Simon Property (SPG) 10-K 21 Feb 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2020	Jun. 30, 2019
Entity Registrant Name	SIMON PROPERTY GROUP, INC.
Entity Central Index Key	0001063761
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2019
Entity File Number	001-14469
Entity Tax Identification Number	04-6268599
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	225 West Washington Street
Entity Address, City or Town	Indianapolis
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46204
City Area Code	317
Local Phone Number	636-1600
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 48,849
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Common stock
Title of 12(b) Security	Common stock, $0.0001 par value
Trading Symbol	SPG
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		306,860,960
Entity Listing, Par Value Per Share	$ 0.0001
Class B common stock
Entity Common Stock, Shares Outstanding		8,000
Entity Listing, Par Value Per Share	$ 0.0001
Series J Preferred stock
Title of 12(b) Security	83/8% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value
Trading Symbol	SPGJ
Security Exchange Name	NYSE
Simon Property Group, L.P.
Entity Registrant Name	SIMON PROPERTY GROUP, L.P.
Entity Central Index Key	0001022344
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2019
Entity File Number	001-36110
Entity Tax Identification Number	34-1755769
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	225 West Washington Street
Entity Address, City or Town	Indianapolis
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46204
City Area Code	317
Local Phone Number	636-1600
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Simon Property Group, L.P. | Senior Unsecured 2.375% due 2020
Title of 12(b) Security	2.375% Senior Unsecured Notes due 2020
Trading Symbol	SPG/20
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS:
Investment properties, at cost	$ 37,804,495	$ 37,092,670
Less - accumulated depreciation	13,905,776	12,884,539
Investment properties, at cost, net	23,898,719	24,208,131
Cash and cash equivalents	669,373	514,335
Tenant receivables and accrued revenue, net	832,151	763,815
Investment in unconsolidated entities, at equity	2,371,053	2,220,414
Investment in Klepierre, at equity	1,731,649	1,769,488
Right-of-use assets, net	514,660
Deferred costs and other assets	1,214,025	1,210,040
Total assets	31,231,630	30,686,223
LIABILITIES:
Mortgages and unsecured indebtedness	24,163,230	23,305,535
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,390,682	1,316,861
Cash distributions and losses in unconsolidated entities, at equity	1,566,294	1,536,111
Lease liabilities	516,809
Other liabilities	464,304	500,597
Total liabilities	28,101,319	26,659,104
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	219,061	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	42,420	42,748
Capital in excess of par value	9,756,073	9,700,418
Accumulated deficit	(5,379,952)	(4,893,069)
Accumulated other comprehensive loss	(118,604)	(126,017)
Common stock held in treasury, at cost, 13,574,296 and 11,402,103 shares, respectively	(1,773,571)	(1,427,431)
Total stockholders' equity	2,526,398	3,296,681
Noncontrolling interests	384,852	500,275
Total equity	2,911,250	3,796,956
Total liabilities and equity	31,231,630	30,686,223
Simon Property Group, L.P.
ASSETS:
Investment properties, at cost	37,804,495	37,092,670
Less - accumulated depreciation	13,905,776	12,884,539
Investment properties, at cost, net	23,898,719	24,208,131
Cash and cash equivalents	669,373	514,335
Tenant receivables and accrued revenue, net	832,151	763,815
Investment in unconsolidated entities, at equity	2,371,053	2,220,414
Investment in Klepierre, at equity	1,731,649	1,769,488
Right-of-use assets, net	514,660
Deferred costs and other assets	1,214,025	1,210,040
Total assets	31,231,630	30,686,223
LIABILITIES:
Mortgages and unsecured indebtedness	24,163,230	23,305,535
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,390,682	1,316,861
Cash distributions and losses in unconsolidated entities, at equity	1,566,294	1,536,111
Lease liabilities	516,809
Other liabilities	464,304	500,597
Total liabilities	28,101,319	26,659,104
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	219,061	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	42,420	42,748
General Partner, 306,868,960 and 309,017,468 units outstanding, respectively	2,483,978	3,253,933
Limited Partners, 46,740,117 and 46,807,372 units outstanding, respectively	378,339	492,877
Total partners' equity	2,904,737	3,789,558
Nonredeemable noncontrolling interests in properties, net	6,513	7,398
Total equity	2,911,250	3,796,956
Total liabilities and equity	31,231,630	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	12 Months Ended
	Dec. 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	13,574,296	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	320,435,256	320,411,571
Common stock, shares outstanding	320,435,256	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	306,868,960	309,017,468
Limited Partners, units outstanding	46,740,117	46,807,372
Simon Property Group, L.P. | Series J Preferred stock
Preferred stock stated dividend rate percentage	8.375%	8.375%
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized	1,000,000
Preferred units, units outstanding	796,948

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REVENUE:
Lease income	$ 5,243,771
Lease income		$ 5,158,420	$ 5,109,099
Management fees and other revenues	112,942	116,286	121,259
Other income	398,476	370,582	296,978
Total revenue	5,755,189	5,645,288	5,527,336
EXPENSES:
Property operating	453,145	450,636	443,177
Depreciation and amortization	1,340,503	1,282,454	1,275,452
Real estate taxes	468,004	457,740	440,003
Repairs and maintenance	100,495	99,588	96,900
Advertising and promotion	150,344	151,241	150,865
Home and regional office costs	190,109	136,677	135,150
General and administrative	34,860	46,543	51,972
Other	109,898	94,110	131,477
Total operating expenses	2,847,358	2,718,989	2,724,996
OPERATING INCOME BEFORE OTHER ITEMS	2,907,831	2,926,299	2,802,340
Interest expense	(789,353)	(815,923)	(809,393)
Loss on extinguishment of debt	(116,256)		(128,618)
Income and other taxes	(30,054)	(36,898)	(23,343)
Income from unconsolidated entities	444,349	475,250	400,270
Unrealized losses in fair value of equity instruments	(8,212)	(15,212)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	14,883	288,827	3,647
CONSOLIDATED NET INCOME	2,423,188	2,822,343	2,244,903
Net income attributable to noncontrolling interests	321,604	382,285	296,941
Preferred dividends	3,337	3,337	3,337
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 2,098,247	$ 2,436,721	$ 1,944,625
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT:
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 6.81	$ 7.87	$ 6.24
Consolidated Net Income	$ 2,423,188	$ 2,822,343	$ 2,244,903
Unrealized (loss) gain on derivative hedge agreements	(4,066)	21,633	(35,112)
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings	13,634	7,020	(12,122)
Currency translation adjustments	(1,850)	(47,038)	45,766
Changes in available-for-sale securities and other	718	373	5,733
Comprehensive income	2,431,624	2,804,331	2,249,168
Comprehensive income attributable to noncontrolling interests	322,627	379,837	297,534
Comprehensive income attributable to common stockholders or unitholders	2,108,997	2,424,494	1,951,634
Simon Property Group, L.P.
REVENUE:
Lease income	5,243,771
Lease income		5,158,420	5,109,099
Management fees and other revenues	112,942	116,286	121,259
Other income	398,476	370,582	296,978
Total revenue	5,755,189	5,645,288	5,527,336
EXPENSES:
Property operating	453,145	450,636	443,177
Depreciation and amortization	1,340,503	1,282,454	1,275,452
Real estate taxes	468,004	457,740	440,003
Repairs and maintenance	100,495	99,588	96,900
Advertising and promotion	150,344	151,241	150,865
Home and regional office costs	190,109	136,677	135,150
General and administrative	34,860	46,543	51,972
Other	109,898	94,110	131,477
Total operating expenses	2,847,358	2,718,989	2,724,996
OPERATING INCOME BEFORE OTHER ITEMS	2,907,831	2,926,299	2,802,340
Interest expense	(789,353)	(815,923)	(809,393)
Loss on extinguishment of debt	(116,256)		(128,618)
Income and other taxes	(30,054)	(36,898)	(23,343)
Income from unconsolidated entities	444,349	475,250	400,270
Unrealized losses in fair value of equity instruments	(8,212)	(15,212)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	14,883	288,827	3,647
CONSOLIDATED NET INCOME	2,423,188	2,822,343	2,244,903
Net income attributable to noncontrolling interests	991	11,327	13
Preferred dividends	5,252	5,252	5,252
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	2,416,945	2,805,764	2,239,638
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	2,098,247	2,436,721	1,944,625
Limited Partners	$ 318,698	$ 369,043	$ 295,013
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT:
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 6.81	$ 7.87	$ 6.24
Consolidated Net Income	$ 2,423,188	$ 2,822,343	$ 2,244,903
Unrealized (loss) gain on derivative hedge agreements	(4,066)	21,633	(35,112)
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings	13,634	7,020	(12,122)
Currency translation adjustments	(1,850)	(47,038)	45,766
Changes in available-for-sale securities and other	718	373	5,733
Comprehensive income	2,431,624	2,804,331	2,249,168
Comprehensive income attributable to noncontrolling interests	1,422	7,911	2,091
Comprehensive income attributable to common stockholders or unitholders	$ 2,430,202	$ 2,796,420	$ 2,247,077

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 2,423,188	$ 2,822,343	$ 2,244,903
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	1,394,172	1,349,776	1,357,351
Loss on debt extinguishment	116,256		128,618
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(14,883)	(288,827)	(3,647)
Gains on sales of marketable securities			(21,541)
Unrealized losses in fair value of equity instruments	8,212	15,212
Gain on interest in unconsolidated entity (Note 6)		(35,621)
Straight-line lease income	(67,139)	(18,325)	(26,543)
Equity in income of unconsolidated entities	(444,349)	(475,250)	(400,270)
Distributions of income from unconsolidated entities	428,769	390,137	374,101
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	(157)	(17,518)	(26,170)
Deferred costs and other assets	(49,338)	(75,438)	(132,945)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	13,100	84,307	99,931
Net cash provided by operating activities	3,807,831	3,750,796	3,593,788
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(12,800)	(51,060)	(264,488)
Funding of loans to related parties		(4,641)	(71,532)
Proceeds on loans to related parties	7,641
Capital expenditures, net	(876,011)	(781,909)	(732,100)
Cash impact from the consolidation of properties	1,045	11,276	7,536
Net proceeds from sale of assets	6,776	183,241	19,944
Investments in unconsolidated entities	(63,789)	(63,397)	(157,173)
Purchase of equity instruments	(374,231)	(21,563)	(25,000)
Proceeds from sales of equity instruments		25,000	56,268
Insurance proceeds for property restoration	5,662	19,083
Distributions of capital from unconsolidated entities and other	229,000	447,464	405,078
Net cash used in investing activities	(1,076,707)	(236,506)	(761,467)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock, issuance of units and other, net of transaction costs	(328)	(329)	(328)
Purchase of shares related to stock grant recipients' tax withholdings	(2,955)	(2,911)	(2,789)
Redemption of limited partner units	(6,846)	(81,506)
Purchase of treasury stock	(359,773)	(354,108)	(407,002)
Distributions to noncontrolling interest holders in properties	(41,549)	(76,963)	(11,295)
Contributions from noncontrolling interest holders in properties	139	161	382
Preferred distributions of the Operating Partnership	(1,915)	(1,915)	(1,915)
Distributions to stockholders and preferred dividends	(2,558,944)	(2,449,071)	(2,231,259)
Distributions to limited partners	(388,542)	(370,656)	(338,602)
Cash paid to extinguish debt	(99,975)		(128,618)
Proceeds from issuance of debt, net of transaction costs	13,312,301	7,973,719	11,668,026
Repayments of debt	(12,427,699)	(9,118,685)	(10,456,671)
Net cash used in financing activities	(2,576,086)	(4,482,264)	(1,910,071)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	155,038	(967,974)	922,250
CASH AND CASH EQUIVALENTS, beginning of period	514,335	1,482,309	560,059
CASH AND CASH EQUIVALENTS, end of period	669,373	514,335	1,482,309
Simon Property Group, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	2,423,188	2,822,343	2,244,903
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	1,394,172	1,349,776	1,357,351
Loss on debt extinguishment	116,256		128,618
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(14,883)	(288,827)	(3,647)
Gains on sales of marketable securities			(21,541)
Unrealized losses in fair value of equity instruments	8,212	15,212
Gain on interest in unconsolidated entity (Note 6)		(35,621)
Straight-line lease income	(67,139)	(18,325)	(26,543)
Equity in income of unconsolidated entities	(444,349)	(475,250)	(400,270)
Distributions of income from unconsolidated entities	428,769	390,137	374,101
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	(157)	(17,518)	(26,170)
Deferred costs and other assets	(49,338)	(75,438)	(132,945)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	13,100	84,307	99,931
Net cash provided by operating activities	3,807,831	3,750,796	3,593,788
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(12,800)	(51,060)	(264,488)
Funding of loans to related parties		(4,641)	(71,532)
Proceeds on loans to related parties	7,641
Capital expenditures, net	(876,011)	(781,909)	(732,100)
Cash impact from the consolidation of properties	1,045	11,276	7,536
Net proceeds from sale of assets	6,776	183,241	19,944
Investments in unconsolidated entities	(63,789)	(63,397)	(157,173)
Purchase of equity instruments	(374,231)	(21,563)	(25,000)
Proceeds from sales of equity instruments		25,000	56,268
Insurance proceeds for property restoration	5,662	19,083
Distributions of capital from unconsolidated entities and other	229,000	447,464	405,078
Net cash used in investing activities	(1,076,707)	(236,506)	(761,467)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock, issuance of units and other, net of transaction costs	(328)	(329)	(328)
Purchase of shares related to stock grant recipients' tax withholdings	(2,955)	(2,911)	(2,789)
Redemption of limited partner units	(6,846)	(81,506)
Purchase of general partner units	(359,773)	(354,108)	(407,002)
Distributions to noncontrolling interest holders in properties	(41,549)	(76,963)	(11,295)
Contributions from noncontrolling interest holders in properties	139	161	382
Preferred distributions of the Operating Partnership	(2,949,401)	(2,821,642)	(2,571,776)
Cash paid to extinguish debt	(99,975)		(128,618)
Proceeds from issuance of debt, net of transaction costs	13,312,301	7,973,719	11,668,026
Repayments of debt	(12,427,699)	(9,118,685)	(10,456,671)
Net cash used in financing activities	(2,576,086)	(4,482,264)	(1,910,071)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	155,038	(967,974)	922,250
CASH AND CASH EQUIVALENTS, beginning of period	514,335	1,482,309	560,059
CASH AND CASH EQUIVALENTS, end of period	$ 669,373	$ 514,335	$ 1,482,309

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Simon Property Group, L.P.Simon (Managing General Partner)	Simon Property Group, L.P.Limited Partners	Simon Property Group, L.P.Preferred Stock	Simon Property Group, L.P.Noncontrolling Interests	Simon Property Group, L.P.	Preferred StockSeries J Preferred stock	Common Stock	Accumulated Other Comprehensive Income (Loss)	Capital in Excess of Par Value	Accumulated Deficit	Common Stock Held in Treasury	Noncontrolling Interests	Total
Balance at Dec. 31, 2016						$ 43,405	$ 32	$ (114,126)	$ 9,523,086	$ (4,459,387)	$ (682,562)	$ 649,464	$ 4,959,912
Balance at Dec. 31, 2016	$ 4,267,043	$ 644,348	$ 43,405	$ 5,116	$ 4,959,912
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units (24,000, 92,732 and 500,411 common shares respectively in 2019, 2018 and 2017, Note 8)									6,005			(6,005)
Series J preferred stock premium amortization			(328)		(328)	(328)							(328)
Limited partner units exchanged to common units (24,000. 92,732, and 500,411 units) for 2019, 2018 and 2017 respectively	6,005	(6,005)
Stock incentive program (common shares, net: 90,902 in 2019, 51,756 in 2018, 76,660 in 2017 respectively)									(13,289)		13,289
Stock incentive program (common shares, net: 90,902 in 2019, 51,756 in 2018, 76,660 in 2017 respectively)		38,305			38,305
Amortization of stock incentive	13,911				13,911				13,911				13,911
Treasury stock purchase (2,247,074, 2,275,194 and 2,468,630 shares in 2019, 2018 and 2017 respectively)											(407,002)		(407,002)
Treasury unit purchase (2,247,074, 2,275,194 and 2,468,630 units in 2019, 2018 and 2017 respectively)	(407,002)				(407,002)
Long-term incentive performance units												38,305	38,305
Issuance of unit equivalents and other (16,336, 18,680 and 16,161 common shares repurchased in 2019, 2018 and 2017 respectively)	(42,036)	1		382	(41,653)				241	(39,489)	(2,788)	383	(41,653)
Unrealized (loss) gain on hedge activities	(30,505)	(4,607)			(35,112)			(30,505)				(4,607)	(35,112)
Currency translation adjustments	39,726	6,040			45,766			39,726				6,040	45,766
Changes in available-for-sale securities and other	4,987	746			5,733			4,987				746	5,733
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings	(10,535)	(1,587)			(12,122)			(10,535)				(1,587)	(12,122)
Other comprehensive income	3,673	592			4,265			3,673				592	4,265
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	84,794	(84,794)							84,794			(84,794)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(2,231,259)		(338,602)	(2,569,861)
Distributions to other noncontrolling interest partners												(3,851)	(3,851)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(2,227,922)	(338,602)	(3,337)	(3,851)	(2,573,712)
Net Income (Loss), Excluding Amount Attributable to Preferred Interests in Operating Partnership And Noncontrollling Redeemable Interests										1,947,962		297,104	2,245,066
Net income, excluding preferred distributions on temporary equity preferred units of $1,915, $1,915 and $1,915 and a ($431), $3,416 and ($2,078) income (loss) attributable to noncontrolling redeemable interests in properties for 2019, 2018 and 2017 respectively	1,944,625	295,013	3,337	2,091	2,245,066
Balance at Dec. 31, 2017						43,077	32	(110,453)	9,614,748	(4,782,173)	(1,079,063)	552,596	4,238,764
Balance at Dec. 31, 2017	3,643,091	548,858	43,077	3,738	4,238,764
Increase (Decrease) in Stockholders' Equity
Cumulative effect of accounting change	7,264				7,264					7,264			7,264
Exchange of limited partner units (24,000, 92,732 and 500,411 common shares respectively in 2019, 2018 and 2017, Note 8)									1,004			(1,004)
Issuance of limited partner units (475,183 units)		84,103			84,103							84,103	84,103
Series J preferred stock premium amortization			(329)		(329)	(329)							(329)
Limited partner units exchanged to common units (24,000. 92,732, and 500,411 units) for 2019, 2018 and 2017 respectively	1,004	(1,004)
Stock incentive program (common shares, net: 90,902 in 2019, 51,756 in 2018, 76,660 in 2017 respectively)									(8,651)		8,651
Redemption of limited partner units ( 43,255 and 454,704 units in 2019 and 2018 respectively)	(76,555)	(4,951)			(81,506)				(76,555)			(4,951)	(81,506)
Amortization of stock incentive	12,029				12,029				12,029				12,029
Treasury stock purchase (2,247,074, 2,275,194 and 2,468,630 shares in 2019, 2018 and 2017 respectively)											(354,108)		(354,108)
Treasury unit purchase (2,247,074, 2,275,194 and 2,468,630 units in 2019, 2018 and 2017 respectively)	(354,108)				(354,108)
Long-term incentive performance units		26,172			26,172							26,172	26,172
Issuance of unit equivalents and other (16,336, 18,680 and 16,161 common shares repurchased in 2019, 2018 and 2017 respectively)	(110,456)			(2,510)	(112,966)				1,602	(109,147)	(2,911)	(2,510)	(112,966)
Unrealized (loss) gain on hedge activities	18,781	2,852			21,633			18,781				2,852	21,633
Currency translation adjustments	(40,766)	(6,271)			(47,038)			(40,766)				(6,271)	(47,038)
Changes in available-for-sale securities and other	324	49			373			324				49	373
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings	6,097	923			7,020			6,097				923	7,020
Other comprehensive income	(15,564)	(2,447)			(18,011)			(15,564)				(2,447)	(18,011)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	156,241	(156,241)							156,241			(156,241)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(2,449,071)		(370,656)	(2,819,727)
Distributions to other noncontrolling interest partners												(1,741)	(1,741)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(2,445,734)	(370,656)	(3,337)	(1,741)	(2,821,468)
Net Income (Loss), Excluding Amount Attributable to Preferred Interests in Operating Partnership And Noncontrollling Redeemable Interests										2,440,058		376,954	2,817,012
Net income, excluding preferred distributions on temporary equity preferred units of $1,915, $1,915 and $1,915 and a ($431), $3,416 and ($2,078) income (loss) attributable to noncontrolling redeemable interests in properties for 2019, 2018 and 2017 respectively	2,436,721	369,043	3,337	7,911	2,817,012
Balance at Dec. 31, 2018						42,748	32	(126,017)	9,700,418	(4,893,069)	(1,427,431)	500,275	3,796,956
Balance at Dec. 31, 2018	3,253,933	492,877	42,748	7,398	3,796,956
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units (24,000, 92,732 and 500,411 common shares respectively in 2019, 2018 and 2017, Note 8)									253			(253)
Series J preferred stock premium amortization			(328)		(328)	(328)							(328)
Limited partner units exchanged to common units (24,000. 92,732, and 500,411 units) for 2019, 2018 and 2017 respectively	253	(253)
Stock incentive program (common shares, net: 90,902 in 2019, 51,756 in 2018, 76,660 in 2017 respectively)									(16,589)		16,589
Redemption of limited partner units ( 43,255 and 454,704 units in 2019 and 2018 respectively)	(6,453)	(393)			(6,846)				(6,453)			(393)	(6,846)
Amortization of stock incentive	12,604				12,604				12,604				12,604
Treasury stock purchase (2,247,074, 2,275,194 and 2,468,630 shares in 2019, 2018 and 2017 respectively)											(359,773)		(359,773)
Treasury unit purchase (2,247,074, 2,275,194 and 2,468,630 units in 2019, 2018 and 2017 respectively)	(359,773)				(359,773)
Long-term incentive performance units		20,749			20,749							20,749	20,749
Issuance of unit equivalents and other (16,336, 18,680 and 16,161 common shares repurchased in 2019, 2018 and 2017 respectively)	(32,460)			139	(32,321)				19	(29,523)	(2,956)	139	(32,321)
Unrealized (loss) gain on hedge activities	(3,553)	(513)			(4,066)			(3,553)				(513)	(4,066)
Currency translation adjustments	(1,489)	(361)			(1,850)			(1,489)				(361)	(1,850)
Changes in available-for-sale securities and other	623	95			718			623				95	718
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings	11,832	1,802			13,634			11,832				1,802	13,634
Other comprehensive income	7,413	1,023			8,436			7,413				1,023	8,436
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	65,821	(65,821)							65,821			(65,821)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(2,558,944)		(388,541)	(2,947,485)
Distributions to other noncontrolling interest partners												(2,446)	(2,446)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(2,555,607)	(388,541)	(3,337)	(2,446)	(2,949,931)
Net Income (Loss), Excluding Amount Attributable to Preferred Interests in Operating Partnership And Noncontrollling Redeemable Interests										2,101,584		320,120	2,421,704
Net income, excluding preferred distributions on temporary equity preferred units of $1,915, $1,915 and $1,915 and a ($431), $3,416 and ($2,078) income (loss) attributable to noncontrolling redeemable interests in properties for 2019, 2018 and 2017 respectively	2,098,247	318,698	3,337	1,422	2,421,704
Balance at Dec. 31, 2019						$ 42,420	$ 32	$ (118,604)	$ 9,756,073	$ (5,379,952)	$ (1,773,571)	$ 384,852	$ 2,911,250
Balance at Dec. 31, 2019	$ 2,483,978	$ 378,339	$ 42,420	$ 6,513	$ 2,911,250

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Exchange of limited partner units, (in shares)	24,000	92,732	500,411
Issuance of limited partner, units		475,183
Stock incentive program, shares, net	90,902	51,756	76,660
Redemption of Limited Partner Units	43,255	454,704
Treasury stock purchase, shares	2,247,074	2,275,194	2,468,630
Issuance of equivalents units	16,336	18,680	16,161
Net income attributable to preferred interests in the Operating Partnership (in dollars)	$ 1,915,000	$ 1,915,000	$ 1,915,000
Net income (loss) attributable to noncontrolling redeemable interests in properties (in dollars)	$ (431,000)	$ 3,416,000	$ (2,078,000)
Simon Property Group, L.P.
Limited partner units exchanged to common units	24,000	92,732	500,411
Issuance of limited partner, units		475,183
Stock incentive program, units, net	90,902	51,756	76,660
Redemption of Limited Partner Units	43,255	454,704
Treasury unit purchase, units	2,247,074	2,275,194	2,468,630
Issuance of equivalents units	16,336	18,680	103,941
Issuance of common units			$ 16,161
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars)	$ 1,915,000	$ 1,915,000	1,915,000
Net income (loss) attributable to noncontrolling redeemable interests in properties (in dollars)	$ (431,000)	$ 3,416,000	$ (2,078,000)

Organization

Organization	12 Months Ended
	Dec. 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. Unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Unless otherwise indicated, these notes to consolidated financial statements apply to both Simon and the Operating Partnership. According to the Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of We generate the majority of our lease income from retail, dining, entertainment and other tenants including consideration received from: ● Fixed minimum lease consideration and fixed common area maintenance (CAM) reimbursements and, ● Variable lease consideration primarily based on tenants’ sales, as well as reimbursements for real estate taxes, utilities, marketing, and certain other items. Revenues of our management company, after intercompany eliminations, consist primarily of management fees that are typically based upon the revenues of the property being managed. We also grow by generating supplemental revenues from the following activities: ● establishing our properties as leading market resource providers for retailers and other businesses and consumer-focused corporate alliances, including payment systems (such as handling fees relating to the sales of bank-issued prepaid cards), national marketing alliances, static and digital media initiatives, business development, sponsorship, and events, ● offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services, ● selling or leasing land adjacent to our properties, commonly referred to as “outlots” or “outparcels,” and ● generating interest income on cash deposits and investments in loans, including those made to related entities.

Basis of Presentation and Conso

Basis of Presentation and Consolidation	12 Months Ended
	Dec. 31, 2019
Basis of Presentation and Consolidation
Basis of Presentation and Consolidation	2. Basis of Presentation and Consolidation The accompanying consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. We consolidate properties that are wholly-owned or properties where we own less than 100% but we control. Control of a property is demonstrated by, among other factors, our ability to refinance debt and sell the property without the consent of any other partner or owner and the inability of any other partner or owner to replace us. We also consolidate a variable interest entity, or VIE, when we are determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE, including management agreements and other contractual arrangements. There have been no changes during 2019 in previous conclusions about whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. During the periods presented, we did not provide financial or other support to any identified VIE that we were not contractually obligated to provide. Investments in partnerships and joint ventures represent our noncontrolling ownership interests. We account for these unconsolidated entities using the equity method of accounting. We initially record these investments at cost and we subsequently adjust for net equity in income or loss, which we allocate in accordance with the provisions of the applicable partnership or joint venture agreement, cash contributions and distributions, and foreign currency fluctuations, if applicable. The allocation provisions in the partnership or joint venture agreements are not always consistent with the legal ownership interests held by each general or limited partner or joint venture investee primarily due to partner preferences. We separately report investments in partnerships and joint ventures for which accumulated distributions have exceeded investments in and our share of net income of the partnerships and joint ventures within cash distributions and losses in partnerships and joint ventures, at equity in the consolidated balance sheets. The net equity of certain partnerships and joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes non-cash charges for depreciation and amortization. As of December 31, 2019, we consolidated 133 wholly-owned properties and 18 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We account for the remaining 82 properties, or the joint venture properties, as well as our investment in Klépierre, Aéropostale, Authentic Brands Group LLC, or ABG, HBS Global Properties, or HBS, and Rue Gilt Groupe, or RGG, 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 82 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 21 of the remaining 25 properties. These international properties are managed by joint ventures in which we share control. Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to us based on the partners’ respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests. Our weighted average ownership interest in the Operating Partnership was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2019 2018 2017 ​ Weighted average ownership interest 86.8 % 86.8 % 86.8 % ​ As of December 31, 2019 and 2018, our ownership interest in the Operating Partnership was 86.8%. We adjust the noncontrolling limited partners’ interest at the end of each period to reflect their interest in the net assets of the Operating Partnership. Preferred unit requirements in the Operating Partnership’s accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units and are recorded when declared.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Significant Accounting Policies
Significant Accounting Policies	3. Summary of Significant Accounting Policies Investment Properties Investment properties consist of the following as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 Land ​ $ 3,692,056 ​ $ 3,673,023 ​ Buildings and improvements ​ 33,664,683 ​ 32,994,937 ​ Total land, buildings and improvements ​ 37,356,739 ​ 36,667,960 ​ Furniture, fixtures and equipment ​ 447,756 ​ 424,710 ​ Investment properties at cost ​ 37,804,495 ​ 37,092,670 ​ Less — accumulated depreciation ​ 13,905,776 ​ 12,884,539 ​ Investment properties at cost, net ​ $ 23,898,719 ​ $ 24,208,131 ​ Construction in progress included above ​ $ 812,982 ​ $ 561,556 ​ ​ We record investment properties at cost. Investment properties include costs of acquisitions; development, predevelopment, and construction (including allocable salaries and related benefits); tenant allowances and improvements; and interest and real estate taxes incurred during construction. We capitalize improvements and replacements from repair and maintenance when the repair and maintenance extends the useful life, increases capacity, or improves the efficiency of the asset. All other repair and maintenance items are expensed as incurred. We capitalize interest on projects during periods of construction until the projects are ready for their intended purpose based on interest rates in place during the construction period. The amount of interest capitalized during each year is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ ​ 2019 ​ 2018 ​ 2017 ​ Capitalized interest ​ $ 33,342 ​ $ 19,871 ​ $ 24,754 ​ ​ We record depreciation on buildings and improvements utilizing the straight-line method over an estimated original useful life, which is generally 10 to 35 years. We review depreciable lives of investment properties periodically and we make adjustments when necessary to reflect a shorter economic life. We amortize tenant allowances and tenant improvements utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. We record depreciation on equipment and fixtures utilizing the straight-line method over seven We review investment properties for impairment on a property-by-property basis to identify and evaluate events or changes in circumstances which indicate that the carrying value of investment properties may not be recoverable. These circumstances include, but are not limited to, declines in a property’s cash flows, ending occupancy or total sales per square foot. We measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization during the anticipated holding period plus its residual value is less than the carrying value of the property. To the extent impairment has occurred, we charge to income the excess of carrying value of the property over its estimated fair value. We also review our investments, including investments in unconsolidated entities, to identify and evaluate whether events or changes in circumstances indicate that the carrying amount of our investments may not be recoverable. We will record an impairment charge if we determine that a decline in the fair value of the investments is other-than-temporary. Our evaluation of changes in economic or operating conditions may include developing estimates of forecasted cash flows or operating income before depreciation and amortization to support the recoverability of the carrying amount of the investment. We estimate undiscounted cash flows and fair value using observable and unobservable data such as operating income before depreciation and amortization, estimated capitalization and discount rates, or relevant market multiples, leasing prospects and local market information. Changes in economic and operating conditions that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results. Purchase Accounting We allocate the purchase price of asset acquisitions and any excess investment in unconsolidated entities to the various components of the acquisition based upon the relative fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, we may utilize third party valuation specialists. These components typically include buildings, land and intangibles related to in-place leases and we estimate: ● the relative fair value of land and related improvements and buildings on an as-if-vacant basis, ● the market value of in-place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into lease income, ● the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and ● the value of lease income and recovery of costs foregone during a reasonable lease-up period, as if the space was vacant. The relative fair value of buildings is depreciated over the estimated remaining life of the acquired building or related improvements. We amortize tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. We also estimate the value of other acquired intangible assets, if any, which are amortized over the remaining life of the underlying related intangibles. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers’ acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits. See Notes 4 and 8 for disclosures about non-cash investing and financing transactions. Equity Instruments and Debt Securities Equity instruments and debt securities consist primarily of equity instruments, our deferred compensation plan investments, the debt securities of our captive insurance subsidiary, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At December 31, 2019 and 2018, we had equity instruments with readily determinable fair values of $68.2 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 (loss) 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.” Non-cash mark-to-market adjustments related to an investment we hold in units of a publicly traded real estate investment trust are included in unrealized losses in fair value of equity instruments in our consolidated statements of operations and comprehensive income. Non-cash mark-to-market adjustments related to other non-real estate securities with readily determinable fair values for the years ended December 31, 2019 and 2018 were $5.0 million and nil, respectively, and these losses were recorded in other expense in our consolidated statements of operations and comprehensive income. At December 31, 2019 and 2018, we had equity instruments without readily determinable fair values of $295.4 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 years ended December 31, 2019 and 2018. On July 26, 2017, we sold our investment in certain equity instruments. The aggregate proceeds received from the sale were $53.9 million, and we recognized a gain on the sale of $21.5 million, which is included in other income in the accompanying consolidated statement of operations and comprehensive income for the year ended December 31, 2017. 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 December 31, 2019 and 2018, we held debt securities of $52.8 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 December 31, 2019 and 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 $17.5 million and $10.9 million at December 31, 2019 and 2018, respectively, and a gross liability balance of $3.8 million and $6.2 million at December 31, 2019 and 2018, respectively. Note 7 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3 and 4 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of fair value, net operating results of the property, capitalization rates and discount rates. Gains on Issuances of Stock by Equity Method Investees When one of our equity method investees issues additional shares to third parties, our percentage ownership interest in the investee may decrease. In the event the issuance price per share is higher or lower than our average carrying amount per share, we recognize a noncash gain or loss on the issuance, when appropriate. This noncash gain or loss is recognized in our net income in the period the change of ownership interest occurs. Use of Estimates We prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates. Segment and Geographic Locations Our primary business is the ownership, development, and management of premier shopping, dining, entertainment and mixed use real estate. We have aggregated our retail operations, including malls, Premium Outlets, The Mills, and our international investments into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same, tenants. As of December 31, 2019, approximately 6.2% of our consolidated long-lived assets and 2.9% of our consolidated total revenues were derived from assets located outside the United States. As of December 31, 2018, approximately 6.1% of our consolidated long-lived assets and 3.0% of our consolidated total revenues were derived from assets located outside the United States. Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 Deferred lease costs, net ​ $ 209,277 ​ $ 249,010 ​ In-place lease intangibles, net ​ 31,417 ​ 65,825 ​ Acquired above market lease intangibles, net ​ 44,337 ​ 64,813 ​ Marketable securities of our captive insurance companies ​ 52,760 ​ 40,099 ​ Goodwill ​ 20,098 ​ 20,098 ​ Other marketable and non-marketable securities ​ 363,554 ​ 253,732 ​ Prepaids, notes receivable and other assets, net ​ 492,582 ​ 516,463 ​ ​ ​ $ 1,214,025 ​ $ 1,210,040 ​ ​ Deferred Lease Costs Our deferred leasing costs consist primarily of initial direct costs and, prior to the adoption of ASC 842, capitalized salaries and related benefits, in connection with lease originations. We record amortization of deferred leasing costs on a straight-line basis over the terms of the related leases. Details of these deferred costs as of December 31 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 Deferred lease costs ​ $ 443,313 ​ $ 497,570 ​ Accumulated amortization ​ (234,036) ​ (248,560) ​ Deferred lease costs, net ​ $ 209,277 ​ $ 249,010 ​ ​ Amortization of deferred leasing costs is a component of depreciation and amortization expense. The accompanying consolidated statements of operations and comprehensive income include amortization of deferred leasing costs as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2019 2018 2017 Amortization of deferred leasing costs ​ $ 57,201 ​ $ 56,646 ​ $ 54,323 ​ ​ Intangibles The average remaining life of in-place lease intangibles is approximately 2.0 years and is being amortized on a straight-line basis and is included with depreciation and amortization in the consolidated statements of operations and comprehensive income. The fair market value of above and below market leases is amortized into lease income over the remaining lease life as a component of reported lease income. The weighted average remaining life of these intangibles is approximately 2.6 years. The unamortized amount of below market leases is included in accounts payable, accrued expenses, intangibles and deferred revenues in the consolidated balance sheets and was $44.8 million and $66.7 million as of December 31, 2019 and 2018, respectively. The amount of amortization of above and below market leases, net, which increased lease income for the years ended December 31, 2019, 2018, and 2017, was $1.9 million, $1.0 million and $2.8 million, respectively. If a lease is terminated prior to the original lease termination, any remaining unamortized intangible is written off to earnings. Details of intangible assets as of December 31 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2018 ​ In-place lease intangibles ​ $ 196,007 ​ $ 291,613 ​ Accumulated amortization ​ ​ (164,590) ​ ​ (225,788) ​ In-place lease intangibles, net ​ $ 31,417 ​ $ 65,825 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2018 ​ Acquired above market lease intangibles ​ $ 252,934 ​ $ 253,973 ​ Accumulated amortization ​ ​ (208,597) ​ ​ (189,160) ​ Acquired above market lease intangibles, net ​ $ 44,337 ​ $ 64,813 ​ ​ Estimated future amortization and the increasing (decreasing) effect on lease income for our above and below market leases as of December 31, 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Below ​ Above ​ Impact to ​ ​ ​ Market ​ Market ​ Lease ​ ​ ​ Leases ​ Leases ​ Income, Net ​ 2020 ​ $ 16,943 ​ $ (15,642) ​ $ 1,301 2021 ​ 7,970 ​ (10,226) ​ (2,256) ​ 2022 ​ 5,348 ​ (7,421) ​ (2,073) ​ 2023 ​ 4,063 ​ (5,388) ​ (1,325) ​ 2024 ​ 3,151 ​ (3,645) ​ (494) ​ Thereafter ​ 7,302 ​ (2,015) ​ 5,287 ​ ​ ​ $ 44,777 ​ $ (44,337) ​ $ 440 ​ ​ Derivative Financial Instruments We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities. As of December 31, 2019 and 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 December 31, 2019 and 2018, respectively. Our exposure to market risk due to changes in interest rates primarily relates to our long-term debt obligations. We manage exposure to interest rate market risk through our risk management strategy by a combination of interest rate protection agreements to effectively fix or cap a portion of variable rate debt. We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposures, with gains and losses on the derivative contracts hedging these exposures. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes. We may enter into treasury lock agreements as part of an anticipated debt issuance. Upon completion of the debt issuance, the fair value of these instruments is recorded as part of accumulated other comprehensive income (loss) and is amortized to interest expense over the life of the debt agreement. The unamortized gain on our treasury locks and terminated hedges recorded in accumulated other comprehensive income (loss) was $10.6 million as of December 31, 2019, compared to an unamortized loss of $3.0 million as of December 31, 2018. Within the next year, we expect to reclassify to earnings approximately $1.9 million of gains related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss). We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euro. We use currency forward contracts, cross currency swap contracts, and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date. We had the following Euro:USD forward contracts designated as net investment hedges at December 31, 2019 and 2018 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset (Liability) Value as of ​ ​ ​ ​ December 31, December 31, Notional Value ​ Maturity Date ​ 2019 ​ 2018 € 50.0 ​ May 15, 2019 ​ ​ — ​ (0.8) € 50.0 ​ March 20, 2020 ​ ​ (0.5) ​ — € 50.0 ​ March 20, 2020 ​ ​ (0.5) ​ — € 50.0 ​ March 20, 2020 ​ ​ (0.5) ​ — € 50.0 ​ May 15, 2020 ​ ​ 1.5 ​ (1.5) € 100.0 ​ June 18, 2020 ​ ​ (0.6) ​ — € 90.0 ​ June 18, 2020 ​ ​ (0.5) ​ — € 100.0 ​ December 18, 2020 ​ ​ (0.6) ​ — € 100.0 ​ December 18, 2020 ​ ​ (0.6) ​ — € 50.0 ​ May 14, 2021 ​ ​ 1.3 ​ (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 December 31, 2019 and 2018 was $14.7 million and $10.9 million, respectively, 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 Simon’s derivative activities, including our share of other comprehensive income from unconsolidated entities, was $41.2 million and $32.9 million as of December 31, 2019 and 2018, respectively. 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, was $47.5 million and $37.9 million as of December 31, 2019 and 2018, respectively. Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 ​ Limited partners’ interests in the Operating Partnership ​ $ 378,339 ​ $ 492,877 ​ Nonredeemable noncontrolling interests in properties, net ​ 6,513 ​ 7,398 ​ Total noncontrolling interests reflected in equity ​ $ 384,852 ​ $ 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. The Operating Partnership Our evaluation of the appropriateness of classifying the Operating Partnership’s common units of partnership interest, or units, held by Simon and the Operating Partnership's limited partners within permanent equity considered several significant factors. First, as a limited partnership, all decisions relating to the Operating Partnership’s operations and distributions are made by Simon, acting as the Operating Partnership’s sole general partner. The decisions of the general partner are made by Simon's Board of Directors or management. The Operating Partnership has no other governance structure. Secondly, the sole asset of Simon is its interest in the Operating Partnership. As a result, a share of common stock of Simon, or common stock, if owned by the Operating Partnership, is best characterized as being similar to a treasury share and thus not an asset of the Operating Partnership. Limited partners of the Operating Partnership have the right under the Operating Partnership’s partnership agreement to exchange their units for shares of common stock or cash, as selected by Simon as the sole general partner. Accordingly, we classify units held by limited partners in permanent equity because Simon may elect to issue shares of common stock to limited partners exercising their exchange rights rather than using cash. Under the Operating Partnership’s partnership agreement, the Operating Partnership is required to redeem units held by Simon only when Simon has repurchased shares of common stock. We classify units held by Simon in permanent equity because the decision to redeem those units would be made by Simon. Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties) is a component of consolidated net income. ​ Accumulated Other Comprehensive Income (Loss) Simon The total gross accumulated other comprehensive income (loss) related to Simon’s currency translation adjustment was ($160.4 million) and ($158.9 million) as of December 31, 2019 and 2018, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Affected line item where ​ ​ ​ 2019 ​ 2018 ​ 2017 ​ net income is presented ​ Accumulated derivative losses, net ​ $ (2,782) $ (7,020) $ (9,419) Interest expense ​ ​ ​ ​ (10,852) ​ ​ — ​ ​ — ​ Loss on extinguishment of debt ​ ​ ​ 1,802 923 1,233 Net income attributable to noncontrolling interests ​ ​ ​ $ (11,832) ​ $ (6,097) ​ $ (8,186) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain on sale of marketable securities ​ $ — $ — $ 21,541 ​ Other income ​ ​ ​ — — (2,820) ​ Net income attributable to noncontrolling interests ​ ​ ​ $ — ​ $ — ​ $ 18,721 ​ ​ ​ ​ The Operating Partnership The total gross accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($184.8 million) and ($183.0 million) as of December 31, 2019 and 2018, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Affected line item where ​ ​ ​ 2019 ​ 2018 ​ 2017 ​ net income is presented ​ Accumulated derivative losses, net ​ $ (2,782) $ (7,020) $ (9,419) ​ Interest expense ​ ​ ​ ​ (10,852) ​ ​ — ​ ​ — ​ Loss on extinguishment of debt ​ ​ ​ $ (13,634) ​ $ (7,020) ​ $ (9,419) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain on sale of marketable securities ​ $ — $ — $ 21,541 ​ Other income ​ ​ Revenue Recognition We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We accrue 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 lease income 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. Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation or otherwise. 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 lease income on a straight-line basis over the term of the lease beginning with the adoption of ASC 842. 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 all variable 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 that are not probable of collection are recognized as a reduction of lease income. Refer to note 9 for further disclosure of lease income. Management Fees and Other Revenues Management fees and other revenues are generally received from our unconsolidated joint venture properties as well as third parties. Management fee revenue is earned based on a contractual percentage of joint venture property revenue. Development fee revenue is earned on a contractual percentage of hard costs to develop a property. Leasing fee revenue is earned on a contractual per square foot charge based on the square footage of current year leasing activity. We recognize revenue for these services provided when earned based on the performance criteria. Revenues from insurance premiums charged to unconsolidated properties are recognized on a pro-rata basis over the terms of the policies. Insurance losses on these policies and our self-insurance for our consolidated properties are reflected in property operating expenses in the accompanying consolidated statements of operations and comprehensive income and include estimates for losses incurred but not reported as well as losses pending settlement. Estimates for losses are based on evaluations by third-party actuaries and management’s estimates. Total insurance reserves for our insurance subsidiaries and other self-insurance programs as of December 31, 2019 and 2018 approximated $74.5 million and $82.5 million, respectively, and are included in other liabilities in the consolidated balance sheets. Information related to the securities included in the investment portfolio of our captive insurance subsidiary is included within the “Equity Instruments and Debt Securities” section above. Income Taxes Simon and certain subsidiaries of the Operating Partnership have elected to be taxed as REITs under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the entity to distribute at least 90% of REIT taxable income to its owners and meet certain other asset and income tests as well as other requirements. We intend to continue to adhere to these requirements and maintain Simon’s REIT status and that of the REIT subsi

Real Estate Acquisitions and Di

Real Estate Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2019
Real Estate Acquisitions and Dispositions
Real Estate Acquisitions and Dispositions	4. Real Estate Acquisitions and Dispositions We acquire interests in properties to generate both current income and long-term appreciation in value. We acquire interests in individual properties or portfolios of real estate companies that meet our investment criteria and sell properties which no longer meet our strategic criteria. Unless otherwise noted below, gains and losses on these transactions are included in gain 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 2019, 2018, and 2017. Our consolidated and unconsolidated acquisition and disposition activity for the periods presented are as follows: 2019 Acquisitions On September 19, 2019, we acquired the remaining 50% interest in a hotel adjacent to one of our properties for cash consideration of $12.8 million. As of closing, the property was subject to a $21.5 million, 4.02% variable rate mortgage. We accounted for this transaction as an asset acquisition and substantially all our investment relates to investment property. 2018 Acquisitions On September 25, 2018, we acquired the remaining 50% interest in The Outlets at Orange from our joint venture partner. The Operating Partnership issued 475,183 units, or approximately $84.1 million, as consideration for the acquisition. The property is subject to a $215.0 million 4.22% fixed rate mortgage loan. We accounted for this transaction as an asset acquisition and substantially all of our investment has been determined to relate to investment property. 2017 Acquisitions On April 21, 2017, our controlled European investee acquired a 100% interest in an outlet center in Roosendaal, Netherlands for cash consideration of $69.8 million and the assumption of existing mortgage debt of $40.1 million. In May 2017, the assumed loan was refinanced with a $69.0 million mortgage loan due in 2024, after available extension options, with an interest rate of EURIBOR plus 1.85%. 2019 Dispositions During 2019, we disposed of our interests in one multi-family residential investment. Our share of the gross proceeds on this transaction was $17.9 million. Our share of the gain of $16.2 million is included in other income in the accompanying consolidated statement of operation and comprehensive income. We also recorded net gains of $62.1 million, primarily related to Klépierre’s disposition of its interests in certain shopping centers, as discussed in Note 6 to the consolidated financial statements. 2018 Dispositions During 2018, we recorded net gains of $288.8 million primarily related to disposition activity which included the foreclosure of two consolidated retail properties in satisfaction of their $200.0 million and $80.0 million non-recourse mortgage loans and, as discussed in Note 6, our interest in the German department store properties owned through our investment in HBS was sold during the fourth quarter of 2018. Also, as discussed further in Note 6, Klépierre disposed of its interests in certain shopping centers during 2018, resulting in a gain of which our share was $20.2 million. 2017 Dispositions During 2017, we disposed of our interest in one unconsolidated retail property. The loss recognized on this transaction was approximately $1.3 million. As discussed in Note 6, Klépierre disposed of its interests in certain shopping centers during the second quarter, resulting in a gain of which our share was $5.0 million.

Per Share and Per Unit Data

Per Share and Per Unit Data	12 Months Ended
	Dec. 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 computation of basic and diluted earnings per share and basic and diluted earnings per unit. Simon ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2019 ​ 2018 ​ 2017 Net Income attributable to Common Stockholders — Basic and Diluted $ 2,098,247 $ 2,436,721 $ 1,944,625 ​ Weighted Average Shares Outstanding — Basic and Diluted ​ 307,950,112 ​ 309,627,178 ​ 311,517,345 ​ ​ For the year ended December 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 years ended December 31, 2019 2018 2017 The Operating Partnership ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 ​ Net Income attributable to Unitholders — Basic and Diluted $ 2,416,945 $ 2,805,764 $ 2,239,638 ​ Weighted Average Units Outstanding — Basic and Diluted ​ 354,724,019 ​ 356,520,452 ​ 358,776,632 ​ ​ For the year ended December 31, 2019, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the years ended December 31, 2019 2018 2017 The taxable nature of the dividends declared and Operating Partnership distributions declared for each of the years ended as indicated is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2019 2018 2017 Total dividends/distributions paid per common share/unit $ 8.30 $ 7.90 $ 7.15 ​ Percent taxable as ordinary income ​ 100.00 % 96.20 % 100.00 % Percent taxable as long-term capital gains ​ 0.00 % 3.80 % 0.00 % ​ ​ 100.00 % 100.00 % 100.00 % ​ In the first quarter of 2020, Simon’s Board of Directors declared a quarterly cash dividend of $2.10 per share of common stock payable on February 28, 2020 to stockholders of record on February 14, 2020. The Operating Partnership’s distribution rate on its units is equal to the dividend rate on Simon’s common stock.

Investment in Unconsolidated En

Investment in Unconsolidated Entities and International Investments	12 Months Ended
	Dec. 31, 2019
Investments in Unconsolidated Entities and International Investments
Investments in Unconsolidated Entities and International Investments	6. Investments in Unconsolidated Entities and International Investments Real Estate Joint Ventures and Investments Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties and diversify our risk in a particular property or portfolio of properties. As discussed in Note 2, we held joint venture interests in 82 properties as of December 31, 2019 and 81 properties as of December 31, 2018. Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash or borrowings, or the use of limited partnership interests in the Operating Partnership, to acquire the joint venture interest from our partner. We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of December 31, 2019 and 2018, we had construction loans and other advances to related parties totaling $78.4 million and $85.8 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. Unconsolidated Entity Transactions On October 16, 2019, we contributed approximately $276.8 million consisting of cash and the Shop Premium Outlets, or SPO, assets for a 45% noncontrolling interest in Rue Gilt Groupe, or RGG, to create a new multi-platform venture dedicated to digital value shopping. We attributed substantially all of our investment to goodwill and certain amortizing and non-amortizing intangibles. On September 19, 2019, as discussed in note 4, we acquired the remaining 50% interest in a hotel adjacent to one of our properties from our joint venture partner. As a result of this acquisition, we now own 100% of this property. During the first quarter of 2019, we disposed of our interests in a multi-family residential investment. Our share of the gross proceeds was $17.9 million. The gain of $16.2 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 December 31, 2019 and 2018, we had an 11.7%noncontrolling equity interest in HBS, a joint venture we formed with Hudson’s Bay Company. In the fourth quarter of 2019, we recorded an impairment charge of $47.2 million to reduce our investment in HBS to its estimated fair value. During the fourth quarter of 2018, our interest in the German department store properties was sold to Hudson’s Bay Company and SIGNA Retail Holdings resulting in a gain of $91.1 million. These amounts are included in gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the consolidated statements of operations and comprehensive income. Our share of net (loss) income, net of amortization of our excess investment excluding impairment, was ($16.2) million and $15.1 million for the year ended December 31, 2019 and 2018, respectively. Total revenues, operating income before other items and consolidated net (loss) income were approximately $133.4 million, $26.5 million and ($24.7) million, respectively, for the year ended December 31, 2019 and $326.3 million, $196.3 million, and $105.9 million, respectively for the year ended December 31, 2018. On June 7, 2018, Aventura Mall, a property in which we own a noncontrolling 33.3% interest, refinanced its $1.2 billion mortgage loan and its $200.8 million construction loan with a $1.75 billion mortgage loan at a fixed interest rate of 4.12% that matures on July 1, 2028. An early repayment charge of $30.9 million was incurred at the property, which along with the write-off of deferred debt issuance costs of $6.5 million, is included in interest expense in the accompanying combined joint venture statements of operations. Our $12.5 million share of the charge associated with the repayment is included in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Excess proceeds from the financing were distributed to the venture partners. In May 2017, Colorado Mills, a property in which we have a noncontrolling 37.5% interest, sustained significant hail damage. During the second quarter of 2017, the property recorded an impairment charge of approximately $32.5 million based on the net carrying value of the assets damaged, which was fully offset by anticipated insurance recoveries. As of December 31, 2019, the property had received business interruption proceeds and also property damage proceeds of $67.9 million, which resulted in the property recording a $3.0 million gain in 2019. As of December 31, 2018, the property had received business interruption proceeds and also property damage proceeds of $65.9 million, which resulted in the property recording a $33.4 million gain in 2018. For the periods ended December 31, 2019 and 2018, respectively, our $1.1 million and $12.5 million share of the gain is reflected within the 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. In 2016, we and a group of co-investors acquired certain assets and liabilities of Aéropostale, a retailer of apparel and accessories, out of bankruptcy. The interests were acquired through two separate joint ventures, a licensing venture and an operating venture. In April 2018, we contributed our entire interest in the licensing venture in exchange for additional interests in ABG, a brand development, marketing, and entertainment company. As a result, we recognized a $35.6 million non-cash gain representing the increase in value of our previously held interest in the licensing venture, which is included in other income in the accompanying consolidated statements of operations and comprehensive income. At December 31, 2019, our noncontrolling equity method interests in the operations venture of Aéropostale and in ABG were 44.95% and 5.40%, respectively. International Investments We conduct our international operations primarily through joint venture arrangements and account for the majority of these international joint venture investments using the equity method of accounting. European Investments At December 31, 2019, we owned 63,924,148 shares, or approximately 22.2%, of Klépierre, which had a quoted market price of $37.96 per share. Our share of net income, net of amortization of our excess investment, was $145.2 million, $98.8 million and $50.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre’s results to GAAP, Klépierre’s total assets, total liabilities, and noncontrolling interests were $19.6 billion, $12.9 billion, and $1.3 billion, respectively, as of December 31, 2019 and $20.0 billion, $12.7 billion, and $1.4 billion, respectively, as of December 31, 2018. Klépierre’s total revenues, operating income before other items and consolidated net income were approximately $1.5 billion, $626.3 million and $655.5 million, respectively, for the year ended December 31, 2019, $1.6 billion, $670.4 million and $693.0 million, respectively, for the year ended December 31, 2018, and $1.5 billion, $545.7 million and $381.3 million, respectively, for the year ended December 31, 2017. During the years ended December 31, 2019, 2018 and 2017, Klépierre completed the disposal of its interests in certain shopping centers. In connection with these disposals, we recorded gains of $58.6 million, $20.2 million and $5.0 million, respectively, 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 statements of operations and comprehensive income. We have an interest in a European investee that had interests in nine Designer Outlet properties, of which six are consolidated by us, as of December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, our legal percentage ownership interests in these properties ranged from 45% to 94%. Due to certain redemption rights held by our venture partner, which will require us to purchase their interests under certain circumstances, the noncontrolling interest is presented (i) in the accompanying Simon consolidated balance sheets outside of equity in limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties and (ii) in the accompanying Operating Partnership consolidated balance sheets within preferred units, various series, at liquidation value, and noncontrolling redeemable interests in properties. On April 7, 2017, this European investee acquired an additional 15.7% investment in the Roermond Designer Outlets Phase 4 expansion for cash consideration of approximately $17.9 million, bringing its total noncontrolling interest in the expansion to 51.3%. On April 21, 2017, this European investee acquired a 100% interest in an outlet center in Roosendaal, Netherlands for cash consideration of $69.8 million and the assumption of existing mortgage debt of $40.1 million. In May 2017, the assumed loan was refinanced with a $69.0 million mortgage loan due in 2024, after available extension options, with an interest rate of EURIBOR plus 1.85%. Substantially all of our investment has been determined to relate to investment property based on estimated fair value at the acquisition date. In addition, we have a 50.0% noncontrolling interest in a European property management and development company that provides services to the Designer Outlet properties. We also have minority interests in Value Retail PLC and affiliated entities, which own or have interests in and operate nine luxury outlets located throughout Europe and we also have a direct minority ownership in three of those outlets. At December 31, 2019 and 2018, the carrying value of these equity instruments without readily determinable fair values was $140.8 million and is included in deferred costs and other assets. Asian Joint Ventures We conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi Estate Co., Ltd. We have a 40%noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $212.1 million and $232.1 million as of December 31, 2019 and 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 $173.9 million and $166.3 million as of December 31, 2019 and 2018, respectively, including all related components of accumulated other comprehensive income (loss). Summary Financial Information A summary of the combined balance sheets and statements of operations of our equity method investments and share of income from such investments, excluding Klépierre, Aéropostale, ABG, HBS, and RGG, follows. COMBINED BALANCE SHEETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Assets: ​ ​ ​ ​ ​ ​ ​ Investment properties, at cost ​ $ 19,525,665 ​ $ 18,807,449 ​ Less - accumulated depreciation ​ 7,407,627 ​ 6,834,633 ​ ​ ​ 12,118,038 ​ 11,972,816 ​ Cash and cash equivalents ​ 1,015,864 ​ 1,076,398 ​ Tenant receivables and accrued revenue, net ​ 510,157 ​ 445,148 ​ Right-of-use assets, net ​ ​ 185,302 ​ ​ — ​ Deferred costs and other assets ​ 384,663 ​ 390,818 ​ Total assets ​ $ 14,214,024 ​ $ 13,885,180 ​ Liabilities and Partners’ Deficit: ​ ​ ​ ​ ​ ​ ​ Mortgages ​ $ 15,391,781 ​ $ 15,235,415 ​ Accounts payable, accrued expenses, intangibles, and deferred revenue ​ 977,112 ​ 976,311 ​ Lease liabilities ​ ​ 186,594 ​ ​ — ​ Other liabilities ​ 338,412 ​ 344,205 ​ Total liabilities ​ 16,893,899 ​ 16,555,931 ​ Preferred units ​ 67,450 ​ 67,450 ​ Partners’ deficit ​ (2,747,325) ​ (2,738,201) ​ Total liabilities and partners’ deficit ​ $ 14,214,024 ​ $ 13,885,180 ​ Our Share of: ​ ​ ​ ​ ​ ​ ​ Partners’ deficit ​ $ (1,196,926) ​ $ (1,168,216) ​ Add: Excess Investment ​ 1,525,903 ​ 1,594,198 ​ Our net Investment in unconsolidated entities, at equity ​ $ 328,977 ​ $ 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, intangible assets, including goodwill, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of assets acquired, typically no greater than 40 years, the terms of the applicable leases, the estimated useful lives of the finite lived intangibles, and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities. ​ As of December 31, 2019, scheduled principal repayments on these joint venture properties’ mortgage indebtedness are as follows: ​ ​ ​ ​ ​ 2020 ​ $ 946,309 ​ 2021 ​ 2,476,864 ​ 2022 ​ 1,927,938 ​ 2023 ​ 1,267,179 ​ 2024 ​ 2,297,118 ​ Thereafter ​ 6,512,206 ​ Total principal maturities ​ 15,427,614 ​ Debt issuance costs ​ ​ (35,833) ​ Total mortgages ​ $ 15,391,781 ​ This debt becomes due in installments over various terms extending through 2035 with interest rates ranging from 0.18% to 10.53% and a weighted average interest rate of 3.94% at December 31, 2019. COMBINED STATEMENTS OF OPERATIONS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2018 2017 REVENUE: ​ ​ ​ ​ ​ Lease income ​ $ 3,088,594 ​ $ 3,045,668 ​ $ 2,933,655 ​ Other income ​ 322,398 ​ 326,575 ​ 290,515 ​ Total revenue ​ 3,410,992 ​ 3,372,243 ​ 3,224,170 ​ OPERATING EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property operating ​ 587,062 ​ 590,921 ​ 551,885 ​ Depreciation and amortization ​ 681,764 ​ 652,968 ​ 640,286 ​ Real estate taxes ​ 266,013 ​ 259,567 ​ 245,646 ​ Repairs and maintenance ​ 85,430 ​ 87,408 ​ 81,309 ​ Advertising and promotion ​ 89,660 ​ 87,349 ​ 86,480 ​ Other ​ 196,178 ​ 187,292 ​ 184,037 ​ Total operating expenses ​ 1,906,107 ​ 1,865,505 ​ 1,789,643 ​ Operating Income Before Other Items ​ 1,504,885 ​ 1,506,738 ​ 1,434,527 ​ Interest expense ​ (636,988) ​ (663,693) ​ (593,062) ​ Gain (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net ​ ​ 24,609 ​ ​ 33,367 ​ ​ (2,239) ​ Net Income ​ $ 892,506 ​ $ 876,412 ​ $ 839,226 ​ Third-Party Investors’ Share of Net Income ​ $ 460,696 ​ $ 436,767 ​ $ 424,533 ​ Our Share of Net Income ​ $ 431,810 ​ $ 439,645 ​ $ 414,693 ​ Amortization of Excess Investment ​ (83,556) ​ (85,252) ​ (89,804) ​ Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements ​ ​ (9,156) ​ ​ — ​ ​ — ​ Our Share of (Gain) Loss on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net ​ (1,133) ​ (12,513) ​ 1,342 ​ Income from Unconsolidated Entities ​ $ 337,965 ​ $ 341,880 ​ $ 326,231 ​ ​ Our share of income from unconsolidated entities in the above table, aggregated with our share of results of Klépierre, Aéropostale, ABG, HBS, and RGG, 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 (loss) 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.

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2019
Indebtedness
Indebtedness	7. Indebtedness Our mortgages and unsecured indebtedness, excluding the impact of derivative instruments, consist of the following as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 Fixed-Rate Debt: ​ ​ ​ ​ ​ ​ ​ Mortgage notes, including $6,775 and $11,822 of net premiums and $15,195 and $14,522 of debt issuance costs, respectively. Weighted average interest and maturity of 3.87% and 4.8 years at December 31, 2019. ​ $ 6,156,595 ​ $ 6,099,787 ​ Unsecured notes, including $54,976 and $44,691 of net discounts and $70,297 and $58,822 of debt issuance costs, respectively. Weighted average interest and maturity of 3.07% and 9.3 years at December 31, 2019. ​ 15,747,267 ​ 15,535,468 ​ Commercial Paper (see below) ​ ​ 1,327,050 ​ ​ 758,681 ​ Total Fixed-Rate Debt ​ 23,230,912 ​ 22,393,936 ​ Variable-Rate Debt: ​ ​ ​ ​ ​ ​ ​ Mortgages notes, including $4,721 and $5,901 of debt issuance costs, respectively. Weighted average interest and maturity of 2.62% and 2.0 years at December 31, 2019. ​ 751,130 ​ 736,274 ​ Credit Facility (see below), including $11,067 and $16,930 of debt issuance costs, respectively, at December 31, 2019. ​ 113,933 ​ 108,070 ​ Total Variable-Rate Debt ​ 865,063 ​ 844,344 ​ Other Debt Obligations ​ 67,255 ​ 67,255 ​ Total Mortgages and Unsecured Indebtedness ​ $ 24,163,230 ​ $ 23,305,535 ​ ​ General. At December 31, 2019, our consolidated subsidiaries were the borrowers under 46 non-recourse mortgage notes secured by mortgages on 50 properties and other assets, including two separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of five properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties that serve as collateral for that debt. If the applicable borrower under these non-recourse mortgage notes were to fail to comply with these covenants, the lender could accelerate the debt and enforce its rights against their collateral. At December 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. Unsecured Debt At December 31, 2019, our unsecured debt consisted of $15.9 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 program, or Commercial Paper program. On December 31, 2019, we had an aggregate available borrowing capacity of $6.0 billion under the Credit Facility and the Operating Partnership’s $3.5 billion unsecured revolving credit facility, or Supplemental Facility, and together with the Credit Facility, the Credit Facilities. The maximum aggregate outstanding balance under the Credit Facilities during the year ended December 31, 2019 was $130.7 million and the weighted average outstanding balance was $125.1 million. Letters of credit of $11.4 million were outstanding under the Credit Facilities as of December 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 an additional 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 an additional 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 December 31, 2019, we had $1.3 billion outstanding under the Commercial Paper program, of which $1.0 billion was comprised of U.S. dollar denominated notes with a weighted average interest rate of 1.72% and $269.2 million was comprised of Euro denominated notes with a weighted average interest rate of (0.38%). These borrowings have a weighted average maturity date of March 6, 2020 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%. On September 13, 2019 the Operating Partnership completed the issuance of the following senior unsecured notes: $1.0 billion with a fixed interest rate of 2.00%, $1.25 billion with a fixed interest rate of 2.45%, and $1.25 billion with a fixed interest rate of 3.25%, with maturity dates of September 13 of 2024, 2029, and 2049, respectively. Proceeds from the unsecured notes offering funded the early redemption of senior unsecured notes in October 2019, as discussed below, and repaid a portion of the indebtedness outstanding under the Commercial Paper program. On October 7, 2019, the Operating Partnership completed the early redemption of its $900 million 4.375% notes due March 1, 2021, $700 million 4.125% notes due December 1, 2021, $600 million 3.375% notes due March 15, 2022 and €375 million of the €750 million 2.375% notes due October 2, 2020. We recorded a $116.3 million loss on extinguishment of debt in the fourth quarter as a result of the early redemption. Mortgage Debt Total mortgage indebtedness was $6.9 billion and $6.8 billion at December 31, 2019 and 2018, respectively. Debt Maturity and Other Our scheduled principal repayments on indebtedness as of December 31, 2019 are as follows: ​ ​ ​ ​ ​ 2020 ​ $ 2,857,060 (1) 2021 ​ 1,541,478 ​ 2022 ​ 2,872,980 ​ 2023 ​ 1,868,669 ​ 2024 ​ 2,896,466 ​ Thereafter ​ 12,208,803 ​ Total principal maturities ​ 24,245,456 ​ Net unamortized debt premium ​ 6,775 ​ Net unamortized debt discount ​ ​ (54,976) ​ Debt issuance costs, net ​ (101,280) ​ Other Debt Obligations ​ ​ 67,255 ​ Total mortgages and unsecured indebtedness ​ $ 24,163,230 ​ ​ (1) Includes $1.3 billion in Global Commercial Paper. Our cash paid for interest in each period, net of any amounts capitalized, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2019 2018 2017 Cash paid for interest ​ $ 803,728 ​ $ 811,971 ​ $ 814,729 ​ ​ Debt Issuance Costs Our debt issuance costs consist primarily of financing fees we incurred in order to obtain long-term financing. We record amortization of debt issuance costs on a straight-line basis over the terms of the respective loans or agreements. Details of those debt issuance costs as of December 31 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 Debt issuance costs ​ $ 187,514 ​ $ 204,189 Accumulated amortization ​ ​ (86,234) ​ ​ (108,014) Debt issuance costs, net ​ $ 101,280 ​ $ 96,175 ​ We report amortization of debt issuance costs, amortization of premiums, and accretion of discounts as part of interest expense. We amortize debt premiums and discounts, which are included in mortgages and unsecured indebtedness, over the remaining terms of the related debt instruments. These debt premiums or discounts arise either at the time of the debt issuance or as part of purchase accounting for the fair value of debt assumed in acquisitions. The accompanying consolidated statements of operations and comprehensive income include amortization as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2019 2018 2017 Amortization of debt issuance costs ​ $ 21,499 ​ $ 21,445 ​ $ 21,707 Amortization of debt discounts/(premiums) ​ ​ 1,571 ​ ​ 1,618 ​ ​ 1,357 ​ 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 $23.2 billion and $22.4 billion as of December 31, 2019 and 2018, respectively. The fair values of these financial instruments and the related discount rate assumptions as of December 31 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ ​ 2019 2018 Fair value of consolidated fixed rate mortgages and unsecured indebtedness $ 23,231 ​ $ 22,323 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages ​ 3.75 % 4.55 % ​ Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness ​ ​ 3.67 % ​ 4.50 % ​ ​

Equity

Equity	12 Months Ended
	Dec. 31, 2019
Equity
Equity	8. Equity Simon’s Board of Directors is authorized to reclassify excess common stock into one or more additional classes and series of capital stock, to establish the number of shares in each class or series and to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, and qualifications and terms and conditions of redemption of such class or series, without any further vote or action by the stockholders. The issuance of additional classes or series of capital stock may have the effect of delaying, deferring or preventing a change in control of us without further action of the stockholders. The ability to issue additional classes or series of capital stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or of discouraging a third party from acquiring, a majority of Simon’s outstanding voting stock. Holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders, other than for the election of directors. The holders of Simon’s Class B common stock have the right to elect up to four members of Simon’s Board of Directors. All 8,000 outstanding shares of the Class B common stock are subject to two voting trusts as to which Herbert Simon and David Simon are the trustees. Shares of Class B common stock convert automatically into an equal number of shares of common stock upon the occurrence of certain events and can be converted into shares of common stock at the option of the holders. Common Stock and Unit Issuances and Repurchases In 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 year ended December 31, 2019, the Operating Partnership redeemed 43,255 units from nine limited partners for $6.8 million in cash. In 2018, Simon issued 92,732 shares of common stock to two limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. During the year ended December 31, 2018, the Operating Partnership redeemed 454,704 units from eight limited partners for $81.5 million in cash. These transactions increased Simon’s ownership interest in the Operating Partnership. On September 25, 2018, the Operating Partnership issued 475,183 units in connection with the acquisition of the remaining 50% interest in The Outlets at Orange, as discussed in Note 4. On February 13, 2017, Simon’s Board of Directors authorized a two-year extension of the previously authorized $2.0 billion common stock repurchase plan through March 31, 2019. On February 11, 2019, Simon's Board of Directors authorized a new common stock repurchase plan. Under the new program, the Company may purchase up to $2.0 billion of its common stock during the two-year period ending February 11, 2021. Simon may repurchase the shares in the open market or in privately negotiated transactions as market conditions warrant. During the year ended December 31, 2019, Simon purchased 2,247,074 shares at an average price of $160.11 per share, of which 46,377 shares at an average price of $164.49 were purchased as part of the previous program. During the year ended December 31, 2018, Simon repurchased 2,275,194 shares at an average price of $155.64 per share as part of the previous program. As Simon repurchases shares under this program, the Operating Partnership repurchases an equal number of units from Simon. Temporary Equity Simon Simon classifies as temporary equity those securities for which there is the possibility that Simon could be required to redeem the security for cash irrespective of the probability of such a possibility. As a result, Simon classifies one series of preferred units in the Operating Partnership and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below. Limited Partners’ Preferred Interest in the Operating Partnership and Noncontrolling Redeemable Interests in Properties. The remaining noncontrolling interests in a property or portfolio of properties which are redeemable at the option of the holder or in circumstances that may be outside Simon’s control, are accounted for as temporary equity. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded and presented within accumulated deficit in the consolidated statements of equity in the line issuance of unit equivalents and other. There were no noncontrolling interests redeemable at amounts in excess of fair value as of December 31, 2019 and 2018. The following table summarizes the preferred units in the Operating Partnership and the amount of the noncontrolling redeemable interests in properties as of December 31. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 193,524 ​ 204,626 ​ Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties ​ $ 219,061 ​ $ 230,163 ​ ​ 7.50% Cumulative Redeemable Preferred Units. November 10, 2006 The Operating Partnership The Operating Partnership classifies as temporary equity those securities for which there is the possibility that the Operating Partnership could be required to redeem the security for cash, irrespective of the probability of such a possibility. As a result, the Operating Partnership classifies one series of preferred units and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below. Noncontrolling Redeemable Interests in Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 193,524 ​ 204,626 ​ Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties ​ $ 219,061 ​ $ 230,163 ​ ​ 7.50% Cumulative Redeemable Preferred Units The 7.50% preferred units accrue cumulative quarterly distributions at a rate of $7.50 annually. We may redeem the preferred units upon the death of the survivor of the original holders, or the transfer of any preferred units to any person or entity other than the persons or entities entitled to the benefits of the original holder. The redemption price is the liquidation value ($100.00 per preferred unit) plus accrued and unpaid distributions, payable either in cash or fully registered shares of common stock of Simon at our election. In the event of the death of a holder of the 7.5% preferred units, the occurrence of certain tax triggering events applicable to the holder, or on or after November 10, 2006 , the holder may require the Operating Partnership to redeem the preferred units at the same redemption price payable at the Operating Partnership’s option in either cash or fully registered shares of common stock of Simon. These preferred units have a carrying value of $25.5 million and are included in preferred units, at liquidation value in the consolidated balance sheets at December 31, 2019 and 2018. Permanent Equity Simon Preferred Stock. Series J 8 3 / 8 % Cumulative Redeemable Preferred Stock. 8 3 / 8 % The Operating Partnership Series J 8 3 / 8 % Cumulative Redeemable Preferred Units. 8 3 / 8 % 8 3 / 8 % units which have the same economic rights and preferences of an outstanding series of Simon preferred stock. The Operating Partnership can redeem this series, in whole or in part, when Simon can redeem the related preferred stock, on and after October 15, 2027 at a redemption price of $50.00 per unit, plus accumulated and unpaid distributions. The Series J preferred units were issued at a premium of $7.5 million. The unamortized premium included in the carrying value of the preferred units at December 31, 2019 and 2018 was $2.6 million and $2.9 million, respectively. There are 1,000,000 Series J preferred units authorized and 796,948 Series J preferred units issued and outstanding Other Equity Activity The Simon Property Group 1998 Stock Incentive Plan, as amended. The 1998 plan is administered by the Compensation Committee of Simon’s Board of Directors, or the Compensation Committee. The Compensation Committee determines which eligible individuals may participate and the type, extent and terms of the awards to be granted to them. In addition, the Compensation Committee interprets the 1998 plan and makes all other determinations deemed advisable for its administration. Options granted to employees become exercisable over the period determined by the Compensation Committee. The exercise price of an employee option may not be less than the fair market value of the shares on the date of grant. Employee options generally vest over a three-year period and expire ten years from the date of grant. Directors who are not also our employees or employees of our affiliates are eligible to receive awards under the 1998 plan. Each independent director receives an annual cash retainer of $110,000, and an annual restricted stock award with a grant date value of $175,000. Committee chairs receive annual retainers for the Company’s Audit, Compensation, and Governance and Nominating Committees of $35,000, $35,000 and $25,000, respectively. Directors receive fixed annual retainers for service on the Audit, Compensation and Governance and Nominating Committees, of $15,000, $15,000, and $10,000, respectively. The Lead Director receives an annual retainer of $50,000. These retainers are paid 50% in cash and 50% in restricted stock. Restricted stock awards vest in full after one year. Once vested, the delivery of the shares of restricted stock (including reinvested dividends) is deferred under our Director Deferred Compensation Plan until the director retires, dies or becomes disabled or otherwise no longer serves as a director. The directors may vote and are entitled to receive dividends on the underlying shares; however, any dividends on the shares of restricted stock must be reinvested in shares of common stock and held in the Director Deferred Compensation Plan until the shares of restricted stock are delivered to the former director. In accordance with its terms, the 1998 Plan expired on December 31, 2018. The shares of common stock that were available for grant under the 1998 Plan at the time of its expiration are not available for grant under the 2019 Plan. The Simon Property Group, L.P. 2019 Stock Incentive Plan. The 2019 plan is administered by the Compensation Committee. The Compensation Committee determines which eligible individuals may participate and the type, extent and terms of the awards to be granted to them. In addition, the Compensation Committee interprets the 2019 plan and makes all other determinations deemed advisable for its administration. Options granted to employees become exercisable over the period determined by the Compensation Committee. The exercise price of an employee option may not be less than the fair market value of the shares on the date of grant. Employee options generally vest over a three-year period and expire ten years from the date of grant. Directors who are not also our employees or employees of our affiliates are eligible to receive awards under the 2019 plan. Each independent director receives an annual cash retainer of $110,000, and an annual restricted stock award with a grant date value of $175,000. Committee chairs receive annual retainers for the Company’s Audit, Compensation, and Governance and Nominating Committees of $35,000, $35,000 and $25,000, respectively. Directors receive fixed annual retainers for service on the Audit, Compensation and Governance and Nominating Committees, of $15,000, $15,000, and $10,000, respectively. The Lead Director receives an annual retainer of $50,000. These retainers are paid 50% in cash and 50% in restricted stock. Restricted stock awards vest in full after one year. Once vested, the delivery of the shares of restricted stock (including reinvested dividends) is deferred under our Director Deferred Compensation Plan until the director retires, dies or becomes disabled or otherwise no longer serves as a director. The directors may vote and are entitled to receive dividends on the underlying shares; however, any dividends on the shares of restricted stock must be reinvested in shares of common stock and held in the Director Deferred Compensation Plan until the shares of restricted stock are delivered to the former director. Stock Based Compensation Awards under our stock based compensation plans primarily take the form of LTIP units and restricted stock grants. Restricted stock and awards under the LTIP programs are either market or performance-based and are based on various individual, corporate and business unit performance measures as further described below. The expense related to these programs, net of amounts capitalized, is included within home and regional office costs and general and administrative costs in the accompanying statements of operations and comprehensive income. LTIP Programs. 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 In 2019, the Compensation Committee established and granted awards under a redesigned LTIP program, or the 2019 LTIP program. Awards under the 2019 LTIP program will be considered earned if, and only to the extent to which, the respective performance conditions (based on Funds From Operations, or FFO, per share, and Objective Criteria Goals) and market conditions (based on Relative TSR performance), as defined in the applicable award agreements, are achieved during the applicable three-year measurement period, subject to the recipient’s continued employment through the vesting date. All of the earned LTIP units under the 2019 LTIP program will vest on January 1, 2023. The 2019 LTIP program provides that the amount earned of the performance-based portion of the awards is dependent on Simon’s performance compared to certain criteria and has a maximum potential fair value at issuance of $22.1 million. The grant date fair values of any LTIP units for market-based awards are estimated using a Monte Carlo model, and the resulting fixed expense is recorded regardless of whether the market condition criteria are achieved if the required service is delivered. The grant date fair values of the market-based awards are being amortized into expense over the period from the grant date to the date at which the awards, if earned, would become vested. The expense of the performance-based award is recorded over the period from the grant date to the date at which the awards, if earned, would become vested, based on our assessment as to whether it is probable that the performance criteria will be achieved during the applicable performance periods. The Compensation Committee approved LTIP unit grants as shown in the table below. The extent to which LTIP units were earned, and the aggregate grant date fair value, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ LTIP Program LTIP Units Earned Grant Date Fair Value of TSR Award Grant Date Target Value of Performance-Based Awards 2018 LTIP program - Tranche A 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 2019 LTIP program ​ To be determined in 2022 $9.5 million $14.7 million ​ We recorded compensation expense, net of capitalization and forfeitures, related to LTIP programs of approximately $15.8 million, $12.0 million, and $14.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. Restricted Stock. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2019 2018 2017 Shares of restricted stock awarded during the year, net of forfeitures ​ 90,902 ​ 51,756 ​ 76,660 ​ Weighted average fair value of shares granted during the year ​ $ 181.94 ​ $ 153.24 ​ $ 170.81 ​ Annual amortization ​ $ 12,604 ​ $ 12,029 ​ $ 13,911 ​ ​ We recorded compensation expense, net of capitalization, related to restricted stock for employees and non-employee directors of approximately $11.0 million, $7.8 million, and $9.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. Other Compensation Arrangements. We also maintain a tax-qualified retirement 401(k) savings plan and offer no other post-retirement or post-employment benefits to our employees. Exchange Rights Simon Limited partners in the Operating Partnership have the right to exchange all or any portion of their units for shares of common stock on a one-for-one basis or cash, as determined by Simon’s Board of Directors. The amount of cash to be paid if the exchange right is exercised and the cash option is selected will be based on the trading price of Simon’s common stock at that time. At December 31, 2019, Simon had reserved 54,528,976 shares of common stock for possible issuance upon the exchange of units, stock options and Class B common stock. The Operating Partnership Limited partners have the right under the partnership agreement to exchange all or any portion of their units for shares of Simon common stock on a one-for-one basis or cash, as determined by Simon in its sole discretion. If Simon selects cash, Simon cannot cause the Operating Partnership to redeem the exchanged units for cash without contributing cash to the Operating Partnership as partners’ equity sufficient to effect the redemption. If sufficient cash is not contributed, Simon will be deemed to have elected to exchange the units for shares of Simon common stock. The amount of cash to be paid if the exchange right is exercised and the cash option is selected will be based on the trading price of Simon’s common stock at that time. The number of shares of Simon’s common stock issued pursuant to the exercise of the exchange right will be the same as the number of units exchanged.

Lease Income

Lease Income	12 Months Ended
	Dec. 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 recorded on a straight-line basis. Variable lease income includes consideration based on sales, as well as reimbursements for real estate taxes, utilities, marketing, and certain other items. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2019 2018 ​ 2017 Fixed lease income ​ $ 4,293,401 ​ $ 4,185,174 ​ $ 4,156,971 Variable lease income ​ ​ 950,370 ​ ​ 973,246 ​ ​ 952,128 Total lease income ​ $ 5,243,771 ​ $ 5,158,420 ​ $ 5,109,099 ​ Lease income for the years ended December 31, 2018 and 2017 has been reclassified to conform to the current year presentation. Minimum fixed lease consideration under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration, as of December 31, 2019, is as follows: ​ ​ ​ ​ 2020 $ 3,553,867 2021 ​ 3,182,630 2022 ​ 2,785,719 2023 ​ 2,293,210 2024 ​ 1,825,869 Thereafter ​ 4,700,660 ​ ​ $ 18,341,955 ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 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 December 31, 2019, a total of 23 of the consolidated properties are subject to ground leases. The termination dates of these ground leases range from 2021 to 2090, including periods for which exercising an extension option is reasonably assured. These ground leases generally require us to make fixed annual rental payments, or a fixed annual rental payment plus a percentage rent component based upon the revenues or total sales of the property. In addition, we have several regional office locations that are subject to leases with termination dates ranging from 2020 to 2028. These office leases generally require us to make fixed annual rental payments plus pay our share of common area, real estate, and utility expenses. Some of our ground and office leases include escalation clauses. All of our lease arrangements are classified as operating leases. We incurred ground lease expense and office lease expense, which are included in other expense and home office and regional expense, respectively, as follows: ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2019 Operating Lease Cost ​ ​ ​ Fixed lease cost ​ $ 31,000 Variable lease cost ​ ​ 16,833 Sublease income ​ (694) Total operating lease cost ​ $ 47,139 ​ For the years ended December 31, 2018 and 2017, we incurred $47,320 and $45,345 of lease expense, respectively. ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2019 Other Information ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ Operating cash flows from operating leases ​ $ 48,519 ​ ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ 35.6 years Weighted-average discount rate - operating leases ​ ​ 4.87% ​ Future minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and renewal options unless reasonably certain of exercise and any sublease income, are as follows: ​ ​ ​ ​ ​ 2020 ​ $ 32,438 2021 ​ ​ 32,440 2022 ​ ​ 32,451 2023 ​ ​ 32,583 2024 ​ ​ 32,717 Thereafter ​ ​ 908,701 ​ ​ $ 1,071,330 Impact of discounting ​ ​ (554,521) Operating lease liabilities ​ $ 516,809 ​ Insurance We maintain insurance coverage with third party carriers who provide a portion of the coverage for specific layers of potential losses, including commercial general liability, fire, flood, extended coverage and rental loss insurance on all of our properties in the United States. The initial portion of coverage not provided by third party carriers is either insured through our wholly-owned captive insurance company, Bridgewood Insurance Company, Ltd., or other financial arrangements controlled by us. If required, a third party carrier has, in turn, agreed to provide evidence of coverage for this layer of losses under the terms and conditions of the carrier’s policy. A similar policy written either through our captive insurance company or other financial arrangements controlled by us also provides initial coverage for property insurance and certain windstorm risks at the properties located in coastal windstorm locations. We currently maintain insurance coverage against acts of terrorism on all of our properties in the United States on an “all risk” basis in the amount of up to $1 billion. Despite the existence of this insurance coverage, any threatened or actual terrorist attacks where we operate could adversely affect our property values, revenues, consumer traffic and tenant sales. Hurricane Impacts During the third quarter of 2017, two of our wholly-owned properties located in Puerto Rico sustained significant property damage and business interruption as a result of Hurricane Maria. Since the date of the loss, we have received $73.9 million of insurance proceeds from third-party carriers related to the two properties located in Puerto Rico, of which $45.5 million was used for property restoration and remediation and to reduce the insurance recovery receivable. During the years ended December 31, 2019 and 2018, we recorded $10.5 million and $17.9 million, respectively, as business interruption income, which was recorded in other income in the accompanying consolidated statements of operations and comprehensive income. Guarantees of Indebtedness Joint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non-recourse to us. As of December 31, 2019 and 2018, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $214.8 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 have estimated fair values in excess of the guaranteed amount. Concentration of Credit Risk Our U.S. Malls, Premium Outlets, and The Mills rely upon anchor tenants to attract customers; however, anchors do not contribute materially to our financial results as many anchors own their spaces. All material operations are within the United States and no customer or tenant accounts for 5% or more of our consolidated revenues.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions
Related Party Transactions	11. Related Party Transactions Transactions with Affiliates Our management company provides office space and legal, human resource administration, property specific financing and other support services to Melvin Simon & Associates, Inc., or MSA, a related party, for which we received a fee of $0.6 million in each of 2019, 2018 and 2017. In addition, pursuant to management agreements that provide for our receipt of a management fee and reimbursement of our direct and indirect costs, we have managed since 1993 two shopping centers owned by entities in which David Simon and Herbert Simon have ownership interests, for which we received a fee of $3.9 million, $4.2 million, and $4.2 million in 2019, 2018, and 2017, respectively. Transactions with Unconsolidated Joint Ventures As described in Note 2, our management company provides management, insurance, and other services to certain unconsolidated joint ventures. Amounts received for such services were $108.2 million, $111.5 million, and $116.4 million in 2019, 2018, and 2017, respectively. During 2019, 2018, and 2017, we recorded development, royalty, and other fee income, net of elimination, related to our unconsolidated international joint ventures of $14.8 million, $16.0 million, and $15.5 million, respectively. The fees related to our international investments are included in other income in the accompanying consolidated statements of operations and comprehensive income. Neither MSA, David Simon, or Herb Simon have an ownership interest in any of our unconsolidated joint ventures, except through their ownership interests in the Company or the Operating Partnership. ​

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)	12. Quarterly Financial Data (Unaudited) Quarterly 2019 and 2018 data is summarized in the table below. Quarterly amounts may not sum to annual amounts due to rounding. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Second Third Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 1,452,834 ​ $ 1,397,186 ​ $ 1,416,554 ​ $ 1,488,615 ​ Operating income before other items ​ 745,021 ​ 680,631 ​ 705,302 ​ 776,876 ​ Consolidated net income ​ 631,947 ​ 572,102 ​ 628,724 ​ 590,416 ​ Simon Property Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to common stockholders ​ $ 548,475 ​ $ 495,324 ​ $ 544,254 ​ $ 510,194 ​ Net income per share — Basic and Diluted ​ $ 1.78 ​ $ 1.60 ​ $ 1.77 ​ $ 1.66 ​ Weighted average shares outstanding — Basic and Diluted ​ 308,978,053 ​ 308,708,798 ​ 307,275,230 ​ 306,868,960 ​ Simon Property Group, L.P. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to unitholders ​ $ 631,551 ​ $ 570,389 ​ $ 627,074 ​ $ 587,931 ​ Net income per unit — Basic and Diluted ​ $ 1.78 ​ $ 1.60 ​ $ 1.77 ​ $ 1.66 ​ Weighted average units outstanding — Basic and Diluted ​ ​ 355,778,250 ​ ​ 355,491,396 ​ ​ 354,038,110 ​ ​ 353,619,579 ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue (1) ​ $ 1,394,182 ​ $ 1,385,059 ​ $ 1,404,021 ​ $ 1,462,027 ​ Operating income before other items ​ 704,962 ​ 727,983 ​ 722,843 ​ 770,512 ​ Consolidated net income ​ 715,524 ​ 631,414 ​ 642,212 ​ 833,192 ​ Simon Property Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to common stockholders ​ $ 620,654 ​ $ 547,004 ​ $ 556,267 ​ $ 712,796 ​ Net income per share — Basic and Diluted ​ $ 2.00 ​ $ 1.77 ​ $ 1.80 ​ $ 2.30 ​ Weighted average shares outstanding — Basic and Diluted ​ 310,583,643 ​ 309,355,154 ​ 309,294,045 ​ 309,293,708 ​ Simon Property Group, L.P. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to unitholders ​ $ 714,303 ​ $ 629,822 ​ $ 640,402 ​ $ 821,237 ​ Net income per unit — Basic and Diluted ​ $ 2.00 ​ $ 1.77 ​ $ 1.80 ​ $ 2.30 ​ Weighted average units outstanding — Basic and Diluted ​ ​ 357,446,988 ​ ​ 356,181,817 ​ ​ 356,073,080 ​ ​ 356,396,387 ​ ​ ​ ​ (1) Total revenue has been reclassified to conform to the current year presentation. ​

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2019
Subsequent Event
Subsequent Event.	13. Subsequent Event On February 10, 2020, we and Taubman Centers, Inc., a publicly held Michigan corporation (“TCO”), issued a joint press release announcing the execution of an Agreement and Plan of Merger (the “Merger Agreement”) dated as of February 9, 2020, pursuant to which, among other things and subject to the satisfaction or waiver of certain conditions, the Operating Partnership will acquire 100% of the equity interests of TCO and, following the transactions contemplated in the Merger Agreement, will hold 80% of the equity interests of The Taubman Realty Group Limited Partnership (“TRG”), with the Taubman Family (as defined in the Merger Agreement) retaining a 20% interest in TRG. Consummation of the transactions contemplated by the Merger Agreement are subject to the satisfaction or waiver of customary closing conditions, including the approval and adoption of the Merger Agreement by (i) shareholders holding two-thirds TRG is engaged in the ownership, management and/or leasing of 26 super-regional shopping centers in the U.S. and Asia. The TRG board will be comprised of 3 Simon designees and 3 Taubman designees. TRG will continue to be managed by its existing executive team. We, through the Operating Partnership, will acquire all of Taubman common stock for $52.50 per share in cash, or $3.6 billion.

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
Schedule III Real Estate and Accumulated Depreciation
Schedule III Real Estate and Accumulated Depreciation	SCHEDULE III Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsequent to ​ Gross Amounts At Which ​ ​ ​ ​ Date of ​ ​ ​ ​ ​ ​ ​ Initial Cost (3) ​ Acquisition (3) ​ Carried At Close of Period ​ ​ ​ ​ Construction ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Accumulated ​ or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Malls ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Barton Creek Square Austin, TX ​ $ — ​ $ 2,903 ​ $ 20,929 ​ $ 7,983 ​ $ 92,681 ​ $ 10,886 ​ $ 113,610 ​ $ 124,496 ​ $ 62,531 1981 ​ Battlefield Mall Springfield, MO ​ 115,043 ​ 3,919 ​ 27,231 ​ 3,000 ​ 72,652 ​ 6,919 ​ 99,883 ​ 106,802 ​ 72,416 1970 ​ Bay Park Square Green Bay, WI ​ — ​ 6,358 ​ 25,623 ​ 4,106 ​ 32,357 ​ 10,464 ​ 57,980 ​ 68,444 ​ 34,600 1980 ​ Brea Mall Brea (Los Angeles), CA ​ — ​ 39,500 ​ 209,202 ​ 2,993 ​ 76,253 ​ 42,493 ​ 285,455 ​ 327,948 ​ 150,527 1998 (4) Broadway Square Tyler, TX ​ — ​ 11,306 ​ 32,431 ​ — ​ 46,983 ​ 11,306 ​ 79,414 ​ 90,720 ​ 39,881 1994 (4) Burlington Mall Burlington (Boston), MA ​ — ​ 46,600 ​ 303,618 ​ 27,458 ​ 204,004 ​ 74,058 ​ 507,622 ​ 581,680 ​ 236,539 1998 (4) Castleton Square Indianapolis, IN ​ — ​ 26,250 ​ 98,287 ​ 7,434 ​ 79,828 ​ 33,684 ​ 178,115 ​ 211,799 ​ 115,286 1972 ​ Cielo Vista Mall El Paso, TX ​ — ​ 1,005 ​ 15,262 ​ 608 ​ 56,715 ​ 1,613 ​ 71,977 ​ 73,590 ​ 49,480 1974 ​ College Mall Bloomington, IN ​ — ​ 1,003 ​ 16,245 ​ 720 ​ 70,773 ​ 1,723 ​ 87,018 ​ 88,741 ​ 45,621 1965 ​ Columbia Center Kennewick, WA ​ — ​ 17,441 ​ 66,580 ​ — ​ 42,401 ​ 17,441 ​ 108,981 ​ 126,422 ​ 62,150 1987 ​ Copley Place Boston, MA ​ — ​ — ​ 378,045 ​ — ​ 214,121 ​ — ​ 592,166 ​ 592,166 ​ 242,594 2002 (4) Coral Square Coral Springs (Miami), FL ​ — ​ 13,556 ​ 93,630 ​ — ​ 20,174 ​ 13,556 ​ 113,804 ​ 127,360 ​ 88,716 1984 ​ Cordova Mall Pensacola, FL ​ — ​ 18,626 ​ 73,091 ​ 7,321 ​ 69,914 ​ 25,947 ​ 143,005 ​ 168,952 ​ 76,474 1998 (4) Domain, The Austin, TX ​ 180,735 ​ 40,436 ​ 197,010 ​ — ​ 150,597 ​ 40,436 ​ 347,607 ​ 388,043 ​ 164,609 2005 ​ Empire Mall Sioux Falls, SD ​ 186,948 ​ 35,998 ​ 192,186 ​ — ​ 29,900 ​ 35,998 ​ 222,086 ​ 258,084 ​ 60,956 1998 (5) Fashion Mall at Keystone, The Indianapolis, IN ​ — ​ — ​ 120,579 ​ 29,145 ​ 101,367 ​ 29,145 ​ 221,946 ​ 251,091 ​ 125,707 1997 (4) Firewheel Town Center Garland (Dallas), TX ​ — ​ 8,438 ​ 82,716 ​ — ​ 28,801 ​ 8,438 ​ 111,517 ​ 119,955 ​ 62,470 2004 ​ Forum Shops at Caesars, The Las Vegas, NV ​ — ​ — ​ 276,567 ​ — ​ 277,394 ​ — ​ 553,961 ​ 553,961 ​ 275,437 1992 ​ Greenwood Park Mall Greenwood (Indianapolis), IN ​ — ​ 2,423 ​ 23,445 ​ 5,253 ​ 123,737 ​ 7,676 ​ 147,182 ​ 154,858 ​ 88,241 1979 ​ Haywood Mall Greenville, SC ​ — ​ 11,585 ​ 133,893 ​ 6 ​ 42,726 ​ 11,591 ​ 176,619 ​ 188,210 ​ 109,736 1998 (4) Ingram Park Mall San Antonio, TX ​ 125,225 ​ 733 ​ 16,972 ​ 37 ​ 44,000 ​ 770 ​ 60,972 ​ 61,742 ​ 32,240 1979 ​ King of Prussia King of Prussia (Philadelphia), PA ​ — ​ 175,063 ​ 1,128,200 ​ — ​ 374,807 ​ 175,063 ​ 1,503,007 ​ 1,678,070 ​ 407,464 2003 (5) La Plaza Mall McAllen, TX ​ — ​ 87,912 ​ 9,828 ​ 6,569 ​ 184,222 ​ 94,481 ​ 194,050 ​ 288,531 ​ 48,508 1976 ​ Lakeline Mall Cedar Park (Austin), TX ​ — ​ 10,088 ​ 81,568 ​ 14 ​ 25,238 ​ 10,102 ​ 106,806 ​ 116,908 ​ 62,704 1995 ​ Lenox Square Atlanta, GA ​ — ​ 38,058 ​ 492,411 ​ — ​ 140,839 ​ 38,058 ​ 633,250 ​ 671,308 ​ 357,413 1998 (4) Livingston Mall ​ Livingston (New York), NJ ​ ​ — ​ ​ 22,214 ​ ​ 105,250 ​ ​ — ​ ​ 48,437 ​ ​ 22,214 ​ ​ 153,687 ​ ​ 175,901 ​ ​ 87,664 ​ 1998 (4) Mall of Georgia ​ Buford (Atlanta), GA ​ ​ — ​ ​ 47,492 ​ ​ 326,633 ​ ​ — ​ ​ 15,033 ​ ​ 47,492 ​ ​ 341,666 ​ ​ 389,158 ​ ​ 185,545 ​ 1999 (5) ​ ​ Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsequent to ​ Gross Amounts At Which ​ ​ ​ ​ Date of ​ ​ ​ ​ ​ ​ ​ Initial Cost (3) ​ Acquisition (3) ​ Carried At Close of Period ​ ​ ​ ​ Construction ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Buildings and ​ ​ ​ Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition McCain Mall ​ N. Little Rock, AR ​ $ — ​ $ — ​ $ 9,515 ​ $ 10,530 ​ $ 29,043 ​ $ 10,530 ​ $ 38,558 ​ $ 49,088 ​ $ 16,385 ​ 1973 ​ Menlo Park Mall Edison (New York), NJ ​ — ​ 65,684 ​ 223,252 ​ — ​ 81,610 ​ 65,684 ​ 304,862 ​ 370,546 ​ 180,763 1997 (4) Midland Park Mall Midland, TX ​ 73,679 ​ 687 ​ ​ 9,213 ​ 1,196 ​ 33,966 ​ 1,883 ​ 43,179 ​ 45,062 ​ 22,997 ​ 1980 ​ Miller Hill Mall Duluth, MN ​ — 2,965 ​ 18,092 1,811 44,438 4,776 62,530 67,306 44,752 1973 ​ Montgomery Mall North Wales (Philadelphia), PA ​ 100,000 27,105 ​ 86,915 — 64,110 27,105 151,025 178,130 71,996 2004 (5) North East Mall Hurst (Dallas), TX ​ — 128 ​ 12,966 19,010 148,122 19,138 161,088 180,226 114,922 1971 ​ Northgate Seattle, WA ​ — 23,610 ​ 115,992 — 54,357 23,610 170,349 193,959 82,994 1987 ​ Ocean County Mall Toms River (New York), NJ ​ — 20,404 ​ 124,945 3,277 71,607 23,681 196,552 220,233 95,906 1998 (4) Orland Square Orland Park (Chicago), IL ​ — 35,439 ​ 129,906 — 79,521 35,439 209,427 244,866 110,562 1997 (4) Oxford Valley Mall Langhorne (Philadelphia), PA ​ 59,541 24,544 ​ 100,287 — 21,445 24,544 121,732 146,276 82,499 2003 (4) Penn Square Mall Oklahoma City, OK ​ 310,000 2,043 ​ 155,958 — 60,655 2,043 216,613 218,656 129,929 2002 (4) Pheasant Lane Mall Nashua, NH ​ — 3,902 ​ 155,068 550 50,798 4,452 205,866 210,318 111,692 2004 (5) Phipps Plaza Atlanta, GA ​ — 15,005 ​ 210,610 — 203,514 15,005 414,124 429,129 160,784 1998 (4) Plaza Carolina Carolina (San Juan), PR ​ 225,000 15,493 ​ 279,560 — 75,185 15,493 354,745 370,238 164,298 2004 (4) Prien Lake Mall Lake Charles, LA ​ — 1,842 ​ 2,813 3,053 60,521 4,895 63,334 68,229 31,771 1972 ​ Rockaway Townsquare Rockaway (New York), NJ ​ — 41,918 ​ 212,257 — 66,784 41,918 279,041 320,959 151,799 1998 (4) Roosevelt Field Garden City (New York), NY ​ — 163,160 ​ 702,008 1,246 368,267 164,406 1,070,275 1,234,681 500,787 1998 (4) Ross Park Mall Pittsburgh, PA ​ — 23,541 ​ 90,203 5,815 129,184 29,356 219,387 248,743 127,819 1986 ​ Santa Rosa Plaza Santa Rosa, CA ​ — 10,400 ​ 87,864 — 28,927 10,400 116,791 127,191 66,455 1998 (4) Shops at Chestnut Hill, The Chestnut Hill (Boston), MA ​ 120,000 449 ​ 25,102 38,864 106,972 39,313 132,074 171,387 37,688 2002 (5) Shops at Nanuet, The Nanuet, NY ​ — 28,125 ​ 142,860 — 10,877 28,125 153,737 181,862 39,309 2013 ​ Shops at Riverside, The Hackensack (New York), NJ ​ 130,000 13,521 ​ 238,746 — 258,036 13,521 496,782 510,303 80,710 2007 (4) (5) South Hills Village Pittsburgh, PA ​ — 23,445 ​ 125,840 1,472 82,363 24,917 208,203 233,120 103,581 1997 (4) South Shore Plaza ​ Braintree (Boston), MA ​ ​ — ​ 101,200 ​ ​ 301,495 ​ — ​ 165,865 ​ 101,200 ​ 467,360 ​ 568,560 ​ 254,866 ​ 1998 (4) Southdale Center Edina (Minneapolis), MN ​ 141,377 41,430 ​ 184,967 — 112,735 41,430 297,702 339,132 65,664 2007 (4) (5) SouthPark Charlotte, NC ​ — 42,092 ​ 188,055 100 201,974 42,192 390,029 432,221 213,185 2002 (4) Southridge Mall ​ Greendale (Milwaukee), WI ​ ​ 114,458 ​ ​ 12,359 ​ ​ 130,111 ​ ​ 1,939 ​ ​ 14,033 ​ ​ 14,298 ​ ​ 144,144 ​ ​ 158,442 ​ ​ 48,103 ​ 2007 (4) (5) St. Charles Towne Center ​ Waldorf (Washington, DC), MD ​ ​ — ​ ​ 7,710 ​ ​ 52,934 ​ ​ 1,180 ​ ​ 30,246 ​ ​ 8,890 ​ ​ 83,180 ​ ​ 92,070 ​ ​ 59,918 ​ 1990 ​ ​ ​ Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsequent to ​ Gross Amounts At Which ​ ​ ​ ​ Date of ​ ​ ​ ​ ​ ​ ​ Initial Cost (3) ​ Acquisition (3) ​ Carried At Close of Period ​ ​ ​ ​ Construction ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings and ​ ​ ​ Buildings and ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Stanford Shopping Center Palo Alto (San Jose), CA ​ $ — $ — $ 339,537 $ — $ 164,618 $ — $ 504,155 $ 504,155 $ 196,441 2003 (4) Summit Mall Akron, OH ​ ​ 85,000 ​ 15,374 ​ 51,137 ​ — ​ 57,597 ​ 15,374 ​ 108,734 ​ 124,108 ​ 64,652 1965 ​ Tacoma Mall Tacoma (Seattle), WA ​ — 37,113 125,826 — 149,126 37,113 274,952 312,065 138,231 1987 ​ Tippecanoe Mall Lafayette, IN ​ — 2,897 8,439 5,517 48,193 8,414 56,632 65,046 44,397 1973 ​ Town Center at Boca Raton Boca Raton (Miami), FL ​ — 64,200 307,317 — 235,698 64,200 543,015 607,215 291,763 1998 (4) Town Center at Cobb Kennesaw (Atlanta), GA ​ 181,632 32,355 158,225 — 24,154 32,355 182,379 214,734 123,820 1998 (5) Towne East Square Wichita, KS ​ — 8,525 18,479 4,108 52,323 12,633 70,802 83,435 47,968 1975 ​ Treasure Coast Square Jensen Beach, FL ​ — 11,124 72,990 3,067 40,463 14,191 113,453 127,644 73,903 1987 ​ Tyrone Square St. Petersburg (Tampa), FL ​ — 15,638 120,962 1,459 51,512 17,097 172,474 189,571 107,064 1972 ​ University Park Mall Mishawaka, IN ​ — 10,762 118,164 7,000 59,528 17,762 177,692 195,454 146,660 1996 (4) Walt Whitman Shops Huntington Station (New York), NY ​ — 51,700 111,258 3,789 127,988 55,489 239,246 294,735 122,578 1998 (4) White Oaks Mall Springfield, IL ​ 47,548 2,907 35,692 2,166 66,683 5,073 102,375 107,448 56,577 1977 ​ Wolfchase Galleria Memphis, TN ​ 156,170 16,407 128,276 — 17,530 16,407 145,806 162,213 93,616 2002 (4) Woodland Hills Mall Tulsa, OK ​ — 34,211 187,123 — 34,550 34,211 221,673 255,884 137,063 2004 (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premium Outlets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Albertville Premium Outlets Albertville (Minneapolis), MN ​ — 3,900 97,059 — 11,572 3,900 108,631 112,531 52,010 2004 (4) Allen Premium Outlets Allen (Dallas), TX ​ — ​ 20,932 ​ 69,788 ​ — ​ 42,478 ​ 20,932 ​ 112,266 ​ 133,198 ​ 32,728 ​ 2004 (4) Aurora Farms Premium Outlets ​ Aurora (Cleveland), OH ​ — ​ 2,370 ​ 24,326 ​ — ​ 9,274 ​ 2,370 ​ 33,600 ​ 35,970 ​ 23,826 ​ 2004 (4) Birch Run Premium Outlets Birch Run (Detroit), MI ​ 123,000 11,477 77,856 — 8,843 11,477 86,699 98,176 34,066 2010 (4) Camarillo Premium Outlets Camarillo (Los Angeles), CA ​ — 16,670 224,721 395 72,239 17,065 296,960 314,025 140,770 2004 (4) Carlsbad Premium Outlets Carlsbad (San Diego), CA ​ — 12,890 184,990 96 9,907 12,986 194,897 207,883 84,213 2004 (4) Carolina Premium Outlets Smithfield (Raleigh), NC ​ 42,982 3,175 59,863 5,311 7,667 8,486 67,530 76,016 36,402 2004 (4) Chicago Premium Outlets Aurora (Chicago), IL ​ — 659 118,005 13,050 101,399 13,709 219,404 233,113 79,095 2004 (4) Cincinnati Premium Outlets Monroe (Cincinnati), OH ​ — 14,117 71,520 — 5,234 14,117 76,754 90,871 36,619 2008 ​ Clinton Crossing Premium Outlets Clinton, CT ​ — 2,060 107,556 1,532 6,098 3,592 113,654 117,246 57,830 2004 (4) Denver Premium Outlets Thornton (Denver), CO ​ ​ — ​ 11,671 ​ 45,335 ​ 10 ​ 71,266 ​ 11,681 ​ 116,601 ​ 128,282 ​ 7,030 2018 ​ Desert Hills Premium Outlets ​ Cabazon (Palm Springs), CA ​ ​ — ​ ​ 3,440 ​ ​ 338,679 ​ ​ — ​ ​ 115,468 ​ ​ 3,440 ​ ​ 454,147 ​ ​ 457,587 ​ ​ 173,343 ​ 2004 (4) ​ ​ Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsequent to ​ Gross Amounts At Which ​ ​ ​ ​ Date of ​ ​ ​ ​ ​ ​ ​ Initial Cost (3) ​ Acquisition (3) ​ Carried At Close of Period ​ ​ ​ ​ Construction ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings and ​ ​ ​ Buildings and ​ ​ ​ Buildings and ​ ​ ​ Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Ellenton Premium Outlets Ellenton (Tampa), FL ​ $ 178,000 $ 15,807 $ 182,412 $ — $ 7,719 $ 15,807 $ 190,131 $ 205,938 ​ $ 96,640 ​ 2010 (4) Folsom Premium Outlets Folsom (Sacramento), CA ​ — ​ 9,060 ​ 50,281 ​ — ​ 5,017 ​ 9,060 ​ 55,298 ​ 64,358 ​ ​ 30,972 ​ 2004 (4) Gilroy Premium Outlets Gilroy (San Jose), CA ​ — 9,630 194,122 — 17,960 9,630 212,082 221,712 ​ 100,683 ​ 2004 (4) Grand Prairie Premium Outlets Grand Prairie (Dallas), TX ​ 111,607 9,497 194,245 — 2,167 9,497 196,412 205,909 ​ 47,912 ​ 2012 ​ Grove City Premium Outlets Grove City (Pittsburgh), PA ​ 140,000 6,421 121,880 — 7,358 6,421 129,238 135,659 ​ 66,003 ​ 2010 (4) Gulfport Premium Outlets Gulfport, MS ​ 50,000 — 27,949 — 7,494 — 35,443 35,443 ​ 15,543 ​ 2010 (4) Hagerstown Premium Outlets Hagerstown (Baltimore/Washington, DC), MD ​ 74,655 3,576 85,883 — 2,930 3,576 88,813 92,389 ​ 36,464 ​ 2010 (4) Houston Premium Outlets Cypress (Houston), TX ​ — 8,695 69,350 — 48,112 8,695 117,462 126,157 ​ 50,806 ​ 2007 ​ Indiana Premium Outlets ​ Edinburgh (Indianapolis), IN ​ ​ — ​ ​ 2,857 ​ ​ 47,309 ​ ​ — ​ ​ 19,704 ​ ​ 2,857 ​ ​ 67,013 ​ ​ 69,870 ​ ​ 34,573 ​ 2004 (4) Jackson Premium Outlets Jackson (New York), NJ ​ — 6,413 104,013 3 8,413 6,416 112,426 118,842 ​ 50,036 ​ 2004 (4) Jersey Shore Premium Outlets Tinton Falls (New York), NJ ​ — 15,390 50,979 — 79,060 15,390 130,039 145,429 ​ 61,084 ​ 2007 ​ Johnson Creek Premium Outlets Johnson Creek, WI ​ — 2,800 39,546 — 6,978 2,800 46,524 49,324 ​ 22,152 ​ 2004 (4) Kittery Premium Outlets Kittery, ME ​ — 11,832 94,994 — 11,024 11,832 106,018 117,850 ​ 44,198 ​ 2004 (4) Las Americas Premium Outlets San Diego, CA ​ — 45,168 251,878 — 11,088 45,168 262,966 308,134 ​ 94,764 ​ 2007 (4) Las Vegas North Premium Outlets Las Vegas, NV ​ — 25,435 134,973 16,536 151,951 41,971 286,924 328,895 ​ 123,087 ​ 2004 (4) Las Vegas South Premium Outlets Las Vegas, NV ​ — 13,085 160,777 — 33,215 13,085 193,992 207,077 ​ 82,007 ​ 2004 (4) Lee Premium Outlets Lee, MA ​ 50,710 9,167 52,212 — 4,313 9,167 56,525 65,692 ​ 27,692 ​ 2010 (4) Leesburg Corner Premium Outlets Leesburg (Washington, DC), VA ​ — 7,190 162,023 — 20,557 7,190 182,580 189,770 ​ 84,560 ​ 2004 (4) Lighthouse Place Premium Outlets Michigan City (Chicago, IL), IN ​ — 6,630 94,138 — 13,222 6,630 107,360 113,990 ​ 56,227 ​ 2004 (4) Merrimack Premium Outlets Merrimack, NH ​ 119,120 14,975 118,428 — 2,684 14,975 121,112 136,087 ​ 38,616 ​ 2012 ​ Napa Premium Outlets Napa, CA ​ — ​ 11,400 ​ 45,023 ​ — ​ 7,621 ​ 11,400 ​ 52,644 ​ 64,044 ​ 25,980 ​ 2004 (4) North Bend Premium Outlets North Bend (Seattle), WA ​ — 2,143 36,197 — 5,757 2,143 41,954 44,097 ​ 18,761 ​ 2004 (4) North Georgia Premium Outlets Dawsonville (Atlanta), GA ​ — 4,300 137,020 — 1,785 4,300 138,805 143,105 ​ 63,672 ​ 2004 (4) Orlando International Premium Outlets Orlando, FL ​ — 31,998 472,815 — 17,151 31,998 489,966 521,964 ​ 165,855 ​ 2010 (4) Orlando Vineland Premium Outlets Orlando, FL ​ — 14,040 382,949 36,023 6,279 50,063 389,228 439,291 ​ 166,168 ​ 2004 (4) Petaluma Village Premium Outlets Petaluma (San Francisco), CA ​ — 13,322 13,710 — 4,428 13,322 18,138 31,460 ​ 11,127 ​ 2004 (4) Philadelphia Premium Outlets Limerick (Philadelphia), PA ​ — 16,676 105,249 — 26,355 16,676 131,604 148,280 ​ 68,622 ​ 2006 ​ Phoenix Premium Outlets Chandler (Phoenix), AZ ​ — ​ — ​ 63,082 ​ — ​ 634 ​ — ​ 63,716 ​ 63,716 ​ ​ 21,380 ​ 2013 ​ Pismo Beach Premium Outlets Pismo Beach, CA ​ 34,590 ​ 4,317 ​ 19,044 ​ — ​ 2,906 ​ 4,317 ​ 21,950 ​ 26,267 ​ ​ 12,267 ​ 2010 (4) ​ ​ Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsequent to ​ ​ Gross Amounts At Which ​ ​ ​ ​ Date of ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost (3) ​ ​ Acquisition (3) ​ ​ Carried At Close of Period ​ ​ ​ ​ Construction ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings and ​ ​ Buildings and ​ ​ ​ Buildings and ​ ​ ​ ​ Accumulated ​ or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Pleasant Prairie Premium Outlets Pleasant Prairie (Chicago, IL/Milwaukee), WI $ 145,000 $ 16,823 $ 126,686 $ — $ 7,337 $ 16,823 $ 134,023 $ 150,846 $ 50,807 2010 (4) Puerto Rico Premium Outlets Barceloneta, PR ​ 160,000 20,586 114,021 — 9,301 20,586 123,322 143,908 46,781 2010 (4) Queenstown Premium Outlets Queenstown (Baltimore), MD ​ 60,767 8,129 61,950 — 5,095 8,129 67,045 75,174 26,943 2010 (4) Rio Grande Valley Premium Outlets Mercedes (McAllen), TX ​ — 12,229 41,547 — 32,631 12,229 74,178 86,407 42,057 2005 ​ Round Rock Premium Outlets Round Rock (Austin), TX ​ — 14,706 82,252 — 6,541 14,706 88,793 103,499 51,123 2005 ​ San Francisco Premium Outlets Livermore (San Francisco), CA ​ — 21,925 308,694 46,177 75,029 68,102 383,723 451,825 84,035 2012 ​ San Marcos Premium Outlets San Marcos (Austin/San Antonio), TX ​ — 13,180 287,179 — 12,207 13,180 299,386 312,566 105,137 2010 (4) Seattle Premium Outlets ​ Tulalip (Seattle), WA ​ ​ — ​ — ​ 103,722 ​ — ​ 53,899 ​ — ​ 157,621 ​ 157,621 ​ 72,850 ​ 2004 (4) St. Augustine Premium Outlets ​ St. Augustine (Jacksonville), FL ​ ​ — ​ 6,090 ​ 57,670 ​ 2 ​ 12,437 ​ 6,092 ​ 70,107 ​ 76,199 ​ 36,240 ​ 2004 (4) Tampa Premium Outlets Lutz (Tampa), FL ​ — 14,298 97,188 121 5,135 14,419 102,323 116,742 19,150 2015 ​ The Crossings Premium Outlets Tannersville, PA ​ 105,802 7,720 172,931 — 18,399 7,720 191,330 199,050 84,345 2004 (4) Tucson Premium Outlets ​ Marana (Tucson), AZ ​ ​ — ​ 12,508 ​ 69,677 ​ — ​ 5,900 ​ 12,508 ​ 75,577 ​ 88,085 ​ 14,223 ​ 2015 ​ Vacaville Premium Outlets Vacaville, CA ​ — 9,420 84,850 — 19,156 9,420 104,006 113,426 53,763 2004 (4) Waikele Premium Outlets Waipahu (Honolulu), HI ​ — 22,630 77,316 — 20,953 22,630 98,269 120,899 45,639 2004 (4) Waterloo Premium Outlets Waterloo, NY ​ — 3,230 75,277 — 14,935 3,230 90,212 93,442 45,560 2004 (4) Williamsburg Premium Outlets ​ Williamsburg, VA ​ ​ 185,000 ​ 10,323 ​ 223,789 ​ — ​ 7,992 ​ 10,323 ​ 231,781 ​ 242,104 ​ 80,017 ​ 2010 (4) Woodburn Premium Outlets Woodburn (Portland), OR ​ — 9,414 150,414 — 2,983 9,414 153,397 162,811 41,386 2013 (4) Woodbury Common Premium Outlets ​ Central Valley (New York), NY ​ ​ — ​ ​ 11,110 ​ ​ 862,559 ​ ​ 1,658 ​ ​ 262,904 ​ ​ 12,768 ​ ​ 1,125,463 ​ ​ 1,138,231 ​ ​ 416,863 ​ 2004 (4) Wrentham Village Premium Outlets ​ Wrentham (Boston), MA ​ ​ — ​ 4,900 ​ 282,031 ​ — ​ 43,343 ​ 4,900 ​ 325,374 ​ 330,274 ​ 137,981 ​ 2004 (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Mills ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Arizona Mills ​ Tempe (Phoenix), AZ ​ ​ 149,481 ​ 41,936 ​ 297,289 ​ — ​ 18,788 ​ 41,936 ​ 316,077 ​ 358,013 ​ 64,198 ​ 2007 (4) (5) Great Mall ​ Milpitas (San Jose), CA ​ ​ — ​ 69,853 ​ 463,101 ​ — ​ 57,898 ​ 69,853 ​ 520,999 ​ 590,852 ​ 137,261 ​ 2007 (4) (5) Gurnee Mills ​ Gurnee (Chicago), IL ​ ​ 259,455 ​ 41,133 ​ 297,911 ​ — ​ 30,392 ​ 41,133 ​ 328,303 ​ 369,436 ​ 90,091 ​ 2007 (4) (5) Mills at Jersey Gardens, The ​ Elizabeth, NJ ​ ​ 350,000 ​ 120,417 ​ 865,605 ​ — ​ 17,732 ​ 120,417 ​ 883,337 ​ 1,003,754 ​ 166,147 ​ 2015 (4) Opry Mills ​ Nashville, TN ​ ​ 375,000 ​ 51,000 ​ 327,503 ​ — ​ 16,815 ​ 51,000 ​ 344,318 ​ 395,318 ​ 92,169 ​ 2007 (4) (5) Outlets at Orange, The ​ Orange (Los Angeles), CA ​ ​ 215,000 ​ ​ 64,973 ​ ​ 211,322 ​ ​ — ​ ​ 2,728 ​ ​ 64,973 ​ ​ 214,050 ​ ​ 279,023 ​ ​ 9,940 ​ 2007 (4) (5) Potomac Mills ​ Woodbridge (Washington, DC), VA ​ ​ 416,000 ​ ​ 61,755 ​ ​ 425,370 ​ ​ — ​ ​ 40,019 ​ ​ 61,755 ​ ​ 465,389 ​ ​ 527,144 ​ ​ 132,379 ​ 2007 (4) (5) Sawgrass Mills ​ Sunrise (Miami), FL ​ ​ — ​ ​ 192,981 ​ ​ 1,641,153 ​ ​ 5,395 ​ ​ 205,643 ​ ​ 198,376 ​ ​ 1,846,796 ​ ​ 2,045,172 ​ ​ 465,457 ​ 2007 (4) (5) ​ ​ Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsequent to ​ Gross Amounts At Which ​ ​ ​ ​ Date of ​ ​ ​ ​ ​ ​ ​ Initial Cost (3) ​ Acquisition (3) ​ Carried At Close of Period ​ ​ ​ ​ Construction ​ ​ ​ ​ ​ ​ ​ ​ Buildings and ​ ​ Buildings and ​ ​ Buildings and ​ ​ Accumulated or Name Location Encumbrances (6) ​ Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Designer Outlets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ La Reggia Designer Outlet Marcianise (Naples), Italy ​ $ 141,001 $ 37,220 $ 233,179 $ — $ 12,562 $ 37,220 $ 245,741 $ 282,961 $ 37,075 2013 (4) (5) (7) Noventa Di Piave Designer Outlet Venice, Italy ​ ​ 313,701 ​ ​ 38,793 ​ ​ 309,284 ​ ​ — ​ ​ 60,729 ​ ​ 38,793 ​ ​ 370,013 ​ ​ 408,806 ​ ​ 47,723 2013 (4) (5) (7) Parndorf Designer Outlet ​ Vienna, Austria ​ ​ 207,487 ​ ​ 14,903 ​ ​ 221,442 ​ ​ — ​ ​ 5,331 ​ ​ 14,903 ​ ​ 226,773 ​ ​ 241,676 ​ ​ 42,149 ​ 2013 (4) (5) (7) Provence Designer Outlet ​ Provence, France ​ ​ 91,855 ​ ​ 38,467 ​ ​ 77,827 ​ ​ 6,169 ​ ​ — ​ ​ 44,636 ​ ​ 77,827 ​ ​ 122,463 ​ ​ 16,397 ​ 2017 (4) (5) (7) Roermond Designer Outlet ​ Roermond, Netherlands ​ ​ 257,958 ​ ​ 15,035 ​ ​ 400,094 ​ ​ — ​ ​ 8,833 ​ ​ 15,035 ​ ​ 408,927 ​ ​ 423,962 ​ ​ 72,303 ​ 2013 (4) (5) (7) Roosendaal Designer Outlet ​ Roosendaal, Netherlands ​ ​ 65,447 ​ ​ 22,191 ​ ​ 108,069 ​ ​ — ​ ​ 3,927 ​ ​ 22,191 ​ ​ 111,996 ​ ​ 134,187 ​ ​ 15,962 ​ 2017 (4) (5) (7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Community Centers ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ABQ Uptown ​ Albuquerque, NM ​ ​ — ​ ​ 6,374 ​ ​ 75,333 ​ ​ 4,054 ​ ​ 7,532 ​ ​ 10,428 ​ ​ 82,865 ​ ​ 93,293 ​ ​ 26,891 ​ 2011 (4) University Park Village Fort Worth, TX ​ ​ 55,000 18,031 ​ 100,523 ​ — ​ 4,675 ​ 18,031 ​ 105,198 ​ 123,229 ​ 18,306 2015 (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calhoun Outlet Marketplace ​ Calhoun, GA ​ ​ 18,311 1,745 ​ 12,529 ​ — ​ 2,471 ​ 1,745 ​ 15,000 ​ 16,745 ​ 9,683 ​ 2010 (4) Florida Keys Outlet Center ​ Florida City, FL ​ ​ 17,000 ​ ​ 1,112 ​ ​ 1,748 ​ ​ — ​ ​ 4,127 ​ ​ 1,112 ​ ​ 5,875 ​ ​ 6,987 ​ ​ 3,397 ​ 2010 (4) Gaffney Outlet Marketplace ​ Gaffney (Greenville/Charlotte), SC ​ ​ 29,581 4,056 ​ 32,371 ​ — ​ 6,347 ​ 4,056 ​ 38,718 ​ 42,774 ​ 19,448 ​ 2010 (4) Lincoln Plaza ​ King of Prussia (Philadelphia), PA ​ ​ — ​ ​ — ​ ​ 21,299 ​ ​ — ​ ​ 12,963 ​ ​ — ​ ​ 34,262 ​ ​ 34,262 ​ ​ 16,147 ​ 2003 (4) Orlando Outlet Marketplace ​ Orlando, FL ​ ​ — ​ ​ 3,367 ​ ​ 1,557 ​ ​ — ​ ​ 3,347 ​ ​ 3,367 ​ ​ 4,904 ​ ​ 8,271 ​ ​ 2,555 ​ 2010 (4) Osage Beach Marketplace ​ Osage Beach, MO ​ ​ — ​ ​ 9,460 ​ ​ 85,804 ​ ​ — ​ ​ 8,905 ​ ​ 9,460 ​ ​ 94,709 ​ ​ 104,169 ​ ​ 54,997 ​ 2004 (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other pre-development costs ​ ​ ​ ​ — ​ ​ 107,403 ​ ​ 134,874 ​ ​ 959 ​ ​ — ​ ​ 108,362 ​ ​ 134,874 ​ ​ 243,236 ​ ​ 78 ​ ​ ​ Other ​ ​ ​ ​ 25,000 ​ ​ 3,537 ​ ​ 40,304 ​ ​ — ​ ​ — ​ ​ 3,537 ​ ​ 40,304 ​ ​ 43,841 ​ ​ 11,138 ​ ​ ​ Currency Translation Adjustment ​ ​ ​ ​ — ​ ​ 4,300 ​ ​ 5,364 ​ ​ — ​ ​ 19,165 ​ ​ 4,300 ​ ​ 24,529 ​ ​ 28,829 ​ ​ (22,517) ​ ​ ​ ​ ​ ​ ​ $ 6,920,866 ​ $ 3,334,769 ​ $ 25,051,178 ​ $ 357,287 ​ $ 8,613,505 ​ $ 3,692,056 ​ $ 33,664,683 ​ $ 37,356,739 ​ $ 13,622,433 ​ ​ ​ ​ Simon Property Group, Inc. Simon Property Group, L.P. Notes to Schedule III as of December 31, 2019 (Dollars in thousands) (1) Reconciliation of Real Estate Properties: The changes in real estate assets for the years ended December 31, 2019, 2018, and 2017 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 2017 Balance, beginning of year ​ $ 36,667,960 ​ $ 36,014,506 ​ $ 34,897,942 ​ Acquisitions and consolidations (7) ​ 40,990 ​ 328,265 ​ 328,621 ​ Improvements ​ 899,728 ​ 758,135 ​ 731,863 ​ Disposals and deconsolidations ​ (219,268) ​ (357,622) ​ (125,499) ​ Currency Translation Adjustment ​ ​ (32,671) ​ ​ (75,324) ​ ​ 181,579 ​ Balance, close of year ​ $ 37,356,739 ​ $ 36,667,960 ​ $ 36,014,506 ​ The unaudited aggregate cost of domestic consolidated real estate assets for U.S. federal income tax purposes as of December 31, 2019 was $21,435,574. (2) Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation for the years ended December 31, 2019, 2018, and 2017 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 2017 Balance, beginning of year ​ $ 12,632,690 ​ $ 11,704,223 ​ $ 10,664,738 ​ Depreciation expense (7) ​ 1,176,815 ​ 1,106,053 ​ 1,121,863 ​ Disposals and deconsolidations ​ (194,664) ​ (190,241) ​ (81,187) ​ Currency Translation Adjustment ​ ​ 7,592 ​ ​ 12,655 ​ ​ (1,191) ​ Balance, close of year ​ $ 13,622,433 ​ $ 12,632,690 ​ $ 11,704,223 ​ Depreciation of our investment in buildings and improvements reflected in the consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as noted below. ● Buildings and Improvements — typically 10 - 35 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment. ● Tenant Allowances and Improvements — shorter of lease term or useful life. (3) Initial cost generally represents net book value at December 20, 1993, except for acquired properties and new developments after December 20, 1993. Initial cost also includes any new developments that are opened during the current year. Costs of disposals and impairments of property are first reflected as a reduction to cost capitalized subsequent to acquisition. (4) Not developed/constructed by us or our predecessors. The date of construction represents the initial acquisition date for assets in which we have acquired multiple interests. (5) Initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting. (6) Encumbrances represent face amount of mortgage debt and exclude any premiums or discounts and deferred financing costs. (7) Represents the original cost and does not include subsequent currency translation adjustments.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Significant Accounting Policies
Investment Properties	Investment Properties Investment properties consist of the following as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 Land ​ $ 3,692,056 ​ $ 3,673,023 ​ Buildings and improvements ​ 33,664,683 ​ 32,994,937 ​ Total land, buildings and improvements ​ 37,356,739 ​ 36,667,960 ​ Furniture, fixtures and equipment ​ 447,756 ​ 424,710 ​ Investment properties at cost ​ 37,804,495 ​ 37,092,670 ​ Less — accumulated depreciation ​ 13,905,776 ​ 12,884,539 ​ Investment properties at cost, net ​ $ 23,898,719 ​ $ 24,208,131 ​ Construction in progress included above ​ $ 812,982 ​ $ 561,556 ​ ​ We record investment properties at cost. Investment properties include costs of acquisitions; development, predevelopment, and construction (including allocable salaries and related benefits); tenant allowances and improvements; and interest and real estate taxes incurred during construction. We capitalize improvements and replacements from repair and maintenance when the repair and maintenance extends the useful life, increases capacity, or improves the efficiency of the asset. All other repair and maintenance items are expensed as incurred. We capitalize interest on projects during periods of construction until the projects are ready for their intended purpose based on interest rates in place during the construction period. The amount of interest capitalized during each year is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ ​ 2019 ​ 2018 ​ 2017 ​ Capitalized interest ​ $ 33,342 ​ $ 19,871 ​ $ 24,754 ​ ​ We record depreciation on buildings and improvements utilizing the straight-line method over an estimated original useful life, which is generally 10 to 35 years. We review depreciable lives of investment properties periodically and we make adjustments when necessary to reflect a shorter economic life. We amortize tenant allowances and tenant improvements utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. We record depreciation on equipment and fixtures utilizing the straight-line method over seven We review investment properties for impairment on a property-by-property basis to identify and evaluate events or changes in circumstances which indicate that the carrying value of investment properties may not be recoverable. These circumstances include, but are not limited to, declines in a property’s cash flows, ending occupancy or total sales per square foot. We measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization during the anticipated holding period plus its residual value is less than the carrying value of the property. To the extent impairment has occurred, we charge to income the excess of carrying value of the property over its estimated fair value. We also review our investments, including investments in unconsolidated entities, to identify and evaluate whether events or changes in circumstances indicate that the carrying amount of our investments may not be recoverable. We will record an impairment charge if we determine that a decline in the fair value of the investments is other-than-temporary. Our evaluation of changes in economic or operating conditions may include developing estimates of forecasted cash flows or operating income before depreciation and amortization to support the recoverability of the carrying amount of the investment. We estimate undiscounted cash flows and fair value using observable and unobservable data such as operating income before depreciation and amortization, estimated capitalization and discount rates, or relevant market multiples, leasing prospects and local market information. Changes in economic and operating conditions that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results.
Purchase Accounting	Purchase Accounting We allocate the purchase price of asset acquisitions and any excess investment in unconsolidated entities to the various components of the acquisition based upon the relative fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, we may utilize third party valuation specialists. These components typically include buildings, land and intangibles related to in-place leases and we estimate: ● the relative fair value of land and related improvements and buildings on an as-if-vacant basis, ● the market value of in-place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into lease income, ● the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and ● the value of lease income and recovery of costs foregone during a reasonable lease-up period, as if the space was vacant. The relative fair value of buildings is depreciated over the estimated remaining life of the acquired building or related improvements. We amortize tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. We also estimate the value of other acquired intangible assets, if any, which are amortized over the remaining life of the underlying related intangibles.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers’ acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits. See Notes 4 and 8 for disclosures about non-cash investing and financing transactions.
Equity Instruments and Debt Securities	Equity Instruments and Debt Securities Equity instruments and debt securities consist primarily of equity instruments, our deferred compensation plan investments, the debt securities of our captive insurance subsidiary, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At December 31, 2019 and 2018, we had equity instruments with readily determinable fair values of $68.2 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 (loss) 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.” Non-cash mark-to-market adjustments related to an investment we hold in units of a publicly traded real estate investment trust are included in unrealized losses in fair value of equity instruments in our consolidated statements of operations and comprehensive income. Non-cash mark-to-market adjustments related to other non-real estate securities with readily determinable fair values for the years ended December 31, 2019 and 2018 were $5.0 million and nil, respectively, and these losses were recorded in other expense in our consolidated statements of operations and comprehensive income. At December 31, 2019 and 2018, we had equity instruments without readily determinable fair values of $295.4 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 years ended December 31, 2019 and 2018. On July 26, 2017, we sold our investment in certain equity instruments. The aggregate proceeds received from the sale were $53.9 million, and we recognized a gain on the sale of $21.5 million, which is included in other income in the accompanying consolidated statement of operations and comprehensive income for the year ended December 31, 2017. 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 December 31, 2019 and 2018, we held debt securities of $52.8 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 December 31, 2019 and 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 $17.5 million and $10.9 million at December 31, 2019 and 2018, respectively, and a gross liability balance of $3.8 million and $6.2 million at December 31, 2019 and 2018, respectively. Note 7 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3 and 4 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of fair value, net operating results of the property, capitalization rates and discount rates.
Gains on Issuances of Stock by Equity Method Investees	Gains on Issuances of Stock by Equity Method Investees When one of our equity method investees issues additional shares to third parties, our percentage ownership interest in the investee may decrease. In the event the issuance price per share is higher or lower than our average carrying amount per share, we recognize a noncash gain or loss on the issuance, when appropriate. This noncash gain or loss is recognized in our net income in the period the change of ownership interest occurs.
Use of Estimates	Use of Estimates We prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates.
Segment and Geographic Locations	Segment and Geographic Locations Our primary business is the ownership, development, and management of premier shopping, dining, entertainment and mixed use real estate. We have aggregated our retail operations, including malls, Premium Outlets, The Mills, and our international investments into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same, tenants. As of December 31, 2019, approximately 6.2% of our consolidated long-lived assets and 2.9% of our consolidated total revenues were derived from assets located outside the United States. As of December 31, 2018, approximately 6.1% of our consolidated long-lived assets and 3.0% of our consolidated total revenues were derived from assets located outside the United States.
Deferred Costs and Other Assets	Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 Deferred lease costs, net ​ $ 209,277 ​ $ 249,010 ​ In-place lease intangibles, net ​ 31,417 ​ 65,825 ​ Acquired above market lease intangibles, net ​ 44,337 ​ 64,813 ​ Marketable securities of our captive insurance companies ​ 52,760 ​ 40,099 ​ Goodwill ​ 20,098 ​ 20,098 ​ Other marketable and non-marketable securities ​ 363,554 ​ 253,732 ​ Prepaids, notes receivable and other assets, net ​ 492,582 ​ 516,463 ​ ​ ​ $ 1,214,025 ​ $ 1,210,040 ​
Deferred Lease Costs	Deferred Lease Costs Our deferred leasing costs consist primarily of initial direct costs and, prior to the adoption of ASC 842, capitalized salaries and related benefits, in connection with lease originations. We record amortization of deferred leasing costs on a straight-line basis over the terms of the related leases. Details of these deferred costs as of December 31 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 Deferred lease costs ​ $ 443,313 ​ $ 497,570 ​ Accumulated amortization ​ (234,036) ​ (248,560) ​ Deferred lease costs, net ​ $ 209,277 ​ $ 249,010 ​
Intangibles	Intangibles The average remaining life of in-place lease intangibles is approximately 2.0 years and is being amortized on a straight-line basis and is included with depreciation and amortization in the consolidated statements of operations and comprehensive income. The fair market value of above and below market leases is amortized into lease income over the remaining lease life as a component of reported lease income. The weighted average remaining life of these intangibles is approximately 2.6 years. The unamortized amount of below market leases is included in accounts payable, accrued expenses, intangibles and deferred revenues in the consolidated balance sheets and was $44.8 million and $66.7 million as of December 31, 2019 and 2018, respectively. The amount of amortization of above and below market leases, net, which increased lease income for the years ended December 31, 2019, 2018, and 2017, was $1.9 million, $1.0 million and $2.8 million, respectively. If a lease is terminated prior to the original lease termination, any remaining unamortized intangible is written off to earnings. Details of intangible assets as of December 31 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2018 ​ In-place lease intangibles ​ $ 196,007 ​ $ 291,613 ​ Accumulated amortization ​ ​ (164,590) ​ ​ (225,788) ​ In-place lease intangibles, net ​ $ 31,417 ​ $ 65,825 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2018 ​ Acquired above market lease intangibles ​ $ 252,934 ​ $ 253,973 ​ Accumulated amortization ​ ​ (208,597) ​ ​ (189,160) ​ Acquired above market lease intangibles, net ​ $ 44,337 ​ $ 64,813 ​ ​ Estimated future amortization and the increasing (decreasing) effect on lease income for our above and below market leases as of December 31, 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Below ​ Above ​ Impact to ​ ​ ​ Market ​ Market ​ Lease ​ ​ ​ Leases ​ Leases ​ Income, Net ​ 2020 ​ $ 16,943 ​ $ (15,642) ​ $ 1,301 2021 ​ 7,970 ​ (10,226) ​ (2,256) ​ 2022 ​ 5,348 ​ (7,421) ​ (2,073) ​ 2023 ​ 4,063 ​ (5,388) ​ (1,325) ​ 2024 ​ 3,151 ​ (3,645) ​ (494) ​ Thereafter ​ 7,302 ​ (2,015) ​ 5,287 ​ ​ ​ $ 44,777 ​ $ (44,337) ​ $ 440 ​
Derivative Financial Instruments	Derivative Financial Instruments We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities. As of December 31, 2019 and 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 December 31, 2019 and 2018, respectively. Our exposure to market risk due to changes in interest rates primarily relates to our long-term debt obligations. We manage exposure to interest rate market risk through our risk management strategy by a combination of interest rate protection agreements to effectively fix or cap a portion of variable rate debt. We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposures, with gains and losses on the derivative contracts hedging these exposures. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes. We may enter into treasury lock agreements as part of an anticipated debt issuance. Upon completion of the debt issuance, the fair value of these instruments is recorded as part of accumulated other comprehensive income (loss) and is amortized to interest expense over the life of the debt agreement. The unamortized gain on our treasury locks and terminated hedges recorded in accumulated other comprehensive income (loss) was $10.6 million as of December 31, 2019, compared to an unamortized loss of $3.0 million as of December 31, 2018. Within the next year, we expect to reclassify to earnings approximately $1.9 million of gains related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss). We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euro. We use currency forward contracts, cross currency swap contracts, and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date. We had the following Euro:USD forward contracts designated as net investment hedges at December 31, 2019 and 2018 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset (Liability) Value as of ​ ​ ​ ​ December 31, December 31, Notional Value ​ Maturity Date ​ 2019 ​ 2018 € 50.0 ​ May 15, 2019 ​ ​ — ​ (0.8) € 50.0 ​ March 20, 2020 ​ ​ (0.5) ​ — € 50.0 ​ March 20, 2020 ​ ​ (0.5) ​ — € 50.0 ​ March 20, 2020 ​ ​ (0.5) ​ — € 50.0 ​ May 15, 2020 ​ ​ 1.5 ​ (1.5) € 100.0 ​ June 18, 2020 ​ ​ (0.6) ​ — € 90.0 ​ June 18, 2020 ​ ​ (0.5) ​ — € 100.0 ​ December 18, 2020 ​ ​ (0.6) ​ — € 100.0 ​ December 18, 2020 ​ ​ (0.6) ​ — € 50.0 ​ May 14, 2021 ​ ​ 1.3 ​ (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 December 31, 2019 and 2018 was $14.7 million and $10.9 million, respectively, 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 Simon’s derivative activities, including our share of other comprehensive income from unconsolidated entities, was $41.2 million and $32.9 million as of December 31, 2019 and 2018, respectively. 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, was $47.5 million and $37.9 million as of December 31, 2019 and 2018, respectively.
Noncontrolling Interests	Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 ​ Limited partners’ interests in the Operating Partnership ​ $ 378,339 ​ $ 492,877 ​ Nonredeemable noncontrolling interests in properties, net ​ 6,513 ​ 7,398 ​ Total noncontrolling interests reflected in equity ​ $ 384,852 ​ $ 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. The Operating Partnership Our evaluation of the appropriateness of classifying the Operating Partnership’s common units of partnership interest, or units, held by Simon and the Operating Partnership's limited partners within permanent equity considered several significant factors. First, as a limited partnership, all decisions relating to the Operating Partnership’s operations and distributions are made by Simon, acting as the Operating Partnership’s sole general partner. The decisions of the general partner are made by Simon's Board of Directors or management. The Operating Partnership has no other governance structure. Secondly, the sole asset of Simon is its interest in the Operating Partnership. As a result, a share of common stock of Simon, or common stock, if owned by the Operating Partnership, is best characterized as being similar to a treasury share and thus not an asset of the Operating Partnership. Limited partners of the Operating Partnership have the right under the Operating Partnership’s partnership agreement to exchange their units for shares of common stock or cash, as selected by Simon as the sole general partner. Accordingly, we classify units held by limited partners in permanent equity because Simon may elect to issue shares of common stock to limited partners exercising their exchange rights rather than using cash. Under the Operating Partnership’s partnership agreement, the Operating Partnership is required to redeem units held by Simon only when Simon has repurchased shares of common stock. We classify units held by Simon in permanent equity because the decision to redeem those units would be made by Simon. Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties) is a component of consolidated net income.
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Simon The total gross accumulated other comprehensive income (loss) related to Simon’s currency translation adjustment was ($160.4 million) and ($158.9 million) as of December 31, 2019 and 2018, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Affected line item where ​ ​ ​ 2019 ​ 2018 ​ 2017 ​ net income is presented ​ Accumulated derivative losses, net ​ $ (2,782) $ (7,020) $ (9,419) Interest expense ​ ​ ​ ​ (10,852) ​ ​ — ​ ​ — ​ Loss on extinguishment of debt ​ ​ ​ 1,802 923 1,233 Net income attributable to noncontrolling interests ​ ​ ​ $ (11,832) ​ $ (6,097) ​ $ (8,186) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain on sale of marketable securities ​ $ — $ — $ 21,541 ​ Other income ​ ​ ​ — — (2,820) ​ Net income attributable to noncontrolling interests ​ ​ ​ $ — ​ $ — ​ $ 18,721 ​ ​ ​ ​ The Operating Partnership The total gross accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($184.8 million) and ($183.0 million) as of December 31, 2019 and 2018, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Affected line item where ​ ​ ​ 2019 ​ 2018 ​ 2017 ​ net income is presented ​ Accumulated derivative losses, net ​ $ (2,782) $ (7,020) $ (9,419) ​ Interest expense ​ ​ ​ ​ (10,852) ​ ​ — ​ ​ — ​ Loss on extinguishment of debt ​ ​ ​ $ (13,634) ​ $ (7,020) ​ $ (9,419) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain on sale of marketable securities ​ $ — $ — $ 21,541 ​ Other income ​ ​
Revenue Recognition	Revenue Recognition We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We accrue 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 lease income 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. Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation or otherwise. 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 lease income on a straight-line basis over the term of the lease beginning with the adoption of ASC 842. 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 all variable 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 that are not probable of collection are recognized as a reduction of lease income. Refer to note 9 for further disclosure of lease income.
Management Fees and Other Revenues	Management Fees and Other Revenues Management fees and other revenues are generally received from our unconsolidated joint venture properties as well as third parties. Management fee revenue is earned based on a contractual percentage of joint venture property revenue. Development fee revenue is earned on a contractual percentage of hard costs to develop a property. Leasing fee revenue is earned on a contractual per square foot charge based on the square footage of current year leasing activity. We recognize revenue for these services provided when earned based on the performance criteria. Revenues from insurance premiums charged to unconsolidated properties are recognized on a pro-rata basis over the terms of the policies. Insurance losses on these policies and our self-insurance for our consolidated properties are reflected in property operating expenses in the accompanying consolidated statements of operations and comprehensive income and include estimates for losses incurred but not reported as well as losses pending settlement. Estimates for losses are based on evaluations by third-party actuaries and management’s estimates. Total insurance reserves for our insurance subsidiaries and other self-insurance programs as of December 31, 2019 and 2018 approximated $74.5 million and $82.5 million, respectively, and are included in other liabilities in the consolidated balance sheets. Information related to the securities included in the investment portfolio of our captive insurance subsidiary is included within the “Equity Instruments and Debt Securities” section above.
Income Taxes	Income Taxes Simon and certain subsidiaries of the Operating Partnership have elected to be taxed as REITs under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the entity to distribute at least 90% of REIT taxable income to its owners and meet certain other asset and income tests as well as other requirements. We intend to continue to adhere to these requirements and maintain Simon’s REIT status and that of the REIT subsidiaries. As REITs, these entities will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Thus, we made no provision for U.S. federal income taxes for these entities in the accompanying consolidated financial statements. If Simon or any of the REIT subsidiaries fail to qualify as a REIT, and if available relief provisions do not apply, Simon or that entity will be subject to tax at regular corporate rates for the years in which it failed to qualify. If Simon or any of the REIT subsidiaries loses its REIT status it could not elect to be taxed as a REIT for four taxable years following the year during which qualification was lost unless the failure to qualify was due to reasonable cause and certain other conditions were satisfied. We have also elected taxable REIT subsidiary, or TRS, status for some of our subsidiaries. This enables us to provide services that would otherwise be considered impermissible for REITs and participate in activities that do not qualify as “rents from real property”. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income. As a partnership, the allocated share of the Operating Partnership’s income or loss for each year is included in the income tax returns of the partners; accordingly, no accounting for income taxes is required in the accompanying consolidated financial statements other than as discussed above for our TRSs. As of December 31, 2019 and 2018, we had net deferred tax liabilities of $257.7 million and $278.3 million, respectively, which primarily relate to the temporary differences between the carrying value of balance sheet assets and liabilities and their tax bases. These differences were primarily created through the consolidation of various European assets in 2016. Additionally, we have deferred tax liabilities related to our TRSs, consisting of operating losses and other carryforwards for U.S. federal income tax purposes as well as the timing of the deductibility of losses or reserves from insurance subsidiaries, though these amounts are not material to the financial statements. The net deferred tax liability is included in other liabilities in the accompanying consolidated balance sheets. We are also subject to certain other taxes, including state and local taxes, franchise taxes, as well as income-based and withholding taxes on dividends from certain of our international investments, which are included in income and other taxes in the consolidated statements of operations and comprehensive income.
Corporate Expenses	Corporate Expenses Home and regional office costs primarily include compensation and personnel related costs, travel, building and office costs, and other expenses for our corporate home office and regional offices. General and administrative expense primarily includes executive compensation, benefits and travel expenses as well as costs of being a public company, including certain legal costs, audit fees, regulatory fees, and certain other professional fees.
New Accounting Pronouncements	New Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, "Leases," codified as Accounting Standards Codification (ASC) 842, which results in lessees recognizing most leased assets and corresponding lease liabilities on the balance sheet. Certain refinements were made to lessor accounting 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. Substantially all of our revenues and the revenues of our equity method investments in real estate 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 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. On January 1, 2019, we began recognizing consideration received from fixed common area maintenance arrangements on a straight-line basis as this consideration is attributed to the lease component. 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 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. There was no impact on our consolidated financial statements at adoption.

Basis of Presentation and Con_2

Basis of Presentation and Consolidation (Tables)	12 Months Ended
	Dec. 31, 2019
Basis of Presentation and Consolidation
Schedule of weighted average ownership interest in the operating partnership	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2019 2018 2017 ​ Weighted average ownership interest 86.8 % 86.8 % 86.8 %

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Significant Accounting Policies
Schedule of investment properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 Land ​ $ 3,692,056 ​ $ 3,673,023 ​ Buildings and improvements ​ 33,664,683 ​ 32,994,937 ​ Total land, buildings and improvements ​ 37,356,739 ​ 36,667,960 ​ Furniture, fixtures and equipment ​ 447,756 ​ 424,710 ​ Investment properties at cost ​ 37,804,495 ​ 37,092,670 ​ Less — accumulated depreciation ​ 13,905,776 ​ 12,884,539 ​ Investment properties at cost, net ​ $ 23,898,719 ​ $ 24,208,131 ​ Construction in progress included above ​ $ 812,982 ​ $ 561,556 ​
Schedule of interest capitalized	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ ​ 2019 ​ 2018 ​ 2017 ​ Capitalized interest ​ $ 33,342 ​ $ 19,871 ​ $ 24,754 ​
Schedule of deferred costs and other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 Deferred lease costs, net ​ $ 209,277 ​ $ 249,010 ​ In-place lease intangibles, net ​ 31,417 ​ 65,825 ​ Acquired above market lease intangibles, net ​ 44,337 ​ 64,813 ​ Marketable securities of our captive insurance companies ​ 52,760 ​ 40,099 ​ Goodwill ​ 20,098 ​ 20,098 ​ Other marketable and non-marketable securities ​ 363,554 ​ 253,732 ​ Prepaids, notes receivable and other assets, net ​ 492,582 ​ 516,463 ​ ​ ​ $ 1,214,025 ​ $ 1,210,040 ​
Schedule of deferred lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 Deferred lease costs ​ $ 443,313 ​ $ 497,570 ​ Accumulated amortization ​ (234,036) ​ (248,560) ​ Deferred lease costs, net ​ $ 209,277 ​ $ 249,010 ​
Schedule of amortization from continuing operations, included in statements of operations and comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2019 2018 2017 Amortization of deferred leasing costs ​ $ 57,201 ​ $ 56,646 ​ $ 54,323 ​
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2018 ​ In-place lease intangibles ​ $ 196,007 ​ $ 291,613 ​ Accumulated amortization ​ ​ (164,590) ​ ​ (225,788) ​ In-place lease intangibles, net ​ $ 31,417 ​ $ 65,825 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2018 ​ Acquired above market lease intangibles ​ $ 252,934 ​ $ 253,973 ​ Accumulated amortization ​ ​ (208,597) ​ ​ (189,160) ​ Acquired above market lease intangibles, net ​ $ 44,337 ​ $ 64,813 ​
Schedule of estimated future amortization and the increasing (decreasing) effect on lease income for above and below market leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Below ​ Above ​ Impact to ​ ​ ​ Market ​ Market ​ Lease ​ ​ ​ Leases ​ Leases ​ Income, Net ​ 2020 ​ $ 16,943 ​ $ (15,642) ​ $ 1,301 2021 ​ 7,970 ​ (10,226) ​ (2,256) ​ 2022 ​ 5,348 ​ (7,421) ​ (2,073) ​ 2023 ​ 4,063 ​ (5,388) ​ (1,325) ​ 2024 ​ 3,151 ​ (3,645) ​ (494) ​ Thereafter ​ 7,302 ​ (2,015) ​ 5,287 ​ ​ ​ $ 44,777 ​ $ (44,337) ​ $ 440 ​
Schedule of Euro:USD forward contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset (Liability) Value as of ​ ​ ​ ​ December 31, December 31, Notional Value ​ Maturity Date ​ 2019 ​ 2018 € 50.0 ​ May 15, 2019 ​ ​ — ​ (0.8) € 50.0 ​ March 20, 2020 ​ ​ (0.5) ​ — € 50.0 ​ March 20, 2020 ​ ​ (0.5) ​ — € 50.0 ​ March 20, 2020 ​ ​ (0.5) ​ — € 50.0 ​ May 15, 2020 ​ ​ 1.5 ​ (1.5) € 100.0 ​ June 18, 2020 ​ ​ (0.6) ​ — € 90.0 ​ June 18, 2020 ​ ​ (0.5) ​ — € 100.0 ​ December 18, 2020 ​ ​ (0.6) ​ — € 100.0 ​ December 18, 2020 ​ ​ (0.6) ​ — € 50.0 ​ May 14, 2021 ​ ​ 1.3 ​ (2.0)
Schedule of carrying amount of noncontrolling interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 ​ Limited partners’ interests in the Operating Partnership ​ $ 378,339 ​ $ 492,877 ​ Nonredeemable noncontrolling interests in properties, net ​ 6,513 ​ 7,398 ​ Total noncontrolling interests reflected in equity ​ $ 384,852 ​ $ 500,275 ​
Schedule of reclassifications out of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Affected line item where ​ ​ ​ 2019 ​ 2018 ​ 2017 ​ net income is presented ​ Accumulated derivative losses, net ​ $ (2,782) $ (7,020) $ (9,419) Interest expense ​ ​ ​ ​ (10,852) ​ ​ — ​ ​ — ​ Loss on extinguishment of debt ​ ​ ​ 1,802 923 1,233 Net income attributable to noncontrolling interests ​ ​ ​ $ (11,832) ​ $ (6,097) ​ $ (8,186) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain on sale of marketable securities ​ $ — $ — $ 21,541 ​ Other income ​ ​ ​ — — (2,820) ​ Net income attributable to noncontrolling interests ​ ​ ​ $ — ​ $ — ​ $ 18,721 ​ ​ ​
Simon Property Group, L.P.
Significant Accounting Policies
Schedule of reclassifications out of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Affected line item where ​ ​ ​ 2019 ​ 2018 ​ 2017 ​ net income is presented ​ Accumulated derivative losses, net ​ $ (2,782) $ (7,020) $ (9,419) ​ Interest expense ​ ​ ​ ​ (10,852) ​ ​ — ​ ​ — ​ Loss on extinguishment of debt ​ ​ ​ $ (13,634) ​ $ (7,020) ​ $ (9,419) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain on sale of marketable securities ​ $ — $ — $ 21,541 ​ Other income ​ ​

Per Share and Per Unit Data (Ta

Per Share and Per Unit Data (Tables)	12 Months Ended
	Dec. 31, 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 Year Ended December 31, ​ 2019 ​ 2018 ​ 2017 Net Income attributable to Common Stockholders — Basic and Diluted $ 2,098,247 $ 2,436,721 $ 1,944,625 ​ Weighted Average Shares Outstanding — Basic and Diluted ​ 307,950,112 ​ 309,627,178 ​ 311,517,345 ​
Schedule of taxable nature of dividends and distributions declared	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2019 2018 2017 Total dividends/distributions paid per common share/unit $ 8.30 $ 7.90 $ 7.15 ​ Percent taxable as ordinary income ​ 100.00 % 96.20 % 100.00 % Percent taxable as long-term capital gains ​ 0.00 % 3.80 % 0.00 % ​ ​ 100.00 % 100.00 % 100.00 %
Simon Property Group, L.P.
Per Share And Per Unit Data
Schedule of computation of basic and diluted earnings per share and basic and diluted earnings per unit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 ​ Net Income attributable to Unitholders — Basic and Diluted $ 2,416,945 $ 2,805,764 $ 2,239,638 ​ Weighted Average Units Outstanding — Basic and Diluted ​ 354,724,019 ​ 356,520,452 ​ 358,776,632 ​

Investment in Unconsolidated _2

Investment in Unconsolidated Entities and International Investments (Tables)	12 Months Ended
	Dec. 31, 2019
Investments in Unconsolidated Entities and International Investments
Summary of equity method investments and share of income from such investments, balance sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Assets: ​ ​ ​ ​ ​ ​ ​ Investment properties, at cost ​ $ 19,525,665 ​ $ 18,807,449 ​ Less - accumulated depreciation ​ 7,407,627 ​ 6,834,633 ​ ​ ​ 12,118,038 ​ 11,972,816 ​ Cash and cash equivalents ​ 1,015,864 ​ 1,076,398 ​ Tenant receivables and accrued revenue, net ​ 510,157 ​ 445,148 ​ Right-of-use assets, net ​ ​ 185,302 ​ ​ — ​ Deferred costs and other assets ​ 384,663 ​ 390,818 ​ Total assets ​ $ 14,214,024 ​ $ 13,885,180 ​ Liabilities and Partners’ Deficit: ​ ​ ​ ​ ​ ​ ​ Mortgages ​ $ 15,391,781 ​ $ 15,235,415 ​ Accounts payable, accrued expenses, intangibles, and deferred revenue ​ 977,112 ​ 976,311 ​ Lease liabilities ​ ​ 186,594 ​ ​ — ​ Other liabilities ​ 338,412 ​ 344,205 ​ Total liabilities ​ 16,893,899 ​ 16,555,931 ​ Preferred units ​ 67,450 ​ 67,450 ​ Partners’ deficit ​ (2,747,325) ​ (2,738,201) ​ Total liabilities and partners’ deficit ​ $ 14,214,024 ​ $ 13,885,180 ​ Our Share of: ​ ​ ​ ​ ​ ​ ​ Partners’ deficit ​ $ (1,196,926) ​ $ (1,168,216) ​ Add: Excess Investment ​ 1,525,903 ​ 1,594,198 ​ Our net Investment in unconsolidated entities, at equity ​ $ 328,977 ​ $ 425,982 ​
Schedule of principal repayments on joint venture properties' mortgage and unsecured indebtedness	As of December 31, 2019, scheduled principal repayments on these joint venture properties’ mortgage indebtedness are as follows: ​ ​ ​ ​ ​ 2020 ​ $ 946,309 ​ 2021 ​ 2,476,864 ​ 2022 ​ 1,927,938 ​ 2023 ​ 1,267,179 ​ 2024 ​ 2,297,118 ​ Thereafter ​ 6,512,206 ​ Total principal maturities ​ 15,427,614 ​ Debt issuance costs ​ ​ (35,833) ​ Total mortgages ​ $ 15,391,781 ​
Summary of equity method investments and share of income from such investments, statements of operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 2018 2017 REVENUE: ​ ​ ​ ​ ​ Lease income ​ $ 3,088,594 ​ $ 3,045,668 ​ $ 2,933,655 ​ Other income ​ 322,398 ​ 326,575 ​ 290,515 ​ Total revenue ​ 3,410,992 ​ 3,372,243 ​ 3,224,170 ​ OPERATING EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property operating ​ 587,062 ​ 590,921 ​ 551,885 ​ Depreciation and amortization ​ 681,764 ​ 652,968 ​ 640,286 ​ Real estate taxes ​ 266,013 ​ 259,567 ​ 245,646 ​ Repairs and maintenance ​ 85,430 ​ 87,408 ​ 81,309 ​ Advertising and promotion ​ 89,660 ​ 87,349 ​ 86,480 ​ Other ​ 196,178 ​ 187,292 ​ 184,037 ​ Total operating expenses ​ 1,906,107 ​ 1,865,505 ​ 1,789,643 ​ Operating Income Before Other Items ​ 1,504,885 ​ 1,506,738 ​ 1,434,527 ​ Interest expense ​ (636,988) ​ (663,693) ​ (593,062) ​ Gain (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net ​ ​ 24,609 ​ ​ 33,367 ​ ​ (2,239) ​ Net Income ​ $ 892,506 ​ $ 876,412 ​ $ 839,226 ​ Third-Party Investors’ Share of Net Income ​ $ 460,696 ​ $ 436,767 ​ $ 424,533 ​ Our Share of Net Income ​ $ 431,810 ​ $ 439,645 ​ $ 414,693 ​ Amortization of Excess Investment ​ (83,556) ​ (85,252) ​ (89,804) ​ Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements ​ ​ (9,156) ​ ​ — ​ ​ — ​ Our Share of (Gain) Loss on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net ​ (1,133) ​ (12,513) ​ 1,342 ​ Income from Unconsolidated Entities ​ $ 337,965 ​ $ 341,880 ​ $ 326,231 ​

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2019
Indebtedness
Schedule of mortgages and unsecured indebtedness	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 Fixed-Rate Debt: ​ ​ ​ ​ ​ ​ ​ Mortgage notes, including $6,775 and $11,822 of net premiums and $15,195 and $14,522 of debt issuance costs, respectively. Weighted average interest and maturity of 3.87% and 4.8 years at December 31, 2019. ​ $ 6,156,595 ​ $ 6,099,787 ​ Unsecured notes, including $54,976 and $44,691 of net discounts and $70,297 and $58,822 of debt issuance costs, respectively. Weighted average interest and maturity of 3.07% and 9.3 years at December 31, 2019. ​ 15,747,267 ​ 15,535,468 ​ Commercial Paper (see below) ​ ​ 1,327,050 ​ ​ 758,681 ​ Total Fixed-Rate Debt ​ 23,230,912 ​ 22,393,936 ​ Variable-Rate Debt: ​ ​ ​ ​ ​ ​ ​ Mortgages notes, including $4,721 and $5,901 of debt issuance costs, respectively. Weighted average interest and maturity of 2.62% and 2.0 years at December 31, 2019. ​ 751,130 ​ 736,274 ​ Credit Facility (see below), including $11,067 and $16,930 of debt issuance costs, respectively, at December 31, 2019. ​ 113,933 ​ 108,070 ​ Total Variable-Rate Debt ​ 865,063 ​ 844,344 ​ Other Debt Obligations ​ 67,255 ​ 67,255 ​ Total Mortgages and Unsecured Indebtedness ​ $ 24,163,230 ​ $ 23,305,535 ​
Schedule of principal repayments of indebtedness	Our scheduled principal repayments on indebtedness as of December 31, 2019 are as follows: ​ ​ ​ ​ ​ 2020 ​ $ 2,857,060 (1) 2021 ​ 1,541,478 ​ 2022 ​ 2,872,980 ​ 2023 ​ 1,868,669 ​ 2024 ​ 2,896,466 ​ Thereafter ​ 12,208,803 ​ Total principal maturities ​ 24,245,456 ​ Net unamortized debt premium ​ 6,775 ​ Net unamortized debt discount ​ ​ (54,976) ​ Debt issuance costs, net ​ (101,280) ​ Other Debt Obligations ​ ​ 67,255 ​ Total mortgages and unsecured indebtedness ​ $ 24,163,230 ​ ​ (1) Includes $1.3 billion in Global Commercial Paper.
Schedule of cash paid for interest in each period, net of any amounts capitalized	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2019 2018 2017 Cash paid for interest ​ $ 803,728 ​ $ 811,971 ​ $ 814,729 ​
Schedule of debt issuance costs	​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 Debt issuance costs ​ $ 187,514 ​ $ 204,189 Accumulated amortization ​ ​ (86,234) ​ ​ (108,014) Debt issuance costs, net ​ $ 101,280 ​ $ 96,175
Schedule of debt amortization from continuing operations, included in statements of operations and comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2019 2018 2017 Amortization of debt issuance costs ​ $ 21,499 ​ $ 21,445 ​ $ 21,707 Amortization of debt discounts/(premiums) ​ ​ 1,571 ​ ​ 1,618 ​ ​ 1,357
Schedule of fair value of financial instruments and the related discount rate assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ ​ 2019 2018 Fair value of consolidated fixed rate mortgages and unsecured indebtedness $ 23,231 ​ $ 22,323 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages ​ 3.75 % 4.55 % ​ Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness ​ ​ 3.67 % ​ 4.50 % ​

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 193,524 ​ 204,626 ​ Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties ​ $ 219,061 ​ $ 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 Performance-Based Awards 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 2019 LTIP program ​ To be determined in 2022 $9.5 million $14.7 million
Schedule of restricted stock awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2019 2018 2017 Shares of restricted stock awarded during the year, net of forfeitures ​ 90,902 ​ 51,756 ​ 76,660 ​ Weighted average fair value of shares granted during the year ​ $ 181.94 ​ $ 153.24 ​ $ 170.81 ​ Annual amortization ​ $ 12,604 ​ $ 12,029 ​ $ 13,911 ​
Simon Property Group, L.P.
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 193,524 ​ 204,626 ​ Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties ​ $ 219,061 ​ $ 230,163 ​

Lease Income (Tables)

Lease Income (Tables)	12 Months Ended
	Dec. 31, 2019
Lease Income
Schedule of lease income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2019 2018 ​ 2017 Fixed lease income ​ $ 4,293,401 ​ $ 4,185,174 ​ $ 4,156,971 Variable lease income ​ ​ 950,370 ​ ​ 973,246 ​ ​ 952,128 Total lease income ​ $ 5,243,771 ​ $ 5,158,420 ​ $ 5,109,099
Schedule of minimum fixed lease consideration under tenant operating leases	Minimum fixed lease consideration under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration, as of December 31, 2019, is as follows: ​ ​ ​ ​ 2020 $ 3,553,867 2021 ​ 3,182,630 2022 ​ 2,785,719 2023 ​ 2,293,210 2024 ​ 1,825,869 Thereafter ​ 4,700,660 ​ ​ $ 18,341,955

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies.
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2019 Operating Lease Cost ​ ​ ​ Fixed lease cost ​ $ 31,000 Variable lease cost ​ ​ 16,833 Sublease income ​ (694) Total operating lease cost ​ $ 47,139
Schedule of other lease information	​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2019 Other Information ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ Operating cash flows from operating leases ​ $ 48,519 ​ ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ 35.6 years Weighted-average discount rate - operating leases ​ ​ 4.87%
Schedule of future minimum lease payments due	​ ​ ​ ​ ​ 2020 ​ $ 32,438 2021 ​ ​ 32,440 2022 ​ ​ 32,451 2023 ​ ​ 32,583 2024 ​ ​ 32,717 Thereafter ​ ​ 908,701 ​ ​ $ 1,071,330 Impact of discounting ​ ​ (554,521) Operating lease liabilities ​ $ 516,809

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Data (Unaudited)
Schedule of quarterly financial data	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Second Third Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 1,452,834 ​ $ 1,397,186 ​ $ 1,416,554 ​ $ 1,488,615 ​ Operating income before other items ​ 745,021 ​ 680,631 ​ 705,302 ​ 776,876 ​ Consolidated net income ​ 631,947 ​ 572,102 ​ 628,724 ​ 590,416 ​ Simon Property Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to common stockholders ​ $ 548,475 ​ $ 495,324 ​ $ 544,254 ​ $ 510,194 ​ Net income per share — Basic and Diluted ​ $ 1.78 ​ $ 1.60 ​ $ 1.77 ​ $ 1.66 ​ Weighted average shares outstanding — Basic and Diluted ​ 308,978,053 ​ 308,708,798 ​ 307,275,230 ​ 306,868,960 ​ Simon Property Group, L.P. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to unitholders ​ $ 631,551 ​ $ 570,389 ​ $ 627,074 ​ $ 587,931 ​ Net income per unit — Basic and Diluted ​ $ 1.78 ​ $ 1.60 ​ $ 1.77 ​ $ 1.66 ​ Weighted average units outstanding — Basic and Diluted ​ ​ 355,778,250 ​ ​ 355,491,396 ​ ​ 354,038,110 ​ ​ 353,619,579 ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue (1) ​ $ 1,394,182 ​ $ 1,385,059 ​ $ 1,404,021 ​ $ 1,462,027 ​ Operating income before other items ​ 704,962 ​ 727,983 ​ 722,843 ​ 770,512 ​ Consolidated net income ​ 715,524 ​ 631,414 ​ 642,212 ​ 833,192 ​ Simon Property Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to common stockholders ​ $ 620,654 ​ $ 547,004 ​ $ 556,267 ​ $ 712,796 ​ Net income per share — Basic and Diluted ​ $ 2.00 ​ $ 1.77 ​ $ 1.80 ​ $ 2.30 ​ Weighted average shares outstanding — Basic and Diluted ​ 310,583,643 ​ 309,355,154 ​ 309,294,045 ​ 309,293,708 ​ Simon Property Group, L.P. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to unitholders ​ $ 714,303 ​ $ 629,822 ​ $ 640,402 ​ $ 821,237 ​ Net income per unit — Basic and Diluted ​ $ 2.00 ​ $ 1.77 ​ $ 1.80 ​ $ 2.30 ​ Weighted average units outstanding — Basic and Diluted ​ ​ 357,446,988 ​ ​ 356,181,817 ​ ​ 356,073,080 ​ ​ 356,396,387 ​ ​ ​ ​ (1) Total revenue has been reclassified to conform to the current year presentation.

Organization (Details)

Organization (Details)	Dec. 31, 2019propertycountrystate
U.S. and Puerto Rico
Real Estate Properties
Number of properties	204
Number of U.S. states containing property locations | state	37
U.S. and Puerto Rico | Malls
Real Estate Properties
Number of properties	106
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	11
Asia, Europe and Canada | Premium and Designer Outlets
Real Estate Properties
Number of properties	29
Europe | Klepierre
Real Estate Properties
Ownership percentage	22.20%
Number of countries | country	15

Basis of Presentation and Con_3

Basis of Presentation and Consolidation (Details) - property	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate Properties
Total number of joint venture properties	82	81
Number of joint venture properties managed by the entity	57
Number of International joint venture properties	21
Number of joint venture properties managed by others	25
Simon Property Group, L.P.
Ownership interest:
Ownership interest in the Operating Partnership (as a percent)	86.80%	86.80%
Simon Property Group, L.P. | Weighted average
Ownership interest:
Ownership interest in the Operating Partnership (as a percent)	86.80%	86.80%	86.80%
Wholly owned properties
Real Estate Properties
Number of properties	133
Partially owned properties
Real Estate Properties
Number of properties	18

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Investment Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Land	$ 3,692,056	$ 3,673,023
Buildings and improvements	33,664,683	32,994,937
Total land, buildings and improvements	37,356,739	36,667,960
Furniture, fixtures and equipment	447,756	424,710
Investment properties at cost	37,804,495	37,092,670
Less - accumulated depreciation	13,905,776	12,884,539
Investment properties, at cost, net	23,898,719	24,208,131
Construction in progress, included above	812,982	561,556
Capitalized interest	$ 33,342	$ 19,871	$ 24,754
Buildings and improvements | Minimum
Useful life	10 years
Buildings and improvements | Maximum
Useful life	35 years
Equipment and fixtures | Minimum
Useful life	7 years
Equipment and fixtures | Maximum
Useful life	10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Equity Instruments and Investments (Details) - USD ($) $ in Thousands	Jul. 26, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2018
Equity Instruments and Investments
Equity instruments with readily determinable fair value		$ 68,200	$ 78,100
Cumulative effect adjustment				$ 7,264
Equity instruments without readily determinable fair values		295,400	175,700
Proceeds from sales of equity instruments	$ 53,900
Gain (loss) on sale of investment				$ 21,541
Debt securities of our captive insurance companies		52,760	40,099
Adjustment | ASU 2016-01
Equity Instruments and Investments
Cumulative effect adjustment					$ 7,300
Other expense
Equity Instruments and Investments
Non-cash mark-to-market adjustment		$ 5,000	$ 0
Debt Securities | Securities in captive insurance subsidiary portfolio | Minimum
Equity Instruments and Investments
Investment maturity period		1 year
Debt Securities | Securities in captive insurance subsidiary portfolio | Maximum
Equity Instruments and Investments
Investment maturity period		10 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Fair Value Measurements (Details) $ in Millions	Dec. 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	$ 17.5	$ 10.9
Interest rate swap agreements and foreign currency forward contracts, gross liability balance	$ 3.8	$ 6.2

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Segment and Geographic Locations (Details) - item	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Segment Disclosure
Number of reportable segments	1
Geographic Concentration Risk | Consolidated Long-Lived Assets | Non-US
Concentration of Credit Risk
Percentage of risk	6.20%	6.10%
Geographic Concentration Risk | Consolidated revenues | Non-US
Concentration of Credit Risk
Percentage of risk	2.90%	3.00%

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Deferred Costs and Other Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred costs and other assets
Deferred lease costs, net	$ 209,277	$ 249,010
In-place lease intangibles, net	31,417	65,825
Acquired above market lease intangibles, net	44,337	64,813
Marketable securities of our captive insurance companies	52,760	40,099
Goodwill	20,098	20,098
Other marketable and non-marketable securities	363,554	253,732
Prepaids, notes receivable and other assets, net	492,582	516,463
Deferred costs and other assets	1,214,025	1,210,040
Deferred Lease Costs
Deferred lease costs	443,313	497,570
Accumulated amortization	(234,036)	(248,560)
Deferred lease costs, net	209,277	249,010
Amortization, included in statements of operations and comprehensive income
Amortization of deferred leasing costs		$ 56,646	$ 54,323
Amortization of deferred leasing costs	$ 57,201

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Intangible Assets
Unamortized below market leases included in accounts payable, accrued expenses, intangibles and deferred revenues	$ 44,800	$ 66,700
Estimated future amortization, and the increasing (decreasing) effect on below market minimum rents
2020	16,943
2021	7,970
2022	5,348
2023	4,063
2024	3,151
Thereafter	7,302
Lease intangibles assets, net	44,777
Estimated future amortization, and the increasing (decreasing) effect on minimum rents
2020	1,301
2021	(2,256)
2022	(2,073)
2023	(1,325)
2024	(494)
Thereafter	5,287
Lease intangibles assets, net	$ 440
In-place lease intangibles
Intangible Assets
Average life of in-place lease intangibles	2 years
Lease intangibles assets, gross	$ 196,007	291,613
Accumulated amortization	(164,590)	(225,788)
Lease intangibles assets, net	$ 31,417	65,825
Above and below market leases
Intangible Assets
Weighted average remaining life of intangible	2 years 7 months 6 days
Amount of amortization expenses	$ 1,900	1,000	$ 2,800
Above Market Leases
Intangible Assets
Lease intangibles assets, gross	252,934	253,973
Accumulated amortization	(208,597)	(189,160)
Lease intangibles assets, net	44,337	$ 64,813
Estimated future amortization, and the increasing (decreasing) effect on minimum rents
2020	(15,642)
2021	(10,226)
2022	(7,421)
2023	(5,388)
2024	(3,645)
Thereafter	(2,015)
Lease intangibles assets, net	$ (44,337)

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Derivative Financial Instruments (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019EUR (€)DerivativeInstrument	Dec. 31, 2019USD ($)DerivativeInstrument	Dec. 31, 2018EUR (€)DerivativeInstrument	Dec. 31, 2018USD ($)DerivativeInstrument
Derivative Financial Instruments
Number of credit-risk-related hedging or derivative activities | DerivativeInstrument			0	0
Unamortized gain (loss) on treasury locks and terminated hedges	$ 10.6	$ (3)
Amount expected to be reclassified from accumulated other comprehensive loss to earnings within the next year				$ 1.9
Gross accumulated other comprehensive income related to derivative activities				$ 41.2		$ 32.9
Interest rate swap | Designated as Hedging Instrument
Derivative Financial Instruments
Number of Instruments | DerivativeInstrument			0	0	0	0
Euro:USD currency forward contract | May 15, 2019 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €					€ 50
Forward contract net, fair value						$ (0.8)
Euro:USD currency forward contract | March 20, 2020 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €			€ 50
Forward contract net, fair value				$ (0.5)
Euro:USD currency forward contract | March 20, 2020 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €			50
Forward contract net, fair value				(0.5)
Euro:USD currency forward contract | March 20, 2020 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €			50
Forward contract net, fair value				(0.5)
Euro:USD currency forward contract | May 15, 2020 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €			50		50
Forward contract net, fair value				1.5		(1.5)
Euro:USD currency forward contract | June 18, 2020 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €			100
Forward contract net, fair value				(0.6)
Euro:USD currency forward contract | June 18, 2020 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €			90
Forward contract net, fair value				(0.5)
Euro:USD currency forward contract | December 18, 2020 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €			100
Forward contract net, fair value				(0.6)
Euro:USD currency forward contract | December 18, 2020 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €			100
Forward contract net, fair value				(0.6)
Euro:USD currency forward contract | May 14, 2021 | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €			€ 50		€ 50
Forward contract net, fair value				1.3		(2)
US denominated cross currency swap | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount				$ 150
Swapping interest rate			4.38%	4.38%
Euro denominated cross currency swap | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €			€ 121.6
Fixed exchange rate			1.37%	1.37%
Euro denominated cross currency swap | Deferred costs and other assets | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Interest rate derivative asset, fair value				$ 14.7		10.9
Simon Property Group, L.P.
Derivative Financial Instruments
Gross accumulated other comprehensive income related to derivative activities				$ 47.5		$ 37.9

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Significant Accounting Policies
Limited partners' interests in the Operating Partnership	$ 378,339	$ 492,877
Nonredeemable noncontrolling interests in properties, net	6,513	7,398
Total noncontrolling interests reflected in equity	$ 384,852	$ 500,275

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Reclassification Out of AOCI, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Significant Accounting Policies
Cumulative translation adjustments	$ (160,400)				$ (158,900)				$ (160,400)	$ (158,900)
Interest expense									(789,353)	(815,923)	$ (809,393)
Loss on extinguishment of debt									(116,256)		(128,618)
Other Income.									398,476	370,582	296,978
Net income attributable to noncontrolling interests									(321,604)	(382,285)	(296,941)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 510,194	$ 544,254	$ 495,324	$ 548,475	$ 712,796	$ 556,267	$ 547,004	$ 620,654	2,098,247	2,436,721	1,944,625
Accumulated derivative losses, net, including noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense									(2,782)	(7,020)	(9,419)
Loss on extinguishment of debt									(10,852)
Accumulated derivative losses, attributable to noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests									1,802	923	1,233
Accumulated derivative gains (losses), net | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS									$ (11,832)	$ (6,097)	(8,186)
Realized gains on sales of marketable securities, including Portion Attributable to Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Other Income.											21,541
Realized gains on sales of marketable securities, attributable to Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests											(2,820)
Net unrealized (losses) gains on marketable securities | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS											$ 18,721

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Reclassification Out Of AOCI, Simon Property Group, L.P. (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Significant Accounting Policies
Cumulative translation adjustments	$ (160,400)				$ (158,900)				$ (160,400)	$ (158,900)
Interest expense									(789,353)	(815,923)	$ (809,393)
Loss on extinguishment of debt									(116,256)		(128,618)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	510,194	$ 544,254	$ 495,324	$ 548,475	712,796	$ 556,267	$ 547,004	$ 620,654	2,098,247	2,436,721	1,944,625
Other Income.									398,476	370,582	296,978
Simon Property Group, L.P.
Significant Accounting Policies
Cumulative translation adjustments	(184,800)				(183,000)				(184,800)	(183,000)
Interest expense									(789,353)	(815,923)	(809,393)
Loss on extinguishment of debt									(116,256)		(128,618)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 587,931	$ 627,074	$ 570,389	$ 631,551	$ 821,237	$ 640,402	$ 629,822	$ 714,303	2,416,945	2,805,764	2,239,638
Other Income.									398,476	370,582	296,978
Accumulated derivative gains (losses), net | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS									(11,832)	(6,097)	(8,186)
Accumulated derivative gains (losses), net | Simon Property Group, L.P. | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense									(2,782)	(7,020)	(9,419)
Loss on extinguishment of debt									(10,852)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS									$ (13,634)	$ (7,020)	(9,419)
Net unrealized (losses) gains on marketable securities | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS											18,721
Net unrealized (losses) gains on marketable securities | Simon Property Group, L.P. | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Other Income.											$ 21,541

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Allowance for Credit Losses and Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Management Fees and Other Revenues
Insurance reserve for insurance subsidiaries and other self-insurance programs	$ 74.5	$ 82.5
Income Taxes
Provision for federal income taxes for REIT entities	0
Deferred Tax Liabilities, Net	$ 257.7	$ 278.3

Summary of Significant Accou_15

Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Jan. 01, 2019	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements
Cumulative Effect of New Accounting Principle in Period of Adoption					$ 7,264
Right-of-use assets, net		$ 514,660
Operating lease liabilities		$ 516,809
Minimum
New Accounting Pronouncements
Discount rate		3.97%
Maximum
New Accounting Pronouncements
Discount rate		5.52%
ASU 2016-01 | Adjustment
New Accounting Pronouncements
Cumulative Effect of New Accounting Principle in Period of Adoption				$ 7,300
Accounting Standards Update 2016-02 | Restatement Adjustment
New Accounting Pronouncements
Right-of-use assets, net			$ 524,000
Operating lease liabilities			$ 524,000
Accounting Standards Update 2016-02 | Proforma Adjustment
New Accounting Pronouncements
Lease expenses	$ 45,000

Real Estate Acquisitions and _2

Real Estate Acquisitions and Dispositions (Details) $ in Thousands	Sep. 19, 2019USD ($)	Sep. 25, 2018USD ($)shares	Apr. 21, 2017USD ($)	May 31, 2017USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property
Acquisitions
Fixed rate debt							$ 23,230,912	$ 22,393,936
Shopping centers | Disposed by Sales | Klepierre
Dispositions
Gain (loss) on disposition of interest in properties						$ 5,000	58,600	$ 20,200	$ 5,000
Nets gains on disposition							$ 62,100
Hotel
Acquisitions
Ownership interests acquired (as a percent)	50.00%
Cash purchase price for acquisition	$ 12,800
Hotel | Mortgage bearing 4.02%
Acquisitions
Fixed rate debt	$ 21,500
Variable rate of interest	4.02%
Outlet Center In Roosendaal | European Joint Venture
Acquisitions
Ownership interests acquired (as a percent)			100.00%
Cash purchase price for acquisition			$ 69,800
Mortgage debt assumed			$ 40,100
Outlet Center In Roosendaal | European Joint Venture | Mortgage Maturing 2024
Acquisitions
Debt issued to refinance previous mortgage				$ 69,000
Outlet Center In Roosendaal | European Joint Venture | Mortgage Maturing 2024 | EURIBOR
Acquisitions
Interest added to reference rate (as a percent)				1.85%
Outlets at Orange
Acquisitions
Ownership interests acquired (as a percent)		50.00%
Outlets at Orange | Mortgage Maturing April 1, 2024
Acquisitions
Fixed rate debt		$ 215,000
Fixed rate of interest		4.22%
Outlets at Orange | Simon Property Group, L.P.
Acquisitions
Number of units issued in connection with acquisition of the remaining interest in orange outlet | shares		475,183
Consideration for the acquisition		$ 84,100
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale
Dispositions
Number of properties disposed of during the period | property								2
Nets gains on disposition								$ 288,800
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale | Non-recourse $200M Mortgage
Dispositions
Non-recourse mortgage								200,000
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale | Non-recourse $80M Mortgage
Dispositions
Non-recourse mortgage								$ 80,000
Unconsolidated properties | Retail properties | Disposed by Sales
Dispositions
Number of properties disposed of during the period | property									1
Gain (loss) on disposition of interest in properties									$ (1,300)
Unconsolidated properties | Residential properties | Disposed by Sales
Dispositions
Number of properties disposed of during the period | property							1
Proceeds from sale or disposal of real estate assets					$ 17,900		$ 17,900
Gain (loss) on disposition of interest in properties					$ 16,200		$ 16,200

Per Share and Per Unit Data (De

Per Share and Per Unit Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended									12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Per Share And Per Unit Data
Net Income attributable to Common Stockholders - Basic		$ 510,194	$ 544,254	$ 495,324	$ 548,475	$ 712,796	$ 556,267	$ 547,004	$ 620,654	$ 2,098,247	$ 2,436,721	$ 1,944,625
Net Income attributable to Common Stockholders - Diluted										$ 2,098,247	$ 2,436,721	$ 1,944,625
Weighted Average Shares Outstanding - Basic and Diluted		306,868,960	307,275,230	308,708,798	308,978,053	309,293,708	309,294,045	309,355,154	310,583,643	307,950,112	309,627,178	311,517,345
Dividends
Dividends declared per common share (in dollars per share)	$ 2.10
Common stock dividends paid (in dollars per share)										$ 8.30	$ 7.90	$ 7.15
Percent taxable as ordinary income										100.00%	96.20%	100.00%
Percent taxable as long-term capital gains										0.00%	3.80%	0.00%
Total percentage of dividends paid										100.00%	100.00%	100.00%
Simon Property Group, L.P.
Per Share And Per Unit Data
Net Income attributable to Common Stockholders - Basic		$ 587,931	$ 627,074	$ 570,389	$ 631,551	$ 821,237	$ 640,402	$ 629,822	$ 714,303	$ 2,416,945	$ 2,805,764	$ 2,239,638
Net Income attributable to Common Stockholders - Diluted										$ 2,416,945	$ 2,805,764	$ 2,239,638
Weighted Average Shares Outstanding - Basic and Diluted		353,619,579	354,038,110	355,491,396	355,778,250	356,396,387	356,073,080	356,181,817	357,446,988	354,724,019	356,520,452	358,776,632

Investments in Unconsolidated E

Investments in Unconsolidated Entities and International Investments - Real Estate Joint Ventures and Investments (Details) $ in Millions	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
Investment in Unconsolidated Entities
Total number of joint venture properties | property	82	81
Construction and other related party loans
Investment in Unconsolidated Entities
Loans to related party | $	$ 78.4	$ 85.8

Investments in Unconsolidated_2

Investments in Unconsolidated Entities and International Investments - Unconsolidated Entity Transactions (Details) $ / shares in Units, $ in Thousands	Oct. 16, 2019USD ($)	Sep. 25, 2018$ / sharesshares	Jun. 07, 2018USD ($)	Sep. 15, 2016item	Apr. 30, 2018USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)	Sep. 19, 2019	May 31, 2017
Investment in Unconsolidated Entities
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net										$ 14,883	$ 288,827	$ 3,647
Insurance proceeds recorded as business interruption										5,662	19,083
Gain on interest in unconsolidated entities											35,621
Share of net income, net of amortization of our excess investment excluding impairment										444,349	475,250	400,270
Hotel
Investment in Unconsolidated Entities
Ownership interests acquired (as a percent)															50.00%
Ownership interest after acquisition (as a percent)															100.00%
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
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net										14,883	288,827	3,647
Insurance proceeds recorded as business interruption										5,662	19,083
Gain on interest in unconsolidated entities											35,621
Share of net income, net of amortization of our excess investment excluding impairment										444,349	475,250	400,270
Simon Property Group, L.P. | Outlets at Orange
Investment in Unconsolidated Entities
Number of units issued in connection with acquisition of the remaining interest in orange outlet | shares		475,183
Business acquisition price (in dollars per share) | $ / shares		$ 176.99
Aventura Mall
Investment in Unconsolidated Entities
Loan defeasance charge			$ 30,900
Write off of deferred debt issuance cost			6,500
Colorado Mills
Investment in Unconsolidated Entities
Impairment charges									$ 32,500
Insurance proceeds recorded as business interruption													$ 65,900	$ 67,900
Gain on business interruption										3,000	33,400
Mortgages | Aventura Mall
Investment in Unconsolidated Entities
Debt refinanced			1,200,000
Construction loan | Aventura Mall
Investment in Unconsolidated Entities
Debt refinanced			200,800
4.12% fixed interest rate mortgage maturing July 2028 | Aventura Mall
Investment in Unconsolidated Entities
Debt issued			$ 1,750,000
Fixed interest rate (as a percent)			4.12%
Aventura Mall
Investment in Unconsolidated Entities
Ownership interest (as a percent)			33.30%
Share of early debt repayment charge			$ 12,500
Colorado Mills
Investment in Unconsolidated Entities
Ownership interest (as a percent)																37.50%
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net										$ 1,100	$ 12,500
Aeropostale
Investment in Unconsolidated Entities
Number of joint ventures | item				2
Aeropostale Retail Operations
Investment in Unconsolidated Entities
Ownership interest (as a percent)						44.95%				44.95%				44.95%
Authentic Brands Group LLC
Investment in Unconsolidated Entities
Ownership interest (as a percent)						5.40%				5.40%				5.40%
Gain on interest in unconsolidated entities					$ 35,600
HBS
Investment in Unconsolidated Entities
Ownership interest (as a percent)						11.70%		11.70%		11.70%	11.70%		11.70%	11.70%
Impairment charge to reduce investment to its estimated fair value						$ 47,200
Share of net income, net of amortization of our excess investment excluding impairment										$ (16,200)	$ 15,100
Total revenues										133,400	326,300
Total operating income before other items										26,500	196,300
Consolidated net income										(24,700)	$ 105,900
HBS | Germany
Investment in Unconsolidated Entities
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net								$ 91,100
RGG
Investment in Unconsolidated Entities
Ownership interest (as a percent)	45.00%
Contribution to form joint venture	$ 276,800
Unconsolidated properties | Disposed by Sales | Retail properties
Investment in Unconsolidated Entities
Gain (loss) on disposition of interest in properties												$ (1,300)
Unconsolidated properties | Disposed by Sales | Residential properties
Investment in Unconsolidated Entities
Proceeds from sale or disposal of real estate assets							$ 17,900			17,900
Gain (loss) on disposition of interest in properties							$ 16,200			$ 16,200

Investments in Unconsolidated_3

Investments in Unconsolidated Entities and International Investments - European Investments (Details) $ / shares in Units, $ in Thousands	Apr. 21, 2017USD ($)	Apr. 07, 2017USD ($)	May 31, 2017USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2019USD ($)propertyitem$ / sharesshares	Dec. 31, 2018USD ($)propertyitem	Dec. 31, 2017USD ($)itemproperty
Investment in Unconsolidated Entities
Income from unconsolidated entities					$ 444,349	$ 475,250	$ 400,270
Klepierre | Disposed by Sales | Shopping centers
Investment in Unconsolidated Entities
Gain (loss) on disposition of interest in properties				$ 5,000	$ 58,600	$ 20,200	$ 5,000
European Joint Venture | Roermond Designer Outlet
Investment in Unconsolidated Entities
Ownership interest (as a percent)		51.30%
Ownership interests acquired (as a percent)		15.70%
Cash purchase price for acquisition		$ 17,900
European Joint Venture | Outlet Center In Roosendaal
Investment in Unconsolidated Entities
Ownership interests acquired (as a percent)	100.00%
Cash purchase price for acquisition	$ 69,800
Mortgage debt assumed	$ 40,100
European Joint Venture | Outlet Center In Roosendaal | Mortgage Maturing 2024
Investment in Unconsolidated Entities
Debt issued to refinance previous mortgage			$ 69,000
European Joint Venture | Outlet Center In Roosendaal | Mortgage Maturing 2024 | EURIBOR
Investment in Unconsolidated Entities
Interest added to reference rate (as a percent)			1.85%
European Joint Venture | Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties | property					9	9	9
Number of properties consolidated by entity | item					6	6	6
European Joint Venture | Designer Outlet properties | Minimum
Investment in Unconsolidated Entities
Ownership interest (as a percent)					45.00%
European Joint Venture | Designer Outlet properties | Maximum
Investment in Unconsolidated Entities
Ownership interest (as a percent)					94.00%
European Property Management and Development | Designer Outlet properties
Investment in Unconsolidated Entities
Ownership interest (as a percent)					50.00%
Europe | Klepierre
Investment in Unconsolidated Entities
Shares owned | shares					63,924,148
Ownership interest (as a percent)					22.20%
Quoted market price per share (in dollars per share) | $ / shares					$ 37.96
Income from unconsolidated entities					$ 145,200	$ 98,800	$ 50,000
Total assets					19,600,000	20,000,000
Total liabilities					12,900,000	12,700,000
Noncontrolling interests equity					1,300,000	1,400,000
Total revenues					1,500,000	1,600,000	1,500,000
Total operating income before other items					626,300	670,400	545,700
Consolidated net income					$ 655,500	693,000	$ 381,300
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
Value of equity instruments					$ 140,800	$ 140,800

Investments in Unconsolidated_4

Investments in Unconsolidated Entities and International Investments - Asian Joint Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investment in Unconsolidated Entities
Equity investment	$ 1,731,649	$ 1,769,488
Japan | Mitsubishi Estate Co., Ltd. | Premium Outlets
Investment in Unconsolidated Entities
Ownership percentage	40.00%	40.00%
Equity investment	$ 212,100	$ 232,100
South Korea | Shinsegae International Co | Premium Outlets
Investment in Unconsolidated Entities
Ownership percentage	50.00%	50.00%
Equity investment	$ 173,900	$ 166,300

Investments in Unconsolidated_5

Investments in Unconsolidated Entities and International Investments - Combined Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Our Share of:
Equity investment	$ 1,731,649	$ 1,769,488
Unconsolidated properties
Our Share of:
Estimated life of investment property	40 years
Equity Method Investees excluding Klepierre, Aeropostale, ABG, HBS and RGG | Unconsolidated properties
Assets:
Investment properties, at cost	$ 19,525,665	18,807,449
Less - accumulated depreciation	7,407,627	6,834,633
Investment properties at cost, net	12,118,038	11,972,816
Cash and cash equivalents	1,015,864	1,076,398
Tenant receivables and accrued revenue, net	510,157	445,148
Right-of-use assets, net	185,302
Deferred costs and other assets	384,663	390,818
Total assets	14,214,024	13,885,180
Liabilities and Partners' Deficit:
Mortgages	15,391,781	15,235,415
Accounts payable, accrued expenses, intangibles, and deferred revenue	977,112	976,311
Lease liabilities	186,594
Other liabilities	338,412	344,205
Total liabilities	16,893,899	16,555,931
Preferred units	67,450	67,450
Partners' deficit	(2,747,325)	(2,738,201)
Total liabilities and partners' deficit	14,214,024	13,885,180
Our Share of:
Partners' deficit	(1,196,926)	(1,168,216)
Add: Excess Investment	1,525,903	1,594,198
Equity investment	$ 328,977	$ 425,982

Investments in Unconsolidated_6

Investments in Unconsolidated Entities and International Investments - Repayments of Mortgages (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Scheduled principal repayments on mortgage indebtedness
2020	$ 2,857,060
2021	1,541,478
2022	2,872,980
2023	1,868,669
2024	2,896,466
Thereafter	12,208,803
Total principal maturities	24,245,456
Debt issuance costs	(101,280)	$ (96,175)
Equity Method Investees excluding Klepierre, Aeropostale, ABG, HBS and RGG | Unconsolidated properties
Scheduled principal repayments on mortgage indebtedness
2020	946,309
2021	2,476,864
2022	1,927,938
2023	1,267,179
2024	2,297,118
Thereafter	6,512,206
Total principal maturities	15,427,614
Debt issuance costs	(35,833)
Total mortgages	$ 15,391,781	$ 15,235,415
Weighted average interest rate (as a percent)	3.94%
Equity Method Investees excluding Klepierre, Aeropostale, ABG, HBS and RGG | Unconsolidated properties | Minimum
Scheduled principal repayments on mortgage indebtedness
Interest rate on debt (as a percent)	0.18%
Equity Method Investees excluding Klepierre, Aeropostale, ABG, HBS and RGG | Unconsolidated properties | Maximum
Scheduled principal repayments on mortgage indebtedness
Interest rate on debt (as a percent)	10.53%

Investments in Unconsolidated_7

Investments in Unconsolidated Entities and International Investments - Combined Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
OPERATING EXPENSES:
Income from Unconsolidated Entities	$ 444,349	$ 475,250	$ 400,270
Equity Method Investees excluding Klepierre, Aeropostale, ABG, HBS and RGG | Unconsolidated properties
REVENUE:
Lease income	3,088,594	3,045,668	2,933,655
Other income	322,398	326,575	290,515
Total revenue	3,410,992	3,372,243	3,224,170
OPERATING EXPENSES:
Property operating	587,062	590,921	551,885
Depreciation and amortization	681,764	652,968	640,286
Real estate taxes	266,013	259,567	245,646
Repairs and maintenance	85,430	87,408	81,309
Advertising and promotion	89,660	87,349	86,480
Other	196,178	187,292	184,037
Total operating expenses	1,906,107	1,865,505	1,789,643
Operating Income Before Other Items	1,504,885	1,506,738	1,434,527
Interest expense	(636,988)	(663,693)	(593,062)
Gain (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net	24,609	33,367	(2,239)
Net Income	892,506	876,412	839,226
Third-Party Investors' Share of Net Income	460,696	436,767	424,533
Our Share of Net Income	431,810	439,645	414,693
Amortization of Excess Investment	(83,556)	(85,252)	(89,804)
Our Share of Gain on Sale or Disposal of Assets and Interest in Other Income in the Consolidated Financial Statements	(1,133)	(12,513)	1,342
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net	(9,156)
Income from Unconsolidated Entities	$ 337,965	$ 341,880	$ 326,231

Indebtedness - Debt (Details)

Indebtedness - Debt (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)itemproperty	Dec. 31, 2018USD ($)
Debt
Debt issuance costs	$ 101,280	$ 96,175
Other Debt Obligations	67,255	67,255
Total Mortgages and Unsecured Indebtedness	24,163,230	23,305,535
Fixed-Rate Debt:
Fixed rate debt	23,230,912	22,393,936
Net unamortized debt premium	6,775
Net discounts	54,976
Variable-Rate Debt:
Variable-rate mortgages and unsecured indebtedness	865,063	844,344
Simon Property Group, L.P.
Debt
Total Mortgages and Unsecured Indebtedness	24,163,230	23,305,535
Secured Debt | Mortgages
Debt
Total Mortgages and Unsecured Indebtedness	$ 6,900,000	6,800,000
Debt covenants
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers | item	46
Number of properties owned | property	50
Number of cross-defaulted and cross-collateralized mortgage pools | item	2
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages | property	5
Secured Debt | Fixed Rate Mortgages
Debt
Debt issuance costs	$ 15,195	14,522
Fixed-Rate Debt:
Fixed rate debt	6,156,595	6,099,787
Net unamortized debt premium	$ 6,775	11,822
Weighted average maturity period, fixed-rate debt	4 years 9 months 18 days
Secured Debt | Fixed Rate Mortgages | Weighted average
Fixed-Rate Debt:
Fixed rate of interest	3.87%
Secured Debt | Variable Rate Mortgages
Debt
Debt issuance costs	$ 4,721	5,901
Variable-Rate Debt:
Variable-rate mortgages and unsecured indebtedness	$ 751,130	736,274
Weighted average maturity period, variable-rate debt	2 years
Secured Debt | Variable Rate Mortgages | Weighted average
Variable-Rate Debt:
Variable rate of interest	2.62%
Unsecured Debt | Senior unsecured notes
Debt
Debt issuance costs	$ 70,297	58,822
Fixed-Rate Debt:
Fixed rate debt	15,747,267	15,535,468
Net discounts	$ 54,976	44,691
Weighted average maturity period, fixed-rate debt	9 years 3 months 18 days
Unsecured Debt | Senior unsecured notes | Simon Property Group, L.P.
Debt
Total Mortgages and Unsecured Indebtedness	$ 15,900,000
Unsecured Debt | Senior unsecured notes | Weighted average
Fixed-Rate Debt:
Fixed rate of interest	3.07%
Unsecured Debt | Commercial Paper
Fixed-Rate Debt:
Fixed rate debt	$ 1,327,050	758,681
Unsecured Debt | Commercial Paper | Simon Property Group, L.P.
Debt
Credit facility, amount outstanding	1,300,000
Maximum borrowing capacity	2,000,000
Unsecured Debt | Commercial Paper | Simon Property Group, L.P. | USD
Debt
Credit facility, amount outstanding	$ 1,000,000
Weighted average interest rate (as a percent)	1.72%
Unsecured Debt | Commercial Paper | Simon Property Group, L.P. | Euro
Debt
Credit facility, amount outstanding	$ 269,200
Weighted average interest rate (as a percent)	(0.38%)
Unsecured Debt | Credit Facility and the Supplemental Facility | Simon Property Group, L.P.
Debt
Available borrowing capacity	$ 6,000,000
Maximum amount outstanding during period	130,700
Credit facility, weighted average amount outstanding	125,100
Letters of credit outstanding	11,400
Unsecured Debt | Credit Facility
Debt
Debt issuance costs	11,067	16,930
Variable-Rate Debt:
Variable-rate mortgages and unsecured indebtedness	113,933	$ 108,070
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 | Simon Property Group, L.P. | LIBOR
Debt
Interest added to reference rate (as a percent)	0.775%
Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P.
Debt
Percentage of borrowings in currencies other than the U.S. dollar	95.00%
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P.
Debt
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 | Simon Property Group, L.P. | LIBOR
Debt
Interest added to reference rate (as a percent)	0.775%

Indebtedness - Debt Repaid and

Indebtedness - Debt Repaid and Redeemed (Details) $ in Thousands, € in Millions	Feb. 01, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2017USD ($)	Oct. 07, 2019EUR (€)	Oct. 07, 2019USD ($)	Oct. 06, 2019EUR (€)	Sep. 13, 2019USD ($)	Dec. 31, 2018USD ($)
Debt
Fixed rate debt		$ 23,230,912	$ 23,230,912						$ 22,393,936
Loss on debt extinguishment			116,256	$ 128,618
Simon Property Group, L.P.
Debt
Loss on debt extinguishment			116,256	$ 128,618
Unsecured Debt | Senior unsecured notes
Debt
Fixed rate debt		15,747,267	$ 15,747,267						$ 15,535,468
Unsecured Debt | Senior unsecured notes | Simon Property Group, L.P.
Debt
Loss on debt extinguishment		$ 116,300
Unsecured Debt | Senior Unsecured Notes 2.20% | Simon Property Group, L.P.
Debt
Debt repaid	$ 600,000
Fixed rate of interest	2.20%
Unsecured Debt | Senior unsecured notes 2.00% due 2024 | Simon Property Group, L.P.
Debt
Debt issued								$ 1,000,000
Fixed rate of interest								2.00%
Unsecured Debt | Senior unsecured notes 2.45% due 2029 | Simon Property Group, L.P.
Debt
Debt issued								$ 1,250,000
Fixed rate of interest								2.45%
Unsecured Debt | Senior unsecured notes 3.25% due 2049 | Simon Property Group, L.P.
Debt
Debt issued								$ 1,250,000
Fixed rate of interest								3.25%
Unsecured Debt | Senior unsecured notes 4.375% due March 1, 2021 | Simon Property Group, L.P.
Debt
Amount of debt redeemed						$ 900,000
Fixed rate of interest					4.375%	4.375%
Unsecured Debt | Senior unsecured notes 4.125% due December 1, 2021 | Simon Property Group, L.P.
Debt
Amount of debt redeemed						$ 700,000
Fixed rate of interest					4.125%	4.125%
Unsecured Debt | Senior unsecured notes 3.375% due March 15, 2022 | Simon Property Group, L.P.
Debt
Amount of debt redeemed						$ 600,000
Fixed rate of interest					3.375%	3.375%
Unsecured Debt | Senior unsecured notes 2.375% due October 2, 2020 | Simon Property Group, L.P.
Debt
Amount of debt redeemed | €					€ 375
Fixed rate debt | €							€ 750
Fixed rate of interest					2.375%	2.375%

Indebtedness - Maturity (Detail

Indebtedness - Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Maturity and Other
2020	$ 2,857,060
2021	1,541,478
2022	2,872,980
2023	1,868,669
2024	2,896,466
Thereafter	12,208,803
Total principal maturities	24,245,456
Net unamortized debt premium	6,775
Net unamortized debt discount	(54,976)
Debt issuance costs, net	(101,280)	$ (96,175)
Other Debt Obligations	67,255	67,255
Total mortgages and unsecured indebtedness	$ 24,163,230	$ 23,305,535

Indebtedness - Debt Issuance Co

Indebtedness - Debt Issuance Costs and Discounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Indebtedness
Cash paid for interest	$ 803,728	$ 811,971	$ 814,729
Debt issuance cost
Debt issuance costs	187,514	204,189
Accumulated amortization	(86,234)	(108,014)
Debt issuance costs	101,280	96,175
Amortization of Debt Issuance Costs and Discounts
Amortization of debt issuance costs	21,499	21,445	21,707
Amortization of debt discounts/(premiums)	$ 1,571	$ 1,618	$ 1,357

Indebtedness - Fair Value (Deta

Indebtedness - Fair Value (Details)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Book value
Fair Value of Debt
Fair value of consolidated fixed rate mortgages and unsecured indebtedness	$ 23,200,000,000	$ 22,400,000,000
Fixed-rate mortgages and unsecured indebtedness | Fair value
Fair Value of Debt
Fair value of consolidated fixed rate mortgages and unsecured indebtedness	$ 23,231,000,000	$ 22,323,000,000
Discount Rate | Weighted average | Mortgages
Fair Value of Debt
Debt percentage- measurement input	0.0375	0.0455
Discount Rate | Weighted average | Unsecured Debt
Fair Value of Debt
Debt percentage- measurement input	0.0367	0.0450

Equity - Common Stock and Unit

Equity - Common Stock and Unit Issuances and Repurchases (Details) $ / shares in Units, $ in Millions	Feb. 11, 2019USD ($)	Sep. 25, 2018shares	Feb. 13, 2017USD ($)	Dec. 31, 2019USD ($)item$ / sharesshares	Dec. 31, 2018USD ($)item$ / sharesshares	Dec. 31, 2017shares
Equity
Minimum number of additional classes or series of common stock that the Board is authorized to reclassify from excess common stock | item				1
Exchange of limited partner units, (in shares)				24,000	92,732	500,411
Redemption of units				43,255	454,704
Period common stock is authorized to repurchase	2 years		2 years
Common stock authorized for repurchase | $	$ 2,000		$ 2,000
Shares repurchased (in shares)				2,247,074	2,275,194	2,468,630
Average share price repurchased (in dollars per share) | $ / shares				$ 160.11
2017 Share Repurchase Program
Equity
Shares repurchased (in shares)				46,377	2,275,194
Average share price repurchased (in dollars per share) | $ / shares				$ 164.49	$ 155.64
Simon Property Group, L.P.
Equity
Redemption of units				43,255	454,704
Outlets at Orange
Equity
Ownership interests acquired (as a percent)		50.00%
Outlets at Orange | Simon Property Group, L.P.
Equity
Number of units issued in connection with acquisition of the remaining interest in orange outlet		475,183
Class B common stock
Equity
Common Stock, Shares, Outstanding				8,000	8,000
Number of voting trusts which are subject to outstanding shares common stock | item				2
Common Stock
Equity
Number of votes entitled per share to holders of common stock | item				1
Limited Partners
Equity
Exchange of limited partner units, (in shares)				24,000	92,732
Number of limited partners who received common stock | item					2
Limited Partners | Simon Property Group, L.P.
Equity
Redemption of units				43,255	454,704
Value of units redeemed | $				$ 6.8	$ 81.5
Number of limited partners who received common stock | item				9	8
Maximum | Class B common stock
Equity
Number of members of board of directors elected under entitlement of right | item				4

Equity - Temporary Equity (Deta

Equity - Temporary Equity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)item$ / sharesshares	Dec. 31, 2018USD ($)shares
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 219,061	$ 230,163
Simon Property Group, L.P.
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 219,061	$ 230,163
7.5% Cumulative Redeemable Preferred Units
Redeemable preferred stock
Number of series of units classified into temporary equity | item	1
Noncontrolling interests redeemable at amounts in excess of fair value	0	0
Preferred stock stated dividend rate percentage	7.50%	7.50%
Temporary equity, shares authorized | shares	260,000	260,000
Temporary equity, shares issued | shares	255,373	255,373
Temporary equity, shares outstanding | shares	255,373	255,373
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 25,537	$ 25,537
Cumulative quarterly distributions on preferred units (in dollars per share) | $ / shares	$ 7.50
Temporary equity redemption price (in dollars per share) | $ / shares	100
Liquidation preference (in dollars per share) | $ / shares	$ 100
7.5% Cumulative Redeemable Preferred Units | Simon Property Group, L.P.
Redeemable preferred stock
Number of series of units classified into temporary equity | item	1
Noncontrolling interests redeemable at amounts in excess of fair value	0	0
Preferred stock stated dividend rate percentage	7.50%	7.50%
Temporary equity, shares authorized | shares	260,000	260,000
Temporary equity, shares issued | shares	255,373	255,373
Temporary equity, shares outstanding | shares	255,373	255,373
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 25,537	$ 25,537
Cumulative quarterly distributions on preferred units (in dollars per share) | $ / shares	$ 7.50
Temporary equity redemption price (in dollars per share) | $ / shares	100
Liquidation preference (in dollars per share) | $ / shares	$ 100
Other noncontrolling redeemable interest
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 193,524	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	$ 193,524	$ 204,626

Equity - Permanent Equity (Deta

Equity - Permanent Equity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Series J Preferred stock
Equity
Preferred stock stated dividend rate percentage	8.375%	8.375%
Redemption price of preferred stock (in dollars per share)	$ 50
Premium received on preferred stock issued	$ 7.5
Preferred stock unamortized premium	$ 2.6	$ 2.9
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized	1,000,000	1,000,000
Simon Property Group, L.P.
Equity
J 8 3/8% cumulative redeemable preferred stock, units outstanding	796,948	796,948
Simon Property Group, L.P. | Series J Preferred stock
Equity
Preferred stock stated dividend rate percentage	8.375%	8.375%
Redemption price of preferred stock (in dollars per share)	$ 50
Premium received on preferred stock issued	$ 7.5
Preferred stock unamortized premium	$ 2.6	$ 2.9
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized	1,000,000
J 8 3/8% cumulative redeemable preferred stock, units issued	796,948
J 8 3/8% cumulative redeemable preferred stock, units outstanding	796,948

Equity - Stock Based Compensati

Equity - Stock Based Compensation (Details)	Jul. 06, 2011USD ($)shares	Dec. 31, 2019USD ($)item$ / sharesshares	Dec. 31, 2018USD ($)item$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016shares	Dec. 31, 2015shares
Exchange Rights
Limited partners units, exchange ratio | item		1
Common stock reserved for possible conversion (in shares) | shares		54,528,976
Restricted stock
Stock-based incentive plan awards
Shares of restricted stock awarded during the year, net of forfeitures | shares		90,902	51,756	76,660
Weighted average fair value of shares granted during the period (in dollars per share) | $ / shares		$ 181.94	$ 153.24	$ 170.81
Annual amortization		$ 12,604,000	$ 12,029,000	$ 13,911,000
Compensation expense, net of capitalization		$ 11,000,000	$ 7,800,000	$ 9,000,000
Restricted stock | Minimum
Stock-based incentive plan awards
Vesting service period		3 years
Restricted stock | Maximum
Stock-based incentive plan awards
Vesting service period		4 years
LTIP Retention Award to Chairman and CEO
Stock-based incentive plan awards
Awards earned (in units) | shares	1,000,000
Grant Date Fair Value	$ 120,300,000
Service period	8 years
LTIP Retention Award to Chairman and CEO | A Units
Stock-based incentive plan awards
Awards earned (in units) | shares						360,000
LTIP Retention Award to Chairman and CEO | 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
1998 Stock Incentive Plan
Stock-based incentive plan awards
Shares reserved for issuance (in shares) | shares			16,300,000
1998 Stock Incentive Plan | Audit Committee Chairman
Stock-based incentive plan awards
Retainer			$ 35,000
1998 Stock Incentive Plan | Compensation Committee Chairman
Stock-based incentive plan awards
Retainer			35,000
1998 Stock Incentive Plan | Nominating And Governance Committee Chairman
Stock-based incentive plan awards
Retainer			25,000
1998 Stock Incentive Plan | Audit Committee Member
Stock-based incentive plan awards
Retainer			15,000
1998 Stock Incentive Plan | Compensation Committee Member
Stock-based incentive plan awards
Retainer			15,000
1998 Stock Incentive Plan | Nominating And Governance Committee Member
Stock-based incentive plan awards
Retainer			$ 10,000
1998 Stock Incentive Plan | Automatic Awards for Eligible Directors
Stock-based incentive plan awards
Retainer fee paid cash (as a percent)			50.00%
1998 Stock Incentive Plan | Independent Director
Stock-based incentive plan awards
Cash retainer			$ 110,000
1998 Stock Incentive Plan | Lead Director
Stock-based incentive plan awards
Retainer			$ 50,000
1998 Stock Incentive Plan | Restricted stock
Stock-based incentive plan awards
Total number of shares awarded, net of forfeiture | shares		5,865,147
1998 Stock Incentive Plan | Restricted stock | Automatic Awards for Eligible Directors
Stock-based incentive plan awards
Vesting service period			1 year
Retainer fee paid in restricted shares (as a percent)			50.00%
1998 Stock Incentive Plan | Restricted stock | Independent Director
Stock-based incentive plan awards
Grant date value of restricted stock			$ 175,000
1998 Stock Incentive Plan | Employee Options
Stock-based incentive plan awards
Vesting service period			3 years
Expiration period			10 years
2019 Stock Incentive Plan
Stock-based incentive plan awards
Shares reserved for issuance (in shares) | shares		8,000,000
2019 Stock Incentive Plan | Audit Committee Chairman
Stock-based incentive plan awards
Retainer		$ 35,000
2019 Stock Incentive Plan | Compensation Committee Chairman
Stock-based incentive plan awards
Retainer		35,000
2019 Stock Incentive Plan | Nominating And Governance Committee Chairman
Stock-based incentive plan awards
Retainer		25,000
2019 Stock Incentive Plan | Audit Committee Member
Stock-based incentive plan awards
Retainer		15,000
2019 Stock Incentive Plan | Compensation Committee Member
Stock-based incentive plan awards
Retainer		15,000
2019 Stock Incentive Plan | Nominating And Governance Committee Member
Stock-based incentive plan awards
Retainer		$ 10,000
2019 Stock Incentive Plan | Automatic Awards for Eligible Directors
Stock-based incentive plan awards
Retainer fee paid cash (as a percent)		50.00%
2019 Stock Incentive Plan | Independent Director
Stock-based incentive plan awards
Cash retainer		$ 110,000
2019 Stock Incentive Plan | Lead Director
Stock-based incentive plan awards
Retainer		$ 50,000
2019 Stock Incentive Plan | Restricted stock
Stock-based incentive plan awards
Total number of shares awarded, net of forfeiture | shares		12,178
2019 Stock Incentive Plan | Restricted stock | Automatic Awards for Eligible Directors
Stock-based incentive plan awards
Vesting service period		1 year
Retainer fee paid in restricted shares (as a percent)		50.00%
2019 Stock Incentive Plan | Restricted stock | Independent Director
Stock-based incentive plan awards
Grant date value of restricted stock		$ 175,000
2019 Stock Incentive Plan | Employee Options
Stock-based incentive plan awards
Vesting service period		3 years
Expiration period		10 years
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		$ 15,800,000	$ 12,000,000	$ 14,000,000
2018 LTIP program | LTIP Units
Stock-based incentive plan awards
Number of tranches | item			2
Grant Date Fair Value			$ 12,100,000
2018 LTIP program | LTIP Units | Maximum
Stock-based incentive plan awards
Grant Date Fair Value			$ 18,200,000
2018 LTIP program | LTIP Units | Tranche A
Stock-based incentive plan awards
Performance period			2 years
Grant Date Fair Value			$ 6,100,000
Grant Date Target Value			$ 6,100,000
2018 LTIP program | LTIP Units | Tranche B
Stock-based incentive plan awards
Performance period			3 years
Grant Date Fair Value			$ 6,100,000
Grant Date Target Value			$ 6,100,000
2019 LTIP program | LTIP Units
Stock-based incentive plan awards
Performance period		3 years
Grant Date Fair Value		$ 9,500,000
Grant Date Target Value		14,700,000
2019 LTIP program | LTIP Units | Maximum
Stock-based incentive plan awards
Grant Date Target Value		$ 22,100,000

Lease Income (Details)

Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Lease Income
Fixed-lease income	$ 4,293,401	$ 4,185,174	$ 4,156,971
Variable lease income	950,370	973,246	952,128
Total lease income	5,243,771	$ 5,158,420	$ 5,109,099
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2020	3,553,867
2021	3,182,630
2022	2,785,719
2023	2,293,210
2024	1,825,869
Thereafter	4,700,660
Future minimum rental receivables	$ 18,341,955

Commitments and Contingencies -

Commitments and Contingencies - Litigation (Details) $ in Millions	12 Months Ended
	Dec. 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	12 Months Ended
	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Lease Commitments
Properties subject to ground leases | property	23
Lease Cost
Fixed lease cost	$ 31,000
Variable lease cost	16,833
Sublease income	(694)
Total operating lease cost	47,139
Lease expense		$ 47,320	$ 45,345
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 48,519
Weighted-average remaining lease term - operating leases	35 years 7 months 6 days
Weighted-average discount rate - operating leases	4.87%
Operating Lease Liabilities
2020	$ 32,438
2021	32,440
2022	32,451
2023	32,583
2024	32,717
Thereafter	908,701
Future minimum gross lease payments	1,071,330
Impact of discounting	(554,521)
Operating lease liabilities	$ 516,809

Commitments and Contingencies_3

Commitments and Contingencies - Lease and Insurance (Details) $ in Billions	12 Months Ended
	Dec. 31, 2019USD ($)
Insurance
Insurance coverage, acts of terrorism	$ 1

Commitments and Contingencies_4

Commitments and Contingencies - Hurricane Impacts (Details) $ in Thousands	3 Months Ended	12 Months Ended		27 Months Ended
	Sep. 30, 2017property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)
Hurricane Impact
Insurance proceeds recorded as business interruption		$ 5,662	$ 19,083
Loss from Catastrophes | PUERTO RICO | Wholly owned properties
Hurricane Impact
Number of properties significantly damaged | property	2
Total insurance proceeds received				$ 73,900
Insurance proceeds received and used for property restoration and remediation				$ 45,500
Loss from Catastrophes | PUERTO RICO | Wholly owned properties | Other income
Hurricane Impact
Insurance proceeds recorded as business interruption		$ 10,500	$ 17,900

Commitments and Contingencies_5

Commitments and Contingencies - Guarantees of Indebtedness (Details) - Joint Venture Mortgage and Indebtedness - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Guarantees of Joint Venture Indebtedness:
Loan guarantee	$ 214.8	$ 216.1
Loan guarantees recoverable	$ 10.8	$ 10.8

Commitments and Contingencies_6

Commitments and Contingencies - Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 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%

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Melvin Simon & Associates, Inc. | Amounts for services provided
Related Party Transactions
Amounts charged to related party	$ 0.6	$ 0.6	$ 0.6
Properties owned by related parties | Amounts for services provided
Related Party Transactions
Number of shopping centers owned by related parties in which management services are provided | property	2
Amounts charged to related party	$ 3.9	4.2	4.2
Unconsolidated Joint Ventures | Amounts for services provided
Related Party Transactions
Amounts charged to related party	108.2	111.5	116.4
Unconsolidated Joint Ventures | Development, royalty and other fees
Related Party Transactions
Amounts charged to related party	$ 14.8	$ 16	$ 15.5

Quarterly Financial Data (Una_3

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Total revenue	$ 1,488,615	$ 1,416,554	$ 1,397,186	$ 1,452,834	$ 1,462,027	$ 1,404,021	$ 1,385,059	$ 1,394,182	$ 5,755,189	$ 5,645,288	$ 5,527,336
Operating income before other items	776,876	705,302	680,631	745,021	770,512	722,843	727,983	704,962	2,907,831	2,926,299	2,802,340
Consolidated net income	590,416	628,724	572,102	631,947	833,192	642,212	631,414	715,524	2,423,188	2,822,343	2,244,903
Net Income attributable to common stockholders or unitholders	$ 510,194	$ 544,254	$ 495,324	$ 548,475	$ 712,796	$ 556,267	$ 547,004	$ 620,654	$ 2,098,247	$ 2,436,721	$ 1,944,625
Net income per share - Basic and Diluted	$ 1.66	$ 1.77	$ 1.60	$ 1.78	$ 2.30	$ 1.80	$ 1.77	$ 2	$ 6.81	$ 7.87	$ 6.24
Weighted Average Shares Outstanding - Basic and Diluted	306,868,960	307,275,230	308,708,798	308,978,053	309,293,708	309,294,045	309,355,154	310,583,643	307,950,112	309,627,178	311,517,345
Simon Property Group, L.P.
Total revenue									$ 5,755,189	$ 5,645,288	$ 5,527,336
Operating income before other items									2,907,831	2,926,299	2,802,340
Consolidated net income									2,423,188	2,822,343	2,244,903
Net Income attributable to common stockholders or unitholders	$ 587,931	$ 627,074	$ 570,389	$ 631,551	$ 821,237	$ 640,402	$ 629,822	$ 714,303	$ 2,416,945	$ 2,805,764	$ 2,239,638
Net income per share - Basic and Diluted	$ 1.66	$ 1.77	$ 1.60	$ 1.78	$ 2.30	$ 1.80	$ 1.77	$ 2	$ 6.81	$ 7.87	$ 6.24
Weighted Average Shares Outstanding - Basic and Diluted	353,619,579	354,038,110	355,491,396	355,778,250	356,396,387	356,073,080	356,181,817	357,446,988	354,724,019	356,520,452	358,776,632

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event - Michigan corporation ("TCO") $ / shares in Units, $ in Billions	Feb. 10, 2020USD ($)person$ / shares
Subsequent event
Ownership interests acquired (as a percent)	100.00%
Outstanding voting stock ( as a percent)	67.00%
Share price (in dollars per share) | $ / shares	$ 52.50
Cash purchase price for acquisition | $	$ 3.6
Simon Property Group, L.P.
Subsequent event
Percentage of ownership interest after transaction held by parent	80.00%
Number of designees	3
Taubman Realty Group L.P.
Subsequent event
Percentage of ownership interest retained by TRG	20.00%
Number of designees	3
US and Asia | Taubman Realty Group L.P.
Subsequent event
Number of super-regional shopping centers	26

Schedule III Real Estate and _2

Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	$ 6,920,866
Initial Cost
Land	3,334,769
Buildings and Improvements	25,051,178
Costs Capitalized Subsequent to Acquisition
Land	357,287
Buildings and Improvements	8,613,505
Gross Amounts At Which Carried At Close of Period
Land	3,692,056
Buildings and Improvements	33,664,683
Total	37,356,739	$ 36,667,960	$ 36,014,506	$ 34,897,942
Accumulated Depreciation	13,622,433	$ 12,632,690	$ 11,704,223	$ 10,664,738
Malls | Barton Creek Square, Austin, TX
Initial Cost
Land	2,903
Buildings and Improvements	20,929
Costs Capitalized Subsequent to Acquisition
Land	7,983
Buildings and Improvements	92,681
Gross Amounts At Which Carried At Close of Period
Land	10,886
Buildings and Improvements	113,610
Total	124,496
Accumulated Depreciation	62,531
Malls | Battlefield Mall, Springfield, MO
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	115,043
Initial Cost
Land	3,919
Buildings and Improvements	27,231
Costs Capitalized Subsequent to Acquisition
Land	3,000
Buildings and Improvements	72,652
Gross Amounts At Which Carried At Close of Period
Land	6,919
Buildings and Improvements	99,883
Total	106,802
Accumulated Depreciation	72,416
Malls | Bay Park Square, Green Bay, WI
Initial Cost
Land	6,358
Buildings and Improvements	25,623
Costs Capitalized Subsequent to Acquisition
Land	4,106
Buildings and Improvements	32,357
Gross Amounts At Which Carried At Close of Period
Land	10,464
Buildings and Improvements	57,980
Total	68,444
Accumulated Depreciation	34,600
Malls | Brea Mall, Brea (Los Angeles), CA
Initial Cost
Land	39,500
Buildings and Improvements	209,202
Costs Capitalized Subsequent to Acquisition
Land	2,993
Buildings and Improvements	76,253
Gross Amounts At Which Carried At Close of Period
Land	42,493
Buildings and Improvements	285,455
Total	327,948
Accumulated Depreciation	150,527
Malls | Broadway Square, Tyler, TX
Initial Cost
Land	11,306
Buildings and Improvements	32,431
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	46,983
Gross Amounts At Which Carried At Close of Period
Land	11,306
Buildings and Improvements	79,414
Total	90,720
Accumulated Depreciation	39,881
Malls | Burlington Mall, Burlington (Boston), MA
Initial Cost
Land	46,600
Buildings and Improvements	303,618
Costs Capitalized Subsequent to Acquisition
Land	27,458
Buildings and Improvements	204,004
Gross Amounts At Which Carried At Close of Period
Land	74,058
Buildings and Improvements	507,622
Total	581,680
Accumulated Depreciation	236,539
Malls | Castleton Square, Indianapolis, IN
Initial Cost
Land	26,250
Buildings and Improvements	98,287
Costs Capitalized Subsequent to Acquisition
Land	7,434
Buildings and Improvements	79,828
Gross Amounts At Which Carried At Close of Period
Land	33,684
Buildings and Improvements	178,115
Total	211,799
Accumulated Depreciation	115,286
Malls | Cielo Vista Mall, El Paso, TX
Initial Cost
Land	1,005
Buildings and Improvements	15,262
Costs Capitalized Subsequent to Acquisition
Land	608
Buildings and Improvements	56,715
Gross Amounts At Which Carried At Close of Period
Land	1,613
Buildings and Improvements	71,977
Total	73,590
Accumulated Depreciation	49,480
Malls | College Mall, Bloomington, IN
Initial Cost
Land	1,003
Buildings and Improvements	16,245
Costs Capitalized Subsequent to Acquisition
Land	720
Buildings and Improvements	70,773
Gross Amounts At Which Carried At Close of Period
Land	1,723
Buildings and Improvements	87,018
Total	88,741
Accumulated Depreciation	45,621
Malls | Columbia Center, Kennewick, WA
Initial Cost
Land	17,441
Buildings and Improvements	66,580
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	42,401
Gross Amounts At Which Carried At Close of Period
Land	17,441
Buildings and Improvements	108,981
Total	126,422
Accumulated Depreciation	62,150
Malls | Copley Place, Boston, MA
Initial Cost
Buildings and Improvements	378,045
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	214,121
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	592,166
Total	592,166
Accumulated Depreciation	242,594
Malls | Coral Square, Coral Springs (Miami), FL
Initial Cost
Land	13,556
Buildings and Improvements	93,630
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	20,174
Gross Amounts At Which Carried At Close of Period
Land	13,556
Buildings and Improvements	113,804
Total	127,360
Accumulated Depreciation	88,716
Malls | Cordova Mall, Pensacola, FL
Initial Cost
Land	18,626
Buildings and Improvements	73,091
Costs Capitalized Subsequent to Acquisition
Land	7,321
Buildings and Improvements	69,914
Gross Amounts At Which Carried At Close of Period
Land	25,947
Buildings and Improvements	143,005
Total	168,952
Accumulated Depreciation	76,474
Malls | Domain, The, Austin, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	180,735
Initial Cost
Land	40,436
Buildings and Improvements	197,010
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	150,597
Gross Amounts At Which Carried At Close of Period
Land	40,436
Buildings and Improvements	347,607
Total	388,043
Accumulated Depreciation	164,609
Malls | Empire Mall, Sioux Falls, SD
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	186,948
Initial Cost
Land	35,998
Buildings and Improvements	192,186
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	29,900
Gross Amounts At Which Carried At Close of Period
Land	35,998
Buildings and Improvements	222,086
Total	258,084
Accumulated Depreciation	60,956
Malls | Fashion Mall at Keystone, The, Indianapolis, IN
Initial Cost
Buildings and Improvements	120,579
Costs Capitalized Subsequent to Acquisition
Land	29,145
Buildings and Improvements	101,367
Gross Amounts At Which Carried At Close of Period
Land	29,145
Buildings and Improvements	221,946
Total	251,091
Accumulated Depreciation	125,707
Malls | Firewheel Town Center, Garland (Dallas), TX
Initial Cost
Land	8,438
Buildings and Improvements	82,716
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	28,801
Gross Amounts At Which Carried At Close of Period
Land	8,438
Buildings and Improvements	111,517
Total	119,955
Accumulated Depreciation	62,470
Malls | Forum Shops at Caesars, The, Las Vegas, NV
Initial Cost
Buildings and Improvements	276,567
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	277,394
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	553,961
Total	553,961
Accumulated Depreciation	275,437
Malls | Greenwood Park Mall, Greenwood (Indianapolis), IN
Initial Cost
Land	2,423
Buildings and Improvements	23,445
Costs Capitalized Subsequent to Acquisition
Land	5,253
Buildings and Improvements	123,737
Gross Amounts At Which Carried At Close of Period
Land	7,676
Buildings and Improvements	147,182
Total	154,858
Accumulated Depreciation	88,241
Malls | Haywood Mall, Greenville, SC
Initial Cost
Land	11,585
Buildings and Improvements	133,893
Costs Capitalized Subsequent to Acquisition
Land	6
Buildings and Improvements	42,726
Gross Amounts At Which Carried At Close of Period
Land	11,591
Buildings and Improvements	176,619
Total	188,210
Accumulated Depreciation	109,736
Malls | Ingram Park Mall, San Antonio, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	125,225
Initial Cost
Land	733
Buildings and Improvements	16,972
Costs Capitalized Subsequent to Acquisition
Land	37
Buildings and Improvements	44,000
Gross Amounts At Which Carried At Close of Period
Land	770
Buildings and Improvements	60,972
Total	61,742
Accumulated Depreciation	32,240
Malls | King of Prussia, King of Prussia (Philadelphia), PA
Initial Cost
Land	175,063
Buildings and Improvements	1,128,200
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	374,807
Gross Amounts At Which Carried At Close of Period
Land	175,063
Buildings and Improvements	1,503,007
Total	1,678,070
Accumulated Depreciation	407,464
Malls | La Plaza Mall, McAllen, TX
Initial Cost
Land	87,912
Buildings and Improvements	9,828
Costs Capitalized Subsequent to Acquisition
Land	6,569
Buildings and Improvements	184,222
Gross Amounts At Which Carried At Close of Period
Land	94,481
Buildings and Improvements	194,050
Total	288,531
Accumulated Depreciation	48,508
Malls | Lakeline Mall, Cedar Park (Austin), TX
Initial Cost
Land	10,088
Buildings and Improvements	81,568
Costs Capitalized Subsequent to Acquisition
Land	14
Buildings and Improvements	25,238
Gross Amounts At Which Carried At Close of Period
Land	10,102
Buildings and Improvements	106,806
Total	116,908
Accumulated Depreciation	62,704
Malls | Lenox Square, Atlanta, GA
Initial Cost
Land	38,058
Buildings and Improvements	492,411
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	140,839
Gross Amounts At Which Carried At Close of Period
Land	38,058
Buildings and Improvements	633,250
Total	671,308
Accumulated Depreciation	357,413
Malls | Livingston Mall, Livingston (New York), NJ
Initial Cost
Land	22,214
Buildings and Improvements	105,250
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	48,437
Gross Amounts At Which Carried At Close of Period
Land	22,214
Buildings and Improvements	153,687
Total	175,901
Accumulated Depreciation	87,664
Malls | Mall of Georgia, Buford (Atlanta), GA
Initial Cost
Land	47,492
Buildings and Improvements	326,633
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	15,033
Gross Amounts At Which Carried At Close of Period
Land	47,492
Buildings and Improvements	341,666
Total	389,158
Accumulated Depreciation	185,545
Malls | McCain Mall, N. Little Rock, AR
Initial Cost
Buildings and Improvements	9,515
Costs Capitalized Subsequent to Acquisition
Land	10,530
Buildings and Improvements	29,043
Gross Amounts At Which Carried At Close of Period
Land	10,530
Buildings and Improvements	38,558
Total	49,088
Accumulated Depreciation	16,385
Malls | Menlo Park Mall, Edison (New York), NJ
Initial Cost
Land	65,684
Buildings and Improvements	223,252
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	81,610
Gross Amounts At Which Carried At Close of Period
Land	65,684
Buildings and Improvements	304,862
Total	370,546
Accumulated Depreciation	180,763
Malls | Midland Park Mall, Midland, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	73,679
Initial Cost
Land	687
Buildings and Improvements	9,213
Costs Capitalized Subsequent to Acquisition
Land	1,196
Buildings and Improvements	33,966
Gross Amounts At Which Carried At Close of Period
Land	1,883
Buildings and Improvements	43,179
Total	45,062
Accumulated Depreciation	22,997
Malls | Miller Hill Mall, Duluth, MN
Initial Cost
Land	2,965
Buildings and Improvements	18,092
Costs Capitalized Subsequent to Acquisition
Land	1,811
Buildings and Improvements	44,438
Gross Amounts At Which Carried At Close of Period
Land	4,776
Buildings and Improvements	62,530
Total	67,306
Accumulated Depreciation	44,752
Malls | Montgomery Mall, North Wales (Philadelphia), PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	100,000
Initial Cost
Land	27,105
Buildings and Improvements	86,915
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	64,110
Gross Amounts At Which Carried At Close of Period
Land	27,105
Buildings and Improvements	151,025
Total	178,130
Accumulated Depreciation	71,996
Malls | North East Mall, Hurst (Dallas), TX
Initial Cost
Land	128
Buildings and Improvements	12,966
Costs Capitalized Subsequent to Acquisition
Land	19,010
Buildings and Improvements	148,122
Gross Amounts At Which Carried At Close of Period
Land	19,138
Buildings and Improvements	161,088
Total	180,226
Accumulated Depreciation	114,922
Malls | Northgate, Seattle, WA
Initial Cost
Land	23,610
Buildings and Improvements	115,992
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	54,357
Gross Amounts At Which Carried At Close of Period
Land	23,610
Buildings and Improvements	170,349
Total	193,959
Accumulated Depreciation	82,994
Malls | Ocean County Mall, Toms River (New York), NJ
Initial Cost
Land	20,404
Buildings and Improvements	124,945
Costs Capitalized Subsequent to Acquisition
Land	3,277
Buildings and Improvements	71,607
Gross Amounts At Which Carried At Close of Period
Land	23,681
Buildings and Improvements	196,552
Total	220,233
Accumulated Depreciation	95,906
Malls | Orland Square, Orland Park (Chicago), IL
Initial Cost
Land	35,439
Buildings and Improvements	129,906
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	79,521
Gross Amounts At Which Carried At Close of Period
Land	35,439
Buildings and Improvements	209,427
Total	244,866
Accumulated Depreciation	110,562
Malls | Oxford Valley Mall, Langhorne (Philadelphia), PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	59,541
Initial Cost
Land	24,544
Buildings and Improvements	100,287
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	21,445
Gross Amounts At Which Carried At Close of Period
Land	24,544
Buildings and Improvements	121,732
Total	146,276
Accumulated Depreciation	82,499
Malls | Penn Square Mall, Oklahoma City, OK
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	310,000
Initial Cost
Land	2,043
Buildings and Improvements	155,958
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	60,655
Gross Amounts At Which Carried At Close of Period
Land	2,043
Buildings and Improvements	216,613
Total	218,656
Accumulated Depreciation	129,929
Malls | Pheasant Lane Mall, Nashua, NH
Initial Cost
Land	3,902
Buildings and Improvements	155,068
Costs Capitalized Subsequent to Acquisition
Land	550
Buildings and Improvements	50,798
Gross Amounts At Which Carried At Close of Period
Land	4,452
Buildings and Improvements	205,866
Total	210,318
Accumulated Depreciation	111,692
Malls | Phipps Plaza, Atlanta, GA
Initial Cost
Land	15,005
Buildings and Improvements	210,610
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	203,514
Gross Amounts At Which Carried At Close of Period
Land	15,005
Buildings and Improvements	414,124
Total	429,129
Accumulated Depreciation	160,784
Malls | Plaza Carolina, Carolina (San Juan), PR
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	225,000
Initial Cost
Land	15,493
Buildings and Improvements	279,560
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	75,185
Gross Amounts At Which Carried At Close of Period
Land	15,493
Buildings and Improvements	354,745
Total	370,238
Accumulated Depreciation	164,298
Malls | Prien Lake Mall, Lake Charles, LA
Initial Cost
Land	1,842
Buildings and Improvements	2,813
Costs Capitalized Subsequent to Acquisition
Land	3,053
Buildings and Improvements	60,521
Gross Amounts At Which Carried At Close of Period
Land	4,895
Buildings and Improvements	63,334
Total	68,229
Accumulated Depreciation	31,771
Malls | Rockaway Townsquare, Rockaway (New York), NJ
Initial Cost
Land	41,918
Buildings and Improvements	212,257
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	66,784
Gross Amounts At Which Carried At Close of Period
Land	41,918
Buildings and Improvements	279,041
Total	320,959
Accumulated Depreciation	151,799
Malls | Roosevelt Field, Garden City (New York), NY
Initial Cost
Land	163,160
Buildings and Improvements	702,008
Costs Capitalized Subsequent to Acquisition
Land	1,246
Buildings and Improvements	368,267
Gross Amounts At Which Carried At Close of Period
Land	164,406
Buildings and Improvements	1,070,275
Total	1,234,681
Accumulated Depreciation	500,787
Malls | Ross Park Mall, Pittsburgh, PA
Initial Cost
Land	23,541
Buildings and Improvements	90,203
Costs Capitalized Subsequent to Acquisition
Land	5,815
Buildings and Improvements	129,184
Gross Amounts At Which Carried At Close of Period
Land	29,356
Buildings and Improvements	219,387
Total	248,743
Accumulated Depreciation	127,819
Malls | Santa Rosa Plaza, Santa Rosa, CA
Initial Cost
Land	10,400
Buildings and Improvements	87,864
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	28,927
Gross Amounts At Which Carried At Close of Period
Land	10,400
Buildings and Improvements	116,791
Total	127,191
Accumulated Depreciation	66,455
Malls | Shops at Chestnut Hill, The, Chestnut Hill (Boston), MA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	120,000
Initial Cost
Land	449
Buildings and Improvements	25,102
Costs Capitalized Subsequent to Acquisition
Land	38,864
Buildings and Improvements	106,972
Gross Amounts At Which Carried At Close of Period
Land	39,313
Buildings and Improvements	132,074
Total	171,387
Accumulated Depreciation	37,688
Malls | Shops at Nanuet, The, Nanuet, NY
Initial Cost
Land	28,125
Buildings and Improvements	142,860
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	10,877
Gross Amounts At Which Carried At Close of Period
Land	28,125
Buildings and Improvements	153,737
Total	181,862
Accumulated Depreciation	39,309
Malls | Shops at Riverside, The, Hackensack (New York), NJ
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	130,000
Initial Cost
Land	13,521
Buildings and Improvements	238,746
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	258,036
Gross Amounts At Which Carried At Close of Period
Land	13,521
Buildings and Improvements	496,782
Total	510,303
Accumulated Depreciation	80,710
Malls | South Hills Village, Pittsburgh, PA
Initial Cost
Land	23,445
Buildings and Improvements	125,840
Costs Capitalized Subsequent to Acquisition
Land	1,472
Buildings and Improvements	82,363
Gross Amounts At Which Carried At Close of Period
Land	24,917
Buildings and Improvements	208,203
Total	233,120
Accumulated Depreciation	103,581
Malls | South Shore Plaza, Braintree (Boston), MA
Initial Cost
Land	101,200
Buildings and Improvements	301,495
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	165,865
Gross Amounts At Which Carried At Close of Period
Land	101,200
Buildings and Improvements	467,360
Total	568,560
Accumulated Depreciation	254,866
Malls | Southdale Center, Edina (Minneapolis), MN
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	141,377
Initial Cost
Land	41,430
Buildings and Improvements	184,967
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	112,735
Gross Amounts At Which Carried At Close of Period
Land	41,430
Buildings and Improvements	297,702
Total	339,132
Accumulated Depreciation	65,664
Malls | SouthPark, Charlotte, NC
Initial Cost
Land	42,092
Buildings and Improvements	188,055
Costs Capitalized Subsequent to Acquisition
Land	100
Buildings and Improvements	201,974
Gross Amounts At Which Carried At Close of Period
Land	42,192
Buildings and Improvements	390,029
Total	432,221
Accumulated Depreciation	213,185
Malls | Southridge Mall, Greendale (Milwaukee), WI
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	114,458
Initial Cost
Land	12,359
Buildings and Improvements	130,111
Costs Capitalized Subsequent to Acquisition
Land	1,939
Buildings and Improvements	14,033
Gross Amounts At Which Carried At Close of Period
Land	14,298
Buildings and Improvements	144,144
Total	158,442
Accumulated Depreciation	48,103
Malls | St. Charles Towne Center, Waldorf (Washington, DC), MD
Initial Cost
Land	7,710
Buildings and Improvements	52,934
Costs Capitalized Subsequent to Acquisition
Land	1,180
Buildings and Improvements	30,246
Gross Amounts At Which Carried At Close of Period
Land	8,890
Buildings and Improvements	83,180
Total	92,070
Accumulated Depreciation	59,918
Malls | Stanford Shopping Center, Palo Alto (San Jose), CA
Initial Cost
Buildings and Improvements	339,537
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	164,618
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	504,155
Total	504,155
Accumulated Depreciation	196,441
Malls | Summit Mall, Akron, OH
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	85,000
Initial Cost
Land	15,374
Buildings and Improvements	51,137
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	57,597
Gross Amounts At Which Carried At Close of Period
Land	15,374
Buildings and Improvements	108,734
Total	124,108
Accumulated Depreciation	64,652
Malls | Tacoma Mall, Tacoma (Seattle), WA
Initial Cost
Land	37,113
Buildings and Improvements	125,826
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	149,126
Gross Amounts At Which Carried At Close of Period
Land	37,113
Buildings and Improvements	274,952
Total	312,065
Accumulated Depreciation	138,231
Malls | Tippecanoe Mall, Lafayette, IN
Initial Cost
Land	2,897
Buildings and Improvements	8,439
Costs Capitalized Subsequent to Acquisition
Land	5,517
Buildings and Improvements	48,193
Gross Amounts At Which Carried At Close of Period
Land	8,414
Buildings and Improvements	56,632
Total	65,046
Accumulated Depreciation	44,397
Malls | Town Center at Boca Raton, Boca Raton (Miami), FL
Initial Cost
Land	64,200
Buildings and Improvements	307,317
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	235,698
Gross Amounts At Which Carried At Close of Period
Land	64,200
Buildings and Improvements	543,015
Total	607,215
Accumulated Depreciation	291,763
Malls | Town Center at Cobb, Kennesaw (Atlanta), GA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	181,632
Initial Cost
Land	32,355
Buildings and Improvements	158,225
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	24,154
Gross Amounts At Which Carried At Close of Period
Land	32,355
Buildings and Improvements	182,379
Total	214,734
Accumulated Depreciation	123,820
Malls | Towne East Square, Wichita, KS
Initial Cost
Land	8,525
Buildings and Improvements	18,479
Costs Capitalized Subsequent to Acquisition
Land	4,108
Buildings and Improvements	52,323
Gross Amounts At Which Carried At Close of Period
Land	12,633
Buildings and Improvements	70,802
Total	83,435
Accumulated Depreciation	47,968
Malls | Treasure Coast Square, Jensen Beach, FL
Initial Cost
Land	11,124
Buildings and Improvements	72,990
Costs Capitalized Subsequent to Acquisition
Land	3,067
Buildings and Improvements	40,463
Gross Amounts At Which Carried At Close of Period
Land	14,191
Buildings and Improvements	113,453
Total	127,644
Accumulated Depreciation	73,903
Malls | Tyrone Square, St. Petersburg (Tampa), FL
Initial Cost
Land	15,638
Buildings and Improvements	120,962
Costs Capitalized Subsequent to Acquisition
Land	1,459
Buildings and Improvements	51,512
Gross Amounts At Which Carried At Close of Period
Land	17,097
Buildings and Improvements	172,474
Total	189,571
Accumulated Depreciation	107,064
Malls | University Park Mall, Mishawaka, IN
Initial Cost
Land	10,762
Buildings and Improvements	118,164
Costs Capitalized Subsequent to Acquisition
Land	7,000
Buildings and Improvements	59,528
Gross Amounts At Which Carried At Close of Period
Land	17,762
Buildings and Improvements	177,692
Total	195,454
Accumulated Depreciation	146,660
Malls | Walt Whitman Shops, Huntington Station (New York), NY
Initial Cost
Land	51,700
Buildings and Improvements	111,258
Costs Capitalized Subsequent to Acquisition
Land	3,789
Buildings and Improvements	127,988
Gross Amounts At Which Carried At Close of Period
Land	55,489
Buildings and Improvements	239,246
Total	294,735
Accumulated Depreciation	122,578
Malls | White Oaks Mall, Springfield, IL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	47,548
Initial Cost
Land	2,907
Buildings and Improvements	35,692
Costs Capitalized Subsequent to Acquisition
Land	2,166
Buildings and Improvements	66,683
Gross Amounts At Which Carried At Close of Period
Land	5,073
Buildings and Improvements	102,375
Total	107,448
Accumulated Depreciation	56,577
Malls | Wolfchase Galleria, Memphis, TN
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	156,170
Initial Cost
Land	16,407
Buildings and Improvements	128,276
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	17,530
Gross Amounts At Which Carried At Close of Period
Land	16,407
Buildings and Improvements	145,806
Total	162,213
Accumulated Depreciation	93,616
Malls | Woodland Hills Mall, Tulsa, OK
Initial Cost
Land	34,211
Buildings and Improvements	187,123
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	34,550
Gross Amounts At Which Carried At Close of Period
Land	34,211
Buildings and Improvements	221,673
Total	255,884
Accumulated Depreciation	137,063
Premium Outlets | Albertville Premium Outlets, Albertville (Minneapolis), MN
Initial Cost
Land	3,900
Buildings and Improvements	97,059
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	11,572
Gross Amounts At Which Carried At Close of Period
Land	3,900
Buildings and Improvements	108,631
Total	112,531
Accumulated Depreciation	52,010
Premium Outlets | Allen Premium Outlets, Allen (Dallas), TX
Initial Cost
Land	20,932
Buildings and Improvements	69,788
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	42,478
Gross Amounts At Which Carried At Close of Period
Land	20,932
Buildings and Improvements	112,266
Total	133,198
Accumulated Depreciation	32,728
Premium Outlets | Aurora Farms Premium Outlets, Aurora (Cleveland), OH
Initial Cost
Land	2,370
Buildings and Improvements	24,326
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,274
Gross Amounts At Which Carried At Close of Period
Land	2,370
Buildings and Improvements	33,600
Total	35,970
Accumulated Depreciation	23,826
Premium Outlets | Birch Run Premium Outlets, Birch Run (Detroit), MI
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	123,000
Initial Cost
Land	11,477
Buildings and Improvements	77,856
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,843
Gross Amounts At Which Carried At Close of Period
Land	11,477
Buildings and Improvements	86,699
Total	98,176
Accumulated Depreciation	34,066
Premium Outlets | Camarillo Premium Outlets, Camarillo (Los Angeles), CA
Initial Cost
Land	16,670
Buildings and Improvements	224,721
Costs Capitalized Subsequent to Acquisition
Land	395
Buildings and Improvements	72,239
Gross Amounts At Which Carried At Close of Period
Land	17,065
Buildings and Improvements	296,960
Total	314,025
Accumulated Depreciation	140,770
Premium Outlets | Carlsbad Premium Outlets, Carlsbad (San Diego), CA
Initial Cost
Land	12,890
Buildings and Improvements	184,990
Costs Capitalized Subsequent to Acquisition
Land	96
Buildings and Improvements	9,907
Gross Amounts At Which Carried At Close of Period
Land	12,986
Buildings and Improvements	194,897
Total	207,883
Accumulated Depreciation	84,213
Premium Outlets | Carolina Premium Outlets, Smithfield (Raleigh), NC
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	42,982
Initial Cost
Land	3,175
Buildings and Improvements	59,863
Costs Capitalized Subsequent to Acquisition
Land	5,311
Buildings and Improvements	7,667
Gross Amounts At Which Carried At Close of Period
Land	8,486
Buildings and Improvements	67,530
Total	76,016
Accumulated Depreciation	36,402
Premium Outlets | Chicago Premium Outlets, Aurora (Chicago), IL
Initial Cost
Land	659
Buildings and Improvements	118,005
Costs Capitalized Subsequent to Acquisition
Land	13,050
Buildings and Improvements	101,399
Gross Amounts At Which Carried At Close of Period
Land	13,709
Buildings and Improvements	219,404
Total	233,113
Accumulated Depreciation	79,095
Premium Outlets | Cincinnati Premium Outlets, Monroe (Cincinnati), OH
Initial Cost
Land	14,117
Buildings and Improvements	71,520
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,234
Gross Amounts At Which Carried At Close of Period
Land	14,117
Buildings and Improvements	76,754
Total	90,871
Accumulated Depreciation	36,619
Premium Outlets | Clinton Crossing Premium Outlets, Clinton, CT
Initial Cost
Land	2,060
Buildings and Improvements	107,556
Costs Capitalized Subsequent to Acquisition
Land	1,532
Buildings and Improvements	6,098
Gross Amounts At Which Carried At Close of Period
Land	3,592
Buildings and Improvements	113,654
Total	117,246
Accumulated Depreciation	57,830
Premium Outlets | Denver Premium Outlets, Thornton (Denver), CO
Initial Cost
Land	11,671
Buildings and Improvements	45,335
Costs Capitalized Subsequent to Acquisition
Land	10
Buildings and Improvements	71,266
Gross Amounts At Which Carried At Close of Period
Land	11,681
Buildings and Improvements	116,601
Total	128,282
Accumulated Depreciation	7,030
Premium Outlets | Desert Hills Premium Outlets, Cabazon (Palm Springs), CA
Initial Cost
Land	3,440
Buildings and Improvements	338,679
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	115,468
Gross Amounts At Which Carried At Close of Period
Land	3,440
Buildings and Improvements	454,147
Total	457,587
Accumulated Depreciation	173,343
Premium Outlets | Ellenton Premium Outlets, Ellenton (Tampa), FL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	178,000
Initial Cost
Land	15,807
Buildings and Improvements	182,412
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,719
Gross Amounts At Which Carried At Close of Period
Land	15,807
Buildings and Improvements	190,131
Total	205,938
Accumulated Depreciation	96,640
Premium Outlets | Folsom Premium Outlets, Folsom (Sacramento), CA
Initial Cost
Land	9,060
Buildings and Improvements	50,281
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,017
Gross Amounts At Which Carried At Close of Period
Land	9,060
Buildings and Improvements	55,298
Total	64,358
Accumulated Depreciation	30,972
Premium Outlets | Gilroy Premium Outlets, Gilroy (San Jose), CA
Initial Cost
Land	9,630
Buildings and Improvements	194,122
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	17,960
Gross Amounts At Which Carried At Close of Period
Land	9,630
Buildings and Improvements	212,082
Total	221,712
Accumulated Depreciation	100,683
Premium Outlets | Grand Prairie Premium Outlets, Grand Prairie (Dallas), TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	111,607
Initial Cost
Land	9,497
Buildings and Improvements	194,245
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,167
Gross Amounts At Which Carried At Close of Period
Land	9,497
Buildings and Improvements	196,412
Total	205,909
Accumulated Depreciation	47,912
Premium Outlets | Grove City Premium Outlets, Grove City (Pittsburgh), PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	140,000
Initial Cost
Land	6,421
Buildings and Improvements	121,880
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,358
Gross Amounts At Which Carried At Close of Period
Land	6,421
Buildings and Improvements	129,238
Total	135,659
Accumulated Depreciation	66,003
Premium Outlets | Gulfport Premium Outlets, Gulfport, MS
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	50,000
Initial Cost
Buildings and Improvements	27,949
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,494
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	35,443
Total	35,443
Accumulated Depreciation	15,543
Premium Outlets | Hagerstown Premium Outlets, Hagerstown (Baltimore/Washington, DC), MD
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	74,655
Initial Cost
Land	3,576
Buildings and Improvements	85,883
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,930
Gross Amounts At Which Carried At Close of Period
Land	3,576
Buildings and Improvements	88,813
Total	92,389
Accumulated Depreciation	36,464
Premium Outlets | Houston Premium Outlets, Cypress (Houston), TX
Initial Cost
Land	8,695
Buildings and Improvements	69,350
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	48,112
Gross Amounts At Which Carried At Close of Period
Land	8,695
Buildings and Improvements	117,462
Total	126,157
Accumulated Depreciation	50,806
Premium Outlets | Indiana Premium Outlets, Edinburgh (Indianapolis), IN
Initial Cost
Land	2,857
Buildings and Improvements	47,309
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	19,704
Gross Amounts At Which Carried At Close of Period
Land	2,857
Buildings and Improvements	67,013
Total	69,870
Accumulated Depreciation	34,573
Premium Outlets | Jackson Premium Outlets, Jackson (New York), NJ
Initial Cost
Land	6,413
Buildings and Improvements	104,013
Costs Capitalized Subsequent to Acquisition
Land	3
Buildings and Improvements	8,413
Gross Amounts At Which Carried At Close of Period
Land	6,416
Buildings and Improvements	112,426
Total	118,842
Accumulated Depreciation	50,036
Premium Outlets | Jersey Shore Premium Outlets, Tinton Falls (New York), NJ
Initial Cost
Land	15,390
Buildings and Improvements	50,979
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	79,060
Gross Amounts At Which Carried At Close of Period
Land	15,390
Buildings and Improvements	130,039
Total	145,429
Accumulated Depreciation	61,084
Premium Outlets | Johnson Creek Premium Outlets, Johnson Creek, WI
Initial Cost
Land	2,800
Buildings and Improvements	39,546
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,978
Gross Amounts At Which Carried At Close of Period
Land	2,800
Buildings and Improvements	46,524
Total	49,324
Accumulated Depreciation	22,152
Premium Outlets | Kittery Premium Outlets, Kittery, ME
Initial Cost
Land	11,832
Buildings and Improvements	94,994
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	11,024
Gross Amounts At Which Carried At Close of Period
Land	11,832
Buildings and Improvements	106,018
Total	117,850
Accumulated Depreciation	44,198
Premium Outlets | Las Americas Premium Outlets, San Diego, CA
Initial Cost
Land	45,168
Buildings and Improvements	251,878
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	11,088
Gross Amounts At Which Carried At Close of Period
Land	45,168
Buildings and Improvements	262,966
Total	308,134
Accumulated Depreciation	94,764
Premium Outlets | Las Vegas North Premium Outlets, Las Vegas, NV
Initial Cost
Land	25,435
Buildings and Improvements	134,973
Costs Capitalized Subsequent to Acquisition
Land	16,536
Buildings and Improvements	151,951
Gross Amounts At Which Carried At Close of Period
Land	41,971
Buildings and Improvements	286,924
Total	328,895
Accumulated Depreciation	123,087
Premium Outlets | Las Vegas South Premium Outlets, Las Vegas, NV
Initial Cost
Land	13,085
Buildings and Improvements	160,777
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	33,215
Gross Amounts At Which Carried At Close of Period
Land	13,085
Buildings and Improvements	193,992
Total	207,077
Accumulated Depreciation	82,007
Premium Outlets | Lee Premium Outlets, Lee, MA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	50,710
Initial Cost
Land	9,167
Buildings and Improvements	52,212
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,313
Gross Amounts At Which Carried At Close of Period
Land	9,167
Buildings and Improvements	56,525
Total	65,692
Accumulated Depreciation	27,692
Premium Outlets | Leesburg Corner Premium Outlets, Leesburg (Washington, DC), VA
Initial Cost
Land	7,190
Buildings and Improvements	162,023
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	20,557
Gross Amounts At Which Carried At Close of Period
Land	7,190
Buildings and Improvements	182,580
Total	189,770
Accumulated Depreciation	84,560
Premium Outlets | Lighthouse Place Premium Outlets, Michigan City (Chicago, IL), IN
Initial Cost
Land	6,630
Buildings and Improvements	94,138
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	13,222
Gross Amounts At Which Carried At Close of Period
Land	6,630
Buildings and Improvements	107,360
Total	113,990
Accumulated Depreciation	56,227
Premium Outlets | Merrimack Premium Outlets, Merrimack, NH
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	119,120
Initial Cost
Land	14,975
Buildings and Improvements	118,428
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,684
Gross Amounts At Which Carried At Close of Period
Land	14,975
Buildings and Improvements	121,112
Total	136,087
Accumulated Depreciation	38,616
Premium Outlets | Napa Premium Outlets, Napa, CA
Initial Cost
Land	11,400
Buildings and Improvements	45,023
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,621
Gross Amounts At Which Carried At Close of Period
Land	11,400
Buildings and Improvements	52,644
Total	64,044
Accumulated Depreciation	25,980
Premium Outlets | North Bend Premium Outlets, North Bend (Seattle), WA
Initial Cost
Land	2,143
Buildings and Improvements	36,197
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,757
Gross Amounts At Which Carried At Close of Period
Land	2,143
Buildings and Improvements	41,954
Total	44,097
Accumulated Depreciation	18,761
Premium Outlets | North Georgia Premium Outlets, Dawsonville (Atlanta), GA
Initial Cost
Land	4,300
Buildings and Improvements	137,020
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,785
Gross Amounts At Which Carried At Close of Period
Land	4,300
Buildings and Improvements	138,805
Total	143,105
Accumulated Depreciation	63,672
Premium Outlets | Orlando International Premium Outlets, Orlando, FL
Initial Cost
Land	31,998
Buildings and Improvements	472,815
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	17,151
Gross Amounts At Which Carried At Close of Period
Land	31,998
Buildings and Improvements	489,966
Total	521,964
Accumulated Depreciation	165,855
Premium Outlets | Orlando Vineland Premium Outlets, Orlando, FL
Initial Cost
Land	14,040
Buildings and Improvements	382,949
Costs Capitalized Subsequent to Acquisition
Land	36,023
Buildings and Improvements	6,279
Gross Amounts At Which Carried At Close of Period
Land	50,063
Buildings and Improvements	389,228
Total	439,291
Accumulated Depreciation	166,168
Premium Outlets | Petaluma Village Premium Outlets, Petaluma (San Francisco), CA
Initial Cost
Land	13,322
Buildings and Improvements	13,710
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,428
Gross Amounts At Which Carried At Close of Period
Land	13,322
Buildings and Improvements	18,138
Total	31,460
Accumulated Depreciation	11,127
Premium Outlets | Philadelphia Premium Outlets, Limerick (Philadelphia), PA
Initial Cost
Land	16,676
Buildings and Improvements	105,249
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	26,355
Gross Amounts At Which Carried At Close of Period
Land	16,676
Buildings and Improvements	131,604
Total	148,280
Accumulated Depreciation	68,622
Premium Outlets | Phoenix Premium Outlets, Chandler (Phoenix), AZ
Initial Cost
Buildings and Improvements	63,082
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	634
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	63,716
Total	63,716
Accumulated Depreciation	21,380
Premium Outlets | Pismo Beach Premium Outlets, Pismo Beach, CA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	34,590
Initial Cost
Land	4,317
Buildings and Improvements	19,044
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,906
Gross Amounts At Which Carried At Close of Period
Land	4,317
Buildings and Improvements	21,950
Total	26,267
Accumulated Depreciation	12,267
Premium Outlets | Pleasant Prairie Premium Outlets, Pleasant Prairie (Chicago, IL/Milwaukee), WI
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	145,000
Initial Cost
Land	16,823
Buildings and Improvements	126,686
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,337
Gross Amounts At Which Carried At Close of Period
Land	16,823
Buildings and Improvements	134,023
Total	150,846
Accumulated Depreciation	50,807
Premium Outlets | Puerto Rico Premium Outlets, Barceloneta, PR
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	160,000
Initial Cost
Land	20,586
Buildings and Improvements	114,021
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,301
Gross Amounts At Which Carried At Close of Period
Land	20,586
Buildings and Improvements	123,322
Total	143,908
Accumulated Depreciation	46,781
Premium Outlets | Queenstown Premium Outlets, Queenstown (Baltimore), MD
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	60,767
Initial Cost
Land	8,129
Buildings and Improvements	61,950
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,095
Gross Amounts At Which Carried At Close of Period
Land	8,129
Buildings and Improvements	67,045
Total	75,174
Accumulated Depreciation	26,943
Premium Outlets | Rio Grande Valley Premium Outlets, Mercedes (McAllen), TX
Initial Cost
Land	12,229
Buildings and Improvements	41,547
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	32,631
Gross Amounts At Which Carried At Close of Period
Land	12,229
Buildings and Improvements	74,178
Total	86,407
Accumulated Depreciation	42,057
Premium Outlets | Round Rock Premium Outlets, Round Rock (Austin), TX
Initial Cost
Land	14,706
Buildings and Improvements	82,252
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,541
Gross Amounts At Which Carried At Close of Period
Land	14,706
Buildings and Improvements	88,793
Total	103,499
Accumulated Depreciation	51,123
Premium Outlets | San Francisco Premium Outlets, Livermore (San Francisco), CA
Initial Cost
Land	21,925
Buildings and Improvements	308,694
Costs Capitalized Subsequent to Acquisition
Land	46,177
Buildings and Improvements	75,029
Gross Amounts At Which Carried At Close of Period
Land	68,102
Buildings and Improvements	383,723
Total	451,825
Accumulated Depreciation	84,035
Premium Outlets | San Marcos Premium Outlets, San Marcos (Austin/San Antonio), TX
Initial Cost
Land	13,180
Buildings and Improvements	287,179
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	12,207
Gross Amounts At Which Carried At Close of Period
Land	13,180
Buildings and Improvements	299,386
Total	312,566
Accumulated Depreciation	105,137
Premium Outlets | Seattle Premium Outlets, Tulalip (Seattle), WA
Initial Cost
Buildings and Improvements	103,722
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	53,899
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	157,621
Total	157,621
Accumulated Depreciation	72,850
Premium Outlets | St. Augustine Premium Outlets, St. Augustine (Jacksonville), FL
Initial Cost
Land	6,090
Buildings and Improvements	57,670
Costs Capitalized Subsequent to Acquisition
Land	2
Buildings and Improvements	12,437
Gross Amounts At Which Carried At Close of Period
Land	6,092
Buildings and Improvements	70,107
Total	76,199
Accumulated Depreciation	36,240
Premium Outlets | Tampa Premium Outlets, Lutz (Tampa), FL
Initial Cost
Land	14,298
Buildings and Improvements	97,188
Costs Capitalized Subsequent to Acquisition
Land	121
Buildings and Improvements	5,135
Gross Amounts At Which Carried At Close of Period
Land	14,419
Buildings and Improvements	102,323
Total	116,742
Accumulated Depreciation	19,150
Premium Outlets | The Crossings Premium Outlets, Tannersville, PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	105,802
Initial Cost
Land	7,720
Buildings and Improvements	172,931
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	18,399
Gross Amounts At Which Carried At Close of Period
Land	7,720
Buildings and Improvements	191,330
Total	199,050
Accumulated Depreciation	84,345
Premium Outlets | Tucson Premium Outlets, Marana (Tucson), AZ
Initial Cost
Land	12,508
Buildings and Improvements	69,677
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,900
Gross Amounts At Which Carried At Close of Period
Land	12,508
Buildings and Improvements	75,577
Total	88,085
Accumulated Depreciation	14,223
Premium Outlets | Vacaville Premium Outlets, Vacaville, CA
Initial Cost
Land	9,420
Buildings and Improvements	84,850
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	19,156
Gross Amounts At Which Carried At Close of Period
Land	9,420
Buildings and Improvements	104,006
Total	113,426
Accumulated Depreciation	53,763
Premium Outlets | Waikele Premium Outlets, Waipahu (Honolulu), HI
Initial Cost
Land	22,630
Buildings and Improvements	77,316
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	20,953
Gross Amounts At Which Carried At Close of Period
Land	22,630
Buildings and Improvements	98,269
Total	120,899
Accumulated Depreciation	45,639
Premium Outlets | Waterloo Premium Outlets, Waterloo, NY
Initial Cost
Land	3,230
Buildings and Improvements	75,277
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	14,935
Gross Amounts At Which Carried At Close of Period
Land	3,230
Buildings and Improvements	90,212
Total	93,442
Accumulated Depreciation	45,560
Premium Outlets | Williamsburg Premium Outlets, Williamsburg, VA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	185,000
Initial Cost
Land	10,323
Buildings and Improvements	223,789
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,992
Gross Amounts At Which Carried At Close of Period
Land	10,323
Buildings and Improvements	231,781
Total	242,104
Accumulated Depreciation	80,017
Premium Outlets | Woodburn Premium Outlets, Woodburn (Portland), OR
Initial Cost
Land	9,414
Buildings and Improvements	150,414
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,983
Gross Amounts At Which Carried At Close of Period
Land	9,414
Buildings and Improvements	153,397
Total	162,811
Accumulated Depreciation	41,386
Premium Outlets | Woodbury Common Premium Outlets, Central Valley (New York), NY
Initial Cost
Land	11,110
Buildings and Improvements	862,559
Costs Capitalized Subsequent to Acquisition
Land	1,658
Buildings and Improvements	262,904
Gross Amounts At Which Carried At Close of Period
Land	12,768
Buildings and Improvements	1,125,463
Total	1,138,231
Accumulated Depreciation	416,863
Premium Outlets | Wrentham Village Premium Outlets, Wrentham (Boston), MA
Initial Cost
Land	4,900
Buildings and Improvements	282,031
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	43,343
Gross Amounts At Which Carried At Close of Period
Land	4,900
Buildings and Improvements	325,374
Total	330,274
Accumulated Depreciation	137,981
The Mills | Arizona Mills, Tempe (Phoenix), AZ
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	149,481
Initial Cost
Land	41,936
Buildings and Improvements	297,289
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	18,788
Gross Amounts At Which Carried At Close of Period
Land	41,936
Buildings and Improvements	316,077
Total	358,013
Accumulated Depreciation	64,198
The Mills | Great Mall, Milpitas (San Jose), CA
Initial Cost
Land	69,853
Buildings and Improvements	463,101
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	57,898
Gross Amounts At Which Carried At Close of Period
Land	69,853
Buildings and Improvements	520,999
Total	590,852
Accumulated Depreciation	137,261
The Mills | Gurnee Mills, Gurnee (Chicago), IL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	259,455
Initial Cost
Land	41,133
Buildings and Improvements	297,911
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	30,392
Gross Amounts At Which Carried At Close of Period
Land	41,133
Buildings and Improvements	328,303
Total	369,436
Accumulated Depreciation	90,091
The Mills | Mills at Jersey Gardens, The, Elizabeth, NJ
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	350,000
Initial Cost
Land	120,417
Buildings and Improvements	865,605
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	17,732
Gross Amounts At Which Carried At Close of Period
Land	120,417
Buildings and Improvements	883,337
Total	1,003,754
Accumulated Depreciation	166,147
The Mills | Opry Mills, Nashville, TN
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	375,000
Initial Cost
Land	51,000
Buildings and Improvements	327,503
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	16,815
Gross Amounts At Which Carried At Close of Period
Land	51,000
Buildings and Improvements	344,318
Total	395,318
Accumulated Depreciation	92,169
The Mills | Outlets at Orange, The, Orange (Los Angeles), CA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	215,000
Initial Cost
Land	64,973
Buildings and Improvements	211,322
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,728
Gross Amounts At Which Carried At Close of Period
Land	64,973
Buildings and Improvements	214,050
Total	279,023
Accumulated Depreciation	9,940
The Mills | Potomac Mills, Woodbridge (Washington, DC), VA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	416,000
Initial Cost
Land	61,755
Buildings and Improvements	425,370
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	40,019
Gross Amounts At Which Carried At Close of Period
Land	61,755
Buildings and Improvements	465,389
Total	527,144
Accumulated Depreciation	132,379
The Mills | Sawgrass Mills, Sunrise (Miami), FL
Initial Cost
Land	192,981
Buildings and Improvements	1,641,153
Costs Capitalized Subsequent to Acquisition
Land	5,395
Buildings and Improvements	205,643
Gross Amounts At Which Carried At Close of Period
Land	198,376
Buildings and Improvements	1,846,796
Total	2,045,172
Accumulated Depreciation	465,457
Designer Outlets | La Reggia Designer Outlet, Marcianise (Naples), Italy
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	141,001
Initial Cost
Land	37,220
Buildings and Improvements	233,179
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	12,562
Gross Amounts At Which Carried At Close of Period
Land	37,220
Buildings and Improvements	245,741
Total	282,961
Accumulated Depreciation	37,075
Designer Outlets | Noventa Di Piave Designer Outlet, Venice, Italy
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	313,701
Initial Cost
Land	38,793
Buildings and Improvements	309,284
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	60,729
Gross Amounts At Which Carried At Close of Period
Land	38,793
Buildings and Improvements	370,013
Total	408,806
Accumulated Depreciation	47,723
Designer Outlets | Parndorf Designer Outlet, Vienna, Austria
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	207,487
Initial Cost
Land	14,903
Buildings and Improvements	221,442
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,331
Gross Amounts At Which Carried At Close of Period
Land	14,903
Buildings and Improvements	226,773
Total	241,676
Accumulated Depreciation	42,149
Designer Outlets | Provence Designer Outlet, Provence, France
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	91,855
Initial Cost
Land	38,467
Buildings and Improvements	77,827
Costs Capitalized Subsequent to Acquisition
Land	6,169
Gross Amounts At Which Carried At Close of Period
Land	44,636
Buildings and Improvements	77,827
Total	122,463
Accumulated Depreciation	16,397
Designer Outlets | Roermond Designer Outlet, Roermond, Netherlands
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	257,958
Initial Cost
Land	15,035
Buildings and Improvements	400,094
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,833
Gross Amounts At Which Carried At Close of Period
Land	15,035
Buildings and Improvements	408,927
Total	423,962
Accumulated Depreciation	72,303
Designer Outlets | Roosendaal Designer Outlet, Roosendaal, Netherlands
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	65,447
Initial Cost
Land	22,191
Buildings and Improvements	108,069
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,927
Gross Amounts At Which Carried At Close of Period
Land	22,191
Buildings and Improvements	111,996
Total	134,187
Accumulated Depreciation	15,962
Community/Lifestyle Centers | ABQ Uptown, Albuquerque, NM
Initial Cost
Land	6,374
Buildings and Improvements	75,333
Costs Capitalized Subsequent to Acquisition
Land	4,054
Buildings and Improvements	7,532
Gross Amounts At Which Carried At Close of Period
Land	10,428
Buildings and Improvements	82,865
Total	93,293
Accumulated Depreciation	26,891
Community/Lifestyle Centers | University Park Village, Fort Worth, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	55,000
Initial Cost
Land	18,031
Buildings and Improvements	100,523
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,675
Gross Amounts At Which Carried At Close of Period
Land	18,031
Buildings and Improvements	105,198
Total	123,229
Accumulated Depreciation	18,306
Other Properties | Calhoun Outlet Marketplace, Calhoun, GA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	18,311
Initial Cost
Land	1,745
Buildings and Improvements	12,529
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,471
Gross Amounts At Which Carried At Close of Period
Land	1,745
Buildings and Improvements	15,000
Total	16,745
Accumulated Depreciation	9,683
Other Properties | Florida Keys Outlet Center, Florida City, FL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	17,000
Initial Cost
Land	1,112
Buildings and Improvements	1,748
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,127
Gross Amounts At Which Carried At Close of Period
Land	1,112
Buildings and Improvements	5,875
Total	6,987
Accumulated Depreciation	3,397
Other Properties | Gaffney Outlet Marketplace, Gaffney (Greenville/Charlotte), SC
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	29,581
Initial Cost
Land	4,056
Buildings and Improvements	32,371
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,347
Gross Amounts At Which Carried At Close of Period
Land	4,056
Buildings and Improvements	38,718
Total	42,774
Accumulated Depreciation	19,448
Other Properties | Lincoln Plaza, King of Prussia (Philadelphia), PA
Initial Cost
Buildings and Improvements	21,299
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	12,963
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	34,262
Total	34,262
Accumulated Depreciation	16,147
Other Properties | Orlando Outlet Marketplace, Orlando, FL
Initial Cost
Land	3,367
Buildings and Improvements	1,557
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,347
Gross Amounts At Which Carried At Close of Period
Land	3,367
Buildings and Improvements	4,904
Total	8,271
Accumulated Depreciation	2,555
Other Properties | Osage Beach Marketplace, Osage Beach, MO
Initial Cost
Land	9,460
Buildings and Improvements	85,804
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,905
Gross Amounts At Which Carried At Close of Period
Land	9,460
Buildings and Improvements	94,709
Total	104,169
Accumulated Depreciation	54,997
Development Projects | Other pre-development costs
Initial Cost
Land	107,403
Buildings and Improvements	134,874
Costs Capitalized Subsequent to Acquisition
Land	959
Gross Amounts At Which Carried At Close of Period
Land	108,362
Buildings and Improvements	134,874
Total	243,236
Accumulated Depreciation	78
Other
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	25,000
Initial Cost
Land	3,537
Buildings and Improvements	40,304
Gross Amounts At Which Carried At Close of Period
Land	3,537
Buildings and Improvements	40,304
Total	43,841
Accumulated Depreciation	11,138
Currency Translation Adjustment
Initial Cost
Land	4,300
Buildings and Improvements	5,364
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	19,165
Gross Amounts At Which Carried At Close of Period
Land	4,300
Buildings and Improvements	24,529
Total	28,829
Accumulated Depreciation	$ (22,517)

Schedule III Real Estate and _3

Schedule III Real Estate and Accumulated Depreciation - Changes in Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Real Estate Properties:
Balance, beginning of year	$ 36,667,960	$ 36,014,506	$ 34,897,942
Acquisitions and consolidations	40,990	328,265	328,621
Improvements	899,728	758,135	731,863
Disposals and deconsolidations	(219,268)	(357,622)	(125,499)
Currency Translation Adjustment	(32,671)	(75,324)	181,579
Balance, close of year	37,356,739	36,667,960	36,014,506
Unaudited aggregate cost of real estate for federal income tax purposes	21,435,574
Reconciliation of Accumulated Depreciation:
Balance, beginning of year	12,632,690	11,704,223	10,664,738
Depreciation expense	1,176,815	1,106,053	1,121,863
Disposals and deconsolidations	(194,664)	(190,241)	(81,187)
Currency Translation Adjustment	7,592	12,655	(1,191)
Balance, close of year	$ 13,622,433	$ 12,632,690	$ 11,704,223
Structure | Minimum
Real estate and accumulated depreciation
Depreciable life	10 years
Structure | Maximum
Real estate and accumulated depreciation
Depreciable life	35 years
Landscaping and parking lot
Real estate and accumulated depreciation
Depreciable life	15 years
HVAC equipment
Real estate and accumulated depreciation
Depreciable life	10 years