Simon Property (SPG) 10-K 25 Feb 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Jan. 31, 2021	Jun. 30, 2020
Document Information
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, 2020
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			$ 20,734
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
ICFR Auditor Attestation Flag	true
Common stock
Document Information
Title of 12(b) Security	Common stock, $0.0001 par value
Trading Symbol	SPG
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		328,493,416
Entity Listing, Par Value Per Share	$ 0.0001
Class B common stock
Document Information
Entity Common Stock, Shares Outstanding		8,000
Entity Listing, Par Value Per Share	$ 0.0001
Series J Preferred stock
Document Information
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.
Document Information
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, 2020
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	2020
Document Fiscal Period Focus	FY
ICFR Auditor Attestation Flag	true

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS:
Investment properties, at cost	$ 38,050,196	$ 37,804,495
Less - accumulated depreciation	14,891,937	13,905,776
Investment properties, at cost, net	23,158,259	23,898,719
Cash and cash equivalents	1,011,613	669,373
Tenant receivables and accrued revenue, net	1,236,734	832,151
Right-of-use assets, net	512,914	514,660
Deferred costs and other assets	1,082,168	1,214,025
Total assets	34,786,846	31,231,630
LIABILITIES:
Mortgages and unsecured indebtedness	26,723,361	24,163,230
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,311,925	1,390,682
Cash distributions and losses in unconsolidated entities, at equity	1,577,393	1,566,294
Dividend/Distribution payable	486,922
Lease liabilities	515,492	516,809
Other liabilities	513,515	464,304
Total liabilities	31,128,608	28,101,319
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	185,892	219,061
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	42,091	42,420
Capital in excess of par value	11,179,688	9,756,073
Accumulated deficit	(6,102,314)	(5,379,952)
Accumulated other comprehensive loss	(188,675)	(118,604)
Common stock held in treasury, at cost, 14,355,621 and 13,574,296 shares, respectively	(1,891,352)	(1,773,571)
Total stockholders' equity	3,039,472	2,526,398
Noncontrolling interests	432,874	384,852
Total equity	3,472,346	2,911,250
Total liabilities and equity	34,786,846	31,231,630
Unconsolidated Investments excluding Klepierre and TRG
ASSETS:
Investment, in equity	2,603,571	2,371,053
Klepierre
ASSETS:
Investment, in equity	1,729,690	1,731,649
TRG
ASSETS:
Investment, in equity	3,451,897
Simon Property Group, L.P.
ASSETS:
Investment properties, at cost	38,050,196	37,804,495
Less - accumulated depreciation	14,891,937	13,905,776
Investment properties, at cost, net	23,158,259	23,898,719
Cash and cash equivalents	1,011,613	669,373
Tenant receivables and accrued revenue, net	1,236,734	832,151
Right-of-use assets, net	512,914	514,660
Deferred costs and other assets	1,082,168	1,214,025
Total assets	34,786,846	31,231,630
LIABILITIES:
Mortgages and unsecured indebtedness	26,723,361	24,163,230
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,311,925	1,390,682
Cash distributions and losses in unconsolidated entities, at equity	1,577,393	1,566,294
Dividend/Distribution payable	486,922
Lease liabilities	515,492	516,809
Other liabilities	513,515	464,304
Total liabilities	31,128,608	28,101,319
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	185,892	219,061
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	42,091	42,420
General Partner, 328,501,416 and 306,868,960 units outstanding, respectively	2,997,381	2,483,978
Limited Partners, 47,322,212 and 46,740,117 units outstanding, respectively	431,784	378,339
Total partners' equity	3,471,256	2,904,737
Nonredeemable noncontrolling interests in properties, net	1,090	6,513
Total equity	3,472,346	2,911,250
Total liabilities and equity	34,786,846	31,231,630
Simon Property Group, L.P. | Unconsolidated Investments excluding Klepierre and TRG
ASSETS:
Investment, in equity	2,603,571	2,371,053
Simon Property Group, L.P. | Klepierre
ASSETS:
Investment, in equity	1,729,690	1,731,649
Simon Property Group, L.P. | TRG
ASSETS:
Investment, in equity	3,451,897
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	34	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, 2020	Dec. 31, 2019
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	14,355,621	13,574,296
Series J Preferred stock
Preferred stock stated dividend rate (as a percent)	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	342,849,037	320,435,256
Common stock, shares outstanding	342,849,037	320,435,256
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	328,501,416	306,868,960
Limited Partners, units outstanding	47,322,212	46,740,117
Simon Property Group, L.P. | Series J Preferred stock
Preferred stock stated dividend rate (as a percent)	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, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUE:
Lease income	$ 4,302,367	$ 5,243,771
Lease income			$ 5,158,420
Management fees and other revenues	96,882	112,942	116,286
Other income	208,254	398,476	370,582
Total revenue	4,607,503	5,755,189	5,645,288
EXPENSES:
Property operating	349,154	453,145	450,636
Depreciation and amortization	1,318,008	1,340,503	1,282,454
Real estate taxes	457,142	468,004	457,740
Repairs and maintenance	80,858	100,495	99,588
Advertising and promotion	98,613	150,344	151,241
Home and regional office costs	171,668	190,109	136,677
General and administrative	22,572	34,860	46,543
Other	137,679	109,898	94,110
Total operating expenses	2,635,694	2,847,358	2,718,989
OPERATING INCOME BEFORE OTHER ITEMS	1,971,809	2,907,831	2,926,299
Interest expense	(784,400)	(789,353)	(815,923)
Loss on extinguishment of debt		(116,256)
Income and other tax benefit (expense)	4,637	(30,054)	(36,898)
Income from unconsolidated entities	219,870	444,349	475,250
Unrealized losses in fair value of equity instruments	(19,632)	(8,212)	(15,212)
(Loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(114,960)	14,883	288,827
CONSOLIDATED NET INCOME	1,277,324	2,423,188	2,822,343
Net income attributable to noncontrolling interests	164,760	321,604	382,285
Preferred dividends	3,337	3,337	3,337
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 1,109,227	$ 2,098,247	$ 2,436,721
BASIC AND DILUTED EARNINGS PER COMMON SHARE OR UNIT:
Net income attributable to common stockholders (in dollars per share or unit)	$ 3.59	$ 6.81	$ 7.87
Consolidated Net Income	$ 1,277,324	$ 2,423,188	$ 2,822,343
Unrealized (loss) gain on derivative hedge agreements	(106,548)	(4,066)	21,633
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(106)	13,634	7,020
Currency translation adjustments	27,288	(1,850)	(47,038)
Changes in available-for-sale securities and other	180	718	373
Comprehensive income	1,198,138	2,431,624	2,804,331
Comprehensive income attributable to noncontrolling interests	155,646	322,627	379,837
Comprehensive income attributable to common stockholders	1,042,492	2,108,997	2,424,494
Simon Property Group, L.P.
REVENUE:
Lease income	4,302,367	5,243,771
Lease income			5,158,420
Management fees and other revenues	96,882	112,942	116,286
Other income	208,254	398,476	370,582
Total revenue	4,607,503	5,755,189	5,645,288
EXPENSES:
Property operating	349,154	453,145	450,636
Depreciation and amortization	1,318,008	1,340,503	1,282,454
Real estate taxes	457,142	468,004	457,740
Repairs and maintenance	80,858	100,495	99,588
Advertising and promotion	98,613	150,344	151,241
Home and regional office costs	171,668	190,109	136,677
General and administrative	22,572	34,860	46,543
Other	137,679	109,898	94,110
Total operating expenses	2,635,694	2,847,358	2,718,989
OPERATING INCOME BEFORE OTHER ITEMS	1,971,809	2,907,831	2,926,299
Interest expense	(784,400)	(789,353)	(815,923)
Loss on extinguishment of debt		(116,256)
Income and other tax benefit (expense)	4,637	(30,054)	(36,898)
Income from unconsolidated entities	219,870	444,349	475,250
Unrealized losses in fair value of equity instruments	(19,632)	(8,212)	(15,212)
(Loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(114,960)	14,883	288,827
CONSOLIDATED NET INCOME	1,277,324	2,423,188	2,822,343
Net income attributable to noncontrolling interests	(4,378)	991	11,327
Preferred dividends	5,252	5,252	5,252
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	1,276,450	2,416,945	2,805,764
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	1,109,227	2,098,247	2,436,721
Limited Partners	$ 167,223	$ 318,698	$ 369,043
BASIC AND DILUTED EARNINGS PER COMMON SHARE OR UNIT:
Net income attributable to common stockholders (in dollars per share or unit)	$ 3.59	$ 6.81	$ 7.87
Consolidated Net Income	$ 1,277,324	$ 2,423,188	$ 2,822,343
Unrealized (loss) gain on derivative hedge agreements	(106,548)	(4,066)	21,633
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(106)	13,634	7,020
Currency translation adjustments	27,288	(1,850)	(47,038)
Changes in available-for-sale securities and other	180	718	373
Comprehensive income	1,198,138	2,431,624	2,804,331
Comprehensive income attributable to noncontrolling interests	1,666	1,422	7,911
Comprehensive income attributable to common stockholders	$ 1,196,472	$ 2,430,202	$ 2,796,420

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 1,277,324	$ 2,423,188	$ 2,822,343
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	1,354,991	1,394,172	1,349,776
Loss on debt extinguishment		116,256
Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	114,960	(14,883)	(288,827)
Unrealized losses in fair value of equity instruments	19,632	8,212	15,212
Gain on interest in unconsolidated entity (Note 6)			(35,621)
Straight-line lease loss (income)	19,950	(67,139)	(18,325)
Equity in income of unconsolidated entities	(219,870)	(444,349)	(475,250)
Distributions of income from unconsolidated entities	184,733	428,769	390,137
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	(415,911)	(157)	(17,518)
Deferred costs and other assets	(28,191)	(49,338)	(75,438)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	19,080	13,100	84,307
Net cash provided by operating activities	2,326,698	3,807,831	3,750,796
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(3,606,694)	(12,800)	(51,060)
Funding of loans to related parties	(8,236)		(4,641)
Proceeds on loans to related parties		7,641
Capital expenditures, net	(484,119)	(876,011)	(781,909)
Cash impact from the consolidation of properties		1,045	11,276
Net proceeds from sale of assets	33,418	6,776	183,241
Investments in unconsolidated entities	(191,368)	(63,789)	(63,397)
Purchase of equity instruments	(32,955)	(374,231)	(21,563)
Proceeds from sales of equity instruments	30,000		25,000
Insurance proceeds for property restoration	31,198	5,662	19,083
Distributions of capital from unconsolidated entities and other	250,358	229,000	447,464
Net cash used in investing activities	(3,978,398)	(1,076,707)	(236,506)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other, net of transaction costs	1,556,148	(328)	(329)
Purchase of shares/units related to stock grant recipients' tax withholdings	(854)	(2,955)	(2,911)
Redemption of limited partner units	(16,106)	(6,846)	(81,506)
Purchase of treasury stock	(152,589)	(359,773)	(354,108)
Distributions to noncontrolling interest holders in properties	(8,271)	(41,549)	(76,963)
Contributions from noncontrolling interest holders in properties	220	139	161
Partnership distributions	(1,915)	(1,915)	(1,915)
Distributions to stockholders and preferred dividends	(1,443,183)	(2,558,944)	(2,449,071)
Distributions to limited partners	(219,095)	(388,542)	(370,656)
Cash paid to extinguish debt		(99,975)
Proceeds from issuance of debt, net of transaction costs	15,234,860	13,312,301	7,973,719
Repayments of debt	(12,955,275)	(12,427,699)	(9,118,685)
Net cash provided by (used in) provided by financing activities	1,993,940	(2,576,086)	(4,482,264)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	342,240	155,038	(967,974)
CASH AND CASH EQUIVALENTS, beginning of period	669,373	514,335	1,482,309
CASH AND CASH EQUIVALENTS, end of period	1,011,613	669,373	514,335
Simon Property Group, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	1,277,324	2,423,188	2,822,343
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	1,354,991	1,394,172	1,349,776
Loss on debt extinguishment		116,256
Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	114,960	(14,883)	(288,827)
Unrealized losses in fair value of equity instruments	19,632	8,212	15,212
Gain on interest in unconsolidated entity (Note 6)			(35,621)
Straight-line lease loss (income)	19,950	(67,139)	(18,325)
Equity in income of unconsolidated entities	(219,870)	(444,349)	(475,250)
Distributions of income from unconsolidated entities	184,733	428,769	390,137
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	(415,911)	(157)	(17,518)
Deferred costs and other assets	(28,191)	(49,338)	(75,438)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	19,080	13,100	84,307
Net cash provided by operating activities	2,326,698	3,807,831	3,750,796
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(3,606,694)	(12,800)	(51,060)
Funding of loans to related parties	(8,236)		(4,641)
Proceeds on loans to related parties		7,641
Capital expenditures, net	(484,119)	(876,011)	(781,909)
Cash impact from the consolidation of properties		1,045	11,276
Net proceeds from sale of assets	33,418	6,776	183,241
Investments in unconsolidated entities	(191,368)	(63,789)	(63,397)
Purchase of equity instruments	(32,955)	(374,231)	(21,563)
Proceeds from sales of equity instruments	30,000		25,000
Insurance proceeds for property restoration	31,198	5,662	19,083
Distributions of capital from unconsolidated entities and other	250,358	229,000	447,464
Net cash used in investing activities	(3,978,398)	(1,076,707)	(236,506)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other, net of transaction costs	1,556,148	(328)	(329)
Purchase of shares/units related to stock grant recipients' tax withholdings	(854)	(2,955)	(2,911)
Redemption of limited partner units	(16,106)	(6,846)	(81,506)
Purchase of general partner units	(152,589)	(359,773)	(354,108)
Distributions to noncontrolling interest holders in properties	(8,271)	(41,549)	(76,963)
Contributions from noncontrolling interest holders in properties	220	139	161
Partnership distributions	(1,664,193)	(2,949,401)	(2,821,642)
Cash paid to extinguish debt		(99,975)
Proceeds from issuance of debt, net of transaction costs	15,234,860	13,312,301	7,973,719
Repayments of debt	(12,955,275)	(12,427,699)	(9,118,685)
Net cash provided by (used in) provided by financing activities	1,993,940	(2,576,086)	(4,482,264)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	342,240	155,038	(967,974)
CASH AND CASH EQUIVALENTS, beginning of period	669,373	514,335	1,482,309
CASH AND CASH EQUIVALENTS, end of period	$ 1,011,613	$ 669,373	$ 514,335

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Simon Property Group, L.P.Simon (Managing General Partner)Cumulative effect of accounting change	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.Cumulative effect of accounting change	Simon Property Group, L.P.	Preferred StockSeries J Preferred stock	Common Stock	Accumulated Other Comprehensive Income (Loss)	Capital in Excess of Par Value	Accumulated DeficitCumulative effect of accounting change	Accumulated Deficit	Common Stock Held in Treasury	Noncontrolling Interests	Cumulative effect of accounting change	Total
Balance at Dec. 31, 2017	$ 7,264					$ 7,264		$ 43,077	$ 32	$ (110,453)	$ 9,614,748	$ 7,264	$ (4,782,173)	$ (1,079,063)	$ 552,596	$ 7,264	$ 4,238,764
Balance at Dec. 31, 2017		$ 3,643,091	$ 548,858	$ 43,077	$ 3,738		$ 4,238,764
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units											1,004				(1,004)
Issuance of limited partner 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		1,004	(1,004)
Stock incentive program											(8,651)			8,651
Amortization of stock incentive		12,029					12,029				12,029						12,029
Redemption of limited partner units		(76,555)	(4,951)				(81,506)				(76,555)				(4,951)		(81,506)
Treasury stock purchase														(354,108)			(354,108)
Treasury unit purchase		(354,108)					(354,108)
Long-term incentive performance units			26,172				26,172								26,172		26,172
Issuance of unit equivalents and other		(110,456)			(2,510)		(112,966)				1,602		(109,147)	(2,911)	(2,510)		(112,966)
Unrealized (loss) gain on derivative hedge agreements		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 (gain) loss 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, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties		2,436,721	369,043	3,337	7,911		2,817,012
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2020, 2019 and 2018, respectively													2,440,058		376,954		2,817,012
Balance at Dec. 31, 2018								42,748	32	(126,017)	9,700,418		(4,893,069)	(1,427,431)	500,275		3,796,956
Balance at Dec. 31, 2018		3,253,933	492,877	42,748	7,398		3,796,956
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units											253				(253)
Series J preferred stock premium amortization				(328)			(328)	(328)									(328)
Limited partner units exchanged to common units		253	(253)
Stock incentive program											(16,589)			16,589
Amortization of stock incentive		12,604					12,604				12,604						12,604
Redemption of limited partner units		(6,453)	(393)				(6,846)				(6,453)				(393)		(6,846)
Treasury stock purchase														(359,773)			(359,773)
Treasury unit purchase		(359,773)					(359,773)
Long-term incentive performance units			20,749				20,749								20,749		20,749
Issuance of unit equivalents and other		(32,460)			139		(32,321)				19		(29,523)	(2,956)	139		(32,321)
Unrealized (loss) gain on derivative hedge agreements		(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 (gain) loss 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, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties		2,098,247	318,698	3,337	1,422		2,421,704
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2020, 2019 and 2018, respectively													2,101,584		320,120		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
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units											2,028				(2,028)
Issuance of limited partner units			79,601				$ 79,601								79,601		79,601
Public offering of common stock									2		1,556,477						$ 1,556,479
Public offering of common stock							22,137,500										22,137,500
Series J preferred stock premium amortization				(329)			$ (329)	(329)									$ (329)
Limited partner units exchanged to common units		2,028	(2,028)
Issuance of units related to Simon's public offering of its common stock		1,556,479					1,556,479
Stock incentive program											(35,662)			35,662
Amortization of stock incentive		11,660					11,660				11,660						11,660
Redemption of limited partner units		(15,163)	(943)				(16,106)				(15,163)				(943)		(16,106)
Treasury stock purchase														(152,590)			(152,590)
Treasury unit purchase		(152,590)					(152,590)
Long-term incentive performance units			2,331				2,331								2,331		2,331
Issuance of unit equivalents and other		34,071			(3,582)		30,489				30		34,894	(853)	(3,582)		30,489
Unrealized (loss) gain on derivative hedge agreements		(92,834)	(13,714)				(106,548)			(92,834)					(13,714)		(106,548)
Currency translation adjustments		22,694	4,594				27,288			22,694					4,594		27,288
Changes in available-for-sale securities and other		162	18				180			162					18		180
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings		(93)	(13)				(106)			(93)					(13)		(106)
Other comprehensive income		(70,071)	(9,115)				(79,186)			(70,071)					(9,115)		(79,186)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership		(95,755)	95,755								(95,755)				95,755
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests													(1,869,820)		(279,379)		(2,149,199)
Distributions to other noncontrolling interest partners															(3,507)		(3,507)
Distributions to limited partners, excluding preferred interests classified as temporary equity		(1,866,483)	(279,379)	(3,337)	(3,507)		(2,152,706)
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties		1,109,227	167,223	3,337	1,666		1,281,453
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2020, 2019 and 2018, respectively													1,112,564		168,889		1,281,453
Balance at Dec. 31, 2020								$ 42,091	$ 34	$ (188,675)	$ 11,179,688		$ (6,102,314)	$ (1,891,352)	$ 432,874		$ 3,472,346
Balance at Dec. 31, 2020		$ 2,997,381	$ 431,784	$ 42,091	$ 1,090		$ 3,472,346

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Exchange of limited partner units, (in shares)	293,204	24,000	92,732
Issuance of limited partner, units	955,705		475,183
Public offering of common stock, shares	22,137,500
Stock incentive program, shares, net	462,967	90,902	51,756
Redemption of Limited Partner Units	116,658	43,255	454,704
Treasury stock purchase, shares	1,245,654	2,247,074	2,275,194
Shares repurchased	15,561	16,336	18,680
Net income attributable to preferred interests in the Operating Partnership (in dollars)	$ 1,915,000	$ 1,915,000	$ 1,915,000
Net loss (gain) attributable to noncontrolling redeemable interests in properties (in dollars)	$ 6,044,000	$ 431,000	$ (3,416,000)
Simon Property Group, L.P.
Limited partner units exchanged to common units	293,204	24,000	92,732
Issuance of limited partner, units	955,705		475,183
Public offering of common stock, shares	22,137,500
Stock incentive program, units, net	462,967	90,902	51,756
Redemption of Limited Partner Units	116,658	43,255	454,704
Treasury unit purchase, units	1,245,654	2,247,074	2,275,194
Issuance of equivalents units	36,252	16,336	18,680
Issuance of common units	$ 15,561
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars)	1,915,000	$ 1,915,000	$ 1,915,000
Net loss (gain) attributable to noncontrolling redeemable interests in properties (in dollars)	$ 6,044,000	$ 431,000	$ (3,416,000)

Organization

Organization	12 Months Ended
	Dec. 31, 2020
Organization
Organization	1. Organization Simon Property Group, Inc. is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Delaware partnership subsidiary that owns all of our real estate properties and other assets. Unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Unless otherwise indicated, these notes to consolidated financial statements apply to both Simon and the Operating Partnership. According to the Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, and The Mills®. As of December 31, 2020, we owned or held an interest in 203 income-producing properties in the United States, which consisted of 99 malls, 69 Premium Outlets, 14 Mills, four lifestyle centers, and 17 other retail properties in 37 states and Puerto Rico. We also own an 80% noncontrolling interest in the Taubman Realty Group, LLC, or TRG, which has an interest in 24 regional, super-regional, and outlet malls in the U.S. and Asia. Internationally, as of December 31, 2020, we had ownership interests in 31 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe, and Canada. As of December 31, 2020, we also owned a 22.4% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company which owns, or has an interest in, shopping centers located in 15 countries in Europe. 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, 2020
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 2020 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, 2020, we consolidated 133 wholly-owned properties and 17 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We account for the remaining 84 properties, or the joint venture properties, as well as our investments in Klépierre, HBS Global Properties, or HBS, and TRG, and our retailer investments in Authentic Brands Group LLC, or ABG, Forever 21, J.C. Penney, Rue Gilt Groupe, or RGG, and SPARC Group, formerly known as Aéropostale, 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 84 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, Spain, Thailand, and the United Kingdom comprise 23 of the remaining 27 properties. These international properties and TRG 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, ​ 2020 2019 2018 ​ Weighted average ownership interest 86.9 % 86.8 % 86.8 % ​ As of December 31, 2020 and 2019, our ownership interest in the Operating Partnership was 87.4% and 86.8%, respectively. We adjust the noncontrolling limited partners’ interest at the end of each period to reflect their interest in the net assets of the Operating Partnership. Preferred unit requirements in the Operating Partnership’s accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units and are recorded when declared.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies Investment Properties Investment properties consist of the following as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Land ​ $ 3,700,023 ​ $ 3,692,056 ​ Buildings and improvements ​ 33,908,615 ​ 33,664,683 ​ Total land, buildings and improvements ​ 37,608,638 ​ 37,356,739 ​ Furniture, fixtures and equipment ​ 441,558 ​ 447,756 ​ Investment properties at cost ​ 38,050,196 ​ 37,804,495 ​ Less — accumulated depreciation ​ 14,891,937 ​ 13,905,776 ​ Investment properties at cost, net ​ $ 23,158,259 ​ $ 23,898,719 ​ Construction in progress included above ​ $ 773,061 ​ $ 812,982 ​ ​ 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, ​ ​ 2020 ​ 2019 ​ 2018 ​ Capitalized interest ​ $ 22,917 ​ $ 33,342 ​ $ 19,871 ​ ​ 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 operational performance, such as declining cash flows, occupancy or total sales per square foot, the Company’s intent and ability to hold the related asset, and, if applicable, the remaining time to maturity of underlying financing arrangements. 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, and, if applicable, on a probability weighted basis, 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 our estimate of 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 the fair value of the investment is less than its carrying value and such impairment is other-than-temporary. Our evaluation of changes in economic or operating conditions and whether an impairment is other-than-temporary may include developing estimates of fair value, forecasted cash flows or operating income before depreciation and amortization. We estimate undiscounted cash flows and fair value using observable and unobservable data such as operating income before depreciation and amortization, hold periods, estimated capitalization and discount rates, or relevant market multiples, leasing prospects and local market information, expected probabilities of outcomes, if applicable, and whether an impairment is other-than-temporary. Changes in economic and operating conditions including, changes in the financial condition of our tenants and changes to our intent and ability to hold the related asset, that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results. During the fourth quarter of 2020, we recorded an impairment charge of $34.4 million related to one consolidated property, which is included in (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income. During the third quarter of 2020, we recorded an other-than-temporary impairment charge of $55.2 million, representing our equity method investment balance in three joint venture properties, which is included in (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income. 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, 2020 and 2019, we had equity instruments with readily determinable fair values of $41.9 million and $68.2 million, respectively. Changes in the fair value of these equity instruments are recorded in earnings. 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, 2020, 2019, and 2018 were nil, $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, 2020 and 2019, we had equity instruments without readily determinable fair values of $309.3 million and $295.4 million, respectively, for which we have elected the measurement alternative. We regularly evaluate these investments for any impairment in their estimated fair value, as well as any observable price changes for an identical or similar equity instrument of the same issuer, and determined that no material adjustment in the carrying value was required for the years ended December 31, 2020 and 2019. 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, 2020 and 2019, we held debt securities of $40.5 million and $52.8 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, 2020 and 2019 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 an insignificant gross asset balance at December 31, 2020 and $17.5 million at December 31, 2019, and a gross liability balance of $44.6 million and $3.8 million at December 31, 2020 and 2019, 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 or losses 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, 2020, approximately 6.9% of our consolidated long-lived assets and 2.4% of our consolidated total revenues were derived from assets located outside the United States. 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. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Deferred lease costs ​ $ 407,288 ​ $ 443,313 ​ Accumulated amortization ​ (237,637) ​ (234,036) ​ Deferred lease costs, net ​ $ 169,651 ​ $ 209,277 ​ ​ 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, ​ 2020 2019 2018 Amortization of deferred leasing costs ​ $ 51,349 ​ $ 57,201 ​ $ 56,646 ​ ​ Intangibles The average remaining life of in-place lease intangibles is approximately 2.2 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 2.8 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 $28.7 million and $44.8 million as of December 31, 2020 and 2019, respectively. The amount of amortization of above and below market leases, net, which increased lease income for the years ended December 31, 2020, 2019, and 2018, was $1.3 million, $1.9 million and $1.0 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ In-place lease intangibles ​ $ 173,094 ​ $ 196,007 ​ Accumulated amortization ​ ​ (169,189) ​ ​ (164,590) ​ In-place lease intangibles, net ​ $ 3,905 ​ $ 31,417 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ Acquired above market lease intangibles ​ $ 186,620 ​ $ 252,934 ​ Accumulated amortization ​ ​ (155,567) ​ ​ (208,597) ​ Acquired above market lease intangibles, net ​ $ 31,053 ​ $ 44,337 ​ ​ Estimated future amortization and the increasing (decreasing) effect on lease income for our above and below market leases as of December 31, 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Below ​ Above ​ Impact to ​ ​ ​ Market ​ Market ​ Lease ​ ​ ​ Leases ​ Leases ​ Income, Net ​ 2021 ​ $ 8,193 ​ $ (11,001) ​ $ (2,808) 2022 ​ 5,565 ​ (8,012) ​ (2,447) ​ 2023 ​ 4,224 ​ (5,858) ​ (1,634) ​ 2024 ​ 3,265 ​ (3,981) ​ (716) ​ 2025 ​ 2,322 ​ (1,677) ​ 645 ​ Thereafter ​ 5,122 ​ (524) ​ 4,598 ​ ​ ​ $ 28,691 ​ $ (31,053) ​ $ (2,362) ​ ​ 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, 2020 and 2019, we had no outstanding interest rate derivatives. We generally do not apply hedge accounting to interest rate caps, which had an insignificant value as of December 31, 2020 and 2019, 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 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 was $8.7 million and $10.6 million as of December 31, 2020 and 2019, respectively. Within the next year, we expect to reclassify to earnings approximately $1.0 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 foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposers, with gains and losses on the derivative contracts hedging these exposers. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes. 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, 2020 and 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset (Liability) Value as of ​ ​ ​ ​ December 31, December 31, Notional Value ​ Maturity Date ​ 2020 ​ 2019 € 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 € 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) € 100.0 ​ March 24, 2021 ​ ​ (3.9) ​ ​ — € 100.0 ​ March 24, 2021 ​ ​ (3.8) ​ ​ — € 50.0 ​ March 24, 2021 ​ ​ (2.3) ​ ​ — € 50.0 ​ March 24, 2021 ​ ​ (2.2) ​ ​ — € 50.0 ​ May 14, 2021 ​ ​ (2.2) ​ ​ — € 50.0 ​ May 14, 2021 ​ ​ (2.2) ​ ​ — € 41.0 ​ May 14, 2021 ​ ​ (1.9) ​ ​ — € 20.0 ​ May 14, 2021 ​ ​ (1.7) ​ ​ — € 50.0 ​ May 14, 2021 ​ ​ (2.1) ​ ​ 1.3 € 50.0 ​ May 14, 2021 ​ ​ (6.4) ​ ​ — € 30.0 ​ May 14, 2021 ​ ​ (2.6) ​ — € 60.0 ​ December 20, 2021 ​ ​ (4.2) ​ — € 60.0 ​ December 20, 2021 ​ ​ (4.1) ​ — € 30.0 ​ December 20, 2021 ​ ​ (2.2) ​ — € 50.0 ​ July 15, 2021 ​ ​ (0.1) ​ — € 50.0 ​ July 15, 2021 ​ ​ (0.1) ​ — € 50.0 ​ July 15, 2021 ​ ​ (0.1) ​ — € 50.0 ​ July 15, 2021 ​ ​ — ​ ​ — € 50.0 ​ July 15, 2021 ​ ​ — ​ ​ — € 61.0 ​ September 17, 2021 ​ ​ (1.3) ​ — € 61.0 ​ September 17, 2021 ​ ​ (1.2) ​ — ​ 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 used 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 matured on December 1, 2020. The fair value of our cross-currency swap agreement on the settlement date was $4.1 million and at December 31, 2019 was $14.7 million, and is included in deferred costs and other assets. We have designated the currency forward contracts and cross-currency swaps as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro or Yen-denominated joint venture investment. The total accumulated other comprehensive income (loss) related to Simon’s derivative activities, including our share of other comprehensive income (loss) from unconsolidated entities, was ($53.2) million and $41.2 million as of December 31, 2020 and 2019, respectively. The total accumulated other comprehensive income (loss) related to the Operating Partnership’s derivative activities, including our share of the other comprehensive income from unconsolidated entities, was ($60.9) million and $47.5 million as of December 31, 2020 and 2019, respectively. Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows as of December 31: ​ $( ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 ​ Limited partners’ interests in the Operating Partnership ​ $ 431,784 ​ $ 378,339 ​ Nonredeemable noncontrolling interests in properties, net ​ 1,090 ​ 6,513 ​ Total noncontrolling interests reflected in equity ​ $ 432,874 ​ $ 384,852 ​ ​ 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 accumulated other comprehensive income (loss) related to Simon’s currency translation adjustment was ($136.2) million, ($160.4) million and ($158.9) million as of December 31, 2020, 2019 and 2018, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ Affected line item where net income is presented ​ Currency translation adjustments ​ $ (1,739) ​ $ — ​ $ — ​ Other income ​ ​ ​ ​ 219 ​ ​ — ​ ​ — ​ Net income attributable to noncontrolling interests ​ ​ ​ $ (1,520) ​ $ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated derivative gains (losses), net ​ $ 1,845 $ (2,782) $ (7,020) Interest expense ​ ​ ​ ​ — ​ ​ (10,852) ​ ​ — ​ Loss on extinguishment of debt ​ ​ ​ (232) 1,802 923 Net income attributable to noncontrolling interests ​ ​ ​ $ 1,613 ​ $ (11,832) ​ $ (6,097) ​ ​ ​ ​ The Operating Partnership The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($155.8) million, ($184.8) million and ($183.0) million as of December 31, 2020, 2019 and 2018, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ Affected line item where net income is presented ​ Currency translation adjustments ​ $ (1,739) $ — $ — ​ Other income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated derivative gains (losses), net ​ $ 1,845 $ (2,782) $ (7,020) ​ Interest expense ​ ​ ​ ​ — ​ ​ (10,852) ​ ​ — ​ Loss on extinguishment of debt ​ ​ ​ $ 1,845 ​ $ (13,634) ​ $ (7,020) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 when we believe substantially all lease income, including the related straight-line rent receivable, is probable of collection. 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. In April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of COVID-19 on the application of lease modification guidance in Accounting Standards Codification (ASC) 842, “Leases.” The guidance provides a practical expedient to forgo the associated reassessments required by ASC 842 when changes to a lease result in similar or lower future consideration. We have elected to generally account for rent abatements as negative variable lease consideration in the period granted, or in the period we determine we expect to grant an abatement. Further abatements granted in the future will reduce lease income in the period we grant, or determine we expect to grant, an abatement. We have agreed to deferral or abatement arrangements with a number of our tenants as a result of the COVID-19 pandemic. Discussions with our tenants are ongoing and may result in further rent deferrals, lease amendments, abatements and/or lease terminations, as we deem appropriate on a case-by-case basis based on each tenant's unique financial and operating situation. In addition, uncollected rent due from certain of our tenants is subject to ongoing litigation, the outcome of which may affect our ability to collect in full the associated outstanding receivable balances. In connection with rent deferrals or other accruals of unpaid rent payments, if we

Real Estate Acquisitions and Di

Real Estate Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2020
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 2020, 2019, and 2018. Our 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. 2020 Dispositions On October 1, 2020, we disposed of our interest in one consolidated retail property. A portion of the gross proceeds on this transaction of $33.4 million was used to partially repay a cross-collateralized mortgage. Our share of the $12.3 million gain is included in (loss) gain on sale or disposed of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statement of operation and comprehensive income. 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.

Per Share and Per Unit Data

Per Share and Per Unit Data	12 Months Ended
	Dec. 31, 2020
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, ​ 2020 ​ 2019 ​ 2018 Net Income attributable to Common Stockholders — Basic and Diluted $ 1,109,227 $ 2,098,247 $ 2,436,721 ​ Weighted Average Shares Outstanding — Basic and Diluted ​ 308,737,625 ​ 307,950,112 ​ 309,627,178 ​ ​ For the year ended December 31, 2020, 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, 2020 2019 2018 The Operating Partnership ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2020 ​ 2019 ​ 2018 ​ Net Income attributable to Unitholders — Basic and Diluted $ 1,276,450 $ 2,416,945 $ 2,805,764 ​ Weighted Average Units Outstanding — Basic and Diluted ​ 355,281,882 ​ 354,724,019 ​ 356,520,452 ​ ​ For the year ended December 31, 2020, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the years ended December 31, 2020 2019 2018 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, ​ 2020 2019 2018 Total dividends/distributions paid per common share/unit $ 6.00 $ 8.30 $ 7.90 ​ Percent taxable as ordinary income ​ 97.40 % 100.00 % 96.20 % Percent taxable as long-term capital gains ​ 2.60 % 0.00 % 3.80 % ​ ​ 100.00 % 100.00 % 100.00 % ​

Investment in Unconsolidated En

Investment in Unconsolidated Entities and International Investments	12 Months Ended
	Dec. 31, 2020
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 84 properties as of December 31, 2020 and 82 properties as of December 31, 2019. Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash or borrowings, or the use of limited partnership interests in the Operating Partnership, to acquire the joint venture interest from our partner. We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of December 31, 2020 and 2019, we had construction loans and other advances to these related parties totaling $88.4 million and $78.4 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. Unconsolidated Entity Transactions On December 29, 2020, we completed the acquisition of an 80% noncontrolling ownership interest in TRG, which has an interest in 24 regional, super-regional, and outlet malls in the U.S. and Asia. Under the terms of the transaction, we, through the Operating Partnership, acquired all of Taubman Centers, Inc., or Taubman, common stock for $43.00 per share in cash. Total consideration for the acquisition, including the redemption of Taubman’s $192.5 million 6.5% Series J Cumulative Preferred Shares and its $170.0 million 6.25% Series K Cumulative Preferred Shares, and the issuance of 955,705 Operating Partnership units, was approximately $3.5 billion. Our investment includes the 6.38% Series A Cumulative Redeemable Preferred Units for $362.5 million issued to us. The purchase price allocations are preliminary and subject to revision within the measurement period, not to exceed one year from the date of acquisition. Substantially all of our investment has preliminarily been determined to relate to investment property based on estimated fair values at the acquisition date. On December 7, 2020, we and a group of co-investors acquired certain assets and liabilities of J.C. Penney, a department store retailer, out of bankruptcy. Our non-controlling interest in the venture is 41.67% and was acquired for cash consideration of $125.0 million. The purchase price allocations are preliminary and subject to revision within the measurement period, not to exceed one year from the date of acquisition. In the third quarter of 2020, we recorded an other-than-temporary impairment charge of $55.2 million, representing our equity method investment balance in three joint venture properties, which is included in (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income. On February 19, 2020, we and a group of co-investors acquired certain assets and liabilities of Forever 21, a retailer of apparel and accessories, out of bankruptcy. The interest was acquired through two separate joint ventures, a licensing venture and an operating venture. Our noncontrolling interest in each of the retail operations venture and in the licensing venture is 37.5%. Our aggregate investment in the ventures was $67.6 million. In connection with the acquisition of our interest, the Forever 21 joint venture recorded a non-cash bargain purchase gain in the second quarter of which our share of $35.0 million pre-tax is included in income from unconsolidated entities in the consolidated statement of operations and comprehensive income. 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 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, 2020 and 2019, we had an 11.7%legal noncontrolling equity interest in HBS, a joint venture we formed with Hudson’s Bay Company. In the third quarter of 2020, we recorded an other-than-temporary impairment charge of $36.1 million, which is included in (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income, to reduce our investment in HBS to its estimated fair value. 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 (loss) 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. 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. For the year ended December 31, 2020, the property had received business interruption insurance proceeds and also property damage proceeds of $1.1 million. For the year ended 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. For the year ended 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 (loss) 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 and subsequently renamed SPARC Group. 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. In January 2020, we acquired additional interests of 5.05% and 1.37% in SPARC Group and ABG, respectively, for $6.7 million and $33.5 million, respectively. During the third quarter of 2020, SPARC acquired certain assets and operations of Brooks Brothers and Lucky Brands out of bankruptcy. At December 31, 2020, our noncontrolling equity method interests in the operations venture of SPARC Group and in ABG were 50.0% and 6.8%, 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, 2020, we owned 63,924,148 shares, or approximately 22.4%, of Klépierre, which had a quoted market price of $22.55 per share, which is below our carrying value. We have evaluated this investment and believe that the impairment is not other-than-temporary. Our share of net income, net of amortization of our excess investment, was $26.5 million, $145.2 million and $98.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre’s results to GAAP, Klépierre’s total assets, total liabilities, and noncontrolling interests were $20.9 billion, $14.4 billion, and $1.4 billion, respectively, as of December 31, 2020 and $19.6 billion, $12.9 billion, and $1.3 billion, respectively, as of December 31, 2019. Klépierre’s total revenues, operating income before other items and consolidated net income were approximately $1.3 billion, $327.3 million and $211.2 million, respectively, for the year ended December 31, 2020, $1.5 billion, $626.3 million and $655.5 million, respectively, for the year ended December 31, 2019, and $1.6 billion, $670.4 million and $693.0 million, respectively, for the year ended December 31, 2018. During the year ended December 31, 2020, we recorded a $4.3 million net loss related to the impairment and disposition of certain assets of Klépierre. During the years ended December 31, 2019 and 2018, Klépierre completed the disposal of its interests in certain shopping centers and we recorded gains of $58.6 million and $20.2 million, respectively. These transactions are included in (loss) 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 ten Designer Outlet properties as of December 31, 2020 and nine Designer Outlet properties as of December 31, 2019 and 2018, respectively, in each case, six of which are consolidated by us. As of December 31, 2020, 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. 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, 2020 and 2019, 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 $216.8 million and $212.1 million as of December 31, 2020 and 2019, 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 $184.7 million and $173.9 million as of December 31, 2020 and 2019, 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 our investments in HBS, Klépierre, and TRG as well as our retailer investments in ABG, Forever 21, J.C. Penney, RGG and SPARC Group, follows. COMBINED BALANCE SHEETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 Assets: ​ ​ ​ ​ ​ ​ ​ Investment properties, at cost ​ $ 20,079,476 ​ $ 19,525,665 ​ Less - accumulated depreciation ​ 8,003,863 ​ 7,407,627 ​ ​ ​ 12,075,613 ​ 12,118,038 ​ Cash and cash equivalents ​ 1,169,422 ​ 1,015,864 ​ Tenant receivables and accrued revenue, net ​ 749,231 ​ 510,157 ​ Right-of-use assets, net ​ ​ 185,598 ​ ​ 185,302 ​ Deferred costs and other assets ​ 380,087 ​ 384,663 ​ Total assets ​ $ 14,559,951 ​ $ 14,214,024 ​ Liabilities and Partners’ Deficit: ​ ​ ​ ​ ​ ​ ​ Mortgages ​ $ 15,569,485 ​ $ 15,391,781 ​ Accounts payable, accrued expenses, intangibles, and deferred revenue ​ 969,242 ​ 977,112 ​ Lease liabilities ​ ​ 188,863 ​ ​ 186,594 ​ Other liabilities ​ 426,321 ​ 338,412 ​ Total liabilities ​ 17,153,911 ​ 16,893,899 ​ Preferred units ​ 67,450 ​ 67,450 ​ Partners’ deficit ​ (2,661,410) ​ (2,747,325) ​ Total liabilities and partners’ deficit ​ $ 14,559,951 ​ $ 14,214,024 ​ Our Share of: ​ ​ ​ ​ ​ ​ ​ Partners’ deficit ​ $ (1,130,713) ​ $ (1,196,926) ​ Add: Excess Investment ​ 1,399,757 ​ 1,525,903 ​ Our net Investment in unconsolidated entities, at equity ​ $ 269,044 ​ $ 328,977 ​ ​ “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, 2020, scheduled principal repayments on these joint venture properties’ mortgage indebtedness, assuming the obligations remain outstanding through the initial maturities, are as follows: ​ ​ ​ ​ ​ ​ 2021 ​ $ 2,435,875 ​ 2022 ​ 2,039,830 ​ 2023 ​ 1,393,115 ​ 2024 ​ 2,407,930 ​ 2025 ​ 1,771,762 ​ Thereafter ​ 5,551,458 ​ Total principal maturities ​ 15,599,970 ​ Debt issuance costs ​ ​ (30,485) ​ Total mortgages ​ $ 15,569,485 ​ ​ This debt becomes due in installments over various terms extending through 2035 with interest rates ranging from 0.16% to 9.98% and a weighted average interest rate of 3.79% at December 31, 2020. COMBINED STATEMENTS OF OPERATIONS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 2019 2018 REVENUE: ​ ​ ​ ​ ​ Lease income ​ $ 2,544,134 ​ $ 3,088,594 ​ $ 3,045,668 ​ Other income ​ 300,634 ​ 322,398 ​ 326,575 ​ Total revenue ​ 2,844,768 ​ 3,410,992 ​ 3,372,243 ​ OPERATING EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property operating ​ 519,979 ​ 587,062 ​ 590,921 ​ Depreciation and amortization ​ 692,424 ​ 681,764 ​ 652,968 ​ Real estate taxes ​ 262,351 ​ 266,013 ​ 259,567 ​ Repairs and maintenance ​ 68,722 ​ 85,430 ​ 87,408 ​ Advertising and promotion ​ 67,434 ​ 89,660 ​ 87,349 ​ Other ​ 163,710 ​ 196,178 ​ 187,292 ​ Total operating expenses ​ 1,774,620 ​ 1,906,107 ​ 1,865,505 ​ Operating Income Before Other Items ​ 1,070,148 ​ 1,504,885 ​ 1,506,738 ​ Interest expense ​ (616,332) ​ (636,988) ​ (663,693) ​ Gain on sale or disposal of assets and interests in unconsolidated entities, net ​ ​ — ​ ​ 24,609 ​ ​ 33,367 ​ Net Income ​ $ 453,816 ​ $ 892,506 ​ $ 876,412 ​ Third-Party Investors’ Share of Net Income ​ $ 226,364 ​ $ 460,696 ​ $ 436,767 ​ Our Share of Net Income ​ $ 227,452 ​ $ 431,810 ​ $ 439,645 ​ Amortization of Excess Investment ​ (82,097) ​ (83,556) ​ (85,252) ​ 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 on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net ​ — ​ (1,133) ​ (12,513) ​ Income from Unconsolidated Entities ​ $ 145,355 ​ $ 337,965 ​ $ 341,880 ​ ​ Our share of income from unconsolidated entities in the above table, aggregated with our share of results from our investments in HBS, Klépierre, and TRG as well as our retailer investments in ABG, Forever 21, J.C. Penney, RGG, and SPARC Group, 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, 2020
Indebtedness
Indebtedness	7. Indebtedness Our mortgages and unsecured indebtedness, excluding the impact of derivative instruments, consist of the following as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Fixed-Rate Debt: ​ ​ ​ ​ ​ ​ ​ Mortgage notes, including $3,348 and $6,775 of net premiums and $15,237 and $15,195 of debt issuance costs, respectively. Weighted average interest and maturity of 3.84% and 4.1 years at December 31, 2020. ​ $ 5,803,718 ​ $ 6,156,595 ​ Unsecured notes, including $22,470 and $54,976 of net discounts and $74,622 and $70,297 of debt issuance costs, respectively. Weighted average interest and maturity of 2.98% and 7.3 years at December 31, 2020. ​ 16,985,990 ​ 15,747,267 ​ Commercial Paper (see below) ​ ​ 623,020 ​ ​ 1,327,050 ​ Total Fixed-Rate Debt ​ 23,412,728 ​ 23,230,912 ​ Variable-Rate Debt: ​ ​ ​ ​ ​ ​ ​ Mortgages notes, including $7,102 and $4,721 of debt issuance costs, respectively. Weighted average interest and maturity of 2.19% and 2.3 years at December 31, 2020. ​ 1,137,034 ​ 751,130 ​ Credit Facilities (see below), including $16,171 and $11,067 of debt issuance costs, respectively, at December 31, 2020. ​ 2,108,829 ​ 113,933 ​ Total Variable-Rate Debt ​ 3,245,863 ​ 865,063 ​ Other Debt Obligations ​ 64,770 ​ 67,255 ​ Total Mortgages and Unsecured Indebtedness ​ $ 26,723,361 ​ $ 24,163,230 ​ ​ General. At December 31, 2020, our consolidated subsidiaries were the borrowers under 46 non-recourse mortgage notes secured by mortgages on 49 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, 2020, 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, 2020, our unsecured debt consisted of $17.1 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, $2.0 billion outstanding under the $2.0 billion delayed-draw term loan facility, or Term Facility, and $623.0 million outstanding under the Operating Partnership’s global unsecured commercial paper program, or Commercial Paper program. On March 16, 2020, the Operating Partnership replaced in its entirety its existing $4.0 billion unsecured revolving credit facility by entering into an unsecured credit facility comprised of (i) an amendment and extension of the Credit Facility and (ii) the Term Facility, or together with the Credit Facility and the Operating Partnership’s $3.5 billion unsecured revolving credit facility, or Supplemental Facility, the Facilities. The Credit Facility and the Term Facility can be increased in the form of either additional commitments under the Credit Facility or incremental term loans under the Term Facility in an aggregate amount for all such increases not to exceed $1.0 billion, for a total aggregate size of $7.0 billion, in each case, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent. Borrowings may be 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 Term Facility and Credit Facility are June 30, 2022 and June 30, 2024, respectively. Each of the Term Facility and Credit Facility can be extended for two additional six-month periods to June 30, 2023 and June 30, 2025, respectively, at our sole option, subject to satisfying certain customary conditions precedent. The Term Facility was available via a single draw during the nine-month period following March 16, 2020, which the Operating Partnership drew on December 15, 2020. Borrowings under the Credit Facility bear interest, at the Operating Partnership’s election, at either (i) LIBOR plus a margin determined by the Operating Partnership’s corporate credit rating of between 0.65% and 1.40% or (ii) the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.50% or LIBOR plus 1.00%) (the “Base Rate”), plus a margin determined by the Operating Partnership’s corporate credit rating of between 0.000% and 0.40%. The Credit Facility includes a facility fee determined by the Operating Partnership’s corporate credit rating of between 0.10% and 0.30% on the aggregate revolving commitments under the Credit Facility. The Credit Facility contains a money market competitive bid option program that allows the Operating Partnership to hold auctions to achieve lower pricing for short-term borrowings. Borrowings under the Term Facility bear interest, at the Operating Partnership’s election, at either (i) LIBOR plus a margin determined based on the Operating Partnership’s corporate credit rating of between 0.725% and 1.60% or (ii) the base rate (equal to the greatest of the prime rate, the federal funds effective rate plus 0.50% or LIBOR plus 1.00%) plus a margin determined by the Operating Partnership’s corporate credit rating of between 0.00% and 0.60%. The Term Facility includes a ticking fee equal to 0.10% of the unused term loan commitment under the Term Facility, which ticking fee shall commence accruing on the date that is forty-five days after the closing of the Term Facility. The Supplemental Facility’s initial borrowing capacity of $3.5 billion may be increased to $4.5 billion during its term and provides for borrowings denominated in U.S. dollars, Euro, Yen, Sterling, Canadian dollars and Australian dollars. The initial maturity date of the Supplemental Facility was extended to June 30, 2022 and can be extended for an additional year to June 30, 2023 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the Supplemental Facility is LIBOR plus 77.5 basis points, with an additional facility fee of 10 basis points. On December 31, 2020, we had an aggregate available borrowing capacity of $6.7 billion under the Facilities. The maximum aggregate outstanding balance under the Facilities during the year ended December 31, 2020 was $3.9 billion and the weighted average outstanding balance was $1.8 billion. Letters of credit of $12.3 million were outstanding under the Facilities as of December 31, 2020. 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 On July 9, 2020, the Operating Partnership completed the issuance of the following senior unsecured notes: $500.0 million with a fixed interest rate of 3.50%, $750 million with a fixed interest rate of 2.650%, and $750 million with a fixed interest rate of 3.80%, with maturity dates of September 2025 (the “2025” Notes”), June 2030, and June 2050, respectively. The 2025 Notes were issued as additional notes under an indenture pursuant to which the Operating Partnership previously issued $600 million principal amount of 3.50% senior notes due September 2025 on August 17, 2015. Proceeds from the unsecured notes offering funded the optional redemption at par of senior unsecured notes in July and August 2020, as discussed below, and repaid a portion of the indebtedness under the Facilities. On July 10, 2020 the Operating Partnership repaid $1.75 billion under the Credit Facility and $750.0 million under the Supplemental Facility. On July 22, 2020, the Operating Partnership completed the optional redemption at par of its $500 million 2.50% notes due September 1, 2020. On August 6, 2020 the Operating Partnership completed the optional redemption at par of its €375 million 2.375% notes due October 2, 2020. On January 21, 2021 the Operating Partnership completed the issuance of the following senior unsecured notes: $800 million with a fixed interest rate of 1.750%, and $700 million with a fixed interest rate of 2.20%, with maturity dates of January 2028 and 2031, respectively. On January 27, 2021 the Operating Partnership completed the planned optional redemption of its $550 million 2.50% notes due on July 15, 2021, including the make-whole amount. Further, on February 2, 2021 the Operating Partnership repaid $750 million under the Term Facility. 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 of 2019 as a result of the early redemption. Mortgage Debt Total mortgage indebtedness was $7.0 billion and $6.9 billion at December 31, 2020 and 2019, respectively. Debt Maturity and Other Our scheduled principal repayments on indebtedness as of December 31, 2020, assuming the obligations remain outstanding through the initial maturities, are as follows: ​ ​ ​ ​ ​ 2021 ​ $ 2,322,729 (1) 2022 ​ 2,837,586 ​ 2023 ​ 3,827,278 ​ 2024 ​ 2,929,639 ​ 2025 ​ 3,105,056 ​ Thereafter ​ 11,768,557 ​ Total principal maturities ​ 26,790,845 ​ Net unamortized debt premium ​ 35,077 ​ Net unamortized debt discount ​ ​ (54,199) ​ Debt issuance costs, net ​ (113,132) ​ Other Debt Obligations ​ ​ 64,770 ​ Total mortgages and unsecured indebtedness ​ $ 26,723,361 ​ ​ (1) Includes $623.0 million 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, ​ 2020 2019 2018 Cash paid for interest ​ $ 754,306 ​ $ 803,728 ​ $ 811,971 ​ ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Debt issuance costs ​ $ 202,859 ​ $ 187,514 Accumulated amortization ​ ​ (89,727) ​ ​ (86,234) Debt issuance costs, net ​ $ 113,132 ​ $ 101,280 ​ 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, ​ 2020 2019 2018 Amortization of debt issuance costs ​ $ 23,076 ​ $ 21,499 ​ $ 21,445 Amortization of debt discounts/(premiums) ​ ​ 174 ​ ​ 1,571 ​ ​ 1,618 ​ 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 $23.4 billion and $23.2 billion as of December 31, 2020 and 2019, 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, ​ ​ ​ 2020 2019 Fair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions) $ 25,327 ​ $ 23,231 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages ​ 2.41 % 3.75 % ​ Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness ​ ​ 2.63 % ​ 3.67 % ​ ​

Equity

Equity	12 Months Ended
	Dec. 31, 2020
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 2020, Simon issued 293,204 shares of common stock to 20 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, 2020, the Operating Partnership redeemed 116,658 units from four limited partners for $16.1 million in cash. 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. These transactions increased Simon’s ownership interest in the Operating Partnership. On December 29, 2020, the Operating Partnership issued 955,705 units in connection with the acquisition of an 80% ownership interest in TRG, as discussed in Note 6. On November 18, 2020, we issued 22,137,500 shares of common stock in a public offering at a price of $72.50 per share, before underwriting discounts and commissions. A portion of the $1.6 billion proceeds from the offering, net of issue costs, were used to fund the Operating Partnership’s acquisition of an 80% ownership interest in TRG. 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 program, the Company could 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, 2020, Simon purchased 1,245,654 shares at an average price of $122.50 per share. 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. 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, 2020 and 2019. 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 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 ​ 160,355 ​ 193,524 ​ Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties ​ $ 185,892 ​ $ 219,061 ​ ​ 7.50% Cumulative Redeemable Preferred Units. In the event of the death of a holder of the preferred units, the occurrence of certain tax triggering events applicable to the holder, or on or after November 10, 2006 The 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 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 ​ 160,355 ​ 193,524 ​ Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties ​ $ 185,892 ​ $ 219,061 ​ ​ 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, 2020 and 2019. Permanent Equity Simon Preferred Stock. Series J 8 3 / 8 % Cumulative Redeemable Preferred Stock. 3 8 unamortized premium included in the carrying value of the preferred stock at December 31, 2020 and 2019 was $2.2 million and $2.6 million, respectively. The Operating Partnership Series J 8 3 / 8 % Cumulative Redeemable Preferred Units. 3 8 3 8 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. and options which are not so qualified. An aggregate of 8,000,000 shares of common stock have been reserved under the 2019 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 38,148 $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 $1.9 million, $15.8 million, and $12.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. Restricted Stock and Restricted Stock Units. During 2020, the Compensation Committee established a one-time grant of 312,263 time-based restricted stock units under the 2019 Plan at a weighted average fair market value of $84.37 per share. These awards will vest, subject to the grantee's continued service on each applicable vesting date, in one-third increments on January 1, 2022, January 1, 2023, and January 1, 2024. The grant date fair value of the awards of $26.3 million is being recognized as expense over the three-year vesting service period. Information regarding restricted stock awards is summarized in the following table for each of the years presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ ​ 2020 ​ 2019 ​ 2018 Shares of restricted stock awarded during the year, net of forfeitures ​ 462,966 ​ 90,902 ​ 51,756 ​ Weighted average fair value of shares granted during the year ​ $ 73.28 ​ $ 181.94 ​ $ 153.24 ​ Annual amortization ​ $ 11,660 ​ $ 12,604 ​ $ 12,029 ​ ​ We recorded compensation expense, net of capitalization, related to restricted stock for employees and non-employee directors of approximately $10.3 million, $11.0 million, and $7.8 million for the years ended December 31, 2020, 2019 and 2018, 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, 2020, Simon had reserved 54,751,265 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, 2020
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 including negative variable lease income as discussed in Note 3. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2020 2019 ​ 2018 Fixed lease income ​ $ 3,871,395 ​ $ 4,293,401 ​ $ 4,185,174 Variable lease income ​ ​ 430,972 ​ ​ 950,370 ​ ​ 973,246 Total lease income ​ $ 4,302,367 ​ $ 5,243,771 ​ $ 5,158,420 ​ Tenant receivables and accrued revenue in the accompanying consolidated balance sheets includes straight-line receivables of $597.6 million and $618.4 million at December 31, 2020 and 2019, respectively. Minimum fixed lease consideration under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration and amounts deferred in relation to the COVID-19 pandemic, which with respect to deferrals are expected to be collected primarily in 2021, as of December 31, 2020, is as follows: ​ ​ ​ ​ 2021 $ 3,224,624 2022 ​ 2,806,916 2023 ​ 2,374,565 2024 ​ 1,939,967 2025 ​ 1,540,214 Thereafter ​ 3,943,703 ​ ​ $ 15,829,989 ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
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, 2020, 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 2021 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, ​ 2020 ​ 2019 Operating Lease Cost ​ ​ ​ ​ ​ ​ Fixed lease cost ​ $ 31,404 ​ $ 31,000 Variable lease cost ​ ​ 13,270 ​ ​ 16,833 Sublease income ​ (746) ​ (694) Total operating lease cost ​ $ 43,928 ​ $ 47,139 ​ For the year ended December 31, 2018, we incurred $47,320 of lease expense. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ ​ 2020 ​ 2019 Other Information ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 44,570 ​ $ 48,519 ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ 34.4 ​ ​ 35.6 Weighted-average discount rate - operating leases ​ ​ 4.86% ​ ​ 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: ​ ​ ​ ​ ​ 2021 $ 32,787 2022 ​ 32,812 2023 ​ 32,953 2024 ​ 33,087 2025 ​ 33,098 Thereafter ​ 886,336 ​ ​ $ 1,051,073 Impact of discounting ​ ​ (535,581) Operating lease liabilities ​ $ 515,492 ​ 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 may be 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 insurance policy with us. A similar insurance 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. 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 $81.1 million of insurance proceeds from third-party carriers related to the two properties located in Puerto Rico, of which $47.5 million was used for property restoration and remediation and to reduce the insurance recovery receivable. During the years ended December 31, 2020 and 2019, we recorded $5.2 million and $10.5 million, respectively, as business interruption income, which was recorded in other income in the accompanying consolidated statements of operations and comprehensive income. During the third quarter of 2020, one of our properties located in Texas experienced property damage and business interruption as a result of Hurricane Hanna. We wrote-off assets of approximately $9.6 million, and recorded an insurance recovery receivable, and have received $14.3 million of insurance proceeds from third-party carriers. The proceeds were used for property restoration and remediation and reduced the insurance recovery receivable. During the third quarter of 2020, one of our properties located in Louisiana experienced property damage and business interruption as a result of Hurricane Laura. We wrote-off assets of approximately $11.1 million and recorded an insurance recovery receivable, and have received $20.6 million of insurance proceeds from third-party carriers. The proceeds were used for property restoration and remediation and reduced the insurance recovery receivable. 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 31,2020 and 2019, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $219.2 million and $214.8 million, respectively. 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. COVID-19 On March 11, 2020, the World Health Organization declared the novel strain of coronavirus, or COVID-19, a global pandemic and recommended containment and mitigation measures worldwide. The COVID-19 pandemic has already had a significant negative impact on economic and market conditions around the world in 2020, and, notwithstanding the fact that vaccines have started to be administered in the United States and elsewhere, the pandemic continues to adversely impact economic activity in real estate. The impact of the COVID-19 pandemic continues to evolve and governments and other authorities, including where we own or hold interests in properties, have imposed measures intended to control its spread, including restrictions on freedom of movement, group gatherings and business operations such as travel bans, border closings, business closures, quarantines, stay-at-home, shelter-in-place orders, density limitations and social distancing measures. Governments and other authorities are in varying stages of lifting or modifying some of these measures, however certain governments and other authorities have already been forced to, and others may in the future, reinstate these measures or impose new, more restrictive measures, if the risks, or the tenants’ and consumers’ perception of the risks, related to the COVID-19 pandemic worsen at any time. Although tenants and consumers have been adapting to the COVID-19 pandemic, with tenants adding services like curbside pickup, and while consumer risk-tolerance is evolving, such adaptations and evolution may take time, and there is no guarantee that retail will return to pre-pandemic levels even once the pandemic subsides. As a result of the COVID-19 pandemic and these measures, the Company may experience material impacts including changes in the ability to recognize revenue due to changes in our assessment of the probability of collection of lease income and asset impairment charges as a result of changing cash flows generated by our properties. As of October 7, 2020, all of our domestic properties and certain of our retailer investments had reopened.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
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 2020, 2019 and 2018. 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 $3.3 million, $3.9 million, and $4.2 million in 2020, 2019, and 2018, 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 $92.7 million, $108.2 million, and $111.5 million in 2020, 2019, and 2018, respectively. During 2020, 2019, and 2018, we recorded development, royalty, and other fee income, net of elimination, related to our unconsolidated international joint ventures of $13.1 million, $14.8 million, and $16.0 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, 2020
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)	12. Quarterly Financial Data (Unaudited) Quarterly 2020 and 2019 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 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 1,353,360 ​ $ 1,062,041 ​ $ 1,060,674 ​ $ 1,131,429 ​ Operating income before other items ​ 654,869 ​ 450,868 ​ 404,024 ​ 462,047 ​ Consolidated net income ​ 505,404 ​ 290,548 ​ 168,646 ​ 312,726 ​ Simon Property Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to common stockholders ​ $ 437,605 ​ $ 254,213 ​ $ 145,926 ​ $ 271,483 ​ Net income per share — Basic and Diluted ​ $ 1.43 ​ $ 0.83 ​ $ 0.48 ​ $ 0.86 ​ Weighted average shares outstanding — Basic and Diluted ​ 306,504,084 ​ 305,882,326 ​ 305,913,431 ​ 316,595,345 ​ Simon Property Group, L.P. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to unitholders ​ $ 504,263 ​ $ 292,863 ​ $ 168,086 ​ $ 311,238 ​ Net income per unit — Basic and Diluted ​ $ 1.43 ​ $ 0.83 ​ $ 0.48 ​ $ 0.86 ​ Weighted average units outstanding — Basic and Diluted ​ ​ 353,191,960 ​ ​ 352,410,392 ​ ​ 352,420,845 ​ ​ 363,050,401 ​ 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 ​ ​

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2020
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, 2020 (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 ​ $ 92,532 ​ $ 10,886 ​ $ 113,461 ​ $ 124,347 ​ $ 65,021 1981 ​ Battlefield Mall ​ Springfield, MO ​ 112,707 ​ 3,919 ​ 27,231 ​ 3,000 ​ 73,128 ​ 6,919 ​ 100,359 ​ 107,278 ​ 73,594 1970 ​ Bay Park Square ​ Green Bay, WI ​ - ​ 6,278 ​ 25,623 ​ 4,106 ​ 33,597 ​ 10,384 ​ 59,220 ​ 69,604 ​ 35,332 1980 ​ Brea Mall ​ Brea (Los Angeles), CA ​ - ​ 39,500 ​ 209,202 ​ 2,993 ​ 77,892 ​ 42,493 ​ 287,094 ​ 329,587 ​ 158,412 1998 (4) Broadway Square ​ Tyler, TX ​ - ​ 11,306 ​ 32,431 ​ - ​ 51,429 ​ 11,306 ​ 83,860 ​ 95,166 ​ 40,639 1994 (4) Burlington Mall ​ Burlington (Boston), MA ​ - ​ 46,600 ​ 303,618 ​ 27,458 ​ 235,501 ​ 74,058 ​ 539,119 ​ 613,177 ​ 248,794 1998 (4) Castleton Square ​ Indianapolis, IN ​ - ​ 26,250 ​ 98,287 ​ 7,434 ​ 78,590 ​ 33,684 ​ 176,877 ​ 210,561 ​ 119,878 1972 ​ Cielo Vista Mall ​ El Paso, TX ​ - ​ 1,005 ​ 15,262 ​ 608 ​ 55,058 ​ 1,613 ​ 70,320 ​ 71,933 ​ 49,573 1974 ​ College Mall ​ Bloomington, IN ​ - ​ 1,003 ​ 16,245 ​ 720 ​ 70,441 ​ 1,723 ​ 86,686 ​ 88,409 ​ 47,678 1965 ​ Columbia Center ​ Kennewick, WA ​ - ​ 17,441 ​ 66,580 ​ - ​ 40,993 ​ 17,441 ​ 107,573 ​ 125,014 ​ 64,134 1987 ​ Copley Place ​ Boston, MA ​ - ​ - ​ 378,045 ​ - ​ 206,205 ​ - ​ 584,250 ​ 584,250 ​ 252,514 2002 (4) Coral Square ​ Coral Springs (Miami), FL ​ - ​ 13,556 ​ 93,630 ​ - ​ 19,097 ​ 13,556 ​ 112,727 ​ 126,283 ​ 89,651 1984 ​ Cordova Mall ​ Pensacola, FL ​ - ​ 18,626 ​ 73,091 ​ 7,321 ​ 70,048 ​ 25,947 ​ 143,139 ​ 169,086 ​ 80,553 1998 (4) Domain, The ​ Austin, TX ​ 176,533 ​ 40,436 ​ 197,010 ​ - ​ 144,511 ​ 40,436 ​ 341,521 ​ 381,957 ​ 174,735 2005 ​ Empire Mall ​ Sioux Falls, SD ​ 183,782 ​ 35,998 ​ 192,186 ​ - ​ 30,083 ​ 35,998 ​ 222,269 ​ 258,267 ​ 68,901 1998 (5) Fashion Mall at Keystone, The ​ Indianapolis, IN ​ - ​ - ​ 120,579 ​ 29,145 ​ 103,435 ​ 29,145 ​ 224,014 ​ 253,159 ​ 132,731 1997 (4) Firewheel Town Center ​ Garland (Dallas), TX ​ - ​ 8,438 ​ 82,716 ​ - ​ 28,830 ​ 8,438 ​ 111,546 ​ 119,984 ​ 64,895 2004 ​ Forum Shops at Caesars, The ​ Las Vegas, NV ​ - ​ - ​ 276,567 ​ - ​ 282,321 ​ - ​ 558,888 ​ 558,888 ​ 293,579 1992 ​ Greenwood Park Mall ​ Greenwood (Indianapolis), IN ​ - ​ 2,423 ​ 23,445 ​ 5,253 ​ 124,303 ​ 7,676 ​ 147,748 ​ 155,424 ​ 91,542 1979 ​ Haywood Mall ​ Greenville, SC ​ - ​ 11,585 ​ 133,893 ​ 6 ​ 41,813 ​ 11,591 ​ 175,706 ​ 187,297 ​ 113,400 1998 (4) Ingram Park Mall ​ San Antonio, TX ​ 122,251 ​ 733 ​ 16,972 ​ 37 ​ 43,246 ​ 770 ​ 60,218 ​ 60,988 ​ 33,614 1979 ​ King of Prussia ​ King of Prussia (Philadelphia), PA ​ - ​ 175,063 ​ 1,128,200 ​ - ​ 380,289 ​ 175,063 ​ 1,508,489 ​ 1,683,552 ​ 463,073 2003 (5) La Plaza Mall (13) ​ McAllen, TX ​ - ​ 87,912 ​ 9,828 ​ 6,569 ​ 177,319 ​ 94,481 ​ 187,147 ​ 281,628 ​ 50,135 1976 ​ Lakeline Mall ​ Cedar Park (Austin), TX ​ - ​ 10,088 ​ 81,568 ​ 14 ​ 24,747 ​ 10,102 ​ 106,315 ​ 116,417 ​ 64,612 1995 ​ Lenox Square ​ Atlanta, GA ​ - ​ 37,447 ​ 492,411 ​ - ​ 139,068 ​ 37,447 ​ 631,479 ​ 668,925 ​ 373,965 1998 (4) Livingston Mall ​ Livingston (New York), NJ ​ ​ - ​ ​ 22,214 ​ ​ 105,250 ​ ​ - ​ ​ 47,841 ​ ​ 22,214 ​ ​ 153,091 ​ ​ 175,305 ​ ​ 94,316 ​ 1998 (4) Mall of Georgia ​ Buford (Atlanta), GA ​ ​ - ​ ​ 47,492 ​ ​ 326,633 ​ ​ - ​ ​ 13,340 ​ ​ 47,492 ​ ​ 339,973 ​ ​ 387,465 ​ ​ 195,629 ​ 1999 (5) McCain Mall ​ N. Little Rock, AR ​ ​ - ​ ​ - ​ ​ 9,515 ​ ​ 10,530 ​ ​ 28,504 ​ ​ 10,530 ​ ​ 38,019 ​ ​ 48,549 ​ ​ 17,298 ​ 1973 ​ Menlo Park Mall ​ Edison (New York), NJ ​ - ​ 65,684 ​ 223,252 ​ - ​ 83,263 ​ 65,684 ​ 306,515 ​ 372,199 ​ 190,029 1997 (4) Midland Park Mall ​ Midland, TX ​ 71,822 ​ 687 ​ ​ 9,213 ​ 1,196 ​ 42,102 ​ 1,883 ​ 51,315 ​ 53,198 ​ 22,616 ​ 1980 ​ Miller Hill Mall ​ Duluth, MN ​ - 2,965 ​ 18,092 1,811 44,203 4,776 62,295 67,071 46,348 1973 ​ North East Mall ​ Hurst (Dallas), TX ​ - 128 ​ 12,966 19,010 145,677 19,138 158,643 177,781 118,006 1971 ​ Northgate Mall ​ Seattle, WA ​ - 23,610 ​ 115,992 - 67,602 23,610 183,594 207,204 57,897 1987 ​ Ocean County Mall ​ Toms River (New York), NJ ​ - 20,404 ​ 124,945 3,277 84,547 23,681 209,492 233,173 102,081 1998 (4) Orland Square ​ Orland Park (Chicago), IL ​ - 35,439 ​ 129,906 - 78,864 35,439 208,770 244,209 117,910 1997 (4) Oxford Valley Mall ​ Langhorne (Philadelphia), PA ​ 32,779 20,872 ​ 100,287 - 20,914 20,872 121,201 142,073 84,968 2003 (4) Penn Square Mall ​ Oklahoma City, OK ​ 310,000 2,043 ​ 155,958 - 60,144 2,043 216,102 218,145 136,840 2002 (4) Pheasant Lane Mall ​ Nashua, NH ​ - 3,902 ​ 155,068 550 49,404 4,452 204,472 208,924 116,717 2004 (5) Phipps Plaza ​ Atlanta, GA ​ - 15,005 ​ 210,610 - 243,085 15,005 453,695 468,700 171,188 1998 (4) Plaza Carolina ​ Carolina (San Juan), PR ​ 225,000 15,493 ​ 279,560 - 77,319 15,493 356,879 372,372 173,238 2004 (4) Prien Lake Mall ​ Lake Charles, LA ​ - 1,842 ​ 2,813 3,053 47,133 4,895 49,946 54,841 28,706 1972 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Rockaway Townsquare ​ Rockaway (New York), NJ ​ $ - $ 41,918 $ 212,257 $ - $ 69,145 $ 41,918 $ 281,402 $ 323,320 $ 160,468 1998 (4) Roosevelt Field ​ Garden City (New York), NY ​ - 163,160 ​ 702,008 1,246 368,834 164,406 1,070,842 1,235,248 533,147 1998 (4) Ross Park Mall ​ Pittsburgh, PA ​ - 23,541 ​ 90,203 5,815 122,197 29,356 212,400 241,756 132,274 1986 ​ Santa Rosa Plaza ​ Santa Rosa, CA ​ - 10,400 ​ 87,864 - 27,384 10,400 115,248 125,648 67,970 1998 (4) Shops at Chestnut Hill, The ​ Chestnut Hill (Boston), MA ​ 120,000 449 ​ 25,102 38,864 105,673 39,313 130,776 170,089 42,473 2002 (5) Shops at Nanuet, The ​ Nanuet, NY ​ - 28,125 ​ 142,860 - 14,285 28,125 157,145 185,270 47,459 2013 ​ Shops at Riverside, The ​ Hackensack (New York), NJ ​ 130,000 13,521 ​ 238,746 - 263,289 13,521 502,035 515,556 98,686 2007 (4) (5) South Hills Village ​ Pittsburgh, PA ​ - 23,445 ​ 125,840 1,472 84,612 24,917 210,452 235,369 109,844 1997 (4) South Shore Plaza ​ Braintree (Boston), MA ​ ​ - ​ 101,200 ​ ​ 301,495 ​ - ​ 166,650 ​ 101,200 ​ 468,145 ​ 569,345 ​ 269,676 ​ 1998 (4) Southdale Mall ​ Edina (Minneapolis), MN ​ 138,131 41,430 ​ 184,967 - 112,713 41,430 297,680 339,110 95,003 2007 (4) (5) SouthPark ​ Charlotte, NC ​ - 42,092 ​ 188,055 100 204,680 42,192 392,735 434,927 225,268 2002 (4) St. Charles Towne Center ​ Waldorf (Washington, DC), MD ​ ​ - ​ ​ 7,710 ​ ​ 52,934 ​ ​ 1,180 ​ ​ 29,314 ​ ​ 8,890 ​ ​ 82,248 ​ ​ 91,138 ​ ​ 61,874 ​ 1990 ​ Stanford Shopping Center ​ Palo Alto (San Jose), CA ​ ​ - ​ ​ - ​ 339,537 ​ - ​ 188,382 ​ - ​ 527,919 ​ 527,919 ​ 214,147 2003 (4) Summit Mall ​ Akron, OH ​ ​ 85,000 ​ 15,374 ​ 51,137 ​ - ​ 55,804 ​ 15,374 ​ 106,941 ​ 122,315 ​ 66,518 1965 ​ Tacoma Mall ​ Tacoma (Seattle), WA ​ - 37,113 125,826 - 162,616 37,113 288,442 325,555 145,776 1987 ​ Tippecanoe Mall ​ Lafayette, IN ​ - 2,897 8,439 5,517 47,136 8,414 55,575 63,989 44,233 1973 ​ Town Center at Boca Raton ​ Boca Raton (Miami), FL ​ - 64,200 307,317 - 241,889 64,200 549,206 613,406 309,065 1998 (4) Towne East Square ​ Wichita, KS ​ - 8,525 18,479 4,108 49,059 12,633 67,538 80,171 45,990 1975 ​ Treasure Coast Square ​ Jensen Beach, FL ​ - 11,124 72,990 3,067 39,945 14,191 112,935 127,126 76,712 1987 ​ Tyrone Square ​ St. Petersburg (Tampa), FL ​ - 15,638 120,962 1,459 50,690 17,097 171,652 188,749 112,049 1972 ​ University Park Mall ​ Mishawaka, IN ​ - 10,762 118,164 7,000 58,654 17,762 176,818 194,580 147,955 1996 (4) Walt Whitman Shops ​ Huntington Station (New York), NY ​ - 51,700 111,258 3,789 127,664 55,489 238,922 294,411 130,914 1998 (4) White Oaks Mall ​ Springfield, IL ​ 46,915 2,907 35,692 2,468 65,642 5,375 101,334 106,709 59,098 1977 ​ Wolfchase Galleria ​ Memphis, TN ​ 155,152 16,407 128,276 - 17,049 16,407 145,325 161,732 97,753 2002 (4) Woodland Hills Mall ​ Tulsa, OK ​ - 34,211 187,123 - 35,414 34,211 222,537 256,748 144,965 2004 (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premium Outlets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Albertville Premium Outlets ​ Albertville (Minneapolis), MN ​ - 3,900 97,059 - 11,094 3,900 108,153 112,053 54,308 2004 (4) Allen Premium Outlets ​ Allen (Dallas), TX ​ - ​ 20,932 ​ 69,788 ​ - ​ 44,436 ​ 20,932 ​ 114,224 ​ 135,156 ​ 36,968 ​ 2004 (4) Aurora Farms Premium Outlets ​ Aurora (Cleveland), OH ​ - ​ 2,370 ​ 24,326 ​ - ​ 8,442 ​ 2,370 ​ 32,768 ​ 35,138 ​ 24,396 ​ 2004 (4) Birch Run Premium Outlets ​ Birch Run (Detroit), MI ​ 123,000 11,477 77,856 - 8,978 11,477 86,834 98,311 37,026 2010 (4) Camarillo Premium Outlets ​ Camarillo (Los Angeles), CA ​ - 16,670 224,721 395 75,097 17,065 299,818 316,883 149,400 2004 (4) Carlsbad Premium Outlets ​ Carlsbad (San Diego), CA ​ - 12,890 184,990 96 10,492 12,986 195,482 208,468 88,965 2004 (4) Carolina Premium Outlets ​ Smithfield (Raleigh), NC ​ 41,757 3,175 59,863 5,311 7,902 8,486 67,765 76,251 37,961 2004 (4) Chicago Premium Outlets ​ Aurora (Chicago), IL ​ - 659 118,005 13,050 99,046 13,709 217,051 230,760 84,558 2004 (4) Cincinnati Premium Outlets ​ Monroe (Cincinnati), OH ​ - 14,117 71,520 - 4,687 14,117 76,207 90,324 38,483 2008 ​ Clinton Crossing Premium Outlets ​ Clinton, CT ​ - 2,060 107,556 1,532 6,027 3,592 113,583 117,175 61,401 2004 (4) Denver Premium Outlets ​ Thornton (Denver), CO ​ ​ - ​ 11,375 ​ 45,335 ​ 10 ​ 72,949 ​ 11,385 ​ 118,284 ​ 129,669 ​ 12,902 2018 ​ Desert Hills Premium Outlets ​ Cabazon (Palm Springs), CA ​ ​ - ​ ​ 3,440 ​ ​ 338,679 ​ ​ - ​ ​ 117,032 ​ ​ 3,440 ​ ​ 455,711 ​ ​ 459,151 ​ ​ 187,479 ​ 2004 (4) Ellenton Premium Outlets ​ Ellenton (Tampa), FL ​ ​ - ​ 2,857 ​ 47,309 ​ - ​ 20,582 ​ 2,857 ​ 67,891 ​ 70,748 ​ ​ 36,332 ​ 2010 (4) Folsom Premium Outlets ​ Folsom (Sacramento), CA ​ 178,000 ​ 15,807 ​ 182,412 ​ - ​ 7,726 ​ 15,807 ​ 190,138 ​ 205,945 ​ ​ 106,430 ​ 2004 (4) Gilroy Premium Outlets ​ Gilroy (San Jose), CA ​ - 9,060 50,281 - 5,940 9,060 56,221 65,281 ​ 32,576 ​ 2004 (4) Grand Prairie Premium Outlets ​ Grand Prairie (Dallas), TX ​ - 9,630 194,122 - 16,192 9,630 210,314 219,944 ​ 104,299 ​ 2012 ​ Grove City Premium Outlets ​ Grove City (Pittsburgh), PA ​ 109,122 9,497 194,245 - 2,058 9,497 196,303 205,800 ​ 54,525 ​ 2010 (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Gulfport Premium Outlets ​ Gulfport, MS ​ $ 140,000 $ 6,421 $ 121,880 $ - $ 7,763 $ 6,421 $ 129,643 $ 136,064 ​ $ 72,537 ​ 2010 (4) Hagerstown Premium Outlets ​ Hagerstown (Baltimore/Washington, DC), MD ​ 50,000 - 27,949 - 7,444 - 35,393 35,393 ​ 17,250 ​ 2010 (4) Houston Premium Outlets ​ Cypress (Houston), TX ​ 73,314 3,576 85,883 - 2,383 3,576 88,266 91,842 ​ 39,565 ​ 2007 ​ Indiana Premium Outlets ​ Edinburgh (Indianapolis), IN ​ ​ - ​ ​ 8,695 ​ ​ 69,350 ​ ​ - ​ ​ 46,533 ​ ​ 8,695 ​ ​ 115,883 ​ ​ 124,578 ​ ​ 54,669 ​ 2004 (4) Jackson Premium Outlets ​ Jackson (New York), NJ ​ - 6,413 104,013 3 8,300 6,416 112,313 118,729 ​ 52,477 ​ 2004 (4) Jersey Shore Premium Outlets ​ Tinton Falls (New York), NJ ​ - 15,390 50,979 - 78,255 15,390 129,234 144,624 ​ 65,300 ​ 2007 ​ Johnson Creek Premium Outlets ​ Johnson Creek, WI ​ - 2,800 39,546 - 6,936 2,800 46,482 49,282 ​ 23,364 ​ 2004 (4) Kittery Premium Outlets ​ Kittery, ME ​ - 11,832 94,994 - 11,008 11,832 106,002 117,834 ​ 47,052 ​ 2004 (4) Las Americas Premium Outlets ​ San Diego, CA ​ - 45,168 251,878 - 11,380 45,168 263,258 308,426 ​ 102,723 ​ 2007 (4) Las Vegas North Premium Outlets ​ Las Vegas, NV ​ - 25,435 134,973 16,536 152,117 41,971 287,090 329,061 ​ 134,037 ​ 2004 (4) Las Vegas South Premium Outlets ​ Las Vegas, NV ​ - 13,085 160,777 - 32,957 13,085 193,734 206,819 ​ 87,419 ​ 2004 (4) Lee Premium Outlets ​ Lee, MA ​ 49,504 9,167 52,212 - 4,302 9,167 56,514 65,681 ​ 30,446 ​ 2010 (4) Leesburg Corner Premium Outlets ​ Leesburg (Washington, DC), VA ​ - 7,190 162,023 - 21,105 7,190 183,128 190,318 ​ 87,734 ​ 2004 (4) Lighthouse Place Premium Outlets ​ Michigan City (Chicago, IL), IN ​ - 6,630 94,138 - 13,206 6,630 107,344 113,974 ​ 58,943 ​ 2004 (4) Merrimack Premium Outlets ​ Merrimack, NH ​ 116,398 14,975 118,428 - 2,911 14,975 121,339 136,314 ​ 43,453 ​ 2012 ​ Napa Premium Outlets ​ Napa, CA ​ - ​ 11,400 ​ 45,023 ​ - ​ 7,513 ​ 11,400 ​ 52,536 ​ 63,936 ​ 27,674 ​ 2004 (4) North Bend Premium Outlets ​ North Bend (Seattle), WA ​ - 2,143 36,197 - 5,978 2,143 42,175 44,318 ​ 20,310 ​ 2004 (4) North Georgia Premium Outlets ​ Dawsonville (Atlanta), GA ​ - 4,300 137,020 - 3,158 4,300 140,178 144,478 ​ 67,220 ​ 2004 (4) Orlando International Premium Outlets ​ Orlando, FL ​ - 31,998 472,815 - 17,515 31,998 490,330 522,328 ​ 182,297 ​ 2010 (4) Orlando Vineland Premium Outlets ​ Orlando, FL ​ - 14,040 382,949 36,023 19,688 50,063 402,637 452,700 ​ 178,209 ​ 2004 (4) Petaluma Village Premium Outlets ​ Petaluma (San Francisco), CA ​ - 13,322 13,710 - 4,394 13,322 18,104 31,426 ​ 11,599 ​ 2004 (4) Philadelphia Premium Outlets ​ Limerick (Philadelphia), PA ​ - 16,676 105,249 - 25,391 16,676 130,640 147,316 ​ 72,961 ​ 2006 ​ Phoenix Premium Outlets ​ Chandler (Phoenix), AZ ​ - ​ - ​ 63,082 ​ - ​ 681 ​ - ​ 63,763 ​ 63,763 ​ ​ 24,082 ​ 2013 ​ Pismo Beach Premium Outlets ​ Pismo Beach, CA ​ 34,329 ​ 4,317 ​ 19,044 ​ - ​ 2,812 ​ 4,317 ​ 21,856 ​ 26,173 ​ ​ 13,228 ​ 2010 (4) Pleasant Prairie Premium Outlets ​ Pleasant Prairie (Chicago, IL/Milwaukee), WI ​ ​ 145,000 ​ 16,823 ​ 126,686 ​ - ​ 7,408 ​ 16,823 ​ 134,094 ​ 150,917 ​ 55,534 2010 (4) Puerto Rico Premium Outlets ​ Barceloneta, PR ​ 160,000 20,586 114,021 - 9,286 20,586 123,307 143,893 51,856 2010 (4) Queenstown Premium Outlets ​ Queenstown (Baltimore), MD ​ 60,308 8,129 61,950 - 5,109 8,129 67,059 75,188 29,293 2010 (4) Rio Grande Valley Premium Outlets ​ Mercedes (McAllen), TX ​ - 12,229 41,547 - 28,623 12,229 70,170 82,399 41,040 2005 ​ Round Rock Premium Outlets ​ Round Rock (Austin), TX ​ - 14,706 82,252 - 5,336 14,706 87,588 102,294 53,430 2005 ​ San Francisco Premium Outlets ​ Livermore (San Francisco), CA ​ - 21,925 308,694 46,177 73,617 68,102 382,311 450,413 97,460 2012 ​ San Marcos Premium Outlets ​ San Marcos (Austin/San Antonio), TX ​ - 13,180 287,179 - 12,724 13,180 299,903 313,083 115,472 2010 (4) Seattle Premium Outlets ​ Tulalip (Seattle), WA ​ ​ - ​ ​ - ​ ​ 103,722 ​ ​ - ​ ​ 54,623 ​ ​ - ​ ​ 158,345 ​ ​ 158,345 ​ ​ 77,078 ​ 2004 (4) St. Augustine Premium Outlets ​ St. Augustine (Jacksonville), FL ​ ​ - ​ 6,090 ​ 57,670 ​ 2 ​ 12,534 ​ 6,092 ​ 70,204 ​ 76,296 ​ 37,830 ​ 2004 (4) Tampa Premium Outlets ​ Lutz (Tampa), FL ​ - 14,298 97,188 121 4,942 14,419 102,130 116,549 23,556 2015 ​ The Crossings Premium Outlets ​ Tannersville, PA ​ 103,304 7,720 172,931 - 18,694 7,720 191,625 199,345 89,095 2004 (4) Tucson Premium Outlets ​ Marana (Tucson), AZ ​ ​ - ​ 12,508 ​ 69,677 ​ - ​ 7,508 ​ 12,508 ​ 77,185 ​ 89,693 ​ 18,160 ​ 2015 ​ Vacaville Premium Outlets ​ Vacaville, CA ​ - 9,420 84,850 - 18,500 9,420 103,350 112,770 56,351 2004 (4) Waikele Premium Outlets ​ Waipahu (Honolulu), HI ​ - 22,630 77,316 - 19,378 22,630 96,694 119,324 47,598 2004 (4) Waterloo Premium Outlets ​ Waterloo, NY ​ - 3,230 75,277 - 15,032 3,230 90,309 93,539 48,025 2004 (4) Williamsburg Premium Outlets ​ Williamsburg, VA ​ ​ 185,000 ​ 10,323 ​ 223,789 ​ - ​ 8,262 ​ 10,323 ​ 232,051 ​ 242,374 ​ 87,577 ​ 2010 (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Woodburn Premium Outlets ​ Woodburn (Portland), OR $ - $ 9,414 $ 150,414 $ - $ 2,963 $ 9,414 $ 153,377 $ 162,791 $ 46,326 2013 (4) Woodbury Common Premium Outlets ​ Central Valley (New York), NY ​ ​ - ​ 11,010 ​ 862,559 ​ 1,771 ​ 265,878 ​ 12,781 ​ 1,128,437 ​ 1,141,218 ​ 448,819 ​ 2004 (4) Wrentham Village Premium Outlets ​ Wrentham (Boston), MA ​ ​ - ​ 4,900 ​ 282,031 ​ - ​ 48,605 ​ 4,900 ​ 330,636 ​ 335,536 ​ 146,606 ​ 2004 (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Mills ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Arizona Mills ​ Tempe (Phoenix), AZ ​ ​ 145,874 ​ 41,936 ​ 297,289 ​ — ​ 15,389 ​ 41,936 ​ 312,678 ​ 354,614 ​ 75,594 ​ 2007 (4) (5) Great Mall ​ Milpitas (San Jose), CA ​ ​ - ​ 69,853 ​ 463,101 ​ — ​ 59,127 ​ 69,853 ​ 522,228 ​ 592,081 ​ 156,327 ​ 2007 (4) (5) Gurnee Mills ​ Gurnee (Chicago), IL ​ ​ 253,708 ​ 41,133 ​ 297,911 ​ — ​ 29,991 ​ 41,133 ​ 327,902 ​ 369,035 ​ 102,054 ​ 2007 (4) (5) Mills at Jersey Gardens, The ​ Elizabeth, NJ ​ ​ 355,000 ​ 120,417 ​ 865,605 ​ — ​ 17,920 ​ 120,417 ​ 883,525 ​ 1,003,942 ​ 198,695 ​ 2015 (4) Opry Mills ​ Nashville, TN ​ ​ 375,000 ​ 51,000 ​ 327,503 ​ — ​ 18,561 ​ 51,000 ​ 346,064 ​ 397,064 ​ 103,485 ​ 2007 (4) (5) Outlets at Orange, The ​ Orange (Los Angeles), CA ​ ​ 215,000 ​ ​ 64,973 ​ ​ 211,322 ​ ​ — ​ ​ 2,965 ​ ​ 64,973 ​ ​ 214,287 ​ ​ 279,260 ​ ​ 17,869 ​ 2007 (4) (5) Potomac Mills ​ Woodbridge (Washington, DC), VA ​ ​ 416,000 ​ ​ 61,755 ​ ​ 425,370 ​ ​ — ​ ​ 42,020 ​ ​ 61,755 ​ ​ 467,390 ​ ​ 529,145 ​ ​ 151,327 ​ 2007 (4) (5) Sawgrass Mills ​ Sunrise (Miami), FL ​ ​ - ​ ​ 192,981 ​ ​ 1,641,153 ​ ​ 5,395 ​ ​ 218,581 ​ ​ 198,376 ​ ​ 1,859,734 ​ ​ 2,058,109 ​ ​ 530,570 ​ 2007 (4) (5) Designer Outlets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ La Reggia Designer Outlet ​ Marcianise (Naples), Italy ​ ​ 159,432 ​ 37,220 ​ 233,179 ​ - ​ 22,684 ​ 37,220 ​ 255,864 ​ 293,084 ​ 47,616 2013 (4) (5) (7) Noventa Di Piave Designer Outlet ​ Venice, Italy ​ ​ 343,042 ​ ​ 38,793 ​ ​ 309,283 ​ ​ - ​ ​ 71,352 ​ ​ 38,793 ​ ​ 380,635 ​ ​ 419,428 ​ ​ 62,130 2013 (4) (5) (7) Parndorf Designer Outlet ​ Vienna, Austria ​ ​ 226,896 ​ ​ 14,903 ​ ​ 223,156 ​ ​ - ​ ​ 2,330 ​ ​ 14,903 ​ ​ 225,486 ​ ​ 240,389 ​ ​ 49,071 ​ 2013 (4) (5) (7) Provence Designer Outlet ​ Provence, France ​ ​ 100,445 ​ ​ 40,754 ​ ​ 77,827 ​ ​ 6,169 ​ ​ - ​ ​ 46,923 ​ ​ 77,827 ​ ​ 124,749 ​ ​ 23,376 ​ 2017 (4) (5) (7) Roermond Designer Outlet ​ Roermond, Netherlands ​ ​ 282,085 ​ ​ 15,035 ​ ​ 400,094 ​ ​ - ​ ​ 14,554 ​ ​ 15,035 ​ ​ 414,648 ​ ​ 429,683 ​ ​ 91,007 ​ 2013 (4) (5) (7) Roosendaal Designer Outlet ​ Roosendaal, Netherlands ​ ​ 72,342 ​ ​ 22,191 ​ ​ 108,069 ​ ​ - ​ ​ 5,789 ​ ​ 22,191 ​ ​ 113,858 ​ ​ 136,049 ​ ​ 22,321 ​ 2017 (4) (5) (7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Community Centers ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ABQ Uptown ​ Albuquerque, NM ​ ​ - ​ ​ 6,374 ​ ​ 75,333 ​ ​ 4,054 ​ ​ 7,184 ​ ​ 10,428 ​ ​ 82,517 ​ ​ 92,945 ​ ​ 29,967 ​ 2011 (4) University Park Village ​ Fort Worth, TX ​ ​ 54,425 18,031 ​ 100,523 ​ - ​ 4,710 ​ 18,031 ​ 105,233 ​ 123,264 ​ 22,240 2015 (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calhoun Marketplace ​ Calhoun, GA ​ ​ 17,941 1,745 ​ 12,529 ​ - ​ 2,180 ​ 1,745 ​ 14,709 ​ 16,454 ​ 10,195 ​ 2010 (4) Florida Keys Outlet Center ​ Florida City, FL ​ ​ 17,001 ​ ​ 1,112 ​ ​ 1,748 ​ ​ - ​ ​ 4,474 ​ ​ 1,112 ​ ​ 6,222 ​ ​ 7,334 ​ ​ 3,792 ​ 2010 (4) Gaffney Marketplace ​ Gaffney (Greenville/Charlotte), SC ​ ​ 28,981 4,056 ​ 32,371 ​ - ​ 6,097 ​ 4,056 ​ 38,468 ​ 42,524 ​ 21,273 ​ 2010 (4) Orlando Outlet Marketplace ​ Orlando, FL ​ ​ - ​ ​ 3,367 ​ ​ 1,557 ​ ​ - ​ ​ 3,658 ​ ​ 3,367 ​ ​ 5,215 ​ ​ 8,582 ​ ​ 2,888 ​ 2010 (4) Osage Beach Marketplace ​ Osage Beach, MO ​ ​ - ​ ​ 1,397 ​ ​ 9,471 ​ ​ - ​ ​ — ​ ​ 1,397 ​ ​ 9,471 ​ ​ 10,869 ​ ​ 852 ​ 2004 (4) Southridge Mall ​ Greendale (Milwaukee), WI ​ ​ 112,087 ​ ​ 12,359 ​ ​ 130,111 ​ ​ 1,939 ​ ​ 13,029 ​ ​ 14,298 ​ ​ 143,140 ​ ​ 157,438 ​ ​ 53,156 ​ 2007 (4) (5) Town Center at Cobb ​ Kennesaw (Atlanta), GA ​ ​ 180,376 ​ ​ 32,355 ​ ​ 158,225 ​ ​ - ​ ​ 24,583 ​ ​ 32,355 ​ ​ 182,808 ​ ​ 215,163 ​ ​ 131,692 ​ 1998 (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other pre-development costs ​ ​ ​ ​ ​ ​ ​ 107,403 ​ ​ 156,542 ​ ​ 959 ​ ​ - ​ ​ 108,362 ​ ​ 156,542 ​ ​ 264,903 ​ ​ 78 ​ ​ ​ Other ​ ​ ​ ​ 25,000 ​ ​ 3,537 ​ ​ 51,972 ​ ​ - ​ ​ - ​ ​ 3,537 ​ ​ 51,972 ​ ​ 55,509 ​ ​ 15,503 ​ ​ ​ Currency Translation Adjustment ​ ​ ​ ​ - ​ ​ 22,388 ​ ​ 88,022 ​ ​ - ​ ​ 89,445 ​ ​ 22,388 ​ ​ 177,466 ​ ​ 199,854 ​ ​ (2,464) ​ ​ ​ ​ ​ ​ ​ $ 6,959,743 ​ $ 3,342,322 ​ $ 25,071,253 ​ $ 357,702 ​ $ 8,837,360 ​ $ 3,700,024 ​ $ 33,908,614 ​ $ 37,608,638 ​ $ 14,592,867 ​ ​ ​ ​ Simon Property Group, Inc. Simon Property Group, L.P. Notes to Schedule III as of December 31, 2020 (Dollars in thousands) (1) Reconciliation of Real Estate Properties: The changes in real estate assets for the years ended December 31, 2020, 2019, and 2018 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 Balance, beginning of year ​ $ 37,356,739 ​ $ 36,667,960 ​ $ 36,014,506 ​ Acquisitions and consolidations (7) ​ — ​ 40,990 ​ 328,265 ​ Improvements ​ 401,202 ​ 899,728 ​ 758,135 ​ Disposals and deconsolidations ​ (320,328) ​ (219,268) ​ (357,622) ​ Currency Translation Adjustment ​ ​ 171,025 ​ ​ (32,671) ​ ​ (75,324) ​ Balance, close of year ​ $ 37,608,638 ​ $ 37,356,739 ​ $ 36,667,960 ​ The unaudited aggregate cost of domestic consolidated real estate assets for U.S. federal income tax purposes as of December 31, 2020 was $21,756,450. (2) Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation for the years ended December 31, 2020, 2019, and 2018 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 Balance, beginning of year ​ $ 13,622,433 ​ $ 12,632,690 ​ $ 11,704,223 ​ Depreciation expense (7) ​ 1,226,611 ​ 1,176,815 ​ 1,106,053 ​ Disposals and deconsolidations ​ (236,123) ​ (194,664) ​ (190,241) ​ Currency Translation Adjustment ​ ​ (20,054) ​ ​ 7,592 ​ ​ 12,655 ​ Balance, close of year ​ $ 14,592,867 ​ $ 13,622,433 ​ $ 12,632,690 ​ 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, 2020
Summary of Significant Accounting Policies
Investment Properties	Investment Properties Investment properties consist of the following as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Land ​ $ 3,700,023 ​ $ 3,692,056 ​ Buildings and improvements ​ 33,908,615 ​ 33,664,683 ​ Total land, buildings and improvements ​ 37,608,638 ​ 37,356,739 ​ Furniture, fixtures and equipment ​ 441,558 ​ 447,756 ​ Investment properties at cost ​ 38,050,196 ​ 37,804,495 ​ Less — accumulated depreciation ​ 14,891,937 ​ 13,905,776 ​ Investment properties at cost, net ​ $ 23,158,259 ​ $ 23,898,719 ​ Construction in progress included above ​ $ 773,061 ​ $ 812,982 ​ ​ 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, ​ ​ 2020 ​ 2019 ​ 2018 ​ Capitalized interest ​ $ 22,917 ​ $ 33,342 ​ $ 19,871 ​ ​ 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 operational performance, such as declining cash flows, occupancy or total sales per square foot, the Company’s intent and ability to hold the related asset, and, if applicable, the remaining time to maturity of underlying financing arrangements. 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, and, if applicable, on a probability weighted basis, 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 our estimate of 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 the fair value of the investment is less than its carrying value and such impairment is other-than-temporary. Our evaluation of changes in economic or operating conditions and whether an impairment is other-than-temporary may include developing estimates of fair value, forecasted cash flows or operating income before depreciation and amortization. We estimate undiscounted cash flows and fair value using observable and unobservable data such as operating income before depreciation and amortization, hold periods, estimated capitalization and discount rates, or relevant market multiples, leasing prospects and local market information, expected probabilities of outcomes, if applicable, and whether an impairment is other-than-temporary. Changes in economic and operating conditions including, changes in the financial condition of our tenants and changes to our intent and ability to hold the related asset, that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results. During the fourth quarter of 2020, we recorded an impairment charge of $34.4 million related to one consolidated property, which is included in (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income. During the third quarter of 2020, we recorded an other-than-temporary impairment charge of $55.2 million, representing our equity method investment balance in three joint venture properties, which is included in (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income.
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, 2020 and 2019, we had equity instruments with readily determinable fair values of $41.9 million and $68.2 million, respectively. Changes in the fair value of these equity instruments are recorded in earnings. 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, 2020, 2019, and 2018 were nil, $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, 2020 and 2019, we had equity instruments without readily determinable fair values of $309.3 million and $295.4 million, respectively, for which we have elected the measurement alternative. We regularly evaluate these investments for any impairment in their estimated fair value, as well as any observable price changes for an identical or similar equity instrument of the same issuer, and determined that no material adjustment in the carrying value was required for the years ended December 31, 2020 and 2019. 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, 2020 and 2019, we held debt securities of $40.5 million and $52.8 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, 2020 and 2019 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 an insignificant gross asset balance at December 31, 2020 and $17.5 million at December 31, 2019, and a gross liability balance of $44.6 million and $3.8 million at December 31, 2020 and 2019, 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 or losses 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, 2020, approximately 6.9% of our consolidated long-lived assets and 2.4% of our consolidated total revenues were derived from assets located outside the United States. 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.
Deferred Costs and Other Assets	Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Deferred lease costs, net ​ $ 169,651 ​ $ 209,277 ​ In-place lease intangibles, net ​ 3,905 ​ 31,417 ​ Acquired above market lease intangibles, net ​ 31,053 ​ 44,337 ​ Marketable securities of our captive insurance companies ​ 40,496 ​ 52,760 ​ Goodwill ​ 20,098 ​ 20,098 ​ Other marketable and non-marketable securities ​ 351,176 ​ 363,554 ​ Prepaids, notes receivable and other assets, net ​ 465,789 ​ 492,582 ​ ​ ​ $ 1,082,168 ​ $ 1,214,025 ​ ​
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Deferred lease costs ​ $ 407,288 ​ $ 443,313 ​ Accumulated amortization ​ (237,637) ​ (234,036) ​ Deferred lease costs, net ​ $ 169,651 ​ $ 209,277 ​ ​ 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, ​ 2020 2019 2018 Amortization of deferred leasing costs ​ $ 51,349 ​ $ 57,201 ​ $ 56,646 ​
Intangibles	Intangibles The average remaining life of in-place lease intangibles is approximately 2.2 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 2.8 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 $28.7 million and $44.8 million as of December 31, 2020 and 2019, respectively. The amount of amortization of above and below market leases, net, which increased lease income for the years ended December 31, 2020, 2019, and 2018, was $1.3 million, $1.9 million and $1.0 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ In-place lease intangibles ​ $ 173,094 ​ $ 196,007 ​ Accumulated amortization ​ ​ (169,189) ​ ​ (164,590) ​ In-place lease intangibles, net ​ $ 3,905 ​ $ 31,417 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ Acquired above market lease intangibles ​ $ 186,620 ​ $ 252,934 ​ Accumulated amortization ​ ​ (155,567) ​ ​ (208,597) ​ Acquired above market lease intangibles, net ​ $ 31,053 ​ $ 44,337 ​ ​ Estimated future amortization and the increasing (decreasing) effect on lease income for our above and below market leases as of December 31, 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Below ​ Above ​ Impact to ​ ​ ​ Market ​ Market ​ Lease ​ ​ ​ Leases ​ Leases ​ Income, Net ​ 2021 ​ $ 8,193 ​ $ (11,001) ​ $ (2,808) 2022 ​ 5,565 ​ (8,012) ​ (2,447) ​ 2023 ​ 4,224 ​ (5,858) ​ (1,634) ​ 2024 ​ 3,265 ​ (3,981) ​ (716) ​ 2025 ​ 2,322 ​ (1,677) ​ 645 ​ Thereafter ​ 5,122 ​ (524) ​ 4,598 ​ ​ ​ $ 28,691 ​ $ (31,053) ​ $ (2,362) ​
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, 2020 and 2019, we had no outstanding interest rate derivatives. We generally do not apply hedge accounting to interest rate caps, which had an insignificant value as of December 31, 2020 and 2019, 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 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 was $8.7 million and $10.6 million as of December 31, 2020 and 2019, respectively. Within the next year, we expect to reclassify to earnings approximately $1.0 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 foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposers, with gains and losses on the derivative contracts hedging these exposers. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes. 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, 2020 and 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset (Liability) Value as of ​ ​ ​ ​ December 31, December 31, Notional Value ​ Maturity Date ​ 2020 ​ 2019 € 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 € 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) € 100.0 ​ March 24, 2021 ​ ​ (3.9) ​ ​ — € 100.0 ​ March 24, 2021 ​ ​ (3.8) ​ ​ — € 50.0 ​ March 24, 2021 ​ ​ (2.3) ​ ​ — € 50.0 ​ March 24, 2021 ​ ​ (2.2) ​ ​ — € 50.0 ​ May 14, 2021 ​ ​ (2.2) ​ ​ — € 50.0 ​ May 14, 2021 ​ ​ (2.2) ​ ​ — € 41.0 ​ May 14, 2021 ​ ​ (1.9) ​ ​ — € 20.0 ​ May 14, 2021 ​ ​ (1.7) ​ ​ — € 50.0 ​ May 14, 2021 ​ ​ (2.1) ​ ​ 1.3 € 50.0 ​ May 14, 2021 ​ ​ (6.4) ​ ​ — € 30.0 ​ May 14, 2021 ​ ​ (2.6) ​ — € 60.0 ​ December 20, 2021 ​ ​ (4.2) ​ — € 60.0 ​ December 20, 2021 ​ ​ (4.1) ​ — € 30.0 ​ December 20, 2021 ​ ​ (2.2) ​ — € 50.0 ​ July 15, 2021 ​ ​ (0.1) ​ — € 50.0 ​ July 15, 2021 ​ ​ (0.1) ​ — € 50.0 ​ July 15, 2021 ​ ​ (0.1) ​ — € 50.0 ​ July 15, 2021 ​ ​ — ​ ​ — € 50.0 ​ July 15, 2021 ​ ​ — ​ ​ — € 61.0 ​ September 17, 2021 ​ ​ (1.3) ​ — € 61.0 ​ September 17, 2021 ​ ​ (1.2) ​ — ​ 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 used 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 matured on December 1, 2020. The fair value of our cross-currency swap agreement on the settlement date was $4.1 million and at December 31, 2019 was $14.7 million, and is included in deferred costs and other assets. We have designated the currency forward contracts and cross-currency swaps as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro or Yen-denominated joint venture investment. The total accumulated other comprehensive income (loss) related to Simon’s derivative activities, including our share of other comprehensive income (loss) from unconsolidated entities, was ($53.2) million and $41.2 million as of December 31, 2020 and 2019, respectively. The total accumulated other comprehensive income (loss) related to the Operating Partnership’s derivative activities, including our share of the other comprehensive income from unconsolidated entities, was ($60.9) million and $47.5 million as of December 31, 2020 and 2019, respectively.
Noncontrolling Interests	Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows as of December 31: ​ $( ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 ​ Limited partners’ interests in the Operating Partnership ​ $ 431,784 ​ $ 378,339 ​ Nonredeemable noncontrolling interests in properties, net ​ 1,090 ​ 6,513 ​ Total noncontrolling interests reflected in equity ​ $ 432,874 ​ $ 384,852 ​ ​ 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 accumulated other comprehensive income (loss) related to Simon’s currency translation adjustment was ($136.2) million, ($160.4) million and ($158.9) million as of December 31, 2020, 2019 and 2018, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ Affected line item where net income is presented ​ Currency translation adjustments ​ $ (1,739) ​ $ — ​ $ — ​ Other income ​ ​ ​ ​ 219 ​ ​ — ​ ​ — ​ Net income attributable to noncontrolling interests ​ ​ ​ $ (1,520) ​ $ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated derivative gains (losses), net ​ $ 1,845 $ (2,782) $ (7,020) Interest expense ​ ​ ​ ​ — ​ ​ (10,852) ​ ​ — ​ Loss on extinguishment of debt ​ ​ ​ (232) 1,802 923 Net income attributable to noncontrolling interests ​ ​ ​ $ 1,613 ​ $ (11,832) ​ $ (6,097) ​ ​ ​ ​ The Operating Partnership The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($155.8) million, ($184.8) million and ($183.0) million as of December 31, 2020, 2019 and 2018, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ Affected line item where net income is presented ​ Currency translation adjustments ​ $ (1,739) $ — $ — ​ Other income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated derivative gains (losses), net ​ $ 1,845 $ (2,782) $ (7,020) ​ Interest expense ​ ​ ​ ​ — ​ ​ (10,852) ​ ​ — ​ Loss on extinguishment of debt ​ ​ ​ $ 1,845 ​ $ (13,634) ​ $ (7,020) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
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 when we believe substantially all lease income, including the related straight-line rent receivable, is probable of collection. 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. In April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of COVID-19 on the application of lease modification guidance in Accounting Standards Codification (ASC) 842, “Leases.” The guidance provides a practical expedient to forgo the associated reassessments required by ASC 842 when changes to a lease result in similar or lower future consideration. We have elected to generally account for rent abatements as negative variable lease consideration in the period granted, or in the period we determine we expect to grant an abatement. Further abatements granted in the future will reduce lease income in the period we grant, or determine we expect to grant, an abatement. We have agreed to deferral or abatement arrangements with a number of our tenants as a result of the COVID-19 pandemic. Discussions with our tenants are ongoing and may result in further rent deferrals, lease amendments, abatements and/or lease terminations, as we deem appropriate on a case-by-case basis based on each tenant's unique financial and operating situation. In addition, uncollected rent due from certain of our tenants is subject to ongoing litigation, the outcome of which may affect our ability to collect in full the associated outstanding receivable balances. In connection with rent deferrals or other accruals of unpaid rent payments, if we determine that rent payments are probable of collection, we will continue to recognize lease income on a straight-line basis over the lease term along with associated tenant receivables. However, if we determine that such deferred rent payments or other accrued but unpaid rent payments are not probable of collection, lease income will be recorded on the cash basis, with the corresponding tenant receivable and deferred rent receivable balances charged as a direct write-off against lease income in the period of the change in our collectability determination. Additionally, our assessment of collectability incorporates information regarding a tenant’s financial condition that is obtained from available financial data, the expected outcome of contractual disputes and other matters, and our communications and negotiations with the tenant. When a tenant seeks to reorganize its operations through bankruptcy proceedings, we assess the collectability of receivable balances. Our ongoing assessment incorporates, among other things, the timing of a tenant’s bankruptcy filing and our expectations of the assumptions by the tenant in bankruptcy proceedings of leases at the Company’s properties on substantially similar terms. 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, 2020 and 2019 approximated $71.6 million and $74.5 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, 2020 and 2019, we had net deferred tax liabilities of $251.1 million and $257.7 million, respectively, which primarily relate to the temporary differences between the carrying value of balance sheet assets and liabilities and their tax bases. These differences were primarily created through the consolidation of various European assets in 2016. 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 June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 was effective for us as of January 1, 2020. There was no impact on our consolidated financial statements at adoption. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform,” which provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance is effective upon issuance and generally can be applied to any contract modifications or existing and new hedging relationships through December 31, 2022. We are currently evaluating the impact that the expected market transition from LIBOR to alternative references rates will have on our financial statements as well as the applicability of the aforementioned expedients and exceptions provided in ASU 2020-04.

Basis of Presentation and Con_2

Basis of Presentation and Consolidation (Tables)	12 Months Ended
	Dec. 31, 2020
Basis of Presentation and Consolidation
Schedule of weighted average ownership interest in the operating partnership	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2020 2019 2018 ​ Weighted average ownership interest 86.9 % 86.8 % 86.8 %

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Significant Accounting Policies
Schedule of investment properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Land ​ $ 3,700,023 ​ $ 3,692,056 ​ Buildings and improvements ​ 33,908,615 ​ 33,664,683 ​ Total land, buildings and improvements ​ 37,608,638 ​ 37,356,739 ​ Furniture, fixtures and equipment ​ 441,558 ​ 447,756 ​ Investment properties at cost ​ 38,050,196 ​ 37,804,495 ​ Less — accumulated depreciation ​ 14,891,937 ​ 13,905,776 ​ Investment properties at cost, net ​ $ 23,158,259 ​ $ 23,898,719 ​ Construction in progress included above ​ $ 773,061 ​ $ 812,982 ​
Schedule of interest capitalized	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ ​ 2020 ​ 2019 ​ 2018 ​ Capitalized interest ​ $ 22,917 ​ $ 33,342 ​ $ 19,871 ​
Schedule of deferred costs and other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Deferred lease costs, net ​ $ 169,651 ​ $ 209,277 ​ In-place lease intangibles, net ​ 3,905 ​ 31,417 ​ Acquired above market lease intangibles, net ​ 31,053 ​ 44,337 ​ Marketable securities of our captive insurance companies ​ 40,496 ​ 52,760 ​ Goodwill ​ 20,098 ​ 20,098 ​ Other marketable and non-marketable securities ​ 351,176 ​ 363,554 ​ Prepaids, notes receivable and other assets, net ​ 465,789 ​ 492,582 ​ ​ ​ $ 1,082,168 ​ $ 1,214,025 ​
Schedule of deferred lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Deferred lease costs ​ $ 407,288 ​ $ 443,313 ​ Accumulated amortization ​ (237,637) ​ (234,036) ​ Deferred lease costs, net ​ $ 169,651 ​ $ 209,277 ​
Schedule of amortization from continuing operations, included in statements of operations and comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2020 2019 2018 Amortization of deferred leasing costs ​ $ 51,349 ​ $ 57,201 ​ $ 56,646 ​
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ In-place lease intangibles ​ $ 173,094 ​ $ 196,007 ​ Accumulated amortization ​ ​ (169,189) ​ ​ (164,590) ​ In-place lease intangibles, net ​ $ 3,905 ​ $ 31,417 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ Acquired above market lease intangibles ​ $ 186,620 ​ $ 252,934 ​ Accumulated amortization ​ ​ (155,567) ​ ​ (208,597) ​ Acquired above market lease intangibles, net ​ $ 31,053 ​ $ 44,337 ​
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 ​ 2021 ​ $ 8,193 ​ $ (11,001) ​ $ (2,808) 2022 ​ 5,565 ​ (8,012) ​ (2,447) ​ 2023 ​ 4,224 ​ (5,858) ​ (1,634) ​ 2024 ​ 3,265 ​ (3,981) ​ (716) ​ 2025 ​ 2,322 ​ (1,677) ​ 645 ​ Thereafter ​ 5,122 ​ (524) ​ 4,598 ​ ​ ​ $ 28,691 ​ $ (31,053) ​ $ (2,362) ​
Schedule of Euro:USD forward contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset (Liability) Value as of ​ ​ ​ ​ December 31, December 31, Notional Value ​ Maturity Date ​ 2020 ​ 2019 € 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 € 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) € 100.0 ​ March 24, 2021 ​ ​ (3.9) ​ ​ — € 100.0 ​ March 24, 2021 ​ ​ (3.8) ​ ​ — € 50.0 ​ March 24, 2021 ​ ​ (2.3) ​ ​ — € 50.0 ​ March 24, 2021 ​ ​ (2.2) ​ ​ — € 50.0 ​ May 14, 2021 ​ ​ (2.2) ​ ​ — € 50.0 ​ May 14, 2021 ​ ​ (2.2) ​ ​ — € 41.0 ​ May 14, 2021 ​ ​ (1.9) ​ ​ — € 20.0 ​ May 14, 2021 ​ ​ (1.7) ​ ​ — € 50.0 ​ May 14, 2021 ​ ​ (2.1) ​ ​ 1.3 € 50.0 ​ May 14, 2021 ​ ​ (6.4) ​ ​ — € 30.0 ​ May 14, 2021 ​ ​ (2.6) ​ — € 60.0 ​ December 20, 2021 ​ ​ (4.2) ​ — € 60.0 ​ December 20, 2021 ​ ​ (4.1) ​ — € 30.0 ​ December 20, 2021 ​ ​ (2.2) ​ — € 50.0 ​ July 15, 2021 ​ ​ (0.1) ​ — € 50.0 ​ July 15, 2021 ​ ​ (0.1) ​ — € 50.0 ​ July 15, 2021 ​ ​ (0.1) ​ — € 50.0 ​ July 15, 2021 ​ ​ — ​ ​ — € 50.0 ​ July 15, 2021 ​ ​ — ​ ​ — € 61.0 ​ September 17, 2021 ​ ​ (1.3) ​ — € 61.0 ​ September 17, 2021 ​ ​ (1.2) ​ —
Schedule of carrying amount of noncontrolling interests	​ $( ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 ​ Limited partners’ interests in the Operating Partnership ​ $ 431,784 ​ $ 378,339 ​ Nonredeemable noncontrolling interests in properties, net ​ 1,090 ​ 6,513 ​ Total noncontrolling interests reflected in equity ​ $ 432,874 ​ $ 384,852 ​
Schedule of reclassifications out of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ Affected line item where net income is presented ​ Currency translation adjustments ​ $ (1,739) ​ $ — ​ $ — ​ Other income ​ ​ ​ ​ 219 ​ ​ — ​ ​ — ​ Net income attributable to noncontrolling interests ​ ​ ​ $ (1,520) ​ $ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated derivative gains (losses), net ​ $ 1,845 $ (2,782) $ (7,020) Interest expense ​ ​ ​ ​ — ​ ​ (10,852) ​ ​ — ​ Loss on extinguishment of debt ​ ​ ​ (232) 1,802 923 Net income attributable to noncontrolling interests ​ ​ ​ $ 1,613 ​ $ (11,832) ​ $ (6,097) ​ ​ ​
Simon Property Group, L.P.
Significant Accounting Policies
Schedule of reclassifications out of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ Affected line item where net income is presented ​ Currency translation adjustments ​ $ (1,739) $ — $ — ​ Other income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated derivative gains (losses), net ​ $ 1,845 $ (2,782) $ (7,020) ​ Interest expense ​ ​ ​ ​ — ​ ​ (10,852) ​ ​ — ​ Loss on extinguishment of debt ​ ​ ​ $ 1,845 ​ $ (13,634) ​ $ (7,020) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Per Share and Per Unit Data (Ta

Per Share and Per Unit Data (Tables)	12 Months Ended
	Dec. 31, 2020
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, ​ 2020 ​ 2019 ​ 2018 Net Income attributable to Common Stockholders — Basic and Diluted $ 1,109,227 $ 2,098,247 $ 2,436,721 ​ Weighted Average Shares Outstanding — Basic and Diluted ​ 308,737,625 ​ 307,950,112 ​ 309,627,178 ​
Schedule of taxable nature of dividends and distributions declared	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2020 2019 2018 Total dividends/distributions paid per common share/unit $ 6.00 $ 8.30 $ 7.90 ​ Percent taxable as ordinary income ​ 97.40 % 100.00 % 96.20 % Percent taxable as long-term capital gains ​ 2.60 % 0.00 % 3.80 % ​ ​ 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, ​ ​ 2020 ​ 2019 ​ 2018 ​ Net Income attributable to Unitholders — Basic and Diluted $ 1,276,450 $ 2,416,945 $ 2,805,764 ​ Weighted Average Units Outstanding — Basic and Diluted ​ 355,281,882 ​ 354,724,019 ​ 356,520,452 ​

Investment in Unconsolidated _2

Investment in Unconsolidated Entities and International Investments (Tables)	12 Months Ended
	Dec. 31, 2020
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, ​ ​ 2020 ​ 2019 Assets: ​ ​ ​ ​ ​ ​ ​ Investment properties, at cost ​ $ 20,079,476 ​ $ 19,525,665 ​ Less - accumulated depreciation ​ 8,003,863 ​ 7,407,627 ​ ​ ​ 12,075,613 ​ 12,118,038 ​ Cash and cash equivalents ​ 1,169,422 ​ 1,015,864 ​ Tenant receivables and accrued revenue, net ​ 749,231 ​ 510,157 ​ Right-of-use assets, net ​ ​ 185,598 ​ ​ 185,302 ​ Deferred costs and other assets ​ 380,087 ​ 384,663 ​ Total assets ​ $ 14,559,951 ​ $ 14,214,024 ​ Liabilities and Partners’ Deficit: ​ ​ ​ ​ ​ ​ ​ Mortgages ​ $ 15,569,485 ​ $ 15,391,781 ​ Accounts payable, accrued expenses, intangibles, and deferred revenue ​ 969,242 ​ 977,112 ​ Lease liabilities ​ ​ 188,863 ​ ​ 186,594 ​ Other liabilities ​ 426,321 ​ 338,412 ​ Total liabilities ​ 17,153,911 ​ 16,893,899 ​ Preferred units ​ 67,450 ​ 67,450 ​ Partners’ deficit ​ (2,661,410) ​ (2,747,325) ​ Total liabilities and partners’ deficit ​ $ 14,559,951 ​ $ 14,214,024 ​ Our Share of: ​ ​ ​ ​ ​ ​ ​ Partners’ deficit ​ $ (1,130,713) ​ $ (1,196,926) ​ Add: Excess Investment ​ 1,399,757 ​ 1,525,903 ​ Our net Investment in unconsolidated entities, at equity ​ $ 269,044 ​ $ 328,977 ​
Schedule of principal repayments on joint venture properties' mortgage and unsecured indebtedness	​ ​ ​ ​ ​ ​ 2021 ​ $ 2,435,875 ​ 2022 ​ 2,039,830 ​ 2023 ​ 1,393,115 ​ 2024 ​ 2,407,930 ​ 2025 ​ 1,771,762 ​ Thereafter ​ 5,551,458 ​ Total principal maturities ​ 15,599,970 ​ Debt issuance costs ​ ​ (30,485) ​ Total mortgages ​ $ 15,569,485 ​
Summary of equity method investments and share of income from such investments, statements of operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 2019 2018 REVENUE: ​ ​ ​ ​ ​ Lease income ​ $ 2,544,134 ​ $ 3,088,594 ​ $ 3,045,668 ​ Other income ​ 300,634 ​ 322,398 ​ 326,575 ​ Total revenue ​ 2,844,768 ​ 3,410,992 ​ 3,372,243 ​ OPERATING EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property operating ​ 519,979 ​ 587,062 ​ 590,921 ​ Depreciation and amortization ​ 692,424 ​ 681,764 ​ 652,968 ​ Real estate taxes ​ 262,351 ​ 266,013 ​ 259,567 ​ Repairs and maintenance ​ 68,722 ​ 85,430 ​ 87,408 ​ Advertising and promotion ​ 67,434 ​ 89,660 ​ 87,349 ​ Other ​ 163,710 ​ 196,178 ​ 187,292 ​ Total operating expenses ​ 1,774,620 ​ 1,906,107 ​ 1,865,505 ​ Operating Income Before Other Items ​ 1,070,148 ​ 1,504,885 ​ 1,506,738 ​ Interest expense ​ (616,332) ​ (636,988) ​ (663,693) ​ Gain on sale or disposal of assets and interests in unconsolidated entities, net ​ ​ — ​ ​ 24,609 ​ ​ 33,367 ​ Net Income ​ $ 453,816 ​ $ 892,506 ​ $ 876,412 ​ Third-Party Investors’ Share of Net Income ​ $ 226,364 ​ $ 460,696 ​ $ 436,767 ​ Our Share of Net Income ​ $ 227,452 ​ $ 431,810 ​ $ 439,645 ​ Amortization of Excess Investment ​ (82,097) ​ (83,556) ​ (85,252) ​ 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 on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net ​ — ​ (1,133) ​ (12,513) ​ Income from Unconsolidated Entities ​ $ 145,355 ​ $ 337,965 ​ $ 341,880 ​

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2020
Indebtedness
Schedule of mortgages and unsecured indebtedness	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Fixed-Rate Debt: ​ ​ ​ ​ ​ ​ ​ Mortgage notes, including $3,348 and $6,775 of net premiums and $15,237 and $15,195 of debt issuance costs, respectively. Weighted average interest and maturity of 3.84% and 4.1 years at December 31, 2020. ​ $ 5,803,718 ​ $ 6,156,595 ​ Unsecured notes, including $22,470 and $54,976 of net discounts and $74,622 and $70,297 of debt issuance costs, respectively. Weighted average interest and maturity of 2.98% and 7.3 years at December 31, 2020. ​ 16,985,990 ​ 15,747,267 ​ Commercial Paper (see below) ​ ​ 623,020 ​ ​ 1,327,050 ​ Total Fixed-Rate Debt ​ 23,412,728 ​ 23,230,912 ​ Variable-Rate Debt: ​ ​ ​ ​ ​ ​ ​ Mortgages notes, including $7,102 and $4,721 of debt issuance costs, respectively. Weighted average interest and maturity of 2.19% and 2.3 years at December 31, 2020. ​ 1,137,034 ​ 751,130 ​ Credit Facilities (see below), including $16,171 and $11,067 of debt issuance costs, respectively, at December 31, 2020. ​ 2,108,829 ​ 113,933 ​ Total Variable-Rate Debt ​ 3,245,863 ​ 865,063 ​ Other Debt Obligations ​ 64,770 ​ 67,255 ​ Total Mortgages and Unsecured Indebtedness ​ $ 26,723,361 ​ $ 24,163,230 ​
Schedule of principal repayments of indebtedness	Our scheduled principal repayments on indebtedness as of December 31, 2020, assuming the obligations remain outstanding through the initial maturities, are as follows: ​ ​ ​ ​ ​ 2021 ​ $ 2,322,729 (1) 2022 ​ 2,837,586 ​ 2023 ​ 3,827,278 ​ 2024 ​ 2,929,639 ​ 2025 ​ 3,105,056 ​ Thereafter ​ 11,768,557 ​ Total principal maturities ​ 26,790,845 ​ Net unamortized debt premium ​ 35,077 ​ Net unamortized debt discount ​ ​ (54,199) ​ Debt issuance costs, net ​ (113,132) ​ Other Debt Obligations ​ ​ 64,770 ​ Total mortgages and unsecured indebtedness ​ $ 26,723,361 ​ ​ (1) Includes $623.0 million in Global Commercial Paper.
Schedule of cash paid for interest in each period, net of any amounts capitalized	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2020 2019 2018 Cash paid for interest ​ $ 754,306 ​ $ 803,728 ​ $ 811,971 ​
Schedule of debt issuance costs	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Debt issuance costs ​ $ 202,859 ​ $ 187,514 Accumulated amortization ​ ​ (89,727) ​ ​ (86,234) Debt issuance costs, net ​ $ 113,132 ​ $ 101,280
Schedule of debt amortization from continuing operations, included in statements of operations and comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2020 2019 2018 Amortization of debt issuance costs ​ $ 23,076 ​ $ 21,499 ​ $ 21,445 Amortization of debt discounts/(premiums) ​ ​ 174 ​ ​ 1,571 ​ ​ 1,618
Schedule of fair value of financial instruments and the related discount rate assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ ​ 2020 2019 Fair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions) $ 25,327 ​ $ 23,231 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages ​ 2.41 % 3.75 % ​ Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness ​ ​ 2.63 % ​ 3.67 % ​

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 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 ​ 160,355 ​ 193,524 ​ Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties ​ $ 185,892 ​ $ 219,061 ​
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 38,148 $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, ​ ​ 2020 ​ 2019 ​ 2018 Shares of restricted stock awarded during the year, net of forfeitures ​ 462,966 ​ 90,902 ​ 51,756 ​ Weighted average fair value of shares granted during the year ​ $ 73.28 ​ $ 181.94 ​ $ 153.24 ​ Annual amortization ​ $ 11,660 ​ $ 12,604 ​ $ 12,029 ​
Simon Property Group, L.P.
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 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 ​ 160,355 ​ 193,524 ​ Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties ​ $ 185,892 ​ $ 219,061 ​

Lease Income (Tables)

Lease Income (Tables)	12 Months Ended
	Dec. 31, 2020
Lease Income
Schedule of lease income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2020 2019 ​ 2018 Fixed lease income ​ $ 3,871,395 ​ $ 4,293,401 ​ $ 4,185,174 Variable lease income ​ ​ 430,972 ​ ​ 950,370 ​ ​ 973,246 Total lease income ​ $ 4,302,367 ​ $ 5,243,771 ​ $ 5,158,420
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 and amounts deferred in relation to the COVID-19 pandemic, which with respect to deferrals are expected to be collected primarily in 2021, as of December 31, 2020, is as follows: ​ ​ ​ ​ 2021 $ 3,224,624 2022 ​ 2,806,916 2023 ​ 2,374,565 2024 ​ 1,939,967 2025 ​ 1,540,214 Thereafter ​ 3,943,703 ​ ​ $ 15,829,989

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies.
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2020 ​ 2019 Operating Lease Cost ​ ​ ​ ​ ​ ​ Fixed lease cost ​ $ 31,404 ​ $ 31,000 Variable lease cost ​ ​ 13,270 ​ ​ 16,833 Sublease income ​ (746) ​ (694) Total operating lease cost ​ $ 43,928 ​ $ 47,139
Schedule of other lease information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ ​ 2020 ​ 2019 Other Information ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 44,570 ​ $ 48,519 ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ 34.4 ​ ​ 35.6 Weighted-average discount rate - operating leases ​ ​ 4.86% ​ ​ 4.87%
Schedule of future minimum lease payments due	​ ​ ​ ​ ​ 2021 $ 32,787 2022 ​ 32,812 2023 ​ 32,953 2024 ​ 33,087 2025 ​ 33,098 Thereafter ​ 886,336 ​ ​ $ 1,051,073 Impact of discounting ​ ​ (535,581) Operating lease liabilities ​ $ 515,492

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Data (Unaudited)
Schedule of quarterly financial data	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Second Third Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 1,353,360 ​ $ 1,062,041 ​ $ 1,060,674 ​ $ 1,131,429 ​ Operating income before other items ​ 654,869 ​ 450,868 ​ 404,024 ​ 462,047 ​ Consolidated net income ​ 505,404 ​ 290,548 ​ 168,646 ​ 312,726 ​ Simon Property Group, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to common stockholders ​ $ 437,605 ​ $ 254,213 ​ $ 145,926 ​ $ 271,483 ​ Net income per share — Basic and Diluted ​ $ 1.43 ​ $ 0.83 ​ $ 0.48 ​ $ 0.86 ​ Weighted average shares outstanding — Basic and Diluted ​ 306,504,084 ​ 305,882,326 ​ 305,913,431 ​ 316,595,345 ​ Simon Property Group, L.P. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to unitholders ​ $ 504,263 ​ $ 292,863 ​ $ 168,086 ​ $ 311,238 ​ Net income per unit — Basic and Diluted ​ $ 1.43 ​ $ 0.83 ​ $ 0.48 ​ $ 0.86 ​ Weighted average units outstanding — Basic and Diluted ​ ​ 353,191,960 ​ ​ 352,410,392 ​ ​ 352,420,845 ​ ​ 363,050,401 ​ 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 ​

Organization (Details)

Organization (Details)	Dec. 31, 2020propertystatecountry	Dec. 29, 2020property
TRG
Real Estate Properties
Ownership percentage	80.00%
TRG | TRG
Real Estate Properties
Number of regional, super regional and outlet malls	24	24
U.S. and Puerto Rico
Real Estate Properties
Number of properties	203
Number of U.S. states containing property locations | state	37
U.S. and Puerto Rico | Malls
Real Estate Properties
Number of properties	99
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	17
Asia, Europe and Canada | Premium and Designer Outlets
Real Estate Properties
Number of properties	31
Europe | Klepierre
Real Estate Properties
Ownership percentage	22.40%
Number of countries | country	15

Basis of Presentation and Con_3

Basis of Presentation and Consolidation (Details) - property	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate Properties
Total number of joint venture properties	84	82
Number of joint venture properties managed by the entity	57
Number of International joint venture properties	23
Number of joint venture properties managed by others	27
Simon Property Group, L.P.
Ownership interest:
Ownership interest in the Operating Partnership (as a percent)	87.40%	86.80%
Simon Property Group, L.P. | Weighted average
Ownership interest:
Ownership interest in the Operating Partnership (as a percent)	86.90%	86.80%	86.80%
Wholly owned properties
Real Estate Properties
Number of properties	133
Partially owned properties
Real Estate Properties
Number of properties	17

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Investment Properties (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2020USD ($)item	Sep. 30, 2020USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Real Estate Properties [Line Items]
Land	$ 3,700,023		$ 3,700,023	$ 3,692,056
Buildings and improvements	33,908,615		33,908,615	33,664,683
Total land, buildings and improvements	37,608,638		37,608,638	37,356,739
Furniture, fixtures and equipment	441,558		441,558	447,756
Investment properties at cost	38,050,196		38,050,196	37,804,495
Less - accumulated depreciation	14,891,937		14,891,937	13,905,776
Investment properties, at cost, net	23,158,259		23,158,259	23,898,719
Construction in progress, included above	773,061		773,061	812,982
Capitalized interest			$ 22,917	$ 33,342	$ 19,871
Buildings and improvements | Minimum
Real Estate Properties [Line Items]
Useful life			10 years
Buildings and improvements | Maximum
Real Estate Properties [Line Items]
Useful life			35 years
Equipment and fixtures | Minimum
Real Estate Properties [Line Items]
Useful life			7 years
Equipment and fixtures | Maximum
Real Estate Properties [Line Items]
Useful life			10 years
Consolidated properties
Real Estate Properties [Line Items]
Impairment of real estate	$ 34,400
Number of properties impaired | item	1
Unconsolidated properties
Real Estate Properties [Line Items]
Impairment charge to reduce investment to its estimated fair value		$ 55,200
Number of joint ventures determined to be impaired | item		3

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Equity Instruments and Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity Instruments and Investments
Equity instruments with readily determinable fair value	$ 41,900	$ 68,200
Equity instruments without readily determinable fair values	309,300	295,400
Debt securities of our captive insurance companies	40,496	52,760
Other expense
Equity Instruments and Investments
Non-cash mark-to-market adjustment	$ 0	$ 5,000	$ 0
Debt Securities | Securities in captive insurance subsidiary portfolio | Maximum
Equity Instruments and Investments
Short-term investment maturity period	1 year
Investment maturity period	10 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Fair Value Measurements (Details) $ in Millions	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)
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
Interest rate swap agreements and foreign currency forward contracts, gross liability balance	$ 44.6	$ 3.8

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Segment and Geographic Locations (Details) - item	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Segment Disclosure
Number of reportable segments	1
Geographic Concentration Risk | Consolidated Long-Lived Assets | Non-US
Concentration of Credit Risk
Percentage of risk	6.90%	6.20%
Geographic Concentration Risk | Consolidated revenues | Non-US
Concentration of Credit Risk
Percentage of risk	2.40%	2.90%

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Deferred Costs and Other Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred costs and other assets
Deferred lease costs, net	$ 169,651	$ 209,277
In-place lease intangibles, net	3,905	31,417
Acquired above market lease intangibles, net	31,053	44,337
Marketable securities of our captive insurance companies	40,496	52,760
Goodwill	20,098	20,098
Other marketable and non-marketable securities	351,176	363,554
Prepaids, notes receivable and other assets, net	465,789	492,582
Deferred costs and other assets	1,082,168	1,214,025
Deferred Lease Costs
Deferred lease costs	407,288	443,313
Accumulated amortization	(237,637)	(234,036)
Deferred lease costs, net	169,651	209,277
Amortization, included in statements of operations and comprehensive income
Amortization of deferred leasing costs			$ 56,646
Amortization of deferred leasing costs	$ 51,349	$ 57,201

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Intangible Assets
Unamortized below market leases included in accounts payable, accrued expenses, intangibles and deferred revenues	$ 28,700	$ 44,800
Estimated future amortization, and the increasing (decreasing) effect on below market minimum rents
2021	8,193
2022	5,565
2023	4,224
2024	3,265
2025	2,322
Thereafter	5,122
Lease intangibles assets, net	28,691
Estimated future amortization, and the increasing (decreasing) effect on minimum rents
2021	(2,808)
2022	(2,447)
2023	(1,634)
2024	(716)
2025	645
Thereafter	4,598
Lease intangibles assets, net	$ (2,362)
In-place lease intangibles
Intangible Assets
Average life of in-place lease intangibles	2 years 2 months 12 days
Lease intangibles assets, gross	$ 173,094	196,007
Accumulated amortization	(169,189)	(164,590)
Lease intangibles assets, net	$ 3,905	31,417
Above and below market leases
Intangible Assets
Weighted average remaining life of intangible	2 years 9 months 18 days
Amount of amortization expenses	$ 1,300	1,900	$ 1,000
Above Market Leases
Intangible Assets
Lease intangibles assets, gross	186,620	252,934
Accumulated amortization	(155,567)	(208,597)
Lease intangibles assets, net	31,053	$ 44,337
Estimated future amortization, and the increasing (decreasing) effect on minimum rents
2021	(11,001)
2022	(8,012)
2023	(5,858)
2024	(3,981)
2025	(1,677)
Thereafter	(524)
Lease intangibles assets, net	$ (31,053)

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Derivative Financial Instruments (Details) € in Millions, $ in Millions	Dec. 31, 2020USD ($)DerivativeInstrument	Dec. 31, 2020EUR (€)DerivativeInstrument	Dec. 01, 2020USD ($)	Dec. 31, 2019USD ($)DerivativeInstrument	Dec. 31, 2019EUR (€)DerivativeInstrument
Derivative Financial Instruments
Number of credit-risk-related hedging or derivative activities | DerivativeInstrument	0	0
Unamortized gain on treasury locks and terminated hedges	$ 8.7			$ 10.6
Amount expected to be reclassified from accumulated other comprehensive loss to earnings within the next year	1
Gross accumulated other comprehensive income (loss) related to derivative activities	$ (53.2)			$ 41.2
Interest rate swap | Designated as Hedging Instrument
Derivative Financial Instruments
Number of Instruments | DerivativeInstrument	0	0		0	0
Euro:USD currency forward contract | March 20, 2020 | Net Investment Hedging | 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 | Net Investment Hedging | 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 | Net Investment Hedging | 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 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €					50
Forward contract net, fair value				1.5
Euro:USD currency forward contract | June 18, 2020 | Net Investment Hedging | 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 | Net Investment Hedging | 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 | Net Investment Hedging | 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 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €					100
Forward contract net, fair value				(0.6)
Euro:USD currency forward contract | March 24, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		€ 100
Forward contract net, fair value	$ (3.9)
Euro:USD currency forward contract | March 24, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		100
Forward contract net, fair value	(3.8)
Euro:USD currency forward contract | March 24, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		50
Forward contract net, fair value	(2.3)
Euro:USD currency forward contract | March 24, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		50
Forward contract net, fair value	(2.2)
Euro:USD currency forward contract | May 14, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		50
Forward contract net, fair value	(2.2)
Euro:USD currency forward contract | May 14, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		50
Forward contract net, fair value	(2.2)
Euro:USD currency forward contract | May 14, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		41
Forward contract net, fair value	(1.9)
Euro:USD currency forward contract | May 14, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		20
Forward contract net, fair value	(1.7)
Euro:USD currency forward contract | May 14, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		50			€ 50
Forward contract net, fair value	(2.1)			1.3
Euro:USD currency forward contract | May 14, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		50
Forward contract net, fair value	(6.4)
Euro:USD currency forward contract | May 14, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		30
Forward contract net, fair value	(2.6)
Euro:USD currency forward contract | December 20, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		60
Forward contract net, fair value	(4.2)
Euro:USD currency forward contract | December 20, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		60
Forward contract net, fair value	(4.1)
Euro:USD currency forward contract | December 20, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		30
Forward contract net, fair value	(2.2)
Euro:USD currency forward contract | July 15, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		50
Forward contract net, fair value	(0.1)
Euro:USD currency forward contract | July 15, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		50
Forward contract net, fair value	(0.1)
Euro:USD currency forward contract | July 15, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		50
Forward contract net, fair value	(0.1)
Euro:USD currency forward contract | July 15, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		50
Euro:USD currency forward contract | July 15, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		50
Euro:USD currency forward contract | September 17, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		61
Forward contract net, fair value	(1.3)
Euro:USD currency forward contract | September 17, 2021 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €		€ 61
Forward contract net, fair value	(1.2)
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
Fair value of cross currency			$ 4.1	14.7
Simon Property Group, L.P.
Derivative Financial Instruments
Gross accumulated other comprehensive income (loss) related to derivative activities	$ (60.9)			$ 47.5

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Summary of Significant Accounting Policies
Limited partners' interests in the Operating Partnership	$ 431,784	$ 378,339
Nonredeemable noncontrolling interests in properties, net	1,090	6,513
Total noncontrolling interests reflected in equity	$ 432,874	$ 384,852

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, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Significant Accounting Policies
Other Income.									$ 208,254	$ 398,476	$ 370,582
Total accumulated other comprehensive income (loss)	$ (136,200)				$ (160,400)				(136,200)	(160,400)	(158,900)
Interest expense									(784,400)	(789,353)	(815,923)
Loss on extinguishment of debt										(116,256)
Net income attributable to noncontrolling interests									(164,760)	(321,604)	(382,285)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 271,483	$ 145,926	$ 254,213	$ 437,605	$ 510,194	$ 544,254	$ 495,324	$ 548,475	1,109,227	2,098,247	2,436,721
Currency translation adjustments, including noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Other Income.									(1,739)
Currency translation adjustments, attributable to noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests									219
Currency translation adjustments | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS									(1,520)
Accumulated derivative losses, net, including noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense									1,845	(2,782)	(7,020)
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									(232)	1,802	923
Accumulated derivative gains (losses), net | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS									$ 1,613	$ (11,832)	$ (6,097)

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, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Significant Accounting Policies
Other Income.									$ 208,254	$ 398,476	$ 370,582
Total accumulated other comprehensive income (loss)	$ (136,200)				$ (160,400)				(136,200)	(160,400)	(158,900)
Interest expense									(784,400)	(789,353)	(815,923)
Loss on extinguishment of debt										(116,256)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	271,483	$ 145,926	$ 254,213	$ 437,605	510,194	$ 544,254	$ 495,324	$ 548,475	1,109,227	2,098,247	2,436,721
Simon Property Group, L.P.
Significant Accounting Policies
Other Income.									208,254	398,476	370,582
Total accumulated other comprehensive income (loss)	(155,800)				(184,800)				(155,800)	(184,800)	(183,000)
Interest expense									(784,400)	(789,353)	(815,923)
Loss on extinguishment of debt										(116,256)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 311,238	$ 168,086	$ 292,863	$ 504,263	$ 587,931	$ 627,074	$ 570,389	$ 631,551	1,276,450	2,416,945	2,805,764
Currency translation adjustments | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS									(1,520)
Currency translation adjustments | Simon Property Group, L.P. | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Other Income.									(1,739)
Accumulated derivative gains (losses), net | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS									1,613	(11,832)	(6,097)
Accumulated derivative gains (losses), net | Simon Property Group, L.P. | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense									1,845	(2,782)	(7,020)
Loss on extinguishment of debt										(10,852)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS									$ 1,845	$ (13,634)	$ (7,020)

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, 2020	Dec. 31, 2019
Management Fees and Other Revenues
Insurance reserve for insurance subsidiaries and other self-insurance programs	$ 71.6	$ 74.5
Income Taxes
Provision for federal income taxes for REIT entities	0
Deferred Tax Liabilities, Net	$ 251.1	$ 257.7

Real Estate Acquisitions and _2

Real Estate Acquisitions and Dispositions (Details) $ in Thousands	Oct. 01, 2020USD ($)property	Sep. 19, 2019USD ($)	Sep. 25, 2018USD ($)shares	Mar. 31, 2019USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
Acquisitions
Variable mortgage loan					$ 3,245,863	$ 865,063
Fixed rate debt					23,412,728	23,230,912
Dispositions
Gain on sale or disposal of assets and interests in unconsolidated entities, net					(114,960)	14,883	$ 288,827
Shopping centers | Disposed by Sales | Klepierre
Dispositions
Gain (loss) on disposition of interest in properties						58,600	20,200
Gain on sale or disposal of assets and interests in unconsolidated entities, net						62,100
Simon Property Group, L.P.
Dispositions
Gain on sale or disposal of assets and interests in unconsolidated entities, net					$ (114,960)	$ 14,883	$ 288,827
Hotel
Acquisitions
Ownership interests acquired (as a percent)		50.00%
Cash purchase price for acquisition		$ 12,800
Hotel | Mortgage bearing 4.02%
Acquisitions
Variable mortgage loan		$ 21,500
Variable rate of interest		4.02%
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 | 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
Consolidated properties | Retail properties | Disposed by Sales
Dispositions
Number of properties disposed of during the period | property	1
Proceeds from sale or disposal of real estate assets	$ 33,400
Gain (loss) on disposition of interest in properties	$ 12,300
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	Dec. 15, 2020	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Per Share And Per Unit Data
Net Income attributable to Common Stockholders - Basic		$ 271,483	$ 145,926	$ 254,213	$ 437,605	$ 510,194	$ 544,254	$ 495,324	$ 548,475	$ 1,109,227	$ 2,098,247	$ 2,436,721
Net Income attributable to Common Stockholders - Diluted										$ 1,109,227	$ 2,098,247	$ 2,436,721
Weighted Average Shares Outstanding - Basic and Diluted		316,595,345	305,913,431	305,882,326	306,504,084	306,868,960	307,275,230	308,708,798	308,978,053	308,737,625	307,950,112	309,627,178
Dividends
Dividends declared per common share (in dollars per share)	$ 1.30
Dividend/Distribution payable		$ 486,922								$ 486,922
Total dividends paid per common share (in dollars per share)										$ 6	$ 8.30	$ 7.90
Percent taxable as ordinary income										97.40%	100.00%	96.20%
Percent taxable as long-term capital gains										2.60%	0.00%	3.80%
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		$ 311,238	$ 168,086	$ 292,863	$ 504,263	$ 587,931	$ 627,074	$ 570,389	$ 631,551	$ 1,276,450	$ 2,416,945	$ 2,805,764
Net Income attributable to Common Stockholders - Diluted										$ 1,276,450	$ 2,416,945	$ 2,805,764
Weighted Average Shares Outstanding - Basic and Diluted		363,050,401	352,420,845	352,410,392	353,191,960	353,619,579	354,038,110	355,491,396	355,778,250	355,281,882	354,724,019	356,520,452
Dividends
Distribution declared per unit (in dollars per share)	$ 1.30
Dividend/Distribution payable		$ 486,922								$ 486,922

Investments in Unconsolidated E

Investments in Unconsolidated Entities and International Investments - Real Estate Joint Ventures and Investments (Details) $ in Millions	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property
Investment in Unconsolidated Entities
Total number of joint venture properties | property	84	82
Construction and other related party loans
Investment in Unconsolidated Entities
Loans to related party | $	$ 88.4	$ 78.4

Investments in Unconsolidated_2

Investments in Unconsolidated Entities and International Investments - Unconsolidated Entity Transactions (Details) $ / shares in Units, $ in Thousands

Dec. 29, 2020USD ($)property$ / sharesshares

Dec. 07, 2020USD ($)

Feb. 19, 2020USD ($)item

Oct. 16, 2019USD ($)

Sep. 25, 2018$ / sharesshares

Jun. 07, 2018USD ($)

Jan. 31, 2020USD ($)

Apr. 30, 2018USD ($)

Sep. 30, 2020USD ($)item

Dec. 31, 2019USD ($)

Mar. 31, 2019USD ($)

Jun. 30, 2017USD ($)

Dec. 31, 2020USD ($)property

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Dec. 31, 2016item

Sep. 19, 2019

May 31, 2017

Investment in Unconsolidated Entities

Payments for acquisitions

$ 3,606,694

$ 12,800

$ 51,060

Insurance proceeds recorded as business interruption

31,198

5,662

19,083

Gain on interest in unconsolidated entities

35,621

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

Payments for acquisitions

3,606,694

12,800

51,060

Insurance proceeds recorded as business interruption

$ 31,198

5,662

19,083

Gain on interest in unconsolidated entities

35,621

Simon Property Group, L.P. | Outlets at Orange

Investment in Unconsolidated Entities

Number of units issued in connection with acquisition | shares

475,183

Business acquisition price (in dollars per share) | $ / shares

$ 176.99

TRG

Investment in Unconsolidated Entities

Ownership interest (as a percent)

80.00%

Ownership interest acquired (as a percent)

80.00%

Share price (in dollars per share) | $ / shares

$ 43

Payments for acquisitions

$ 3,500,000

TRG | Series J Cumulative Preferred Shares

Investment in Unconsolidated Entities

Redemption of preferred shares

$ 192,500

Preferred stock stated dividend rate (as a percent)

6.50%

TRG | Series K Cumulative Preferred Shares

Investment in Unconsolidated Entities

Redemption of preferred shares

$ 170,000

Preferred stock stated dividend rate (as a percent)

6.25%

TRG | Series A Cumulative Preferred Shares

Investment in Unconsolidated Entities

Issuance of preferred units

$ 362,500

Preferred stock stated dividend rate (as a percent)

6.38%

TRG | Simon Property Group, L.P.

Investment in Unconsolidated Entities

Number of units issued in connection with acquisition | shares

955,705

TRG | TRG

Investment in Unconsolidated Entities

Number of regional, super regional and outlet malls | property

24

24

J.C. Penny Department Store

Investment in Unconsolidated Entities

Ownership interest (as a percent)

41.67%

Payments for acquisitions

$ 125,000

Aventura Mall

Investment in Unconsolidated Entities

Ownership interest (as a percent)

33.30%

Share of early debt repayment charge

$ 12,500

Aventura Mall | Aventura Mall

Investment in Unconsolidated Entities

Loan defeasance charge

30,900

Write off of deferred debt issuance cost

6,500

Aventura Mall | Construction loan | Aventura Mall

Investment in Unconsolidated Entities

Debt refinanced

200,800

Aventura Mall | 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 | Mortgages | Aventura Mall

Investment in Unconsolidated Entities

Debt refinanced

$ 1,200,000

Colorado Mills

Investment in Unconsolidated Entities

Ownership interest (as a percent)

37.50%

Gain on sale or disposal of assets and interests in unconsolidated entities, net

1,100

12,500

Colorado Mills | Colorado Mills

Investment in Unconsolidated Entities

Impairment charges

$ 32,500

Insurance proceeds recorded as business interruption

$ 1,100

67,900

65,900

Gain on business interruption

$ 3,000

$ 33,400

Forever 21

Investment in Unconsolidated Entities

Ownership interest (as a percent)

37.50%

Aggregate investment

$ 67,600

Bargain purchase gain

$ 35,000

Number of joint ventures | item

2

SPARC Group

Investment in Unconsolidated Entities

Number of joint ventures | item

2

SPARC Group Retail Operations

Investment in Unconsolidated Entities

Ownership interest (as a percent)

50.00%

Additional noncontrolling interest purchased

5.05%

Purchase of equity instruments

$ 6,700

Authentic Brands Group LLC

Investment in Unconsolidated Entities

Ownership interest (as a percent)

6.80%

Additional noncontrolling interest purchased

1.37%

Purchase of equity instruments

$ 33,500

Gain on interest in unconsolidated entities

$ 35,600

HBS

Investment in Unconsolidated Entities

Ownership interest (as a percent)

11.70%

11.70%

11.70%

Impairment charge to reduce investment to its estimated fair value

$ 36,100

$ 47,200

HBS | Germany

Investment in Unconsolidated Entities

Gain on sale or disposal of assets and interests in unconsolidated entities, net

$ 91,100

RGG

Investment in Unconsolidated Entities

Ownership interest (as a percent)

45.00%

Contribution to form joint venture

$ 276,800

Unconsolidated properties

Investment in Unconsolidated Entities

Impairment charge to reduce investment to its estimated fair value

$ 55,200

Number of joint ventures determined to be impaired | item

3

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	3 Months Ended								12 Months Ended
	Dec. 31, 2020USD ($)property$ / sharesshares	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)property	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2020USD ($)property$ / sharesshares	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
Investment in Unconsolidated Entities
Income from unconsolidated entities									$ 219,870	$ 444,349	$ 475,250
Assets	$ 34,786,846				$ 31,231,630				34,786,846	31,231,630
Liabilities	31,128,608				28,101,319				31,128,608	28,101,319
Noncontrolling interests	432,874				384,852				432,874	384,852
Total revenue	1,131,429	$ 1,060,674	$ 1,062,041	$ 1,353,360	1,488,615	$ 1,416,554	$ 1,397,186	$ 1,452,834	4,607,503	5,755,189	5,645,288
Operating Income	462,047	404,024	450,868	654,869	776,876	705,302	680,631	745,021	1,971,809	2,907,831	2,926,299
Consolidated Net Income	$ 312,726	$ 168,646	$ 290,548	$ 505,404	$ 590,416	$ 628,724	$ 572,102	$ 631,947	$ 1,277,324	2,423,188	2,822,343
Klepierre | Disposed by Sales | Shopping centers
Investment in Unconsolidated Entities
Gain (loss) on sale or disposal of assets and interests in unconsolidated entities										$ 58,600	$ 20,200
European Joint Venture | Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties | property	10				9				10	9	9
European Joint Venture | Designer Outlet properties | Minimum
Investment in Unconsolidated Entities
Ownership interest (as a percent)	45.00%								45.00%
European Joint Venture | Designer Outlet properties | Maximum
Investment in Unconsolidated Entities
Ownership interest (as a percent)	94.00%								94.00%
European Property Management and Development | Designer Outlet properties
Investment in Unconsolidated Entities
Ownership interest (as a percent)	50.00%								50.00%
Europe | Klepierre
Investment in Unconsolidated Entities
Shares owned | shares	63,924,148								63,924,148
Ownership interest (as a percent)	22.40%								22.40%
Quoted market price per share (in dollars per share) | $ / shares	$ 22.55								$ 22.55
Income from unconsolidated entities									$ 26,500	$ 145,200	$ 98,800
Impairment and disposition of certain assets									$ 4,300
Europe | Value Retail PLC
Investment in Unconsolidated Entities
Number of luxury outlets owned and operated | property	9								9
Number of outlets in which the entity has a minority direct ownership | property	3								3
Europe | Value Retail PLC | Deferred costs and other assets
Investment in Unconsolidated Entities
Value of equity instruments	$ 140,800				$ 140,800				$ 140,800	140,800
Europe | Klepierre | Klepierre
Investment in Unconsolidated Entities
Assets	20,900,000				19,600,000				20,900,000	19,600,000
Liabilities	14,400,000				12,900,000				14,400,000	12,900,000
Noncontrolling interests	$ 1,400,000				$ 1,300,000				1,400,000	1,300,000
Total revenue									1,300,000	1,500,000	1,600,000
Operating Income									327,300	626,300	670,400
Consolidated Net Income									$ 211,200	$ 655,500	$ 693,000

Investments in Unconsolidated_4

Investments in Unconsolidated Entities and International Investments - Asian Joint Ventures (Details) - Premium Outlets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Japan | Mitsubishi Estate Co., Ltd.
Investment in Unconsolidated Entities
Ownership percentage	40.00%	40.00%
Our net Investment in unconsolidated entities, at equity	$ 216.8	$ 212.1
South Korea | Shinsegae International Co
Investment in Unconsolidated Entities
Ownership percentage	50.00%	50.00%
Our net Investment in unconsolidated entities, at equity	$ 184.7	$ 173.9

Investments in Unconsolidated_5

Investments in Unconsolidated Entities and International Investments - Combined Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
ASSETS:
Investment properties, at cost	$ 38,050,196	$ 37,804,495
Less - accumulated depreciation	14,891,937	13,905,776
Investment properties, at cost, net	23,158,259	23,898,719
Cash and cash equivalents	1,011,613	669,373
Tenant receivables and accrued revenue, net	1,236,734	832,151
Right-of-use assets, net	512,914	514,660
Deferred costs and other assets	1,082,168	1,214,025
Total assets	34,786,846	31,231,630
Liabilities and Partners' Deficit:
Mortgages and unsecured indebtedness	26,723,361	24,163,230
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,311,925	1,390,682
Lease liabilities	515,492	516,809
Other liabilities	513,515	464,304
Total liabilities	31,128,608	28,101,319
Preferred units	185,892	219,061
Total liabilities and equity	$ 34,786,846	31,231,630
Unconsolidated properties
Our Share of:
Estimated life of investment property	40 years
Equity Method Investees excluding HBS, Klepierre, TRG, ABG, Forever 21, J.C. Penny, RGG and SPARC Group | Unconsolidated properties
ASSETS:
Investment properties, at cost	$ 20,079,476	19,525,665
Less - accumulated depreciation	8,003,863	7,407,627
Investment properties, at cost, net	12,075,613	12,118,038
Cash and cash equivalents	1,169,422	1,015,864
Tenant receivables and accrued revenue, net	749,231	510,157
Right-of-use assets, net	185,598	185,302
Deferred costs and other assets	380,087	384,663
Total assets	14,559,951	14,214,024
Liabilities and Partners' Deficit:
Mortgages and unsecured indebtedness	15,569,485	15,391,781
Accounts payable, accrued expenses, intangibles, and deferred revenues	969,242	977,112
Lease liabilities	188,863	186,594
Other liabilities	426,321	338,412
Total liabilities	17,153,911	16,893,899
Preferred units	67,450	67,450
Partners' deficit	(2,661,410)	(2,747,325)
Total liabilities and equity	14,559,951	14,214,024
Our Share of:
Partners' deficit	(1,130,713)	(1,196,926)
Add: Excess Investment	1,399,757	1,525,903
Our net Investment in unconsolidated entities, at equity	$ 269,044	$ 328,977

Investments in Unconsolidated_6

Investments in Unconsolidated Entities and International Investments - Repayments of Mortgages (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Scheduled principal repayments on mortgage indebtedness
2021	$ 2,322,729
2022	2,837,586
2023	3,827,278
2024	2,929,639
2025	3,105,056
Thereafter	11,768,557
Total principal maturities	26,790,845
Debt issuance costs	(113,132)	$ (101,280)
Total mortgages and unsecured indebtedness	26,723,361	24,163,230
Equity Method Investees excluding HBS, Klepierre, TRG, ABG, Forever 21, J.C. Penny, RGG and SPARC Group | Unconsolidated properties
Scheduled principal repayments on mortgage indebtedness
2021	2,435,875
2022	2,039,830
2023	1,393,115
2024	2,407,930
2025	1,771,762
Thereafter	5,551,458
Total principal maturities	15,599,970
Debt issuance costs	(30,485)
Total mortgages and unsecured indebtedness	$ 15,569,485	$ 15,391,781
Weighted average interest rate (as a percent)	3.79%
Equity Method Investees excluding HBS, Klepierre, TRG, ABG, Forever 21, J.C. Penny, RGG and SPARC Group | Unconsolidated properties | Minimum
Scheduled principal repayments on mortgage indebtedness
Interest rate on debt (as a percent)	0.16%
Equity Method Investees excluding HBS, Klepierre, TRG, ABG, Forever 21, J.C. Penny, RGG and SPARC Group | Unconsolidated properties | Maximum
Scheduled principal repayments on mortgage indebtedness
Interest rate on debt (as a percent)	9.98%

Investments in Unconsolidated_7

Investments in Unconsolidated Entities and International Investments - Combined Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUE:
Lease income									$ 4,302,367	$ 5,243,771
Other income									208,254	398,476	$ 370,582
Total revenue	$ 1,131,429	$ 1,060,674	$ 1,062,041	$ 1,353,360	$ 1,488,615	$ 1,416,554	$ 1,397,186	$ 1,452,834	4,607,503	5,755,189	5,645,288
EXPENSES:
Property operating									349,154	453,145	450,636
Depreciation and amortization									1,318,008	1,340,503	1,282,454
Real estate taxes									457,142	468,004	457,740
Repairs and maintenance									80,858	100,495	99,588
Advertising and promotion									98,613	150,344	151,241
Other									137,679	109,898	94,110
Total operating expenses									2,635,694	2,847,358	2,718,989
OPERATING INCOME BEFORE OTHER ITEMS	462,047	404,024	450,868	654,869	776,876	705,302	680,631	745,021	1,971,809	2,907,831	2,926,299
Interest expense									(784,400)	(789,353)	(815,923)
Gain on sale or disposal of assets and interests in unconsolidated entities, net									(114,960)	14,883	288,827
CONSOLIDATED NET INCOME	$ 312,726	$ 168,646	$ 290,548	$ 505,404	$ 590,416	$ 628,724	$ 572,102	$ 631,947	1,277,324	2,423,188	2,822,343
Income from Unconsolidated Entities									219,870	444,349	475,250
Equity Method Investees excluding HBS, Klepierre, TRG, ABG, Forever 21, J.C. Penny, RGG and SPARC Group | Unconsolidated properties
REVENUE:
Lease income									2,544,134	3,088,594	3,045,668
Other income									300,634	322,398	326,575
Total revenue									2,844,768	3,410,992	3,372,243
EXPENSES:
Property operating									519,979	587,062	590,921
Depreciation and amortization									692,424	681,764	652,968
Real estate taxes									262,351	266,013	259,567
Repairs and maintenance									68,722	85,430	87,408
Advertising and promotion									67,434	89,660	87,349
Other									163,710	196,178	187,292
Total operating expenses									1,774,620	1,906,107	1,865,505
OPERATING INCOME BEFORE OTHER ITEMS									1,070,148	1,504,885	1,506,738
Interest expense									(616,332)	(636,988)	(663,693)
Gain on sale or disposal of assets and interests in unconsolidated entities, net										24,609	33,367
CONSOLIDATED NET INCOME									453,816	892,506	876,412
Third-Party Investors' Share of Net Income									226,364	460,696	436,767
Our Share of Net Income									227,452	431,810	439,645
Amortization of Excess Investment									(82,097)	(83,556)	(85,252)
Our Share of Gain on Sale or Disposal of Assets and Interest in Other Income in the Consolidated Financial Statements										(9,156)
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net										(1,133)	(12,513)
Income from Unconsolidated Entities									$ 145,355	$ 337,965	$ 341,880

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) $ in Thousands, € in Millions

Jan. 27, 2021USD ($)

Jul. 10, 2020USD ($)

Mar. 16, 2020USD ($)item

Dec. 31, 2019USD ($)

Dec. 31, 2020USD ($)propertyitem

Dec. 31, 2019USD ($)

Jan. 21, 2021USD ($)

Aug. 06, 2020EUR (€)

Jul. 22, 2020USD ($)

Jul. 09, 2020USD ($)

Mar. 15, 2020USD ($)

Oct. 07, 2019USD ($)

Oct. 07, 2019EUR (€)

Oct. 06, 2019EUR (€)

Aug. 17, 2015USD ($)

Debt

Debt issuance costs

$ 101,280

$ 113,132

$ 101,280

Other Debt Obligations

67,255

64,770

67,255

Long-term debt

24,163,230

26,723,361

24,163,230

Loss on debt extinguishment

116,256

Fixed-Rate Debt:

Fixed rate debt

23,230,912

23,412,728

23,230,912

Net unamortized debt premium

35,077

Net discounts

54,199

Variable-Rate Debt:

Variable-rate mortgages and unsecured indebtedness

865,063

3,245,863

865,063

Simon Property Group, L.P.

Debt

Long-term debt

24,163,230

26,723,361

24,163,230

Loss on debt extinguishment

116,256

Secured Debt | Mortgages

Debt

Long-term debt

6,900,000

$ 7,000,000

6,900,000

Debt covenants

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

46

Number of properties pledged as collateral | property

49

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

$ 15,237

15,195

Fixed-Rate Debt:

Fixed rate debt

6,156,595

5,803,718

6,156,595

Net unamortized debt premium

6,775

$ 3,348

6,775

Weighted average maturity period, fixed-rate debt

4 years 1 month 6 days

Secured Debt | Fixed Rate Mortgages | Weighted average

Fixed-Rate Debt:

Fixed rate of interest

3.84%

Secured Debt | Variable Rate Mortgages

Debt

Debt issuance costs

4,721

$ 7,102

4,721

Variable-Rate Debt:

Variable-rate mortgages and unsecured indebtedness

751,130

$ 1,137,034

751,130

Weighted average maturity period, variable-rate debt

2 years 3 months 18 days

Secured Debt | Variable Rate Mortgages | Weighted average

Variable-Rate Debt:

Variable rate of interest

2.19%

Unsecured Debt | Senior unsecured notes

Debt

Debt issuance costs

70,297

$ 74,622

70,297

Fixed-Rate Debt:

Fixed rate debt

15,747,267

16,985,990

15,747,267

Net discounts

54,976

$ 22,470

54,976

Weighted average maturity period, fixed-rate debt

7 years 3 months 18 days

Unsecured Debt | Senior unsecured notes | Simon Property Group, L.P.

Debt

Long-term debt

$ 17,100,000

Loss on debt extinguishment

116,300

Unsecured Debt | Senior unsecured notes | Weighted average

Fixed-Rate Debt:

Fixed rate of interest

2.98%

Unsecured Debt | Senior Unsecured Notes 2.50% due 2021 | Simon Property Group, L.P.

Debt

Amount of debt redeemed

$ 550,000

Fixed-Rate Debt:

Fixed rate of interest

2.50%

Unsecured Debt | Senior Unsecured Notes Maturing September 2025 | Simon Property Group, L.P.

Debt

Interest rate on debt (as a percent)

3.50%

3.50%

Debt issued

$ 500,000

$ 600,000

Unsecured Debt | Senior Unsecured Notes Maturing June 2030 | Simon Property Group, L.P.

Debt

Interest rate on debt (as a percent)

2.65%

Debt issued

$ 750,000

Unsecured Debt | Senior Unsecured Notes Maturing June 2050 | Simon Property Group, L.P.

Debt

Interest rate on debt (as a percent)

3.80%

Debt issued

$ 750,000

Unsecured Debt | Senior Unsecured Notes Maturing September 2020 | Simon Property Group, L.P.

Debt

Amount of debt redeemed

$ 500,000

Interest rate on debt (as a percent)

2.50%

Unsecured Debt | Senior Unsecured Notes Maturing October 2020 | Simon Property Group, L.P.

Debt

Amount of debt redeemed | €

€ 375

Interest rate on debt (as a percent)

2.375%

Unsecured Debt | Senior Unsecured Notes Maturing January 2028 | Simon Property Group, L.P.

Debt

Long-term debt

$ 800,000

Interest rate on debt (as a percent)

1.75%

Unsecured Debt | Senior Unsecured Notes Maturing January 2031 | Simon Property Group, L.P.

Debt

Long-term debt

$ 700,000

Interest rate on debt (as a percent)

2.20%

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 Debt:

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 Debt:

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 Debt:

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:

Fixed rate debt | €

€ 750

Fixed rate of interest

2.375%

2.375%

Unsecured Debt | Commercial Paper

Fixed-Rate Debt:

Fixed rate debt

1,327,050

$ 623,020

1,327,050

Unsecured Debt | Commercial Paper | Simon Property Group, L.P.

Debt

Credit facility, amount outstanding

623,000

Maximum borrowing capacity

2,000,000

Unsecured Debt | Commercial Paper | Simon Property Group, L.P. | USD

Debt

Credit facility, amount outstanding

$ 623,000

Weighted average interest rate (as a percent)

0.29%

Unsecured Debt | Facilities | Simon Property Group, L.P.

Debt

Available borrowing capacity

$ 6,700,000

Maximum amount outstanding during period

3,900,000

Credit facility, weighted average amount outstanding

1,800,000

Letters of credit outstanding

12,300

Unsecured Debt | Credit Facility and Term Facility | Simon Property Group, L.P.

Debt

Maximum borrowing capacity

$ 7,000,000

Additional borrowing capacity

$ 1,000,000

Additional extension period | item

2

Debt extension period

6 months

Debt single draw period

9 months

Unsecured Debt | Credit Facility and Term Facility | Maximum | Simon Property Group, L.P.

Debt

Percentage of borrowings in currencies other than the U.S. dollar

95.00%

Unsecured Debt | Term loan | Simon Property Group, L.P.

Debt

Credit facility, amount outstanding

2,000,000

Maximum borrowing capacity

$ 2,000,000

Ticking fee (in percentage)

0.10%

Ticketing fee accruing after closing term facility

45 days

Debt repaid

$ 750,000

Unsecured Debt | Term loan | Simon Property Group, L.P. | LIBOR

Debt

Interest rate (as a percent)

1.00%

Unsecured Debt | Term loan | Simon Property Group, L.P. | Fed Funds Effective Rate

Debt

Interest rate (as a percent)

0.50%

Unsecured Debt | Term loan | Minimum | Simon Property Group, L.P. | LIBOR

Debt

Interest rate (as a percent)

0.725%

Unsecured Debt | Term loan | Minimum | Simon Property Group, L.P. | Base Rate

Debt

Interest rate (as a percent)

0.00%

Unsecured Debt | Term loan | Maximum | Simon Property Group, L.P. | LIBOR

Debt

Interest rate (as a percent)

1.60%

Unsecured Debt | Term loan | Maximum | Simon Property Group, L.P. | Base Rate

Debt

Interest rate (as a percent)

0.60%

Unsecured Debt | Credit Facility

Debt

Debt issuance costs

11,067

$ 16,171

11,067

Variable-Rate Debt:

Variable-rate mortgages and unsecured indebtedness

$ 113,933

2,108,829

$ 113,933

Unsecured Debt | Credit Facility | Simon Property Group, L.P.

Debt

Credit facility, amount outstanding

125,000

Maximum borrowing capacity

$ 3,500,000

$ 4,000,000

$ 4,000,000

Credit facility, amount repaid

$ 1,750,000

Unsecured Debt | Credit Facility | Simon Property Group, L.P. | LIBOR

Debt

Interest rate (as a percent)

1.00%

Unsecured Debt | Credit Facility | Simon Property Group, L.P. | Fed Funds Effective Rate

Debt

Interest rate (as a percent)

0.50%

Unsecured Debt | Credit Facility | Minimum | Simon Property Group, L.P. | LIBOR

Debt

Interest rate (as a percent)

0.65%

Facility fee (in percentage)

0.10%

Unsecured Debt | Credit Facility | Minimum | Simon Property Group, L.P. | Base Rate

Debt

Interest rate (as a percent)

0.00%

Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P. | LIBOR

Debt

Interest rate (as a percent)

1.40%

Facility fee (in percentage)

0.30%

Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P. | Base Rate

Debt

Interest rate (as a percent)

0.40%

Unsecured Debt | Supplemental Facility | Simon Property Group, L.P.

Debt

Maximum borrowing capacity

$ 3,500,000

Credit facility, amount repaid

$ 750,000

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 rate (as a percent)

0.775%

Indebtedness - Maturity (Detail

Indebtedness - Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Maturity and Other
2021	$ 2,322,729
2022	2,837,586
2023	3,827,278
2024	2,929,639
2025	3,105,056
Thereafter	11,768,557
Total principal maturities	26,790,845
Net unamortized debt premium	35,077
Net unamortized debt discount	(54,199)
Debt issuance costs, net	(113,132)	$ (101,280)
Other Debt Obligations	64,770	67,255
Total mortgages and unsecured indebtedness	$ 26,723,361	$ 24,163,230

Indebtedness - Debt Issuance Co

Indebtedness - Debt Issuance Costs and Discounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Indebtedness
Cash paid for interest	$ 754,306	$ 803,728	$ 811,971
Debt issuance cost
Debt issuance costs	202,859	187,514
Accumulated amortization	(89,727)	(86,234)
Debt issuance costs	113,132	101,280
Amortization of Debt Issuance Costs and Discounts
Amortization of debt issuance costs	23,076	21,499	21,445
Amortization of debt discounts/(premiums)	$ 174	$ 1,571	$ 1,618

Indebtedness - Fair Value (Deta

Indebtedness - Fair Value (Details) $ in Millions	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fixed rate mortgages and unsecured indebtedness | Book value
Fair Value of Debt
Fair value of consolidated fixed rate mortgages and unsecured indebtedness	$ 23,400	$ 23,200
Fixed rate mortgages and unsecured indebtedness | Fair value
Fair Value of Debt
Fair value of consolidated fixed rate mortgages and unsecured indebtedness	$ 25,327	$ 23,231
Discount Rate | Weighted average | Fixed rate mortgages
Fair Value of Debt
Debt percentage- measurement input	0.0241	0.0375
Discount Rate | Weighted average | Unsecured Debt
Fair Value of Debt
Debt percentage- measurement input	0.0263	0.0367

Equity - Common Stock and Unit

Equity - Common Stock and Unit Issuances and Repurchases (Details) $ / shares in Units, $ in Millions	Dec. 29, 2020shares	Nov. 18, 2020USD ($)$ / sharesshares	Feb. 11, 2019USD ($)	Sep. 25, 2018shares	Feb. 13, 2017USD ($)	Dec. 31, 2020USD ($)item$ / sharesshares	Dec. 31, 2019USD ($)item$ / sharesshares	Dec. 31, 2018shares
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)						293,204	24,000	92,732
Public offering of common stock, shares		22,137,500				22,137,500
Proceeds from issuance of common stock | $		$ 1,600
Share Price | $ / shares		$ 72.50
Period common stock is authorized to repurchase			2 years		2 years
Common stock authorized for repurchase | $			$ 2,000		$ 2,000
Shares repurchased (in shares)						1,245,654	2,247,074	2,275,194
Average share price repurchased (in dollars per share) | $ / shares						$ 122.50	$ 160.11
2017 Share Repurchase Program
Equity
Shares repurchased (in shares)							46,377
Average share price repurchased (in dollars per share) | $ / shares							$ 164.49
Simon Property Group, L.P.
Equity
Redemption of units						116,658	43,255	454,704
Public offering of common stock, shares						22,137,500
TRG
Equity
Ownership interest acquired (as a percent)	80.00%
TRG | Simon Property Group, L.P.
Equity
Number of units issued in connection with acquisition	955,705
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				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)						293,204	24,000
Number of limited partners who received common stock | item						20
Limited Partners | Simon Property Group, L.P.
Equity
Redemption of units						116,658	43,255
Value of units redeemed | $						$ 16.1	$ 6.8
Number of limited partners who received common stock | item						4	9
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, 2020USD ($)item$ / sharesshares	Dec. 31, 2019USD ($)shares
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 185,892	$ 219,061
Simon Property Group, L.P.
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 185,892	$ 219,061
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 (as a percent)	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 (as a percent)	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	$ 160,355	193,524
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	$ 160,355	$ 193,524

Equity - Permanent Equity (Deta

Equity - Permanent Equity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Series J Preferred stock
Equity
Preferred stock stated dividend rate (as a percent)	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	$ 2.2	$ 2.6
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 (as a percent)	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	$ 2.2	$ 2.6
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 ($)shares	Dec. 31, 2020USD ($)item$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)item$ / sharesshares	Dec. 31, 2017shares	Dec. 31, 2016shares	Dec. 31, 2015shares
Exchange Rights
Limited partners units, exchange ratio | item		1
Common stock reserved for possible conversion (in shares) | shares		54,751,265
Restricted stock
Stock-based incentive plan awards
Shares of restricted stock awarded during the year, net of forfeitures | shares		462,966	90,902	51,756
Weighted average fair value of shares granted during the period (in dollars per share) | $ / shares		$ 73.28	$ 181.94	$ 153.24
Annual amortization		$ 11,660,000	$ 12,604,000	$ 12,029,000
Compensation expense, net of capitalization		$ 10,300,000	11,000,000	7,800,000
LTIP Retention Award to Chairman and CEO
Stock-based incentive plan awards
Awards granted (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 granted (in units) | shares							360,000
LTIP Retention Award to Chairman and CEO | B Units
Stock-based incentive plan awards
Awards granted (in units) | shares						360,000
LTIP Retention Award to Chairman and CEO | C Units
Stock-based incentive plan awards
Awards granted (in units) | shares					280,000
Restricted Stock and Restricted Stock Units | Minimum
Stock-based incentive plan awards
Vesting service period		3 years
Restricted Stock and Restricted Stock Units | Maximum
Stock-based incentive plan awards
Vesting service period		4 years
Time Based Restricted Stock Units
Stock-based incentive plan awards
Vesting service period		3 years
Awards granted (in units) | shares		312,263
Weighted average fair value of shares granted during the period (in dollars per share) | $ / shares		$ 84.37
Grant date fair value		$ 26,300,000
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 | Automatic Awards for Eligible Directors
Stock-based incentive plan awards
Retainer fee paid in restricted shares (as a percent)		50.00%
Vesting service period		1 year
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
Expiration period		10 years
Vesting service period		3 years
1998 Stock Incentive Plan | Restricted Stock and Restricted Stock Units
Stock-based incentive plan awards
Total number of shares awarded, net of forfeiture | shares		5,858,453
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 | Automatic Awards for Eligible Directors
Stock-based incentive plan awards
Retainer fee paid in restricted shares (as a percent)		50.00%
Vesting service period		1 year
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
Expiration period		10 years
Vesting service period		3 years
2019 Stock Incentive Plan | Restricted Stock and Restricted Stock Units
Stock-based incentive plan awards
Total number of shares awarded, net of forfeiture | shares		481,837
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		$ 1,900,000	$ 15,800,000	$ 12,000,000
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
Awards granted (in units) | shares		38,148
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, 2020	Dec. 31, 2019	Dec. 31, 2018
Lessor, Lease, Description [Line Items]
Fixed-lease income	$ 3,871,395	$ 4,293,401	$ 4,185,174
Variable lease income	430,972	950,370	973,246
Total lease income	4,302,367	5,243,771	$ 5,158,420
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2021	3,224,624
2022	2,806,916
2023	2,374,565
2024	1,939,967
2025	1,540,214
Thereafter	3,943,703
Future minimum rental receivables	15,829,989
Tenant receivables and accrued revenue
Lessor, Lease, Description [Line Items]
Straight-line receivables	$ 597,600	$ 618,400

Commitments and Contingencies -

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

Commitments and Contingencies_2

Commitments and Contingencies - Lease Commitments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Lease Commitments
Properties subject to ground leases | property	23
Lease Cost
Fixed lease cost	$ 31,404	$ 31,000
Variable lease cost	13,270	16,833
Sublease income	(746)	(694)
Total operating lease cost	43,928	47,139
Lease expense			$ 47,320
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 44,570	$ 48,519
Weighted-average remaining lease term - operating leases	34 years 4 months 24 days	35 years 7 months 6 days
Weighted-average discount rate - operating leases	4.86%	4.87%
Operating Lease Liabilities
2021	$ 32,787
2022	32,812
2023	32,953
2024	33,087
2025	33,098
Thereafter	886,336
Future minimum gross lease payments	1,051,073
Impact of discounting	(535,581)
Operating lease liabilities	$ 515,492	$ 516,809

Commitments and Contingencies_3

Commitments and Contingencies - Insurance (Details) $ in Billions	12 Months Ended
	Dec. 31, 2020USD ($)
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			39 Months Ended
	Sep. 30, 2020USD ($)property	Sep. 30, 2017property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020USD ($)
Hurricane Impact
Insurance proceeds for property restoration			$ 31,198	$ 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						$ 81,100
Insurance proceeds for property restoration						$ 47,500
Loss from Catastrophes | PUERTO RICO | Wholly owned properties | Other income
Hurricane Impact
Business interruption income			$ 5,200	$ 10,500
Loss from Catastrophes | TEXAS
Hurricane Impact
Number of properties significantly damaged | property	1
Asset write-offs	$ 9,600
Insurance proceeds for property restoration	$ 14,300
Loss from Catastrophes | LOUISIANA
Hurricane Impact
Number of properties significantly damaged | property	1
Asset write-offs	$ 11,100
Insurance proceeds for property restoration	$ 20,600

Commitments and Contingencies_5

Commitments and Contingencies - Guarantees of Indebtedness (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Joint Venture Mortgage and Indebtedness
Guarantees of Joint Venture Indebtedness:
Loan guarantee	$ 219.2	$ 214.8

Commitments and Contingencies_6

Commitments and Contingencies - Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2020
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, 2020USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Forever 21, J.C. Penny and SPARC Group | Lease Income
Related Party Transactions
Amounts charged to related party	$ 54.1	$ 20.9	$ 20
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	$ 3.3	3.9	4.2
Unconsolidated Joint Ventures | Amounts for services provided
Related Party Transactions
Amounts charged to related party	92.7	108.2	111.5
Unconsolidated Joint Ventures | Development, royalty and other fees
Related Party Transactions
Amounts charged to related party	$ 13.1	$ 14.8	$ 16

Quarterly Financial Data (Una_3

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Total revenue	$ 1,131,429	$ 1,060,674	$ 1,062,041	$ 1,353,360	$ 1,488,615	$ 1,416,554	$ 1,397,186	$ 1,452,834	$ 4,607,503	$ 5,755,189	$ 5,645,288
Operating income before other items	462,047	404,024	450,868	654,869	776,876	705,302	680,631	745,021	1,971,809	2,907,831	2,926,299
Consolidated net income	312,726	168,646	290,548	505,404	590,416	628,724	572,102	631,947	1,277,324	2,423,188	2,822,343
Net Income attributable to common stockholders or unitholders	$ 271,483	$ 145,926	$ 254,213	$ 437,605	$ 510,194	$ 544,254	$ 495,324	$ 548,475	$ 1,109,227	$ 2,098,247	$ 2,436,721
Net income per share - Basic and Diluted	$ 0.86	$ 0.48	$ 0.83	$ 1.43	$ 1.66	$ 1.77	$ 1.60	$ 1.78	$ 3.59	$ 6.81	$ 7.87
Weighted Average Shares Outstanding - Basic and Diluted	316,595,345	305,913,431	305,882,326	306,504,084	306,868,960	307,275,230	308,708,798	308,978,053	308,737,625	307,950,112	309,627,178
Simon Property Group, L.P.
Total revenue									$ 4,607,503	$ 5,755,189	$ 5,645,288
Operating income before other items									1,971,809	2,907,831	2,926,299
Consolidated net income									1,277,324	2,423,188	2,822,343
Net Income attributable to common stockholders or unitholders	$ 311,238	$ 168,086	$ 292,863	$ 504,263	$ 587,931	$ 627,074	$ 570,389	$ 631,551	$ 1,276,450	$ 2,416,945	$ 2,805,764
Net income per share - Basic and Diluted	$ 0.86	$ 0.48	$ 0.83	$ 1.43	$ 1.66	$ 1.77	$ 1.60	$ 1.78	$ 3.59	$ 6.81	$ 7.87
Weighted Average Shares Outstanding - Basic and Diluted	363,050,401	352,420,845	352,410,392	353,191,960	353,619,579	354,038,110	355,491,396	355,778,250	355,281,882	354,724,019	356,520,452

Schedule III Real Estate and _2

Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	$ 6,959,743
Initial Cost
Land	3,342,322
Buildings and Improvements	25,071,253
Costs Capitalized Subsequent to Acquisition
Land	357,702
Buildings and Improvements	8,837,360
Gross Amounts At Which Carried At Close of Period
Land	3,700,024
Buildings and Improvements	33,908,614
Total	37,608,638	$ 37,356,739	$ 36,667,960	$ 36,014,506
Accumulated Depreciation	14,592,867	$ 13,622,433	$ 12,632,690	$ 11,704,223
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	92,532
Gross Amounts At Which Carried At Close of Period
Land	10,886
Buildings and Improvements	113,461
Total	124,347
Accumulated Depreciation	65,021
Malls | Battlefield Mall, Springfield, MO
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	112,707
Initial Cost
Land	3,919
Buildings and Improvements	27,231
Costs Capitalized Subsequent to Acquisition
Land	3,000
Buildings and Improvements	73,128
Gross Amounts At Which Carried At Close of Period
Land	6,919
Buildings and Improvements	100,359
Total	107,278
Accumulated Depreciation	73,594
Malls | Bay Park Square, Green Bay, WI
Initial Cost
Land	6,278
Buildings and Improvements	25,623
Costs Capitalized Subsequent to Acquisition
Land	4,106
Buildings and Improvements	33,597
Gross Amounts At Which Carried At Close of Period
Land	10,384
Buildings and Improvements	59,220
Total	69,604
Accumulated Depreciation	35,332
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	77,892
Gross Amounts At Which Carried At Close of Period
Land	42,493
Buildings and Improvements	287,094
Total	329,587
Accumulated Depreciation	158,412
Malls | Broadway Square, Tyler, TX
Initial Cost
Land	11,306
Buildings and Improvements	32,431
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	51,429
Gross Amounts At Which Carried At Close of Period
Land	11,306
Buildings and Improvements	83,860
Total	95,166
Accumulated Depreciation	40,639
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	235,501
Gross Amounts At Which Carried At Close of Period
Land	74,058
Buildings and Improvements	539,119
Total	613,177
Accumulated Depreciation	248,794
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	78,590
Gross Amounts At Which Carried At Close of Period
Land	33,684
Buildings and Improvements	176,877
Total	210,561
Accumulated Depreciation	119,878
Malls | Cielo Vista Mall, El Paso, TX
Initial Cost
Land	1,005
Buildings and Improvements	15,262
Costs Capitalized Subsequent to Acquisition
Land	608
Buildings and Improvements	55,058
Gross Amounts At Which Carried At Close of Period
Land	1,613
Buildings and Improvements	70,320
Total	71,933
Accumulated Depreciation	49,573
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	70,441
Gross Amounts At Which Carried At Close of Period
Land	1,723
Buildings and Improvements	86,686
Total	88,409
Accumulated Depreciation	47,678
Malls | Columbia Center, Kennewick, WA
Initial Cost
Land	17,441
Buildings and Improvements	66,580
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	40,993
Gross Amounts At Which Carried At Close of Period
Land	17,441
Buildings and Improvements	107,573
Total	125,014
Accumulated Depreciation	64,134
Malls | Copley Place, Boston, MA
Initial Cost
Buildings and Improvements	378,045
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	206,205
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	584,250
Total	584,250
Accumulated Depreciation	252,514
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	19,097
Gross Amounts At Which Carried At Close of Period
Land	13,556
Buildings and Improvements	112,727
Total	126,283
Accumulated Depreciation	89,651
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	70,048
Gross Amounts At Which Carried At Close of Period
Land	25,947
Buildings and Improvements	143,139
Total	169,086
Accumulated Depreciation	80,553
Malls | Domain, The, Austin, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	176,533
Initial Cost
Land	40,436
Buildings and Improvements	197,010
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	144,511
Gross Amounts At Which Carried At Close of Period
Land	40,436
Buildings and Improvements	341,521
Total	381,957
Accumulated Depreciation	174,735
Malls | Empire Mall, Sioux Falls, SD
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	183,782
Initial Cost
Land	35,998
Buildings and Improvements	192,186
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	30,083
Gross Amounts At Which Carried At Close of Period
Land	35,998
Buildings and Improvements	222,269
Total	258,267
Accumulated Depreciation	68,901
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	103,435
Gross Amounts At Which Carried At Close of Period
Land	29,145
Buildings and Improvements	224,014
Total	253,159
Accumulated Depreciation	132,731
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	28,830
Gross Amounts At Which Carried At Close of Period
Land	8,438
Buildings and Improvements	111,546
Total	119,984
Accumulated Depreciation	64,895
Malls | Forum Shops at Caesars, The, Las Vegas, NV
Initial Cost
Buildings and Improvements	276,567
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	282,321
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	558,888
Total	558,888
Accumulated Depreciation	293,579
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	124,303
Gross Amounts At Which Carried At Close of Period
Land	7,676
Buildings and Improvements	147,748
Total	155,424
Accumulated Depreciation	91,542
Malls | Haywood Mall, Greenville, SC
Initial Cost
Land	11,585
Buildings and Improvements	133,893
Costs Capitalized Subsequent to Acquisition
Land	6
Buildings and Improvements	41,813
Gross Amounts At Which Carried At Close of Period
Land	11,591
Buildings and Improvements	175,706
Total	187,297
Accumulated Depreciation	113,400
Malls | Ingram Park Mall, San Antonio, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	122,251
Initial Cost
Land	733
Buildings and Improvements	16,972
Costs Capitalized Subsequent to Acquisition
Land	37
Buildings and Improvements	43,246
Gross Amounts At Which Carried At Close of Period
Land	770
Buildings and Improvements	60,218
Total	60,988
Accumulated Depreciation	33,614
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	380,289
Gross Amounts At Which Carried At Close of Period
Land	175,063
Buildings and Improvements	1,508,489
Total	1,683,552
Accumulated Depreciation	463,073
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	177,319
Gross Amounts At Which Carried At Close of Period
Land	94,481
Buildings and Improvements	187,147
Total	281,628
Accumulated Depreciation	50,135
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	24,747
Gross Amounts At Which Carried At Close of Period
Land	10,102
Buildings and Improvements	106,315
Total	116,417
Accumulated Depreciation	64,612
Malls | Lenox Square, Atlanta, GA
Initial Cost
Land	37,447
Buildings and Improvements	492,411
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	139,068
Gross Amounts At Which Carried At Close of Period
Land	37,447
Buildings and Improvements	631,479
Total	668,925
Accumulated Depreciation	373,965
Malls | Livingston Mall, Livingston (New York), NJ
Initial Cost
Land	22,214
Buildings and Improvements	105,250
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	47,841
Gross Amounts At Which Carried At Close of Period
Land	22,214
Buildings and Improvements	153,091
Total	175,305
Accumulated Depreciation	94,316
Malls | Mall of Georgia, Buford (Atlanta), GA
Initial Cost
Land	47,492
Buildings and Improvements	326,633
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	13,340
Gross Amounts At Which Carried At Close of Period
Land	47,492
Buildings and Improvements	339,973
Total	387,465
Accumulated Depreciation	195,629
Malls | McCain Mall, N. Little Rock, AR
Initial Cost
Buildings and Improvements	9,515
Costs Capitalized Subsequent to Acquisition
Land	10,530
Buildings and Improvements	28,504
Gross Amounts At Which Carried At Close of Period
Land	10,530
Buildings and Improvements	38,019
Total	48,549
Accumulated Depreciation	17,298
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	83,263
Gross Amounts At Which Carried At Close of Period
Land	65,684
Buildings and Improvements	306,515
Total	372,199
Accumulated Depreciation	190,029
Malls | Midland Park Mall, Midland, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	71,822
Initial Cost
Land	687
Buildings and Improvements	9,213
Costs Capitalized Subsequent to Acquisition
Land	1,196
Buildings and Improvements	42,102
Gross Amounts At Which Carried At Close of Period
Land	1,883
Buildings and Improvements	51,315
Total	53,198
Accumulated Depreciation	22,616
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	44,203
Gross Amounts At Which Carried At Close of Period
Land	4,776
Buildings and Improvements	62,295
Total	67,071
Accumulated Depreciation	46,348
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	145,677
Gross Amounts At Which Carried At Close of Period
Land	19,138
Buildings and Improvements	158,643
Total	177,781
Accumulated Depreciation	118,006
Malls | Northgate Mall, Seattle, WA
Initial Cost
Land	23,610
Buildings and Improvements	115,992
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	67,602
Gross Amounts At Which Carried At Close of Period
Land	23,610
Buildings and Improvements	183,594
Total	207,204
Accumulated Depreciation	57,897
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	84,547
Gross Amounts At Which Carried At Close of Period
Land	23,681
Buildings and Improvements	209,492
Total	233,173
Accumulated Depreciation	102,081
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	78,864
Gross Amounts At Which Carried At Close of Period
Land	35,439
Buildings and Improvements	208,770
Total	244,209
Accumulated Depreciation	117,910
Malls | Oxford Valley Mall, Langhorne (Philadelphia), PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	32,779
Initial Cost
Land	20,872
Buildings and Improvements	100,287
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	20,914
Gross Amounts At Which Carried At Close of Period
Land	20,872
Buildings and Improvements	121,201
Total	142,073
Accumulated Depreciation	84,968
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	60,144
Gross Amounts At Which Carried At Close of Period
Land	2,043
Buildings and Improvements	216,102
Total	218,145
Accumulated Depreciation	136,840
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	49,404
Gross Amounts At Which Carried At Close of Period
Land	4,452
Buildings and Improvements	204,472
Total	208,924
Accumulated Depreciation	116,717
Malls | Phipps Plaza, Atlanta, GA
Initial Cost
Land	15,005
Buildings and Improvements	210,610
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	243,085
Gross Amounts At Which Carried At Close of Period
Land	15,005
Buildings and Improvements	453,695
Total	468,700
Accumulated Depreciation	171,188
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	77,319
Gross Amounts At Which Carried At Close of Period
Land	15,493
Buildings and Improvements	356,879
Total	372,372
Accumulated Depreciation	173,238
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	47,133
Gross Amounts At Which Carried At Close of Period
Land	4,895
Buildings and Improvements	49,946
Total	54,841
Accumulated Depreciation	28,706
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	69,145
Gross Amounts At Which Carried At Close of Period
Land	41,918
Buildings and Improvements	281,402
Total	323,320
Accumulated Depreciation	160,468
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	368,834
Gross Amounts At Which Carried At Close of Period
Land	164,406
Buildings and Improvements	1,070,842
Total	1,235,248
Accumulated Depreciation	533,147
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	122,197
Gross Amounts At Which Carried At Close of Period
Land	29,356
Buildings and Improvements	212,400
Total	241,756
Accumulated Depreciation	132,274
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	27,384
Gross Amounts At Which Carried At Close of Period
Land	10,400
Buildings and Improvements	115,248
Total	125,648
Accumulated Depreciation	67,970
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	105,673
Gross Amounts At Which Carried At Close of Period
Land	39,313
Buildings and Improvements	130,776
Total	170,089
Accumulated Depreciation	42,473
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	14,285
Gross Amounts At Which Carried At Close of Period
Land	28,125
Buildings and Improvements	157,145
Total	185,270
Accumulated Depreciation	47,459
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	263,289
Gross Amounts At Which Carried At Close of Period
Land	13,521
Buildings and Improvements	502,035
Total	515,556
Accumulated Depreciation	98,686
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	84,612
Gross Amounts At Which Carried At Close of Period
Land	24,917
Buildings and Improvements	210,452
Total	235,369
Accumulated Depreciation	109,844
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	166,650
Gross Amounts At Which Carried At Close of Period
Land	101,200
Buildings and Improvements	468,145
Total	569,345
Accumulated Depreciation	269,676
Malls | Southdale Mall, Edina (Minneapolis), MN
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	138,131
Initial Cost
Land	41,430
Buildings and Improvements	184,967
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	112,713
Gross Amounts At Which Carried At Close of Period
Land	41,430
Buildings and Improvements	297,680
Total	339,110
Accumulated Depreciation	95,003
Malls | SouthPark, Charlotte, NC
Initial Cost
Land	42,092
Buildings and Improvements	188,055
Costs Capitalized Subsequent to Acquisition
Land	100
Buildings and Improvements	204,680
Gross Amounts At Which Carried At Close of Period
Land	42,192
Buildings and Improvements	392,735
Total	434,927
Accumulated Depreciation	225,268
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	29,314
Gross Amounts At Which Carried At Close of Period
Land	8,890
Buildings and Improvements	82,248
Total	91,138
Accumulated Depreciation	61,874
Malls | Stanford Shopping Center, Palo Alto (San Jose), CA
Initial Cost
Buildings and Improvements	339,537
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	188,382
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	527,919
Total	527,919
Accumulated Depreciation	214,147
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	55,804
Gross Amounts At Which Carried At Close of Period
Land	15,374
Buildings and Improvements	106,941
Total	122,315
Accumulated Depreciation	66,518
Malls | Tacoma Mall, Tacoma (Seattle), WA
Initial Cost
Land	37,113
Buildings and Improvements	125,826
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	162,616
Gross Amounts At Which Carried At Close of Period
Land	37,113
Buildings and Improvements	288,442
Total	325,555
Accumulated Depreciation	145,776
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	47,136
Gross Amounts At Which Carried At Close of Period
Land	8,414
Buildings and Improvements	55,575
Total	63,989
Accumulated Depreciation	44,233
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	241,889
Gross Amounts At Which Carried At Close of Period
Land	64,200
Buildings and Improvements	549,206
Total	613,406
Accumulated Depreciation	309,065
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	49,059
Gross Amounts At Which Carried At Close of Period
Land	12,633
Buildings and Improvements	67,538
Total	80,171
Accumulated Depreciation	45,990
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	39,945
Gross Amounts At Which Carried At Close of Period
Land	14,191
Buildings and Improvements	112,935
Total	127,126
Accumulated Depreciation	76,712
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	50,690
Gross Amounts At Which Carried At Close of Period
Land	17,097
Buildings and Improvements	171,652
Total	188,749
Accumulated Depreciation	112,049
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	58,654
Gross Amounts At Which Carried At Close of Period
Land	17,762
Buildings and Improvements	176,818
Total	194,580
Accumulated Depreciation	147,955
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	127,664
Gross Amounts At Which Carried At Close of Period
Land	55,489
Buildings and Improvements	238,922
Total	294,411
Accumulated Depreciation	130,914
Malls | White Oaks Mall, Springfield, IL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	46,915
Initial Cost
Land	2,907
Buildings and Improvements	35,692
Costs Capitalized Subsequent to Acquisition
Land	2,468
Buildings and Improvements	65,642
Gross Amounts At Which Carried At Close of Period
Land	5,375
Buildings and Improvements	101,334
Total	106,709
Accumulated Depreciation	59,098
Malls | Wolfchase Galleria, Memphis, TN
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	155,152
Initial Cost
Land	16,407
Buildings and Improvements	128,276
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	17,049
Gross Amounts At Which Carried At Close of Period
Land	16,407
Buildings and Improvements	145,325
Total	161,732
Accumulated Depreciation	97,753
Malls | Woodland Hills Mall, Tulsa, OK
Initial Cost
Land	34,211
Buildings and Improvements	187,123
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	35,414
Gross Amounts At Which Carried At Close of Period
Land	34,211
Buildings and Improvements	222,537
Total	256,748
Accumulated Depreciation	144,965
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	11,094
Gross Amounts At Which Carried At Close of Period
Land	3,900
Buildings and Improvements	108,153
Total	112,053
Accumulated Depreciation	54,308
Premium Outlets | Allen Premium Outlets, Allen (Dallas), TX
Initial Cost
Land	20,932
Buildings and Improvements	69,788
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	44,436
Gross Amounts At Which Carried At Close of Period
Land	20,932
Buildings and Improvements	114,224
Total	135,156
Accumulated Depreciation	36,968
Premium Outlets | Aurora Farms Premium Outlets, Aurora (Cleveland), OH
Initial Cost
Land	2,370
Buildings and Improvements	24,326
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,442
Gross Amounts At Which Carried At Close of Period
Land	2,370
Buildings and Improvements	32,768
Total	35,138
Accumulated Depreciation	24,396
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	8,978
Gross Amounts At Which Carried At Close of Period
Land	11,477
Buildings and Improvements	86,834
Total	98,311
Accumulated Depreciation	37,026
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	75,097
Gross Amounts At Which Carried At Close of Period
Land	17,065
Buildings and Improvements	299,818
Total	316,883
Accumulated Depreciation	149,400
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	10,492
Gross Amounts At Which Carried At Close of Period
Land	12,986
Buildings and Improvements	195,482
Total	208,468
Accumulated Depreciation	88,965
Premium Outlets | Carolina Premium Outlets, Smithfield (Raleigh), NC
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	41,757
Initial Cost
Land	3,175
Buildings and Improvements	59,863
Costs Capitalized Subsequent to Acquisition
Land	5,311
Buildings and Improvements	7,902
Gross Amounts At Which Carried At Close of Period
Land	8,486
Buildings and Improvements	67,765
Total	76,251
Accumulated Depreciation	37,961
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	99,046
Gross Amounts At Which Carried At Close of Period
Land	13,709
Buildings and Improvements	217,051
Total	230,760
Accumulated Depreciation	84,558
Premium Outlets | Cincinnati Premium Outlets, Monroe (Cincinnati), OH
Initial Cost
Land	14,117
Buildings and Improvements	71,520
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,687
Gross Amounts At Which Carried At Close of Period
Land	14,117
Buildings and Improvements	76,207
Total	90,324
Accumulated Depreciation	38,483
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	6,027
Gross Amounts At Which Carried At Close of Period
Land	3,592
Buildings and Improvements	113,583
Total	117,175
Accumulated Depreciation	61,401
Premium Outlets | Denver Premium Outlets, Thornton (Denver), CO
Initial Cost
Land	11,375
Buildings and Improvements	45,335
Costs Capitalized Subsequent to Acquisition
Land	10
Buildings and Improvements	72,949
Gross Amounts At Which Carried At Close of Period
Land	11,385
Buildings and Improvements	118,284
Total	129,669
Accumulated Depreciation	12,902
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	117,032
Gross Amounts At Which Carried At Close of Period
Land	3,440
Buildings and Improvements	455,711
Total	459,151
Accumulated Depreciation	187,479
Premium Outlets | Ellenton Premium Outlets, Ellenton (Tampa), FL
Initial Cost
Land	2,857
Buildings and Improvements	47,309
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	20,582
Gross Amounts At Which Carried At Close of Period
Land	2,857
Buildings and Improvements	67,891
Total	70,748
Accumulated Depreciation	36,332
Premium Outlets | Folsom Premium Outlets, Folsom (Sacramento), CA
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	7,726
Gross Amounts At Which Carried At Close of Period
Land	15,807
Buildings and Improvements	190,138
Total	205,945
Accumulated Depreciation	106,430
Premium Outlets | Gilroy Premium Outlets, Gilroy (San Jose), CA
Initial Cost
Land	9,060
Buildings and Improvements	50,281
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,940
Gross Amounts At Which Carried At Close of Period
Land	9,060
Buildings and Improvements	56,221
Total	65,281
Accumulated Depreciation	32,576
Premium Outlets | Grand Prairie Premium Outlets, Grand Prairie (Dallas), TX
Initial Cost
Land	9,630
Buildings and Improvements	194,122
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	16,192
Gross Amounts At Which Carried At Close of Period
Land	9,630
Buildings and Improvements	210,314
Total	219,944
Accumulated Depreciation	104,299
Premium Outlets | Grove City Premium Outlets, Grove City (Pittsburgh), PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	109,122
Initial Cost
Land	9,497
Buildings and Improvements	194,245
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,058
Gross Amounts At Which Carried At Close of Period
Land	9,497
Buildings and Improvements	196,303
Total	205,800
Accumulated Depreciation	54,525
Premium Outlets | Gulfport Premium Outlets, Gulfport, MS
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	7,763
Gross Amounts At Which Carried At Close of Period
Land	6,421
Buildings and Improvements	129,643
Total	136,064
Accumulated Depreciation	72,537
Premium Outlets | Hagerstown Premium Outlets, Hagerstown (Baltimore/Washington, DC), MD
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	7,444
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	35,393
Total	35,393
Accumulated Depreciation	17,250
Premium Outlets | Houston Premium Outlets, Cypress (Houston), TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	73,314
Initial Cost
Land	3,576
Buildings and Improvements	85,883
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,383
Gross Amounts At Which Carried At Close of Period
Land	3,576
Buildings and Improvements	88,266
Total	91,842
Accumulated Depreciation	39,565
Premium Outlets | Indiana Premium Outlets, Edinburgh (Indianapolis), IN
Initial Cost
Land	8,695
Buildings and Improvements	69,350
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	46,533
Gross Amounts At Which Carried At Close of Period
Land	8,695
Buildings and Improvements	115,883
Total	124,578
Accumulated Depreciation	54,669
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	8,300
Gross Amounts At Which Carried At Close of Period
Land	6,416
Buildings and Improvements	112,313
Total	118,729
Accumulated Depreciation	52,477
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	78,255
Gross Amounts At Which Carried At Close of Period
Land	15,390
Buildings and Improvements	129,234
Total	144,624
Accumulated Depreciation	65,300
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	6,936
Gross Amounts At Which Carried At Close of Period
Land	2,800
Buildings and Improvements	46,482
Total	49,282
Accumulated Depreciation	23,364
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	11,008
Gross Amounts At Which Carried At Close of Period
Land	11,832
Buildings and Improvements	106,002
Total	117,834
Accumulated Depreciation	47,052
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	11,380
Gross Amounts At Which Carried At Close of Period
Land	45,168
Buildings and Improvements	263,258
Total	308,426
Accumulated Depreciation	102,723
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	152,117
Gross Amounts At Which Carried At Close of Period
Land	41,971
Buildings and Improvements	287,090
Total	329,061
Accumulated Depreciation	134,037
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	32,957
Gross Amounts At Which Carried At Close of Period
Land	13,085
Buildings and Improvements	193,734
Total	206,819
Accumulated Depreciation	87,419
Premium Outlets | Lee Premium Outlets, Lee, MA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	49,504
Initial Cost
Land	9,167
Buildings and Improvements	52,212
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,302
Gross Amounts At Which Carried At Close of Period
Land	9,167
Buildings and Improvements	56,514
Total	65,681
Accumulated Depreciation	30,446
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	21,105
Gross Amounts At Which Carried At Close of Period
Land	7,190
Buildings and Improvements	183,128
Total	190,318
Accumulated Depreciation	87,734
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	13,206
Gross Amounts At Which Carried At Close of Period
Land	6,630
Buildings and Improvements	107,344
Total	113,974
Accumulated Depreciation	58,943
Premium Outlets | Merrimack Premium Outlets, Merrimack, NH
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	116,398
Initial Cost
Land	14,975
Buildings and Improvements	118,428
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,911
Gross Amounts At Which Carried At Close of Period
Land	14,975
Buildings and Improvements	121,339
Total	136,314
Accumulated Depreciation	43,453
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	7,513
Gross Amounts At Which Carried At Close of Period
Land	11,400
Buildings and Improvements	52,536
Total	63,936
Accumulated Depreciation	27,674
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	5,978
Gross Amounts At Which Carried At Close of Period
Land	2,143
Buildings and Improvements	42,175
Total	44,318
Accumulated Depreciation	20,310
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	3,158
Gross Amounts At Which Carried At Close of Period
Land	4,300
Buildings and Improvements	140,178
Total	144,478
Accumulated Depreciation	67,220
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	17,515
Gross Amounts At Which Carried At Close of Period
Land	31,998
Buildings and Improvements	490,330
Total	522,328
Accumulated Depreciation	182,297
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	19,688
Gross Amounts At Which Carried At Close of Period
Land	50,063
Buildings and Improvements	402,637
Total	452,700
Accumulated Depreciation	178,209
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	4,394
Gross Amounts At Which Carried At Close of Period
Land	13,322
Buildings and Improvements	18,104
Total	31,426
Accumulated Depreciation	11,599
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	25,391
Gross Amounts At Which Carried At Close of Period
Land	16,676
Buildings and Improvements	130,640
Total	147,316
Accumulated Depreciation	72,961
Premium Outlets | Phoenix Premium Outlets, Chandler (Phoenix), AZ
Initial Cost
Buildings and Improvements	63,082
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	681
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	63,763
Total	63,763
Accumulated Depreciation	24,082
Premium Outlets | Pismo Beach Premium Outlets, Pismo Beach, CA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	34,329
Initial Cost
Land	4,317
Buildings and Improvements	19,044
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,812
Gross Amounts At Which Carried At Close of Period
Land	4,317
Buildings and Improvements	21,856
Total	26,173
Accumulated Depreciation	13,228
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	7,408
Gross Amounts At Which Carried At Close of Period
Land	16,823
Buildings and Improvements	134,094
Total	150,917
Accumulated Depreciation	55,534
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	9,286
Gross Amounts At Which Carried At Close of Period
Land	20,586
Buildings and Improvements	123,307
Total	143,893
Accumulated Depreciation	51,856
Premium Outlets | Queenstown Premium Outlets, Queenstown (Baltimore), MD
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	60,308
Initial Cost
Land	8,129
Buildings and Improvements	61,950
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,109
Gross Amounts At Which Carried At Close of Period
Land	8,129
Buildings and Improvements	67,059
Total	75,188
Accumulated Depreciation	29,293
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	28,623
Gross Amounts At Which Carried At Close of Period
Land	12,229
Buildings and Improvements	70,170
Total	82,399
Accumulated Depreciation	41,040
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	5,336
Gross Amounts At Which Carried At Close of Period
Land	14,706
Buildings and Improvements	87,588
Total	102,294
Accumulated Depreciation	53,430
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	73,617
Gross Amounts At Which Carried At Close of Period
Land	68,102
Buildings and Improvements	382,311
Total	450,413
Accumulated Depreciation	97,460
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	12,724
Gross Amounts At Which Carried At Close of Period
Land	13,180
Buildings and Improvements	299,903
Total	313,083
Accumulated Depreciation	115,472
Premium Outlets | Seattle Premium Outlets, Tulalip (Seattle), WA
Initial Cost
Buildings and Improvements	103,722
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	54,623
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	158,345
Total	158,345
Accumulated Depreciation	77,078
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	12,534
Gross Amounts At Which Carried At Close of Period
Land	6,092
Buildings and Improvements	70,204
Total	76,296
Accumulated Depreciation	37,830
Premium Outlets | Tampa Premium Outlets, Lutz (Tampa), FL
Initial Cost
Land	14,298
Buildings and Improvements	97,188
Costs Capitalized Subsequent to Acquisition
Land	121
Buildings and Improvements	4,942
Gross Amounts At Which Carried At Close of Period
Land	14,419
Buildings and Improvements	102,130
Total	116,549
Accumulated Depreciation	23,556
Premium Outlets | The Crossings Premium Outlets, Tannersville, PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	103,304
Initial Cost
Land	7,720
Buildings and Improvements	172,931
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	18,694
Gross Amounts At Which Carried At Close of Period
Land	7,720
Buildings and Improvements	191,625
Total	199,345
Accumulated Depreciation	89,095
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	7,508
Gross Amounts At Which Carried At Close of Period
Land	12,508
Buildings and Improvements	77,185
Total	89,693
Accumulated Depreciation	18,160
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	18,500
Gross Amounts At Which Carried At Close of Period
Land	9,420
Buildings and Improvements	103,350
Total	112,770
Accumulated Depreciation	56,351
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	19,378
Gross Amounts At Which Carried At Close of Period
Land	22,630
Buildings and Improvements	96,694
Total	119,324
Accumulated Depreciation	47,598
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	15,032
Gross Amounts At Which Carried At Close of Period
Land	3,230
Buildings and Improvements	90,309
Total	93,539
Accumulated Depreciation	48,025
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	8,262
Gross Amounts At Which Carried At Close of Period
Land	10,323
Buildings and Improvements	232,051
Total	242,374
Accumulated Depreciation	87,577
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	2,963
Gross Amounts At Which Carried At Close of Period
Land	9,414
Buildings and Improvements	153,377
Total	162,791
Accumulated Depreciation	46,326
Premium Outlets | Woodbury Common Premium Outlets, Central Valley (New York), NY
Initial Cost
Land	11,010
Buildings and Improvements	862,559
Costs Capitalized Subsequent to Acquisition
Land	1,771
Buildings and Improvements	265,878
Gross Amounts At Which Carried At Close of Period
Land	12,781
Buildings and Improvements	1,128,437
Total	1,141,218
Accumulated Depreciation	448,819
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	48,605
Gross Amounts At Which Carried At Close of Period
Land	4,900
Buildings and Improvements	330,636
Total	335,536
Accumulated Depreciation	146,606
The Mills | Arizona Mills, Tempe (Phoenix), AZ
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	145,874
Initial Cost
Land	41,936
Buildings and Improvements	297,289
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	15,389
Gross Amounts At Which Carried At Close of Period
Land	41,936
Buildings and Improvements	312,678
Total	354,614
Accumulated Depreciation	75,594
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	59,127
Gross Amounts At Which Carried At Close of Period
Land	69,853
Buildings and Improvements	522,228
Total	592,081
Accumulated Depreciation	156,327
The Mills | Gurnee Mills, Gurnee (Chicago), IL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	253,708
Initial Cost
Land	41,133
Buildings and Improvements	297,911
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	29,991
Gross Amounts At Which Carried At Close of Period
Land	41,133
Buildings and Improvements	327,902
Total	369,035
Accumulated Depreciation	102,054
The Mills | Mills at Jersey Gardens, The, Elizabeth, NJ
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	355,000
Initial Cost
Land	120,417
Buildings and Improvements	865,605
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	17,920
Gross Amounts At Which Carried At Close of Period
Land	120,417
Buildings and Improvements	883,525
Total	1,003,942
Accumulated Depreciation	198,695
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	18,561
Gross Amounts At Which Carried At Close of Period
Land	51,000
Buildings and Improvements	346,064
Total	397,064
Accumulated Depreciation	103,485
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	2,965
Gross Amounts At Which Carried At Close of Period
Land	64,973
Buildings and Improvements	214,287
Total	279,260
Accumulated Depreciation	17,869
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	42,020
Gross Amounts At Which Carried At Close of Period
Land	61,755
Buildings and Improvements	467,390
Total	529,145
Accumulated Depreciation	151,327
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	218,581
Gross Amounts At Which Carried At Close of Period
Land	198,376
Buildings and Improvements	1,859,734
Total	2,058,109
Accumulated Depreciation	530,570
Designer Outlets | La Reggia Designer Outlet, Marcianise (Naples), Italy
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	159,432
Initial Cost
Land	37,220
Buildings and Improvements	233,179
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	22,684
Gross Amounts At Which Carried At Close of Period
Land	37,220
Buildings and Improvements	255,864
Total	293,084
Accumulated Depreciation	47,616
Designer Outlets | Noventa Di Piave Designer Outlet, Venice, Italy
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	343,042
Initial Cost
Land	38,793
Buildings and Improvements	309,283
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	71,352
Gross Amounts At Which Carried At Close of Period
Land	38,793
Buildings and Improvements	380,635
Total	419,428
Accumulated Depreciation	62,130
Designer Outlets | Parndorf Designer Outlet, Vienna, Austria
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	226,896
Initial Cost
Land	14,903
Buildings and Improvements	223,156
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,330
Gross Amounts At Which Carried At Close of Period
Land	14,903
Buildings and Improvements	225,486
Total	240,389
Accumulated Depreciation	49,071
Designer Outlets | Provence Designer Outlet, Provence, France
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	100,445
Initial Cost
Land	40,754
Buildings and Improvements	77,827
Costs Capitalized Subsequent to Acquisition
Land	6,169
Gross Amounts At Which Carried At Close of Period
Land	46,923
Buildings and Improvements	77,827
Total	124,749
Accumulated Depreciation	23,376
Designer Outlets | Roermond Designer Outlet, Roermond, Netherlands
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	282,085
Initial Cost
Land	15,035
Buildings and Improvements	400,094
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	14,554
Gross Amounts At Which Carried At Close of Period
Land	15,035
Buildings and Improvements	414,648
Total	429,683
Accumulated Depreciation	91,007
Designer Outlets | Roosendaal Designer Outlet, Roosendaal, Netherlands
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	72,342
Initial Cost
Land	22,191
Buildings and Improvements	108,069
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,789
Gross Amounts At Which Carried At Close of Period
Land	22,191
Buildings and Improvements	113,858
Total	136,049
Accumulated Depreciation	22,321
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	7,184
Gross Amounts At Which Carried At Close of Period
Land	10,428
Buildings and Improvements	82,517
Total	92,945
Accumulated Depreciation	29,967
Community/Lifestyle Centers | University Park Village, Fort Worth, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	54,425
Initial Cost
Land	18,031
Buildings and Improvements	100,523
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,710
Gross Amounts At Which Carried At Close of Period
Land	18,031
Buildings and Improvements	105,233
Total	123,264
Accumulated Depreciation	22,240
Other Properties | Calhoun Marketplace, Calhoun, GA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	17,941
Initial Cost
Land	1,745
Buildings and Improvements	12,529
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,180
Gross Amounts At Which Carried At Close of Period
Land	1,745
Buildings and Improvements	14,709
Total	16,454
Accumulated Depreciation	10,195
Other Properties | Florida Keys Outlet Center, Florida City, FL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	17,001
Initial Cost
Land	1,112
Buildings and Improvements	1,748
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,474
Gross Amounts At Which Carried At Close of Period
Land	1,112
Buildings and Improvements	6,222
Total	7,334
Accumulated Depreciation	3,792
Other Properties | Gaffney Marketplace, Gaffney (Greenville/Charlotte), SC
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	28,981
Initial Cost
Land	4,056
Buildings and Improvements	32,371
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,097
Gross Amounts At Which Carried At Close of Period
Land	4,056
Buildings and Improvements	38,468
Total	42,524
Accumulated Depreciation	21,273
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	3,658
Gross Amounts At Which Carried At Close of Period
Land	3,367
Buildings and Improvements	5,215
Total	8,582
Accumulated Depreciation	2,888
Other Properties | Osage Beach Marketplace, Osage Beach, MO
Initial Cost
Land	1,397
Buildings and Improvements	9,471
Gross Amounts At Which Carried At Close of Period
Land	1,397
Buildings and Improvements	9,471
Total	10,869
Accumulated Depreciation	852
Other Properties | Southridge Mall, Greendale (Milwaukee), WI
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	112,087
Initial Cost
Land	12,359
Buildings and Improvements	130,111
Costs Capitalized Subsequent to Acquisition
Land	1,939
Buildings and Improvements	13,029
Gross Amounts At Which Carried At Close of Period
Land	14,298
Buildings and Improvements	143,140
Total	157,438
Accumulated Depreciation	53,156
Other Properties | Town Center at Cobb, Kennesaw (Atlanta), GA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	180,376
Initial Cost
Land	32,355
Buildings and Improvements	158,225
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	24,583
Gross Amounts At Which Carried At Close of Period
Land	32,355
Buildings and Improvements	182,808
Total	215,163
Accumulated Depreciation	131,692
Development Projects | Other pre-development costs
Initial Cost
Land	107,403
Buildings and Improvements	156,542
Costs Capitalized Subsequent to Acquisition
Land	959
Gross Amounts At Which Carried At Close of Period
Land	108,362
Buildings and Improvements	156,542
Total	264,903
Accumulated Depreciation	78
Other
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	25,000
Initial Cost
Land	3,537
Buildings and Improvements	51,972
Gross Amounts At Which Carried At Close of Period
Land	3,537
Buildings and Improvements	51,972
Total	55,509
Accumulated Depreciation	15,503
Currency Translation Adjustment
Initial Cost
Land	22,388
Buildings and Improvements	88,022
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	89,445
Gross Amounts At Which Carried At Close of Period
Land	22,388
Buildings and Improvements	177,466
Total	199,854
Accumulated Depreciation	$ (2,464)

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Real Estate Properties:
Balance, beginning of year	$ 37,356,739	$ 36,667,960	$ 36,014,506
Acquisitions and consolidations		40,990	328,265
Improvements	401,202	899,728	758,135
Disposals and deconsolidations	(320,328)	(219,268)	(357,622)
Currency Translation Adjustment	171,025	(32,671)	(75,324)
Balance, close of year	37,608,638	37,356,739	36,667,960
Unaudited aggregate cost of real estate for federal income tax purposes	21,756,450
Reconciliation of Accumulated Depreciation:
Balance, beginning of year	13,622,433	12,632,690	11,704,223
Depreciation expense	1,226,611	1,176,815	1,106,053
Disposals and deconsolidations	(236,123)	(194,664)	(190,241)
Currency Translation Adjustment	(20,054)	7,592	12,655
Balance, close of year	$ 14,592,867	$ 13,622,433	$ 12,632,690
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