Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 31, 2019 | Jun. 30, 2018 | |
Entity Registrant Name | SIMON PROPERTY GROUP INC /DE/ | ||
Entity Central Index Key | 1,063,761 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 52,260 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Common stock | |||
Entity Common Stock, Shares Outstanding | 308,961,608 | ||
Class B common stock | |||
Entity Common Stock, Shares Outstanding | 8,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS: | ||
Investment properties, at cost | $ 37,092,670 | $ 36,393,464 |
Less - accumulated depreciation | 12,884,539 | 11,935,949 |
Investment properties at cost, net | 24,208,131 | 24,457,515 |
Cash and cash equivalents | 514,335 | 1,482,309 |
Tenant receivables and accrued revenue, net | 763,815 | 742,672 |
Investment in unconsolidated entities, at equity | 2,220,414 | 2,266,483 |
Investment in Klepierre, at equity | 1,769,488 | 1,934,676 |
Deferred costs and other assets | 1,210,040 | 1,373,983 |
Total assets | 30,686,223 | 32,257,638 |
LIABILITIES: | ||
Mortgages and unsecured indebtedness | 23,305,535 | 24,632,463 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,316,861 | 1,269,190 |
Cash distributions and losses in unconsolidated entities, at equity | 1,536,111 | 1,406,378 |
Other liabilities | 500,597 | 520,363 |
Total liabilities | 26,659,104 | 27,828,394 |
Commitments and contingencies | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | 230,163 | 190,480 |
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): | ||
Series J 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847 | 42,748 | 43,077 |
Capital in excess of par value | 9,700,418 | 9,614,748 |
Accumulated deficit | (4,893,069) | (4,782,173) |
Accumulated other comprehensive loss | (126,017) | (110,453) |
Common stock held in treasury, at cost, 11,402,103 and 9,163,920 shares, respectively | (1,427,431) | (1,079,063) |
Total stockholders' equity | 3,296,681 | 3,686,168 |
Noncontrolling interests | 500,275 | 552,596 |
Total equity | 3,796,956 | 4,238,764 |
Total liabilities and equity | 30,686,223 | 32,257,638 |
Simon Property Group, L.P. | ||
ASSETS: | ||
Investment properties, at cost | 37,092,670 | 36,393,464 |
Less - accumulated depreciation | 12,884,539 | 11,935,949 |
Investment properties at cost, net | 24,208,131 | 24,457,515 |
Cash and cash equivalents | 514,335 | 1,482,309 |
Tenant receivables and accrued revenue, net | 763,815 | 742,672 |
Investment in unconsolidated entities, at equity | 2,220,414 | 2,266,483 |
Investment in Klepierre, at equity | 1,769,488 | 1,934,676 |
Deferred costs and other assets | 1,210,040 | 1,373,983 |
Total assets | 30,686,223 | 32,257,638 |
LIABILITIES: | ||
Mortgages and unsecured indebtedness | 23,305,535 | 24,632,463 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,316,861 | 1,269,190 |
Cash distributions and losses in unconsolidated entities, at equity | 1,536,111 | 1,406,378 |
Other liabilities | 500,597 | 520,363 |
Total liabilities | 26,659,104 | 27,828,394 |
Commitments and contingencies | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | 230,163 | 190,480 |
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): | ||
Preferred units, 796,948 units outstanding. Liquidation value of $39,847 | 42,748 | 43,077 |
General Partner, 309,017,468 and 311,166,854 units outstanding, respectively | 3,253,933 | 3,643,091 |
Limited Partners, 46,807,372 and 46,879,625 units outstanding, respectively | 492,877 | 548,858 |
Total partners' equity | 3,789,558 | 4,235,026 |
Nonredeemable noncontrolling interests in properties, net | 7,398 | 3,738 |
Total equity | 3,796,956 | 4,238,764 |
Total liabilities and equity | 30,686,223 | 32,257,638 |
Common stock | ||
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): | ||
Common stock | 32 | 32 |
Class B common stock | ||
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): | ||
Common stock |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Capital stock, total shares authorized | 850,000,000 | 850,000,000 |
Capital stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Capital stock, shares of excess common stock | 238,000,000 | 238,000,000 |
Capital stock, authorized shares of preferred stock | 100,000,000 | 100,000,000 |
Common stock held in treasury, shares | 11,402,103 | 9,163,920 |
Series J Preferred stock | ||
Preferred stock stated dividend rate percentage | 8.375% | 8.375% |
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Series J 8 3/8% cumulative redeemable preferred stock, shares issued | 796,948 | 796,948 |
Series J 8 3/8% cumulative redeemable preferred stock, shares outstanding | 796,948 | 796,948 |
Preferred units, Liquidation value (in dollars) | $ 39,847 | $ 39,847 |
Common stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 511,990,000 | 511,990,000 |
Common stock, shares issued | 320,411,571 | 320,322,774 |
Common stock, shares outstanding | 320,411,571 | 320,322,774 |
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 | 309,017,468 | 311,166,854 |
Limited Partners, units outstanding | 46,807,372 | 46,879,625 |
Simon Property Group, L.P. | Series J Preferred stock | ||
Preferred stock stated dividend rate percentage | 8.375% | 8.375% |
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized | 1,000,000 | |
Preferred units, units outstanding | 796,948 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
REVENUE: | |||
Minimum rent | $ 3,488,522 | $ 3,440,009 | $ 3,358,498 |
Overage rent | 162,189 | 147,471 | 161,508 |
Tenant reimbursements | 1,520,340 | 1,532,923 | 1,494,804 |
Management fees and other revenues | 116,286 | 121,259 | 143,875 |
Other income | 370,582 | 296,978 | 276,544 |
Total revenue | 5,657,919 | 5,538,640 | 5,435,229 |
EXPENSES: | |||
Property operating | 450,636 | 443,177 | 432,394 |
Depreciation and amortization | 1,282,454 | 1,275,452 | 1,252,673 |
Real estate taxes | 457,740 | 440,003 | 439,030 |
Repairs and maintenance | 99,588 | 96,900 | 99,723 |
Advertising and promotion | 151,241 | 150,865 | 142,801 |
Provision for credit losses | 12,631 | 11,304 | 7,319 |
Home and regional office costs | 136,677 | 135,150 | 158,406 |
General and administrative | 46,543 | 51,972 | 65,082 |
Other | 109,322 | 131,477 | 116,973 |
Total operating expenses | 2,746,832 | 2,736,300 | 2,714,401 |
OPERATING INCOME BEFORE OTHER ITEMS | 2,911,087 | 2,802,340 | 2,720,828 |
Interest expense | (815,923) | (809,393) | (857,554) |
Loss on extinguishment of debt | (128,618) | (136,777) | |
Income and other taxes | (36,898) | (23,343) | (29,678) |
Income from unconsolidated entities | 475,250 | 400,270 | 353,334 |
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 288,827 | 3,647 | 84,553 |
CONSOLIDATED NET INCOME | 2,822,343 | 2,244,903 | 2,134,706 |
Net income attributable to noncontrolling interests | 382,285 | 296,941 | 295,810 |
Preferred dividends | 3,337 | 3,337 | 3,337 |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | $ 2,436,721 | $ 1,944,625 | $ 1,835,559 |
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT: | |||
Net income attributable to common stockholders or unitholders (in dollars per share or unit) | $ 7.87 | $ 6.24 | $ 5.87 |
Consolidated Net Income | $ 2,822,343 | $ 2,244,903 | $ 2,134,706 |
Unrealized gain (loss) on derivative hedge agreements | 21,633 | (35,112) | 39,472 |
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings | 7,020 | (12,122) | 149,622 |
Currency translation adjustments | (47,038) | 45,766 | (28,646) |
Changes in available-for-sale securities and other | 373 | 5,733 | 3,192 |
Comprehensive income | 2,804,331 | 2,249,168 | 2,298,346 |
Comprehensive income attributable to noncontrolling interests | 379,837 | 297,534 | 320,890 |
Comprehensive income attributable to common stockholders or unitholders | 2,424,494 | 1,951,634 | 1,977,456 |
Simon Property Group, L.P. | |||
REVENUE: | |||
Minimum rent | 3,488,522 | 3,440,009 | 3,358,498 |
Overage rent | 162,189 | 147,471 | 161,508 |
Tenant reimbursements | 1,520,340 | 1,532,923 | 1,494,804 |
Management fees and other revenues | 116,286 | 121,259 | 143,875 |
Other income | 370,582 | 296,978 | 276,544 |
Total revenue | 5,657,919 | 5,538,640 | 5,435,229 |
EXPENSES: | |||
Property operating | 450,636 | 443,177 | 432,394 |
Depreciation and amortization | 1,282,454 | 1,275,452 | 1,252,673 |
Real estate taxes | 457,740 | 440,003 | 439,030 |
Repairs and maintenance | 99,588 | 96,900 | 99,723 |
Advertising and promotion | 151,241 | 150,865 | 142,801 |
Provision for credit losses | 12,631 | 11,304 | 7,319 |
Home and regional office costs | 136,677 | 135,150 | 158,406 |
General and administrative | 46,543 | 51,972 | 65,082 |
Other | 109,322 | 131,477 | 116,973 |
Total operating expenses | 2,746,832 | 2,736,300 | 2,714,401 |
OPERATING INCOME BEFORE OTHER ITEMS | 2,911,087 | 2,802,340 | 2,720,828 |
Interest expense | (815,923) | (809,393) | (857,554) |
Loss on extinguishment of debt | (128,618) | (136,777) | |
Income and other taxes | (36,898) | (23,343) | (29,678) |
Income from unconsolidated entities | 475,250 | 400,270 | 353,334 |
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 288,827 | 3,647 | 84,553 |
CONSOLIDATED NET INCOME | 2,822,343 | 2,244,903 | 2,134,706 |
Net income attributable to noncontrolling interests | 11,327 | 13 | 7,218 |
Preferred dividends | 5,252 | 5,252 | 5,252 |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | 2,805,764 | 2,239,638 | 2,122,236 |
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO: | |||
General Partner | 2,436,721 | 1,944,625 | 1,835,559 |
Limited Partners | $ 369,043 | $ 295,013 | $ 286,677 |
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT: | |||
Net income attributable to common stockholders or unitholders (in dollars per share or unit) | $ 7.87 | $ 6.24 | $ 5.87 |
Consolidated Net Income | $ 2,822,343 | $ 2,244,903 | $ 2,134,706 |
Unrealized gain (loss) on derivative hedge agreements | 21,633 | (35,112) | 39,472 |
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings | 7,020 | (12,122) | 149,622 |
Currency translation adjustments | (47,038) | 45,766 | (28,646) |
Changes in available-for-sale securities and other | 373 | 5,733 | 3,192 |
Comprehensive income | 2,804,331 | 2,249,168 | 2,298,346 |
Comprehensive income attributable to noncontrolling interests | 7,911 | 2,091 | 2,917 |
Comprehensive income attributable to common stockholders or unitholders | $ 2,796,420 | $ 2,247,077 | $ 2,295,429 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Consolidated Net Income | $ 2,822,343 | $ 2,244,903 | $ 2,134,706 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities - | |||
Depreciation and amortization | 1,349,776 | 1,357,351 | 1,327,946 |
Loss on debt extinguishment | 128,618 | 136,777 | |
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | (288,827) | (3,647) | (84,553) |
Pre-development project cost charge | 31,490 | ||
Gains on sales of marketable securities | (21,541) | ||
Unrealized change in fair value of equity instruments | 15,212 | ||
Gain on interest in unconsolidated entity (Note 7) | (35,621) | ||
Straight-line rent | (18,325) | (26,543) | (46,656) |
Equity in income of unconsolidated entities | (475,250) | (400,270) | (353,334) |
Distributions of income from unconsolidated entities | 390,137 | 374,101 | 331,627 |
Changes in assets and liabilities - | |||
Tenant receivables and accrued revenue, net | (17,518) | (26,170) | 16,277 |
Deferred costs and other assets | (75,438) | (132,945) | (43,797) |
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities | 84,307 | 99,931 | (77,789) |
Net cash provided by operating activities | 3,750,796 | 3,593,788 | 3,372,694 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisitions | (51,060) | (264,488) | (499,976) |
Funding of loans to related parties | (4,641) | (71,532) | |
Repayments of loans to related parties | 8,207 | ||
Capital expenditures, net | (781,909) | (732,100) | (798,465) |
Cash impact from the consolidation of properties | 11,276 | 7,536 | 59,994 |
Net proceeds from sale of assets | 183,241 | 19,944 | 36,558 |
Investments in unconsolidated entities | (63,397) | (157,173) | (312,160) |
Purchase of marketable and non-marketable securities | (21,563) | (25,000) | (38,809) |
Proceeds from sales of marketable and non-marketable securities | 25,000 | 56,268 | 42,600 |
Insurance proceeds for property restoration | 19,083 | ||
Distributions of capital from unconsolidated entities and other | 447,464 | 405,078 | 533,025 |
Net cash used in investing activities | (236,506) | (761,467) | (969,026) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from sales of common stock, issuance of units and other, net of transaction costs | (329) | (328) | (328) |
Purchase of shares or units related to stock grant recipients' tax withholdings | (2,911) | (2,789) | (4,299) |
Redemption of limited partner units | (81,506) | ||
Purchase of treasury stock | (354,108) | (407,002) | (255,267) |
Distributions to noncontrolling interest holders in properties | (76,963) | (11,295) | (9,731) |
Contributions from noncontrolling interest holders in properties | 161 | 382 | 1,507 |
Preferred distributions of the Operating Partnership | (1,915) | (1,915) | (1,915) |
Distributions to stockholders and preferred dividends | (2,449,071) | (2,231,259) | (2,037,542) |
Distributions to limited partners | (370,656) | (338,602) | (316,428) |
Loss on debt extinguishment | (128,618) | (136,777) | |
Proceeds from issuance of debt, net of transaction costs | 7,973,719 | 11,668,026 | 14,866,205 |
Repayments of debt | (9,118,685) | (10,456,671) | (14,650,168) |
Net cash used in financing activities | (4,482,264) | (1,910,071) | (2,544,743) |
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | (967,974) | 922,250 | (141,075) |
CASH AND CASH EQUIVALENTS, beginning of period | 1,482,309 | 560,059 | 701,134 |
CASH AND CASH EQUIVALENTS, end of period | 514,335 | 1,482,309 | 560,059 |
Simon Property Group, L.P. | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Consolidated Net Income | 2,822,343 | 2,244,903 | 2,134,706 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities - | |||
Depreciation and amortization | 1,349,776 | 1,357,351 | 1,327,946 |
Loss on debt extinguishment | 128,618 | 136,777 | |
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | (288,827) | (3,647) | (84,553) |
Pre-development project cost charge | 31,490 | ||
Gains on sales of marketable securities | (21,541) | ||
Unrealized change in fair value of equity instruments | 15,212 | ||
Gain on interest in unconsolidated entity (Note 7) | (35,621) | ||
Straight-line rent | (18,325) | (26,543) | (46,656) |
Equity in income of unconsolidated entities | (475,250) | (400,270) | (353,334) |
Distributions of income from unconsolidated entities | 390,137 | 374,101 | 331,627 |
Changes in assets and liabilities - | |||
Tenant receivables and accrued revenue, net | (17,518) | (26,170) | 16,277 |
Deferred costs and other assets | (75,438) | (132,945) | (43,797) |
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities | 84,307 | 99,931 | (77,789) |
Net cash provided by operating activities | 3,750,796 | 3,593,788 | 3,372,694 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisitions | (51,060) | (264,488) | (499,976) |
Funding of loans to related parties | (4,641) | (71,532) | |
Repayments of loans to related parties | 8,207 | ||
Capital expenditures, net | (781,909) | (732,100) | (798,465) |
Cash impact from the consolidation of properties | 11,276 | 7,536 | 59,994 |
Net proceeds from sale of assets | 183,241 | 19,944 | 36,558 |
Investments in unconsolidated entities | (63,397) | (157,173) | (312,160) |
Purchase of marketable and non-marketable securities | (21,563) | (25,000) | (38,809) |
Proceeds from sales of marketable and non-marketable securities | 25,000 | 56,268 | 42,600 |
Insurance proceeds for property restoration | 19,083 | ||
Distributions of capital from unconsolidated entities and other | 447,464 | 405,078 | 533,025 |
Net cash used in investing activities | (236,506) | (761,467) | (969,026) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from sales of common stock, issuance of units and other, net of transaction costs | (329) | (328) | (328) |
Purchase of shares or units related to stock grant recipients' tax withholdings | (2,911) | (2,789) | (4,299) |
Redemption of limited partner units | (81,506) | ||
Purchase of general partner units | (354,108) | (407,002) | (255,267) |
Distributions to noncontrolling interest holders in properties | (76,963) | (11,295) | (9,731) |
Contributions from noncontrolling interest holders in properties | 161 | 382 | 1,507 |
Preferred distributions of the Operating Partnership | (2,821,642) | (2,571,776) | (2,355,885) |
Loss on debt extinguishment | (128,618) | (136,777) | |
Proceeds from issuance of debt, net of transaction costs | 7,973,719 | 11,668,026 | 14,866,205 |
Repayments of debt | (9,118,685) | (10,456,671) | (14,650,168) |
Net cash used in financing activities | (4,482,264) | (1,910,071) | (2,544,743) |
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | (967,974) | 922,250 | (141,075) |
CASH AND CASH EQUIVALENTS, beginning of period | 1,482,309 | 560,059 | 701,134 |
CASH AND CASH EQUIVALENTS, end of period | $ 514,335 | $ 1,482,309 | $ 560,059 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Simon Property Group, L.P.Simon (Managing General Partner) | Simon Property Group, L.P.Limited Partners | Simon Property Group, L.P.Preferred Stock | Simon Property Group, L.P.Noncontrolling Interests | Simon Property Group, L.P. | Preferred StockSeries J Preferred stock | Common Stock | Accumulated Other Comprehensive Income (Loss) | Capital in Excess of Par Value | Accumulated Deficit | Common Stock Held in Treasury | Noncontrolling Interests | Total |
Balance at Dec. 31, 2015 | $ 43,733 | $ 31 | $ (252,686) | $ 9,384,450 | $ (4,266,930) | $ (437,134) | $ 744,905 | $ 5,216,369 | |||||
Balance at Dec. 31, 2015 | $ 4,427,731 | $ 741,449 | $ 43,733 | $ 3,456 | $ 5,216,369 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Exchange of limited partner units (92,729, 500,411 and 5,020,919 common shares respectively in 2018, 2017 and 2016, Note 10) | 1 | 73,755 | (73,756) | ||||||||||
Series J preferred stock premium amortization | (328) | (328) | (328) | (328) | |||||||||
Limited partner units exchanged to units | 73,756 | (73,756) | |||||||||||
Stock incentive program (common shares, net: 51,576 in 2018, 76,660 in 2017, 63,324 in 2016) | (14,139) | 14,139 | |||||||||||
Amortization of stock incentive | 12,024 | 12,024 | 12,024 | 12,024 | |||||||||
Treasury stock purchase | (255,267) | (255,267) | |||||||||||
Treasury unit purchase | (255,267) | (255,267) | |||||||||||
Long-term incentive performance units | 48,324 | 48,324 | |||||||||||
LTIP Units | 48,324 | 48,324 | |||||||||||
Issuance of unit equivalents and other | 1,889 | (2) | 1,508 | 3,395 | 6,189 | (4,300) | 1,506 | 3,395 | |||||
Adjustment to limited partners' interest from change in ownership in the Operating Partnership | 66,996 | (66,996) | 66,996 | (66,996) | |||||||||
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests | (2,037,542) | (316,428) | (2,353,970) | ||||||||||
Distributions to noncontrolling other interest holders | (2,765) | (2,765) | |||||||||||
Distributions, excluding distributions on preferred interests classified as temporary equity | (2,034,205) | (316,428) | (3,337) | (2,765) | (2,356,735) | ||||||||
Other comprehensive income | 138,560 | 25,080 | 163,640 | 138,560 | 25,080 | 163,640 | |||||||
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2018, 2017 and 2016, respectively and $3,416, 2,078 and $4,301attributable to noncontrolling redeemable interests in properties in 2018, 2017 and 2016) | 1,835,559 | 286,677 | 3,337 | 2,917 | 2,128,490 | 1,838,896 | 289,594 | 2,128,490 | |||||
Balance at Dec. 31, 2016 | 43,405 | 32 | (114,126) | 9,523,086 | (4,459,387) | (682,562) | 649,464 | 4,959,912 | |||||
Balance at Dec. 31, 2016 | 4,267,043 | 644,348 | 43,405 | 5,116 | 4,959,912 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Exchange of limited partner units (92,729, 500,411 and 5,020,919 common shares respectively in 2018, 2017 and 2016, Note 10) | 6,005 | (6,005) | |||||||||||
Series J preferred stock premium amortization | (328) | (328) | (328) | (328) | |||||||||
Limited partner units exchanged to units | 6,005 | (6,005) | |||||||||||
Stock incentive program (common shares, net: 51,576 in 2018, 76,660 in 2017, 63,324 in 2016) | (13,289) | 13,289 | |||||||||||
Amortization of stock incentive | 13,911 | 13,911 | 13,911 | 13,911 | |||||||||
Treasury stock purchase | (407,002) | (407,002) | |||||||||||
Treasury unit purchase | (407,002) | (407,002) | |||||||||||
Long-term incentive performance units | 38,305 | 38,305 | |||||||||||
LTIP Units | 38,305 | 38,305 | |||||||||||
Issuance of unit equivalents and other | (42,036) | 1 | 382 | (41,653) | 241 | (39,489) | (2,788) | 383 | (41,653) | ||||
Adjustment to limited partners' interest from change in ownership in the Operating Partnership | 84,794 | (84,794) | 84,794 | (84,794) | |||||||||
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests | (2,231,259) | (338,602) | (2,569,861) | ||||||||||
Distributions to noncontrolling other interest holders | (3,851) | (3,851) | |||||||||||
Distributions, excluding distributions on preferred interests classified as temporary equity | (2,227,922) | (338,602) | (3,337) | (3,851) | (2,573,712) | ||||||||
Other comprehensive income | 3,673 | 592 | 4,265 | 3,673 | 592 | 4,265 | |||||||
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2018, 2017 and 2016, respectively and $3,416, 2,078 and $4,301attributable to noncontrolling redeemable interests in properties in 2018, 2017 and 2016) | 1,944,625 | 295,013 | 3,337 | 2,091 | 2,245,066 | 1,947,962 | 297,104 | 2,245,066 | |||||
Balance at Dec. 31, 2017 | 43,077 | 32 | (110,453) | 9,614,748 | (4,782,173) | (1,079,063) | 552,596 | 4,238,764 | |||||
Balance at Dec. 31, 2017 | 3,643,091 | 548,858 | 43,077 | 3,738 | 4,238,764 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Cumulative effect of accounting change | 7,264 | 7,264 | 7,264 | 7,264 | |||||||||
Exchange of limited partner units (92,729, 500,411 and 5,020,919 common shares respectively in 2018, 2017 and 2016, Note 10) | 1,004 | (1,004) | |||||||||||
Issuance of limited partner units (475,183 units) | 84,103 | 84,103 | 84,103 | 84,103 | |||||||||
Series J preferred stock premium amortization | (329) | (329) | (329) | (329) | |||||||||
Limited partner units exchanged to units | 1,004 | (1,004) | |||||||||||
Stock incentive program (common shares, net: 51,576 in 2018, 76,660 in 2017, 63,324 in 2016) | (8,651) | 8,651 | |||||||||||
Redemption of limited partner units (454,704 units) | (76,555) | (4,951) | (81,506) | (76,555) | (4,951) | (81,506) | |||||||
Amortization of stock incentive | 12,029 | 12,029 | 12,029 | 12,029 | |||||||||
Treasury stock purchase | (354,108) | (354,108) | |||||||||||
Treasury unit purchase | (354,108) | (354,108) | |||||||||||
Long-term incentive performance units | 26,172 | 26,172 | |||||||||||
LTIP Units | 26,172 | 26,172 | |||||||||||
Issuance of unit equivalents and other | (110,456) | (2,510) | (112,966) | 1,602 | (109,147) | (2,911) | (2,510) | (112,966) | |||||
Adjustment to limited partners' interest from change in ownership in the Operating Partnership | 156,241 | (156,241) | 156,241 | (156,241) | |||||||||
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests | (2,449,071) | (370,656) | (2,819,727) | ||||||||||
Distributions to noncontrolling other interest holders | (1,741) | (1,741) | |||||||||||
Distributions, excluding distributions on preferred interests classified as temporary equity | (2,445,734) | (370,656) | (3,337) | (1,741) | (2,821,468) | ||||||||
Other comprehensive income | (15,564) | (2,447) | (18,011) | (15,564) | (2,447) | (18,011) | |||||||
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2018, 2017 and 2016, respectively and $3,416, 2,078 and $4,301attributable to noncontrolling redeemable interests in properties in 2018, 2017 and 2016) | 2,436,721 | 369,043 | 3,337 | 7,911 | 2,817,012 | 2,440,058 | 376,954 | 2,817,012 | |||||
Balance at Dec. 31, 2018 | $ 42,748 | $ 32 | $ (126,017) | $ 9,700,418 | $ (4,893,069) | $ (1,427,431) | $ 500,275 | $ 3,796,956 | |||||
Balance at Dec. 31, 2018 | $ 3,253,933 | $ 492,877 | $ 42,748 | $ 7,398 | $ 3,796,956 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Exchange of limited partner units, (in shares) | 92,732 | 500,411 | 5,020,919 |
Issuance of limited partner, units | 475,183 | ||
Stock incentive program, shares, net | 51,756 | 76,660 | 63,324 |
Redemption of Limited Partner Units | 454,704 | ||
Treasury stock purchase, shares | 2,275,194 | 2,468,630 | 1,409,197 |
Shares repurchased | 18,680 | 16,161 | 21,041 |
Net income attributable to preferred interests in the Operating Partnership (in dollars) | $ 1,915,000 | $ 1,915,000 | $ 1,915,000 |
Net income attributable to noncontrolling redeemable interests in properties (in dollars) | $ 3,416,000 | $ 2,078,000 | $ 4,301,000 |
Simon Property Group, L.P. | |||
Limited partner units exchanged to common units | 92,732 | 500,411 | 5,020,919 |
Issuance of limited partner, units | 475,183 | ||
Stock incentive program, units, net | 51,756 | 76,660 | 63,324 |
Redemption of Limited Partner Units | 454,704 | ||
Treasury unit purchase, units | 2,275,194 | 2,468,630 | 1,409,197 |
Issuance of equivalents units | 18,680 | 103,941 | 482,779 |
Issuance of common units | $ 16,161 | $ 21,041 | |
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars) | $ 1,915,000 | 1,915,000 | 1,915,000 |
Net income attributable to noncontrolling redeemable interests in properties (in dollars) | $ 3,416,000 | $ 2,078,000 | $ 4,301,000 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
Organization | |
Organization | 1. Organization Simon Property Group, Inc. is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Delaware partnership subsidiary that owns all of our real estate properties and other assets. 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 notes to consolidated financial statements apply to both Simon and the Operating Partnership. According to the Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, and The Mills®. As of December 31, 2018, we owned or held an interest in 206 income‑producing properties in the United States, which consisted of 107 malls, 69 Premium Outlets, 14 Mills, four lifestyle centers, and 12 other retail properties in 37 states and Puerto Rico. Internationally, as of December 31, 2018, we had ownership interests in nine Premium Outlets in Japan, four Premium Outlets in South Korea, three Premium Outlets in Canada, two Premium Outlets in Malaysia and one Premium Outlet in Mexico. We also own an interest in eight Designer Outlet properties in Europe and one Designer Outlet property in Canada. Of the eight properties in Europe, two are located in Italy, two are located in the Netherlands and one each is located in Austria, Germany, France and the United Kingdom. As of December 31, 2018, we also owned a 21.3% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris‑based real estate company which owns, or has an interest in, shopping centers located in 16 countries in Europe. We generate the majority of our revenues from leases with retail, dining, entertainment and other tenants, including: · base minimum rents, · overage and percentage rents based on tenants’ sales volume, and · recoverable expenditures such as property operating, real estate taxes, repair and maintenance, and advertising and promotional expenditures. Revenues of our management company, after intercompany eliminations, consist primarily of management fees that are typically based upon the revenues of the property being managed. We also grow by generating supplemental revenues from the following activities: · establishing our properties as leading market resource providers for retailers and other businesses and consumer‑focused corporate alliances, including payment systems (such as handling fees relating to the sales of bank‑issued prepaid cards), national marketing alliances, static and digital media initiatives, business development, sponsorship, and events, · offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services, · selling or leasing land adjacent to our properties, commonly referred to as “outlots” or “outparcels,” and · generating interest income on cash deposits and investments in loans, including those made to related entities. |
Basis of Presentation and Conso
Basis of Presentation and Consolidation | 12 Months Ended |
Dec. 31, 2018 | |
Basis of Presentation and Consolidation | |
Basis of Presentation and Consolidation | 2. Basis of Presentation and Consolidation The accompanying consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. We consolidate properties that are wholly-owned or properties where we own less than 100% but we control. Control of a property is demonstrated by, among other factors, our ability to refinance debt and sell the property without the consent of any other partner or owner and the inability of any other partner or owner to replace us. We also consolidate a variable interest entity, or VIE, when we are determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE, including management agreements and other contractual arrangements. There have been no changes during 2018 in previous conclusions about whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. During the periods presented, we did not provide financial or other support to any identified VIE that we were not contractually obligated to provide. Investments in partnerships and joint ventures represent our noncontrolling ownership interests in properties. We account for these unconsolidated entities using the equity method of accounting. We initially record these investments at cost and we subsequently adjust for net equity in income or loss, which we allocate in accordance with the provisions of the applicable partnership or joint venture agreement, cash contributions and distributions, and foreign currency fluctuations, if applicable. The allocation provisions in the partnership or joint venture agreements are not always consistent with the legal ownership interests held by each general or limited partner or joint venture investee primarily due to partner preferences. We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income of the joint ventures within cash distributions and losses in partnerships and joint ventures, at equity in the consolidated balance sheets. The net equity of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes non‑cash charges for depreciation and amortization. As of December 31, 2018, we consolidated 135 wholly‑owned properties and 18 additional properties that are less than wholly‑owned, but which we control or for which we are the primary beneficiary. We account for the remaining 81 properties, or the joint venture properties, as well as our investment in Klépierre, Aéropostale, Authentic Brands Group LLC, or ABG, 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 57 of the 81 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, Germany, Canada, and the United Kingdom comprise 20 of the remaining 24 properties. These international properties are managed by joint ventures in which we share control. Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to us 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. Our weighted average ownership interest in the Operating Partnership was as follows: For the Year Ended December 31, 2018 2017 2016 Weighted average ownership interest 86.8 % 86.8 % 86.5 % As of December 31, 2018 and 2017, our ownership interest in the Operating Partnership was 86.8% and 86.9%, respectively. We adjust the noncontrolling limited partners’ interest 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies Investment Properties We record investment properties at cost. Investment properties include costs of acquisitions; development, predevelopment, and construction (including allocable salaries and related benefits); tenant allowances and improvements; and interest and real estate taxes incurred during construction. We capitalize improvements and replacements from repair and maintenance when the repair and maintenance extends the useful life, increases capacity, or improves the efficiency of the asset. All other repair and maintenance items are expensed as incurred. We capitalize interest on projects during periods of construction until the projects are ready for their intended purpose based on interest rates in place during the construction period. The amount of interest capitalized during each year is as follows: For the Year Ended December 31, 2018 2017 2016 Capitalized interest $ 19,871 $ 24,754 $ 31,250 We record depreciation on buildings and improvements utilizing the straight‑line method over an estimated original useful life, which is generally 10 to 35 years. We review depreciable lives of investment properties periodically and we make adjustments when necessary to reflect a shorter economic life. We amortize tenant allowances and tenant improvements utilizing the straight‑line method over the term of the related lease or occupancy term of the tenant, if shorter. We record depreciation on equipment and fixtures utilizing the straight‑line method over seven to ten years. We review investment properties for impairment on a property‑by‑property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable. These circumstances include, but are not limited to, declines in a property’s cash flows, ending occupancy or total sales per square foot. We measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization during the anticipated holding period plus its residual value is less than the carrying value of the property. To the extent impairment has occurred, we charge to income the excess of carrying value of the property over its estimated fair value. We estimate undiscounted cash flows and fair value using unobservable data such as operating income, estimated capitalization rates, or multiples, leasing prospects and local market information. We may decide to sell properties that are held for use and the sale prices of these properties may differ from their carrying values. We also review our investments, including investments in unconsolidated entities, if events or circumstances change indicating that the carrying amount of our investments may not be recoverable. We will record an impairment charge if we determine that a decline in the fair value of the investments is other‑than‑temporary. Changes in economic and operating conditions that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results. During the fourth quarter of 2016, we determined we would no longer pursue the construction of the Copley residential tower given a change in property approval dynamics, construction pricing in the Boston market and the continued increase in residential supply in the market. Accordingly, we recorded a charge of approximately $31.5 million related to the write-off of pre-development costs, which is included in other expenses in the accompanying statement of operations and comprehensive income. Purchase Accounting We allocate the purchase price of asset acquisitions and any excess investment in unconsolidated entities to the various components of the acquisition based upon the relative fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, we may utilize third party valuation specialists. These components typically include buildings, land and intangibles related to in‑place leases and we estimate: · the relative fair value of land and related improvements and buildings on an as‑if‑vacant basis, · the market value of in‑place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into revenues, · the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and · the value of revenue and recovery of costs foregone during a reasonable lease‑up period, as if the space was vacant. The relative fair value of buildings is depreciated over the estimated remaining life of the acquired building or related improvements. We amortize tenant improvements, in‑place lease assets and other lease‑related intangibles over the remaining life of the underlying leases. We also estimate the value of other acquired intangible assets, if any, which are amortized over the remaining life of the underlying related intangibles. 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. See Notes 4 and 10 for disclosures about non-cash investing and financing transactions. Equity Instruments and Debt Securities Equity instruments and debt securities consist primarily of the debt securities of our captive insurance subsidiary, equity instruments, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At December 31, 2018 and 2017, we had equity instruments with readily determinable fair values of $78.1 million and $88.3 million, respectively. Effective January 1, 2018, changes in fair value of these equity instruments are recorded in earnings. As of December 31, 2018, we have recorded non-cash mark-to-market adjustments related to these equity securities with readily determinable fair values of $15.2 million, which is included in other expense in our consolidated statements of operations and comprehensive income. At December 31, 2018 and 2017, we had equity instruments without readily determinable fair values of $175.7 million and $186.9 million, respectively, for which we have elected the measurement alternative. We regularly evaluate these investments for any impairment in their estimated fair value, as well as any observable price changes for an identical or similar equity instrument of the same issuer, and determined that no material adjustment in the carrying value was required for the year ended December 31, 2018. Our deferred compensation plan equity instruments are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income. On July 26, 2017, we sold our investment in certain equity instruments. The aggregate proceeds received from the sale were $53.9 million, and we recognized a gain on the sale of $21.5 million, which is included in other income in the accompanying consolidated statement of operations and comprehensive income for the year ended December 31, 2017. At December 31, 2018 and 2017, we held debt securities of $40.1 million and $55.7 million, respectively, in our captive insurance subsidiary. The types of securities included in the investment portfolio of our captive insurance subsidiary are typically U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than one year to ten years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiary is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment is recorded and a new cost basis is established. Our captive insurance subsidiary is required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. Fair Value Measurements Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs. The equity instruments with readily determinable fair values we held at December 31, 2018 and 2017 were primarily classified as having Level 1 and Level 2 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs, which consist primarily of foreign currency forward contracts and interest rate swap agreements with a gross asset balance of $10.9 million at December 31, 2018 and a gross liability balance of $6.2 million and $18.1 million at December 31, 2018 and 2017, respectively. Note 8 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3 and 4 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates. Gains on Issuances of Stock by Equity Method Investees When one of our equity method investees issues additional shares to third parties, our percentage ownership interest in the investee may decrease. In the event the issuance price per share is higher or lower than our average carrying amount per share, we recognize a noncash gain or loss on the issuance, when appropriate. This noncash gain or loss is recognized in our net income in the period the change of ownership interest occurs. Use of Estimates We prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates. Segment and Geographic Locations Our primary business is the ownership, development, and management of premier shopping, dining, entertainment and mixed use real estate. We have aggregated our retail operations, including malls, Premium Outlets, The Mills, and our international investments into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same, tenants. As discussed in Note 7, we consolidated various European assets in 2016. As of December 31, 2018, approximately 6.1% of our consolidated long-lived assets and 3.0% of our consolidated total revenues were derived from assets located outside the United States. As of December 31, 2017, approximately 6.5% of our consolidated long-lived assets and 2.6% of our consolidated total revenues were derived from assets located outside the United States. Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31: 2018 2017 Deferred lease costs, net $ 249,010 $ 250,442 In-place lease intangibles, net 65,825 96,054 Acquired above market lease intangibles, net 64,813 92,405 Marketable securities of our captive insurance companies 40,099 55,664 Goodwill 20,098 20,098 Other marketable and non-marketable securities 253,732 275,130 Prepaids, notes receivable and other assets, net 516,463 584,190 $ 1,210,040 $ 1,373,983 Deferred Lease Costs Our deferred leasing costs consist primarily of capitalized salaries and related benefits in connection with lease originations. We record amortization of deferred leasing costs on a straight‑line basis over the terms of the related leases. Details of these deferred costs as of December 31 are as follows: 2018 2017 Deferred lease costs $ 497,570 $ 485,977 Accumulated amortization (248,560) (235,535) Deferred lease costs, net $ 249,010 $ 250,442 Amortization of deferred leasing costs is a component of depreciation and amortization expense. The accompanying consolidated statements of operations and comprehensive income include amortization of deferred leasing costs as follows: For the Year Ended December 31, 2018 2017 2016 Amortization of deferred leasing costs $ 56,646 $ 54,323 $ 49,993 Intangibles The average remaining life of in‑place lease intangibles is approximately 2.5 years and is being amortized on a straight‑line basis and is included with depreciation and amortization in the consolidated statements of operations and comprehensive income. The fair market value of above and below market leases is amortized into revenue over the remaining lease life as a component of reported minimum rents. The weighted average remaining life of these intangibles is approximately 2.7 years. The unamortized amount of below market leases is included in accounts payable, accrued expenses, intangibles and deferred revenues in the consolidated balance sheets and was $66.7 million and $94.1 million as of December 31, 2018 and 2017, respectively. The amount of amortization of above and below market leases, net, which increased revenue for the years ended December 31, 2018, 2017, and 2016, was $1.0 million, $2.8 million and $5.4 million, respectively. If a lease is terminated prior to the original lease termination, any remaining unamortized intangible is written off to earnings. Details of intangible assets as of December 31 are as follows: 2018 2017 In-place lease intangibles $ 291,613 $ 328,811 Accumulated amortization In-place lease intangibles, net $ 65,825 $ 96,054 2018 2017 Acquired above market lease intangibles $ 253,973 $ 260,398 Accumulated amortization Acquired above market lease intangibles, net $ 64,813 $ 92,405 Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2018 are as follows: Below Above Impact to Market Market Minimum Leases Leases Rent, Net 2019 $ 21,789 $ (19,818) $ 1,971 2020 17,130 (15,767) 1,363 2021 7,827 (10,414) (2,587) 2022 5,395 (7,550) (2,155) 2023 4,098 (5,491) (1,393) Thereafter 10,509 (5,773) 4,736 $ 66,748 $ (64,813) $ 1,935 Derivative Financial Instruments We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities. As of December 31, 2018 and 2017, we had no outstanding interest rate derivatives. We generally do not apply hedge accounting to interest rate caps, which had a nominal value as of December 31, 2018 and 2017, respectively. We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euro. We use currency forward contracts, cross currency swap contracts, and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date. We had the following Euro:USD forward contracts designated as net investment hedges at December 31, 2018 and 2017 (in millions): Liability Value as of Maturity/Termination December 31, December 31, Notional Value Date 2018 2017 € 50.0 November 9, 2018 $ — $ (2.4) € 50.0 May 15, 2019 (0.8) (4.9) € 50.0 May 15, 2020 (1.5) (5.2) € 50.0 May 14, 2021 (2.0) (5.5) Liability balances in the above table are included in other liabilities. In the first quarter of 2018, we entered into a Euro-denominated cross-currency swap agreement to manage our exposure to changes in foreign exchange rates by swapping $150.0 million of 4.38% fixed rate U.S. dollar-denominated debt to 1.37% fixed rate Euro-denominated debt of €121.6 million. The cross-currency swap matures on December 1, 2020. The fair value of our cross‑currency swap agreement at December 31, 2018 is $10.9 million and is included in deferred costs and other assets. In the third quarter of 2018, we entered into a Yen-denominated cross-currency swap agreement by swapping $200.1 million of 4.38% fixed rate U.S. dollar-denominated debt to ¥22.3 billion of 1.19% fixed rate Yen-denominated debt. Contemporaneously, we repaid Yen-denominated borrowings of $201.3 million (U.S. dollar equivalent) on the Operating Partnership’s $4.0 billion unsecured revolving credit facility, or Credit Facility. The cross-currency swap matures on December 1, 2020. The fair value of our cross-currency swap agreement at December 31, 2018 is $1.9 million and is included in other liabilities. We have designated the currency forward contracts and cross-currency swaps 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 or Yen-denominated joint venture investment. The total gross accumulated other comprehensive income related to the Operating Partnership’s derivative activities, including our share of the other comprehensive income from unconsolidated entities, approximated $37.9 million and $9.3 million as of December 31, 2018 and 2017, respectively. Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows as of December 31: 2018 2017 Limited partners’ interests in the Operating Partnership $ 492,877 $ 548,858 Nonredeemable noncontrolling interests in properties, net 7,398 3,738 Total noncontrolling interests reflected in equity $ 500,275 $ 552,596 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 for the years ended December 31 is as follows: 2018 2017 2016 Noncontrolling interests, beginning of period $ 552,596 $ 649,464 $ 744,905 Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties 376,954 297,104 289,594 Distributions to noncontrolling interest holders (372,397) (342,453) (319,193) Other comprehensive (loss) income allocable to noncontrolling interests: Unrealized gain (loss) on derivative hedge agreements 2,852 (4,607) 5,444 Net loss (gain) reclassified from accumulated other comprehensive loss into earnings 923 (1,587) 19,629 Currency translation adjustments (6,271) 6,040 (209) Changes in available-for-sale securities and other 49 746 216 (2,447) 592 25,080 Adjustment to limited partners’ interest from change in ownership in the Operating Partnership (156,241) (84,794) (66,996) Units issued to limited partners 84,103 — — Units exchanged for common shares (1,004) (6,005) (73,756) Units redeemed (4,951) — — Long-term incentive performance units 26,172 38,305 48,324 Contributions by noncontrolling interests, net, and other (2,510) 383 1,506 Noncontrolling interests, end of period $ 500,275 $ 552,596 $ 649,464 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 for the years ended December 31 is as follows: 2018 2017 2016 Noncontrolling nonredeemable interests in properties, net — beginning of period $ 3,738 $ 5,116 $ 3,456 Net income attributable to noncontrolling nonredeemable interests 7,911 2,091 2,917 Distributions to noncontrolling nonredeemable interest holders (1,741) (3,851) (2,765) Contributions by noncontrolling nonredeemable interests, net, and other (2,510) 382 1,508 Noncontrolling nonredeemable interests in properties, net — end of period $ 7,398 $ 3,738 $ 5,116 Accumulated Other Comprehensive Income (Loss) Simon The changes in components of our accumulated other comprehensive income (loss) consisted of the following net of noncontrolling interest as of December 31, 2018: Net unrealized Currency Accumulated losses on translation derivative marketable adjustments gains, net securities Total Beginning balance $ (118,138) $ 8,055 $ (370) $ (110,453) Other comprehensive (loss) income before reclassifications (40,766) 18,781 324 (21,661) Amounts reclassified from accumulated other comprehensive income (loss) — 6,097 — 6,097 Net current-period other comprehensive (loss) income (40,766) 24,878 324 (15,564) Ending balance $ (158,904) $ 32,933 $ (46) $ (126,017) The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: 2018 2017 2016 Amount Amount Amount reclassified reclassified reclassified from from from accumulated accumulated accumulated Details about accumulated other other other other comprehensive income (loss) comprehensive comprehensive comprehensive Affected line item where components: income (loss) income (loss) income (loss) net income is presented Currency translation adjustments $ — $ — $ (136,806) Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net — — 17,948 Net income attributable to noncontrolling interests $ — $ — (118,858) Accumulated derivative losses, net $ (7,020) $ (9,419) $ (12,230) Interest expense — — (586) Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net 923 1,233 1,681 Net income attributable to noncontrolling interests $ (6,097) $ (8,186) $ (11,135) Realized gain on sale of marketable securities $ — $ 21,541 $ — Other income — (2,820) — Net income attributable to noncontrolling interests $ — $ 18,721 $ — The Operating Partnership The changes in accumulated other comprehensive income (loss) by component consisted of the following as of December 31, 2018: Net unrealized Currency Accumulated losses on translation derivative marketable adjustments gains, net securities Total Beginning balance $ (135,940) $ 9,263 $ (425) $ (127,102) Other comprehensive (loss) income before reclassifications (47,038) 21,633 373 (25,032) Amounts reclassified from accumulated other comprehensive income (loss) — 7,020 — 7,020 Net current-period other comprehensive (loss) income (47,038) 28,653 373 (18,012) Ending balance $ $ $ $ The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: 2018 2017 2016 Amount Amount Amount reclassified reclassified reclassified from from from accumulated accumulated accumulated Details about accumulated other other other other comprehensive income (loss) comprehensive comprehensive comprehensive Affected line item where components: income (loss) income (loss) income (loss) net income is presented Currency translation adjustments $ — $ — $ (136,806) Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net Accumulated derivative losses, net $ (7,020) $ (9,419) $ (12,230) Interest expense — — (586) Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net $ (7,020) $ (9,419) $ (12,816) Realized gain on sale of marketable securities $ — $ 21,541 $ — Other income Revenue Recognition We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We accrue minimum rents on a straight‑line basis over the terms of their respective leases. Substantially all of our retail tenants are also required to pay overage rents based on sales over a stated base amount during the lease year. We recognize overage rents only when each tenant’s sales exceed the applicable sales threshold. We amortize any tenant inducements as a reduction of revenue utilizing the straight‑line method over the term of the related lease or occupancy term of the tenant, if shorter. We structure our leases to allow us to recover a significant portion of our property operating, real estate taxes, repairs and maintenance, and advertising and promotion expenses from our tenants. A substantial portion of our leases, other than those for anchor stores, require the tenant to reimburse us for a substantial portion of our operating expenses, including common area maintenance, or CAM, real estate taxes and insurance. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation or otherwise. Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. As of December 31, 2018, for substantially all of our leases in the U.S. mall portfolio, we receive a fixed payment from the tenant for the CAM component which is recognized as revenue when earned. When not reimbursed by the fixed‑CAM component, CAM expense reimbursements are based on the tenant’s proportionate share of the allocable operating expenses and CAM capital expenditures for the property. We accrue reimbursements from tenants for recoverable portions of all of these expenses as revenue in the period the applicable expenditures are incurred. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. Our advertising and promotional costs are expensed as incurred. As discussed in Note 3, upon adoption of Accounting Standards Update (ASU) 2016-02 and its related amendments on January 1, 2019, fixed CAM reimbursements for new or amended leases are recognized on a straight-line basis over the term of the respective leases. Management Fees and Other Revenues Management fees and other revenues are generally received from our unconsolidated joint venture properties as well as third parties. Management fee revenue is earned based on a contractual percentage of joint venture property revenue. Development fee revenue is earned on a contractual percentage of hard costs to develop a property. Leasing fee revenue is earned on a contractual per square foot charge based on the square footage of current year leasing activity. We recognize revenue for these services provided when earned based on the performance criteria. Revenues from insurance premiums charged to unconsolidated properties are recognized on a pro‑rata basis over the terms of the policies. Insurance losses on these policies and our self‑insurance for our consolidated properties are reflected in property operating expenses in the accompanying consolidated statements of operations and comprehensive income and include estimates for losses incurred but not reported as well as losses pending settlement. Estimates for losses are based on evaluations by third-party actuaries and management’s estimates. Total insurance reserves for our insurance subsidiaries and other self‑insurance programs as of December 31, 2018 and 2017 approximated $82.5 million and $81.8 million, respectively, and are included in other liabilities in the consolidated balance sheets. Information related to the securities included in the investment portfolio of our captive insurance subsidiary is in |
Real Estate Acquisitions and Di
Real Estate Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate Acquisitions and Dispositions | |
Real Estate Acquisitions and Dispositions | 4. Real Estate Acquisitions and Dispositions We acquire interests in properties to generate both current income and long-term appreciation in value. We acquire interests in individual properties or portfolios of retail real estate companies that meet our investment criteria and sell properties which no longer meet our strategic criteria. Unless otherwise noted below, gains and losses on these transactions are included in gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. We capitalize asset acquisition costs and expense costs related to business combinations, as well as disposition related costs as they are incurred. We incurred a minimal amount of transaction expenses during 2018, 2017, and 2016. Our consolidated and unconsolidated acquisition and disposition activity for the periods presented are as follows: 2018 Acquisitions On September 25, 2018, we acquired the remaining 50% interest in The Outlets at Orange from our joint venture partner. The Operating Partnership issued 475,183 units, or approximately $84.1 million, as consideration for the acquisition. The property is subject to a $215.0 million 4.22% fixed rate mortgage loan. We accounted for this transaction as an asset acquisition and substantially all of our investment has been determined to relate to investment property. 2017 Acquisitions On April 21, 2017, our controlled European investee acquired a 100% interest in an outlet center in Roosendaal, Netherlands for cash consideration of $69.8 million and the assumption of existing mortgage debt of $40.1 million. In May 2017, the assumed loan was refinanced with a $69.0 million mortgage loan due in 2024, after available extension options, with an interest rate of EURIBOR plus 1.85%. 2016 Acquisitions On January 1, 2016, as discussed further in Note 7, we gained control of the European investee that held our interest in six Designer Outlet properties, requiring a remeasurement of our previously held equity interest to fair value and a corresponding non-cash gain of $12.1 million and which also resulted in the consolidation of two of the six properties, which had been previously unconsolidated. In February 2016, we and our partner, through this European investee, acquired a noncontrolling 75.0% ownership interest in an outlet center in Ochtrup, Germany for cash consideration of approximately $38.3 million. On July 25, 2016, as further discussed in Note 7, this European investee also acquired the remaining 33% interest in two Italian outlet centers in Naples and Venice. The consolidation of these two properties resulted in a remeasurement of our previously held equity interest to fair value and a corresponding non-cash gain of $29.3 million. On April 14, 2016, as discussed further in Note 7, we acquired a noncontrolling 50% interest in The Shops at Crystals. 2018 Dispositions During 2018, we recorded net gains of $288.8 million primarily related to disposition activity which included the foreclosure of two consolidated retail properties in satisfaction of their $200.0 million and $80.0 million non-recourse mortgage loans and, as discussed in Note 7, our interest in the German department store properties owned through our investment in HBS was sold during the fourth quarter of 2018. Also, as discussed further in Note 7, Klépierre disposed of its interests in certain shopping centers during 2018, resulting in a gain of which our share was $20.2 million. 2017 Dispositions During 2017, we disposed of our interest in one unconsolidated retail property. The loss recognized on this transaction was approximately $1.3 million. As discussed in Note 7, Klépierre disposed of its interests in certain shopping centers during the second quarter, resulting in a gain of which our share was $5.0 million. 2016 Dispositions During 2016, we disposed of our interests in two unconsolidated multi-family residential investments, three consolidated retail properties, and four unconsolidated retail properties. Our share of the gross proceeds from these transactions was $81.8 million. The gain on the consolidated retail properties was $12.4 million. The gain on the unconsolidated retail properties was $22.6 million. The aggregate gain of $36.2 million from the sale of the two unconsolidated multi-family residential investments is included in other income and resulted in an additional $7.2 million in taxes included in income and other taxes. As discussed in Note 7, Klépierre disposed of its interest in certain Scandinavian properties during the fourth quarter, resulting in a gain of which our share was $8.1 million. |
Per Share and Per Unit Data
Per Share and Per Unit Data | 12 Months Ended |
Dec. 31, 2018 | |
Per Share and Per Unit Data | |
Per Share and Per Unit Data | 5. Per Share and Per Unit Data We determine basic earnings per share and basic earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share and diluted earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding combined with the incremental weighted average number of shares or units, as applicable, that would have been outstanding assuming all potentially dilutive securities were converted into shares of common stock or units, as applicable, at the earliest date possible. The following tables set forth the computation of basic and diluted earnings per share and basic and diluted earnings per unit. Simon For the Year Ended December 31, 2018 2017 2016 Net Income attributable to Common Stockholders — Basic and Diluted $ 2,436,721 $ 1,944,625 $ 1,835,559 Weighted Average Shares Outstanding — Basic and Diluted 309,627,178 311,517,345 312,690,756 For the year ended December 31, 2018, 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 years ended December 31, 2018, 2017, and 2016. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared. The Operating Partnership For the Year Ended December 31, 2018 2017 2016 Net Income attributable to Unitholders — Basic and Diluted $ 2,805,764 $ 2,239,638 $ 2,122,236 Weighted Average Units Outstanding — Basic and Diluted 356,520,452 358,776,632 361,526,633 For the year ended December 31, 2018, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the years ended December 31, 2018, 2017, and 2016. We accrue distributions when they are declared. The taxable nature of the dividends declared and Operating Partnership distributions declared for each of the years ended as indicated is summarized as follows: For the Year Ended December 31, 2018 2017 2016 Total dividends/distributions paid per common share/unit $ 7.90 $ 7.15 $ 6.50 Percent taxable as ordinary income 96.20 % 100.00 % 99.70 % Percent taxable as long-term capital gains 3.80 % 0.00 % 0.30 % 100.00 % 100.00 % 100.00 % In the first quarter of 2019, Simon’s Board of Directors declared a quarterly cash dividend of $2.05 per share of common stock payable on February 28, 2019 to stockholders of record on February 14, 2019. The Operating Partnership’s distribution rate on our units is equal to the dividend rate on Simon’s common stock. |
Investment Properties
Investment Properties | 12 Months Ended |
Dec. 31, 2018 | |
Investment Properties | |
Investment Properties | 6. Investment Properties Investment properties consist of the following as of December 31: 2018 2017 Land $ 3,673,023 $ 3,635,316 Buildings and improvements 32,994,937 32,379,190 Total land, buildings and improvements 36,667,960 36,014,506 Furniture, fixtures and equipment 424,710 378,958 Investment properties at cost 37,092,670 36,393,464 Less — accumulated depreciation 12,884,539 11,935,949 Investment properties at cost, net $ 24,208,131 $ 24,457,515 Construction in progress included above $ 561,556 $ 503,692 |
Investment in Unconsolidated En
Investment in Unconsolidated Entities and International Investments | 12 Months Ended |
Dec. 31, 2018 | |
Investment in Unconsolidated Entities | |
Investments in Unconsolidated Entities and International Investments | 7. Investments in Unconsolidated Entities and International Investments Real Estate Joint Ventures and Investments Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties, and diversify our risk in a particular property or portfolio of properties. As discussed in Note 2, we held joint venture interests in 81 properties as of December 31, 2018 and 2017, respectively. 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 December 31, 2018 and 2017, we had construction loans and other advances to related parties totaling $85.8 million and $87.0 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. Unconsolidated Property Transactions On September 25, 2018, as discussed in Note 4, we acquired the remaining 50% interest in The Outlets at Orange from our joint venture partner. The Operating Partnership issued 475,183 units at a price of $176.99 to acquire this remaining interest. As a result of this acquisition, we now own 100% of this property. On June 7, 2018, Aventura Mall, a property in which we own a 33.3% interest, refinanced its $1.2 billion mortgage loan and its $200.8 million construction loan with a $1.75 billion mortgage loan at a fixed interest rate of 4.12% that matures on July 1, 2028. An early repayment charge of $30.9 million was incurred at the property, which along with the write-off of deferred debt issuance costs of $6.5 million, is included in interest expense in the accompanying combined joint venture statements of operations. Our $12.5 million share of the charge associated with the repayment is included in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Excess proceeds from the financing were distributed to the venture partners. We have a 50% noncontrolling interest in a joint venture with Seritage Growth Properties, or Seritage, which originally held an interest in ten Sears properties located in our malls. On November 3, 2017, we acquired additional interests in the real estate assets and/or rights to terminate leases related to twelve Sears stores located at our malls (including five stores previously held in our joint venture with Seritage), in order to redevelop these properties. Our cost of this transaction after partner participation was $149.1 million, which is reflected as investment property. In May 2017, Colorado Mills, a property in which we have a 37.5% interest, sustained significant hail damage. During the second quarter of 2017, the property recorded an impairment charge of approximately $32.5 million based on the net carrying value of the assets damaged, which was fully offset by anticipated insurance recoveries. As of December 31, 2018, the property had received business interruption proceeds and also property damage proceeds of $65.9 million, which resulted in the property recording a $33.4 million gain in 2018. Our $12.5 million share of the gain is reflected within the gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. On September 15, 2016, we and a group of co-investors acquired certain assets and liabilities of Aéropostale, a retailer of apparel and accessories, out of bankruptcy. The interests were acquired through two separate joint ventures, a licensing venture and an operating venture. In April 2018, we contributed our entire interest in the licensing venture in exchange for additional interests in ABG, a brand development, marketing, and entertainment company. As a result, we recognized a $35.6 million non‑cash gain representing the increase in value of our previously held interest in the licensing venture, which is included in other income in the accompanying consolidated statements of operations and comprehensive income. At December 31, 2018, our noncontrolling equity method interests in the operations venture of Aéropostale and in ABG was 44.95% and 5.40%, respectively. On April 14, 2016, we and a joint venture partner completed the acquisition of The Shops at Crystals, a luxury shopping center on the Las Vegas Strip, for $1.1 billion. The transaction was funded with a combination of cash on hand, cash from our partner, and a $550.0 million, 3.74% fixed-rate mortgage loan that will mature on July 1, 2026. We have a 50% noncontrolling interest in this joint venture and manage the day-to-day operations. Substantially all of our investment has been determined to relate to investment property based on estimated fair values at the acquisition date. 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. As of December 31, 2018 and 2017, we had an 11.7% noncontrolling equity interest in HBS, a joint venture we formed with Hudson’s Bay Company. As of December 31, 2017, HBS had 42 properties in the U.S. and 41 properties in Germany. During the fourth quarter of 2018, our interest in the German department store properties was sold to Hudson’s Bay Company and SIGNA Retail Holdings resulting in a gain of $91.1 million. As of December 31, 2018, HBS continues to own 42 U.S. properties. Our share of net income, net of amortization of our excess investment, was $15.1 million and $16.1 million for the year ended December 31, 2018 and 2017, respectively. Total assets and total liabilities of HBS as of December 31, 2018 were $1.7 billion and $834.1 million, respectively. Total revenues, operating income and consolidated net income were approximately $326.3 million, $196.3 million and $105.9 million, respectively, for the year ended December 31, 2018 and $351.0 million, $313.8 million, and $220.2 million, respectively for the year ended December 31, 2017. International Investments We conduct our international operations primarily through joint venture arrangements and account for the majority of these international joint venture investments using the equity method of accounting. European Investments At December 31, 2018, we owned 63,924,148 shares, or approximately 21.3%, of Klépierre, which had a quoted market price of $30.86 per share. Our share of net income, net of amortization of our excess investment, was $98.8 million, $50.0 million and $41.5 million for the years ended December 31, 2018, 2017 and 2016, respectively. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre’s results to GAAP, Klépierre’s total assets, total liabilities, and noncontrolling interests were $20.0 billion, $12.7 billion, and $1.4 billion, respectively, as of December 31, 2018 and $21.8 billion, $13.7 billion, and $1.6 billion, respectively, as of December 31, 2017. Klépierre’s total revenues, operating income and consolidated net income were approximately $1.6 billion, $670.4 million and $693.0 million, respectively, for the year ended December 31, 2018, $1.5 billion, $545.7 million and $381.3 million, for the year ended December 31, 2017, and $1.5 billion, $449.9 million and $310.9 million, respectively, for the year ended December 31, 2016. During the years ended December 31, 2018, 2017 and 2016, Klépierre completed the disposal of its interests in certain shopping centers. In connection with these disposals, we recorded gains of $20.2 million, $5.0 million and $8.1 million, respectively, representing our share of the gains recognized by Klépierre, which is included in gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. We had an interest in a European investee that had interests in nine Designer Outlet properties as of December 31, 2018 and 2017, and seven Designer Outlet properties at December 31, 2016. On January 1, 2016, we gained control of the entity through terms of the underlying venture agreement, requiring a remeasurement of our previously held equity interest to fair value resulting in a non-cash gain of $12.1 million in earnings during the first quarter of 2016, including amounts reclassified from accumulated other comprehensive income (loss) related to the currency translation adjustment previously recorded on our investment. The gain is included in gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. As a result of the change in control, we consolidated two of the outlet properties on January 1, 2016. The consolidation required us to recognize the entity's identifiable assets and liabilities at fair value in our consolidated financial statements along with the fair value of the related redeemable noncontrolling interest representing our partners' share. The fair value of the consolidated assets and liabilities relates primarily to investment property, investments in unconsolidated entities and assumed mortgage debt. Due to certain redemption rights held by our venture partner, the noncontrolling interest is presented (i) in the accompanying Simon consolidated balance sheets outside of equity in limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties and (ii) in the accompanying Operating Partnership consolidated balance sheets within preferred units, various series, at liquidation value, and noncontrolling redeemable interests in properties. In February 2016, we and our partner, through this European investee, acquired a noncontrolling 75.0% ownership interest in an outlet center in Ochtrup, Germany for cash consideration of approximately $38.3 million. On July 25, 2016, this European investee also acquired the remaining 33% interest in two Italian outlet centers in Naples and Venice, as well as the remaining interests in related expansion projects and working capital for cash consideration of $159.7 million. This resulted in the consolidation of these two properties on the acquisition date, requiring a remeasurement of our previously held equity interest to fair value and the recognition of a non-cash gain of $29.3 million in earnings during the third quarter of 2016. Substantially all of our investment has been determined to relate to investment property based on estimated fair value at the acquisition date. On April 7, 2017, this European investee acquired an additional 15.7% investment in the Roermond Designer Outlets Phase 4 expansion for cash consideration of approximately $17.9 million, bringing its total noncontrolling interest in the expansion to 51.3%. On April 21, 2017, this European investee acquired a 100% interest in an outlet center in Roosendaal, Netherlands for cash consideration of $69.8 million and the assumption of existing mortgage debt of $40.1 million. In May, the assumed loan was refinanced with a $69.0 million mortgage loan due in 2024, after available extension options, with an interest rate of EURIBOR plus 1.85%. Substantially all of our investment has been determined to relate to investment property based on estimated fair value at the acquisition date. In addition, we have a 50.0% noncontrolling interest in a European property management and development company that provides services to the Designer Outlet properties and third parties. As of December 31, 2018, our legal percentage ownership interests in these properties ranged from 45% to 94%. We also have minority interests in Value Retail PLC and affiliated entities, which own or have interests in and operate nine luxury outlets located throughout Europe and we have a direct minority ownership in three of those outlets. At December 31, 2018 and 2017, the carrying value of these equity instruments was $140.8 million and is included in deferred costs and other assets. Asian Joint Ventures We conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi Estate Co., Ltd. We have a 40% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $232.1 million and $230.3 million as of December 31, 2018 and 2017, 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 $166.3 million and $149.1 million as of December 31, 2018 and 2017, 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, Aéropostale, ABG, and HBS, follows. During 2017, we disposed of our interest in one retail property. During 2016, we disposed of our interests in four retail properties and our investments in two multi-family residential assets. COMBINED BALANCE SHEETS December 31, December 31, 2018 2017 Assets: Investment properties, at cost $ 18,807,449 $ 18,328,747 Less - accumulated depreciation 6,371,363 11,972,816 11,957,384 Cash and cash equivalents 956,084 Tenant receivables and accrued revenue, net 403,125 Deferred costs and other assets 355,585 Total assets $ 13,885,180 $ 13,672,178 Liabilities and Partners’ Deficit: Mortgages $ 15,235,415 $ 14,784,310 Accounts payable, accrued expenses, intangibles, and deferred revenue 1,033,674 Other liabilities 365,857 Total liabilities 16,555,931 16,183,841 Preferred units 67,450 Partners’ deficit (2,738,201) (2,579,113) Total liabilities and partners’ deficit $ 13,885,180 $ 13,672,178 Our Share of: Partners’ deficit $ (1,168,216) $ (1,144,620) Add: Excess Investment 1,594,198 1,733,063 Our net Investment in unconsolidated entities, at equity $ 425,982 $ 588,443 “Excess Investment” represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures or other investments acquired and has been determined to relate to the fair value of the investment property, lease related intangibles, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of investment properties, typically no greater than 40 years, the terms of the applicable leases and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities. As of December 31, 2018, scheduled principal repayments on joint venture properties’ mortgage indebtedness are as follows: 2019 $ 552,914 2020 1,114,394 2021 2,272,043 2022 1,831,834 2023 1,138,416 Thereafter 8,367,996 Total principal maturities 15,277,597 Net unamortized debt premium 2,225 Debt issuance costs (44,407) Total mortgages and unsecured indebtedness $ 15,235,415 This debt becomes due in installments over various terms extending through 2035 with interest rates ranging from 0.31% to 11.59% and a weighted average interest rate of 4.05% at December 31, 2018. COMBINED STATEMENTS OF OPERATIONS For the Year Ended December 31, 2018 2017 2016 REVENUE: Minimum rent $ $ $ Overage rent Tenant reimbursements Other income Total revenue 3,386,285 3,230,815 3,124,249 OPERATING EXPENSES: Property operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion Provision for credit losses Other Total operating expenses 1,879,547 1,796,288 1,722,959 Operating Income Before Other Items 1,506,738 1,434,527 1,401,290 Interest expense Gain (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net 101,051 Net Income $ 876,412 $ 839,226 $ 916,383 Third-Party Investors’ Share of Net Income $ $ $ Our Share of Net Income $ $ $ Amortization of Excess Investment Our Share of (Gain) Loss on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net (22,636) Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests Included in Other Income in the Consolidated Financial Statements — — (36,153) Income from Unconsolidated Entities $ 341,880 $ 326,231 $ 310,537 Our share of income from unconsolidated entities in the above table, aggregated with our share of results of Klépierre, Aéropostale, ABG, 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 or loss 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, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. |
Indebtedness and Derivative Fin
Indebtedness and Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Indebtedness and Derivative Financial Instruments | |
Indebtedness and Derivative Financial Instruments | 8. Indebtedness and Derivative Financial Instruments Our mortgages and unsecured indebtedness, excluding the impact of derivative instruments, consist of the following as of December 31: 2018 2017 Fixed-Rate Debt: Mortgage notes, including $11,822 and $16,869 of net premiums and $14,522 and $16,106 of debt issuance costs, respectively. Weighted average interest and maturity of 3.91% and 5.6 years at December 31, 2018. $ 6,099,787 $ 6,020,552 Unsecured notes, including $44,691 and $51,657 of net discounts and $58,822 and $68,535 of debt issuance costs, respectively. Weighted average interest and maturity of 3.18% and 7.2 years at December 31, 2018. 15,535,468 16,375,713 Commercial Paper (see below) 758,681 978,467 Total Fixed-Rate Debt 22,393,936 23,374,732 Variable-Rate Debt: Mortgages notes, including $5,901 and $8,988 of debt issuance costs, respectively. Weighted average interest and maturity of 3.15% and 3.1 years at December 31, 2018. 736,274 883,781 Credit Facility (see below), including $16,930 and $17,106 of debt issuance costs, respectively, at December 31, 2018. 108,070 305,530 Total Variable-Rate Debt 844,344 1,189,311 Other Debt Obligations 67,255 68,420 Total Mortgages and Unsecured Indebtedness $ 23,305,535 $ 24,632,463 General. Our unsecured debt agreements contain financial covenants and other non‑financial covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender, including adjustments to the applicable interest rate. As of December 31, 2018, we were in compliance with all covenants of our unsecured debt. At December 31, 2018, our consolidated subsidiaries were 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 were to fail to comply with these covenants, the lender could accelerate the debt and enforce its rights against their collateral. At December 31, 2018, the applicable borrowers under these non‑recourse mortgage notes were in compliance with all covenants where non‑compliance could individually or in the aggregate, giving effect to applicable cross‑default provisions, have a material adverse effect on our financial condition, liquidity or results of operations. Unsecured Debt At December 31, 2018, our unsecured debt consisted of $15.6 billion of senior unsecured notes of the Operating Partnership, $125.0 million outstanding under the Credit Facility, and $758.7 million outstanding under the Operating Partnership’s global unsecured commercial paper program, or Commercial Paper program. On December 31, 2018, we had an aggregate available borrowing capacity of $6.6 billion under the Credit Facility and the Operating Partnership’s $3.5 billion unsecured revolving credit facility, or Supplemental Facility, and together with the Credit Facility, the Credit Facilities. The maximum aggregate outstanding balance under the Credit Facilities during the year ended December 31, 2018 was $423.1 million and the weighted average outstanding balance was $238.1 million. Letters of credit of $11.3 million were outstanding under the Credit Facilities as of December 31, 2018. 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, Euro, Yen, Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 95% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility is June 30, 2021 and can be extended for an additional year to June 30, 2022 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the Credit Facility is LIBOR plus 77.5 basis points with an additional facility fee of 10 basis points. On February 15, 2018, the Operating Partnership amended and extended the Supplemental Facility. The Supplemental Facility’s initial borrowing capacity of $3.5 billion may be increased to $4.5 billion during its term and provides for borrowings denominated in U.S. dollars, Euro, Yen, Sterling, Canadian dollars and Australian dollars. The initial maturity date of the Supplemental Facility was extended to June 30, 2022 and can be extended for an additional year to June 30, 2023 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the Supplemental Facility was reduced to LIBOR plus 77.5 basis points from LIBOR plus 80 basis points, with an additional facility fee of 10 basis points. The Operating Partnership also has available a Commercial Paper program. On November 14, 2018, we amended the Commercial Paper program to increase the initial borrowing capacity of $1.0 billion to $2.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euro and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership's other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facilities and if necessary or appropriate, we may make one or more draws under either of the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program. On December 31, 2018, we had $758.7 million outstanding under the Commercial Paper program, fully comprised of U.S. dollar denominated notes with a weighted average interest rate of 2.49%. These borrowings have a weighted average maturity date of February 20, 2019 and reduce amounts otherwise available under the Credit Facilities. On January 3, 2018, the Operating Partnership redeemed at par $750.0 million of senior unsecured notes with a fixed interest rate of 1.50%. On July 10, 2018, the Operating Partnership repaid Yen-denominated borrowings of $201.3 million (U.S. dollar equivalent) on the Credit Facility. On February 1, 2019, the Operating Partnership repaid at maturity $600.0 million of senior unsecured notes with a fixed interest rate of 2.20%. Mortgage Debt Total mortgage indebtedness was $6.8 billion and $6.9 billion at December 31, 2018 and 2017, respectively. During the year ended December 31, 2018, we repaid a mortgage loan of $86.6 million with an interest rate of 7.79%. On July 30, 2018, Noventa di Piave Designer Outlet, in which we own a 90% interest, refinanced its €110.0 million, 1.68% variable rate mortgage loan maturing in 2020 with a €260.0 million, 2.00% fixed rate mortgage loan that matures in 2025. On September 25, 2018, as discussed in Note 7, we acquired the remaining 50% interest in The Outlets at Orange from our joint venture partner, resulting in the consolidation of the existing fixed rate mortgage loan of $215.0 million. The loan matures on April 1, 2024 and bears interest at 4.22%. Debt Maturity and Other Our scheduled principal repayments on indebtedness as of December 31, 2018 are as follows: 2019 $ 1,416,309 (1) 2020 1,972,316 2021 3,146,997 2022 3,596,138 2023 1,869,674 Thereafter 11,365,890 Total principal maturities 23,367,324 Net unamortized debt premium (32,869) Debt issuance costs, net (96,175) Other Debt Obligations 67,255 Total mortgages and unsecured indebtedness $ 23,305,535 (1) Our cash paid for interest in each period, net of any amounts capitalized, was as follows: For the Year Ended December 31, 2018 2017 2016 Cash paid for interest $ 811,971 $ 814,729 $ 887,118 Derivative Financial Instruments Our exposure to market risk due to changes in interest rates primarily relates to our long‑term debt obligations. We manage exposure to interest rate market risk through our risk management strategy by a combination of interest rate protection agreements to effectively fix or cap a portion of variable rate debt. We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposures, with gains and losses on the derivative contracts hedging these exposures. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes. We may enter into treasury lock agreements as part of an anticipated debt issuance. Upon completion of the debt issuance, the fair value of these instruments is recorded as part of accumulated other comprehensive income (loss) and is amortized to interest expense over the life of the debt agreement. The unamortized loss on our treasury locks and terminated hedges recorded in accumulated other comprehensive income (loss) was $3.0 million and $10.1 million as of December 31, 2018 and 2017, respectively. Within the next year, we expect to reclassify to earnings approximately $4.3 million of losses related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss). Debt Issuance Costs Our debt issuance costs consist primarily of financing fees we incurred in order to obtain long-term financing. We record amortization of debt issuance costs on a straight-line basis over the terms of the respective loans or agreements. Details of those debt issuance costs as of December 31 are as follows: 2018 2017 Debt issuance costs $ 204,189 $ 200,646 Accumulated amortization (108,014) (89,912) Debt issuance costs, net $ 96,175 $ 110,734 We report amortization of debt issuance costs, amortization of premiums, and accretion of discounts as part of interest expense. We amortize debt premiums and discounts, which are included in mortgages and unsecured indebtedness, over the remaining terms of the related debt instruments. These debt premiums or discounts arise either at the time of the debt issuance or as part of purchase accounting for the fair value of debt assumed in acquisitions. The accompanying consolidated statements of operations and comprehensive income include amortization as follows: For the Year Ended December 31, 2018 2017 2016 Amortization of debt issuance costs $ 21,445 $ 21,707 $ 21,703 Amortization of debt discounts/(premiums) 1,618 1,357 (14,583) Fair Value of Debt The carrying value of our variable‑rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed‑rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed‑rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed‑rate mortgages and unsecured indebtedness including commercial paper was $22.4 billion and $23.4 billion as of December 31, 2018 and 2017, respectively. The fair values of these financial instruments and the related discount rate assumptions as of December 31 are summarized as follows: December 31, December 31, 2018 2017 Fair value of fixed rate mortgages and unsecured indebtedness $ 22,323 $ 24,003 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages 4.55 % 4.25 % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 4.50 % 4.10 % |
Rentals under Operating Leases
Rentals under Operating Leases | 12 Months Ended |
Dec. 31, 2018 | |
Rentals under Operating Leases | |
Rentals under Operating Leases | 9. Rentals under Operating Leases Future minimum rentals to be received under non‑cancelable tenant operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on tenant sales volume as of December 31, 2018 are as follows: 2019 $ 2,864,804 2020 2,596,538 2021 2,300,681 2022 1,989,319 2023 1,609,389 Thereafter 3,791,543 $ 15,152,274 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity | |
Equity | 10. Equity Simon’s Board of Directors is authorized to reclassify excess common stock into one or more additional classes and series of capital stock, to establish the number of shares in each class or series and to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, and qualifications and terms and conditions of redemption of such class or series, without any further vote or action by the stockholders. The issuance of additional classes or series of capital stock may have the effect of delaying, deferring or preventing a change in control of us without further action of the stockholders. The ability to issue additional classes or series of capital stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or of discouraging a third party from acquiring, a majority of Simon’s outstanding voting stock. Holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders, other than for the election of directors. The holders of Simon’s Class B common stock have the right to elect up to four members of Simon’s Board of Directors. All 8,000 outstanding shares of the Class B common stock are subject to two voting trusts as to which Herbert Simon and David Simon are the trustees. Shares of Class B common stock convert automatically into an equal number of shares of common stock upon the occurrence of certain events and can be converted into shares of common stock at the option of the holders. Common Stock and Unit Issuances and Repurchases In 2018, Simon issued 92,732 shares of common stock to two limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. During the year ended December 31, 2018, the Operating Partnership redeemed 454,704 units from eight limited partners for $81.5 million in cash. These transactions increased Simon’s ownership interest in the Operating Partnership. On September 25, 2018, the Operating Partnership issued 475,183 units in connection with the acquisition of the remaining 50% interest in The Outlets at Orange, as discussed in Note 4. On February 13, 2017, Simon’s Board of Directors authorized a two-year extension of the previously authorized $2.0 billion common stock repurchase plan through March 31, 2019. On February 11, 2019, Simon's Board of Directors authorized a new common stock repurchase plan. Under the new program, the Company may purchase up to $2.0 billion of its common stock during the two-year period ending February 11, 2021. Simon may repurchase the shares in the open market or in privately negotiated transactions as market conditions warrant. During the year ended December 31, 2018, Simon repurchased 2,275,194 shares at an average price of $155.64 per share as part of this program. During the year ended December 31, 2017, Simon repurchased 2,468,630 shares at an average price of $164.87 per share as part of this program. As Simon repurchases shares under this program, the Operating Partnership repurchases an equal number of units from Simon. Temporary Equity Simon Simon classifies as temporary equity those securities for which there is the possibility that Simon could be required to redeem the security for cash irrespective of the probability of such a possibility. As a result, Simon classifies one series of preferred units in the Operating Partnership and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below. Limited Partners’ Preferred Interest in the Operating Partnership and Noncontrolling Redeemable Interests in Properties. The redemption features of the preferred units in the Operating Partnership contain provisions which could require the Operating Partnership to settle the redemption in cash. As a result, this series of preferred units in the Operating Partnership remains classified outside permanent equity. The remaining interests in a property or portfolio of properties which are redeemable at the option of the holder or in circumstances that may be outside Simon’s control, are accounted for as temporary equity. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded and presented within accumulated deficit in the consolidated statements of equity in the line issuance of unit equivalents and other. There were no noncontrolling interests redeemable at amounts in excess of fair value as of December 31, 2018 and 2017. The following table summarizes the preferred units in the Operating Partnership and the amount of the noncontrolling redeemable interests in properties as of December 31. 2018 2017 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests in properties 204,626 164,943 Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ 230,163 $ 190,480 7.50% Cumulative Redeemable Preferred Units. This series of preferred units accrues cumulative quarterly distributions at a rate of $7.50 annually. The preferred units are redeemable by the Operating Partnership upon the death of the survivor of the original holders, or the transfer of any preferred units to any person or entity other than the persons or entities entitled to the benefits of the original holder. The redemption price is the liquidation value ($100.00 per preferred unit) plus accrued and unpaid distributions, payable either in cash or fully registered shares of common stock at our election. In the event of the death of a holder of the preferred units, the occurrence of certain tax triggering events applicable to the holder, or on or after November 10, 2006, the holder may require the Operating Partnership to redeem the preferred units at the same redemption price payable at the option of the Operating Partnership in either cash or shares of common stock. These preferred units have a carrying value of $25.5 million and are included in limited partners’ preferred interest in the Operating Partnership in the consolidated balance sheets at December 31, 2018 and 2017. The Operating Partnership The Operating Partnership classifies as temporary equity those securities for which there is the possibility that the Operating Partnership could be required to redeem the security for cash, irrespective of the probability of such a possibility. As a result, the Operating Partnership classifies one series of preferred units and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below. Noncontrolling Redeemable Interests in Properties Redeemable instruments, which typically represent the remaining interest in a property or portfolio of properties, and which are redeemable at the option of the holder or in circumstances that may be outside our control, are accounted for as temporary equity. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded within equity and are presented in the consolidated statements of equity in the line issuance of unit equivalents and other. There are no noncontrolling interests redeemable at amounts in excess of fair value as of December 31, 2018 and 2017. The following table summarizes the preferred units and the amount of the noncontrolling redeemable interests in properties as of December 31. 2018 2017 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests in properties 204,626 164,943 Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ 230,163 $ 190,480 7.50% Cumulative Redeemable Preferred Units The 7.50% preferred units accrue cumulative quarterly distributions at a rate of $7.50 annually. We may redeem the preferred units upon the death of the survivor of the original holders, or the transfer of any preferred units to any person or entity other than the persons or entities entitled to the benefits of the original holder. The redemption price is the liquidation value ($100.00 per preferred unit) plus accrued and unpaid distributions, payable either in cash or fully registered shares of common stock of Simon at our election. In the event of the death of a holder of the 7.5% preferred units, the occurrence of certain tax triggering events applicable to the holder, or on or after November 10, 2006, the holder may require the Operating Partnership to redeem the preferred units at the same redemption price payable at the Operating Partnership’s option in either cash or fully registered shares of common stock of Simon. These preferred units have a carrying value of $25.5 million and are included in preferred units, at liquidation value in the consolidated balance sheets at December 31, 2018 and 2017. Permanent Equity Simon Preferred Stock. Dividends on all series of preferred stock are calculated based upon the preferred stock’s preferred return multiplied by the preferred stock’s corresponding liquidation value. The Operating Partnership pays preferred distributions to Simon equal to the dividends Simon pays on the preferred stock issued. Series J 8 3 / 8 % Cumulative Redeemable Preferred Stock. Dividends accrue quarterly at an annual rate of 8 3 / 8 % per share. Simon can redeem this series, in whole or in part, on or after October 15, 2027 at a redemption price of $50.00 per share, plus accumulated and unpaid dividends. This preferred stock was issued at a premium of $7.5 million. The unamortized premium included in the carrying value of the preferred stock at December 31, 2018 and 2017 was $2.9 million and $3.2 million, respectively. The Operating Partnership Series J 8 3 / 8 % Cumulative Redeemable Preferred Units. Distributions accrue quarterly at an annual rate of 8 3 / 8 % per unit on the Series J 8 3 / 8 % preferred units, or Series J preferred units. Simon owns all of the Series J preferred units which have the same economic rights and preferences of an outstanding series of Simon preferred stock. The Operating Partnership can redeem this series, in whole or in part, when Simon can redeem the related preferred stock, on and after October 15, 2027 at a redemption price of $50.00 per unit, plus accumulated and unpaid distributions. The Series J preferred units were issued at a premium of $7.5 million. The unamortized premium included in the carrying value of the preferred units at December 31, 2018 and 2017 was $2.9 million and $3.2 million, respectively. There are 1,000,000 Series J preferred units authorized and 796,948 Series J preferred units issued and outstanding. Other Equity Activity The Simon Property Group 1998 Stock Incentive Plan, as amended. This plan, or the 1998 plan, provides for the grant of equity‑based awards with respect to the equity of Simon in the form of options to purchase shares, stock appreciation rights, restricted stock grants and performance‑based unit awards. Options may be granted which are qualified as “incentive stock options” within the meaning of Section 422 of the Internal Revenue Code and options which are not so qualified. An aggregate of 16,300,000 shares of common stock have been reserved for issuance under the 1998 plan. The 1998 plan is administered by the Compensation Committee of Simon’s Board of Directors, or the Compensation Committee. The Compensation Committee determines which eligible individuals may participate and the type, extent and terms of the awards to be granted to them. In addition, the Compensation Committee interprets the 1998 plan and makes all other determinations deemed advisable for its administration. Options granted to employees become exercisable over the period determined by the Compensation Committee. The exercise price of an employee option may not be less than the fair market value of the shares on the date of grant. Employee options generally vest over a three‑year period and expire ten years from the date of grant. Directors who are not also our employees or employees of our affiliates are eligible to receive awards under the 1998 plan. Each independent director receives an annual cash retainer of $110,000, and an annual restricted stock award with a grant date value of $175,000. Committee chairs receive annual retainers for the Company’s Audit, Compensation, and Governance and Nominating Committees of $35,000, $35,000 and $25,000, respectively. Directors receive fixed annual retainers for service on the Audit, Compensation and Governance and Nominating Committees, of $15,000, $15,000, and $10,000, respectively. The Lead Director receives an annual retainer of $50,000. These retainers are paid 50% in cash and 50% in restricted stock. Restricted stock awards vest in full after one year. Once vested, the delivery of the shares of restricted stock (including reinvested dividends) is deferred under our Director Deferred Compensation Plan until the director retires, dies or becomes disabled or otherwise no longer serves as a director. The directors may vote and are entitled to receive dividends on the underlying shares; however, any dividends on the shares of restricted stock must be reinvested in shares of common stock and held in the Director Deferred Compensation Plan until the shares of restricted stock are delivered to the former director. Stock Based Compensation Awards under our stock based compensation plans primarily take the form of LTIP units and restricted stock grants. Restricted stock and awards under the LTIP programs are either market or performance-based and are based on various individual, corporate and business unit performance measures as further described below. The expense related to these programs, net of amounts capitalized, is included within home and regional office costs and general and administrative costs in the accompanying statements of operations and comprehensive income. LTIP Programs. 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, which are subject to the participant maintaining employment with us through certain dates and other conditions as described in the applicable award agreements. Awarded LTIP units not earned in accordance with the conditions set forth in the applicable award agreements are forfeited. Earned and fully vested LTIP units are equivalent to units of the Operating Partnership. 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. Awards under the LTIP program for 2016 will be considered earned if, and only to the extent to which, applicable total shareholder return, or TSR, performance measures, as defined in the applicable award agreements, are achieved during the applicable performance periods. 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. In 2018, the Compensation Committee established and granted awards under a redesigned LTIP program, or the 2018 LTIP program. Awards under the 2018 LTIP program were granted in two tranches, Tranche A LTIP units and Tranche B LTIP units. Each of the Tranche A LTIP units and the Tranche B LTIP units will be considered earned if, and only to the extent to which, the respective goals based on Funds From Operations, or FFO, per share or Relative TSR Goal performance criteria, as defined in the applicable award agreements, are achieved during the applicable two-year and three-year performance periods of the Tranche A LTIP units and Tranche B LTIP units, respectively. One‑half of the earned Tranche A LTIP units will vest on January 1, 2021 with the other one-half vesting on January 1, 2022. All of the earned Tranche B LTIP units will vest on January 1, 2022. The grant date fair value of the portion of the LTIP units based on achieving the target FFO performance criteria is $6.1 million for the Tranche A LTIP units and the Tranche B LTIP units, for a total of $12.1 million. The 2018 LTIP program provides that the value of the FFO-based award may be adjusted up or down based on the Company’s performance compared to the target FFO performance criteria and has a maximum potential fair value of $18.2 million. The value of the FFO-based award is recorded as expense over the period from the grant date to the date at which the awards, if earned, would become vested, based on our assessment as to whether it is probable that the performance criteria will be achieved during the applicable performance periods. The grant date fair values of any LTIP units based on TSR performance are estimated using a Monte Carlo model, and the resulting fixed expense is recorded regardless of whether the TSR performance criteria 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 earned, would become vested. The Compensation Committee approved LTIP unit grants as shown in the table below. The extent to which LTIP units were earned, and the aggregate grant date fair value, are as follows: LTIP Program LTIP Units Earned Grant Date Fair Value of TSR Award Grant Date Target Value of FFO-Based Award 2013-2015 LTIP program 466,405 $28.5 million — 2014-2016 LTIP program 120,314 $27.5 million — 2015-2017 LTIP program — $21.6 million — 2016-2018 LTIP program To be determined in 2019 $22.7 million — 2018 LTIP program - Tranche A To be determined in 2020 $6.1 million $6.1 million 2018 LTIP program - Tranche B To be determined in 2021 $6.1 million $6.1 million We recorded compensation expense, net of capitalization and forfeitures, related to these LTIP programs of approximately $12.0 million, $14.0 million, and $31.0 million for the years ended December 31, 2018, 2017 and 2016, respectively. Restricted Stock. The 1998 plan also provides for shares of restricted stock to be granted to certain employees at no cost to those employees, subject to achievement of individual performance and certain financial and return‑based performance measures established by the Compensation Committee related to the most recent year’s performance. Once granted, the shares of restricted stock then vest annually over a three‑year or a four‑year period (as defined in the award). The cost of restricted stock grants, which is based upon the stock’s fair market value on the grant date, is recognized as expense ratably over the vesting period. Through December 31, 2018 a total of 5,786,423 shares of restricted stock, net of forfeitures, have been awarded under the 1998 plan. Information regarding restricted stock awards is summarized in the following table for each of the years presented: For the Year Ended December 31, 2018 2017 2016 Shares of restricted stock awarded during the year, net of forfeitures 51,756 76,660 63,324 Weighted average fair value of shares granted during the year $ 153.24 $ 170.81 $ 209.16 Annual amortization $ $ 13,911 $ 12,024 We recorded compensation expense, net of capitalization, related to restricted stock for employees and non-employee directors of approximately $7.8 million, $9.0 million, and $9.1 million for the years ended December 31, 2018, 2017 and 2016, respectively. Other Compensation Arrangements. On July 6, 2011, in connection with the execution of an employment agreement, the Compensation Committee granted David Simon, Simon’s Chairman, Chief Executive Officer and President, a retention award in the form of 1,000,000 LTIP units, or the Award, for his continued service through July 5, 2019. Effective December 31, 2013, the Award was modified, or the Current Award, and as a result the LTIP units would 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. The Current Award does not contain an opportunity for Mr. Simon to receive additional LTIP units above and beyond the original Award should our performance exceed the higher end of the performance criteria. The performance criteria of the Current Award are based on the attainment of specific FFO per share. Because the performance criteria has 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, became earned on December 31, 2015, December 31, 2016 and December 31, 2017, respectively. If the relevant performance criteria had not been achieved, all or a portion of the Current Award would have been forfeited. The earned A units vested on January 1, 2018, earned B units vested on January 1, 2019 and earned C units will vest on June 30, 2019, subject to Mr. Simon’s continued employment through such applicable date. The grant date fair value of the retention award of $120.3 million is being recognized as expense over the eight‑year term of his employment agreement on a straight‑line basis based on the applicable vesting periods of the A units, B units and C units. We also maintain a tax‑qualified retirement 401(k) savings plan and offer no other post‑retirement or post‑employment benefits to our employees. Exchange Rights Simon Limited partners in the Operating Partnership have the right to exchange all or any portion of their units for shares of common stock on a one‑for‑one basis or cash, as determined by Simon’s Board of Directors. The amount of cash to be paid if the exchange right is exercised and the cash option is selected will be based on the trading price of Simon’s common stock at that time. At December 31, 2018, Simon had reserved 50,643,747 shares of common stock for possible issuance upon the exchange of units, stock options and Class B common stock. The Operating Partnership Limited partners have the right under the partnership agreement to exchange all or any portion of their units for shares of Simon common stock on a one-for-one basis or cash, as determined by Simon in its sole discretion. If Simon selects cash, Simon cannot cause the Operating Partnership to redeem the exchanged units for cash without contributing cash to the Operating Partnership as partners’ equity sufficient to effect the redemption. If sufficient cash is not contributed, Simon will be deemed to have elected to exchange the units for shares of Simon common stock. The amount of cash to be paid if the exchange right is exercised and the cash option is selected will be based on the trading price of Simon’s common stock at that time. The number of shares of Simon’s common stock issued pursuant to the exercise of the exchange right will be the same as the number of units exchanged. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies. | |
Commitments and Contingencies | 11. Commitments and Contingencies Litigation We are involved from time‑to‑time in various legal and regulatory proceedings that arise in the ordinary course of our business, including, but not limited to, commercial disputes, environmental matters, and litigation in connection with transactions such as acquisitions and divestitures. We believe that 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. Subsequent to December 31, 2018, we settled a lawsuit with our former insurance broker, Aon Risk Services Central Inc., related to the significant flood damage sustained at Opry Mills in May 2010. In accordance with a previous agreement with the prior co-investor in Opry Mills, a portion of the settlement was remitted to the co-investor. Our share of the settlement was approximately $68.0 million, which was recorded as other income in the first quarter of 2019. Lease Commitments As of December 31, 2018, a total of 23 of the consolidated properties are subject to ground leases. The termination dates of these ground leases range from 2019 to 2090. These ground leases generally require us to make fixed annual rental payments, or a fixed annual rental payment plus a percentage rent component based upon the revenues or total sales of the property. In addition, we have several regional office locations that are subject to leases with termination dates ranging from 2019 to 2028. These office leases generally require us to make fixed annual rental payments plus pay our share of common area, real estate and utility expenses. Some of our ground and office leases include escalation clauses and renewal options. We incurred ground lease expense and office lease expense, which are included in other expense and home office and regional expense, respectively, as follows: For the Year Ended December 31, 2018 2017 2016 Ground lease expense $ 42,670 $ 40,864 $ 38,764 Office lease expense 4,650 4,481 4,105 Future minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and renewal options unless reasonably certain of exercise and any sublease income, are as follows: 2019 $ 32,417 2020 32,403 2021 32,686 2022 32,698 2023 32,729 Thereafter 947,886 $ Insurance We maintain insurance coverage with third party carriers who provide a portion of the coverage for specific layers of potential losses, including commercial general liability, fire, flood, extended coverage and rental loss insurance on all of our properties in the United States. The initial portion of coverage not provided by third party carriers is either insured through our wholly‑owned captive insurance company, Bridgewood Insurance Company, Ltd., or other financial arrangements controlled by us. If required, a third party carrier has, in turn, agreed to provide evidence of coverage for this layer of losses under the terms and conditions of the carrier’s policy. A similar policy written either through our captive insurance company or other financial arrangements controlled by us also provides initial coverage for property insurance and certain windstorm risks at the properties located in coastal windstorm locations. We currently maintain insurance coverage against acts of terrorism on all of our properties in the United States on an “all risk” basis in the amount of up to $1 billion. Despite the existence of this insurance coverage, any threatened or actual terrorist attacks where we operate could adversely affect our property values, revenues, consumer traffic and tenant sales. Hurricane Impacts During the third quarter of 2017, two of our wholly-owned properties located in Puerto Rico sustained significant damage as a result of Hurricane Maria. Due to the conditions on the island, we were unable to determine a reliable estimate or a range of reliable estimates of the extent of the damages at these properties at the end of the third quarter of 2017. During the fourth quarter of 2017, as additional information became available, we recorded an impairment of approximately $19.0 million related to damages at these properties, which was offset by an insurance recovery receivable. Since the date of the loss, we have received $56.6 million of insurance proceeds from third-party carriers related to the two properties located in Puerto Rico, of which $38.7 million was used for property restoration and remediation and to reduce the insurance recovery receivable. In 2018, we recorded $17.9 million as business interruption proceeds in other income in the accompanying consolidated statements of operations and comprehensive income. Guarantees of Indebtedness Joint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non‑recourse to us. As of December 31, 2018 and 2017, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $216.1 million and $211.6 million, respectively (of which we have a right of recovery from our venture partners of $10.8 million). Mortgages guaranteed by the Operating Partnership are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which have estimated fair values 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions | |
Related Party Transactions | 12. Related Party Transactions Our management company provides management, insurance, and other services to Melvin Simon & Associates, Inc., a related party, unconsolidated joint ventures, and other non‑owned related party properties. Amounts for services provided by our management company and its affiliates to our unconsolidated joint ventures and other related parties were as follows: For the Year Ended December 31, 2018 2017 2016 Amounts charged to unconsolidated joint ventures $ 111,476 $ 116,447 $ 138,496 Amounts charged to properties owned by related parties 4,810 4,812 5,384 During 2018, 2017 and 2016, we recorded development, royalty and other fee income, net of elimination, related to our international investments of $16.0 million, $15.5 million and $14.4 million, respectively. Also during 2018, 2017 and 2016, we received fees related to financing services, net of elimination, provided to unconsolidated joint ventures of $0.5 million, $1.6 million and $9.1 million, respectively. The fees related to our international investments and financing activities are included in other income in the accompanying consolidated statements of operations and comprehensive income. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data (Unaudited) | |
Quarterly Financial Data (Unaudited) | 13. Quarterly Financial Data (Unaudited) Quarterly 2018 and 2017 data is summarized in the table below. Quarterly amounts may not sum to annual amounts due to rounding. First Second Third Fourth Quarter Quarter Quarter Quarter 2018 Total revenue $ 1,399,814 $ 1,388,358 $ 1,409,005 $ 1,460,743 Operating income before other items 701,933 737,675 717,391 754,089 Consolidated net income 715,524 631,414 642,212 833,192 Simon Property Group, Inc. Net income attributable to common stockholders $ 620,654 $ 547,004 $ 556,267 $ 712,796 Net income per share — Basic and Diluted $ 2.00 $ 1.77 $ 1.80 $ 2.30 Weighted average shares outstanding — Basic and Diluted 310,583,643 309,355,154 309,294,045 309,293,708 Simon Property Group, L.P. Net income attributable to unitholders $ 714,303 $ 629,822 $ 640,402 $ 821,237 Net income per unit — Basic and Diluted $ 2.00 $ 1.77 $ 1.80 $ 2.30 Weighted average units outstanding — Basic and Diluted 357,446,988 356,181,817 356,073,080 356,396,387 2017 Total revenue $ 1,345,763 $ 1,361,548 $ 1,403,638 $ 1,427,692 Operating income before other items 676,671 686,149 690,068 749,452 Consolidated net income 551,075 441,373 592,635 659,821 Simon Property Group, Inc. Net income attributable to common stockholders $ 477,736 $ 381,990 $ 513,783 $ 571,116 Net income per share — Basic and Diluted $ 1.53 $ 1.23 $ 1.65 $ 1.84 Weighted average shares outstanding — Basic and Diluted 312,809,981 311,579,301 310,853,299 310,855,573 Simon Property Group, L.P. Net income attributable to unitholders $ 550,006 $ 439,986 $ 591,872 $ 657,774 Net income per unit — Basic and Diluted $ 1.53 $ 1.23 $ 1.65 $ 1.84 Weighted average units outstanding — Basic and Diluted 360,130,442 358,865,806 358,115,572 358,025,108 |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
Schedule III Real Estate and Accumulated Depreciation | |
Schedule III Real Estate and Accumulated Depreciation | SCHEDULE III Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Malls Barton Creek Square Austin, TX $ — $ 2,903 $ 20,929 $ 7,983 $ 74,248 $ 10,886 $ 95,177 $ 106,063 $ 60,183 Battlefield Mall Springfield, MO 117,500 3,919 27,231 3,000 66,714 6,919 93,945 100,864 70,821 Bay Park Square Green Bay, WI — 6,358 25,623 4,106 26,528 10,464 52,151 62,615 32,956 Brea Mall Brea (Los Angeles), CA — 39,500 209,202 2,993 71,244 42,493 280,446 322,939 141,980 (4) Broadway Square Tyler, TX — 11,306 32,431 — 34,660 11,306 67,091 78,397 36,959 (4) Burlington Mall Burlington (Boston), MA — 46,600 303,618 27,458 163,037 74,058 466,655 540,713 224,029 (4) Castleton Square Indianapolis, IN — 26,250 98,287 7,434 79,746 33,684 178,033 211,717 110,241 Cielo Vista Mall El Paso, TX — 1,005 15,262 608 55,602 1,613 70,864 72,477 47,039 College Mall Bloomington, IN — 1,003 16,245 720 71,898 1,723 88,143 89,866 43,238 Columbia Center Kennewick, WA — 17,441 66,580 — 33,367 17,441 99,947 117,388 58,618 Copley Place Boston, MA — — 378,045 — 193,429 — 571,474 571,474 222,354 (4) Coral Square Coral Springs (Miami), FL — 13,556 93,630 — 20,734 13,556 114,364 127,920 87,184 Cordova Mall Pensacola, FL — 18,626 73,091 7,321 68,923 25,947 142,014 167,961 71,696 (4) Domain, The Austin, TX 184,739 40,436 197,010 — 149,273 40,436 346,283 386,719 150,030 Empire Mall Sioux Falls, SD 190,000 35,998 192,186 — 27,742 35,998 219,928 255,926 53,845 (5) Fashion Mall at Keystone, The Indianapolis, IN — — 120,579 29,145 101,035 29,145 221,614 250,759 117,915 (4) Firewheel Town Center Garland (Dallas), TX — 8,438 82,716 — 28,593 8,438 111,309 119,747 60,730 Forum Shops at Caesars, The Las Vegas, NV — — 276,567 — 265,368 — 541,935 541,935 260,765 Greenwood Park Mall Greenwood (Indianapolis), IN — 2,423 23,445 5,253 119,671 7,676 143,116 150,792 84,288 Haywood Mall Greenville, SC — 11,585 133,893 6 41,791 11,591 175,684 187,275 106,328 (4) Ingram Park Mall San Antonio, TX 128,060 733 16,972 37 39,964 770 56,936 57,706 30,283 King of Prussia King of Prussia (Philadelphia), PA — 175,063 1,128,200 — 356,883 175,063 1,485,083 1,660,146 351,350 (5) La Plaza Mall McAllen, TX — 87,912 9,828 6,569 172,054 94,481 181,882 276,363 41,344 Lakeline Mall Cedar Park (Austin), TX — 10,088 81,568 14 26,260 10,102 107,828 117,930 60,355 Lenox Square Atlanta, GA — 38,058 492,411 — 129,085 38,058 621,496 659,554 336,512 (4) Livingston Mall Livingston (New York), NJ — 22,214 105,250 — 47,205 22,214 152,455 174,669 83,004 (4) Mall of Georgia Buford (Atlanta), GA — 47,492 326,633 — 13,987 47,492 340,620 388,112 173,568 (5) Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition McCain Mall N. Little Rock, AR $ — $ — $ 9,515 $ 10,530 $ 28,402 $ 10,530 $ 37,917 $ 48,447 $ 14,607 Menlo Park Mall Edison (New York), NJ — 65,684 223,252 — 76,405 65,684 299,657 365,341 171,764 (4) Midland Park Mall Midland, TX 75,464 687 9,213 2,121 31,348 2,808 40,561 43,369 21,607 Miller Hill Mall Duluth, MN — 2,965 18,092 1,811 43,807 4,776 61,899 66,675 42,841 Montgomery Mall North Wales (Philadelphia), PA 100,000 27,105 86,915 — 64,352 27,105 151,267 178,372 66,982 (5) North East Mall Hurst (Dallas), TX — 128 12,966 19,010 147,128 19,138 160,094 179,232 110,442 Northgate Seattle, WA — 23,610 115,992 — 125,856 23,610 241,848 265,458 128,076 Ocean County Mall Toms River (New York), NJ — 20,404 124,945 3,277 54,058 23,681 179,003 202,684 91,058 (4) Orland Square Orland Park (Chicago), IL — 35,514 129,906 — 76,956 35,514 206,862 242,376 103,986 (4) Oxford Valley Mall Langhorne (Philadelphia), PA 61,076 24,544 100,287 — 20,195 24,544 120,482 145,026 79,717 (4) Penn Square Mall Oklahoma City, OK 310,000 2,043 155,958 — 59,474 2,043 215,432 217,475 122,459 (4) Pheasant Lane Mall Nashua, NH — 3,902 155,068 550 50,241 4,452 205,309 209,761 105,301 (5) Phipps Plaza Atlanta, GA — 15,005 210,610 — 109,206 15,005 319,816 334,821 150,091 (4) Plaza Carolina Carolina (San Juan), PR 225,000 15,493 279,560 — 71,902 15,493 351,462 366,955 152,228 (4) Prien Lake Mall Lake Charles, LA — 1,842 2,813 3,053 58,570 4,895 61,383 66,278 29,576 Rockaway Townsquare Rockaway (New York), NJ — 41,918 212,257 — 52,808 41,918 265,065 306,983 143,714 (4) Roosevelt Field Garden City (New York), NY — 163,160 702,008 1,246 354,520 164,406 1,056,528 1,220,934 465,477 (4) Ross Park Mall Pittsburgh, PA — 23,541 90,203 5,815 113,912 29,356 204,115 233,471 120,441 Santa Rosa Plaza Santa Rosa, CA — 10,400 87,864 — 28,488 10,400 116,352 126,752 62,941 (4) Shops at Chestnut Hill, The Chestnut Hill (Boston), MA 120,000 449 25,102 38,864 104,339 39,313 129,441 168,754 32,417 (5) Shops at Nanuet, The Nanuet, NY — 28,125 142,860 — 10,582 28,125 153,442 181,567 32,667 Shops at Riverside, The Hackensack (New York), NJ 130,000 13,521 238,746 — 167,109 13,521 405,855 419,376 66,445 (4) (5) South Hills Village Pittsburgh, PA — 23,445 125,840 1,472 77,461 24,917 203,301 228,218 97,896 (4) South Shore Plaza Braintree (Boston), MA — 101,200 301,495 — 163,860 101,200 465,355 566,555 239,269 (4) Southdale Mall Edina (Minneapolis), MN 144,514 41,430 184,967 — 103,704 41,430 288,671 330,101 56,075 (4) (5) SouthPark Charlotte, NC — 42,092 188,055 100 194,303 42,192 382,358 424,550 202,385 (4) Southridge Mall Greendale (Milwaukee), WI 116,968 12,359 130,111 1,939 19,905 14,298 150,016 164,314 47,949 (4) (5) St. Charles Towne Center Waldorf (Washington, DC), MD — 7,710 52,934 1,180 28,363 8,890 81,297 90,187 57,442 Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Stanford Shopping Center Palo Alto (San Jose), CA $ — $ — $ 339,537 $ — $ 156,919 $ — $ 496,456 $ 496,456 $ 180,196 (4) Summit Mall Akron, OH 85,000 15,374 51,137 — 56,286 15,374 107,423 122,797 60,869 Tacoma Mall Tacoma (Seattle), WA — 37,113 125,826 — 130,010 37,113 255,836 292,949 129,641 Tippecanoe Mall Lafayette, IN — 2,897 8,439 5,517 48,513 8,414 56,952 65,366 42,488 Town Center at Boca Raton Boca Raton (Miami), FL — 64,200 307,317 — 227,545 64,200 534,862 599,062 275,246 (4) Town Center at Cobb Kennesaw (Atlanta), GA 185,305 32,355 158,225 — 23,534 32,355 181,759 214,114 116,310 (5) Towne East Square Wichita, KS — 8,525 18,479 4,108 48,773 12,633 67,252 79,885 46,725 Treasure Coast Square Jensen Beach, FL — 11,124 72,990 3,067 40,629 14,191 113,619 127,810 71,016 Tyrone Square St. Petersburg (Tampa), FL — 15,638 120,962 1,459 51,700 17,097 172,662 189,759 101,515 University Park Mall Mishawaka, IN — 10,762 118,164 7,000 59,439 17,762 177,603 195,365 144,655 (4) Walt Whitman Shops Huntington Station (New York), NY — 51,700 111,258 3,789 126,664 55,489 237,922 293,411 114,751 (4) White Oaks Mall Springfield, IL 49,500 3,024 35,692 2,102 63,451 5,126 99,143 104,269 53,418 Wolfchase Galleria Memphis, TN 159,157 16,407 128,276 — 18,036 16,407 146,312 162,719 90,260 (4) Woodland Hills Mall Tulsa, OK — 34,211 187,123 — 29,732 34,211 216,855 251,066 129,540 (5) Premium Outlets Albertville Premium Outlets Albertville (Minneapolis), MN — 3,900 97,059 — 9,810 3,900 106,869 110,769 49,034 (4) Allen Premium Outlets Allen (Dallas), TX — 20,932 69,788 — 44,420 20,932 114,208 135,140 30,989 (4) Aurora Farms Premium Outlets Aurora (Cleveland), OH — 2,370 24,326 — 8,441 2,370 32,767 35,137 22,781 (4) Birch Run Premium Outlets Birch Run (Detroit), MI 123,000 11,477 77,856 — 8,129 11,477 85,985 97,462 31,239 (4) Camarillo Premium Outlets Camarillo (Los Angeles), CA — 16,670 224,721 395 69,778 17,065 294,499 311,564 131,826 (4) Carlsbad Premium Outlets Carlsbad (San Diego), CA — 12,890 184,990 96 8,476 12,986 193,466 206,452 79,085 (4) Carolina Premium Outlets Smithfield (Raleigh), NC 44,169 3,175 59,863 5,311 7,341 8,486 67,204 75,690 35,141 (4) Chicago Premium Outlets Aurora (Chicago), IL — 659 118,005 13,050 102,843 13,709 220,848 234,557 73,145 (4) Cincinnati Premium Outlets Monroe (Cincinnati), OH — 14,117 71,520 — 4,991 14,117 76,511 90,628 33,752 Clinton Crossing Premium Outlets Clinton, CT — 2,060 107,556 1,532 5,201 3,592 112,757 116,349 54,256 (4) Denver Premium Outlets Thornton (Denver), CO — 12,875 45,335 10 78,668 12,885 124,003 136,888 1,785 Desert Hills Premium Outlets Cabazon (Palm Springs), CA — 3,440 338,679 — 108,510 3,440 447,189 450,629 160,549 (4) Edinburgh Premium Outlets Edinburgh (Indianapolis), IN — 2,857 47,309 — 17,406 2,857 64,715 67,572 32,847 (4) Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Ellenton Premium Outlets Ellenton (Tampa), FL $ 178,000 $ 15,807 $ 182,412 $ — $ 7,174 $ 15,807 $ 189,586 $ 205,393 $ 86,680 (4) Folsom Premium Outlets Folsom (Sacramento), CA — 9,060 50,281 — 5,073 9,060 55,354 64,414 29,159 (4) Gilroy Premium Outlets Gilroy (San Jose), CA — 9,630 194,122 — 13,992 9,630 208,114 217,744 95,334 (4) Grand Prairie Premium Outlets Grand Prairie (Dallas), TX 114,013 9,497 194,245 — 1,274 9,497 195,519 205,016 42,516 Grove City Premium Outlets Grove City (Pittsburgh), PA 140,000 6,421 121,880 — 7,510 6,421 129,390 135,811 59,332 (4) Gulfport Premium Outlets Gulfport, MS 50,000 — 27,949 — 7,315 — 35,264 35,264 13,730 (4) Hagerstown Premium Outlets Hagerstown (Baltimore/Washington, DC), MD 75,951 3,576 85,883 — 3,086 3,576 88,969 92,545 33,195 (4) Houston Premium Outlets Cypress (Houston), TX — 8,695 69,350 — 44,459 8,695 113,809 122,504 46,806 Jackson Premium Outlets Jackson (New York), NJ — 6,413 104,013 3 8,473 6,416 112,486 118,902 46,963 (4) Jersey Shore Premium Outlets Tinton Falls (New York), NJ — 15,390 50,979 — 76,170 15,390 127,149 142,539 56,150 Johnson Creek Premium Outlets Johnson Creek, WI — 2,800 39,546 — 7,078 2,800 46,624 49,424 20,882 (4) Kittery Premium Outlets Kittery, ME — 11,832 94,994 — 10,289 11,832 105,283 117,115 41,505 (4) Las Americas Premium Outlets San Diego, CA — 45,168 251,878 — 9,369 45,168 261,247 306,415 86,814 (4) Las Vegas North Premium Outlets Las Vegas, NV — 25,435 134,973 16,536 150,374 41,971 285,347 327,318 112,688 (4) Las Vegas South Premium Outlets Las Vegas, NV — 13,085 160,777 — 31,774 13,085 192,551 205,636 76,452 (4) Lee Premium Outlets Lee, MA 51,701 9,167 52,212 — 3,487 9,167 55,699 64,866 24,893 (4) Leesburg Corner Premium Outlets Leesburg (Washington, DC), VA — 7,190 162,023 — 8,146 7,190 170,169 177,359 80,158 (4) Lighthouse Place Premium Outlets Michigan City (Chicago, IL), IN — 6,630 94,138 — 10,169 6,630 104,307 110,937 53,431 (4) Merrimack Premium Outlets Merrimack, NH 121,753 14,975 118,428 — 3,129 14,975 121,557 136,532 34,503 Napa Premium Outlets Napa, CA — 11,400 45,023 — 7,769 11,400 52,792 64,192 24,479 (4) North Bend Premium Outlets North Bend (Seattle), WA — 2,143 36,197 — 5,609 2,143 41,806 43,949 17,534 (4) North Georgia Premium Outlets Dawsonville (Atlanta), GA — 4,300 137,020 — 1,414 4,300 138,434 142,734 61,019 (4) Orlando International Premium Outlets Orlando, FL — 31,998 472,815 — 11,836 31,998 484,651 516,649 149,916 (4) Orlando Vineland Premium Outlets Orlando, FL — 14,040 382,949 36,023 2,193 50,063 385,142 435,205 154,691 (4) Petaluma Village Premium Outlets Petaluma (San Francisco), CA — 13,322 13,710 — 4,038 13,322 17,748 31,070 10,652 (4) Philadelphia Premium Outlets Limerick (Philadelphia), PA — 16,676 105,249 — 21,889 16,676 127,138 143,814 63,823 Phoenix Premium Outlets Chandler (Phoenix), AZ — — 63,082 — — — 63,082 63,082 19,033 Pismo Beach Premium Outlets Pismo Beach, CA 35,360 4,317 19,044 — 2,967 4,317 22,011 26,328 11,157 (4) Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Pleasant Prairie Premium Outlets Pleasant Prairie (Chicago, IL/Milwaukee), WI $ 145,000 $ 16,823 $ 126,686 $ — $ 6,685 $ 16,823 $ 133,371 $ 150,194 $ 45,896 (4) Puerto Rico Premium Outlets Barceloneta, PR 160,000 20,586 114,021 — 6,590 20,586 120,611 141,197 41,964 (4) Queenstown Premium Outlets Queenstown (Baltimore), MD 62,119 8,129 61,950 — 5,149 8,129 67,099 75,228 24,600 (4) Rio Grande Valley Premium Outlets Mercedes (McAllen), TX — 12,229 41,547 — 31,748 12,229 73,295 85,524 39,351 Round Rock Premium Outlets Round Rock (Austin), TX — 14,706 82,252 — 6,543 14,706 88,795 103,501 47,625 San Francisco Premium Outlets Livermore (San Francisco), CA — 21,925 308,694 46,177 75,685 68,102 384,379 452,481 72,985 San Marcos Premium Outlets San Marcos (Austin/San Antonio), TX — 13,180 287,179 — 12,120 13,180 299,299 312,479 94,558 (4) Seattle Premium Outlets Tulalip (Seattle), WA — — 103,722 — 55,069 — 158,791 158,791 68,934 (4) St. Augustine Premium Outlets St. Augustine (Jacksonville), FL — 6,090 57,670 2 11,192 6,092 68,862 74,954 34,709 (4) Tampa Premium Outlets Lutz (Tampa), FL — 14,298 97,188 121 4,947 14,419 102,135 116,554 14,617 The Crossings Premium Outlets Tannersville, PA 108,225 7,720 172,931 — 18,388 7,720 191,319 199,039 79,224 (4) Tucson Premium Outlets Marana (Tucson), AZ — 12,508 69,677 — 5,573 12,508 75,250 87,758 11,011 Vacaville Premium Outlets Vacaville, CA — 9,420 84,850 — 17,665 9,420 102,515 111,935 51,798 (4) Waikele Premium Outlets Waipahu (Honolulu), HI — 22,630 77,316 — 20,655 22,630 97,971 120,601 42,505 (4) Waterloo Premium Outlets Waterloo, NY — 3,230 75,277 — 13,857 3,230 89,134 92,364 43,169 (4) Williamsburg Premium Outlets Williamsburg, VA 185,000 10,323 223,789 — 7,445 10,323 231,234 241,557 72,356 (4) Woodburn Premium Outlets Woodburn (Portland), OR — 9,414 150,414 — 2,556 9,414 152,970 162,384 35,847 (4) Woodbury Common Premium Outlets Central Valley (New York), NY — 11,110 862,559 1,658 242,457 12,768 1,105,016 1,117,784 386,969 (4) Wrentham Village Premium Outlets Wrentham (Boston), MA — 4,900 282,031 — 16,054 4,900 298,085 302,985 129,941 (4) The Mills Arizona Mills Tempe (Phoenix), AZ 152,911 41,936 297,289 — 13,233 41,936 310,522 352,458 53,789 (4) (5) Great Mall Milpitas (San Jose), CA — 69,853 463,101 — 53,937 69,853 517,038 586,891 118,149 (4) (5) Gurnee Mills Gurnee (Chicago), IL 264,582 41,133 297,911 — 27,761 41,133 325,672 366,805 77,680 (4) (5) Mills at Jersey Gardens, The Elizabeth, NJ 350,000 120,417 865,605 — 16,258 120,417 881,863 1,002,280 133,622 (4) Opry Mills Nashville, TN 375,000 51,000 327,503 — 16,256 51,000 343,759 394,759 80,730 (4) (5) Outlets at Orange, The Orange (Los Angeles), CA 215,000 65,516 211,322 — 1,393 65,516 212,715 278,231 2,028 (4) (5) Potomac Mills Woodbridge (Washington, DC), VA 416,000 61,755 425,370 — 36,909 61,755 462,279 524,034 115,348 (4) (5) Sawgrass Mills Sunrise (Miami), FL — 194,002 1,641,153 5,395 178,168 199,397 1,819,321 2,018,718 402,390 (4) (5) Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Designer Outlets La Reggia Designer Outlet Marcianise (Naples), Italy $ 148,133 $ 37,220 $ 233,179 $ — $ 5,742 $ 37,220 $ 238,921 $ 276,141 $ 27,147 (4) (5) (7) Noventa Di Piave Designer Outlet Venice, Italy 297,566 38,793 309,284 — 40,462 38,793 349,746 388,539 34,041 (4) (5) (7) Parndorf Designer Outlet Vienna, Austria 105,293 14,903 221,442 — 3,918 14,903 225,360 240,263 31,851 (4) (5) (7) Provence Designer Outlet Provence, France 93,020 38,467 75,102 — — 38,467 75,102 113,569 9,983 (4) (5) (7) Roermond Designer Outlet Roermond, Netherlands 263,232 15,035 400,094 — 3,735 15,035 403,829 418,864 54,243 (4) (5) (7) Rosada Designer Outlet Roosendaal, Netherlands 66,523 22,191 108,069 — 1,672 22,191 109,741 131,932 8,980 (4) (5) (7) Community Centers ABQ Uptown Albuquerque, NM — 6,374 75,333 4,054 7,087 10,428 82,420 92,848 23,653 (4) University Park Village Fort Worth, TX 55,000 18,031 100,523 — 4,827 18,031 105,350 123,381 14,774 (4) Other Properties Calhoun Marketplace Calhoun, GA 18,670 1,745 12,529 — 2,325 1,745 14,854 16,599 8,976 (4) Florida Keys Outlet Center Florida City, FL 17,000 1,112 1,748 — 3,992 1,112 5,740 6,852 2,974 (4) Gaffney Marketplace Gaffney (Greenville/Charlotte), SC 30,159 4,056 32,371 — 6,103 4,056 38,474 42,530 17,356 (4) Lebanon Marketplace Lebanon (Nashville), TN — 1,758 10,189 — 271 1,758 10,460 12,218 7,011 (4) Liberty Village Marketplace Flemington (New York), NJ — 5,670 28,904 — 2,345 5,670 31,249 36,919 30,373 (4) Lincoln Plaza King of Prussia (Philadelphia), PA — — 21,299 — 10,999 — 32,298 32,298 15,234 (4) Orlando Outlet Marketplace Orlando, FL — 3,367 1,557 — 2,990 3,367 4,547 7,914 2,229 (4) Osage Beach Marketplace Osage Beach, MO — 9,460 85,804 — 8,595 9,460 94,399 103,859 49,744 (4) Other pre-development costs — 80,718 80,172 959 — 81,677 80,172 161,849 78 Other — 2,615 7,103 — — 2,615 7,103 9,718 7,151 Currency Translation Adjustment — 7,794 24,126 — 29,580 7,794 53,706 61,500 (14,925) $ 6,844,662 $ 3,321,044 $ 25,018,405 $ 351,979 $ 7,976,532 $ 3,673,023 $ 32,994,937 $ 36,667,960 $ 12,632,690 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Schedule III as of December 31, 2018 (Dollars in thousands) (1) Reconciliation of Real Estate Properties: The changes in real estate assets for the years ended December 31, 2018, 2017, and 2016 are as follows: 2018 2017 2016 Balance, beginning of year $ 36,014,506 $ 34,897,942 $ 33,132,885 Acquisitions and consolidations (7) 328,265 328,621 1,331,511 Improvements 758,135 731,863 658,734 Disposals and deconsolidations (357,622) (125,499) (180,433) Currency Translation Adjustment (75,324) 181,579 (44,755) Balance, close of year $ 36,667,960 $ 36,014,506 $ 34,897,942 The unaudited aggregate cost of domestic consolidated real estate assets for U.S. federal income tax purposes as of December 31, 2018 was $20,963,919. (2) Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation for the years ended December 31, 2018, 2017, and 2016 are as follows: 2018 2017 2016 Balance, beginning of year $ 11,704,223 $ 10,664,738 $ 9,696,420 Depreciation expense (7) 1,106,053 1,121,863 1,089,347 Disposals and deconsolidations (190,241) (81,187) (117,568) Currency Translation Adjustment 12,655 (1,191) (3,461) Balance, close of year $ 12,632,690 $ 11,704,223 $ 10,664,738 Depreciation of our investment in buildings and improvements reflected in the consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as noted below. · Buildings and Improvements — typically 10‑35 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment. · Tenant Allowances and Improvements — shorter of lease term or useful life. (3) Initial cost generally represents net book value at December 20, 1993, except for acquired properties and new developments after December 20, 1993. Initial cost also includes any new developments that are opened during the current year. Costs of disposals and impairments of property are first reflected as a reduction to cost capitalized subsequent to acquisition. (4) Not developed/constructed by us or our predecessors. The date of construction represents the initial acquisition date for assets in which we have acquired multiple interests. (5) Initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting. (6) Encumbrances represent face amount of mortgage debt and exclude any premiums or discounts and deferred financing costs. (7) Represents the original cost and does not include subsequent currency translation adjustments. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Significant Accounting Policies | |
Investment Properties | Investment Properties We record investment properties at cost. Investment properties include costs of acquisitions; development, predevelopment, and construction (including allocable salaries and related benefits); tenant allowances and improvements; and interest and real estate taxes incurred during construction. We capitalize improvements and replacements from repair and maintenance when the repair and maintenance extends the useful life, increases capacity, or improves the efficiency of the asset. All other repair and maintenance items are expensed as incurred. We capitalize interest on projects during periods of construction until the projects are ready for their intended purpose based on interest rates in place during the construction period. The amount of interest capitalized during each year is as follows: For the Year Ended December 31, 2018 2017 2016 Capitalized interest $ 19,871 $ 24,754 $ 31,250 We record depreciation on buildings and improvements utilizing the straight‑line method over an estimated original useful life, which is generally 10 to 35 years. We review depreciable lives of investment properties periodically and we make adjustments when necessary to reflect a shorter economic life. We amortize tenant allowances and tenant improvements utilizing the straight‑line method over the term of the related lease or occupancy term of the tenant, if shorter. We record depreciation on equipment and fixtures utilizing the straight‑line method over seven to ten years. We review investment properties for impairment on a property‑by‑property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable. These circumstances include, but are not limited to, declines in a property’s cash flows, ending occupancy or total sales per square foot. We measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization during the anticipated holding period plus its residual value is less than the carrying value of the property. To the extent impairment has occurred, we charge to income the excess of carrying value of the property over its estimated fair value. We estimate undiscounted cash flows and fair value using unobservable data such as operating income, estimated capitalization rates, or multiples, leasing prospects and local market information. We may decide to sell properties that are held for use and the sale prices of these properties may differ from their carrying values. We also review our investments, including investments in unconsolidated entities, if events or circumstances change indicating that the carrying amount of our investments may not be recoverable. We will record an impairment charge if we determine that a decline in the fair value of the investments is other‑than‑temporary. Changes in economic and operating conditions that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results. During the fourth quarter of 2016, we determined we would no longer pursue the construction of the Copley residential tower given a change in property approval dynamics, construction pricing in the Boston market and the continued increase in residential supply in the market. Accordingly, we recorded a charge of approximately $31.5 million related to the write-off of pre-development costs, which is included in other expenses in the accompanying statement of operations and comprehensive income. |
Purchase Accounting | Purchase Accounting We allocate the purchase price of asset acquisitions and any excess investment in unconsolidated entities to the various components of the acquisition based upon the relative fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, we may utilize third party valuation specialists. These components typically include buildings, land and intangibles related to in‑place leases and we estimate: · the relative fair value of land and related improvements and buildings on an as‑if‑vacant basis, · the market value of in‑place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into revenues, · the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and · the value of revenue and recovery of costs foregone during a reasonable lease‑up period, as if the space was vacant. The relative fair value of buildings is depreciated over the estimated remaining life of the acquired building or related improvements. We amortize tenant improvements, in‑place lease assets and other lease‑related intangibles over the remaining life of the underlying leases. We also estimate the value of other acquired intangible assets, if any, which are amortized over the remaining life of the underlying related intangibles. |
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. See Notes 4 and 10 for disclosures about non-cash investing and financing transactions. |
Equity Instruments and Debt Securities | Equity Instruments and Debt Securities Equity instruments and debt securities consist primarily of the debt securities of our captive insurance subsidiary, equity instruments, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At December 31, 2018 and 2017, we had equity instruments with readily determinable fair values of $78.1 million and $88.3 million, respectively. Effective January 1, 2018, changes in fair value of these equity instruments are recorded in earnings. As of December 31, 2018, we have recorded non-cash mark-to-market adjustments related to these equity securities with readily determinable fair values of $15.2 million, which is included in other expense in our consolidated statements of operations and comprehensive income. At December 31, 2018 and 2017, we had equity instruments without readily determinable fair values of $175.7 million and $186.9 million, respectively, for which we have elected the measurement alternative. We regularly evaluate these investments for any impairment in their estimated fair value, as well as any observable price changes for an identical or similar equity instrument of the same issuer, and determined that no material adjustment in the carrying value was required for the year ended December 31, 2018. Our deferred compensation plan equity instruments are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income. On July 26, 2017, we sold our investment in certain equity instruments. The aggregate proceeds received from the sale were $53.9 million, and we recognized a gain on the sale of $21.5 million, which is included in other income in the accompanying consolidated statement of operations and comprehensive income for the year ended December 31, 2017. At December 31, 2018 and 2017, we held debt securities of $40.1 million and $55.7 million, respectively, in our captive insurance subsidiary. The types of securities included in the investment portfolio of our captive insurance subsidiary are typically U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than one year to ten years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiary is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment is recorded and a new cost basis is established. Our captive insurance subsidiary is required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. |
Fair Value Measurements | Fair Value Measurements Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs. The equity instruments with readily determinable fair values we held at December 31, 2018 and 2017 were primarily classified as having Level 1 and Level 2 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs, which consist primarily of foreign currency forward contracts and interest rate swap agreements with a gross asset balance of $10.9 million at December 31, 2018 and a gross liability balance of $6.2 million and $18.1 million at December 31, 2018 and 2017, respectively. Note 8 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3 and 4 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates. |
Gains on Issuances of Stock by Equity Method Investees | Gains on Issuances of Stock by Equity Method Investees When one of our equity method investees issues additional shares to third parties, our percentage ownership interest in the investee may decrease. In the event the issuance price per share is higher or lower than our average carrying amount per share, we recognize a noncash gain or loss on the issuance, when appropriate. This noncash gain or loss is recognized in our net income in the period the change of ownership interest occurs. |
Use of Estimates | Use of Estimates We prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates. |
Segment and Geographic Locations | Segment and Geographic Locations Our primary business is the ownership, development, and management of premier shopping, dining, entertainment and mixed use real estate. We have aggregated our retail operations, including malls, Premium Outlets, The Mills, and our international investments into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same, tenants. As discussed in Note 7, we consolidated various European assets in 2016. As of December 31, 2018, approximately 6.1% of our consolidated long-lived assets and 3.0% of our consolidated total revenues were derived from assets located outside the United States. As of December 31, 2017, approximately 6.5% of our consolidated long-lived assets and 2.6% of our consolidated total revenues were derived from assets located outside the United States. |
Deferred Costs and Other Assets | Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31: 2018 2017 Deferred lease costs, net $ 249,010 $ 250,442 In-place lease intangibles, net 65,825 96,054 Acquired above market lease intangibles, net 64,813 92,405 Marketable securities of our captive insurance companies 40,099 55,664 Goodwill 20,098 20,098 Other marketable and non-marketable securities 253,732 275,130 Prepaids, notes receivable and other assets, net 516,463 584,190 $ 1,210,040 $ 1,373,983 |
Deferred Lease Costs | Deferred Lease Costs Our deferred leasing costs consist primarily of capitalized salaries and related benefits in connection with lease originations. We record amortization of deferred leasing costs on a straight‑line basis over the terms of the related leases. Details of these deferred costs as of December 31 are as follows: 2018 2017 Deferred lease costs $ 497,570 $ 485,977 Accumulated amortization (248,560) (235,535) Deferred lease costs, net $ 249,010 $ 250,442 Amortization of deferred leasing costs is a component of depreciation and amortization expense. The accompanying consolidated statements of operations and comprehensive income include amortization of deferred leasing costs as follows: For the Year Ended December 31, 2018 2017 2016 Amortization of deferred leasing costs $ 56,646 $ 54,323 $ 49,993 |
Intangibles | Intangibles The average remaining life of in‑place lease intangibles is approximately 2.5 years and is being amortized on a straight‑line basis and is included with depreciation and amortization in the consolidated statements of operations and comprehensive income. The fair market value of above and below market leases is amortized into revenue over the remaining lease life as a component of reported minimum rents. The weighted average remaining life of these intangibles is approximately 2.7 years. The unamortized amount of below market leases is included in accounts payable, accrued expenses, intangibles and deferred revenues in the consolidated balance sheets and was $66.7 million and $94.1 million as of December 31, 2018 and 2017, respectively. The amount of amortization of above and below market leases, net, which increased revenue for the years ended December 31, 2018, 2017, and 2016, was $1.0 million, $2.8 million and $5.4 million, respectively. If a lease is terminated prior to the original lease termination, any remaining unamortized intangible is written off to earnings. Details of intangible assets as of December 31 are as follows: 2018 2017 In-place lease intangibles $ 291,613 $ 328,811 Accumulated amortization In-place lease intangibles, net $ 65,825 $ 96,054 2018 2017 Acquired above market lease intangibles $ 253,973 $ 260,398 Accumulated amortization Acquired above market lease intangibles, net $ 64,813 $ 92,405 Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2018 are as follows: Below Above Impact to Market Market Minimum Leases Leases Rent, Net 2019 $ 21,789 $ (19,818) $ 1,971 2020 17,130 (15,767) 1,363 2021 7,827 (10,414) (2,587) 2022 5,395 (7,550) (2,155) 2023 4,098 (5,491) (1,393) Thereafter 10,509 (5,773) 4,736 $ 66,748 $ (64,813) $ 1,935 |
Derivative Financial Instruments | Derivative Financial Instruments We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities. As of December 31, 2018 and 2017, we had no outstanding interest rate derivatives. We generally do not apply hedge accounting to interest rate caps, which had a nominal value as of December 31, 2018 and 2017, respectively. We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euro. We use currency forward contracts, cross currency swap contracts, and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date. We had the following Euro:USD forward contracts designated as net investment hedges at December 31, 2018 and 2017 (in millions): Liability Value as of Maturity/Termination December 31, December 31, Notional Value Date 2018 2017 € 50.0 November 9, 2018 $ — $ (2.4) € 50.0 May 15, 2019 (0.8) (4.9) € 50.0 May 15, 2020 (1.5) (5.2) € 50.0 May 14, 2021 (2.0) (5.5) Liability balances in the above table are included in other liabilities. In the first quarter of 2018, we entered into a Euro-denominated cross-currency swap agreement to manage our exposure to changes in foreign exchange rates by swapping $150.0 million of 4.38% fixed rate U.S. dollar-denominated debt to 1.37% fixed rate Euro-denominated debt of €121.6 million. The cross-currency swap matures on December 1, 2020. The fair value of our cross‑currency swap agreement at December 31, 2018 is $10.9 million and is included in deferred costs and other assets. In the third quarter of 2018, we entered into a Yen-denominated cross-currency swap agreement by swapping $200.1 million of 4.38% fixed rate U.S. dollar-denominated debt to ¥22.3 billion of 1.19% fixed rate Yen-denominated debt. Contemporaneously, we repaid Yen-denominated borrowings of $201.3 million (U.S. dollar equivalent) on the Operating Partnership’s $4.0 billion unsecured revolving credit facility, or Credit Facility. The cross-currency swap matures on December 1, 2020. The fair value of our cross-currency swap agreement at December 31, 2018 is $1.9 million and is included in other liabilities. We have designated the currency forward contracts and cross-currency swaps 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 or Yen-denominated joint venture investment. The total gross accumulated other comprehensive income related to the Operating Partnership’s derivative activities, including our share of the other comprehensive income from unconsolidated entities, approximated $37.9 million and $9.3 million as of December 31, 2018 and 2017, respectively. |
Noncontrolling Interests | Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows as of December 31: 2018 2017 Limited partners’ interests in the Operating Partnership $ 492,877 $ 548,858 Nonredeemable noncontrolling interests in properties, net 7,398 3,738 Total noncontrolling interests reflected in equity $ 500,275 $ 552,596 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 for the years ended December 31 is as follows: 2018 2017 2016 Noncontrolling interests, beginning of period $ 552,596 $ 649,464 $ 744,905 Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties 376,954 297,104 289,594 Distributions to noncontrolling interest holders (372,397) (342,453) (319,193) Other comprehensive (loss) income allocable to noncontrolling interests: Unrealized gain (loss) on derivative hedge agreements 2,852 (4,607) 5,444 Net loss (gain) reclassified from accumulated other comprehensive loss into earnings 923 (1,587) 19,629 Currency translation adjustments (6,271) 6,040 (209) Changes in available-for-sale securities and other 49 746 216 (2,447) 592 25,080 Adjustment to limited partners’ interest from change in ownership in the Operating Partnership (156,241) (84,794) (66,996) Units issued to limited partners 84,103 — — Units exchanged for common shares (1,004) (6,005) (73,756) Units redeemed (4,951) — — Long-term incentive performance units 26,172 38,305 48,324 Contributions by noncontrolling interests, net, and other (2,510) 383 1,506 Noncontrolling interests, end of period $ 500,275 $ 552,596 $ 649,464 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 for the years ended December 31 is as follows: 2018 2017 2016 Noncontrolling nonredeemable interests in properties, net — beginning of period $ 3,738 $ 5,116 $ 3,456 Net income attributable to noncontrolling nonredeemable interests 7,911 2,091 2,917 Distributions to noncontrolling nonredeemable interest holders (1,741) (3,851) (2,765) Contributions by noncontrolling nonredeemable interests, net, and other (2,510) 382 1,508 Noncontrolling nonredeemable interests in properties, net — end of period $ 7,398 $ 3,738 $ 5,116 |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Simon The changes in components of our accumulated other comprehensive income (loss) consisted of the following net of noncontrolling interest as of December 31, 2018: Net unrealized Currency Accumulated losses on translation derivative marketable adjustments gains, net securities Total Beginning balance $ (118,138) $ 8,055 $ (370) $ (110,453) Other comprehensive (loss) income before reclassifications (40,766) 18,781 324 (21,661) Amounts reclassified from accumulated other comprehensive income (loss) — 6,097 — 6,097 Net current-period other comprehensive (loss) income (40,766) 24,878 324 (15,564) Ending balance $ (158,904) $ 32,933 $ (46) $ (126,017) The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: 2018 2017 2016 Amount Amount Amount reclassified reclassified reclassified from from from accumulated accumulated accumulated Details about accumulated other other other other comprehensive income (loss) comprehensive comprehensive comprehensive Affected line item where components: income (loss) income (loss) income (loss) net income is presented Currency translation adjustments $ — $ — $ (136,806) Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net — — 17,948 Net income attributable to noncontrolling interests $ — $ — (118,858) Accumulated derivative losses, net $ (7,020) $ (9,419) $ (12,230) Interest expense — — (586) Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net 923 1,233 1,681 Net income attributable to noncontrolling interests $ (6,097) $ (8,186) $ (11,135) Realized gain on sale of marketable securities $ — $ 21,541 $ — Other income — (2,820) — Net income attributable to noncontrolling interests $ — $ 18,721 $ — The Operating Partnership The changes in accumulated other comprehensive income (loss) by component consisted of the following as of December 31, 2018: Net unrealized Currency Accumulated losses on translation derivative marketable adjustments gains, net securities Total Beginning balance $ (135,940) $ 9,263 $ (425) $ (127,102) Other comprehensive (loss) income before reclassifications (47,038) 21,633 373 (25,032) Amounts reclassified from accumulated other comprehensive income (loss) — 7,020 — 7,020 Net current-period other comprehensive (loss) income (47,038) 28,653 373 (18,012) Ending balance $ $ $ $ The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: 2018 2017 2016 Amount Amount Amount reclassified reclassified reclassified from from from accumulated accumulated accumulated Details about accumulated other other other other comprehensive income (loss) comprehensive comprehensive comprehensive Affected line item where components: income (loss) income (loss) income (loss) net income is presented Currency translation adjustments $ — $ — $ (136,806) Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net Accumulated derivative losses, net $ (7,020) $ (9,419) $ (12,230) Interest expense — — (586) Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net $ (7,020) $ (9,419) $ (12,816) Realized gain on sale of marketable securities $ — $ 21,541 $ — Other income |
Revenue Recognition | Revenue Recognition We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We accrue minimum rents on a straight‑line basis over the terms of their respective leases. Substantially all of our retail tenants are also required to pay overage rents based on sales over a stated base amount during the lease year. We recognize overage rents only when each tenant’s sales exceed the applicable sales threshold. We amortize any tenant inducements as a reduction of revenue utilizing the straight‑line method over the term of the related lease or occupancy term of the tenant, if shorter. We structure our leases to allow us to recover a significant portion of our property operating, real estate taxes, repairs and maintenance, and advertising and promotion expenses from our tenants. A substantial portion of our leases, other than those for anchor stores, require the tenant to reimburse us for a substantial portion of our operating expenses, including common area maintenance, or CAM, real estate taxes and insurance. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation or otherwise. Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. As of December 31, 2018, for substantially all of our leases in the U.S. mall portfolio, we receive a fixed payment from the tenant for the CAM component which is recognized as revenue when earned. When not reimbursed by the fixed‑CAM component, CAM expense reimbursements are based on the tenant’s proportionate share of the allocable operating expenses and CAM capital expenditures for the property. We accrue reimbursements from tenants for recoverable portions of all of these expenses as revenue in the period the applicable expenditures are incurred. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. Our advertising and promotional costs are expensed as incurred. As discussed in Note 3, upon adoption of Accounting Standards Update (ASU) 2016-02 and its related amendments on January 1, 2019, fixed CAM reimbursements for new or amended leases are recognized on a straight-line basis over the term of the respective leases. |
Management Fees and Other Revenues | Management Fees and Other Revenues Management fees and other revenues are generally received from our unconsolidated joint venture properties as well as third parties. Management fee revenue is earned based on a contractual percentage of joint venture property revenue. Development fee revenue is earned on a contractual percentage of hard costs to develop a property. Leasing fee revenue is earned on a contractual per square foot charge based on the square footage of current year leasing activity. We recognize revenue for these services provided when earned based on the performance criteria. Revenues from insurance premiums charged to unconsolidated properties are recognized on a pro‑rata basis over the terms of the policies. Insurance losses on these policies and our self‑insurance for our consolidated properties are reflected in property operating expenses in the accompanying consolidated statements of operations and comprehensive income and include estimates for losses incurred but not reported as well as losses pending settlement. Estimates for losses are based on evaluations by third-party actuaries and management’s estimates. Total insurance reserves for our insurance subsidiaries and other self‑insurance programs as of December 31, 2018 and 2017 approximated $82.5 million and $81.8 million, respectively, and are included in other liabilities in the consolidated balance sheets. Information related to the securities included in the investment portfolio of our captive insurance subsidiary is included within the “Equity Instruments and Debt Securities” section above. |
Allowance for Credit Losses | Allowance for Credit Losses We record a provision for credit losses based on our judgment of a tenant’s creditworthiness, ability to pay and probability of collection. In addition, we also consider the sector in which the tenant operates and our historical collection experience in cases of bankruptcy, if applicable. Accounts are written off when they are deemed to be no longer collectible. Presented below is the activity in the allowance for credit losses during the following years: For the Year Ended December 31, 2018 2017 2016 Balance, beginning of period $ 23,460 $ 22,498 $ 30,094 Provision for credit losses 12,631 11,304 7,319 Accounts written off, net of recoveries (9,271) (10,342) (14,915) Balance, end of period $ 26,820 $ 23,460 $ 22,498 |
Income Taxes | Income Taxes Simon and certain subsidiaries of the Operating Partnership have elected to be taxed as REITs under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the entity to distribute at least 90% of REIT taxable income to its owners and meet certain other asset and income tests as well as other requirements. We intend to continue to adhere to these requirements and maintain Simon’s REIT status and that of the REIT subsidiaries. As REITs, these entities will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Thus, we made no provision for U.S. federal income taxes for these entities in the accompanying consolidated financial statements. If Simon or any of the REIT subsidiaries fail to qualify as a REIT, and if available relief provisions do not apply, Simon or that entity will be subject to tax at regular corporate rates for the years in which it failed to qualify. If Simon or any of the REIT subsidiaries loses its REIT status it could not elect to be taxed as a REIT for four taxable years following the year during which qualification was lost unless the failure to qualify was due to reasonable cause and certain other conditions were satisfied. We have also elected taxable REIT subsidiary, or TRS, status for some of our subsidiaries. This enables us to provide services that would otherwise be considered impermissible for REITs and participate in activities that do not qualify as “rents from real property”. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income. As a partnership, the allocated share of the Operating Partnership’s income or loss for each year is included in the income tax returns of the partners; accordingly, no accounting for income taxes is required in the accompanying consolidated financial statements other than as discussed above for our TRSs. As of December 31, 2018 and 2017, we had net deferred tax liabilities of $278.3 million and $301.7 million, respectively, which primarily relate to the temporary differences between the carrying value of balance sheet assets and liabilities and their tax bases. These differences were primarily created through the consolidation of various European assets in 2016 as discussed further in Note 7. Additionally, we have deferred tax liabilities related to our TRSs, consisting of operating losses and other carryforwards for U.S. federal income tax purposes as well as the timing of the deductibility of losses or reserves from insurance subsidiaries, though these amounts are not material to the financial statements. The net deferred tax liability is included in other liabilities in the accompanying consolidated balance sheets. We are also subject to certain other taxes, including state and local taxes, franchise taxes, as well as income-based and withholding taxes on dividends from certain of our international investments, which are included in income and other taxes in the consolidated statements of operations and comprehensive income. |
Corporate Expenses | Corporate Expenses Home and regional office costs primarily include compensation and personnel related costs, travel, building and office costs, and other expenses for our corporate home office and regional offices. General and administrative expense primarily includes executive compensation, benefits and travel expenses as well as costs of being a public company, including certain legal costs, audit fees, regulatory fees, and certain other professional fees. |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014‑09, "Revenue From Contracts With Customers." ASU 2014-09 amends the existing accounting standards for revenue recognition. The new standard provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property, including real estate. Our revenues impacted by this standard primarily include management, development, leasing and financing fee revenues for services performed related to various domestic joint ventures that we manage, licensing fees earned from various international properties, sales of real estate, including land parcels and operating properties, and other ancillary income earned at our properties. The amount and timing of revenue recognition from our services to joint ventures, licensing fee arrangements, and ancillary income under the newly effective standard is consistent with the prior measurement and pattern of recognition. In addition, we do not actively sell operating properties as part of our core business strategy and, accordingly, the sale of properties does not generally constitute a significant part of our revenue and cash flows. We adopted the standard using the modified retrospective approach on January 1, 2018 and there was no cumulative effect adjustment recognized. Our revenues impacted by this standard are included in management fees and other revenues and in other income in the accompanying consolidated statements of operations and comprehensive income. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments — Overall: Recognition and Measurement of Financial Assets and Financial Liabilities," which requires entities to recognize changes in equity investments with readily determinable fair values in net income. We recognized a cumulative effect adjustment of $7.3 million as of adoption on January 1, 2018 to reclassify unrealized gains previously reported in accumulated other comprehensive income for equity instruments with readily determinable fair values that were previously accounted for as available-for-sale securities and certain equity instruments previously accounted for using the cost method for which the measurement alternative described below was not elected. For those equity instruments that do not have readily determinable fair values, the ASU permits the application of a measurement alternative using the cost of the investment, less any impairments, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. This guidance is applied prospectively upon the occurrence of an event which establishes fair value to all other equity instruments we account for using the measurement alternative. In February 2016, the FASB issued ASU 2016-02, "Leases," which will result in lessees recognizing most leased assets and corresponding lease liabilities on the balance sheet. Lessor accounting will remain substantially similar to the current accounting; however, certain refinements were made to conform the standard with the recently issued revenue recognition guidance in ASU 2014-09, specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. ASU 2016-02 also limits the capitalization of leasing costs to initial direct costs, which if applied in 2018, would have reduced our capitalized leasing costs and correspondingly increased expenses by approximately $45 million. Substantially all of our revenues and the revenues of our equity method investments are earned from arrangements that are within the scope of ASU 2016-02. Upon adoption of ASU 2016-02 on January 1, 2019, consideration related to non-lease components identified in our lease arrangements are accounted for using the guidance in ASU 2014-09, which for new and amended leases we have determined would (i) necessitate that we reallocate consideration received under many of our lease arrangements between the lease and non-lease component, (ii) result in recognizing revenue allocated to our primary non-lease component (consideration received from fixed common area maintenance arrangements) on a straight-line basis and (iii) require separate presentation of revenue recognized from lease and non-lease components on our statements of operations and comprehensive income. However, on July 30, 2018, the FASB issued ASU 2018-11, which created a practical expedient that provides lessors an option not to separate lease and non-lease components when certain criteria are met and instead account for those components as a single lease component. We determined that our new and amended lease arrangements will meet the criteria under the practical expedient to account for lease and non-lease components as a single lease component, which alleviates the requirement upon adoption of ASU 2016-02 that we reallocate or separately present lease and non-lease components. As a result, we will recognize consideration received from fixed common area maintenance arrangements on a straight-line basis for new or amended leases as this consideration is attributed to the lease component. Further, ASU 2016-02 requires recognition in our consolidated balance sheets of leases of land and other arrangements where we are the lessee. Upon adoption on January 1, 2019, we recognized a right of use asset and corresponding lease liability of $524.0 million representing the present value of future lease payments required under our lessee arrangements. We utilized lease terms ranging from 2019 to 2090 including periods for which exercising an extension option is reasonably assured and discount rates from 3.97% to 5.52% when determining the present value of future lease payments. All of our existing lessee arrangements upon adoption will continue to be classified as operating leases, in which case the pattern of lease expense recognition will be unchanged. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses," which introduced new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. Instruments in scope include loans, held-to-maturity debt securities, and net investments in leases as well as reinsurance and trade receivables. In November 2018, the FASB issued ASU 2018-19, which clarifies that operating lease receivables are outside the scope of the new standard. This standard 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 February 2017, the FASB issued ASU 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets,” which clarifies the scope and application of Accounting Standards Codification 610-20 on the sale or transfer of nonfinancial assets and in substance assets to noncustomers, including partial sales. The standard generally aligns the measurement of a retained interest in a nonfinancial asset with that of a retained interest in a business. It also eliminates the use of the carryover basis for contributions of real estate into a joint venture where control of the real estate is not retained, which will result in the recognition of a gain or loss upon contribution. We adopted the standard using the modified retrospective approach on January 1, 2018 and there was no cumulative effect adjustment to recognize. In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities," which introduced amendments to the hedge accounting model to allow for better alignment with risk management practices in addition to simplifying the hedge accounting model. The provisions may permit more risk management strategies to qualify for hedge accounting, including interest rate hedges and foreign currency hedges. We early adopted the ASU on January 1, 2018 as permitted under the standard. There was no impact on our consolidated financial statements at adoption. |
Basis of Presentation and Con_2
Basis of Presentation and Consolidation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Basis of Presentation and Consolidation | |
Schedule of weighted average ownership interest in the operating partnership | For the Year Ended December 31, 2018 2017 2016 Weighted average ownership interest 86.8 % 86.8 % 86.5 % |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies | |
Schedule of interest capitalized | For the Year Ended December 31, 2018 2017 2016 Capitalized interest $ 19,871 $ 24,754 $ 31,250 |
Schedule of deferred costs and other assets | 2018 2017 Deferred lease costs, net $ 249,010 $ 250,442 In-place lease intangibles, net 65,825 96,054 Acquired above market lease intangibles, net 64,813 92,405 Marketable securities of our captive insurance companies 40,099 55,664 Goodwill 20,098 20,098 Other marketable and non-marketable securities 253,732 275,130 Prepaids, notes receivable and other assets, net 516,463 584,190 $ 1,210,040 $ 1,373,983 |
Schedule of deferred lease costs | 2018 2017 Deferred lease costs $ 497,570 $ 485,977 Accumulated amortization (248,560) (235,535) Deferred lease costs, net $ 249,010 $ 250,442 |
Schedule of amortization from continuing operations, included in statements of operations and comprehensive income | For the Year Ended December 31, 2018 2017 2016 Amortization of deferred leasing costs $ 56,646 $ 54,323 $ 49,993 |
Schedule of intangible assets | 2018 2017 In-place lease intangibles $ 291,613 $ 328,811 Accumulated amortization In-place lease intangibles, net $ 65,825 $ 96,054 2018 2017 Acquired above market lease intangibles $ 253,973 $ 260,398 Accumulated amortization Acquired above market lease intangibles, net $ 64,813 $ 92,405 |
Schedule of estimated future amortization and the increasing (decreasing) effect on minimum rents for above and below market leases | Below Above Impact to Market Market Minimum Leases Leases Rent, Net 2019 $ 21,789 $ (19,818) $ 1,971 2020 17,130 (15,767) 1,363 2021 7,827 (10,414) (2,587) 2022 5,395 (7,550) (2,155) 2023 4,098 (5,491) (1,393) Thereafter 10,509 (5,773) 4,736 $ 66,748 $ (64,813) $ 1,935 |
Schedule of Euro:USD forward contracts | Liability Value as of Maturity/Termination December 31, December 31, Notional Value Date 2018 2017 € 50.0 November 9, 2018 $ — $ (2.4) € 50.0 May 15, 2019 (0.8) (4.9) € 50.0 May 15, 2020 (1.5) (5.2) € 50.0 May 14, 2021 (2.0) (5.5) |
Schedule of carrying amount of noncontrolling interests | 2018 2017 Limited partners’ interests in the Operating Partnership $ 492,877 $ 548,858 Nonredeemable noncontrolling interests in properties, net 7,398 3,738 Total noncontrolling interests reflected in equity $ 500,275 $ 552,596 |
Schedule of rollforward of noncontrolling interests | 2018 2017 2016 Noncontrolling interests, beginning of period $ 552,596 $ 649,464 $ 744,905 Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties 376,954 297,104 289,594 Distributions to noncontrolling interest holders (372,397) (342,453) (319,193) Other comprehensive (loss) income allocable to noncontrolling interests: Unrealized gain (loss) on derivative hedge agreements 2,852 (4,607) 5,444 Net loss (gain) reclassified from accumulated other comprehensive loss into earnings 923 (1,587) 19,629 Currency translation adjustments (6,271) 6,040 (209) Changes in available-for-sale securities and other 49 746 216 (2,447) 592 25,080 Adjustment to limited partners’ interest from change in ownership in the Operating Partnership (156,241) (84,794) (66,996) Units issued to limited partners 84,103 — — Units exchanged for common shares (1,004) (6,005) (73,756) Units redeemed (4,951) — — Long-term incentive performance units 26,172 38,305 48,324 Contributions by noncontrolling interests, net, and other (2,510) 383 1,506 Noncontrolling interests, end of period $ 500,275 $ 552,596 $ 649,464 |
Schedule of changes in components of accumulated other comprehensive income (loss) net of noncontrolling interest | Net unrealized Currency Accumulated losses on translation derivative marketable adjustments gains, net securities Total Beginning balance $ (118,138) $ 8,055 $ (370) $ (110,453) Other comprehensive (loss) income before reclassifications (40,766) 18,781 324 (21,661) Amounts reclassified from accumulated other comprehensive income (loss) — 6,097 — 6,097 Net current-period other comprehensive (loss) income (40,766) 24,878 324 (15,564) Ending balance $ (158,904) $ 32,933 $ (46) $ (126,017) |
Schedule of reclassifications out of accumulated other comprehensive income (loss) | 2018 2017 2016 Amount Amount Amount reclassified reclassified reclassified from from from accumulated accumulated accumulated Details about accumulated other other other other comprehensive income (loss) comprehensive comprehensive comprehensive Affected line item where components: income (loss) income (loss) income (loss) net income is presented Currency translation adjustments $ — $ — $ (136,806) Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net — — 17,948 Net income attributable to noncontrolling interests $ — $ — (118,858) Accumulated derivative losses, net $ (7,020) $ (9,419) $ (12,230) Interest expense — — (586) Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net 923 1,233 1,681 Net income attributable to noncontrolling interests $ (6,097) $ (8,186) $ (11,135) Realized gain on sale of marketable securities $ — $ 21,541 $ — Other income — (2,820) — Net income attributable to noncontrolling interests $ — $ 18,721 $ — |
Schedule of activity in the allowance for credit losses | For the Year Ended December 31, 2018 2017 2016 Balance, beginning of period $ 23,460 $ 22,498 $ 30,094 Provision for credit losses 12,631 11,304 7,319 Accounts written off, net of recoveries (9,271) (10,342) (14,915) Balance, end of period $ 26,820 $ 23,460 $ 22,498 |
Simon Property Group, L.P. | |
Significant Accounting Policies | |
Schedule of rollforward of noncontrolling interests | 2018 2017 2016 Noncontrolling nonredeemable interests in properties, net — beginning of period $ 3,738 $ 5,116 $ 3,456 Net income attributable to noncontrolling nonredeemable interests 7,911 2,091 2,917 Distributions to noncontrolling nonredeemable interest holders (1,741) (3,851) (2,765) Contributions by noncontrolling nonredeemable interests, net, and other (2,510) 382 1,508 Noncontrolling nonredeemable interests in properties, net — end of period $ 7,398 $ 3,738 $ 5,116 |
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 December 31, 2018: Net unrealized Currency Accumulated losses on translation derivative marketable adjustments gains, net securities Total Beginning balance $ (135,940) $ 9,263 $ (425) $ (127,102) Other comprehensive (loss) income before reclassifications (47,038) 21,633 373 (25,032) Amounts reclassified from accumulated other comprehensive income (loss) — 7,020 — 7,020 Net current-period other comprehensive (loss) income (47,038) 28,653 373 (18,012) Ending balance $ $ $ $ |
Schedule of reclassifications out of accumulated other comprehensive income (loss) | 2018 2017 2016 Amount Amount Amount reclassified reclassified reclassified from from from accumulated accumulated accumulated Details about accumulated other other other other comprehensive income (loss) comprehensive comprehensive comprehensive Affected line item where components: income (loss) income (loss) income (loss) net income is presented Currency translation adjustments $ — $ — $ (136,806) Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net Accumulated derivative losses, net $ (7,020) $ (9,419) $ (12,230) Interest expense — — (586) Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net $ (7,020) $ (9,419) $ (12,816) Realized gain on sale of marketable securities $ — $ 21,541 $ — Other income |
Per Share and Per Unit Data (Ta
Per Share and Per Unit Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 Year Ended December 31, 2018 2017 2016 Net Income attributable to Common Stockholders — Basic and Diluted $ 2,436,721 $ 1,944,625 $ 1,835,559 Weighted Average Shares Outstanding — Basic and Diluted 309,627,178 311,517,345 312,690,756 |
Schedule of taxable nature of dividends and distributions declared | For the Year Ended December 31, 2018 2017 2016 Total dividends/distributions paid per common share/unit $ 7.90 $ 7.15 $ 6.50 Percent taxable as ordinary income 96.20 % 100.00 % 99.70 % Percent taxable as long-term capital gains 3.80 % 0.00 % 0.30 % 100.00 % 100.00 % 100.00 % |
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 Year Ended December 31, 2018 2017 2016 Net Income attributable to Unitholders — Basic and Diluted $ 2,805,764 $ 2,239,638 $ 2,122,236 Weighted Average Units Outstanding — Basic and Diluted 356,520,452 358,776,632 361,526,633 |
Investment Properties (Tables)
Investment Properties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investment Properties | |
Schedule of investment properties | 2018 2017 Land $ 3,673,023 $ 3,635,316 Buildings and improvements 32,994,937 32,379,190 Total land, buildings and improvements 36,667,960 36,014,506 Furniture, fixtures and equipment 424,710 378,958 Investment properties at cost 37,092,670 36,393,464 Less — accumulated depreciation 12,884,539 11,935,949 Investment properties at cost, net $ 24,208,131 $ 24,457,515 Construction in progress included above $ 561,556 $ 503,692 |
Investment in Unconsolidated _2
Investment in Unconsolidated Entities and International Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investment in Unconsolidated Entities | |
Summary of equity method investments and share of income from such investments, balance sheet | December 31, December 31, 2018 2017 Assets: Investment properties, at cost $ 18,807,449 $ 18,328,747 Less - accumulated depreciation 6,371,363 11,972,816 11,957,384 Cash and cash equivalents 956,084 Tenant receivables and accrued revenue, net 403,125 Deferred costs and other assets 355,585 Total assets $ 13,885,180 $ 13,672,178 Liabilities and Partners’ Deficit: Mortgages $ 15,235,415 $ 14,784,310 Accounts payable, accrued expenses, intangibles, and deferred revenue 1,033,674 Other liabilities 365,857 Total liabilities 16,555,931 16,183,841 Preferred units 67,450 Partners’ deficit (2,738,201) (2,579,113) Total liabilities and partners’ deficit $ 13,885,180 $ 13,672,178 Our Share of: Partners’ deficit $ (1,168,216) $ (1,144,620) Add: Excess Investment 1,594,198 1,733,063 Our net Investment in unconsolidated entities, at equity $ 425,982 $ 588,443 |
Schedule of principal repayments on joint venture properties' mortgage and unsecured indebtedness | As of December 31, 2018, scheduled principal repayments on joint venture properties’ mortgage indebtedness are as follows: 2019 $ 552,914 2020 1,114,394 2021 2,272,043 2022 1,831,834 2023 1,138,416 Thereafter 8,367,996 Total principal maturities 15,277,597 Net unamortized debt premium 2,225 Debt issuance costs (44,407) Total mortgages and unsecured indebtedness $ 15,235,415 |
Summary of equity method investments and share of income from such investments, statements of operations | For the Year Ended December 31, 2018 2017 2016 REVENUE: Minimum rent $ $ $ Overage rent Tenant reimbursements Other income Total revenue 3,386,285 3,230,815 3,124,249 OPERATING EXPENSES: Property operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion Provision for credit losses Other Total operating expenses 1,879,547 1,796,288 1,722,959 Operating Income Before Other Items 1,506,738 1,434,527 1,401,290 Interest expense Gain (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net 101,051 Net Income $ 876,412 $ 839,226 $ 916,383 Third-Party Investors’ Share of Net Income $ $ $ Our Share of Net Income $ $ $ Amortization of Excess Investment Our Share of (Gain) Loss on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net (22,636) Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests Included in Other Income in the Consolidated Financial Statements — — (36,153) Income from Unconsolidated Entities $ 341,880 $ 326,231 $ 310,537 |
Indebtedness and Derivative F_2
Indebtedness and Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Indebtedness and Derivative Financial Instruments | |
Schedule of mortgages and unsecured indebtedness | 2018 2017 Fixed-Rate Debt: Mortgage notes, including $11,822 and $16,869 of net premiums and $14,522 and $16,106 of debt issuance costs, respectively. Weighted average interest and maturity of 3.91% and 5.6 years at December 31, 2018. $ 6,099,787 $ 6,020,552 Unsecured notes, including $44,691 and $51,657 of net discounts and $58,822 and $68,535 of debt issuance costs, respectively. Weighted average interest and maturity of 3.18% and 7.2 years at December 31, 2018. 15,535,468 16,375,713 Commercial Paper (see below) 758,681 978,467 Total Fixed-Rate Debt 22,393,936 23,374,732 Variable-Rate Debt: Mortgages notes, including $5,901 and $8,988 of debt issuance costs, respectively. Weighted average interest and maturity of 3.15% and 3.1 years at December 31, 2018. 736,274 883,781 Credit Facility (see below), including $16,930 and $17,106 of debt issuance costs, respectively, at December 31, 2018. 108,070 305,530 Total Variable-Rate Debt 844,344 1,189,311 Other Debt Obligations 67,255 68,420 Total Mortgages and Unsecured Indebtedness $ 23,305,535 $ 24,632,463 |
Schedule of principal repayments of indebtedness | Our scheduled principal repayments on indebtedness as of December 31, 2018 are as follows: 2019 $ 1,416,309 (1) 2020 1,972,316 2021 3,146,997 2022 3,596,138 2023 1,869,674 Thereafter 11,365,890 Total principal maturities 23,367,324 Net unamortized debt premium (32,869) Debt issuance costs, net (96,175) Other Debt Obligations 67,255 Total mortgages and unsecured indebtedness $ 23,305,535 (1) |
Schedule of cash paid for interest in each period, net of any amounts capitalized | For the Year Ended December 31, 2018 2017 2016 Cash paid for interest $ 811,971 $ 814,729 $ 887,118 |
Schedule of debt issuance costs | 2018 2017 Debt issuance costs $ 204,189 $ 200,646 Accumulated amortization (108,014) (89,912) Debt issuance costs, net $ 96,175 $ 110,734 |
Schedule of amortization from continuing operations, included in statements of operations and comprehensive income | For the Year Ended December 31, 2018 2017 2016 Amortization of debt issuance costs $ 21,445 $ 21,707 $ 21,703 Amortization of debt discounts/(premiums) 1,618 1,357 (14,583) |
Schedule of fair value of financial instruments and the related discount rate assumptions | December 31, December 31, 2018 2017 Fair value of fixed rate mortgages and unsecured indebtedness $ 22,323 $ 24,003 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages 4.55 % 4.25 % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 4.50 % 4.10 % |
Rentals under Operating Leases
Rentals under Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Rentals under Operating Leases | |
Schedule of future minimum rentals to be received under non-cancelable tenant operating leases for each of the next five years and thereafter | Future minimum rentals to be received under non‑cancelable tenant operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on tenant sales volume as of December 31, 2018 are as follows: 2019 $ 2,864,804 2020 2,596,538 2021 2,300,681 2022 1,989,319 2023 1,609,389 Thereafter 3,791,543 $ 15,152,274 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties | 2018 2017 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests in properties 204,626 164,943 Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ 230,163 $ 190,480 |
Schedule of LTIP units earned and aggregate grant date fair values adjusted for estimated forfeitures | LTIP Program LTIP Units Earned Grant Date Fair Value of TSR Award Grant Date Target Value of FFO-Based Award 2013-2015 LTIP program 466,405 $28.5 million — 2014-2016 LTIP program 120,314 $27.5 million — 2015-2017 LTIP program — $21.6 million — 2016-2018 LTIP program To be determined in 2019 $22.7 million — 2018 LTIP program - Tranche A To be determined in 2020 $6.1 million $6.1 million 2018 LTIP program - Tranche B To be determined in 2021 $6.1 million $6.1 million |
Schedule of restricted stock awards | For the Year Ended December 31, 2018 2017 2016 Shares of restricted stock awarded during the year, net of forfeitures 51,756 76,660 63,324 Weighted average fair value of shares granted during the year $ 153.24 $ 170.81 $ 209.16 Annual amortization $ $ 13,911 $ 12,024 |
Simon Property Group, L.P. | |
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties | 2018 2017 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests in properties 204,626 164,943 Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ 230,163 $ 190,480 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies. | |
Schedule of ground lease expense and office lease expense | For the Year Ended December 31, 2018 2017 2016 Ground lease expense $ 42,670 $ 40,864 $ 38,764 Office lease expense 4,650 4,481 4,105 |
Schedule of future minimum lease payments due under leases, excluding applicable extension options and any sublease income | Future minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and renewal options unless reasonably certain of exercise and any sublease income, are as follows: 2019 $ 32,417 2020 32,403 2021 32,686 2022 32,698 2023 32,729 Thereafter 947,886 $ |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions | |
Schedule of related party transactions | For the Year Ended December 31, 2018 2017 2016 Amounts charged to unconsolidated joint ventures $ 111,476 $ 116,447 $ 138,496 Amounts charged to properties owned by related parties 4,810 4,812 5,384 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data (Unaudited) | |
Schedule of quarterly financial data | First Second Third Fourth Quarter Quarter Quarter Quarter 2018 Total revenue $ 1,399,814 $ 1,388,358 $ 1,409,005 $ 1,460,743 Operating income before other items 701,933 737,675 717,391 754,089 Consolidated net income 715,524 631,414 642,212 833,192 Simon Property Group, Inc. Net income attributable to common stockholders $ 620,654 $ 547,004 $ 556,267 $ 712,796 Net income per share — Basic and Diluted $ 2.00 $ 1.77 $ 1.80 $ 2.30 Weighted average shares outstanding — Basic and Diluted 310,583,643 309,355,154 309,294,045 309,293,708 Simon Property Group, L.P. Net income attributable to unitholders $ 714,303 $ 629,822 $ 640,402 $ 821,237 Net income per unit — Basic and Diluted $ 2.00 $ 1.77 $ 1.80 $ 2.30 Weighted average units outstanding — Basic and Diluted 357,446,988 356,181,817 356,073,080 356,396,387 2017 Total revenue $ 1,345,763 $ 1,361,548 $ 1,403,638 $ 1,427,692 Operating income before other items 676,671 686,149 690,068 749,452 Consolidated net income 551,075 441,373 592,635 659,821 Simon Property Group, Inc. Net income attributable to common stockholders $ 477,736 $ 381,990 $ 513,783 $ 571,116 Net income per share — Basic and Diluted $ 1.53 $ 1.23 $ 1.65 $ 1.84 Weighted average shares outstanding — Basic and Diluted 312,809,981 311,579,301 310,853,299 310,855,573 Simon Property Group, L.P. Net income attributable to unitholders $ 550,006 $ 439,986 $ 591,872 $ 657,774 Net income per unit — Basic and Diluted $ 1.53 $ 1.23 $ 1.65 $ 1.84 Weighted average units outstanding — Basic and Diluted 360,130,442 358,865,806 358,115,572 358,025,108 |
Organization (Details)
Organization (Details) | Dec. 31, 2018statecountryproperty |
U.S. and Puerto Rico | |
Real Estate Properties | |
Number of properties | 206 |
Number of U.S. states containing property locations | state | 37 |
U.S. and Puerto Rico | Malls | |
Real Estate Properties | |
Number of properties | 107 |
U.S. and Puerto Rico | Premium Outlets | |
Real Estate Properties | |
Number of properties | 69 |
U.S. and Puerto Rico | The Mills | |
Real Estate Properties | |
Number of properties | 14 |
U.S. and Puerto Rico | Community/Lifestyle Centers | |
Real Estate Properties | |
Number of properties | 4 |
U.S. and Puerto Rico | Other shopping centers or outlet centers | |
Real Estate Properties | |
Number of properties | 12 |
Japan | Premium Outlets | |
Real Estate Properties | |
Number of properties | 9 |
South Korea | Premium Outlets | |
Real Estate Properties | |
Number of properties | 4 |
Canada | Premium Outlets | |
Real Estate Properties | |
Number of properties | 3 |
Canada | Designer Outlets | |
Real Estate Properties | |
Number of properties | 1 |
Malaysia | Premium Outlets | |
Real Estate Properties | |
Number of properties | 2 |
Mexico | Premium Outlets | |
Real Estate Properties | |
Number of properties | 1 |
Europe | Klepierre | |
Real Estate Properties | |
Ownership percentage | 21.30% |
Number of countries | country | 16 |
Europe | Designer Outlets | |
Real Estate Properties | |
Number of properties | 8 |
Italy | Designer Outlets | |
Real Estate Properties | |
Number of properties | 2 |
Netherlands | Designer Outlets | |
Real Estate Properties | |
Number of properties | 2 |
Austria | Designer Outlets | |
Real Estate Properties | |
Number of properties | 1 |
Germany | Designer Outlets | |
Real Estate Properties | |
Number of properties | 1 |
France | Designer Outlets | |
Real Estate Properties | |
Number of properties | 1 |
United Kingdom | Designer Outlets | |
Real Estate Properties | |
Number of properties | 1 |
Basis of Presentation (Details)
Basis of Presentation (Details) - property | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate Properties | |||
Total number of joint venture properties | 81 | 81 | |
Number of joint venture properties managed by the entity | 57 | ||
Number of International joint venture properties | 20 | ||
Number of joint venture properties managed by others | 24 | ||
Simon Property Group, L.P. | |||
Ownership interest: | |||
Ownership interest in the Operating Partnership (as a percent) | 86.80% | 86.90% | |
Simon Property Group, L.P. | Weighted average | |||
Ownership interest: | |||
Ownership interest in the Operating Partnership (as a percent) | 86.80% | 86.80% | 86.50% |
Wholly owned properties | |||
Real Estate Properties | |||
Number of properties | 135 | ||
Partially owned properties | |||
Real Estate Properties | |||
Number of properties | 18 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Investment Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investment properties | |||
Capitalized interest | $ 19,871 | $ 24,754 | $ 31,250 |
Pre-development cost written off | $ 31,490 | ||
Buildings and improvements | Minimum | |||
Investment properties | |||
Useful life | 10 years | ||
Buildings and improvements | Maximum | |||
Investment properties | |||
Useful life | 35 years | ||
Equipment and fixtures | Minimum | |||
Investment properties | |||
Useful life | 7 years | ||
Equipment and fixtures | Maximum | |||
Investment properties | |||
Useful life | 10 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Equity Instruments and Investments (Details) - USD ($) $ in Thousands | Jul. 26, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Equity Instruments and Investments | |||
Equity instruments with readily determinable fair value | $ 78,100 | $ 88,300 | |
Equity instruments without readily determinable fair values | 175,700 | 186,900 | |
Proceeds received from the sale of equity investments | $ 53,900 | ||
Gain on sale of investment | 21,541 | ||
Debt securities of our captive insurance companies | 40,099 | $ 55,664 | |
Other expense | |||
Equity Instruments and Investments | |||
Equity instruments with readily determinable fair value | $ 15,200 | ||
Debt Securities | Securities in captive insurance subsidiary portfolio | Minimum | |||
Equity Instruments and Investments | |||
Investment maturity period | 1 year | ||
Debt Securities | Securities in captive insurance subsidiary portfolio | Maximum | |||
Equity Instruments and Investments | |||
Investment maturity period | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Fair Value Measurements (Details) $ in Millions | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) |
Fair Value Measurements | ||
Number of investments for which fair value is measured on a recurring basis using Level 3 inputs | item | 0 | |
Level 2 | Recurring | ||
Fair Value Measurements | ||
Interest rate swap agreements and foreign currency forward contracts, gross asset balance | $ 10.9 | |
Interest rate swap agreements and foreign currency forward contracts, gross liability balance | $ 6.2 | $ 18.1 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Segment and Geographic Locations (Details) - item | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Disclosure | ||
Number of reportable segments | 1 | |
Geographic Concentration Risk | Consolidated Long-Lived Assets | Non-US | ||
Concentration of Credit Risk | ||
Percentage of risk | 6.10% | 6.50% |
Geographic Concentration Risk | Consolidated revenues | Non-US | ||
Concentration of Credit Risk | ||
Percentage of risk | 3.00% | 2.60% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Deferred Costs and Other Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred costs and other assets | |||
Deferred lease costs, net | $ 249,010 | $ 250,442 | |
In-place lease intangibles, net | 65,825 | 96,054 | |
Acquired above market lease intangibles, net | 64,813 | 92,405 | |
Marketable securities of our captive insurance companies | 40,099 | 55,664 | |
Goodwill | 20,098 | 20,098 | |
Other marketable and non-marketable securities | 253,732 | 275,130 | |
Prepaids, notes receivable and other assets, net | 516,463 | 584,190 | |
Deferred costs and other assets | 1,210,040 | 1,373,983 | |
Deferred Lease Costs | |||
Deferred lease costs | 497,570 | 485,977 | |
Accumulated amortization | (248,560) | (235,535) | |
Deferred lease costs, net | 249,010 | 250,442 | |
Amortization, included in statements of operations and comprehensive income | |||
Amortization of deferred leasing costs | $ 56,646 | $ 54,323 | $ 49,993 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Intangible Assets | |||
Unamortized below market leases included in accounts payable, accrued expenses, intangibles and deferred revenues | $ 66,700 | $ 94,100 | |
Estimated future amortization, and the increasing (decreasing) effect on below market minimum rents | |||
2,019 | 21,789 | ||
2,020 | 17,130 | ||
2,021 | 7,827 | ||
2,022 | 5,395 | ||
2,023 | 4,098 | ||
Thereafter | 10,509 | ||
Lease intangibles assets, net | 66,748 | ||
Estimated future amortization, and the increasing (decreasing) effect on minimum rents | |||
2,019 | 1,971 | ||
2,020 | 1,363 | ||
2,021 | (2,587) | ||
2,022 | (2,155) | ||
2,023 | (1,393) | ||
Thereafter | 4,736 | ||
Lease intangibles assets, net | $ 1,935 | ||
In-place lease intangibles | |||
Intangible Assets | |||
Average life of in-place lease intangibles | 2 years 6 months | ||
Lease intangibles assets, gross | $ 291,613 | 328,811 | |
Accumulated amortization | (225,788) | (232,757) | |
Lease intangibles assets, net | $ 65,825 | 96,054 | |
Above and below market leases | |||
Intangible Assets | |||
Weighted average remaining life of intangible | 2 years 8 months 12 days | ||
Amount of amortization expenses | $ 1,000 | 2,800 | $ 5,400 |
Above Market Leases | |||
Intangible Assets | |||
Lease intangibles assets, gross | 253,973 | 260,398 | |
Accumulated amortization | (189,160) | (167,993) | |
Lease intangibles assets, net | 64,813 | $ 92,405 | |
Estimated future amortization, and the increasing (decreasing) effect on minimum rents | |||
2,019 | (19,818) | ||
2,020 | (15,767) | ||
2,021 | (10,414) | ||
2,022 | (7,550) | ||
2,023 | (5,491) | ||
Thereafter | (5,773) | ||
Lease intangibles assets, net | $ (64,813) |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Derivative Financial Instruments (Details) € in Thousands, $ in Millions, ¥ in Billions | Jul. 10, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018EUR (€)DerivativeInstrument | Dec. 31, 2018USD ($)DerivativeInstrument | Sep. 30, 2018JPY (¥) | Sep. 30, 2018USD ($) | Mar. 31, 2018EUR (€) | Mar. 31, 2018USD ($) | Dec. 31, 2017EUR (€)DerivativeInstrument | Dec. 31, 2017USD ($)DerivativeInstrument |
Derivative Financial Instruments | ||||||||||
Number of credit-risk-related hedging or derivative activities | DerivativeInstrument | 0 | 0 | ||||||||
Gross accumulated other comprehensive income related to derivative activities | $ 37.9 | $ 9.3 | ||||||||
Interest rate swap | Designated as Hedging Instrument | ||||||||||
Derivative Financial Instruments | ||||||||||
Number of Instruments | DerivativeInstrument | 0 | 0 | 0 | 0 | ||||||
USD-Euro currency forward contract | Nov 9, 2019 | Designated as Hedging Instrument | ||||||||||
Derivative Financial Instruments | ||||||||||
Notional Amount | € | € 50,000 | |||||||||
Forward contract net, fair value | $ (2.4) | |||||||||
USD-Euro currency forward contract | May 15, 2019 | Designated as Hedging Instrument | ||||||||||
Derivative Financial Instruments | ||||||||||
Notional Amount | € | € 50,000 | 50,000 | ||||||||
Forward contract net, fair value | $ (0.8) | (4.9) | ||||||||
USD-Euro currency forward contract | May 15, 2020 | Designated as Hedging Instrument | ||||||||||
Derivative Financial Instruments | ||||||||||
Notional Amount | € | 50,000 | 50,000 | ||||||||
Forward contract net, fair value | (1.5) | (5.2) | ||||||||
USD-Euro currency forward contract | May 14, 2021 | Designated as Hedging Instrument | ||||||||||
Derivative Financial Instruments | ||||||||||
Notional Amount | € | € 50,000 | € 50,000 | ||||||||
Forward contract net, fair value | (2) | $ (5.5) | ||||||||
US denominated cross currency swap | Net Investment Hedging | Designated as Hedging Instrument | ||||||||||
Derivative Financial Instruments | ||||||||||
Notional Amount | $ 200.1 | $ 150 | ||||||||
Swapping interest rate | 4.38% | 4.38% | 4.38% | 4.38% | ||||||
Yen denominated cross currency swap | Net Investment Hedging | Designated as Hedging Instrument | ||||||||||
Derivative Financial Instruments | ||||||||||
Notional Amount | ¥ | ¥ 22.3 | |||||||||
Fixed exchange rate | 1.19% | 1.19% | ||||||||
Yen denominated cross currency swap | Other liabilities | Net Investment Hedging | Designated as Hedging Instrument | ||||||||||
Derivative Financial Instruments | ||||||||||
Fair value of cross currency | 1.9 | |||||||||
Euro denominated cross currency swap | Net Investment Hedging | Designated as Hedging Instrument | ||||||||||
Derivative Financial Instruments | ||||||||||
Notional Amount | € | € 121,600 | |||||||||
Fixed exchange rate | 1.37% | 1.37% | ||||||||
Euro denominated cross currency swap | Deferred costs and other assets | Net Investment Hedging | Designated as Hedging Instrument | ||||||||||
Derivative Financial Instruments | ||||||||||
Interest rate derivative asset, fair value | 10.9 | |||||||||
Simon Property Group, L.P. | Credit Facility | Unsecured Debt | ||||||||||
Derivative Financial Instruments | ||||||||||
Maximum borrowing capacity | $ 4,000 | $ 4,000 | ||||||||
Simon Property Group, L.P. | Yen | Credit Facility | Unsecured Debt | ||||||||||
Derivative Financial Instruments | ||||||||||
Debt repaid | $ 201.3 | $ 201.3 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Summary of Significant Accounting Policies | ||||
Limited partners' interests in the Operating Partnership | $ 492,877 | $ 548,858 | ||
Nonredeemable noncontrolling interests in properties, net | 7,398 | 3,738 | ||
Total noncontrolling interests reflected in equity | $ 500,275 | $ 552,596 | $ 649,464 | $ 744,905 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Rollforward Of Noncontrolling Interest, Simon Group Property, Inc. (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Noncontrolling interests: | |||
Noncontrolling interests, beginning of period | $ 552,596 | $ 649,464 | $ 744,905 |
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties | 376,954 | 297,104 | 289,594 |
Distributions to noncontrolling interest holders | (372,397) | (342,453) | (319,193) |
Other comprehensive (loss) income allocable to noncontrolling interests: | |||
Unrealized gain (loss) on derivative hedge agreements | 2,852 | (4,607) | 5,444 |
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings | 923 | (1,587) | 19,629 |
Currency translation adjustments | (6,271) | 6,040 | (209) |
Changes in available-for-sale securities and other | 49 | 746 | 216 |
Other comprehensive income (loss) | (2,447) | 592 | 25,080 |
Adjustment to limited partners' interest from change in ownership in the Operating Partnership | (156,241) | (84,794) | (66,996) |
Units issued to limited partners | 84,103 | ||
Units exchanged for common shares | (1,004) | (6,005) | (73,756) |
Units redeemed | (4,951) | ||
Long-term incentive performance units | 26,172 | 38,305 | 48,324 |
Contributions by noncontrolling nonredeemable interests, net, and other | (2,510) | 383 | 1,506 |
Noncontrolling interests, end of period | $ 500,275 | $ 552,596 | $ 649,464 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Rollforward Of Noncontrolling Interest, Simon Group Property L.P. (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Noncontrolling interests: | |||
Net income attributable to noncontrolling nonredeemable interests | $ 376,954 | $ 297,104 | $ 289,594 |
Distributions to noncontrolling nonredeemable interest holders | (372,397) | (342,453) | (319,193) |
Contributions by noncontrolling nonredeemable interests, net, and other | (2,510) | 383 | 1,506 |
Simon Property Group, L.P. | |||
Noncontrolling interests: | |||
Noncontrolling nonredeemable interests in properties, beginning of period | 3,738 | 5,116 | 3,456 |
Net income attributable to noncontrolling nonredeemable interests | 7,911 | 2,091 | 2,917 |
Distributions to noncontrolling nonredeemable interest holders | (1,741) | (3,851) | (2,765) |
Contributions by noncontrolling nonredeemable interests, net, and other | (2,510) | 382 | 1,508 |
Noncontrolling nonredeemable interests in properties, end of period | $ 7,398 | $ 3,738 | $ 5,116 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - AOCI, Simon Property Group, Inc. (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Changes in accumulated other comprehensive income (loss) | |
Beginning balance | $ 3,686,168 |
Ending balance | 3,296,681 |
Accumulated Other Comprehensive Income (Loss) | |
Changes in accumulated other comprehensive income (loss) | |
Beginning balance | (110,453) |
Other comprehensive (loss) income before reclassifications | (21,661) |
Amounts reclassified from accumulated other comprehensive income (loss) | 6,097 |
Net current-period other comprehensive (loss) income | (15,564) |
Ending balance | (126,017) |
Currency translation adjustments | |
Changes in accumulated other comprehensive income (loss) | |
Beginning balance | (118,138) |
Other comprehensive (loss) income before reclassifications | (40,766) |
Net current-period other comprehensive (loss) income | (40,766) |
Ending balance | (158,904) |
Accumulated derivative gains (losses), net | |
Changes in accumulated other comprehensive income (loss) | |
Beginning balance | 8,055 |
Other comprehensive (loss) income before reclassifications | 18,781 |
Amounts reclassified from accumulated other comprehensive income (loss) | 6,097 |
Net current-period other comprehensive (loss) income | 24,878 |
Ending balance | 32,933 |
Net unrealized losses on marketable securities | |
Changes in accumulated other comprehensive income (loss) | |
Beginning balance | (370) |
Other comprehensive (loss) income before reclassifications | 324 |
Net current-period other comprehensive (loss) income | 324 |
Ending balance | $ (46) |
Summary of Significant Accou_14
Summary of Significant Accounting Policies - Reclassification Out of AOCI, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Significant Accounting Policies | |||||||||||
Interest expense | $ (815,923) | $ (809,393) | $ (857,554) | ||||||||
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 288,827 | 3,647 | 84,553 | ||||||||
Net income attributable to noncontrolling interests | (382,285) | (296,941) | (295,810) | ||||||||
Other Income. | 370,582 | 296,978 | 276,544 | ||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | $ 712,796 | $ 556,267 | $ 547,004 | $ 620,654 | $ 571,116 | $ 513,783 | $ 381,990 | $ 477,736 | 2,436,721 | 1,944,625 | 1,835,559 |
Currency translation adjustments, including noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, 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 | 17,948 | ||||||||||
Currency translation adjustments | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | (118,858) | ||||||||||
Accumulated derivative losses, net, including noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Interest expense | (7,020) | (9,419) | (12,230) | ||||||||
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | (586) | ||||||||||
Accumulated derivative losses, attributable to noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Net income attributable to noncontrolling interests | 923 | 1,233 | 1,681 | ||||||||
Accumulated derivative gains (losses), net | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | $ (6,097) | (8,186) | $ (11,135) | ||||||||
Realized gains on sales of marketable securities, including Portion Attributable to Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Other Income. | 21,541 | ||||||||||
Realized gains on sales of marketable securities, attributable to Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Net income attributable to noncontrolling interests | (2,820) | ||||||||||
Net unrealized losses on marketable securities | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | $ 18,721 |
Summary of Significant Accou_15
Summary of Significant Accounting Policies - AOCI, Simon Property Group L.P. (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Simon Property Group, L.P. | |
Changes in accumulated other comprehensive income (loss) | |
Beginning Balance | $ 4,235,026 |
Ending balance | 3,789,558 |
Accumulated Other Comprehensive Income (Loss) | |
Changes in accumulated other comprehensive income (loss) | |
Other comprehensive (loss) income before reclassifications | (21,661) |
Amounts reclassified from accumulated other comprehensive income (loss) | 6,097 |
Net current-period other comprehensive (loss) income | (15,564) |
Accumulated Other Comprehensive Income (Loss) | Simon Property Group, L.P. | |
Changes in accumulated other comprehensive income (loss) | |
Beginning Balance | (127,102) |
Other comprehensive (loss) income before reclassifications | (25,032) |
Amounts reclassified from accumulated other comprehensive income (loss) | 7,020 |
Net current-period other comprehensive (loss) income | (18,012) |
Ending balance | (145,114) |
Currency translation adjustments | |
Changes in accumulated other comprehensive income (loss) | |
Other comprehensive (loss) income before reclassifications | (40,766) |
Net current-period other comprehensive (loss) income | (40,766) |
Currency translation adjustments | Simon Property Group, L.P. | |
Changes in accumulated other comprehensive income (loss) | |
Beginning Balance | (135,940) |
Other comprehensive (loss) income before reclassifications | (47,038) |
Net current-period other comprehensive (loss) income | (47,038) |
Ending balance | (182,978) |
Accumulated derivative gains (losses), net | |
Changes in accumulated other comprehensive income (loss) | |
Other comprehensive (loss) income before reclassifications | 18,781 |
Amounts reclassified from accumulated other comprehensive income (loss) | 6,097 |
Net current-period other comprehensive (loss) income | 24,878 |
Accumulated derivative gains (losses), net | Simon Property Group, L.P. | |
Changes in accumulated other comprehensive income (loss) | |
Beginning Balance | 9,263 |
Other comprehensive (loss) income before reclassifications | 21,633 |
Amounts reclassified from accumulated other comprehensive income (loss) | 7,020 |
Net current-period other comprehensive (loss) income | 28,653 |
Ending balance | 37,916 |
Net unrealized losses on marketable securities | |
Changes in accumulated other comprehensive income (loss) | |
Other comprehensive (loss) income before reclassifications | 324 |
Net current-period other comprehensive (loss) income | 324 |
Net unrealized losses on marketable securities | Simon Property Group, L.P. | |
Changes in accumulated other comprehensive income (loss) | |
Beginning Balance | (425) |
Other comprehensive (loss) income before reclassifications | 373 |
Net current-period other comprehensive (loss) income | 373 |
Ending balance | $ (52) |
Summary of Significant Accou_16
Summary of Significant Accounting Policies - Reclassification Out Of AOCI, Simon Property Group, L.P. (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Significant Accounting Policies | |||||||||||
Interest expense | $ (815,923) | $ (809,393) | $ (857,554) | ||||||||
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 288,827 | 3,647 | 84,553 | ||||||||
Other Income. | 370,582 | 296,978 | 276,544 | ||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | $ 712,796 | $ 556,267 | $ 547,004 | $ 620,654 | $ 571,116 | $ 513,783 | $ 381,990 | $ 477,736 | 2,436,721 | 1,944,625 | 1,835,559 |
Simon Property Group, L.P. | |||||||||||
Significant Accounting Policies | |||||||||||
Interest expense | (815,923) | (809,393) | (857,554) | ||||||||
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 288,827 | 3,647 | 84,553 | ||||||||
Other Income. | 370,582 | 296,978 | 276,544 | ||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | $ 821,237 | $ 640,402 | $ 629,822 | $ 714,303 | $ 657,774 | $ 591,872 | $ 439,986 | $ 550,006 | 2,805,764 | 2,239,638 | 2,122,236 |
Currency translation adjustments | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | (118,858) | ||||||||||
Currency translation adjustments | Simon Property Group, L.P. | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | (136,806) | ||||||||||
Accumulated derivative gains (losses), net | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | (6,097) | (8,186) | (11,135) | ||||||||
Accumulated derivative gains (losses), net | Simon Property Group, L.P. | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Interest expense | (7,020) | (9,419) | (12,230) | ||||||||
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | (586) | ||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | $ (7,020) | (9,419) | $ (12,816) | ||||||||
Net unrealized losses on marketable securities | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | 18,721 | ||||||||||
Net unrealized losses on marketable securities | Simon Property Group, L.P. | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Other Income. | $ 21,541 |
Summary of Significant Accou_17
Summary of Significant Accounting Policies - Allowance for Credit Losses and Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Management Fees and Other Revenues | |||
Insurance reserve for insurance subsidiaries and other self-insurance programs | $ 82,500 | $ 81,800 | |
Allowance for Credit Losses | |||
Balance, beginning of period | 23,460 | 22,498 | $ 30,094 |
Provision for credit losses | 12,631 | 11,304 | 7,319 |
Accounts written off, net of recoveries | (9,271) | (10,342) | (14,915) |
Balance, end of period | 26,820 | 23,460 | $ 22,498 |
Income Taxes | |||
Provision for federal income taxes for REIT entities | 0 | ||
Deferred tax liabilities, net | $ 278,300 | $ 301,700 |
Summary of Significant Accou_18
Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Jan. 01, 2019 | Jan. 01, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements | ||||
Cumulative effect adjustment | $ 7,264 | |||
Retained Earnings (Accumulated Deficit) | $ (4,893,069) | $ (4,782,173) | ||
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | ||||
New Accounting Pronouncements | ||||
Retained Earnings (Accumulated Deficit) | $ 0 | |||
Accounting Standards Update 2016-01 | Adjustment | ||||
New Accounting Pronouncements | ||||
Cumulative effect adjustment | 7,300 | |||
Accounting Standards Update 2016-02 | Proforma Adjustment | ||||
New Accounting Pronouncements | ||||
Lease expenses | 45,000 | |||
Right-of use assets for operating leases | $ (45,000) | |||
Accounting Standards Update 2016-02 | Adjustment | ||||
New Accounting Pronouncements | ||||
Right-of use assets for operating leases | $ 524,000 | |||
Lease liabilities for operating leases | $ 524,000 | |||
Accounting Standards Update 2016-02 | Adjustment | Minimum | ||||
New Accounting Pronouncements | ||||
Discount rate | 3.97% | |||
Accounting Standards Update 2016-02 | Adjustment | Maximum | ||||
New Accounting Pronouncements | ||||
Discount rate | 5.52% | |||
Accounting Standards Update 2017-05 | Adjustment | ||||
New Accounting Pronouncements | ||||
Cumulative effect adjustment | $ 0 |
Real Estate Acquisitions and _2
Real Estate Acquisitions and Dispositions (Details) $ in Thousands | Sep. 25, 2018USD ($)shares | Apr. 21, 2017USD ($) | Jul. 25, 2016USD ($)property | Jan. 01, 2016USD ($)property | May 31, 2017USD ($) | Feb. 29, 2016USD ($) | Jun. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($)property | Apr. 14, 2016 |
Acquisitions | |||||||||||||
Fixed mortgage loan | $ 22,393,936 | $ 23,374,732 | |||||||||||
Residential and Retail Properties | Disposed by Sales | |||||||||||||
Dispositions | |||||||||||||
Proceeds from sale or disposal of real estate assets | $ 81,800 | ||||||||||||
Shopping centers | Disposed by Sales | Klepierre | |||||||||||||
Dispositions | |||||||||||||
Gain (loss) on disposition of interest in properties | $ 5,000 | $ 20,200 | $ 5,000 | 8,100 | |||||||||
Scandinavian Properties | Disposed by Sales | Klepierre | |||||||||||||
Dispositions | |||||||||||||
Gain (loss) on disposition of interest in properties | $ 8,100 | ||||||||||||
Outlet Center In Roosendaal | European Joint Venture | |||||||||||||
Acquisitions | |||||||||||||
Ownership interests acquired (as a percent) | 100.00% | ||||||||||||
Cash purchase price for acquisition | $ 69,800 | ||||||||||||
Mortgage debt assumed | $ 40,100 | ||||||||||||
Outlet Center In Roosendaal | European Joint Venture | Mortgage Maturing 2024 | |||||||||||||
Acquisitions | |||||||||||||
Debt issued to refinance previous mortgage | $ 69,000 | ||||||||||||
Outlet Center In Roosendaal | European Joint Venture | Mortgage Maturing 2024 | EURIBOR | |||||||||||||
Acquisitions | |||||||||||||
Interest added to reference rate (as a percent) | 1.85% | ||||||||||||
Designer Outlet properties | European Joint Venture | |||||||||||||
Acquisitions | |||||||||||||
Number of consolidated properties under step acquisition | property | 2 | ||||||||||||
Number of properties | property | 6 | ||||||||||||
Non-cash gain on step acquisition | $ 12,100 | $ 12,100 | |||||||||||
The Shops at Crystals | |||||||||||||
Acquisitions | |||||||||||||
Ownership interests acquired (as a percent) | 50.00% | ||||||||||||
Outlet Center In Ochtrup | European Joint Venture | |||||||||||||
Acquisitions | |||||||||||||
Ownership interests acquired (as a percent) | 75.00% | ||||||||||||
Consideration for the acquisition | $ 38,300 | ||||||||||||
Cash purchase price for acquisition | $ 38,300 | ||||||||||||
Outlet Centers In Italy | European Joint Venture | |||||||||||||
Acquisitions | |||||||||||||
Ownership interests acquired (as a percent) | 33.00% | ||||||||||||
Number of properties in which additional interest is acquired | property | 2 | ||||||||||||
Number of consolidated properties under step acquisition | property | 2 | ||||||||||||
Non-cash gain on step acquisition | $ 29,300 | $ 29,300 | |||||||||||
Cash purchase price for acquisition | $ 159,700 | ||||||||||||
Outlets at Orange | |||||||||||||
Acquisitions | |||||||||||||
Ownership interests acquired (as a percent) | 50.00% | ||||||||||||
Outlets at Orange | Mortgage Maturing April 1, 2024 | |||||||||||||
Acquisitions | |||||||||||||
Fixed mortgage loan | $ 215,000 | ||||||||||||
Fixed rate of interest | 4.22% | ||||||||||||
Outlets at Orange | Simon Property Group, L.P. | |||||||||||||
Acquisitions | |||||||||||||
Number of units issued in connection with acquisition of the remaining interest in orange outlet | shares | 475,183 | ||||||||||||
Consideration for the acquisition | $ 84,100 | ||||||||||||
Unconsolidated properties | Residential properties | Disposed by Sales | |||||||||||||
Dispositions | |||||||||||||
Number of properties disposed of during the period | property | 2 | ||||||||||||
Unconsolidated properties | Residential properties | Disposed by Sales | Other income | |||||||||||||
Dispositions | |||||||||||||
Gain (loss) on disposition of interest in properties | $ 36,200 | ||||||||||||
Unconsolidated properties | Residential properties | Disposed by Sales | Income and other taxes | |||||||||||||
Dispositions | |||||||||||||
Gain from sale of properties, tax effect | $ 7,200 | ||||||||||||
Unconsolidated properties | Retail properties | Disposed by Sales | |||||||||||||
Dispositions | |||||||||||||
Number of properties disposed of during the period | property | 1 | 4 | |||||||||||
Gain (loss) on disposition of interest in properties | $ (1,300) | $ 22,600 | |||||||||||
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale | |||||||||||||
Dispositions | |||||||||||||
Number of properties disposed of during the period | property | 2 | ||||||||||||
Nets gains on disposition | $ 288,800 | ||||||||||||
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale | Non-recourse $200M Mortgage | |||||||||||||
Dispositions | |||||||||||||
Non-recourse mortgage | 200,000 | ||||||||||||
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale | Non-recourse $80M Mortgage | |||||||||||||
Dispositions | |||||||||||||
Non-recourse mortgage | $ 80,000 | ||||||||||||
Consolidated properties | Retail properties | Disposed by Sales | |||||||||||||
Dispositions | |||||||||||||
Number of properties disposed of during the period | property | 3 | ||||||||||||
Gain (loss) on disposition of interest in properties | $ 12,400 |
Per Share and Per Unit Data (De
Per Share and Per Unit Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Per Share And Per Unit Data | ||||||||||||
Net Income attributable to Common Stockholders - Basic | $ 712,796 | $ 556,267 | $ 547,004 | $ 620,654 | $ 571,116 | $ 513,783 | $ 381,990 | $ 477,736 | $ 2,436,721 | $ 1,944,625 | $ 1,835,559 | |
Net Income attributable to Common Stockholders - Diluted | $ 2,436,721 | $ 1,944,625 | $ 1,835,559 | |||||||||
Weighted Average Shares Outstanding — Basic and Diluted | 309,293,708 | 309,294,045 | 309,355,154 | 310,583,643 | 310,855,573 | 310,853,299 | 311,579,301 | 312,809,981 | 309,627,178 | 311,517,345 | 312,690,756 | |
Dividends | ||||||||||||
Total dividends paid per common share (in dollars per share) | $ 7.90 | $ 7.15 | $ 6.50 | |||||||||
Percent taxable as ordinary income | 96.20% | 100.00% | 99.70% | |||||||||
Percent taxable as long-term capital gains | 3.80% | 0.00% | 0.30% | |||||||||
Total percentage of dividends paid | 100.00% | 100.00% | 100.00% | |||||||||
Dividends declared per common share (in dollars per share) | $ 2.05 | |||||||||||
Simon Property Group, L.P. | ||||||||||||
Per Share And Per Unit Data | ||||||||||||
Net Income attributable to Common Stockholders - Basic | $ 821,237 | $ 640,402 | $ 629,822 | $ 714,303 | $ 657,774 | $ 591,872 | $ 439,986 | $ 550,006 | $ 2,805,764 | $ 2,239,638 | $ 2,122,236 | |
Net Income attributable to Common Stockholders - Diluted | $ 2,805,764 | $ 2,239,638 | $ 2,122,236 | |||||||||
Weighted Average Shares Outstanding — Basic and Diluted | 356,396,387 | 356,073,080 | 356,181,817 | 357,446,988 | 358,025,108 | 358,115,572 | 358,865,806 | 360,130,442 | 356,520,452 | 358,776,632 | 361,526,633 |
Investment Properties (Details)
Investment Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investment Properties | ||
Land | $ 3,673,023 | $ 3,635,316 |
Buildings and improvements | 32,994,937 | 32,379,190 |
Total land, buildings and improvements | 36,667,960 | 36,014,506 |
Furniture, fixtures and equipment | 424,710 | 378,958 |
Investment properties at cost | 37,092,670 | 36,393,464 |
Less - accumulated depreciation | 12,884,539 | 11,935,949 |
Investment properties at cost, net | 24,208,131 | 24,457,515 |
Construction in progress, included above | $ 561,556 | $ 503,692 |
Investments in Unconsolidated E
Investments in Unconsolidated Entities and International Investments - Real Estate Joint Ventures and Investments (Details) $ in Millions | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property |
Investment in Unconsolidated Entities | ||
Total number of joint venture properties | property | 81 | 81 |
Construction and other related party loans | ||
Investment in Unconsolidated Entities | ||
Loans to related party | $ | $ 85.8 | $ 87 |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities and International Investments - Unconsolidated Entity Transactions (Details) $ / shares in Units, $ in Thousands | Sep. 25, 2018$ / sharesshares | Jun. 07, 2018USD ($) | Nov. 03, 2017USD ($)store | Sep. 15, 2016item | Apr. 14, 2016USD ($) | Apr. 05, 2016USD ($) | Apr. 13, 2015property | Dec. 31, 2018USD ($)property | Jun. 30, 2017USD ($) | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($)property | May 31, 2017 |
Investment in Unconsolidated Entities | ||||||||||||||
Insurance proceeds recorded as business interruption | $ 19,083 | |||||||||||||
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 288,827 | $ 3,647 | $ 84,553 | |||||||||||
Gain on interest in unconsolidated entities | 35,621 | |||||||||||||
Share of net income, net of amortization of our excess investment | 475,250 | 400,270 | 353,334 | |||||||||||
Investment properties, at cost | $ 37,092,670 | 37,092,670 | 36,393,464 | $ 37,092,670 | ||||||||||
Distributions of income from unconsolidated entities | $ 390,137 | 374,101 | 331,627 | |||||||||||
Outlets at Orange | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Ownership interests acquired (as a percent) | 50.00% | |||||||||||||
Ownership interest after acquisition (as a percent) | 100.00% | 100.00% | 100.00% | |||||||||||
Simon Property Group, L.P. | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Insurance proceeds recorded as business interruption | $ 19,083 | |||||||||||||
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 288,827 | 3,647 | 84,553 | |||||||||||
Gain on interest in unconsolidated entities | 35,621 | |||||||||||||
Share of net income, net of amortization of our excess investment | 475,250 | 400,270 | 353,334 | |||||||||||
Investment properties, at cost | $ 37,092,670 | 37,092,670 | 36,393,464 | $ 37,092,670 | ||||||||||
Distributions of income from unconsolidated entities | 390,137 | $ 374,101 | $ 331,627 | |||||||||||
Simon Property Group, L.P. | Outlets at Orange | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Number of units issued in connection with acquisition of the remaining interest in orange outlet | shares | 475,183 | |||||||||||||
Business acquisition price (in dollars per share) | $ / shares | $ 176.99 | |||||||||||||
Colorado Mills | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Impairment charges | $ 32,500 | |||||||||||||
Insurance proceeds recorded as business interruption | $ 65,900 | |||||||||||||
Gain on business interruption | $ 33,400 | |||||||||||||
Aventura Mall | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Loan defeasance charge | $ 30,900 | |||||||||||||
Write off of deferred debt issuance cost | 6,500 | |||||||||||||
Mortgages | Aventura Mall | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Debt refinanced | 1,200,000 | |||||||||||||
Construction loan | Aventura Mall | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Debt refinanced | 200,800 | |||||||||||||
4.12% fixed interest rate mortgage maturing July 2028 | Aventura Mall | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Debt issued | $ 1,750,000 | |||||||||||||
Fixed interest rate (as a percent) | 4.12% | |||||||||||||
The Shops at Crystals | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Ownership interest (as a percent) | 50.00% | |||||||||||||
Payments to acquire equity method investment | $ 1,100,000 | |||||||||||||
The Shops at Crystals | 3.74% fixed-rate mortgage maturing July 2026 | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Debt issued | $ 550,000 | |||||||||||||
Fixed interest rate (as a percent) | 3.74% | |||||||||||||
Quaker Bridge Mall | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Ownership interest (as a percent) | 50.00% | |||||||||||||
Quaker Bridge Mall | 4.50% fixed-rate mortgage maturing May 2026 | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Debt issued | $ 180,000 | |||||||||||||
Fixed interest rate (as a percent) | 4.50% | |||||||||||||
Distributions of income from unconsolidated entities | $ 180,000 | |||||||||||||
Sears Joint Venture | Sears | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Number of stores at malls with previously owned interest | property | 10 | |||||||||||||
Seritage Growth Properties | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Ownership interest (as a percent) | 50.00% | 50.00% | 50.00% | |||||||||||
Number of stores in which additional interest was acquired | store | 12 | |||||||||||||
Number of stores at malls with previously owned interest | store | 5 | |||||||||||||
Investment properties, at cost | $ 149,100 | |||||||||||||
Aventura Mall | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Ownership interest (as a percent) | 33.30% | |||||||||||||
Share of early debt repayment charge | $ 12,500 | |||||||||||||
Colorado Mills | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Ownership interest (as a percent) | 37.50% | |||||||||||||
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | $ 12,500 | |||||||||||||
Aeropostale | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Number of joint ventures | item | 2 | |||||||||||||
Aeropostale Retail Operations | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Ownership interest (as a percent) | 44.95% | 44.95% | 44.95% | |||||||||||
Authentic Brands Group LLC | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Ownership interest (as a percent) | 5.40% | 5.40% | 5.40% | |||||||||||
Gain on interest in unconsolidated entities | $ 35,600 | |||||||||||||
HBS | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Ownership interest (as a percent) | 11.70% | 11.70% | 11.70% | 11.70% | ||||||||||
Share of net income, net of amortization of our excess investment | $ 15,100 | $ 16,100 | ||||||||||||
Total assets | $ 1,700,000 | 1,700,000 | $ 1,700,000 | |||||||||||
Total liabilities | $ 834,100 | 834,100 | $ 834,100 | |||||||||||
Total revenues | 326,300 | 351,000 | ||||||||||||
Total operating income | 196,300 | 313,800 | ||||||||||||
Consolidated net income | $ 105,900 | $ 220,200 | ||||||||||||
HBS | United States | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Number of properties owned | property | 42 | 42 | 42 | 42 | ||||||||||
HBS | Germany | ||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||
Number of properties owned | property | 41 | |||||||||||||
Gain on sale or disposal of assets and interests in unconsolidated entities, net | $ 91,100 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities and International Investments - European Investments (Details) $ / shares in Units, $ in Thousands | Apr. 21, 2017USD ($) | Apr. 07, 2017USD ($) | Jul. 25, 2016USD ($)property | Jan. 01, 2016USD ($)property | May 31, 2017USD ($) | Feb. 29, 2016USD ($) | Jun. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2018USD ($)property$ / sharesshares | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($)property |
Investment in Unconsolidated Entities | ||||||||||||
Income from unconsolidated entities | $ 475,250 | $ 400,270 | $ 353,334 | |||||||||
Klepierre | Disposed by Sales | Shopping centers | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Gain (loss) on disposition of interest in properties | $ 5,000 | $ 20,200 | $ 5,000 | $ 8,100 | ||||||||
European Joint Venture | Designer Outlet properties | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Number of properties | property | 6 | |||||||||||
Number of consolidated properties under step acquisition | property | 2 | |||||||||||
Gain due to acquisition of controlling interest | $ 12,100 | $ 12,100 | ||||||||||
European Joint Venture | Outlet Center In Ochtrup | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Ownership interests acquired (as a percent) | 75.00% | |||||||||||
Cash purchase price for acquisition | $ 38,300 | |||||||||||
European Joint Venture | Outlet Centers In Italy | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Ownership interests acquired (as a percent) | 33.00% | |||||||||||
Number of properties in which additional interest is acquired | property | 2 | |||||||||||
Number of consolidated properties under step acquisition | property | 2 | |||||||||||
Gain due to acquisition of controlling interest | $ 29,300 | $ 29,300 | ||||||||||
Cash purchase price for acquisition | $ 159,700 | |||||||||||
European Joint Venture | Roermond Designer Outlet | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Ownership interest (as a percent) | 51.30% | |||||||||||
Ownership interests acquired (as a percent) | 15.70% | |||||||||||
Cash purchase price for acquisition | $ 17,900 | |||||||||||
European Joint Venture | Outlet Center In Roosendaal | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Ownership interests acquired (as a percent) | 100.00% | |||||||||||
Cash purchase price for acquisition | $ 69,800 | |||||||||||
Mortgage debt assumed | $ 40,100 | |||||||||||
European Joint Venture | Outlet Center In Roosendaal | Mortgage Maturing 2024 | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Debt issued to refinance previous mortgage | $ 69,000 | |||||||||||
European Joint Venture | Outlet Center In Roosendaal | Mortgage Maturing 2024 | EURIBOR | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Interest added to reference rate (as a percent) | 1.85% | |||||||||||
European Joint Venture | Designer Outlet properties | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Number of properties | property | 9 | 9 | 7 | |||||||||
European Property Management and Development | Designer Outlet properties | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Ownership interest (as a percent) | 50.00% | |||||||||||
European Property Management and Development | Designer Outlet properties | Minimum | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Ownership interest (as a percent) | 45.00% | |||||||||||
European Property Management and Development | Designer Outlet properties | Maximum | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Ownership interest (as a percent) | 94.00% | |||||||||||
Europe | Designer Outlet properties | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Number of properties | property | 8 | |||||||||||
Europe | Klepierre | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Shares owned | shares | 63,924,148 | |||||||||||
Ownership interest (as a percent) | 21.30% | |||||||||||
Quoted market price per share (in dollars per share) | $ / shares | $ 30.86 | |||||||||||
Income from unconsolidated entities | $ 98,800 | $ 50,000 | $ 41,500 | |||||||||
Total assets | 20,000,000 | 21,800,000 | ||||||||||
Total liabilities | 12,700,000 | 13,700,000 | ||||||||||
Noncontrolling interests equity | 1,400,000 | 1,600,000 | ||||||||||
Total revenues | 1,600,000 | 1,500,000 | 1,500,000 | |||||||||
Total operating income | 670,400 | 545,700 | 449,900 | |||||||||
Consolidated net income | $ 693,000 | 381,300 | $ 310,900 | |||||||||
Europe | Value Retail PLC | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Number of luxury outlets owned and operated | property | 9 | |||||||||||
Number of outlets in which the entity has a minority direct ownership | property | 3 | |||||||||||
Europe | Value Retail PLC | Deferred costs and other assets | ||||||||||||
Investment in Unconsolidated Entities | ||||||||||||
Vale of equity instruments | $ 140,800 | $ 140,800 |
Investments in Unconsolidated_4
Investments in Unconsolidated Entities and International Investments - Asian Joint Ventures (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investment in Unconsolidated Entities | ||
Equity investment | $ 2,220,414 | $ 2,266,483 |
Japan | Mitsubishi Estate Co., Ltd. | Premium Outlets | ||
Investment in Unconsolidated Entities | ||
Ownership percentage | 40.00% | |
Equity investment | $ 232,100 | 230,300 |
South Korea | Shinsegae International Co | Premium Outlets | ||
Investment in Unconsolidated Entities | ||
Ownership percentage | 50.00% | |
Equity investment | $ 166,300 | $ 149,100 |
Investments in Unconsolidated_5
Investments in Unconsolidated Entities and International Investments - Disposals (Details) - Disposed by Sales - Unconsolidated properties - property | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Residential properties | ||
Dispositions | ||
Number of properties disposed of during the period | 2 | |
Retail properties | ||
Dispositions | ||
Number of properties disposed of during the period | 1 | 4 |
Investments in Unconsolidated_6
Investments in Unconsolidated Entities and International Investments - Combined Balance Sheets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Our Share of: | ||
Investment in unconsolidated entities, at equity | $ 2,220,414 | $ 2,266,483 |
Unconsolidated properties | Maximum | ||
Our Share of: | ||
Estimated life of investment property | 40 years | |
Equity Method Investees excluding Klepierre, Aeropostale, ABG and HBS | Unconsolidated properties | ||
Assets: | ||
Investment properties, at cost | $ 18,807,449 | 18,328,747 |
Less - accumulated depreciation | 6,834,633 | 6,371,363 |
Investment properties at cost, net | 11,972,816 | 11,957,384 |
Cash and cash equivalents | 1,076,398 | 956,084 |
Tenant receivables and accrued revenue, net | 445,148 | 403,125 |
Deferred costs and other assets | 390,818 | 355,585 |
Total assets | 13,885,180 | 13,672,178 |
Liabilities and Partners' Deficit: | ||
Mortgages | 15,235,415 | 14,784,310 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 976,311 | 1,033,674 |
Other liabilities | 344,205 | 365,857 |
Total liabilities | 16,555,931 | 16,183,841 |
Preferred units | 67,450 | 67,450 |
Partners' deficit | (2,738,201) | (2,579,113) |
Total liabilities and partners' deficit | 13,885,180 | 13,672,178 |
Our Share of: | ||
Partners' deficit | (1,168,216) | (1,144,620) |
Add: Excess Investment | 1,594,198 | 1,733,063 |
Investment in unconsolidated entities, at equity | $ 425,982 | $ 588,443 |
Investments in Unconsolidated_7
Investments in Unconsolidated Entities and International Investments - Repayments of Mortgages (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Scheduled principal repayments on mortgage indebtedness | ||
2,019 | $ 1,416,309 | |
2,020 | 1,972,316 | |
2,021 | 3,146,997 | |
2,022 | 3,596,138 | |
2,023 | 1,869,674 | |
Thereafter | 11,365,890 | |
Total principal maturities | 23,367,324 | |
Net unamortized debt discount | (32,869) | |
Debt issuance costs | (96,175) | $ (110,734) |
Total mortgages and unsecured indebtedness | 23,305,535 | $ 24,632,463 |
Equity Method Investees excluding Klepierre, Aeropostale, ABG and HBS | Unconsolidated properties | ||
Scheduled principal repayments on mortgage indebtedness | ||
2,019 | 552,914 | |
2,020 | 1,114,394 | |
2,021 | 2,272,043 | |
2,022 | 1,831,834 | |
2,023 | 1,138,416 | |
Thereafter | 8,367,996 | |
Total principal maturities | 15,277,597 | |
Net unamortized debt discount | 2,225 | |
Debt issuance costs | (44,407) | |
Total mortgages and unsecured indebtedness | $ 15,235,415 | |
Weighted average interest rate (as a percent) | 4.05% | |
Equity Method Investees excluding Klepierre, Aeropostale, ABG and HBS | Unconsolidated properties | Minimum | ||
Scheduled principal repayments on mortgage indebtedness | ||
Interest rate on debt (as a percent) | 0.31% | |
Equity Method Investees excluding Klepierre, Aeropostale, ABG and HBS | Unconsolidated properties | Maximum | ||
Scheduled principal repayments on mortgage indebtedness | ||
Interest rate on debt (as a percent) | 11.59% |
Investments in Unconsolidated_8
Investments in Unconsolidated Entities and International Investments - Combined Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING EXPENSES: | |||
Income from Unconsolidated Entities | $ 475,250 | $ 400,270 | $ 353,334 |
Equity Method Investees excluding Klepierre, Aeropostale, ABG and HBS | Unconsolidated properties | |||
REVENUE: | |||
Minimum rent | 1,949,523 | 1,868,613 | 1,823,674 |
Overage rent | 230,145 | 210,909 | 200,638 |
Tenant reimbursements | 880,042 | 860,778 | 862,155 |
Other income | 326,575 | 290,515 | 237,782 |
Total revenue | 3,386,285 | 3,230,815 | 3,124,249 |
OPERATING EXPENSES: | |||
Property operating | 590,921 | 551,885 | 538,002 |
Depreciation and amortization | 652,968 | 640,286 | 588,666 |
Real estate taxes | 259,567 | 245,646 | 239,917 |
Repairs and maintenance | 87,408 | 81,309 | 76,380 |
Advertising and promotion | 87,349 | 86,480 | 88,956 |
Provision for credit losses | 14,042 | 6,645 | 7,603 |
Other | 187,292 | 184,037 | 183,435 |
Total operating expenses | 1,879,547 | 1,796,288 | 1,722,959 |
Operating Income Before Other Items | 1,506,738 | 1,434,527 | 1,401,290 |
Interest expense | (663,693) | (593,062) | (585,958) |
Gain (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net | 33,367 | (2,239) | 101,051 |
Net Income | 876,412 | 839,226 | 916,383 |
Third-Party Investors’ Share of Net Income | 436,767 | 424,533 | 452,844 |
Our Share of Net Income | 439,645 | 414,693 | 463,539 |
Amortization of Excess Investment | (85,252) | (89,804) | (94,213) |
Our Share of (Gain) Loss on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net | (12,513) | 1,342 | (22,636) |
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests Included in Other Income in the Consolidated Financial Statements | (36,153) | ||
Income from Unconsolidated Entities | $ 341,880 | $ 326,231 | $ 310,537 |
Indebtedness and Derivative F_3
Indebtedness and Derivative Financial Instruments (Details) $ in Thousands, € in Millions | Feb. 01, 2019USD ($) | Jul. 30, 2018EUR (€) | Jul. 10, 2018USD ($) | Feb. 15, 2018USD ($) | Feb. 14, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)propertyitem | Nov. 14, 2018USD ($) | Nov. 13, 2018USD ($) | Sep. 25, 2018USD ($) | Jan. 03, 2018USD ($) | Dec. 31, 2017USD ($) |
Debt | ||||||||||||
Debt issuance costs | $ 96,175 | $ 110,734 | ||||||||||
Other Debt Obligations | 67,255 | 68,420 | ||||||||||
Total Mortgages and Unsecured Indebtedness | 23,305,535 | 24,632,463 | ||||||||||
Fixed-Rate Debt: | ||||||||||||
Fixed mortgage loan | 22,393,936 | 23,374,732 | ||||||||||
Variable-Rate Debt: | ||||||||||||
Variable-rate mortgages and unsecured indebtedness | 844,344 | 1,189,311 | ||||||||||
Simon Property Group, L.P. | ||||||||||||
Debt | ||||||||||||
Total Mortgages and Unsecured Indebtedness | 23,305,535 | 24,632,463 | ||||||||||
Mortgage Maturing April 1, 2024 | Outlets at Orange | ||||||||||||
Fixed-Rate Debt: | ||||||||||||
Fixed mortgage loan | $ 215,000 | |||||||||||
Fixed rate of interest | 4.22% | |||||||||||
Secured Debt | Mortgages | ||||||||||||
Debt | ||||||||||||
Total Mortgages and Unsecured Indebtedness | $ 6,800,000 | 6,900,000 | ||||||||||
Debt covenants | ||||||||||||
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers | item | 45 | |||||||||||
Number of properties owned | 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 | |||||||||||
Secured Debt | Fixed Rate Mortgages | ||||||||||||
Debt | ||||||||||||
Debt issuance costs | $ 14,522 | 16,106 | ||||||||||
Fixed-Rate Debt: | ||||||||||||
Fixed mortgage loan | 6,099,787 | 6,020,552 | ||||||||||
Net premiums | $ 11,822 | 16,869 | ||||||||||
Fixed rate of interest | 3.91% | |||||||||||
Weighted average maturity period, fixed-rate debt | 5 years 7 months 6 days | |||||||||||
Secured Debt | Variable Rate Mortgages | ||||||||||||
Debt | ||||||||||||
Debt issuance costs | $ 5,901 | 8,988 | ||||||||||
Variable-Rate Debt: | ||||||||||||
Variable-rate mortgages and unsecured indebtedness | $ 736,274 | 883,781 | ||||||||||
Weighted average interest rate, variable-rate debt (as a percent) | 3.15% | |||||||||||
Weighted average maturity period, variable-rate debt | 3 years 1 month 6 days | |||||||||||
Secured Debt | 7.79% rate Mortgage | ||||||||||||
Debt | ||||||||||||
Debt repaid | $ 86,600 | |||||||||||
Interest rate on debt (as a percent) | 7.79% | |||||||||||
Unsecured Debt | Senior unsecured notes | ||||||||||||
Debt | ||||||||||||
Debt issuance costs | $ 58,822 | 68,535 | ||||||||||
Fixed-Rate Debt: | ||||||||||||
Fixed mortgage loan | 15,535,468 | 16,375,713 | ||||||||||
Net discounts | $ 44,691 | 51,657 | ||||||||||
Fixed rate of interest | 3.18% | |||||||||||
Weighted average maturity period, fixed-rate debt | 7 years 2 months 12 days | |||||||||||
Unsecured Debt | Senior unsecured notes | Simon Property Group, L.P. | ||||||||||||
Debt | ||||||||||||
Total Mortgages and Unsecured Indebtedness | $ 15,600,000 | |||||||||||
Unsecured Debt | Senior Unsecured Notes 1.50% due 2018 | Simon Property Group, L.P. | ||||||||||||
Debt | ||||||||||||
Amount of debt redeemed | $ 750,000 | |||||||||||
Interest rate on debt (as a percent) | 1.50% | |||||||||||
Unsecured Debt | Senior Unsecured Notes 2.20% | Simon Property Group, L.P. | ||||||||||||
Debt | ||||||||||||
Debt repaid | $ 600,000 | |||||||||||
Interest rate on debt (as a percent) | 2.20% | |||||||||||
Unsecured Debt | Commercial Paper | ||||||||||||
Fixed-Rate Debt: | ||||||||||||
Fixed mortgage loan | 758,681 | 978,467 | ||||||||||
Unsecured Debt | Commercial Paper | Simon Property Group, L.P. | ||||||||||||
Debt | ||||||||||||
Credit facility, amount outstanding | $ 758,700 | |||||||||||
Maximum borrowing capacity | $ 2,000,000 | $ 1,000,000 | ||||||||||
Unsecured Debt | Commercial Paper | Simon Property Group, L.P. | USD | ||||||||||||
Debt | ||||||||||||
Weighted average interest rate (as a percent) | 2.49% | |||||||||||
Unsecured Debt | Credit Facility and the Supplemental Facility | Simon Property Group, L.P. | ||||||||||||
Debt | ||||||||||||
Available borrowing capacity | $ 6,600,000 | |||||||||||
Maximum amount outstanding during period | 423,100 | |||||||||||
Credit facility, weighted average amount outstanding | 238,100 | |||||||||||
Letters of credit outstanding | 11,300 | |||||||||||
Unsecured Debt | Credit Facility | ||||||||||||
Debt | ||||||||||||
Debt issuance costs | 16,930 | 17,106 | ||||||||||
Variable-Rate Debt: | ||||||||||||
Variable-rate mortgages and unsecured indebtedness | 108,070 | $ 305,530 | ||||||||||
Unsecured Debt | Credit Facility | Simon Property Group, L.P. | ||||||||||||
Debt | ||||||||||||
Maximum borrowing capacity | $ 4,000,000 | 4,000,000 | ||||||||||
Optional expanded maximum borrowing capacity | $ 5,000,000 | |||||||||||
Additional facility fee (as a percent) | 0.10% | |||||||||||
Unsecured Debt | Credit Facility | Simon Property Group, L.P. | LIBOR | ||||||||||||
Debt | ||||||||||||
Interest added to reference rate (as a percent) | 0.775% | |||||||||||
Unsecured Debt | Credit Facility | Simon Property Group, L.P. | Yen | ||||||||||||
Debt | ||||||||||||
Debt repaid | $ 201,300 | $ 201,300 | ||||||||||
Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P. | ||||||||||||
Debt | ||||||||||||
Percentage of borrowings in currencies other than the U.S. dollar | 95.00% | |||||||||||
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | ||||||||||||
Debt | ||||||||||||
Credit facility, amount outstanding | $ 125,000 | |||||||||||
Maximum borrowing capacity | $ 3,500,000 | $ 3,500,000 | ||||||||||
Additional facility fee (as a percent) | 0.10% | |||||||||||
Expanded maximum borrowing capacity | $ 4,500,000 | |||||||||||
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | LIBOR | ||||||||||||
Debt | ||||||||||||
Interest added to reference rate (as a percent) | 0.775% | 0.80% | ||||||||||
Outlets at Orange | ||||||||||||
Fixed-Rate Debt: | ||||||||||||
Ownership interests acquired (as a percent) | 50.00% | |||||||||||
Outlets at Orange | Mortgage Maturing April 1, 2024 | ||||||||||||
Fixed-Rate Debt: | ||||||||||||
Fixed mortgage loan | $ 215,000 | |||||||||||
Fixed rate of interest | 4.22% | |||||||||||
Noventa Di Piave Designer Outlet, Venice, Italy | ||||||||||||
Fixed-Rate Debt: | ||||||||||||
Ownership interest (as a percent) | 90.00% | |||||||||||
Noventa Di Piave Designer Outlet, Venice, Italy | Fixed Rate 2.00 Mortgage Maturing 2025 | ||||||||||||
Fixed-Rate Debt: | ||||||||||||
Fixed mortgage loan | € | € 260 | |||||||||||
Fixed rate of interest | 2.00% | |||||||||||
Noventa Di Piave Designer Outlet, Venice, Italy | Variable Rate 1.68 Mortgage Maturing 2020 | ||||||||||||
Debt | ||||||||||||
Debt repaid | € | € 110 | |||||||||||
Variable-Rate Debt: | ||||||||||||
Weighted average interest rate, variable-rate debt (as a percent) | 1.68% |
Indebtedness and Derivative F_4
Indebtedness and Derivative Financial Instruments - Maturity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Maturity and Other | |||
2,019 | $ 1,416,309 | ||
2,020 | 1,972,316 | ||
2,021 | 3,146,997 | ||
2,022 | 3,596,138 | ||
2,023 | 1,869,674 | ||
Thereafter | 11,365,890 | ||
Total principal maturities | 23,367,324 | ||
Net unamortized debt discount | (32,869) | ||
Debt issuance costs, net | (96,175) | $ (110,734) | |
Other Debt Obligations | 67,255 | 68,420 | |
Total mortgages and unsecured indebtedness | 23,305,535 | 24,632,463 | |
Cash paid for interest | $ 811,971 | $ 814,729 | $ 887,118 |
Indebtedness and Derivative F_5
Indebtedness and Derivative Financial Instruments - Derivatives (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Financial Instruments | ||
Unamortized loss on treasury locks and terminated hedges | $ 3 | $ 10.1 |
Amount expected to be reclassified from accumulated other comprehensive loss to earnings within the next year | $ 4.3 |
Indebtedness and Derivative F_6
Indebtedness and Derivative Financial Instruments - Debt Issuance Costs and Discounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt issuance cost | |||
Debt issuance costs | $ 204,189 | $ 200,646 | |
Accumulated amortization | (108,014) | (89,912) | |
Debt issuance costs | 96,175 | 110,734 | |
Amortization of Debt Issuance Costs and Discounts | |||
Amortization of debt issuance costs | 21,445 | 21,707 | $ 21,703 |
Amortization of debt discounts/(premiums) | $ 1,618 | $ 1,357 | $ (14,583) |
Indebtedness and Derivative F_7
Indebtedness and Derivative Financial Instruments - Fair Value (Details) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Book value | ||
Fair Value of Debt | ||
Fair value of fixed-rate mortgages and unsecured indebtedness | $ 22,400,000,000 | $ 23,400,000,000 |
Fixed-rate mortgages and unsecured indebtedness | Fair value | ||
Fair Value of Debt | ||
Fair value of fixed-rate mortgages and unsecured indebtedness | $ 22,323,000,000 | $ 24,003,000,000 |
Discount Rate | Weighted average | Mortgages | ||
Fair Value of Debt | ||
Debt percentage- measurement input | 4.55 | 4.25 |
Discount Rate | Weighted average | Unsecured Debt | ||
Fair Value of Debt | ||
Debt percentage- measurement input | 4.50 | 4.10 |
Rentals under Operating Lease_2
Rentals under Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Future minimum rentals to be received under noncancelable tenant operating leases | |
2,019 | $ 2,864,804 |
2,020 | 2,596,538 |
2,021 | 2,300,681 |
2,022 | 1,989,319 |
2,023 | 1,609,389 |
Thereafter | 3,791,543 |
Future minimum rental receivables | $ 15,152,274 |
Equity - Common Stock and Unit
Equity - Common Stock and Unit Issuances and Repurchases (Details) $ / shares in Units, $ in Millions | Feb. 11, 2019USD ($) | Sep. 25, 2018shares | Feb. 13, 2017USD ($) | Dec. 31, 2018USD ($)item$ / sharesshares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2016shares |
Equity | ||||||
Minimum number of additional classes or series of common stock that the Board is authorized to reclassify from excess common stock | item | 1 | |||||
Exchange of limited partner units, (in shares) | shares | 92,732 | 500,411 | 5,020,919 | |||
Period common stock is authorized to repurchase | 2 years | 2 years | ||||
Common stock authorized for repurchase | $ | $ 2,000 | $ 2,000 | ||||
Shares repurchased (in shares) | shares | 2,275,194 | 2,468,630 | 1,409,197 | |||
Average share price repurchased (in dollars per share) | $ / shares | $ 155.64 | $ 164.87 | ||||
Outlets at Orange | ||||||
Equity | ||||||
Ownership interests acquired (as a percent) | 50.00% | |||||
Outlets at Orange | Simon Property Group, L.P. | ||||||
Equity | ||||||
Number of units issued in connection with acquisition of the remaining interest in orange outlet | shares | 475,183 | |||||
Class B common stock | ||||||
Equity | ||||||
Common Stock, Shares, Outstanding | shares | 8,000 | 8,000 | ||||
Number of voting trusts which are subject to outstanding shares common stock | item | 2 | |||||
Common Stock | ||||||
Equity | ||||||
Number of votes entitled per share to holders of common stock | item | 1 | |||||
Limited Partners | ||||||
Equity | ||||||
Exchange of limited partner units, (in shares) | shares | 92,732 | |||||
Number of limited partners who received common stock | item | 2 | |||||
Limited Partners | Simon Property Group, L.P. | ||||||
Equity | ||||||
Redemption of units | shares | 454,704 | |||||
Value of units redeemed | $ | $ 81.5 | |||||
Number of limited partners who received common stock | item | 8 | |||||
Maximum | Class B common stock | ||||||
Equity | ||||||
Number of members of board of directors elected under entitlement of right | item | 4 |
Equity - Temporary Equity (Deta
Equity - Temporary Equity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)item$ / sharesshares | Dec. 31, 2017USD ($)shares | |
Redeemable preferred stock | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $ | $ 230,163 | $ 190,480 |
Simon Property Group, L.P. | ||
Redeemable preferred stock | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $ | $ 230,163 | $ 190,480 |
7.5% Cumulative Redeemable Preferred Units | ||
Redeemable preferred stock | ||
Number of series of units classified into temporary equity | item | 1 | |
Noncontrolling interests redeemable at amounts in excess of fair value | 0 | 0 |
Preferred stock stated dividend rate percentage | 7.50% | 7.50% |
Temporary equity, shares authorized | shares | 260,000 | 260,000 |
Temporary equity, shares issued | shares | 255,373 | 255,373 |
Temporary equity, shares outstanding | shares | 255,373 | 255,373 |
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $ | $ 25,537 | $ 25,537 |
Cumulative quarterly distributions on preferred units (in dollars per share) | $ / shares | $ 7.50 | |
Temporary equity redemption price (in dollars per share) | $ / shares | 100 | |
Liquidation preference (in dollars per share) | $ / shares | $ 100 | |
7.5% Cumulative Redeemable Preferred Units | Simon Property Group, L.P. | ||
Redeemable preferred stock | ||
Number of series of units classified into temporary equity | item | 1 | |
Noncontrolling interests redeemable at amounts in excess of fair value | 0 | 0 |
Preferred stock stated dividend rate percentage | 7.50% | 7.50% |
Temporary equity, shares authorized | shares | 260,000 | 260,000 |
Temporary equity, shares issued | shares | 255,373 | 255,373 |
Temporary equity, shares outstanding | shares | 255,373 | 255,373 |
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $ | $ 25,537 | $ 25,537 |
Cumulative quarterly distributions on preferred units (in dollars per share) | $ / shares | $ 7.50 | |
Temporary equity redemption price (in dollars per share) | $ / shares | 100 | |
Liquidation preference (in dollars per share) | $ / shares | $ 100 | |
Other noncontrolling redeemable interest | ||
Redeemable preferred stock | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $ | $ 204,626 | 164,943 |
Other noncontrolling redeemable interest | Simon Property Group, L.P. | ||
Redeemable preferred stock | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $ | $ 204,626 | $ 164,943 |
Equity - Permanent Equity (Deta
Equity - Permanent Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Series J Preferred stock | ||
Equity | ||
Preferred stock stated dividend rate percentage | 8.375% | 8.375% |
Redemption price of preferred stock (in dollars per share) | $ 50 | |
Premium received on preferred stock issued | $ 7.5 | |
Preferred stock unamortized premium | $ 2.9 | $ 3.2 |
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 outstanding | 796,948 | 796,948 |
Simon Property Group, L.P. | ||
Equity | ||
J 8 3/8% cumulative redeemable preferred stock, units outstanding | 796,948 | 796,948 |
Simon Property Group, L.P. | Series J Preferred stock | ||
Equity | ||
Preferred stock stated dividend rate percentage | 8.375% | 8.375% |
Redemption price of preferred stock (in dollars per share) | $ 50 | |
Premium received on preferred stock issued | $ 7.5 | |
Preferred stock unamortized premium | $ 2.9 | $ 3.2 |
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized | 1,000,000 | |
J 8 3/8% cumulative redeemable preferred stock, units issued | 796,948 | |
J 8 3/8% cumulative redeemable preferred stock, units outstanding | 796,948 |
Equity - Stock Based Compensati
Equity - Stock Based Compensation (Details) | Dec. 31, 2013shares | Jul. 06, 2011USD ($)shares | Dec. 31, 2018USD ($)item$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015shares |
Exchange Rights | ||||||
Limited partners units, exchange ratio | item | 1 | |||||
Common stock reserved for possible conversion (in shares) | shares | 50,643,747 | |||||
Restricted stock | ||||||
Stock-based incentive plan awards | ||||||
Total number of shares awarded, net of forfeiture | shares | 5,786,423 | |||||
Shares of restricted stock awarded during the year, net of forfeitures | shares | 51,756 | 76,660 | 63,324 | |||
Weighted average fair value of shares granted during the period (in dollars per share) | $ / shares | $ 153.24 | $ 170.81 | $ 209.16 | |||
Annual amortization | $ 12,029,000 | $ 13,911,000 | $ 12,024,000 | |||
Compensation expense, net of capitalization | $ 7,800,000 | $ 9,000,000 | $ 9,100,000 | |||
Restricted stock | Minimum | ||||||
Stock-based incentive plan awards | ||||||
Vesting period | 3 years | |||||
Restricted stock | Maximum | ||||||
Stock-based incentive plan awards | ||||||
Vesting period | 4 years | |||||
Restricted stock | Automatic Awards for Eligible Directors | ||||||
Stock-based incentive plan awards | ||||||
Vesting period | 1 year | |||||
LTIP Retention Award to Chairman and CEO | ||||||
Stock-based incentive plan awards | ||||||
Awards earned (in units) | shares | 1,000,000 | |||||
Grant Date Fair Value | $ 120,300,000 | |||||
Service period | 8 years | |||||
LTIP Retention Award to Chairman and CEO | A Units | ||||||
Stock-based incentive plan awards | ||||||
Awards earned (in units) | shares | 360,000 | |||||
LTIP Retention Award to Chairman and CEO | A Units | Maximum | ||||||
Stock-based incentive plan awards | ||||||
Units to be earned (in shares) | shares | 360,000 | |||||
LTIP Retention Award to Chairman and CEO | B Units | ||||||
Stock-based incentive plan awards | ||||||
Awards earned (in units) | shares | 360,000 | |||||
LTIP Retention Award to Chairman and CEO | B Units | Maximum | ||||||
Stock-based incentive plan awards | ||||||
Units to be earned (in shares) | shares | 360,000 | |||||
LTIP Retention Award to Chairman and CEO | C Units | ||||||
Stock-based incentive plan awards | ||||||
Awards earned (in units) | shares | 280,000 | |||||
LTIP Retention Award to Chairman and CEO | C Units | Maximum | ||||||
Stock-based incentive plan awards | ||||||
Units to be earned (in shares) | shares | 280,000 | |||||
Employee Options | ||||||
Stock-based incentive plan awards | ||||||
Vesting period | 3 years | |||||
Expiration period | 10 years | |||||
1998 Stock Incentive Plan | ||||||
Stock-based incentive plan awards | ||||||
Shares reserved for issuance (in shares) | shares | 16,300,000 | |||||
1998 Stock Incentive Plan | Audit Committee Chairman | ||||||
Stock-based incentive plan awards | ||||||
Retainer | $ 35,000 | |||||
1998 Stock Incentive Plan | Compensation Committee Chairman | ||||||
Stock-based incentive plan awards | ||||||
Retainer | 35,000 | |||||
1998 Stock Incentive Plan | Nominating And Governance Committee Chairman | ||||||
Stock-based incentive plan awards | ||||||
Retainer | 25,000 | |||||
1998 Stock Incentive Plan | Audit Committee Member | ||||||
Stock-based incentive plan awards | ||||||
Retainer | 15,000 | |||||
1998 Stock Incentive Plan | Compensation Committee Member | ||||||
Stock-based incentive plan awards | ||||||
Retainer | 15,000 | |||||
1998 Stock Incentive Plan | Nominating And Governance Committee Member | ||||||
Stock-based incentive plan awards | ||||||
Retainer | $ 10,000 | |||||
1998 Stock Incentive Plan | Automatic Awards for Eligible Directors | ||||||
Stock-based incentive plan awards | ||||||
Retainer fee paid cash (as a percent) | 50.00% | |||||
1998 Stock Incentive Plan | Independent Director | ||||||
Stock-based incentive plan awards | ||||||
Cash retainer | $ 110,000 | |||||
1998 Stock Incentive Plan | Lead Director | ||||||
Stock-based incentive plan awards | ||||||
Retainer | $ 50,000 | |||||
1998 Stock Incentive Plan | Restricted stock | Automatic Awards for Eligible Directors | ||||||
Stock-based incentive plan awards | ||||||
Retainer fee paid in restricted shares (as a percent) | 50.00% | |||||
1998 Stock Incentive Plan | Restricted stock | Independent Director | ||||||
Stock-based incentive plan awards | ||||||
Grant date value of restricted stock | $ 175,000 | |||||
LTIP programs | ||||||
Stock-based incentive plan awards | ||||||
Percent of distributions of Operating Partnership that participants are entitled to receive during performance period | 10.00% | |||||
Vesting period | 2 years | |||||
Compensation expense, net of capitalization | $ 12,000,000 | $ 14,000,000 | $ 31,000,000 | |||
2013-2015 LTIP program | LTIP Units | ||||||
Stock-based incentive plan awards | ||||||
LTIP Units Earned (in units) | shares | 466,405 | |||||
Grant Date Fair Value | $ 28,500,000 | |||||
2014-2016 LTIP program | LTIP Units | ||||||
Stock-based incentive plan awards | ||||||
LTIP Units Earned (in units) | shares | 120,314 | |||||
Grant Date Fair Value | $ 27,500,000 | |||||
2015-2017 LTIP program | LTIP Units | ||||||
Stock-based incentive plan awards | ||||||
Grant Date Fair Value | 21,600,000 | |||||
2016-2018 LTIP program | LTIP Units | ||||||
Stock-based incentive plan awards | ||||||
Grant Date Fair Value | $ 22,700,000 | |||||
2018 LTIP program | LTIP Units | ||||||
Stock-based incentive plan awards | ||||||
Number of tranches | item | 2 | |||||
Grant Date Fair Value | $ 12,100,000 | |||||
2018 LTIP program | LTIP Units | Maximum | ||||||
Stock-based incentive plan awards | ||||||
Grant Date Fair Value | $ 18,200,000 | |||||
2018 LTIP program | LTIP Units | Tranche A | ||||||
Stock-based incentive plan awards | ||||||
Vesting rights percentage | 50.00% | |||||
Performance period | 2 years | |||||
Grant Date Fair Value | $ 6,100,000 | |||||
Grant Date Target Value | $ 6,100,000 | |||||
2018 LTIP program | LTIP Units | Tranche B | ||||||
Stock-based incentive plan awards | ||||||
Vesting rights percentage | 50.00% | |||||
Performance period | 3 years | |||||
Grant Date Fair Value | $ 6,100,000 | |||||
Grant Date Target Value | $ 6,100,000 |
Commitments and Contingencies -
Commitments and Contingencies - Litigation (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Opry Mills, Nashville, TN | Other income | |
Insurance | |
Gain on litigation settlement | $ 68 |
Commitments and Contingencies_2
Commitments and Contingencies - Lease and Insurance (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Lease Commitments | |||
Properties subject to ground leases | property | 23 | ||
Future minimum lease payments due under leases | |||
2,019 | $ 32,417 | ||
2,020 | 32,403 | ||
2,021 | 32,686 | ||
2,022 | 32,698 | ||
2,023 | 32,729 | ||
Thereafter | 947,886 | ||
Total | 1,110,819 | ||
Insurance | |||
Insurance coverage, acts of terrorism | 1,000,000 | ||
Ground | |||
Lease Commitments | |||
Lease expense | 42,670 | $ 40,864 | $ 38,764 |
Office | |||
Lease Commitments | |||
Lease expense | $ 4,650 | $ 4,481 | $ 4,105 |
Commitments and Contingencies_3
Commitments and Contingencies - Hurricane Impacts (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | 15 Months Ended | |
Dec. 31, 2017USD ($) | Sep. 30, 2017property | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Hurricane Impact | ||||
Insurance proceeds recorded as business interruption | $ 19,083 | |||
Loss from Catastrophes | PUERTO RICO | Wholly owned properties | ||||
Hurricane Impact | ||||
Number of properties significantly damaged | property | 2 | |||
Impairment of real estate | $ 19,000 | |||
Total insurance proceeds received | $ 56,600 | |||
Insurance proceeds received and used for property restoration and remediation | $ 38,700 | |||
Insurance proceeds recorded as business interruption | $ 17,900 |
Commitments and Contingencies_4
Commitments and Contingencies - Guarantees of Indebtedness (Details) - Joint Venture Mortgage and Indebtedness - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Guarantees of Joint Venture Indebtedness: | ||
Loan guarantee | $ 216.1 | $ 211.6 |
Loan guarantees recoverable | $ 10.8 | $ 10.8 |
Commitments and Contingencies_5
Commitments and Contingencies - Concentration of Credit Risk (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Consolidated revenues | Concentration of credit risk | Maximum | |
Concentration of Credit Risk | |
Percentage of consolidated revenues from a single customer or tenant | 5.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Development, royalty and other fees | |||
Related Party Transactions | |||
Amounts charged to related party | $ 16,000 | $ 15,500 | $ 14,400 |
Unconsolidated joint ventures | Amounts for services provided | |||
Related Party Transactions | |||
Amounts charged to related party | 111,476 | 116,447 | 138,496 |
Unconsolidated joint ventures | Fees for financing activities | |||
Related Party Transactions | |||
Amounts charged to related party | 500 | 1,600 | 9,100 |
Properties owned by related parties | Amounts for services provided | |||
Related Party Transactions | |||
Amounts charged to related party | $ 4,810 | $ 4,812 | $ 5,384 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Total revenue | $ 1,460,743 | $ 1,409,005 | $ 1,388,358 | $ 1,399,814 | $ 1,427,692 | $ 1,403,638 | $ 1,361,548 | $ 1,345,763 | $ 5,657,919 | $ 5,538,640 | $ 5,435,229 |
Operating income before other items | 754,089 | 717,391 | 737,675 | 701,933 | 749,452 | 690,068 | 686,149 | 676,671 | 2,911,087 | 2,802,340 | 2,720,828 |
Consolidated net income | 833,192 | 642,212 | 631,414 | 715,524 | 659,821 | 592,635 | 441,373 | 551,075 | 2,822,343 | 2,244,903 | 2,134,706 |
Net Income attributable to common stockholders or unitholders | $ 712,796 | $ 556,267 | $ 547,004 | $ 620,654 | $ 571,116 | $ 513,783 | $ 381,990 | $ 477,736 | $ 2,436,721 | $ 1,944,625 | $ 1,835,559 |
Net income per share - Basic and Diluted | $ 2.30 | $ 1.80 | $ 1.77 | $ 2 | $ 1.84 | $ 1.65 | $ 1.23 | $ 1.53 | $ 7.87 | $ 6.24 | $ 5.87 |
Weighted Average Shares Outstanding — Basic and Diluted | 309,293,708 | 309,294,045 | 309,355,154 | 310,583,643 | 310,855,573 | 310,853,299 | 311,579,301 | 312,809,981 | 309,627,178 | 311,517,345 | 312,690,756 |
Simon Property Group, L.P. | |||||||||||
Total revenue | $ 5,657,919 | $ 5,538,640 | $ 5,435,229 | ||||||||
Operating income before other items | 2,911,087 | 2,802,340 | 2,720,828 | ||||||||
Consolidated net income | 2,822,343 | 2,244,903 | 2,134,706 | ||||||||
Net Income attributable to common stockholders or unitholders | $ 821,237 | $ 640,402 | $ 629,822 | $ 714,303 | $ 657,774 | $ 591,872 | $ 439,986 | $ 550,006 | $ 2,805,764 | $ 2,239,638 | $ 2,122,236 |
Net income per share - Basic and Diluted | $ 2.30 | $ 1.80 | $ 1.77 | $ 2 | $ 1.84 | $ 1.65 | $ 1.23 | $ 1.53 | $ 7.87 | $ 6.24 | $ 5.87 |
Weighted Average Shares Outstanding — Basic and Diluted | 356,396,387 | 356,073,080 | 356,181,817 | 357,446,988 | 358,025,108 | 358,115,572 | 358,865,806 | 360,130,442 | 356,520,452 | 358,776,632 | 361,526,633 |
Schedule III Real Estate and _2
Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | $ 6,844,662 | |||
Initial Cost | ||||
Land | 3,321,044 | |||
Buildings and Improvements | 25,018,405 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 351,979 | |||
Buildings and Improvements | 7,976,532 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,673,023 | |||
Buildings and Improvements | 32,994,937 | |||
Total | 36,667,960 | $ 36,014,506 | $ 34,897,942 | $ 33,132,885 |
Accumulated Depreciation | 12,632,690 | $ 11,704,223 | $ 10,664,738 | $ 9,696,420 |
Malls | Barton Creek Square, Austin, TX | ||||
Initial Cost | ||||
Land | 2,903 | |||
Buildings and Improvements | 20,929 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 7,983 | |||
Buildings and Improvements | 74,248 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,886 | |||
Buildings and Improvements | 95,177 | |||
Total | 106,063 | |||
Accumulated Depreciation | 60,183 | |||
Malls | Battlefield Mall, Springfield, MO | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 117,500 | |||
Initial Cost | ||||
Land | 3,919 | |||
Buildings and Improvements | 27,231 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,000 | |||
Buildings and Improvements | 66,714 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,919 | |||
Buildings and Improvements | 93,945 | |||
Total | 100,864 | |||
Accumulated Depreciation | 70,821 | |||
Malls | Bay Park Square, Green Bay, WI | ||||
Initial Cost | ||||
Land | 6,358 | |||
Buildings and Improvements | 25,623 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 4,106 | |||
Buildings and Improvements | 26,528 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,464 | |||
Buildings and Improvements | 52,151 | |||
Total | 62,615 | |||
Accumulated Depreciation | 32,956 | |||
Malls | Brea Mall, Brea (Los Angeles), CA | ||||
Initial Cost | ||||
Land | 39,500 | |||
Buildings and Improvements | 209,202 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 2,993 | |||
Buildings and Improvements | 71,244 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 42,493 | |||
Buildings and Improvements | 280,446 | |||
Total | 322,939 | |||
Accumulated Depreciation | 141,980 | |||
Malls | Broadway Square, Tyler, TX | ||||
Initial Cost | ||||
Land | 11,306 | |||
Buildings and Improvements | 32,431 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 34,660 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,306 | |||
Buildings and Improvements | 67,091 | |||
Total | 78,397 | |||
Accumulated Depreciation | 36,959 | |||
Malls | Burlington Mall, Burlington (Boston), MA | ||||
Initial Cost | ||||
Land | 46,600 | |||
Buildings and Improvements | 303,618 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 27,458 | |||
Buildings and Improvements | 163,037 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 74,058 | |||
Buildings and Improvements | 466,655 | |||
Total | 540,713 | |||
Accumulated Depreciation | 224,029 | |||
Malls | Castleton Square, Indianapolis, IN | ||||
Initial Cost | ||||
Land | 26,250 | |||
Buildings and Improvements | 98,287 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 7,434 | |||
Buildings and Improvements | 79,746 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 33,684 | |||
Buildings and Improvements | 178,033 | |||
Total | 211,717 | |||
Accumulated Depreciation | 110,241 | |||
Malls | Cielo Vista Mall, El Paso, TX | ||||
Initial Cost | ||||
Land | 1,005 | |||
Buildings and Improvements | 15,262 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 608 | |||
Buildings and Improvements | 55,602 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,613 | |||
Buildings and Improvements | 70,864 | |||
Total | 72,477 | |||
Accumulated Depreciation | 47,039 | |||
Malls | College Mall, Bloomington, IN | ||||
Initial Cost | ||||
Land | 1,003 | |||
Buildings and Improvements | 16,245 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 720 | |||
Buildings and Improvements | 71,898 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,723 | |||
Buildings and Improvements | 88,143 | |||
Total | 89,866 | |||
Accumulated Depreciation | 43,238 | |||
Malls | Columbia Center, Kennewick, WA | ||||
Initial Cost | ||||
Land | 17,441 | |||
Buildings and Improvements | 66,580 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 33,367 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,441 | |||
Buildings and Improvements | 99,947 | |||
Total | 117,388 | |||
Accumulated Depreciation | 58,618 | |||
Malls | Copley Place, Boston, MA | ||||
Initial Cost | ||||
Buildings and Improvements | 378,045 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 193,429 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 571,474 | |||
Total | 571,474 | |||
Accumulated Depreciation | 222,354 | |||
Malls | Coral Square, Coral Springs (Miami), FL | ||||
Initial Cost | ||||
Land | 13,556 | |||
Buildings and Improvements | 93,630 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 20,734 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,556 | |||
Buildings and Improvements | 114,364 | |||
Total | 127,920 | |||
Accumulated Depreciation | 87,184 | |||
Malls | Cordova Mall, Pensacola, FL | ||||
Initial Cost | ||||
Land | 18,626 | |||
Buildings and Improvements | 73,091 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 7,321 | |||
Buildings and Improvements | 68,923 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 25,947 | |||
Buildings and Improvements | 142,014 | |||
Total | 167,961 | |||
Accumulated Depreciation | 71,696 | |||
Malls | Domain, The, Austin, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 184,739 | |||
Initial Cost | ||||
Land | 40,436 | |||
Buildings and Improvements | 197,010 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 149,273 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 40,436 | |||
Buildings and Improvements | 346,283 | |||
Total | 386,719 | |||
Accumulated Depreciation | 150,030 | |||
Malls | Empire Mall, Sioux Falls, SD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 190,000 | |||
Initial Cost | ||||
Land | 35,998 | |||
Buildings and Improvements | 192,186 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 27,742 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 35,998 | |||
Buildings and Improvements | 219,928 | |||
Total | 255,926 | |||
Accumulated Depreciation | 53,845 | |||
Malls | Fashion Mall at Keystone, The, Indianapolis, IN | ||||
Initial Cost | ||||
Buildings and Improvements | 120,579 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 29,145 | |||
Buildings and Improvements | 101,035 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 29,145 | |||
Buildings and Improvements | 221,614 | |||
Total | 250,759 | |||
Accumulated Depreciation | 117,915 | |||
Malls | Firewheel Town Center, Garland (Dallas), TX | ||||
Initial Cost | ||||
Land | 8,438 | |||
Buildings and Improvements | 82,716 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 28,593 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,438 | |||
Buildings and Improvements | 111,309 | |||
Total | 119,747 | |||
Accumulated Depreciation | 60,730 | |||
Malls | Forum Shops at Caesars, The, Las Vegas, NV | ||||
Initial Cost | ||||
Buildings and Improvements | 276,567 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 265,368 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 541,935 | |||
Total | 541,935 | |||
Accumulated Depreciation | 260,765 | |||
Malls | Greenwood Park Mall, Greenwood (Indianapolis), IN | ||||
Initial Cost | ||||
Land | 2,423 | |||
Buildings and Improvements | 23,445 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,253 | |||
Buildings and Improvements | 119,671 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,676 | |||
Buildings and Improvements | 143,116 | |||
Total | 150,792 | |||
Accumulated Depreciation | 84,288 | |||
Malls | Haywood Mall, Greenville, SC | ||||
Initial Cost | ||||
Land | 11,585 | |||
Buildings and Improvements | 133,893 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 6 | |||
Buildings and Improvements | 41,791 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,591 | |||
Buildings and Improvements | 175,684 | |||
Total | 187,275 | |||
Accumulated Depreciation | 106,328 | |||
Malls | Ingram Park Mall, San Antonio, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 128,060 | |||
Initial Cost | ||||
Land | 733 | |||
Buildings and Improvements | 16,972 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 37 | |||
Buildings and Improvements | 39,964 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 770 | |||
Buildings and Improvements | 56,936 | |||
Total | 57,706 | |||
Accumulated Depreciation | 30,283 | |||
Malls | King of Prussia, King of Prussia (Philadelphia), PA | ||||
Initial Cost | ||||
Land | 175,063 | |||
Buildings and Improvements | 1,128,200 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 356,883 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 175,063 | |||
Buildings and Improvements | 1,485,083 | |||
Total | 1,660,146 | |||
Accumulated Depreciation | 351,350 | |||
Malls | La Plaza Mall, McAllen, TX | ||||
Initial Cost | ||||
Land | 87,912 | |||
Buildings and Improvements | 9,828 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 6,569 | |||
Buildings and Improvements | 172,054 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 94,481 | |||
Buildings and Improvements | 181,882 | |||
Total | 276,363 | |||
Accumulated Depreciation | 41,344 | |||
Malls | Lakeline Mall, Cedar Park (Austin), TX | ||||
Initial Cost | ||||
Land | 10,088 | |||
Buildings and Improvements | 81,568 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 14 | |||
Buildings and Improvements | 26,260 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,102 | |||
Buildings and Improvements | 107,828 | |||
Total | 117,930 | |||
Accumulated Depreciation | 60,355 | |||
Malls | Lenox Square, Atlanta, GA | ||||
Initial Cost | ||||
Land | 38,058 | |||
Buildings and Improvements | 492,411 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 129,085 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 38,058 | |||
Buildings and Improvements | 621,496 | |||
Total | 659,554 | |||
Accumulated Depreciation | 336,512 | |||
Malls | Livingston Mall, Livingston (New York), NJ | ||||
Initial Cost | ||||
Land | 22,214 | |||
Buildings and Improvements | 105,250 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 47,205 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 22,214 | |||
Buildings and Improvements | 152,455 | |||
Total | 174,669 | |||
Accumulated Depreciation | 83,004 | |||
Malls | Mall of Georgia, Buford (Atlanta), GA | ||||
Initial Cost | ||||
Land | 47,492 | |||
Buildings and Improvements | 326,633 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 13,987 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 47,492 | |||
Buildings and Improvements | 340,620 | |||
Total | 388,112 | |||
Accumulated Depreciation | 173,568 | |||
Malls | McCain Mall, N. Little Rock, AR | ||||
Initial Cost | ||||
Buildings and Improvements | 9,515 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 10,530 | |||
Buildings and Improvements | 28,402 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,530 | |||
Buildings and Improvements | 37,917 | |||
Total | 48,447 | |||
Accumulated Depreciation | 14,607 | |||
Malls | Menlo Park Mall, Edison (New York), NJ | ||||
Initial Cost | ||||
Land | 65,684 | |||
Buildings and Improvements | 223,252 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 76,405 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 65,684 | |||
Buildings and Improvements | 299,657 | |||
Total | 365,341 | |||
Accumulated Depreciation | 171,764 | |||
Malls | Midland Park Mall, Midland, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 75,464 | |||
Initial Cost | ||||
Land | 687 | |||
Buildings and Improvements | 9,213 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 2,121 | |||
Buildings and Improvements | 31,348 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,808 | |||
Buildings and Improvements | 40,561 | |||
Total | 43,369 | |||
Accumulated Depreciation | 21,607 | |||
Malls | Miller Hill Mall, Duluth, MN | ||||
Initial Cost | ||||
Land | 2,965 | |||
Buildings and Improvements | 18,092 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,811 | |||
Buildings and Improvements | 43,807 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,776 | |||
Buildings and Improvements | 61,899 | |||
Total | 66,675 | |||
Accumulated Depreciation | 42,841 | |||
Malls | Montgomery Mall, North Wales (Philadelphia), PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 100,000 | |||
Initial Cost | ||||
Land | 27,105 | |||
Buildings and Improvements | 86,915 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 64,352 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 27,105 | |||
Buildings and Improvements | 151,267 | |||
Total | 178,372 | |||
Accumulated Depreciation | 66,982 | |||
Malls | North East Mall, Hurst (Dallas), TX | ||||
Initial Cost | ||||
Land | 128 | |||
Buildings and Improvements | 12,966 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 19,010 | |||
Buildings and Improvements | 147,128 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 19,138 | |||
Buildings and Improvements | 160,094 | |||
Total | 179,232 | |||
Accumulated Depreciation | 110,442 | |||
Malls | Northgate, Seattle, WA | ||||
Initial Cost | ||||
Land | 23,610 | |||
Buildings and Improvements | 115,992 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 125,856 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 23,610 | |||
Buildings and Improvements | 241,848 | |||
Total | 265,458 | |||
Accumulated Depreciation | 128,076 | |||
Malls | Ocean County Mall, Toms River (New York), NJ | ||||
Initial Cost | ||||
Land | 20,404 | |||
Buildings and Improvements | 124,945 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,277 | |||
Buildings and Improvements | 54,058 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 23,681 | |||
Buildings and Improvements | 179,003 | |||
Total | 202,684 | |||
Accumulated Depreciation | 91,058 | |||
Malls | Orland Square, Orland Park (Chicago), IL | ||||
Initial Cost | ||||
Land | 35,514 | |||
Buildings and Improvements | 129,906 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 76,956 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 35,514 | |||
Buildings and Improvements | 206,862 | |||
Total | 242,376 | |||
Accumulated Depreciation | 103,986 | |||
Malls | Oxford Valley Mall, Langhorne (Philadelphia), PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 61,076 | |||
Initial Cost | ||||
Land | 24,544 | |||
Buildings and Improvements | 100,287 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 20,195 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 24,544 | |||
Buildings and Improvements | 120,482 | |||
Total | 145,026 | |||
Accumulated Depreciation | 79,717 | |||
Malls | Penn Square Mall, Oklahoma City, OK | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 310,000 | |||
Initial Cost | ||||
Land | 2,043 | |||
Buildings and Improvements | 155,958 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 59,474 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,043 | |||
Buildings and Improvements | 215,432 | |||
Total | 217,475 | |||
Accumulated Depreciation | 122,459 | |||
Malls | Pheasant Lane Mall, Nashua, NH | ||||
Initial Cost | ||||
Land | 3,902 | |||
Buildings and Improvements | 155,068 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 550 | |||
Buildings and Improvements | 50,241 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,452 | |||
Buildings and Improvements | 205,309 | |||
Total | 209,761 | |||
Accumulated Depreciation | 105,301 | |||
Malls | Phipps Plaza, Atlanta, GA | ||||
Initial Cost | ||||
Land | 15,005 | |||
Buildings and Improvements | 210,610 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 109,206 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,005 | |||
Buildings and Improvements | 319,816 | |||
Total | 334,821 | |||
Accumulated Depreciation | 150,091 | |||
Malls | Plaza Carolina, Carolina (San Juan), PR | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 225,000 | |||
Initial Cost | ||||
Land | 15,493 | |||
Buildings and Improvements | 279,560 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 71,902 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,493 | |||
Buildings and Improvements | 351,462 | |||
Total | 366,955 | |||
Accumulated Depreciation | 152,228 | |||
Malls | Prien Lake Mall, Lake Charles, LA | ||||
Initial Cost | ||||
Land | 1,842 | |||
Buildings and Improvements | 2,813 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,053 | |||
Buildings and Improvements | 58,570 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,895 | |||
Buildings and Improvements | 61,383 | |||
Total | 66,278 | |||
Accumulated Depreciation | 29,576 | |||
Malls | Rockaway Townsquare, Rockaway (New York), NJ | ||||
Initial Cost | ||||
Land | 41,918 | |||
Buildings and Improvements | 212,257 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 52,808 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,918 | |||
Buildings and Improvements | 265,065 | |||
Total | 306,983 | |||
Accumulated Depreciation | 143,714 | |||
Malls | Roosevelt Field, Garden City (New York), NY | ||||
Initial Cost | ||||
Land | 163,160 | |||
Buildings and Improvements | 702,008 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,246 | |||
Buildings and Improvements | 354,520 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 164,406 | |||
Buildings and Improvements | 1,056,528 | |||
Total | 1,220,934 | |||
Accumulated Depreciation | 465,477 | |||
Malls | Ross Park Mall, Pittsburgh, PA | ||||
Initial Cost | ||||
Land | 23,541 | |||
Buildings and Improvements | 90,203 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,815 | |||
Buildings and Improvements | 113,912 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 29,356 | |||
Buildings and Improvements | 204,115 | |||
Total | 233,471 | |||
Accumulated Depreciation | 120,441 | |||
Malls | Santa Rosa Plaza, Santa Rosa, CA | ||||
Initial Cost | ||||
Land | 10,400 | |||
Buildings and Improvements | 87,864 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 28,488 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,400 | |||
Buildings and Improvements | 116,352 | |||
Total | 126,752 | |||
Accumulated Depreciation | 62,941 | |||
Malls | Shops at Chestnut Hill, The, Chestnut Hill (Boston), MA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 120,000 | |||
Initial Cost | ||||
Land | 449 | |||
Buildings and Improvements | 25,102 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 38,864 | |||
Buildings and Improvements | 104,339 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 39,313 | |||
Buildings and Improvements | 129,441 | |||
Total | 168,754 | |||
Accumulated Depreciation | 32,417 | |||
Malls | Shops at Nanuet, The, Nanuet, NY | ||||
Initial Cost | ||||
Land | 28,125 | |||
Buildings and Improvements | 142,860 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 10,582 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 28,125 | |||
Buildings and Improvements | 153,442 | |||
Total | 181,567 | |||
Accumulated Depreciation | 32,667 | |||
Malls | Shops at Riverside, The, Hackensack (New York), NJ | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 130,000 | |||
Initial Cost | ||||
Land | 13,521 | |||
Buildings and Improvements | 238,746 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 167,109 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,521 | |||
Buildings and Improvements | 405,855 | |||
Total | 419,376 | |||
Accumulated Depreciation | 66,445 | |||
Malls | South Hills Village, Pittsburgh, PA | ||||
Initial Cost | ||||
Land | 23,445 | |||
Buildings and Improvements | 125,840 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,472 | |||
Buildings and Improvements | 77,461 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 24,917 | |||
Buildings and Improvements | 203,301 | |||
Total | 228,218 | |||
Accumulated Depreciation | 97,896 | |||
Malls | South Shore Plaza, Braintree (Boston), MA | ||||
Initial Cost | ||||
Land | 101,200 | |||
Buildings and Improvements | 301,495 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 163,860 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 101,200 | |||
Buildings and Improvements | 465,355 | |||
Total | 566,555 | |||
Accumulated Depreciation | 239,269 | |||
Malls | Southdale Mall, Edina (Minneapolis), MN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 144,514 | |||
Initial Cost | ||||
Land | 41,430 | |||
Buildings and Improvements | 184,967 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 103,704 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,430 | |||
Buildings and Improvements | 288,671 | |||
Total | 330,101 | |||
Accumulated Depreciation | 56,075 | |||
Malls | SouthPark, Charlotte, NC | ||||
Initial Cost | ||||
Land | 42,092 | |||
Buildings and Improvements | 188,055 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 100 | |||
Buildings and Improvements | 194,303 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 42,192 | |||
Buildings and Improvements | 382,358 | |||
Total | 424,550 | |||
Accumulated Depreciation | 202,385 | |||
Malls | Southridge Mall, Greendale (Milwaukee), WI | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 116,968 | |||
Initial Cost | ||||
Land | 12,359 | |||
Buildings and Improvements | 130,111 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,939 | |||
Buildings and Improvements | 19,905 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,298 | |||
Buildings and Improvements | 150,016 | |||
Total | 164,314 | |||
Accumulated Depreciation | 47,949 | |||
Malls | St. Charles Towne Center, Waldorf (Washington, DC), MD | ||||
Initial Cost | ||||
Land | 7,710 | |||
Buildings and Improvements | 52,934 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,180 | |||
Buildings and Improvements | 28,363 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,890 | |||
Buildings and Improvements | 81,297 | |||
Total | 90,187 | |||
Accumulated Depreciation | 57,442 | |||
Malls | Stanford Shopping Center, Palo Alto (San Jose), CA | ||||
Initial Cost | ||||
Buildings and Improvements | 339,537 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 156,919 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 496,456 | |||
Total | 496,456 | |||
Accumulated Depreciation | 180,196 | |||
Malls | Summit Mall, Akron, OH | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 85,000 | |||
Initial Cost | ||||
Land | 15,374 | |||
Buildings and Improvements | 51,137 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 56,286 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,374 | |||
Buildings and Improvements | 107,423 | |||
Total | 122,797 | |||
Accumulated Depreciation | 60,869 | |||
Malls | Tacoma Mall, Tacoma (Seattle), WA | ||||
Initial Cost | ||||
Land | 37,113 | |||
Buildings and Improvements | 125,826 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 130,010 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 37,113 | |||
Buildings and Improvements | 255,836 | |||
Total | 292,949 | |||
Accumulated Depreciation | 129,641 | |||
Malls | Tippecanoe Mall, Lafayette, IN | ||||
Initial Cost | ||||
Land | 2,897 | |||
Buildings and Improvements | 8,439 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,517 | |||
Buildings and Improvements | 48,513 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,414 | |||
Buildings and Improvements | 56,952 | |||
Total | 65,366 | |||
Accumulated Depreciation | 42,488 | |||
Malls | Town Center at Boca Raton, Boca Raton (Miami), FL | ||||
Initial Cost | ||||
Land | 64,200 | |||
Buildings and Improvements | 307,317 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 227,545 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 64,200 | |||
Buildings and Improvements | 534,862 | |||
Total | 599,062 | |||
Accumulated Depreciation | 275,246 | |||
Malls | Town Center at Cobb, Kennesaw (Atlanta), GA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 185,305 | |||
Initial Cost | ||||
Land | 32,355 | |||
Buildings and Improvements | 158,225 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 23,534 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 32,355 | |||
Buildings and Improvements | 181,759 | |||
Total | 214,114 | |||
Accumulated Depreciation | 116,310 | |||
Malls | Towne East Square, Wichita, KS | ||||
Initial Cost | ||||
Land | 8,525 | |||
Buildings and Improvements | 18,479 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 4,108 | |||
Buildings and Improvements | 48,773 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,633 | |||
Buildings and Improvements | 67,252 | |||
Total | 79,885 | |||
Accumulated Depreciation | 46,725 | |||
Malls | Treasure Coast Square, Jensen Beach, FL | ||||
Initial Cost | ||||
Land | 11,124 | |||
Buildings and Improvements | 72,990 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,067 | |||
Buildings and Improvements | 40,629 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,191 | |||
Buildings and Improvements | 113,619 | |||
Total | 127,810 | |||
Accumulated Depreciation | 71,016 | |||
Malls | Tyrone Square, St. Petersburg (Tampa), FL | ||||
Initial Cost | ||||
Land | 15,638 | |||
Buildings and Improvements | 120,962 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,459 | |||
Buildings and Improvements | 51,700 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,097 | |||
Buildings and Improvements | 172,662 | |||
Total | 189,759 | |||
Accumulated Depreciation | 101,515 | |||
Malls | University Park Mall, Mishawaka, IN | ||||
Initial Cost | ||||
Land | 10,762 | |||
Buildings and Improvements | 118,164 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 7,000 | |||
Buildings and Improvements | 59,439 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,762 | |||
Buildings and Improvements | 177,603 | |||
Total | 195,365 | |||
Accumulated Depreciation | 144,655 | |||
Malls | Walt Whitman Shops, Huntington Station (New York), NY | ||||
Initial Cost | ||||
Land | 51,700 | |||
Buildings and Improvements | 111,258 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,789 | |||
Buildings and Improvements | 126,664 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 55,489 | |||
Buildings and Improvements | 237,922 | |||
Total | 293,411 | |||
Accumulated Depreciation | 114,751 | |||
Malls | White Oaks Mall, Springfield, IL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 49,500 | |||
Initial Cost | ||||
Land | 3,024 | |||
Buildings and Improvements | 35,692 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 2,102 | |||
Buildings and Improvements | 63,451 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 5,126 | |||
Buildings and Improvements | 99,143 | |||
Total | 104,269 | |||
Accumulated Depreciation | 53,418 | |||
Malls | Wolfchase Galleria, Memphis, TN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 159,157 | |||
Initial Cost | ||||
Land | 16,407 | |||
Buildings and Improvements | 128,276 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 18,036 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,407 | |||
Buildings and Improvements | 146,312 | |||
Total | 162,719 | |||
Accumulated Depreciation | 90,260 | |||
Malls | Woodland Hills Mall, Tulsa, OK | ||||
Initial Cost | ||||
Land | 34,211 | |||
Buildings and Improvements | 187,123 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 29,732 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 34,211 | |||
Buildings and Improvements | 216,855 | |||
Total | 251,066 | |||
Accumulated Depreciation | 129,540 | |||
Premium Outlets | Albertville Premium Outlets, Albertville (Minneapolis), MN | ||||
Initial Cost | ||||
Land | 3,900 | |||
Buildings and Improvements | 97,059 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 9,810 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,900 | |||
Buildings and Improvements | 106,869 | |||
Total | 110,769 | |||
Accumulated Depreciation | 49,034 | |||
Premium Outlets | Allen Premium Outlets, Allen (Dallas), TX | ||||
Initial Cost | ||||
Land | 20,932 | |||
Buildings and Improvements | 69,788 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 44,420 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 20,932 | |||
Buildings and Improvements | 114,208 | |||
Total | 135,140 | |||
Accumulated Depreciation | 30,989 | |||
Premium Outlets | Aurora Farms Premium Outlets, Aurora (Cleveland), OH | ||||
Initial Cost | ||||
Land | 2,370 | |||
Buildings and Improvements | 24,326 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 8,441 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,370 | |||
Buildings and Improvements | 32,767 | |||
Total | 35,137 | |||
Accumulated Depreciation | 22,781 | |||
Premium Outlets | Birch Run Premium Outlets, Birch Run (Detroit), MI | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 123,000 | |||
Initial Cost | ||||
Land | 11,477 | |||
Buildings and Improvements | 77,856 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 8,129 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,477 | |||
Buildings and Improvements | 85,985 | |||
Total | 97,462 | |||
Accumulated Depreciation | 31,239 | |||
Premium Outlets | Camarillo Premium Outlets, Camarillo (Los Angeles), CA | ||||
Initial Cost | ||||
Land | 16,670 | |||
Buildings and Improvements | 224,721 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 395 | |||
Buildings and Improvements | 69,778 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,065 | |||
Buildings and Improvements | 294,499 | |||
Total | 311,564 | |||
Accumulated Depreciation | 131,826 | |||
Premium Outlets | Carlsbad Premium Outlets, Carlsbad (San Diego), CA | ||||
Initial Cost | ||||
Land | 12,890 | |||
Buildings and Improvements | 184,990 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 96 | |||
Buildings and Improvements | 8,476 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,986 | |||
Buildings and Improvements | 193,466 | |||
Total | 206,452 | |||
Accumulated Depreciation | 79,085 | |||
Premium Outlets | Carolina Premium Outlets, Smithfield (Raleigh), NC | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 44,169 | |||
Initial Cost | ||||
Land | 3,175 | |||
Buildings and Improvements | 59,863 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,311 | |||
Buildings and Improvements | 7,341 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,486 | |||
Buildings and Improvements | 67,204 | |||
Total | 75,690 | |||
Accumulated Depreciation | 35,141 | |||
Premium Outlets | Chicago Premium Outlets, Aurora (Chicago), IL | ||||
Initial Cost | ||||
Land | 659 | |||
Buildings and Improvements | 118,005 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 13,050 | |||
Buildings and Improvements | 102,843 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,709 | |||
Buildings and Improvements | 220,848 | |||
Total | 234,557 | |||
Accumulated Depreciation | 73,145 | |||
Premium Outlets | Cincinnati Premium Outlets, Monroe (Cincinnati), OH | ||||
Initial Cost | ||||
Land | 14,117 | |||
Buildings and Improvements | 71,520 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,991 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,117 | |||
Buildings and Improvements | 76,511 | |||
Total | 90,628 | |||
Accumulated Depreciation | 33,752 | |||
Premium Outlets | Clinton Crossing Premium Outlets, Clinton, CT | ||||
Initial Cost | ||||
Land | 2,060 | |||
Buildings and Improvements | 107,556 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,532 | |||
Buildings and Improvements | 5,201 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,592 | |||
Buildings and Improvements | 112,757 | |||
Total | 116,349 | |||
Accumulated Depreciation | 54,256 | |||
Premium Outlets | Denver Premium Outlets, Thornton (Denver), CO | ||||
Initial Cost | ||||
Land | 12,875 | |||
Buildings and Improvements | 45,335 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 10 | |||
Buildings and Improvements | 78,668 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,885 | |||
Buildings and Improvements | 124,003 | |||
Total | 136,888 | |||
Accumulated Depreciation | 1,785 | |||
Premium Outlets | Desert Hills Premium Outlets, Cabazon (Palm Springs), CA | ||||
Initial Cost | ||||
Land | 3,440 | |||
Buildings and Improvements | 338,679 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 108,510 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,440 | |||
Buildings and Improvements | 447,189 | |||
Total | 450,629 | |||
Accumulated Depreciation | 160,549 | |||
Premium Outlets | Edinburgh Premium Outlets, Edinburgh (Indianapolis), IN | ||||
Initial Cost | ||||
Land | 2,857 | |||
Buildings and Improvements | 47,309 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 17,406 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,857 | |||
Buildings and Improvements | 64,715 | |||
Total | 67,572 | |||
Accumulated Depreciation | 32,847 | |||
Premium Outlets | Ellenton Premium Outlets, Ellenton (Tampa), FL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 178,000 | |||
Initial Cost | ||||
Land | 15,807 | |||
Buildings and Improvements | 182,412 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 7,174 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,807 | |||
Buildings and Improvements | 189,586 | |||
Total | 205,393 | |||
Accumulated Depreciation | 86,680 | |||
Premium Outlets | Folsom Premium Outlets, Folsom (Sacramento), CA | ||||
Initial Cost | ||||
Land | 9,060 | |||
Buildings and Improvements | 50,281 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,073 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,060 | |||
Buildings and Improvements | 55,354 | |||
Total | 64,414 | |||
Accumulated Depreciation | 29,159 | |||
Premium Outlets | Gilroy Premium Outlets, Gilroy (San Jose), CA | ||||
Initial Cost | ||||
Land | 9,630 | |||
Buildings and Improvements | 194,122 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 13,992 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,630 | |||
Buildings and Improvements | 208,114 | |||
Total | 217,744 | |||
Accumulated Depreciation | 95,334 | |||
Premium Outlets | Grand Prairie Premium Outlets, Grand Prairie (Dallas), TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 114,013 | |||
Initial Cost | ||||
Land | 9,497 | |||
Buildings and Improvements | 194,245 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,274 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,497 | |||
Buildings and Improvements | 195,519 | |||
Total | 205,016 | |||
Accumulated Depreciation | 42,516 | |||
Premium Outlets | Grove City Premium Outlets, Grove City (Pittsburgh), PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 140,000 | |||
Initial Cost | ||||
Land | 6,421 | |||
Buildings and Improvements | 121,880 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 7,510 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,421 | |||
Buildings and Improvements | 129,390 | |||
Total | 135,811 | |||
Accumulated Depreciation | 59,332 | |||
Premium Outlets | Gulfport Premium Outlets, Gulfport, MS | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 50,000 | |||
Initial Cost | ||||
Buildings and Improvements | 27,949 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 7,315 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 35,264 | |||
Total | 35,264 | |||
Accumulated Depreciation | 13,730 | |||
Premium Outlets | Hagerstown Premium Outlets, Hagerstown (Baltimore/Washington, DC), MD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 75,951 | |||
Initial Cost | ||||
Land | 3,576 | |||
Buildings and Improvements | 85,883 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,086 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,576 | |||
Buildings and Improvements | 88,969 | |||
Total | 92,545 | |||
Accumulated Depreciation | 33,195 | |||
Premium Outlets | Houston Premium Outlets, Cypress (Houston), TX | ||||
Initial Cost | ||||
Land | 8,695 | |||
Buildings and Improvements | 69,350 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 44,459 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,695 | |||
Buildings and Improvements | 113,809 | |||
Total | 122,504 | |||
Accumulated Depreciation | 46,806 | |||
Premium Outlets | Jackson Premium Outlets, Jackson (New York), NJ | ||||
Initial Cost | ||||
Land | 6,413 | |||
Buildings and Improvements | 104,013 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3 | |||
Buildings and Improvements | 8,473 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,416 | |||
Buildings and Improvements | 112,486 | |||
Total | 118,902 | |||
Accumulated Depreciation | 46,963 | |||
Premium Outlets | Jersey Shore Premium Outlets, Tinton Falls (New York), NJ | ||||
Initial Cost | ||||
Land | 15,390 | |||
Buildings and Improvements | 50,979 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 76,170 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,390 | |||
Buildings and Improvements | 127,149 | |||
Total | 142,539 | |||
Accumulated Depreciation | 56,150 | |||
Premium Outlets | Johnson Creek Premium Outlets, Johnson Creek, WI | ||||
Initial Cost | ||||
Land | 2,800 | |||
Buildings and Improvements | 39,546 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 7,078 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,800 | |||
Buildings and Improvements | 46,624 | |||
Total | 49,424 | |||
Accumulated Depreciation | 20,882 | |||
Premium Outlets | Kittery Premium Outlets, Kittery, ME | ||||
Initial Cost | ||||
Land | 11,832 | |||
Buildings and Improvements | 94,994 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 10,289 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,832 | |||
Buildings and Improvements | 105,283 | |||
Total | 117,115 | |||
Accumulated Depreciation | 41,505 | |||
Premium Outlets | Las Americas Premium Outlets, San Diego, CA | ||||
Initial Cost | ||||
Land | 45,168 | |||
Buildings and Improvements | 251,878 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 9,369 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 45,168 | |||
Buildings and Improvements | 261,247 | |||
Total | 306,415 | |||
Accumulated Depreciation | 86,814 | |||
Premium Outlets | Las Vegas North Premium Outlets, Las Vegas, NV | ||||
Initial Cost | ||||
Land | 25,435 | |||
Buildings and Improvements | 134,973 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 16,536 | |||
Buildings and Improvements | 150,374 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,971 | |||
Buildings and Improvements | 285,347 | |||
Total | 327,318 | |||
Accumulated Depreciation | 112,688 | |||
Premium Outlets | Las Vegas South Premium Outlets, Las Vegas, NV | ||||
Initial Cost | ||||
Land | 13,085 | |||
Buildings and Improvements | 160,777 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 31,774 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,085 | |||
Buildings and Improvements | 192,551 | |||
Total | 205,636 | |||
Accumulated Depreciation | 76,452 | |||
Premium Outlets | Lee Premium Outlets, Lee, MA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 51,701 | |||
Initial Cost | ||||
Land | 9,167 | |||
Buildings and Improvements | 52,212 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,487 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,167 | |||
Buildings and Improvements | 55,699 | |||
Total | 64,866 | |||
Accumulated Depreciation | 24,893 | |||
Premium Outlets | Leesburg Corner Premium Outlets, Leesburg (Washington, DC), VA | ||||
Initial Cost | ||||
Land | 7,190 | |||
Buildings and Improvements | 162,023 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 8,146 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,190 | |||
Buildings and Improvements | 170,169 | |||
Total | 177,359 | |||
Accumulated Depreciation | 80,158 | |||
Premium Outlets | Lighthouse Place Premium Outlets, Michigan City (Chicago, IL), IN | ||||
Initial Cost | ||||
Land | 6,630 | |||
Buildings and Improvements | 94,138 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 10,169 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,630 | |||
Buildings and Improvements | 104,307 | |||
Total | 110,937 | |||
Accumulated Depreciation | 53,431 | |||
Premium Outlets | Merrimack Premium Outlets, Merrimack, NH | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 121,753 | |||
Initial Cost | ||||
Land | 14,975 | |||
Buildings and Improvements | 118,428 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,129 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,975 | |||
Buildings and Improvements | 121,557 | |||
Total | 136,532 | |||
Accumulated Depreciation | 34,503 | |||
Premium Outlets | Napa Premium Outlets, Napa, CA | ||||
Initial Cost | ||||
Land | 11,400 | |||
Buildings and Improvements | 45,023 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 7,769 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,400 | |||
Buildings and Improvements | 52,792 | |||
Total | 64,192 | |||
Accumulated Depreciation | 24,479 | |||
Premium Outlets | North Bend Premium Outlets, North Bend (Seattle), WA | ||||
Initial Cost | ||||
Land | 2,143 | |||
Buildings and Improvements | 36,197 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,609 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,143 | |||
Buildings and Improvements | 41,806 | |||
Total | 43,949 | |||
Accumulated Depreciation | 17,534 | |||
Premium Outlets | North Georgia Premium Outlets, Dawsonville (Atlanta), GA | ||||
Initial Cost | ||||
Land | 4,300 | |||
Buildings and Improvements | 137,020 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,414 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,300 | |||
Buildings and Improvements | 138,434 | |||
Total | 142,734 | |||
Accumulated Depreciation | 61,019 | |||
Premium Outlets | Orlando International Premium Outlets, Orlando, FL | ||||
Initial Cost | ||||
Land | 31,998 | |||
Buildings and Improvements | 472,815 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 11,836 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 31,998 | |||
Buildings and Improvements | 484,651 | |||
Total | 516,649 | |||
Accumulated Depreciation | 149,916 | |||
Premium Outlets | Orlando Vineland Premium Outlets, Orlando, FL | ||||
Initial Cost | ||||
Land | 14,040 | |||
Buildings and Improvements | 382,949 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 36,023 | |||
Buildings and Improvements | 2,193 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 50,063 | |||
Buildings and Improvements | 385,142 | |||
Total | 435,205 | |||
Accumulated Depreciation | 154,691 | |||
Premium Outlets | Petaluma Village Premium Outlets, Petaluma (San Francisco), CA | ||||
Initial Cost | ||||
Land | 13,322 | |||
Buildings and Improvements | 13,710 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,038 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,322 | |||
Buildings and Improvements | 17,748 | |||
Total | 31,070 | |||
Accumulated Depreciation | 10,652 | |||
Premium Outlets | Philadelphia Premium Outlets, Limerick (Philadelphia), PA | ||||
Initial Cost | ||||
Land | 16,676 | |||
Buildings and Improvements | 105,249 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 21,889 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,676 | |||
Buildings and Improvements | 127,138 | |||
Total | 143,814 | |||
Accumulated Depreciation | 63,823 | |||
Premium Outlets | Phoenix Premium Outlets, Chandler (Phoenix), AZ | ||||
Initial Cost | ||||
Buildings and Improvements | 63,082 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 63,082 | |||
Total | 63,082 | |||
Accumulated Depreciation | 19,033 | |||
Premium Outlets | Pismo Beach Premium Outlets, Pismo Beach, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 35,360 | |||
Initial Cost | ||||
Land | 4,317 | |||
Buildings and Improvements | 19,044 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,967 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,317 | |||
Buildings and Improvements | 22,011 | |||
Total | 26,328 | |||
Accumulated Depreciation | 11,157 | |||
Premium Outlets | Pleasant Prairie Premium Outlets, Pleasant Prairie (Chicago, IL/Milwaukee), WI | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 145,000 | |||
Initial Cost | ||||
Land | 16,823 | |||
Buildings and Improvements | 126,686 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 6,685 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,823 | |||
Buildings and Improvements | 133,371 | |||
Total | 150,194 | |||
Accumulated Depreciation | 45,896 | |||
Premium Outlets | Puerto Rico Premium Outlets, Barceloneta, PR | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 160,000 | |||
Initial Cost | ||||
Land | 20,586 | |||
Buildings and Improvements | 114,021 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 6,590 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 20,586 | |||
Buildings and Improvements | 120,611 | |||
Total | 141,197 | |||
Accumulated Depreciation | 41,964 | |||
Premium Outlets | Queenstown Premium Outlets, Queenstown (Baltimore), MD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 62,119 | |||
Initial Cost | ||||
Land | 8,129 | |||
Buildings and Improvements | 61,950 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,149 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,129 | |||
Buildings and Improvements | 67,099 | |||
Total | 75,228 | |||
Accumulated Depreciation | 24,600 | |||
Premium Outlets | Rio Grande Valley Premium Outlets, Mercedes (McAllen), TX | ||||
Initial Cost | ||||
Land | 12,229 | |||
Buildings and Improvements | 41,547 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 31,748 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,229 | |||
Buildings and Improvements | 73,295 | |||
Total | 85,524 | |||
Accumulated Depreciation | 39,351 | |||
Premium Outlets | Round Rock Premium Outlets, Round Rock (Austin), TX | ||||
Initial Cost | ||||
Land | 14,706 | |||
Buildings and Improvements | 82,252 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 6,543 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,706 | |||
Buildings and Improvements | 88,795 | |||
Total | 103,501 | |||
Accumulated Depreciation | 47,625 | |||
Premium Outlets | San Francisco Premium Outlets, Livermore (San Francisco), CA | ||||
Initial Cost | ||||
Land | 21,925 | |||
Buildings and Improvements | 308,694 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 46,177 | |||
Buildings and Improvements | 75,685 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 68,102 | |||
Buildings and Improvements | 384,379 | |||
Total | 452,481 | |||
Accumulated Depreciation | 72,985 | |||
Premium Outlets | San Marcos Premium Outlets, San Marcos (Austin/San Antonio), TX | ||||
Initial Cost | ||||
Land | 13,180 | |||
Buildings and Improvements | 287,179 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 12,120 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,180 | |||
Buildings and Improvements | 299,299 | |||
Total | 312,479 | |||
Accumulated Depreciation | 94,558 | |||
Premium Outlets | Seattle Premium Outlets, Tulalip (Seattle), WA | ||||
Initial Cost | ||||
Buildings and Improvements | 103,722 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 55,069 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 158,791 | |||
Total | 158,791 | |||
Accumulated Depreciation | 68,934 | |||
Premium Outlets | St. Augustine Premium Outlets, St. Augustine (Jacksonville), FL | ||||
Initial Cost | ||||
Land | 6,090 | |||
Buildings and Improvements | 57,670 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 2 | |||
Buildings and Improvements | 11,192 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,092 | |||
Buildings and Improvements | 68,862 | |||
Total | 74,954 | |||
Accumulated Depreciation | 34,709 | |||
Premium Outlets | Tampa Premium Outlets, Lutz (Tampa), FL | ||||
Initial Cost | ||||
Land | 14,298 | |||
Buildings and Improvements | 97,188 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 121 | |||
Buildings and Improvements | 4,947 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,419 | |||
Buildings and Improvements | 102,135 | |||
Total | 116,554 | |||
Accumulated Depreciation | 14,617 | |||
Premium Outlets | The Crossings Premium Outlets, Tannersville, PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 108,225 | |||
Initial Cost | ||||
Land | 7,720 | |||
Buildings and Improvements | 172,931 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 18,388 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,720 | |||
Buildings and Improvements | 191,319 | |||
Total | 199,039 | |||
Accumulated Depreciation | 79,224 | |||
Premium Outlets | Tucson Premium Outlets, Marana (Tucson), AZ | ||||
Initial Cost | ||||
Land | 12,508 | |||
Buildings and Improvements | 69,677 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,573 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,508 | |||
Buildings and Improvements | 75,250 | |||
Total | 87,758 | |||
Accumulated Depreciation | 11,011 | |||
Premium Outlets | Vacaville Premium Outlets, Vacaville, CA | ||||
Initial Cost | ||||
Land | 9,420 | |||
Buildings and Improvements | 84,850 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 17,665 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,420 | |||
Buildings and Improvements | 102,515 | |||
Total | 111,935 | |||
Accumulated Depreciation | 51,798 | |||
Premium Outlets | Waikele Premium Outlets, Waipahu (Honolulu), HI | ||||
Initial Cost | ||||
Land | 22,630 | |||
Buildings and Improvements | 77,316 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 20,655 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 22,630 | |||
Buildings and Improvements | 97,971 | |||
Total | 120,601 | |||
Accumulated Depreciation | 42,505 | |||
Premium Outlets | Waterloo Premium Outlets, Waterloo, NY | ||||
Initial Cost | ||||
Land | 3,230 | |||
Buildings and Improvements | 75,277 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 13,857 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,230 | |||
Buildings and Improvements | 89,134 | |||
Total | 92,364 | |||
Accumulated Depreciation | 43,169 | |||
Premium Outlets | Williamsburg Premium Outlets, Williamsburg, VA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 185,000 | |||
Initial Cost | ||||
Land | 10,323 | |||
Buildings and Improvements | 223,789 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 7,445 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,323 | |||
Buildings and Improvements | 231,234 | |||
Total | 241,557 | |||
Accumulated Depreciation | 72,356 | |||
Premium Outlets | Woodburn Premium Outlets, Woodburn (Portland), OR | ||||
Initial Cost | ||||
Land | 9,414 | |||
Buildings and Improvements | 150,414 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,556 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,414 | |||
Buildings and Improvements | 152,970 | |||
Total | 162,384 | |||
Accumulated Depreciation | 35,847 | |||
Premium Outlets | Woodbury Common Premium Outlets, Central Valley (New York), NY | ||||
Initial Cost | ||||
Land | 11,110 | |||
Buildings and Improvements | 862,559 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,658 | |||
Buildings and Improvements | 242,457 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,768 | |||
Buildings and Improvements | 1,105,016 | |||
Total | 1,117,784 | |||
Accumulated Depreciation | 386,969 | |||
Premium Outlets | Wrentham Village Premium Outlets, Wrentham (Boston), MA | ||||
Initial Cost | ||||
Land | 4,900 | |||
Buildings and Improvements | 282,031 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 16,054 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,900 | |||
Buildings and Improvements | 298,085 | |||
Total | 302,985 | |||
Accumulated Depreciation | 129,941 | |||
The Mills | Arizona Mills, Tempe (Phoenix), AZ | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 152,911 | |||
Initial Cost | ||||
Land | 41,936 | |||
Buildings and Improvements | 297,289 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 13,233 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,936 | |||
Buildings and Improvements | 310,522 | |||
Total | 352,458 | |||
Accumulated Depreciation | 53,789 | |||
The Mills | Great Mall, Milpitas (San Jose), CA | ||||
Initial Cost | ||||
Land | 69,853 | |||
Buildings and Improvements | 463,101 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 53,937 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 69,853 | |||
Buildings and Improvements | 517,038 | |||
Total | 586,891 | |||
Accumulated Depreciation | 118,149 | |||
The Mills | Gurnee Mills, Gurnee (Chicago), IL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 264,582 | |||
Initial Cost | ||||
Land | 41,133 | |||
Buildings and Improvements | 297,911 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 27,761 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,133 | |||
Buildings and Improvements | 325,672 | |||
Total | 366,805 | |||
Accumulated Depreciation | 77,680 | |||
The Mills | Mills at Jersey Gardens, The, Elizabeth, NJ | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 350,000 | |||
Initial Cost | ||||
Land | 120,417 | |||
Buildings and Improvements | 865,605 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 16,258 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 120,417 | |||
Buildings and Improvements | 881,863 | |||
Total | 1,002,280 | |||
Accumulated Depreciation | 133,622 | |||
The Mills | Opry Mills, Nashville, TN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 375,000 | |||
Initial Cost | ||||
Land | 51,000 | |||
Buildings and Improvements | 327,503 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 16,256 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 51,000 | |||
Buildings and Improvements | 343,759 | |||
Total | 394,759 | |||
Accumulated Depreciation | 80,730 | |||
The Mills | Outlets at Orange, The, Orange (Los Angeles), CA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 215,000 | |||
Initial Cost | ||||
Land | 65,516 | |||
Buildings and Improvements | 211,322 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,393 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 65,516 | |||
Buildings and Improvements | 212,715 | |||
Total | 278,231 | |||
Accumulated Depreciation | 2,028 | |||
The Mills | Potomac Mills, Woodbridge (Washington, DC), VA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 416,000 | |||
Initial Cost | ||||
Land | 61,755 | |||
Buildings and Improvements | 425,370 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 36,909 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 61,755 | |||
Buildings and Improvements | 462,279 | |||
Total | 524,034 | |||
Accumulated Depreciation | 115,348 | |||
The Mills | Sawgrass Mills, Sunrise (Miami), FL | ||||
Initial Cost | ||||
Land | 194,002 | |||
Buildings and Improvements | 1,641,153 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,395 | |||
Buildings and Improvements | 178,168 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 199,397 | |||
Buildings and Improvements | 1,819,321 | |||
Total | 2,018,718 | |||
Accumulated Depreciation | 402,390 | |||
Designer Outlets | La Reggia Designer Outlet, Marcianise (Naples), Italy | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 148,133 | |||
Initial Cost | ||||
Land | 37,220 | |||
Buildings and Improvements | 233,179 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,742 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 37,220 | |||
Buildings and Improvements | 238,921 | |||
Total | 276,141 | |||
Accumulated Depreciation | 27,147 | |||
Designer Outlets | Noventa Di Piave Designer Outlet, Venice, Italy | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 297,566 | |||
Initial Cost | ||||
Land | 38,793 | |||
Buildings and Improvements | 309,284 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 40,462 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 38,793 | |||
Buildings and Improvements | 349,746 | |||
Total | 388,539 | |||
Accumulated Depreciation | 34,041 | |||
Designer Outlets | Parndorf Designer Outlet, Vienna, Austria | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 105,293 | |||
Initial Cost | ||||
Land | 14,903 | |||
Buildings and Improvements | 221,442 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,918 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,903 | |||
Buildings and Improvements | 225,360 | |||
Total | 240,263 | |||
Accumulated Depreciation | 31,851 | |||
Designer Outlets | Provence Designer Outlet, Provence, France | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 93,020 | |||
Initial Cost | ||||
Land | 38,467 | |||
Buildings and Improvements | 75,102 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 38,467 | |||
Buildings and Improvements | 75,102 | |||
Total | 113,569 | |||
Accumulated Depreciation | 9,983 | |||
Designer Outlets | Roermond Designer Outlet, Roermond, Netherlands | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 263,232 | |||
Initial Cost | ||||
Land | 15,035 | |||
Buildings and Improvements | 400,094 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,735 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,035 | |||
Buildings and Improvements | 403,829 | |||
Total | 418,864 | |||
Accumulated Depreciation | 54,243 | |||
Designer Outlets | Rosada Designer Outlet, Roosendaal, Netherlands | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 66,523 | |||
Initial Cost | ||||
Land | 22,191 | |||
Buildings and Improvements | 108,069 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,672 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 22,191 | |||
Buildings and Improvements | 109,741 | |||
Total | 131,932 | |||
Accumulated Depreciation | 8,980 | |||
Community/Lifestyle Centers | ABQ Uptown, Albuquerque, NM | ||||
Initial Cost | ||||
Land | 6,374 | |||
Buildings and Improvements | 75,333 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 4,054 | |||
Buildings and Improvements | 7,087 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,428 | |||
Buildings and Improvements | 82,420 | |||
Total | 92,848 | |||
Accumulated Depreciation | 23,653 | |||
Community/Lifestyle Centers | University Park Village, Fort Worth, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 55,000 | |||
Initial Cost | ||||
Land | 18,031 | |||
Buildings and Improvements | 100,523 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,827 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 18,031 | |||
Buildings and Improvements | 105,350 | |||
Total | 123,381 | |||
Accumulated Depreciation | 14,774 | |||
Other Properties | Calhoun Marketplace, Calhoun, GA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 18,670 | |||
Initial Cost | ||||
Land | 1,745 | |||
Buildings and Improvements | 12,529 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,325 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,745 | |||
Buildings and Improvements | 14,854 | |||
Total | 16,599 | |||
Accumulated Depreciation | 8,976 | |||
Other Properties | Florida Keys Outlet Center, Florida City, FL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 17,000 | |||
Initial Cost | ||||
Land | 1,112 | |||
Buildings and Improvements | 1,748 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,992 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,112 | |||
Buildings and Improvements | 5,740 | |||
Total | 6,852 | |||
Accumulated Depreciation | 2,974 | |||
Other Properties | Gaffney Marketplace, Gaffney (Greenville/Charlotte), SC | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 30,159 | |||
Initial Cost | ||||
Land | 4,056 | |||
Buildings and Improvements | 32,371 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 6,103 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,056 | |||
Buildings and Improvements | 38,474 | |||
Total | 42,530 | |||
Accumulated Depreciation | 17,356 | |||
Other Properties | Lebanon Marketplace, Lebanon (Nashville), TN | ||||
Initial Cost | ||||
Land | 1,758 | |||
Buildings and Improvements | 10,189 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 271 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,758 | |||
Buildings and Improvements | 10,460 | |||
Total | 12,218 | |||
Accumulated Depreciation | 7,011 | |||
Other Properties | Liberty Village Marketplace, Flemington (New York), NJ | ||||
Initial Cost | ||||
Land | 5,670 | |||
Buildings and Improvements | 28,904 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,345 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 5,670 | |||
Buildings and Improvements | 31,249 | |||
Total | 36,919 | |||
Accumulated Depreciation | 30,373 | |||
Other Properties | Lincoln Plaza, King of Prussia (Philadelphia), PA | ||||
Initial Cost | ||||
Buildings and Improvements | 21,299 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 10,999 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 32,298 | |||
Total | 32,298 | |||
Accumulated Depreciation | 15,234 | |||
Other Properties | Orlando Outlet Marketplace, Orlando, FL | ||||
Initial Cost | ||||
Land | 3,367 | |||
Buildings and Improvements | 1,557 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,990 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,367 | |||
Buildings and Improvements | 4,547 | |||
Total | 7,914 | |||
Accumulated Depreciation | 2,229 | |||
Other Properties | Osage Beach Marketplace, Osage Beach, MO | ||||
Initial Cost | ||||
Land | 9,460 | |||
Buildings and Improvements | 85,804 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 8,595 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,460 | |||
Buildings and Improvements | 94,399 | |||
Total | 103,859 | |||
Accumulated Depreciation | 49,744 | |||
Development Projects | Other pre-development costs | ||||
Initial Cost | ||||
Land | 80,718 | |||
Buildings and Improvements | 80,172 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 959 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 81,677 | |||
Buildings and Improvements | 80,172 | |||
Total | 161,849 | |||
Accumulated Depreciation | 78 | |||
Other | ||||
Initial Cost | ||||
Land | 2,615 | |||
Buildings and Improvements | 7,103 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,615 | |||
Buildings and Improvements | 7,103 | |||
Total | 9,718 | |||
Accumulated Depreciation | 7,151 | |||
Currency Translation Adjustment | ||||
Initial Cost | ||||
Land | 7,794 | |||
Buildings and Improvements | 24,126 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 29,580 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,794 | |||
Buildings and Improvements | 53,706 | |||
Total | 61,500 | |||
Accumulated Depreciation | $ (14,925) |
Schedule III Real Estate and _3
Schedule III Real Estate and Accumulated Depreciation - Changes in Real Estate Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Real Estate Properties: | |||
Balance, beginning of year | $ 36,014,506 | $ 34,897,942 | $ 33,132,885 |
Acquisitions and consolidations | 328,265 | 328,621 | 1,331,511 |
Improvements | 758,135 | 731,863 | 658,734 |
Disposals and deconsolidations | (357,622) | (125,499) | (180,433) |
Currency Translation Adjustment | (75,324) | 181,579 | (44,755) |
Balance, close of year | 36,667,960 | 36,014,506 | 34,897,942 |
Unaudited aggregate cost of real estate for federal income tax purposes | 20,963,919 | ||
Reconciliation of Accumulated Depreciation: | |||
Balance, beginning of year | 11,704,223 | 10,664,738 | 9,696,420 |
Depreciation expense | 1,106,053 | 1,121,863 | 1,089,347 |
Disposals and deconsolidations | (190,241) | (81,187) | (117,568) |
Currency Translation Adjustment | 12,655 | (1,191) | (3,461) |
Balance, close of year | $ 12,632,690 | $ 11,704,223 | $ 10,664,738 |
Structure | Minimum | |||
Real estate and accumulated depreciation | |||
Depreciable life | 10 years | ||
Structure | Maximum | |||
Real estate and accumulated depreciation | |||
Depreciable life | 35 years | ||
Landscaping and parking lot | |||
Real estate and accumulated depreciation | |||
Depreciable life | 15 years | ||
HVAC equipment | |||
Real estate and accumulated depreciation | |||
Depreciable life | 10 years |