Simon Property (SPG) 10-Q 8 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Entity Registrant Name	SIMON PROPERTY GROUP INC /DE/
Entity Central Index Key	0001063761
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Common stock
Entity Common Stock, Shares Outstanding | shares	308,985,608
Entity Listing, Par Value Per Share | $ / shares	$ 0.0001
Class B common stock
Entity Common Stock, Shares Outstanding | shares	8,000
Entity Listing, Par Value Per Share | $ / shares	$ 0.0001

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS:
Investment properties, at cost	$ 37,193,798	$ 37,092,670
Less - accumulated depreciation	13,119,895	12,884,539
Investment properties at cost, net	24,073,903	24,208,131
Cash and cash equivalents	436,802	514,335
Tenant receivables and accrued revenue, net	733,159	763,815
Investment in unconsolidated entities, at equity	2,197,309	2,220,414
Investment in Klepierre, at equity	1,676,635	1,769,488
Deferred costs and other assets	1,723,968	1,210,040
Total assets	30,841,776	30,686,223
LIABILITIES:
Mortgages and unsecured indebtedness	23,185,965	23,305,535
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,157,477	1,316,861
Cash distributions and losses in unconsolidated entities, at equity	1,559,534	1,536,111
Other liabilities	1,012,976	500,597
Total liabilities	26,915,952	26,659,104
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	225,882	230,163
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	42,666	42,748
Capital in excess of par value	9,706,021	9,700,418
Accumulated deficit	(4,979,489)	(4,893,069)
Accumulated other comprehensive loss	(120,962)	(126,017)
Common stock held in treasury, at cost, 11,449,963 and 11,402,103 shares, respectively	(1,435,309)	(1,427,431)
Total stockholders' equity	3,212,959	3,296,681
Noncontrolling interests	486,983	500,275
Total equity	3,699,942	3,796,956
Total liabilities and equity	30,841,776	30,686,223
Simon Property Group, L.P.
ASSETS:
Investment properties, at cost	37,193,798	37,092,670
Less - accumulated depreciation	13,119,895	12,884,539
Investment properties at cost, net	24,073,903	24,208,131
Cash and cash equivalents	436,802	514,335
Tenant receivables and accrued revenue, net	733,159	763,815
Investment in unconsolidated entities, at equity	2,197,309	2,220,414
Investment in Klepierre, at equity	1,676,635	1,769,488
Deferred costs and other assets	1,723,968	1,210,040
Total assets	30,841,776	30,686,223
LIABILITIES:
Mortgages and unsecured indebtedness	23,185,965	23,305,535
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,157,477	1,316,861
Cash distributions and losses in unconsolidated entities, at equity	1,559,534	1,536,111
Other liabilities	1,012,976	500,597
Total liabilities	26,915,952	26,659,104
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	225,882	230,163
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	42,666	42,748
General Partner, 308,993,608 and 309,017,468 units outstanding, respectively	3,170,293	3,253,933
Limited Partners, 46,782,598 and 46,807,372 units outstanding, respectively	479,989	492,877
Total partners' equity	3,692,948	3,789,558
Nonredeemable noncontrolling interests in properties, net	6,994	7,398
Total equity	3,699,942	3,796,956
Total liabilities and equity	30,841,776	30,686,223
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	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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	11,449,963	11,402,103
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	320,435,571	320,411,571
Common stock, shares outstanding	320,435,571	320,411,571
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	308,993,608	309,017,468
Limited Partners, units outstanding	46,782,598	46,807,372

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
REVENUE:
Lease income	$ 1,280,058
Lease income		$ 1,267,893
Management fees and other revenues	27,544	28,181
Other income	145,232	98,108
Total revenue	1,452,834	1,394,182
EXPENSES:
Property operating	111,549
Property operating		113,448
Depreciation and amortization	328,643	316,936
Real estate taxes	115,459	114,187
Repairs and maintenance	27,922	27,684
Advertising and promotion	37,125	34,800
Home and regional office costs	52,560	41,064
General and administrative	9,136	12,628
Other	20,102	31,502
Total operating expenses	702,496	692,249
OPERATING INCOME BEFORE OTHER ITEMS	750,338	701,933
Interest expense	(198,733)	(205,492)
Income and other taxes	(10,102)	(6,220)
Income from unconsolidated entities	90,444	90,026
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		135,277
CONSOLIDATED NET INCOME	631,947	715,524
Net income (loss) attributable to noncontrolling interests	82,638	94,036
Preferred dividends	834	834
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ 548,475	$ 620,654
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT:
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 1.78	$ 2
Consolidated Net Income	$ 631,947	$ 715,524
Unrealized gain (loss) on derivative hedge agreements	9,342	(6,146)
Net loss reclassified from accumulated other comprehensive loss into earnings	1,088	2,153
Currency translation adjustments	(4,744)	13,092
Changes in available-for-sale securities and other	144	(289)
Comprehensive income	637,777	724,334
Comprehensive income attributable to noncontrolling interests	83,411	95,140
Comprehensive income attributable to common stockholders or unitholders	554,366	629,194
Simon Property Group, L.P.
REVENUE:
Lease income	1,280,058
Lease income		1,267,893
Management fees and other revenues	27,544	28,181
Other income	145,232	98,108
Total revenue	1,452,834	1,394,182
EXPENSES:
Property operating	111,549
Property operating		113,448
Depreciation and amortization	328,643	316,936
Real estate taxes	115,459	114,187
Repairs and maintenance	27,922	27,684
Advertising and promotion	37,125	34,800
Home and regional office costs	52,560	41,064
General and administrative	9,136	12,628
Other	20,102	31,502
Total operating expenses	702,496	692,249
OPERATING INCOME BEFORE OTHER ITEMS	750,338	701,933
Interest expense	(198,733)	(205,492)
Income and other taxes	(10,102)	(6,220)
Income from unconsolidated entities	90,444	90,026
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		135,277
CONSOLIDATED NET INCOME	631,947	715,524
Net income (loss) attributable to noncontrolling interests	(917)	(92)
Preferred dividends	1,313	1,313
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	631,551	714,303
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	548,475	620,654
Limited Partners	$ 83,076	$ 93,649
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT:
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 1.78	$ 2
Consolidated Net Income	$ 631,947	$ 715,524
Unrealized gain (loss) on derivative hedge agreements	9,342	(6,146)
Net loss reclassified from accumulated other comprehensive loss into earnings	1,088	2,153
Currency translation adjustments	(4,744)	13,092
Changes in available-for-sale securities and other	144	(289)
Comprehensive income	637,777	724,334
Comprehensive income attributable to noncontrolling interests	148	527
Comprehensive income attributable to common stockholders or unitholders	$ 637,629	$ 723,807

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 631,947	$ 715,524
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
Depreciation and amortization	339,918	334,672
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		(135,277)
Unrealized change in fair value of equity instruments	(5,317)	3,029
Straight-line lease income	(11,981)	(6,276)
Equity in income of unconsolidated entities	(90,444)	(90,026)
Distributions of income from unconsolidated entities	82,918	77,870
Changes in assets and liabilities -
Tenant receivables and accrued revenue, net	36,842	71,858
Deferred costs and other assets	(20,013)	(62,839)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	(126,523)	(65,058)
Net cash provided by operating activities	837,347	843,477
CASH FLOWS FROM INVESTING ACTIVITIES:
Funding of loans to related parties		(1,833)
Capital expenditures, net	(216,781)	(172,756)
Investments in unconsolidated entities	(11,980)	(10,859)
Purchase of marketable and non-marketable securities	(6,905)	(7,542)
Insurance proceeds for property restoration	1,757
Distributions of capital from unconsolidated entities and other	120,347	69,316
Net cash used in investing activities	(113,562)	(123,674)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock, issuance of units and other, net of transaction costs	(82)	(82)
Purchase of shares or units related to stock grant recipients' tax withholdings	(249)	(276)
Redemption of limited partner units	(135)	(6,267)
Purchase of treasury stock	(7,628)	(227,901)
Distributions to noncontrolling interest holders in properties	(1,803)	(8,376)
Contributions from noncontrolling interest holders in properties		24
Preferred distributions of the Operating Partnership	(479)	(479)
Distributions to stockholders and preferred dividends	(634,222)	(606,086)
Distributions to limited partners	(96,010)	(91,523)
Proceeds from issuance of debt, net of transaction costs	2,587,324	1,756,056
Repayments of debt	(2,648,034)	(2,649,995)
Net cash used in financing activities	(801,318)	(1,834,905)
DECREASE IN CASH AND CASH EQUIVALENTS	(77,533)	(1,115,102)
CASH AND CASH EQUIVALENTS, beginning of period	514,335	1,482,309
CASH AND CASH EQUIVALENTS, end of period	436,802	367,207
Simon Property Group, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	631,947	715,524
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
Depreciation and amortization	339,918	334,672
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		(135,277)
Unrealized change in fair value of equity instruments	(5,317)	3,029
Straight-line lease income	(11,981)	(6,276)
Equity in income of unconsolidated entities	(90,444)	(90,026)
Distributions of income from unconsolidated entities	82,918	77,870
Changes in assets and liabilities -
Tenant receivables and accrued revenue, net	36,842	71,858
Deferred costs and other assets	(20,013)	(62,839)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	(126,523)	(65,058)
Net cash provided by operating activities	837,347	843,477
CASH FLOWS FROM INVESTING ACTIVITIES:
Funding of loans to related parties		(1,833)
Capital expenditures, net	(216,781)	(172,756)
Investments in unconsolidated entities	(11,980)	(10,859)
Purchase of marketable and non-marketable securities	(6,905)	(7,542)
Insurance proceeds for property restoration	1,757
Distributions of capital from unconsolidated entities and other	120,347	69,316
Net cash used in investing activities	(113,562)	(123,674)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock, issuance of units and other, net of transaction costs	(82)	(82)
Purchase of shares or units related to stock grant recipients' tax withholdings	(249)	(276)
Redemption of limited partner units	(135)	(6,267)
Purchase of general partner units	(7,628)	(227,901)
Distributions to noncontrolling interest holders in properties	(1,803)	(8,376)
Contributions from noncontrolling interest holders in properties		24
Preferred distributions of the Operating Partnership	(730,711)	(698,088)
Proceeds from issuance of debt, net of transaction costs	2,587,324	1,756,056
Repayments of debt	(2,648,034)	(2,649,995)
Net cash used in financing activities	(801,318)	(1,834,905)
DECREASE IN CASH AND CASH EQUIVALENTS	(77,533)	(1,115,102)
CASH AND CASH EQUIVALENTS, beginning of period	514,335	1,482,309
CASH AND CASH EQUIVALENTS, end of period	$ 436,802	$ 367,207

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Simon Property Group, L.P.Simon (Managing General Partner)	Simon Property Group, L.P.Limited Partners	Simon Property Group, L.P.Preferred Stock	Simon Property Group, L.P.Noncontrolling Interests	Simon Property Group, L.P.	Preferred Stock	Common Stock	Accumulated Other Comprehensive Income (Loss)	Capital in Excess of Par Value	Accumulated Deficit	Common Stock Held in Treasury	Noncontrolling Interests	Total
Increase (Decrease) in Stockholders' Equity
Cumulative effect of accounting change										$ 7,264			$ 7,264
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
Exchange of limited partner units (24,000 and 6,000 common shares respectively in three months ended March 2019 and 2018, Note 8)									70			(70)
Series J preferred stock premium amortization			(83)		(83)	(83)							(83)
Limited partner units exchanged to units	70	(70)
Stock incentive program (236 common shares, net)									(37)		37
Redemption of limited partner units (774 and 40,503 units for the three months ended March 2019 and 2018 respectively)	(5,793)	(474)			(6,267)				(5,793)			(474)	(6,267)
Amortization of stock incentive	2,060				2,060				2,060				2,060
Treasury stock purchase (46,377 and 1,473,588 shares for the three months ended March 2019 and 2018 respectively)											(227,901)		(227,901)
Treasury unit purchase (46,377 and 1,473,588 units for the three months ended March 2019 and 2018 respectively)	(227,901)				(227,901)
Long-term incentive performance units												8,307	8,307
Long-term incentive performance units		8,307			8,307
Issuance of unit equivalents and other	(15,208)			24	(15,184)				3	(14,935)	(276)	24	(15,184)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	36,221	(36,221)							36,221			(36,221)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(606,086)		(91,523)	(697,609)
Distributions to other noncontrolling interest partners												(489)	(489)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(605,252)	(91,523)	(834)	(489)	(698,098)
Other comprehensive income	7,706	1,104			8,810			7,706				1,104	8,810
Net income, excluding $479 and $479 attributable to preferred interests in the Operating Partnership during three months ended March 2019 and 2018, respectively and $1,065 and $619 attributable to noncontrolling redeemable interests in properties in three months ended March 2019 and 2018)	620,654	93,649	834	527	715,664					621,488		94,176	715,664
Balance at Mar. 31, 2018						42,994	32	(102,747)	9,647,272	(4,774,442)	(1,307,203)	527,430	4,033,336
Balance at Mar. 31, 2018	3,462,912	523,630	42,994	3,800	4,033,336
Increase (Decrease) in Stockholders' Equity
Cumulative effect of accounting change	7,264				7,264
Balance at Dec. 31, 2018						42,748	32	(126,017)	9,700,418	(4,893,069)	(1,427,431)	500,275	3,796,956
Balance at Dec. 31, 2018	3,253,933	492,877	42,748	7,398	3,796,956
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units (24,000 and 6,000 common shares respectively in three months ended March 2019 and 2018, Note 8)									253			(253)
Series J preferred stock premium amortization			(82)		(82)	(82)							(82)
Limited partner units exchanged to units	253	(253)
Redemption of limited partner units (774 and 40,503 units for the three months ended March 2019 and 2018 respectively)	(127)	(8)			(135)				(127)			(8)	(135)
Amortization of stock incentive	1,309				1,309				1,309				1,309
Treasury stock purchase (46,377 and 1,473,588 shares for the three months ended March 2019 and 2018 respectively)											(7,628)		(7,628)
Treasury unit purchase (46,377 and 1,473,588 units for the three months ended March 2019 and 2018 respectively)	(7,628)				(7,628)
Long-term incentive performance units												3,701	3,701
Long-term incentive performance units		3,701			3,701
Issuance of unit equivalents and other	(1,756)	(2)			(1,758)				1	(1,507)	(250)	(2)	(1,758)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	4,167	(4,167)							4,167			(4,167)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(634,222)		(96,010)	(730,232)
Distributions to other noncontrolling interest partners												(552)	(552)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(633,388)	(96,010)	(834)	(552)	(730,784)
Other comprehensive income	5,055	775			5,830			5,055				775	5,830
Net income, excluding $479 and $479 attributable to preferred interests in the Operating Partnership during three months ended March 2019 and 2018, respectively and $1,065 and $619 attributable to noncontrolling redeemable interests in properties in three months ended March 2019 and 2018)	548,475	83,076	834	148	632,533					549,309		83,224	632,533
Balance at Mar. 31, 2019						$ 42,666	$ 32	$ (120,962)	$ 9,706,021	$ (4,979,489)	$ (1,435,309)	$ 486,983	$ 3,699,942
Balance at Mar. 31, 2019	$ 3,170,293	$ 479,989	$ 42,666	$ 6,994	$ 3,699,942

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Exchange of limited partner units, (in shares)	24,000	6,000
Stock incentive program, shares, net		236
Redemption of Limited Partner Units	774	40,503
Treasury stock purchase, shares	46,377	1,473,588
Issuance of equivalents units	1,483	1,608
Net income attributable to preferred interests in the Operating Partnership (in dollars)	$ 479	$ 479
Net income attributable to noncontrolling redeemable interests in properties (in dollars)	$ 1,065	$ 619
Simon Property Group, L.P.
Limited partner units exchanged to common units	24,000	6,000
Stock incentive program, units, net		236
Redemption of Limited Partner Units	774	40,503
Treasury unit purchase, units	46,377	1,473,588
Issuance of equivalents units	1,483	1,608
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars)	$ 479	$ 479
Net income attributable to noncontrolling redeemable interests in properties (in dollars)	$ 1,065	$ 619

Organization

Organization	3 Months Ended
	Mar. 31, 2019
Organization
Organization	1. Organization Simon Property Group, Inc. is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Delaware partnership subsidiary that owns all of our real estate properties and other assets. According to the Operating Partnership’s partnership agreement, the Operating Partnership is required to pay all expenses of Simon. In these condensed notes to the consolidated financial statements, unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Unless otherwise indicated, these condensed notes to consolidated financial statements apply to both Simon and the Operating Partnership. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets ® , and The Mills ® . As of March 31, 2019, 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 March 31, 2019, we had ownership in 28 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe, and Canada. As of March 31, 2019, we also owned a 21.6% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris‑based real estate company which owns, or has an interest in, shopping centers located in 16 countries in Europe.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Basis of Presentation
Basis of Presentation	2. Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. Due to the seasonal nature of certain operational activities, the results for the interim periods ended March 31, 2019 are not necessarily indicative of the results to be expected for the full year. These consolidated financial statements have been prepared in accordance with the instructions to Form 10‑Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (GAAP) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments necessary for a fair presentation (including normal recurring accruals) have been included. The consolidated financial statements in this Form 10‑Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the combined 2018 Annual Report on Form 10‑K of Simon and the Operating Partnership. Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations. As of March 31, 2019, 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 investments 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 Simon based on the partners’ respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests. Simon’s weighted average ownership interest in the Operating Partnership was 86.8% and 86.9% for the three months ended March 31, 2019 and 2018, respectively. As of March 31, 2019 and December 31, 2018, Simon’s ownership interest in the Operating Partnership was 86.9% and 86.8%, respectively. We adjust the noncontrolling limited partners’ interests at the end of each period to reflect their interest in the net assets of the Operating Partnership. Preferred unit requirements in the Operating Partnership’s accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units and are recorded when declared.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Significant Accounting Policies
Significant Accounting Policies	3. Significant Accounting Policies Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers’ acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits. Equity Instruments and Debt Securities Equity instruments and debt securities consist primarily of 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 March 31, 2019 and December 31, 2018, we had equity instruments with readily determinable fair values of $ 84.1 million and $ 78.1 million, respectively. Effective January 1, 2018, changes in fair value of these equity instruments are recorded in earnings. We recognized a cumulative effect adjustment of $7.3 million as of January 1, 2018 to reclassify unrealized gains previously reported in accumulated other comprehensive income as a result of the adoption of Accounting Standards Update (ASU) 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” For the three months ended March 31, 2019 and 2018, we recorded a $ 3.8 million gain and a $1.9 million loss, respectively, for non-cash mark-to-market adjustments related to these equity securities with readily determinable fair values, which is included in other expense in our consolidated statements of operations and comprehensive income. At March 31, 2019 and December 31, 2018, we had equity instruments without readily determinable fair values of $17 6.4 million and $175.7 million, respectively, for which we have elected the measurement alternative under this guidance. We regularly evaluate these investments for any impairment in their estimated fair value, as well as any observable price changes for an identical or similar equity instrument of the same issuer, and determined that no material adjustment in the carrying value was required for the three months ended March 31, 2019, and 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. At March 31, 2019 and December 31, 2018, we held debt securities of $ 46.3 million and $ 40.1 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 March 31, 2019 and December 31, 2018 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 $16.1 million and $10.9 million at March 31, 2019 and December 31, 2018, respectively, and a gross liability balance of $1.1 million and $6.2 million at March 31, 2019 and December 31, 2018, respectively. Note 7 includes a discussion of the fair value of debt measured using Level 2 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates. Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows: As of As of March 31, December 31, 2019 2018 Limited partners’ interests in the Operating Partnership $ 479,989 $ 492,877 Nonredeemable noncontrolling interests in properties, net 6,994 7,398 Total noncontrolling interests reflected in equity $ 486,983 $ 500,275 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 is as follows: For the Three Months Ended March 31, 2019 2018 Noncontrolling interests, beginning of period $ 500,275 $ 552,596 Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties 83,224 94,176 Distributions to noncontrolling interest holders (96,562) (92,012) Other comprehensive (loss) income allocable to noncontrolling interests: Unrealized gain (loss) on derivative hedge agreements 1,227 (804) Net loss reclassified from accumulated other comprehensive loss into earnings 143 283 Currency translation adjustments (614) 1,663 Changes in available-for-sale securities and other 19 (38) 775 1,104 Adjustment to limited partners’ interest from change in ownership in the Operating Partnership (4,167) (36,221) Units exchanged for common shares (253) (70) Units redeemed (8) (474) Long-term incentive performance units 3,701 8,307 Contributions by noncontrolling interests, net, and other (2) 24 Noncontrolling interests, end of period $ 486,983 $ 527,430 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 is as follows: For the Three Months Ended March 31, 2019 2018 Noncontrolling nonredeemable interests in properties, net — beginning of period $ 7,398 $ 3,738 Net income attributable to noncontrolling nonredeemable interests 148 527 Distributions to noncontrolling nonredeemable interest holders (552) (489) Contributions by noncontrolling nonredeemable interests, net, and other — 24 Noncontrolling nonredeemable interests in properties, net — end of period $ 6,994 $ 3,800 Accumulated Other Comprehensive Income (Loss) Simon The changes in components of our accumulated other comprehensive income (loss) attributable to common stockholders consisted of the following net of noncontrolling interest as of March 31, 2019: Net unrealized Currency Accumulated (losses) gains translation derivative on marketable adjustments gains, net securities Total Beginning balance $ (158,904) $ 32,933 $ (46) $ (126,017) Other comprehensive (loss) income before reclassifications (4,130) 8,115 125 4,110 Amounts reclassified from accumulated other comprehensive income (loss) — 945 — 945 Net current-period other comprehensive (loss) income (4,130) 9,060 125 5,055 Ending balance $ (163,034) $ 41,993 $ 79 $ (120,962) The reclassifications out of accumulated other comprehensive income (loss) consisted of the following during the three months ended March 31: 2019 2018 Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) net income is presented Accumulated derivative losses, net $ (1,088) $ (2,153) Interest expense 143 282 Net income attributable to noncontrolling interests $ (945) $ (1,871) The Operating Partnership The changes in accumulated other comprehensive income (loss) by component consisted of the following as of March 31, 2019: Net unrealized Currency Accumulated (losses) gains translation derivative on marketable adjustments gains, net securities Total Beginning balance $ (182,978) $ 37,916 $ (52) $ (145,114) Other comprehensive (loss) income before reclassifications (4,744) 9,342 144 4,742 Amounts reclassified from accumulated other comprehensive income (loss) — 1,088 — 1,088 Net current-period other comprehensive (loss) income (4,744) 10,430 144 5,830 Ending balance $ (187,722) $ 48,346 $ 92 $ (139,284) The reclassifications out of accumulated other comprehensive income (loss) consisted of the following during the three months ended March 31: 2019 2018 Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) net income is presented Accumulated derivative losses, net $ (1,088) $ (2,153) Interest expense Derivative Financial Instruments We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. As of March 31, 2019 and December 31, 2018, 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 March 31, 2019 and December 31, 2018, 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 March 31, 2019 and December 31, 2018 (in millions): Asset (Liability) Value as of March 31, December 31, Notional Value Maturity Date 2019 2018 € 50.0 May 15, 2019 — (0.8) € 50.0 May 15, 2020 0.2 (1.5) € 50.0 May 14, 2021 (0.3) (2.0) Asset balances in the above table are included in deferred costs and other assets. Liability balances in the above table are included in other liabilities. We use a Euro-denominated cross-currency swap agreement to manage our exposure to changes in foreign exchange rates by swapping $150.0 million of 4.38% fixed rate U.S. dollar-denominated debt to 1.37% fixed rate Euro-denominated debt of €121.6 million. The cross-currency swap matures on December 1, 2020. The fair value of our cross‑currency swap agreement at March 31, 2019 was $14.2 million and is included in deferred costs and other assets. We use a Yen-denominated cross-currency swap agreement designated as a net investment hedge to manage our exposure to changes in foreign exchange rates 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. The cross-currency swap matures on December 1, 2020. The fair value of our cross-currency swap agreement at March 31, 2019 was $0.9 million and is included in deferred costs and other assets. 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 $48.4 million and $37.9 million as of March 31, 2019 and December 31, 2018, respectively. New Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, "Leases," codified as Accounting Standards Codification (ASC) 842, 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, “Revenue From Contracts With Customers”, specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. ASC 842 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, of which $11.3 million related to the quarter ended March 31, 2018. Substantially all of our revenues and the revenues of our equity method investments are earned from arrangements that are within the scope of ASC 842. On July 30, 2018, the FASB issued ASU 2018-11, also codified as ASC 842, 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 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 ASC 842 that we reallocate or separately present consideration from lease and non-lease components. Beginning on January 1, 2019, we will recognize consideration received from fixed common area maintenance arrangements on a straight-line basis as this consideration is attributed to the lease component. We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and continue to account for our leases as operating leases. We accrue fixed lease income on a straight‑line basis over the terms of the 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 this variable lease consideration 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. 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 on a straight-line basis over the term of the lease. 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 variable lease consideration 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. Provisions for credit losses are recognized as a reduction of lease income. Refer to note 9 for further disclosure of lease income. Minimum fixed lease consideration under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration, for the years ending December 31, as of March 31, 2019, is as follows: 2019 $ 3,612,041 2020 3,329,392 2021 2,971,303 2022 2,586,127 2023 2,116,053 Thereafter 5,623,425 $ 20,238,341 Further, ASC 842 requires recognition on 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 and the pattern of lease expense recognition will be unchanged. Refer to note 10 for further disclosure regarding ground leases recognized as a result of the adoption of ASC 842. 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.

Real Estate Acquisitions and Di

Real Estate Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2019
Real Estate Acquisitions and Dispositions
Real Estate Acquisitions and Dispositions	4. Real Estate Acquisitions and Dispositions Unless otherwise noted, gains and losses on property transactions are included in gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. We capitalize asset acquisition costs and expense costs related to business combinations, as well as disposition related costs as they are incurred. We incurred a minimal amount of transaction expenses during the three months ended March 31, 2019 and 2018. 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. We accounted for this transaction as an asset acquisition and substantially all of our investment has been determined to relate to investment property. During the first three months of 2018, we recorded net gains of $135.3 million primarily related to our disposition activity which included the foreclosure of a consolidated property in satisfaction of its $200 million non-recourse mortgage.

Per Share and Per Unit Data

Per Share and Per Unit Data	3 Months Ended
	Mar. 31, 2019
Per Share and Per Unit Data
Per Share and Per Unit Data	5. Per Share and Per Unit Data We determine basic earnings per share and basic earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share and diluted earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding combined with the incremental weighted average number of shares or units, as applicable, that would have been outstanding assuming all potentially dilutive securities were converted into shares of common stock or units, as applicable, at the earliest date possible. The following tables set forth the components of basic and diluted earnings per share and basic and diluted earnings per unit. Simon For the Three Months Ended March 31, 2019 2018 Net Income attributable to Common Stockholders — Basic and Diluted $ 548,475 $ 620,654 Weighted Average Shares Outstanding — Basic and Diluted 308,978,053 310,583,643 For the three months ended March 31, 2019, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance units, or LTIP units, granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. No securities had a material dilutive effect for the three months ended March 31, 2019 and 2018. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared. The Operating Partnership For the Three Months Ended March 31, 2019 2018 Net Income attributable to Unitholders — Basic and Diluted $ $ 714,303 Weighted Average Units Outstanding — Basic and Diluted For the three months ended March 31, 2019, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the three months ended March 31, 2019 and 2018. We accrue distributions when they are declared.

Investment in Unconsolidated En

Investment in Unconsolidated Entities and International Investments	3 Months Ended
	Mar. 31, 2019
Investment in Unconsolidated Entities
Investments in Unconsolidated Entities and International Investments	6. Investment in Unconsolidated Entities and International Investments Real Estate Joint Ventures and Investments Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties and diversify our risk in a particular property or portfolio of properties. As discussed in note 2, we held joint venture interests in 81 properties as of March 31, 2019. 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 March 31, 2019 and December 31, 2018, we had construction loans and other advances to related parties totaling $86.0 million and $85.8 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. Unconsolidated Entity Transactions During the first three months of 2019, we disposed of our interests in a multi-family residential investment. Our share of the gross proceeds was $17.3 million. The gain of $15.6 million is included in other income in the accompanying consolidated statement of operations and comprehensive income. 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. As of March 31, 2019 and December 31, 2018, we had an 11.7% legal noncontrolling equity interest in HBS, a joint venture we formed with Hudson’s Bay Company. Our share of net income (loss), net of amortization of our excess investment, was ($2.6) million and $4.0 million for the three months ended March 31, 2019 and 2018, respectively. Total revenues, operating income and consolidated net income (loss) were approximately $33.4 million, $1.4 million and ($10.2) million, respectively, for the three months ended March 31, 2019 and $87.2 million, $76.8 million and $51.6 million, respectively, for the three months ended March 31, 2018. European Investments At March 31, 2019, we owned 63,924,148 shares, or approximately 21.6%, of Klépierre, which had a quoted market price of $3 4.98 per share. Our share of net income, net of amortization of our excess investment, was $ 17.8 million and $ 22.9 million for the three months ended March 31, 2019 and 2018, respectively. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre’s results to GAAP, Klépierre’s total revenues, operating income and consolidated net income were approximately $377.2 million, $147.4 million and $114.6 million, respectively, for the three months ended March 31, 2019 and $410.3 million, $135.8 million and $202.3 million, respectively, for the three months ended March 31, 2018. During the three months ended March 31, 2018, Klépierre completed the disposal of its interests in certain shopping centers. In connection with these disposals, we recorded a gain of $13.4 million, representing our share of the gains recognized by Klépierre, which is included in gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statement of operations and comprehensive income. We have an interest in a European investee that had interests in nine Designer Outlet properties as of March 31, 2019 and December 31, 2018, respectively. As of March 31, 2019, our legal percentage ownership interests in these properties ranged from 45% to 94%. In addition, we have a 50.0% noncontrolling interest in a European property management and development company that provides services to the Designer Outlet properties. We also have minority interests in Value Retail PLC and affiliated entities, which own or have interests in and operate nine luxury outlets located throughout Europe and we have a direct minority ownership in three of those outlets. At March 31, 2019 and December 31, 2018, 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 $235.2 million and $23 2.1 million as of March 31, 2019 and December 31, 2018, 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 $169.9 million and $166.3 million as of March 31, 2019 and December 31, 2018, 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. COMBINED BALANCE SHEETS March 31, December 31, 2019 2018 Assets: Investment properties, at cost $ 18,887,972 $ 18,807,449 Less - accumulated depreciation 11,916,560 11,972,816 Cash and cash equivalents Tenant receivables and accrued revenue, net Deferred costs and other assets Total assets $ 13,953,496 $ 13,885,180 Liabilities and Partners’ Deficit: Mortgages $ 15,202,622 $ 15,235,415 Accounts payable, accrued expenses, intangibles, and deferred revenue Other liabilities Total liabilities 16,639,071 16,555,931 Preferred units 67,450 67,450 Partners’ deficit (2,753,025) (2,738,201) Total liabilities and partners’ deficit $ 13,953,496 $ 13,885,180 Our Share of: Partners’ deficit $ (1,184,895) $ (1,168,216) Add: Excess Investment 1,581,225 1,594,198 Our net Investment in unconsolidated entities, at equity $ 396,330 $ 425,982 “Excess Investment” represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures or other investments acquired and has been determined to relate to the fair value of the investment properties, lease related intangibles, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of investment properties, typically no greater than 40 years, the terms of the applicable leases and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities. COMBINED STATEMENTS OF OPERATIONS For The Three Months Ended March 31, 2019 2018 REVENUE: Lease income $ 758,979 $ 752,606 Other income Total revenue 834,901 833,714 OPERATING EXPENSES: Property operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion Other Total operating expenses 479,714 471,548 Operating Income Before Other Items 355,187 362,166 Interest expense (150,932) Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net — Net Income $ 220,758 $ 211,234 Third-Party Investors’ Share of Net Income $ 112,668 $ 106,183 Our Share of Net Income Amortization of Excess Investment Our Share of Gain on Sale or Disposal of Assets and Interest in Other Income in the Consolidated Financial Statements — Income from Unconsolidated Entities $ 78,143 $ 83,524 Our share of income from unconsolidated entities in the above table, aggregated with our share of the 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 on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net is reflected within gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income.

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt
Debt	7. Debt Unsecured Debt At March 31, 2019, our unsecured debt consisted of $15.0 billion of senior unsecured notes of the Operating Partnership, $125.0 million outstanding under the Operating Partnership’s $4.0 billion unsecured revolving credit facility, or Credit Facility, and $1.3 billion outstanding under the Operating Partnership’s global unsecured commercial paper note program, or Commercial Paper program. On March 31, 2019, we had an aggregate available borrowing capacity of $6.1 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 three months ended March 31, 2019 was $125.0 million and the weighted average outstanding balance was $125.0 million. Letters of credit of $11.4 million were outstanding under the Credit Facilities as of March 31, 2019. 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 a facility fee of 10 basis points. 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 is LIBOR plus 77.5 basis points with a facility fee of 10 basis points. The Operating Partnership also has available a Commercial Paper program of $2.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euro and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes 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 March 31, 2019, we had $1.3 billion outstanding under the Commercial Paper program, fully comprised of U.S. dollar-denominated notes with a weighted average interest rate of 2.58%. These borrowings have a weighted average maturity date of July 3, 2019 and reduce amounts otherwise available under the Credit Facilities. 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 at March 31, 2019 and December 31, 2018. Covenants Our unsecured debt agreements contain financial covenants and other non-financial covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender, including adjustments to the applicable interest rate. As of March 31, 2019, we were in compliance with all covenants of our unsecured debt. At March 31, 2019, 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 March 31, 2019, the applicable borrowers under these non‑recourse mortgage notes were in compliance with all covenants where non‑compliance could individually or in the aggregate, giving effect to applicable cross‑default provisions, have a material adverse effect on our financial condition, liquidity or results of operations. Fair Value of Debt The carrying value of our variable‑rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed rate mortgages and unsecured indebtedness including commercial paper was $22.3 billion and $22.4 billion as of March 31, 2019 and December 31, 2018, respectively. The fair values of these financial instruments and the related discount rate assumptions as of March 31, 2019 and December 31, 2018 are summarized as follows: March 31, December 31, 2019 2018 Fair value of consolidated fixed rate mortgages and unsecured indebtedness $ 23,865 $ 22,323 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages 4.29 % 4.55 % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 4.21 % 4.50 %

Equity

Equity	3 Months Ended
	Mar. 31, 2019
Equity
Equity	8. Equity During the three months ended March 31, 2019, Simon issued 24,000 shares of common stock to a limited partner of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. During the three months ended March 31, 2019, the Operating Partnership redeemed 774 units from three limited partners for $0.1 million. These transactions increased Simon’s ownership interest in the Operating Partnership. On February 13, 2017, Simon’s Board of Directors authorized a two-year extension of the previously authorized $2.0 billion common stock repurchase plan through March 31, 2019. On February 11, 2019, Simon's Board of Directors authorized a new common stock repurchase plan. Under the new plan, Simon may repurchase up to $2.0 billion of its common stock during the two-year period ending February 11, 2021 in the open market or in privately negotiated transactions as market conditions warrant. During the three months ended March 31, 2019, Simon purchased 46,377 shares at an average price of $164.49 per share as part of the previous program. During the three months ended March 31, 2018, Simon purchased 1,473,588 shares at an average price of $154.66 per share as part of the previous program. As Simon repurchases shares under these programs, the Operating Partnership repurchases an equal number of units from Simon. We paid a common stock dividend of $2.05 per share in the first quarter of 2019 and $1.95 per share for the three months ended March 31, 2018. The Operating Partnership paid distributions per unit for the same amounts. Simon’s Board of Directors declared a quarterly cash dividend for the second quarter of 2019 of $2.05 per share of common stock payable on May 31, 2019 to stockholders of record on May 17, 2019. The distribution rate on units is equal to the dividend rate on common stock. Temporary Equity Simon Simon classifies as temporary equity those securities for which there is the possibility that Simon could be required to redeem the security for cash irrespective of the probability of such a possibility. As a result, Simon classifies one series of preferred units in the Operating Partnership and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below. Limited Partners’ Preferred Interest in the Operating Partnership and Noncontrolling Redeemable Interests in Properties . The redemption features of the preferred units in the Operating Partnership contain provisions which could require the Operating Partnership to settle the redemption in cash. As a result, this series of preferred units in the Operating Partnership remains classified outside permanent equity. The remaining interests in a property or portfolio of properties which are redeemable at the option of the holder or in circumstances that may be outside Simon’s control are accounted for as temporary equity. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded within accumulated deficit in the consolidated statements of equity in issuance of unit equivalents and other. There were no noncontrolling interests redeemable at amounts in excess of fair value as of March 31, 2019 and December 31, 2018. The following table summarizes the preferred units in the Operating Partnership and the amount of the noncontrolling redeemable interests in properties as follows: As of As of March 31, December 31, 2019 2018 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ Other noncontrolling redeemable interests in properties 200,345 204,626 Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ 225,882 $ 230,163 The Operating Partnership The Operating Partnership classifies as temporary equity those securities for which there is the possibility that the Operating Partnership could be required to redeem the security for cash, irrespective of the probability of such a possibility. As a result, the Operating Partnership classifies one series of preferred units and noncontrolling redeemable interests in properties in temporary equity. The following table summarizes the preferred units and the amount of the noncontrolling redeemable interests in properties as follows: As of As of March 31, December 31, 2019 2018 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 200,345 204,626 Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ 225,882 $ 230,163 Stock Based Compensation Awards under our stock based compensation plans primarily take the form of LTIP unit and restricted stock grants. Restricted stock and awards under the LTIP programs are all performance based and are based on various individual, corporate and business unit performance measures as further described below. The expense related to these programs, net of amounts capitalized, is included within home and regional office costs and general and administrative costs in the accompanying statements of operations and comprehensive income. LTIP Programs. The Compensation Committee has approved long‑term, performance based incentive compensation programs, or the LTIP programs, for certain senior executive officers. Awards under the LTIP programs take the form of LTIP units, a form of limited partnership interest issued by the Operating Partnership, 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. 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 Simon’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 2014-2016 LTIP program 120,314 $27.5 million — 2015-2017 LTIP program — $21.6 million — 2016-2018 LTIP program — $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, related to these LTIP programs of approximately $3.9 million and $4.8 million for the three months ended March 31, 2019 and 2018, respectively. Restricted Stock We recorded compensation expense, net of capitalization, related to restricted stock of approximately $2.7 million and $2.3 million for the three months ended March 31, 2019 and 2018, 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.

Lease Income

Lease Income	3 Months Ended
	Mar. 31, 2019
Lease Income
Lease Income	9. Lease Income As discussed in note 3, fixed lease income under our operating leases includes fixed minimum lease consideration and fixed CAM reimbursements which are accrued on a straight-line basis over the terms of the leases. Variable lease income includes consideration based on sales, as well as reimbursements for real estate taxes, utilities, marketing, and certain other items. For the Three Months Ended March 31, 2019 2018 Fixed lease income $ 1,081,560 $ 1,060,951 Variable lease income 198,498 206,942 Total lease income $ 1,280,058 $ 1,267,893 Lease income for the three months ended March 31, 2018 has been reclassified to conform to the current year presentation.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies.
Commitments and Contingencies	10. Commitments and Contingencies Litigation We are involved from time-to-time in various legal and regulatory proceedings that arise in the ordinary course of our business, including, but not limited to, commercial disputes, environmental matters, and litigation in connection with transactions such as acquisitions and divestitures. We believe that current proceedings will not have a material adverse effect on our financial condition, liquidity, or results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated. During the first quarter of 2019, we settled a lawsuit with our former insurance broker, Aon Risk Services Central Inc., related to the significant flood damage sustained at Opry Mills in May 2010. In accordance with a previous agreement with the prior co-investor in Opry Mills, a portion of the settlement was remitted to the co-investor. Our share of the settlement was approximately $68.0 million, which was recorded as other income in the accompanying consolidated statement of operations and comprehensive income. Lease Commitments As of March 31, 2019, a total of 23 of our consolidated properties are subject to ground leases. The termination dates of these ground leases range from 2019 to 2090, including periods for which exercising an extension option is reasonably assured. These ground leases generally require us to make fixed annual rental payments, or a fixed annual rental payment plus a percentage rent component based upon the revenues or total sales of the property. In addition, we have several regional office locations that are subject to leases with termination dates ranging from 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. All of our lease arrangements are classified as operating leases. We incurred ground lease expense and office lease expense, which are included in other expense and home office and regional expense, respectively, as follows: For the Three Months Ended March 31, 2019 Lease Cost Operating lease cost $ 7,165 Variable lease cost 4,144 Sublease income (167) Total lease cost $ 11,142 For the quarter ended March 31, 2018, we incurred $12,125 of lease expense. For the Three Months Ended March 31, 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 12,068 Weighted-average remaining lease term - operating leases 36.2 years Weighted-average discount rate - operating leases 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 $ 32,444 2020 32,438 2021 32,722 2022 32,733 2023 32,864 Thereafter 949,754 $ 1,112,955 Impact of discounting (590,761) Operating lease liabilities $ 522,194 Lease liabilities are included within other liabilities in the consolidated balance sheet. Right of use assets are included within deferred costs and other assets in the consolidated balance sheet. 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 March 31, 2019 and December 31, 2018, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $211.3 million and $216.1 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 has an estimated fair value in excess of the guaranteed amount. Concentration of Credit Risk Our U.S. Malls, Premium Outlets, and The Mills rely heavily upon anchor tenants to attract customers; however, anchor retailers do not contribute materially to our financial results as many anchor retailers own their spaces. All material operations are within the United States and no customer or tenant accounts for 5% or more of our consolidated revenues. Hurricane Impacts During the third quarter of 2017, two of our wholly-owned properties located in Puerto Rico sustained significant damage as a result of Hurricane Maria. Since the date of the loss, we have received $62.8 million of insurance proceeds from third-party carriers related to the two properties located in Puerto Rico, of which $40.5 million was used for property restoration and remediation and to reduce the insurance recovery receivable. During the first quarter of 2019, we recorded $4.4 million as business interruption proceeds in other income in the accompanying consolidated statement of operations and comprehensive income.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Significant Accounting Policies
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers’ acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits.
Equity Instruments and Debt Securities	Equity Instruments and Debt Securities Equity instruments and debt securities consist primarily of 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 March 31, 2019 and December 31, 2018, we had equity instruments with readily determinable fair values of $ 84.1 million and $ 78.1 million, respectively. Effective January 1, 2018, changes in fair value of these equity instruments are recorded in earnings. We recognized a cumulative effect adjustment of $7.3 million as of January 1, 2018 to reclassify unrealized gains previously reported in accumulated other comprehensive income as a result of the adoption of Accounting Standards Update (ASU) 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” For the three months ended March 31, 2019 and 2018, we recorded a $ 3.8 million gain and a $1.9 million loss, respectively, for non-cash mark-to-market adjustments related to these equity securities with readily determinable fair values, which is included in other expense in our consolidated statements of operations and comprehensive income. At March 31, 2019 and December 31, 2018, we had equity instruments without readily determinable fair values of $17 6.4 million and $175.7 million, respectively, for which we have elected the measurement alternative under this guidance. We regularly evaluate these investments for any impairment in their estimated fair value, as well as any observable price changes for an identical or similar equity instrument of the same issuer, and determined that no material adjustment in the carrying value was required for the three months ended March 31, 2019, and 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. At March 31, 2019 and December 31, 2018, we held debt securities of $ 46.3 million and $ 40.1 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 March 31, 2019 and December 31, 2018 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 $16.1 million and $10.9 million at March 31, 2019 and December 31, 2018, respectively, and a gross liability balance of $1.1 million and $6.2 million at March 31, 2019 and December 31, 2018, respectively. Note 7 includes a discussion of the fair value of debt measured using Level 2 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates.
Noncontrolling Interests	Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows: As of As of March 31, December 31, 2019 2018 Limited partners’ interests in the Operating Partnership $ 479,989 $ 492,877 Nonredeemable noncontrolling interests in properties, net 6,994 7,398 Total noncontrolling interests reflected in equity $ 486,983 $ 500,275 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 is as follows: For the Three Months Ended March 31, 2019 2018 Noncontrolling interests, beginning of period $ 500,275 $ 552,596 Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties 83,224 94,176 Distributions to noncontrolling interest holders (96,562) (92,012) Other comprehensive (loss) income allocable to noncontrolling interests: Unrealized gain (loss) on derivative hedge agreements 1,227 (804) Net loss reclassified from accumulated other comprehensive loss into earnings 143 283 Currency translation adjustments (614) 1,663 Changes in available-for-sale securities and other 19 (38) 775 1,104 Adjustment to limited partners’ interest from change in ownership in the Operating Partnership (4,167) (36,221) Units exchanged for common shares (253) (70) Units redeemed (8) (474) Long-term incentive performance units 3,701 8,307 Contributions by noncontrolling interests, net, and other (2) 24 Noncontrolling interests, end of period $ 486,983 $ 527,430 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 is as follows: For the Three Months Ended March 31, 2019 2018 Noncontrolling nonredeemable interests in properties, net — beginning of period $ 7,398 $ 3,738 Net income attributable to noncontrolling nonredeemable interests 148 527 Distributions to noncontrolling nonredeemable interest holders (552) (489) Contributions by noncontrolling nonredeemable interests, net, and other — 24 Noncontrolling nonredeemable interests in properties, net — end of period $ 6,994 $ 3,800
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Simon The changes in components of our accumulated other comprehensive income (loss) attributable to common stockholders consisted of the following net of noncontrolling interest as of March 31, 2019: Net unrealized Currency Accumulated (losses) gains translation derivative on marketable adjustments gains, net securities Total Beginning balance $ (158,904) $ 32,933 $ (46) $ (126,017) Other comprehensive (loss) income before reclassifications (4,130) 8,115 125 4,110 Amounts reclassified from accumulated other comprehensive income (loss) — 945 — 945 Net current-period other comprehensive (loss) income (4,130) 9,060 125 5,055 Ending balance $ (163,034) $ 41,993 $ 79 $ (120,962) The reclassifications out of accumulated other comprehensive income (loss) consisted of the following during the three months ended March 31: 2019 2018 Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) net income is presented Accumulated derivative losses, net $ (1,088) $ (2,153) Interest expense 143 282 Net income attributable to noncontrolling interests $ (945) $ (1,871) The Operating Partnership The changes in accumulated other comprehensive income (loss) by component consisted of the following as of March 31, 2019: Net unrealized Currency Accumulated (losses) gains translation derivative on marketable adjustments gains, net securities Total Beginning balance $ (182,978) $ 37,916 $ (52) $ (145,114) Other comprehensive (loss) income before reclassifications (4,744) 9,342 144 4,742 Amounts reclassified from accumulated other comprehensive income (loss) — 1,088 — 1,088 Net current-period other comprehensive (loss) income (4,744) 10,430 144 5,830 Ending balance $ (187,722) $ 48,346 $ 92 $ (139,284) The reclassifications out of accumulated other comprehensive income (loss) consisted of the following during the three months ended March 31: 2019 2018 Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) net income is presented Accumulated derivative losses, net $ (1,088) $ (2,153) Interest expense
Derivative Financial Instruments	Derivative Financial Instruments We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. As of March 31, 2019 and December 31, 2018, 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 March 31, 2019 and December 31, 2018, 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 March 31, 2019 and December 31, 2018 (in millions): Asset (Liability) Value as of March 31, December 31, Notional Value Maturity Date 2019 2018 € 50.0 May 15, 2019 — (0.8) € 50.0 May 15, 2020 0.2 (1.5) € 50.0 May 14, 2021 (0.3) (2.0) Asset balances in the above table are included in deferred costs and other assets. Liability balances in the above table are included in other liabilities. We use a Euro-denominated cross-currency swap agreement to manage our exposure to changes in foreign exchange rates by swapping $150.0 million of 4.38% fixed rate U.S. dollar-denominated debt to 1.37% fixed rate Euro-denominated debt of €121.6 million. The cross-currency swap matures on December 1, 2020. The fair value of our cross‑currency swap agreement at March 31, 2019 was $14.2 million and is included in deferred costs and other assets. We use a Yen-denominated cross-currency swap agreement designated as a net investment hedge to manage our exposure to changes in foreign exchange rates 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. The cross-currency swap matures on December 1, 2020. The fair value of our cross-currency swap agreement at March 31, 2019 was $0.9 million and is included in deferred costs and other assets. 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 $48.4 million and $37.9 million as of March 31, 2019 and December 31, 2018, respectively.
New Accounting Pronouncements	New Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, "Leases," codified as Accounting Standards Codification (ASC) 842, 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, “Revenue From Contracts With Customers”, specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. ASC 842 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, of which $11.3 million related to the quarter ended March 31, 2018. Substantially all of our revenues and the revenues of our equity method investments are earned from arrangements that are within the scope of ASC 842. On July 30, 2018, the FASB issued ASU 2018-11, also codified as ASC 842, 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 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 ASC 842 that we reallocate or separately present consideration from lease and non-lease components. Beginning on January 1, 2019, we will recognize consideration received from fixed common area maintenance arrangements on a straight-line basis as this consideration is attributed to the lease component. We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and continue to account for our leases as operating leases. We accrue fixed lease income on a straight‑line basis over the terms of the 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 this variable lease consideration 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. 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 on a straight-line basis over the term of the lease. 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 variable lease consideration 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. Provisions for credit losses are recognized as a reduction of lease income. Refer to note 9 for further disclosure of lease income. Minimum fixed lease consideration under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration, for the years ending December 31, as of March 31, 2019, is as follows: 2019 $ 3,612,041 2020 3,329,392 2021 2,971,303 2022 2,586,127 2023 2,116,053 Thereafter 5,623,425 $ 20,238,341 Further, ASC 842 requires recognition on 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 and the pattern of lease expense recognition will be unchanged. Refer to note 10 for further disclosure regarding ground leases recognized as a result of the adoption of ASC 842. 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.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Significant Accounting Policies
Schedule of carrying amount of noncontrolling interests	As of As of March 31, December 31, 2019 2018 Limited partners’ interests in the Operating Partnership $ 479,989 $ 492,877 Nonredeemable noncontrolling interests in properties, net 6,994 7,398 Total noncontrolling interests reflected in equity $ 486,983 $ 500,275
Schedule of rollforward of noncontrolling interests	For the Three Months Ended March 31, 2019 2018 Noncontrolling interests, beginning of period $ 500,275 $ 552,596 Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties 83,224 94,176 Distributions to noncontrolling interest holders (96,562) (92,012) Other comprehensive (loss) income allocable to noncontrolling interests: Unrealized gain (loss) on derivative hedge agreements 1,227 (804) Net loss reclassified from accumulated other comprehensive loss into earnings 143 283 Currency translation adjustments (614) 1,663 Changes in available-for-sale securities and other 19 (38) 775 1,104 Adjustment to limited partners’ interest from change in ownership in the Operating Partnership (4,167) (36,221) Units exchanged for common shares (253) (70) Units redeemed (8) (474) Long-term incentive performance units 3,701 8,307 Contributions by noncontrolling interests, net, and other (2) 24 Noncontrolling interests, end of period $ 486,983 $ 527,430
Schedule of changes in components of accumulated other comprehensive income (loss) net of noncontrolling interest	Net unrealized Currency Accumulated (losses) gains translation derivative on marketable adjustments gains, net securities Total Beginning balance $ (158,904) $ 32,933 $ (46) $ (126,017) Other comprehensive (loss) income before reclassifications (4,130) 8,115 125 4,110 Amounts reclassified from accumulated other comprehensive income (loss) — 945 — 945 Net current-period other comprehensive (loss) income (4,130) 9,060 125 5,055 Ending balance $ (163,034) $ 41,993 $ 79 $ (120,962)
Schedule of reclassifications out of accumulated other comprehensive income (loss)	2019 2018 Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) net income is presented Accumulated derivative losses, net $ (1,088) $ (2,153) Interest expense 143 282 Net income attributable to noncontrolling interests $ (945) $ (1,871)
Schedule of Euro:USD forward contracts	We had the following Euro:USD forward contracts designated as net investment hedges at March 31, 2019 and December 31, 2018 (in millions): Asset (Liability) Value as of March 31, December 31, Notional Value Maturity Date 2019 2018 € 50.0 May 15, 2019 — (0.8) € 50.0 May 15, 2020 0.2 (1.5) € 50.0 May 14, 2021 (0.3) (2.0)
Schedule of minimum fixed lease consideration under non-cancelable tenant operating leases	2019 $ 3,612,041 2020 3,329,392 2021 2,971,303 2022 2,586,127 2023 2,116,053 Thereafter 5,623,425 $ 20,238,341
Simon Property Group, L.P.
Significant Accounting Policies
Schedule of rollforward of noncontrolling interests	For the Three Months Ended March 31, 2019 2018 Noncontrolling nonredeemable interests in properties, net — beginning of period $ 7,398 $ 3,738 Net income attributable to noncontrolling nonredeemable interests 148 527 Distributions to noncontrolling nonredeemable interest holders (552) (489) Contributions by noncontrolling nonredeemable interests, net, and other — 24 Noncontrolling nonredeemable interests in properties, net — end of period $ 6,994 $ 3,800
Schedule of changes in components of accumulated other comprehensive income (loss) net of noncontrolling interest	Net unrealized Currency Accumulated (losses) gains translation derivative on marketable adjustments gains, net securities Total Beginning balance $ (182,978) $ 37,916 $ (52) $ (145,114) Other comprehensive (loss) income before reclassifications (4,744) 9,342 144 4,742 Amounts reclassified from accumulated other comprehensive income (loss) — 1,088 — 1,088 Net current-period other comprehensive (loss) income (4,744) 10,430 144 5,830 Ending balance $ (187,722) $ 48,346 $ 92 $ (139,284)
Schedule of reclassifications out of accumulated other comprehensive income (loss)	2019 2018 Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) net income is presented Accumulated derivative losses, net $ (1,088) $ (2,153) Interest expense

Per Share and Per Unit Data (Ta

Per Share and Per Unit Data (Tables)	3 Months Ended
	Mar. 31, 2019
Per Share And Per Unit Data
Schedule of computation of basic and diluted earnings per share and basic and diluted earnings per unit	For the Three Months Ended March 31, 2019 2018 Net Income attributable to Common Stockholders — Basic and Diluted $ 548,475 $ 620,654 Weighted Average Shares Outstanding — Basic and Diluted 308,978,053 310,583,643
Simon Property Group, L.P.
Per Share And Per Unit Data
Schedule of computation of basic and diluted earnings per share and basic and diluted earnings per unit	For the Three Months Ended March 31, 2019 2018 Net Income attributable to Unitholders — Basic and Diluted $ $ 714,303 Weighted Average Units Outstanding — Basic and Diluted

Investment in Unconsolidated _2

Investment in Unconsolidated Entities and International Investments (Tables)	3 Months Ended
	Mar. 31, 2019
Investment in Unconsolidated Entities
Summary of equity method investments and share of income from such investments, balance sheet	March 31, December 31, 2019 2018 Assets: Investment properties, at cost $ 18,887,972 $ 18,807,449 Less - accumulated depreciation 11,916,560 11,972,816 Cash and cash equivalents Tenant receivables and accrued revenue, net Deferred costs and other assets Total assets $ 13,953,496 $ 13,885,180 Liabilities and Partners’ Deficit: Mortgages $ 15,202,622 $ 15,235,415 Accounts payable, accrued expenses, intangibles, and deferred revenue Other liabilities Total liabilities 16,639,071 16,555,931 Preferred units 67,450 67,450 Partners’ deficit (2,753,025) (2,738,201) Total liabilities and partners’ deficit $ 13,953,496 $ 13,885,180 Our Share of: Partners’ deficit $ (1,184,895) $ (1,168,216) Add: Excess Investment 1,581,225 1,594,198 Our net Investment in unconsolidated entities, at equity $ 396,330 $ 425,982
Summary of equity method investments and share of income from such investments, statements of operations	For The Three Months Ended March 31, 2019 2018 REVENUE: Lease income $ 758,979 $ 752,606 Other income Total revenue 834,901 833,714 OPERATING EXPENSES: Property operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion Other Total operating expenses 479,714 471,548 Operating Income Before Other Items 355,187 362,166 Interest expense (150,932) Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net — Net Income $ 220,758 $ 211,234 Third-Party Investors’ Share of Net Income $ 112,668 $ 106,183 Our Share of Net Income Amortization of Excess Investment Our Share of Gain on Sale or Disposal of Assets and Interest in Other Income in the Consolidated Financial Statements — Income from Unconsolidated Entities $ 78,143 $ 83,524

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt
Schedule of fair value of financial instruments and the related discount rate assumptions	March 31, December 31, 2019 2018 Fair value of consolidated fixed rate mortgages and unsecured indebtedness $ 23,865 $ 22,323 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages 4.29 % 4.55 % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 4.21 % 4.50 %

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties	As of As of March 31, December 31, 2019 2018 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ Other noncontrolling redeemable interests in properties 200,345 204,626 Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ 225,882 $ 230,163
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 2014-2016 LTIP program 120,314 $27.5 million — 2015-2017 LTIP program — $21.6 million — 2016-2018 LTIP program — $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
Simon Property Group, L.P.
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties	As of As of March 31, December 31, 2019 2018 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 200,345 204,626 Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ 225,882 $ 230,163

Lease Income (Tables)

Lease Income (Tables)	3 Months Ended
	Mar. 31, 2019
Lease Income
Schedule of lease income	For the Three Months Ended March 31, 2019 2018 Fixed lease income $ 1,081,560 $ 1,060,951 Variable lease income 198,498 206,942 Total lease income $ 1,280,058 $ 1,267,893

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies.
Schedule of lease cost	For the Three Months Ended March 31, 2019 Lease Cost Operating lease cost $ 7,165 Variable lease cost 4,144 Sublease income (167) Total lease cost $ 11,142
Schedule of other information	For the Three Months Ended March 31, 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 12,068 Weighted-average remaining lease term - operating leases 36.2 years Weighted-average discount rate - operating leases
Schedule of future minimum lease payments due	2019 $ 32,444 2020 32,438 2021 32,722 2022 32,733 2023 32,864 Thereafter 949,754 $ 1,112,955 Impact of discounting (590,761) Operating lease liabilities $ 522,194

Organization (Details)

Organization (Details)	Mar. 31, 2019statecountryproperty
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
Asia, Europe and Canada | Premium and Designer Outlets
Real Estate Properties
Number of properties	28
Europe | Klepierre
Real Estate Properties
Ownership percentage	21.60%
Number of countries | country	16

Basis of Presentation (Details)

Basis of Presentation (Details) - property	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Real Estate Properties
Total number of joint venture properties	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)	86.90%		86.80%
Simon Property Group, L.P. | Weighted average
Ownership interest:
Ownership interest in the Operating Partnership (as a percent)	86.80%	86.90%
Wholly owned properties
Real Estate Properties
Number of properties	135
Partially owned properties
Real Estate Properties
Number of properties	18

Significant Accounting Polici_4

Significant Accounting Policies - Equity Instruments and Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Equity Instruments and Investments
Equity instruments with readily determinable fair value	$ 84,100		$ 78,100
Cumulative effect adjustment					$ 7,264
Gain on sale of investment	3,800
Loss on sale of investment		$ 1,900
Equity instruments without readily determinable fair values	176,400		175,700
Debt securities of our captive insurance companies	$ 46,300		$ 40,100
Adjustment | ASU 2016-01
Equity Instruments and Investments
Cumulative effect adjustment				$ 7,300
Debt Securities | Securities in captive insurance subsidiary portfolio | Minimum
Equity Instruments and Investments
Investment maturity period	1 year
Debt Securities | Securities in captive insurance subsidiary portfolio | Maximum
Equity Instruments and Investments
Investment maturity period	10 years

Significant Accounting Polici_5

Significant Accounting Policies - Fair Value Measurements (Details) $ in Millions	Mar. 31, 2019USD ($)item	Dec. 31, 2018USD ($)
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	$ 16.1	$ 10.9
Interest rate swap agreements and foreign currency forward contracts, gross liability balance	$ 1.1	$ 6.2

Summary of Significant Accounti

Summary of Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Significant Accounting Policies
Limited partners' interests in the Operating Partnership	$ 479,989	$ 492,877
Nonredeemable noncontrolling interests in properties, net	6,994	7,398
Total noncontrolling interests reflected in equity	$ 486,983	$ 500,275	$ 527,430	$ 552,596

Summary of Significant Accoun_2

Summary of Significant Accounting Policies - Rollforward Of Noncontrolling Interest, Simon Group Property, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Noncontrolling interests:
Noncontrolling interests, beginning of period	$ 500,275	$ 552,596
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties	83,224	94,176
Distributions to noncontrolling interest holders	(96,562)	(92,012)
Other comprehensive (loss) income allocable to noncontrolling interests:
Unrealized gain (loss) on derivative hedge agreements	1,227	(804)
Net loss reclassified from accumulated other comprehensive loss into earnings	143	283
Currency translation adjustments	(614)	1,663
Changes in available-for-sale securities and other	19	(38)
Other comprehensive income (loss)	775	1,104
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	(4,167)	(36,221)
Units exchanged for common shares	(253)	(70)
Units redeemed	(8)	(474)
Long-term incentive performance units	3,701	8,307
Contributions by noncontrolling interests, net, and other	(2)	24
Noncontrolling interests, end of period	$ 486,983	$ 527,430

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Rollforward Of Noncontrolling Interest, Simon Group Property L.P. (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Noncontrolling interests:
Net income attributable to noncontrolling nonredeemable interests	$ 83,224	$ 94,176
Distributions to noncontrolling nonredeemable interest holders	(96,562)	(92,012)
Contributions by noncontrolling interests, net, and other	(2)	24
Simon Property Group, L.P.
Noncontrolling interests:
Noncontrolling nonredeemable interests in properties, beginning of period	7,398	3,738
Net income attributable to noncontrolling nonredeemable interests	148	527
Distributions to noncontrolling nonredeemable interest holders	(552)	(489)
Contributions by noncontrolling interests, net, and other		24
Noncontrolling nonredeemable interests in properties, end of period	$ 6,994	$ 3,800

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - AOCI, Simon Property Group, Inc. (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Changes in accumulated other comprehensive income (loss)
Beginning balance	$ 3,296,681
Ending balance	3,212,959
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Beginning balance	(126,017)
Other comprehensive (loss) income before reclassifications	4,110
Amounts reclassified from accumulated other comprehensive income (loss)	945
Net current-period other comprehensive (loss) income	5,055
Ending balance	(120,962)
Currency translation adjustments
Changes in accumulated other comprehensive income (loss)
Beginning balance	(158,904)
Other comprehensive (loss) income before reclassifications	(4,130)
Net current-period other comprehensive (loss) income	(4,130)
Ending balance	(163,034)
Accumulated derivative gains (losses), net
Changes in accumulated other comprehensive income (loss)
Beginning balance	32,933
Other comprehensive (loss) income before reclassifications	8,115
Amounts reclassified from accumulated other comprehensive income (loss)	945
Net current-period other comprehensive (loss) income	9,060
Ending balance	41,993
Net unrealized (losses) gains on marketable securities
Changes in accumulated other comprehensive income (loss)
Beginning balance	(46)
Other comprehensive (loss) income before reclassifications	125
Net current-period other comprehensive (loss) income	125
Ending balance	$ 79

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reclassification Out of AOCI, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Significant Accounting Policies
Interest expense	$ (198,733)	$ (205,492)
Net income attributable to noncontrolling interests	(82,638)	(94,036)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	548,475	620,654
Accumulated derivative losses, net, including noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense	(1,088)	(2,153)
Accumulated derivative losses, attributable to noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests	143	282
Accumulated derivative gains (losses), net | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ (945)	$ (1,871)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - AOCI, Simon Property Group L.P. (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Simon Property Group, L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	$ 3,789,558
Ending balance	3,692,948
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Other comprehensive (loss) income before reclassifications	4,110
Amounts reclassified from accumulated other comprehensive income (loss)	945
Net current-period other comprehensive (loss) income	5,055
Accumulated Other Comprehensive Income (Loss) | Simon Property Group, L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	(145,114)
Other comprehensive (loss) income before reclassifications	4,742
Amounts reclassified from accumulated other comprehensive income (loss)	1,088
Net current-period other comprehensive (loss) income	5,830
Ending balance	(139,284)
Currency translation adjustments
Changes in accumulated other comprehensive income (loss)
Other comprehensive (loss) income before reclassifications	(4,130)
Net current-period other comprehensive (loss) income	(4,130)
Currency translation adjustments | Simon Property Group, L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	(182,978)
Other comprehensive (loss) income before reclassifications	(4,744)
Net current-period other comprehensive (loss) income	(4,744)
Ending balance	(187,722)
Accumulated derivative gains (losses), net
Changes in accumulated other comprehensive income (loss)
Other comprehensive (loss) income before reclassifications	8,115
Amounts reclassified from accumulated other comprehensive income (loss)	945
Net current-period other comprehensive (loss) income	9,060
Accumulated derivative gains (losses), net | Simon Property Group, L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	37,916
Other comprehensive (loss) income before reclassifications	9,342
Amounts reclassified from accumulated other comprehensive income (loss)	1,088
Net current-period other comprehensive (loss) income	10,430
Ending balance	48,346
Net unrealized (losses) gains on marketable securities
Changes in accumulated other comprehensive income (loss)
Other comprehensive (loss) income before reclassifications	125
Net current-period other comprehensive (loss) income	125
Net unrealized (losses) gains on marketable securities | Simon Property Group, L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	(52)
Other comprehensive (loss) income before reclassifications	144
Net current-period other comprehensive (loss) income	144
Ending balance	$ 92

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Reclassification Out Of AOCI, Simon Property Group, L.P. (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Significant Accounting Policies
Interest expense	$ (198,733)	$ (205,492)
Simon Property Group, L.P.
Significant Accounting Policies
Interest expense	(198,733)	(205,492)
Accumulated derivative gains (losses), net | Simon Property Group, L.P. | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense	$ (1,088)	$ (2,153)

Significant Accounting Polici_6

Significant Accounting Policies - Derivative Financial Instruments (Details) € in Millions, $ in Millions, ¥ in Billions	Mar. 31, 2019USD ($)DerivativeInstrument	Mar. 31, 2019EUR (€)DerivativeInstrument	Dec. 31, 2018USD ($)DerivativeInstrument	Dec. 31, 2018EUR (€)DerivativeInstrument	Jul. 10, 2018JPY (¥)	Jul. 10, 2018USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2018EUR (€)
Interest rate swap | Designated as Hedging Instrument
Derivative Financial Instruments
Number of Instruments | DerivativeInstrument	0	0	0	0
USD-Euro currency forward contract | May 15, 2019 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		€ 50		€ 50
Forward contract net, fair value			$ (0.8)
USD-Euro currency forward contract | May 15, 2020 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		50		50
Forward contract net, fair value	$ 0.2		(1.5)
USD-Euro currency forward contract | May 14, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		€ 50		€ 50
Forward contract net, fair value	(0.3)		(2)
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 | Deferred costs and other assets | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Fair value of cross currency	0.9
Euro denominated cross currency swap | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €								€ 121.6
Fixed exchange rate							1.37%	1.37%
Euro denominated cross currency swap | Deferred costs and other assets | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Interest rate derivative asset, fair value	14.2
Simon Property Group, L.P.
Derivative Financial Instruments
Gross accumulated other comprehensive income related to derivative activities	$ 48.4		$ 37.9

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Jan. 01, 2019
New Accounting Pronouncements
Lease expenses	$ 111,549
Operating lease liabilities	522,194
Operating lease maturity payments
2019	3,612,041
2020	3,329,392
2021	2,971,303
2022	2,586,127
2023	2,116,053
Thereafter	5,623,425
Total	$ 20,238,341
Minimum
New Accounting Pronouncements
Discount rate	3.97%
Maximum
New Accounting Pronouncements
Discount rate	5.52%
Accounting Standards Update 2016-02 | Restatement Adjustment
New Accounting Pronouncements
Right-of use assets for operating leases				$ 524,000
Operating lease liabilities				$ 524,000
Accounting Standards Update 2016-02 | Proforma Adjustment
New Accounting Pronouncements
Lease expenses		$ 11,300	$ 45,000

Real Estate Acquisitions and _2

Real Estate Acquisitions and Dispositions (Details) - USD ($) $ in Millions	Sep. 25, 2018	Mar. 31, 2018
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
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	475,183
Consideration for the acquisition	$ 84.1
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale
Dispositions
Nets gains on disposition		$ 135.3
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale | Non-recourse $200M Mortgage
Dispositions
Non-recourse mortgage		$ 200

Per Share and Per Unit Data (De

Per Share and Per Unit Data (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Per Share And Per Unit Data
Net Income attributable to Common Stockholders - Basic	$ 548,475	$ 620,654
Net Income attributable to Common Stockholders - Diluted	$ 548,475	$ 620,654
Weighted Average Shares Outstanding — Basic and Diluted	308,978,053	310,583,643
Simon Property Group, L.P.
Per Share And Per Unit Data
Net Income attributable to Common Stockholders - Basic	$ 631,551	$ 714,303
Net Income attributable to Common Stockholders - Diluted	$ 631,551	$ 714,303
Weighted Average Shares Outstanding — Basic and Diluted	355,778,250	357,446,988

Investments in Unconsolidated E

Investments in Unconsolidated Entities and International Investments - Real Estate Joint Ventures and Investments (Details) $ in Millions	Mar. 31, 2019USD ($)property	Dec. 31, 2018USD ($)
Investment in Unconsolidated Entities
Total number of joint venture properties | property	81
Construction and other related party loans
Investment in Unconsolidated Entities
Loans to related party | $	$ 86	$ 85.8

Investments in Unconsolidated_2

Investments in Unconsolidated Entities and International Investments - Unconsolidated Entity Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 25, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Investment in Unconsolidated Entities
Share of net income, net of amortization of our excess investment		$ 90,444	$ 90,026
Outlets at Orange
Investment in Unconsolidated Entities
Ownership interests acquired (as a percent)	50.00%
Ownership interest after acquisition (as a percent)	100.00%
Simon Property Group, L.P.
Investment in Unconsolidated Entities
Share of net income, net of amortization of our excess investment		$ 90,444	90,026
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	475,183
Business acquisition price (in dollars per share)	$ 176.99
HBS
Investment in Unconsolidated Entities
Ownership interest (as a percent)		11.70%		11.70%
Share of net income, net of amortization of our excess investment		$ (2,600)	4,000
Total revenues		33,400	87,200
Total operating income		1,400	76,800
Consolidated net income		(10,200)	$ 51,600
Unconsolidated properties | Disposed by Sales | Residential properties
Investment in Unconsolidated Entities
Proceeds from sale or disposal of real estate assets		17,300
Gain (loss) on disposition of interest in properties		$ 15,600

Investments in Unconsolidated_3

Investments in Unconsolidated Entities and International Investments - European Investments (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)property$ / sharesshares	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)property
Investment in Unconsolidated Entities
Income from unconsolidated entities	$ 90,444	$ 90,026
Klepierre | Disposed by Sales | Shopping centers
Investment in Unconsolidated Entities
Gain (loss) on disposition of interest in properties		13,400
European Joint Venture | Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties | property	9		9
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 | Klepierre
Investment in Unconsolidated Entities
Shares owned | shares	63,924,148
Ownership interest (as a percent)	21.60%
Quoted market price per share (in dollars per share) | $ / shares	$ 34.98
Income from unconsolidated entities	$ 17,800	22,900
Total revenues	377,200	410,300
Total operating income	147,400	135,800
Consolidated net income	$ 114,600	$ 202,300
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	Mar. 31, 2019	Dec. 31, 2018
Investment in Unconsolidated Entities
Equity investment	$ 2,197,309	$ 2,220,414
Japan | Mitsubishi Estate Co., Ltd. | Premium Outlets
Investment in Unconsolidated Entities
Ownership percentage	40.00%
Equity investment	$ 235,200	232,100
South Korea | Shinsegae International Co | Premium Outlets
Investment in Unconsolidated Entities
Ownership percentage	50.00%
Equity investment	$ 169,900	$ 166,300

Investments in Unconsolidated_5

Investments in Unconsolidated Entities and International Investments - Combined Balance Sheets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Our Share of:
Investment in unconsolidated entities, at equity	$ 2,197,309	$ 2,220,414
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	$ 18,887,972	18,807,449
Less - accumulated depreciation	6,971,412	6,834,633
Investment properties at cost, net	11,916,560	11,972,816
Cash and cash equivalents	1,012,497	1,076,398
Tenant receivables and accrued revenue, net	407,040	445,148
Deferred costs and other assets	617,399	390,818
Total assets	13,953,496	13,885,180
Liabilities and Partners' Deficit:
Mortgages	15,202,622	15,235,415
Accounts payable, accrued expenses, intangibles, and deferred revenue	876,348	976,311
Other liabilities	560,101	344,205
Total liabilities	16,639,071	16,555,931
Preferred units	67,450	67,450
Partners' deficit	(2,753,025)	(2,738,201)
Total liabilities and partners' deficit	13,953,496	13,885,180
Our Share of:
Partners' deficit	(1,184,895)	(1,168,216)
Add: Excess Investment	1,581,225	1,594,198
Investment in unconsolidated entities, at equity	$ 396,330	$ 425,982

Investments in Unconsolidated_6

Investments in Unconsolidated Entities and International Investments - Combined Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
OPERATING EXPENSES:
Income from Unconsolidated Entities	$ 90,444	$ 90,026
Equity Method Investees excluding Klepierre, Aeropostale, ABG and HBS | Unconsolidated properties
REVENUE:
Lease income	758,979	752,606
Other income	75,922	81,108
Total revenue	834,901	833,714
OPERATING EXPENSES:
Property operating	144,721	146,293
Depreciation and amortization	170,258	159,836
Real estate taxes	68,717	68,267
Repairs and maintenance	22,376	23,196
Advertising and promotion	24,326	24,224
Other	49,316	49,732
Total operating expenses	479,714	471,548
Operating Income Before Other Items	355,187	362,166
Interest expense	(156,016)	(150,932)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net	21,587
Net Income	220,758	211,234
Third-Party Investors’ Share of Net Income	112,668	106,183
Our Share of Net Income	108,090	105,051
Amortization of Excess Investment	(20,792)	(21,527)
Our Share of Gain on Sale or Disposal of Assets and Interest in Other Income in the Consolidated Financial Statements	(9,155)
Income from Unconsolidated Entities	$ 78,143	$ 83,524

Debt (Details)

Debt (Details) $ in Thousands	Feb. 01, 2019USD ($)	Mar. 31, 2019USD ($)itemproperty	Dec. 31, 2018USD ($)item
Debt
Total Mortgages and Unsecured Indebtedness		$ 23,185,965	$ 23,305,535
Simon Property Group, L.P.
Debt
Total Mortgages and Unsecured Indebtedness		$ 23,185,965	$ 23,305,535
Unsecured Debt | Weighted average | Discount Rate
Fair Value of Debt
Debt percentage- measurement input | item		4.21	4.50
Unsecured Debt | Senior unsecured notes | Simon Property Group, L.P.
Debt
Total Mortgages and Unsecured Indebtedness		$ 15,000,000
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 | Credit Facility and the Supplemental Facility
Debt
Available borrowing capacity		6,100,000
Maximum amount outstanding during period		125,000
Credit facility, weighted average amount outstanding		125,000
Letters of credit outstanding		11,400
Unsecured Debt | Credit Facility | Simon Property Group, L.P.
Debt
Credit facility, amount outstanding		125,000
Maximum borrowing capacity		4,000,000
Optional expanded maximum borrowing capacity		$ 5,000,000
Additional facility fee (as a percent)		0.10%
Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P.
Debt
Percentage of borrowings in currencies other than the U.S. dollar		95.00%
Unsecured Debt | Credit Facility | LIBOR | Simon Property Group, L.P.
Debt
Interest added to reference rate (as a percent)		0.775%
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P.
Debt
Maximum borrowing capacity		$ 3,500,000
Optional expanded maximum borrowing capacity		$ 4,500,000
Additional facility fee (as a percent)		0.10%
Unsecured Debt | Supplemental Facility | LIBOR | Simon Property Group, L.P.
Debt
Interest added to reference rate (as a percent)		0.775%
Unsecured Debt | Commercial Paper | Simon Property Group, L.P.
Debt
Credit facility, amount outstanding		$ 1,300,000
Maximum borrowing capacity		$ 2,000,000
Weighted average interest rate (as a percent)		2.58%
Secured Debt | Mortgages
Debt
Total Mortgages and Unsecured Indebtedness		$ 6,800,000	$ 6,800,000
Debt covenants
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers | item		45
Number of properties pledged as collateral | property		48
Number of cross-defaulted and cross-collateralized mortgage pools | item		2
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages | property		5
Fixed rate mortgages | Weighted average | Discount Rate
Fair Value of Debt
Debt percentage- measurement input | item		4.29	4.55
Book value | Fixed rate mortgages and unsecured indebtedness
Fair Value of Debt
Fair value of fixed-rate mortgages and unsecured indebtedness		$ 22,300,000	$ 22,400,000
Fair value | Fixed rate mortgages and unsecured indebtedness
Fair Value of Debt
Fair value of fixed-rate mortgages and unsecured indebtedness		$ 23,865,000	$ 22,323,000

Equity - Shares or Units Activi

Equity - Shares or Units Activity (Details) $ / shares in Units, $ in Millions	Feb. 11, 2019USD ($)	Feb. 13, 2017USD ($)	Mar. 31, 2019USD ($)item$ / sharesshares	Mar. 31, 2018$ / sharesshares
Equity
Exchange of limited partner units, (in shares)			24,000	6,000
Stock repurchase program, extension period	2 years	2 years
Common stock authorized for repurchase | $	$ 2,000	$ 2,000
Shares repurchased (in shares)			46,377	1,473,588
Average share price repurchased (in dollars per share) | $ / shares			$ 164.49	$ 154.66
Common stock dividends paid (in dollars per share) | $ / shares			2.05	$ 1.95
Dividends declared per common share (in dollars per share) | $ / shares			$ 2.05
Limited Partners
Equity
Exchange of limited partner units, (in shares)			24,000
Simon Property Group, L.P.
Equity
Redemption of units			774	40,503
Distributions paid per unit (in dollars per share) | $ / shares			$ 2.05	$ 1.95
Simon Property Group, L.P. | Limited Partners
Equity
Redemption of units			774
Number of limited partners who received common stock | item			3
Value of units redeemed | $			$ 0.1

Equity - Temporary Equity (Deta

Equity - Temporary Equity (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)itemshares	Dec. 31, 2018USD ($)itemshares
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $	$ 225,882	$ 230,163
Simon Property Group, L.P.
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $	$ 225,882	$ 230,163
7.5% Cumulative Redeemable Preferred Units
Redeemable preferred stock
Noncontrolling interests redeemable at amounts in excess of fair value | item	0	0
Preferred stock stated dividend rate percentage	7.50%	7.50%
Temporary equity, shares authorized | shares	260,000	260,000
Temporary equity, shares issued | shares	255,373	255,373
Temporary equity, shares outstanding | shares	255,373	255,373
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $	$ 25,537	$ 25,537
7.5% Cumulative Redeemable Preferred Units | Simon Property Group, L.P.
Redeemable preferred stock
Preferred stock stated dividend rate percentage	7.50%	7.50%
Temporary equity, shares authorized | shares	260,000	260,000
Temporary equity, shares issued | shares	255,373	255,373
Temporary equity, shares outstanding | shares	255,373	255,373
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $	$ 25,537	$ 25,537
Other noncontrolling redeemable interest
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $	200,345	204,626
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 | $	$ 200,345	$ 204,626

Equity - Stock Based Compensati

Equity - Stock Based Compensation (Details) $ in Thousands	Jul. 06, 2011USD ($)shares	Mar. 31, 2019USD ($)itemshares	Mar. 31, 2018USD ($)	Dec. 31, 2017shares	Dec. 31, 2016shares	Dec. 31, 2015shares
Restricted stock
Stock-based incentive plan awards
Compensation expense, net of capitalization		$ 2,700	$ 2,300
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
Service period	8 years
LTIP Retention Award to Chairman and CEO | A Units
Stock-based incentive plan awards
Awards earned (in units) | shares						360,000
LTIP Retention Award to Chairman and CEO | B Units
Stock-based incentive plan awards
Awards earned (in units) | shares					360,000
LTIP Retention Award to Chairman and CEO | C Units
Stock-based incentive plan awards
Awards earned (in units) | shares				280,000
LTIP programs
Stock-based incentive plan awards
Percent of distributions of Operating Partnership that participants are entitled to receive during performance period		10.00%
Compensation expense, net of capitalization		$ 3,900	$ 4,800
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
2015-2017 LTIP program | LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value		21,600
2016-2018 LTIP program | LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value		$ 22,700
2018 LTIP program | LTIP Units
Stock-based incentive plan awards
Number of tranches | item		2
Grant Date Fair Value		$ 12,100
2018 LTIP program | LTIP Units | Maximum
Stock-based incentive plan awards
Grant Date Target Value		$ 18,200
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
Grant Date Target Value		$ 6,100
2018 LTIP program | LTIP Units | Tranche B
Stock-based incentive plan awards
Performance period		3 years
Grant Date Fair Value		$ 6,100
Grant Date Target Value		$ 6,100

Lease Income (Details)

Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Lease Income
Fixed-lease income	$ 1,081,560	$ 1,060,951
Variable lease income	198,498	206,942
Total lease income	$ 1,280,058	$ 1,267,893

Commitments and Contingencies -

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

Commitments and Contingencies_2

Commitments and Contingencies - Lease Commitments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)property	Mar. 31, 2018USD ($)
Lease Commitments
Properties subject to ground leases | property	23
Lease Cost
Operating lease cost	$ 7,165
Variable lease cost	4,144
Sublease income	(167)
Total lease cost	11,142
Lease expense		$ 12,125
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 12,068
Weighted-average remaining lease term - operating leases	36 years 2 months 12 days
Weighted-average discount rate - operating leases	4.87%
Operating Lease Liabilities
2019	$ 32,444
2020	32,438
2021	32,722
2022	32,733
2023	32,864
Thereafter	949,754
Future minimum gross lease payments	1,112,955
Impact of discounting	(590,761)
Operating lease liabilities	$ 522,194

Commitments and Contingencies_3

Commitments and Contingencies - Guarantees of Indebtedness (Details) - Joint Venture Mortgage and Indebtedness - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Guarantees of Joint Venture Indebtedness:
Loan guarantee	$ 211.3	$ 216.1
Loan guarantees recoverable	$ 10.8	$ 10.8

Commitments and Contingencies_4

Commitments and Contingencies - Concentration of Credit Risk (Details)	3 Months Ended
	Mar. 31, 2019
Consolidated revenues | Concentration of credit risk | Maximum
Concentration of Credit Risk
Percentage of consolidated revenues from a single customer or tenant	5.00%

Commitments and Contingencies_5

Commitments and Contingencies - Hurricane Impacts (Details) $ in Thousands	3 Months Ended		18 Months Ended
	Mar. 31, 2019USD ($)	Sep. 30, 2017property	Mar. 31, 2019USD ($)
Hurricane Impact
Insurance proceeds recorded as business interruption	$ 1,757
Loss from Catastrophes | PUERTO RICO | Wholly owned properties
Hurricane Impact
Number of properties significantly damaged | property		2
Total insurance proceeds received			$ 62,800
Insurance proceeds received and used for property restoration and remediation			$ 40,500
Insurance proceeds recorded as business interruption	$ 4,400