Document and Entity Information
Document and Entity Information - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 31, 2022 | Jun. 30, 2021 | |
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, 2021 | ||
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 | $ 42,527 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Indianapolis, Indiana | ||
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 | 328,588,111 | ||
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, $0.0001 par value | ||
Trading Symbol | SPGJ | ||
Security Exchange Name | NYSE | ||
Simon Property Group, L.P. | |||
Document Information | |||
Entity Registrant Name | SIMON PROPERTY GROUP, L.P. | ||
Entity Central Index Key | 0001022344 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Entity File Number | 001-36110 | ||
Entity Tax Identification Number | 34-1755769 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 225 West Washington Street | ||
Entity Address, City or Town | Indianapolis | ||
Entity Address, State or Province | IN | ||
Entity Address, Postal Zip Code | 46204 | ||
City Area Code | 317 | ||
Local Phone Number | 636-1600 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Indianapolis, Indiana |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS: | ||
Investment properties, at cost | $ 37,932,366 | $ 38,050,196 |
Less - accumulated depreciation | 15,621,127 | 14,891,937 |
Investment properties, at cost, net | 22,311,239 | 23,158,259 |
Cash and cash equivalents | 533,936 | 1,011,613 |
Tenant receivables and accrued revenue, net | 919,654 | 1,236,734 |
Right-of-use assets, net | 504,119 | 512,914 |
Investments held in trust - special purpose acquisition company | 345,000 | |
Deferred costs and other assets | 1,121,011 | 1,082,168 |
Total assets | 33,777,379 | 34,786,846 |
LIABILITIES: | ||
Mortgages and unsecured indebtedness | 25,321,022 | 26,723,361 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,433,216 | 1,311,925 |
Cash distributions and losses in unconsolidated entities, at equity | 1,573,105 | 1,577,393 |
Dividend payable | 1,468 | 486,922 |
Lease liabilities | 506,931 | 515,492 |
Other liabilities | 540,912 | 513,515 |
Total liabilities | 29,376,654 | 31,128,608 |
Commitments and contingencies | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | 547,740 | 185,892 |
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 | 41,763 | 42,091 |
Capital in excess of par value | 11,212,990 | 11,179,688 |
Accumulated deficit | (5,823,708) | (6,102,314) |
Accumulated other comprehensive loss | (185,186) | (188,675) |
Common stock held in treasury, at cost, 14,295,983 and 14,355,621 shares, respectively | (1,884,441) | (1,891,352) |
Total stockholders' equity | 3,361,452 | 3,039,472 |
Noncontrolling interests | 491,533 | 432,874 |
Total equity | 3,852,985 | 3,472,346 |
Total liabilities and partners' deficit | 33,777,379 | 34,786,846 |
TRG | ||
ASSETS: | ||
Investment, in equity | 3,305,102 | 3,451,897 |
Klepierre | ||
ASSETS: | ||
Investment, in equity | 1,661,943 | 1,729,690 |
Unconsolidated Investments excluding Klepierre and TRG | ||
ASSETS: | ||
Investment, in equity | 3,075,375 | 2,603,571 |
Simon Property Group, L.P. | ||
ASSETS: | ||
Investment properties, at cost | 37,932,366 | 38,050,196 |
Less - accumulated depreciation | 15,621,127 | 14,891,937 |
Investment properties, at cost, net | 22,311,239 | 23,158,259 |
Cash and cash equivalents | 533,936 | 1,011,613 |
Tenant receivables and accrued revenue, net | 919,654 | 1,236,734 |
Right-of-use assets, net | 504,119 | 512,914 |
Investments held in trust - special purpose acquisition company | 345,000 | |
Deferred costs and other assets | 1,121,011 | 1,082,168 |
Total assets | 33,777,379 | 34,786,846 |
LIABILITIES: | ||
Mortgages and unsecured indebtedness | 25,321,022 | 26,723,361 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,433,216 | 1,311,925 |
Cash distributions and losses in unconsolidated entities, at equity | 1,573,105 | 1,577,393 |
Dividend payable | 1,468 | 486,922 |
Lease liabilities | 506,931 | 515,492 |
Other liabilities | 540,912 | 513,515 |
Total liabilities | 29,376,654 | 31,128,608 |
Commitments and contingencies | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | 547,740 | 185,892 |
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 | 41,763 | 42,091 |
General Partner, 328,619,163 and 328,501,416 units outstanding, respectively | 3,319,689 | 2,997,381 |
Limited Partners, 47,263,155 and 47,322,212 units outstanding, respectively | 477,292 | 431,784 |
Total partners' equity | 3,838,744 | 3,471,256 |
Nonredeemable noncontrolling interests in properties, net | 14,241 | 1,090 |
Total equity | 3,852,985 | 3,472,346 |
Total liabilities and partners' deficit | 33,777,379 | 34,786,846 |
Simon Property Group, L.P. | TRG | ||
ASSETS: | ||
Investment, in equity | 3,305,102 | 3,451,897 |
Simon Property Group, L.P. | Klepierre | ||
ASSETS: | ||
Investment, in equity | 1,661,943 | 1,729,690 |
Simon Property Group, L.P. | Unconsolidated Investments excluding Klepierre and TRG | ||
ASSETS: | ||
Investment, in equity | 3,075,375 | 2,603,571 |
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 | 34 |
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, 2021 | Dec. 31, 2020 | |
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 | 14,295,983 | 14,355,621 |
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 | 342,907,608 | 342,849,037 |
Common stock, shares outstanding | 342,907,608 | 342,849,037 |
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 | 328,619,625 | 328,501,416 |
Limited Partners, units outstanding | 47,247,936 | 47,322,212 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
REVENUE: | |||
Lease income | $ 4,736,719 | $ 4,302,367 | |
Lease income | $ 5,243,771 | ||
Management fees and other revenues | 106,483 | 96,882 | 112,942 |
Other income | 273,587 | 208,254 | 398,476 |
Total revenue | 5,116,789 | 4,607,503 | 5,755,189 |
EXPENSES: | |||
Property operating | 415,720 | 349,154 | 453,145 |
Depreciation and amortization | 1,262,715 | 1,318,008 | 1,340,503 |
Real estate taxes | 458,953 | 457,142 | 468,004 |
Repairs and maintenance | 96,391 | 80,858 | 100,495 |
Advertising and promotion | 114,303 | 98,613 | 150,344 |
Home and regional office costs | 184,660 | 171,668 | 190,109 |
General and administrative | 30,339 | 22,572 | 34,860 |
Other | 140,518 | 137,679 | 104,942 |
Total operating expenses | 2,703,599 | 2,635,694 | 2,842,402 |
Operating Income Before Other Items | 2,413,190 | 1,971,809 | 2,912,787 |
Interest expense | (795,712) | (784,400) | (789,353) |
Loss on extinguishment of debt | (51,841) | (116,256) | |
Gain on sale or exchange of equity interests (Note 6) | 178,672 | ||
Income and other tax (expense) benefit | (157,199) | 4,637 | (30,054) |
Income from unconsolidated entities | 782,837 | 219,870 | 444,349 |
Unrealized losses in fair value of equity instruments | (8,095) | (19,632) | (13,168) |
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 206,855 | (114,960) | 14,883 |
Consolidated Net Income | 2,568,707 | 1,277,324 | 2,423,188 |
Net (loss) income attributable to noncontrolling interests | 319,076 | 164,760 | 321,604 |
Preferred dividends | 3,337 | 3,337 | 3,337 |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 2,246,294 | $ 1,109,227 | $ 2,098,247 |
BASIC AND DILUTED EARNINGS PER COMMON SHARE: | |||
Net income attributable to common stockholders - basic (in dollars per share) | $ 6.84 | $ 3.59 | $ 6.81 |
Consolidated Net Income | $ 2,568,707 | $ 1,277,324 | $ 2,423,188 |
Unrealized gain (loss) on derivative hedge agreements | 51,114 | (106,548) | (4,066) |
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings | (7,285) | (106) | 13,634 |
Currency translation adjustments | (38,772) | 27,288 | (1,850) |
Changes in available-for-sale securities and other | (1,014) | 180 | 718 |
Comprehensive income | 2,572,750 | 1,198,138 | 2,431,624 |
Comprehensive income attributable to noncontrolling interests | 319,629 | 155,646 | 322,627 |
Comprehensive income attributable to common stockholders | 2,253,121 | 1,042,492 | 2,108,997 |
Simon Property Group, L.P. | |||
REVENUE: | |||
Lease income | 4,736,719 | 4,302,367 | |
Lease income | 5,243,771 | ||
Management fees and other revenues | 106,483 | 96,882 | 112,942 |
Other income | 273,587 | 208,254 | 398,476 |
Total revenue | 5,116,789 | 4,607,503 | 5,755,189 |
EXPENSES: | |||
Property operating | 415,720 | 349,154 | 453,145 |
Depreciation and amortization | 1,262,715 | 1,318,008 | 1,340,503 |
Real estate taxes | 458,953 | 457,142 | 468,004 |
Repairs and maintenance | 96,391 | 80,858 | 100,495 |
Advertising and promotion | 114,303 | 98,613 | 150,344 |
Home and regional office costs | 184,660 | 171,668 | 190,109 |
General and administrative | 30,339 | 22,572 | 34,860 |
Other | 140,518 | 137,679 | 104,942 |
Total operating expenses | 2,703,599 | 2,635,694 | 2,842,402 |
Operating Income Before Other Items | 2,413,190 | 1,971,809 | 2,912,787 |
Interest expense | (795,712) | (784,400) | (789,353) |
Loss on extinguishment of debt | (51,841) | (116,256) | |
Gain on sale or exchange of equity interests (Note 6) | 178,672 | ||
Income and other tax (expense) benefit | (157,199) | 4,637 | (30,054) |
Income from unconsolidated entities | 782,837 | 219,870 | 444,349 |
Unrealized losses in fair value of equity instruments | (8,095) | (19,632) | (13,168) |
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 206,855 | (114,960) | 14,883 |
Consolidated Net Income | 2,568,707 | 1,277,324 | 2,423,188 |
Net (loss) income attributable to noncontrolling interests | (6,053) | (4,378) | 991 |
Preferred dividends | 5,252 | 5,252 | 5,252 |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | 2,569,508 | 1,276,450 | 2,416,945 |
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO: | |||
General Partner | 2,246,294 | 1,109,227 | 2,098,247 |
Limited Partners | $ 323,214 | $ 167,223 | $ 318,698 |
BASIC AND DILUTED EARNINGS PER COMMON SHARE: | |||
Net income attributable to common stockholders - basic (in dollars per share) | $ 6.84 | $ 3.59 | $ 6.81 |
Consolidated Net Income | $ 2,568,707 | $ 1,277,324 | $ 2,423,188 |
Unrealized gain (loss) on derivative hedge agreements | 51,114 | (106,548) | (4,066) |
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings | (7,285) | (106) | 13,634 |
Currency translation adjustments | (38,772) | 27,288 | (1,850) |
Changes in available-for-sale securities and other | (1,014) | 180 | 718 |
Comprehensive income | 2,572,750 | 1,198,138 | 2,431,624 |
Comprehensive income attributable to noncontrolling interests | (2,634) | 1,666 | 1,422 |
Comprehensive income attributable to common stockholders | $ 2,575,384 | $ 1,196,472 | $ 2,430,202 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Consolidated Net Income | $ 2,568,707 | $ 1,277,324 | $ 2,423,188 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities | |||
Depreciation and amortization | 1,325,895 | 1,354,991 | 1,394,172 |
Loss on debt extinguishment | 51,841 | 116,256 | |
(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | (206,855) | 114,960 | (14,883) |
Gain on sale or exchange of equity interests | (178,672) | ||
Unrealized losses in fair value of equity instruments | 8,095 | 19,632 | 8,212 |
Straight-line lease loss (income) | 22,619 | 19,950 | (67,139) |
Equity in income of unconsolidated entities | (782,837) | (219,870) | (444,349) |
Distributions of income from unconsolidated entities | 436,881 | 184,733 | 428,769 |
Changes in assets and liabilities | |||
Tenant receivables and accrued revenue, net | 265,352 | (415,911) | (157) |
Deferred costs and other assets | (77,592) | (28,191) | (49,338) |
Accounts payable, accrued expenses, intangibles, deferred revenues and other | 203,968 | 19,080 | 13,100 |
Net cash provided by operating activities | 3,637,402 | 2,326,698 | 3,807,831 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisitions | (257,080) | (3,606,694) | (12,800) |
Funding of loans to related parties | (15,848) | (8,236) | |
Repayments of loans to related parties | 14,027 | 7,641 | |
Capital expenditures, net | (527,935) | (484,119) | (876,011) |
Cash impact from the consolidation of properties | 5,595 | 1,045 | |
Net proceeds from sale of assets | 3,000 | 33,418 | 6,776 |
Investments in unconsolidated entities | (56,901) | (191,368) | (63,789) |
Purchase of equity instruments | (33,605) | (32,955) | (374,231) |
Proceeds from sales of equity instruments | 65,504 | 30,000 | |
Insurance proceeds for property restoration | 7,200 | 31,198 | 5,662 |
Distributions of capital from unconsolidated entities and other | 243,279 | 250,358 | 229,000 |
Net cash used in investing activities | (552,764) | (3,978,398) | (1,076,707) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from sales of common stock and other, net of transaction costs | (328) | 1,556,148 | (328) |
Purchase of shares related to stock grant recipients' tax withholdings | (2,318) | (854) | (2,955) |
Redemption of limited partner units | (2,220) | (16,106) | (6,846) |
Purchase of treasury stock | (152,589) | (359,773) | |
Proceeds from the special purpose acquisition company IPO, net of transaction costs | 338,121 | ||
Establishment of trust account for special purpose acquisition company | (345,000) | ||
Distributions to noncontrolling interest holders in properties | (5,024) | (8,271) | (41,549) |
Contributions from noncontrolling interest holders in properties | 20,902 | 220 | 139 |
Preferred distributions of the Operating Partnership | (1,915) | (1,915) | (1,915) |
Distributions to stockholders and preferred dividends | (2,351,764) | (1,443,183) | (2,558,944) |
Distributions to limited partners | (337,021) | (219,095) | (388,542) |
Cash paid to extinguish debt | (50,156) | (99,975) | |
Proceeds from issuance of debt, net of transaction costs | 9,251,217 | 15,234,860 | 13,312,301 |
Repayments of debt | (10,076,809) | (12,955,275) | (12,427,699) |
Net cash (used in) provided by financing activities | (3,562,315) | 1,993,940 | (2,576,086) |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (477,677) | 342,240 | 155,038 |
CASH AND CASH EQUIVALENTS, beginning of period | 1,011,613 | 669,373 | 514,335 |
CASH AND CASH EQUIVALENTS, end of period | 533,936 | 1,011,613 | 669,373 |
Simon Property Group, L.P. | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Consolidated Net Income | 2,568,707 | 1,277,324 | 2,423,188 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities | |||
Depreciation and amortization | 1,325,895 | 1,354,991 | 1,394,172 |
Loss on debt extinguishment | 51,841 | 116,256 | |
(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | (206,855) | 114,960 | (14,883) |
Gain on sale or exchange of equity interests | (178,672) | ||
Unrealized losses in fair value of equity instruments | 8,095 | 19,632 | 8,212 |
Straight-line lease loss (income) | 22,619 | 19,950 | (67,139) |
Equity in income of unconsolidated entities | (782,837) | (219,870) | (444,349) |
Distributions of income from unconsolidated entities | 436,881 | 184,733 | 428,769 |
Changes in assets and liabilities | |||
Tenant receivables and accrued revenue, net | 265,352 | (415,911) | (157) |
Deferred costs and other assets | (77,592) | (28,191) | (49,338) |
Accounts payable, accrued expenses, intangibles, deferred revenues and other | 203,968 | 19,080 | 13,100 |
Net cash provided by operating activities | 3,637,402 | 2,326,698 | 3,807,831 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisitions | (257,080) | (3,606,694) | (12,800) |
Funding of loans to related parties | (15,848) | (8,236) | |
Proceeds on loans to related parties | 14,027 | 7,641 | |
Capital expenditures, net | (527,935) | (484,119) | (876,011) |
Cash impact from the consolidation of properties | 5,595 | 1,045 | |
Net proceeds from sale of assets | 3,000 | 33,418 | 6,776 |
Investments in unconsolidated entities | (56,901) | (191,368) | (63,789) |
Purchase of equity instruments | (33,605) | (32,955) | (374,231) |
Proceeds from sales of equity instruments | 65,504 | 30,000 | |
Insurance proceeds for property restoration | 7,200 | 31,198 | 5,662 |
Distributions of capital from unconsolidated entities and other | 243,279 | 250,358 | 229,000 |
Net cash used in investing activities | (552,764) | (3,978,398) | (1,076,707) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from sales of common stock and other, net of transaction costs | (328) | 1,556,148 | (328) |
Purchase of shares related to stock grant recipients' tax withholdings | (2,318) | (854) | (2,955) |
Redemption of limited partner units | (2,220) | (16,106) | (6,846) |
Purchase of general partner units | (152,589) | (359,773) | |
Proceeds from the special purpose acquisition company IPO, net of transaction costs | 338,121 | ||
Establishment of trust account for special purpose acquisition company | (345,000) | ||
Distributions to noncontrolling interest holders in properties | (5,024) | (8,271) | (41,549) |
Contributions from noncontrolling interest holders in properties | 20,902 | 220 | 139 |
Preferred distributions of the Operating Partnership | (2,690,700) | (1,664,193) | (2,949,401) |
Cash paid to extinguish debt | (50,156) | (99,975) | |
Proceeds from issuance of debt, net of transaction costs | 9,251,217 | 15,234,860 | 13,312,301 |
Repayments of debt | (10,076,809) | (12,955,275) | (12,427,699) |
Net cash (used in) provided by financing activities | (3,562,315) | 1,993,940 | (2,576,086) |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (477,677) | 342,240 | 155,038 |
CASH AND CASH EQUIVALENTS, beginning of period | 1,011,613 | 669,373 | 514,335 |
CASH AND CASH EQUIVALENTS, end of period | $ 533,936 | $ 1,011,613 | $ 669,373 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Simon Property Group, L.P.Simon (Managing General Partner) | Simon Property Group, L.P.Limited Partners | Simon Property Group, L.P.Preferred Stock | Simon Property Group, L.P.Noncontrolling Interests | Simon Property Group, L.P. | Preferred StockSeries J Preferred stock | Common Stock | Accumulated Other Comprehensive Income (Loss) | Capital in Excess of Par Value | Accumulated Deficit | Common Stock Held in Treasury | Noncontrolling Interests | Total |
Balance at Dec. 31, 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 gain (loss) 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 attributable to preferred interests in the Operating Partnership and a loss attributable to noncontrolling redeemable interests in properties | 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 gain (loss) 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 attributable to preferred interests in the Operating Partnership and a loss attributable to noncontrolling redeemable interests in properties | 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 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Exchange of limited partner units | 539 | (539) | |||||||||||
Series J preferred stock premium amortization | (328) | (328) | (328) | (328) | |||||||||
Limited partner units exchanged to common units | 539 | (539) | |||||||||||
Stock incentive program | (9,229) | 9,229 | |||||||||||
Amortization of stock incentive | 19,673 | 19,673 | 19,673 | 19,673 | |||||||||
Redemption of limited partner units | (2,061) | (159) | (2,220) | (2,061) | (159) | (2,220) | |||||||
Long-term incentive performance units | 17,755 | 17,755 | 17,755 | 17,755 | |||||||||
Issuance of unit equivalents and other | (40,877) | 1 | 18,493 | (22,383) | 5,760 | (44,319) | (2,318) | 18,494 | (22,383) | ||||
Unrealized gain (loss) on derivative hedge agreements | 44,676 | 6,438 | 51,114 | 44,676 | 6,438 | 51,114 | |||||||
Currency translation adjustments | (33,932) | (4,840) | (38,772) | (33,932) | (4,840) | (38,772) | |||||||
Changes in available-for-sale securities and other | (886) | (128) | (1,014) | (886) | (128) | (1,014) | |||||||
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings | (6,369) | (916) | (7,285) | (6,369) | (916) | (7,285) | |||||||
Other comprehensive income | 3,489 | 554 | 4,043 | 3,489 | 554 | 4,043 | |||||||
Adjustment to limited partners' interest from change in ownership in the Operating Partnership | 18,620 | (18,620) | 18,620 | (18,620) | |||||||||
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests | (1,926,706) | (276,698) | (2,203,404) | ||||||||||
Distributions to other noncontrolling interest partners | (2,708) | (2,708) | |||||||||||
Distributions to limited partners, excluding preferred interests classified as temporary equity | (1,923,369) | (276,698) | (3,337) | (2,708) | (2,206,112) | ||||||||
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties | 2,246,294 | 323,214 | 3,337 | (2,634) | 2,570,211 | ||||||||
Net income, excluding attributable to preferred interests in the Operating Partnership and a loss attributable to noncontrolling redeemable interests in properties | 2,249,631 | 320,580 | 2,570,211 | ||||||||||
Balance at Dec. 31, 2021 | $ 41,763 | $ 34 | $ (185,186) | $ 11,212,990 | $ (5,823,708) | $ (1,884,441) | $ 491,533 | $ 3,852,985 | |||||
Balance at Dec. 31, 2021 | $ 3,319,689 | $ 477,292 | $ 41,763 | $ 14,241 | $ 3,852,985 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Exchange of limited partner units, (in shares) | 58,571 | 293,204 | 24,000 |
Issuance of limited partner, units | 955,705 | ||
Public offering of common stock, shares | 22,137,500 | ||
Stock incentive program, shares, net | 80,012 | 462,967 | 90,902 |
Redemption of Limited Partner Units | 15,705 | 116,658 | 43,255 |
Treasury stock purchase, shares | 1,245,654 | 2,247,074 | |
Shares repurchased | 20,374 | 15,561 | 16,336 |
Net income attributable to preferred interests in the Operating Partnership (in dollars) | $ 1,915,000 | $ 1,915,000 | $ 1,915,000 |
Net loss attributable to noncontrolling redeemable interests in properties (in dollars) | $ 3,419,000 | $ 6,044,000 | $ 431,000 |
Simon Property Group, L.P. | |||
Limited partner units exchanged to common units | 58,571 | 293,204 | 24,000 |
Issuance of limited partner, units | 955,705 | ||
Public offering of common stock, shares | 22,137,500 | ||
Stock incentive program, units, net | 80,012 | 462,967 | 90,902 |
Redemption of Limited Partner Units | 15,705 | 116,658 | 43,255 |
Treasury unit purchase, units | 1,245,654 | 2,247,074 | |
Issuance of equivalents units | 36,252 | ||
Issuance of common units | $ 20,374 | $ 15,561 | $ 16,336 |
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars) | 1,915,000 | 1,915,000 | 1,915,000 |
Net loss attributable to noncontrolling redeemable interests in properties (in dollars) | $ 3,419,000 | $ 6,044,000 | $ 431,000 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, we owned or held an interest in 199 income-producing properties in the United States, which consisted of 95 malls, 69 Premium Outlets, 14 Mills, six lifestyle centers, and 15 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, 2021, we had ownership interests in 33 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe, and Canada. As of December 31, 2021, 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 14 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, 2021 | |
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 2021 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, 2021, we consolidated 131 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 apply the equity method of accounting to the other 84 properties (the joint venture properties) and our investments in Klépierre (a publicly traded, Paris-based real estate company) and The Taubman Realty Group, LLC, or TRG, as well as our investments in certain entities involved in retail operations, such as J.C. Penney and SPARC Group; intellectual property and licensing ventures, such as Authentic Brands Group, LLC, or ABG, and Eddie Bauer Ipco; and an e-commerce venture Rue Gilt Groupe, or RGG, (collectively, our other platform investments). We manage the day-to-day operations of 53 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, Canada, Spain, Thailand, and the United Kingdom comprise 23 of the remaining 31 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, 2021 2020 2019 Weighted average ownership interest 87.4 % 86.9 % 86.8 % As of December 31, 2021 and 2020, our ownership interest in the Operating Partnership was 87.4%. 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, 2021 | |
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: 2021 2020 Land $ 3,639,353 $ 3,700,023 Buildings and improvements 33,857,863 33,908,615 Total land, buildings and improvements 37,497,216 37,608,638 Furniture, fixtures and equipment 435,150 441,558 Investment properties at cost 37,932,366 38,050,196 Less — accumulated depreciation 15,621,127 14,891,937 Investment properties at cost, net $ 22,311,239 $ 23,158,259 Construction in progress included above $ 797,519 $ 773,061 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, 2021 2020 2019 Capitalized interest $ 31,204 $ 22,917 $ 33,342 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, 2021 and 2020, we had equity instruments with readily determinable fair values of $142.2 million and $41.9 million, respectively. Changes in the fair value of these equity instruments are recorded in unrealized losses in fair value of equity instruments in our consolidated statements of operations and comprehensive income. At December 31, 2021 and 2020, we had equity instruments without readily determinable fair values of $217.2 million and $309.3 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, 2021 and 2020. 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, 2021 and 2020, we held debt securities of $60.9 million and $40.5 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, 2021 and 2020 were primarily classified as having Level 1 and Level 2 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs, which consist primarily of foreign currency forward contracts and interest rate swap agreements with a gross asset balance of $6.2 million at December 31, 2021 and an insignificant gross asset balance at December 31, 2020, and a gross liability balance of $1.5 million and $44.6 million at December 31, 2021 and 2020, respectively. Note 7 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3, 4, and 6 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, 2021, approximately 7.1% of our consolidated long-lived assets and 3.0% of our consolidated total revenues were derived from assets located outside the United States. As of December 31, 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. Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31: 2021 2020 Deferred lease costs, net $ 109,155 $ 169,651 In-place lease intangibles, net 14,107 3,905 Acquired above market lease intangibles, net 19,171 31,053 Marketable securities of our captive insurance companies 60,855 40,496 Goodwill 20,098 20,098 Other marketable and non-marketable securities 359,459 351,176 Prepaids, notes receivable and other assets, net 538,166 465,789 $ 1,121,011 $ 1,082,168 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: 2021 2020 Deferred lease costs $ 358,287 $ 407,288 Accumulated amortization (249,132) (237,637) Deferred lease costs, net $ 109,155 $ 169,651 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, 2021 2020 2019 Amortization of deferred leasing costs $ 43,028 $ 51,349 $ 57,201 Intangibles The average remaining life of in-place lease intangibles is approximately 2.8 years and is being amortized on a straight-line basis and is included with depreciation and amortization in the consolidated statements of operations and comprehensive income. The fair market value of above and below market leases is amortized into lease income over the remaining lease life as a component of reported lease income. The weighted average remaining life of these intangibles is approximately 2.6 Details of intangible assets as of December 31 are as follows: 2021 2020 In-place lease intangibles $ 115,550 $ 173,094 Accumulated amortization (101,443) (169,189) In-place lease intangibles, net $ 14,107 $ 3,905 2021 2020 Acquired above market lease intangibles $ 133,224 $ 186,620 Accumulated amortization (114,053) (155,567) Acquired above market lease intangibles, net $ 19,171 $ 31,053 Estimated future amortization and the increasing (decreasing) effect on lease income for our above and below market leases as of December 31, 2021 are as follows: Below Above Impact to Market Market Lease Leases Leases Income, Net 2022 $ 5,957 $ (7,877) $ (1,920) 2023 4,470 (5,511) (1,041) 2024 3,510 (3,733) (223) 2025 2,374 (1,564) 810 2026 1,581 (459) 1,122 Thereafter 3,721 (27) 3,694 $ 21,613 $ (19,171) $ 2,442 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, 2021, we had the following outstanding interest rate derivatives related to managing our interest rate risk: Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swaps 2 $ 375.0 million The carrying value of our interest rate swap agreements, at fair value, as of December 31, 2021 was a net asset balance of $0.6 million and is included in deferred costs and other assets. We had no outstanding interest rate derivatives as of December 31, 2020. We generally do not apply hedge accounting to interest rate caps, which had an insignificant value as of December 31, 2021 and 2020, 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 $6.9 million and $8.7 million as of December 31, 2021 and 2020, 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, 2021 and 2020 (in millions): Asset (Liability) Value as of December 31, December 31, Notional Value Maturity Date 2021 2020 € 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) € 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) € 61.0 September 17, 2021 — (1.3) € 61.0 September 17, 2021 — (1.2) € 60.0 March 15, 2022 2.8 — € 62.0 September 15, 2022 2.8 — € 44.5 September 15, 2022 (0.3) — € 44.5 September 15, 2022 (0.4) — € 89.0 December 16, 2022 (0.8) — 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 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 ($10.0) million and ($53.2) million as of December 31, 2021 and 2020, respectively. The total accumulated other comprehensive income (loss) related to the Operating Partnership’s derivative activities, including our share of the other comprehensive income (loss) from unconsolidated entities, was ($11.4) million and ($60.9) million as of December 31, 2021 and 2020, respectively. Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows as of December 31: 2021 2020 Limited partners’ interests in the Operating Partnership $ 477,292 $ 431,784 Nonredeemable noncontrolling interests in properties, net 14,241 1,090 Total noncontrolling interests reflected in equity $ 491,533 $ 432,874 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 ($175.1) million, ($136.2) million and ($160.4) million as of December 31, 2021, 2020 and 2019, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: 2021 2020 2019 Affected line item where net income is presented Currency translation adjustments $ 5,660 $ (1,739) $ — Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net (712) 219 — Net income attributable to noncontrolling interests $ 4,948 $ (1,520) — Accumulated derivative gains (losses), net $ 1,625 $ 1,845 $ (2,782) Interest expense — — (10,852) Loss on extinguishment of debt (204) (232) 1,802 Net income attributable to noncontrolling interests $ 1,421 $ 1,613 $ (11,832) The Operating Partnership The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($200.2) million, ($155.8) million and ($184.8) million as of December 31, 2021, 2020 and 2019, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: 2021 2020 2019 Affected line item where net income is presented Currency translation adjustments $ 5,660 $ (1,739) $ — Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net Accumulated derivative gains (losses), net $ 1,625 $ 1,845 $ (2,782) Interest expense — — (10,852) Loss on extinguishment of debt $ 1,625 $ 1,845 $ (13,634) 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 |
Real Estate Acquisitions and Di
Real Estate Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2021 | |
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 2021, 2020, and 2019. Refer to Note 6 for disclosure of unconsolidated joint venture acquisitions and dispositions. 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. 2021 Dispositions During 2021, we recorded net gains of $176.8 million primarily related to disposition activity which included the foreclosure of three consolidated retail properties in satisfaction of their respective $180.0 million, $120.9 million and $100.0 million non-recourse mortgage loans. 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. |
Per Share and Per Unit Data
Per Share and Per Unit Data | 12 Months Ended |
Dec. 31, 2021 | |
Per Share and Per Unit Data | |
Per Share and Per Unit Data | 5. Per Share and Per Unit Data We determine basic earnings per share and basic earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share and diluted earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding combined with the incremental weighted average number of shares or units, as applicable, that would have been outstanding assuming all potentially dilutive securities were converted into shares of common stock or units, as applicable, at the earliest date possible. The following tables set forth the components of basic and diluted earnings per share and basic and diluted earnings per unit. Simon For the Year Ended December 31, 2021 2020 2019 Net Income attributable to Common Stockholders — Basic and Diluted $ 2,246,294 $ 1,109,227 $ 2,098,247 Weighted Average Shares Outstanding — Basic and Diluted 328,587,137 308,737,625 307,950,112 For the year ended December 31, 2021, 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, 2021, 2020, and 2019. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared. On February 7, 2022, Simon’s Board of Directors declared a quarterly cash dividend for the first quarter of 2022 of $1.65 per share, payable on March 31, 2022 to shareholders of record on March 10, 2022. The Operating Partnership For the Year Ended December 31, 2021 2020 2019 Net Income attributable to Unitholders — Basic and Diluted $ 2,569,508 $ 1,276,450 $ 2,416,945 Weighted Average Units Outstanding — Basic and Diluted 375,866,759 355,281,882 354,724,019 For the year ended December 31, 2021, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the years ended December 31, 2021, 2020, and 2019. We accrue distributions when they are declared. On February 7, 2022, Simon’s Board of Directors declared a quarterly cash distribution for the first quarter of 2022 of $1.65 per unit, payable on March 31, 2022 to unitholders of record on March 10, 2022. 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, 2021 2020 2019 Total dividends/distributions paid per common share/unit $ 5.85 $ 6.00 $ 8.30 Percent taxable as ordinary income 93.10 % 97.40 % 100.00 % Percent taxable as long-term capital gains 6.90 % 2.60 % 0.00 % 100.00 % 100.00 % 100.00 % |
Investments in Unconsolidated E
Investments in Unconsolidated Entities and International Investments | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and December 31, 2020. 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, 2021 and 2020, we had construction loans and other advances to these related parties totaling $88.4 million, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. Unconsolidated Entity Transactions On July 1, 2021, we contributed to ABG all of our interests in both the Forever 21 and Brooks Brothers licensing ventures in exchange for additional interests in ABG. As a result, in the third quarter of 2021, we recognized a non-cash pre-tax gain of $159.8 million, which is included in gain on sale or exchange of equity interests in the consolidated statement of operations, representing the difference between the fair value of the interests received determined using Level 3 inputs and the carrying value of the licensing ventures less costs to sell. In connection with this transaction, we recorded deferred tax expense of $47.9 million which is included in income and other tax (expense) benefit in the consolidated statements of operations and comprehensive income. On December 20, 2021, we sold a portion of our interest in ABG, resulting in a pre-tax gain of $18.8 million, which is included in gain on sale or exchange of equity interests in the consolidated statement of operations. In connection with this transaction, we recorded tax expense of $8.0 million which is included in income and other tax (expense) benefit in the consolidated statements of operations and comprehensive income. Subsequently, we acquired additional interests in ABG for cash consideration of $100.0 million. At December 31, 2021, our interest in ABG was approximately 10.4%. During the fourth quarter of 2021, we disposed of our interest in an unconsolidated property resulting in a gain of $3.4 million which is included in (gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the consolidated statements of operations and comprehensive income. Our share of the proceeds from this transaction was $3.0 million. On June 1, 2021, we and our partner, ABG, acquired the intellectual property of Eddie Bauer. Our non-controlling interest in the licensing venture is 49% and was acquired for cash consideration of $100.8 million. During the second quarter of 2021, we sold our interest in one multi-family residential investment. Our share of the gross proceeds from this transaction was $27.1 million. The gain of $14.9 million on the sale is included in other income in the accompanying consolidated statement of operations and comprehensive income. 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. Our share of net (loss) income was ($118.1 million) for the year ended December 31, 2021, which includes amortization of our excess investment of $196.1 million. In connection with the finalization of the purchase price allocation, we recorded additional amortization of our excess investment of $52.4 million in the fourth quarter of 2021 as a revision to the preliminary amortization previously recorded. Substantially all of our investment has been allocated to investment property based upon fair values determined at the acquisition date using Level 2 and 3 inputs. TRG’s total assets, total liabilities, and noncontrolling interests were $4.0 billion, $4.8 billion, and $155.9 million, respectively, as of December 31, 2021 and $4.1 billion, $5.0 billion and $154.0 million, respectively, as of December 31, 2020. TRG’s total revenue, operating income before other items and consolidated net income were approximately $586.7 million, $196.5 million, and $96.8 million, respectively, for the year ended December 31, 2021, before consideration of the amortization of our excess investment. 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. 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. Additionally, in the third quarter of 2020 and in the fourth quarter of 2019, we recorded an other-than-temporary impairment charge of $36.1 million and $47.2 million, respectively, related to an investment, which is included in gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statements of operations and comprehensive income. On 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 interests were acquired through two separate joint ventures, a licensing venture and an operating venture. 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 2020, 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. In the first quarter of 2021 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. 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. 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. During the second quarter of 2021, SPARC Group acquired certain assets and operations of Eddie Bauer. At December 31, 2021, our noncontrolling equity method interests in the operations venture of SPARC Group was 50.0%. 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, 2021, we owned 63,924,148 shares, or approximately 22.4%, of Klépierre, which had a quoted market price of $23.65 per share. Our share of net income, net of amortization of our excess investment, was $145.1 million, $26.5 million and $145.2 million for the years ended December 31, 2021, 2020 and 2019, 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 $18.1 billion, $11.9 billion, and $1.3 billion, respectively, as of December 31, 2021 and $20.9 billion, $14.4 billion, and $1.4 billion, respectively, as of December 31, 2020. Klépierre’s total revenues, operating income before other items and consolidated net income were approximately $1.2 billion, $380.5 million and $848.1 million, respectively, for the year ended December 31, 2021, $1.3 billion, $327.3 million and $211.2 million, respectively, for the year ended December 31, 2020, and $1.5 billion, $626.3 million and $655.5 million, respectively, for the year ended December 31, 2019, before consolidation of the amortization of our excess investment. During the year ended December 31, 2021, Klépierre elected to step-up the tax basis of certain assets in Italy, which triggered a one-time payment at a significantly reduced tax rate. As a result of the step-up in tax basis, a previously established deferred tax liability was reversed resulting in a non-cash gain, of which our share was $118.4 million. During the year ended December 31, 2021, we recorded a net gain of $1.2 million related to the disposition of certain assets of Klépierre. 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 year ended December 31, 2019, we recorded a gain of $58.6 million related to the disposition of certain assets of Klépierre. These transactions are included in gain (loss) on acquisition of controlling interest, 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 11 Designer Outlet properties as of December 31, 2021, ten Designer Outlet properties as of December 31, 2020, and nine Designer Outlet properties as of December 31, 2019. Seven of which are consolidated by us as of December 31, 2021. As of December 31, 2021, our legal percentage ownership interests in these properties ranged from 23% to 94%. Due to certain redemption rights held by our venture partner, which will require us to purchase their interests under certain circumstances, the noncontrolling interest is presented (i) in the accompanying Simon consolidated balance sheets outside of equity in limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties and (ii) in the accompanying Operating Partnership consolidated balance sheets within preferred units, various series, at liquidation value, and noncontrolling redeemable interests in properties. On January 1, 2021 our European investee gained control of Ochtrup Designer Outlets as a result of the expiration of certain participating rights held by a venture partner. This resulted in the consolidation of the property, requiring a remeasurement of our previously held equity interest to fair value and the recognition of a non-cash gain of $3.7 million in earnings during the first quarter of 2021, which includes amounts reclassified from accumulated other comprehensive income (loss) related to the currency translation adjustment previously recorded on our investment. The gain is included in gain (loss) on acquisition of controlling interest, 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. The determination of the fair value consisted of Level 2 and 3 inputs and was predominately allocated to investment property. 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, 2021 and 2020, 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 $206.1 million and $216.8 million as of December 31, 2021 and 2020, 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 $194.9 million and $184.7 million as of December 31, 2021 and 2020, 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 Klépierre and TRG, as well as our other platform investments. COMBINED BALANCE SHEETS December 31, December 31, 2021 2020 Assets: Investment properties, at cost $ 19,724,242 $ 20,079,476 Less - accumulated depreciation 8,330,891 8,003,863 11,393,351 12,075,613 Cash and cash equivalents 1,481,287 1,169,422 Tenant receivables and accrued revenue, net 591,369 749,231 Right-of-use assets, net 154,561 185,598 Deferred costs and other assets 394,691 380,087 Total assets $ 14,015,259 $ 14,559,951 Liabilities and Partners’ Deficit: Mortgages $ 15,223,710 $ 15,569,485 Accounts payable, accrued expenses, intangibles, and deferred revenue 995,392 969,242 Lease liabilities 158,372 188,863 Other liabilities 383,018 426,321 Total liabilities 16,760,492 17,153,911 Preferred units 67,450 67,450 Partners’ deficit (2,812,683) (2,661,410) Total liabilities and partners’ deficit $ 14,015,259 $ 14,559,951 Our Share of: Partners’ deficit $ (1,207,396) $ (1,130,713) Add: Excess Investment 1,283,645 1,399,757 Our net Investment in unconsolidated entities, at equity $ 76,249 $ 269,044 “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, 2021, scheduled principal repayments on these joint venture properties’ mortgage indebtedness, assuming the obligations remain outstanding through the initial maturities, are as follows: 2022 $ 2,111,105 2023 1,515,170 2024 2,851,788 2025 1,755,169 2026 3,032,175 Thereafter 3,995,886 Total principal maturities 15,261,293 Debt issuance costs (37,583) Total mortgages $ 15,223,710 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 3.60% at December 31, 2021. COMBINED STATEMENTS OF OPERATIONS December 31, 2021 2020 2019 REVENUE: Lease income $ 2,797,221 $ 2,544,134 $ 3,088,594 Other income 319,956 300,634 322,398 Total revenue 3,117,177 2,844,768 3,410,992 OPERATING EXPENSES: Property operating 575,584 519,979 587,062 Depreciation and amortization 686,790 692,424 681,764 Real estate taxes 263,325 262,351 266,013 Repairs and maintenance 79,300 68,722 85,430 Advertising and promotion 72,441 67,434 89,660 Other 200,899 163,710 196,178 Total operating expenses 1,878,339 1,774,620 1,906,107 Operating Income Before Other Items 1,238,838 1,070,148 1,504,885 Interest expense (605,591) (616,332) (636,988) Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net 34,814 — 24,609 Net Income $ 668,061 $ 453,816 $ 892,506 Third-Party Investors’ Share of Net Income $ 333,304 $ 226,364 $ 460,696 Our Share of Net Income $ 334,757 $ 227,452 $ 431,810 Amortization of Excess Investment (64,974) (82,097) (83,556) Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements (14,941) — (9,156) Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net (541) — (1,133) Income from Unconsolidated Entities $ 254,301 $ 145,355 $ 337,965 Our share of income from unconsolidated entities in the above table, aggregated with our share of results from our investments in Klépierre and TRG, as well as our other platform investments, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Unless otherwise noted, our share of the gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net is reflected within gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2021 | |
Indebtedness | |
Indebtedness | 7. Indebtedness Our mortgages and unsecured indebtedness, excluding the impact of derivative instruments, consist of the following as of December 31: 2021 2020 Fixed-Rate Debt: Mortgage notes, including $2,892 and $3,348 of net premiums and $14,619 and $15,237 of debt issuance costs, respectively. Weighted average interest and maturity of 3.61% and 4.3 years at December 31, 2021. $ 4,546,614 $ 5,803,718 Unsecured notes, including $30,964 and $22,470 of net discounts and $83,147 and $74,622 of debt issuance costs, respectively. Weighted average interest and maturity of 2.93% and 9.6 years at December 31, 2021. 18,254,507 16,985,990 Commercial Paper (see below) 500,000 623,020 Total Fixed-Rate Debt 23,301,121 23,412,728 Variable-Rate Debt: Mortgage notes, including $4,354 and $7,102 of debt issuance costs, respectively. Weighted average interest and maturity of 1.70% and 1.6 years at December 31, 2021. 803,495 1,137,034 Credit Facilities (see below), including $22,039 and $16,171 of debt issuance costs, respectively. 1,152,961 2,108,829 Total Variable-Rate Debt 1,956,456 3,245,863 Other Debt Obligations 63,445 64,770 Total Mortgages and Unsecured Indebtedness $ 25,321,022 $ 26,723,361 General. At December 31, 2021, our consolidated subsidiaries were the borrowers under 36 non-recourse mortgage notes secured by mortgages on 39 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, 2021, 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, 2021, our unsecured debt consisted of $18.4 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, $1.05 billion outstanding under the Operating Partnership’s $3.5 billion unsecured revolving credit facility, or Supplemental Facility, and $500.0 million outstanding under the Operating Partnership’s global unsecured commercial paper program, or Commercial Paper program. The Credit Facility also included an additional single, delayed-draw $2.0 billion term loan facility, or Term Facility, or together with the Credit Facility and the Supplemental Facility, the Credit Facilities, which the Operating Partnership drew on December 15, 2020, and repaid in 2021. In November 2021, we amended our Credit Facility to transition the borrowing rates from LIBOR to successor benchmark indexes. The Credit Facility can be increased in the form of additional commitments in an aggregate not to exceed $1.0 billion, for a total aggregate size of $5.0 billion, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent. Borrowings may be denominated in U.S. dollars, Euro, Yen, Pounds, Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 95% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility is June 30, 2024. The Credit Facility can be extended for two additional six-month periods to June 30, 2025, at our sole option, subject to satisfying certain customary conditions precedent. Borrowings under the Credit Facility bear interest, at our election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment and if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by our corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by our corporate credit rating of between 0.000% and 0.400%. The Credit Facility includes a facility fee determined by our corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Credit Facility. Based upon our current credit ratings, the interest rate on the Credit Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR. In October 2021, we amended, restated, and extended the Supplemental Facility. The Supplemental Facility’s initial borrowing capacity of $3.5 billion may be increased to $4.5 billion during its term and provides for borrowings denominated in U.S. dollars, Euro, Yen, Pounds, Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 100% of the maximum revolving credit amount, as defined. The initial maturity date of the Supplemental Facility is January 31, 2026 and can be extended for an additional year to January 31, 2027 at our sole option, subject to satisfying certain customary conditions precedent. Borrowings under the Supplemental Facility bear interest, at our election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment and if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by our corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by our corporate credit rating of between 0.000% and 0.400%. The Supplemental Facility includes a facility fee determined by our corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Supplemental Facility. Based upon our current credit ratings, the interest rate on the Supplemental Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR. On December 31, 2021, we had an aggregate available borrowing capacity of $5.8 billion under the Facilities. The maximum aggregate outstanding balance under the Facilities during the year ended December 31, 2021 was $2.1 billion and the weighted average outstanding balance was $519.9 million. Letters of credit of $11.8 million were outstanding under the Facilities as of December 31, 2021. 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 February 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 March 19, 2021, the Operating Partnership completed the issuance of €750 million ($893.0 million U.S. dollar equivalent as of the issuance date) of senior unsecured notes at a fixed rate of 1.125% with a maturity date of March 19, 2033, the proceeds of which were used on March 23, 2021 to repay the remaining $1.25 billion under the Term Facility reducing it to zero. On August 18, 2021, the Operating Partnership completed the issuance of the following senior unsecured notes: $550 million with a fixed interest rate of 1.375%, and $700 million with a fixed interest rate of 2.250%, with maturity dates of January 15, 2027, and 2032, respectively. In the third quarter of 2021, the Operating Partnership completed the optional redemption of all of its outstanding $550 million 2.350% notes due on January 30, 2022, $600 million 2.625% notes due on June 15, 2022, and $500 million 2.750% notes due on February 1, 2023. We recorded a $28.6 million loss on extinguishment of debt as a result on the optional redemptions. On December 14, 2021, the Operating Partnership drew $1.05 billion under the Supplemental Facility, the proceeds of which funded the early extinguishment of 9 mortgages with a principal balance of $1.16 billion. We recorded a $20.3 million loss on extinguishment of debt as a result of this transaction. On January 11, 2022, the Operating Partnership completed the issuance of the following senior unsecured notes: $500 million with a floating interest rate of SOFR plus 43 basis points, and $700 million with a fixed interest rate of 2.650%, with maturity dates of January 11, 2024 and February 1, 2032, respectively. The proceeds were used to repay $1.05 billion outstanding under the Supplemental Facility on January 12, 2022. Mortgage Debt Total mortgage indebtedness was $5.4 billion and $7.0 billion at December 31, 2021 and 2020, respectively. Debt Maturity and Other Our scheduled principal repayments on indebtedness as of December 31, 2021, assuming the obligations remain outstanding through the initial maturities, are as follows: 2022 $ 1,898,889 (1) 2023 1,230,712 2024 2,828,818 2025 2,669,547 2026 3,920,142 Thereafter 12,861,700 Total principal maturities 25,409,808 Net unamortized debt premium 28,055 Net unamortized debt discount (56,127) Debt issuance costs, net (124,159) Other Debt Obligations 63,445 Total mortgages and unsecured indebtedness $ 25,321,022 (1) Includes $500.0 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, 2021 2020 2019 Cash paid for interest $ 822,182 $ 754,306 $ 803,728 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: 2021 2020 Debt issuance costs $ 227,774 $ 202,859 Accumulated amortization (103,615) (89,727) Debt issuance costs, net $ 124,159 $ 113,132 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, 2021 2020 2019 Amortization of debt issuance costs $ 24,794 $ 23,076 $ 21,499 Amortization of debt discounts/(premiums) 168 174 1,571 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 $23.3 billion and $23.4 billion as of December 31, 2021 and 2020, 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, 2021 2020 Fair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions) $ 24,597 $ 25,327 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages 3.17 % 2.41 % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 3.33 % 2.63 % |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
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 2021, Simon issued 58,571 shares of common stock to seven 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, 2021, the Operating Partnership redeemed 15,705 units from seven limited partners for $2.2 million. 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. 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. The Operating Partnership issued an equal number of units to Simon. 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 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 plan, Simon was authorized to repurchase up to $2.0 billion of its common stock during the two-year period ending February 11, 2021. The Repurchase Program was not extended. Simon repurchased the shares in the open market or in privately negotiated transactions as market conditions warranted. 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 repurchased shares under this program, the Operating Partnership repurchased 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, 2021 and 2020. 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. 2021 2020 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests 522,203 160,355 Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ 547,740 $ 185,892 Refer to Note 3 for discussion of the noncontrolling redeemable interest related to the SPAC. 7.50% Cumulative Redeemable Preferred Units. November 10, 2006 The Operating Partnership The Operating Partnership classifies as temporary equity those securities for which there is the possibility that the Operating Partnership could be required to redeem the security for cash, irrespective of the probability of such a possibility. As a result, the Operating Partnership classifies one series of preferred units and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below. Noncontrolling Redeemable Interests in Properties 2021 2020 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests 522,203 160,355 Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ 547,740 $ 185,892 Refer to Note 3 for discussion of the noncontrolling redeemable interest related to the SPAC. 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, 2021 and 2020. Permanent Equity Simon Preferred Stock. Series J 8 3 / 8 % Cumulative Redeemable Preferred Stock. 3 8 The Operating Partnership Series J 8 3 / 8 % Cumulative Redeemable Preferred Units. 3 8 3 8 outstanding Other Equity Activity The Simon Property Group, L.P. 2019 Stock Incentive Plan. The 2019 Plan is administered by the Compensation and Human Capital Committees. The Compensation and Human Capital Committees determines which eligible individuals may participate and the type, extent and terms of the awards to be granted to them. In addition, the Compensation and Human Capital Committees 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 and Human Capital Committees. 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 Our long-term incentive compensation awards under our stock based compensation plans primarily take the form of LTIP units, restricted stock grants and restricted stock units. These awards 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. In the first quarter of 2021, the Compensation and Human Capital Committees established and made awards under a 2021 Long-Term Incentive Program, or 2021 LTI Program. Awards under the 2021 LTI Program took the form of LTIP units and restricted stock units, or RSUs, as further discussed below. LTIP Programs. In 2018, the Compensation and Human Capital Committees 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 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 2021 and 2019, the Compensation and Human Capital Committees established and granted awards under a redesigned LTIP program, or the 2021 LTIP program and the 2019 LTIP program, respectively. Awards under these programs 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 or absolute 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 applicable vesting dates. Any units determined to be earned LTIP units under the 2021 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 and Human Capital Committees 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 - $6.1 million $6.1 million 2019 LTIP program To be determined in 2022 $9.5 million $14.7 million 2021 LTIP program To be determined in 2024 $5.7 million $12.2 million We recorded compensation expense, net of capitalization and forfeitures, related to LTIP programs of approximately $13.4 million, $1.9 million, and $15.8 million for the years ended December 31, 2021, 2020 and 2019, respectively. Restricted Stock and Restricted Stock Units. During the first quarter of 2021, as part of the 2021 LTI Program the Compensation and Human Capital Committees established a grant of 37,976 time-based RSUs under the 2019 Plan at a weighted average fair market value of $112.92 per share. These awards will vest, subject to the grantee's continued service, on March 1, 2024. The $4.3 million grant date fair value of the awards is being recognized as expense over the three-year vesting service period. During 2020, the Compensation and Human Capital Committees established a one-time grant of 312,263 time-based RSUs 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, 2021 2020 2019 Shares of restricted stock awarded during the year, net of forfeitures 80,012 462,966 90,902 Weighted average fair value of shares granted during the year $ 115.34 $ 73.28 $ 181.94 Annual amortization $ 19,673 $ 11,660 $ 12,604 We recorded compensation expense, net of capitalization, related to restricted stock for employees and non-employee directors of approximately $20.2 million, $10.3 million, and $11.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. 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, 2021, Simon had reserved 54,492,801 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, 2021 | |
Lease Income | |
Lease Income | 9. Lease Income 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, 2021 2020 2019 Fixed lease income $ 3,701,991 $ 3,871,395 $ 4,293,401 Variable lease income 1,034,728 430,972 950,370 Total lease income $ 4,736,719 $ 4,302,367 $ 5,243,771 Tenant receivables and accrued revenue in the accompanying consolidated balance sheets includes straight-line receivables of $568.7 million and $597.6 million at December 31, 2021 and 2020, 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 2022 and 2023, as of December 31, 2021, is as follows: 2022 $ 3,098,505 2023 2,611,384 2024 2,082,985 2024 1,650,164 2025 1,252,534 Thereafter 3,291,874 $ 13,987,446 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, a total of 23 of the consolidated properties are subject to ground leases. The termination dates of these ground leases range from 2022 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 2023 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, 2021 2020 2019 Operating Lease Cost Fixed lease cost $ 32,492 $ 31,404 $ 31,000 Variable lease cost 15,454 13,270 16,833 Sublease income (705) (746) (694) Total operating lease cost $ 47,241 $ 43,928 $ 47,139 For the Year Ended December 31, 2021 2020 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 47,824 $ 44,570 $ 48,519 Weighted-average remaining lease term - operating leases 33.6 years 34.4 years 35.6 years Weighted-average discount rate - operating leases 4.87% 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: 2022 $ 32,838 2023 32,979 2024 33,114 2025 33,124 2026 33,138 Thereafter 855,079 $ 1,020,272 Impact of discounting (513,341) Operating lease liabilities $ 506,931 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 as well as cyber coverage. The initial portion of coverage not provided by third-party carriers may be insured through our wholly-owned captive insurance company, 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 $84.0 million of insurance proceeds from third-party carriers related to the two properties located in Puerto Rico, of which $48.3 million was used for property restoration and remediation and to reduce the insurance recovery receivable. During the years ended December 31, 2021 and 2020, we recorded $2.1 million and $5.2 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 $14.0 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 year ended December 31, 2021, we recorded a $3.5 million gain related to property insurance recovery of previously depreciated assets. This amount was recorded in gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net. 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 $27.5 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 year ended December 31, 2021, we recorded a $17.5 million gain related to property insurance recovery of previously depreciated assets. This amount was recorded in gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net. 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, 2021 and 2020, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $209.9 million and $219.2 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 had a material negative impact on economic and market conditions around the world, and, notwithstanding the fact that vaccines are being administered in the United States and elsewhere, the pandemic continues to adversely impact economic activity in retail 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 at times 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. As a result of the COVID-19 pandemic and these measures, the Company has experienced and may continue to 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 and investments. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
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 2021, 2020 and 2019. 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 $3.5 million, $3.3 million, and $3.9 million in 2021, 2020, and 2019, 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 $102.1 million, $92.7 million, and $108.2 million in 2021, 2020, and 2019, respectively. During 2021, 2020, and 2019, we recorded development, royalty, and other fee income, net of elimination, related to our unconsolidated international joint ventures of $12.4 million, $13.1 million, and $14.8 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. We have investments in retailers including J.C. Penney and SPARC Group, and these retailers are lessees at certain of our operating properties. Lease income from the date of our investments in our consolidated statements of operations and comprehensive income related to these retailers was $82.5 million, $54.1 million, and $20.9 million for the years ended December 31, 2021, 2020, and 2019, respectively, net of elimination. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Data (Unaudited) | |
Quarterly Financial Data (Unaudited) | 12. Quarterly Financial Data (Unaudited) Quarterly 2021 and 2020 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 2021 Total revenue $ 1,239,951 $ 1,254,146 $ 1,296,554 $ 1,326,138 Operating income before other items 604,612 604,723 612,324 591,533 Consolidated net income 510,460 705,869 778,648 573,730 Simon Property Group, Inc. Net income attributable to common stockholders $ 445,860 $ 617,257 $ 679,936 $ 503,241 Net income per share — Basic and Diluted $ 1.36 $ 1.88 $ 2.07 $ 1.53 Weighted average shares outstanding — Basic and Diluted 328,514,497 328,594,136 328,619,163 328,619,248 Simon Property Group, L.P. Net income attributable to unitholders $ 510,085 $ 706,087 $ 777,740 $ 575,596 Net income per unit — Basic and Diluted $ 1.36 $ 1.88 $ 2.07 $ 1.53 Weighted average units outstanding — Basic and Diluted 375,836,653 375,875,290 375,882,318 375,872,212 2020 Total revenue (1) $ 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 |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 (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 $ 93,731 $ 10,886 $ 114,660 $ 125,546 $ 67,339 1981 Battlefield Mall Springfield, MO — 3,919 27,231 3,000 73,269 6,919 100,500 107,419 74,823 1970 Bay Park Square Green Bay, WI — 6,278 25,623 4,106 30,901 10,384 56,524 66,907 34,368 1980 Brea Mall Brea (Los Angeles), CA — 39,500 209,202 2,993 81,393 42,493 290,595 333,088 166,527 1998 (4) Broadway Square Tyler, TX — 11,306 32,431 — 52,984 11,306 85,415 96,721 43,517 1994 (4) Burlington Mall Burlington (Boston), MA — 46,600 303,618 27,458 260,644 74,058 564,262 638,320 263,024 1998 (4) Castleton Square Indianapolis, IN — 26,250 98,287 7,434 78,851 33,684 177,138 210,822 125,790 1972 Cielo Vista Mall El Paso, TX — 1,005 15,262 608 54,450 1,613 69,712 71,325 50,865 1974 College Mall Bloomington, IN — 1,003 16,245 720 70,036 1,723 86,281 88,004 49,845 1965 Columbia Center Kennewick, WA — 17,441 66,580 — 43,135 17,441 109,715 127,156 67,064 1987 Copley Place Boston, MA — — 378,045 — 200,624 — 578,669 578,669 271,506 2002 (4) Coral Square Coral Springs (Miami), FL — 13,556 93,630 — 20,187 13,556 113,817 127,373 91,266 1984 Cordova Mall Pensacola, FL — 18,626 73,091 7,321 70,907 25,947 143,998 169,945 84,955 1998 (4) Domain, The Austin, TX 210,000 40,436 197,010 — 155,117 40,436 352,127 392,563 186,040 2005 Empire Mall Sioux Falls, SD 180,452 35,998 192,186 — 32,637 35,998 224,823 260,821 76,189 1998 (5) Fashion Mall at Keystone, The Indianapolis, IN — — 120,579 29,145 111,089 29,145 231,668 260,813 139,363 1997 (4) Firewheel Town Center Garland (Dallas), TX — 8,438 82,716 — 29,889 8,438 112,605 121,043 67,382 2004 Forum Shops at Caesars, The Las Vegas, NV — — 276,567 — 285,180 — 561,747 561,747 316,592 1992 Greenwood Park Mall Greenwood (Indianapolis), IN — 2,423 23,445 5,253 124,482 7,676 147,927 155,603 95,160 1979 Haywood Mall Greenville, SC — 11,585 133,893 6 42,034 11,591 175,927 187,518 117,494 1998 (4) King of Prussia King of Prussia (Philadelphia), PA — 175,063 1,128,200 — 383,148 175,063 1,511,348 1,686,411 513,981 2003 (5) La Plaza Mall (13) McAllen, TX — 87,912 9,828 6,569 188,482 94,481 198,310 292,791 58,002 1976 Lakeline Mall Cedar Park (Austin), TX — 10,088 81,568 14 24,446 10,102 106,014 116,116 67,646 1995 Lenox Square Atlanta, GA — 37,447 492,411 — 142,110 37,447 634,521 671,968 390,709 1998 (4) Livingston Mall Livingston (New York), NJ — 22,214 105,250 — 47,600 22,214 152,850 175,064 100,502 1998 (4) Mall of Georgia Buford (Atlanta), GA — 47,492 326,633 — 13,980 47,492 340,613 388,105 207,009 1999 (5) McCain Mall N. Little Rock, AR — — 9,515 10,142 28,634 10,142 38,149 48,290 18,749 1973 Menlo Park Mall Edison (New York), NJ — 65,684 223,252 — 88,717 65,684 311,969 377,653 199,039 1997 (4) Midland Park Mall Midland, TX — 687 9,213 1,196 42,037 1,883 51,250 53,133 23,361 1980 Miller Hill Mall Duluth, MN — 2,965 18,092 1,811 43,110 4,776 61,202 65,978 46,574 1973 North East Mall Hurst (Dallas), TX — 128 12,966 19,010 143,969 19,138 156,935 176,073 120,393 1971 Ocean County Mall Toms River (New York), NJ — 20,404 124,945 3,277 87,686 23,681 212,631 236,312 108,360 1998 (4) Orland Square Orland Park (Chicago), IL — 35,439 129,906 — 78,380 35,439 208,286 243,725 123,882 1997 (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 Oxford Valley Mall Langhorne (Philadelphia), PA 32,783 20,872 100,287 — 20,040 20,872 120,327 141,199 87,416 2003 (4) Penn Square Mall Oklahoma City, OK 310,000 2,043 155,958 — 60,572 2,043 216,530 218,573 143,182 2002 (4) Pheasant Lane Mall Nashua, NH — 3,902 155,068 550 49,963 4,452 205,031 209,483 122,652 2004 (5) Phipps Plaza Atlanta, GA — 15,005 210,610 — 276,793 15,005 487,403 502,408 180,970 1998 (4) Plaza Carolina Carolina (San Juan), PR 225,000 15,493 279,560 — 79,328 15,493 358,888 374,381 182,915 2004 (4) Prien Lake Mall Lake Charles, LA — 1,842 2,813 3,053 71,722 4,895 74,535 79,430 29,705 1972 Rockaway Townsquare Rockaway (New York), NJ — 41,918 212,257 — 71,558 41,918 283,815 325,733 168,749 1998 (4) Roosevelt Field Garden City (New York), NY — 163,160 702,008 1,246 372,918 164,406 1,074,926 1,239,332 567,080 1998 (4) Ross Park Mall Pittsburgh, PA $ — $ 23,541 $ 90,203 $ 5,815 $ 123,154 $ 29,356 $ 213,357 $ 242,713 $ 137,717 1986 Santa Rosa Plaza Santa Rosa, CA — 10,400 87,864 — 27,226 10,400 115,090 125,490 70,604 1998 (4) Shops at Chestnut Hill, The Chestnut Hill (Boston), MA 120,000 449 25,102 38,864 106,768 39,313 131,871 171,184 48,064 2002 (5) Shops at Nanuet, The Nanuet, NY — 28,125 142,860 — 8,778 28,125 151,638 179,763 47,385 2013 Shops at Riverside, The Hackensack (New York), NJ — 13,521 238,746 — 265,172 13,521 503,918 517,439 117,769 2007 (4) (5) South Hills Village Pittsburgh, PA — 23,445 125,840 1,472 84,426 24,917 210,266 235,183 114,736 1997 (4) South Shore Plaza Braintree (Boston), MA — 101,200 301,495 — 164,885 101,200 466,380 567,580 281,716 1998 (4) Southdale Mall Edina (Minneapolis), MN — 41,430 184,967 — 81,994 41,430 266,961 308,391 73,542 2007 (4) (5) SouthPark Charlotte, NC — 42,092 188,055 100 208,086 42,192 396,141 438,333 236,456 2002 (4) St. Charles Towne Center Waldorf (Washington, DC), MD — 7,710 52,934 1,180 27,286 8,890 80,220 89,110 62,210 1990 Stanford Shopping Center Palo Alto (San Jose), CA — — 339,537 — 194,716 — 534,253 534,253 229,236 2003 (4) Summit Mall Akron, OH 85,000 15,374 51,137 — 55,450 15,374 106,587 121,961 68,650 1965 Tacoma Mall Tacoma (Seattle), WA — 37,113 125,826 — 173,286 37,113 299,112 336,225 154,263 1987 Tippecanoe Mall Lafayette, IN — 2,897 8,439 5,517 46,663 8,414 55,102 63,516 45,141 1973 Town Center at Boca Raton Boca Raton (Miami), FL — 64,200 307,317 — 245,850 64,200 553,167 617,367 325,402 1998 (4) Towne East Square Wichita, KS — 8,024 18,479 4,108 56,584 12,132 75,063 87,195 47,791 1975 Treasure Coast Square Jensen Beach, FL — 11,124 72,990 3,067 39,325 14,191 112,315 126,506 79,344 1987 Tyrone Square St. Petersburg (Tampa), FL — 15,638 120,962 1,459 50,233 17,097 171,195 188,292 117,286 1972 University Park Mall Mishawaka, IN — 10,762 118,164 7,000 58,155 17,762 176,319 194,081 148,669 1996 (4) Walt Whitman Shops Huntington Station (New York), NY — 51,700 111,258 3,789 130,566 55,489 241,824 297,313 138,124 1998 (4) White Oaks Mall Springfield, IL 42,594 2,907 35,692 2,468 65,150 5,375 100,842 106,217 61,714 1977 Wolfchase Galleria Memphis, TN 155,152 16,407 128,276 — 17,244 16,407 145,520 161,927 102,290 2002 (4) Woodland Hills Mall Tulsa, OK — 34,211 187,123 — 36,573 34,211 223,696 257,907 152,940 2004 (5) 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 Premium Outlets Albertville Premium Outlets Albertville (Minneapolis), MN — 3,900 97,059 — 10,069 3,900 107,128 111,028 56,242 2004 (4) Allen Premium Outlets Allen (Dallas), TX — 20,932 69,788 — 44,770 20,932 114,558 135,490 39,846 2004 (4) Aurora Farms Premium Outlets Aurora (Cleveland), OH — 2,370 24,326 — 9,045 2,370 33,371 35,741 25,244 2004 (4) Birch Run Premium Outlets Birch Run (Detroit), MI 123,000 11,477 77,856 — 8,978 11,477 86,834 98,311 40,083 2010 (4) Camarillo Premium Outlets Camarillo (Los Angeles), CA — 16,599 224,721 395 73,858 16,994 298,579 315,572 155,743 2004 (4) Carlsbad Premium Outlets Carlsbad (San Diego), CA — 12,890 184,990 96 10,584 12,986 195,574 208,560 93,869 2004 (4) Carolina Premium Outlets Smithfield (Raleigh), NC — 3,175 59,863 5,311 7,682 8,486 67,545 76,031 39,192 2004 (4) Chicago Premium Outlets Aurora (Chicago), IL — 659 118,005 13,050 96,798 13,709 214,803 228,512 89,810 2004 (4) Cincinnati Premium Outlets Monroe (Cincinnati), OH — 14,117 71,520 — 3,367 14,117 74,887 89,004 38,032 2008 Clinton Crossing Premium Outlets Clinton, CT — 2,060 107,556 1,532 6,730 3,592 114,286 117,878 64,861 2004 (4) Denver Premium Outlets Thornton (Denver), CO — 11,001 45,335 10 73,657 11,011 118,992 130,003 18,076 2018 Desert Hills Premium Outlets Cabazon (Palm Springs), CA — 3,440 338,679 — 116,191 3,440 454,870 458,310 200,331 2004 (4) Ellenton Premium Outlets Ellenton (Tampa), FL 178,000 15,807 182,412 — 8,034 15,807 190,446 206,253 116,060 2010 (4) Folsom Premium Outlets Folsom (Sacramento), CA — 9,060 50,281 — 5,956 9,060 56,237 65,297 34,092 2004 (4) Gilroy Premium Outlets Gilroy (San Jose), CA — 9,630 194,122 — 16,955 9,630 211,077 220,707 109,942 2004 (4) Grand Prairie Premium Outlets Grand Prairie (Dallas), TX — 9,497 194,245 — 1,330 9,497 195,575 205,072 61,119 2012 Grove City Premium Outlets Grove City (Pittsburgh), PA 140,000 6,421 121,880 — 8,365 6,421 130,245 136,666 78,970 2010 (4) Gulfport Premium Outlets Gulfport, MS $ 50,000 $ — $ 27,949 $ — $ 7,694 $ — $ 35,643 $ 35,643 $ 19,001 2010 (4) Hagerstown Premium Outlets Hagerstown (Baltimore/Washington, DC), MD 71,901 3,576 85,883 — 1,973 3,576 87,856 91,432 42,753 2010 (4) Houston Premium Outlets Cypress (Houston), TX — 8,695 69,350 — 44,528 8,695 113,878 122,573 58,104 2007 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 Indiana Premium Outlets Edinburgh (Indianapolis), IN — 2,857 47,309 — 20,544 2,857 67,853 70,710 38,049 2004 (4) Jackson Premium Outlets Jackson (New York), NJ — 6,413 104,013 3 8,245 6,416 112,258 118,674 55,053 2004 (4) Jersey Shore Premium Outlets Tinton Falls (New York), NJ — 15,390 50,979 — 78,779 15,390 129,758 145,148 70,019 2007 Johnson Creek Premium Outlets Johnson Creek, WI — 2,800 39,546 — 7,221 2,800 46,767 49,567 24,617 2004 (4) Kittery Premium Outlets Kittery, ME — 11,832 94,994 — 11,059 11,832 106,053 117,885 49,905 2004 (4) Las Americas Premium Outlets San Diego, CA — 45,168 251,878 — 11,203 45,168 263,081 308,249 110,122 2007 (4) Las Vegas North Premium Outlets Las Vegas, NV — 25,435 134,973 16,536 151,229 41,971 286,202 328,173 141,918 2004 (4) Las Vegas South Premium Outlets Las Vegas, NV — 13,085 160,777 — 32,579 13,085 193,356 206,441 92,359 2004 (4) Lee Premium Outlets Lee, MA 48,604 9,167 52,212 — 4,213 9,167 56,425 65,592 32,727 2010 (4) Leesburg Corner Premium Outlets Leesburg (Washington, DC), VA — 7,190 162,023 — 21,692 7,190 183,715 190,905 92,572 2004 (4) Lighthouse Place Premium Outlets Michigan City (Chicago, IL), IN — 6,630 94,138 — 13,130 6,630 107,268 113,898 61,728 2004 (4) Merrimack Premium Outlets Merrimack, NH — 14,975 118,428 — 2,501 14,975 120,929 135,904 47,885 2012 Napa Premium Outlets Napa, CA — 11,400 45,023 — 7,418 11,400 52,441 63,841 29,189 2004 (4) North Bend Premium Outlets North Bend (Seattle), WA — 2,143 36,197 — 5,281 2,143 41,478 43,621 20,845 2004 (4) North Georgia Premium Outlets Dawsonville (Atlanta), GA — 4,300 137,020 — 1,877 4,300 138,897 143,197 69,520 2004 (4) Orlando International Premium Outlets Orlando, FL — 31,998 472,815 — 17,633 31,998 490,448 522,446 198,096 2010 (4) Orlando Vineland Premium Outlets Orlando, FL — 14,040 382,949 36,023 25,087 50,063 408,036 458,099 190,674 2004 (4) Petaluma Village Premium Outlets Petaluma (San Francisco), CA — 13,322 13,710 — 3,632 13,322 17,342 30,664 11,293 2004 (4) Philadelphia Premium Outlets Limerick (Philadelphia), PA — 16,676 105,249 — 25,050 16,676 130,299 146,975 77,436 2006 Phoenix Premium Outlets Chandler (Phoenix), AZ — — 63,082 — 485 — 63,567 63,567 26,526 2013 Pismo Beach Premium Outlets Pismo Beach, CA 32,975 4,317 19,044 — 2,833 4,317 21,877 26,194 14,177 2010 (4) Pleasant Prairie Premium Outlets Pleasant Prairie (Chicago, IL/Milwaukee), WI 145,000 16,823 126,686 — 8,524 16,823 135,210 152,033 60,263 2010 (4) Puerto Rico Premium Outlets Barceloneta, PR 160,000 20,586 114,021 — 8,467 20,586 122,488 143,074 55,420 2010 (4) Queenstown Premium Outlets Queenstown (Baltimore), MD 57,928 8,129 61,950 — 5,000 8,129 66,950 75,079 31,396 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 Rio Grande Valley Premium Outlets Mercedes (McAllen), TX — 12,229 41,547 — 28,036 12,229 69,583 81,812 43,037 2005 Round Rock Premium Outlets Round Rock (Austin), TX — 13,485 82,252 — 5,259 13,485 87,511 100,995 55,956 2005 San Francisco Premium Outlets Livermore (San Francisco), CA — 21,925 308,694 46,176 75,532 68,102 384,226 452,328 110,323 2012 San Marcos Premium Outlets San Marcos (Austin/San Antonio), TX — 13,180 287,179 — 14,047 13,180 301,226 314,406 125,685 2010 (4) Seattle Premium Outlets Tulalip (Seattle), WA — — 103,722 — 55,323 — 159,045 159,045 81,104 2004 (4) St. Augustine Premium Outlets St. Augustine (Jacksonville), FL — 6,090 57,670 2 13,850 6,092 71,520 77,612 39,632 2004 (4) Tampa Premium Outlets Lutz (Tampa), FL — 14,298 97,188 121 5,911 14,419 103,099 117,518 27,571 2015 The Crossings Premium Outlets Tannersville, PA $ — $ 7,720 $ 172,931 $ — $ 19,407 $ 7,720 $ 192,338 $ 200,058 $ 93,873 2004 (4) Tucson Premium Outlets Marana (Tucson), AZ — 12,508 69,677 — 5,649 12,508 75,326 87,834 19,786 2015 Vacaville Premium Outlets Vacaville, CA — 9,420 84,850 — 18,490 9,420 103,340 112,760 58,544 2004 (4) Waikele Premium Outlets Waipahu (Honolulu), HI — 22,630 77,316 — 19,863 22,630 97,179 119,809 50,647 2004 (4) Waterloo Premium Outlets Waterloo, NY — 3,230 75,277 — 14,620 3,230 89,897 93,127 49,967 2004 (4) Williamsburg Premium Outlets Williamsburg, VA 185,000 10,323 223,789 — 8,947 10,323 232,736 243,059 95,160 2010 (4) Woodburn Premium Outlets Woodburn (Portland), OR — 9,414 150,414 — 2,987 9,414 153,401 162,815 50,987 2013 (4) Woodbury Common Premium Outlets Central Valley (New York), NY — 11,010 862,559 1,771 270,451 12,781 1,133,010 1,145,790 480,423 2004 (4) Wrentham Village Premium Outlets Wrentham (Boston), MA — 4,900 282,031 — 49,664 4,900 331,695 336,595 155,589 2004 (4) The Mills Arizona Mills Tempe (Phoenix), AZ 99,682 41,285 297,289 — 15,079 41,285 312,368 353,653 85,269 2007 (4) (5) Great Mall Milpitas (San Jose), CA — 69,853 463,101 — 60,466 69,853 523,567 593,420 175,704 2007 (4) (5) Gurnee Mills Gurnee (Chicago), IL 257,710 41,133 297,911 — 31,134 41,133 329,045 370,178 113,342 2007 (4) (5) Mills at Jersey Gardens, The Elizabeth, NJ — 120,417 865,605 — 14,991 120,417 880,596 1,001,013 229,102 2015 (4) Opry Mills Nashville, TN 375,000 51,000 327,503 — 16,927 51,000 344,430 395,430 112,976 2007 (4) (5) Outlets at Orange, The Orange (Los Angeles), CA 215,000 64,973 211,322 — 3,544 64,973 214,866 279,840 25,872 2007 (4) (5) Potomac Mills Woodbridge (Washington, DC), VA 416,000 61,608 425,370 — 40,194 61,608 465,564 527,172 165,137 2007 (4) (5) Sawgrass Mills Sunrise (Miami), FL — 192,981 1,641,153 5,395 227,774 198,376 1,868,927 2,067,302 592,984 2007 (4) (5) Designer Outlets 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 La Reggia Designer Outlet Marcianise (Naples), Italy 148,397 37,220 233,179 — 34,674 37,220 267,853 305,073 60,272 2013 (4) (5) (7) Noventa Di Piave Designer Outlet Venice, Italy 314,876 38,793 309,283 — 73,479 38,793 382,762 421,555 77,400 2013 (4) (5) (7) Ochtrup Designer Outlet Ochtrup, Germany 56,715 11,770 99,221 — — 11,770 99,221 110,991 7,188 2016 (4) (5) (7) Parndorf Designer Outlet Vienna, Austria 208,273 14,903 223,156 — 4,924 14,903 228,080 242,983 59,149 2013 (4) (5) (7) Provence Designer Outlet Provence, France 92,899 41,321 78,279 6,169 — 47,490 78,279 125,769 30,462 2017 (4) (5) (7) Roermond Designer Outlet Roermond, Netherlands 260,891 15,035 400,094 — 16,700 15,035 416,794 431,829 110,259 2013 (4) (5) (7) Roosendaal Designer Outlet Roosendaal, Netherlands 65,105 22,191 108,069 — 6,917 22,191 114,986 137,178 28,406 2017 (4) (5) (7) Lifestyle Centers ABQ Uptown Albuquerque, NM — 6,374 75,333 4,054 7,572 10,428 82,905 93,333 32,112 2011 (4) Northgate Station Seattle, WA — 23,610 115,992 11,947 81,738 35,557 197,730 233,286 55,568 1987 University Park Village Fort Worth, TX 53,408 18,031 100,523 — 8,245 18,031 108,768 126,799 26,205 2015 (4) Other Properties Calhoun Marketplace Calhoun, GA $ 17,552 $ 1,745 $ 12,529 $ — $ 2,188 $ 1,745 $ 14,717 $ 16,462 $ 10,845 2010 (4) Florida Keys Outlet Center Florida City, FL 17,000 1,112 1,748 — 4,735 1,112 6,483 7,595 3,976 2010 (4) Gaffney Marketplace Gaffney (Greenville/Charlotte), SC 28,352 4,056 32,371 — 5,785 4,056 38,156 42,212 22,623 2010 (4) Orlando Outlet Marketplace Orlando, FL — 3,367 1,557 — 3,726 3,367 5,283 8,650 3,164 2010 (4) Osage Beach Marketplace Osage Beach, MO — 1,397 8,874 — — 1,397 8,874 10,272 1,364 2004 (4) Southridge Mall Greendale (Milwaukee), WI 112,087 12,359 130,111 1,939 12,244 14,298 142,355 156,653 58,663 2007 (4) (5) Other pre-development costs 73,854 102,451 259,687 959 — 103,410 259,687 363,097 78 Other — 3,537 133,632 31 — 3,568 133,632 137,201 17,798 Currency Translation Adjustment — 5,940 11,216 — 36,025 5,940 47,242 53,182 (33,934) $ 5,366,190 $ 3,270,099 $ 25,016,217 $ 369,254 $ 8,841,645 $ 3,639,353 $ 33,857,863 $ 37,497,216 $ 15,304,461 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Schedule III as of December 31, 2021 (Dollars in thousands) (1) Reconciliation of Real Estate Properties: The changes in real estate assets for the years ended December 31, 2021, 2020, and 2019 are as follows: 2021 2020 2019 Balance, beginning of year $ 37,608,638 $ 37,356,739 $ 36,667,960 Acquisitions and consolidations (7) 121,250 — 40,990 Improvements 569,483 401,202 899,728 Disposals and deconsolidations (655,482) (320,328) (219,268) Currency Translation Adjustment (146,673) 171,025 (32,671) Balance, close of year $ 37,497,216 $ 37,608,638 $ 37,356,739 The unaudited aggregate cost of domestic consolidated real estate assets for U.S. federal income tax purposes as of December 31, 2021 was $20,725,472. (2) Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation for the years ended December 31, 2021, 2020, and 2019 are as follows: 2021 2020 2019 Balance, beginning of year $ 14,592,867 $ 13,622,433 $ 12,632,690 Depreciation expense (7) 1,083,705 1,226,611 1,176,815 Disposals and deconsolidations (403,582) (236,123) (194,664) Currency Translation Adjustment 31,471 (20,054) 7,592 Balance, close of year $ 15,304,461 $ 14,592,867 $ 13,622,433 Depreciation of our investment in buildings and improvements reflected in the consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as noted below. ● Buildings and Improvements — typically 10 - 35 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment. ● Tenant Allowances and Improvements — shorter of lease term or useful life. (3) Initial cost generally represents net book value at December 20, 1993, except for acquired properties and new developments after December 20, 1993. Initial cost also includes any new developments that are opened during the current year. Costs of disposals and impairments of property are first reflected as a reduction to cost capitalized subsequent to acquisition. (4) Not developed/constructed by us or our predecessors. The date of construction represents the initial acquisition date for assets in which we have acquired multiple interests. (5) Initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting. (6) Encumbrances represent face amount of mortgage debt and exclude any premiums or discounts and deferred financing costs. (7) Represents the original cost and does not include subsequent currency translation adjustments. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies | |
Investment Properties | Investment Properties Investment properties consist of the following as of December 31: 2021 2020 Land $ 3,639,353 $ 3,700,023 Buildings and improvements 33,857,863 33,908,615 Total land, buildings and improvements 37,497,216 37,608,638 Furniture, fixtures and equipment 435,150 441,558 Investment properties at cost 37,932,366 38,050,196 Less — accumulated depreciation 15,621,127 14,891,937 Investment properties at cost, net $ 22,311,239 $ 23,158,259 Construction in progress included above $ 797,519 $ 773,061 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, 2021 2020 2019 Capitalized interest $ 31,204 $ 22,917 $ 33,342 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, 2021 and 2020, we had equity instruments with readily determinable fair values of $142.2 million and $41.9 million, respectively. Changes in the fair value of these equity instruments are recorded in unrealized losses in fair value of equity instruments in our consolidated statements of operations and comprehensive income. At December 31, 2021 and 2020, we had equity instruments without readily determinable fair values of $217.2 million and $309.3 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, 2021 and 2020. 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, 2021 and 2020, we held debt securities of $60.9 million and $40.5 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, 2021 and 2020 were primarily classified as having Level 1 and Level 2 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs, which consist primarily of foreign currency forward contracts and interest rate swap agreements with a gross asset balance of $6.2 million at December 31, 2021 and an insignificant gross asset balance at December 31, 2020, and a gross liability balance of $1.5 million and $44.6 million at December 31, 2021 and 2020, respectively. Note 7 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3, 4, and 6 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, 2021, approximately 7.1% of our consolidated long-lived assets and 3.0% of our consolidated total revenues were derived from assets located outside the United States. As of December 31, 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. |
Deferred Costs and Other Assets | Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31: 2021 2020 Deferred lease costs, net $ 109,155 $ 169,651 In-place lease intangibles, net 14,107 3,905 Acquired above market lease intangibles, net 19,171 31,053 Marketable securities of our captive insurance companies 60,855 40,496 Goodwill 20,098 20,098 Other marketable and non-marketable securities 359,459 351,176 Prepaids, notes receivable and other assets, net 538,166 465,789 $ 1,121,011 $ 1,082,168 |
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: 2021 2020 Deferred lease costs $ 358,287 $ 407,288 Accumulated amortization (249,132) (237,637) Deferred lease costs, net $ 109,155 $ 169,651 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, 2021 2020 2019 Amortization of deferred leasing costs $ 43,028 $ 51,349 $ 57,201 |
Intangibles | Intangibles The average remaining life of in-place lease intangibles is approximately 2.8 years and is being amortized on a straight-line basis and is included with depreciation and amortization in the consolidated statements of operations and comprehensive income. The fair market value of above and below market leases is amortized into lease income over the remaining lease life as a component of reported lease income. The weighted average remaining life of these intangibles is approximately 2.6 Details of intangible assets as of December 31 are as follows: 2021 2020 In-place lease intangibles $ 115,550 $ 173,094 Accumulated amortization (101,443) (169,189) In-place lease intangibles, net $ 14,107 $ 3,905 2021 2020 Acquired above market lease intangibles $ 133,224 $ 186,620 Accumulated amortization (114,053) (155,567) Acquired above market lease intangibles, net $ 19,171 $ 31,053 Estimated future amortization and the increasing (decreasing) effect on lease income for our above and below market leases as of December 31, 2021 are as follows: Below Above Impact to Market Market Lease Leases Leases Income, Net 2022 $ 5,957 $ (7,877) $ (1,920) 2023 4,470 (5,511) (1,041) 2024 3,510 (3,733) (223) 2025 2,374 (1,564) 810 2026 1,581 (459) 1,122 Thereafter 3,721 (27) 3,694 $ 21,613 $ (19,171) $ 2,442 |
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, 2021, we had the following outstanding interest rate derivatives related to managing our interest rate risk: Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swaps 2 $ 375.0 million The carrying value of our interest rate swap agreements, at fair value, as of December 31, 2021 was a net asset balance of $0.6 million and is included in deferred costs and other assets. We had no outstanding interest rate derivatives as of December 31, 2020. We generally do not apply hedge accounting to interest rate caps, which had an insignificant value as of December 31, 2021 and 2020, 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 $6.9 million and $8.7 million as of December 31, 2021 and 2020, 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, 2021 and 2020 (in millions): Asset (Liability) Value as of December 31, December 31, Notional Value Maturity Date 2021 2020 € 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) € 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) € 61.0 September 17, 2021 — (1.3) € 61.0 September 17, 2021 — (1.2) € 60.0 March 15, 2022 2.8 — € 62.0 September 15, 2022 2.8 — € 44.5 September 15, 2022 (0.3) — € 44.5 September 15, 2022 (0.4) — € 89.0 December 16, 2022 (0.8) — 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 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 ($10.0) million and ($53.2) million as of December 31, 2021 and 2020, respectively. The total accumulated other comprehensive income (loss) related to the Operating Partnership’s derivative activities, including our share of the other comprehensive income (loss) from unconsolidated entities, was ($11.4) million and ($60.9) million as of December 31, 2021 and 2020, respectively. |
Noncontrolling Interests | Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows as of December 31: 2021 2020 Limited partners’ interests in the Operating Partnership $ 477,292 $ 431,784 Nonredeemable noncontrolling interests in properties, net 14,241 1,090 Total noncontrolling interests reflected in equity $ 491,533 $ 432,874 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 ($175.1) million, ($136.2) million and ($160.4) million as of December 31, 2021, 2020 and 2019, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: 2021 2020 2019 Affected line item where net income is presented Currency translation adjustments $ 5,660 $ (1,739) $ — Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net (712) 219 — Net income attributable to noncontrolling interests $ 4,948 $ (1,520) — Accumulated derivative gains (losses), net $ 1,625 $ 1,845 $ (2,782) Interest expense — — (10,852) Loss on extinguishment of debt (204) (232) 1,802 Net income attributable to noncontrolling interests $ 1,421 $ 1,613 $ (11,832) The Operating Partnership The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($200.2) million, ($155.8) million and ($184.8) million as of December 31, 2021, 2020 and 2019, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: 2021 2020 2019 Affected line item where net income is presented Currency translation adjustments $ 5,660 $ (1,739) $ — Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net Accumulated derivative gains (losses), net $ 1,625 $ 1,845 $ (2,782) Interest expense — — (10,852) Loss on extinguishment of debt $ 1,625 $ 1,845 $ (13,634) |
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, 2021 and 2020 approximated $77.2 million and $71.6 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, 2021 and 2020, we had net deferred tax liabilities of $259.3 million and $251.1 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 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 deferred tax asset in included in deferred costs and other assets and the 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. Our cash paid for taxes in each period was as follows: For the Year Ended December 31, 2021 2020 2019 Cash paid for taxes $ 102,454 $ 20,046 $ 21,626 |
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. |
Simon Property Group Acquisition Holdings, Inc. | Simon Property Group Acquisition Holdings, Inc. The Company sponsored, through a wholly-owned subsidiary, a special purpose acquisition corporation, or SPAC, named Simon Property Group Acquisition Holdings, Inc. On February 18, 2021, the SPAC announced the pricing of its initial public offering, which was consummated on February 23, 2021, generating gross proceeds of $345.0 million, which have been placed in a trust account and is included in the accompanying consolidated balance sheet in Investments held in trust – special purpose acquisition company. The SPAC is a consolidated VIE which was formed for the purpose of effecting a business combination. The Company accounts for the noncontrolling interest in the SPAC as noncontrolling redeemable interests as these instruments are redeemable at the option of the holder and are classified as temporary equity at their redemption value in Simon’s accompanying consolidated balance sheet in Limited partners preferred interest in the Operating Partnership and noncontrolling redeemable interests and in the Operating Partnership’s accompanying consolidated balance sheet in Preferred units, various series, at liquidation value, and noncontrolling redeemable interests. |
New Accounting Pronouncements | New Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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. Additional optional expedients, exceptions, and clarifications were created in ASU 2021-01. 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 elected the expedients in conjunction with transitioning certain debt instruments, as discussed in note 7, to alternative benchmark indexes. There was no impact on our consolidated financial statements at adoption. |
Basis of Presentation and Con_2
Basis of Presentation and Consolidation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Basis of Presentation and Consolidation | |
Schedule of weighted average ownership interest in the operating partnership | For the Year Ended December 31, 2021 2020 2019 Weighted average ownership interest 87.4 % 86.9 % 86.8 % |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies | |
Schedule of investment properties | 2021 2020 Land $ 3,639,353 $ 3,700,023 Buildings and improvements 33,857,863 33,908,615 Total land, buildings and improvements 37,497,216 37,608,638 Furniture, fixtures and equipment 435,150 441,558 Investment properties at cost 37,932,366 38,050,196 Less — accumulated depreciation 15,621,127 14,891,937 Investment properties at cost, net $ 22,311,239 $ 23,158,259 Construction in progress included above $ 797,519 $ 773,061 |
Schedule of interest capitalized | For the Year Ended December 31, 2021 2020 2019 Capitalized interest $ 31,204 $ 22,917 $ 33,342 |
Schedule of deferred costs and other assets | 2021 2020 Deferred lease costs, net $ 109,155 $ 169,651 In-place lease intangibles, net 14,107 3,905 Acquired above market lease intangibles, net 19,171 31,053 Marketable securities of our captive insurance companies 60,855 40,496 Goodwill 20,098 20,098 Other marketable and non-marketable securities 359,459 351,176 Prepaids, notes receivable and other assets, net 538,166 465,789 $ 1,121,011 $ 1,082,168 |
Schedule of deferred lease costs | 2021 2020 Deferred lease costs $ 358,287 $ 407,288 Accumulated amortization (249,132) (237,637) Deferred lease costs, net $ 109,155 $ 169,651 |
Schedule of amortization of deferred leasing costs | For the Year Ended December 31, 2021 2020 2019 Amortization of deferred leasing costs $ 43,028 $ 51,349 $ 57,201 |
Schedule of intangible assets | 2021 2020 In-place lease intangibles $ 115,550 $ 173,094 Accumulated amortization (101,443) (169,189) In-place lease intangibles, net $ 14,107 $ 3,905 2021 2020 Acquired above market lease intangibles $ 133,224 $ 186,620 Accumulated amortization (114,053) (155,567) Acquired above market lease intangibles, net $ 19,171 $ 31,053 |
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 2022 $ 5,957 $ (7,877) $ (1,920) 2023 4,470 (5,511) (1,041) 2024 3,510 (3,733) (223) 2025 2,374 (1,564) 810 2026 1,581 (459) 1,122 Thereafter 3,721 (27) 3,694 $ 21,613 $ (19,171) $ 2,442 |
Schedule of Interest Rate Derivatives | Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swaps 2 $ 375.0 million |
Schedule of Euro:USD forward contracts | Asset (Liability) Value as of December 31, December 31, Notional Value Maturity Date 2021 2020 € 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) € 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) € 61.0 September 17, 2021 — (1.3) € 61.0 September 17, 2021 — (1.2) € 60.0 March 15, 2022 2.8 — € 62.0 September 15, 2022 2.8 — € 44.5 September 15, 2022 (0.3) — € 44.5 September 15, 2022 (0.4) — € 89.0 December 16, 2022 (0.8) — |
Schedule of carrying amount of noncontrolling interests | 2021 2020 Limited partners’ interests in the Operating Partnership $ 477,292 $ 431,784 Nonredeemable noncontrolling interests in properties, net 14,241 1,090 Total noncontrolling interests reflected in equity $ 491,533 $ 432,874 |
Schedule of reclassifications out of accumulated other comprehensive income (loss) | 2021 2020 2019 Affected line item where net income is presented Currency translation adjustments $ 5,660 $ (1,739) $ — Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net (712) 219 — Net income attributable to noncontrolling interests $ 4,948 $ (1,520) — Accumulated derivative gains (losses), net $ 1,625 $ 1,845 $ (2,782) Interest expense — — (10,852) Loss on extinguishment of debt (204) (232) 1,802 Net income attributable to noncontrolling interests $ 1,421 $ 1,613 $ (11,832) |
Schedule of cash paid for taxes | For the Year Ended December 31, 2021 2020 2019 Cash paid for taxes $ 102,454 $ 20,046 $ 21,626 |
Simon Property Group, L.P. | |
Significant Accounting Policies | |
Schedule of reclassifications out of accumulated other comprehensive income (loss) | 2021 2020 2019 Affected line item where net income is presented Currency translation adjustments $ 5,660 $ (1,739) $ — Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net Accumulated derivative gains (losses), net $ 1,625 $ 1,845 $ (2,782) Interest expense — — (10,852) Loss on extinguishment of debt $ 1,625 $ 1,845 $ (13,634) |
Per Share and Per Unit Data (Ta
Per Share and Per Unit Data (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 Net Income attributable to Common Stockholders — Basic and Diluted $ 2,246,294 $ 1,109,227 $ 2,098,247 Weighted Average Shares Outstanding — Basic and Diluted 328,587,137 308,737,625 307,950,112 |
Schedule of taxable nature of dividends and distributions declared | For the Year Ended December 31, 2021 2020 2019 Total dividends/distributions paid per common share/unit $ 5.85 $ 6.00 $ 8.30 Percent taxable as ordinary income 93.10 % 97.40 % 100.00 % Percent taxable as long-term capital gains 6.90 % 2.60 % 0.00 % 100.00 % 100.00 % 100.00 % |
Simon Property Group, L.P. | |
Per Share And Per Unit Data | |
Schedule of computation of basic and diluted earnings per share and basic and diluted earnings per unit | For the Year Ended December 31, 2021 2020 2019 Net Income attributable to Unitholders — Basic and Diluted $ 2,569,508 $ 1,276,450 $ 2,416,945 Weighted Average Units Outstanding — Basic and Diluted 375,866,759 355,281,882 354,724,019 |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities and International Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 Assets: Investment properties, at cost $ 19,724,242 $ 20,079,476 Less - accumulated depreciation 8,330,891 8,003,863 11,393,351 12,075,613 Cash and cash equivalents 1,481,287 1,169,422 Tenant receivables and accrued revenue, net 591,369 749,231 Right-of-use assets, net 154,561 185,598 Deferred costs and other assets 394,691 380,087 Total assets $ 14,015,259 $ 14,559,951 Liabilities and Partners’ Deficit: Mortgages $ 15,223,710 $ 15,569,485 Accounts payable, accrued expenses, intangibles, and deferred revenue 995,392 969,242 Lease liabilities 158,372 188,863 Other liabilities 383,018 426,321 Total liabilities 16,760,492 17,153,911 Preferred units 67,450 67,450 Partners’ deficit (2,812,683) (2,661,410) Total liabilities and partners’ deficit $ 14,015,259 $ 14,559,951 Our Share of: Partners’ deficit $ (1,207,396) $ (1,130,713) Add: Excess Investment 1,283,645 1,399,757 Our net Investment in unconsolidated entities, at equity $ 76,249 $ 269,044 |
Schedule of principal repayments on joint venture properties' mortgage and unsecured indebtedness | 2022 $ 2,111,105 2023 1,515,170 2024 2,851,788 2025 1,755,169 2026 3,032,175 Thereafter 3,995,886 Total principal maturities 15,261,293 Debt issuance costs (37,583) Total mortgages $ 15,223,710 |
Summary of equity method investments and share of income from such investments, statements of operations | December 31, 2021 2020 2019 REVENUE: Lease income $ 2,797,221 $ 2,544,134 $ 3,088,594 Other income 319,956 300,634 322,398 Total revenue 3,117,177 2,844,768 3,410,992 OPERATING EXPENSES: Property operating 575,584 519,979 587,062 Depreciation and amortization 686,790 692,424 681,764 Real estate taxes 263,325 262,351 266,013 Repairs and maintenance 79,300 68,722 85,430 Advertising and promotion 72,441 67,434 89,660 Other 200,899 163,710 196,178 Total operating expenses 1,878,339 1,774,620 1,906,107 Operating Income Before Other Items 1,238,838 1,070,148 1,504,885 Interest expense (605,591) (616,332) (636,988) Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net 34,814 — 24,609 Net Income $ 668,061 $ 453,816 $ 892,506 Third-Party Investors’ Share of Net Income $ 333,304 $ 226,364 $ 460,696 Our Share of Net Income $ 334,757 $ 227,452 $ 431,810 Amortization of Excess Investment (64,974) (82,097) (83,556) Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements (14,941) — (9,156) Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net (541) — (1,133) Income from Unconsolidated Entities $ 254,301 $ 145,355 $ 337,965 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Indebtedness | |
Schedule of mortgages and unsecured indebtedness | 2021 2020 Fixed-Rate Debt: Mortgage notes, including $2,892 and $3,348 of net premiums and $14,619 and $15,237 of debt issuance costs, respectively. Weighted average interest and maturity of 3.61% and 4.3 years at December 31, 2021. $ 4,546,614 $ 5,803,718 Unsecured notes, including $30,964 and $22,470 of net discounts and $83,147 and $74,622 of debt issuance costs, respectively. Weighted average interest and maturity of 2.93% and 9.6 years at December 31, 2021. 18,254,507 16,985,990 Commercial Paper (see below) 500,000 623,020 Total Fixed-Rate Debt 23,301,121 23,412,728 Variable-Rate Debt: Mortgage notes, including $4,354 and $7,102 of debt issuance costs, respectively. Weighted average interest and maturity of 1.70% and 1.6 years at December 31, 2021. 803,495 1,137,034 Credit Facilities (see below), including $22,039 and $16,171 of debt issuance costs, respectively. 1,152,961 2,108,829 Total Variable-Rate Debt 1,956,456 3,245,863 Other Debt Obligations 63,445 64,770 Total Mortgages and Unsecured Indebtedness $ 25,321,022 $ 26,723,361 |
Schedule of principal repayments of indebtedness | Our scheduled principal repayments on indebtedness as of December 31, 2021, assuming the obligations remain outstanding through the initial maturities, are as follows: 2022 $ 1,898,889 (1) 2023 1,230,712 2024 2,828,818 2025 2,669,547 2026 3,920,142 Thereafter 12,861,700 Total principal maturities 25,409,808 Net unamortized debt premium 28,055 Net unamortized debt discount (56,127) Debt issuance costs, net (124,159) Other Debt Obligations 63,445 Total mortgages and unsecured indebtedness $ 25,321,022 (1) Includes $500.0 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, 2021 2020 2019 Cash paid for interest $ 822,182 $ 754,306 $ 803,728 |
Schedule of debt issuance costs | 2021 2020 Debt issuance costs $ 227,774 $ 202,859 Accumulated amortization (103,615) (89,727) Debt issuance costs, net $ 124,159 $ 113,132 |
Schedule of debt amortization from continuing operations, included in statements of operations and comprehensive income | For the Year Ended December 31, 2021 2020 2019 Amortization of debt issuance costs $ 24,794 $ 23,076 $ 21,499 Amortization of debt discounts/(premiums) 168 174 1,571 |
Schedule of fair value of financial instruments and the related discount rate assumptions | December 31, December 31, 2021 2020 Fair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions) $ 24,597 $ 25,327 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages 3.17 % 2.41 % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 3.33 % 2.63 % |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties | 2021 2020 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests 522,203 160,355 Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ 547,740 $ 185,892 |
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 - $6.1 million $6.1 million 2019 LTIP program To be determined in 2022 $9.5 million $14.7 million 2021 LTIP program To be determined in 2024 $5.7 million $12.2 million |
Schedule of restricted stock awards | For the Year Ended December 31, 2021 2020 2019 Shares of restricted stock awarded during the year, net of forfeitures 80,012 462,966 90,902 Weighted average fair value of shares granted during the year $ 115.34 $ 73.28 $ 181.94 Annual amortization $ 19,673 $ 11,660 $ 12,604 |
Simon Property Group, L.P. | |
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties | 2021 2020 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests 522,203 160,355 Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ 547,740 $ 185,892 |
Lease Income (Tables)
Lease Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Lease Income | |
Schedule of lease income | For the Year Ended December 31, 2021 2020 2019 Fixed lease income $ 3,701,991 $ 3,871,395 $ 4,293,401 Variable lease income 1,034,728 430,972 950,370 Total lease income $ 4,736,719 $ 4,302,367 $ 5,243,771 |
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 2022 and 2023, as of December 31, 2021, is as follows: 2022 $ 3,098,505 2023 2,611,384 2024 2,082,985 2024 1,650,164 2025 1,252,534 Thereafter 3,291,874 $ 13,987,446 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies. | |
Schedule of lease cost | For the Year Ended December 31, 2021 2020 2019 Operating Lease Cost Fixed lease cost $ 32,492 $ 31,404 $ 31,000 Variable lease cost 15,454 13,270 16,833 Sublease income (705) (746) (694) Total operating lease cost $ 47,241 $ 43,928 $ 47,139 |
Schedule of other lease information | For the Year Ended December 31, 2021 2020 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 47,824 $ 44,570 $ 48,519 Weighted-average remaining lease term - operating leases 33.6 years 34.4 years 35.6 years Weighted-average discount rate - operating leases 4.87% 4.86% 4.87% |
Schedule of future minimum lease payments due | 2022 $ 32,838 2023 32,979 2024 33,114 2025 33,124 2026 33,138 Thereafter 855,079 $ 1,020,272 Impact of discounting (513,341) Operating lease liabilities $ 506,931 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Data (Unaudited) | |
Schedule of quarterly financial data | First Second Third Fourth Quarter Quarter Quarter Quarter 2021 Total revenue $ 1,239,951 $ 1,254,146 $ 1,296,554 $ 1,326,138 Operating income before other items 604,612 604,723 612,324 591,533 Consolidated net income 510,460 705,869 778,648 573,730 Simon Property Group, Inc. Net income attributable to common stockholders $ 445,860 $ 617,257 $ 679,936 $ 503,241 Net income per share — Basic and Diluted $ 1.36 $ 1.88 $ 2.07 $ 1.53 Weighted average shares outstanding — Basic and Diluted 328,514,497 328,594,136 328,619,163 328,619,248 Simon Property Group, L.P. Net income attributable to unitholders $ 510,085 $ 706,087 $ 777,740 $ 575,596 Net income per unit — Basic and Diluted $ 1.36 $ 1.88 $ 2.07 $ 1.53 Weighted average units outstanding — Basic and Diluted 375,836,653 375,875,290 375,882,318 375,872,212 2020 Total revenue (1) $ 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 |
Organization (Details)
Organization (Details) | Dec. 31, 2021countrypropertystate | 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 | 199 | |
Number of U.S. states containing property locations | state | 37 | |
U.S. and Puerto Rico | Malls | ||
Real Estate Properties | ||
Number of properties | 95 | |
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 | 6 | |
U.S. and Puerto Rico | Other shopping centers or outlet centers | ||
Real Estate Properties | ||
Number of properties | 15 | |
Asia, Europe and Canada | Premium and Designer Outlets | ||
Real Estate Properties | ||
Number of properties | 33 | |
Europe | Klepierre | ||
Real Estate Properties | ||
Ownership percentage | 22.40% | |
Number of countries | country | 14 |
Basis of Presentation (Details)
Basis of Presentation (Details) - property | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate Properties | |||
Total number of joint venture properties | 84 | ||
Number of joint venture properties managed by the entity | 53 | ||
Number of International joint venture properties | 23 | ||
Number of joint venture properties managed by others | 31 | ||
Simon Property Group, L.P. | |||
Ownership interest: | |||
Ownership interest in the Operating Partnership (as a percent) | 87.40% | 87.40% | |
Simon Property Group, L.P. | Weighted average | |||
Ownership interest: | |||
Ownership interest in the Operating Partnership (as a percent) | 87.40% | 86.90% | 86.80% |
Wholly owned properties | |||
Real Estate Properties | |||
Number of properties | 131 | ||
Partially owned properties | |||
Real Estate Properties | |||
Number of properties | 17 |
Summary of Significant Accoun_2
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, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Real Estate Properties [Line Items] | |||||
Land | $ 3,700,023 | $ 3,639,353 | $ 3,700,023 | ||
Buildings and improvements | 33,908,615 | 33,857,863 | 33,908,615 | ||
Total land, buildings and improvements | 37,608,638 | 37,497,216 | 37,608,638 | ||
Furniture, fixtures and equipment | 441,558 | 435,150 | 441,558 | ||
Investment properties at cost | 38,050,196 | 37,932,366 | 38,050,196 | ||
Less - accumulated depreciation | 14,891,937 | 15,621,127 | 14,891,937 | ||
Investment properties, at cost, net | 23,158,259 | 22,311,239 | 23,158,259 | ||
Construction in progress, included above | 773,061 | 797,519 | 773,061 | ||
Capitalized interest | $ 31,204 | $ 22,917 | $ 33,342 | ||
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_3
Summary of Significant Accounting Policies - Equity Instruments and Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Equity Instruments and Investments | ||
Equity instruments with readily determinable fair value | $ 142,200 | $ 41,900 |
Equity instruments without readily determinable fair values | 217,200 | 309,300 |
Debt securities of our captive insurance companies | $ 60,855 | $ 40,496 |
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_4
Summary of Significant Accounting Policies - Fair Value Measurements (Details) $ in Millions | Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) |
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 | $ 6.2 | |
Interest rate swap agreements and foreign currency forward contracts, gross liability balance | $ 1.5 | $ 44.6 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Segment and Geographic Locations (Details) - item | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Disclosure | ||
Number of reportable segments | 1 | |
Geographic Concentration Risk | Consolidated Long-Lived Assets | Non-US | ||
Segment Disclosure | ||
Percentage of consolidated long lived assets | 7.10% | 6.90% |
Geographic Concentration Risk | Consolidated revenues | Non-US | ||
Segment Disclosure | ||
Percentage of consolidated total revenue | 3.00% | 2.40% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Deferred Costs and Other Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred costs and other assets | |||
Deferred lease costs, net | $ 109,155 | $ 169,651 | |
In-place lease intangibles, net | 14,107 | 3,905 | |
Acquired above market lease intangibles, net | 19,171 | 31,053 | |
Marketable securities of our captive insurance companies | 60,855 | 40,496 | |
Goodwill | 20,098 | 20,098 | |
Other marketable and non-marketable securities | 359,459 | 351,176 | |
Prepaids, notes receivable and other assets, net | 538,166 | 465,789 | |
Deferred costs and other assets | 1,121,011 | 1,082,168 | |
Deferred Lease Costs | |||
Deferred lease costs | 358,287 | 407,288 | |
Accumulated amortization | (249,132) | (237,637) | |
Deferred lease costs, net | 109,155 | 169,651 | |
Amortization, included in statements of operations and comprehensive income | |||
Amortization of deferred leasing costs | $ 43,028 | $ 51,349 | $ 57,201 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible Assets | |||
Unamortized below market leases included in accounts payable, accrued expenses, intangibles and deferred revenues | $ 21,600 | $ 28,700 | |
Estimated future amortization, and the increasing (decreasing) effect on below market minimum rents | |||
2022 | 5,957 | ||
2023 | 4,470 | ||
2024 | 3,510 | ||
2025 | 2,374 | ||
2026 | 1,581 | ||
Thereafter | 3,721 | ||
Lease intangibles assets, net | 21,613 | ||
Estimated future amortization, and the increasing (decreasing) effect on minimum rents | |||
2022 | (1,920) | ||
2023 | (1,041) | ||
2024 | (223) | ||
2025 | 810 | ||
2026 | 1,122 | ||
Thereafter | 3,694 | ||
Lease intangibles assets, net | $ 2,442 | ||
In-place lease intangibles | |||
Intangible Assets | |||
Average life of in-place lease intangibles | 2 years 9 months 18 days | ||
Amount of amortization expenses | $ 2,700 | 1,300 | $ 1,900 |
Lease intangibles assets, gross | 115,550 | 173,094 | |
Accumulated amortization | (101,443) | (169,189) | |
Lease intangibles assets, net | $ 14,107 | 3,905 | |
Above and below market leases | |||
Intangible Assets | |||
Weighted average remaining life of intangible | 2 years 7 months 6 days | ||
Above Market Leases | |||
Intangible Assets | |||
Lease intangibles assets, gross | $ 133,224 | 186,620 | |
Accumulated amortization | (114,053) | (155,567) | |
Lease intangibles assets, net | 19,171 | $ 31,053 | |
Estimated future amortization, and the increasing (decreasing) effect on minimum rents | |||
2022 | (7,877) | ||
2023 | (5,511) | ||
2024 | (3,733) | ||
2025 | (1,564) | ||
2026 | (459) | ||
Thereafter | (27) | ||
Lease intangibles assets, net | $ (19,171) |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Derivative Financial Instruments (Details) € in Millions, $ in Millions | Dec. 31, 2021USD ($)DerivativeInstrument | Dec. 31, 2021EUR (€)DerivativeInstrument | Dec. 31, 2020USD ($)DerivativeInstrument |
Derivative Financial Instruments | |||
Number of credit-risk-related hedging or derivative activities | DerivativeInstrument | 0 | 0 | |
Unamortized gain on treasury locks and terminated hedges | $ 6.9 | $ 8.7 | |
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 | $ (10) | $ (53.2) | |
Interest rate swap | |||
Derivative Financial Instruments | |||
Number of Instruments | DerivativeInstrument | 2 | 2 | 0 |
Notional Amount | $ 375 | ||
Interest rate swap | Deferred costs and other assets | |||
Derivative Financial Instruments | |||
Interest rate derivative assets, at fair value | 0.6 | ||
USD-Euro 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) | ||
USD-Euro 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) | ||
USD-Euro 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) | ||
USD-Euro 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) | ||
USD-Euro 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) | ||
USD-Euro 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) | ||
USD-Euro 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) | ||
USD-Euro 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) | ||
USD-Euro currency forward contract | May 14_2021. | Net Investment Hedging | Designated as Hedging Instrument | |||
Derivative Financial Instruments | |||
Notional Amount | € | 50 | ||
Forward contract net, fair value | (2.1) | ||
USD-Euro 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) | ||
USD-Euro 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) | ||
USD-Euro 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) | ||
USD-Euro 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) | ||
USD-Euro 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) | ||
USD-Euro 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) | ||
USD-Euro 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) | ||
USD-Euro 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) | ||
USD-Euro 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) | ||
USD-Euro 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) | ||
USD-Euro currency forward contract | March 15, 2022 | Net Investment Hedging | Designated as Hedging Instrument | |||
Derivative Financial Instruments | |||
Notional Amount | € | 60 | ||
Forward contract net, fair value | 2.8 | ||
USD-Euro currency forward contract | September 15, 2022 | Net Investment Hedging | Designated as Hedging Instrument | |||
Derivative Financial Instruments | |||
Notional Amount | € | 62 | ||
Forward contract net, fair value | 2.8 | ||
USD-Euro currency forward contract | September 15 2022 | Net Investment Hedging | Designated as Hedging Instrument | |||
Derivative Financial Instruments | |||
Notional Amount | € | 44.5 | ||
Forward contract net, fair value | (0.3) | ||
USD-Euro currency forward contract | September 15 2022. | Net Investment Hedging | Designated as Hedging Instrument | |||
Derivative Financial Instruments | |||
Notional Amount | € | 44.5 | ||
Forward contract net, fair value | (0.4) | ||
USD-Euro currency forward contract | December 16 2022 | Net Investment Hedging | Designated as Hedging Instrument | |||
Derivative Financial Instruments | |||
Notional Amount | € | € 89 | ||
Forward contract net, fair value | (0.8) | ||
Simon Property Group, L.P. | |||
Derivative Financial Instruments | |||
Gross accumulated other comprehensive income (loss) related to derivative activities | $ (11.4) | $ (60.9) |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Summary of Significant Accounting Policies | ||
Limited partners' interests in the Operating Partnership | $ 477,292 | $ 431,784 |
Nonredeemable noncontrolling interests in properties, net | 14,241 | 1,090 |
Total noncontrolling interests reflected in equity | $ 491,533 | $ 432,874 |
Summary of Significant Accou_10
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, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Significant Accounting Policies | |||||||||||
Total accumulated other comprehensive income (loss) | $ (175,100) | $ (136,200) | $ (175,100) | $ (136,200) | $ (160,400) | ||||||
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 206,855 | (114,960) | 14,883 | ||||||||
Interest expense | (795,712) | (784,400) | (789,353) | ||||||||
Loss on extinguishment of debt | (51,841) | (116,256) | |||||||||
Net income attributable to noncontrolling interests | (319,076) | (164,760) | (321,604) | ||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 503,241 | $ 679,936 | $ 617,257 | $ 445,860 | $ 271,483 | $ 145,926 | $ 254,213 | $ 437,605 | 2,246,294 | 1,109,227 | 2,098,247 |
Currency translation adjustments | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 5,660 | (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 | (712) | 219 | |||||||||
Currency translation adjustments. | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | 4,948 | (1,520) | |||||||||
Accumulated derivative losses, net, including noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Interest expense | 1,625 | 1,845 | (2,782) | ||||||||
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 | (204) | (232) | 1,802 | ||||||||
Accumulated derivative gains (losses), net | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 1,421 | $ 1,613 | $ (11,832) |
Summary of Significant Accou_11
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, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Significant Accounting Policies | |||||||||||
Total accumulated other comprehensive income (loss) | $ (175,100) | $ (136,200) | $ (175,100) | $ (136,200) | $ (160,400) | ||||||
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 206,855 | (114,960) | 14,883 | ||||||||
Interest expense | (795,712) | (784,400) | (789,353) | ||||||||
Loss on extinguishment of debt | (51,841) | (116,256) | |||||||||
Net Income attributable to Common Stockholders - Basic | 503,241 | $ 679,936 | $ 617,257 | $ 445,860 | 271,483 | $ 145,926 | $ 254,213 | $ 437,605 | 2,246,294 | 1,109,227 | 2,098,247 |
Simon Property Group, L.P. | |||||||||||
Significant Accounting Policies | |||||||||||
Total accumulated other comprehensive income (loss) | (200,200) | (155,800) | (200,200) | (155,800) | (184,800) | ||||||
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 206,855 | (114,960) | 14,883 | ||||||||
Interest expense | (795,712) | (784,400) | (789,353) | ||||||||
Loss on extinguishment of debt | (51,841) | (116,256) | |||||||||
Net Income attributable to Common Stockholders - Basic | $ 575,596 | $ 777,740 | $ 706,087 | $ 510,085 | $ 311,238 | $ 168,086 | $ 292,863 | $ 504,263 | 2,569,508 | 1,276,450 | 2,416,945 |
Currency translation adjustments. | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Net Income attributable to Common Stockholders - Basic | 4,948 | (1,520) | |||||||||
Currency translation adjustments. | Simon Property Group, L.P. | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 5,660 | (1,739) | |||||||||
Accumulated derivative gains (losses), net | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Net Income attributable to Common Stockholders - Basic | 1,421 | 1,613 | (11,832) | ||||||||
Accumulated derivative gains (losses), net | Simon Property Group, L.P. | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Interest expense | 1,625 | 1,845 | (2,782) | ||||||||
Loss on extinguishment of debt | (10,852) | ||||||||||
Net Income attributable to Common Stockholders - Basic | $ 1,625 | $ 1,845 | $ (13,634) |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Allowance for Credit Losses and Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Management Fees and Other Revenues | |||
Insurance reserve for insurance subsidiaries and other self-insurance programs | $ 77,200 | $ 71,600 | |
Income Taxes | |||
Provision for federal income taxes for REIT entities | 0 | ||
Deferred Tax Liabilities, Net | 259,300 | 251,100 | |
Cash paid income taxes | $ 102,454 | $ 20,046 | $ 21,626 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Simon Property Group Acquisition Holdings, Inc. - (Details) $ in Millions | Feb. 23, 2021USD ($) |
Simon Property Group Acquisition Holdings, Inc | |
Investment Holdings [Line Items] | |
Gross proceeds from the special purpose acquisition company IPO | $ 345 |
Real Estate Acquisitions and _2
Real Estate Acquisitions and Dispositions (Details) $ in Thousands | Oct. 01, 2020USD ($)property | Sep. 19, 2019USD ($) | Dec. 31, 2021USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2021USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2020USD ($) |
Acquisitions | |||||||
Variable mortgage loan | $ 1,956,456 | $ 1,956,456 | $ 3,245,863 | ||||
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% | ||||||
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale | |||||||
Dispositions | |||||||
Nets gains on disposition | $ 176,800 | ||||||
Number of properties disposed of during the period | property | 3 | ||||||
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale | Non-recourse $180M Mortgage | |||||||
Dispositions | |||||||
Non-recourse mortgage | 180,000 | $ 180,000 | |||||
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale | Non-recourse $120.9M Mortgage | |||||||
Dispositions | |||||||
Non-recourse mortgage | 120,900 | 120,900 | |||||
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale | Non-recourse $100M Mortgage | |||||||
Dispositions | |||||||
Non-recourse mortgage | 100,000 | $ 100,000 | |||||
Consolidated properties | Retail properties | Disposed by Sales | |||||||
Dispositions | |||||||
Number of properties disposed of during the period | property | 1 | ||||||
Gain (loss) on disposition of interest in properties | $ 12,300 | ||||||
Consolidated properties | Retail properties | Disposed by Sales | Cross Collateralized Mortgage | |||||||
Dispositions | |||||||
Debt repaid | $ 33,400 | ||||||
Unconsolidated properties | Retail properties | Disposed by Sales | |||||||
Dispositions | |||||||
Proceeds from sale or disposal of real estate assets | 3,000 | ||||||
Gain (loss) on disposition of interest in properties | $ 3,400 | ||||||
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 | Feb. 07, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Per Share And Per Unit Data | ||||||||||||
Net Income attributable to Common Stockholders - Basic | $ 503,241 | $ 679,936 | $ 617,257 | $ 445,860 | $ 271,483 | $ 145,926 | $ 254,213 | $ 437,605 | $ 2,246,294 | $ 1,109,227 | $ 2,098,247 | |
Net Income attributable to Common Stockholders - Diluted | $ 2,246,294 | $ 1,109,227 | $ 2,098,247 | |||||||||
Weighted Average Shares Outstanding - Basic | 328,619,248 | 328,619,163 | 328,594,136 | 328,514,497 | 316,595,345 | 305,913,431 | 305,882,326 | 306,504,084 | 328,587,137 | 308,737,625 | 307,950,112 | |
Weighted Average Shares Outstanding - Diluted | 328,619,248 | 328,619,163 | 328,594,136 | 328,514,497 | 316,595,345 | 305,913,431 | 305,882,326 | 306,504,084 | 328,587,137 | 308,737,625 | 307,950,112 | |
Dividends | ||||||||||||
Total dividends/distributions paid per common share/unit | $ 5.85 | $ 6 | $ 8.30 | |||||||||
Percent taxable as ordinary income | 93.10% | 97.40% | 100.00% | |||||||||
Percent taxable as long-term capital gains | 6.90% | 2.60% | 0.00% | |||||||||
Total percentage of dividends paid | 100.00% | 100.00% | 100.00% | |||||||||
Subsequent Event | ||||||||||||
Dividends | ||||||||||||
Dividends declared per common share (in dollars per share) | $ 1.65 | |||||||||||
Simon Property Group, L.P. | ||||||||||||
Per Share And Per Unit Data | ||||||||||||
Net Income attributable to Common Stockholders - Basic | $ 575,596 | $ 777,740 | $ 706,087 | $ 510,085 | $ 311,238 | $ 168,086 | $ 292,863 | $ 504,263 | $ 2,569,508 | $ 1,276,450 | $ 2,416,945 | |
Net Income attributable to Common Stockholders - Diluted | $ 2,569,508 | $ 1,276,450 | $ 2,416,945 | |||||||||
Weighted Average Shares Outstanding - Basic | 375,872,212 | 375,882,318 | 375,875,290 | 375,836,653 | 363,050,401 | 352,420,845 | 352,410,392 | 353,191,960 | 375,866,759 | 355,281,882 | 354,724,019 | |
Weighted Average Shares Outstanding - Diluted | 375,872,212 | 375,882,318 | 375,875,290 | 375,836,653 | 363,050,401 | 352,420,845 | 352,410,392 | 353,191,960 | 375,866,759 | 355,281,882 | 354,724,019 | |
Simon Property Group, L.P. | Subsequent Event | ||||||||||||
Dividends | ||||||||||||
Distribution declared per unit (in dollars per share) | $ 1.65 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities and International Investments - Real Estate Joint Ventures and Investments (Details) $ in Millions | Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($) |
Investment in Unconsolidated Entities | ||
Total number of joint venture properties | property | 84 | |
Construction and other related party loans | ||
Investment in Unconsolidated Entities | ||
Loans to related party | $ | $ 88.4 | $ 88.4 |
Investments in Unconsolidated_4
Investments in Unconsolidated Entities and International Investments - Unconsolidated Entity Transactions (Details) $ / shares in Units, $ in Thousands | Dec. 20, 2021USD ($) | Jul. 01, 2021USD ($) | Jun. 01, 2021USD ($) | Dec. 29, 2020USD ($)property$ / sharesshares | Dec. 07, 2020USD ($) | Feb. 19, 2020USD ($)item | Oct. 16, 2019USD ($) | Jan. 31, 2020USD ($) | Dec. 31, 2021USD ($)property | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($)item | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($)item | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)property | Dec. 31, 2016item | Sep. 19, 2019 |
Investment in Unconsolidated Entities | |||||||||||||||||||||||
Payments for acquisitions | $ 257,080 | $ 3,606,694 | $ 12,800 | ||||||||||||||||||||
Income from unconsolidated entities | 782,837 | 219,870 | 444,349 | ||||||||||||||||||||
Noncontrolling interests | $ 491,533 | $ 432,874 | 491,533 | 432,874 | |||||||||||||||||||
Assets | 33,777,379 | 34,786,846 | 33,777,379 | 34,786,846 | |||||||||||||||||||
Liabilities | 29,376,654 | 31,128,608 | 29,376,654 | 31,128,608 | |||||||||||||||||||
Total revenue | 1,326,138 | $ 1,296,554 | $ 1,254,146 | $ 1,239,951 | 1,131,429 | $ 1,060,674 | $ 1,062,041 | $ 1,353,360 | 5,116,789 | 4,607,503 | 5,755,189 | ||||||||||||
Operating Income | 591,533 | 612,324 | 604,723 | 604,612 | 462,047 | 404,024 | 450,868 | 654,869 | 2,413,190 | 1,971,809 | 2,912,787 | ||||||||||||
Consolidated net income | 573,730 | $ 778,648 | 705,869 | $ 510,460 | 312,726 | 168,646 | $ 290,548 | $ 505,404 | 2,568,707 | 1,277,324 | 2,423,188 | ||||||||||||
Gain on exchange of equity interests | 178,672 | ||||||||||||||||||||||
Hotel | |||||||||||||||||||||||
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 | 257,080 | 3,606,694 | 12,800 | ||||||||||||||||||||
Income from unconsolidated entities | 782,837 | 219,870 | 444,349 | ||||||||||||||||||||
Assets | 33,777,379 | 34,786,846 | 33,777,379 | 34,786,846 | |||||||||||||||||||
Liabilities | $ 29,376,654 | 31,128,608 | 29,376,654 | 31,128,608 | |||||||||||||||||||
Total revenue | 5,116,789 | 4,607,503 | 5,755,189 | ||||||||||||||||||||
Operating Income | 2,413,190 | 1,971,809 | 2,912,787 | ||||||||||||||||||||
Consolidated net income | 2,568,707 | 1,277,324 | 2,423,188 | ||||||||||||||||||||
Gain on exchange of equity interests | $ 178,672 | ||||||||||||||||||||||
Hudson Bay Company | |||||||||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||||||||
Impairment charge to reduce investment to its estimated fair value | 36,100 | $ 47,200 | |||||||||||||||||||||
TRG | |||||||||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||||||||
Ownership interest (as a percent) | 80.00% | 80.00% | |||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 43 | ||||||||||||||||||||||
Payments for acquisitions | $ 3,500,000 | ||||||||||||||||||||||
Income from unconsolidated entities | $ (118,100) | ||||||||||||||||||||||
Aggregate investment in ventures | $ 3,305,102 | 3,451,897 | 3,305,102 | 3,451,897 | |||||||||||||||||||
Amortization of Excess Investment | 52,400 | 196,100 | |||||||||||||||||||||
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 | |||||||||||||||||||||||
Preferred stock stated dividend rate (as a percent) | 6.38% | ||||||||||||||||||||||
Issuance of preferred units | $ 362,500 | ||||||||||||||||||||||
TRG | Simon Property Group, L.P. | |||||||||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||||||||
Number of units issued in connection with acquisition | shares | 955,705 | ||||||||||||||||||||||
Aggregate investment in ventures | $ 3,305,102 | 3,451,897 | $ 3,305,102 | 3,451,897 | |||||||||||||||||||
TRG | TRG | |||||||||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||||||||
Number of regional, super regional and outlet malls | property | 24 | 24 | 24 | ||||||||||||||||||||
Noncontrolling interests | $ 155,900 | 154,000 | $ 155,900 | 154,000 | |||||||||||||||||||
Assets | 4,000,000 | 4,100,000 | 4,000,000 | 4,100,000 | |||||||||||||||||||
Liabilities | $ 4,800,000 | $ 5,000,000 | 4,800,000 | $ 5,000,000 | |||||||||||||||||||
Total revenue | 586,700 | ||||||||||||||||||||||
Operating Income | 196,500 | ||||||||||||||||||||||
Consolidated net income | $ 96,800 | ||||||||||||||||||||||
Eddie Bauer | |||||||||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||||||||
Ownership interest (as a percent) | 49.00% | ||||||||||||||||||||||
Payments for acquisitions | $ 100,800 | ||||||||||||||||||||||
J.C. Penny Department Store | |||||||||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||||||||
Ownership interest (as a percent) | 41.67% | ||||||||||||||||||||||
Payments for acquisitions | $ 125,000 | ||||||||||||||||||||||
Forever 21 | |||||||||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||||||||
Ownership interest (as a percent) | 50.00% | ||||||||||||||||||||||
Payments for acquisitions | $ 56,300 | ||||||||||||||||||||||
Number of joint ventures | item | 2 | ||||||||||||||||||||||
Aggregate investment in ventures | $ 67,600 | ||||||||||||||||||||||
Bargain purchase gain | $ 35,000 | ||||||||||||||||||||||
Additional noncontrolling interest purchased | 12.50% | ||||||||||||||||||||||
Forever 21 | ABG | |||||||||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||||||||
Additional noncontrolling interest purchased | 12.50% | ||||||||||||||||||||||
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% | 50.00% | |||||||||||||||||||||
Payments for acquisitions | $ 6,700 | ||||||||||||||||||||||
Additional noncontrolling interest purchased | 5.05% | ||||||||||||||||||||||
Authentic Brands Group LLC | |||||||||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||||||||
Payments for acquisitions | $ 33,500 | ||||||||||||||||||||||
Additional noncontrolling interest purchased | 1.37% | ||||||||||||||||||||||
ABG | |||||||||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||||||||
Ownership interest (as a percent) | 10.40% | 10.40% | |||||||||||||||||||||
Gain on exchange of equity interests | $ 159,800 | ||||||||||||||||||||||
Deferred taxes | $ 47,900 | ||||||||||||||||||||||
Pre-tax gain | $ 18,800 | ||||||||||||||||||||||
Tax expense | 8,000 | ||||||||||||||||||||||
Purchase price of business acquired | $ 100,000 | ||||||||||||||||||||||
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 | Retail properties | |||||||||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||||||||
Proceeds from sale or disposal of real estate assets | $ 3,000 | ||||||||||||||||||||||
Gain (loss) on disposition of interest in properties | $ 3,400 | ||||||||||||||||||||||
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 | |||||||||||||||||||||
Number of properties disposed of during the period | property | 1 | ||||||||||||||||||||||
Unconsolidated properties | Disposed by Sales | Multi family residential property | |||||||||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||||||||
Proceeds from sale or disposal of real estate assets | 27,100 | ||||||||||||||||||||||
Gain (loss) on disposition of interest in properties | $ 14,900 | ||||||||||||||||||||||
Number of properties disposed of during the period | item | 1 |
Investments in Unconsolidated_5
Investments in Unconsolidated Entities and International Investments - European Investments (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021USD ($)property$ / sharesshares | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)property | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($)property$ / sharesshares | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | |
Investment in Unconsolidated Entities | |||||||||||
Income from unconsolidated entities | $ 782,837 | $ 219,870 | $ 444,349 | ||||||||
Total assets | $ 33,777,379 | $ 34,786,846 | 33,777,379 | 34,786,846 | |||||||
Total liabilities | 29,376,654 | 31,128,608 | 29,376,654 | 31,128,608 | |||||||
Noncontrolling interests | 491,533 | 432,874 | 491,533 | 432,874 | |||||||
Total revenue | 1,326,138 | $ 1,296,554 | $ 1,254,146 | $ 1,239,951 | 1,131,429 | $ 1,060,674 | $ 1,062,041 | $ 1,353,360 | 5,116,789 | 4,607,503 | 5,755,189 |
Operating Income | 591,533 | 612,324 | 604,723 | 604,612 | 462,047 | 404,024 | 450,868 | 654,869 | 2,413,190 | 1,971,809 | 2,912,787 |
Consolidated Net Income | $ 573,730 | $ 778,648 | $ 705,869 | 510,460 | $ 312,726 | $ 168,646 | $ 290,548 | $ 505,404 | $ 2,568,707 | $ 1,277,324 | $ 2,423,188 |
Designer Outlet properties | |||||||||||
Investment in Unconsolidated Entities | |||||||||||
Number of properties consolidated by entity | property | 7 | 7 | |||||||||
European Joint Venture | Designer Outlet properties | |||||||||||
Investment in Unconsolidated Entities | |||||||||||
Number of properties | property | 11 | 10 | 11 | 10 | 9 | ||||||
European Joint Venture | Designer Outlet properties | Minimum | |||||||||||
Investment in Unconsolidated Entities | |||||||||||
Ownership interest (as a percent) | 23.00% | 23.00% | |||||||||
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 | Outlet Center In Ochtrup | |||||||||||
Investment in Unconsolidated Entities | |||||||||||
Non-cash gain on remeasurement of equity interest to fair value | $ 3,700 | ||||||||||
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 | $ 23.65 | $ 23.65 | |||||||||
Income from unconsolidated entities | $ 145,100 | $ 26,500 | $ 145,200 | ||||||||
Gain (loss) on sale or disposal of assets and interests in unconsolidated entities | 1,200 | (4,300) | (58,600) | ||||||||
Non cash gain due to setup of tax basis of assets | $ 118,400 | ||||||||||
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 | |||||||||||
Total assets | 18,100,000 | 20,900,000 | 18,100,000 | 20,900,000 | |||||||
Total liabilities | 11,900,000 | 14,400,000 | 11,900,000 | 14,400,000 | |||||||
Noncontrolling interests | $ 1,300,000 | $ 1,400,000 | 1,300,000 | 1,400,000 | |||||||
Total revenue | 1,200,000 | 1,300,000 | 1,500,000 | ||||||||
Operating Income | 380,500 | 327,300 | 626,300 | ||||||||
Consolidated Net Income | $ 848,100 | $ 211,200 | $ 655,500 |
Investments in Unconsolidated_6
Investments in Unconsolidated Entities and International Investments - Asian Joint Ventures (Details) - Premium Outlets - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Japan | Mitsubishi Estate Co., Ltd. | ||
Investment in Unconsolidated Entities | ||
Ownership percentage | 40.00% | 40.00% |
Our net Investment in unconsolidated entities, at equity | $ 206.1 | $ 216.8 |
South Korea | Shinsegae International Co | ||
Investment in Unconsolidated Entities | ||
Ownership percentage | 50.00% | 50.00% |
Our net Investment in unconsolidated entities, at equity | $ 194.9 | $ 184.7 |
Investments in Unconsolidated_7
Investments in Unconsolidated Entities and International Investments - Combined Balance Sheets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
ASSETS: | ||
Investment properties, at cost | $ 37,932,366 | $ 38,050,196 |
Less - accumulated depreciation | 15,621,127 | 14,891,937 |
Investment properties, at cost, net | 22,311,239 | 23,158,259 |
Cash and cash equivalents | 533,936 | 1,011,613 |
Tenant receivables and accrued revenue, net | 919,654 | 1,236,734 |
Right-of-use assets, net | 504,119 | 512,914 |
Deferred costs and other assets | 1,121,011 | 1,082,168 |
Total assets | 33,777,379 | 34,786,846 |
Liabilities and Partners' Deficit: | ||
Mortgages | 25,321,022 | 26,723,361 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,433,216 | 1,311,925 |
Lease liabilities | 506,931 | 515,492 |
Other liabilities | 540,912 | 513,515 |
Total liabilities | 29,376,654 | 31,128,608 |
Preferred units | 547,740 | 185,892 |
Total liabilities and partners' deficit | 33,777,379 | 34,786,846 |
Unconsolidated properties | Equity Method Investees excluding Klepierre and TRG and other platform investments | ||
ASSETS: | ||
Investment properties, at cost | 19,724,242 | 20,079,476 |
Less - accumulated depreciation | 8,330,891 | 8,003,863 |
Investment properties, at cost, net | 11,393,351 | 12,075,613 |
Cash and cash equivalents | 1,481,287 | 1,169,422 |
Tenant receivables and accrued revenue, net | 591,369 | 749,231 |
Right-of-use assets, net | 154,561 | 185,598 |
Deferred costs and other assets | 394,691 | 380,087 |
Total assets | 14,015,259 | 14,559,951 |
Liabilities and Partners' Deficit: | ||
Mortgages | 15,223,710 | 15,569,485 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 995,392 | 969,242 |
Lease liabilities | 158,372 | 188,863 |
Other liabilities | 383,018 | 426,321 |
Total liabilities | 16,760,492 | 17,153,911 |
Preferred units | 67,450 | 67,450 |
Partners' deficit | (2,812,683) | (2,661,410) |
Total liabilities and partners' deficit | 14,015,259 | 14,559,951 |
Our Share of: | ||
Partners' deficit | (1,207,396) | (1,130,713) |
Add: Excess Investment | 1,283,645 | 1,399,757 |
Our net Investment in unconsolidated entities, at equity | $ 76,249 | $ 269,044 |
Unconsolidated properties | Maximum | ||
Our Share of: | ||
Estimated life of investment property | 40 years |
Investments in Unconsolidated_8
Investments in Unconsolidated Entities and International Investments - Repayments of Mortgages (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Scheduled principal repayments on mortgage indebtedness | ||
2022 | $ 1,898,889 | |
2023 | 1,230,712 | |
2024 | 2,828,818 | |
2025 | 2,669,547 | |
2026 | 3,920,142 | |
Thereafter | 12,861,700 | |
Total principal maturities | 25,409,808 | |
Debt issuance costs | (124,159) | $ (113,132) |
Total mortgages and unsecured indebtedness | 25,321,022 | $ 26,723,361 |
Equity Method Investees excluding Klepierre and TRG and other platform investments | Unconsolidated properties | ||
Scheduled principal repayments on mortgage indebtedness | ||
2022 | 2,111,105 | |
2023 | 1,515,170 | |
2024 | 2,851,788 | |
2025 | 1,755,169 | |
2026 | 3,032,175 | |
Thereafter | 3,995,886 | |
Total principal maturities | 15,261,293 | |
Debt issuance costs | (37,583) | |
Total mortgages and unsecured indebtedness | $ 15,223,710 | |
Weighted average interest rate (as a percent) | 3.60% | |
Equity Method Investees excluding Klepierre and TRG and other platform investments | Unconsolidated properties | Minimum | ||
Scheduled principal repayments on mortgage indebtedness | ||
Interest rate on debt (as a percent) | 0.16% | |
Equity Method Investees excluding Klepierre and TRG and other platform investments | Unconsolidated properties | Maximum | ||
Scheduled principal repayments on mortgage indebtedness | ||
Interest rate on debt (as a percent) | 9.98% |
Investments in Unconsolidated_9
Investments in Unconsolidated Entities and International Investments - Combined Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
REVENUE: | |||||||||||
Lease income | $ 4,736,719 | $ 4,302,367 | |||||||||
Other income | 273,587 | 208,254 | $ 398,476 | ||||||||
Total revenue | $ 1,326,138 | $ 1,296,554 | $ 1,254,146 | $ 1,239,951 | $ 1,131,429 | $ 1,060,674 | $ 1,062,041 | $ 1,353,360 | 5,116,789 | 4,607,503 | 5,755,189 |
EXPENSES: | |||||||||||
Property operating | 415,720 | 349,154 | 453,145 | ||||||||
Depreciation and amortization | 1,262,715 | 1,318,008 | 1,340,503 | ||||||||
Real estate taxes | 458,953 | 457,142 | 468,004 | ||||||||
Repairs and maintenance | 96,391 | 80,858 | 100,495 | ||||||||
Advertising and promotion | 114,303 | 98,613 | 150,344 | ||||||||
Other | 140,518 | 137,679 | 104,942 | ||||||||
Total operating expenses | 2,703,599 | 2,635,694 | 2,842,402 | ||||||||
Operating Income Before Other Items | 591,533 | 612,324 | 604,723 | 604,612 | 462,047 | 404,024 | 450,868 | 654,869 | 2,413,190 | 1,971,809 | 2,912,787 |
Interest expense | (795,712) | (784,400) | (789,353) | ||||||||
Consolidated Net Income | $ 573,730 | $ 778,648 | $ 705,869 | $ 510,460 | $ 312,726 | $ 168,646 | $ 290,548 | $ 505,404 | 2,568,707 | 1,277,324 | 2,423,188 |
Income from Unconsolidated Entities | 782,837 | 219,870 | 444,349 | ||||||||
Unconsolidated properties | Equity Method Investees excluding Klepierre and TRG and other platform investments | |||||||||||
REVENUE: | |||||||||||
Lease income | 2,797,221 | 2,544,134 | 3,088,594 | ||||||||
Other income | 319,956 | 300,634 | 322,398 | ||||||||
Total revenue | 3,117,177 | 2,844,768 | 3,410,992 | ||||||||
EXPENSES: | |||||||||||
Property operating | 575,584 | 519,979 | 587,062 | ||||||||
Depreciation and amortization | 686,790 | 692,424 | 681,764 | ||||||||
Real estate taxes | 263,325 | 262,351 | 266,013 | ||||||||
Repairs and maintenance | 79,300 | 68,722 | 85,430 | ||||||||
Advertising and promotion | 72,441 | 67,434 | 89,660 | ||||||||
Other | 200,899 | 163,710 | 196,178 | ||||||||
Total operating expenses | 1,878,339 | 1,774,620 | 1,906,107 | ||||||||
Operating Income Before Other Items | 1,238,838 | 1,070,148 | 1,504,885 | ||||||||
Interest expense | (605,591) | (616,332) | (636,988) | ||||||||
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net | 34,814 | 24,609 | |||||||||
Consolidated Net Income | 668,061 | 453,816 | 892,506 | ||||||||
Third-Party Investors' Share of Net Income | 333,304 | 226,364 | 460,696 | ||||||||
Our Share of Net Income | 334,757 | 227,452 | 431,810 | ||||||||
Amortization of Excess Investment | (64,974) | (82,097) | (83,556) | ||||||||
Our Share of Gain on Sale or Disposal of Assets and Interest in Other Income in the Consolidated Financial Statements | (14,941) | (9,156) | |||||||||
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net | (541) | (1,133) | |||||||||
Income from Unconsolidated Entities | $ 254,301 | $ 145,355 | $ 337,965 |
Indebtedness - Narrative (Detai
Indebtedness - Narrative (Details) $ in Thousands, € in Millions | Jan. 12, 2022USD ($) | Jan. 11, 2022USD ($) | Dec. 14, 2021USD ($)item | Mar. 23, 2021USD ($) | Feb. 02, 2021USD ($) | Jan. 27, 2021USD ($) | Jul. 10, 2020USD ($) | Nov. 30, 2021USD ($)item | Oct. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2021USD ($)propertyitem | Dec. 31, 2019USD ($) | Aug. 18, 2021USD ($) | Mar. 19, 2021USD ($) | Mar. 19, 2021EUR (€) | Jan. 21, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 15, 2020USD ($) | Aug. 06, 2020EUR (€) | Jul. 22, 2020USD ($) | Jul. 09, 2020USD ($) | Aug. 17, 2015USD ($) |
Debt | ||||||||||||||||||||||
Debt issuance costs | $ 124,159 | $ 113,132 | ||||||||||||||||||||
Other Debt Obligations | 63,445 | 64,770 | ||||||||||||||||||||
Long-term debt | 25,321,022 | 26,723,361 | ||||||||||||||||||||
Loss on debt extinguishment | 51,841 | $ 116,256 | ||||||||||||||||||||
Fixed-Rate Debt: | ||||||||||||||||||||||
Fixed rate debt | 23,301,121 | 23,412,728 | ||||||||||||||||||||
Net unamortized debt premium | 28,055 | |||||||||||||||||||||
Net discounts | 56,127 | |||||||||||||||||||||
Variable-Rate Debt: | ||||||||||||||||||||||
Variable-rate mortgages and unsecured indebtedness | 1,956,456 | 3,245,863 | ||||||||||||||||||||
Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Long-term debt | 25,321,022 | 26,723,361 | ||||||||||||||||||||
Loss on debt extinguishment | 51,841 | $ 116,256 | ||||||||||||||||||||
Supplemental Facility | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Extinguishment of Debt, Amount | $ 1,160,000 | |||||||||||||||||||||
Number of mortgages extinguished | item | 9 | |||||||||||||||||||||
Loss on debt extinguishment | $ 20,300 | |||||||||||||||||||||
Secured Debt | Mortgages | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Long-term debt | $ 5,400,000 | 7,000,000 | ||||||||||||||||||||
Debt covenants | ||||||||||||||||||||||
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers | item | 36 | |||||||||||||||||||||
Number of properties pledged as collateral | property | 39 | |||||||||||||||||||||
Number of cross-defaulted and cross-collateralized mortgage pools | item | 2 | |||||||||||||||||||||
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages | property | 5 | |||||||||||||||||||||
Secured Debt | Fixed Rate Mortgages | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Debt issuance costs | $ 14,619 | 15,237 | ||||||||||||||||||||
Fixed-Rate Debt: | ||||||||||||||||||||||
Fixed rate debt | 4,546,614 | 5,803,718 | ||||||||||||||||||||
Net unamortized debt premium | $ 2,892 | 3,348 | ||||||||||||||||||||
Weighted average maturity period, fixed-rate debt | 4 years 3 months 18 days | |||||||||||||||||||||
Secured Debt | Fixed Rate Mortgages | Weighted average | ||||||||||||||||||||||
Fixed-Rate Debt: | ||||||||||||||||||||||
Fixed rate of interest | 3.61% | |||||||||||||||||||||
Secured Debt | Variable Rate Mortgages | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Debt issuance costs | $ 4,354 | 7,102 | ||||||||||||||||||||
Variable-Rate Debt: | ||||||||||||||||||||||
Variable-rate mortgages and unsecured indebtedness | $ 803,495 | 1,137,034 | ||||||||||||||||||||
Weighted average maturity period, variable-rate debt | 1 year 7 months 6 days | |||||||||||||||||||||
Secured Debt | Variable Rate Mortgages | Weighted average | ||||||||||||||||||||||
Variable-Rate Debt: | ||||||||||||||||||||||
Variable rate of interest | 1.70% | |||||||||||||||||||||
Unsecured Debt | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Loss on debt extinguishment | $ 28,600 | |||||||||||||||||||||
Unsecured Debt | Senior unsecured notes | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Debt issuance costs | $ 83,147 | 74,622 | ||||||||||||||||||||
Fixed-Rate Debt: | ||||||||||||||||||||||
Fixed rate debt | 18,254,507 | 16,985,990 | ||||||||||||||||||||
Net discounts | $ 30,964 | 22,470 | ||||||||||||||||||||
Weighted average maturity period, fixed-rate debt | 9 years 7 months 6 days | |||||||||||||||||||||
Unsecured Debt | Senior unsecured notes | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Long-term debt | $ 18,400,000 | |||||||||||||||||||||
Unsecured Debt | Senior unsecured notes | Weighted average | ||||||||||||||||||||||
Fixed-Rate Debt: | ||||||||||||||||||||||
Fixed rate of interest | 2.93% | |||||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes 2.50% due 2021 | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Amount of debt redeemed | $ 550,000 | |||||||||||||||||||||
Interest rate (as a percent) | 2.50% | |||||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing September 2025 | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Debt issued | $ 500,000 | $ 600,000 | ||||||||||||||||||||
Interest rate on debt (as a percent) | 3.50% | 3.50% | ||||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing February 2032 | Simon Property Group, L.P. | Subsequent Event | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Debt issued | $ 700,000 | |||||||||||||||||||||
Interest rate on debt (as a percent) | 2.65% | |||||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing January 2024 | Simon Property Group, L.P. | Subsequent Event | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Debt issued | $ 500,000 | |||||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing January 2024 | Simon Property Group, L.P. | SOFR | Subsequent Event | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Interest rate (as a percent) | 0.43% | |||||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing June 2030 | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Debt issued | $ 750,000 | |||||||||||||||||||||
Interest rate on debt (as a percent) | 2.65% | |||||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing June 2050 | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Debt issued | $ 750,000 | |||||||||||||||||||||
Interest rate on debt (as a percent) | 3.80% | |||||||||||||||||||||
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 February 2028 | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Debt issued | $ 800,000 | |||||||||||||||||||||
Interest rate on debt (as a percent) | 1.75% | |||||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing February 2031 | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Debt issued | $ 700,000 | |||||||||||||||||||||
Interest rate on debt (as a percent) | 2.20% | |||||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing January 2027 | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Debt issued | $ 550,000 | |||||||||||||||||||||
Interest rate on debt (as a percent) | 1.375% | |||||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing January 2032 | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Debt issued | $ 700,000 | |||||||||||||||||||||
Interest rate on debt (as a percent) | 2.25% | |||||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes 2.35% Due January 30, 2022 | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Amount of debt redeemed | $ 550,000 | |||||||||||||||||||||
Interest rate on debt (as a percent) | 2.35% | |||||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes 2.625% Due June 15, 2022 | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Amount of debt redeemed | $ 600,000 | |||||||||||||||||||||
Interest rate on debt (as a percent) | 2.625% | |||||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes 2.75% Due February 1, 2023 | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Amount of debt redeemed | $ 500,000 | |||||||||||||||||||||
Interest rate on debt (as a percent) | 2.75% | |||||||||||||||||||||
Unsecured Debt | Senior unsecured notes 1.125% due March 19,2033 | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Debt issued | $ 893,000 | € 750 | ||||||||||||||||||||
Interest rate on debt (as a percent) | 1.125% | 1.125% | ||||||||||||||||||||
Unsecured Debt | Commercial Paper | ||||||||||||||||||||||
Fixed-Rate Debt: | ||||||||||||||||||||||
Fixed rate debt | $ 500,000 | 623,020 | ||||||||||||||||||||
Unsecured Debt | Commercial Paper | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Credit facility, amount outstanding | 500,000 | |||||||||||||||||||||
Maximum borrowing capacity | 2,000,000 | |||||||||||||||||||||
Unsecured Debt | Commercial Paper | Simon Property Group, L.P. | USD | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Credit facility, amount outstanding | $ 500,000 | |||||||||||||||||||||
Weighted average interest rate (as a percent) | 0.22% | |||||||||||||||||||||
Unsecured Debt | Credit Facilities | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Debt issuance costs | $ 22,039 | 16,171 | ||||||||||||||||||||
Variable-Rate Debt: | ||||||||||||||||||||||
Variable-rate mortgages and unsecured indebtedness | 1,152,961 | $ 2,108,829 | ||||||||||||||||||||
Unsecured Debt | Credit Facilities | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Available borrowing capacity | 5,800,000 | |||||||||||||||||||||
Maximum amount outstanding during period | 2,100,000 | |||||||||||||||||||||
Credit facility, weighted average amount outstanding | 519,900 | |||||||||||||||||||||
Letters of credit outstanding | 11,800 | |||||||||||||||||||||
Unsecured Debt | Term loan | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Long-term debt | $ 0 | |||||||||||||||||||||
Delayed-draw term loan | $ 2,000,000 | |||||||||||||||||||||
Debt repaid | $ 1,250,000 | $ 750,000 | ||||||||||||||||||||
Unsecured Debt | Credit Facility | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Credit facility, amount outstanding | 125,000 | |||||||||||||||||||||
Maximum borrowing capacity | $ 5,000,000 | $ 4,000,000 | ||||||||||||||||||||
Additional borrowing capacity | $ 1,000,000 | |||||||||||||||||||||
Additional extension period | item | 2 | |||||||||||||||||||||
Debt extension period | 6 months | |||||||||||||||||||||
Credit facility, amount repaid | $ 1,750,000 | |||||||||||||||||||||
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 | Simon Property Group, L.P. | SOFR | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Interest rate (as a percent) | 1.00% | 0.725% | ||||||||||||||||||||
Unsecured Debt | Credit Facility | Minimum | Simon Property Group, L.P. | Base Rate | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Interest rate (as a percent) | 0.00% | |||||||||||||||||||||
Unsecured Debt | Credit Facility | Minimum | Simon Property Group, L.P. | SOFR | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Interest rate (as a percent) | 0.65% | |||||||||||||||||||||
Facility fee (in percentage) | 0.10% | |||||||||||||||||||||
Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Percentage of borrowings in currencies other than the U.S. dollar | 95.00% | |||||||||||||||||||||
Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P. | Base Rate | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Interest rate (as a percent) | 0.40% | |||||||||||||||||||||
Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P. | SOFR | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Interest rate (as a percent) | 1.40% | |||||||||||||||||||||
Facility fee (in percentage) | 0.30% | |||||||||||||||||||||
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Amount drawn | $ 1,050,000 | |||||||||||||||||||||
Credit facility, amount outstanding | $ 1,050,000 | |||||||||||||||||||||
Maximum borrowing capacity | $ 3,500,000 | $ 3,500,000 | ||||||||||||||||||||
Credit facility, amount repaid | $ 750,000 | |||||||||||||||||||||
Optional expanded maximum borrowing capacity | $ 4,500,000 | |||||||||||||||||||||
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | Subsequent Event | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Credit facility, amount repaid | $ 1,050,000 | |||||||||||||||||||||
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | Fed Funds Effective Rate | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Interest rate on debt (as a percent) | 0.50% | |||||||||||||||||||||
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | SOFR | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Interest rate (as a percent) | 1.00% | 0.725% | ||||||||||||||||||||
Unsecured Debt | Supplemental Facility | Minimum | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Interest rate (as a percent) | 0.00% | |||||||||||||||||||||
Facility fee (in percentage) | 0.10% | |||||||||||||||||||||
Unsecured Debt | Supplemental Facility | Minimum | Simon Property Group, L.P. | SOFR | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Interest rate (as a percent) | 0.65% | |||||||||||||||||||||
Unsecured Debt | Supplemental Facility | Maximum | Simon Property Group, L.P. | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Percentage of borrowings in currencies other than the U.S. dollar | 100.00% | |||||||||||||||||||||
Interest rate (as a percent) | 0.40% | |||||||||||||||||||||
Facility fee (in percentage) | 0.30% | |||||||||||||||||||||
Unsecured Debt | Supplemental Facility | Maximum | Simon Property Group, L.P. | SOFR | ||||||||||||||||||||||
Debt | ||||||||||||||||||||||
Interest rate (as a percent) | 1.40% |
Indebtedness - Maturity (Detail
Indebtedness - Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Maturity and Other | ||
2022 | $ 1,898,889 | |
2023 | 1,230,712 | |
2024 | 2,828,818 | |
2025 | 2,669,547 | |
2026 | 3,920,142 | |
Thereafter | 12,861,700 | |
Total principal maturities | 25,409,808 | |
Net unamortized debt premium | 28,055 | |
Net unamortized debt discount | (56,127) | |
Debt issuance costs, net | (124,159) | $ (113,132) |
Other Debt Obligations | 63,445 | 64,770 |
Total mortgages and unsecured indebtedness | $ 25,321,022 | $ 26,723,361 |
Indebtedness - Debt Issuance Co
Indebtedness - Debt Issuance Costs and Discounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Indebtedness | |||
Cash paid for interest | $ 822,182 | $ 754,306 | $ 803,728 |
Debt issuance cost | |||
Debt issuance costs | 227,774 | 202,859 | |
Accumulated amortization | (103,615) | (89,727) | |
Debt issuance costs | 124,159 | 113,132 | |
Amortization of Debt Issuance Costs and Discounts | |||
Amortization of debt issuance costs | 24,794 | 23,076 | 21,499 |
Amortization of debt discounts/(premiums) | $ 168 | $ 174 | $ 1,571 |
Indebtedness - Fair Value (Deta
Indebtedness - Fair Value (Details) $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Fixed rate mortgages and unsecured indebtedness | Book value | ||
Fair Value of Debt | ||
Fair value of consolidated fixed rate mortgages and unsecured indebtedness | $ 23,300 | $ 23,400 |
Fixed rate mortgages and unsecured indebtedness | Fair value | ||
Fair Value of Debt | ||
Fair value of consolidated fixed rate mortgages and unsecured indebtedness | $ 24,597 | $ 25,327 |
Discount Rate | Weighted average | Fixed rate mortgages | ||
Fair Value of Debt | ||
Debt percentage- measurement input | 0.0317 | 0.0241 |
Discount Rate | Weighted average | Unsecured Debt | ||
Fair Value of Debt | ||
Debt percentage- measurement input | 0.0333 | 0.0263 |
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 ($) | Feb. 13, 2017USD ($) | Dec. 31, 2021USD ($)itemshares | Dec. 31, 2020USD ($)item$ / sharesshares | Dec. 31, 2019$ / sharesshares |
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) | 58,571 | 293,204 | 24,000 | ||||
Redemption of units | 15,705 | 116,658 | 43,255 | ||||
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 | |||||
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 | 15,705 | 116,658 | 43,255 | ||||
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 | ||||||
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) | 58,571 | 293,204 | |||||
Number of limited partners who received common stock | item | 7 | 20 | |||||
Limited Partners | Simon Property Group, L.P. | |||||||
Equity | |||||||
Redemption of units | 15,705 | 116,658 | |||||
Value of units redeemed | $ | $ 2.2 | $ 16.1 | |||||
Number of limited partners who received common stock | item | 7 | 4 | |||||
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, 2021USD ($)item$ / sharesshares | Dec. 31, 2020USD ($)shares | |
Redeemable preferred stock | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | $ 547,740 | $ 185,892 |
Simon Property Group, L.P. | ||
Redeemable preferred stock | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | $ 547,740 | $ 185,892 |
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 | $ 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 | $ 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 | $ 522,203 | 160,355 |
Other noncontrolling redeemable interest | Simon Property Group, L.P. | ||
Redeemable preferred stock | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | $ 522,203 | $ 160,355 |
Equity - Permanent Equity (Deta
Equity - Permanent Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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 | $ 1.9 | $ 2.2 |
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 | $ 1.9 | $ 2.2 |
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized | 1,000,000 | |
J 8 3/8% cumulative redeemable preferred stock, units issued | 796,948 | |
J 8 3/8% cumulative redeemable preferred stock, units outstanding | 796,948 |
Equity - Stock Based Compensati
Equity - Stock Based Compensation (Details) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2021USD ($)item$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)item | |
Exchange Rights | |||||
Limited partners units, exchange ratio | item | 1 | ||||
Common stock reserved for possible conversion (in shares) | shares | 54,492,801 | ||||
Restricted stock | |||||
Stock-based incentive plan awards | |||||
Shares of restricted stock awarded during the year, net of forfeitures | shares | 80,012 | 462,966 | 90,902 | ||
Weighted average fair value of shares granted during the year (in dollars per share) | $ / shares | $ 115.34 | $ 73.28 | $ 181.94 | ||
Annual amortization | $ 19,673,000 | $ 11,660,000 | $ 12,604,000 | ||
Compensation expense, net of capitalization | $ 20,200,000 | $ 10,300,000 | 11,000,000 | ||
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 | ||||
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 | 561,849 | ||||
2019 Stock Incentive Plan | Time Based Restricted Stock Units | |||||
Stock-based incentive plan awards | |||||
Vesting service period | 3 years | 3 years | |||
Awards granted (in units) | shares | 37,976 | 312,263 | |||
Grant Date Fair Value | $ 4,300,000 | $ 26,300,000 | |||
Weighted average fair value of shares granted during the year (in dollars per share) | $ / shares | $ 112.92 | $ 84.37 | |||
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 | $ 13,400,000 | $ 1,900,000 | $ 15,800,000 | ||
2018 LTIP program | LTIP Units | |||||
Stock-based incentive plan awards | |||||
Vesting rights each year beginning 2021 (as a percent) | 50.00% | ||||
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 | $ 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 | $ 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 | ||||
2021 LTIP program | |||||
Stock-based incentive plan awards | |||||
Vesting service period | 3 years | ||||
2021 LTIP program | LTIP Units | |||||
Stock-based incentive plan awards | |||||
Grant Date Fair Value | $ 5,700,000 | ||||
Grant Date Target Value | 12,200,000 | ||||
2021 LTIP program | LTIP Units | Maximum | |||||
Stock-based incentive plan awards | |||||
Grant Date Fair Value | $ 18,400,000 |
Lease Income (Details)
Lease Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessor, Lease, Description [Line Items] | |||
Fixed-lease income | $ 3,701,991 | $ 3,871,395 | $ 4,293,401 |
Variable lease income | 1,034,728 | 430,972 | 950,370 |
Total lease income | 4,736,719 | 4,302,367 | $ 5,243,771 |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |||
2022 | 3,098,505 | ||
2023 | 2,611,384 | ||
2024 | 2,082,985 | ||
2025 | 1,650,164 | ||
2026 | 1,252,534 | ||
Thereafter | 3,291,874 | ||
Future minimum rental receivables | 13,987,446 | ||
Tenant receivables and accrued revenue | |||
Lessor, Lease, Description [Line Items] | |||
Straight-line receivables | $ 568,700 | $ 597,600 |
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, 2021USD ($)property | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Lease Commitments | |||
Properties subject to ground leases | property | 23 | ||
Lease Cost | |||
Fixed lease cost | $ 32,492 | $ 31,404 | $ 31,000 |
Variable lease cost | 15,454 | 13,270 | 16,833 |
Sublease income | (705) | (746) | (694) |
Total operating lease cost | 47,241 | 43,928 | 47,139 |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows from operating leases | $ 47,824 | $ 44,570 | $ 48,519 |
Weighted-average remaining lease term - operating leases | 33 years 7 months 6 days | 34 years 4 months 24 days | 35 years 7 months 6 days |
Weighted-average discount rate - operating leases | 4.87% | 4.86% | 4.87% |
Operating Lease Liabilities | |||
2022 | $ 32,838 | ||
2023 | 32,979 | ||
2024 | 33,114 | ||
2025 | 33,124 | ||
2026 | 33,138 | ||
Thereafter | 855,079 | ||
Future minimum gross lease payments | 1,020,272 | ||
Impact of discounting | (513,341) | ||
Operating lease liabilities | $ 506,931 | $ 515,492 |
Commitments and Contingencies_3
Commitments and Contingencies - Insurance (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
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 | 51 Months Ended | |||
Sep. 30, 2020USD ($)property | Sep. 30, 2017property | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021USD ($) | |
Hurricane Impact | ||||||
Insurance proceeds for property restoration | $ 7,200 | $ 31,198 | $ 5,662 | |||
Loss from Catastrophes | PUERTO RICO | Wholly owned properties | ||||||
Hurricane Impact | ||||||
Number of properties significantly damaged | property | 2 | |||||
Total insurance proceeds received | $ 84,000 | |||||
Insurance proceeds for property restoration | $ 48,300 | |||||
Loss from Catastrophes | PUERTO RICO | Wholly owned properties | Other income | ||||||
Hurricane Impact | ||||||
Gain related to property insurance recovery | 2,100 | $ 5,200 | ||||
Loss from Catastrophes | TEXAS | ||||||
Hurricane Impact | ||||||
Number of properties significantly damaged | property | 1 | |||||
Asset write-offs | $ 9,600 | |||||
Insurance proceeds for property restoration | $ 14,000 | |||||
Gain related to property insurance recovery | 3,500 | |||||
Loss from Catastrophes | LOUISIANA | ||||||
Hurricane Impact | ||||||
Number of properties significantly damaged | property | 1 | |||||
Asset write-offs | $ 11,100 | |||||
Insurance proceeds for property restoration | $ 27,500 | |||||
Gain related to property insurance recovery | $ 17,500 |
Commitments and Contingencies_5
Commitments and Contingencies - Guarantees of Indebtedness (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Joint Venture Mortgage and Indebtedness | ||
Guarantees of Joint Venture Indebtedness: | ||
Loan guarantee | $ 209.9 | $ 219.2 |
Commitments and Contingencies_6
Commitments and Contingencies - Concentration of Credit Risk (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Consolidated revenues | Concentration of credit risk | Maximum | |
Concentration of Credit Risk | |
Percentage of Consolidated Total Revenue | 5.00% |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
JC Penney And SPARC Group | Lease_Income. | |||
Related Party Transactions | |||
Amounts charged to related party | $ 82.5 | $ 54.1 | $ 20.9 |
Unconsolidated joint ventures | 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 | $ 3.5 | 3.3 | 3.9 |
Unconsolidated Joint Ventures | Amounts for services provided | |||
Related Party Transactions | |||
Amounts charged to related party | 102.1 | 92.7 | 108.2 |
Unconsolidated Joint Ventures | Development, royalty and other fees | |||
Related Party Transactions | |||
Amounts charged to related party | $ 12.4 | $ 13.1 | $ 14.8 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total revenue | $ 1,326,138 | $ 1,296,554 | $ 1,254,146 | $ 1,239,951 | $ 1,131,429 | $ 1,060,674 | $ 1,062,041 | $ 1,353,360 | $ 5,116,789 | $ 4,607,503 | $ 5,755,189 |
Operating income before other items | 591,533 | 612,324 | 604,723 | 604,612 | 462,047 | 404,024 | 450,868 | 654,869 | 2,413,190 | 1,971,809 | 2,912,787 |
Consolidated net income | 573,730 | 778,648 | 705,869 | 510,460 | 312,726 | 168,646 | 290,548 | 505,404 | 2,568,707 | 1,277,324 | 2,423,188 |
Net Income attributable to common stockholders or unitholders | $ 503,241 | $ 679,936 | $ 617,257 | $ 445,860 | $ 271,483 | $ 145,926 | $ 254,213 | $ 437,605 | $ 2,246,294 | $ 1,109,227 | $ 2,098,247 |
Net income per share - Basic | $ 1.53 | $ 2.07 | $ 1.88 | $ 1.36 | $ 0.86 | $ 0.48 | $ 0.83 | $ 1.43 | $ 6.84 | $ 3.59 | $ 6.81 |
Net income per share - Diluted | $ 1.53 | $ 2.07 | $ 1.88 | $ 1.36 | $ 0.86 | $ 0.48 | $ 0.83 | $ 1.43 | |||
Weighted average shares outstanding - basic | 328,619,248 | 328,619,163 | 328,594,136 | 328,514,497 | 316,595,345 | 305,913,431 | 305,882,326 | 306,504,084 | 328,587,137 | 308,737,625 | 307,950,112 |
Weighted average shares outstanding - diluted | 328,619,248 | 328,619,163 | 328,594,136 | 328,514,497 | 316,595,345 | 305,913,431 | 305,882,326 | 306,504,084 | 328,587,137 | 308,737,625 | 307,950,112 |
Simon Property Group, L.P. | |||||||||||
Total revenue | $ 5,116,789 | $ 4,607,503 | $ 5,755,189 | ||||||||
Operating income before other items | 2,413,190 | 1,971,809 | 2,912,787 | ||||||||
Consolidated net income | 2,568,707 | 1,277,324 | 2,423,188 | ||||||||
Net Income attributable to common stockholders or unitholders | $ 575,596 | $ 777,740 | $ 706,087 | $ 510,085 | $ 311,238 | $ 168,086 | $ 292,863 | $ 504,263 | $ 2,569,508 | $ 1,276,450 | $ 2,416,945 |
Net income per share - Basic | $ 1.53 | $ 2.07 | $ 1.88 | $ 1.36 | $ 0.86 | $ 0.48 | $ 0.83 | $ 1.43 | $ 6.84 | $ 3.59 | $ 6.81 |
Net income per share - Diluted | $ 1.53 | $ 2.07 | $ 1.88 | $ 1.36 | $ 0.86 | $ 0.48 | $ 0.83 | $ 1.43 | |||
Weighted average shares outstanding - basic | 375,872,212 | 375,882,318 | 375,875,290 | 375,836,653 | 363,050,401 | 352,420,845 | 352,410,392 | 353,191,960 | 375,866,759 | 355,281,882 | 354,724,019 |
Weighted average shares outstanding - diluted | 375,872,212 | 375,882,318 | 375,875,290 | 375,836,653 | 363,050,401 | 352,420,845 | 352,410,392 | 353,191,960 | 375,866,759 | 355,281,882 | 354,724,019 |
Schedule III Real Estate and _2
Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | $ 5,366,190 | |||
Initial Cost | ||||
Land | 3,270,099 | |||
Buildings and Improvements | 25,016,217 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 369,254 | |||
Buildings and Improvements | 8,841,645 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,639,353 | |||
Buildings and Improvements | 33,857,863 | |||
Total | 37,497,216 | $ 37,608,638 | $ 37,356,739 | $ 36,667,960 |
Accumulated Depreciation | 15,304,461 | $ 14,592,867 | $ 13,622,433 | $ 12,632,690 |
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 | 93,731 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,886 | |||
Buildings and Improvements | 114,660 | |||
Total | 125,546 | |||
Accumulated Depreciation | 67,339 | |||
Malls | Battlefield Mall, Springfield, MO | ||||
Initial Cost | ||||
Land | 3,919 | |||
Buildings and Improvements | 27,231 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,000 | |||
Buildings and Improvements | 73,269 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,919 | |||
Buildings and Improvements | 100,500 | |||
Total | 107,419 | |||
Accumulated Depreciation | 74,823 | |||
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 | 30,901 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,384 | |||
Buildings and Improvements | 56,524 | |||
Total | 66,907 | |||
Accumulated Depreciation | 34,368 | |||
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 | 81,393 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 42,493 | |||
Buildings and Improvements | 290,595 | |||
Total | 333,088 | |||
Accumulated Depreciation | 166,527 | |||
Malls | Broadway Square, Tyler, TX | ||||
Initial Cost | ||||
Land | 11,306 | |||
Buildings and Improvements | 32,431 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 52,984 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,306 | |||
Buildings and Improvements | 85,415 | |||
Total | 96,721 | |||
Accumulated Depreciation | 43,517 | |||
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 | 260,644 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 74,058 | |||
Buildings and Improvements | 564,262 | |||
Total | 638,320 | |||
Accumulated Depreciation | 263,024 | |||
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 | 78,851 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 33,684 | |||
Buildings and Improvements | 177,138 | |||
Total | 210,822 | |||
Accumulated Depreciation | 125,790 | |||
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 | 54,450 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,613 | |||
Buildings and Improvements | 69,712 | |||
Total | 71,325 | |||
Accumulated Depreciation | 50,865 | |||
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 | 70,036 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,723 | |||
Buildings and Improvements | 86,281 | |||
Total | 88,004 | |||
Accumulated Depreciation | 49,845 | |||
Malls | Columbia Center, Kennewick, WA | ||||
Initial Cost | ||||
Land | 17,441 | |||
Buildings and Improvements | 66,580 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 43,135 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,441 | |||
Buildings and Improvements | 109,715 | |||
Total | 127,156 | |||
Accumulated Depreciation | 67,064 | |||
Malls | Copley Place, Boston, MA | ||||
Initial Cost | ||||
Buildings and Improvements | 378,045 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 200,624 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 578,669 | |||
Total | 578,669 | |||
Accumulated Depreciation | 271,506 | |||
Malls | Coral Square, Coral Springs (Miami), FL | ||||
Initial Cost | ||||
Land | 13,556 | |||
Buildings and Improvements | 93,630 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 20,187 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,556 | |||
Buildings and Improvements | 113,817 | |||
Total | 127,373 | |||
Accumulated Depreciation | 91,266 | |||
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 | 70,907 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 25,947 | |||
Buildings and Improvements | 143,998 | |||
Total | 169,945 | |||
Accumulated Depreciation | 84,955 | |||
Malls | Domain, The, Austin, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 210,000 | |||
Initial Cost | ||||
Land | 40,436 | |||
Buildings and Improvements | 197,010 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 155,117 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 40,436 | |||
Buildings and Improvements | 352,127 | |||
Total | 392,563 | |||
Accumulated Depreciation | 186,040 | |||
Malls | Empire Mall, Sioux Falls, SD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 180,452 | |||
Initial Cost | ||||
Land | 35,998 | |||
Buildings and Improvements | 192,186 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 32,637 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 35,998 | |||
Buildings and Improvements | 224,823 | |||
Total | 260,821 | |||
Accumulated Depreciation | 76,189 | |||
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 | 111,089 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 29,145 | |||
Buildings and Improvements | 231,668 | |||
Total | 260,813 | |||
Accumulated Depreciation | 139,363 | |||
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 | 29,889 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,438 | |||
Buildings and Improvements | 112,605 | |||
Total | 121,043 | |||
Accumulated Depreciation | 67,382 | |||
Malls | Forum Shops at Caesars, The, Las Vegas, NV | ||||
Initial Cost | ||||
Buildings and Improvements | 276,567 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 285,180 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 561,747 | |||
Total | 561,747 | |||
Accumulated Depreciation | 316,592 | |||
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 | 124,482 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,676 | |||
Buildings and Improvements | 147,927 | |||
Total | 155,603 | |||
Accumulated Depreciation | 95,160 | |||
Malls | Haywood Mall, Greenville, SC | ||||
Initial Cost | ||||
Land | 11,585 | |||
Buildings and Improvements | 133,893 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 6 | |||
Buildings and Improvements | 42,034 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,591 | |||
Buildings and Improvements | 175,927 | |||
Total | 187,518 | |||
Accumulated Depreciation | 117,494 | |||
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 | 383,148 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 175,063 | |||
Buildings and Improvements | 1,511,348 | |||
Total | 1,686,411 | |||
Accumulated Depreciation | 513,981 | |||
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 | 188,482 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 94,481 | |||
Buildings and Improvements | 198,310 | |||
Total | 292,791 | |||
Accumulated Depreciation | 58,002 | |||
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 | 24,446 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,102 | |||
Buildings and Improvements | 106,014 | |||
Total | 116,116 | |||
Accumulated Depreciation | 67,646 | |||
Malls | Lenox Square, Atlanta, GA | ||||
Initial Cost | ||||
Land | 37,447 | |||
Buildings and Improvements | 492,411 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 142,110 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 37,447 | |||
Buildings and Improvements | 634,521 | |||
Total | 671,968 | |||
Accumulated Depreciation | 390,709 | |||
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 | 47,600 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 22,214 | |||
Buildings and Improvements | 152,850 | |||
Total | 175,064 | |||
Accumulated Depreciation | 100,502 | |||
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 | 13,980 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 47,492 | |||
Buildings and Improvements | 340,613 | |||
Total | 388,105 | |||
Accumulated Depreciation | 207,009 | |||
Malls | McCain Mall, N. Little Rock, AR | ||||
Initial Cost | ||||
Buildings and Improvements | 9,515 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 10,142 | |||
Buildings and Improvements | 28,634 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,142 | |||
Buildings and Improvements | 38,149 | |||
Total | 48,290 | |||
Accumulated Depreciation | 18,749 | |||
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 | 88,717 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 65,684 | |||
Buildings and Improvements | 311,969 | |||
Total | 377,653 | |||
Accumulated Depreciation | 199,039 | |||
Malls | Midland Park Mall, Midland, TX | ||||
Initial Cost | ||||
Land | 687 | |||
Buildings and Improvements | 9,213 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,196 | |||
Buildings and Improvements | 42,037 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,883 | |||
Buildings and Improvements | 51,250 | |||
Total | 53,133 | |||
Accumulated Depreciation | 23,361 | |||
Malls | Miller Hill Mall, Duluth, MN | ||||
Initial Cost | ||||
Land | 2,965 | |||
Buildings and Improvements | 18,092 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,811 | |||
Buildings and Improvements | 43,110 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,776 | |||
Buildings and Improvements | 61,202 | |||
Total | 65,978 | |||
Accumulated Depreciation | 46,574 | |||
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 | 143,969 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 19,138 | |||
Buildings and Improvements | 156,935 | |||
Total | 176,073 | |||
Accumulated Depreciation | 120,393 | |||
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 | 87,686 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 23,681 | |||
Buildings and Improvements | 212,631 | |||
Total | 236,312 | |||
Accumulated Depreciation | 108,360 | |||
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 | 78,380 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 35,439 | |||
Buildings and Improvements | 208,286 | |||
Total | 243,725 | |||
Accumulated Depreciation | 123,882 | |||
Malls | Oxford Valley Mall, Langhorne (Philadelphia), PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 32,783 | |||
Initial Cost | ||||
Land | 20,872 | |||
Buildings and Improvements | 100,287 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 20,040 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 20,872 | |||
Buildings and Improvements | 120,327 | |||
Total | 141,199 | |||
Accumulated Depreciation | 87,416 | |||
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 | 60,572 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,043 | |||
Buildings and Improvements | 216,530 | |||
Total | 218,573 | |||
Accumulated Depreciation | 143,182 | |||
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 | 49,963 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,452 | |||
Buildings and Improvements | 205,031 | |||
Total | 209,483 | |||
Accumulated Depreciation | 122,652 | |||
Malls | Phipps Plaza, Atlanta, GA | ||||
Initial Cost | ||||
Land | 15,005 | |||
Buildings and Improvements | 210,610 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 276,793 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,005 | |||
Buildings and Improvements | 487,403 | |||
Total | 502,408 | |||
Accumulated Depreciation | 180,970 | |||
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 | 79,328 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,493 | |||
Buildings and Improvements | 358,888 | |||
Total | 374,381 | |||
Accumulated Depreciation | 182,915 | |||
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 | 71,722 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,895 | |||
Buildings and Improvements | 74,535 | |||
Total | 79,430 | |||
Accumulated Depreciation | 29,705 | |||
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 | 71,558 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,918 | |||
Buildings and Improvements | 283,815 | |||
Total | 325,733 | |||
Accumulated Depreciation | 168,749 | |||
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 | 372,918 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 164,406 | |||
Buildings and Improvements | 1,074,926 | |||
Total | 1,239,332 | |||
Accumulated Depreciation | 567,080 | |||
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 | 123,154 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 29,356 | |||
Buildings and Improvements | 213,357 | |||
Total | 242,713 | |||
Accumulated Depreciation | 137,717 | |||
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 | 27,226 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,400 | |||
Buildings and Improvements | 115,090 | |||
Total | 125,490 | |||
Accumulated Depreciation | 70,604 | |||
Malls | Shops at Chestnut Hill, The, Chestnut Hill (Boston), MA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 120,000 | |||
Initial Cost | ||||
Land | 449 | |||
Buildings and Improvements | 25,102 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 38,864 | |||
Buildings and Improvements | 106,768 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 39,313 | |||
Buildings and Improvements | 131,871 | |||
Total | 171,184 | |||
Accumulated Depreciation | 48,064 | |||
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 | 8,778 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 28,125 | |||
Buildings and Improvements | 151,638 | |||
Total | 179,763 | |||
Accumulated Depreciation | 47,385 | |||
Malls | Shops at Riverside, The, Hackensack (New York), NJ | ||||
Initial Cost | ||||
Land | 13,521 | |||
Buildings and Improvements | 238,746 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 265,172 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,521 | |||
Buildings and Improvements | 503,918 | |||
Total | 517,439 | |||
Accumulated Depreciation | 117,769 | |||
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 | 84,426 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 24,917 | |||
Buildings and Improvements | 210,266 | |||
Total | 235,183 | |||
Accumulated Depreciation | 114,736 | |||
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 | 164,885 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 101,200 | |||
Buildings and Improvements | 466,380 | |||
Total | 567,580 | |||
Accumulated Depreciation | 281,716 | |||
Malls | Southdale Mall, Edina (Minneapolis), MN | ||||
Initial Cost | ||||
Land | 41,430 | |||
Buildings and Improvements | 184,967 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 81,994 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,430 | |||
Buildings and Improvements | 266,961 | |||
Total | 308,391 | |||
Accumulated Depreciation | 73,542 | |||
Malls | SouthPark, Charlotte, NC | ||||
Initial Cost | ||||
Land | 42,092 | |||
Buildings and Improvements | 188,055 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 100 | |||
Buildings and Improvements | 208,086 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 42,192 | |||
Buildings and Improvements | 396,141 | |||
Total | 438,333 | |||
Accumulated Depreciation | 236,456 | |||
Malls | St. Charles Towne Center, Waldorf (Washington, D.C.), MD | ||||
Initial Cost | ||||
Land | 7,710 | |||
Buildings and Improvements | 52,934 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,180 | |||
Buildings and Improvements | 27,286 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,890 | |||
Buildings and Improvements | 80,220 | |||
Total | 89,110 | |||
Accumulated Depreciation | 62,210 | |||
Malls | Stanford Shopping Center, Palo Alto (San Jose), CA | ||||
Initial Cost | ||||
Buildings and Improvements | 339,537 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 194,716 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 534,253 | |||
Total | 534,253 | |||
Accumulated Depreciation | 229,236 | |||
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 | 55,450 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,374 | |||
Buildings and Improvements | 106,587 | |||
Total | 121,961 | |||
Accumulated Depreciation | 68,650 | |||
Malls | Tacoma Mall, Tacoma (Seattle), WA | ||||
Initial Cost | ||||
Land | 37,113 | |||
Buildings and Improvements | 125,826 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 173,286 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 37,113 | |||
Buildings and Improvements | 299,112 | |||
Total | 336,225 | |||
Accumulated Depreciation | 154,263 | |||
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 | 46,663 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,414 | |||
Buildings and Improvements | 55,102 | |||
Total | 63,516 | |||
Accumulated Depreciation | 45,141 | |||
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 | 245,850 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 64,200 | |||
Buildings and Improvements | 553,167 | |||
Total | 617,367 | |||
Accumulated Depreciation | 325,402 | |||
Malls | Towne East Square, Wichita, KS | ||||
Initial Cost | ||||
Land | 8,024 | |||
Buildings and Improvements | 18,479 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 4,108 | |||
Buildings and Improvements | 56,584 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,132 | |||
Buildings and Improvements | 75,063 | |||
Total | 87,195 | |||
Accumulated Depreciation | 47,791 | |||
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 | 39,325 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,191 | |||
Buildings and Improvements | 112,315 | |||
Total | 126,506 | |||
Accumulated Depreciation | 79,344 | |||
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 | 50,233 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,097 | |||
Buildings and Improvements | 171,195 | |||
Total | 188,292 | |||
Accumulated Depreciation | 117,286 | |||
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 | 58,155 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,762 | |||
Buildings and Improvements | 176,319 | |||
Total | 194,081 | |||
Accumulated Depreciation | 148,669 | |||
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 | 130,566 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 55,489 | |||
Buildings and Improvements | 241,824 | |||
Total | 297,313 | |||
Accumulated Depreciation | 138,124 | |||
Malls | White Oaks Mall, Springfield, IL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 42,594 | |||
Initial Cost | ||||
Land | 2,907 | |||
Buildings and Improvements | 35,692 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 2,468 | |||
Buildings and Improvements | 65,150 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 5,375 | |||
Buildings and Improvements | 100,842 | |||
Total | 106,217 | |||
Accumulated Depreciation | 61,714 | |||
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 | 17,244 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,407 | |||
Buildings and Improvements | 145,520 | |||
Total | 161,927 | |||
Accumulated Depreciation | 102,290 | |||
Malls | Woodland Hills Mall, Tulsa, OK | ||||
Initial Cost | ||||
Land | 34,211 | |||
Buildings and Improvements | 187,123 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 36,573 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 34,211 | |||
Buildings and Improvements | 223,696 | |||
Total | 257,907 | |||
Accumulated Depreciation | 152,940 | |||
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 | 10,069 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,900 | |||
Buildings and Improvements | 107,128 | |||
Total | 111,028 | |||
Accumulated Depreciation | 56,242 | |||
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 | 44,770 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 20,932 | |||
Buildings and Improvements | 114,558 | |||
Total | 135,490 | |||
Accumulated Depreciation | 39,846 | |||
Premium Outlets | Aurora Farms Premium Outlets, Aurora (Cleveland), OH | ||||
Initial Cost | ||||
Land | 2,370 | |||
Buildings and Improvements | 24,326 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 9,045 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,370 | |||
Buildings and Improvements | 33,371 | |||
Total | 35,741 | |||
Accumulated Depreciation | 25,244 | |||
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 | 40,083 | |||
Premium Outlets | Camarillo Premium Outlets, Camarillo (Los Angeles), CA | ||||
Initial Cost | ||||
Land | 16,599 | |||
Buildings and Improvements | 224,721 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 395 | |||
Buildings and Improvements | 73,858 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,994 | |||
Buildings and Improvements | 298,579 | |||
Total | 315,572 | |||
Accumulated Depreciation | 155,743 | |||
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 | 10,584 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,986 | |||
Buildings and Improvements | 195,574 | |||
Total | 208,560 | |||
Accumulated Depreciation | 93,869 | |||
Premium Outlets | Carolina Premium Outlets, Smithfield (Raleigh), NC | ||||
Initial Cost | ||||
Land | 3,175 | |||
Buildings and Improvements | 59,863 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,311 | |||
Buildings and Improvements | 7,682 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,486 | |||
Buildings and Improvements | 67,545 | |||
Total | 76,031 | |||
Accumulated Depreciation | 39,192 | |||
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 | 96,798 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,709 | |||
Buildings and Improvements | 214,803 | |||
Total | 228,512 | |||
Accumulated Depreciation | 89,810 | |||
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 | 3,367 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,117 | |||
Buildings and Improvements | 74,887 | |||
Total | 89,004 | |||
Accumulated Depreciation | 38,032 | |||
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 | 6,730 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,592 | |||
Buildings and Improvements | 114,286 | |||
Total | 117,878 | |||
Accumulated Depreciation | 64,861 | |||
Premium Outlets | Denver Premium Outlets, Thornton (Denver), CO | ||||
Initial Cost | ||||
Land | 11,001 | |||
Buildings and Improvements | 45,335 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 10 | |||
Buildings and Improvements | 73,657 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,011 | |||
Buildings and Improvements | 118,992 | |||
Total | 130,003 | |||
Accumulated Depreciation | 18,076 | |||
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 | 116,191 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,440 | |||
Buildings and Improvements | 454,870 | |||
Total | 458,310 | |||
Accumulated Depreciation | 200,331 | |||
Premium Outlets | Ellenton Premium Outlets, Ellenton (Tampa), FL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 178,000 | |||
Initial Cost | ||||
Land | 15,807 | |||
Buildings and Improvements | 182,412 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 8,034 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,807 | |||
Buildings and Improvements | 190,446 | |||
Total | 206,253 | |||
Accumulated Depreciation | 116,060 | |||
Premium Outlets | Folsom Premium Outlets, Folsom (Sacramento), CA | ||||
Initial Cost | ||||
Land | 9,060 | |||
Buildings and Improvements | 50,281 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,956 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,060 | |||
Buildings and Improvements | 56,237 | |||
Total | 65,297 | |||
Accumulated Depreciation | 34,092 | |||
Premium Outlets | Gilroy Premium Outlets, Gilroy (San Jose), CA | ||||
Initial Cost | ||||
Land | 9,630 | |||
Buildings and Improvements | 194,122 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 16,955 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,630 | |||
Buildings and Improvements | 211,077 | |||
Total | 220,707 | |||
Accumulated Depreciation | 109,942 | |||
Premium Outlets | Grand Prairie Premium Outlets, Grand Prairie (Dallas), TX | ||||
Initial Cost | ||||
Land | 9,497 | |||
Buildings and Improvements | 194,245 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,330 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,497 | |||
Buildings and Improvements | 195,575 | |||
Total | 205,072 | |||
Accumulated Depreciation | 61,119 | |||
Premium Outlets | Grove City Premium Outlets, Grove City (Pittsburgh), PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 140,000 | |||
Initial Cost | ||||
Land | 6,421 | |||
Buildings and Improvements | 121,880 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 8,365 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,421 | |||
Buildings and Improvements | 130,245 | |||
Total | 136,666 | |||
Accumulated Depreciation | 78,970 | |||
Premium Outlets | Gulfport Premium Outlets, Gulfport, MS | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 50,000 | |||
Initial Cost | ||||
Buildings and Improvements | 27,949 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 7,694 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 35,643 | |||
Total | 35,643 | |||
Accumulated Depreciation | 19,001 | |||
Premium Outlets | Hagerstown Premium Outlets, Hagerstown (Baltimore/Washington DC), MD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 71,901 | |||
Initial Cost | ||||
Land | 3,576 | |||
Buildings and Improvements | 85,883 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,973 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,576 | |||
Buildings and Improvements | 87,856 | |||
Total | 91,432 | |||
Accumulated Depreciation | 42,753 | |||
Premium Outlets | Houston Premium Outlets, Cypress (Houston), TX | ||||
Initial Cost | ||||
Land | 8,695 | |||
Buildings and Improvements | 69,350 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 44,528 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,695 | |||
Buildings and Improvements | 113,878 | |||
Total | 122,573 | |||
Accumulated Depreciation | 58,104 | |||
Premium Outlets | Indiana Premium Outlets, Edinburgh (Indianapolis), IN | ||||
Initial Cost | ||||
Land | 2,857 | |||
Buildings and Improvements | 47,309 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 20,544 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,857 | |||
Buildings and Improvements | 67,853 | |||
Total | 70,710 | |||
Accumulated Depreciation | 38,049 | |||
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 | 8,245 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,416 | |||
Buildings and Improvements | 112,258 | |||
Total | 118,674 | |||
Accumulated Depreciation | 55,053 | |||
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 | 78,779 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,390 | |||
Buildings and Improvements | 129,758 | |||
Total | 145,148 | |||
Accumulated Depreciation | 70,019 | |||
Premium Outlets | Johnson Creek Premium Outlets, Johnson Creek, WI | ||||
Initial Cost | ||||
Land | 2,800 | |||
Buildings and Improvements | 39,546 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 7,221 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,800 | |||
Buildings and Improvements | 46,767 | |||
Total | 49,567 | |||
Accumulated Depreciation | 24,617 | |||
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 | 11,059 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,832 | |||
Buildings and Improvements | 106,053 | |||
Total | 117,885 | |||
Accumulated Depreciation | 49,905 | |||
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 | 11,203 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 45,168 | |||
Buildings and Improvements | 263,081 | |||
Total | 308,249 | |||
Accumulated Depreciation | 110,122 | |||
Premium Outlets | Las Vegas Premium Outlets - North, Las Vegas, NV | ||||
Initial Cost | ||||
Land | 25,435 | |||
Buildings and Improvements | 134,973 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 16,536 | |||
Buildings and Improvements | 151,229 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,971 | |||
Buildings and Improvements | 286,202 | |||
Total | 328,173 | |||
Accumulated Depreciation | 141,918 | |||
Premium Outlets | Las Vegas Premium Outlets - South, Las Vegas, NV | ||||
Initial Cost | ||||
Land | 13,085 | |||
Buildings and Improvements | 160,777 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 32,579 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,085 | |||
Buildings and Improvements | 193,356 | |||
Total | 206,441 | |||
Accumulated Depreciation | 92,359 | |||
Premium Outlets | Lee Premium Outlets, Lee, MA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 48,604 | |||
Initial Cost | ||||
Land | 9,167 | |||
Buildings and Improvements | 52,212 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,213 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,167 | |||
Buildings and Improvements | 56,425 | |||
Total | 65,592 | |||
Accumulated Depreciation | 32,727 | |||
Premium Outlets | Leesburg Corner Premium Outlets, Leesburg (Washington D.C.), VA | ||||
Initial Cost | ||||
Land | 7,190 | |||
Buildings and Improvements | 162,023 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 21,692 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,190 | |||
Buildings and Improvements | 183,715 | |||
Total | 190,905 | |||
Accumulated Depreciation | 92,572 | |||
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 | 13,130 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,630 | |||
Buildings and Improvements | 107,268 | |||
Total | 113,898 | |||
Accumulated Depreciation | 61,728 | |||
Premium Outlets | Merrimack Premium Outlets, Merrimack, NH | ||||
Initial Cost | ||||
Land | 14,975 | |||
Buildings and Improvements | 118,428 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,501 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,975 | |||
Buildings and Improvements | 120,929 | |||
Total | 135,904 | |||
Accumulated Depreciation | 47,885 | |||
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 | 7,418 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,400 | |||
Buildings and Improvements | 52,441 | |||
Total | 63,841 | |||
Accumulated Depreciation | 29,189 | |||
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 | 5,281 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,143 | |||
Buildings and Improvements | 41,478 | |||
Total | 43,621 | |||
Accumulated Depreciation | 20,845 | |||
Premium Outlets | North Georgia Premium Outlets, Dawsonville (Atlanta), GA | ||||
Initial Cost | ||||
Land | 4,300 | |||
Buildings and Improvements | 137,020 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,877 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,300 | |||
Buildings and Improvements | 138,897 | |||
Total | 143,197 | |||
Accumulated Depreciation | 69,520 | |||
Premium Outlets | Orlando Premium Outlets - International Dr, Orlando, FL | ||||
Initial Cost | ||||
Land | 31,998 | |||
Buildings and Improvements | 472,815 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 17,633 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 31,998 | |||
Buildings and Improvements | 490,448 | |||
Total | 522,446 | |||
Accumulated Depreciation | 198,096 | |||
Premium Outlets | Orlando Premium Outlets - Vineland Ave, Orlando, FL | ||||
Initial Cost | ||||
Land | 14,040 | |||
Buildings and Improvements | 382,949 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 36,023 | |||
Buildings and Improvements | 25,087 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 50,063 | |||
Buildings and Improvements | 408,036 | |||
Total | 458,099 | |||
Accumulated Depreciation | 190,674 | |||
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 | 3,632 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,322 | |||
Buildings and Improvements | 17,342 | |||
Total | 30,664 | |||
Accumulated Depreciation | 11,293 | |||
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 | 25,050 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,676 | |||
Buildings and Improvements | 130,299 | |||
Total | 146,975 | |||
Accumulated Depreciation | 77,436 | |||
Premium Outlets | Phoenix Premium Outlets, Chandler (Phoenix), AZ | ||||
Initial Cost | ||||
Buildings and Improvements | 63,082 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 485 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 63,567 | |||
Total | 63,567 | |||
Accumulated Depreciation | 26,526 | |||
Premium Outlets | Pismo Beach Premium Outlets, Pismo Beach, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 32,975 | |||
Initial Cost | ||||
Land | 4,317 | |||
Buildings and Improvements | 19,044 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,833 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,317 | |||
Buildings and Improvements | 21,877 | |||
Total | 26,194 | |||
Accumulated Depreciation | 14,177 | |||
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 | 8,524 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,823 | |||
Buildings and Improvements | 135,210 | |||
Total | 152,033 | |||
Accumulated Depreciation | 60,263 | |||
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 | 8,467 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 20,586 | |||
Buildings and Improvements | 122,488 | |||
Total | 143,074 | |||
Accumulated Depreciation | 55,420 | |||
Premium Outlets | Queenstown Premium Outlets, Queenstown (Baltimore), MD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 57,928 | |||
Initial Cost | ||||
Land | 8,129 | |||
Buildings and Improvements | 61,950 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,000 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,129 | |||
Buildings and Improvements | 66,950 | |||
Total | 75,079 | |||
Accumulated Depreciation | 31,396 | |||
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 | 28,036 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,229 | |||
Buildings and Improvements | 69,583 | |||
Total | 81,812 | |||
Accumulated Depreciation | 43,037 | |||
Premium Outlets | Round Rock Premium Outlets, Round Rock (Austin), TX | ||||
Initial Cost | ||||
Land | 13,485 | |||
Buildings and Improvements | 82,252 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,259 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,485 | |||
Buildings and Improvements | 87,511 | |||
Total | 100,995 | |||
Accumulated Depreciation | 55,956 | |||
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 | 46,176 | |||
Buildings and Improvements | 75,532 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 68,102 | |||
Buildings and Improvements | 384,226 | |||
Total | 452,328 | |||
Accumulated Depreciation | 110,323 | |||
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 | 14,047 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,180 | |||
Buildings and Improvements | 301,226 | |||
Total | 314,406 | |||
Accumulated Depreciation | 125,685 | |||
Premium Outlets | Seattle Premium Outlets, Tulalip (Seattle), WA | ||||
Initial Cost | ||||
Buildings and Improvements | 103,722 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 55,323 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 159,045 | |||
Total | 159,045 | |||
Accumulated Depreciation | 81,104 | |||
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 | 13,850 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,092 | |||
Buildings and Improvements | 71,520 | |||
Total | 77,612 | |||
Accumulated Depreciation | 39,632 | |||
Premium Outlets | Tampa, FL Premium Outlet | ||||
Initial Cost | ||||
Land | 14,298 | |||
Buildings and Improvements | 97,188 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 121 | |||
Buildings and Improvements | 5,911 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,419 | |||
Buildings and Improvements | 103,099 | |||
Total | 117,518 | |||
Accumulated Depreciation | 27,571 | |||
Premium Outlets | The Crossings Premium Outlets, Tannersville , PA | ||||
Initial Cost | ||||
Land | 7,720 | |||
Buildings and Improvements | 172,931 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 19,407 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,720 | |||
Buildings and Improvements | 192,338 | |||
Total | 200,058 | |||
Accumulated Depreciation | 93,873 | |||
Premium Outlets | Tucson Premium Outlet | ||||
Initial Cost | ||||
Land | 12,508 | |||
Buildings and Improvements | 69,677 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,649 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,508 | |||
Buildings and Improvements | 75,326 | |||
Total | 87,834 | |||
Accumulated Depreciation | 19,786 | |||
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 | 18,490 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,420 | |||
Buildings and Improvements | 103,340 | |||
Total | 112,760 | |||
Accumulated Depreciation | 58,544 | |||
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 | 19,863 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 22,630 | |||
Buildings and Improvements | 97,179 | |||
Total | 119,809 | |||
Accumulated Depreciation | 50,647 | |||
Premium Outlets | Waterloo Premium Outlets, Waterloo , NY | ||||
Initial Cost | ||||
Land | 3,230 | |||
Buildings and Improvements | 75,277 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 14,620 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,230 | |||
Buildings and Improvements | 89,897 | |||
Total | 93,127 | |||
Accumulated Depreciation | 49,967 | |||
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 | 8,947 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,323 | |||
Buildings and Improvements | 232,736 | |||
Total | 243,059 | |||
Accumulated Depreciation | 95,160 | |||
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 | 2,987 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,414 | |||
Buildings and Improvements | 153,401 | |||
Total | 162,815 | |||
Accumulated Depreciation | 50,987 | |||
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 | 270,451 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,781 | |||
Buildings and Improvements | 1,133,010 | |||
Total | 1,145,790 | |||
Accumulated Depreciation | 480,423 | |||
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 | 49,664 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,900 | |||
Buildings and Improvements | 331,695 | |||
Total | 336,595 | |||
Accumulated Depreciation | 155,589 | |||
The Mills | Arizona Mills | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 99,682 | |||
Initial Cost | ||||
Land | 41,285 | |||
Buildings and Improvements | 297,289 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 15,079 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,285 | |||
Buildings and Improvements | 312,368 | |||
Total | 353,653 | |||
Accumulated Depreciation | 85,269 | |||
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 | 60,466 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 69,853 | |||
Buildings and Improvements | 523,567 | |||
Total | 593,420 | |||
Accumulated Depreciation | 175,704 | |||
The Mills | Gurnee Mills, Gurnee (Chicago), IL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 257,710 | |||
Initial Cost | ||||
Land | 41,133 | |||
Buildings and Improvements | 297,911 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 31,134 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,133 | |||
Buildings and Improvements | 329,045 | |||
Total | 370,178 | |||
Accumulated Depreciation | 113,342 | |||
The Mills | Mills at Jersey Gardens, The, Elizabeth, NJ | ||||
Initial Cost | ||||
Land | 120,417 | |||
Buildings and Improvements | 865,605 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 14,991 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 120,417 | |||
Buildings and Improvements | 880,596 | |||
Total | 1,001,013 | |||
Accumulated Depreciation | 229,102 | |||
The Mills | Opry Mills, Nashville, TN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 375,000 | |||
Initial Cost | ||||
Land | 51,000 | |||
Buildings and Improvements | 327,503 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 16,927 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 51,000 | |||
Buildings and Improvements | 344,430 | |||
Total | 395,430 | |||
Accumulated Depreciation | 112,976 | |||
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 | 3,544 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 64,973 | |||
Buildings and Improvements | 214,866 | |||
Total | 279,840 | |||
Accumulated Depreciation | 25,872 | |||
The Mills | Potomac Mills, Woodbridge (Washington, D.C.), VA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 416,000 | |||
Initial Cost | ||||
Land | 61,608 | |||
Buildings and Improvements | 425,370 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 40,194 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 61,608 | |||
Buildings and Improvements | 465,564 | |||
Total | 527,172 | |||
Accumulated Depreciation | 165,137 | |||
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 | 227,774 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 198,376 | |||
Buildings and Improvements | 1,868,927 | |||
Total | 2,067,302 | |||
Accumulated Depreciation | 592,984 | |||
Designer Outlets | La Reggia Designer Outlet, Marcianise (Naples), Italy | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 148,397 | |||
Initial Cost | ||||
Land | 37,220 | |||
Buildings and Improvements | 233,179 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 34,674 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 37,220 | |||
Buildings and Improvements | 267,853 | |||
Total | 305,073 | |||
Accumulated Depreciation | 60,272 | |||
Designer Outlets | Noventa Di Piave Designer Outlet, Venice, Italy | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 314,876 | |||
Initial Cost | ||||
Land | 38,793 | |||
Buildings and Improvements | 309,283 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 73,479 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 38,793 | |||
Buildings and Improvements | 382,762 | |||
Total | 421,555 | |||
Accumulated Depreciation | 77,400 | |||
Designer Outlets | Ochtrup Designer Outlet, Ochtrup Germany | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 56,715 | |||
Initial Cost | ||||
Land | 11,770 | |||
Buildings and Improvements | 99,221 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,770 | |||
Buildings and Improvements | 99,221 | |||
Total | 110,991 | |||
Accumulated Depreciation | 7,188 | |||
Designer Outlets | Parndorf Designer Outlet, Vienna, Austria | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 208,273 | |||
Initial Cost | ||||
Land | 14,903 | |||
Buildings and Improvements | 223,156 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,924 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,903 | |||
Buildings and Improvements | 228,080 | |||
Total | 242,983 | |||
Accumulated Depreciation | 59,149 | |||
Designer Outlets | Provence Designer Outlet, Provence, France | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 92,899 | |||
Initial Cost | ||||
Land | 41,321 | |||
Buildings and Improvements | 78,279 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 6,169 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 47,490 | |||
Buildings and Improvements | 78,279 | |||
Total | 125,769 | |||
Accumulated Depreciation | 30,462 | |||
Designer Outlets | Roermond Designer Outlet, Roermond, Netherlands | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 260,891 | |||
Initial Cost | ||||
Land | 15,035 | |||
Buildings and Improvements | 400,094 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 16,700 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,035 | |||
Buildings and Improvements | 416,794 | |||
Total | 431,829 | |||
Accumulated Depreciation | 110,259 | |||
Designer Outlets | Roosendaal Designer Outlet, Roosendaal, Netherlands | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 65,105 | |||
Initial Cost | ||||
Land | 22,191 | |||
Buildings and Improvements | 108,069 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 6,917 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 22,191 | |||
Buildings and Improvements | 114,986 | |||
Total | 137,178 | |||
Accumulated Depreciation | 28,406 | |||
Community/Lifestyle Centers | Northgate Station, Seattle, WA | ||||
Initial Cost | ||||
Land | 23,610 | |||
Buildings and Improvements | 115,992 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 11,947 | |||
Buildings and Improvements | 81,738 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 35,557 | |||
Buildings and Improvements | 197,730 | |||
Total | 233,286 | |||
Accumulated Depreciation | 55,568 | |||
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 | 7,572 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,428 | |||
Buildings and Improvements | 82,905 | |||
Total | 93,333 | |||
Accumulated Depreciation | 32,112 | |||
Community/Lifestyle Centers | University Park Village, Fort Worth, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 53,408 | |||
Initial Cost | ||||
Land | 18,031 | |||
Buildings and Improvements | 100,523 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 8,245 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 18,031 | |||
Buildings and Improvements | 108,768 | |||
Total | 126,799 | |||
Accumulated Depreciation | 26,205 | |||
Other Properties | Calhoun Marketplace, Calhoun, GA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 17,552 | |||
Initial Cost | ||||
Land | 1,745 | |||
Buildings and Improvements | 12,529 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,188 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,745 | |||
Buildings and Improvements | 14,717 | |||
Total | 16,462 | |||
Accumulated Depreciation | 10,845 | |||
Other Properties | Florida Keys Outlet Center, Florida City, FL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 17,000 | |||
Initial Cost | ||||
Land | 1,112 | |||
Buildings and Improvements | 1,748 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,735 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,112 | |||
Buildings and Improvements | 6,483 | |||
Total | 7,595 | |||
Accumulated Depreciation | 3,976 | |||
Other Properties | Gaffney Marketplace, Gaffney (Greenville/Charlotte), SC | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 28,352 | |||
Initial Cost | ||||
Land | 4,056 | |||
Buildings and Improvements | 32,371 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,785 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,056 | |||
Buildings and Improvements | 38,156 | |||
Total | 42,212 | |||
Accumulated Depreciation | 22,623 | |||
Other Properties | Outlet Marketplace, Orlando , FL | ||||
Initial Cost | ||||
Land | 3,367 | |||
Buildings and Improvements | 1,557 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,726 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,367 | |||
Buildings and Improvements | 5,283 | |||
Total | 8,650 | |||
Accumulated Depreciation | 3,164 | |||
Other Properties | Osage Beach Marketplace, Osage Beach, MO | ||||
Initial Cost | ||||
Land | 1,397 | |||
Buildings and Improvements | 8,874 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,397 | |||
Buildings and Improvements | 8,874 | |||
Total | 10,272 | |||
Accumulated Depreciation | 1,364 | |||
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 | 12,244 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,298 | |||
Buildings and Improvements | 142,355 | |||
Total | 156,653 | |||
Accumulated Depreciation | 58,663 | |||
Development Projects | Other pre-development costs | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 73,854 | |||
Initial Cost | ||||
Land | 102,451 | |||
Buildings and Improvements | 259,687 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 959 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 103,410 | |||
Buildings and Improvements | 259,687 | |||
Total | 363,097 | |||
Accumulated Depreciation | 78 | |||
Other | ||||
Initial Cost | ||||
Land | 3,537 | |||
Buildings and Improvements | 133,632 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 31 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,568 | |||
Buildings and Improvements | 133,632 | |||
Total | 137,201 | |||
Accumulated Depreciation | 17,798 | |||
Currency Translation Adjustment | ||||
Initial Cost | ||||
Land | 5,940 | |||
Buildings and Improvements | 11,216 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 36,025 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 5,940 | |||
Buildings and Improvements | 47,242 | |||
Total | 53,182 | |||
Accumulated Depreciation | $ (33,934) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Real Estate Properties: | |||
Balance, beginning of year | $ 37,608,638 | $ 37,356,739 | $ 36,667,960 |
Acquisitions and consolidations | 121,250 | 40,990 | |
Improvements | 569,483 | 401,202 | 899,728 |
Disposals and deconsolidations | (655,482) | (320,328) | (219,268) |
Currency Translation Adjustment | (146,673) | 171,025 | (32,671) |
Balance, close of year | 37,497,216 | 37,608,638 | 37,356,739 |
Unaudited aggregate cost of real estate for federal income tax purposes | 20,725,472 | ||
Reconciliation of Accumulated Depreciation: | |||
Balance, beginning of year | 14,592,867 | 13,622,433 | 12,632,690 |
Depreciation expense | 1,083,705 | 1,226,611 | 1,176,815 |
Disposals and deconsolidations | (403,582) | (236,123) | (194,664) |
Currency Translation Adjustment | 31,471 | (20,054) | 7,592 |
Balance, close of year | $ 15,304,461 | $ 14,592,867 | $ 13,622,433 |
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 |