Simon Property (SPG) 10-K23 Feb 232022 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Jan. 31, 2023	Jun. 30, 2022
Document Information
Entity Registrant Name	SIMON PROPERTY GROUP, INC.
Entity Central Index Key	0001063761
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 30,812
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
ICFR Auditor Attestation Flag	true
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Indianapolis, Indiana
Common stock
Document Information
Title of 12(b) Security	Common stock, $0.0001 par value
Trading Symbol	SPG
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		326,923,453
Entity Listing, Par Value Per Share	$ 0.0001
Class B common stock
Document Information
Entity Common Stock, Shares Outstanding		8,000
Entity Listing, Par Value Per Share	$ 0.0001
Series J Preferred stock
Document Information
Title of 12(b) Security	83/8% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value
Trading Symbol	SPGJ
Security Exchange Name	NYSE
Simon Property Group, L.P.
Document Information
Entity Registrant Name	SIMON PROPERTY GROUP, L.P.
Entity Central Index Key	0001022344
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
ICFR Auditor Attestation Flag	true
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Indianapolis, Indiana

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS:
Investment properties, at cost	$ 38,326,912	$ 37,932,366
Less - accumulated depreciation	16,563,749	15,621,127
Investment properties, at cost, net	21,763,163	22,311,239
Cash and cash equivalents	621,628	533,936
Tenant receivables and accrued revenue, net	823,540	919,654
Right-of-use assets, net	496,930	504,119
Investments held in trust - special purpose acquisition company		345,000
Deferred costs and other assets	1,159,293	1,121,011
Total assets	33,011,274	33,777,379
LIABILITIES:
Mortgages and unsecured indebtedness	24,960,286	25,321,022
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,491,583	1,433,216
Cash distributions and losses in unconsolidated entities, at equity	1,699,828	1,573,105
Dividend payable	1,997	1,468
Lease liabilities	497,953	506,931
Other liabilities	535,736	540,912
Total liabilities	29,187,383	29,376,654
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	212,239	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	41,435	41,763
Capital in excess of par value	11,232,881	11,212,990
Accumulated deficit	(5,926,974)	(5,823,708)
Accumulated other comprehensive loss	(164,873)	(185,186)
Common stock held in treasury, at cost, 15,959,628 and 14,295,983 shares, respectively	(2,043,979)	(1,884,441)
Total stockholders' equity	3,138,524	3,361,452
Noncontrolling interests	473,128	491,533
Total equity	3,611,652	3,852,985
Total liabilities and equity	33,011,274	33,777,379
TRG
ASSETS:
Investment, in equity	3,074,345	3,305,102
Klepierre
ASSETS:
Investment, in equity	1,561,112	1,661,943
Unconsolidated Investments excluding Klepierre and TRG
ASSETS:
Investment, in equity	3,511,263	3,075,375
Simon Property Group, L.P.
ASSETS:
Investment properties, at cost	38,326,912	37,932,366
Less - accumulated depreciation	16,563,749	15,621,127
Investment properties, at cost, net	21,763,163	22,311,239
Cash and cash equivalents	621,628	533,936
Tenant receivables and accrued revenue, net	823,540	919,654
Right-of-use assets, net	496,930	504,119
Investments held in trust - special purpose acquisition company		345,000
Deferred costs and other assets	1,159,293	1,121,011
Total assets	33,011,274	33,777,379
LIABILITIES:
Mortgages and unsecured indebtedness	24,960,286	25,321,022
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,491,583	1,433,216
Cash distributions and losses in unconsolidated entities, at equity	1,699,828	1,573,105
Dividend payable	1,997	1,468
Lease liabilities	497,953	506,931
Other liabilities	535,736	540,912
Total liabilities	29,187,383	29,376,654
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	212,239	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	41,435	41,763
General Partner, 326,953,791 and 328,619,625 units outstanding, respectively	3,097,089	3,319,689
Limited Partners, 47,302,958 and 47,247,936 units outstanding, respectively	448,076	477,292
Total partners' equity	3,586,600	3,838,744
Nonredeemable noncontrolling interests in properties, net	25,052	14,241
Total equity	3,611,652	3,852,985
Total liabilities and equity	33,011,274	33,777,379
Simon Property Group, L.P. \| TRG
ASSETS:
Investment, in equity	3,074,345	3,305,102
Simon Property Group, L.P. \| Klepierre
ASSETS:
Investment, in equity	1,561,112	1,661,943
Simon Property Group, L.P. \| Unconsolidated Investments excluding Klepierre and TRG
ASSETS:
Investment, in equity	3,511,263	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
Class B common stock
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Common stock

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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	15,959,628	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	326,953,791	328,619,625
Limited Partners, units outstanding	47,302,958	47,247,936
Simon Property Group, L.P. \| Series J Preferred stock
Preferred stock stated dividend rate (as a percent)	8.375%	8.375%
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized	1,000,000
Preferred units, units outstanding	796,948

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUE:
Lease income	$ 4,905,175	$ 4,736,719	$ 4,302,367
Management fees and other revenues	116,904	106,483	96,882
Other income	269,368	273,587	208,254
Total revenue	5,291,447	5,116,789	4,607,503
EXPENSES:
Property operating	464,135	415,720	349,154
Depreciation and amortization	1,227,371	1,262,715	1,318,008
Real estate taxes	443,224	458,953	457,142
Repairs and maintenance	93,595	96,391	80,858
Advertising and promotion	107,793	114,303	98,613
Home and regional office costs	184,592	184,660	171,668
General and administrative	34,971	30,339	22,572
Other	152,213	140,518	137,679
Total operating expenses	2,707,894	2,703,599	2,635,694
OPERATING INCOME BEFORE OTHER ITEMS	2,583,553	2,413,190	1,971,809
Interest expense	(761,253)	(795,712)	(784,400)
Loss on extinguishment of debt		(51,841)
Gain on disposal, exchange, or revaluation of equity interests, net (Notes 3 and 6)	121,177	178,672
Income and other tax (expense) benefit	(83,512)	(157,199)	4,637
Income from unconsolidated entities	647,977	782,837	219,870
Unrealized losses in fair value of publicly traded equity instruments, net	(61,204)	(8,095)	(19,632)
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	5,647	206,855	(114,960)
CONSOLIDATED NET INCOME	2,452,385	2,568,707	1,277,324
Net income attributable to noncontrolling interests	312,850	319,076	164,760
Preferred dividends	3,337	3,337	3,337
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 2,136,198	$ 2,246,294	$ 1,109,227
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders - basic (in dollars per share)	$ 6.52	$ 6.84	$ 3.59
Consolidated Net Income	$ 2,452,385	$ 2,568,707	$ 1,277,324
Unrealized gain (loss) on derivative hedge agreements	54,808	51,114	(106,548)
Net gain reclassified from accumulated other comprehensive loss into earnings	(1,595)	(7,285)	(106)
Currency translation adjustments	(28,119)	(38,772)	27,288
Changes in available-for-sale securities and other	(2,009)	(1,014)	180
Comprehensive income	2,475,470	2,572,750	1,198,138
Comprehensive income attributable to noncontrolling interests	315,622	319,629	155,646
Comprehensive income attributable to common stockholders	2,159,848	2,253,121	1,042,492
Simon Property Group, L.P.
REVENUE:
Lease income	4,905,175	4,736,719	4,302,367
Management fees and other revenues	116,904	106,483	96,882
Other income	269,368	273,587	208,254
Total revenue	5,291,447	5,116,789	4,607,503
EXPENSES:
Property operating	464,135	415,720	349,154
Depreciation and amortization	1,227,371	1,262,715	1,318,008
Real estate taxes	443,224	458,953	457,142
Repairs and maintenance	93,595	96,391	80,858
Advertising and promotion	107,793	114,303	98,613
Home and regional office costs	184,592	184,660	171,668
General and administrative	34,971	30,339	22,572
Other	152,213	140,518	137,679
Total operating expenses	2,707,894	2,703,599	2,635,694
OPERATING INCOME BEFORE OTHER ITEMS	2,583,553	2,413,190	1,971,809
Interest expense	(761,253)	(795,712)	(784,400)
Loss on extinguishment of debt		(51,841)
Gain on disposal, exchange, or revaluation of equity interests, net (Notes 3 and 6)	121,177	178,672
Income and other tax (expense) benefit	(83,512)	(157,199)	4,637
Income from unconsolidated entities	647,977	782,837	219,870
Unrealized losses in fair value of publicly traded equity instruments, net	(61,204)	(8,095)	(19,632)
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	5,647	206,855	(114,960)
CONSOLIDATED NET INCOME	2,452,385	2,568,707	1,277,324
Net income attributable to noncontrolling interests	2,738	(6,053)	(4,378)
Preferred dividends	5,252	5,252	5,252
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	2,444,395	2,569,508	1,276,450
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	2,136,198	2,246,294	1,109,227
Limited Partners	$ 308,197	$ 323,214	$ 167,223
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders - basic (in dollars per share)	$ 6.52	$ 6.84	$ 3.59
Consolidated Net Income	$ 2,452,385	$ 2,568,707	$ 1,277,324
Unrealized gain (loss) on derivative hedge agreements	54,808	51,114	(106,548)
Net gain reclassified from accumulated other comprehensive loss into earnings	(1,595)	(7,285)	(106)
Currency translation adjustments	(28,119)	(38,772)	27,288
Changes in available-for-sale securities and other	(2,009)	(1,014)	180
Comprehensive income	2,475,470	2,572,750	1,198,138
Comprehensive income attributable to noncontrolling interests	1,572	(2,634)	1,666
Comprehensive income attributable to common stockholders	$ 2,473,898	$ 2,575,384	$ 1,196,472

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 2,452,385	$ 2,568,707	$ 1,277,324
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	1,292,113	1,325,895	1,354,991
Loss on debt extinguishment		51,841
(Gain) loss on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(5,647)	(206,855)	114,960
Gain on disposal, exchange, or revaluation of equity interests, net	(121,177)	(178,672)
Unrealized losses in fair value of publicly traded equity instruments, net	61,204	8,095	19,632
Straight-line lease loss	25,234	22,619	19,950
Equity in income of unconsolidated entities	(647,977)	(782,837)	(219,870)
Distributions of income from unconsolidated entities	561,583	436,881	184,733
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	63,350	265,352	(415,911)
Deferred costs and other assets	(104,567)	(77,592)	(28,191)
Accounts payable, accrued expenses, intangibles, deferred revenues and other	190,103	203,968	19,080
Net cash provided by operating activities	3,766,604	3,637,402	2,326,698
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(203,364)	(257,080)	(3,606,694)
Funding of loans to related parties	(132,857)	(15,848)	(8,236)
Repayments of loans to related parties	82,371	14,027
Capital expenditures, net	(650,024)	(527,935)	(484,119)
Cash impact from the consolidation of properties	20,988	5,595
Net proceeds from sale of assets	59,658	3,000	33,418
Investments in unconsolidated entities	(235,792)	(56,901)	(191,368)
Purchase of equity instruments	(66,140)	(33,605)	(32,955)
Proceeds from sales of equity instruments	26,086	65,504	30,000
Insurance proceeds for property restoration		7,200	31,198
Distributions of capital from unconsolidated entities and other	472,510	243,279	250,358
Net cash used in investing activities	(626,564)	(552,764)	(3,978,398)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other, net of transaction costs	(328)	(328)	1,556,148
Purchase of shares related to stock grant recipients' tax withholdings	(6,788)	(2,318)	(854)
Redemption of limited partner units	(1,852)	(2,220)	(16,106)
Purchase of treasury stock	(180,387)		(152,589)
Proceeds from the special purpose acquisition company IPO, net of transaction costs		338,121
Proceeds from (establishment of) trust account for special purpose acquisition company	345,000	(345,000)
Liquidation of special purpose acquisition company	(345,000)
Distributions to noncontrolling interest holders in properties	(27,741)	(5,024)	(8,271)
Contributions from noncontrolling interest holders in properties	29,681	20,902	220
Preferred distributions of the Operating Partnership	(1,915)	(1,915)	(1,915)
Distributions to stockholders and preferred dividends	(2,264,007)	(2,351,764)	(1,443,183)
Distributions to limited partners	(326,550)	(337,021)	(219,095)
Cash paid to extinguish debt		(50,156)
Proceeds from issuance of debt, net of transaction costs	3,449,403	9,251,217	15,234,860
Repayments of debt	(3,721,864)	(10,076,809)	(12,955,275)
Net cash used in financing activities	(3,052,348)	(3,562,315)	1,993,940
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	87,692	(477,677)	342,240
CASH AND CASH EQUIVALENTS, beginning of period	533,936	1,011,613	669,373
CASH AND CASH EQUIVALENTS, end of period	621,628	533,936	1,011,613
Simon Property Group, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	2,452,385	2,568,707	1,277,324
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	1,292,113	1,325,895	1,354,991
Loss on debt extinguishment		51,841
(Gain) loss on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(5,647)	(206,855)	114,960
Gain on disposal, exchange, or revaluation of equity interests, net	(121,177)	(178,672)
Unrealized losses in fair value of publicly traded equity instruments, net	61,204	8,095	19,632
Straight-line lease loss	25,234	22,619	19,950
Equity in income of unconsolidated entities	(647,977)	(782,837)	(219,870)
Distributions of income from unconsolidated entities	561,583	436,881	184,733
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	63,350	265,352	(415,911)
Deferred costs and other assets	(104,567)	(77,592)	(28,191)
Accounts payable, accrued expenses, intangibles, deferred revenues and other	190,103	203,968	19,080
Net cash provided by operating activities	3,766,604	3,637,402	2,326,698
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(203,364)	(257,080)	(3,606,694)
Funding of loans to related parties	(132,857)	(15,848)	(8,236)
Proceeds on loans to related parties	82,371	14,027
Capital expenditures, net	(650,024)	(527,935)	(484,119)
Cash impact from the consolidation of properties	20,988	5,595
Net proceeds from sale of assets	59,658	3,000	33,418
Investments in unconsolidated entities	(235,792)	(56,901)	(191,368)
Purchase of equity instruments	(66,140)	(33,605)	(32,955)
Proceeds from sales of equity instruments	26,086	65,504	30,000
Insurance proceeds for property restoration		7,200	31,198
Distributions of capital from unconsolidated entities and other	472,510	243,279	250,358
Net cash used in investing activities	(626,564)	(552,764)	(3,978,398)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other, net of transaction costs	(328)	(328)	1,556,148
Purchase of shares related to stock grant recipients' tax withholdings	(6,788)	(2,318)	(854)
Redemption of limited partner units	(1,852)	(2,220)	(16,106)
Purchase of general partner units	(180,387)		(152,589)
Proceeds from the special purpose acquisition company IPO, net of transaction costs		338,121
Proceeds from (establishment of) trust account for special purpose acquisition company	345,000	(345,000)
Liquidation of special purpose acquisition company	(345,000)
Distributions to noncontrolling interest holders in properties	(27,741)	(5,024)	(8,271)
Contributions from noncontrolling interest holders in properties	29,681	20,902	220
Preferred distributions of the Operating Partnership	(2,592,472)	(2,690,700)	(1,664,193)
Cash paid to extinguish debt		(50,156)
Proceeds from issuance of debt, net of transaction costs	3,449,403	9,251,217	15,234,860
Repayments of debt	(3,721,864)	(10,076,809)	(12,955,275)
Net cash used in financing activities	(3,052,348)	(3,562,315)	1,993,940
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	87,692	(477,677)	342,240
CASH AND CASH EQUIVALENTS, beginning of period	533,936	1,011,613	669,373
CASH AND CASH EQUIVALENTS, end of period	$ 621,628	$ 533,936	$ 1,011,613

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 Series J Preferred stock	Common Stock.	Accumulated Other Comprehensive Income (Loss)	Capital in Excess of Par Value	Accumulated Deficit	Common Stock Held in Treasury	Noncontrolling Interests	Total
Balance at Dec. 31, 2019						$ 42,420	$ 32	$ (118,604)	$ 9,756,073	$ (5,379,952)	$ (1,773,571)	$ 384,852	$ 2,911,250
Balance at Dec. 31, 2019	$ 2,483,978	$ 378,339	$ 42,420	$ 6,513	$ 2,911,250
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units									2,028			(2,028)
Issuance of limited partner units		79,601			79,601							79,601	79,601
Public offering of common stock							2		1,556,477				1,556,479
Series J preferred stock premium amortization			(329)		(329)	(329)							(329)
Limited partner units exchanged to common units	2,028	(2,028)
Issuance of units related to Simon's public offering of its common stock	1,556,479				1,556,479
Stock incentive program									(35,662)		35,662
Redemption of limited partner units	(15,163)	(943)			(16,106)				(15,163)			(943)	(16,106)
Amortization of stock incentive	11,660				11,660				11,660				11,660
Treasury stock purchase											(152,590)		(152,590)
Treasury unit purchase	(152,590)				(152,590)
Long-term incentive performance units		2,331			2,331							2,331	2,331
Issuance of unit equivalents and other	34,071			(3,582)	30,489				30	34,894	(853)	(3,582)	30,489
Unrealized gain on hedging activities	(92,834)	(13,714)			(106,548)			(92,834)				(13,714)	(106,548)
Currency translation adjustments	22,694	4,594			27,288			22,694				4,594	27,288
Changes in available-for-sale securities and other	162	18			180			162				18	180
Net gain reclassified from accumulated other comprehensive loss into earnings	(93)	(13)			(106)			(93)				(13)	(106)
Other comprehensive income	(70,071)	(9,115)			(79,186)			(70,071)				(9,115)	(79,186)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	(95,755)	95,755							(95,755)			95,755
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(1,869,820)		(279,379)	(2,149,199)
Distributions to other noncontrolling interest partners												(3,507)	(3,507)
Distributions, excluding distributions on preferred interests classified as temporary equity	(1,866,483)	(279,379)	(3,337)	(3,507)	(2,152,706)
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties	1,109,227	167,223	3,337	1,666	1,281,453
Net income, excluding attributable to preferred interests in the Operating Partnership and a loss attributable to noncontrolling redeemable interests in properties										1,112,564		168,889	1,281,453
Balance at Dec. 31, 2020						42,091	34	(188,675)	11,179,688	(6,102,314)	(1,891,352)	432,874	3,472,346
Balance at Dec. 31, 2020	2,997,381	431,784	42,091	1,090	3,472,346
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units									539			(539)
Series J preferred stock premium amortization			(328)		(328)	(328)							(328)
Limited partner units exchanged to common units	539	(539)
Stock incentive program									(9,229)		9,229
Redemption of limited partner units	(2,061)	(159)			(2,220)				(2,061)			(159)	(2,220)
Amortization of stock incentive	19,673				19,673				19,673				19,673
Long-term incentive performance units		17,755			17,755							17,755	17,755
Issuance of unit equivalents and other	(40,877)	1		18,493	(22,383)				5,760	(44,319)	(2,318)	18,494	(22,383)
Unrealized gain on hedging activities	44,676	6,438			51,114			44,676				6,438	51,114
Currency translation adjustments	(33,932)	(4,840)			(38,772)			(33,932)				(4,840)	(38,772)
Changes in available-for-sale securities and other	(886)	(128)			(1,014)			(886)				(128)	(1,014)
Net gain reclassified from accumulated other comprehensive loss into earnings	(6,369)	(916)			(7,285)			(6,369)				(916)	(7,285)
Other comprehensive income	3,489	554			4,043			3,489				554	4,043
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	18,620	(18,620)							18,620			(18,620)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(1,926,706)		(276,698)	(2,203,404)
Distributions to other noncontrolling interest partners												(2,708)	(2,708)
Distributions, excluding distributions on preferred interests classified as temporary equity	(1,923,369)	(276,698)	(3,337)	(2,708)	(2,206,112)
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties	2,246,294	323,214	3,337	(2,634)	2,570,211
Net income, excluding attributable to preferred interests in the Operating Partnership and a loss attributable to noncontrolling redeemable interests in properties										2,249,631		320,580	2,570,211
Balance at Dec. 31, 2021						41,763	34	(185,186)	11,212,990	(5,823,708)	(1,884,441)	491,533	3,852,985
Balance at Dec. 31, 2021	3,319,689	477,292	41,763	14,241	3,852,985
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units									27			(27)
Series J preferred stock premium amortization			(328)		(328)	(328)							(328)
Limited partner units exchanged to common units	27	(27)
Stock incentive program									(27,637)		27,637
Redemption of limited partner units	(1,708)	(144)			(1,852)				(1,708)			(144)	(1,852)
Amortization of stock incentive	23,670				23,670				23,670				23,670
Treasury stock purchase											(180,387)		(180,387)
Treasury unit purchase	(180,387)				(180,387)
Long-term incentive performance units		14,845			14,845							14,845	14,845
Issuance of unit equivalents and other	11,649	(1)		10,601	22,249				(2,769)	21,206	(6,788)	10,600	22,249
Unrealized gain on hedging activities	47,888	6,920			54,808			47,888				6,920	54,808
Currency translation adjustments	(24,427)	(3,692)			(28,119)			(24,427)				(3,692)	(28,119)
Changes in available-for-sale securities and other	(1,755)	(254)			(2,009)			(1,755)				(254)	(2,009)
Net gain reclassified from accumulated other comprehensive loss into earnings	(1,393)	(202)			(1,595)			(1,393)				(202)	(1,595)
Other comprehensive income	20,313	2,772			23,085			20,313				2,772	23,085
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	28,308	(28,308)							28,308			(28,308)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(2,264,007)		(326,550)	(2,590,557)
Distributions to other noncontrolling interest partners												(1,362)	(1,362)
Distributions, excluding distributions on preferred interests classified as temporary equity	(2,260,670)	(326,550)	(3,337)	(1,362)	(2,591,919)
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties	2,136,198	308,197	3,337	1,572	2,449,304
Net income, excluding attributable to preferred interests in the Operating Partnership and a loss attributable to noncontrolling redeemable interests in properties										2,139,535		309,769	2,449,304
Balance at Dec. 31, 2022						$ 41,435	$ 34	$ (164,873)	$ 11,232,881	$ (5,926,974)	$ (2,043,979)	$ 473,128	$ 3,611,652
Balance at Dec. 31, 2022	$ 3,097,089	$ 448,076	$ 41,435	$ 25,052	$ 3,611,652

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Exchange of limited partner units, (in shares)	2,680	58,571	293,204
Issuance of limited partner, units			955,705
Public offering of common stock, shares			22,137,500
Stock incentive program, shares, net	208,063	80,012	462,967
Redemption of Limited Partner Units	14,740	15,705	116,658
Treasury stock purchase, shares	1,830,022		1,245,654
Shares repurchased	46,555	20,374	15,561
Net income attributable to preferred interests in the Operating Partnership (in dollars)	$ 1,915	$ 1,915	$ 1,915
Net loss (gain) attributable to noncontrolling redeemable interests in properties (in dollars)	$ (1,166)	$ 3,419	$ 6,044
Simon Property Group, L.P.
Limited partner units exchanged to common units	2,680	58,571	293,204
Issuance of limited partner, units			955,705
Public offering of common stock, shares			22,137,500
Stock incentive program, units, net	208,063	80,012	462,967
Redemption of Limited Partner Units	14,740	15,705	116,658
Treasury unit purchase, units	1,830,022		1,245,654
Issuance of equivalents units	72,442	20,374	36,252
Issuance of common units	46,555		15,561
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars)	$ 1,915	$ 1,915	$ 1,915
Net loss (gain) attributable to noncontrolling redeemable interests in properties (in dollars)	$ (1,166)	$ 3,419	$ 6,044

Organization

Organization	12 Months Ended
Organization	Dec. 31, 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. Unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Unless otherwise indicated, these notes to consolidated financial statements apply to both Simon and the Operating Partnership. According to the Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, and The Mills®. As of December 31, 2022, we owned or held an interest in 196 income-producing properties in the United States, which consisted of 94 malls, 69 Premium Outlets, 14 Mills, six lifestyle centers, and 13 other retail properties in 37 states and Puerto Rico. We also own an 80% noncontrolling interest in the Taubman Realty Group, LLC, or TRG, which has an interest in 24 regional, super-regional, and outlet malls in the U.S. and Asia. Internationally, as of December 31, 2022, we had ownership interests in 34 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe, and Canada. As of December 31, 2022, we also owned a 22.4% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company which owns, or has an interest in, shopping centers located in 14 countries in Europe. We generate the majority of our lease income from retail, dining, entertainment and other tenants including consideration received from: ● Fixed minimum lease consideration and fixed common area maintenance (CAM) reimbursements and, ● Variable lease consideration primarily based on tenants’ sales, as well as reimbursements for real estate taxes, utilities, marketing, and certain other items. Revenues of our management company, after intercompany eliminations, consist primarily of management fees that are typically based upon the revenues of the property being managed. We also grow by generating supplemental revenues from the following activities: ● establishing our properties as leading market resource providers for retailers and other businesses and consumer-focused corporate alliances, including payment systems (such as handling fees relating to the sales of bank-issued prepaid cards), national marketing alliances, static and digital media initiatives, business development, sponsorship, and events, ● offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services, ● selling or leasing land adjacent to our properties, commonly referred to as “outlots” or “outparcels,” and ● generating interest income on cash deposits and investments in loans, including those made to related entities.

Basis of Presentation and Conso

Basis of Presentation and Consolidation	12 Months Ended
Basis of Presentation and Consolidation	Dec. 31, 2022
Basis of Presentation and Consolidation
Basis of Presentation and Consolidation	2. Basis of Presentation and Consolidation The accompanying consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. We consolidate properties that are wholly-owned or properties where we own less than 100% but we control. Control of a property is demonstrated by, among other factors, our ability to refinance debt and sell the property without the consent of any other partner or owner and the inability of any other partner or owner to replace us. We also consolidate a variable interest entity, or VIE, when we are determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE, including management agreements and other contractual arrangements. There have been no changes during 2022 in previous conclusions about whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. During the periods presented, we did not provide financial or other support to any identified VIE that we were not contractually obligated to provide. Investments in partnerships and joint ventures represent our noncontrolling ownership interests. We account for these unconsolidated entities using the equity method of accounting. We initially record these investments at cost and we subsequently adjust for net equity in income or loss, which we allocate in accordance with the provisions of the applicable partnership or joint venture agreement, cash contributions and distributions, and foreign currency fluctuations, if applicable. The allocation provisions in the partnership or joint venture agreements are not always consistent with the legal ownership interests held by each general or limited partner or joint venture investee primarily due to partner preferences. We separately report investments in partnerships and joint ventures for which accumulated distributions have exceeded investments in and our share of net income of the partnerships and joint ventures within cash distributions and losses in partnerships and joint ventures, at equity in the consolidated balance sheets. The net equity of certain partnerships and joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes non-cash charges for depreciation and amortization. As of December 31, 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 82 properties (the joint venture properties) and our investments in Klépierre (a publicly traded, Paris-based real estate company), TRG, and Jamestown (a global real estate investment and management company), as well as our investments (collectively, our other platform investments) in retail operations (J.C. Penney and SPARC Group); intellectual property and licensing venture (Authentic Brands Group, LLC, or ABG); and an e-commerce venture (Rue Gilt Groupe, or RGG). We manage the day-to-day operations of 51 of the 82 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, Canada, Spain, Thailand, and the United Kingdom comprise 24 of the remaining 31 properties. These international properties and TRG are managed by joint ventures in which we share control. Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to us based on the partners’ respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests. Our weighted average ownership interest in the Operating Partnership was as follows: For the Year Ended December 31, 2022 2021 2020 Weighted average ownership interest 87.4 % 87.4 % 86.9 % As of December 31, 2022 and 2021, our ownership interest in the Operating Partnership was 87.4%. We adjust the noncontrolling limited partners’ interest at the end of each period to reflect their interest in the net assets of the Operating Partnership. Preferred unit requirements in the Operating Partnership’s accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units and are recorded when declared.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies Investment Properties Investment properties consist of the following as of December 31: 2022 2021 Land $ 3,632,943 $ 3,639,353 Buildings and improvements 34,246,835 33,857,863 Total land, buildings and improvements 37,879,778 37,497,216 Furniture, fixtures and equipment 447,134 435,150 Investment properties at cost 38,326,912 37,932,366 Less — accumulated depreciation 16,563,749 15,621,127 Investment properties at cost, net $ 21,763,163 $ 22,311,239 Construction in progress included above $ 587,644 $ 797,519 We record investment properties at cost. Investment properties include costs of acquisitions; development, predevelopment, and construction (including allocable salaries and related benefits); tenant allowances and improvements; and interest and real estate taxes incurred during construction. We capitalize improvements and replacements from repair and maintenance when the repair and maintenance extends the useful life, increases capacity, or improves the efficiency of the asset. All other repair and maintenance items are expensed as incurred. We capitalize interest on projects during periods of construction until the projects are ready for their intended purpose based on interest rates in place during the construction period. The amount of interest capitalized during each year is as follows: For the Year Ended December 31, 2022 2021 2020 Capitalized interest $ 35,482 $ 31,204 $ 22,917 We record depreciation on buildings and improvements utilizing the straight-line method over an estimated original useful life, which is generally 10 to 35 years. We review depreciable lives of investment properties periodically and we make adjustments when necessary to reflect a shorter economic life. We amortize tenant allowances and tenant improvements utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. We record depreciation on equipment and fixtures utilizing the straight-line method over seven We review investment properties for impairment on a property-by-property basis to identify and evaluate events or changes in circumstances which indicate that the carrying value of investment properties may not be recoverable. These circumstances include, but are not limited to, declines in a property’s operational performance, such as declining cash flows, occupancy or total sales per square foot, the Company’s intent and ability to hold the related asset, and, if applicable, the remaining time to maturity of underlying financing arrangements. We measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization during the anticipated holding period plus its residual value, and, if applicable, on a probability weighted basis, is less than the carrying value of the property. To the extent impairment has occurred, we charge to income the excess of carrying value of the property over our estimate of fair value. We also review our investments, including investments in unconsolidated entities, to identify and evaluate whether events or changes in circumstances indicate that the carrying amount of our investments may not be recoverable. We will record an impairment charge if we determine the fair value of the investment is less than its carrying value and such impairment is other-than-temporary. Our evaluation of changes in economic or operating conditions and whether an impairment is other-than-temporary may include developing estimates of fair value, forecasted cash flows or operating income before depreciation and amortization. We estimate undiscounted cash flows and fair value using observable and unobservable data such as operating income before depreciation and amortization, hold periods, estimated capitalization and discount rates, or relevant market multiples, leasing prospects and local market information, expected probabilities of outcomes, if applicable, and whether an impairment is other-than-temporary. Changes in economic and operating conditions including, changes in the financial condition of our tenants and changes to our intent and ability to hold the related asset, that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results. During the fourth quarter of 2020, we recorded an impairment charge of $34.4 million related to one consolidated property, which is included in Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income. During the third quarter of 2020, we recorded an other-than-temporary impairment charge of $55.2 million, representing our equity method investment balance in three joint venture properties, which is included in Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income. Purchase Accounting We allocate the purchase price of asset acquisitions and any excess investment in unconsolidated entities to the various components of the acquisition based upon the relative fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, we may utilize third party valuation specialists. These components typically include buildings, land and intangibles related to in-place leases and we estimate: ● the relative fair value of land and related improvements and buildings on an as-if-vacant basis, ● the market value of in-place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into lease income, ● the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and ● the value of lease income and recovery of costs foregone during a reasonable lease-up period, as if the space was vacant. The relative fair value of buildings is depreciated over the estimated remaining life of the acquired building or related improvements. We amortize tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. We also estimate the value of other acquired intangible assets, if any, which are amortized over the remaining life of the underlying related intangibles. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers’ acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits. See Notes 4 and 8 for disclosures about non-cash investing and financing transactions. Equity Instruments and Debt Securities Equity instruments and debt securities consist primarily of equity instruments, our deferred compensation plan investments, the debt securities of our captive insurance subsidiary, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At December 31, 2022 and 2021, we had equity instruments with readily determinable fair values of $73.0 million and $142.2 million, respectively. Changes in the fair value of these equity instruments are recorded in unrealized losses in fair value of publicly traded equity instruments, net in our consolidated statements of operations and comprehensive income. At December 31, 2022 and 2021, we had equity instruments without readily determinable fair values of $236.2 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. We recorded a reduction in the carrying value of these investments of $27.5 million and nil for the years ended December 31, 2022 and 2021, respectively. Changes in the fair value of these equity instruments are recorded in gain on disposal, exchange, or revaluation of equity interests, net in our consolidated statements of operations and comprehensive income. Our deferred compensation plan equity instruments are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income. At December 31, 2022 and 2021, we held debt securities of $52.3 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 December 31, 2022 and 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 and interest rate cap and swap agreements with a gross asset balance of $15.8 million at December 31, 2022 and $6.2 million at December 31, 2021, and a gross liability balance of $8.6 million and $1.5 million at December 31, 2022 and 2021, respectively. Note 7 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3, 4, and 6 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of fair value, net operating results of the property, capitalization rates and discount rates. Gains or losses on Issuances of Stock by Equity Method Investees When one of our equity method investees issues additional shares to third parties, our percentage ownership interest in the investee may decrease. In the event the issuance price per share is higher or lower than our average carrying amount per share, we recognize a noncash gain or loss on the issuance, when appropriate. This noncash gain or loss is recognized in our net income in the period the change of ownership interest occurs. Use of Estimates We prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates. Segment and Geographic Locations Our primary business is the ownership, development, and management of premier shopping, dining, entertainment and mixed use real estate. We have aggregated our retail operations, including malls, Premium Outlets, The Mills, and our international investments into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same, tenants. As of December 31, 2022, approximately 6.9% of our consolidated long-lived assets and 3.5% of our consolidated total revenues were derived from assets located outside the United States. As of December 31, 2021, approximately 7.1% of our consolidated long-lived assets and 3.0% of our consolidated total revenues were derived from assets located outside the United States. Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31: 2022 2021 Deferred lease costs, net $ 97,553 $ 109,155 In-place lease intangibles, net 7,076 14,107 Acquired above market lease intangibles, net 10,696 19,171 Marketable securities of our captive insurance companies 52,325 60,855 Goodwill 20,098 20,098 Other marketable and non-marketable securities 309,212 359,459 Prepaids, notes receivable and other assets, net 662,333 538,166 $ 1,159,293 $ 1,121,011 Deferred Lease Costs Our deferred leasing costs consist primarily of initial direct costs and, prior to the adoption of ASC 842, capitalized salaries and related benefits, in connection with lease originations. We record amortization of deferred leasing costs on a straight-line basis over the terms of the related leases. Details of these deferred costs as of December 31 are as follows: 2022 2021 Deferred lease costs $ 312,464 $ 358,287 Accumulated amortization (214,911) (249,132) Deferred lease costs, net $ 97,553 $ 109,155 Amortization of deferred leasing costs is a component of depreciation and amortization expense. The accompanying consolidated statements of operations and comprehensive income include amortization of deferred leasing costs as follows: For the Year Ended December 31, 2022 2021 2020 Amortization of deferred leasing costs $ 39,606 $ 43,028 $ 51,349 Intangibles The average remaining life of in-place lease intangibles is approximately 2.9 years and is being amortized on a straight-line basis and is included with depreciation and amortization in the consolidated statements of operations and comprehensive income. The fair market value of above and below market leases is amortized into lease income over the remaining lease life as a component of reported lease income. The weighted average remaining life of these intangibles is approximately 2.5 years. The unamortized amount of below market leases is included in accounts payable, accrued expenses, intangibles and deferred revenues in the consolidated balance sheets and was $15.3 million and $21.6 million as of December 31, 2022 and 2021, respectively. The amount of amortization of above and below market leases, net, which increased lease income for the years ended December 31, 2022, 2021, and 2020, was $1.7 million, $2.7 million and $1.3 million, respectively. If a lease is terminated prior to the original lease termination, any remaining unamortized intangible is written off to earnings. Details of intangible assets as of December 31 are as follows: 2022 2021 In-place lease intangibles $ 67,935 $ 115,550 Accumulated amortization (60,859) (101,443) In-place lease intangibles, net $ 7,076 $ 14,107 2022 2021 Acquired above market lease intangibles $ 130,556 $ 133,224 Accumulated amortization (119,860) (114,053) Acquired above market lease intangibles, net $ 10,696 $ 19,171 Estimated future amortization and the increasing (decreasing) effect on lease income for our above and below market leases as of December 31, 2022 are as follows: Below Above Impact to Market Market Lease Leases Leases Income, Net 2023 $ 4,352 $ (5,235) $ (883) 2024 3,421 (3,525) (104) 2025 2,318 (1,477) 841 2026 1,553 (433) 1,120 2027 1,246 (26) 1,220 Thereafter 2,451 — 2,451 $ 15,341 $ (10,696) $ 4,645 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 generally formally designate instruments that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities. As of December 31, 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 cap and swap agreements, at fair value, as of December 31, 2022 and December 31, 2021 was a net asset balance of $1.3 million and $0.6 million, respectively, and is included in deferred costs and other assets. Our exposure to market risk due to changes in interest rates primarily relates to our long-term debt obligations. We manage exposure to interest rate market risk through our risk management strategy by a combination of interest rate protection agreements to effectively fix or cap a portion of variable rate debt. We may enter into treasury lock agreements as part of an anticipated debt issuance. Upon completion of the debt issuance, the fair value of these instruments is recorded as part of accumulated other comprehensive income (loss) and is amortized to interest expense over the life of the debt agreement. The unamortized gain on our treasury locks and terminated hedges recorded in accumulated other comprehensive income was $10.9 million and $6.9 million as of December 31, 2022 and 2021, respectively. Within the next year, we expect to reclassify to earnings approximately $1.0 million of gains related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss). We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposers, with gains and losses on the derivative contracts hedging these exposers. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes. We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euro. We use currency forward contracts, cross currency swap contracts, and nonderivative instruments such as foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date. We had the following Euro:USD forward contracts designated as net investment hedges at December 31, 2022 and 2021 (in millions): Asset (Liability) Value as of December 31, December 31, Notional Value Maturity Date 2022 2021 € 60.0 March 15, 2022 — 2.8 € 62.0 September 15, 2022 — 2.8 € 44.5 September 15, 2022 — (0.3) € 44.5 September 15, 2022 — (0.4) € 89.0 December 16, 2022 — (0.8) € 50.0 January 13, 2023 (2.9) — € 15.0 March 15, 2023 0.7 — € 15.0 March 15, 2023 0.7 — € 50.0 December 15, 2023 (2.8) — € 30.0 March 15, 2024 1.3 — € 51.0 March 15, 2024 (2.8) — € 45.0 April 12, 2023 (0.2) — € 44.0 September 15, 2023 (0.1) — 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 derivative and nonderivative instruments as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss). For the years ended December 31, 2022, 2021, and 2020 we recorded gains (losses) of $131.7 million, $176.0 million, and ($198.7 million), respectively, in the cumulative translation adjustment section of the other comprehensive income (loss). Changes in the value of these instruments are offset by changes in the underlying hedged Euro 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 $36.5 million and ($10.0) million as of December 31, 2022 and 2021, respectively. The total accumulated other comprehensive income (loss) related to the Operating Partnership’s derivative activities, including our share of the other comprehensive income (loss) from unconsolidated entities, was $41.8 million and ($11.4) million as of December 31, 2022 and 2021, respectively. Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows as of December 31: 2022 2021 Limited partners’ interests in the Operating Partnership $ 448,076 $ 477,292 Nonredeemable noncontrolling interests in properties, net 25,052 14,241 Total noncontrolling interests reflected in equity $ 473,128 $ 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 ($199.5) million, ($175.1) million and ($136.2) million as of December 31, 2022, 2021 and 2020, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: Affected line item where 2022 2021 2020 net income is presented Currency translation adjustments $ — $ 5,660 $ (1,739) Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net — (712) 219 Net income attributable to noncontrolling interests $ — $ 4,948 (1,520) Accumulated derivative gains, net $ 1,595 $ 1,625 $ 1,845 Interest expense (202) (204) (232) Net income attributable to noncontrolling interests $ 1,393 $ 1,421 $ 1,613 The Operating Partnership The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($228.3) million, ($200.2) million and ($155.8) million as of December 31, 2022, 2021 and 2020, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: Affected line item where 2022 2021 2020 net income is presented Currency translation adjustments $ — $ 5,660 $ (1,739) Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net Accumulated derivative gains, net $ 1,595 $ 1,625 $ 1,845 Interest expense Revenue Recognition We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We accrue fixed lease income on a straight-line basis over the terms of the leases when we believe substantially all lease income, including the related straight-line rent receivable, is probable of collection. Substantially all of our retail tenants are also required to pay overage rents based on sales over a stated base amount during the lease year. We recognize this variable lease consideration only when each tenant’s sales exceed the applicable sales threshold. We amortize any tenant inducements as a reduction of lease income utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. We structure our leases to allow us to recover a significant portion of our property operating, real estate taxes, repairs and maintenance, and advertising and promotion expenses from our tenants. A substantial portion of our leases, other than those for anchor stores, require the tenant to reimburse us for a substantial portion of our operating expenses, including common area maintenance, or CAM, real estate taxes and insurance. Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation or otherwise. For substantially all of our leases in the U.S. mall portfolio, we receive a fixed payment from the tenant for the CAM component which is recognized as lease income on a straight-line basis over the term of the lease beginning with the adoption of ASC 842. When not reimbursed by the fixed CAM component, CAM expense reimbursements are based on the tenant’s proportionate share of the allocable operating expenses and CAM capital expenditures for the property. We accrue all variable reimbursements from tenants for recoverable portions of all of these expenses as variable lease consideration in the period the applicable expenditures are incurred. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. Our advertising and promotional costs are expensed as incurred. Provisions for credit losses that are not probable of collection are recognized as a reduction of lease income. In April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of COVID-19 on the application of lease modification guidance in Accounting Standards Codification (ASC) 842, “Leases.” The guidance provides a practical expedient to forgo the associated reassessments required by ASC 842 when changes to a lease result in similar or lower future consideration. We have elected to generally account for rent abatements as negative variable lease consideration in the period granted, or in the period we determine we expect to grant an abatement. Further abatements granted in the future will reduce lease income in the period we grant, or determine we expect to grant, an abatement. We have agreed to deferral or abatement arrangements with a number of our tenants as a result of the COVID-19 pandemic. 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 o

Real Estate Acquisitions and Di

Real Estate Acquisitions and Dispositions	12 Months Ended
Real Estate Acquisitions and Dispositions	Dec. 31, 2022
Real Estate Acquisitions and Dispositions
Real Estate Acquisitions and Dispositions	4. Real Estate Acquisitions and Dispositions We acquire interests in properties to generate both current income and long-term appreciation in value. We acquire interests in individual properties or portfolios of real estate companies that meet our investment criteria and sell properties which no longer meet our strategic criteria. Unless otherwise noted below, gains and losses on these transactions are included in gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. We 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 2022, 2021, and 2020. Refer to Note 6 for disclosure of unconsolidated joint venture acquisitions and dispositions. Our acquisition and disposition activity for the periods presented are as follows: 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 interest 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. 2021 Dispositions During 2021, we recorded net gains of $176.8 million primarily related to disposition activity which included the foreclosure of three consolidated retail properties in satisfaction of their respective $180.0 million, $120.9 million and $100.0 million non-recourse mortgage loans, and this non-cash investing and financing activity is excluded from our consolidated statement of cash flows. 2020 Dispositions On October 1, 2020, we disposed of our interest in one consolidated retail property. A portion of the gross proceeds on this transaction of $33.4 million was used to partially repay a cross-collateralized mortgage. Our share of the $12.3 million gain is included in (loss) gain on sale or disposed of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statement of operation and comprehensive income.

Per Share and Per Unit Data

Per Share and Per Unit Data	12 Months Ended
Per Share and Per Unit Data	Dec. 31, 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 Year Ended December 31, 2022 2021 2020 Net Income attributable to Common Stockholders — Basic and Diluted $ 2,136,198 $ 2,246,294 $ 1,109,227 Weighted Average Shares Outstanding — Basic and Diluted 327,816,695 328,587,137 308,737,625 For the year ended December 31, 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 years ended December 31, 2022, 2021, and 2020. 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 Year Ended December 31, 2022 2021 2020 Net Income attributable to Unitholders — Basic and Diluted $ 2,444,395 $ 2,569,508 $ 1,276,450 Weighted Average Units Outstanding — Basic and Diluted 375,111,997 375,866,759 355,281,882 For the year ended December 31, 2022, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the years ended December 31, 2022, 2021, and 2020. We accrue distributions when they are declared. The taxable nature of the dividends declared and Operating Partnership distributions declared for each of the years ended as indicated is summarized as follows: For the Year Ended December 31, 2022 2021 2020 Total dividends/distributions paid per common share/unit $ 6.90 $ 5.85 $ 6.00 Percent taxable as ordinary income 98.60 % 93.10 % 97.40 % Percent taxable as long-term capital gains 1.40 % 6.90 % 2.60 % 100.00 % 100.00 % 100.00 %

Investments in Unconsolidated E

Investments in Unconsolidated Entities and International Investments	12 Months Ended
	Dec. 31, 2022
Investments in Unconsolidated Entities and International Investments
Investments in Unconsolidated Entities and International Investments	6. Investments in Unconsolidated Entities and International Investments Real Estate Joint Ventures and Investments Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties and diversify our risk in a particular property or portfolio of properties. As discussed in Note 2, we held joint venture interests in 82 properties as of December 31, 2022 and 84 properties as of December 31, 2021. Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash or borrowings, or the use of limited partnership interests in the Operating Partnership, to acquire the joint venture interest from our partner. We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of December 31, 2022 and 2021, we had construction loans and other advances to these related parties totaling $112.0 million and $88.4 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. On December 19, 2022, we completed the acquisition of a 50% noncontrolling legal ownership interest in Jamestown, a global real estate investment and asset management company, as well as separate interests in certain real estate and working capital, for total cash consideration of $173.4 million. Given the timing of the transaction, there was no impact on our financial results for the year ended December 31, 2022. In addition, allocation of the excess investment to the underlying assets and liabilities acquired at the venture level is preliminary at December 31, 2022. During 2022, we recorded a non-cash gain of $19.9 million related to the disposition and foreclosure of two unconsolidated properties in satisfaction of the respective $99.6 million and $83.1 million non-recourse mortgage loans, which is included in gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statement of operations and comprehensive income. This non-cash investing and financing activity is excluded from our consolidated statement of cash flows. During the fourth quarter of 2021, we disposed of our interest in an unconsolidated property resulting in a gain of $3.4 million which is included in (gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the consolidated statements of operations and comprehensive income. Our share of the proceeds from this transaction was $3.0 million. During the second quarter of 2021, we sold our interest in one multi-family residential investment. Our share of the gross proceeds from this transaction was $27.1 million. The gain of $14.9 million on the sale is included in other income in the accompanying consolidated statement of operations and comprehensive income. In the third quarter of 2020, we recorded an other-than-temporary impairment charge of $55.2 million, representing our equity method investment balance in three joint venture properties, which is included in (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income. Additionally, in the third quarter of 2020 and in the fourth quarter of 2019, we recorded an other-than-temporary impairment charge of $36.1 million and $47.2 million, respectively, related to an investment, which is included in gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statements of operations and comprehensive income. Taubman Realty Group On December 29, 2020, we completed the acquisition of an 80% noncontrolling ownership interest in TRG, which has an interest in 24 regional, super-regional, and outlet malls in the U.S. and Asia. Under the terms of the transaction, we, through the Operating Partnership, acquired all of Taubman Centers, Inc., or Taubman, common stock for $43.00 per share in cash. Total consideration for the acquisition, including the redemption of Taubman’s $192.5 million 6.5% Series J Cumulative Preferred Shares and its $170.0 million 6.25% Series K Cumulative Preferred Shares, and the issuance of 955,705 Operating Partnership units, was approximately $3.5 billion. Our investment includes the 6.38% Series A Cumulative Redeemable Preferred Units for $362.5 million issued to us. In connection with the finalization of the purchase price allocation, we recorded additional amortization of our excess investment of $52.4 million in the fourth quarter of 2021 as a revision to the preliminary amortization previously recorded. Substantially all of our investment has been allocated to investment property based upon fair values determined at the acquisition date using Level 2 and 3 inputs. The tables below represent summary financial information of TRG. December 31, December 31, 2022 2021 Total assets $ 3,555,686 $ 3,981,054 Total liabilities 4,356,406 4,785,011 Noncontrolling interests 163,293 155,868 For the Year Ended December 31, 2022 2021 2020 Total revenues $ 693,835 $ 600,426 $ — Operating income before other items 254,395 197,074 — Consolidated net income 164,072 97,361 — Our share of net income 129,065 78,370 — Amortization of excess investment (189,629) (196,072) — Other Platform Investments During the fourth quarter of 2022, we sold to ABG all of our interests in the licensing venture of Eddie Bauer for additional interests in ABG. As a result, in the fourth quarter of 2022, we recognized a non-cash pre-tax gain of $159.0 million, which is included in gain on disposal, exchange, or revaluation of equity interests, net, representing the difference between the fair value of the interests received determined using Level 3 inputs and the $98.8 million carrying value of the intellectual property licensing venture less costs to sell. 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 $39.7 million. At December 31, 2022, our interest in ABG was approximately 12.3%. On July 1, 2021, we sold to ABG all of our interests in both the Forever 21 and Brooks Brothers licensing ventures for additional interests in ABG. As a result, in the third quarter of 2021, we recognized a non-cash pre-tax gain of $159.8 million, which is included in gain on disposal, exchange, or revaluation of equity interests, net, 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. 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, which is included in gain on disposal, exchange, or revaluation of equity interests, net, in the consolidated statement of operations. In connection with this transaction, we recorded tax expense of $8.0 million which is included in income and other tax (expense) benefit in the consolidated statements of operations and comprehensive income. Subsequently, we acquired additional interests in ABG for cash consideration of $100.0 million. On June 1, 2021, we and our partner, ABG, acquired the intellectual property of Eddie Bauer. Our noncontrolling interest in the licensing venture is 49% and was acquired for cash consideration of $100.8 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 noncontrolling 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 of $35.0 million pre-tax is included in income from unconsolidated entities in the consolidated statement of operations and comprehensive income. In the first 2021 In 2016, we and a group of co-investors acquired certain assets and liabilities of Aéropostale, a retailer of apparel and accessories, out of bankruptcy and subsequently renamed SPARC Group. The interests were acquired through two separate joint ventures, a licensing venture and an operating venture. In April 2018, we contributed our entire interest in the licensing venture in exchange for additional interests in ABG, a brand development, marketing, and entertainment company. In January 2020, we acquired additional interests of 5.05% and 1.37% in SPARC Group and ABG, respectively, for $6.7 million and $33.5 million, respectively. During the third quarter of 2020, SPARC acquired certain assets and operations of Brooks Brothers and Lucky Brands out of bankruptcy. During the second quarter of 2021, SPARC Group acquired certain assets and operations of Eddie Bauer. 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 December 31, 2022, our noncontrolling equity method interest in SPARC Group was 50.0%. The tables below represent combined summary financial information, after intercompany eliminations, of our other platform investments. December 31, December 31, 2022 2021 Total assets $ 12,897,980 $ 9,083,440 Total liabilities 10,521,772 6,916,595 Noncontrolling interests 362,652 281,024 For the Year Ended December 31, 2022 2021 2020 Total revenues $ 14,895,379 $ 14,454,661 $ 3,450,029 Operating income before other items 972,360 1,550,358 397,845 Consolidated net income 738,255 1,400,632 323,887 Our share of net income 238,412 402,658 46,984 Amortization of excess investment (6,659) (7,546) (7,442) International Investments We conduct our international operations primarily through joint venture arrangements and account for the majority of these international joint venture investments using the equity method of accounting. European Investments At December 31, 2022, we owned 63,924,148 shares, or approximately 22.4%, of Klépierre, which had a quoted market price of $23.04 per share. The tables below represent 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. December 31, December 31, 2022 2021 Total assets $ 16,016,137 $ 18,137,100 Total liabilities 10,074,502 11,854,151 Noncontrolling interests 1,226,734 1,320,001 For the Year Ended December 31, 2022 2021 2020 Total revenues $ 1,308,409 $ 1,240,277 $ 1,306,221 Operating income before other items 590,829 380,470 327,331 Consolidated net income 581,075 848,104 211,153 Our share of net income 116,084 164,575 36,832 Amortization of excess investment (13,937) (19,444) (10,289) During the years ended December 31, 2022 and 2021, we recorded net gains of $1.3 million and $1.2 million, respectively, related to the disposition of certain assets of Klépierre. During the year ended December 31, 2020, we recorded a 4.3 million net loss related to the impairment and disposition of certain assets of Klépierre. These transactions are included in gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. During the year ended December 31, 2021, Klépierre elected to step-up the tax basis of certain assets in Italy, which triggered a one-time payment at a significantly reduced tax rate. As a result of the step-up in tax basis, a previously established deferred tax liability was reversed resulting in a non-cash gain, of which our share was $118.4 million. We have an interest in a European investee that had interests in 11 Designer Outlet properties as of December 31, 2022, 11 Designer Outlet properties as of December 31, 2021, and ten Designer Outlet properties as of December 31, 2020. Seven of these Designer Outlets are consolidated by us as of December 31, 2022. As of December 31, 2022, our legal percentage ownership interests in these properties ranged from 23% to 94%. Due to certain redemption rights held by our venture partner, which will require us to purchase their interests under certain circumstances, the noncontrolling interest is presented (i) in the accompanying Simon consolidated balance sheets outside of equity in limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties and (ii) in the accompanying Operating Partnership consolidated balance sheets within preferred units, various series, at liquidation value, and noncontrolling redeemable interests in properties. On January 1, 2021 our European investee gained control of Ochtrup Designer Outlets as a result of the expiration of certain participating rights held by a venture partner. This resulted in the consolidation of the property 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 gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income, 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 December 31, 2022 and 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 $206.3 million and $206.1 million as of December 31, 2022 and 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 $199.5 million and $194.9 million as of December 31, 2022 and 2021, respectively, including all related components of accumulated other comprehensive income (loss). Summary Financial Information The following tables present 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 Jamestown, Klépierre and TRG, as well as our other platform investments. COMBINED BALANCE SHEETS December 31, December 31, 2022 2021 Assets: Investment properties, at cost $ 19,256,108 $ 19,724,242 Less - accumulated depreciation 8,490,990 8,330,891 10,765,118 11,393,351 Cash and cash equivalents 1,445,353 1,481,287 Tenant receivables and accrued revenue, net 546,025 591,369 Right-of-use assets, net 143,526 154,561 Deferred costs and other assets 482,375 394,691 Total assets $ 13,382,397 $ 14,015,259 Liabilities and Partners’ Deficit: Mortgages $ 14,569,921 $ 15,223,710 Accounts payable, accrued expenses, intangibles, and deferred revenue 961,984 995,392 Lease liabilities 133,096 158,372 Other liabilities 446,064 383,018 Total liabilities 16,111,065 16,760,492 Preferred units 67,450 67,450 Partners’ deficit (2,796,118) (2,812,683) Total liabilities and partners’ deficit $ 13,382,397 $ 14,015,259 Our Share of: Partners’ deficit $ (1,232,086) $ (1,207,396) Add: Excess Investment 1,219,117 1,283,645 Our net (deficit) Investment in unconsolidated entities, at equity $ (12,969) $ 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. As of December 31, 2022, scheduled principal repayments on these joint venture properties’ mortgage indebtedness, assuming the obligations remain outstanding through the initial maturities, are as follows: 2023 $ 1,277,532 2024 2,756,370 2025 1,853,644 2026 2,989,001 2027 2,306,171 Thereafter 3,424,158 Total principal maturities 14,606,876 Debt issuance costs (36,955) Total mortgages $ 14,569,921 This debt becomes due in installments over various terms extending through 2035 with interest rates ranging from 0.16% to 13.92% and a weighted average interest rate of 4.32% at December 31, 2022. COMBINED STATEMENTS OF OPERATIONS December 31, 2022 2021 2020 REVENUE: Lease income $ 2,894,611 $ 2,797,221 $ 2,544,134 Other income 341,923 319,956 300,634 Total revenue 3,236,534 3,117,177 2,844,768 OPERATING EXPENSES: Property operating 605,018 575,584 519,979 Depreciation and amortization 666,762 686,790 692,424 Real estate taxes 246,707 263,325 262,351 Repairs and maintenance 81,522 79,300 68,722 Advertising and promotion 74,776 72,441 67,434 Other 205,405 200,899 163,710 Total operating expenses 1,880,190 1,878,339 1,774,620 Operating Income Before Other Items 1,356,344 1,238,838 1,070,148 Interest expense (599,245) (605,591) (616,332) Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net 50,336 34,814 — Net Income $ 807,435 $ 668,061 $ 453,816 Third-Party Investors’ Share of Net Income $ 423,816 $ 333,304 $ 226,364 Our Share of Net Income $ 383,619 $ 334,757 $ 227,452 Amortization of Excess Investment (60,109) (64,974) (82,097) Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements — (14,941) — Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net (2,532) (541) — Income from Unconsolidated Entities $ 320,978 $ 254,301 $ 145,355 Our share of income from unconsolidated entities in the above table, aggregated with our share of results from our investments in Jamestown, Klépierre and TRG, as well as our other platform investments, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Unless otherwise noted, our share of the gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net is reflected within gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income.

Indebtedness

Indebtedness	12 Months Ended
Indebtedness	Dec. 31, 2022
Debt
Indebtedness	7. Indebtedness Our mortgages and unsecured indebtedness, excluding the impact of derivative instruments, consist of the following as of December 31: 2022 2021 Fixed-Rate Debt: Mortgage notes, including $2,436 and $2,892 of net premiums and $11,194 and $14,619 of debt issuance costs, respectively. Weighted average interest and maturity of 3.75% and 3.7 years at December 31, 2022. $ 4,580,799 $ 4,546,614 Unsecured notes, including $32,421 and $30,964 of net discounts and $76,058 and $83,147 of debt issuance costs, respectively. Weighted average interest and maturity of 2.99% and 9.1 years at December 31, 2022. 18,029,459 18,254,507 Commercial Paper (see below) — 500,000 Total Fixed-Rate Debt 22,610,258 23,301,121 Variable-Rate Debt: Mortgage notes, including $5,336 and $4,354 of debt issuance costs, respectively. Weighted average interest and maturity of 5.14% and 1.7 years at December 31, 2022. 874,442 803,495 Unsecured Notes and Credit Facilities (see below), including $15,622 and $22,039 of debt issuance costs, respectively. 1,412,141 1,152,961 Total Variable-Rate Debt 2,286,583 1,956,456 Other Debt Obligations 63,445 63,445 Total Mortgages and Unsecured Indebtedness $ 24,960,286 $ 25,321,022 General. At December 31, 2022, our consolidated subsidiaries were the borrowers under 38 non-recourse mortgage notes secured by mortgages on 41 properties and other assets, including two separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of five properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties that serve as collateral for that debt. If the applicable borrower under these non-recourse mortgage notes were to fail to comply with these covenants, the lender could accelerate the debt and enforce its rights against their collateral. At December 31, 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. Unsecured Debt At December 31, 2022, our unsecured debt consisted of $18.6 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 $802.8 million (U.S. dollar equivalent) of Euro-denominated borrowings outstanding under the Operating Partnership’s $3.5 billion unsecured revolving credit facility, or Supplemental Facility. The Credit Facility also included an additional single, delayed-draw $2.0 billion term loan facility, or Term Facility, or together with the Credit Facility and the Supplemental Facility, the Credit Facilities, which the Operating Partnership drew on December 15, 2020, and repaid in 2021. 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 our election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment and if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by our corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by our corporate credit rating of between 0.000% and 0.400%. The Supplemental Facility includes a facility fee determined by our corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Supplemental Facility. Based upon our current credit ratings, the interest rate on the Supplemental Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR. On December 31, 2022 we had an aggregate available borrowing capacity of $6.6 billion under the Credit Facilities. The maximum aggregate outstanding balance under the Facilities during the year ended December 31, 2022 was $1.2 billion and the weighted average outstanding balance was $260.7 million. Letters of credit of $10.0 million were outstanding under the Facilities as of December 31, 2022. The Operating Partnership also has available a Commercial Paper program of $2.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euro and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) pari passu by the Credit Facilities, and if necessary or appropriate, we may make one or more draws under either of the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program. On December 31, 2022, we had no outstanding balance under the Commercial Paper program. Borrowings under the Commercial Paper program reduce amounts otherwise available under the Credit Facilities. On January 21, 2021 the Operating Partnership completed the issuance of the following senior unsecured notes: $800 million with a fixed interest rate of 1.750%, and $700 million with a fixed interest rate of 2.20%, with maturity dates of February 2028 and 2031, respectively. On January 27, 2021 the Operating Partnership completed the planned optional redemption of its $550 million 2.50% notes due on July 15, 2021, including the make-whole amount. Further, on February 2, 2021 the Operating Partnership repaid $750 million under the Term Facility. On March 19, 2021, the Operating Partnership completed the issuance of €750 million ($893.0 million U.S. dollar equivalent as of the issuance date) of senior unsecured notes at a fixed rate of 1.125% with a maturity date of March 19, 2033, the proceeds of which were used on March 23, 2021 to repay the remaining $1.25 billion under the Term Facility reducing it to zero. On August 18, 2021, the Operating Partnership completed the issuance of the following senior unsecured notes: $550 million with a fixed interest rate of 1.375%, and $700 million with a fixed interest rate of 2.250%, with maturity dates of January 15, 2027, and 2032, respectively. In the third quarter of 2021, the Operating Partnership completed the optional redemption of all of its outstanding $550 million 2.350% notes due on January 30, 2022, $600 million 2.625% notes due on June 15, 2022, and $500 million 2.750% notes due on February 1, 2023. We recorded a $28.6 million loss on extinguishment of debt as a result on the optional redemptions. On December 14, 2021, the Operating Partnership drew $1.05 billion under the Supplemental Facility, the proceeds of which funded the early extinguishment of 9 mortgages with a principal balance of $1.16 billion. We recorded a $20.3 million loss on extinguishment of debt as a result of this transaction. On January 11, 2022, the Operating Partnership completed the issuance of the following senior unsecured notes: $500 million with a floating interest rate of SOFR plus 43 basis points, and $700 million with a fixed interest rate of 2.650%, with maturity dates of January 11, 2024 and February 1, 2032, respectively. The proceeds were used to repay $1.05 billion outstanding under the Supplemental Facility on January 12, 2022. On November 16, 2022, the Operating Partnership drew €750.0 million ($779.0 million U.S. dollar equivalent) under the Supplemental Facility and used the proceeds on November 17, 2022 to repay €750.0 million ($777.1 million U.S. dollar equivalent) of senior unsecured notes at maturity. Subsequent to December 31, 2022, the Operating Partnership completed interest rate swap agreements with a combined notional value at €750.0 million to swap the interest rate of the Euro denominated borrowings outstanding under the Supplemental Facility to an all-in fixed rate of 3.81%. This interest rate swap matures on January 17, 2024. Mortgage Debt Total mortgage indebtedness was $5.5 billion and $5.4 billion at December 31, 2022 and 2021, respectively. Debt Maturity and Other Our scheduled principal repayments on indebtedness as of December 31, 2022, assuming the obligations remain outstanding through the initial maturities, are as follows: 2023 $ 1,342,656 2024 3,331,015 2025 2,657,375 2026 3,936,750 2027 3,265,832 Thereafter 10,501,408 Total principal maturities 25,035,036 Net unamortized debt premium 20,909 Net unamortized debt discount (50,894) Debt issuance costs, net (108,210) Other Debt Obligations 63,445 Total mortgages and unsecured indebtedness $ 24,960,286 Our cash paid for interest in each period, net of any amounts capitalized, was as follows: For the Year Ended December 31, 2022 2021 2020 Cash paid for interest $ 763,203 $ 822,182 $ 754,306 Debt Issuance Costs Our debt issuance costs consist primarily of financing fees we incurred in order to obtain long-term financing. We record amortization of debt issuance costs on a straight-line basis over the terms of the respective loans or agreements. Details of those debt issuance costs as of December 31 are as follows: 2022 2021 Debt issuance costs $ 210,893 $ 227,774 Accumulated amortization (102,683) (103,615) Debt issuance costs, net $ 108,210 $ 124,159 We report amortization of debt issuance costs, amortization of premiums, and accretion of discounts as part of interest expense. We amortize debt premiums and discounts, which are included in mortgages and unsecured indebtedness, over the remaining terms of the related debt instruments. These debt premiums or discounts arise either at the time of the debt issuance or as part of purchase accounting for the fair value of debt assumed in acquisitions. The accompanying consolidated statements of operations and comprehensive income include amortization as follows: For the Year Ended December 31, 2022 2021 2020 Amortization of debt issuance costs $ 26,113 $ 24,794 $ 23,076 Amortization of debt discounts/(premiums) 7 168 174 Fair Value of Debt The carrying value of our variable-rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed-rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed-rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed-rate mortgages and unsecured indebtedness including commercial paper was $22.6 billion and $23.3 billion as of December 31, 2022 and 2021, respectively. The fair values of these financial instruments and the related discount rate assumptions as of December 31 are summarized as follows: 2022 2021 Fair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions) $ 20,020 $ 24,597 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages 6.10 % 3.17 % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 5.87 % 3.33 %

Equity

Equity	12 Months Ended
Equity	Dec. 31, 2022
Equity
Equity	8. Equity Simon’s Board of Directors is authorized to reclassify excess common stock into one or more additional classes and series of capital stock, to establish the number of shares in each class or series and to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, and qualifications and terms and conditions of redemption of such class or series, without any further vote or action by the stockholders. The issuance of additional classes or series of capital stock may have the effect of delaying, deferring or preventing a change in control of us without further action of the stockholders. The ability to issue additional classes or series of capital stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or of discouraging a third party from acquiring, a majority of Simon’s outstanding voting stock. Holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders, other than for the election of directors. The holders of Simon’s Class B common stock have the right to elect up to four members of Simon’s Board of Directors. All 8,000 outstanding shares of the Class B common stock are subject to two voting trusts as to which Herbert Simon and David Simon are the trustees. Shares of Class B common stock convert automatically into an equal number of shares of common stock upon the occurrence of certain events and can be converted into shares of common stock at the option of the holders. Common Stock and Unit Issuances and Repurchases In 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 year ended December 31, 2022, the Operating Partnership redeemed 14,740 units from three limited partners for $1.9 million. In 2021, Simon issued 58,571 shares of common stock to seven limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. During the year ended December 31, 2021, the Operating Partnership redeemed 15,705 units from seven limited partners for $2.2 million. These transactions increased Simon’s ownership interest in the Operating Partnership. On December 29, 2020, the Operating Partnership issued 955,705 units in connection with the acquisition of an 80% ownership interest in TRG, as discussed in Note 6. On November 18, 2020, we issued 22,137,500 shares of common stock in a public offering at a price of $72.50 per share, before underwriting discounts and commissions. The Operating Partnership issued an equal number of units to Simon. A portion of the $1.6 billion proceeds from the offering, net of issue costs, were used to fund the Operating Partnership’s acquisition of an 80% ownership interest in TRG. On 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 period commencing on May 16, 2022 and ending on May 16, 2024 in the open market or in privately negotiated transactions as market conditions warrant. During the year ended December 31, 2022, Simon purchased 1,830,022 shares at an average price of $98.57 per share. As Simon repurchases shares under this program, the Operating Partnership repurchases an equal number of units from Simon. On February 11, 2019, Simon's Board of Directors authorized a common stock repurchase plan. Under the plan, Simon was authorized to repurchase up to $2.0 billion of its common stock during the two-year period ending February 11, 2021. Simon repurchased the shares in the open market or in privately negotiated transactions as market conditions warranted. During the year ended December 31, 2020, Simon purchased 1,245,654 shares at an average price of $122.50 per share. As Simon repurchased shares under this program, the Operating Partnership repurchased an equal number of units from Simon. Temporary Equity Simon Simon classifies as temporary equity those securities for which there is the possibility that Simon could be required to redeem the security for cash irrespective of the probability of such a possibility. As a result, Simon classifies one series of preferred units in the Operating Partnership and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below. Limited Partners’ Preferred Interest in the Operating Partnership and Noncontrolling Redeemable Interests in Properties. The remaining noncontrolling interests in a property or portfolio of properties which are redeemable at the option of the holder or in circumstances that may be outside Simon’s control, are accounted for as temporary equity. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded and presented within accumulated deficit in the consolidated statements of equity in the line issuance of unit equivalents and other. There were no noncontrolling interests redeemable at amounts in excess of fair value as of December 31, 2022 and 2021. The following table summarizes the preferred units in the Operating Partnership and the amount of the noncontrolling redeemable interests in properties as of December 31. 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 186,702 522,203 Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ 212,239 $ 547,740 Refer to Note 3 for discussion of the noncontrolling redeemable interest related to the SPAC. 7.50% Cumulative Redeemable Preferred Units. November 10, 2006 These preferred units have a carrying value of $25.5 million and are included in limited partners’ preferred interest in the Operating Partnership in the consolidated balance sheets at December 31, 2022 and 2021. The Operating Partnership The Operating Partnership classifies as temporary equity those securities for which there is the possibility that the Operating Partnership could be required to redeem the security for cash, irrespective of the probability of such a possibility. As a result, the Operating Partnership classifies one series of preferred units and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below. Noncontrolling Redeemable Interests in Properties 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 186,702 522,203 Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ 212,239 $ 547,740 Refer to Note 3 for discussion of the noncontrolling redeemable interest related to the SPAC. 7.50% Cumulative Redeemable Preferred Units November 10, 2006 Permanent Equity Simon Preferred Stock. Series J 8 3 / 8 % Cumulative Redeemable Preferred Stock. 3 8 unamortized premium included in the carrying value of the preferred stock at December 31, 2022 and 2021 was $1.6 million and $1.9 million, respectively. The Operating Partnership Series J 8 3 / 8 % Cumulative Redeemable Preferred Units. 3 8 3 8 outstanding Other Equity Activity The Simon Property Group, L.P. 2019 Stock Incentive Plan. The 2019 Plan is administered by the Compensation and Human Capital Committee. The Compensation and Human Capital Committee determines which eligible individuals may participate and the type, extent and terms of the awards to be granted to them. In addition, the Compensation and Human Capital Committee interprets the 2019 Plan and makes all other determinations deemed advisable for its administration. Options granted to employees become exercisable over the period determined by the Compensation and Human Capital Committee. The exercise price of an employee option may not be less than the fair market value of the shares on the date of grant. Employee options generally vest over a three-year period and expire ten years from the date of grant. Directors who are not also our employees or employees of our affiliates are eligible to receive awards under the 2019 plan. Each independent director receives an annual cash retainer of $110,000, and an annual restricted stock award with a grant date value of $175,000. Committee chairs receive annual retainers for the Company’s Audit, Compensation and Human Capital, and Governance and Nominating Committee of $35,000, $35,000 and $25,000, respectively. Directors receive fixed annual retainers for service on the Audit, Compensation and Human Capital, and Governance and Nominating Committees, of $15,000, $15,000, and $10,000, respectively. The Lead Director receives an annual retainer of $50,000. These retainers are paid 50% in cash and 50% in restricted stock. Restricted stock awards vest in full after one year. Once vested, the delivery of the shares of restricted stock (including reinvested dividends) is deferred under our Director Deferred Compensation Plan until the director retires, dies or becomes disabled or otherwise no longer serves as a director. The directors may vote and are entitled to receive dividends on the underlying shares; however, any dividends on the shares of restricted stock must be reinvested in shares of common stock and held in the Director Deferred Compensation Plan until the shares of restricted stock are delivered to the former director. Stock Based Compensation Our long-term incentive compensation awards under our stock-based compensation plans primarily take the form of LTIP units, restricted stock 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. 2021 LTI Program. 2022 LTI Program. achieved during the applicable three-year measurement period. Any units determined to be earned LTIP units under the 2022 LTI Program will vest on January 1, 2026. The 2022 LTI Program provides that the amount earned related to the performance-based portion of the awards is dependent on the Compensation and Human Capital Committee’s determination that Simon’s FFO performance and achievement of certain objective criteria goals and has a maximum potential fair value at grant date of $20.6 million. As part of the 2022 LTI Program, on March 11, 2022 and March 18, 2022, the Compensation and Human Capital Committee also established grants of 52,673 time-based restricted stock units under the 2019 Plan at a grant date fair market value of $130.05 and $130.84 per share. These awards will vest on March 11, 2025 and March 18, 2025. The $6.9 million grant date fair value of these restricted stock unit awards is being recognized as expense over the three-year vesting period. 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 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 and forfeitures, related to LTIP programs of approximately $24.7 million, $24.8 million, and $1.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. Restricted Stock and Restricted Stock Units. Information regarding restricted stock awards is summarized in the following table for each of the years presented: For the Year Ended December 31, 2022 2021 2020 Shares of restricted stock awarded during the year, net of forfeitures 160,259 42,036 150,703 Weighted average fair value of shares granted during the year $ 129.62 $ 117.52 $ 50.31 Compensation expense, net of capitalization $ 9,583 $ 8,817 $ 10,305 We also maintain a tax-qualified retirement 401(k) savings plan and offer no other post-retirement or post-employment benefits to our employees. Exchange Rights Simon Limited partners in the Operating Partnership have the right to exchange all or any portion of their units for shares of common stock on a one-for-one basis or cash, as determined by Simon’s Board of Directors. The amount of cash to be paid if the exchange right is exercised and the cash option is selected will be based on the trading price of Simon’s common stock at that time. At December 31, 2022, Simon had reserved 54,305,552 shares of common stock for possible issuance upon the exchange of units, stock options and Class B common stock. The Operating Partnership Limited partners have the right under the partnership agreement to exchange all or any portion of their units for shares of Simon common stock on a one-for-one basis or cash, as determined by Simon in its sole discretion. If Simon selects cash, Simon cannot cause the Operating Partnership to redeem the exchanged units for cash without contributing cash to the Operating Partnership as partners’ equity sufficient to effect the redemption. If sufficient cash is not contributed, Simon will be deemed to have elected to exchange the units for shares of Simon common stock. The amount of cash to be paid if the exchange right is exercised and the cash option is selected will be based on the trading price of Simon’s common stock at that time. The number of shares of Simon’s common stock issued pursuant to the exercise of the exchange right will be the same as the number of units exchanged.

Lease Income

Lease Income	12 Months Ended
Lease Income	Dec. 31, 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 in Note 3. For the Year Ended December 31, 2022 2021 2020 Fixed lease income $ 3,858,592 $ 3,701,991 $ 3,871,395 Variable lease income 1,046,583 1,034,728 430,972 Total lease income $ 4,905,175 $ 4,736,719 $ 4,302,367 Tenant receivables and accrued revenue in the accompanying consolidated balance sheets includes straight-line receivables of $546.5 million and $568.7 million at December 31, 2022 and 2021, respectively. Minimum fixed lease consideration under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration, as of December 31, 2022, is as follows: 2023 $ 3,068,299 2024 2,498,364 2025 2,009,998 2026 1,574,836 2027 1,234,707 Thereafter 3,200,933 $ 13,587,137

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 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 December 31, 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 2025. These office leases generally require us to make fixed annual rental payments plus pay our share of common area, real estate, and utility expenses. Some of our ground and office leases include escalation clauses. All of our lease arrangements are classified as operating leases. We incurred ground lease expense and office lease expense, which are included in other expense and home office and regional expense, respectively, as follows: For the Year Ended December 31, 2022 2021 2020 Operating Lease Cost Fixed lease cost $ 30,257 $ 32,492 $ 31,404 Variable lease cost 17,593 15,454 13,270 Sublease income — (705) (746) Total operating lease cost $ 47,850 $ 47,241 $ 43,928 For the Year Ended December 31, 2022 2021 2020 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 47,754 $ 47,824 $ 44,570 Weighted-average remaining lease term - operating leases 32.7 years 33.6 years 34.4 years Weighted-average discount rate - operating leases 4.87% 4.87% 4.86% Future minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and renewal options unless reasonably certain of exercise and any sublease income, are as follows: 2023 $ 33,163 2024 30,716 2025 30,727 2026 30,740 2027 30,770 Thereafter 828,521 $ 984,637 Impact of discounting (486,684) Operating lease liabilities $ 497,953 Insurance We maintain insurance coverage with third-party carriers who provide a portion of the coverage for specific layers of potential losses, including commercial general liability, fire, flood, extended coverage and rental loss insurance on all of our properties in the United States as well as cyber coverage. The initial portion of coverage not provided by third-party carriers may be insured through our wholly-owned captive insurance company, or other financial arrangements controlled by us. If required, a third-party carrier has, in turn, agreed to provide evidence of coverage for this layer of losses under the terms and conditions of the carrier’s insurance policy with us. A similar insurance policy written either through our captive insurance company or other financial arrangements controlled by us also provides initial coverage for property insurance and certain windstorm risks. We currently maintain insurance coverage against acts of terrorism on all of our properties in the United States on an “all risk” basis in the amount of up to $1 billion. Despite the existence of this insurance coverage, any threatened or actual terrorist attacks where we operate could adversely affect our property values, revenues, consumer traffic and tenant sales. Hurricane Impacts During the third quarter of 2017, two of our wholly-owned properties located in Puerto Rico sustained significant property damage and business interruption as a result of Hurricane Maria. Since the date of the loss, we have received $84.0 million of insurance proceeds from third-party carriers related to the two properties located in Puerto Rico, of which $48.3 million was used for property restoration and remediation and to reduce the insurance recovery receivable. During the years ended December 31, 2021 and 2020, we recorded $2.1 million and $5.2 million, respectively, as business interruption income, which was recorded in other income in the accompanying consolidated statements of operations and comprehensive income. During the third quarter of 2020, one of our properties located in Texas experienced property damage and business interruption as a result of Hurricane Hanna. We wrote-off assets of approximately $9.6 million, and recorded an insurance recovery receivable, and have received $14.0 million of insurance proceeds from third-party carriers. The proceeds were used for property restoration and remediation and reduced the insurance recovery receivable. During the year ended December 31, 2021, we recorded a $3.5 million gain During the third quarter of 2020, one of our properties located in Louisiana experienced property damage and business interruption as a result of Hurricane Laura. We wrote-off assets of approximately $11.1 million and recorded an insurance recovery receivable, and have received $27.5 million of insurance proceeds from third-party carriers. The proceeds were used for property restoration and remediation and reduced the insurance recovery receivable. During the year ended December 31, 2021, we recorded a $17.5 million gain Guarantees of Indebtedness Joint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non-recourse to us. As of December 31, 2022 and 2021, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $128.0 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 have estimated fair values in excess of the guaranteed amount. Concentration of Credit Risk Our U.S. Malls, Premium Outlets, and The Mills rely upon anchor tenants to attract customers; however, anchors do not contribute materially to our financial results as many anchors own their spaces. All material operations are within the United States and no customer or tenant accounts for 5% or more of our consolidated revenues. COVID-19 On March 11, 2020, the World Health Organization declared the novel strain of coronavirus, or COVID-19, a global pandemic and recommended containment and mitigation measures worldwide. The COVID-19 pandemic had a material negative impact on economic and market conditions around the world. The impact of the COVID-19 pandemic continues to evolve and governments and other authorities, including where we own or hold interests in properties, have at times imposed measures intended to control its spread, including restrictions on freedom of movement, group gatherings and business operations such as travel bans, border closings, business closures, quarantines, stay-at-home, shelter-in-place orders, density limitations and social distancing measures. As a result of the COVID-19 pandemic and these measures, the Company has experienced and may continue to experience material impacts including changes in the ability to recognize revenue due to changes in our assessment of the probability of collection of lease income and asset impairment charges as a result of changing cash flows generated by our properties and investments.

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2022
Related Party Transactions
Related Party Transactions	11. Related Party Transactions Transactions with Affiliates Our management company provides office space and legal, human resource administration, property specific financing and other support services to Melvin Simon & Associates, Inc., or MSA, a related party, for which we received a fee of $0.6 million in each of 2022, 2021 and 2020. In addition, pursuant to management agreements that provide for our receipt of a management fee and reimbursement of our direct and indirect costs, we have managed since 1993 two shopping centers owned by entities in which David Simon and Herbert Simon have ownership interests, for which we received a fee of $3.8 million, $3.5 million, and $3.3 million in 2022, 2021, and 2020, respectively. Transactions with Unconsolidated Joint Ventures As described in Note 2, our management company provides management, insurance, and other services to certain unconsolidated joint ventures. Amounts received for such services were $112.1 million, $102.1 million, and $92.7 million in 2022, 2021, and 2020, respectively. During 2022, 2021, and 2020, we recorded development, royalty, and other fee income, net of elimination, related to our unconsolidated international joint ventures of $12.1 million, $12.4 million, and $13.1 million, respectively. The fees related to our international investments are included in other income in the accompanying consolidated statements of operations and comprehensive income. Neither MSA, David Simon, or Herb Simon have an ownership interest in any of our unconsolidated joint ventures, except through their ownership interests in the Company or the Operating Partnership. We have investments in retailers including J.C. Penney and SPARC Group, and these retailers are lessees at certain of our operating properties. Lease income from the date of our investments in our consolidated statements of operations and comprehensive income related to these retailers was $83.8 million, $82.5 million, and $54.1 million for the years ended December 31, 2022, 2021, and 2020, respectively, net of elimination.

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
Quarterly Financial Data (Unaudited)	Dec. 31, 2022
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)	12. Quarterly Financial Data (Unaudited) Quarterly 2022 and 2021 data is summarized in the table below. Quarterly amounts may not sum to annual amounts due to rounding. First Second Third Fourth Quarter Quarter Quarter Quarter 2022 Total revenue $ 1,295,922 $ 1,279,842 $ 1,315,786 $ 1,399,898 Operating income before other items 620,391 626,761 652,196 684,205 Consolidated net income 488,310 569,480 621,847 772,748 Simon Property Group, Inc. Net income attributable to common stockholders $ 426,630 $ 496,743 $ 539,038 $ 673,786 Net income per share — Basic and Diluted $ 1.30 $ 1.51 $ 1.65 $ 2.06 Weighted average shares outstanding — Basic and Diluted 328,606,352 328,444,627 327,286,003 326,953,791 Simon Property Group, L.P. Net income attributable to unitholders $ 487,993 $ 568,289 $ 616,918 $ 771,195 Net income per unit — Basic and Diluted $ 1.30 $ 1.51 $ 1.65 $ 2.06 Weighted average units outstanding — Basic and Diluted 375,870,183 375,754,363 374,589,771 374,257,136 2021 Total revenue $ 1,239,951 $ 1,254,146 $ 1,296,554 $ 1,326,138 Operating income before other items 604,612 604,723 612,324 591,533 Consolidated net income 510,460 705,869 778,648 573,730 Simon Property Group, Inc. Net income attributable to common stockholders $ 445,860 $ 617,257 $ 679,936 $ 503,241 Net income per share — Basic and Diluted $ 1.36 $ 1.88 $ 2.07 $ 1.53 Weighted average shares outstanding — Basic and Diluted 328,514,497 328,594,136 328,619,163 328,619,248 Simon Property Group, L.P. Net income attributable to unitholders $ 510,085 $ 706,087 $ 777,740 $ 575,596 Net income per unit — Basic and Diluted $ 1.36 $ 1.88 $ 2.07 $ 1.53 Weighted average units outstanding — Basic and Diluted 375,836,653 375,875,290 375,882,318 375,872,212

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
Schedule III Real Estate and Accumulated Depreciation	Dec. 31, 2022
Schedule III Real Estate and Accumulated Depreciation
Schedule III Real Estate and Accumulated Depreciation	SCHEDULE III Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2022 (Dollars in thousands) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Malls Barton Creek Square Austin, TX $ — $ 2,903 $ 20,929 $ 7,983 $ 99,476 $ 10,886 $ 120,405 $ 131,291 $ 71,152 1981 Battlefield Mall Springfield, MO — 3,919 27,231 3,000 74,037 6,919 101,268 108,187 76,934 1970 Bay Park Square Green Bay, WI — 6,278 25,623 4,106 30,618 10,384 56,241 66,625 35,700 1980 Brea Mall Brea (Los Angeles), CA — 39,500 209,202 2,993 85,111 42,493 294,313 336,806 173,612 1998 (4) Broadway Square Tyler, TX — 11,306 32,431 — 52,306 11,306 84,737 96,043 45,488 1994 (4) Burlington Mall Burlington (Boston), MA — 46,600 303,618 27,458 264,439 74,058 568,057 642,115 279,954 1998 (4) Castleton Square Indianapolis, IN — 26,250 98,287 7,434 79,280 33,684 177,567 211,251 130,761 1972 Cielo Vista Mall El Paso, TX — 1,005 15,262 608 58,850 1,613 74,112 75,725 53,194 1974 College Mall Bloomington, IN — 1,003 16,245 720 70,259 1,723 86,504 88,227 52,189 1965 Columbia Center Kennewick, WA — 17,441 66,580 — 46,061 17,441 112,641 130,082 70,410 1987 Copley Place Boston, MA — — 378,045 — 199,240 — 577,285 577,285 290,117 2002 (4) Coral Square Coral Springs (Miami), FL — 12,282 93,630 — 20,939 12,282 114,569 126,851 92,780 1984 Cordova Mall Pensacola, FL — 18,626 73,091 7,321 72,858 25,947 145,949 171,896 89,398 1998 (4) Domain, The Austin, TX 210,000 40,436 197,010 — 158,512 40,436 355,522 395,958 198,288 2005 Empire Mall Sioux Falls, SD 176,974 35,998 192,186 — 34,503 35,998 226,689 262,687 83,868 1998 (5) Fashion Mall at Keystone, The Indianapolis, IN — — 120,579 29,145 119,620 29,145 240,199 269,344 147,069 1997 (4) Firewheel Town Center Garland (Dallas), TX — 8,438 82,716 — 31,697 8,438 114,413 122,851 70,476 2004 Forum Shops at Caesars, The Las Vegas, NV — — 276,567 — 298,134 — 574,701 574,701 328,535 1992 Greenwood Park Mall Greenwood (Indianapolis), IN — 2,423 23,445 5,253 125,190 7,676 148,635 156,311 98,393 1979 Haywood Mall Greenville, SC — 11,585 133,893 6 47,688 11,591 181,581 193,172 122,689 1998 (4) King of Prussia King of Prussia (Philadelphia), PA — 175,063 1,128,236 — 425,373 175,063 1,553,609 1,728,672 569,204 2003 (5) La Plaza Mall McAllen, TX — 87,912 9,828 6,569 187,169 94,481 196,997 291,478 62,054 1976 Lakeline Mall Cedar Park (Austin), TX — 10,088 81,568 14 24,070 10,102 105,638 115,740 69,976 1995 Lenox Square Atlanta, GA — 37,447 492,411 — 151,495 37,447 643,906 681,353 409,736 1998 (4) Mall of Georgia Buford (Atlanta), GA — 47,492 326,633 — 14,648 47,492 341,281 388,773 218,406 1999 (5) McCain Mall N. Little Rock, AR — — 9,515 10,142 29,293 10,142 38,808 48,950 19,990 1973 Menlo Park Mall Edison (New York), NJ — 65,684 223,252 — 92,628 65,684 315,880 381,564 207,511 1997 (4) Midland Park Mall Midland, TX — 687 9,213 1,196 42,929 1,883 52,142 54,025 24,232 1980 Miller Hill Mall Duluth, MN — 2,965 18,092 1,811 43,580 4,776 61,672 66,448 48,055 1973 North East Mall Hurst (Dallas), TX — 128 12,966 19,010 129,458 19,138 142,424 161,562 108,694 1971 Ocean County Mall Toms River (New York), NJ — 20,404 124,945 3,277 88,119 23,681 213,064 236,745 115,269 1998 (4) Orland Square Orland Park (Chicago), IL — 35,439 129,906 — 81,221 35,439 211,127 246,566 130,503 1997 (4) Oxford Valley Mall Langhorne (Philadelphia), PA 23,109 18,355 100,287 — 19,706 18,355 119,993 138,348 89,269 2003 (4) Penn Square Mall Oklahoma City, OK 310,000 2,043 155,958 — 63,163 2,043 219,121 221,164 149,853 2002 (4) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Pheasant Lane Mall Nashua, NH $ — $ 3,902 $ 155,068 $ 550 $ 51,969 $ 4,452 $ 207,037 $ 211,489 $ 128,851 2004 (5) Phipps Plaza Atlanta, GA — 15,005 210,610 — 266,743 15,005 477,353 492,358 190,110 1998 (4) Plaza Carolina Carolina (San Juan), PR 225,000 15,493 279,560 — 81,174 15,493 360,734 376,227 193,404 2004 (4) Prien Lake Mall Lake Charles, LA — 1,842 2,813 3,053 69,272 4,895 72,085 76,980 31,107 1972 Rockaway Townsquare Rockaway (New York), NJ — 41,918 212,257 — 73,502 41,918 285,759 327,677 176,651 1998 (4) Roosevelt Field Garden City (New York), NY — 163,160 702,008 1,246 379,764 164,406 1,081,772 1,246,178 601,111 1998 (4) Ross Park Mall Pittsburgh, PA — 23,541 90,203 5,815 132,564 29,356 222,767 252,123 143,279 1986 Santa Rosa Plaza Santa Rosa, CA — 10,400 87,864 — 27,609 10,400 115,473 125,873 73,545 1998 (4) Shops at Chestnut Hill, The Chestnut Hill (Boston), MA 120,000 449 25,102 38,864 106,476 39,313 131,578 170,891 52,332 2002 (5) Shops at Nanuet, The Nanuet, NY — 28,125 142,860 — 8,213 28,125 151,073 179,198 52,197 2013 Shops at Riverside, The Hackensack (New York), NJ — 13,521 238,746 — 266,760 13,521 505,506 519,027 137,209 2007 (4) (5) South Hills Village Pittsburgh, PA — 23,445 125,840 1,472 91,381 24,917 217,221 242,138 121,075 1997 (4) South Shore Plaza Braintree (Boston), MA — 101,200 301,495 1,972 165,796 103,172 467,291 570,463 295,152 1998 (4) Southdale Mall Edina (Minneapolis), MN — 41,430 184,967 — 84,587 41,430 269,554 310,984 84,297 2007 (4) (5) SouthPark Charlotte, NC — 42,092 188,055 100 220,434 42,192 408,489 450,681 248,104 2002 (4) St. Charles Towne Center Waldorf (Washington, DC), MD — 7,710 52,934 1,180 27,436 8,890 80,370 89,260 64,589 1990 Stanford Shopping Center Palo Alto (San Jose), CA — — 339,537 — 209,906 — 549,443 549,443 246,596 2003 (4) Summit Mall Akron, OH 85,000 15,374 51,137 — 55,830 15,374 106,967 122,341 71,924 1965 Tacoma Mall Tacoma (Seattle), WA — 37,113 125,826 — 178,479 37,113 304,305 341,418 164,784 1987 Tippecanoe Mall Lafayette, IN — 2,897 8,439 5,517 49,477 8,414 57,916 66,330 46,026 1973 Town Center at Boca Raton Boca Raton (Miami), FL — 64,200 307,317 — 256,935 64,200 564,252 628,452 341,902 1998 (4) Towne East Square Wichita, KS — 8,024 18,479 4,108 60,066 12,132 78,545 90,677 48,830 1975 Treasure Coast Square Jensen Beach, FL — 10,750 72,990 3,067 27,229 13,817 100,219 114,036 69,695 1987 Tyrone Square St. Petersburg (Tampa), FL — 15,638 120,962 1,459 50,657 17,097 171,619 188,716 122,388 1972 University Park Mall Mishawaka, IN — 10,762 118,164 7,000 58,825 17,762 176,989 194,751 150,567 1996 (4) Walt Whitman Shops Huntington Station (New York), NY — 51,700 111,258 3,789 138,245 55,489 249,503 304,992 145,033 1998 (4) White Oaks Mall Springfield, IL 40,191 2,907 35,692 2,468 68,119 5,375 103,811 109,186 64,640 1977 Wolfchase Galleria Memphis, TN 155,152 16,407 128,276 — 17,550 16,407 145,826 162,233 106,449 2002 (4) Woodland Hills Mall Tulsa, OK — 34,211 187,123 13,811 46,363 48,022 233,486 281,508 160,791 2004 (5) Premium Outlets Albertville Premium Outlets Albertville (Minneapolis), MN — 3,900 97,059 — 9,653 3,900 106,712 110,612 58,945 2004 (4) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Allen Premium Outlets Allen (Dallas), TX $ — $ 20,932 $ 69,788 $ — $ 44,310 $ 20,932 $ 114,098 $ 135,030 $ 43,412 2004 (4) Aurora Farms Premium Outlets Aurora (Cleveland), OH — 2,370 24,326 — 9,363 2,370 33,689 36,059 26,001 2004 (4) Birch Run Premium Outlets Birch Run (Detroit), MI 123,000 11,477 77,856 — 8,785 11,477 86,641 98,118 42,560 2010 (4) Camarillo Premium Outlets Camarillo (Los Angeles), CA — 16,599 224,721 395 76,461 16,994 301,182 318,176 165,120 2004 (4) Carlsbad Premium Outlets Carlsbad (San Diego), CA — 12,890 184,990 96 11,086 12,986 196,076 209,062 98,511 2004 (4) Carolina Premium Outlets Smithfield (Raleigh), NC — 3,175 59,863 5,311 8,149 8,486 68,012 76,498 40,891 2004 (4) Chicago Premium Outlets Aurora (Chicago), IL — 659 118,005 13,050 97,030 13,709 215,035 228,744 94,851 2004 (4) Cincinnati Premium Outlets Monroe (Cincinnati), OH — 14,117 71,520 — 3,843 14,117 75,363 89,480 40,069 2008 Clinton Crossing Premium Outlets Clinton, CT — 2,060 107,556 1,532 6,970 3,592 114,526 118,118 68,416 2004 (4) Denver Premium Outlets Thornton (Denver), CO — 10,779 45,335 10 73,942 10,789 119,277 130,066 23,899 2018 Desert Hills Premium Outlets Cabazon (Palm Springs), CA — 3,440 338,679 — 115,793 3,440 454,472 457,912 213,075 2004 (4) Ellenton Premium Outlets Ellenton (Tampa), FL 178,000 15,807 182,412 — 8,578 15,807 190,990 206,797 125,341 2010 (4) Folsom Premium Outlets Folsom (Sacramento), CA — 9,060 50,281 — 6,477 9,060 56,758 65,818 35,713 2004 (4) Gilroy Premium Outlets Gilroy (San Jose), CA — 9,630 194,122 — 17,044 9,630 211,166 220,796 115,388 2004 (4) Gloucester Premium Outlets Blackwood, NJ 85,054 14,389 107,685 — 153 14,389 107,838 122,227 28,589 2015 (5) Grand Prairie Premium Outlets Grand Prairie (Dallas), TX — 9,497 194,245 — 1,332 9,497 195,577 205,074 67,362 2012 Grove City Premium Outlets Grove City (Pittsburgh), PA 140,000 6,421 121,880 — 9,932 6,421 131,812 138,233 85,007 2010 (4) Gulfport Premium Outlets Gulfport, MS 50,000 — 27,949 — 8,215 — 36,164 36,164 20,627 2010 (4) Hagerstown Premium Outlets Hagerstown (Baltimore/Washington, DC), MD 70,430 3,560 85,883 — 1,690 3,560 87,573 91,133 45,565 2010 (4) Houston Premium Outlets Cypress (Houston), TX — 8,695 69,350 — 42,986 8,695 112,336 121,031 61,726 2007 Indiana Premium Outlets Edinburgh (Indianapolis), IN — 2,857 47,309 — 20,840 2,857 68,149 71,006 39,528 2004 (4) Jackson Premium Outlets Jackson (New York), NJ — 6,413 104,013 3 8,133 6,416 112,146 118,562 57,955 2004 (4) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Jersey Shore Premium Outlets Tinton Falls (New York), NJ $ — $ 15,390 $ 50,979 $ — $ 79,970 $ 15,390 $ 130,949 $ 146,339 $ 75,410 2007 Johnson Creek Premium Outlets Johnson Creek, WI — 2,800 39,546 — 7,462 2,800 47,008 49,808 25,817 2004 (4) Kittery Premium Outlets Kittery, ME — 11,832 94,994 — 11,786 11,832 106,780 118,612 52,721 2004 (4) Las Americas Premium Outlets San Diego, CA — 45,168 251,878 — 12,562 45,168 264,440 309,608 117,971 2007 (4) Las Vegas North Premium Outlets Las Vegas, NV — 25,435 134,973 16,536 151,175 41,971 286,148 328,119 151,504 2004 (4) Las Vegas South Premium Outlets Las Vegas, NV — 13,085 160,777 — 32,331 13,085 193,108 206,193 96,980 2004 (4) Lee Premium Outlets Lee, MA 47,480 9,167 52,212 — 5,032 9,167 57,244 66,411 35,216 2010 (4) Leesburg Corner Premium Outlets Leesburg (Washington, DC), VA — 7,190 162,023 — 23,110 7,190 185,133 192,323 97,510 2004 (4) Lighthouse Place Premium Outlets Michigan City (Chicago, IL), IN — 6,630 94,138 — 13,395 6,630 107,533 114,163 64,427 2004 (4) Merrimack Premium Outlets Merrimack, NH — 14,975 118,428 — 2,357 14,975 120,785 135,760 51,702 2012 Napa Premium Outlets Napa, CA — 11,400 45,023 — 7,626 11,400 52,649 64,049 30,812 2004 (4) North Bend Premium Outlets North Bend (Seattle), WA — 2,143 36,197 — 5,209 2,143 41,406 43,549 21,911 2004 (4) North Georgia Premium Outlets Dawsonville (Atlanta), GA — 4,300 137,020 — 2,048 4,300 139,068 143,368 73,213 2004 (4) Orlando International Premium Outlets Orlando, FL — 31,998 472,815 — 19,475 31,998 492,290 524,288 214,107 2010 (4) Orlando Vineland Premium Outlets Orlando, FL — 14,040 382,949 36,023 26,484 50,063 409,433 459,496 203,390 2004 (4) Petaluma Village Premium Outlets Petaluma (San Francisco), CA — 13,322 13,710 — 3,434 13,322 17,144 30,466 11,469 2004 (4) Philadelphia Premium Outlets Limerick (Philadelphia), PA — 16,676 105,249 — 25,411 16,676 130,660 147,336 81,825 2006 Phoenix Premium Outlets Chandler (Phoenix), AZ — — 63,082 — 569 — 63,651 63,651 28,604 2013 Pismo Beach Premium Outlets Pismo Beach, CA 32,124 4,317 19,044 — 3,329 4,317 22,373 26,690 15,087 2010 (4) Pleasant Prairie Premium Outlets Pleasant Prairie (Chicago, IL/Milwaukee), WI 145,000 16,823 126,686 — 8,736 16,823 135,422 152,245 64,986 2010 (4) Puerto Rico Premium Outlets Barceloneta, PR 160,000 20,586 114,021 — 9,146 20,586 123,167 143,753 59,184 2010 (4) Queenstown Premium Outlets Queenstown (Baltimore), MD 56,432 8,129 61,950 — 5,463 8,129 67,413 75,542 33,658 2010 (4) Rio Grande Valley Premium Outlets Mercedes (McAllen), TX — 12,229 41,547 — 27,130 12,229 68,677 80,906 44,789 2005 Round Rock Premium Outlets Round Rock (Austin), TX — 13,485 82,252 — 5,510 13,485 87,762 101,247 56,850 2005 Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition San Francisco Premium Outlets Livermore (San Francisco), CA $ — $ 21,925 $ 308,694 $ 46,177 $ 75,086 $ 68,102 $ 383,780 $ 451,882 $ 122,532 2012 San Marcos Premium Outlets San Marcos (Austin/San Antonio), TX — 13,180 287,179 — 20,474 13,180 307,653 320,833 136,166 2010 (4) Seattle Premium Outlets Tulalip (Seattle), WA — — 103,722 — 55,814 — 159,536 159,536 85,199 2004 (4) St. Augustine Premium Outlets St. Augustine (Jacksonville), FL — 6,090 57,670 2 15,333 6,092 73,003 79,095 41,368 2004 (4) Tampa Premium Outlets Lutz (Tampa), FL — 14,298 97,188 121 5,174 14,419 102,362 116,781 30,385 2015 The Crossings Premium Outlets Tannersville, PA — 7,720 172,931 — 19,724 7,720 192,655 200,375 98,720 2004 (4) Tucson Premium Outlets Marana (Tucson), AZ — 12,508 69,677 — 4,710 12,508 74,387 86,895 21,786 2015 Vacaville Premium Outlets Vacaville, CA — 9,420 84,850 — 18,873 9,420 103,723 113,143 61,181 2004 (4) Waikele Premium Outlets Waipahu (Honolulu), HI — 22,630 77,316 — 19,799 22,630 97,115 119,745 53,428 2004 (4) Waterloo Premium Outlets Waterloo, NY — 3,230 75,277 — 15,100 3,230 90,377 93,607 52,247 2004 (4) Williamsburg Premium Outlets Williamsburg, VA 185,000 10,323 223,789 — 9,377 10,323 233,166 243,489 102,609 2010 (4) Woodburn Premium Outlets Woodburn (Portland), OR — 9,414 150,414 — 3,579 9,414 153,993 163,407 55,767 2013 (4) Woodbury Common Premium Outlets Central Valley (New York), NY — 11,010 862,559 1,779 276,348 12,789 1,138,907 1,151,696 511,320 2004 (4) Wrentham Village Premium Outlets Wrentham (Boston), MA — 4,900 282,031 — 52,369 4,900 334,400 339,300 164,647 2004 (4) The Mills Arizona Mills Tempe (Phoenix), AZ 97,775 41,285 297,289 — 15,200 41,285 312,489 353,774 95,928 2007 (4) (5) Great Mall Milpitas (San Jose), CA — 69,853 463,101 — 61,938 69,853 525,039 594,892 193,404 2007 (4) (5) Gurnee Mills Gurnee (Chicago), IL 257,710 41,133 297,911 — 32,630 41,133 330,541 371,674 124,874 2007 (4) (5) Mills at Jersey Gardens, The Elizabeth, NJ — 120,417 865,605 — 23,872 120,417 889,477 1,009,894 259,860 2015 (4) Opry Mills Nashville, TN 375,000 51,000 327,503 — 22,928 51,000 350,431 401,431 122,261 2007 (4) (5) Outlets at Orange, The Orange (Los Angeles), CA 215,000 64,973 211,322 — 4,890 64,973 216,212 281,185 33,960 2007 (4) (5) Potomac Mills Woodbridge (Washington, DC), VA 416,000 61,608 425,370 — 39,420 61,608 464,790 526,398 180,509 2007 (4) (5) Sawgrass Mills Sunrise (Miami), FL — 192,981 1,641,153 5,395 234,488 198,376 1,875,641 2,074,017 654,797 2007 (4) (5) Designer Outlets La Reggia Designer Outlet Marcianise (Naples), Italy 171,255 37,220 233,179 — 40,717 37,220 273,896 311,116 72,822 2013 (4) (5) (7) Noventa Di Piave Designer Outlet Venice, Italy 297,121 38,793 309,283 — 75,765 38,793 385,048 423,841 90,117 2013 (4) (5) (7) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Ochtrup Designer Outlet Ochtrup, Germany $ 53,517 $ 11,770 $ 98,276 $ — $ — $ 11,770 $ 98,276 $ 110,046 $ 12,478 2016 (4) (5) (7) Parndorf Designer Outlet Vienna, Austria 195,869 14,903 223,156 — 9,698 14,903 232,854 247,757 68,785 2013 (4) (5) (7) Provence Designer Outlet Provence, France 101,405 41,321 80,199 6,169 — 47,490 80,199 127,689 37,182 2017 (4) (5) (7) Roermond Designer Outlet Roermond, Netherlands 246,178 15,035 400,094 — 18,916 15,035 419,010 434,045 127,159 2013 (4) (5) (7) Roosendaal Designer Outlet Roosendaal, Netherlands 63,820 22,191 108,069 — 8,770 22,191 116,839 139,030 33,580 2017 (4) (5) (7) Lifestyle Centers ABQ Uptown Albuquerque, NM — 6,374 75,333 4,054 10,140 10,428 85,473 95,901 36,053 2011 (4) Northgate Station Seattle, WA — 23,610 115,992 13,557 104,529 37,167 220,521 257,688 60,743 1987 University Park Village Fort Worth, TX 52,352 18,031 100,523 — 9,245 18,031 109,768 127,799 30,500 2015 (4) Other Properties Calhoun Marketplace Calhoun, GA 17,146 1,745 12,529 — 2,139 1,745 14,668 16,413 11,396 2010 (4) Florida Keys Outlet Center Florida City, FL 17,000 1,112 1,748 — 5,855 1,112 7,603 8,715 4,313 2010 (4) Gaffney Marketplace Gaffney (Greenville/Charlotte), SC 27,696 4,056 32,371 — 6,259 4,056 38,630 42,686 24,201 2010 (4) Orlando Outlet Marketplace Orlando, FL — 3,367 1,557 — 4,334 3,367 5,891 9,258 3,370 2010 (4) Osage Beach Marketplace Osage Beach, MO — 1,397 8,874 — 16 1,397 8,890 10,287 2,666 2004 (4) Southridge Mall Greendale (Milwaukee), WI 112,087 12,359 130,111 1,939 12,244 14,298 142,355 156,653 64,232 2007 (4) (5) Other pre-development costs 109,458 102,451 374,062 959 — 103,410 374,062 477,472 1,882 Other 25,000 3,537 269,940 267 — 3,804 269,940 273,744 23,756 Currency Translation Adjustment — (5,882) (43,932) — (16,661) (5,882) (60,593) (66,475) (58,224) $ 5,469,335 $ 3,246,051 $ 25,215,197 $ 386,892 $ 9,031,638 $ 3,632,943 $ 34,246,835 $ 37,879,778 $ 16,224,050 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Schedule III as of December 31, 2022 (Dollars in thousands) (1) Reconciliation of Real Estate Properties: The changes in real estate assets for the years ended December 31, 2022, 2021, and 2020 are as follows: 2022 2021 2020 Balance, beginning of year $ 37,497,216 $ 37,608,638 $ 37,356,739 Acquisitions and consolidations (7) 122,074 121,250 — Improvements 688,173 569,483 401,202 Disposals and deconsolidations (308,030) (655,482) (320,328) Currency Translation Adjustment (119,655) (146,673) 171,025 Balance, close of year $ 37,879,778 $ 37,497,216 $ 37,608,638 The unaudited aggregate cost of domestic consolidated real estate assets for U.S. federal income tax purposes as of December 31, 2022 was $20,977,712. (2) Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation for the years ended December 31, 2022, 2021, and 2020 are as follows: 2022 2021 2020 Balance, beginning of year $ 15,304,461 $ 14,592,867 $ 13,622,433 Depreciation expense (7) 1,075,391 1,083,705 1,226,611 Disposals and deconsolidations (180,091) (403,582) (236,123) Currency Translation Adjustment 24,289 31,471 (20,054) Balance, close of year $ 16,224,050 $ 15,304,461 $ 14,592,867 Depreciation of our investment in buildings and improvements reflected in the consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as noted below. ● Buildings and Improvements — typically 10 - 35 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment. ● Tenant Allowances and Improvements — shorter of lease term or useful life. (3) Initial cost generally represents net book value at December 20, 1993, except for acquired properties and new developments after December 20, 1993. Initial cost also includes any new developments that are opened during the current year. Costs of disposals and impairments of property are first reflected as a reduction to cost capitalized subsequent to acquisition. (4) Not developed/constructed by us or our predecessors. The date of construction represents the initial acquisition date for assets in which we have acquired multiple interests. (5) Initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting. (6) Encumbrances represent face amount of mortgage debt and exclude any premiums or discounts and deferred financing costs. (7) Represents the original cost and does not include subsequent currency translation adjustments.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Summary of Significant Accounting Policies
Investment Properties	Investment Properties Investment properties consist of the following as of December 31: 2022 2021 Land $ 3,632,943 $ 3,639,353 Buildings and improvements 34,246,835 33,857,863 Total land, buildings and improvements 37,879,778 37,497,216 Furniture, fixtures and equipment 447,134 435,150 Investment properties at cost 38,326,912 37,932,366 Less — accumulated depreciation 16,563,749 15,621,127 Investment properties at cost, net $ 21,763,163 $ 22,311,239 Construction in progress included above $ 587,644 $ 797,519 We record investment properties at cost. Investment properties include costs of acquisitions; development, predevelopment, and construction (including allocable salaries and related benefits); tenant allowances and improvements; and interest and real estate taxes incurred during construction. We capitalize improvements and replacements from repair and maintenance when the repair and maintenance extends the useful life, increases capacity, or improves the efficiency of the asset. All other repair and maintenance items are expensed as incurred. We capitalize interest on projects during periods of construction until the projects are ready for their intended purpose based on interest rates in place during the construction period. The amount of interest capitalized during each year is as follows: For the Year Ended December 31, 2022 2021 2020 Capitalized interest $ 35,482 $ 31,204 $ 22,917 We record depreciation on buildings and improvements utilizing the straight-line method over an estimated original useful life, which is generally 10 to 35 years. We review depreciable lives of investment properties periodically and we make adjustments when necessary to reflect a shorter economic life. We amortize tenant allowances and tenant improvements utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. We record depreciation on equipment and fixtures utilizing the straight-line method over seven We review investment properties for impairment on a property-by-property basis to identify and evaluate events or changes in circumstances which indicate that the carrying value of investment properties may not be recoverable. These circumstances include, but are not limited to, declines in a property’s operational performance, such as declining cash flows, occupancy or total sales per square foot, the Company’s intent and ability to hold the related asset, and, if applicable, the remaining time to maturity of underlying financing arrangements. We measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization during the anticipated holding period plus its residual value, and, if applicable, on a probability weighted basis, is less than the carrying value of the property. To the extent impairment has occurred, we charge to income the excess of carrying value of the property over our estimate of fair value. We also review our investments, including investments in unconsolidated entities, to identify and evaluate whether events or changes in circumstances indicate that the carrying amount of our investments may not be recoverable. We will record an impairment charge if we determine the fair value of the investment is less than its carrying value and such impairment is other-than-temporary. Our evaluation of changes in economic or operating conditions and whether an impairment is other-than-temporary may include developing estimates of fair value, forecasted cash flows or operating income before depreciation and amortization. We estimate undiscounted cash flows and fair value using observable and unobservable data such as operating income before depreciation and amortization, hold periods, estimated capitalization and discount rates, or relevant market multiples, leasing prospects and local market information, expected probabilities of outcomes, if applicable, and whether an impairment is other-than-temporary. Changes in economic and operating conditions including, changes in the financial condition of our tenants and changes to our intent and ability to hold the related asset, that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results. During the fourth quarter of 2020, we recorded an impairment charge of $34.4 million related to one consolidated property, which is included in Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income. During the third quarter of 2020, we recorded an other-than-temporary impairment charge of $55.2 million, representing our equity method investment balance in three joint venture properties, which is included in Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income.
Purchase Accounting	Purchase Accounting We allocate the purchase price of asset acquisitions and any excess investment in unconsolidated entities to the various components of the acquisition based upon the relative fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, we may utilize third party valuation specialists. These components typically include buildings, land and intangibles related to in-place leases and we estimate: ● the relative fair value of land and related improvements and buildings on an as-if-vacant basis, ● the market value of in-place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into lease income, ● the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and ● the value of lease income and recovery of costs foregone during a reasonable lease-up period, as if the space was vacant. The relative fair value of buildings is depreciated over the estimated remaining life of the acquired building or related improvements. We amortize tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. We also estimate the value of other acquired intangible assets, if any, which are amortized over the remaining life of the underlying related intangibles.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers’ acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits. See Notes 4 and 8 for disclosures about non-cash investing and financing transactions.
Equity Instruments and Debt Securities	Equity Instruments and Debt Securities Equity instruments and debt securities consist primarily of equity instruments, our deferred compensation plan investments, the debt securities of our captive insurance subsidiary, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At December 31, 2022 and 2021, we had equity instruments with readily determinable fair values of $73.0 million and $142.2 million, respectively. Changes in the fair value of these equity instruments are recorded in unrealized losses in fair value of publicly traded equity instruments, net in our consolidated statements of operations and comprehensive income. At December 31, 2022 and 2021, we had equity instruments without readily determinable fair values of $236.2 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. We recorded a reduction in the carrying value of these investments of $27.5 million and nil for the years ended December 31, 2022 and 2021, respectively. Changes in the fair value of these equity instruments are recorded in gain on disposal, exchange, or revaluation of equity interests, net in our consolidated statements of operations and comprehensive income. Our deferred compensation plan equity instruments are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income. At December 31, 2022 and 2021, we held debt securities of $52.3 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 December 31, 2022 and 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 and interest rate cap and swap agreements with a gross asset balance of $15.8 million at December 31, 2022 and $6.2 million at December 31, 2021, and a gross liability balance of $8.6 million and $1.5 million at December 31, 2022 and 2021, respectively. Note 7 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3, 4, and 6 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of fair value, net operating results of the property, capitalization rates and discount rates.
Gains or losses on Issuances of Stock by Equity Method Investees	Gains or losses on Issuances of Stock by Equity Method Investees When one of our equity method investees issues additional shares to third parties, our percentage ownership interest in the investee may decrease. In the event the issuance price per share is higher or lower than our average carrying amount per share, we recognize a noncash gain or loss on the issuance, when appropriate. This noncash gain or loss is recognized in our net income in the period the change of ownership interest occurs.
Use of Estimates	Use of Estimates We prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates.
Segment and Geographic Locations	Segment and Geographic Locations Our primary business is the ownership, development, and management of premier shopping, dining, entertainment and mixed use real estate. We have aggregated our retail operations, including malls, Premium Outlets, The Mills, and our international investments into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same, tenants. As of December 31, 2022, approximately 6.9% of our consolidated long-lived assets and 3.5% of our consolidated total revenues were derived from assets located outside the United States. As of December 31, 2021, approximately 7.1% of our consolidated long-lived assets and 3.0% of our consolidated total revenues were derived from assets located outside the United States.
Deferred Costs and Other Assets	Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31: 2022 2021 Deferred lease costs, net $ 97,553 $ 109,155 In-place lease intangibles, net 7,076 14,107 Acquired above market lease intangibles, net 10,696 19,171 Marketable securities of our captive insurance companies 52,325 60,855 Goodwill 20,098 20,098 Other marketable and non-marketable securities 309,212 359,459 Prepaids, notes receivable and other assets, net 662,333 538,166 $ 1,159,293 $ 1,121,011
Deferred Lease Costs	Deferred Lease Costs Our deferred leasing costs consist primarily of initial direct costs and, prior to the adoption of ASC 842, capitalized salaries and related benefits, in connection with lease originations. We record amortization of deferred leasing costs on a straight-line basis over the terms of the related leases. Details of these deferred costs as of December 31 are as follows: 2022 2021 Deferred lease costs $ 312,464 $ 358,287 Accumulated amortization (214,911) (249,132) Deferred lease costs, net $ 97,553 $ 109,155 Amortization of deferred leasing costs is a component of depreciation and amortization expense. The accompanying consolidated statements of operations and comprehensive income include amortization of deferred leasing costs as follows: For the Year Ended December 31, 2022 2021 2020 Amortization of deferred leasing costs $ 39,606 $ 43,028 $ 51,349
Intangibles	Intangibles The average remaining life of in-place lease intangibles is approximately 2.9 years and is being amortized on a straight-line basis and is included with depreciation and amortization in the consolidated statements of operations and comprehensive income. The fair market value of above and below market leases is amortized into lease income over the remaining lease life as a component of reported lease income. The weighted average remaining life of these intangibles is approximately 2.5 years. The unamortized amount of below market leases is included in accounts payable, accrued expenses, intangibles and deferred revenues in the consolidated balance sheets and was $15.3 million and $21.6 million as of December 31, 2022 and 2021, respectively. The amount of amortization of above and below market leases, net, which increased lease income for the years ended December 31, 2022, 2021, and 2020, was $1.7 million, $2.7 million and $1.3 million, respectively. If a lease is terminated prior to the original lease termination, any remaining unamortized intangible is written off to earnings. Details of intangible assets as of December 31 are as follows: 2022 2021 In-place lease intangibles $ 67,935 $ 115,550 Accumulated amortization (60,859) (101,443) In-place lease intangibles, net $ 7,076 $ 14,107 2022 2021 Acquired above market lease intangibles $ 130,556 $ 133,224 Accumulated amortization (119,860) (114,053) Acquired above market lease intangibles, net $ 10,696 $ 19,171 Estimated future amortization and the increasing (decreasing) effect on lease income for our above and below market leases as of December 31, 2022 are as follows: Below Above Impact to Market Market Lease Leases Leases Income, Net 2023 $ 4,352 $ (5,235) $ (883) 2024 3,421 (3,525) (104) 2025 2,318 (1,477) 841 2026 1,553 (433) 1,120 2027 1,246 (26) 1,220 Thereafter 2,451 — 2,451 $ 15,341 $ (10,696) $ 4,645
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 generally formally designate instruments that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities. As of December 31, 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 cap and swap agreements, at fair value, as of December 31, 2022 and December 31, 2021 was a net asset balance of $1.3 million and $0.6 million, respectively, and is included in deferred costs and other assets. Our exposure to market risk due to changes in interest rates primarily relates to our long-term debt obligations. We manage exposure to interest rate market risk through our risk management strategy by a combination of interest rate protection agreements to effectively fix or cap a portion of variable rate debt. We may enter into treasury lock agreements as part of an anticipated debt issuance. Upon completion of the debt issuance, the fair value of these instruments is recorded as part of accumulated other comprehensive income (loss) and is amortized to interest expense over the life of the debt agreement. The unamortized gain on our treasury locks and terminated hedges recorded in accumulated other comprehensive income was $10.9 million and $6.9 million as of December 31, 2022 and 2021, respectively. Within the next year, we expect to reclassify to earnings approximately $1.0 million of gains related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss). We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposers, with gains and losses on the derivative contracts hedging these exposers. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes. We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euro. We use currency forward contracts, cross currency swap contracts, and nonderivative instruments such as foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date. We had the following Euro:USD forward contracts designated as net investment hedges at December 31, 2022 and 2021 (in millions): Asset (Liability) Value as of December 31, December 31, Notional Value Maturity Date 2022 2021 € 60.0 March 15, 2022 — 2.8 € 62.0 September 15, 2022 — 2.8 € 44.5 September 15, 2022 — (0.3) € 44.5 September 15, 2022 — (0.4) € 89.0 December 16, 2022 — (0.8) € 50.0 January 13, 2023 (2.9) — € 15.0 March 15, 2023 0.7 — € 15.0 March 15, 2023 0.7 — € 50.0 December 15, 2023 (2.8) — € 30.0 March 15, 2024 1.3 — € 51.0 March 15, 2024 (2.8) — € 45.0 April 12, 2023 (0.2) — € 44.0 September 15, 2023 (0.1) — 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 derivative and nonderivative instruments as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss). For the years ended December 31, 2022, 2021, and 2020 we recorded gains (losses) of $131.7 million, $176.0 million, and ($198.7 million), respectively, in the cumulative translation adjustment section of the other comprehensive income (loss). Changes in the value of these instruments are offset by changes in the underlying hedged Euro 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 $36.5 million and ($10.0) million as of December 31, 2022 and 2021, respectively. The total accumulated other comprehensive income (loss) related to the Operating Partnership’s derivative activities, including our share of the other comprehensive income (loss) from unconsolidated entities, was $41.8 million and ($11.4) million as of December 31, 2022 and 2021, respectively.
Noncontrolling Interests	Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows as of December 31: 2022 2021 Limited partners’ interests in the Operating Partnership $ 448,076 $ 477,292 Nonredeemable noncontrolling interests in properties, net 25,052 14,241 Total noncontrolling interests reflected in equity $ 473,128 $ 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 ($199.5) million, ($175.1) million and ($136.2) million as of December 31, 2022, 2021 and 2020, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: Affected line item where 2022 2021 2020 net income is presented Currency translation adjustments $ — $ 5,660 $ (1,739) Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net — (712) 219 Net income attributable to noncontrolling interests $ — $ 4,948 (1,520) Accumulated derivative gains, net $ 1,595 $ 1,625 $ 1,845 Interest expense (202) (204) (232) Net income attributable to noncontrolling interests $ 1,393 $ 1,421 $ 1,613 The Operating Partnership The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($228.3) million, ($200.2) million and ($155.8) million as of December 31, 2022, 2021 and 2020, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: Affected line item where 2022 2021 2020 net income is presented Currency translation adjustments $ — $ 5,660 $ (1,739) Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net Accumulated derivative gains, net $ 1,595 $ 1,625 $ 1,845 Interest expense
Revenue Recognition	Revenue Recognition We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We accrue fixed lease income on a straight-line basis over the terms of the leases when we believe substantially all lease income, including the related straight-line rent receivable, is probable of collection. Substantially all of our retail tenants are also required to pay overage rents based on sales over a stated base amount during the lease year. We recognize this variable lease consideration only when each tenant’s sales exceed the applicable sales threshold. We amortize any tenant inducements as a reduction of lease income utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. We structure our leases to allow us to recover a significant portion of our property operating, real estate taxes, repairs and maintenance, and advertising and promotion expenses from our tenants. A substantial portion of our leases, other than those for anchor stores, require the tenant to reimburse us for a substantial portion of our operating expenses, including common area maintenance, or CAM, real estate taxes and insurance. Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation or otherwise. For substantially all of our leases in the U.S. mall portfolio, we receive a fixed payment from the tenant for the CAM component which is recognized as lease income on a straight-line basis over the term of the lease beginning with the adoption of ASC 842. When not reimbursed by the fixed CAM component, CAM expense reimbursements are based on the tenant’s proportionate share of the allocable operating expenses and CAM capital expenditures for the property. We accrue all variable reimbursements from tenants for recoverable portions of all of these expenses as variable lease consideration in the period the applicable expenditures are incurred. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. Our advertising and promotional costs are expensed as incurred. Provisions for credit losses that are not probable of collection are recognized as a reduction of lease income. In April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of COVID-19 on the application of lease modification guidance in Accounting Standards Codification (ASC) 842, “Leases.” The guidance provides a practical expedient to forgo the associated reassessments required by ASC 842 when changes to a lease result in similar or lower future consideration. We have elected to generally account for rent abatements as negative variable lease consideration in the period granted, or in the period we determine we expect to grant an abatement. Further abatements granted in the future will reduce lease income in the period we grant, or determine we expect to grant, an abatement. We have agreed to deferral or abatement arrangements with a number of our tenants as a result of the COVID-19 pandemic. In addition, uncollected rent due from certain of our tenants is subject to ongoing litigation, the outcome of which may affect our ability to collect in full the associated outstanding receivable balances. In connection with rent deferrals or other accruals of unpaid rent payments, if we determine that rent payments are probable of collection, we will continue to recognize lease income on a straight-line basis over the lease term along with associated tenant receivables. However, if we determine that such deferred rent payments or other accrued but unpaid rent payments are not probable of collection, lease income will be recorded on the cash basis, with the corresponding tenant receivable and deferred rent receivable balances charged as a direct write-off against lease income in the period of the change in our collectability determination. Additionally, our assessment of collectability incorporates information regarding a tenant’s financial condition that is obtained from available financial data, the expected outcome of contractual disputes and other matters, and our communications and negotiations with the tenant. When a tenant seeks to reorganize its operations through bankruptcy proceedings, we assess the collectability of receivable balances. Our ongoing assessment incorporates, among other things, the timing of a tenant’s bankruptcy filing and our expectations of the assumptions by the tenant in bankruptcy proceedings of leases at the Company’s properties on substantially similar terms. Refer to Note 9 for further disclosure of lease income.
Management Fees and Other Revenues	Management Fees and Other Revenues Management fees and other revenues are generally received from our unconsolidated joint venture properties as well as third parties. Management fee revenue is earned based on a contractual percentage of joint venture property revenue. Development fee revenue is earned on a contractual percentage of hard costs to develop a property. Leasing fee revenue is earned on a contractual per square foot charge based on the square footage of current year leasing activity. We recognize revenue for these services provided when earned based on the performance criteria. Revenues from insurance premiums charged to unconsolidated properties are recognized on a pro-rata basis over the terms of the policies. Insurance losses on these policies and our self-insurance for our consolidated properties are reflected in property operating expenses in the accompanying consolidated statements of operations and comprehensive income and include estimates for losses incurred but not reported as well as losses pending settlement. Estimates for losses are based on evaluations by third-party actuaries and management’s estimates. Total insurance reserves for our insurance subsidiaries and other self-insurance programs as of December 31, 2022 and 2021 approximated $85.7 million and $77.2 million, respectively, and are included in other liabilities in the consolidated balance sheets. Information related to the securities included in the investment portfolio of our captive insurance subsidiary is included within the “Equity Instruments and Debt Securities” section above.
Income Taxes	Income Taxes Simon and certain subsidiaries of the Operating Partnership have elected to be taxed as REITs under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the entity to distribute at least 90% of REIT taxable income to its owners and meet certain other asset and income tests as well as other requirements. We intend to continue to adhere to these requirements and maintain Simon’s REIT status and that of the REIT subsidiaries. As REITs, these entities will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Thus, we made no provision for U.S. federal income taxes for these entities in the accompanying consolidated financial statements. If Simon or any of the REIT subsidiaries fail to qualify as a REIT, and if available relief provisions do not apply, Simon or that entity will be subject to tax at regular corporate rates for the years in which it failed to qualify. If Simon or any of the REIT subsidiaries loses its REIT status it could not elect to be taxed as a REIT for four taxable years following the year during which qualification was lost unless the failure to qualify was due to reasonable cause and certain other conditions were satisfied. We have also elected taxable REIT subsidiary, or TRS, status for some of our subsidiaries. This enables us to provide services that would otherwise be considered impermissible for REITs and participate in activities that do not qualify as “rents from real property”. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income. As a partnership, the allocated share of the Operating Partnership’s income or loss for each year is included in the income tax returns of the partners; accordingly, no accounting for income taxes is required in the accompanying consolidated financial statements other than as discussed above for our TRSs. As of December 31, 2022 and 2021, we had net deferred tax liabilities of $278.3 million and $259.3 million, respectively, which primarily relate to the temporary differences between the carrying value of balance sheet assets and liabilities and their tax bases. These differences were primarily created through the consolidation of various European assets in 2016. Additionally, we have deferred tax assets related to our TRSs, consisting of operating losses and other carryforwards for U.S. federal income tax purposes as well as the timing of the deductibility of losses or reserves from insurance subsidiaries, though these amounts are not material to the financial statements. The deferred tax asset in included in deferred costs and other assets and the deferred tax liability is included in other liabilities in the accompanying consolidated balance sheets. We are also subject to certain other taxes, including state and local taxes, franchise taxes, as well as income-based and withholding taxes on dividends from certain of our international investments, which are included in income and other taxes in the consolidated statements of operations and comprehensive income. Our cash paid for taxes in each period was as follows: For the Year Ended December 31, 2022 2021 2020 Cash paid for taxes $ 53,241 $ 102,454 $ 20,046
Corporate Expenses	Corporate Expenses Home and regional office costs primarily include compensation and personnel related costs, travel, building and office costs, and other expenses for our corporate home office and regional offices. General and administrative expense primarily includes executive compensation, benefits and travel expenses as well as costs of being a public company, including certain legal costs, audit fees, regulatory fees, and certain other professional fees.
Simon Property Group Acquisition Holdings, Inc.	Simon Property Group Acquisition Holdings, Inc. The Company sponsored, through a wholly-owned subsidiary, a special purpose acquisition corporation, or SPAC, named Simon Property Group Acquisition Holdings, Inc. On February 18, 2021, the SPAC announced the pricing of its initial public offering, which was consummated on February 23, 2021, generating gross proceeds of $345.0 million, which have been placed in a trust account and is included in the accompanying consolidated balance sheet in Investments held in trust – special purpose acquisition company. The SPAC is a consolidated VIE which was formed for the purpose of effecting a business combination. The Company accounts for the noncontrolling interest in the SPAC as noncontrolling redeemable interests as these instruments are redeemable at the option of the holder and are classified as temporary equity at their redemption value in Simon’s accompanying consolidated balance sheet in Limited partners preferred interest in the Operating Partnership and noncontrolling redeemable interests and in the Operating Partnership’s accompanying consolidated balance sheet in Preferred units, various series, at liquidation value, and noncontrolling redeemable interests. In December 2022, the SPAC was liquidated and dissolved, resulting in the recognition of a $10.2 million loss recorded in gain on disposal, exchange, or revaluation of equity interests, net in the consolidated statement of operations and comprehensive income, representing our investment in the SPAC.
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, 2024. We elected the expedients in conjunction with transitioning certain debt instruments, as discussed in Note 7, to alternative benchmark indexes. There was no impact on our consolidated financial statements at adoption.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	12 Months Ended
Basis of Presentation (Tables)	Dec. 31, 2022
Basis of Presentation and Consolidation
Schedule of weighted average ownership interest in the operating partnership	For the Year Ended December 31, 2022 2021 2020 Weighted average ownership interest 87.4 % 87.4 % 86.9 %

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2022
Significant Accounting Policies
Schedule of investment properties	2022 2021 Land $ 3,632,943 $ 3,639,353 Buildings and improvements 34,246,835 33,857,863 Total land, buildings and improvements 37,879,778 37,497,216 Furniture, fixtures and equipment 447,134 435,150 Investment properties at cost 38,326,912 37,932,366 Less — accumulated depreciation 16,563,749 15,621,127 Investment properties at cost, net $ 21,763,163 $ 22,311,239 Construction in progress included above $ 587,644 $ 797,519
Schedule of interest capitalized	For the Year Ended December 31, 2022 2021 2020 Capitalized interest $ 35,482 $ 31,204 $ 22,917
Schedule of deferred costs and other assets	2022 2021 Deferred lease costs, net $ 97,553 $ 109,155 In-place lease intangibles, net 7,076 14,107 Acquired above market lease intangibles, net 10,696 19,171 Marketable securities of our captive insurance companies 52,325 60,855 Goodwill 20,098 20,098 Other marketable and non-marketable securities 309,212 359,459 Prepaids, notes receivable and other assets, net 662,333 538,166 $ 1,159,293 $ 1,121,011
Schedule of deferred lease costs	2022 2021 Deferred lease costs $ 312,464 $ 358,287 Accumulated amortization (214,911) (249,132) Deferred lease costs, net $ 97,553 $ 109,155
Schedule of amortization of deferred leasing costs	For the Year Ended December 31, 2022 2021 2020 Amortization of deferred leasing costs $ 39,606 $ 43,028 $ 51,349
Schedule of intangible assets	2022 2021 In-place lease intangibles $ 67,935 $ 115,550 Accumulated amortization (60,859) (101,443) In-place lease intangibles, net $ 7,076 $ 14,107 2022 2021 Acquired above market lease intangibles $ 130,556 $ 133,224 Accumulated amortization (119,860) (114,053) Acquired above market lease intangibles, net $ 10,696 $ 19,171
Schedule of estimated future amortization and the increasing (decreasing) effect on lease income for above and below market leases	Below Above Impact to Market Market Lease Leases Leases Income, Net 2023 $ 4,352 $ (5,235) $ (883) 2024 3,421 (3,525) (104) 2025 2,318 (1,477) 841 2026 1,553 (433) 1,120 2027 1,246 (26) 1,220 Thereafter 2,451 — 2,451 $ 15,341 $ (10,696) $ 4,645
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	Asset (Liability) Value as of December 31, December 31, Notional Value Maturity Date 2022 2021 € 60.0 March 15, 2022 — 2.8 € 62.0 September 15, 2022 — 2.8 € 44.5 September 15, 2022 — (0.3) € 44.5 September 15, 2022 — (0.4) € 89.0 December 16, 2022 — (0.8) € 50.0 January 13, 2023 (2.9) — € 15.0 March 15, 2023 0.7 — € 15.0 March 15, 2023 0.7 — € 50.0 December 15, 2023 (2.8) — € 30.0 March 15, 2024 1.3 — € 51.0 March 15, 2024 (2.8) — € 45.0 April 12, 2023 (0.2) — € 44.0 September 15, 2023 (0.1) —
Schedule of carrying amount of noncontrolling interests	2022 2021 Limited partners’ interests in the Operating Partnership $ 448,076 $ 477,292 Nonredeemable noncontrolling interests in properties, net 25,052 14,241 Total noncontrolling interests reflected in equity $ 473,128 $ 491,533
Schedule of reclassifications out of accumulated other comprehensive income (loss)	Affected line item where 2022 2021 2020 net income is presented Currency translation adjustments $ — $ 5,660 $ (1,739) Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net — (712) 219 Net income attributable to noncontrolling interests $ — $ 4,948 (1,520) Accumulated derivative gains, net $ 1,595 $ 1,625 $ 1,845 Interest expense (202) (204) (232) Net income attributable to noncontrolling interests $ 1,393 $ 1,421 $ 1,613
Schedule of cash paid for taxes	For the Year Ended December 31, 2022 2021 2020 Cash paid for taxes $ 53,241 $ 102,454 $ 20,046
Simon Property Group, L.P.
Significant Accounting Policies
Schedule of reclassifications out of accumulated other comprehensive income (loss)	Affected line item where 2022 2021 2020 net income is presented Currency translation adjustments $ — $ 5,660 $ (1,739) Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net Accumulated derivative gains, net $ 1,595 $ 1,625 $ 1,845 Interest expense

Per Share and Per Unit Data (Ta

Per Share and Per Unit Data (Tables)	12 Months Ended
Per Share and Per Unit Data (Tables)	Dec. 31, 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 Year Ended December 31, 2022 2021 2020 Net Income attributable to Common Stockholders — Basic and Diluted $ 2,136,198 $ 2,246,294 $ 1,109,227 Weighted Average Shares Outstanding — Basic and Diluted 327,816,695 328,587,137 308,737,625
Schedule of taxable nature of dividends and distributions declared	For the Year Ended December 31, 2022 2021 2020 Total dividends/distributions paid per common share/unit $ 6.90 $ 5.85 $ 6.00 Percent taxable as ordinary income 98.60 % 93.10 % 97.40 % Percent taxable as long-term capital gains 1.40 % 6.90 % 2.60 % 100.00 % 100.00 % 100.00 %
Simon Property Group, L.P.
Per Share And Per Unit Data
Schedule of computation of basic and diluted earnings per share and basic and diluted earnings per unit	For the Year Ended December 31, 2022 2021 2020 Net Income attributable to Unitholders — Basic and Diluted $ 2,444,395 $ 2,569,508 $ 1,276,450 Weighted Average Units Outstanding — Basic and Diluted 375,111,997 375,866,759 355,281,882

Investments in Unconsolidated_2

Investments in Unconsolidated Entities and International Investments (Tables)	12 Months Ended
	Dec. 31, 2022
Summary of equity method investments and share of income from such investments, balance sheet	December 31, December 31, 2022 2021 Assets: Investment properties, at cost $ 19,256,108 $ 19,724,242 Less - accumulated depreciation 8,490,990 8,330,891 10,765,118 11,393,351 Cash and cash equivalents 1,445,353 1,481,287 Tenant receivables and accrued revenue, net 546,025 591,369 Right-of-use assets, net 143,526 154,561 Deferred costs and other assets 482,375 394,691 Total assets $ 13,382,397 $ 14,015,259 Liabilities and Partners’ Deficit: Mortgages $ 14,569,921 $ 15,223,710 Accounts payable, accrued expenses, intangibles, and deferred revenue 961,984 995,392 Lease liabilities 133,096 158,372 Other liabilities 446,064 383,018 Total liabilities 16,111,065 16,760,492 Preferred units 67,450 67,450 Partners’ deficit (2,796,118) (2,812,683) Total liabilities and partners’ deficit $ 13,382,397 $ 14,015,259 Our Share of: Partners’ deficit $ (1,232,086) $ (1,207,396) Add: Excess Investment 1,219,117 1,283,645 Our net (deficit) Investment in unconsolidated entities, at equity $ (12,969) $ 76,249
Schedule of principal repayments on joint venture properties' mortgage and unsecured indebtedness	2023 $ 1,277,532 2024 2,756,370 2025 1,853,644 2026 2,989,001 2027 2,306,171 Thereafter 3,424,158 Total principal maturities 14,606,876 Debt issuance costs (36,955) Total mortgages $ 14,569,921
Summary of equity method investments and share of income from such investments, statements of operations	December 31, 2022 2021 2020 REVENUE: Lease income $ 2,894,611 $ 2,797,221 $ 2,544,134 Other income 341,923 319,956 300,634 Total revenue 3,236,534 3,117,177 2,844,768 OPERATING EXPENSES: Property operating 605,018 575,584 519,979 Depreciation and amortization 666,762 686,790 692,424 Real estate taxes 246,707 263,325 262,351 Repairs and maintenance 81,522 79,300 68,722 Advertising and promotion 74,776 72,441 67,434 Other 205,405 200,899 163,710 Total operating expenses 1,880,190 1,878,339 1,774,620 Operating Income Before Other Items 1,356,344 1,238,838 1,070,148 Interest expense (599,245) (605,591) (616,332) Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net 50,336 34,814 — Net Income $ 807,435 $ 668,061 $ 453,816 Third-Party Investors’ Share of Net Income $ 423,816 $ 333,304 $ 226,364 Our Share of Net Income $ 383,619 $ 334,757 $ 227,452 Amortization of Excess Investment (60,109) (64,974) (82,097) Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements — (14,941) — Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net (2,532) (541) — Income from Unconsolidated Entities $ 320,978 $ 254,301 $ 145,355
TRG
Summary of financial information of other platform investments	December 31, December 31, 2022 2021 Total assets $ 3,555,686 $ 3,981,054 Total liabilities 4,356,406 4,785,011 Noncontrolling interests 163,293 155,868 For the Year Ended December 31, 2022 2021 2020 Total revenues $ 693,835 $ 600,426 $ — Operating income before other items 254,395 197,074 — Consolidated net income 164,072 97,361 — Our share of net income 129,065 78,370 — Amortization of excess investment (189,629) (196,072) —
Other Platform Investments
Summary of financial information of other platform investments	December 31, December 31, 2022 2021 Total assets $ 12,897,980 $ 9,083,440 Total liabilities 10,521,772 6,916,595 Noncontrolling interests 362,652 281,024 For the Year Ended December 31, 2022 2021 2020 Total revenues $ 14,895,379 $ 14,454,661 $ 3,450,029 Operating income before other items 972,360 1,550,358 397,845 Consolidated net income 738,255 1,400,632 323,887 Our share of net income 238,412 402,658 46,984 Amortization of excess investment (6,659) (7,546) (7,442)
Europe \| Klepierre
Summary of financial information of other platform investments	December 31, December 31, 2022 2021 Total assets $ 16,016,137 $ 18,137,100 Total liabilities 10,074,502 11,854,151 Noncontrolling interests 1,226,734 1,320,001 For the Year Ended December 31, 2022 2021 2020 Total revenues $ 1,308,409 $ 1,240,277 $ 1,306,221 Operating income before other items 590,829 380,470 327,331 Consolidated net income 581,075 848,104 211,153 Our share of net income 116,084 164,575 36,832 Amortization of excess investment (13,937) (19,444) (10,289)

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
Indebtedness (Tables)	Dec. 31, 2022
Debt
Schedule of mortgages and unsecured indebtedness	2022 2021 Fixed-Rate Debt: Mortgage notes, including $2,436 and $2,892 of net premiums and $11,194 and $14,619 of debt issuance costs, respectively. Weighted average interest and maturity of 3.75% and 3.7 years at December 31, 2022. $ 4,580,799 $ 4,546,614 Unsecured notes, including $32,421 and $30,964 of net discounts and $76,058 and $83,147 of debt issuance costs, respectively. Weighted average interest and maturity of 2.99% and 9.1 years at December 31, 2022. 18,029,459 18,254,507 Commercial Paper (see below) — 500,000 Total Fixed-Rate Debt 22,610,258 23,301,121 Variable-Rate Debt: Mortgage notes, including $5,336 and $4,354 of debt issuance costs, respectively. Weighted average interest and maturity of 5.14% and 1.7 years at December 31, 2022. 874,442 803,495 Unsecured Notes and Credit Facilities (see below), including $15,622 and $22,039 of debt issuance costs, respectively. 1,412,141 1,152,961 Total Variable-Rate Debt 2,286,583 1,956,456 Other Debt Obligations 63,445 63,445 Total Mortgages and Unsecured Indebtedness $ 24,960,286 $ 25,321,022
Schedule of principal repayments of indebtedness	Our scheduled principal repayments on indebtedness as of December 31, 2022, assuming the obligations remain outstanding through the initial maturities, are as follows: 2023 $ 1,342,656 2024 3,331,015 2025 2,657,375 2026 3,936,750 2027 3,265,832 Thereafter 10,501,408 Total principal maturities 25,035,036 Net unamortized debt premium 20,909 Net unamortized debt discount (50,894) Debt issuance costs, net (108,210) Other Debt Obligations 63,445 Total mortgages and unsecured indebtedness $ 24,960,286
Schedule of cash paid for interest in each period, net of any amounts capitalized	For the Year Ended December 31, 2022 2021 2020 Cash paid for interest $ 763,203 $ 822,182 $ 754,306
Schedule of debt issuance costs	2022 2021 Debt issuance costs $ 210,893 $ 227,774 Accumulated amortization (102,683) (103,615) Debt issuance costs, net $ 108,210 $ 124,159
Schedule of debt amortization from continuing operations, included in statements of operations and comprehensive income	For the Year Ended December 31, 2022 2021 2020 Amortization of debt issuance costs $ 26,113 $ 24,794 $ 23,076 Amortization of debt discounts/(premiums) 7 168 174
Schedule of fair value of financial instruments and the related discount rate assumptions	2022 2021 Fair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions) $ 20,020 $ 24,597 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages 6.10 % 3.17 % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 5.87 % 3.33 %

Equity (Tables)

Equity (Tables)	12 Months Ended
Equity (Tables)	Dec. 31, 2022
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties	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 186,702 522,203 Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ 212,239 $ 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
Schedule of restricted stock awards	For the Year Ended December 31, 2022 2021 2020 Shares of restricted stock awarded during the year, net of forfeitures 160,259 42,036 150,703 Weighted average fair value of shares granted during the year $ 129.62 $ 117.52 $ 50.31 Compensation expense, net of capitalization $ 9,583 $ 8,817 $ 10,305
Simon Property Group, L.P.
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties	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 186,702 522,203 Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ 212,239 $ 547,740

Lease Income (Tables)

Lease Income (Tables)	12 Months Ended
Lease Income (Tables)	Dec. 31, 2022
Lease Income
Schedule of lease income	For the Year Ended December 31, 2022 2021 2020 Fixed lease income $ 3,858,592 $ 3,701,991 $ 3,871,395 Variable lease income 1,046,583 1,034,728 430,972 Total lease income $ 4,905,175 $ 4,736,719 $ 4,302,367
Schedule of minimum fixed lease consideration under tenant operating leases	Minimum fixed lease consideration under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration, as of December 31, 2022, is as follows: 2023 $ 3,068,299 2024 2,498,364 2025 2,009,998 2026 1,574,836 2027 1,234,707 Thereafter 3,200,933 $ 13,587,137

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2022
Commitments and Contingencies.
Schedule of lease cost	For the Year Ended December 31, 2022 2021 2020 Operating Lease Cost Fixed lease cost $ 30,257 $ 32,492 $ 31,404 Variable lease cost 17,593 15,454 13,270 Sublease income — (705) (746) Total operating lease cost $ 47,850 $ 47,241 $ 43,928
Schedule of other lease information	For the Year Ended December 31, 2022 2021 2020 Operating Lease Cost Fixed lease cost $ 30,257 $ 32,492 $ 31,404 Variable lease cost 17,593 15,454 13,270 Sublease income — (705) (746) Total operating lease cost $ 47,850 $ 47,241 $ 43,928 For the Year Ended December 31, 2022 2021 2020 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 47,754 $ 47,824 $ 44,570 Weighted-average remaining lease term - operating leases 32.7 years 33.6 years 34.4 years Weighted-average discount rate - operating leases 4.87% 4.87% 4.86%
Schedule of future minimum lease payments due	2023 $ 33,163 2024 30,716 2025 30,727 2026 30,740 2027 30,770 Thereafter 828,521 $ 984,637 Impact of discounting (486,684) Operating lease liabilities $ 497,953

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
Quarterly Financial Data (Unaudited) (Tables)	Dec. 31, 2022
Quarterly Financial Data (Unaudited)
Schedule of quarterly financial data	First Second Third Fourth Quarter Quarter Quarter Quarter 2022 Total revenue $ 1,295,922 $ 1,279,842 $ 1,315,786 $ 1,399,898 Operating income before other items 620,391 626,761 652,196 684,205 Consolidated net income 488,310 569,480 621,847 772,748 Simon Property Group, Inc. Net income attributable to common stockholders $ 426,630 $ 496,743 $ 539,038 $ 673,786 Net income per share — Basic and Diluted $ 1.30 $ 1.51 $ 1.65 $ 2.06 Weighted average shares outstanding — Basic and Diluted 328,606,352 328,444,627 327,286,003 326,953,791 Simon Property Group, L.P. Net income attributable to unitholders $ 487,993 $ 568,289 $ 616,918 $ 771,195 Net income per unit — Basic and Diluted $ 1.30 $ 1.51 $ 1.65 $ 2.06 Weighted average units outstanding — Basic and Diluted 375,870,183 375,754,363 374,589,771 374,257,136 2021 Total revenue $ 1,239,951 $ 1,254,146 $ 1,296,554 $ 1,326,138 Operating income before other items 604,612 604,723 612,324 591,533 Consolidated net income 510,460 705,869 778,648 573,730 Simon Property Group, Inc. Net income attributable to common stockholders $ 445,860 $ 617,257 $ 679,936 $ 503,241 Net income per share — Basic and Diluted $ 1.36 $ 1.88 $ 2.07 $ 1.53 Weighted average shares outstanding — Basic and Diluted 328,514,497 328,594,136 328,619,163 328,619,248 Simon Property Group, L.P. Net income attributable to unitholders $ 510,085 $ 706,087 $ 777,740 $ 575,596 Net income per unit — Basic and Diluted $ 1.36 $ 1.88 $ 2.07 $ 1.53 Weighted average units outstanding — Basic and Diluted 375,836,653 375,875,290 375,882,318 375,872,212

Organization (Details)

Organization (Details)	Dec. 31, 2022 property country state	Dec. 29, 2020 property
TRG
Real Estate Properties
Ownership percentage	80%
Number of regional, super regional and outlet malls	24	24
U.S. and Puerto Rico
Real Estate Properties
Number of properties	196
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 \| Lifestyle Centers [Member]
Real Estate Properties
Number of properties	6
U.S. and Puerto Rico \| Other shopping centers or outlet centers
Real Estate Properties
Number of properties	13
Asia, Europe and Canada \| Premium and Designer Outlets
Real Estate Properties
Number of properties	34
Europe \| Klepierre
Real Estate Properties
Ownership percentage	22.40%
Number of countries \| country	14

Basis of Presentation and Con_2

Basis of Presentation and Consolidation (Details) - property	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate Properties
Total number of joint venture properties	82	84
Number of joint venture properties managed by the entity	51
Number of International joint venture properties	24
Number of joint venture properties managed by others	31
Simon Property Group, L.P.
Ownership interest:
Ownership interest in the Operating Partnership (as a percent)	87.40%	87.40%
Simon Property Group, L.P. \| Weighted average
Ownership interest:
Ownership interest in the Operating Partnership (as a percent)	87.40%	87.40%	86.90%
Wholly owned properties
Real Estate Properties
Number of properties	130
Partially owned properties
Real Estate Properties
Number of properties	18

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Investment Properties (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2020 USD ($) item	Sep. 30, 2020 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Real Estate Properties [Line Items]
Land			$ 3,632,943	$ 3,639,353
Buildings and improvements			34,246,835	33,857,863
Total land, buildings and improvements			37,879,778	37,497,216
Furniture, fixtures and equipment			447,134	435,150
Investment properties at cost			38,326,912	37,932,366
Less - accumulated depreciation			16,563,749	15,621,127
Investment properties, at cost, net			21,763,163	22,311,239
Construction in progress, included above			587,644	797,519
Capitalized interest			$ 35,482	$ 31,204	$ 22,917
Buildings and improvements \| Minimum
Real Estate Properties [Line Items]
Useful life			10 years
Buildings and improvements \| Maximum
Real Estate Properties [Line Items]
Useful life			35 years
Equipment and fixtures \| Minimum
Real Estate Properties [Line Items]
Useful life			7 years
Equipment and fixtures \| Maximum
Real Estate Properties [Line Items]
Useful life			10 years
Consolidated properties
Real Estate Properties [Line Items]
Impairment of real estate	$ 34,400
Number of properties impaired \| item	1
Unconsolidated properties
Real Estate Properties [Line Items]
Impairment charge to reduce investment to its estimated fair value		$ 55,200
Number of joint ventures properties impaired \| item		3

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Equity Instruments and Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Equity Instruments and Investments
Equity instruments with readily determinable fair value	$ 73,000	$ 142,200
Equity instruments without readily determinable fair values	236,200	217,200
Reduction in carrying value	27,500	0
Debt securities of our captive insurance companies	$ 52,325	$ 60,855
Debt Securities \| Securities in captive insurance subsidiary portfolio \| Maximum
Equity Instruments and Investments
Short-term investment maturity period	1 year
Investment maturity period	10 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Fair Value Measurements (Details) $ in Millions	Dec. 31, 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	$ 15.8	$ 6.2
Interest rate swap agreements and foreign currency forward contracts, gross liability balance	$ 8.6	$ 1.5

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Segment and Geographic Locations (Details) - item	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Segment Disclosure
Number of reportable segments	1
Geographic Concentration Risk \| Consolidated Long-Lived Assets \| Non-US
Segment Disclosure
Percentage of consolidated long lived assets	6.90%	7.10%
Geographic Concentration Risk \| Consolidated revenues \| Non-US
Segment Disclosure
Percentage of consolidated total revenue	3.50%	3%

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Deferred Costs and Other Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred costs and other assets
Deferred lease costs, net	$ 97,553	$ 109,155
In-place lease intangibles, net	7,076	14,107
Acquired above market lease intangibles, net	10,696	19,171
Marketable securities of our captive insurance companies	52,325	60,855
Goodwill	20,098	20,098
Other marketable and non-marketable securities	309,212	359,459
Prepaids, notes receivable and other assets, net	662,333	538,166
Deferred costs and other assets	1,159,293	1,121,011
Deferred Lease Costs
Deferred lease costs	312,464	358,287
Accumulated amortization	(214,911)	(249,132)
Deferred lease costs, net	97,553	109,155
Amortization, included in statements of operations and comprehensive income
Amortization of deferred leasing costs	$ 39,606	$ 43,028	$ 51,349

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets
Unamortized below market leases included in accounts payable, accrued expenses, intangibles and deferred revenues	$ 15,300	$ 21,600
Estimated future amortization, and the increasing (decreasing) effect on below market minimum rents
2023	4,352
2024	3,421
2025	2,318
2026	1,553
2027	1,246
Thereafter	2,451
Lease intangibles assets, net	15,341
Estimated future amortization, and the increasing (decreasing) effect on minimum rents
2023	(883)
2024	(104)
2025	841
2026	1,120
2027	1,220
Thereafter	2,451
Lease intangibles assets, net	$ 4,645
In-place lease intangibles
Intangible Assets
Average life of in-place lease intangibles	2 years 10 months 24 days
Amount of amortization expenses	$ 1,700	2,700	$ 1,300
Lease intangibles assets, gross	67,935	115,550
Accumulated amortization	(60,859)	(101,443)
Lease intangibles assets, net	$ 7,076	14,107
Above and below market leases
Intangible Assets
Weighted average remaining life of intangible	2 years 6 months
Above Market Leases
Intangible Assets
Lease intangibles assets, gross	$ 130,556	133,224
Accumulated amortization	(119,860)	(114,053)
Lease intangibles assets, net	10,696	$ 19,171
Estimated future amortization, and the increasing (decreasing) effect on minimum rents
2023	(5,235)
2024	(3,525)
2025	(1,477)
2026	(433)
2027	(26)
Lease intangibles assets, net	$ (10,696)

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Derivative Financial Instruments (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) DerivativeInstrument	Dec. 31, 2020 USD ($)	Dec. 31, 2022 EUR (€) DerivativeInstrument	Dec. 31, 2022 USD ($) DerivativeInstrument
Derivative Financial Instruments
Number of credit-risk-related hedging or derivative activities \| DerivativeInstrument				0	0
Unamortized gain on treasury locks and terminated hedges		$ 6.9			$ 10.9
Amount expected to be reclassified from accumulated other comprehensive loss to earnings within the next year					1
Gross accumulated other comprehensive income (loss) related to derivative activities		(10)			$ 36.5
Gains (losses) of cumulative translation adjustment	$ 131.7	$ 176	$ (198.7)
Interest rate swap
Derivative Financial Instruments
Number of Instruments \| DerivativeInstrument		2		1	1
Notional Amount		$ 375		€ 128
Interest rate swap \| Deferred costs and other assets
Derivative Financial Instruments
Interest rate derivative liabilities, fair value		0.6			$ 1.3
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
Forward contract net, fair value		2.8
USD-Euro currency forward contract \| September 15,2022. \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €				44.5
Forward contract net, fair value		(0.3)
USD-Euro currency forward contract \| September 15 2022 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €				44.5
Forward contract net, fair value		(0.4)
USD-Euro currency forward contract \| December 16, 2022 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €				89
Forward contract net, fair value		(0.8)
USD-Euro currency forward contract \| January 13, 2023 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €				50
Forward contract net, fair value					$ (2.9)
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					0.7
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					0.7
USD-Euro currency forward contract \| December 15, 2023 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €				50
Forward contract net, fair value					(2.8)
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					1.3
USD-Euro currency forward contract \| March 15, 2024. \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €				51
Forward contract net, fair value					(2.8)
USD-Euro currency forward contract \| April 12, 2023 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €				45
Forward contract net, fair value					(0.2)
USD-Euro currency forward contract \| September 15, 2023 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €				€ 44
Forward contract net, fair value					(0.1)
Simon Property Group, L.P.
Derivative Financial Instruments
Gross accumulated other comprehensive income (loss) related to derivative activities		$ (11.4)			$ 41.8

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies
Limited partners' interests in the Operating Partnership	$ 448,076	$ 477,292
Nonredeemable noncontrolling interests in properties, net	25,052	14,241
Total noncontrolling interests reflected in equity	$ 473,128	$ 491,533

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Reclassification Out of AOCI, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Policies
Total accumulated other comprehensive income (loss)	$ (199,500)				$ (175,100)				$ (199,500)	$ (175,100)	$ (136,200)
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net									5,647	206,855	(114,960)
Interest expense									(761,253)	(795,712)	(784,400)
Loss on extinguishment of debt										(51,841)
Net income attributable to noncontrolling interests									(312,850)	(319,076)	(164,760)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 673,786	$ 539,038	$ 496,743	$ 426,630	$ 503,241	$ 679,936	$ 617,257	$ 445,860	2,136,198	2,246,294	1,109,227
Currency translation adjustments \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net										5,660	(1,739)
Currency translation adjustments, attributable to noncontrolling interests \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests										(712)	219
Currency translation adjustments. \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS										4,948	(1,520)
Accumulated derivative losses, net, including noncontrolling interests \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense									1,595	1,625	1,845
Accumulated derivative losses, attributable to noncontrolling interests \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests									(202)	(204)	(232)
Accumulated derivative gains (losses), net \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS									$ 1,393	$ 1,421	$ 1,613

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Reclassification Out Of AOCI, Simon Property Group, L.P. (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Policies
Total accumulated other comprehensive income (loss)	$ (199,500)	$ (175,100)	$ (136,200)
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	5,647	206,855	(114,960)
Interest expense	(761,253)	(795,712)	(784,400)
Simon Property Group, L.P.
Significant Accounting Policies
Total accumulated other comprehensive income (loss)	(228,300)	(200,200)	(155,800)
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	5,647	206,855	(114,960)
Interest expense	(761,253)	(795,712)	(784,400)
Currency translation adjustments. \| Simon Property Group, L.P. \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		5,660	(1,739)
Accumulated derivative gains (losses), net \| Simon Property Group, L.P. \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense	$ 1,595	$ 1,625	$ 1,845

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Allowance for Credit Losses and Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Management Fees and Other Revenues
Insurance reserve for insurance subsidiaries and other self-insurance programs	$ 85,700	$ 77,200
Income Taxes
Provision for federal income taxes for REIT entities	0
Deferred Tax Liabilities, Net	278,300	259,300
Cash paid income taxes	$ 53,241	$ 102,454	$ 20,046

Summary of Significant Accou_15

Summary of Significant Accounting Policies - Simon Property Group Acquisition Holdings, Inc. - (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Feb. 23, 2021	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Investment Holdings [Line Items]
Gain (loss) on exchange of equity interests		$ (10,200)	$ 121,177	$ 178,672
Simon Property Group Acquisition Holdings, Inc
Investment Holdings [Line Items]
Gross proceeds from the special purpose acquisition company IPO	$ 345,000

Real Estate Acquisitions and _2

Real Estate Acquisitions and Dispositions (Details) $ in Thousands			12 Months Ended
	Jun. 17, 2022 USD ($)	Oct. 01, 2020 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property
Acquisitions
Variable mortgage loan			$ 2,286,583	$ 1,956,456
Dispositions
Mortgages and unsecured indebtedness			24,960,286	25,321,022
Simon Property Group, L.P.
Dispositions
Mortgages and unsecured indebtedness			$ 24,960,286	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	1
Proceeds from sale and disposal			$ 59,000
Gain (loss) on disposition of interest in properties		$ 12,300	$ (15,600)
Consolidated properties \| Retail properties \| Disposed by Sales \| Cross Collateralized Mortgage
Dispositions
Debt repaid		$ 33,400

Per Share and Per Unit Data (De

Per Share and Per Unit Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Per Share And Per Unit Data
Net Income attributable to Common Stockholders - Basic	$ 673,786	$ 539,038	$ 496,743	$ 426,630	$ 503,241	$ 679,936	$ 617,257	$ 445,860	$ 2,136,198	$ 2,246,294	$ 1,109,227
Net Income attributable to Common Stockholders - Diluted									$ 2,136,198	$ 2,246,294	$ 1,109,227
Weighted Average Shares Outstanding - Basic	326,953,791	327,286,003	328,444,627	328,606,352	328,619,248	328,619,163	328,594,136	328,514,497	327,816,695	328,587,137	308,737,625
Weighted Average Shares Outstanding - Diluted	326,953,791	327,286,003	328,444,627	328,606,352	328,619,248	328,619,163	328,594,136	328,514,497	327,816,695	328,587,137	308,737,625
Dividends
Total dividends/distributions paid per common share/unit									$ 6.90	$ 5.85	$ 6
Percent taxable as ordinary income									98.60%	93.10%	97.40%
Percent taxable as long-term capital gains									1.40%	6.90%	2.60%
Total percentage of dividends paid									100%	100%	100%
Simon Property Group, L.P.
Per Share And Per Unit Data
Net Income attributable to Common Stockholders - Basic	$ 771,195	$ 616,918	$ 568,289	$ 487,993	$ 575,596	$ 777,740	$ 706,087	$ 510,085	$ 2,444,395	$ 2,569,508	$ 1,276,450
Net Income attributable to Common Stockholders - Diluted									$ 2,444,395	$ 2,569,508	$ 1,276,450
Weighted Average Shares Outstanding - Basic	374,257,136	374,589,771	375,754,363	375,870,183	375,872,212	375,882,318	375,875,290	375,836,653	375,111,997	375,866,759	355,281,882
Weighted Average Shares Outstanding - Diluted	374,257,136	374,589,771	375,754,363	375,870,183	375,872,212	375,882,318	375,875,290	375,836,653	375,111,997	375,866,759	355,281,882

Investments in Unconsolidated_3

Investments in Unconsolidated Entities and International Investments - Real Estate Joint Ventures and Investments (Details) $ in Millions	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property
Investment in Unconsolidated Entities
Total number of joint venture properties \| property	82	84
Construction and other related party loans
Investment in Unconsolidated Entities
Loans to related party \| $	$ 112	$ 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										12 Months Ended
	Dec. 19, 2022 USD ($)	Dec. 20, 2021 USD ($)	Jun. 01, 2021 USD ($)	Dec. 29, 2020 USD ($) property $ / shares shares	Dec. 07, 2020 USD ($)	Feb. 19, 2020 USD ($) item	Dec. 31, 2022 USD ($) property	Jan. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) property	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($) item	Mar. 31, 2021 USD ($)	Sep. 30, 2020 USD ($) item	Dec. 31, 2019 USD ($)	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2016 item
Investment in Unconsolidated Entities
Mortgages							$ 24,960,286		$ 24,960,286				$ 25,321,022						$ 24,960,286	$ 25,321,022
Payments for acquisitions																			203,364	257,080	$ 3,606,694
Total assets							33,011,274		33,011,274				33,777,379						33,011,274	33,777,379
Total liabilities							29,187,383		29,187,383				29,376,654						29,187,383	29,376,654
Noncontrolling interests							473,128		473,128				491,533						473,128	491,533
Total revenue									1,399,898	$ 1,315,786	$ 1,279,842	$ 1,295,922	1,326,138	$ 1,296,554	$ 1,254,146	$ 1,239,951			5,291,447	5,116,789	4,607,503
Operating income before other items									684,205	652,196	626,761	620,391	591,533	612,324	604,723	604,612			2,583,553	2,413,190	1,971,809
Consolidated net income									772,748	$ 621,847	$ 569,480	$ 488,310	573,730	778,648	705,869	$ 510,460			2,452,385	2,568,707	1,277,324
Gain (loss) on exchange of equity interests							(10,200)												121,177	178,672
TRG
Investment in Unconsolidated Entities
Total assets							3,555,686		3,555,686				3,981,054						3,555,686	3,981,054
Total liabilities							4,356,406		4,356,406				4,785,011						4,356,406	4,785,011
Noncontrolling interests							163,293		163,293				155,868						163,293	155,868
Total revenue																			693,835	600,426
Operating income before other items																			254,395	197,074
Consolidated net income																			164,072	97,361
Our Share of Net Income																			129,065	78,370
Amortization of Excess Investment																			(189,629)	(196,072)
Other Platform Investments
Investment in Unconsolidated Entities
Total assets							12,897,980		12,897,980				9,083,440						12,897,980	9,083,440
Total liabilities							10,521,772		10,521,772				6,916,595						10,521,772	6,916,595
Noncontrolling interests							362,652		362,652				281,024						362,652	281,024
Total revenue																			14,895,379	14,454,661	3,450,029
Operating income before other items																			972,360	1,550,358	397,845
Consolidated net income																			738,255	1,400,632	323,887
Our Share of Net Income																			238,412	402,658	46,984
Amortization of Excess Investment																			(6,659)	(7,546)	(7,442)
Simon Property Group, L.P.
Investment in Unconsolidated Entities
Mortgages							24,960,286		24,960,286				25,321,022						24,960,286	25,321,022
Payments for acquisitions																			203,364	257,080	3,606,694
Total assets							33,011,274		33,011,274				33,777,379						33,011,274	33,777,379
Total liabilities							$ 29,187,383		$ 29,187,383				29,376,654						29,187,383	29,376,654
Total revenue																			5,291,447	5,116,789	4,607,503
Operating income before other items																			2,583,553	2,413,190	1,971,809
Consolidated net income																			2,452,385	2,568,707	$ 1,277,324
Gain (loss) on exchange of equity interests																			$ 121,177	178,672
Jamestown
Investment in Unconsolidated Entities
Ownership interest acquired (as a percent)	50%
Payments for acquisitions	$ 173,400
TRG
Investment in Unconsolidated Entities
Ownership interest acquired (as a percent)				80%
Ownership interest (as a percent)							80%		80%										80%
Number of regional, super regional and outlet malls \| property				24			24		24										24
Share price (in dollars per share) \| $ / shares				$ 43
Payments for acquisitions				$ 3,500,000
Aggregate investment in ventures							$ 3,074,345		$ 3,074,345				3,305,102						$ 3,074,345	3,305,102
Amortization of Excess Investment													52,400
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							$ 3,074,345		$ 3,074,345				3,305,102						$ 3,074,345	$ 3,305,102
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
Three Joint Venture Properties
Investment in Unconsolidated Entities
Number of joint ventures properties impaired \| item																	3
Impairment charge to reduce investment to its estimated fair value																	$ 55,200
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%
Forever 21 \| ABG
Investment in Unconsolidated Entities
Ownership interest (as a percent)																50%
Additional noncontrolling interest purchased																12.50%
SPARC Group
Investment in Unconsolidated Entities
Number of joint ventures \| item																						2
SPARC Group Retail Operations
Investment in Unconsolidated Entities
Ownership interest (as a percent)							50%		50%										50%
Payments for acquisitions								$ 6,700
Additional noncontrolling interest purchased								5.05%
ABG
Investment in Unconsolidated Entities
Ownership interest (as a percent)							12.30%		12.30%										12.30%
Payments for acquisitions		$ 100,000						$ 33,500
Aggregate investment in ventures														98,800	102,700
Additional noncontrolling interest purchased								1.37%
Gain (loss) on exchange of equity interests									$ 159,000					159,800
Deferred Taxes							$ 39,700		39,700					$ 47,900					$ 39,700
Pre-tax gain		18,800
Tax expense		$ 8,000
HBS
Investment in Unconsolidated Entities
Impairment charge to reduce investment to its estimated fair value																	$ 36,100	$ 47,200
Unconsolidated properties
Investment in Unconsolidated Entities
Number of joint ventures properties impaired \| item																	3
Impairment charge to reduce investment to its estimated fair value																	$ 55,200
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
Unconsolidated properties \| Discontinued Operations, Disposed of by Means Other than Sale [Member] \| Retail properties
Investment in Unconsolidated Entities
Number of properties disposed of during the period \| property																			2
Gain on interest in unconsolidated entities																			$ 19,900
Unconsolidated properties \| Discontinued Operations, Disposed of by Means Other than Sale [Member] \| Retail properties \| Non-recourse $99.6M Mortgage
Investment in Unconsolidated Entities
Mortgages							99,600		99,600										99,600
Unconsolidated properties \| Discontinued Operations, Disposed of by Means Other than Sale [Member] \| Retail properties \| Non-recourse $83.1M Mortgage
Investment in Unconsolidated Entities
Mortgages							$ 83,100		$ 83,100										$ 83,100

Investments in Unconsolidated_5

Investments in Unconsolidated Entities and International Investments - European Investments (Details) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022 USD ($) property $ / shares shares	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) property	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) property $ / shares shares	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($) property	Jan. 01, 2021 USD ($)
Investment in Unconsolidated Entities
Total assets	$ 33,011,274				$ 33,777,379				$ 33,011,274	$ 33,777,379
Total liabilities	29,187,383				29,376,654				29,187,383	29,376,654
Noncontrolling interests	473,128				491,533				473,128	491,533
Total revenue	1,399,898	$ 1,315,786	$ 1,279,842	$ 1,295,922	1,326,138	$ 1,296,554	$ 1,254,146	$ 1,239,951	5,291,447	5,116,789	$ 4,607,503
Operating income before other items	684,205	652,196	626,761	620,391	591,533	612,324	604,723	604,612	2,583,553	2,413,190	1,971,809
Consolidated Net Income	772,748	$ 621,847	$ 569,480	$ 488,310	573,730	$ 778,648	$ 705,869	510,460	2,452,385	2,568,707	$ 1,277,324
Klepierre
Investment in Unconsolidated Entities
Investment, in equity	$ 1,561,112				$ 1,661,943				$ 1,561,112	$ 1,661,943
European Joint Venture \| Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties \| property	11				11				11	11	10
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 assets	$ 16,016,137				$ 18,137,100				$ 16,016,137	$ 18,137,100
Total liabilities	10,074,502				11,854,151				10,074,502	11,854,151
Noncontrolling interests	$ 1,226,734				1,320,001				1,226,734	1,320,001
Total revenue									1,308,409	1,240,277	$ 1,306,221
Operating income before other items									590,829	380,470	327,331
Consolidated Net Income									581,075	848,104	211,153
Our Share of Net Income									116,084	164,575	36,832
Amortization of Excess Investment									$ (13,937)	(19,444)	(10,289)
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	$ 23.04								$ 23.04
Gain (loss) on sale or disposal of assets and interests in unconsolidated entities									$ 1,300	1,200	$ (4,300)
Non cash gain due to setup of tax basis of assets										118,400
Europe \| Value Retail PLC
Investment in Unconsolidated Entities
Number of luxury outlets owned and operated \| property	9								9
Number of outlets in which the entity has a minority direct ownership \| property	3								3
Europe \| Value Retail PLC \| Deferred costs and other assets
Investment in Unconsolidated Entities
Value of equity instruments	$ 140,800				$ 140,800				$ 140,800	$ 140,800

Investments in Unconsolidated_6

Investments in Unconsolidated Entities and International Investments - Asian Joint Ventures (Details) - Premium Outlets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Japan \| Mitsubishi Estate Co., Ltd.
Investment in Unconsolidated Entities
Ownership percentage	40%	40%
Our net (deficit) Investment in unconsolidated entities, at equity	$ 206.3	$ 206.1
South Korea \| Shinsegae International Co
Investment in Unconsolidated Entities
Ownership percentage	50%	50%
Our net (deficit) Investment in unconsolidated entities, at equity	$ 199.5	$ 194.9

Investments in Unconsolidated_7

Investments in Unconsolidated Entities and International Investments - Combined Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
ASSETS:
Investment properties, at cost	$ 38,326,912	$ 37,932,366
Less - accumulated depreciation	16,563,749	15,621,127
Investment properties, at cost, net	21,763,163	22,311,239
Cash and cash equivalents	621,628	533,936
Tenant receivables and accrued revenue, net	823,540	919,654
Right-of-use assets, net	496,930	504,119
Deferred costs and other assets	1,159,293	1,121,011
Total assets	33,011,274	33,777,379
Liabilities and Partners' Deficit:
Mortgages	24,960,286	25,321,022
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,491,583	1,433,216
Lease liabilities	497,953	506,931
Other liabilities	535,736	540,912
Total liabilities	29,187,383	29,376,654
Preferred units	212,239	547,740
Total liabilities and equity	33,011,274	33,777,379
Unconsolidated properties \| Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments
Our Share of:
Partners' deficit	(1,232,086)	(1,207,396)
Add: Excess Investment	1,219,117	1,283,645
Our net (deficit) Investment in unconsolidated entities, at equity	(12,969)	76,249
Unconsolidated properties \| Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments
ASSETS:
Investment properties, at cost	19,256,108	19,724,242
Less - accumulated depreciation	8,490,990	8,330,891
Investment properties, at cost, net	10,765,118	11,393,351
Cash and cash equivalents	1,445,353	1,481,287
Tenant receivables and accrued revenue, net	546,025	591,369
Right-of-use assets, net	143,526	154,561
Deferred costs and other assets	482,375	394,691
Total assets	13,382,397	14,015,259
Liabilities and Partners' Deficit:
Mortgages	14,569,921	15,223,710
Accounts payable, accrued expenses, intangibles, and deferred revenues	961,984	995,392
Lease liabilities	133,096	158,372
Other liabilities	446,064	383,018
Total liabilities	16,111,065	16,760,492
Preferred units	67,450	67,450
Partners' deficit	(2,796,118)	(2,812,683)
Total liabilities and equity	$ 13,382,397	$ 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 - Repayments of Mortgages (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Scheduled principal repayments on mortgage indebtedness
2023	$ 1,342,656
2024	3,331,015
2025	2,657,375
2026	3,936,750
2027	3,265,832
Thereafter	10,501,408
Total principal maturities	25,035,036
Debt issuance costs	(108,210)	$ (124,159)
Total mortgages	24,960,286	25,321,022
Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments \| Unconsolidated properties
Scheduled principal repayments on mortgage indebtedness
2023	1,277,532
2024	2,756,370
2025	1,853,644
2026	2,989,001
2027	2,306,171
Thereafter	3,424,158
Total principal maturities	14,606,876
Debt issuance costs	(36,955)
Total mortgages	$ 14,569,921	$ 15,223,710
Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments \| Unconsolidated properties
Scheduled principal repayments on mortgage indebtedness
Weighted average interest rate (as a percent)	4.32%
Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments \| Unconsolidated properties \| Minimum
Scheduled principal repayments on mortgage indebtedness
Interest rate on debt (as a percent)	0.16%
Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments \| Unconsolidated properties \| Maximum
Scheduled principal repayments on mortgage indebtedness
Interest rate on debt (as a percent)	13.92%

Investments in Unconsolidated_9

Investments in Unconsolidated Entities and International Investments - Combined Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUE:
Lease income									$ 4,905,175	$ 4,736,719	$ 4,302,367
Other income									269,368	273,587	208,254
Total revenue	$ 1,399,898	$ 1,315,786	$ 1,279,842	$ 1,295,922	$ 1,326,138	$ 1,296,554	$ 1,254,146	$ 1,239,951	5,291,447	5,116,789	4,607,503
EXPENSES:
Property operating									464,135	415,720	349,154
Depreciation and amortization									1,227,371	1,262,715	1,318,008
Real estate taxes									443,224	458,953	457,142
Repairs and maintenance									93,595	96,391	80,858
Advertising and promotion									107,793	114,303	98,613
Other									152,213	140,518	137,679
Total operating expenses									2,707,894	2,703,599	2,635,694
OPERATING INCOME BEFORE OTHER ITEMS	684,205	652,196	626,761	620,391	591,533	612,324	604,723	604,612	2,583,553	2,413,190	1,971,809
Interest expense									(761,253)	(795,712)	(784,400)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net									5,647	206,855	(114,960)
CONSOLIDATED NET INCOME	$ 772,748	$ 621,847	$ 569,480	$ 488,310	$ 573,730	$ 778,648	$ 705,869	$ 510,460	2,452,385	2,568,707	1,277,324
Income from Unconsolidated Entities									647,977	782,837	219,870
Unconsolidated properties \| Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments
EXPENSES:
Third-Party Investors' Share of Net Income									423,816	333,304	226,364
Our Share of Net Income									383,619	334,757	227,452
Amortization of Excess Investment									(60,109)	(64,974)	(82,097)
Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements										(14,941)
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net									(2,532)	(541)
Income from Unconsolidated Entities									320,978	254,301	145,355
Unconsolidated properties \| Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments
REVENUE:
Lease income									2,894,611	2,797,221	2,544,134
Other income									341,923	319,956	300,634
Total revenue									3,236,534	3,117,177	2,844,768
EXPENSES:
Property operating									605,018	575,584	519,979
Depreciation and amortization									666,762	686,790	692,424
Real estate taxes									246,707	263,325	262,351
Repairs and maintenance									81,522	79,300	68,722
Advertising and promotion									74,776	72,441	67,434
Other									205,405	200,899	163,710
Total operating expenses									1,880,190	1,878,339	1,774,620
OPERATING INCOME BEFORE OTHER ITEMS									1,356,344	1,238,838	1,070,148
Interest expense									(599,245)	(605,591)	(616,332)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net									50,336	34,814
CONSOLIDATED NET INCOME									$ 807,435	$ 668,061	$ 453,816

Indebtedness - Narrative (Detai

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

3 Months Ended

12 Months Ended

Nov. 17, 2022 USD ($)

Nov. 17, 2022 EUR (€)

Nov. 16, 2022 USD ($)

Nov. 16, 2022 EUR (€)

Jan. 12, 2022 USD ($)

Jan. 11, 2022 USD ($)

Dec. 14, 2021 USD ($) item

Mar. 23, 2021 USD ($)

Feb. 02, 2021 USD ($)

Jan. 27, 2021 USD ($)

Sep. 30, 2021 USD ($)

Dec. 31, 2022 USD ($) property item

Dec. 31, 2021 USD ($)

Jan. 01, 2023 EUR (€)

Dec. 31, 2022 EUR (€) property item

Aug. 18, 2021 USD ($)

Mar. 19, 2021 USD ($)

Mar. 19, 2021 EUR (€)

Jan. 21, 2021 USD ($)

Dec. 15, 2020 USD ($)

Debt

Debt issuance costs

$ 108,210

$ 124,159

Other Debt Obligations

63,445

Long-term debt

24,960,286

25,321,022

Loss on debt extinguishment

51,841

Fixed-Rate Debt:

Fixed rate debt

22,610,258

23,301,121

Net unamortized debt premium

20,909

Net discounts

50,894

Variable-Rate Debt:

Variable-rate mortgages and unsecured indebtedness

2,286,583

1,956,456

Interest rate swap

Debt

Notional Amount

375,000

€ 128

Simon Property Group, L.P.

Debt

Long-term debt

24,960,286

25,321,022

Loss on debt extinguishment

51,841

Supplemental Facility | Simon Property Group, L.P.

Debt

Extinguishment of debt, amount

$ 1,160,000

Number of mortgages extinguished | item

Loss on debt extinguishment

$ 20,300

Secured Debt | Mortgages

Debt

Long-term debt

$ 5,500,000

5,400,000

Debt covenants

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

Number of properties pledged as collateral | property

Number of cross-defaulted and cross-collateralized mortgage pools | item

Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages | property

Secured Debt | Fixed Rate Mortgages

Debt

Debt issuance costs

$ 11,194

14,619

Fixed-Rate Debt:

Fixed rate debt

4,580,799

4,546,614

Net unamortized debt premium

$ 2,436

2,892

Weighted average maturity period, fixed-rate debt

3 years 8 months 12 days

Secured Debt | Fixed Rate Mortgages | Weighted average

Fixed-Rate Debt:

Fixed rate of interest

3.75%

Secured Debt | Variable Rate Mortgages

Debt

Debt issuance costs

$ 5,336

4,354

Variable-Rate Debt:

Variable-rate mortgages and unsecured indebtedness

$ 874,442

803,495

Weighted average maturity period, variable-rate debt

1 year 8 months 12 days

Secured Debt | Variable Rate Mortgages | Weighted average

Variable-Rate Debt:

Variable rate of interest

5.14%

Unsecured Debt | Simon Property Group, L.P.

Debt

Loss on debt extinguishment

$ 28,600

Unsecured Debt | Senior unsecured notes

Debt

Debt issuance costs

$ 76,058

83,147

Fixed-Rate Debt:

Fixed rate debt

18,029,459

18,254,507

Net discounts

$ 32,421

30,964

Weighted average maturity period, fixed-rate debt

9 years 1 month 6 days

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

Debt

Long-term debt

$ 18,600,000

Debt repaid

$ 777,100

€ 750

Unsecured Debt | Senior unsecured notes | Weighted average

Fixed-Rate Debt:

Fixed rate of interest

2.99%

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

Debt

Amount of debt redeemed

$ 550,000

Interest rate (as a percent)

2.50%

Unsecured Debt | Senior Unsecured Notes Maturing February 2032 | Simon Property Group, L.P.

Debt

Debt issued

$ 700,000

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)

43%

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

Debt

Debt issued

$ 800,000

Interest rate on debt (as a percent)

1.75%

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

Debt

Debt issued

$ 700,000

Interest rate on debt (as a percent)

2.20%

Unsecured Debt | Senior Unsecured Notes Maturing January 2027 | Simon Property Group, L.P.

Debt

Debt issued

$ 550,000

Interest rate on debt (as a percent)

1.375%

Unsecured Debt | Senior Unsecured Notes Maturing January 2032 | Simon Property Group, L.P.

Debt

Debt issued

$ 700,000

Interest rate on debt (as a percent)

2.65%

2.25%

Unsecured Debt | Senior Unsecured Notes 2.35% Due January 30, 2022 | Simon Property Group, L.P.

Debt

Amount of debt redeemed

$ 550,000

Interest rate on debt (as a percent)

2.35%

Unsecured Debt | Senior Unsecured Notes 2.625% Due June 15, 2022 | Simon Property Group, L.P.

Debt

Amount of debt redeemed

$ 600,000

Interest rate on debt (as a percent)

2.625%

Unsecured Debt | Senior Unsecured Notes 2.75% Due February 1, 2023 | Simon Property Group, L.P.

Debt

Amount of debt redeemed

$ 500,000

Interest rate on debt (as a percent)

2.75%

Unsecured Debt | Senior unsecured notes 1.125% due March 19,2033 | Simon Property Group, L.P.

Debt

Debt issued

$ 893,000

€ 750

Interest rate on debt (as a percent)

1.125%

Unsecured Debt | Commercial Paper

Fixed-Rate Debt:

Fixed rate debt

500,000

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

Debt

Long-term debt

$ 0

Maximum borrowing capacity

2,000,000

Unsecured Debt | Credit Facilities

Debt

Debt issuance costs

15,622

22,039

Variable-Rate Debt:

Variable-rate mortgages and unsecured indebtedness

1,412,141

$ 1,152,961

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

Debt

Available borrowing capacity

6,600,000

Maximum amount outstanding during period

1,200,000

Letters of credit outstanding

10,000

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

Debt

Long-term debt

$ 0

Delayed-draw term loan

$ 2,000,000

Debt repaid

$ 1,250,000

$ 750,000

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

Debt

Credit facility, amount outstanding

125,000

Maximum borrowing capacity

4,000,000

Additional borrowing capacity

$ 1,000,000

Additional extension period | item

Debt extension period

6 months

Optional expanded maximum borrowing capacity

$ 5,000,000

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

Debt

Interest rate (as a percent)

0.50%

Unsecured Debt | Credit Facility | Simon Property Group, L.P. | Adjusted Term One-Month SOFR

Debt

Interest rate (as a percent)

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. | Base Rate

Debt

Interest rate (as a percent)

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

Debt

Interest rate (as a percent)

0.65%

Facility fee (in percentage)

0.10%

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

Debt

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

95%

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

Debt

Interest rate (as a percent)

0.40%

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

Debt

Interest rate (as a percent)

1.40%

Facility fee (in percentage)

0.30%

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

Debt

Amount drawn

$ 779,000

€ 750

$ 1,050,000

Credit facility, amount outstanding

$ 802,800

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. | Interest rate swap | Subsequent Event

Debt

Notional Amount | €

€ 750

Fixed exchange rate

3.81%

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

Debt

Interest rate on debt (as a percent)

0.50%

Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | Adjusted Term One-Month SOFR

Debt

Interest rate (as a percent)

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

Debt

Interest rate (as a percent)

0.725%

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

Debt

Interest rate (as a percent)

Facility fee (in percentage)

0.10%

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

Debt

Interest rate (as a percent)

0.65%

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

Debt

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

100%

Interest rate (as a percent)

0.40%

Facility fee (in percentage)

0.30%

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

Debt

Interest rate (as a percent)

1.40%

Supplemental Facility | Credit Facilities | Simon Property Group, L.P.

Debt

Credit facility, weighted average amount outstanding

$ 260,700

Indebtedness - Maturity (Detail

Indebtedness - Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Maturity and Other
2023	$ 1,342,656
2024	3,331,015
2025	2,657,375
2026	3,936,750
2027	3,265,832
Thereafter	10,501,408
Total principal maturities	25,035,036
Net unamortized debt premium	20,909
Net unamortized debt discount	(50,894)
Debt issuance costs, net	(108,210)	$ (124,159)
Other Debt Obligations	63,445	63,445
Total mortgages	$ 24,960,286	$ 25,321,022

Indebtedness - Debt Issuance Co

Indebtedness - Debt Issuance Costs and Discounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt
Cash paid for interest	$ 763,203	$ 822,182	$ 754,306
Debt issuance cost
Debt issuance costs	210,893	227,774
Accumulated amortization	(102,683)	(103,615)
Debt issuance costs	108,210	124,159
Amortization of Debt Issuance Costs and Discounts
Amortization of debt issuance costs	26,113	24,794	23,076
Amortization of debt discounts/(premiums)	$ 7	$ 168	$ 174

Indebtedness - Fair Value (Deta

Indebtedness - Fair Value (Details) $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fixed rate mortgages and unsecured indebtedness \| Book value
Fair Value of Debt
Fair value of consolidated fixed rate mortgages and unsecured indebtedness	$ 22,600	$ 23,300
Fixed rate mortgages and unsecured indebtedness \| Fair value
Fair Value of Debt
Fair value of consolidated fixed rate mortgages and unsecured indebtedness	$ 20,020	$ 24,597
Discount Rate \| Weighted average \| Fixed rate mortgages
Fair Value of Debt
Debt percentage- measurement input	6.10	3.17
Discount Rate \| Weighted average \| Unsecured Debt
Fair Value of Debt
Debt percentage- measurement input	5.87	3.33

Equity - Common Stock and Unit

Equity - Common Stock and Unit Issuances and Repurchases (Details) $ / shares in Units, $ in Millions					12 Months Ended
	May 16, 2022 USD ($)	Dec. 29, 2020 shares	Nov. 18, 2020 USD ($) $ / shares shares	Feb. 11, 2019 USD ($)	Dec. 31, 2022 USD ($) Vote item director person $ / shares shares	Dec. 31, 2021 USD ($) person shares	Dec. 31, 2020 $ / shares shares
Equity
Minimum number of additional classes or series of common stock that the Board is authorized to reclassify from excess common stock \| item					1
Exchange of limited partner units, (in shares)					2,680	58,571	293,204
Redemption of units					14,740	15,705	116,658
Public offering of common stock, shares			22,137,500				22,137,500
Proceeds from issuance of common stock \| $			$ 1,600
Share Price \| $ / shares			$ 72.50
Common stock authorized for repurchase \| $	$ 2,000			$ 2,000
Period common stock is authorized to repurchase	2 years			2 years
Shares repurchased (in shares)					1,830,022		1,245,654
Average share price repurchased (in dollars per share) \| $ / shares					$ 98.57		$ 122.50
Simon Property Group, L.P.
Equity
Redemption of units					14,740	15,705	116,658
Public offering of common stock, shares							22,137,500
TRG
Equity
Ownership interest acquired (as a percent)		80%
TRG \| Simon Property Group, L.P.
Equity
Number of units issued in connection with acquisition		955,705
Class B common stock
Equity
Common Stock, Shares, Outstanding					8,000	8,000
Number of voting trusts which are subject to outstanding shares common stock \| Vote					2
Common Stock.
Equity
Number of votes entitled per share to holders of common stock \| Vote					1
Limited Partners \| Simon Property Group, L.P.
Equity
Exchange of limited partner units, (in shares)					2,680	58,571
Redemption of units					14,740	15,705
Number of limited partners whose common stock redeemed \| person					3	7
Value of units redeemed \| $					$ 1.9	$ 2.2
Number of limited partners who received common stock \| person					2	7
Maximum \| Class B common stock
Equity
Number of members of board of directors elected under entitlement of right \| director					4

Equity - Temporary Equity (Deta

Equity - Temporary Equity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) item $ / shares shares	Dec. 31, 2021 USD ($) shares
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	$ 212,239	$ 547,740
Simon Property Group, L.P.
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	$ 212,239	$ 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	0	0
Preferred stock stated dividend rate (as a percent)	7.50%	7.50%
Temporary equity, shares authorized \| shares	260,000	260,000
Temporary equity, shares issued \| shares	255,373	255,373
Temporary equity, shares outstanding \| shares	255,373	255,373
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	$ 25,537	$ 25,537
Cumulative quarterly distributions on preferred units (in dollars per share) \| $ / shares	$ 7.50
Temporary equity redemption price (in dollars per share) \| $ / shares	100
Liquidation preference (in dollars per share) \| $ / shares	$ 100
7.5% Cumulative Redeemable Preferred Units \| Simon Property Group, L.P.
Redeemable preferred stock
Number of series of units classified into temporary equity \| item	1
Noncontrolling interests redeemable at amounts in excess of fair value	0	0
Preferred stock stated dividend rate (as a percent)	7.50%	7.50%
Temporary equity, shares authorized \| shares	260,000	260,000
Temporary equity, shares issued \| shares	255,373	255,373
Temporary equity, shares outstanding \| shares	255,373	255,373
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	$ 25,537	$ 25,537
Cumulative quarterly distributions on preferred units (in dollars per share) \| $ / shares	$ 7.50
Temporary equity redemption price (in dollars per share) \| $ / shares	100
Liquidation preference (in dollars per share) \| $ / shares	$ 100
Other noncontrolling redeemable interest
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	$ 186,702	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	$ 186,702	$ 522,203

Equity - Permanent Equity (Deta

Equity - Permanent Equity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Series J Preferred stock
Equity
Preferred stock stated dividend rate (as a percent)	8.375%	8.375%
Redemption price of preferred stock (in dollars per share)	$ 50
Premium received on preferred stock issued	$ 7.5
Preferred stock unamortized premium	$ 1.6	$ 1.9
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized	1,000,000	1,000,000
Simon Property Group, L.P.
Equity
J 8 3/8% cumulative redeemable preferred stock, units outstanding	796,948	796,948
Simon Property Group, L.P. \| Series J Preferred stock
Equity
Preferred stock stated dividend rate (as a percent)	8.375%	8.375%
Redemption price of preferred stock (in dollars per share)	$ 50
Premium received on preferred stock issued	$ 7.5
Preferred stock unamortized premium	$ 1.6	$ 1.9
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized	1,000,000
J 8 3/8% cumulative redeemable preferred stock, units issued	796,948
J 8 3/8% cumulative redeemable preferred stock, units outstanding	796,948

Equity - Stock Based Compensati

Equity - Stock Based Compensation (Details)			1 Months Ended	3 Months Ended	12 Months Ended
Equity - Stock Based Compensation (Details)	Mar. 18, 2022 $ / shares	Mar. 11, 2022 $ / shares	Mar. 31, 2022 shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2022 USD ($) item $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Exchange Rights
Limited partners units, exchange ratio \| item					1
Common stock reserved for possible conversion (in shares) \| shares					54,305,552
Restricted stock
Stock-based incentive plan awards
Shares of restricted stock awarded during the year, net of forfeitures \| shares					160,259	42,036	150,703
Weighted average fair value of shares granted during the year (in dollars per share) \| $ / shares					$ 129.62	$ 117.52	$ 50.31
Compensation expense, net of capitalization					$ 9,583,000	$ 8,817,000	$ 10,305,000
Restricted Stock and Restricted Stock Units \| Minimum
Stock-based incentive plan awards
Vesting service period					3 years
Restricted Stock and Restricted Stock Units \| Maximum
Stock-based incentive plan awards
Vesting service period					4 years
1998 Stock Incentive Plan \| Restricted Stock and Restricted Stock Units
Stock-based incentive plan awards
Total number of shares awarded, net of forfeiture \| shares					5,858,453
2019 Stock Incentive Plan
Stock-based incentive plan awards
Shares reserved for issuance (in shares) \| shares					8,000,000
2019 Stock Incentive Plan \| Audit Committee Chairman
Stock-based incentive plan awards
Retainer					$ 35,000
2019 Stock Incentive Plan \| Compensation Committee Chairman
Stock-based incentive plan awards
Retainer					35,000
2019 Stock Incentive Plan \| Nominating And Governance Committee Chairman
Stock-based incentive plan awards
Retainer					25,000
2019 Stock Incentive Plan \| Audit Committee Member
Stock-based incentive plan awards
Retainer					15,000
2019 Stock Incentive Plan \| Compensation Committee Member
Stock-based incentive plan awards
Retainer					15,000
2019 Stock Incentive Plan \| Nominating And Governance Committee Member
Stock-based incentive plan awards
Retainer					$ 10,000
2019 Stock Incentive Plan \| Automatic Awards for Eligible Directors
Stock-based incentive plan awards
Retainer fee paid cash (as a percent)					50%
2019 Stock Incentive Plan \| Independent Director
Stock-based incentive plan awards
Cash retainer					$ 110,000
2019 Stock Incentive Plan \| Lead Director
Stock-based incentive plan awards
Retainer					$ 50,000
2019 Stock Incentive Plan \| Restricted stock \| Automatic Awards for Eligible Directors
Stock-based incentive plan awards
Retainer fee paid in restricted shares (as a percent)					50%
Vesting service period					1 year
2019 Stock Incentive Plan \| Restricted stock \| Independent Director
Stock-based incentive plan awards
Grant date value of restricted stock					$ 175,000
2019 Stock Incentive Plan \| Employee Options
Stock-based incentive plan awards
Expiration period					10 years
Vesting service period					3 years
2019 Stock Incentive Plan \| Restricted Stock and Restricted Stock Units
Stock-based incentive plan awards
Total number of shares awarded, net of forfeiture \| shares					769,912
2019 Stock Incentive Plan \| Time Based Restricted Stock Units
Stock-based incentive plan awards
Vesting service period				3 years		3 years	3 years
Awards granted (in units) \| shares				52,673		37,976	312,263
Grant date fair value				$ 6,900,000		$ 4,300,000	$ 26,300,000
Weighted average fair value of shares granted during the year (in dollars per share) \| $ / shares	$ 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					$ 24,700,000	$ 24,800,000	$ 1,900,000
2019 LTIP program \| LTIP Units
Stock-based incentive plan awards
Performance period					3 years
Awards granted (in units) \| shares			72,442		72,442
Grant date fair value					$ 9,500,000
Grant date target value					$ 14,700,000
2021 LTIP program \| LTIP Units
Stock-based incentive plan awards
Performance period					3 years
Grant date fair value					$ 5,700,000
Grant date target value					$ 12,200,000
2021 LTIP program \| Time Based Restricted Stock Units \| Maximum
Stock-based incentive plan awards
Grant date fair value						$ 18,400,000
2022 LTIP program \| LTIP Units
Stock-based incentive plan awards
Performance period					3 years
Grant date target value					$ 13,700,000
2022 LTIP program \| LTIP Units \| Maximum
Stock-based incentive plan awards
Grant date fair value				$ 20,600,000

Lease Income (Details)

Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
Lease Income (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessor, Lease, Description [Line Items]
Fixed-lease income	$ 3,858,592	$ 3,701,991	$ 3,871,395
Variable lease income	1,046,583	1,034,728	430,972
Total lease income	4,905,175	4,736,719	$ 4,302,367
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2023	3,068,299
2024	2,498,364
2025	2,009,998
2026	1,574,836
2027	1,234,707
Thereafter	3,200,933
Future minimum rental receivables	13,587,137
Tenant receivables and accrued revenue
Lessor, Lease, Description [Line Items]
Straight-line receivables	$ 546,500	$ 568,700

Commitments and Contingencies -

Commitments and Contingencies - Lease Commitments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Lease Commitments
Properties subject to ground leases \| property	23
Lease Cost
Fixed lease cost	$ 30,257	$ 32,492	$ 31,404
Variable lease cost	17,593	15,454	13,270
Sublease income		(705)	(746)
Total operating lease cost	47,850	47,241	43,928
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 47,754	$ 47,824	$ 44,570
Weighted-average remaining lease term - operating leases	32 years 8 months 12 days	33 years 7 months 6 days	34 years 4 months 24 days
Weighted-average discount rate - operating leases	4.87%	4.87%	4.86%
Operating Lease Liabilities
2023	$ 33,163
2024	30,716
2025	30,727
2026	30,740
2027	30,770
Thereafter	828,521
Future minimum gross lease payments	984,637
Impact of discounting	(486,684)
Operating lease liabilities	$ 497,953	$ 506,931

Commitments and Contingencies_2

Commitments and Contingencies - Insurance (Details) $ in Billions	12 Months Ended
	Dec. 31, 2022 USD ($)
Commitments and Contingencies.
Insurance coverage, acts of terrorism	$ 1

Commitments and Contingencies_3

Commitments and Contingencies - Hurricane Impacts (Details) $ in Thousands	3 Months Ended			12 Months Ended
	Sep. 30, 2020 USD ($) property	Dec. 31, 2017 USD ($)	Sep. 30, 2017 property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Hurricane Impact
Insurance proceeds for property restoration				$ 7,200	$ 31,198
Loss from Catastrophes \| PUERTO RICO \| Wholly owned properties
Hurricane Impact
Number of properties significantly damaged \| property			2
Total insurance proceeds received		$ 84,000
Insurance proceeds for property restoration		$ 48,300
Gain related to property insurance recovery				$ 2,100	$ 5,200
Gain on Business Interruption Insurance Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration]				Other Income.	Other Income.
Loss from Catastrophes \| TEXAS
Hurricane Impact
Number of properties significantly damaged \| property	1
Asset write-offs	$ 9,600
Insurance proceeds for property restoration	$ 14,000
Gain related to property insurance recovery				$ 3,500
Gain on Business Interruption Insurance Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration]				Acquisition Of Controlling Interest Sale Or Disposal Of Or Recovery On Assets And Interests In Unconsolidated Entities Gain Or Loss And Impairment Net
Loss from Catastrophes \| LOUISIANA
Hurricane Impact
Number of properties significantly damaged \| property	1
Asset write-offs	$ 11,100
Insurance proceeds for property restoration	$ 27,500
Gain related to property insurance recovery				$ 17,500
Gain on Business Interruption Insurance Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration]				Acquisition Of Controlling Interest Sale Or Disposal Of Or Recovery On Assets And Interests In Unconsolidated Entities Gain Or Loss And Impairment Net

Commitments and Contingencies_4

Commitments and Contingencies - Guarantees of Indebtedness (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Joint Venture Mortgage and Indebtedness
Guarantees of Joint Venture Indebtedness:
Loan guarantee	$ 128	$ 209.9

Commitments and Contingencies_5

Commitments and Contingencies - Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2022
Consolidated revenues \| Concentration of credit risk \| Maximum
Concentration of Credit Risk
Percentage of Consolidated Total Revenue	5%

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	12 Months Ended
Related Party Transactions (Details) $ in Millions	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
JC Penney And SPARC Group \| Lease_Income.
Related Party Transactions
Amounts charged to related party	$ 83.8	$ 82.5	$ 54.1
Unconsolidated joint ventures \| Amounts for services provided
Related Party Transactions
Amounts charged to related party	$ 0.6	0.6	0.6
Properties owned by related parties \| Amounts for services provided
Related Party Transactions
Number of shopping centers owned by related parties in which management services are provided \| property	2
Amounts charged to related party	$ 3.8	3.5	3.3
Unconsolidated Joint Ventures \| Amounts for services provided
Related Party Transactions
Amounts charged to related party	112.1	102.1	92.7
Unconsolidated Joint Ventures \| Development, royalty and other fees
Related Party Transactions
Amounts charged to related party	$ 12.1	$ 12.4	$ 13.1

Quarterly Financial Data (Una_3

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total revenue	$ 1,399,898	$ 1,315,786	$ 1,279,842	$ 1,295,922	$ 1,326,138	$ 1,296,554	$ 1,254,146	$ 1,239,951	$ 5,291,447	$ 5,116,789	$ 4,607,503
Operating income before other items	684,205	652,196	626,761	620,391	591,533	612,324	604,723	604,612	2,583,553	2,413,190	1,971,809
Consolidated net income	772,748	621,847	569,480	488,310	573,730	778,648	705,869	510,460	2,452,385	2,568,707	1,277,324
Net Income attributable to common stockholders or unitholders	$ 673,786	$ 539,038	$ 496,743	$ 426,630	$ 503,241	$ 679,936	$ 617,257	$ 445,860	$ 2,136,198	$ 2,246,294	$ 1,109,227
Weighted Average Shares Outstanding - Basic	326,953,791	327,286,003	328,444,627	328,606,352	328,619,248	328,619,163	328,594,136	328,514,497	327,816,695	328,587,137	308,737,625
Net income per share - Basic	$ 2.06	$ 1.65	$ 1.51	$ 1.30	$ 1.53	$ 2.07	$ 1.88	$ 1.36	$ 6.52	$ 6.84	$ 3.59
Net income per share - Diluted	$ 2.06	$ 1.65	$ 1.51	$ 1.30	$ 1.53	$ 2.07	$ 1.88	$ 1.36
Weighted average shares outstanding - basic	326,953,791	327,286,003	328,444,627	328,606,352	328,619,248	328,619,163	328,594,136	328,514,497	327,816,695	328,587,137	308,737,625
Weighted average shares outstanding - diluted	326,953,791	327,286,003	328,444,627	328,606,352	328,619,248	328,619,163	328,594,136	328,514,497	327,816,695	328,587,137	308,737,625
Simon Property Group, L.P.
Total revenue									$ 5,291,447	$ 5,116,789	$ 4,607,503
Operating income before other items									2,583,553	2,413,190	1,971,809
Consolidated net income									2,452,385	2,568,707	1,277,324
Net Income attributable to common stockholders or unitholders	$ 771,195	$ 616,918	$ 568,289	$ 487,993	$ 575,596	$ 777,740	$ 706,087	$ 510,085	$ 2,444,395	$ 2,569,508	$ 1,276,450
Weighted Average Shares Outstanding - Basic	374,257,136	374,589,771	375,754,363	375,870,183	375,872,212	375,882,318	375,875,290	375,836,653	375,111,997	375,866,759	355,281,882
Net income per share - Basic	$ 2.06	$ 1.65	$ 1.51	$ 1.30	$ 1.53	$ 2.07	$ 1.88	$ 1.36	$ 6.52	$ 6.84	$ 3.59
Net income per share - Diluted	$ 2.06	$ 1.65	$ 1.51	$ 1.30	$ 1.53	$ 2.07	$ 1.88	$ 1.36
Weighted average shares outstanding - basic	374,257,136	374,589,771	375,754,363	375,870,183	375,872,212	375,882,318	375,875,290	375,836,653	375,111,997	375,866,759	355,281,882
Weighted average shares outstanding - diluted	374,257,136	374,589,771	375,754,363	375,870,183	375,872,212	375,882,318	375,875,290	375,836,653	375,111,997	375,866,759	355,281,882

Schedule III Real Estate and _2

Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	$ 5,469,335
Initial Cost
Land	3,246,051
Buildings and Improvements	25,215,197
Costs Capitalized Subsequent to Acquisition
Land	386,892
Buildings and Improvements	9,031,638
Gross Amounts At Which Carried At Close of Period
Land	3,632,943
Buildings and Improvements	34,246,835
Total	37,879,778	$ 37,497,216	$ 37,608,638	$ 37,356,739
Accumulated Depreciation	16,224,050	$ 15,304,461	$ 14,592,867	$ 13,622,433
Other pre-development costs
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	109,458
Initial Cost
Land	102,451
Buildings and Improvements	374,062
Costs Capitalized Subsequent to Acquisition
Land	959
Gross Amounts At Which Carried At Close of Period
Land	103,410
Buildings and Improvements	374,062
Total	477,472
Accumulated Depreciation	1,882
Other
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	25,000
Initial Cost
Land	3,537
Buildings and Improvements	269,940
Costs Capitalized Subsequent to Acquisition
Land	267
Gross Amounts At Which Carried At Close of Period
Land	3,804
Buildings and Improvements	269,940
Total	273,744
Accumulated Depreciation	23,756
Currency Translation Adjustment
Initial Cost
Land	(5,882)
Buildings and Improvements	(43,932)
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	(16,661)
Gross Amounts At Which Carried At Close of Period
Land	(5,882)
Buildings and Improvements	(60,593)
Total	(66,475)
Accumulated Depreciation	(58,224)
Malls \| Barton Creek Square, Austin, TX
Initial Cost
Land	2,903
Buildings and Improvements	20,929
Costs Capitalized Subsequent to Acquisition
Land	7,983
Buildings and Improvements	99,476
Gross Amounts At Which Carried At Close of Period
Land	10,886
Buildings and Improvements	120,405
Total	131,291
Accumulated Depreciation	71,152
Malls \| Battlefield Mall, Springfield, MO
Initial Cost
Land	3,919
Buildings and Improvements	27,231
Costs Capitalized Subsequent to Acquisition
Land	3,000
Buildings and Improvements	74,037
Gross Amounts At Which Carried At Close of Period
Land	6,919
Buildings and Improvements	101,268
Total	108,187
Accumulated Depreciation	76,934
Malls \| Bay Park Square, Green Bay, WI
Initial Cost
Land	6,278
Buildings and Improvements	25,623
Costs Capitalized Subsequent to Acquisition
Land	4,106
Buildings and Improvements	30,618
Gross Amounts At Which Carried At Close of Period
Land	10,384
Buildings and Improvements	56,241
Total	66,625
Accumulated Depreciation	35,700
Malls \| Brea Mall, Brea (Los Angeles), CA
Initial Cost
Land	39,500
Buildings and Improvements	209,202
Costs Capitalized Subsequent to Acquisition
Land	2,993
Buildings and Improvements	85,111
Gross Amounts At Which Carried At Close of Period
Land	42,493
Buildings and Improvements	294,313
Total	336,806
Accumulated Depreciation	173,612
Malls \| Broadway Square, Tyler, TX
Initial Cost
Land	11,306
Buildings and Improvements	32,431
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	52,306
Gross Amounts At Which Carried At Close of Period
Land	11,306
Buildings and Improvements	84,737
Total	96,043
Accumulated Depreciation	45,488
Malls \| Burlington Mall, Burlington (Boston), MA
Initial Cost
Land	46,600
Buildings and Improvements	303,618
Costs Capitalized Subsequent to Acquisition
Land	27,458
Buildings and Improvements	264,439
Gross Amounts At Which Carried At Close of Period
Land	74,058
Buildings and Improvements	568,057
Total	642,115
Accumulated Depreciation	279,954
Malls \| Castleton Square, Indianapolis, IN
Initial Cost
Land	26,250
Buildings and Improvements	98,287
Costs Capitalized Subsequent to Acquisition
Land	7,434
Buildings and Improvements	79,280
Gross Amounts At Which Carried At Close of Period
Land	33,684
Buildings and Improvements	177,567
Total	211,251
Accumulated Depreciation	130,761
Malls \| Cielo Vista Mall, El Paso, TX
Initial Cost
Land	1,005
Buildings and Improvements	15,262
Costs Capitalized Subsequent to Acquisition
Land	608
Buildings and Improvements	58,850
Gross Amounts At Which Carried At Close of Period
Land	1,613
Buildings and Improvements	74,112
Total	75,725
Accumulated Depreciation	53,194
Malls \| College Mall, Bloomington, IN
Initial Cost
Land	1,003
Buildings and Improvements	16,245
Costs Capitalized Subsequent to Acquisition
Land	720
Buildings and Improvements	70,259
Gross Amounts At Which Carried At Close of Period
Land	1,723
Buildings and Improvements	86,504
Total	88,227
Accumulated Depreciation	52,189
Malls \| Columbia Center, Kennewick, WA
Initial Cost
Land	17,441
Buildings and Improvements	66,580
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	46,061
Gross Amounts At Which Carried At Close of Period
Land	17,441
Buildings and Improvements	112,641
Total	130,082
Accumulated Depreciation	70,410
Malls \| Copley Place, Boston, MA
Initial Cost
Buildings and Improvements	378,045
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	199,240
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	577,285
Total	577,285
Accumulated Depreciation	290,117
Malls \| Coral Square, Coral Springs (Miami), FL
Initial Cost
Land	12,282
Buildings and Improvements	93,630
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	20,939
Gross Amounts At Which Carried At Close of Period
Land	12,282
Buildings and Improvements	114,569
Total	126,851
Accumulated Depreciation	92,780
Malls \| Cordova Mall, Pensacola, FL
Initial Cost
Land	18,626
Buildings and Improvements	73,091
Costs Capitalized Subsequent to Acquisition
Land	7,321
Buildings and Improvements	72,858
Gross Amounts At Which Carried At Close of Period
Land	25,947
Buildings and Improvements	145,949
Total	171,896
Accumulated Depreciation	89,398
Malls \| Domain, The, Austin, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	210,000
Initial Cost
Land	40,436
Buildings and Improvements	197,010
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	158,512
Gross Amounts At Which Carried At Close of Period
Land	40,436
Buildings and Improvements	355,522
Total	395,958
Accumulated Depreciation	198,288
Malls \| Empire Mall, Sioux Falls, SD
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	176,974
Initial Cost
Land	35,998
Buildings and Improvements	192,186
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	34,503
Gross Amounts At Which Carried At Close of Period
Land	35,998
Buildings and Improvements	226,689
Total	262,687
Accumulated Depreciation	83,868
Malls \| Fashion Mall at Keystone, The, Indianapolis, IN
Initial Cost
Buildings and Improvements	120,579
Costs Capitalized Subsequent to Acquisition
Land	29,145
Buildings and Improvements	119,620
Gross Amounts At Which Carried At Close of Period
Land	29,145
Buildings and Improvements	240,199
Total	269,344
Accumulated Depreciation	147,069
Malls \| Firewheel Town Center, Garland (Dallas), TX
Initial Cost
Land	8,438
Buildings and Improvements	82,716
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	31,697
Gross Amounts At Which Carried At Close of Period
Land	8,438
Buildings and Improvements	114,413
Total	122,851
Accumulated Depreciation	70,476
Malls \| Forum Shops at Caesars, The, Las Vegas, NV
Initial Cost
Buildings and Improvements	276,567
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	298,134
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	574,701
Total	574,701
Accumulated Depreciation	328,535
Malls \| Greenwood Park Mall, Greenwood (Indianapolis), IN
Initial Cost
Land	2,423
Buildings and Improvements	23,445
Costs Capitalized Subsequent to Acquisition
Land	5,253
Buildings and Improvements	125,190
Gross Amounts At Which Carried At Close of Period
Land	7,676
Buildings and Improvements	148,635
Total	156,311
Accumulated Depreciation	98,393
Malls \| Haywood Mall, Greenville, SC
Initial Cost
Land	11,585
Buildings and Improvements	133,893
Costs Capitalized Subsequent to Acquisition
Land	6
Buildings and Improvements	47,688
Gross Amounts At Which Carried At Close of Period
Land	11,591
Buildings and Improvements	181,581
Total	193,172
Accumulated Depreciation	122,689
Malls \| King of Prussia, King of Prussia (Philadelphia), PA
Initial Cost
Land	175,063
Buildings and Improvements	1,128,236
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	425,373
Gross Amounts At Which Carried At Close of Period
Land	175,063
Buildings and Improvements	1,553,609
Total	1,728,672
Accumulated Depreciation	569,204
Malls \| La Plaza Mall, McAllen, TX
Initial Cost
Land	87,912
Buildings and Improvements	9,828
Costs Capitalized Subsequent to Acquisition
Land	6,569
Buildings and Improvements	187,169
Gross Amounts At Which Carried At Close of Period
Land	94,481
Buildings and Improvements	196,997
Total	291,478
Accumulated Depreciation	62,054
Malls \| Lakeline Mall, Cedar Park (Austin), TX
Initial Cost
Land	10,088
Buildings and Improvements	81,568
Costs Capitalized Subsequent to Acquisition
Land	14
Buildings and Improvements	24,070
Gross Amounts At Which Carried At Close of Period
Land	10,102
Buildings and Improvements	105,638
Total	115,740
Accumulated Depreciation	69,976
Malls \| Lenox Square, Atlanta, GA
Initial Cost
Land	37,447
Buildings and Improvements	492,411
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	151,495
Gross Amounts At Which Carried At Close of Period
Land	37,447
Buildings and Improvements	643,906
Total	681,353
Accumulated Depreciation	409,736
Malls \| Mall of Georgia, Buford (Atlanta), GA
Initial Cost
Land	47,492
Buildings and Improvements	326,633
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	14,648
Gross Amounts At Which Carried At Close of Period
Land	47,492
Buildings and Improvements	341,281
Total	388,773
Accumulated Depreciation	218,406
Malls \| McCain Mall, N. Little Rock, AR
Initial Cost
Buildings and Improvements	9,515
Costs Capitalized Subsequent to Acquisition
Land	10,142
Buildings and Improvements	29,293
Gross Amounts At Which Carried At Close of Period
Land	10,142
Buildings and Improvements	38,808
Total	48,950
Accumulated Depreciation	19,990
Malls \| Menlo Park Mall, Edison (New York), NJ
Initial Cost
Land	65,684
Buildings and Improvements	223,252
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	92,628
Gross Amounts At Which Carried At Close of Period
Land	65,684
Buildings and Improvements	315,880
Total	381,564
Accumulated Depreciation	207,511
Malls \| Midland Park Mall, Midland, TX
Initial Cost
Land	687
Buildings and Improvements	9,213
Costs Capitalized Subsequent to Acquisition
Land	1,196
Buildings and Improvements	42,929
Gross Amounts At Which Carried At Close of Period
Land	1,883
Buildings and Improvements	52,142
Total	54,025
Accumulated Depreciation	24,232
Malls \| Miller Hill Mall, Duluth, MN
Initial Cost
Land	2,965
Buildings and Improvements	18,092
Costs Capitalized Subsequent to Acquisition
Land	1,811
Buildings and Improvements	43,580
Gross Amounts At Which Carried At Close of Period
Land	4,776
Buildings and Improvements	61,672
Total	66,448
Accumulated Depreciation	48,055
Malls \| North East Mall, Hurst (Dallas), TX
Initial Cost
Land	128
Buildings and Improvements	12,966
Costs Capitalized Subsequent to Acquisition
Land	19,010
Buildings and Improvements	129,458
Gross Amounts At Which Carried At Close of Period
Land	19,138
Buildings and Improvements	142,424
Total	161,562
Accumulated Depreciation	108,694
Malls \| Ocean County Mall, Toms River (New York), NJ
Initial Cost
Land	20,404
Buildings and Improvements	124,945
Costs Capitalized Subsequent to Acquisition
Land	3,277
Buildings and Improvements	88,119
Gross Amounts At Which Carried At Close of Period
Land	23,681
Buildings and Improvements	213,064
Total	236,745
Accumulated Depreciation	115,269
Malls \| Orland Square, Orland Park (Chicago), IL
Initial Cost
Land	35,439
Buildings and Improvements	129,906
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	81,221
Gross Amounts At Which Carried At Close of Period
Land	35,439
Buildings and Improvements	211,127
Total	246,566
Accumulated Depreciation	130,503
Malls \| Oxford Valley Mall, Langhorne (Philadelphia), PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	23,109
Initial Cost
Land	18,355
Buildings and Improvements	100,287
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	19,706
Gross Amounts At Which Carried At Close of Period
Land	18,355
Buildings and Improvements	119,993
Total	138,348
Accumulated Depreciation	89,269
Malls \| Penn Square Mall, Oklahoma City, OK
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	310,000
Initial Cost
Land	2,043
Buildings and Improvements	155,958
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	63,163
Gross Amounts At Which Carried At Close of Period
Land	2,043
Buildings and Improvements	219,121
Total	221,164
Accumulated Depreciation	149,853
Malls \| Pheasant Lane Mall, Nashua, NH
Initial Cost
Land	3,902
Buildings and Improvements	155,068
Costs Capitalized Subsequent to Acquisition
Land	550
Buildings and Improvements	51,969
Gross Amounts At Which Carried At Close of Period
Land	4,452
Buildings and Improvements	207,037
Total	211,489
Accumulated Depreciation	128,851
Malls \| Phipps Plaza, Atlanta, GA
Initial Cost
Land	15,005
Buildings and Improvements	210,610
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	266,743
Gross Amounts At Which Carried At Close of Period
Land	15,005
Buildings and Improvements	477,353
Total	492,358
Accumulated Depreciation	190,110
Malls \| Plaza Carolina, Carolina (San Juan), PR
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	225,000
Initial Cost
Land	15,493
Buildings and Improvements	279,560
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	81,174
Gross Amounts At Which Carried At Close of Period
Land	15,493
Buildings and Improvements	360,734
Total	376,227
Accumulated Depreciation	193,404
Malls \| Prien Lake Mall, Lake Charles, LA
Initial Cost
Land	1,842
Buildings and Improvements	2,813
Costs Capitalized Subsequent to Acquisition
Land	3,053
Buildings and Improvements	69,272
Gross Amounts At Which Carried At Close of Period
Land	4,895
Buildings and Improvements	72,085
Total	76,980
Accumulated Depreciation	31,107
Malls \| Rockaway Townsquare, Rockaway (New York), NJ
Initial Cost
Land	41,918
Buildings and Improvements	212,257
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	73,502
Gross Amounts At Which Carried At Close of Period
Land	41,918
Buildings and Improvements	285,759
Total	327,677
Accumulated Depreciation	176,651
Malls \| Roosevelt Field, Garden City (New York), NY
Initial Cost
Land	163,160
Buildings and Improvements	702,008
Costs Capitalized Subsequent to Acquisition
Land	1,246
Buildings and Improvements	379,764
Gross Amounts At Which Carried At Close of Period
Land	164,406
Buildings and Improvements	1,081,772
Total	1,246,178
Accumulated Depreciation	601,111
Malls \| Ross Park Mall, Pittsburgh, PA
Initial Cost
Land	23,541
Buildings and Improvements	90,203
Costs Capitalized Subsequent to Acquisition
Land	5,815
Buildings and Improvements	132,564
Gross Amounts At Which Carried At Close of Period
Land	29,356
Buildings and Improvements	222,767
Total	252,123
Accumulated Depreciation	143,279
Malls \| Santa Rosa Plaza, Santa Rosa, CA
Initial Cost
Land	10,400
Buildings and Improvements	87,864
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	27,609
Gross Amounts At Which Carried At Close of Period
Land	10,400
Buildings and Improvements	115,473
Total	125,873
Accumulated Depreciation	73,545
Malls \| Shops at Chestnut Hill, The, Chestnut Hill (Boston), MA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	120,000
Initial Cost
Land	449
Buildings and Improvements	25,102
Costs Capitalized Subsequent to Acquisition
Land	38,864
Buildings and Improvements	106,476
Gross Amounts At Which Carried At Close of Period
Land	39,313
Buildings and Improvements	131,578
Total	170,891
Accumulated Depreciation	52,332
Malls \| Shops at Nanuet, The, Nanuet, NY
Initial Cost
Land	28,125
Buildings and Improvements	142,860
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,213
Gross Amounts At Which Carried At Close of Period
Land	28,125
Buildings and Improvements	151,073
Total	179,198
Accumulated Depreciation	52,197
Malls \| Shops at Riverside, The, Hackensack (New York), NJ
Initial Cost
Land	13,521
Buildings and Improvements	238,746
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	266,760
Gross Amounts At Which Carried At Close of Period
Land	13,521
Buildings and Improvements	505,506
Total	519,027
Accumulated Depreciation	137,209
Malls \| South Hills Village, Pittsburgh, PA
Initial Cost
Land	23,445
Buildings and Improvements	125,840
Costs Capitalized Subsequent to Acquisition
Land	1,472
Buildings and Improvements	91,381
Gross Amounts At Which Carried At Close of Period
Land	24,917
Buildings and Improvements	217,221
Total	242,138
Accumulated Depreciation	121,075
Malls \| South Shore Plaza, Braintree (Boston), MA
Initial Cost
Land	101,200
Buildings and Improvements	301,495
Costs Capitalized Subsequent to Acquisition
Land	1,972
Buildings and Improvements	165,796
Gross Amounts At Which Carried At Close of Period
Land	103,172
Buildings and Improvements	467,291
Total	570,463
Accumulated Depreciation	295,152
Malls \| Southdale Mall, Edina (Minneapolis), MN
Initial Cost
Land	41,430
Buildings and Improvements	184,967
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	84,587
Gross Amounts At Which Carried At Close of Period
Land	41,430
Buildings and Improvements	269,554
Total	310,984
Accumulated Depreciation	84,297
Malls \| SouthPark, Charlotte, NC
Initial Cost
Land	42,092
Buildings and Improvements	188,055
Costs Capitalized Subsequent to Acquisition
Land	100
Buildings and Improvements	220,434
Gross Amounts At Which Carried At Close of Period
Land	42,192
Buildings and Improvements	408,489
Total	450,681
Accumulated Depreciation	248,104
Malls \| St. Charles Towne Center, Waldorf (Washington, D.C.), MD
Initial Cost
Land	7,710
Buildings and Improvements	52,934
Costs Capitalized Subsequent to Acquisition
Land	1,180
Buildings and Improvements	27,436
Gross Amounts At Which Carried At Close of Period
Land	8,890
Buildings and Improvements	80,370
Total	89,260
Accumulated Depreciation	64,589
Malls \| Stanford Shopping Center, Palo Alto (San Jose), CA
Initial Cost
Buildings and Improvements	339,537
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	209,906
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	549,443
Total	549,443
Accumulated Depreciation	246,596
Malls \| Summit Mall, Akron, OH
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	85,000
Initial Cost
Land	15,374
Buildings and Improvements	51,137
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	55,830
Gross Amounts At Which Carried At Close of Period
Land	15,374
Buildings and Improvements	106,967
Total	122,341
Accumulated Depreciation	71,924
Malls \| Tacoma Mall, Tacoma (Seattle), WA
Initial Cost
Land	37,113
Buildings and Improvements	125,826
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	178,479
Gross Amounts At Which Carried At Close of Period
Land	37,113
Buildings and Improvements	304,305
Total	341,418
Accumulated Depreciation	164,784
Malls \| Tippecanoe Mall, Lafayette, IN
Initial Cost
Land	2,897
Buildings and Improvements	8,439
Costs Capitalized Subsequent to Acquisition
Land	5,517
Buildings and Improvements	49,477
Gross Amounts At Which Carried At Close of Period
Land	8,414
Buildings and Improvements	57,916
Total	66,330
Accumulated Depreciation	46,026
Malls \| Town Center at Boca Raton, Boca Raton (Miami), FL
Initial Cost
Land	64,200
Buildings and Improvements	307,317
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	256,935
Gross Amounts At Which Carried At Close of Period
Land	64,200
Buildings and Improvements	564,252
Total	628,452
Accumulated Depreciation	341,902
Malls \| Towne East Square, Wichita, KS
Initial Cost
Land	8,024
Buildings and Improvements	18,479
Costs Capitalized Subsequent to Acquisition
Land	4,108
Buildings and Improvements	60,066
Gross Amounts At Which Carried At Close of Period
Land	12,132
Buildings and Improvements	78,545
Total	90,677
Accumulated Depreciation	48,830
Malls \| Treasure Coast Square, Jensen Beach, FL
Initial Cost
Land	10,750
Buildings and Improvements	72,990
Costs Capitalized Subsequent to Acquisition
Land	3,067
Buildings and Improvements	27,229
Gross Amounts At Which Carried At Close of Period
Land	13,817
Buildings and Improvements	100,219
Total	114,036
Accumulated Depreciation	69,695
Malls \| Tyrone Square, St. Petersburg (Tampa), FL
Initial Cost
Land	15,638
Buildings and Improvements	120,962
Costs Capitalized Subsequent to Acquisition
Land	1,459
Buildings and Improvements	50,657
Gross Amounts At Which Carried At Close of Period
Land	17,097
Buildings and Improvements	171,619
Total	188,716
Accumulated Depreciation	122,388
Malls \| University Park Mall, Mishawaka, IN
Initial Cost
Land	10,762
Buildings and Improvements	118,164
Costs Capitalized Subsequent to Acquisition
Land	7,000
Buildings and Improvements	58,825
Gross Amounts At Which Carried At Close of Period
Land	17,762
Buildings and Improvements	176,989
Total	194,751
Accumulated Depreciation	150,567
Malls \| Walt Whitman Shops, Huntington Station (New York), NY
Initial Cost
Land	51,700
Buildings and Improvements	111,258
Costs Capitalized Subsequent to Acquisition
Land	3,789
Buildings and Improvements	138,245
Gross Amounts At Which Carried At Close of Period
Land	55,489
Buildings and Improvements	249,503
Total	304,992
Accumulated Depreciation	145,033
Malls \| White Oaks Mall, Springfield, IL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	40,191
Initial Cost
Land	2,907
Buildings and Improvements	35,692
Costs Capitalized Subsequent to Acquisition
Land	2,468
Buildings and Improvements	68,119
Gross Amounts At Which Carried At Close of Period
Land	5,375
Buildings and Improvements	103,811
Total	109,186
Accumulated Depreciation	64,640
Malls \| Wolfchase Galleria, Memphis, TN
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	155,152
Initial Cost
Land	16,407
Buildings and Improvements	128,276
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	17,550
Gross Amounts At Which Carried At Close of Period
Land	16,407
Buildings and Improvements	145,826
Total	162,233
Accumulated Depreciation	106,449
Malls \| Woodland Hills Mall, Tulsa, OK
Initial Cost
Land	34,211
Buildings and Improvements	187,123
Costs Capitalized Subsequent to Acquisition
Land	13,811
Buildings and Improvements	46,363
Gross Amounts At Which Carried At Close of Period
Land	48,022
Buildings and Improvements	233,486
Total	281,508
Accumulated Depreciation	160,791
Premium Outlets \| Albertville Premium Outlets, Albertville (Minneapolis), MN
Initial Cost
Land	3,900
Buildings and Improvements	97,059
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,653
Gross Amounts At Which Carried At Close of Period
Land	3,900
Buildings and Improvements	106,712
Total	110,612
Accumulated Depreciation	58,945
Premium Outlets \| Allen Premium Outlets, Allen (Dallas), TX
Initial Cost
Land	20,932
Buildings and Improvements	69,788
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	44,310
Gross Amounts At Which Carried At Close of Period
Land	20,932
Buildings and Improvements	114,098
Total	135,030
Accumulated Depreciation	43,412
Premium Outlets \| Aurora Farms Premium Outlets, Aurora (Cleveland), OH
Initial Cost
Land	2,370
Buildings and Improvements	24,326
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,363
Gross Amounts At Which Carried At Close of Period
Land	2,370
Buildings and Improvements	33,689
Total	36,059
Accumulated Depreciation	26,001
Premium Outlets \| Birch Run Premium Outlets, Birch Run (Detroit), MI
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	123,000
Initial Cost
Land	11,477
Buildings and Improvements	77,856
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,785
Gross Amounts At Which Carried At Close of Period
Land	11,477
Buildings and Improvements	86,641
Total	98,118
Accumulated Depreciation	42,560
Premium Outlets \| Camarillo Premium Outlets, Camarillo (Los Angeles), CA
Initial Cost
Land	16,599
Buildings and Improvements	224,721
Costs Capitalized Subsequent to Acquisition
Land	395
Buildings and Improvements	76,461
Gross Amounts At Which Carried At Close of Period
Land	16,994
Buildings and Improvements	301,182
Total	318,176
Accumulated Depreciation	165,120
Premium Outlets \| Carlsbad Premium Outlets, Carlsbad (San Diego), CA
Initial Cost
Land	12,890
Buildings and Improvements	184,990
Costs Capitalized Subsequent to Acquisition
Land	96
Buildings and Improvements	11,086
Gross Amounts At Which Carried At Close of Period
Land	12,986
Buildings and Improvements	196,076
Total	209,062
Accumulated Depreciation	98,511
Premium Outlets \| Carolina Premium Outlets, Smithfield (Raleigh), NC
Initial Cost
Land	3,175
Buildings and Improvements	59,863
Costs Capitalized Subsequent to Acquisition
Land	5,311
Buildings and Improvements	8,149
Gross Amounts At Which Carried At Close of Period
Land	8,486
Buildings and Improvements	68,012
Total	76,498
Accumulated Depreciation	40,891
Premium Outlets \| Chicago Premium Outlets, Aurora (Chicago), IL
Initial Cost
Land	659
Buildings and Improvements	118,005
Costs Capitalized Subsequent to Acquisition
Land	13,050
Buildings and Improvements	97,030
Gross Amounts At Which Carried At Close of Period
Land	13,709
Buildings and Improvements	215,035
Total	228,744
Accumulated Depreciation	94,851
Premium Outlets \| Cincinnati Premium Outlets, Monroe (Cincinnati), OH
Initial Cost
Land	14,117
Buildings and Improvements	71,520
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,843
Gross Amounts At Which Carried At Close of Period
Land	14,117
Buildings and Improvements	75,363
Total	89,480
Accumulated Depreciation	40,069
Premium Outlets \| Clinton Crossing Premium Outlets, Clinton, CT
Initial Cost
Land	2,060
Buildings and Improvements	107,556
Costs Capitalized Subsequent to Acquisition
Land	1,532
Buildings and Improvements	6,970
Gross Amounts At Which Carried At Close of Period
Land	3,592
Buildings and Improvements	114,526
Total	118,118
Accumulated Depreciation	68,416
Premium Outlets \| Denver Premium Outlets, Thornton (Denver), CO
Initial Cost
Land	10,779
Buildings and Improvements	45,335
Costs Capitalized Subsequent to Acquisition
Land	10
Buildings and Improvements	73,942
Gross Amounts At Which Carried At Close of Period
Land	10,789
Buildings and Improvements	119,277
Total	130,066
Accumulated Depreciation	23,899
Premium Outlets \| Desert Hills Premium Outlets, Cabazon (Palm Springs), CA
Initial Cost
Land	3,440
Buildings and Improvements	338,679
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	115,793
Gross Amounts At Which Carried At Close of Period
Land	3,440
Buildings and Improvements	454,472
Total	457,912
Accumulated Depreciation	213,075
Premium Outlets \| Ellenton Premium Outlets, Ellenton (Tampa), FL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	178,000
Initial Cost
Land	15,807
Buildings and Improvements	182,412
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,578
Gross Amounts At Which Carried At Close of Period
Land	15,807
Buildings and Improvements	190,990
Total	206,797
Accumulated Depreciation	125,341
Premium Outlets \| Folsom Premium Outlets, Folsom (Sacramento), CA
Initial Cost
Land	9,060
Buildings and Improvements	50,281
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,477
Gross Amounts At Which Carried At Close of Period
Land	9,060
Buildings and Improvements	56,758
Total	65,818
Accumulated Depreciation	35,713
Premium Outlets \| Gilroy Premium Outlets, Gilroy (San Jose), CA
Initial Cost
Land	9,630
Buildings and Improvements	194,122
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	17,044
Gross Amounts At Which Carried At Close of Period
Land	9,630
Buildings and Improvements	211,166
Total	220,796
Accumulated Depreciation	115,388
Premium Outlets \| Gloucester Premium Outlets, Blackwood, NJ
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	85,054
Initial Cost
Land	14,389
Buildings and Improvements	107,685
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	153
Gross Amounts At Which Carried At Close of Period
Land	14,389
Buildings and Improvements	107,838
Total	122,227
Accumulated Depreciation	28,589
Premium Outlets \| Grand Prairie Premium Outlets, Grand Prairie (Dallas), TX
Initial Cost
Land	9,497
Buildings and Improvements	194,245
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,332
Gross Amounts At Which Carried At Close of Period
Land	9,497
Buildings and Improvements	195,577
Total	205,074
Accumulated Depreciation	67,362
Premium Outlets \| Grove City Premium Outlets, Grove City (Pittsburgh), PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	140,000
Initial Cost
Land	6,421
Buildings and Improvements	121,880
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,932
Gross Amounts At Which Carried At Close of Period
Land	6,421
Buildings and Improvements	131,812
Total	138,233
Accumulated Depreciation	85,007
Premium Outlets \| Gulfport Premium Outlets, Gulfport, MS
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	50,000
Initial Cost
Buildings and Improvements	27,949
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,215
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	36,164
Total	36,164
Accumulated Depreciation	20,627
Premium Outlets \| Hagerstown Premium Outlets, Hagerstown (Baltimore/Washington, D.C.), MD
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	70,430
Initial Cost
Land	3,560
Buildings and Improvements	85,883
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,690
Gross Amounts At Which Carried At Close of Period
Land	3,560
Buildings and Improvements	87,573
Total	91,133
Accumulated Depreciation	45,565
Premium Outlets \| Houston Premium Outlets, Cypress (Houston), TX
Initial Cost
Land	8,695
Buildings and Improvements	69,350
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	42,986
Gross Amounts At Which Carried At Close of Period
Land	8,695
Buildings and Improvements	112,336
Total	121,031
Accumulated Depreciation	61,726
Premium Outlets \| Indiana Premium Outlets, Edinburgh (Indianapolis), IN
Initial Cost
Land	2,857
Buildings and Improvements	47,309
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	20,840
Gross Amounts At Which Carried At Close of Period
Land	2,857
Buildings and Improvements	68,149
Total	71,006
Accumulated Depreciation	39,528
Premium Outlets \| Jackson Premium Outlets, Jackson (New York), NJ
Initial Cost
Land	6,413
Buildings and Improvements	104,013
Costs Capitalized Subsequent to Acquisition
Land	3
Buildings and Improvements	8,133
Gross Amounts At Which Carried At Close of Period
Land	6,416
Buildings and Improvements	112,146
Total	118,562
Accumulated Depreciation	57,955
Premium Outlets \| Jersey Shore Premium Outlets, Tinton Falls (New York), NJ
Initial Cost
Land	15,390
Buildings and Improvements	50,979
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	79,970
Gross Amounts At Which Carried At Close of Period
Land	15,390
Buildings and Improvements	130,949
Total	146,339
Accumulated Depreciation	75,410
Premium Outlets \| Johnson Creek Premium Outlets, Johnson Creek, WI
Initial Cost
Land	2,800
Buildings and Improvements	39,546
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,462
Gross Amounts At Which Carried At Close of Period
Land	2,800
Buildings and Improvements	47,008
Total	49,808
Accumulated Depreciation	25,817
Premium Outlets \| Kittery Premium Outlets, Kittery, ME
Initial Cost
Land	11,832
Buildings and Improvements	94,994
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	11,786
Gross Amounts At Which Carried At Close of Period
Land	11,832
Buildings and Improvements	106,780
Total	118,612
Accumulated Depreciation	52,721
Premium Outlets \| Las Americas Premium Outlets, San Diego, CA
Initial Cost
Land	45,168
Buildings and Improvements	251,878
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	12,562
Gross Amounts At Which Carried At Close of Period
Land	45,168
Buildings and Improvements	264,440
Total	309,608
Accumulated Depreciation	117,971
Premium Outlets \| Las Vegas North Premium Outlets - Las Vegas, NV
Initial Cost
Land	25,435
Buildings and Improvements	134,973
Costs Capitalized Subsequent to Acquisition
Land	16,536
Buildings and Improvements	151,175
Gross Amounts At Which Carried At Close of Period
Land	41,971
Buildings and Improvements	286,148
Total	328,119
Accumulated Depreciation	151,504
Premium Outlets \| Las Vegas South Premium Outlets - Las Vegas, NV
Initial Cost
Land	13,085
Buildings and Improvements	160,777
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	32,331
Gross Amounts At Which Carried At Close of Period
Land	13,085
Buildings and Improvements	193,108
Total	206,193
Accumulated Depreciation	96,980
Premium Outlets \| Lee Premium Outlets, Lee, MA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	47,480
Initial Cost
Land	9,167
Buildings and Improvements	52,212
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,032
Gross Amounts At Which Carried At Close of Period
Land	9,167
Buildings and Improvements	57,244
Total	66,411
Accumulated Depreciation	35,216
Premium Outlets \| Leesburg Corner Premium Outlets, Leesburg (Washington, D.C.), VA
Initial Cost
Land	7,190
Buildings and Improvements	162,023
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	23,110
Gross Amounts At Which Carried At Close of Period
Land	7,190
Buildings and Improvements	185,133
Total	192,323
Accumulated Depreciation	97,510
Premium Outlets \| Lighthouse Place Premium Outlets, Michigan City (Chicago, IL), IN
Initial Cost
Land	6,630
Buildings and Improvements	94,138
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	13,395
Gross Amounts At Which Carried At Close of Period
Land	6,630
Buildings and Improvements	107,533
Total	114,163
Accumulated Depreciation	64,427
Premium Outlets \| Merrimack Premium Outlets, Merrimack, NH
Initial Cost
Land	14,975
Buildings and Improvements	118,428
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,357
Gross Amounts At Which Carried At Close of Period
Land	14,975
Buildings and Improvements	120,785
Total	135,760
Accumulated Depreciation	51,702
Premium Outlets \| Napa Premium Outlets, Napa, CA
Initial Cost
Land	11,400
Buildings and Improvements	45,023
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,626
Gross Amounts At Which Carried At Close of Period
Land	11,400
Buildings and Improvements	52,649
Total	64,049
Accumulated Depreciation	30,812
Premium Outlets \| North Bend Premium Outlets, North Bend (Seattle), WA
Initial Cost
Land	2,143
Buildings and Improvements	36,197
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,209
Gross Amounts At Which Carried At Close of Period
Land	2,143
Buildings and Improvements	41,406
Total	43,549
Accumulated Depreciation	21,911
Premium Outlets \| North Georgia Premium Outlets, Dawsonville (Atlanta), GA
Initial Cost
Land	4,300
Buildings and Improvements	137,020
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,048
Gross Amounts At Which Carried At Close of Period
Land	4,300
Buildings and Improvements	139,068
Total	143,368
Accumulated Depreciation	73,213
Premium Outlets \| Orlando International Premium Outlets, Orlando, FL
Initial Cost
Land	31,998
Buildings and Improvements	472,815
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	19,475
Gross Amounts At Which Carried At Close of Period
Land	31,998
Buildings and Improvements	492,290
Total	524,288
Accumulated Depreciation	214,107
Premium Outlets \| Orlando Vineland Premium Outlets, Orlando, FL
Initial Cost
Land	14,040
Buildings and Improvements	382,949
Costs Capitalized Subsequent to Acquisition
Land	36,023
Buildings and Improvements	26,484
Gross Amounts At Which Carried At Close of Period
Land	50,063
Buildings and Improvements	409,433
Total	459,496
Accumulated Depreciation	203,390
Premium Outlets \| Petaluma Village Premium Outlets, Petaluma (San Francisco), CA
Initial Cost
Land	13,322
Buildings and Improvements	13,710
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,434
Gross Amounts At Which Carried At Close of Period
Land	13,322
Buildings and Improvements	17,144
Total	30,466
Accumulated Depreciation	11,469
Premium Outlets \| Philadelphia Premium Outlets, Limerick (Philadelphia), PA
Initial Cost
Land	16,676
Buildings and Improvements	105,249
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	25,411
Gross Amounts At Which Carried At Close of Period
Land	16,676
Buildings and Improvements	130,660
Total	147,336
Accumulated Depreciation	81,825
Premium Outlets \| Phoenix Premium Outlets, Chandler (Phoenix), AZ
Initial Cost
Buildings and Improvements	63,082
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	569
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	63,651
Total	63,651
Accumulated Depreciation	28,604
Premium Outlets \| Pismo Beach Premium Outlets, Pismo Beach, CA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	32,124
Initial Cost
Land	4,317
Buildings and Improvements	19,044
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,329
Gross Amounts At Which Carried At Close of Period
Land	4,317
Buildings and Improvements	22,373
Total	26,690
Accumulated Depreciation	15,087
Premium Outlets \| Pleasant Prairie Premium Outlets, Pleasant Prairie (Chicago, IL/Milwaukee), WI
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	145,000
Initial Cost
Land	16,823
Buildings and Improvements	126,686
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,736
Gross Amounts At Which Carried At Close of Period
Land	16,823
Buildings and Improvements	135,422
Total	152,245
Accumulated Depreciation	64,986
Premium Outlets \| Puerto Rico Premium Outlets, Barceloneta, PR
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	160,000
Initial Cost
Land	20,586
Buildings and Improvements	114,021
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,146
Gross Amounts At Which Carried At Close of Period
Land	20,586
Buildings and Improvements	123,167
Total	143,753
Accumulated Depreciation	59,184
Premium Outlets \| Queenstown Premium Outlets, Queenstown (Baltimore), MD
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	56,432
Initial Cost
Land	8,129
Buildings and Improvements	61,950
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,463
Gross Amounts At Which Carried At Close of Period
Land	8,129
Buildings and Improvements	67,413
Total	75,542
Accumulated Depreciation	33,658
Premium Outlets \| Rio Grande Valley Premium Outlets, Mercedes (McAllen), TX
Initial Cost
Land	12,229
Buildings and Improvements	41,547
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	27,130
Gross Amounts At Which Carried At Close of Period
Land	12,229
Buildings and Improvements	68,677
Total	80,906
Accumulated Depreciation	44,789
Premium Outlets \| Round Rock Premium Outlets, Round Rock (Austin), TX
Initial Cost
Land	13,485
Buildings and Improvements	82,252
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,510
Gross Amounts At Which Carried At Close of Period
Land	13,485
Buildings and Improvements	87,762
Total	101,247
Accumulated Depreciation	56,850
Premium Outlets \| San Francisco Premium Outlets, Livermore (San Francisco), CA
Initial Cost
Land	21,925
Buildings and Improvements	308,694
Costs Capitalized Subsequent to Acquisition
Land	46,177
Buildings and Improvements	75,086
Gross Amounts At Which Carried At Close of Period
Land	68,102
Buildings and Improvements	383,780
Total	451,882
Accumulated Depreciation	122,532
Premium Outlets \| San Marcos Premium Outlets, San Marcos (Austin/San Antonio), TX
Initial Cost
Land	13,180
Buildings and Improvements	287,179
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	20,474
Gross Amounts At Which Carried At Close of Period
Land	13,180
Buildings and Improvements	307,653
Total	320,833
Accumulated Depreciation	136,166
Premium Outlets \| Seattle Premium Outlets, Tulalip (Seattle), WA
Initial Cost
Buildings and Improvements	103,722
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	55,814
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	159,536
Total	159,536
Accumulated Depreciation	85,199
Premium Outlets \| St. Augustine Premium Outlets, St. Augustine (Jacksonville), FL
Initial Cost
Land	6,090
Buildings and Improvements	57,670
Costs Capitalized Subsequent to Acquisition
Land	2
Buildings and Improvements	15,333
Gross Amounts At Which Carried At Close of Period
Land	6,092
Buildings and Improvements	73,003
Total	79,095
Accumulated Depreciation	41,368
Premium Outlets \| Tampa Premium Outlets, Lutz (Tampa), FL
Initial Cost
Land	14,298
Buildings and Improvements	97,188
Costs Capitalized Subsequent to Acquisition
Land	121
Buildings and Improvements	5,174
Gross Amounts At Which Carried At Close of Period
Land	14,419
Buildings and Improvements	102,362
Total	116,781
Accumulated Depreciation	30,385
Premium Outlets \| The Crossings Premium Outlets, Tannersville, PA
Initial Cost
Land	7,720
Buildings and Improvements	172,931
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	19,724
Gross Amounts At Which Carried At Close of Period
Land	7,720
Buildings and Improvements	192,655
Total	200,375
Accumulated Depreciation	98,720
Premium Outlets \| Tucson Premium Outlets, Marana (Tucson), AZ
Initial Cost
Land	12,508
Buildings and Improvements	69,677
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,710
Gross Amounts At Which Carried At Close of Period
Land	12,508
Buildings and Improvements	74,387
Total	86,895
Accumulated Depreciation	21,786
Premium Outlets \| Vacaville Premium Outlets, Vacaville, CA
Initial Cost
Land	9,420
Buildings and Improvements	84,850
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	18,873
Gross Amounts At Which Carried At Close of Period
Land	9,420
Buildings and Improvements	103,723
Total	113,143
Accumulated Depreciation	61,181
Premium Outlets \| Waikele Premium Outlets, Waipahu (Honolulu), HI
Initial Cost
Land	22,630
Buildings and Improvements	77,316
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	19,799
Gross Amounts At Which Carried At Close of Period
Land	22,630
Buildings and Improvements	97,115
Total	119,745
Accumulated Depreciation	53,428
Premium Outlets \| Waterloo Premium Outlets, Waterloo, NY
Initial Cost
Land	3,230
Buildings and Improvements	75,277
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	15,100
Gross Amounts At Which Carried At Close of Period
Land	3,230
Buildings and Improvements	90,377
Total	93,607
Accumulated Depreciation	52,247
Premium Outlets \| Williamsburg Premium Outlets, Williamsburg, VA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	185,000
Initial Cost
Land	10,323
Buildings and Improvements	223,789
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,377
Gross Amounts At Which Carried At Close of Period
Land	10,323
Buildings and Improvements	233,166
Total	243,489
Accumulated Depreciation	102,609
Premium Outlets \| Woodburn Premium Outlets, Woodburn (Portland), OR
Initial Cost
Land	9,414
Buildings and Improvements	150,414
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,579
Gross Amounts At Which Carried At Close of Period
Land	9,414
Buildings and Improvements	153,993
Total	163,407
Accumulated Depreciation	55,767
Premium Outlets \| Woodbury Common Premium Outlets, Central Valley (New York), NY
Initial Cost
Land	11,010
Buildings and Improvements	862,559
Costs Capitalized Subsequent to Acquisition
Land	1,779
Buildings and Improvements	276,348
Gross Amounts At Which Carried At Close of Period
Land	12,789
Buildings and Improvements	1,138,907
Total	1,151,696
Accumulated Depreciation	511,320
Premium Outlets \| Wrentham Village Premium Outlets, Wrentham (Boston), MA
Initial Cost
Land	4,900
Buildings and Improvements	282,031
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	52,369
Gross Amounts At Which Carried At Close of Period
Land	4,900
Buildings and Improvements	334,400
Total	339,300
Accumulated Depreciation	164,647
The Mills \| Arizona Mills, Tempe (Phoenix), AZ
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	97,775
Initial Cost
Land	41,285
Buildings and Improvements	297,289
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	15,200
Gross Amounts At Which Carried At Close of Period
Land	41,285
Buildings and Improvements	312,489
Total	353,774
Accumulated Depreciation	95,928
The Mills \| Great Mall, Milpitas (San Jose), CA
Initial Cost
Land	69,853
Buildings and Improvements	463,101
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	61,938
Gross Amounts At Which Carried At Close of Period
Land	69,853
Buildings and Improvements	525,039
Total	594,892
Accumulated Depreciation	193,404
The Mills \| Gurnee Mills, Gurnee (Chicago), IL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	257,710
Initial Cost
Land	41,133
Buildings and Improvements	297,911
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	32,630
Gross Amounts At Which Carried At Close of Period
Land	41,133
Buildings and Improvements	330,541
Total	371,674
Accumulated Depreciation	124,874
The Mills \| Mills at Jersey Gardens, The, Elizabeth, NJ
Initial Cost
Land	120,417
Buildings and Improvements	865,605
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	23,872
Gross Amounts At Which Carried At Close of Period
Land	120,417
Buildings and Improvements	889,477
Total	1,009,894
Accumulated Depreciation	259,860
The Mills \| Opry Mills, Nashville, TN
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	375,000
Initial Cost
Land	51,000
Buildings and Improvements	327,503
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	22,928
Gross Amounts At Which Carried At Close of Period
Land	51,000
Buildings and Improvements	350,431
Total	401,431
Accumulated Depreciation	122,261
The Mills \| Outlets at Orange, The, Orange (Los Angeles), CA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	215,000
Initial Cost
Land	64,973
Buildings and Improvements	211,322
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,890
Gross Amounts At Which Carried At Close of Period
Land	64,973
Buildings and Improvements	216,212
Total	281,185
Accumulated Depreciation	33,960
The Mills \| Potomac Mills, Woodbridge (Washington, D.C.), VA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	416,000
Initial Cost
Land	61,608
Buildings and Improvements	425,370
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	39,420
Gross Amounts At Which Carried At Close of Period
Land	61,608
Buildings and Improvements	464,790
Total	526,398
Accumulated Depreciation	180,509
The Mills \| Sawgrass Mills, Sunrise (Miami), FL
Initial Cost
Land	192,981
Buildings and Improvements	1,641,153
Costs Capitalized Subsequent to Acquisition
Land	5,395
Buildings and Improvements	234,488
Gross Amounts At Which Carried At Close of Period
Land	198,376
Buildings and Improvements	1,875,641
Total	2,074,017
Accumulated Depreciation	654,797
Designer Outlets \| La Reggia Designer Outlet, Marcianise (Naples), Italy
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	171,255
Initial Cost
Land	37,220
Buildings and Improvements	233,179
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	40,717
Gross Amounts At Which Carried At Close of Period
Land	37,220
Buildings and Improvements	273,896
Total	311,116
Accumulated Depreciation	72,822
Designer Outlets \| Noventa Di Piave Designer Outlet, Venice, Italy
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	297,121
Initial Cost
Land	38,793
Buildings and Improvements	309,283
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	75,765
Gross Amounts At Which Carried At Close of Period
Land	38,793
Buildings and Improvements	385,048
Total	423,841
Accumulated Depreciation	90,117
Designer Outlets \| Ochtrup Designer Outlet, Ochtrup, Germany
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	53,517
Initial Cost
Land	11,770
Buildings and Improvements	98,276
Gross Amounts At Which Carried At Close of Period
Land	11,770
Buildings and Improvements	98,276
Total	110,046
Accumulated Depreciation	12,478
Designer Outlets \| Parndorf Designer Outlet, Vienna, Austria
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	195,869
Initial Cost
Land	14,903
Buildings and Improvements	223,156
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,698
Gross Amounts At Which Carried At Close of Period
Land	14,903
Buildings and Improvements	232,854
Total	247,757
Accumulated Depreciation	68,785
Designer Outlets \| Provence Designer Outlet, Provence, France
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	101,405
Initial Cost
Land	41,321
Buildings and Improvements	80,199
Costs Capitalized Subsequent to Acquisition
Land	6,169
Gross Amounts At Which Carried At Close of Period
Land	47,490
Buildings and Improvements	80,199
Total	127,689
Accumulated Depreciation	37,182
Designer Outlets \| Roermond Designer Outlet, Roermond, Netherlands
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	246,178
Initial Cost
Land	15,035
Buildings and Improvements	400,094
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	18,916
Gross Amounts At Which Carried At Close of Period
Land	15,035
Buildings and Improvements	419,010
Total	434,045
Accumulated Depreciation	127,159
Designer Outlets \| Roosendaal Designer Outlet, Roosendaal, Netherlands
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	63,820
Initial Cost
Land	22,191
Buildings and Improvements	108,069
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,770
Gross Amounts At Which Carried At Close of Period
Land	22,191
Buildings and Improvements	116,839
Total	139,030
Accumulated Depreciation	33,580
Lifestyle Centers [Member] \| ABQ Uptown, Albuquerque, NM
Initial Cost
Land	6,374
Buildings and Improvements	75,333
Costs Capitalized Subsequent to Acquisition
Land	4,054
Buildings and Improvements	10,140
Gross Amounts At Which Carried At Close of Period
Land	10,428
Buildings and Improvements	85,473
Total	95,901
Accumulated Depreciation	36,053
Lifestyle Centers [Member] \| Northgate Station, Seattle, WA
Initial Cost
Land	23,610
Buildings and Improvements	115,992
Costs Capitalized Subsequent to Acquisition
Land	13,557
Buildings and Improvements	104,529
Gross Amounts At Which Carried At Close of Period
Land	37,167
Buildings and Improvements	220,521
Total	257,688
Accumulated Depreciation	60,743
Lifestyle Centers [Member] \| University Park Village, Fort Worth, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	52,352
Initial Cost
Land	18,031
Buildings and Improvements	100,523
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,245
Gross Amounts At Which Carried At Close of Period
Land	18,031
Buildings and Improvements	109,768
Total	127,799
Accumulated Depreciation	30,500
Other Properties \| Calhoun Marketplace, Calhoun, GA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	17,146
Initial Cost
Land	1,745
Buildings and Improvements	12,529
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,139
Gross Amounts At Which Carried At Close of Period
Land	1,745
Buildings and Improvements	14,668
Total	16,413
Accumulated Depreciation	11,396
Other Properties \| Florida Keys Outlet Center, Florida City, FL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	17,000
Initial Cost
Land	1,112
Buildings and Improvements	1,748
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,855
Gross Amounts At Which Carried At Close of Period
Land	1,112
Buildings and Improvements	7,603
Total	8,715
Accumulated Depreciation	4,313
Other Properties \| Gaffney Marketplace, Gaffney (Greenville/Charlotte), SC
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	27,696
Initial Cost
Land	4,056
Buildings and Improvements	32,371
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,259
Gross Amounts At Which Carried At Close of Period
Land	4,056
Buildings and Improvements	38,630
Total	42,686
Accumulated Depreciation	24,201
Other Properties \| Orlando Outlet Marketplace, Orlando, FL
Initial Cost
Land	3,367
Buildings and Improvements	1,557
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,334
Gross Amounts At Which Carried At Close of Period
Land	3,367
Buildings and Improvements	5,891
Total	9,258
Accumulated Depreciation	3,370
Other Properties \| Osage Beach Marketplace, Osage Beach, MO
Initial Cost
Land	1,397
Buildings and Improvements	8,874
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	16
Gross Amounts At Which Carried At Close of Period
Land	1,397
Buildings and Improvements	8,890
Total	10,287
Accumulated Depreciation	2,666
Other Properties \| Southridge Mall, Greendale (Milwaukee), WI
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	112,087
Initial Cost
Land	12,359
Buildings and Improvements	130,111
Costs Capitalized Subsequent to Acquisition
Land	1,939
Buildings and Improvements	12,244
Gross Amounts At Which Carried At Close of Period
Land	14,298
Buildings and Improvements	142,355
Total	156,653
Accumulated Depreciation	$ 64,232

Schedule III Real Estate and _3

Schedule III Real Estate and Accumulated Depreciation - Changes in Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Real Estate Properties:
Balance, beginning of year	$ 37,497,216	$ 37,608,638	$ 37,356,739
Acquisitions and consolidations	122,074	121,250
Improvements	688,173	569,483	401,202
Disposals and deconsolidations	(308,030)	(655,482)	(320,328)
Currency Translation Adjustment	(119,655)	(146,673)	171,025
Balance, close of year	37,879,778	37,497,216	37,608,638
Unaudited aggregate cost of real estate for federal income tax purposes	20,977,712
Reconciliation of Accumulated Depreciation:
Balance, beginning of year	15,304,461	14,592,867	13,622,433
Depreciation expense (7)	1,075,391	1,083,705	1,226,611
Disposals and deconsolidations	(180,091)	(403,582)	(236,123)
Currency Translation Adjustment	24,289	31,471	(20,054)
Balance, close of year	$ 16,224,050	$ 15,304,461	$ 14,592,867
Structure \| Minimum
Real estate and accumulated depreciation
Depreciable life	10 years
Structure \| Maximum
Real estate and accumulated depreciation
Depreciable life	35 years
Landscaping and parking lot
Real estate and accumulated depreciation
Depreciable life	15 years
HVAC equipment
Real estate and accumulated depreciation
Depreciable life	10 years