2019 $ $ € 50.00 May 15, 2019 $ — € 50.00 May 15, 2020 $ — € 50.00 May 14, 2021 $ — Asset balances in the above table are included in deferred costs and other assets and liability balances are recorded in other liabilities within the consolidated financial statements. We have designated the above as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro-denominated joint venture investment. The total gross accumulated loss related to our derivative activities, including our share of the other comprehensive loss from joint venture properties, approximated $24.8 million and $17.7 million as of September 30, 2016 and December 31, 2015, respectively.
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, "Revenue From Contracts With Customers." ASU 2014-09 amends the existing accounting standards for revenue recognition and is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. In July 2015, the FASB delayed the effective date of the new revenue recognition standard by one year, which will result in the new standard being effective for us beginning with the first quarter of 2018. The new standard can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. We are currently evaluating the impact that the adoption of the new accounting standard will have on our consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 makes changes to both the variable interest model and the voting model. We adopted this standard as required on January 1, 2016. All reporting entities involved with limited partnerships and similar entities were required to re-evaluate whether these entities, including the Operating Partnership, are subject to the variable interest model or the voting model and whether they qualify for consolidation. The adoption of this new standard did not result in any material changes to our consolidated financial statements or disclosures, including the disclosures related to the Operating Partnership. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. We adopted this standard as required on January 1, 2016, resulting in a reclassification of $85.5 million from deferred costs and other assets to a reduction of the carrying amount of mortgages and other unsecured indebtedness. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments," which requires adjustments to provisional amounts used in business combinations during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. It also requires the disclosure of the impact on changes in estimates on earnings, depreciation, amortization and other income effects. We adopted this standard as required on January 1, 2016. The adoption of this standard did not have an impact on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments — Overall: Recognition and Measurement of Financial Assets and Financial Liabilities," which will require entities to measure their equity investments at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicability exception. The practicability exception will be available for equity investments that do not have readily determinable fair values. The guidance will be effective for us beginning with the first quarter of 2018. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases," which is expected to result in lessees recognizing most leased assets on the balance sheet. Lessor accounting will remain substantially similar to the current accounting; however, certain refinements were made to conform the standard with the recently issued revenue recognition guidance in ASU 2014-09. ASU 2016-02 will be effective for us retrospectively for annual and interim periods beginning after December 15, 2018. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, "Investments – Equity Method and Joint Ventures," eliminating the requirement for retrospective application of equity method accounting when an investment previously accounted for by another method initially qualifies for the equity method. This standard will be effective for us retrospectively for annual and interim periods beginning after December 15, 2016. We do not expect that the adoption of this new standard will have an impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses," which introduces new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. Instruments in scope include loans, held-to-maturity debt securities, and net investments in leases as well as reinsurance and trade receivables. This standard will be effective for us in fiscal years beginning after December 15, 2019. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows", which is expected to reduce diversity in practice regarding the classification of certain transactions in the statement of cash flows. The standard will be effective for us retrospectively for annual and interim periods beginning after December 15, 2017. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements.

Significant Accounting Polici17

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2016
Significant Accounting Policies [Line Items]
Schedule of carrying amount of noncontrolling interests	As of As of September 30, December 31, 2016 2015 Limited partners’ interests in the Operating Partnership $ $ Nonredeemable noncontrolling interests in properties, net Total noncontrolling interests reflected in equity $ $
Schedule of rollforward of noncontrolling interests	For The Three Months For the Nine Months Ended September 30, Ended September 30, 2016 2015 2016 2015 Noncontrolling interests, beginning of period $ $ $ $ Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties Distributions to noncontrolling interest holders Other comprehensive income (loss) allocable to noncontrolling interests: Unrealized (loss) gain on derivative hedge agreements Net loss (gain) reclassified from accumulated other comprehensive loss into earnings Currency translation adjustments Changes in available-for-sale securities and other Adjustment to limited partners’ interest from change in ownership in the Operating Partnership Units exchanged for common shares Units redeemed — — — Long-term incentive performance units Contributions by noncontrolling interests, net, and other Noncontrolling interests, end of period $ $ $ $
Schedule of changes in components of accumulated other comprehensive income (loss) net of noncontrolling interest	The changes in accumulated other comprehensive income (loss) net of noncontrolling interest by component consisted of the following as of September 30, 2016: Net unrealized Currency Accumulated gains on translation derivative marketable adjustments losses, net securities Total Beginning balance $ $ $ $ Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income (loss) — Net current-period other comprehensive income (loss) Ending balance $ $ $ $
Schedule of reclassifications out of accumulated other comprehensive income (loss)	September 30, 2016 September 30, 2015 Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) net income is presented Currency translation adjustments $ $ — Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net — Net income attributable to noncontrolling interests $ $ — Accumulated derivative losses, net $ $ Interest expense — Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net Net income attributable to noncontrolling interests $ $ Realized gain on sale of marketable securities $ — $ Other income — Net income attributable to noncontrolling interests $ — $
Schedule of outstanding interest rate derivatives	As of September 30, 2016, we had the following outstanding interest rate derivatives: Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swaps 3 $ 750.0 million Interest Rate Caps 1 $ 52.0 million
Schedule of USD forward contracts	We had the following Euro:USD forward contracts at September 30, 2016 and December 31, 2015 (in millions): Asset/(Liability) Value as of September 30, December 31, Notional Value Maturity Date 2016 2015 € 50.00 August 12, 2016 $ — $ € 50.00 August 11, 2017 $ $ € 50.00 May 15, 2019 $ $ € 50.00 May 15, 2019 $ — € 50.00 May 15, 2020 $ — € 50.00 May 14, 2021 $ —
Simon Property Group L.P.
Significant Accounting Policies [Line Items]
Schedule of rollforward of noncontrolling interests	For the Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Noncontrolling nonredeemable interests (deficit) in properties, net — beginning of period $ $ $ $ Net income attributable to noncontrolling nonredeemable interests Distributions to noncontrolling nonredeemable interestholders Contributions by noncontrolling interests, net, and other Noncontrolling nonredeemable interests (deficit) in properties, net — end of period $ $ $ $
Schedule of changes in components of accumulated other comprehensive income (loss) net of noncontrolling interest	The changes in accumulated other comprehensive income (loss) by component consisted of the following as of September 30, 2016: Net unrealized Currency Accumulated gains on translation derivative marketable adjustments losses, net securities Total Beginning balance $ $ $ $ Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income (loss) — Net current-period other comprehensive income (loss) Ending balance $ $ $ $
Schedule of reclassifications out of accumulated other comprehensive income (loss)	September 30, 2016 September 30, 2015 Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) net income is presented Currency translation adjustments $ $ — Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net $ $ — Accumulated derivative losses, net $ $ Interest expense — Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net $ $ Realized gain on sale of marketable securities $ — $ Other income $ — $

Per Share and Per Unit Data (Ta

Per Share and Per Unit Data (Tables)	9 Months Ended
	Sep. 30, 2016
Per Share And Per Unit Data
Schedule of computation of basic and diluted earnings per share and basic and diluted earnings per unit	For the Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Net Income attributable to Common Stockholders — Basic and Diluted $ $ $ $ Weighted Average Shares Outstanding — Basic and Diluted
Simon Property Group L.P.
Per Share And Per Unit Data
Schedule of computation of basic and diluted earnings per share and basic and diluted earnings per unit	For the Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Net Income attributable to Unitholders — Basic and Diluted $ $ $ $ Weighted Average Units Outstanding — Basic and Diluted

Investment in Unconsolidated 19

Investment in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2016
Investment in Unconsolidated Entities
Summary of equity method investments and share of income from such investments, balance sheet	September 30, December 31, 2016 2015 Assets: Investment properties, at cost $ $ Less - accumulated depreciation Cash and cash equivalents Tenant receivables and accrued revenue, net Deferred costs and other assets Total assets $ $ Liabilities and Partners’ Deficit: Mortgages $ $ Accounts payable, accrued expenses, intangibles, and deferred revenue Other liabilities Total liabilities Preferred units Partners’ deficit Total liabilities and partners’ deficit $ $ Our Share of: Partners’ deficit $ $ Add: Excess Investment Our net Investment in unconsolidated entities, at equity $ $
Summary of equity method investments and share of income from such investments, statements of operations	For The Three For The Nine Months Ended Months Ended September 30, September 30, 2016 2015 2016 2015 REVENUE: Minimum rent $ $ $ $ Overage rent Tenant reimbursements Other income Total revenue OPERATING EXPENSES: Property operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion (Recovery of) Provision for credit losses Other Total operating expenses Operating Income Interest expense Gain on sale or disposal of assets and interests in unconsolidated entities, net — Net Income $ $ $ $ Third-Party Investors’ Share of Net Income $ $ $ $ Our Share of Net Income Amortization of Excess Investment Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net — Our Share of Gain on Sale or Disposal of Assets and Interests Included in Other Income in the Consolidated Financial Statements — — — Income from Unconsolidated Entities $ $ $ $

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt
Schedule of fair value of financial instruments and the related discount rate assumptions	September 30, December 31, 2016 2015 Fair value of fixed-rate mortgages and unsecured indebtedness $ $ Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages % % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness % %

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties	As of As of September 30, December 31, 2016 2015 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ $ Other noncontrolling redeemable interests in properties — Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ $
Schedule of LTIP units earned and aggregate grant date fair values adjusted for estimated forfeitures	LTIP Program LTIP Units Earned Grant Date Fair Value 2010 LTIP program 1-year 2010 LTIP program 133,673 1-year program — $7.2 million 2-year 2010 LTIP program 337,006 2-year program — $14.8 million 3-year 2010 LTIP program 489,654 3-year program — $23.0 million 2011-2013 LTIP program 469,848 $35.0 million 2012-2014 LTIP program 401,203 $35.0 million 2013-2015 LTIP program 482,779 $29.5 million 2014-2016 LTIP program To be determined in 2017 $30.0 million 2015-2017 LTIP program To be determined in 2018 $29.9 million 2016-2018 LTIP program To be determined in 2019 $28.8 million
Reconciliation of carrying amounts of equity	Accumulated Common Other Capital in Stock Preferred Common Comprehensive Excess of Accumulated Held in Noncontrolling Total Stock Stock Income (Loss) Par Value Deficit Treasury interests Equity January 1, 2016 $ $ $ $ $ $ $ $ Exchange of limited partner units for common shares — LTIP units Purchase and disposition of noncontrolling interests, net and other Adjustment to limited partners’ interest from change in ownership in the Operating Partnership — Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests Distributions to other noncontrolling interest partners Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and $4,666 attributable to noncontrolling redeemable interests in properties September 30, 2016 $ $ $ $ $ $ $ $
Simon Property Group L.P.
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties	As of As of September 30, December 31, 2016 2015 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ $ Other noncontrolling redeemable interests in properties — Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ $
Reconciliation of carrying amounts of equity	Preferred Simon (Managing Limited Noncontrolling Total Units General Partner) Partners interests Equity January 1, 2016 $ $ $ $ $ Limited partner units exchanged to units — LTIP Units Purchase and disposition of noncontrolling interests, net and other Adjustment to limited partners’ interest from change in ownership in the Operating Partnership — Distributions to limited partners, excluding preferred interests classified as temporary equity Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and $4,666 attributable to noncontrolling redeemable interests in properties September 30, 2016 $ $ $ $ $

Organization (Details)

Organization (Details)	Sep. 30, 2016statecountryproperty	Jan. 01, 2016property	Dec. 31, 2015property	May 11, 2015	Mar. 31, 2015	Dec. 31, 2014
U.S. and Puerto Rico
Real Estate Properties
Number of properties	204
Number of U.S. states containing property locations | state	37
U.S. and Puerto Rico | Malls
Real Estate Properties
Number of properties	108
U.S. and Puerto Rico | Premium Outlets
Real Estate Properties
Number of properties	71
U.S. and Puerto Rico | The Mills
Real Estate Properties
Number of properties	14
U.S. and Puerto Rico | Lifestyle/Community Centers
Real Estate Properties
Number of properties	4
U.S. and Puerto Rico | Other
Real Estate Properties
Number of properties	7
Japan | Premium Outlets
Real Estate Properties
Number of properties	9
South Korea | Premium Outlets
Real Estate Properties
Number of properties	3
Canada | Premium Outlets
Real Estate Properties
Number of properties	2
Canada | Designer Outlet properties
Real Estate Properties
Number of properties	1
Europe and Canada | Designer Outlet properties | Consolidated properties
Real Estate Properties
Number of properties	4
Mexico | Premium Outlets
Real Estate Properties
Number of properties	1
Malaysia | Premium Outlets
Real Estate Properties
Number of properties	1
Europe | Klepierre
Real Estate Properties
Ownership percentage	20.30%			20.30%	18.30%	28.90%
Number of countries | country	16
Europe | Designer Outlet properties
Real Estate Properties
Number of properties	6	6	6
Italy | Designer Outlet properties
Real Estate Properties
Number of properties	2
Austria | Designer Outlet properties
Real Estate Properties
Number of properties	1
Germany | Designer Outlet properties
Real Estate Properties
Number of properties	1
Netherlands | Designer Outlet properties
Real Estate Properties
Number of properties	1
United Kingdom | Designer Outlet properties
Real Estate Properties
Number of properties	1

Basis of Presentation (Details)

Basis of Presentation (Details) - property	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Real Estate Properties
Total number of joint venture properties	76
Number of joint venture properties managed by the entity	55
Number of International joint venture properties	17
Number of joint venture properties managed by others	21
Ownership interest:
Weighted average ownership in the Operating Partnership (as a percent)	86.40%	85.60%
Ownership interest in the Operating Partnership (as a percent)	86.90%		85.70%
Wholly owned properties
Real Estate Properties
Number of properties	134
Partially owned properties
Real Estate Properties
Number of properties	17

Significant Accounting Polici24

Significant Accounting Policies - Marketable and Non Marketable Securities (Details) - USD ($) shares in Thousands, $ in Thousands	Jun. 24, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Marketable and Non-Marketable Securities
Net unrealized gains recorded in other comprehensive income (loss)		$ 25,600		$ 12,600
Gain on sale of investment			$ 80,187
Carrying value of investments under the cost method		188,200		181,400
Available for sale securities
Marketable and Non-Marketable Securities
Marketable Securities		$ 209,800		$ 183,800
Number of shares owned	5,710
Proceeds received from the sale of investments	$ 454,000
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
Available for sale securities | Other income.
Marketable and Non-Marketable Securities
Gain on sale of investment			$ 80,200

Significant Accounting Polici25

Significant Accounting Policies - Fair Value Measurements (Details) - Recurring - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Level 2
Fair Value Measurements
Interest rate swap agreements and foreign currency forward contracts, gross liability balance	$ 13.8
Interest rate swap agreements and foreign currency forward contracts, gross asset balance	13.5	$ 27.8
Level 3
Fair Value Measurements
Investments	$ 0

Significant Accounting Polici26

Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Significant Accounting Policies
Limited partners' interests in the Operating Partnership	$ 693,532	$ 741,449
Nonredeemable noncontrolling interests in properties, net	4,284	3,456
Total noncontrolling interests reflected in equity	$ 697,816	$ 744,905

Significant Accounting Polici27

Significant Accounting Policies - Rollforward Of Noncontrolling Interest, Simon Group Property, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Noncontrolling interests:
Balance			$ 5,216,369
Other comprehensive income (loss) allocable to noncontrolling interests:
Unrealized (loss) gain on derivative hedge agreements	$ (1,256)	$ (6,884)	(16,351)	$ 12,455
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings	3,199	2,819	145,737	(72,090)
Currency translation adjustments	1,447	(6,033)	18,888	(144,826)
Changes in available-for-sale securities and other	1,313	8,004	13,375	(14,080)
Contributions by noncontrolling interests, net, and other			(1,947)
Balance	5,326,813		5,326,813
Noncontrolling Interests
Noncontrolling interests:
Balance	696,286	766,261	744,905	858,328
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties	77,172	71,175	229,370	243,432
Distributions to noncontrolling interest holders	(79,235)	(81,296)	(239,679)	(234,694)
Other comprehensive income (loss) allocable to noncontrolling interests:
Unrealized (loss) gain on derivative hedge agreements	(164)	(987)	(1,886)	1,874
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings	418	404	19,147	(10,341)
Currency translation adjustments	194	(865)	5,977	(20,530)
Changes in available-for-sale securities and other	172	1,148	1,557	(2,216)
Other comprehensive income (loss)	620	(300)	24,795	(31,213)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	(9,433)	(9,791)	(28,398)	(91,294)
Units exchanged for common shares	(96)	(2)	(70,101)	(7,907)
Units redeemed				(14,843)
Long-term incentive performance units	12,081	11,819	36,243	35,459
Contributions by noncontrolling interests, net, and other	421	165	681	763
Balance	$ 697,816	$ 758,031	$ 697,816	$ 758,031

Significant Accounting Polici28

Significant Accounting Policies - Rollforward Of Noncontrolling Interest, Simon Group Property L.P. (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Noncontrolling interests:
Distributions to noncontrolling nonredeemable interest holders			$ (1,842)
Contributions by noncontrolling interests, net, and other			(1,947)
Simon Property Group L.P.
Noncontrolling interests:
Beginning balance			5,216,369
Contributions by noncontrolling interests, net, and other			(1,947)
End balance	$ 5,326,813		5,326,813
Simon Property Group L.P. | Noncontrolling Interests
Noncontrolling interests:
Beginning balance	3,853	$ (411)	3,456	$ (229)
Net income attributable to noncontrolling nonredeemable interests	650	840	1,989	2,138
Distributions to noncontrolling nonredeemable interest holders	(640)	(781)	(1,842)	(2,861)
Contributions by noncontrolling interests, net, and other	421	164	681	764
End balance	$ 4,284	$ (188)	$ 4,284	$ (188)

Significant Accounting Polici29

Significant Accounting Policies - AOCI, Simon Property Group, Inc. (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Changes in accumulated other comprehensive income (loss)
Beginning balance	$ 4,471,464
Ending balance	4,628,997
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Beginning balance	(252,686)
Other comprehensive income (loss) before reclassifications	10,263
Amounts reclassified from accumulated other comprehensive income (loss)	126,591
Net current-period other comprehensive income (loss)	136,854
Ending balance	(115,832)
Currency translation adjustments, attributable to parent
Changes in accumulated other comprehensive income (loss)
Beginning balance	(248,285)
Other comprehensive income (loss) before reclassifications	12,911
Amounts reclassified from accumulated other comprehensive income (loss)	118,833
Net current-period other comprehensive income (loss)	131,744
Ending balance	(116,541)
Accumulated derivative losses, attributable to parent
Changes in accumulated other comprehensive income (loss)
Beginning balance	(15,161)
Other comprehensive income (loss) before reclassifications	(14,094)
Amounts reclassified from accumulated other comprehensive income (loss)	7,758
Net current-period other comprehensive income (loss)	(6,336)
Ending balance	(21,497)
Realized gain on sale of marketable securities
Changes in accumulated other comprehensive income (loss)
Beginning balance	10,760
Other comprehensive income (loss) before reclassifications	11,446
Net current-period other comprehensive income (loss)	11,446
Ending balance	$ 22,206

Significant Accounting Polici30

Significant Accounting Policies - Reclassification Out of AOCI, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Significant Accounting Policies
Net income attributable to noncontrolling interests	$ (82,362)	$ (71,653)	$ (235,472)	$ (244,868)
Interest expense	(214,861)	(229,654)	(648,048)	(692,801)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	49,561		76,459	223,266
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	504,744	420,009	1,441,128	1,432,086
Other income	$ 54,370	$ 72,545	198,986	260,736
Currency translation adjustments | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net			(136,806)
Currency translation adjustments, attributable to noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests			17,973
Currency translation adjustments, attributable to parent | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS			(118,833)
Accumulated derivative losses, net | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense			(9,303)	(8,097)
Accumulated derivative losses, attributable to noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net			372
Accumulated derivative losses, attributable to parent | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests			1,173	1,161
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS			$ (7,758)	(6,936)
Realized gain on sale of marketable securities, including Portion Attributable to Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Other income				80,187
Realized gain on sale of marketable securities, attributable to Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests				(11,502)
Realized gain on sale of marketable securities | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS				$ 68,685

Significant Accounting Polici31

Significant Accounting Policies - AOCI, Simon Property Group L.P. (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Simon Property Group L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	$ 5,212,913
Ending balance	5,322,529
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications	10,263
Amounts reclassified from accumulated other comprehensive income (loss)	126,591
Net current-period other comprehensive income (loss)	136,854
Accumulated Other Comprehensive Income (Loss) | Simon Property Group L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	(295,007)
Other comprehensive income (loss) before reclassifications	15,912
Amounts reclassified from accumulated other comprehensive income (loss)	145,737
Net current-period other comprehensive income (loss)	161,649
Ending balance	(133,358)
Currency translation adjustments, attributable to parent
Changes in accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications	12,911
Amounts reclassified from accumulated other comprehensive income (loss)	118,833
Net current-period other comprehensive income (loss)	131,744
Currency translation adjustments, attributable to parent | Simon Property Group L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	(289,866)
Other comprehensive income (loss) before reclassifications	18,888
Amounts reclassified from accumulated other comprehensive income (loss)	136,806
Net current-period other comprehensive income (loss)	155,694
Ending balance	(134,172)
Accumulated derivative losses, attributable to parent
Changes in accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications	(14,094)
Amounts reclassified from accumulated other comprehensive income (loss)	7,758
Net current-period other comprehensive income (loss)	(6,336)
Accumulated derivative losses, attributable to parent | Simon Property Group L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	(17,704)
Other comprehensive income (loss) before reclassifications	(15,979)
Amounts reclassified from accumulated other comprehensive income (loss)	8,931
Net current-period other comprehensive income (loss)	(7,048)
Ending balance	(24,752)
Realized gain on sale of marketable securities
Changes in accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications	11,446
Net current-period other comprehensive income (loss)	11,446
Realized gain on sale of marketable securities | Simon Property Group L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	12,563
Other comprehensive income (loss) before reclassifications	13,003
Net current-period other comprehensive income (loss)	13,003
Ending balance	$ 25,566

Significant Accounting Polici32

Significant Accounting Policies - Reclassification Out Of AOCI, Simon Property Group, L.P. (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Significant Accounting Policies
Interest expense	$ (214,861)	$ (229,654)	$ (648,048)	$ (692,801)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	49,561		76,459	223,266
Other Income	54,370	72,545	198,986	260,736
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	504,744	420,009	1,441,128	1,432,086
Simon Property Group L.P.
Significant Accounting Policies
Interest expense	(214,861)	(229,654)	(648,048)	(692,801)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	49,561		76,459	223,266
Other Income	54,370	72,545	198,986	260,736
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ 581,266	$ 490,344	1,668,509	1,673,380
Currency translation adjustments, attributable to parent | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS			(118,833)
Currency translation adjustments, attributable to parent | Simon Property Group L.P. | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net			(136,806)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS			(136,806)
Accumulated derivative losses, attributable to parent | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS			(7,758)	(6,936)
Accumulated derivative losses, attributable to parent | Simon Property Group L.P. | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense			(9,303)	(8,097)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net			372
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS			$ (8,931)	(8,097)
Realized gain on sale of marketable securities. | Simon Property Group L.P. | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Other Income				80,187
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS				$ 80,187

Significant Accounting Polici33

Significant Accounting Policies - Derivative Financial Instruments (Details) € in Thousands, $ in Millions	Sep. 30, 2016EUR (€)item	Sep. 30, 2016USD ($)item	Dec. 31, 2015USD ($)item
Derivative Financial Instruments
Number of credit-risk-related hedging or derivative activities | item	0	0
Gross accumulated other comprehensive loss related to derivative activities		$ 24.8	$ 17.7
Interest Rate Contract | Designated as Hedging Instrument
Derivative Financial Instruments
Number of Instruments | item			0
Interest rate swap | Designated as Hedging Instrument
Derivative Financial Instruments
Number of Instruments | item	3	3
Notional Amount		$ 750
Interest rate net, fair value		(6.9)
Interest rate swap | Deferred costs and other assets | Designated as Hedging Instrument
Derivative Financial Instruments
Interest rate derivative asset, fair value		1
Interest rate swap | Other liabilities. | Designated as Hedging Instrument
Derivative Financial Instruments
Interest rate derivative liabilities, fair value		$ 7.9
Interest rate cap | Designated as Hedging Instrument
Derivative Financial Instruments
Number of Instruments | item	1	1
Notional Amount		$ 52
Euro-USD currency forward contract | August 12, 2016 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €	€ 50,000
Forward contract net, fair value			$ 13
Euro-USD currency forward contract | August 11, 2017 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €	50,000
Forward contract net, fair value		11.8	13
Euro-USD currency forward contract | May 15, 2019 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €	50,000
Forward contract net, fair value		0.7	$ 1.8
Euro-USD currency forward contract | May 15, 2019 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €	50,000
Forward contract net, fair value		(1.7)
Euro-USD currency forward contract | May 15, 2020 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €	50,000
Forward contract net, fair value		(1.8)
Euro-USD currency forward contract | May 14, 2021 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €	€ 50,000
Forward contract net, fair value		$ (2)

Significant Accounting Polici34

Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jan. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements
Deferred costs and other assets	$ (1,359,668)		$ (1,266,768)
Reduction of mortgages and unsecured indebtedness	$ (23,078,515)		$ (22,416,682)
Accounting Standards Update 2015-03
New Accounting Pronouncements
Deferred costs and other assets		$ 85,500
Reduction of mortgages and unsecured indebtedness		$ 85,500

Per Share and Per Unit Data (De

Per Share and Per Unit Data (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Per Share And Per Unit Data
Net Income attributable to Common Stockholders — Basic	$ 504,744	$ 420,009	$ 1,441,128	$ 1,432,086
Net Income attributable to Common Stockholders - Diluted	$ 504,744	$ 420,009	$ 1,441,128	$ 1,432,086
Weighted Average Shares Outstanding — Basic and Diluted	314,234,418	309,417,298	312,356,986	310,333,248
Simon Property Group L.P.
Per Share And Per Unit Data
Net Income attributable to Common Stockholders — Basic	$ 581,266	$ 490,344	$ 1,668,509	$ 1,673,380
Net Income attributable to Common Stockholders - Diluted	$ 581,266	$ 490,344	$ 1,668,509	$ 1,673,380
Weighted Average Shares Outstanding — Basic and Diluted	361,764,112	361,234,111	361,640,742	362,584,302

Investment in Unconsolidated 36

Investment in Unconsolidated Entities - Real Estate Joint Ventures and Investments (Details) $ in Millions	Sep. 30, 2016USD ($)property	Dec. 31, 2015USD ($)
Investment in Unconsolidated Entities
Total number of joint venture properties | property	76
Construction and other related party loans
Investment in Unconsolidated Entities
Loans to related party | $	$ 13	$ 13.9

Investment in Unconsolidated 37

Investment in Unconsolidated Entities - Unconsolidated Properties Transactions (Details) $ in Thousands

Sep. 15, 2016USD ($)item

Apr. 14, 2016USD ($)ft²

Apr. 05, 2016USD ($)

Sep. 30, 2015USD ($)property

Jul. 22, 2015USD ($)property

Jul. 07, 2015USD ($)shares

Apr. 13, 2015USD ($)property

Sep. 30, 2016USD ($)

Sep. 30, 2015USD ($)

Sep. 30, 2016USD ($)

Sep. 30, 2015USD ($)

Dec. 31, 2015USD ($)

Investment in Unconsolidated Entities

Equity investment

$ 2,439,554

$ 2,439,554

$ 2,481,574

Distribution from joint venture financing proceeds

239,390

$ 191,886

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

$ 83,374

$ 68,221

$ 258,990

$ 203,289

HBS

Investment in Unconsolidated Entities

Number of Kaufhof properties purchased by the joint venture | property

41

The Shops at Crystals

Investment in Unconsolidated Entities

Area of property (in square feet) | ft²

262,000

Acquisition price

$ 1,100,000

Ownership interest (as a percent)

50.00%

Quaker Bridge Mall

Investment in Unconsolidated Entities

Ownership interest (as a percent)

50.00%

HBS

Investment in Unconsolidated Entities

Ownership interest (as a percent)

9.70%

9.70%

Committed amount to contribute

$ 100,000

Contributions for improvements to properties

$ 19,100

$ 19,100

Contribution to form joint venture

$ 178,500

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

4,700

12,600

Total assets

4,300,000

4,300,000

Total liabilities

$ 2,900,000

2,900,000

Total revenues

265,200

Total operating income

175,100

Consolidated net income

$ 107,000

HBS | Hudson Bay Company

Investment in Unconsolidated Entities

Number of properties contributed to form joint venture | property

42

Sears Joint Venture

Investment in Unconsolidated Entities

Ownership interest (as a percent)

50.00%

Contribution to form joint venture

$ 114,000

Sears Joint Venture | Minimum

Investment in Unconsolidated Entities

Percentage of property space subject to recapture

50.00%

Sears Joint Venture | Sears

Investment in Unconsolidated Entities

Ownership interest (as a percent)

50.00%

Number of properties contributed to form joint venture | property

10

Number of property being leased back | property

10

Seritage Growth Properties

Investment in Unconsolidated Entities

Payments to acquire equity method investment

$ 33,000

Shares acquired (in shares) | shares

1,125,760

Aeropostale

Investment in Unconsolidated Entities

Number of joint ventures | item

2

Equity investment

$ 33,100

3.74% fixed-rate mortgage maturing July 2026 | The Shops at Crystals

Investment in Unconsolidated Entities

Debt instrument face value

$ 550,000

Fixed interest rate (as a percent)

3.74%

4.50% fixed-rate mortgage maturing May 2026 | Quaker Bridge Mall

Investment in Unconsolidated Entities

Debt instrument face value

$ 180,000

Fixed interest rate (as a percent)

4.50%

Distribution from joint venture financing proceeds

$ 180,000

Retail properties | Aeropostale

Investment in Unconsolidated Entities

Ownership interest (as a percent)

49.05%

International licensing venture | Aeropostale

Investment in Unconsolidated Entities

Ownership interest (as a percent)

28.45%

Investment in Unconsolidated 38

Investment in Unconsolidated Entities - European Investments (Details) $ / shares in Units, $ in Thousands, € in Millions	Jul. 25, 2016EUR (€)property	Jul. 25, 2016USD ($)property	Jan. 01, 2016USD ($)property	May 11, 2015USD ($)shares	Mar. 19, 2015USD ($)	Jul. 29, 2014	Feb. 29, 2016USD ($)	Sep. 30, 2016USD ($)property$ / sharesshares	Mar. 31, 2016USD ($)	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Sep. 30, 2016USD ($)property$ / sharesshares	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)property	Dec. 31, 2014
Investment in Unconsolidated Entities
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net								$ 49,561				$ 76,459	$ 223,266
Share of net income, net of amortization of our excess investment								83,374		$ 68,221		258,990	203,289
Cost method investments included in deferred costs and other assets								188,200				$ 188,200		$ 181,400
European Joint Venture
Investment in Unconsolidated Entities
Non-cash gain on step acquisition			$ 12,100						$ 12,100
Outlet Centers In Italy
Investment in Unconsolidated Entities
Non-cash gain on step acquisition		$ 29,300						$ 29,300
Number of properties in which additional interest is acquired | property	2	2
Number of consolidated properties under step acquisition | property	2	2
Ownership interests acquired (as a percent)	33.00%	33.00%
Cash purchase price for acquisition | €	€ 145.5
Klepierre | Corio
Investment in Unconsolidated Entities
Ordinary share conversion ratio						1.14
European Joint Venture | Minimum
Investment in Unconsolidated Entities
Ownership percentage									45.00%
European Joint Venture | Maximum
Investment in Unconsolidated Entities
Ownership percentage									90.00%
Outlet Center In Ochtrup
Investment in Unconsolidated Entities
Ownership percentage							75.00%
Payments to acquire equity method investment							$ 38,300
Pre-Development Europe Projects Joint Venture | Disposed by Sales
Investment in Unconsolidated Entities
Aggregate proceeds received					$ 19,000
Gain on sale or disposal of assets and interests in unconsolidated entities					$ 8,300
Europe | Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties | property			6					6				6		6
Number of consolidated properties under step acquisition | property	2	2	2
Europe | Klepierre
Investment in Unconsolidated Entities
Shares owned | shares								63,924,148				63,924,148
Ownership percentage				20.30%				20.30%			18.30%	20.30%			28.90%
Quoted market price per share (in dollars per share) | $ / shares								$ 45.78				$ 45.78
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net											$ 206,900
Additional shares acquired (in shares) | shares				6,290,000
Payments to acquire equity method investment				$ 279,400
Share of net income, net of amortization of our excess investment								$ 5,500		$ (3,400)		$ 24,100	6,200
Total revenues												1,100,000	1,100,000
Total operating income												324,500	345,400
Consolidated net income												$ 157,700	$ 139,700
Europe | Value Retail PLC
Investment in Unconsolidated Entities
Number of luxury outlets owned and operated | property								9				9
Number of outlets in which the entity has a minority direct ownership | property								3				3
Cost method investments included in deferred costs and other assets								$ 115,400				$ 115,400		$ 115,400

Investment in Unconsolidated 39

Investment in Unconsolidated Entities - Asian Joint Ventures (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Investment in Unconsolidated Entities
Equity investment	$ 2,439,554	$ 2,481,574
Japan | Mitsubishi Estate Co., Ltd. | Premium Outlets
Investment in Unconsolidated Entities
Ownership percentage	40.00%
Equity investment	$ 255,400	224,600
South Korea | Shinsegae International Co | Premium Outlets
Investment in Unconsolidated Entities
Ownership percentage	50.00%
Equity investment	$ 126,300	$ 117,000

Investment in Unconsolidated 40

Investment in Unconsolidated Entities - Balance Sheets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Our Share of:
Our net Investment in unconsolidated entities, at equity	$ 2,439,554	$ 2,481,574
Unconsolidated properties
Assets:
Investment properties, at cost	17,500,339	17,186,884
Less - accumulated depreciation	5,890,642	5,780,261
Investment properties at cost, net	11,609,697	11,406,623
Cash and cash equivalents	787,140	818,805
Tenant receivables and accrued revenue, net	339,807	354,133
Deferred costs and other assets	356,659	482,024
Total assets	13,093,303	13,061,585
Liabilities and Partners' Deficit:
Mortgages	14,117,650	13,827,215
Accounts payable, accrued expenses, intangibles, and deferred revenues	871,497	985,159
Other liabilities	384,632	468,005
Total liabilities	15,373,779	15,280,379
Preferred units	67,450	67,450
Partners' deficit	(2,347,926)	(2,286,244)
Total liabilities and equity	13,093,303	13,061,585
Our Share of:
Partners' deficit	(990,453)	(854,562)
Add: Excess Investment	1,828,949	1,788,749
Our net Investment in unconsolidated entities, at equity	$ 838,496	$ 934,187
Unconsolidated properties | Maximum
Our Share of:
Life of joint ventures with excess investment	40 years

Investment in Unconsolidated 41

Investment in Unconsolidated Entities - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
OPERATING EXPENSES:
Income from Unconsolidated Entities	$ 83,374	$ 68,221	$ 258,990	$ 203,289
Unconsolidated properties
REVENUE:
Minimum rent	454,315	447,790	1,351,429	1,325,056
Overage rent	45,064	43,669	141,591	136,191
Tenant reimbursements	222,788	203,832	645,994	597,461
Other income	55,558	55,060	169,044	170,600
Total revenue	777,725	750,351	2,308,058	2,229,308
OPERATING EXPENSES:
Property operating	139,224	135,467	401,718	398,528
Depreciation and amortization	153,420	145,351	434,620	435,615
Real estate taxes	60,853	57,767	181,790	172,818
Repairs and maintenance	17,795	15,919	56,029	53,365
Advertising and promotion	18,884	20,395	62,190	54,485
(Recovery of) Provision for credit losses	(133)	(212)	5,441	2,937
Other	44,972	38,861	133,652	122,214
Total operating expenses	435,015	413,548	1,275,440	1,239,962
Operating Income	342,710	336,803	1,032,618	989,346
Interest expense	(149,704)	(147,333)	(444,485)	(443,396)
Gain on sale or disposal of assets and interests in unconsolidated entities	40,529		101,051	35,779
Net Income	233,535	189,470	689,184	581,729
Third-Party Investors’ Share of Net Income	118,291	95,018	337,491	296,896
Our Share of Net Income	115,244	94,452	351,693	284,833
Amortization of Excess Investment	(21,901)	(22,884)	(70,671)	(71,426)
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net	(20,149)		(22,636)	(16,339)
Our Share of Gain on Sale or Disposal of Assets and Interests included in Other Income in the Consolidated Financial Statements			(36,153)
Income from Unconsolidated Entities	$ 73,194	$ 71,568	$ 222,233	$ 197,068

Debt (Details)

Debt (Details) $ in Thousands, € in Millions	Jul. 25, 2016USD ($)property	Apr. 06, 2016USD ($)	Jan. 01, 2016USD ($)property	Sep. 30, 2016USD ($)itemproperty	Dec. 31, 2015USD ($)property	May 13, 2016EUR (€)	May 13, 2016USD ($)	Apr. 05, 2016USD ($)	Jan. 13, 2016USD ($)
Debt
Total Mortgages and Unsecured Indebtedness				$ 23,078,515	$ 22,416,682
Outlet Centers In Italy
Debt
Number of properties in which additional interest is acquired | property	2
Number of consolidated properties under step acquisition | property	2
Ownership interests acquired (as a percent)	33.00%
Simon Property Group L.P.
Debt
Total Mortgages and Unsecured Indebtedness				$ 23,078,515	$ 22,416,682
Europe | Parndorf Designer Outlet
Debt
Interest rate on debt (as a percent)			1.95%
Mortgage debt assumed			$ 103,200
Europe | Roermond Designer Outlet
Debt
Interest rate on debt (as a percent)			1.86%
Mortgage debt assumed			$ 258,100
Europe | La Reggia Designer Outlet
Debt
Interest rate on debt (as a percent)	1.15%
Mortgage debt assumed	$ 62,600
Europe | Venice Designer Outlet
Debt
Interest rate on debt (as a percent)	2.00%
Mortgage debt assumed	$ 89,800
Senior Unsecured Notes 2.50% due 2021 | Simon Property Group L.P.
Debt
Debt issued									$ 550,000
Interest rate on debt (as a percent)									2.50%
Senior Unsecured Notes 3.30% due 2026 | Simon Property Group L.P.
Debt
Debt issued									$ 800,000
Interest rate on debt (as a percent)									3.30%
Senior Unsecured Notes 1.25% due 2025 | Simon Property Group L.P.
Debt
Debt issued						€ 500	$ 566,700
Interest rate on debt (as a percent)						1.25%	1.25%
Mortgage
Debt
Weighted average interest rate (as a percent)				7.24%
Debt repaid				$ 580,900
Number of properties unencumbered | property				5
Unsecured Debt
Fair Value of Debt
Weighted average discount rates assumed in calculation of fair value for debt (as a percent)				3.24%	3.59%
Unsecured Debt | Senior unsecured notes | Simon Property Group L.P.
Debt
Total Mortgages and Unsecured Indebtedness				$ 15,000,000
Amount of debt redeemed				$ 527,600
Unsecured Debt | Senior unsecured notes | Maximum | Simon Property Group L.P.
Debt
Interest rate on debt (as a percent)				6.10%
Unsecured Debt | Senior unsecured notes | Minimum | Simon Property Group L.P.
Debt
Interest rate on debt (as a percent)				5.25%
Unsecured Debt | Credit Facility and the Supplemental Facility
Debt
Available borrowing capacity				$ 5,900,000
Maximum amount outstanding during period				1,500,000
Credit facility, weighted average amount outstanding				622,700
Letters of credit outstanding				6,600
Unsecured Debt | Credit Facility | Simon Property Group L.P.
Debt
Credit facility, amount outstanding				220,000
Maximum borrowing capacity				4,000,000
Optional expanded maximum borrowing capacity				$ 5,000,000
Additional facility fee (as a percent)				0.10%
Unsecured Debt | Credit Facility | Simon Property Group L.P. | Yen
Debt
Credit facility, amount outstanding				$ 220,000
Unsecured Debt | Credit Facility | Maximum | Simon Property Group L.P.
Debt
Percentage of borrowings in currencies other than the U.S. dollar				75.00%
Unsecured Debt | Credit Facility | LIBOR | Simon Property Group L.P.
Debt
Interest added to reference rate (as a percent)				0.80%
Unsecured Debt | Supplemental Facility | Simon Property Group L.P.
Debt
Credit facility, amount outstanding				$ 415,000
Maximum borrowing capacity				3,500,000				$ 2,750,000
Unsecured Debt | Amended Supplemental Facility | Simon Property Group L.P.
Debt
Accordion feature to increase borrowing capacity from $2.75 billion to $3.50 billion		$ 750,000
Maximum borrowing capacity		3,500,000
Optional expanded maximum borrowing capacity		$ 4,250,000
Additional facility fee (as a percent)		0.10%
Accordion feature to increase borrowing capacity from $3.50 billion to $4.25 billion		$ 750,000
Unsecured Debt | Amended Supplemental Facility | LIBOR | Simon Property Group L.P.
Debt
Interest added to reference rate (as a percent)		0.80%
Unsecured Debt | Term loan | Simon Property Group L.P.
Debt
Debt repaid				240,000
Unsecured Debt | Commercial Paper | Simon Property Group L.P.
Debt
Credit facility, amount outstanding				982,700
Maximum borrowing capacity				1,000,000
Unsecured Debt | Commercial Paper | Simon Property Group L.P. | USD
Debt
Credit facility, amount outstanding				$ 898,600
Weighted average interest rate (as a percent)				0.53%
Unsecured Debt | Commercial Paper | Simon Property Group L.P. | Euro
Debt
Credit facility, amount outstanding				$ 84,100
Weighted average interest rate (as a percent)				(0.25%)
Secured Debt | Mortgage
Debt
Total Mortgages and Unsecured Indebtedness				$ 6,600,000	$ 6,600,000
Debt covenants
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers | item				45
Number of properties pledged as collateral | property				48
Number of cross-defaulted and cross-collateralized mortgage pools | item				2
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages | property				5
Fixed rate mortgages
Fair Value of Debt
Weighted average discount rates assumed in calculation of fair value for debt (as a percent)				3.41%	3.46%
Book value | Fixed rate mortgages and unsecured indebtedness
Fair Value of Debt
Fair value of fixed-rate mortgages and unsecured indebtedness				$ 21,900,000	$ 20,400,000
Fair value | Fixed rate mortgages and unsecured indebtedness
Fair Value of Debt
Fair value of fixed-rate mortgages and unsecured indebtedness				$ 23,482,000	$ 21,331,000
Designer Outlet properties | Europe
Debt
Number of properties | property			6	6	6
Number of consolidated properties under step acquisition | property	2		2

Equity - Shares or Units Activi

Equity - Shares or Units Activity (Details) $ in Billions	Apr. 02, 2015USD ($)	Sep. 30, 2016itemshares
Equity
Period common stock is authorized to repurchase	24 months
Shares repurchased (in shares)		0
Limited Partners
Equity
Exchange of limited partner units, common shares		4,770,419
Number of limited partners who received common stock | item		12
Maximum
Equity
Common stock authorized for repurchase | $	$ 2

Equity - Temporary Equity (Deta

Equity - Temporary Equity (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Temporary Equity
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 159,350	$ 25,537
Preferred stock stated dividend rate percentage	8.375%	8.375%
Simon Property Group L.P.
Temporary Equity
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 159,350	$ 25,537
7.5% Cumulative Redeemable Preferred Units
Temporary Equity
Noncontrolling interests redeemable at amounts in excess of fair value	0
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 25,537	$ 25,537
Preferred stock stated dividend rate percentage	7.50%	7.50%
Temporary equity, shares authorized	260,000	260,000
Temporary equity, shares issued	255,373	255,373
Temporary equity, shares outstanding	255,373	255,373
7.5% Cumulative Redeemable Preferred Units | Simon Property Group L.P.
Temporary Equity
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 25,537	$ 25,537
Preferred stock stated dividend rate percentage	7.50%	7.50%
Temporary equity, shares authorized	260,000	260,000
Temporary equity, shares issued	255,373	255,373
Temporary equity, shares outstanding	255,373	255,373
Other noncontrolling redeemable interest
Temporary Equity
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 133,813
Other noncontrolling redeemable interest | Simon Property Group L.P.
Temporary Equity
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 133,813

Equity - Stock Based Compensati

Equity - Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	May 11, 2016	Jul. 06, 2011	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2013
Restricted stock
Stock-based incentive plan awards
Compensation expense, net of capitalization			$ 6.6	$ 6.6
Restricted stock | Employees
Stock-based incentive plan awards
Vesting period			3 years
Awards earned			61,398
Weighted average fair value of shares granted during the period (in dollars per share)			$ 208.99
Restricted stock | Non-employee Directors
Stock-based incentive plan awards
Vesting period	1 year
Awards earned	6,437
Weighted average fair value of shares granted during the period (in dollars per share)	$ 203.24
LTIP Retention Award to Chairman and CEO
Stock-based incentive plan awards
Grant Date Fair Value		$ 120.3
Awards earned		1,000,000
Service period		8 years
LTIP Retention Award to Chairman and CEO | A Units
Stock-based incentive plan awards
Awards earned					360,000
LTIP Retention Award to Chairman and CEO | A Units | Maximum
Stock-based incentive plan awards
Awards that may be earned						360,000
LTIP Retention Award to Chairman and CEO | B Units | Maximum
Stock-based incentive plan awards
Awards that may be earned						360,000
LTIP Retention Award to Chairman and CEO | C Units | Maximum
Stock-based incentive plan awards
Awards that may be earned						280,000
LTIP program
Stock-based incentive plan awards
Vesting period			2 years
Vesting rights percentage			50.00%
Percent of distributions of Operating Partnership that participants are entitled to receive during performance period			10.00%
Compensation expense, net of capitalization			$ 19.5	$ 18.6
1-year 2010 LTIP Program | LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in shares)			133,673
Performance period			1 year
Grant Date Fair Value			$ 7.2
2-year 2010 LTIP Program | LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in shares)			337,006
Performance period			2 years
Grant Date Fair Value			$ 14.8
3-year 2010 LTIP Program | LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in shares)			489,654
Performance period			3 years
Grant Date Fair Value			$ 23
2011-2013 LTIP Program | LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in shares)			469,848
Grant Date Fair Value			$ 35
2012-2014 LTIP Program | LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in shares)			401,203
Grant Date Fair Value			$ 35
2013-2015 LTIP program | LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in shares)			482,779
Grant Date Fair Value			$ 29.5
2014-2016 LTIP program | LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value			30
2015-2017 LTIP program | LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value			29.9
2016-2018 LTIP program | LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value			$ 28.8

Equity - Changes in Equity, Sim

Equity - Changes in Equity, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Increase (Decrease) in Stockholders' Equity
Balance			$ 5,216,369
LTIP Units			36,243
Purchase and disposition of noncontrolling interests, net and other			(1,947)
Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests			(1,756,660)
Distributions to other noncontrolling interest partners			(1,842)
Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and $4,666 attributable to noncontrolling redeemable interests in properties			1,834,650
Balance	$ 5,326,813		5,326,813
Comprehensive income attributable to preferred interests			1,436
Comprehensive income attributable to noncontrolling redeemable interests in properties			4,666
Preferred Stock or Units
Increase (Decrease) in Stockholders' Equity
Balance			43,733
Purchase and disposition of noncontrolling interests, net and other			(246)
Balance	43,487		43,487
Common Stock
Increase (Decrease) in Stockholders' Equity
Balance			31
Exchange of limited partner units for common shares			1
Balance	32		32
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity
Balance			(252,686)
Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and $4,666 attributable to noncontrolling redeemable interests in properties			136,854
Balance	(115,832)		(115,832)
Capital in Excess of Par Value
Increase (Decrease) in Stockholders' Equity
Balance			9,384,450
Exchange of limited partner units for common shares			70,100
Purchase and disposition of noncontrolling interests, net and other			(4,639)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership			28,398
Balance	9,478,309		9,478,309
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity
Balance			(4,266,930)
Purchase and disposition of noncontrolling interests, net and other			(7,583)
Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests			(1,518,823)
Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and $4,666 attributable to noncontrolling redeemable interests in properties			1,443,631
Balance	(4,349,705)		(4,349,705)
Common Stock Held in Treasury
Increase (Decrease) in Stockholders' Equity
Balance			(437,134)
Purchase and disposition of noncontrolling interests, net and other			9,840
Balance	(427,294)		(427,294)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity
Balance	696,286	$ 766,261	744,905	$ 858,328
Exchange of limited partner units for common shares	(96)	(2)	(70,101)	(7,907)
LTIP Units			36,243
Purchase and disposition of noncontrolling interests, net and other	421	165	681	763
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	(9,433)	(9,791)	(28,398)	(91,294)
Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests			(237,837)
Distributions to other noncontrolling interest partners			(1,842)
Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and $4,666 attributable to noncontrolling redeemable interests in properties			254,165
Balance	$ 697,816	$ 758,031	$ 697,816	$ 758,031

Equity - Changes in Equity, S47

Equity - Changes in Equity, Simon Property Group, L.P. (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Increase (Decrease) in Stockholders' Equity
LTIP Units			$ 36,243
Purchase and disposition of noncontrolling interests, net and other			(1,947)
Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and $4,666 attributable to noncontrolling redeemable interests in properties			1,834,650
Comprehensive income attributable to preferred interests			1,436
Comprehensive income attributable to noncontrolling redeemable interests in properties			4,666
Simon Property Group L.P.
Increase (Decrease) in Stockholders' Equity
Beginning balance			5,216,369
LTIP Units			36,243
Purchase and disposition of noncontrolling interests, net and other			(1,947)
Distributions to limited partners, excluding preferred interests classified as temporary equity			(1,758,502)
Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and $4,666 attributable to noncontrolling redeemable interests in properties			1,834,650
End balance	$ 5,326,813		5,326,813
Comprehensive income attributable to preferred interests			1,436
Comprehensive income attributable to noncontrolling redeemable interests in properties			4,666
Simon Property Group L.P. | Preferred Stock or Units
Increase (Decrease) in Stockholders' Equity
Beginning balance			43,733
Purchase and disposition of noncontrolling interests, net and other			(246)
Distributions to limited partners, excluding preferred interests classified as temporary equity			(2,503)
Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and $4,666 attributable to noncontrolling redeemable interests in properties			2,503
End balance	43,487		43,487
Simon Property Group L.P. | Simon (Managing General Partner)
Increase (Decrease) in Stockholders' Equity
Beginning balance			4,427,731
Limited partner units exchanged to units			70,101
Purchase and disposition of noncontrolling interests, net and other			(2,382)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership			28,398
Distributions to limited partners, excluding preferred interests classified as temporary equity			(1,516,320)
Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and $4,666 attributable to noncontrolling redeemable interests in properties			1,577,982
End balance	4,585,510		4,585,510
Simon Property Group L.P. | Limited Partners
Increase (Decrease) in Stockholders' Equity
Beginning balance			741,449
Limited partner units exchanged to units			(70,101)
LTIP Units			36,243
Adjustment to limited partners' interest from change in ownership in the Operating Partnership			(28,398)
Distributions to limited partners, excluding preferred interests classified as temporary equity			(237,837)
Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and $4,666 attributable to noncontrolling redeemable interests in properties			252,176
End balance	693,532		693,532
Simon Property Group L.P. | Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity
Beginning balance	3,853	$ (411)	3,456	$ (229)
Purchase and disposition of noncontrolling interests, net and other	421	164	681	764
Distributions to limited partners, excluding preferred interests classified as temporary equity			(1,842)
Comprehensive income, excluding $1,436 attributable to preferred interests in the Operating Partnership and $4,666 attributable to noncontrolling redeemable interests in properties			1,989
End balance	$ 4,284	$ (188)	$ 4,284	$ (188)

Commitments and Contingencies -

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

Commitments and Contingencies49

Commitments and Contingencies - Guarantees of Indebtedness (Details) - Joint venture mortgage indebtedness - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Guarantees of Joint Venture Indebtedness:
Loan guarantee	$ 376.2	$ 353.7
Loan guarantees recoverable	$ 76.5	$ 112.8

Commitments and Contingencies50

Commitments and Contingencies - Concentration of Credit Risk (Details)	9 Months Ended
	Sep. 30, 2016
Consolidated revenues | Concentration of credit risk | Minimum
Concentration of Credit Risk
Percentage of consolidated revenues from a single customer or tenant	5.00%

Real Estate Acquisitions and 51

Real Estate Acquisitions and Dispositions (Details) € in Millions, $ in Millions	Jul. 25, 2016EUR (€)property	Jul. 25, 2016USD ($)property	Jan. 01, 2016USD ($)property	Jan. 15, 2015USD ($)	Feb. 29, 2016USD ($)	Sep. 30, 2016USD ($)property	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)property	Mar. 31, 2015USD ($)	Sep. 30, 2016USD ($)property	Apr. 14, 2016
Outlet Center In Ochtrup
Real Estate Properties
Ownership interest (as a percent)					75.00%
Payments to acquire equity method investment					$ 38.3
The Shops at Crystals
Real Estate Properties
Ownership interests acquired (as a percent)											50.00%
European Joint Venture
Real Estate Properties
Non-cash gain on step acquisition			$ 12.1				$ 12.1
Outlet Centers In Italy
Real Estate Properties
Ownership interests acquired (as a percent)	33.00%	33.00%
Non-cash gain on step acquisition		$ 29.3				$ 29.3
Number of consolidated properties under step acquisition | property	2	2
Cash purchase price for acquisition | €	€ 145.5
Jersey Gardens and University Park Village
Real Estate Properties
Ownership interests acquired (as a percent)				100.00%
Cash purchase price for acquisition				$ 677.9
Mortgage debt including debt premiums				$ 405
Assumed mortgage debt								$ 1,100
Mortgage debt premiums								17.9
Acquisition related transaction costs									$ 4.4
Jersey Gardens and University Park Village | Lease related intangibles
Real Estate Properties
Finite-lived Intangible Assets Acquired								$ 3.6
Jersey Gardens and University Park Village | Maximum
Real Estate Properties
Weighted average useful life of acquired intangibles								40 years
Designer Outlet properties | Europe
Real Estate Properties
Number of properties | property			6			6		6		6
Number of consolidated properties under step acquisition | property	2	2	2
Unconsolidated properties | Residential properties
Real Estate Properties
Number of properties disposed of during the period | property										2
Unconsolidated properties | Residential properties | Other income.
Real Estate Properties
Gain on disposition of interest in properties										$ 36.9
Unconsolidated properties | Residential properties | Income and other taxes
Real Estate Properties
Gain from sale of properties, tax effect										$ 7.2
Unconsolidated properties | Retail properties
Real Estate Properties
Number of properties disposed of during the period | property										4
Gain (loss) on disposition of interest in properties										$ 22.7
Consolidated properties | Retail properties
Real Estate Properties
Number of properties disposed of during the period | property										3
Proceeds from sale or disposal of real estate assets										$ 81.8
Gain on disposition of interest in properties										$ 12.4