Simon Property (SPG) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Document Information
Entity Registrant Name	SIMON PROPERTY GROUP, INC.
Entity Central Index Key	0001063761
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
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 | shares	327,351,717
Entity Listing, Par Value Per Share | $ / shares	$ 0.0001
Class B common stock
Document Information
Entity Common Stock, Shares Outstanding | shares	8,000
Entity Listing, Par Value Per Share | $ / shares	$ 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-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
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 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	2022
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS:
Investment properties, at cost	$ 37,890,484	$ 37,932,366
Less - accumulated depreciation	15,982,792	15,621,127
Investment properties, at cost, net	21,907,692	22,311,239
Cash and cash equivalents	541,240	533,936
Tenant receivables and accrued revenue, net	828,876	919,654
Right-of-use assets, net	499,699	504,119
Investments held in trust - special purpose acquisition company	345,000	345,000
Deferred costs and other assets	1,185,705	1,121,011
Total assets	33,079,036	33,777,379
LIABILITIES:
Mortgages and unsecured indebtedness	24,885,968	25,321,022
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,337,984	1,433,216
Cash distributions and losses in unconsolidated entities, at equity	1,709,379	1,573,105
Dividend payable	2,327	1,468
Lease liabilities	502,440	506,931
Other liabilities	543,936	540,912
Total liabilities	28,982,034	29,376,654
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	566,080	547,740
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	41,599	41,763
Capital in excess of par value	11,218,057	11,212,990
Accumulated deficit	(6,012,757)	(5,823,708)
Accumulated other comprehensive loss	(167,895)	(185,186)
Common stock held in treasury, at cost, 15,553,702 and 14,295,983 shares, respectively	(2,007,706)	(1,884,441)
Total stockholders' equity	3,071,332	3,361,452
Noncontrolling interests	459,590	491,533
Total equity	3,530,922	3,852,985
Total liabilities and equity	33,079,036	33,777,379
TRG
ASSETS:
Investment, in equity	3,218,986	3,305,102
Klepierre
ASSETS:
Investment, in equity	1,446,460	1,661,943
Unconsolidated Investments excluding Klepierre and TRG
ASSETS:
Investment, in equity	3,105,378	3,075,375
Simon Property Group, L.P.
ASSETS:
Investment properties, at cost	37,890,484	37,932,366
Less - accumulated depreciation	15,982,792	15,621,127
Investment properties, at cost, net	21,907,692	22,311,239
Cash and cash equivalents	541,240	533,936
Tenant receivables and accrued revenue, net	828,876	919,654
Right-of-use assets, net	499,699	504,119
Investments held in trust - special purpose acquisition company	345,000	345,000
Deferred costs and other assets	1,185,705	1,121,011
Total assets	33,079,036	33,777,379
LIABILITIES:
Mortgages and unsecured indebtedness	24,885,968	25,321,022
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,337,984	1,433,216
Cash distributions and losses in unconsolidated entities, at equity	1,709,379	1,573,105
Dividend payable	2,327	1,468
Lease liabilities	502,440	506,931
Other liabilities	543,936	540,912
Total liabilities	28,982,034	29,376,654
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	566,080	547,740
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	41,599	41,763
General Partner, 327,359,717 and 328,619,625 units outstanding, respectively	3,029,733	3,319,689
Limited Partners, 47,303,768 and 47,247,936 units outstanding, respectively	437,796	477,292
Total partners' equity	3,509,128	3,838,744
Nonredeemable noncontrolling interests in properties, net	21,794	14,241
Total equity	3,530,922	3,852,985
Total liabilities and equity	33,079,036	33,777,379
Simon Property Group, L.P. | TRG
ASSETS:
Investment, in equity	3,218,986	3,305,102
Simon Property Group, L.P. | Klepierre
ASSETS:
Investment, in equity	1,446,460	1,661,943
Simon Property Group, L.P. | Unconsolidated Investments excluding Klepierre and TRG
ASSETS:
Investment, in equity	3,105,378	3,075,375
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

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
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	15,553,702	14,295,983
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	342,905,419	342,907,608
Common stock, shares outstanding	342,905,419	342,907,608
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	327,359,717	328,619,625
Limited Partners, units outstanding	47,303,768	47,247,936

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUE:
Lease income	$ 1,194,700	$ 1,158,825	$ 2,402,566	$ 2,303,883
Management fees and other revenues	28,811	26,061	56,398	51,358
Other income	56,331	69,260	116,799	138,856
Total revenue	1,279,842	1,254,146	2,575,763	2,494,097
EXPENSES:
Property operating	112,408	96,073	216,071	182,692
Depreciation and amortization	298,273	315,732	608,436	631,470
Real estate taxes	111,989	114,695	223,680	230,706
Repairs and maintenance	20,050	19,036	42,354	40,391
Advertising and promotion	20,064	19,565	45,327	49,050
Home and regional office costs	47,516	47,699	99,713	83,698
General and administrative	9,360	7,254	17,194	13,830
Other	33,421	29,369	75,836	52,926
Total operating expenses	653,081	649,423	1,328,611	1,284,763
OPERATING INCOME BEFORE OTHER ITEMS	626,761	604,723	1,247,152	1,209,334
Interest expense	(187,316)	(200,419)	(372,473)	(402,435)
Loss on extinguishment of debt				(2,959)
Income and other tax expense	(24,346)	(47,003)	(22,912)	(41,105)
Income from unconsolidated entities	190,073	348,545	271,257	363,614
Unrealized (losses) gains in fair value of equity instruments	(17,817)	23	(48,850)	(3,177)
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(17,875)		(16,384)	93,057
CONSOLIDATED NET INCOME	569,480	705,869	1,057,790	1,216,329
Net income (loss) attributable to noncontrolling interests	71,903	87,778	132,747	151,543
Preferred dividends	834	834	1,669	1,669
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 496,743	$ 617,257	$ 923,374	$ 1,063,117
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders - basic (in dollars per share)	$ 1.51	$ 1.88	$ 2.81	$ 3.24
Net income attributable to common stockholders - diluted (in dollars per share)	$ 1.51	$ 1.88	$ 2.81	$ 3.24
Consolidated Net Income	$ 569,480	$ 705,869	$ 1,057,790	$ 1,216,329
Unrealized gain on derivative hedge agreements	28,024	1,239	44,858	37,086
Net gain reclassified from accumulated other comprehensive loss into earnings	(401)	(475)	(789)	(6,618)
Currency translation adjustments	(24,644)	(5,886)	(23,339)	(29,769)
Changes in available-for-sale securities and other	(552)	82	(1,073)	(234)
Comprehensive income	571,907	700,829	1,077,447	1,216,794
Comprehensive income attributable to noncontrolling interests	72,130	87,178	135,112	151,640
Comprehensive income attributable to common stockholders	499,777	613,651	942,335	1,065,154
Simon Property Group, L.P.
REVENUE:
Lease income	1,194,700	1,158,825	2,402,566	2,303,883
Management fees and other revenues	28,811	26,061	56,398	51,358
Other income	56,331	69,260	116,799	138,856
Total revenue	1,279,842	1,254,146	2,575,763	2,494,097
EXPENSES:
Property operating	112,408	96,073	216,071	182,692
Depreciation and amortization	298,273	315,732	608,436	631,470
Real estate taxes	111,989	114,695	223,680	230,706
Repairs and maintenance	20,050	19,036	42,354	40,391
Advertising and promotion	20,064	19,565	45,327	49,050
Home and regional office costs	47,516	47,699	99,713	83,698
General and administrative	9,360	7,254	17,194	13,830
Other	33,421	29,369	75,836	52,926
Total operating expenses	653,081	649,423	1,328,611	1,284,763
OPERATING INCOME BEFORE OTHER ITEMS	626,761	604,723	1,247,152	1,209,334
Interest expense	(187,316)	(200,419)	(372,473)	(402,435)
Loss on extinguishment of debt				(2,959)
Income and other tax expense	(24,346)	(47,003)	(22,912)	(41,105)
Income from unconsolidated entities	190,073	348,545	271,257	363,614
Unrealized (losses) gains in fair value of equity instruments	(17,817)	23	(48,850)	(3,177)
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(17,875)		(16,384)	93,057
CONSOLIDATED NET INCOME	569,480	705,869	1,057,790	1,216,329
Net income (loss) attributable to noncontrolling interests	(122)	(1,531)	(1,118)	(2,469)
Preferred dividends	1,313	1,313	2,626	2,626
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	568,289	706,087	1,056,282	1,216,172
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	496,744	617,257	923,374	1,063,117
Limited Partners	$ 71,545	$ 88,830	$ 132,908	$ 153,055
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders - basic (in dollars per share)	$ 1.51	$ 1.88	$ 2.81	$ 3.24
Net income attributable to common stockholders - diluted (in dollars per share)	$ 1.51	$ 1.88	$ 2.81	$ 3.24
Consolidated Net Income	$ 569,480	$ 705,869	$ 1,057,790	$ 1,216,329
Unrealized gain on derivative hedge agreements	28,024	1,239	44,858	37,086
Net gain reclassified from accumulated other comprehensive loss into earnings	(401)	(475)	(789)	(6,618)
Currency translation adjustments	(24,644)	(5,886)	(23,339)	(29,769)
Changes in available-for-sale securities and other	(552)	82	(1,073)	(234)
Comprehensive income	571,907	700,829	1,077,447	1,216,794
Comprehensive income attributable to noncontrolling interests	(258)	(510)	15	(551)
Comprehensive income attributable to common stockholders	$ 572,165	$ 701,339	$ 1,077,432	$ 1,217,345

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 1,057,790	$ 1,216,329
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	639,463	664,783
Loss on debt extinguishment		2,959
Loss (gain) on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities, and impairment, net	16,384	(93,057)
Unrealized losses in fair value of equity instruments	48,850	3,177
Straight-line lease loss	15,096	11,531
Equity in income of unconsolidated entities	(271,257)	(363,614)
Distributions of income from unconsolidated entities	369,536	198,737
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	62,141	259,049
Deferred costs and other assets	(89,737)	(42,872)
Accounts payable, accrued expenses, intangibles, deferred revenues and other	44,545	20,727
Net cash provided by operating activities	1,892,811	1,877,749
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(14,000)	(157,080)
Funding of loans to related parties	(129,107)	(1,244)
Repayments of loans to related parties	76,940	285
Capital expenditures, net	(309,345)	(228,669)
Cash impact from the consolidation of properties	20,988	5,595
Net proceeds from sale of assets	59,025
Investments in unconsolidated entities	(235,581)	(26,768)
Purchase of equity instruments	(47,288)	(9,981)
Proceeds from sales of equity instruments	25,986
Insurance proceeds for property restoration		6,400
Distributions of capital from unconsolidated entities and other	325,751	78,894
Net cash used in investing activities	(226,631)	(332,568)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other, net of transaction costs	(164)	(164)
Purchase of shares related to stock grant recipients' tax withholdings	(6,788)	(2,318)
Redemption of limited partner units	(1,758)	(57)
Purchase of treasury stock	(144,114)
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	(6,348)	(589)
Contributions from noncontrolling interest holders in properties	18,743	12,725
Preferred distributions of the Operating Partnership	(957)	(957)
Distributions to stockholders and preferred dividends	(1,102,079)	(854,977)
Distributions to limited partners	(158,497)	(121,819)
Cash paid to extinguish debt		(2,959)
Proceeds from issuance of debt, net of transaction costs	2,526,065	5,056,317
Repayments of debt	(2,782,979)	(5,344,318)
Net cash used in financing activities	(1,658,876)	(1,265,995)
INCREASE IN CASH AND CASH EQUIVALENTS	7,304	279,186
CASH AND CASH EQUIVALENTS, beginning of period	533,936	1,011,613
CASH AND CASH EQUIVALENTS, end of period	541,240	1,290,799
Simon Property Group, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	1,057,790	1,216,329
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	639,463	664,783
Loss on debt extinguishment		2,959
Loss (gain) on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities, and impairment, net	16,384	(93,057)
Unrealized losses in fair value of equity instruments	48,850	3,177
Straight-line lease loss	15,096	11,531
Equity in income of unconsolidated entities	(271,257)	(363,614)
Distributions of income from unconsolidated entities	369,536	198,737
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	62,141	259,049
Deferred costs and other assets	(89,737)	(42,872)
Accounts payable, accrued expenses, intangibles, deferred revenues and other	44,545	20,727
Net cash provided by operating activities	1,892,811	1,877,749
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(14,000)	(157,080)
Funding of loans to related parties	(129,107)	(1,244)
Repayments of loans to related parties	76,940	285
Capital expenditures, net	(309,345)	(228,669)
Cash impact from the consolidation of properties	20,988	5,595
Net proceeds from sale of assets	59,025
Investments in unconsolidated entities	(235,581)	(26,768)
Purchase of equity instruments	(47,288)	(9,981)
Proceeds from sales of equity instruments	25,986
Insurance proceeds for property restoration		6,400
Distributions of capital from unconsolidated entities and other	325,751	78,894
Net cash used in investing activities	(226,631)	(332,568)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other, net of transaction costs	(164)	(164)
Purchase of shares related to stock grant recipients' tax withholdings	(6,788)	(2,318)
Redemption of limited partner units	(1,758)	(57)
Purchase of general partner units	(144,114)
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	(6,348)	(589)
Contributions from noncontrolling interest holders in properties	18,743	12,725
Preferred distributions of the Operating Partnership	(1,261,533)	(977,753)
Cash paid to extinguish debt		(2,959)
Proceeds from issuance of debt, net of transaction costs	2,526,065	5,056,317
Repayments of debt	(2,782,979)	(5,344,318)
Net cash used in financing activities	(1,658,876)	(1,265,995)
INCREASE IN CASH AND CASH EQUIVALENTS	7,304	279,186
CASH AND CASH EQUIVALENTS, beginning of period	533,936	1,011,613
CASH AND CASH EQUIVALENTS, end of period	$ 541,240	$ 1,290,799

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Simon Property Group, L.P. Simon (Managing General Partner)	Simon Property Group, L.P. Limited Partners	Simon Property Group, L.P. Preferred Stock	Simon Property Group, L.P. Noncontrolling Interests	Simon Property Group, L.P.	Preferred Stock	Common Stock.	Accumulated Other Comprehensive Income (Loss)	Capital in Excess of Par Value	Accumulated Deficit	Common Stock Held in Treasury	Noncontrolling Interests	Total
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
Series J preferred stock premium amortization			(82)		(82)	(82)							(82)
Stock incentive program									(7,214)		7,214
Redemption of limited partner units	(34)	(3)			(37)				(34)			(3)	(37)
Amortization of stock incentive	4,231				4,231				4,231				4,231
Long-term incentive performance units		5,014			5,014							5,014	5,014
Issuance of unit equivalents and other	(6,994)			15,822	8,828				(4,313)	(2,681)		15,822	8,828
Unrealized gain on hedging activities	31,333	4,514			35,847			31,333				4,514	35,847
Currency translation adjustments	(20,878)	(3,005)			(23,883)			(20,878)				(3,005)	(23,883)
Changes in available-for-sale securities and other	(276)	(40)			(316)			(276)				(40)	(316)
Net gain reclassified from accumulated other comprehensive loss into earnings	(5,370)	(773)			(6,143)			(5,370)				(773)	(6,143)
Other comprehensive income (loss)	4,809	696			5,505			4,809				696	5,505
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	4,849	(4,849)							4,849			(4,849)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(428,712)		(61,558)	(490,270)
Distributions to other noncontrolling interest partners												(577)	(577)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(427,878)	(61,558)	(834)	(577)	(490,847)
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties	445,860	64,225	834	(41)	510,878
Net income, excluding attributable to preferred interests in the Operating Partnership and a loss attributable to noncontrolling redeemable interests in properties										446,694		64,184	510,878
Balance at Mar. 31, 2021						42,009	34	(183,866)	11,177,207	(6,087,013)	(1,884,138)	451,603	3,515,836
Balance at Mar. 31, 2021	3,022,224	435,309	42,009	16,294	3,515,836
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
Unrealized gain on hedging activities					37,086								37,086
Currency translation adjustments					(29,769)								(29,769)
Changes in available-for-sale securities and other					(234)								(234)
Net gain reclassified from accumulated other comprehensive loss into earnings					(6,618)								(6,618)
Balance at Jun. 30, 2021						41,927	34	(188,307)	11,193,774	(5,931,119)	(1,884,511)	475,641	3,707,439
Balance at Jun. 30, 2021	3,189,871	458,776	41,927	16,865	3,707,439
Balance at Mar. 31, 2021						42,009	34	(183,866)	11,177,207	(6,087,013)	(1,884,138)	451,603	3,515,836
Balance at Mar. 31, 2021	3,022,224	435,309	42,009	16,294	3,515,836
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units									539			(539)
Series J preferred stock premium amortization			(82)		(82)	(82)							(82)
Limited partner units exchanged to common units	539	(539)
Stock incentive program									(1,945)		1,945
Redemption of limited partner units	(19)	(1)			(20)				(19)			(1)	(20)
Amortization of stock incentive	5,204				5,204				5,204				5,204
Long-term incentive performance units		5,333			5,333							5,333	5,333
Issuance of unit equivalents and other	5,806			1,135	6,941				9,336	(1,212)	(2,318)	1,135	6,941
Unrealized gain on hedging activities	1,079	160			1,239			1,079				160	1,239
Currency translation adjustments	(5,176)	(710)			(5,886)			(5,176)				(710)	(5,886)
Changes in available-for-sale securities and other	72	10			82			72				10	82
Net gain reclassified from accumulated other comprehensive loss into earnings	(416)	(59)			(475)			(416)				(59)	(475)
Other comprehensive income (loss)	(4,441)	(599)			(5,040)			(4,441)				(599)	(5,040)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	3,452	(3,452)							3,452			(3,452)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(460,986)		(66,105)	(527,091)
Distributions to other noncontrolling interest partners												(54)	(54)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(460,151)	(66,105)	(835)	(54)	(527,145)
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties	617,257	88,830	835	(510)	706,412
Net income, excluding attributable to preferred interests in the Operating Partnership and a loss attributable to noncontrolling redeemable interests in properties										618,092		88,320	706,412
Balance at Jun. 30, 2021						41,927	34	(188,307)	11,193,774	(5,931,119)	(1,884,511)	475,641	3,707,439
Balance at Jun. 30, 2021	3,189,871	458,776	41,927	16,865	3,707,439
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
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units									27			(27)
Issuance of limited partner units	27	(27)
Series J preferred stock premium amortization			(82)		(82)	(82)							(82)
Stock incentive program									(6,864)		6,864
Redemption of limited partner units	(137)	(10)			(147)				(137)			(10)	(147)
Amortization of stock incentive	3,705				3,705				3,705				3,705
Long-term incentive performance units		3,895			3,895							3,895	3,895
Issuance of unit equivalents and other	(12,763)	(2)		(260)	(13,025)				1	(9,007)	(3,757)	(262)	(13,025)
Unrealized gain on hedging activities	14,715	2,118			16,833			14,715				2,118	16,833
Currency translation adjustments	1,170	135			1,305			1,170				135	1,305
Changes in available-for-sale securities and other	(455)	(66)			(521)			(455)				(66)	(521)
Net gain reclassified from accumulated other comprehensive loss into earnings	(338)	(49)			(387)			(338)				(49)	(387)
Other comprehensive income (loss)	15,092	2,138			17,230			15,092				2,138	17,230
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	3,899	(3,899)							3,899			(3,899)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(543,010)		(78,024)	(621,034)
Distributions to other noncontrolling interest partners												(60)	(60)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(542,176)	(78,024)	(834)	(60)	(621,094)
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties	426,630	61,363	834	273	489,100
Net income, excluding attributable to preferred interests in the Operating Partnership and a loss attributable to noncontrolling redeemable interests in properties										427,464		61,636	489,100
Balance at Mar. 31, 2022						41,681	34	(170,094)	11,213,621	(5,948,261)	(1,881,334)	476,920	3,732,567
Balance at Mar. 31, 2022	3,213,966	462,726	41,681	14,194	3,732,567
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
Increase (Decrease) in Stockholders' Equity
Unrealized gain on hedging activities					44,858								44,858
Currency translation adjustments					(23,339)								(23,339)
Changes in available-for-sale securities and other					(1,073)								(1,073)
Net gain reclassified from accumulated other comprehensive loss into earnings					(789)								(789)
Balance at Jun. 30, 2022						41,599	34	(167,895)	11,218,057	(6,012,757)	(2,007,706)	459,590	3,530,922
Balance at Jun. 30, 2022	3,029,733	437,796	41,599	21,794	3,530,922
Balance at Mar. 31, 2022						41,681	34	(170,094)	11,213,621	(5,948,261)	(1,881,334)	476,920	3,732,567
Balance at Mar. 31, 2022	3,213,966	462,726	41,681	14,194	3,732,567
Increase (Decrease) in Stockholders' Equity
Series J preferred stock premium amortization			(82)		(82)	(82)							(82)
Stock incentive program									(20,773)		20,773
Redemption of limited partner units	(1,484)	(126)			(1,610)				(1,484)			(126)	(1,610)
Amortization of stock incentive	8,662				8,662				8,662				8,662
Treasury stock purchase											(144,114)		(144,114)
Treasury unit purchase	(144,114)				(144,114)
Long-term incentive performance units		1,826			1,826							1,826	1,826
Issuance of unit equivalents and other	(5,936)	5		7,910	1,979				101	(3,006)	(3,031)	7,915	1,979
Unrealized gain on hedging activities	24,484	3,540			28,024			24,484				3,540	28,024
Currency translation adjustments	(21,452)	(3,192)			(24,644)			(21,452)				(3,192)	(24,644)
Changes in available-for-sale securities and other	(482)	(70)			(552)			(482)				(70)	(552)
Net gain reclassified from accumulated other comprehensive loss into earnings	(351)	(50)			(401)			(351)				(50)	(401)
Other comprehensive income (loss)	2,199	228			2,427			2,199				228	2,427
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	17,930	(17,930)							17,930			(17,930)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(559,069)		(80,478)	(639,547)
Distributions to other noncontrolling interest partners												(52)	(52)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(558,234)	(80,478)	(835)	(52)	(639,599)
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties	496,744	71,545	835	(258)	568,866
Net income, excluding attributable to preferred interests in the Operating Partnership and a loss attributable to noncontrolling redeemable interests in properties										497,579		71,287	568,866
Balance at Jun. 30, 2022						$ 41,599	$ 34	$ (167,895)	$ 11,218,057	$ (6,012,757)	$ (2,007,706)	$ 459,590	$ 3,530,922
Balance at Jun. 30, 2022	$ 3,029,733	$ 437,796	$ 41,599	$ 21,794	$ 3,530,922

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Exchange of limited partner units, (in shares)		2,680	58,571
Stock incentive program, units, net	160,259	47,804	41,574	37,976
Redemption of Limited Partner Units	12,930	1,000	170	316
Treasury stock purchase, shares	1,424,096
Shares repurchased	23,041	23,514	20,374
Net income attributable to preferred interests in the Operating Partnership (in dollars)	$ 478	$ 479	$ 478	$ 479
Net loss (gain) attributable to noncontrolling redeemable interests in properties (in dollars)	$ (136)	$ 1,269	$ 1,021	$ 897
Simon Property Group, L.P.
Limited partner units exchanged to common units		2,680	58,571
Stock incentive program, units, net	160,259	47,804	41,574	37,976
Redemption of Limited Partner Units	12,930	1,000	170	316
Treasury unit purchase, units	1,424,096
Issuance of equivalents units		72,442
Issuance of common units	23,041	23,514	20,374
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars)	$ 478	$ 479	$ 478	$ 479
Net loss (gain) attributable to noncontrolling redeemable interests in properties (in dollars)	$ (136)	$ 1,269	$ 1,021	$ 897

Organization

Organization	6 Months Ended
	Jun. 30, 2022
Organization
Organization	1. Organization Simon Property Group, Inc. is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Delaware partnership subsidiary that owns all of our real estate properties and other assets. According to the Operating Partnership’s partnership agreement, the Operating Partnership is required to pay all expenses of Simon. In these condensed notes to the consolidated financial statements, unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Unless otherwise indicated, these condensed notes to consolidated financial statements apply to both Simon and the Operating Partnership. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets ® ®

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Basis of Presentation
Basis of Presentation	2. Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. Due to the seasonal nature of certain operational activities, the results for the interim periods ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year. These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (GAAP) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments necessary for a fair presentation (including normal recurring accruals) have been included. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the combined 2021 Annual Report on Form 10-K of Simon and the Operating Partnership. Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations. As of June 30, 2022, we consolidated 130 wholly-owned properties and 18 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We apply the equity method of accounting to the other 83 properties (the joint venture properties) and our investments in Klépierre (a publicly traded, Paris-based real estate company) and TRG, as well as our investments (collectively, our other platform investments) in certain 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. We manage the day-to-day operations of 51 of the 83 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, Thailand, Canada, Spain, and the United Kingdom comprise 23 of the remaining 32 properties. These international properties are managed by joint ventures in which we share control. Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to Simon based on the partners’ respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests. Simon’s weighted average ownership interest in the Operating Partnership was 87.4% for both the six months ended June 30, 2022 and 2021. As of June 30, 2022 and December 31, 2021, Simon’s ownership interest in the Operating Partnership was 87.4%. We adjust the noncontrolling limited partners’ interests at the end of each period to reflect their interest in the net assets of the Operating Partnership. Preferred unit requirements in the Operating Partnership’s accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units and are recorded when declared.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Significant Accounting Policies
Significant Accounting Policies	3. Significant Accounting Policies Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers’ acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits. Equity Instruments and Debt Securities Equity instruments and debt securities consist primarily of 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 June 30, 2022 and December 31, 2021, we had equity instruments with readily determinable fair values of $91.3 million and $142.2 million, respectively. Changes in the fair value of these equity instruments are recorded in unrealized (losses) gains in fair value of equity instruments in our consolidated statements of operations and comprehensive income. At June 30, 2022 and December 31, 2021, we had equity instruments without readily determinable fair values of $255.0 million and $217.2 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 three or six months ended June 30, 2022 and 2021. 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 June 30, 2022 and December 31, 2021, we held debt securities of $41.8 million and $60.9 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 June 30, 2022 and December 31, 2021 were primarily classified as having Level 1 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, interest rate swap and interest rate cap agreements with an asset balance of $29.5 million at June 30, 2022 and $6.2 million at December 31, 2021, and a liability balance of an insignificant value and $1.5 million at June 30, 2022 and December 31, 2021, respectively. Note 7 includes a discussion of the fair value of debt measured using Level 2 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates. Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ June 30, ​ December 31, ​ ​ 2022 ​ 2021 Limited partners’ interests in the Operating Partnership ​ $ 437,796 ​ $ 477,292 Nonredeemable noncontrolling interests in properties, net ​ 21,794 ​ 14,241 Total noncontrolling interests reflected in equity ​ $ 459,590 ​ $ 491,533 ​ 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 ($195.3) million and ($175.1) million as of June 30, 2022 and December 31, 2021, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ Affected line item where net income is presented ​ Currency translation adjustments ​ $ — ​ $ — ​ $ — ​ $ 5,660 ​ (Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ (712) ​ Net income attributable to noncontrolling interests ​ ​ ​ $ — ​ $ — ​ $ — ​ $ 4,948 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated derivative gains, net ​ $ 401 $ 475 ​ $ 789 $ 958 Interest expense ​ ​ ​ (50) (59) ​ (99) (120) Net income attributable to noncontrolling interests ​ ​ ​ $ 351 ​ $ 416 ​ $ 690 ​ $ 838 ​ ​ ​ ​ ​ The Operating Partnership The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($223.6) million and ($200.2) million as of June 30, 2022 and December 31, 2021, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ Affected line item where net income is presented ​ Currency translation adjustments ​ $ — $ — ​ $ — $ 5,660 (Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated derivative gains, net ​ $ 401 $ 475 ​ $ 789 $ 958 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New Accounting Pronouncements

Real Estate Acquisitions and Di

Real Estate Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2022
Real Estate Acquisitions and Dispositions
Real Estate Acquisitions and Dispositions	4. Real Estate Acquisitions and Dispositions Unless otherwise noted, gains and losses on property transactions are included in (loss) gain 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 capitalize asset acquisition costs and expense costs related to business combinations, as well as disposition related costs as they are incurred. We incurred a minimal amount of transaction expenses during the six months ended June 30, 2022 and 2021. 2022 Acquisitions On June 17, 2022, we acquired an additional interest in Gloucester Premium Outlets from a joint venture partner for $14.0 million in cash consideration, including a pro-rata share of working capital, resulting in the consolidation of this property. The property is subject to an $85.7 million 3.29% variable rate mortgage loan. We accounted for this transaction as an asset acquisition and substantially all of our investment has been determined to relate to investment property. 2022 Dispositions During 2022, we disposed of our interest in one consolidated retail property. The proceeds from this transaction were $59.0 million, resulting in a loss of $15.6 million, which is included in (loss) gain 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 statement of operations and comprehensive income. 2021 Dispositions During 2021, we recorded non-cash 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, and this non-cash investing and financing activity is excluded from our consolidated statement of cash flows.

Per Share and Per Unit Data

Per Share and Per Unit Data	6 Months Ended
	Jun. 30, 2022
Per Share and Per Unit Data
Per Share and Per Unit Data	5. Per Share and Per Unit Data We determine basic earnings per share and basic earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share and diluted earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding combined with the incremental weighted average number of shares or units, as applicable, that would have been outstanding assuming all potentially dilutive securities were converted into shares of common stock or units, as applicable, at the earliest date possible. The following tables set forth the components of basic and diluted earnings per share and basic and diluted earnings per unit. Simon ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, ​ ​ 2022 ​ 2021 2022 2021 Net Income attributable to Common Stockholders — Basic and Diluted $ 496,743 $ 617,257 $ 923,374 $ 1,063,117 Weighted Average Shares Outstanding — Basic and Diluted ​ 328,444,627 ​ 328,594,136 ​ 328,525,043 ​ 328,554,537 ​ For the six months ended June 30, 2022, 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 six months ended June 30, 2022 and 2021. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared. The Operating Partnership ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, ​ ​ 2022 ​ 2021 2022 2021 Net Income attributable to Unitholders — Basic and Diluted $ 568,289 $ 706,087 $ 1,056,282 $ 1,216,172 Weighted Average Units Outstanding — Basic and Diluted ​ 375,754,363 ​ 375,875,290 ​ 375,811,953 ​ 375,856,079 ​ For the six months ended June 30, 2022, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the six months ended June 30, 2022 and 2021. We accrue distributions when they are declared.

Investments in Unconsolidated E

Investments in Unconsolidated Entities and International Investments	6 Months Ended
	Jun. 30, 2022
Investments in Unconsolidated Entities and International Investments
Investments in Unconsolidated Entities and International Investments	6. Investment in Unconsolidated Entities and International Investments Real Estate Joint Ventures and Investments Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties and diversify our risk in a particular property or portfolio of properties. As discussed in note 2, we held joint venture interests in 83 properties as of June 30, 2022. 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 venture properties primarily in the form of interest bearing construction loans. As of June 30, 2022 and December 31, 2021, we had construction loans and other advances to these related parties totaling $122.3 million and $88.4 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. Unconsolidated Entity Transactions On December 29, 2020, we completed the acquisition of an 80% noncontrolling ownership interest in TRG, which has an interest in 24 regional, super-regional, and outlet malls in the U.S. and Asia. Under the terms of the transaction, we, through the Operating Partnership, acquired all of Taubman Centers, Inc., or Taubman, common stock for $43.00 per share in cash. Total consideration for the acquisition, including the redemption of Taubman’s $192.5 million 6.5% Series J Cumulative Preferred Shares and its $170.00 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. 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. The table below represents summary financial information of TRG. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ June 30, ​ June 30, ​ 2022 ​ 2021 2022 2021 Total revenues $ 179,922 ​ $ 148,924 ​ $ 342,531 ​ $ 284,366 Operating income before other items ​ 73,206 ​ ​ 48,648 ​ ​ 135,059 ​ ​ 85,475 Consolidated net income 49,135 ​ ​ 21,386 ​ ​ 87,804 ​ ​ 30,140 Our share of net income, net of amortization of our excess investment ​ (10,139) ​ ​ (13,666) ​ ​ (28,621) ​ ​ (38,466) ​ 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 representing the difference between the fair value of the interests received determined using Level 3 inputs and the carrying value of $102.7 million of the intellectual property licensing ventures less costs to sell, and this non-cash investing and financing activity is excluded from our consolidated statement of cash flows. In connection with this transaction, we recorded deferred taxes of $47.9 million. On December 20, 2021, we sold a portion of our interest in ABG, resulting in a pre-tax gain of $18.8 million. In connection with this transaction, we recorded tax expense of $8.0 million. Subsequently, we acquired additional interests in ABG for cash consideration of $100.0 million. At June 30, 2022, 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. Our share of the proceeds from this transaction was $3.0 million. On June 1, 2021, we and our partner, ABG, acquired the licensing rights of Eddie Bauer. Our non-controlling interest in the licensing venture, Eddie Bauer Ipco, 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 resulting in a gain of $14.9 million. Our share of the gross proceeds from this transaction was $27.1 million. 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. 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 was $35.0 million pre-tax. In the first quarter of 2021, we and our partner, ABG, each acquired additional 12.5% interests in the licensing and operations of Forever 21, our share of which was $56.3 million, bringing our respective interests to 50%. Subsequently, the Forever 21 operations were merged into SPARC Group. 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. 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 Group 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. During the first quarter of 2022, SPARC Group acquired certain assets and operations of Reebok and entered into a long-term strategic partnership agreement with ABG to become the core licensee and operating partner for Reebok in the United States. At June 30, 2022, our noncontrolling equity method interests in SPARC Group was 50.0%. The table below represents combined summary financial information of our other platform investments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ June 30, ​ June 30, ​ 2022 ​ 2021 2022 2021 Total revenues $ 3,562,899 ​ $ 3,519,094 ​ $ 6,703,758 ​ $ 6,114,062 Operating income before other items ​ 374,336 ​ ​ 590,614 ​ ​ 259,115 ​ ​ 529,616 Consolidated net income 333,019 ​ ​ 558,126 ​ ​ 173,607 ​ ​ 459,508 Our share of net income, net of amortization of our excess investment ​ 77,134 ​ ​ 149,047 ​ ​ 85,358 ​ ​ 147,520 ​ European Investments At June 30, 2022, we owned 63,924,148 shares, or approximately 22.4%, of Klépierre, which had a quoted market price of $19.19 per share. The table below represents summary financial information with respect to our investment in Klépierre. This information is based on applicable Euro:USD exchange rates and after our conversion of Klépierre’s results to GAAP. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ June 30, ​ June 30, ​ 2022 ​ 2021 2022 2021 Total revenues $ 381,711 ​ $ 263,766 ​ $ 675,060 ​ $ 541,606 Operating income before other items ​ 232,982 ​ ​ 61,923 ​ ​ 308,878 ​ ​ 112,970 Consolidated net income 180,469 ​ ​ 543,674 ​ ​ 226,885 ​ ​ 528,439 Our share of net income, net of amortization of our excess investment ​ 19,045 ​ ​ 114,757 ​ ​ 27,756 ​ ​ 106,927 ​ During the six months ended June 30, 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. We have an interest in a European investee that had interests in 11 Designer Outlet properties as of June 30, 2022 and December 31, 2021, seven of which are consolidated by us as of June 30, 2022. As of June 30, 2022, our legal percentage ownership interests in these properties ranged from 23% to 94%. ​ 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 and related mortgage of $47.1 million, requiring a remeasurement of our previously held equity interest, which had a carrying value of $48.7 million, 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 non-cash gain is included in (loss) gain 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, and this non-cash investing and financing activity is excluded from our consolidated statement of cash flows. 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 June 30, 2022 and December 31, 2021, 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 $190.6 million and $206.1 million as of June 30, 2022 and December 31, 2021, 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 $193.9 million and $194.9 million as of June 30, 2022 and December 31, 2021, 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, follows. COMBINED BALANCE SHEETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2022 ​ 2021 Assets: ​ ​ ​ ​ ​ ​ ​ Investment properties, at cost ​ $ 19,334,244 ​ $ 19,724,242 ​ Less - accumulated depreciation ​ 8,411,236 ​ 8,330,891 ​ ​ ​ 10,923,008 ​ 11,393,351 ​ Cash and cash equivalents ​ 1,345,099 ​ 1,481,287 ​ Tenant receivables and accrued revenue, net ​ 501,324 ​ 591,369 ​ Right-of-use assets, net ​ ​ 145,506 ​ ​ 154,561 ​ Deferred costs and other assets ​ 387,420 ​ 394,691 ​ Total assets ​ $ 13,302,357 ​ $ 14,015,259 ​ Liabilities and Partners’ Deficit: ​ ​ ​ ​ ​ ​ ​ Mortgages ​ $ 14,667,435 ​ $ 15,223,710 ​ Accounts payable, accrued expenses, intangibles, and deferred revenue ​ 810,849 ​ 995,392 ​ Lease liabilities ​ ​ 133,720 ​ ​ 158,372 ​ Other liabilities ​ 386,035 ​ 383,018 ​ Total liabilities ​ 15,998,039 ​ 16,760,492 ​ Preferred units ​ 67,450 ​ 67,450 ​ Partners’ deficit ​ (2,763,132) ​ (2,812,683) ​ Total liabilities and partners’ deficit ​ $ 13,302,357 ​ $ 14,015,259 ​ Our Share of: ​ ​ ​ ​ ​ ​ ​ Partners’ deficit ​ $ (1,233,943) ​ $ (1,207,396) ​ Add: Excess Investment ​ 1,247,214 ​ 1,283,645 ​ Our net Investment in unconsolidated entities, at equity ​ $ 13,271 ​ $ 76,249 ​ ​ “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. COMBINED STATEMENTS OF OPERATIONS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 REVENUE: ​ ​ ​ ​ ​ ​ Lease income ​ $ 714,215 ​ $ 681,349 ​ $ 1,431,985 ​ $ 1,334,103 Other income ​ 73,506 ​ 64,694 ​ 186,090 ​ 137,293 Total revenue ​ 787,721 ​ 746,043 ​ 1,618,075 ​ 1,471,396 OPERATING EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property operating ​ 142,697 ​ 136,129 ​ 292,212 ​ 269,166 Depreciation and amortization ​ 164,913 ​ 170,443 ​ 335,474 ​ 341,597 Real estate taxes ​ 63,365 ​ 68,123 ​ 128,689 ​ 137,021 Repairs and maintenance ​ 19,209 ​ 16,304 ​ 40,690 ​ 35,350 Advertising and promotion ​ 16,247 ​ 14,797 ​ 35,565 ​ 34,241 Other ​ 47,867 ​ 37,657 ​ 96,710 ​ 69,643 Total operating expenses ​ 454,298 ​ 443,453 ​ 929,340 ​ 887,018 Operating Income Before Other Items ​ 333,423 ​ 302,590 ​ 688,735 ​ 584,378 Interest expense ​ (147,587) ​ (152,447) ​ (292,038) ​ (298,644) Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net ​ ​ — ​ ​ 33,371 ​ ​ — ​ ​ 33,371 Net Income ​ $ 185,836 ​ $ 183,514 ​ $ 396,697 ​ $ 319,105 Third-Party Investors’ Share of Net Income ​ $ 93,041 ​ $ 92,745 ​ $ 197,697 ​ $ 160,886 Our Share of Net Income ​ 92,795 ​ 90,769 ​ 199,000 ​ 158,219 Amortization of Excess Investment ​ (15,086) ​ (15,268) ​ (30,225) ​ (34,595) Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements ​ ​ — ​ ​ (14,941) ​ ​ — ​ ​ (14,941) Income from Unconsolidated Entities ​ $ 77,709 ​ $ 60,560 ​ $ 168,775 ​ $ 108,683 ​ 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, before any applicable taxes, 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 acquisition of controlling interest sale or disposal of assets and interests in unconsolidated entities, net is reflected within (Loss) gain 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.

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Indebtedness
Debt	7. Debt Unsecured Debt At June 30, 2022, our unsecured debt consisted of $19.4 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, and $60.0 million outstanding under the Operating Partnership’s global unsecured commercial paper note program, or Commercial Paper program. At June 30, 2022, we had an aggregate available borrowing capacity of $7.3 billion under the Credit Facility and the Operating Partnership’s $3.5 billion unsecured revolving credit facility, or Supplemental Facility, and together with the Credit Facility, the Credit Facilities. The maximum aggregate outstanding balance under the Credit Facilities, during the six months ended June 30, 2022 was $1.2 billion and the weighted average outstanding balance was $194.6 million. Letters of credit of $10.1 million were outstanding under the Credit Facilities as of June 30, 2022. 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. The Supplemental Facility’s 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 the Company’s 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. 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 are sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership’s other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facilities and if necessary or appropriate, we may make one or more draws under either of the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program. On June 30, 2022, we had $60.0 million outstanding under the Commercial Paper program, fully comprised of U.S. dollar-denominated notes with a weighted average interest rate of 1.92%. These borrowings have a weighted average maturity date of July 9, 2022 and reduce amounts otherwise available under the Credit Facilities. 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 at June 30, 2022 and December 31, 2021, respectively. Covenants Our unsecured debt agreements contain financial covenants and other non-financial covenants. The Credit Facilities contain ongoing covenants relating to total and secured leverage to capitalization value, minimum earnings before interest, taxes, depreciation, and amortization, or EBITDA, and unencumbered EBITDA coverage requirements. Payment under the Credit Facilities can be accelerated if the Operating Partnership or Simon is subject to bankruptcy proceedings or upon the occurrence of certain other events. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender, including adjustments to the applicable interest rate. As of June 30, 2022, we were in compliance with all covenants of our unsecured debt. At June 30, 2022, our consolidated subsidiaries were the borrowers under 37 non-recourse mortgage notes secured by mortgages on 40 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 June 30, 2022, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually or in the aggregate, giving effect to applicable cross-default provisions, have a material adverse effect on our financial condition, liquidity or results of operations. Fair Value of Debt The carrying value of our variable-rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed rate mortgages and unsecured indebtedness including commercial paper was $23.3 billion as of June 30, 2022 and December 31, 2021. The fair values of these financial instruments and the related discount rate assumptions as of June 30, 2022 and December 31, 2021 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2022 2021 ​ Fair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions) ​ $ 21,290 ​ $ 24,597 ​ ​ Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages ​ 5.00 % 3.17 % ​ Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness ​ ​ 4.84 % ​ 3.33 % ​ ​

Equity

Equity	6 Months Ended
	Jun. 30, 2022
Equity
Equity	​ 8. Equity During the six months ended June 30, 2022, Simon issued 2,680 shares of common stock to two limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. During the six months ended June 30, 2022, the Operating Partnership redeemed 13,930 units from two limited partners for $1.8 million. These transactions increased Simon’s ownership interest in the Operating Partnership. On May 9, 2022, Simon's Board of Directors authorized a common stock repurchase plan. Under the plan, Simon may repurchase up to $2.0 billion of its common stock during the two-year We paid a common stock dividend of $1.70 per share for the second quarter of 2022, and $3.35 per share for the six months ended June 30, 2022. We paid a common stock dividend of $2.60 per share for the six 2021 August 1, 2022 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 redeemable at amounts in excess of fair value as of June 30, 2022 and December 31, 2021. The following table summarizes the preferred units in the Operating Partnership and the amount of the noncontrolling redeemable interests in properties as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2022 ​ 2021 ​ 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding ​ $ 25,537 ​ $ 25,537 ​ Other noncontrolling redeemable interests ​ 540,543 ​ 522,203 ​ Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties ​ $ 566,080 ​ $ 547,740 ​ ​ The Operating Partnership The Operating Partnership classifies as temporary equity those securities for which there is the possibility that the Operating Partnership could be required to redeem the security for cash, irrespective of the probability of such a possibility. As a result, the Operating Partnership classifies one series of preferred units and noncontrolling redeemable interests in properties in temporary equity. The following table summarizes the preferred units and the amount of the noncontrolling redeemable interests in properties as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2022 ​ 2021 ​ 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding ​ $ 25,537 ​ $ 25,537 ​ Other noncontrolling redeemable interests ​ 540,543 ​ 522,203 ​ Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties ​ $ 566,080 ​ $ 547,740 ​ ​ Stock-Based Compensation Our long-term incentive compensation awards under our stock-based compensation plans primarily take the form of LTIP units, restricted stock units, and restricted stock. The substantial majority of these awards are market condition or performance-based, and are based on various market, corporate and business unit performance measures as further described below. The expense related to these programs, net of amounts capitalized, is included within home and regional office costs and general and administrative costs in the accompanying statements of operations and comprehensive income. LTIP units are a form of limited partnership interest issued by the Operating Partnership, which are subject to the participant maintaining employment with us through certain dates and other conditions as described in the applicable award agreements. Awarded LTIP units not earned in accordance with the conditions set forth in the applicable award agreements are forfeited. Earned and fully vested LTIP units are equivalent to units of the Operating Partnership. Participants are entitled to receive distributions on the awarded LTIP units, as defined, equal to 10% of the regular quarterly distributions paid on a unit of the Operating Partnership. As a result, we account for these LTIP units as participating securities under the two class method of computing earnings per share. These are granted under The Simon Property Group, L.P. 2019 Stock Incentive Plan, or the 2019 Plan. The grant date fair values of any LTIP units that are 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 participant performs the required service period. The grant date fair values of the market-based awards are being amortized into expense over the performance period, which is the grant date through the date at which the awards, if earned, become vested. The expense of the performance-based award is recorded over the performance period, which is the grant date through the date at which the awards, if earned, become vested, based on our assessment as to whether it is probable that the performance criteria will be achieved during the applicable performance periods. The grant date fair values of any restricted stock unit awards are recognized as expense over the vesting period. 2019 LTIP Program 2020 LTI Program. One-third three-year 2021 LTI Program. three-year 2022 LTI Program. will vest on March 11, 2025 and March 18, 2025. The $6.9 million grant date fair value of these awards is being recognized as expense over the three-year The Compensation and Human Capital Committee approved LTIP unit grants as shown in the table below. The extent to which LTIP units were determined by the Compensation and Human Capital Committee’s to have been 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 2019 LTIP program ​ 72,442 $9.5 million $14.7 million 2021 LTIP program ​ To be determined in 2024 $5.7 million $12.2 million 2022 LTIP program ​ To be determined in 2025 — $13.7 million ​ We recorded compensation expense, net of capitalization, related to the aforementioned LTIP and LTI programs of approximately $10.7 million and $9.7 million for the six months ended June 30, 2022 and 2021, respectively. Restricted Stock. three-year We recorded compensation expense, net of capitalization, related to restricted stock of approximately $4.8 million and $3.9 million for the six months ended June 30, 2022 and 2021, respectively.

Lease Income

Lease Income	6 Months Ended
	Jun. 30, 2022
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 below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ June 30, ​ June 30, ​ 2022 ​ 2021 2022 2021 Fixed lease income $ 962,241 ​ $ 924,447 ​ $ 1,921,869 ​ $ 1,861,936 Variable lease income 232,459 ​ ​ 234,378 ​ ​ 480,697 ​ ​ 441,947 Total lease income $ 1,194,700 ​ $ 1,158,825 ​ $ 2,402,566 ​ $ 2,303,883 ​ ​ ​ ​ ​ Tenant receivables and accrued revenue in the accompanying consolidated balance sheets includes straight-line receivables of $556.2 million and $568.7 million on June 30, 2022, and December 31, 2021, respectively. 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. 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.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
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. Lease Commitments As of June 30, 2022, we are subject to ground leases that cover all or a portion of 23 of our consolidated properties with termination dates extending through 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 taxes, and utility expenses. Some of our ground and office leases include escalation clauses. All of our lease arrangements are classified as operating leases. We incurred ground lease expense and office lease expense, which are included in other expense and home office and regional expense, respectively, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2022 ​ 2021 2022 ​ 2021 Operating Lease Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed lease cost ​ $ 8,131 ​ $ 8,131 ​ $ 16,226 ​ $ 16,249 Variable lease cost ​ ​ 4,588 ​ ​ 3,759 ​ ​ 8,857 ​ ​ 7,837 Sublease income ​ — ​ (187) ​ — ​ (373) Total operating lease cost ​ $ 12,719 ​ $ 11,703 ​ $ 25,083 ​ $ 23,713 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ ​ June 30, ​ ​ 2022 ​ 2021 Other Information ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 25,034 ​ $ 24,025 ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ 33.1 years ​ ​ 34.0 years Weighted-average discount rate - operating leases ​ ​ 4.87% ​ ​ 4.87% ​ 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 $ 33,222 2023 ​ 33,398 2024 ​ 33,532 2025 ​ 33,543 2026 ​ 33,557 Thereafter ​ 864,688 ​ ​ $ 1,031,940 Impact of discounting ​ ​ (529,500) Operating lease liabilities ​ $ 502,440 ​ ​ 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 June 30, 2022 and December 31, 2021, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $136.3 million and $209.9 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 has an estimated fair value in excess of the guaranteed amount. Concentration of Credit Risk Our U.S. Malls, Premium Outlets, and The Mills rely 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. Hurricane Impacts 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 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. 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.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Significant Accounting Policies
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers’ acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits.
Equity Instruments and Debt Securities	Equity Instruments and Debt Securities Equity instruments and debt securities consist primarily of 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 June 30, 2022 and December 31, 2021, we had equity instruments with readily determinable fair values of $91.3 million and $142.2 million, respectively. Changes in the fair value of these equity instruments are recorded in unrealized (losses) gains in fair value of equity instruments in our consolidated statements of operations and comprehensive income. At June 30, 2022 and December 31, 2021, we had equity instruments without readily determinable fair values of $255.0 million and $217.2 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 three or six months ended June 30, 2022 and 2021. 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 June 30, 2022 and December 31, 2021, we held debt securities of $41.8 million and $60.9 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 June 30, 2022 and December 31, 2021 were primarily classified as having Level 1 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, interest rate swap and interest rate cap agreements with an asset balance of $29.5 million at June 30, 2022 and $6.2 million at December 31, 2021, and a liability balance of an insignificant value and $1.5 million at June 30, 2022 and December 31, 2021, respectively. Note 7 includes a discussion of the fair value of debt measured using Level 2 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates.
Noncontrolling Interests	Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ June 30, ​ December 31, ​ ​ 2022 ​ 2021 Limited partners’ interests in the Operating Partnership ​ $ 437,796 ​ $ 477,292 Nonredeemable noncontrolling interests in properties, net ​ 21,794 ​ 14,241 Total noncontrolling interests reflected in equity ​ $ 459,590 ​ $ 491,533 ​ 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 ($195.3) million and ($175.1) million as of June 30, 2022 and December 31, 2021, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ Affected line item where net income is presented ​ Currency translation adjustments ​ $ — ​ $ — ​ $ — ​ $ 5,660 ​ (Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ (712) ​ Net income attributable to noncontrolling interests ​ ​ ​ $ — ​ $ — ​ $ — ​ $ 4,948 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated derivative gains, net ​ $ 401 $ 475 ​ $ 789 $ 958 Interest expense ​ ​ ​ (50) (59) ​ (99) (120) Net income attributable to noncontrolling interests ​ ​ ​ $ 351 ​ $ 416 ​ $ 690 ​ $ 838 ​ ​ ​ ​ ​ The Operating Partnership The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($223.6) million and ($200.2) million as of June 30, 2022 and December 31, 2021, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ Affected line item where net income is presented ​ Currency translation adjustments ​ $ — $ — ​ $ — $ 5,660 (Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated derivative gains, net ​ $ 401 $ 475 ​ $ 789 $ 958 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Derivative Financial Instruments	Derivative Financial Instruments We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities. As of June 30, 2022, 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 1 ​ € 128.0 million Interest Rate Caps ​ 5 ​ € 319.0 million ​ 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 and cap agreements, at fair value, as of June 30, 2022 and December 31, 2021 was a net asset balance of $3.6 million and $0.6 million and is included in deferred costs and other assets. 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 that had been recorded as part of accumulated other comprehensive income (loss) is amortized to interest expense over the life of the debt agreement. The unamortized gain on our treasury locks and terminated hedges recorded in accumulated other comprehensive income (loss) was $11.7 million as of June 30, 2022, compared to an unamortized gain of $6.9 million as of December 31, 2021. Within the next 12 months, we expect to reclassify to earnings approximately $1.1 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 exposures, with gains and losses on the derivative contracts hedging these exposures. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes. We 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 June 30, 2022 and December 31, 2021 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset (Liability) Value as of ​ ​ ​ ​ June 30, December 31, Notional Value ​ Maturity Date ​ 2022 ​ 2021 € 60.0 ​ March 15, 2022 ​ ​ — ​ 2.8 € 62.0 ​ September 15, 2022 ​ ​ 8.5 ​ ​ 2.8 € 44.5 ​ September 15, 2022 ​ ​ 3.7 ​ ​ (0.3) € 44.5 ​ September 15, 2022 ​ ​ 3.7 ​ ​ (0.4) € 89.0 ​ December 16, 2022 ​ ​ 7.0 ​ ​ (0.8) € 15.0 ​ March 15, 2023 ​ ​ 0.8 ​ ​ — € 15.0 ​ March 15, 2023 ​ ​ 0.8 ​ ​ — € 30.0 ​ March 15, 2024 ​ ​ 1.4 ​ ​ — ​ 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 certain currency forward contracts 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-denominated joint venture investments. 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 $28.5 million and ($10.0) million as of June 30, 2022 and December 31, 2021, respectively. The total accumulated other comprehensive income (loss) related to the Operating Partnership’s derivative activities, including our share of other comprehensive income (loss) from unconsolidated entities, was $32.7 million and ($11.4) million as of June 30, 2022 and December 31, 2021, respectively.
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 indices. There was no impact on our consolidated financial statements at adoption.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Significant Accounting Policies
Schedule of Interest Rate Derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Notional Interest Rate Derivative Instruments Amount Interest Rate Swaps 1 ​ € 128.0 million Interest Rate Caps ​ 5 ​ € 319.0 million ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Notional ​ Interest Rate Derivative Instruments Amount Interest Rate Swaps 2 ​ $ 375.0 million ​
Schedule of Euro:USD forward contracts	We had the following Euro:USD forward contracts designated as net investment hedges at June 30, 2022 and December 31, 2021 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset (Liability) Value as of ​ ​ ​ ​ June 30, December 31, Notional Value ​ Maturity Date ​ 2022 ​ 2021 € 60.0 ​ March 15, 2022 ​ ​ — ​ 2.8 € 62.0 ​ September 15, 2022 ​ ​ 8.5 ​ ​ 2.8 € 44.5 ​ September 15, 2022 ​ ​ 3.7 ​ ​ (0.3) € 44.5 ​ September 15, 2022 ​ ​ 3.7 ​ ​ (0.4) € 89.0 ​ December 16, 2022 ​ ​ 7.0 ​ ​ (0.8) € 15.0 ​ March 15, 2023 ​ ​ 0.8 ​ ​ — € 15.0 ​ March 15, 2023 ​ ​ 0.8 ​ ​ — € 30.0 ​ March 15, 2024 ​ ​ 1.4 ​ ​ —
Schedule of carrying amount of noncontrolling interests	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ June 30, ​ December 31, ​ ​ 2022 ​ 2021 Limited partners’ interests in the Operating Partnership ​ $ 437,796 ​ $ 477,292 Nonredeemable noncontrolling interests in properties, net ​ 21,794 ​ 14,241 Total noncontrolling interests reflected in equity ​ $ 459,590 ​ $ 491,533
Schedule of reclassifications out of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ Affected line item where net income is presented ​ Currency translation adjustments ​ $ — ​ $ — ​ $ — ​ $ 5,660 ​ (Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ (712) ​ Net income attributable to noncontrolling interests ​ ​ ​ $ — ​ $ — ​ $ — ​ $ 4,948 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated derivative gains, net ​ $ 401 $ 475 ​ $ 789 $ 958 Interest expense ​ ​ ​ (50) (59) ​ (99) (120) Net income attributable to noncontrolling interests ​ ​ ​ $ 351 ​ $ 416 ​ $ 690 ​ $ 838 ​ ​ ​
Simon Property Group, L.P.
Significant Accounting Policies
Schedule of reclassifications out of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ Affected line item where net income is presented ​ Currency translation adjustments ​ $ — $ — ​ $ — $ 5,660 (Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated derivative gains, net ​ $ 401 $ 475 ​ $ 789 $ 958 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Per Share and Per Unit Data (Ta

Per Share and Per Unit Data (Tables)	6 Months Ended
	Jun. 30, 2022
Per Share And Per Unit Data
Schedule of computation of basic and diluted earnings per share and basic and diluted earnings per unit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, ​ ​ 2022 ​ 2021 2022 2021 Net Income attributable to Common Stockholders — Basic and Diluted $ 496,743 $ 617,257 $ 923,374 $ 1,063,117 Weighted Average Shares Outstanding — Basic and Diluted ​ 328,444,627 ​ 328,594,136 ​ 328,525,043 ​ 328,554,537
Simon Property Group, L.P.
Per Share And Per Unit Data
Schedule of computation of basic and diluted earnings per share and basic and diluted earnings per unit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, ​ ​ 2022 ​ 2021 2022 2021 Net Income attributable to Unitholders — Basic and Diluted $ 568,289 $ 706,087 $ 1,056,282 $ 1,216,172 Weighted Average Units Outstanding — Basic and Diluted ​ 375,754,363 ​ 375,875,290 ​ 375,811,953 ​ 375,856,079

Investments in Unconsolidated_2

Investments in Unconsolidated Entities and International Investments (Tables)	6 Months Ended
	Jun. 30, 2022
Summary of equity method investments and share of income from such investments, balance sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2022 ​ 2021 Assets: ​ ​ ​ ​ ​ ​ ​ Investment properties, at cost ​ $ 19,334,244 ​ $ 19,724,242 ​ Less - accumulated depreciation ​ 8,411,236 ​ 8,330,891 ​ ​ ​ 10,923,008 ​ 11,393,351 ​ Cash and cash equivalents ​ 1,345,099 ​ 1,481,287 ​ Tenant receivables and accrued revenue, net ​ 501,324 ​ 591,369 ​ Right-of-use assets, net ​ ​ 145,506 ​ ​ 154,561 ​ Deferred costs and other assets ​ 387,420 ​ 394,691 ​ Total assets ​ $ 13,302,357 ​ $ 14,015,259 ​ Liabilities and Partners’ Deficit: ​ ​ ​ ​ ​ ​ ​ Mortgages ​ $ 14,667,435 ​ $ 15,223,710 ​ Accounts payable, accrued expenses, intangibles, and deferred revenue ​ 810,849 ​ 995,392 ​ Lease liabilities ​ ​ 133,720 ​ ​ 158,372 ​ Other liabilities ​ 386,035 ​ 383,018 ​ Total liabilities ​ 15,998,039 ​ 16,760,492 ​ Preferred units ​ 67,450 ​ 67,450 ​ Partners’ deficit ​ (2,763,132) ​ (2,812,683) ​ Total liabilities and partners’ deficit ​ $ 13,302,357 ​ $ 14,015,259 ​ Our Share of: ​ ​ ​ ​ ​ ​ ​ Partners’ deficit ​ $ (1,233,943) ​ $ (1,207,396) ​ Add: Excess Investment ​ 1,247,214 ​ 1,283,645 ​ Our net Investment in unconsolidated entities, at equity ​ $ 13,271 ​ $ 76,249 ​
Summary of equity method investments and share of income from such investments, statements of operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 REVENUE: ​ ​ ​ ​ ​ ​ Lease income ​ $ 714,215 ​ $ 681,349 ​ $ 1,431,985 ​ $ 1,334,103 Other income ​ 73,506 ​ 64,694 ​ 186,090 ​ 137,293 Total revenue ​ 787,721 ​ 746,043 ​ 1,618,075 ​ 1,471,396 OPERATING EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property operating ​ 142,697 ​ 136,129 ​ 292,212 ​ 269,166 Depreciation and amortization ​ 164,913 ​ 170,443 ​ 335,474 ​ 341,597 Real estate taxes ​ 63,365 ​ 68,123 ​ 128,689 ​ 137,021 Repairs and maintenance ​ 19,209 ​ 16,304 ​ 40,690 ​ 35,350 Advertising and promotion ​ 16,247 ​ 14,797 ​ 35,565 ​ 34,241 Other ​ 47,867 ​ 37,657 ​ 96,710 ​ 69,643 Total operating expenses ​ 454,298 ​ 443,453 ​ 929,340 ​ 887,018 Operating Income Before Other Items ​ 333,423 ​ 302,590 ​ 688,735 ​ 584,378 Interest expense ​ (147,587) ​ (152,447) ​ (292,038) ​ (298,644) Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net ​ ​ — ​ ​ 33,371 ​ ​ — ​ ​ 33,371 Net Income ​ $ 185,836 ​ $ 183,514 ​ $ 396,697 ​ $ 319,105 Third-Party Investors’ Share of Net Income ​ $ 93,041 ​ $ 92,745 ​ $ 197,697 ​ $ 160,886 Our Share of Net Income ​ 92,795 ​ 90,769 ​ 199,000 ​ 158,219 Amortization of Excess Investment ​ (15,086) ​ (15,268) ​ (30,225) ​ (34,595) Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements ​ ​ — ​ ​ (14,941) ​ ​ — ​ ​ (14,941) Income from Unconsolidated Entities ​ $ 77,709 ​ $ 60,560 ​ $ 168,775 ​ $ 108,683
TRG
Summary of financial information of other platform investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ June 30, ​ June 30, ​ 2022 ​ 2021 2022 2021 Total revenues $ 179,922 ​ $ 148,924 ​ $ 342,531 ​ $ 284,366 Operating income before other items ​ 73,206 ​ ​ 48,648 ​ ​ 135,059 ​ ​ 85,475 Consolidated net income 49,135 ​ ​ 21,386 ​ ​ 87,804 ​ ​ 30,140 Our share of net income, net of amortization of our excess investment ​ (10,139) ​ ​ (13,666) ​ ​ (28,621) ​ ​ (38,466)
Other Platform Investments
Summary of financial information of other platform investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ June 30, ​ June 30, ​ 2022 ​ 2021 2022 2021 Total revenues $ 3,562,899 ​ $ 3,519,094 ​ $ 6,703,758 ​ $ 6,114,062 Operating income before other items ​ 374,336 ​ ​ 590,614 ​ ​ 259,115 ​ ​ 529,616 Consolidated net income 333,019 ​ ​ 558,126 ​ ​ 173,607 ​ ​ 459,508 Our share of net income, net of amortization of our excess investment ​ 77,134 ​ ​ 149,047 ​ ​ 85,358 ​ ​ 147,520
Europe | Klepierre
Summary of financial information of other platform investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ June 30, ​ June 30, ​ 2022 ​ 2021 2022 2021 Total revenues $ 381,711 ​ $ 263,766 ​ $ 675,060 ​ $ 541,606 Operating income before other items ​ 232,982 ​ ​ 61,923 ​ ​ 308,878 ​ ​ 112,970 Consolidated net income 180,469 ​ ​ 543,674 ​ ​ 226,885 ​ ​ 528,439 Our share of net income, net of amortization of our excess investment ​ 19,045 ​ ​ 114,757 ​ ​ 27,756 ​ ​ 106,927

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Indebtedness
Schedule of fair value of financial instruments and the related discount rate assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2022 2021 ​ Fair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions) ​ $ 21,290 ​ $ 24,597 ​ ​ Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages ​ 5.00 % 3.17 % ​ Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness ​ ​ 4.84 % ​ 3.33 % ​

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2022 ​ 2021 ​ 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding ​ $ 25,537 ​ $ 25,537 ​ Other noncontrolling redeemable interests ​ 540,543 ​ 522,203 ​ Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties ​ $ 566,080 ​ $ 547,740 ​
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 2019 LTIP program ​ 72,442 $9.5 million $14.7 million 2021 LTIP program ​ To be determined in 2024 $5.7 million $12.2 million 2022 LTIP program ​ To be determined in 2025 — $13.7 million
Simon Property Group, L.P.
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2022 ​ 2021 ​ 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding ​ $ 25,537 ​ $ 25,537 ​ Other noncontrolling redeemable interests ​ 540,543 ​ 522,203 ​ Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties ​ $ 566,080 ​ $ 547,740 ​

Lease Income (Tables)

Lease Income (Tables)	6 Months Ended
	Jun. 30, 2022
Lease Income
Schedule of lease income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ June 30, ​ June 30, ​ 2022 ​ 2021 2022 2021 Fixed lease income $ 962,241 ​ $ 924,447 ​ $ 1,921,869 ​ $ 1,861,936 Variable lease income 232,459 ​ ​ 234,378 ​ ​ 480,697 ​ ​ 441,947 Total lease income $ 1,194,700 ​ $ 1,158,825 ​ $ 2,402,566 ​ $ 2,303,883

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies.
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2022 ​ 2021 2022 ​ 2021 Operating Lease Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed lease cost ​ $ 8,131 ​ $ 8,131 ​ $ 16,226 ​ $ 16,249 Variable lease cost ​ ​ 4,588 ​ ​ 3,759 ​ ​ 8,857 ​ ​ 7,837 Sublease income ​ — ​ (187) ​ — ​ (373) Total operating lease cost ​ $ 12,719 ​ $ 11,703 ​ $ 25,083 ​ $ 23,713
Schedule of other lease information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ ​ June 30, ​ ​ 2022 ​ 2021 Other Information ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 25,034 ​ $ 24,025 ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ 33.1 years ​ ​ 34.0 years Weighted-average discount rate - operating leases ​ ​ 4.87% ​ ​ 4.87%
Schedule of future minimum lease payments due	​ ​ ​ ​ ​ 2022 $ 33,222 2023 ​ 33,398 2024 ​ 33,532 2025 ​ 33,543 2026 ​ 33,557 Thereafter ​ 864,688 ​ ​ $ 1,031,940 Impact of discounting ​ ​ (529,500) Operating lease liabilities ​ $ 502,440

Organization (Details)

Organization (Details)	Jun. 30, 2022 state property country	Dec. 29, 2020 property
TRG
Real Estate Properties
Ownership percentage	80%	80%
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	198
Number of U.S. states containing property locations | state	37
U.S. and Puerto Rico | Malls
Real Estate Properties
Number of properties	94
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 | state	33
Europe | Klepierre
Real Estate Properties
Ownership percentage	22.40%
Number of countries | country	14

Basis of Presentation (Details)

Basis of Presentation (Details) - property	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Real Estate Properties
Total number of joint venture properties	83
Number of joint venture properties managed by the entity	51
Number of International joint venture properties	23
Number of joint venture properties managed by others	32
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%	87.40%
Wholly owned properties
Real Estate Properties
Number of properties	130
Partially owned properties
Real Estate Properties
Number of properties	18

Significant Accounting Polici_4

Significant Accounting Policies - Equity Instruments and Investments (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Equity Instruments and Investments
Equity instruments with readily determinable fair value	$ 91.3	$ 142.2
Equity instruments without readily determinable fair values	255	217.2
Debt securities of our captive insurance companies	$ 41.8	$ 60.9
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

Significant Accounting Polici_5

Significant Accounting Policies - Fair Value Measurements (Details) $ in Millions	Jun. 30, 2022 USD ($) item	Dec. 31, 2021 USD ($)
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	$ 29.5	$ 6.2
Interest rate swap agreements and foreign currency forward contracts, gross liability balance	$ 1.5

Significant Accounting Polici_6

Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Significant Accounting Policies
Limited partners' interests in the Operating Partnership	$ 437,796	$ 477,292
Nonredeemable noncontrolling interests in properties, net	21,794	14,241
Total noncontrolling interests reflected in equity	$ 459,590	$ 491,533

Significant Accounting Polici_7

Significant Accounting Policies - Reclassification Out of AOCI, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Significant Accounting Policies
Total accumulated other comprehensive income (loss)	$ (195,300)		$ (195,300)		$ (175,100)
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(17,875)		(16,384)	$ 93,057
Interest expense	(187,316)	$ (200,419)	(372,473)	(402,435)
Loss on extinguishment of debt				(2,959)
Net income attributable to noncontrolling interests	(71,903)	(87,778)	(132,747)	(151,543)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	496,743	617,257	923,374	1,063,117
Currency translation adjustments | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net				5,660
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)
Currency translation adjustments. | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS				4,948
Accumulated derivative losses, net, including noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense	401	475	789	958
Accumulated derivative losses, attributable to noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests	(50)	(59)	(99)	(120)
Accumulated derivative gains (losses), net | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 351	$ 416	$ 690	$ 838

Significant Accounting Polici_8

Significant Accounting Policies - Reclassification Out Of AOCI, Simon Property Group, L.P. (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Significant Accounting Policies
Total accumulated other comprehensive income (loss)	$ (195,300)		$ (195,300)		$ (175,100)
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(17,875)		(16,384)	$ 93,057
Interest expense	(187,316)	$ (200,419)	(372,473)	(402,435)
Simon Property Group, L.P.
Significant Accounting Policies
Total accumulated other comprehensive income (loss)	(223,600)		(223,600)		$ (200,200)
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(17,875)		(16,384)	93,057
Interest expense	(187,316)	(200,419)	(372,473)	(402,435)
Currency translation adjustments. | Simon Property Group, L.P. | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net				5,660
Accumulated derivative gains (losses), net | Simon Property Group, L.P. | Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense	$ 401	$ 475	$ 789	$ 958

Significant Accounting Polici_9

Significant Accounting Policies - Derivative Financial Instruments (Details) € in Millions, $ in Millions	Jun. 30, 2022 EUR (€) DerivativeInstrument	Jun. 30, 2022 USD ($) DerivativeInstrument	Dec. 31, 2021 EUR (€) DerivativeInstrument	Dec. 31, 2021 USD ($) DerivativeInstrument
Derivative Financial Instruments
Number of credit-risk-related hedging or derivative activities | DerivativeInstrument	0	0
Unamortized gain on treasury locks and terminated hedges		$ 11.7		$ 6.9
Amount expected to be reclassified from accumulated other comprehensive loss to earnings within the next year		1.1
Gross accumulated other comprehensive income (loss) related to derivative activities		$ 28.5		$ (10)
Interest rate swap
Derivative Financial Instruments
Number of Instruments | DerivativeInstrument	1	1	2	2
Notional Amount	€ 128			$ 375
Interest rate swap | Deferred costs and other assets
Derivative Financial Instruments
Interest rate derivative liabilities, fair value		$ 3.6		0.6
Interest rate cap
Derivative Financial Instruments
Number of Instruments | DerivativeInstrument	5	5
Notional Amount | €	€ 319
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		62
Forward contract net, fair value		$ 8.5		2.8
USD-Euro currency forward contract | September 15,2022. | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €	44.5		44.5
Forward contract net, fair value		3.7		(0.3)
USD-Euro currency forward contract | September 15 2022 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €	44.5		44.5
Forward contract net, fair value		3.7		(0.4)
USD-Euro currency forward contract | December 16, 2022 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €	89		€ 89
Forward contract net, fair value		7		(0.8)
USD-Euro currency forward contract | March 15, 2023 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €	15
Forward contract net, fair value		0.8
USD-Euro currency forward contract | March 15, 2023. | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €	15
Forward contract net, fair value		0.8
USD-Euro currency forward contract | March 15, 2024 | Net Investment Hedging | Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount | €	€ 30
Forward contract net, fair value		1.4
Simon Property Group, L.P.
Derivative Financial Instruments
Gross accumulated other comprehensive income (loss) related to derivative activities		$ 32.7		$ (11.4)

Real Estate Acquisitions and _2

Real Estate Acquisitions and Dispositions (Details) $ in Thousands		6 Months Ended	12 Months Ended
	Jun. 17, 2022 USD ($)	Jun. 30, 2022 USD ($) property	Dec. 31, 2021 USD ($) property
Dispositions
Mortgages and unsecured indebtedness		$ 24,885,968	$ 25,321,022
Simon Property Group, L.P.
Dispositions
Mortgages and unsecured indebtedness		$ 24,885,968	25,321,022
Gloucester Premium Outlets
Acquisitions
Cash purchase price for acquisition	$ 14,000
Gloucester Premium Outlets | Mortgage 3.29 Percent Interest
Acquisitions
Variable mortgage loan	$ 85,700
Variable rate of interest	3.29%
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
Mortgages and unsecured indebtedness			$ 180,000
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale | Non-recourse $120.9M Mortgage
Dispositions
Mortgages and unsecured indebtedness			120,900
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale | Non-recourse $100M Mortgage
Dispositions
Mortgages and unsecured indebtedness			$ 100,000
Consolidated properties | Retail properties | Disposed by Sales
Dispositions
Number of properties disposed of during the period | property		1
Proceeds from sale and disposal		$ 59,000
Loss on sale or disposal of assets and interests		$ 15,600

Per Share and Per Unit Data (De

Per Share and Per Unit Data (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Per Share And Per Unit Data
Net Income attributable to Common Stockholders - Basic	$ 496,743	$ 617,257	$ 923,374	$ 1,063,117
Net Income attributable to Common Stockholders - Diluted	$ 496,743	$ 617,257	$ 923,374	$ 1,063,117
Weighted Average Shares Outstanding - Basic	328,444,627	328,594,136	328,525,043	328,554,537
Weighted Average Shares Outstanding - Diluted	328,444,627	328,594,136	328,525,043	328,554,537
Simon Property Group, L.P.
Per Share And Per Unit Data
Net Income attributable to Common Stockholders - Basic	$ 568,289	$ 706,087	$ 1,056,282	$ 1,216,172
Net Income attributable to Common Stockholders - Diluted	$ 568,288	$ 706,087	$ 1,056,281	$ 1,216,172
Weighted Average Shares Outstanding - Basic	375,754,363	375,875,290	375,811,953	375,856,079
Weighted Average Shares Outstanding - Diluted	375,754,363	375,875,290	375,811,953	375,856,079

Investments in Unconsolidated_3

Investments in Unconsolidated Entities and International Investments - Real Estate Joint Ventures and Investments (Details) $ in Millions	Jun. 30, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Investment in Unconsolidated Entities
Total number of joint venture properties | property	83
Construction and other related party loans
Investment in Unconsolidated Entities
Loans to related party | $	$ 122.3	$ 88.4

Investments in Unconsolidated_4

Investments in Unconsolidated Entities and International Investments - Unconsolidated Entity Transactions (Details) $ / shares in Units, $ in Thousands						1 Months Ended	3 Months Ended						6 Months Ended		12 Months Ended
	Dec. 20, 2021 USD ($)	Jun. 01, 2021 USD ($)	Dec. 29, 2020 USD ($) property $ / shares shares	Dec. 07, 2020 USD ($)	Feb. 19, 2020 USD ($) item	Jan. 31, 2020 USD ($)	Jun. 30, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($) item	Mar. 31, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($)	Dec. 31, 2016 item
Investment in Unconsolidated Entities
Payments for acquisitions													$ 14,000	$ 157,080
Our share of net income, net of amortization of our excess investment							$ 190,073			$ 348,545			271,257	363,614
Total revenue							1,279,842			1,254,146			2,575,763	2,494,097
Operating Income							626,761			604,723			1,247,152	1,209,334
Consolidated net income							569,480			705,869			1,057,790	1,216,329
TRG
Investment in Unconsolidated Entities
Total revenue							179,922			148,924			342,531	284,366
Operating Income							73,206			48,648			135,059	85,475
Consolidated net income							49,135			21,386			87,804	30,140
Other Platform Investments
Investment in Unconsolidated Entities
Total revenue							3,562,899			3,519,094			6,703,758	6,114,062
Operating Income							374,336			590,614			259,115	529,616
Consolidated net income							333,019			558,126			173,607	459,508
Simon Property Group, L.P.
Investment in Unconsolidated Entities
Payments for acquisitions													14,000	157,080
Our share of net income, net of amortization of our excess investment							190,073			348,545			271,257	363,614
Total revenue							1,279,842			1,254,146			2,575,763	2,494,097
Operating Income							626,761			604,723			1,247,152	1,209,334
Consolidated net income							$ 569,480			705,869			$ 1,057,790	1,216,329
TRG
Investment in Unconsolidated Entities
Ownership interest (as a percent)			80%				80%						80%
Share price (in dollars per share) | $ / shares			$ 43
Payments for acquisitions			$ 3,500,000
Our share of net income, net of amortization of our excess investment							$ (10,139)			(13,666)			$ (28,621)	(38,466)
Aggregate investment in ventures							3,218,986	$ 3,305,102					3,218,986
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							$ 3,218,986	3,305,102					$ 3,218,986
TRG | TRG
Investment in Unconsolidated Entities
Number of regional, super regional and outlet malls | property			24				24						24
Eddie Bauer
Investment in Unconsolidated Entities
Ownership interest (as a percent)		49%
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
Other Platform Investments
Investment in Unconsolidated Entities
Our share of net income, net of amortization of our excess investment							$ 77,134			149,047			$ 85,358	$ 147,520
Forever 21
Investment in Unconsolidated Entities
Ownership interest (as a percent)											50%
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%
SPARC Group
Investment in Unconsolidated Entities
Ownership interest (as a percent)							50%						50%
Number of joint ventures | item															2
SPARC Group Retail Operations
Investment in Unconsolidated Entities
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%
Payments for acquisitions	$ 100,000
Aggregate investment in ventures									$ 102,700
Gain on exchange of equity interests									159,800
Deferred Taxes									$ 47,900
Pre-tax gain	18,800
Tax expense	$ 8,000
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 | 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			6 Months Ended
	Jun. 30, 2022 USD ($) property $ / shares shares	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) property $ / shares shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) property	Jan. 01, 2021 USD ($)
Investment in Unconsolidated Entities
Our share of net income, net of amortization of our excess investment	$ 190,073	$ 348,545		$ 271,257	$ 363,614
Total revenue	1,279,842	1,254,146		2,575,763	2,494,097
Operating Income	626,761	604,723		1,247,152	1,209,334
Consolidated Net Income	569,480	705,869		1,057,790	1,216,329
Klepierre
Investment in Unconsolidated Entities
Investment, in equity	$ 1,446,460			$ 1,446,460		$ 1,661,943
European Joint Venture | Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties | property	11			11		11
European Joint Venture | Designer Outlet properties | Minimum
Investment in Unconsolidated Entities
Ownership interest (as a percent)	23%			23%
European Joint Venture | Designer Outlet properties | Maximum
Investment in Unconsolidated Entities
Ownership interest (as a percent)	94%			94%
European Property Management and Development | Designer Outlet properties
Investment in Unconsolidated Entities
Ownership interest (as a percent)	50%			50%
Europe | Klepierre
Investment in Unconsolidated Entities
Total revenue	$ 381,711	263,766		$ 675,060	541,606
Operating Income	232,982	61,923		308,878	112,970
Consolidated Net Income	$ 180,469	543,674		$ 226,885	528,439
Europe | Outlet Center In Ochtrup
Investment in Unconsolidated Entities
Investment, in equity							$ 48,700
Non-cash gain on remeasurement of equity interest to fair value			$ 3,700
Mortgage debt assumed							$ 47,100
Europe | Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties consolidated by entity | property	7			7
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	$ 19.19			$ 19.19
Our share of net income, net of amortization of our excess investment	$ 19,045	$ 114,757		$ 27,756	106,927
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

Investments in Unconsolidated_6

Investments in Unconsolidated Entities and International Investments - Asian Joint Ventures (Details) - Premium Outlets - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Japan | Mitsubishi Estate Co., Ltd.
Investment in Unconsolidated Entities
Ownership percentage	40%	40%
Our net Investment in unconsolidated entities, at equity	$ 190.6	$ 206.1
South Korea | Shinsegae International Co
Investment in Unconsolidated Entities
Ownership percentage	50%	50%
Our net Investment in unconsolidated entities, at equity	$ 193.9	$ 194.9

Investments in Unconsolidated_7

Investments in Unconsolidated Entities and International Investments - Combined Balance Sheets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
ASSETS:
Investment properties, at cost	$ 37,890,484	$ 37,932,366
Less - accumulated depreciation	15,982,792	15,621,127
Investment properties, at cost, net	21,907,692	22,311,239
Cash and cash equivalents	541,240	533,936
Tenant receivables and accrued revenue, net	828,876	919,654
Right-of-use assets, net	499,699	504,119
Deferred costs and other assets	1,185,705	1,121,011
Total assets	33,079,036	33,777,379
Liabilities and Partners' Deficit:
Mortgages	24,885,968	25,321,022
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,337,984	1,433,216
Lease liabilities	502,440	506,931
Other liabilities	543,936	540,912
Total liabilities	28,982,034	29,376,654
Preferred units	566,080	547,740
Total liabilities and equity	33,079,036	33,777,379
Unconsolidated properties | Equity Method Investees excluding Klepierre and TRG and other platform investments
Our Share of:
Partners' deficit	(1,233,943)	(1,207,396)
Add: Excess Investment	1,247,214	1,283,645
Our net Investment in unconsolidated entities, at equity	13,271	76,249
Unconsolidated properties | Equity Method Investees excluding Klepierre and TRG and other platform investments
ASSETS:
Investment properties, at cost	19,334,244	19,724,242
Less - accumulated depreciation	8,411,236	8,330,891
Investment properties, at cost, net	10,923,008	11,393,351
Cash and cash equivalents	1,345,099	1,481,287
Tenant receivables and accrued revenue, net	501,324	591,369
Right-of-use assets, net	145,506	154,561
Deferred costs and other assets	387,420	394,691
Total assets	13,302,357	14,015,259
Liabilities and Partners' Deficit:
Mortgages	14,667,435	15,223,710
Accounts payable, accrued expenses, intangibles, and deferred revenues	810,849	995,392
Lease liabilities	133,720	158,372
Other liabilities	386,035	383,018
Total liabilities	15,998,039	16,760,492
Preferred units	67,450	67,450
Partners' deficit	(2,763,132)	(2,812,683)
Total liabilities and equity	$ 13,302,357	$ 14,015,259
Unconsolidated properties | Maximum
Our Share of:
Estimated life of investment property	40 years

Investments in Unconsolidated_8

Investments in Unconsolidated Entities and International Investments - Combined Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUE:
Lease income	$ 1,194,700	$ 1,158,825	$ 2,402,566	$ 2,303,883
Other income	56,331	69,260	116,799	138,856
Total revenue	1,279,842	1,254,146	2,575,763	2,494,097
EXPENSES:
Property operating	112,408	96,073	216,071	182,692
Depreciation and amortization	298,273	315,732	608,436	631,470
Real estate taxes	111,989	114,695	223,680	230,706
Repairs and maintenance	20,050	19,036	42,354	40,391
Advertising and promotion	20,064	19,565	45,327	49,050
Other	33,421	29,369	75,836	52,926
Total operating expenses	653,081	649,423	1,328,611	1,284,763
OPERATING INCOME BEFORE OTHER ITEMS	626,761	604,723	1,247,152	1,209,334
Interest expense	(187,316)	(200,419)	(372,473)	(402,435)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net	(17,875)		(16,384)	93,057
CONSOLIDATED NET INCOME	569,480	705,869	1,057,790	1,216,329
Income from Unconsolidated Entities	190,073	348,545	271,257	363,614
Unconsolidated properties | Equity Method Investees excluding Klepierre and TRG and other platform investments
EXPENSES:
Third-Party Investors' Share of Net Income	93,041	92,745	197,697	160,886
Our Share of Net Income	92,795	90,769	199,000	158,219
Amortization of Excess Investment	(15,086)	(15,268)	(30,225)	(34,595)
Our Share of Gain on Sale or Disposal of Assets and Interest in Other Income in the Consolidated Financial Statements		(14,941)		(14,941)
Income from Unconsolidated Entities	77,709	60,560	168,775	108,683
Unconsolidated properties | Equity Method Investees excluding Klepierre and TRG and other platform investments
REVENUE:
Lease income	714,215	681,349	1,431,985	1,334,103
Other income	73,506	64,694	186,090	137,293
Total revenue	787,721	746,043	1,618,075	1,471,396
EXPENSES:
Property operating	142,697	136,129	292,212	269,166
Depreciation and amortization	164,913	170,443	335,474	341,597
Real estate taxes	63,365	68,123	128,689	137,021
Repairs and maintenance	19,209	16,304	40,690	35,350
Advertising and promotion	16,247	14,797	35,565	34,241
Other	47,867	37,657	96,710	69,643
Total operating expenses	454,298	443,453	929,340	887,018
OPERATING INCOME BEFORE OTHER ITEMS	333,423	302,590	688,735	584,378
Interest expense	(147,587)	(152,447)	(292,038)	(298,644)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		33,371		33,371
CONSOLIDATED NET INCOME	$ 185,836	$ 183,514	$ 396,697	$ 319,105

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands			6 Months Ended
	Jan. 12, 2022 USD ($)	Jan. 11, 2022 USD ($)	Jun. 30, 2022 USD ($) item property	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Debt
Long-term debt			$ 24,885,968		$ 25,321,022
Loss on debt extinguishment				$ 2,959
Simon Property Group, L.P.
Debt
Long-term debt			24,885,968		25,321,022
Loss on debt extinguishment				$ 2,959
Secured Debt | Mortgages
Debt
Long-term debt			$ 5,400,000		$ 5,400,000
Debt covenants
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers | item			37
Number of properties pledged as collateral | item			40
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
Unsecured Debt | Senior unsecured notes | Simon Property Group, L.P.
Debt
Long-term debt			$ 19,400,000
Unsecured Debt | Senior Unsecured Notes Maturing February 2032 | Simon Property Group, L.P.
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.
Debt
Debt issued		$ 500,000
Unsecured Debt | Senior Unsecured Notes Maturing January 2024 | Simon Property Group, L.P. | SOFR
Debt
Interest rate (as a percent)		0.43%
Unsecured Debt | Commercial Paper | Simon Property Group, L.P.
Debt
Credit facility, amount outstanding			60,000
Maximum borrowing capacity			2,000,000
Unsecured Debt | U.S Dollar Denominated Notes | Simon Property Group, L.P.
Debt
Credit facility, amount outstanding			$ 60,000
Weighted average interest rate (as a percent)			1.92%
Unsecured Debt | Credit Facilities | Simon Property Group, L.P.
Debt
Available borrowing capacity			$ 7,300,000
Maximum amount outstanding during period			1,200,000
Credit facility, weighted average amount outstanding			194,600
Letters of credit outstanding			10,100
Unsecured Debt | Credit Facility and Term Facility | Simon Property Group, L.P.
Debt
Maximum borrowing capacity			5,000,000
Additional borrowing capacity			$ 1,000,000
Unsecured Debt | Credit Facility | SOFR
Debt
Interest rate (as a percent)			1%
Unsecured Debt | Credit Facility | Simon Property Group, L.P.
Debt
Credit facility, amount outstanding			$ 125,000
Maximum borrowing capacity			$ 4,000,000
Additional extension period | item			2
Debt extension period			6 months
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)			0.725%
Unsecured Debt | Credit Facility | Minimum | Simon Property Group, L.P.
Debt
Interest rate (as a percent)			0%
Facility fee (in percentage)			0.10%
Unsecured Debt | Credit Facility | Minimum | Simon Property Group, L.P. | SOFR
Debt
Interest rate (as a percent)			0.65%
Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P.
Debt
Percentage of borrowings in currencies other than the U.S. dollar			95%
Interest rate (as a percent)			0.40%
Facility fee (in percentage)			0.30%
Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P. | SOFR
Debt
Interest rate (as a percent)			1.40%
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P.
Debt
Maximum borrowing capacity			$ 3,500,000
Credit facility, amount repaid	$ 1,050,000
Optional expanded maximum borrowing capacity			$ 4,500,000
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | SOFR
Debt
Interest rate (as a percent)			0.725%
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | USD | Fed Funds Effective Rate
Debt
Interest rate on debt (as a percent)			0.50%
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | USD | SOFR
Debt
Interest rate (as a percent)			1%
Unsecured Debt | Supplemental Facility | Minimum | Simon Property Group, L.P.
Debt
Interest rate (as a percent)			0.65%
Facility fee (in percentage)			0.10%
Unsecured Debt | Supplemental Facility | Minimum | Simon Property Group, L.P. | USD | Base Rate
Debt
Interest rate (as a percent)			0%
Unsecured Debt | Supplemental Facility | Maximum | Simon Property Group, L.P.
Debt
Interest rate (as a percent)			1.40%
Facility fee (in percentage)			0.30%
Unsecured Debt | Supplemental Facility | Maximum | Simon Property Group, L.P. | SOFR
Debt
Percentage of borrowings in currencies other than the U.S. dollar			100%
Unsecured Debt | Supplemental Facility | Maximum | Simon Property Group, L.P. | USD | Base Rate
Debt
Interest rate (as a percent)			0.40%

Debt - Fair Value (Details)

Debt - Fair Value (Details) $ in Millions	Jun. 30, 2022 USD ($) item	Dec. 31, 2021 USD ($) item
Fixed rate mortgages and unsecured indebtedness | Book value
Fair Value of Debt
Fair value of consolidated fixed rate mortgages and unsecured indebtedness | $	$ 23,300	$ 23,300
Fixed rate mortgages and unsecured indebtedness | Fair value
Fair Value of Debt
Fair value of consolidated fixed rate mortgages and unsecured indebtedness | $	$ 21,290	$ 24,597
Discount Rate | Weighted average | Fixed rate mortgages
Fair Value of Debt
Debt percentage- measurement input | item	0.0500	0.0317
Discount Rate | Weighted average | Unsecured Debt
Fair Value of Debt
Debt percentage- measurement input | item	0.0484	0.0333

Equity - Shares or Units Activi

Equity - Shares or Units Activity (Details) $ / shares in Units, $ in Thousands			3 Months Ended				6 Months Ended
	Aug. 01, 2022 $ / shares	May 09, 2022 USD ($)	Jun. 30, 2022 $ / shares shares	Mar. 31, 2022 shares	Jun. 30, 2021 shares	Mar. 31, 2021 shares	Jun. 30, 2022 USD ($) item $ / shares shares	Jun. 30, 2021 $ / shares
Equity
Redemption of units			12,930	1,000	170	316
Common stock authorized for repurchase | $		$ 2,000,000
Period common stock is authorized to repurchase		2 years
Shares repurchased (in shares)			1,424,096				1,424,096
Average share price repurchased (in dollars per share) | $ / shares							$ 101.20
Common stock dividends paid (in dollars per share) | $ / shares			$ 1.70				3.35	$ 2.60
Subsequent Event
Equity
Dividends declared per common share (in dollars per share) | $ / shares	$ 1.75
Simon Property Group, L.P.
Equity
Redemption of units			12,930	1,000	170	316
Distributions paid per unit (in dollars per unit) | $ / shares			$ 1.70				$ 3.35	$ 2.60
Simon Property Group, L.P. | Limited Partners
Equity
Units issued							2,680
Number of limited partners who received common stock | item							2
Redemption of units							13,930
Number of limited partners whose common stock redeemed | item							2
Value of units redeemed | $							$ 1,800

Equity - Temporary Equity (Deta

Equity - Temporary Equity (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) item shares	Dec. 31, 2021 USD ($) item shares
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | $	$ 566,080	$ 547,740
Simon Property Group, L.P.
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | $	$ 566,080	$ 547,740
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 | item	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
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	1
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
Other noncontrolling redeemable interest
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | $	540,543	522,203
Other noncontrolling redeemable interest | Simon Property Group, L.P.
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | $	$ 540,543	$ 522,203

Equity - Stock Based Compensati

Equity - Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions				1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Apr. 01, 2022	Mar. 18, 2022	Mar. 11, 2022	Mar. 31, 2022	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Restricted stock
Stock-based incentive plan awards
Compensation expense, net of capitalization						$ 4.8	$ 3.9
Restricted stock | Employees
Stock-based incentive plan awards
Vesting service period	3 years
Awards granted (in units)	143,518
Weighted average fair value of shares granted during the year (in dollars per share)	$ 131.56
Restricted stock | Non-employee Director
Stock-based incentive plan awards
Shares awarded (in shares)						16,741
Weighted average fair value (in dollars per share)						$ 113.01
Vesting service period						1 year
2019 Stock Incentive Plan | Time Based Restricted Stock Units
Stock-based incentive plan awards
Vesting rights each year beginning 2022 (as a percent)									33.33%
Vesting service period					3 years			3 years	3 years
Awards granted (in units)					52,673			37,976	312,263
Grant Date Fair Value					$ 6.9			$ 4.3	$ 26.3
Weighted average fair value of shares granted during the year (in dollars per share)		$ 130.84	$ 130.05					$ 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%
Compensation expense, net of capitalization						$ 10.7	$ 9.7
2019 LTIP program | LTIP Units
Stock-based incentive plan awards
Performance period						3 years
Awards granted (in units)				72,442		72,442
Grant Date Fair Value						$ 9.5
Grant Date Target Value						$ 14.7
2021 LTIP program | LTIP Units
Stock-based incentive plan awards
Performance period						3 years
Grant Date Fair Value						$ 5.7
Grant Date Target Value						$ 12.2
2021 LTIP program | Time Based Restricted Stock Units | Maximum
Stock-based incentive plan awards
Grant Date Fair Value								$ 18.4
2022 LTIP program | LTIP Units
Stock-based incentive plan awards
Performance period						3 years
Grant Date Target Value						$ 13.7
2022 LTIP program | LTIP Units | Maximum
Stock-based incentive plan awards
Grant Date Fair Value					$ 20.6

Lease Income (Details)

Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Lessor, Lease, Description [Line Items]
Fixed-lease income	$ 962,241	$ 924,447	$ 1,921,869	$ 1,861,936
Variable lease income	232,459	234,378	480,697	441,947
Total lease income	1,194,700	$ 1,158,825	2,402,566	$ 2,303,883
Tenant receivables and accrued revenue
Lessor, Lease, Description [Line Items]
Straight-line receivables	$ 556,200		$ 556,200		$ 568,700

Commitments and Contingencies -

Commitments and Contingencies - Lease Commitments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Lease Commitments
Properties subject to ground leases | property	23		23
Lease Cost
Fixed lease cost	$ 8,131	$ 8,131	$ 16,226	$ 16,249
Variable lease cost	4,588	3,759	8,857	7,837
Sublease income		(187)		(373)
Total operating lease cost	$ 12,719	$ 11,703	25,083	23,713
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases			$ 25,034	$ 24,025
Weighted-average remaining lease term - operating leases	33 years 1 month 6 days	34 years	33 years 1 month 6 days	34 years
Weighted-average discount rate - operating leases	4.87%	4.87%	4.87%	4.87%
Operating Lease Liabilities
2022	$ 33,222		$ 33,222
2023	33,398		33,398
2024	33,532		33,532
2025	33,543		33,543
2026	33,557		33,557
Thereafter	864,688		864,688
Future minimum gross lease payments	1,031,940		1,031,940
Impact of discounting	(529,500)		(529,500)
Operating lease liabilities	$ 502,440		$ 502,440		$ 506,931

Commitments and Contingencies_2

Commitments and Contingencies - Guarantees of Indebtedness (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Joint Venture Mortgage and Indebtedness
Guarantees of Joint Venture Indebtedness:
Loan guarantee	$ 136.3	$ 209.9

Commitments and Contingencies_3

Commitments and Contingencies - Concentration of Credit Risk (Details)	6 Months Ended
	Jun. 30, 2022
Consolidated revenues | Concentration of credit risk | Maximum
Concentration of Credit Risk
Percentage of consolidated revenues from a single customer or tenant	5%

Commitments and Contingencies_4

Commitments and Contingencies - Hurricane Impacts (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2020 USD ($) property	Jun. 30, 2021 USD ($)
Hurricane Impact
Insurance proceeds for property restoration		$ 6,400
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
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