Document and Entity Information
Document and Entity Information - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Document Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Entity Registrant Name | SIMON PROPERTY GROUP, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity File Number | 001-14469 | ||
Entity Tax Identification Number | 04-6268599 | ||
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 | ||
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 Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 37,467 | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Indianapolis, Indiana | ||
Entity Central Index Key | 0001063761 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
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 | 325,891,010 | ||
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, $0.0001 par value | ||
Trading Symbol | SPGJ | ||
Security Exchange Name | NYSE | ||
Simon Property Group, L.P. | |||
Document Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Entity Registrant Name | SIMON PROPERTY GROUP, L.P. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity File Number | 001-36110 | ||
Entity Tax Identification Number | 34-1755769 | ||
Entity Address, Address Line One | 225 West Washington Street | ||
Entity Address, City or Town | Indianapolis | ||
Entity Address, State or Province | IN | ||
Entity Address, Postal Zip Code | 46204 | ||
City Area Code | 317 | ||
Local Phone Number | 636-1600 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Indianapolis, Indiana | ||
Entity Central Index Key | 0001022344 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS: | ||
Investment properties, at cost | $ 39,285,138 | $ 38,326,912 |
Less - accumulated depreciation | 17,716,788 | 16,563,749 |
Investment properties, at cost, net | 21,568,350 | 21,763,163 |
Cash and cash equivalents | 1,168,991 | 621,628 |
Short-term investments | 1,000,000 | |
Tenant receivables and accrued revenue, net | 826,126 | 823,540 |
Right-of-use assets, net | 484,073 | 496,930 |
Deferred costs and other assets | 1,117,716 | 1,159,293 |
Total assets | 34,283,495 | 33,011,274 |
LIABILITIES: | ||
Mortgages and unsecured indebtedness | 26,033,423 | 24,960,286 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,693,248 | 1,491,583 |
Cash distributions and losses in unconsolidated entities, at equity | 1,760,922 | 1,699,828 |
Dividend payable | 1,842 | 1,997 |
Lease liabilities | 484,861 | 497,953 |
Other liabilities | 621,601 | 535,736 |
Total liabilities | 30,595,897 | 29,187,383 |
Commitments and contingencies | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | 195,949 | 212,239 |
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 | 41,106 | 41,435 |
Capital in excess of par value | 11,406,236 | 11,232,881 |
Accumulated deficit | (6,095,576) | (5,926,974) |
Accumulated other comprehensive loss | (172,787) | (164,873) |
Common stock held in treasury, at cost, 16,983,364 and 15,959,628 shares, respectively | (2,156,178) | (2,043,979) |
Total stockholders' equity | 3,022,834 | 3,138,524 |
Noncontrolling interests | 468,815 | 473,128 |
Total equity | 3,491,649 | 3,611,652 |
Total liabilities and equity | 34,283,495 | 33,011,274 |
TRG | ||
ASSETS: | ||
Investment, in equity | 3,049,719 | 3,074,345 |
Klepierre | ||
ASSETS: | ||
Investment, in equity | 1,527,872 | 1,561,112 |
Unconsolidated Investments excluding Klepierre and TRG | ||
ASSETS: | ||
Investment, in equity | 3,540,648 | 3,511,263 |
Simon Property Group, L.P. | ||
ASSETS: | ||
Investment properties, at cost | 39,285,138 | 38,326,912 |
Less - accumulated depreciation | 17,716,788 | 16,563,749 |
Investment properties, at cost, net | 21,568,350 | 21,763,163 |
Cash and cash equivalents | 1,168,991 | 621,628 |
Short-term investments | 1,000,000 | |
Tenant receivables and accrued revenue, net | 826,126 | 823,540 |
Right-of-use assets, net | 484,073 | 496,930 |
Deferred costs and other assets | 1,117,716 | 1,159,293 |
Total assets | 34,283,495 | 33,011,274 |
LIABILITIES: | ||
Mortgages and unsecured indebtedness | 26,033,423 | 24,960,286 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,693,248 | 1,491,583 |
Cash distributions and losses in unconsolidated entities, at equity | 1,760,922 | 1,699,828 |
Dividend payable | 1,842 | 1,997 |
Lease liabilities | 484,861 | 497,953 |
Other liabilities | 621,601 | 535,736 |
Total liabilities | 30,595,897 | 29,187,383 |
Commitments and contingencies | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | 195,949 | 212,239 |
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 | 41,106 | 41,435 |
General Partner, 325,920,522 and 326,953,791 units outstanding, respectively | 2,981,728 | 3,097,089 |
Limited Partners, 48,913,717 and 47,302,958 units outstanding, respectively | 447,494 | 448,076 |
Total partners' equity | 3,470,328 | 3,586,600 |
Nonredeemable noncontrolling interests in properties, net | 21,321 | 25,052 |
Total equity | 3,491,649 | 3,611,652 |
Total liabilities and equity | 34,283,495 | 33,011,274 |
Simon Property Group, L.P. | TRG | ||
ASSETS: | ||
Investment, in equity | 3,049,719 | 3,074,345 |
Simon Property Group, L.P. | Klepierre | ||
ASSETS: | ||
Investment, in equity | 1,527,872 | 1,561,112 |
Simon Property Group, L.P. | Unconsolidated Investments excluding Klepierre and TRG | ||
ASSETS: | ||
Investment, in equity | 3,540,648 | 3,511,263 |
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 | 33 | 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, 2023 | Dec. 31, 2022 | |
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 | 16,983,364 | 15,959,628 |
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 | 342,895,886 | 342,905,419 |
Common stock, shares outstanding | 342,895,886 | 342,905,419 |
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 | 325,920,522 | 326,953,791 |
Limited Partners, units outstanding | 48,913,717 | 47,302,958 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUE: | |||
Lease income | $ 5,164,335 | $ 4,905,175 | $ 4,736,719 |
Management fees and other revenues | 125,995 | 116,904 | 106,483 |
Other income | 368,506 | 269,368 | 273,587 |
Total revenue | 5,658,836 | 5,291,447 | 5,116,789 |
EXPENSES: | |||
Property operating | 489,346 | 464,135 | 415,720 |
Depreciation and amortization | 1,262,107 | 1,227,371 | 1,262,715 |
Real estate taxes | 441,783 | 443,224 | 458,953 |
Repairs and maintenance | 97,257 | 93,595 | 96,391 |
Advertising and promotion | 127,346 | 107,793 | 114,303 |
Home and regional office costs | 207,618 | 184,592 | 184,660 |
General and administrative | 38,513 | 34,971 | 30,339 |
Other | 187,844 | 152,213 | 140,518 |
Total operating expenses | 2,851,814 | 2,707,894 | 2,703,599 |
OPERATING INCOME BEFORE OTHER ITEMS | 2,807,022 | 2,583,553 | 2,413,190 |
Interest expense | (854,648) | (761,253) | (795,712) |
Loss on extinguishment of debt | (51,841) | ||
Gain on disposal, exchange, or revaluation of equity interests, net (Notes 3 and 6) | 362,019 | 121,177 | 178,672 |
Income and other tax expense | (81,874) | (83,512) | (157,199) |
Income from unconsolidated entities | 375,663 | 647,977 | 782,837 |
Unrealized gains (losses) in fair value of publicly traded equity instruments and derivative instrument, net | 11,892 | (61,204) | (8,095) |
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | (3,056) | 5,647 | 206,855 |
CONSOLIDATED NET INCOME | 2,617,018 | 2,452,385 | 2,568,707 |
Net income attributable to noncontrolling interests | 333,892 | 312,850 | 319,076 |
Preferred dividends | 3,337 | 3,337 | 3,337 |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 2,279,789 | $ 2,136,198 | $ 2,246,294 |
BASIC AND DILUTED EARNINGS PER COMMON SHARE: | |||
Net income attributable to common stockholders - basic (in dollars per share) | $ 6.98 | $ 6.52 | $ 6.84 |
Net income attributable to common stockholders - diluted (in dollars per share) | $ 6.98 | $ 6.52 | $ 6.84 |
Consolidated Net Income | $ 2,617,018 | $ 2,452,385 | $ 2,568,707 |
Unrealized gain on derivative hedge agreements | 18,350 | 54,808 | 51,114 |
Net gain reclassified from accumulated other comprehensive loss into earnings | (4,084) | (1,595) | (7,285) |
Currency translation adjustments | (26,513) | (28,119) | (38,772) |
Changes in available-for-sale securities and other | 2,254 | (2,009) | (1,014) |
Comprehensive income | 2,607,025 | 2,475,470 | 2,572,750 |
Comprehensive income attributable to noncontrolling interests | 331,814 | 315,622 | 319,629 |
Comprehensive income attributable to common stockholders | 2,275,211 | 2,159,848 | 2,253,121 |
Simon Property Group, L.P. | |||
REVENUE: | |||
Lease income | 5,164,335 | 4,905,175 | 4,736,719 |
Management fees and other revenues | 125,995 | 116,904 | 106,483 |
Other income | 368,506 | 269,368 | 273,587 |
Total revenue | 5,658,836 | 5,291,447 | 5,116,789 |
EXPENSES: | |||
Property operating | 489,346 | 464,135 | 415,720 |
Depreciation and amortization | 1,262,107 | 1,227,371 | 1,262,715 |
Real estate taxes | 441,783 | 443,224 | 458,953 |
Repairs and maintenance | 97,257 | 93,595 | 96,391 |
Advertising and promotion | 127,346 | 107,793 | 114,303 |
Home and regional office costs | 207,618 | 184,592 | 184,660 |
General and administrative | 38,513 | 34,971 | 30,339 |
Other | 187,844 | 152,213 | 140,518 |
Total operating expenses | 2,851,814 | 2,707,894 | 2,703,599 |
OPERATING INCOME BEFORE OTHER ITEMS | 2,807,022 | 2,583,553 | 2,413,190 |
Interest expense | (854,648) | (761,253) | (795,712) |
Loss on extinguishment of debt | (51,841) | ||
Gain on disposal, exchange, or revaluation of equity interests, net (Notes 3 and 6) | 362,019 | 121,177 | 178,672 |
Income and other tax expense | (81,874) | (83,512) | (157,199) |
Income from unconsolidated entities | 375,663 | 647,977 | 782,837 |
Unrealized gains (losses) in fair value of publicly traded equity instruments and derivative instrument, net | 11,892 | (61,204) | (8,095) |
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | (3,056) | 5,647 | 206,855 |
CONSOLIDATED NET INCOME | 2,617,018 | 2,452,385 | 2,568,707 |
Net income attributable to noncontrolling interests | (1,336) | 2,738 | (6,053) |
Preferred dividends | 5,237 | 5,252 | 5,252 |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | 2,613,117 | 2,444,395 | 2,569,508 |
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO: | |||
General Partner | 2,279,789 | 2,136,198 | 2,246,294 |
Limited Partners | $ 333,328 | $ 308,197 | $ 323,214 |
BASIC AND DILUTED EARNINGS PER COMMON SHARE: | |||
Net income attributable to common stockholders - basic (in dollars per share) | $ 6.98 | $ 6.52 | $ 6.84 |
Net income attributable to common stockholders - diluted (in dollars per share) | $ 6.98 | $ 6.52 | $ 6.84 |
Consolidated Net Income | $ 2,617,018 | $ 2,452,385 | $ 2,568,707 |
Unrealized gain on derivative hedge agreements | 18,350 | 54,808 | 51,114 |
Net gain reclassified from accumulated other comprehensive loss into earnings | (4,084) | (1,595) | (7,285) |
Currency translation adjustments | (26,513) | (28,119) | (38,772) |
Changes in available-for-sale securities and other | 2,254 | (2,009) | (1,014) |
Comprehensive income | 2,607,025 | 2,475,470 | 2,572,750 |
Comprehensive income attributable to noncontrolling interests | 610 | 1,572 | (2,634) |
Comprehensive income attributable to common stockholders | $ 2,606,415 | $ 2,473,898 | $ 2,575,384 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Consolidated Net Income | $ 2,617,018 | $ 2,452,385 | $ 2,568,707 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities | |||
Depreciation and amortization | 1,333,584 | 1,292,113 | 1,325,895 |
Loss on debt extinguishment | 51,841 | ||
Loss (gain) on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 3,056 | (5,647) | (206,855) |
Gain on disposal, exchange, or revaluation of equity interests, net | (362,019) | (121,177) | (178,672) |
Unrealized (gains) losses in fair value of publicly traded equity instruments and derivative instrument, net | (11,892) | 61,204 | 8,095 |
Straight-line lease loss | 9,866 | 25,234 | 22,619 |
Income from unconsolidated entities | (375,663) | (647,977) | (782,837) |
Distributions of income from unconsolidated entities | 458,709 | 561,583 | 436,881 |
Changes in assets and liabilities | |||
Tenant receivables and accrued revenue, net | (11,802) | 63,350 | 265,352 |
Deferred costs and other assets | 24,423 | (104,567) | (77,592) |
Accounts payable, accrued expenses, intangibles, deferred revenues and other | 245,513 | 190,103 | 203,968 |
Net cash provided by operating activities | 3,930,793 | 3,766,604 | 3,637,402 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisitions | (65,829) | (203,364) | (257,080) |
Funding of loans to related parties | (15,250) | (132,857) | (15,848) |
Repayments of loans to related parties | 16,188 | 82,371 | 14,027 |
Capital expenditures, net | (793,283) | (650,024) | (527,935) |
Cash impact from the consolidation of properties | 20,988 | 5,595 | |
Net proceeds from sale of assets | 59,658 | 3,000 | |
Investments in unconsolidated entities | (83,961) | (235,792) | (56,901) |
Purchase of short-term investments | (1,000,000) | ||
Purchase of equity instruments | (31,742) | (66,140) | (33,605) |
Proceeds from sales of equity instruments | 304,129 | 26,086 | 65,504 |
Insurance proceeds for property restoration | 7,427 | 7,200 | |
Distributions of capital from unconsolidated entities and other | 299,140 | 472,510 | 243,279 |
Net cash used in investing activities | (1,363,181) | (626,564) | (552,764) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from sales of common stock and other, net of transaction costs | (328) | (328) | (328) |
Purchase of shares related to stock grant recipients' tax withholdings | (5,795) | (6,788) | (2,318) |
Redemption of limited partner units | (13,524) | (1,852) | (2,220) |
Purchase of treasury stock | (140,593) | (180,387) | |
Preferred unit redemptions | (2,500) | ||
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 | (41,956) | (27,741) | (5,024) |
Contributions from noncontrolling interest holders in properties | 9,813 | 29,681 | 20,902 |
Preferred distributions of the Operating Partnership | (1,900) | (1,915) | (1,915) |
Distributions to stockholders and preferred dividends | (2,439,233) | (2,264,007) | (2,351,764) |
Distributions to limited partners | (355,548) | (326,550) | (337,021) |
Cash paid to extinguish debt | (50,156) | ||
Proceeds from issuance of debt, net of transaction costs | 3,629,840 | 3,449,403 | 9,251,217 |
Repayments of debt | (2,658,525) | (3,721,864) | (10,076,809) |
Net cash used in financing activities | (2,020,249) | (3,052,348) | (3,562,315) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 547,363 | 87,692 | (477,677) |
CASH AND CASH EQUIVALENTS, beginning of period | 621,628 | 533,936 | 1,011,613 |
CASH AND CASH EQUIVALENTS, end of period | 1,168,991 | 621,628 | 533,936 |
Simon Property Group, L.P. | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Consolidated Net Income | 2,617,018 | 2,452,385 | 2,568,707 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities | |||
Depreciation and amortization | 1,333,584 | 1,292,113 | 1,325,895 |
Loss on debt extinguishment | 51,841 | ||
Loss (gain) on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 3,056 | (5,647) | (206,855) |
Gain on disposal, exchange, or revaluation of equity interests, net | (362,019) | (121,177) | (178,672) |
Unrealized (gains) losses in fair value of publicly traded equity instruments and derivative instrument, net | (11,892) | 61,204 | 8,095 |
Straight-line lease loss | 9,866 | 25,234 | 22,619 |
Income from unconsolidated entities | (375,663) | (647,977) | (782,837) |
Distributions of income from unconsolidated entities | 458,709 | 561,583 | 436,881 |
Changes in assets and liabilities | |||
Tenant receivables and accrued revenue, net | (11,802) | 63,350 | 265,352 |
Deferred costs and other assets | 24,423 | (104,567) | (77,592) |
Accounts payable, accrued expenses, intangibles, deferred revenues and other | 245,513 | 190,103 | 203,968 |
Net cash provided by operating activities | 3,930,793 | 3,766,604 | 3,637,402 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisitions | (65,829) | (203,364) | (257,080) |
Funding of loans to related parties | (15,250) | (132,857) | (15,848) |
Repayments of loans to related parties | 16,188 | 82,371 | 14,027 |
Capital expenditures, net | (793,283) | (650,024) | (527,935) |
Cash impact from the consolidation of properties | 20,988 | 5,595 | |
Net proceeds from sale of assets | 59,658 | 3,000 | |
Investments in unconsolidated entities | (83,961) | (235,792) | (56,901) |
Purchase of short-term investments | (1,000,000) | ||
Purchase of equity instruments | (31,742) | (66,140) | (33,605) |
Proceeds from sales of equity instruments | 304,129 | 26,086 | 65,504 |
Insurance proceeds for property restoration | 7,427 | 7,200 | |
Distributions of capital from unconsolidated entities and other | 299,140 | 472,510 | 243,279 |
Net cash used in investing activities | (1,363,181) | (626,564) | (552,764) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from sales of common stock and other, net of transaction costs | (328) | (328) | (328) |
Purchase of shares related to stock grant recipients' tax withholdings | (5,795) | (6,788) | (2,318) |
Redemption of limited partner units | (13,524) | (1,852) | (2,220) |
Preferred unit redemptions | (2,500) | ||
Purchase of general partner units | (140,593) | (180,387) | |
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 | (41,956) | (27,741) | (5,024) |
Contributions from noncontrolling interest holders in properties | 9,813 | 29,681 | 20,902 |
Preferred distributions of the Operating Partnership | (2,796,681) | (2,592,472) | (2,690,700) |
Cash paid to extinguish debt | (50,156) | ||
Proceeds from issuance of debt, net of transaction costs | 3,629,840 | 3,449,403 | 9,251,217 |
Repayments of debt | (2,658,525) | (3,721,864) | (10,076,809) |
Net cash used in financing activities | (2,020,249) | (3,052,348) | (3,562,315) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 547,363 | 87,692 | (477,677) |
CASH AND CASH EQUIVALENTS, beginning of period | 621,628 | 533,936 | 1,011,613 |
CASH AND CASH EQUIVALENTS, end of period | $ 1,168,991 | $ 621,628 | $ 533,936 |
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, 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 (loss) | 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 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 (loss) | 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 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 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Issuance of limited partner units | 197,426 | 197,426 | 197,426 | 197,426 | |||||||||
Series J preferred stock premium amortization | (329) | (329) | (329) | (329) | |||||||||
Stock incentive program | (34,189) | 34,189 | |||||||||||
Redemption of limited partner units | (12,483) | (1,041) | (13,524) | (12,483) | (1,041) | (13,524) | |||||||
Amortization of stock incentive | 32,468 | 32,468 | 32,468 | 32,468 | |||||||||
Treasury stock purchase | (140,593) | (140,593) | |||||||||||
Treasury unit purchase | (140,593) | (140,593) | |||||||||||
Long-term incentive performance units | 14,739 | 14,739 | 14,739 | 14,739 | |||||||||
Issuance of unit equivalents and other | (18,145) | 6 | 2,020 | (16,119) | (1) | 146 | (12,495) | (5,795) | 2,026 | (16,119) | |||
Unrealized gain on hedging activities | 15,784 | 2,566 | 18,350 | 15,784 | 2,566 | 18,350 | |||||||
Currency translation adjustments | (22,116) | (4,397) | (26,513) | (22,116) | (4,397) | (26,513) | |||||||
Changes in available-for-sale securities and other | 1,969 | 285 | 2,254 | 1,969 | 285 | 2,254 | |||||||
Net gain reclassified from accumulated other comprehensive loss into earnings | (3,551) | (533) | (4,084) | (3,551) | (533) | (4,084) | |||||||
Other comprehensive income (loss) | (7,914) | (2,079) | (9,993) | (7,914) | (2,079) | (9,993) | |||||||
Adjustment to limited partners' interest from change in ownership in the Operating Partnership | 187,413 | (187,413) | 187,413 | (187,413) | |||||||||
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests | (2,439,233) | (355,548) | (2,794,781) | ||||||||||
Distributions to other noncontrolling interest partners | (6,361) | (6,361) | |||||||||||
Distributions, excluding distributions on preferred interests classified as temporary equity | (2,435,896) | (355,548) | (3,337) | (6,361) | (2,801,142) | ||||||||
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties | 2,279,789 | 333,328 | 3,337 | 610 | 2,617,064 | ||||||||
Net income, excluding attributable to preferred interests in the Operating Partnership and attributable to noncontrolling redeemable interests in properties | 2,283,126 | 333,938 | 2,617,064 | ||||||||||
Balance at Dec. 31, 2023 | $ 41,106 | $ 33 | $ (172,787) | $ 11,406,236 | $ (6,095,576) | $ (2,156,178) | $ 468,815 | $ 3,491,649 | |||||
Balance at Dec. 31, 2023 | $ 2,981,728 | $ 447,494 | $ 41,106 | $ 21,321 | $ 3,491,649 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Exchange of limited partner units, (in shares) | 2,680 | 58,571 | |
Issuance of limited partner, units | 1,725,000 | ||
Stock incentive program, shares | 291,122 | 208,063 | 80,012 |
Redemption of Limited Partner Units | 114,241 | 14,740 | 15,705 |
Treasury stock purchase, shares | 1,273,733 | 1,830,022 | |
Shares repurchased | 50,658 | 46,555 | 20,374 |
Net income attributable to preferred interests in the Operating Partnership (in dollars) | $ 1,900 | $ 1,915 | $ 1,915 |
Net income (loss) attributable to noncontrolling redeemable interests in properties (in dollars) | $ (1,946) | $ 1,166 | $ (3,419) |
Simon Property Group, L.P. | |||
Limited partner units exchanged to common units | 2,680 | 58,571 | |
Issuance of limited partner, units | 1,725,000 | ||
Stock incentive program, units | 291,122 | 208,063 | 80,012 |
Redemption of Limited Partner Units | 114,241 | 14,740 | 15,705 |
Treasury unit purchase, units | 1,273,733 | 1,830,022 | |
Issuance of equivalents units | 50,658 | 72,442 | 20,374 |
Issuance of common units | 46,555 | ||
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars) | $ 1,900 | $ 1,915 | $ 1,915 |
Net income (loss) attributable to noncontrolling redeemable interests in properties (in dollars) | $ (1,946) | $ 1,166 | $ (3,419) |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, we owned or held an interest in 195 income-producing properties in the United States, which consisted of 93 malls, 69 Premium Outlets, 14 Mills, six lifestyle centers, and 13 other retail properties in 37 states and Puerto Rico. We also own an 84% 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, 2023, we had ownership interests in 35 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe, and Canada. As of December 31, 2023, 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 also own investments in retail operations (J.C. Penney and SPARC Group); an intellectual property and licensing venture (Authentic Brands Group, LLC, or ABG); an e-commerce venture (Rue Gilt Groupe, or RGG), and Jamestown (a global real estate investment and management company), collectively, our other platform investments. We generate the majority of our lease income from retail, dining, entertainment and other tenants including consideration received from: ● Fixed minimum lease consideration and fixed common area maintenance (CAM) reimbursements and, ● Variable lease consideration primarily based on tenants’ sales, as well as reimbursements for real estate taxes, utilities, marketing, and certain other items. Revenues of our management company, after intercompany eliminations, consist primarily of management fees that are typically based upon the revenues of the property being managed. We also grow by generating supplemental revenues from the following activities: ● establishing our properties as leading market resource providers for retailers and other businesses and consumer-focused corporate alliances, including payment systems (such as handling fees relating to the sales of bank-issued prepaid cards), national marketing alliances, static and digital media initiatives, business development, sponsorship, and events, ● offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services, ● selling or leasing land adjacent to our properties, commonly referred to as “outlots” or “outparcels,” and ● generating interest income on cash deposits and investments in loans, including those made to related entities. |
Basis of Presentation and Conso
Basis of Presentation and Consolidation | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 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, 2023, we consolidated 130 wholly-owned properties and 19 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 81 properties (the joint venture properties) and our investments in Klépierre, TRG, and Jamestown, as well as our investments in retail operations (J.C. Penney and SPARC Group); an intellectual property and licensing venture (ABG); and an e-commerce venture (RGG). We manage the day-to-day operations of 51 of the 81 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 30 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, 2023 2022 2021 Weighted average ownership interest 87.2 % 87.4 % 87.4 % As of December 31, 2023 and 2022, our ownership interest in the Operating Partnership was 87.0% and 87.4%, respectively. We adjust the noncontrolling limited partners’ interest at the end of each period to reflect their interest in the net assets of the Operating Partnership. Preferred unit requirements in the Operating Partnership’s accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units and are recorded when declared. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 2022 Land $ 3,643,432 $ 3,632,943 Buildings and improvements 35,141,486 34,246,835 Total land, buildings and improvements 38,784,918 37,879,778 Furniture, fixtures and equipment 500,220 447,134 Investment properties at cost 39,285,138 38,326,912 Less — accumulated depreciation 17,716,788 16,563,749 Investment properties at cost, net $ 21,568,350 $ 21,763,163 Construction in progress included above $ 760,175 $ 587,644 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, 2023 2022 2021 Capitalized interest $ 39,906 $ 35,482 $ 31,204 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. 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. 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, 2023 and 2022, we had equity instruments with readily determinable fair values of $97.7 million and $73.0 million, respectively. Changes in the fair value of these equity instruments are recorded in unrealized gains (losses) in fair value of publicly traded equity instruments and derivative instrument, net in our consolidated statements of operations and comprehensive income. At December 31, 2023 and 2022, we had equity instruments without readily determinable fair values of $240.2 million and $236.2 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 nil and $27.5 million for the years ended December 31, 2023 and 2022, 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, 2023 and 2022, we held debt securities of $79.7 million and $52.3 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. 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, 2023, approximately 7.3% of our consolidated long-lived assets and 4.2% of our consolidated total revenues were derived from assets located outside the United States. 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. Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31: 2023 2022 Deferred lease costs, net $ 77,811 $ 97,553 In-place lease intangibles, net 3,085 7,076 Acquired above market lease intangibles, net 5,629 10,696 Marketable securities of our captive insurance companies 79,716 52,325 Goodwill 20,098 20,098 Other marketable and non-marketable securities 338,120 309,212 Prepaids, notes receivable and other assets, net 593,257 662,333 $ 1,117,716 $ 1,159,293 Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows as of December 31: 2023 2022 Limited partners’ interests in the Operating Partnership $ 447,494 $ 448,076 Nonredeemable noncontrolling interests in properties, net 21,321 25,052 Total noncontrolling interests reflected in equity $ 468,815 $ 473,128 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 ($221.6) million, ($199.5) million and ($175.1) million as of December 31, 2023, 2022 and 2021, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: Affected line item where 2023 2022 2021 net income is presented Currency translation adjustments $ — $ — $ 5,660 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net — — (712) Net income attributable to noncontrolling interests $ — $ — $ 4,948 Accumulated derivative gains, net $ 4,084 $ 1,595 $ 1,625 Interest expense (533) (202) (204) Net income attributable to noncontrolling interests $ 3,551 $ 1,393 $ 1,421 The Operating Partnership The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($254.9) million, ($228.3) million and ($200.2) million as of December 31, 2023, 2022 and 2021, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: Affected line item where 2023 2022 2021 net income is presented Currency translation adjustments $ — $ — $ 5,660 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net Accumulated derivative gains, net $ 4,084 $ 1,595 $ 1,625 Interest expense Revenue Recognition We, as a lessor, primarily under long-term leases, 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. 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, primarily under long-term leases, 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 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, 2023 and 2022 approximated $96.1 million and $85.7 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. 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, and generated gross proceeds of $345.0 million, was placed in a trust account. The SPAC was a consolidated VIE which was formed for the purpose of effecting a business combination. The Company accounted for the noncontrolling interest in the SPAC as noncontrolling redeemable interests as these instruments were redeemable at the option of the holder and were 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 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. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting,” which provides improvements to reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The standard will be effective for us for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements and footnotes. In December 2023, the FASB issued ASU 2023-09, “Income Taxes,” which provides improvements to income tax disclosures by enhancing the transparency and decision usefulness of the material provided. The standard will be effective for us for the fiscal years beginning after December 15, 2024. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements and footnotes. |
Real Estate Acquisitions and Di
Real Estate Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2023 | |
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 2023, 2022, and 2021. 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 On June 17, 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. |
Per Share and Per Unit Data
Per Share and Per Unit Data | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2021 Net Income attributable to Common Stockholders — Basic and Diluted $ 2,279,789 $ 2,136,198 $ 2,246,294 Weighted Average Shares Outstanding — Basic and Diluted 326,807,326 327,816,695 328,587,137 For the year ended December 31, 2023, 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, 2023, 2022, and 2021. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared. The Operating Partnership For the Year Ended December 31, 2023 2022 2021 Net Income attributable to Unitholders — Basic and Diluted $ 2,613,117 $ 2,444,395 $ 2,569,508 Weighted Average Units Outstanding — Basic and Diluted 374,589,788 375,111,997 375,866,759 For the year ended December 31, 2023, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the years ended December 31, 2023, 2022, and 2021. 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, 2023 2022 2021 Total dividends/distributions paid per common share/unit $ 7.45 $ 6.90 $ 5.85 Percent taxable as ordinary income 99.70 % 98.60 % 93.10 % Percent taxable as long-term capital gains 0.30 % 1.40 % 6.90 % 100.00 % 100.00 % 100.00 % |
Investments in Unconsolidated E
Investments in Unconsolidated Entities and International Investments | 12 Months Ended |
Dec. 31, 2023 | |
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 81 properties as of December 31, 2023 and 82 properties as of December 31, 2022. Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash or borrowings, or the use of limited partnership interests in the Operating Partnership, to acquire the joint venture interest from our partner. We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of December 31, 2023 and 2022, we had construction loans and other advances to these related parties totaling $98.0 million and $112.0 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. During the third quarter of 2023, we disposed of our interest in one unconsolidated property through foreclosure in satisfaction of the $114.8 million non-recourse mortgage loan. We recognized no gain or loss in connection with this disposal. 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. Taubman Realty Group On September 7, 2023, we acquired an additional 4% ownership in TRG for approximately $199.6 million by issuing 1,725,000 units in the Operating Partnership, bringing our noncontrolling ownership interest in TRG to 84%. Substantially all our investment has been determined to relate to investment property. Our investment includes 6.38% Series A Cumulative Redeemable Preferred Units for $362.5 million issued to us. The tables below represent summary financial information of TRG. December 31, December 31, 2023 2022 Total assets $ 3,416,630 $ 3,555,686 Total liabilities 4,386,131 4,356,406 Noncontrolling interests 164,720 163,293 For the Year Ended December 31, 2023 2022 2021 Total revenues $ 695,222 $ 693,835 $ 600,426 Operating income before other items 281,349 254,395 197,074 Consolidated net income 42,910 164,072 97,361 Our share of net income 32,728 129,065 78,370 Amortization of excess investment (113,333) (189,629) (196,072) Other Platform Investments As of December 31, 2023, we own a 41.67% noncontrolling interest in J.C. Penney, a department store retailer. We also own a 33.3% noncontrolling interest in SPARC Group. 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. During the third quarter of 2023, SPARC Group issued equity to a third party resulting in the dilution of our ownership to approximately 33.3% and a deemed disposal of a proportional interest of our investment. As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $145.8 million, which is included in gain on disposal, exchange, or revaluation of equity interests, net in the consolidated statement of operations and comprehensive income. This non-cash investing activity is excluded from our consolidated statement of cash flows. In connection with this transaction, we recorded deferred taxes of $36.9 million, which is included in income and other tax expense in the consolidated statement of operations and comprehensive income. During the fourth quarter of 2023, we sold a portion of our interest in ABG for cash proceeds of $300.2 million, resulting in a pre-tax gain of $157.1 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 $39.3 million which is included in income and other tax expense in the consolidated statement of operations and comprehensive income. Concurrently, ABG completed a capital transaction resulting in the dilution of our ownership to approximately 9.6% and a deemed disposal of a proportional interest of our investment. As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $10.3 million, which is included in gain on disposal, exchange, or revaluation of equity interests, net in the consolidated statement of operations and comprehensive income. This non-cash investing activity is excluded from our consolidated statement of cash flows. In connection with this transaction, we recorded deferred taxes of $2.6 million, which is included in income and other tax expense in the consolidated statement of operations and comprehensive income. The carrying amount of our investment in ABG was $733.2 million and $767.5 million at December 31, 2023 and 2022, respectively. During the third quarter of 2023, ABG completed a capital transaction resulting in the dilution of our ownership to approximately 11.7% and a deemed disposal of a proportional interest of our investment. As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $12.4 million, which is included in gain on disposal, exchange, or revaluation of equity interests, net in the consolidated statement of operations and comprehensive income. This non-cash investing activity is excluded from our consolidated statement of cash flows. In connection with this transaction, we recorded deferred taxes of $3.1 million, which is included in income and other tax expense in the consolidated statement of operations and comprehensive income. During the second quarter of 2023, ABG completed a capital transaction resulting in a dilution of our ownership from approximately 12.3% to approximately 11.8% and a deemed disposal of a proportional interest of our investment. As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $36.4 million, which is included in gain on disposal, exchange, or revaluation of equity interests in the consolidated statement of operations and comprehensive income. This non-cash investing activity is excluded from our consolidated statement of cash flows. In connection with this transaction, we recorded deferred taxes of $9.1 million, which is included in income and other tax expense in the consolidated statement of operations and comprehensive income. 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. 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 in the consolidated statements of operations and comprehensive income. Subsequently, we acquired additional interests in ABG for cash consideration of $100.0 million. As of December 31, 2023, we own a 45% noncontrolling interest in Rue Gilt Groupe. 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. In connection with this transaction our excess investment was primarily assigned to intangible assets and goodwill. The tables below represents combined summary financial information, after intercompany eliminations, of our other platform investments. December 31, December 31, 2023 2022 Total assets $ 14,921,120 $ 12,897,980 Total liabilities 11,406,440 10,521,772 Noncontrolling interests 501,224 362,652 For the Year Ended December 31, 2023 2022 2021 Total revenues $ 13,865,845 $ 14,895,379 $ 14,454,661 Operating income before other items 683,723 972,360 1,550,358 Consolidated net income 239,491 738,255 1,400,632 Our share of net income (loss) 40,002 238,412 402,658 Amortization of excess investment (6,740) (6,659) (7,546) 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, 2023, we owned 63,924,148 shares, or approximately 22.4%, of Klépierre, which had a quoted market price of $27.24 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, 2023 2022 Total assets $ 16,114,513 $ 16,016,137 Total liabilities 10,282,111 10,074,502 Noncontrolling interests 1,255,479 1,226,734 For the Year Ended December 31, 2023 2022 2021 Total revenues $ 1,359,246 $ 1,308,409 $ 1,240,277 Operating income before other items 618,260 590,829 380,470 Consolidated net income 347,311 581,075 848,104 Our share of net income 64,805 116,084 164,575 Amortization of excess investment (17,658) (13,937) (19,444) During the year ended December 31, 2023 we recorded a net loss of $11.2 million related to Klépierre’s disposition of certain assets. During the years ended December 31, 2022 and 2021, we recorded net gains of $1.3 million and $1.2 million, respectively, related to Klépierre’s disposition of certain assets. These transactions are included in (loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. 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 12 Designer Outlet properties as of December 31, 2023, 11 Designer Outlet properties as of December 31, 2022, and 11 Designer Outlet properties as of December 31, 2021. Eight of these Designer Outlets are consolidated by us as of December 31, 2023. As of December 31, 2023, 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 (loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income, and this non-cash investing and financing activity is excluded from our consolidated statement of cash flows. The determination of the fair value consisted of Level 2 and 3 inputs and was predominately allocated to investment property. In addition, we have a 50.0% noncontrolling interest in a European property management and development company that provides services to the Designer Outlet properties. We also have minority interests in Value Retail PLC and affiliated entities, which own or have interests in and operate nine luxury outlets located throughout Europe and we also have a direct minority ownership in three of those outlets. At December 31, 2023 and 2022, 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 $231.2 million and $206.3 million as of December 31, 2023 and 2022, 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 $200.6 million and $199.5 million as of December 31, 2023 and 2022, 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 Klépierre and TRG, as well as our other platform investments. COMBINED BALANCE SHEETS December 31, December 31, 2023 2022 Assets: Investment properties, at cost $ 19,315,578 $ 19,256,108 Less - accumulated depreciation 8,874,745 8,490,990 10,440,833 10,765,118 Cash and cash equivalents 1,372,377 1,445,353 Tenant receivables and accrued revenue, net 505,933 546,025 Right-of-use assets, net 126,539 143,526 Deferred costs and other assets 537,943 482,375 Total assets $ 12,983,625 $ 13,382,397 Liabilities and Partners’ Deficit: Mortgages $ 14,282,839 $ 14,569,921 Accounts payable, accrued expenses, intangibles, and deferred revenue 1,032,217 961,984 Lease liabilities 116,535 133,096 Other liabilities 368,582 446,064 Total liabilities 15,800,173 16,111,065 Preferred units 67,450 67,450 Partners’ deficit (2,883,998) (2,796,118) Total liabilities and partners’ deficit $ 12,983,625 $ 13,382,397 Our Share of: Partners’ deficit $ (1,258,809) $ (1,232,086) Add: Excess Investment 1,173,852 1,219,117 Our net (deficit) Investment in unconsolidated entities, at equity $ (84,957) $ (12,969) “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, 2023, scheduled principal repayments on these joint venture properties’ mortgage indebtedness, assuming the obligations remain outstanding through the initial maturities, are as follows: 2024 $ 2,069,780 2025 2,437,450 2026 2,832,212 2027 2,288,445 2028 2,170,056 Thereafter 2,516,281 Total principal maturities 14,314,224 Debt issuance costs (31,385) Total mortgages $ 14,282,839 This debt becomes due in installments over various terms extending through 2035 with interest rates ranging from 0.21% to 15.25% and a weighted average interest rate of 4.61% at December 31, 2023. COMBINED STATEMENTS OF OPERATIONS December 31, 2023 2022 2021 REVENUE: Lease income $ 2,984,455 $ 2,894,611 $ 2,797,221 Other income 464,058 341,923 319,956 Total revenue 3,448,513 3,236,534 3,117,177 OPERATING EXPENSES: Property operating 638,638 605,018 575,584 Depreciation and amortization 656,089 666,762 686,790 Real estate taxes 237,809 246,707 263,325 Repairs and maintenance 77,093 81,522 79,300 Advertising and promotion 83,279 74,776 72,441 Other 236,955 205,405 200,899 Total operating expenses 1,929,863 1,880,190 1,878,339 Operating Income Before Other Items 1,518,650 1,356,344 1,238,838 Interest expense (685,193) (599,245) (605,591) Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net 20,529 50,336 34,814 Net Income $ 853,986 $ 807,435 $ 668,061 Third-Party Investors’ Share of Net Income $ 436,408 $ 423,816 $ 333,304 Our Share of Net Income $ 417,578 $ 383,619 $ 334,757 Amortization of Excess Investment (59,707) (60,109) (64,974) 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 (454) (2,532) (541) Income from Unconsolidated Entities $ 357,417 $ 320,978 $ 254,301 Our share of income from unconsolidated entities in the above table, aggregated with our share of results from our investments in Klépierre and TRG, as well as our other platform investments, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Unless otherwise noted, our share of the gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net is reflected within gain (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 |
Dec. 31, 2023 | |
Indebtedness | |
Indebtedness | 7. Indebtedness Our mortgages and unsecured indebtedness, excluding the impact of derivative instruments, consist of the following as of December 31: 2023 2022 Fixed-Rate Debt: Mortgage notes, including $1,977 and $2,436 of net premiums and $10,408 and $11,194 of debt issuance costs, respectively. Weighted average interest and maturity of 3.83% and 3.1 years at December 31, 2023. $ 4,832,884 $ 4,580,799 Unsecured notes and Credit Facilities (see below), including $74,968 and $32,421 of net discounts and $125,557 and $76,058 of debt issuance costs, respectively. 20,811,917 18,029,459 Total Fixed-Rate Debt 25,644,801 22,610,258 Variable-Rate Debt: Mortgage notes, including $4,477 and $5,336 of debt issuance costs, respectively. Weighted average interest and maturity of 5.91% and 1.5 years at December 31, 2023. 328,027 874,442 Unsecured Notes, including $0 and $15,622 of debt issuance costs, respectively. — 1,412,141 Total Variable-Rate Debt 328,027 2,286,583 Other Debt Obligations 60,595 63,445 Total Mortgages and Unsecured Indebtedness $ 26,033,423 $ 24,960,286 General. At December 31, 2023, our consolidated subsidiaries were the borrowers under 35 non-recourse mortgage notes secured by mortgages on 38 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, 2023, 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, 2023, our unsecured debt consisted of $20.7 billion of senior unsecured notes of the Operating Partnership, $305.0 million outstanding under the Operating Partnership’s $5.0 billion unsecured revolving credit facility, or Credit Facility. 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 $6.0 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 97% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility is June 30, 2027. The Credit Facility can be extended for two additional six-month periods to June 30, 2028, 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 Operating Partnership’s $3.5 billion unsecured revolving credit facility, or Supplemental Facility, and together with the Credit Facility, the Credit Facilities, has a borrowing capacity of $3.5 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, 2023 we had an aggregate available borrowing capacity of $8.1 billion under the Credit Facilities. The maximum aggregate outstanding balance under the Facilities during the year ended December 31, 2023 was $1.1 billion and the weighted average outstanding balance was $962.6 million. Letters of credit of $58.6 million were outstanding under the Facilities as of December 31, 2023. The Operating Partnership also has available a Commercial Paper program of $2.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euro and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) pari passu On 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. On January 10, 2023, 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%. These interest rate swaps were terminated in connection with the repayment of these borrowings on November 14, 2023. On March 8, 2023, the Operating Partnership completed the issuance of the following senior unsecured notes: $650 million with a fixed interest rate 5.50%, and $650 million with a fixed interest rate of 5.85%, with maturity dates of March 8, 2033 and March 8, 2053, respectively. The Operating Partnership used a portion of the net proceeds of the offering to fund the optional redemption of its $500 million floating rate notes due January 2024 on March 13, 2023. On April 28, 2023 the Operating Partnership completed a borrowing of $180.0 million under the Credit Facility and subsequently unencumbered two properties. On June 1, 2023, the Operating Partnership completed the redemption, at par, of its $600 million 2.75% notes at maturity. On November 9, 2023, the Operating Partnership completed the issuance of the following senior unsecured notes: $500 million with a fixed interest rate of 6.25% and $500 million with a fixed interest rate of 6.65%, with maturity dates of January 15, 2034 and January 15, 2054, respectively. The proceeds were used to redeem, at par, its $600 million 3.75% notes at maturity on February 1, 2024. On November 14, 2023, the Operating Partnership completed the issuance of €750.0 million senior unsecured bonds ($808.0 million U.S. dollar equivalent) with a maturity date of November 14, 2026 and a fixed interest rate of 3.50%. The bonds are exchangeable into shares of Klépierre at the option of the holder of the bond at an initial common price of €27.2092. We may elect to settle the exchange with cash instead of shares. The proceeds were used to repay €750.0 million ($815.4 million U.S. dollar equivalent) outstanding under the Supplemental Facility on November 17, 2023. The exchangeable option within the bonds has been determined to meet the criteria for bifurcation as previously discussed in Note 3. Mortgage Debt Total mortgage indebtedness was $5.2 billion and $5.5 billion at December 31, 2023 and 2022, respectively. Debt Maturity and Other Our scheduled principal repayments on indebtedness as of December 31, 2023, assuming the obligations remain outstanding through the initial maturities, are as follows: 2024 $ 2,946,165 2025 2,639,816 2026 4,759,916 2027 2,466,364 2028 1,153,921 Thereafter 12,220,079 Total principal maturities 26,186,261 Net unamortized debt premium 13,635 Net unamortized debt discount (86,626) Debt issuance costs, net (140,442) Other Debt Obligations 60,595 Total mortgages and unsecured indebtedness $ 26,033,423 Our cash paid for interest in each period, net of any amounts capitalized, was as follows: For the Year Ended December 31, 2023 2022 2021 Cash paid for interest $ 856,110 $ 763,203 $ 822,182 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: 2023 2022 Debt issuance costs $ 253,178 $ 210,893 Accumulated amortization (112,736) (102,683) Debt issuance costs, net $ 140,442 $ 108,210 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: 2023 2022 2021 Amortization of debt issuance costs $ 28,660 $ 26,113 $ 24,794 Amortization of debt discounts/(premiums) 433 7 168 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 $25.6 billion and $22.6 billion as of December 31, 2023 and 2022, respectively. The fair values of these financial instruments and the related discount rate assumptions as of December 31 are summarized as follows: 2023 2022 Fair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions) $ 24,248 $ 20,020 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages 6.10 % 6.10 % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 6.10 % 5.87 % |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
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 During the year ended December 31, 2023, the Operating Partnership redeemed 114,241 units from eleven limited partners for $13.5 million. 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. These transactions increased Simon’s ownership interest in the Operating Partnership. On September 7, 2023, the Operating Partnership issued 1,725,000 units in connection with the acquisition of an additional 4% ownership interest in TRG, as discussed in Note 6. On May 9, 2022, Simon’s Board of Directors authorized a common stock repurchase plan commencing on May 16, 2022, or the Repurchase Program. Under the program, the Company may purchase up to $2.0 billion of its common stock during the two-year 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. 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, 2023 and 2022. 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. 2023 2022 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 230,373 issued and outstanding $ 23,037 $ 25,537 Other noncontrolling redeemable interests 172,912 186,702 Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ 195,949 $ 212,239 7.50% Cumulative Redeemable Preferred Units. November 10, 2006 The Operating Partnership The Operating Partnership classifies as temporary equity those securities for which there is the possibility that the Operating Partnership could be required to redeem the security for cash, irrespective of the probability of such a possibility. As a result, the Operating Partnership classifies one series of preferred units and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below. Noncontrolling Redeemable Interests in Properties 2023 2022 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 230,373 issued and outstanding $ 23,037 $ 25,537 Other noncontrolling redeemable interests 172,912 186,702 Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ 195,949 $ 212,239 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 The Operating Partnership Series J 8 3 / 8 % Cumulative Redeemable Preferred Units. 3 8 3 8 preferred units at December 31, 2023 and 2022 was $1.3 million and $1.6 million, respectively. There are 1,000,000 Series J preferred units authorized and 796,948 Series J preferred units issued and outstanding Other Equity Activity The Simon Property Group, 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. 2023 LTI Program. 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 Awards LTIP Units Earned Grant Date Fair Value of TSR Award Grant Date Target Value of Performance-Based Awards 2021 LTIP Awards To be determined in 2024 $5.7 million $12.2 million 2022 LTIP Awards To be determined in 2025 — $13.7 million 2023 LTIP Awards To be determined in 2026 — $23.6 million We recorded compensation expense, net of capitalization and forfeitures, related to LTIP programs of approximately $26.7 million, $24.7 million, and $24.8 million for the years ended December 31, 2023, 2022 and 2021, 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, 2023 2022 2021 Shares of restricted stock awarded during the year, net of forfeitures 227,232 160,259 42,036 Weighted average fair value of shares granted during the year $ 111.37 $ 129.62 $ 117.52 Compensation expense, net of capitalization $ 16,356 $ 9,583 $ 8,817 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, 2023, Simon had reserved 55,235,238 shares of common stock for possible issuance upon the exchange of units, stock options and Class B common stock. The Operating Partnership Limited partners have the right under the partnership agreement to exchange all or any portion of their units for shares of Simon common stock on a one-for-one basis or cash, as determined by Simon in its sole discretion. If Simon selects cash, Simon cannot cause the Operating Partnership to redeem the exchanged units for cash without contributing cash to the Operating Partnership as partners’ equity sufficient to effect the redemption. If sufficient cash is not contributed, Simon will be deemed to have elected to exchange the units for shares of Simon common stock. The amount of cash to be paid if the exchange right is exercised and the cash option is selected will be based on the trading price of Simon’s common stock at that time. The number of shares of Simon’s common stock issued pursuant to the exercise of the exchange right will be the same as the number of units exchanged. |
Lease Income
Lease Income | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2021 Fixed lease income $ 4,145,288 $ 3,858,592 $ 3,701,991 Variable lease income 1,019,047 1,046,583 1,034,728 Total lease income $ 5,164,335 $ 4,905,175 $ 4,736,719 Tenant receivables and accrued revenue in the accompanying consolidated balance sheets includes straight-line receivables of $535.8 million and $546.5 million at December 31, 2023 and 2022, 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, 2023, is as follows: 2024 $ 3,098,818 2025 2,596,359 2026 2,065,777 2027 1,637,514 2028 1,185,063 Thereafter 3,828,659 $ 14,412,190 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 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 2024 to 2034. 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, 2023 2022 2021 Operating Lease Cost Fixed lease cost $ 34,112 $ 30,257 $ 32,492 Variable lease cost 16,930 17,593 15,454 Sublease income — — (705) Total operating lease cost $ 51,042 $ 47,850 $ 47,241 For the Year Ended December 31, 2023 2022 2021 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 50,967 $ 47,754 $ 47,824 Weighted-average remaining lease term - operating leases 32.3 years 32.7 years 33.6 years Weighted-average discount rate - operating leases 4.93% 4.87% 4.87% Future minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and renewal options unless reasonably certain of exercise and any sublease income, are as follows: 2024 $ 33,822 2025 36,358 2026 36,372 2027 36,401 2028 36,427 Thereafter 959,496 $ 1,138,876 Impact of discounting (654,015) Operating lease liabilities $ 484,861 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 year ended December 31, 2021, we recorded $2.1 million as business interruption income, which was recorded in other income 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, 2023 and 2022, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $139.2 million and $128.0 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
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 2023, 2022 and 2021. In addition, pursuant to management agreements that provide for our receipt of a management fee and reimbursement of our direct and indirect costs, we have managed since 1993 two shopping centers owned by entities in which David Simon and Herbert Simon have ownership interests, for which we received a fee of $3.9 million, $3.8 million, and $3.5 million in 2023, 2022, and 2021, 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 $121.2 million, $112.1 million, and $102.1 million in 2023, 2022, and 2021, respectively. During 2023, 2022, and 2021, we recorded development, royalty, and other fee income, net of elimination, related to our unconsolidated international joint ventures of $13.3 million, $12.1 million, and $12.4 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 $101.8 million, $83.8 million, and $82.5 million for the years ended December 31, 2023, 2022, and 2021, respectively, net of elimination. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Data (Unaudited) | |
Quarterly Financial Data (Unaudited) | 12. Quarterly Financial Data (Unaudited) Quarterly 2023 and 2022 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 2023 Total revenue $ 1,350,849 $ 1,369,601 $ 1,410,948 $ 1,527,438 Operating income before other items 662,723 657,925 694,234 792,139 Consolidated net income 519,255 557,505 680,762 859,496 Simon Property Group, Inc. Net income attributable to common stockholders $ 451,827 $ 486,343 $ 594,139 $ 747,480 Net income per share — Basic and Diluted $ 1.38 $ 1.49 $ 1.82 $ 2.29 Weighted average shares outstanding — Basic and Diluted 326,954,294 327,189,785 327,158,743 325,933,832 Simon Property Group, L.P. Net income attributable to unitholders $ 517,180 $ 556,556 $ 680,598 $ 858,783 Net income per unit — Basic and Diluted $ 1.38 $ 1.49 $ 1.82 $ 2.29 Weighted average units outstanding — Basic and Diluted 374,245,604 374,423,175 374,816,882 374,864,197 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 |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 (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 $ 102,725 $ 10,886 $ 123,654 $ 134,540 $ 74,778 1981 Battlefield Mall Springfield, MO - 3,919 27,231 3,000 75,194 6,919 102,425 109,344 79,589 1970 Bay Park Square Green Bay, WI - 6,278 25,623 4,106 31,266 10,384 56,889 67,273 37,561 1980 Brea Mall Brea (Los Angeles), CA - 39,500 209,202 2,993 152,680 42,493 361,882 404,375 181,185 1998 (4) Broadway Square Tyler, TX - 11,306 32,431 - 53,337 11,306 85,768 97,074 47,966 1994 (4) Burlington Mall Burlington (Boston), MA - 46,600 303,618 27,458 274,055 74,058 577,673 651,731 299,755 1998 (4) Castleton Square Indianapolis, IN - 26,250 98,287 7,434 80,809 33,684 179,096 212,780 134,960 1972 Cielo Vista Mall El Paso, TX - 1,005 15,262 608 60,651 1,613 75,913 77,526 55,648 1974 College Mall Bloomington, IN - 1,003 16,245 720 70,621 1,723 86,866 88,589 54,602 1965 Columbia Center Kennewick, WA - 17,441 66,580 - 47,860 17,441 114,440 131,881 73,685 1987 Copley Place Boston, MA - - 378,045 - 223,754 - 601,799 601,799 309,545 2002 (4) Coral Square Coral Springs (Miami), FL - 12,282 93,630 - 21,950 12,282 115,580 127,862 94,681 1984 Cordova Mall Pensacola, FL - 18,626 73,091 7,321 74,034 25,947 147,125 173,072 93,917 1998 (4) Domain, The Austin, TX 210,000 40,436 197,010 - 177,949 40,436 374,959 415,395 209,234 2005 Empire Mall Sioux Falls, SD 173,340 35,998 192,186 - 38,858 35,998 231,044 267,042 91,459 1998 (5) Fashion Mall at Keystone, The Indianapolis, IN - - 120,579 29,145 121,669 29,145 242,248 271,393 154,689 1997 (4) Firewheel Town Center Garland (Dallas), TX - 8,438 82,716 - 31,640 8,438 114,356 122,794 72,689 2004 Forum Shops at Caesars Palace, The Las Vegas, NV - - 276,567 - 321,684 - 598,251 598,251 347,664 1992 Greenwood Park Mall Greenwood (Indianapolis), IN - 2,423 23,445 5,253 129,609 7,676 153,054 160,730 102,162 1979 Haywood Mall Greenville, SC - 11,585 133,893 6 52,543 11,591 186,436 198,027 128,138 1998 (4) King of Prussia King of Prussia (Philadelphia), PA - 175,063 1,128,236 - 423,302 175,063 1,551,538 1,726,601 618,066 2003 (5) La Plaza Mall (13) McAllen, TX - 87,912 9,828 6,569 186,677 94,481 196,505 290,986 68,784 1976 Lakeline Mall Cedar Park (Austin), TX - 10,088 81,568 14 24,261 10,102 105,829 115,931 73,327 1995 Lenox Square Atlanta, GA - 37,216 492,411 - 163,947 37,216 656,358 693,574 430,323 1998 (4) Mall of Georgia Buford (Atlanta), GA - 47,492 326,633 - 17,697 47,492 344,330 391,822 229,290 1999 (5) McCain Mall N. Little Rock, AR - - 9,515 10,142 30,317 10,142 39,832 49,974 21,324 1973 Menlo Park Mall Edison (New York), NJ - 65,684 223,252 - 98,361 65,684 321,613 387,297 217,348 1997 (4) Midland Park Mall Midland, TX - 687 9,213 1,196 46,028 1,883 55,241 57,124 25,891 1980 Miller Hill Mall Duluth, MN - 2,965 18,092 1,811 47,572 4,776 65,664 70,440 49,323 1973 North East Mall Hurst (Dallas), TX - 128 12,966 19,010 131,533 19,138 144,499 163,637 111,962 1971 Ocean County Mall Toms River (New York), NJ - 20,404 124,945 3,277 89,518 23,681 214,463 238,144 121,920 1998 (4) Orland Square Orland Park (Chicago), IL - 35,439 129,906 - 83,352 35,439 213,258 248,697 137,026 1997 (4) Penn Square Mall Oklahoma City, OK 310,000 2,043 155,958 - 65,326 2,043 221,284 223,327 157,301 2002 (4) Pheasant Lane Mall Nashua, NH - 3,902 155,068 550 52,307 4,452 207,375 211,827 134,735 2004 (5) Phipps Plaza Atlanta, GA $ - $ 15,005 $ 210,610 $ - $ 273,596 $ 15,005 $ 484,206 $ 499,211 $ 208,454 1998 (4) Plaza Carolina Carolina (San Juan), PR - 15,493 279,560 - 82,280 15,493 361,840 377,333 203,715 2004 (4) Prien Lake Mall Lake Charles, LA - 1,842 2,813 3,053 68,987 4,895 71,800 76,695 32,815 1972 Rockaway Townsquare Rockaway (New York), NJ - 41,918 212,257 - 75,109 41,918 287,366 329,284 185,363 1998 (4) Roosevelt Field Garden City (New York), NY - 163,160 702,008 1,246 400,105 164,406 1,102,113 1,266,519 635,668 1998 (4) Ross Park Mall Pittsburgh, PA - 23,541 90,203 5,815 154,274 29,356 244,477 273,833 149,510 1986 Santa Rosa Plaza Santa Rosa, CA - 10,400 87,864 - 30,351 10,400 118,215 128,615 77,046 1998 (4) Shops at Chestnut Hill, The Chestnut Hill (Boston), MA 94,621 449 25,102 38,864 106,961 39,313 132,063 171,376 57,062 2002 (5) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Shops at Nanuet, The Nanuet, NY - 28,125 142,860 - 6,308 28,125 149,168 177,293 54,691 2013 Shops at Riverside, The Hackensack (New York), NJ - 13,521 238,746 - 270,285 13,521 509,031 522,552 161,202 2007 (4) (5) South Hills Village Pittsburgh, PA - 23,445 125,840 1,472 96,842 24,917 222,682 247,599 127,019 1997 (4) South Shore Plaza Braintree (Boston), MA - 101,200 301,495 1,972 171,947 103,172 473,442 576,614 309,138 1998 (4) Southdale Center Edina (Minneapolis), MN - 41,430 184,967 - 137,095 41,430 322,062 363,492 94,908 2007 (4) (5) SouthPark Charlotte, NC - 42,092 188,055 100 237,808 42,192 425,863 468,055 260,793 2002 (4) St. Charles Towne Center Waldorf (Washington, DC), MD - 7,710 52,934 1,180 25,133 8,890 78,067 86,957 64,468 1990 Stanford Shopping Center Palo Alto (San Jose), CA - - 339,537 - 225,220 - 564,757 564,757 265,717 2003 (4) Summit Mall Akron, OH 85,000 15,374 51,137 - 59,527 15,374 110,664 126,038 75,798 1965 Tacoma Mall Tacoma (Seattle), WA - 37,113 125,826 - 182,349 37,113 308,175 345,288 174,436 1987 Tippecanoe Mall Lafayette, IN - 2,897 8,439 5,517 50,403 8,414 58,842 67,256 47,270 1973 Town Center at Boca Raton Boca Raton (Miami), FL - 64,200 307,317 - 260,458 64,200 567,775 631,975 355,321 1998 (4) Towne East Square Wichita, KS - 8,024 18,479 4,108 63,374 12,132 81,853 93,985 50,914 1975 Treasure Coast Square Jensen Beach, FL - 10,750 72,990 3,067 29,099 13,817 102,089 115,906 72,848 1987 Tyrone Square St. Petersburg (Tampa), FL - 15,638 120,962 1,459 50,818 17,097 171,780 188,877 127,567 1972 University Park Mall Mishawaka, IN - 10,762 118,164 7,000 59,781 17,762 177,945 195,707 151,940 1996 (4) Walt Whitman Shops Huntington Station (New York), NY - 51,700 111,258 3,789 140,821 55,489 252,079 307,568 151,368 1998 (4) White Oaks Mall Springfield, IL 38,857 2,907 35,692 2,468 68,576 5,375 104,268 109,643 67,871 1977 Wolfchase Galleria Memphis, TN 155,152 16,407 128,276 - 19,483 16,407 147,759 164,166 111,185 2002 (4) Woodland Hills Mall Tulsa, OK - 34,211 187,123 13,811 48,401 48,022 235,524 283,546 168,906 2004 (5) Premium Outlets Albertville Premium Outlets Albertville (Minneapolis), MN - 3,900 97,059 - 10,940 3,900 107,999 111,899 73,966 2004 (4) Allen Premium Outlets Allen (Dallas), TX - 20,932 69,788 - 44,954 20,932 114,742 135,674 47,407 2004 (4) Aurora Farms Premium Outlets Aurora (Cleveland), OH $ - $ 2,370 $ 24,326 $ - $ 9,508 $ 2,370 $ 33,834 $ 36,204 $ 26,658 2004 (4) Birch Run Premium Outlets Birch Run (Detroit), MI 123,000 11,477 77,856 - 8,961 11,477 86,817 98,294 45,226 2010 (4) Camarillo Premium Outlets Camarillo (Los Angeles), CA - 16,599 224,721 395 77,302 16,994 302,023 319,017 174,626 2004 (4) Carlsbad Premium Outlets Carlsbad (San Diego), CA - 12,890 184,990 96 13,170 12,986 198,160 211,146 103,603 2004 (4) Carolina Premium Outlets Smithfield (Raleigh), NC - 3,175 59,863 5,311 9,055 8,486 68,918 77,404 42,720 2004 (4) Chicago Premium Outlets Aurora (Chicago), IL - 659 118,005 13,050 97,832 13,709 215,837 229,546 100,774 2004 (4) Cincinnati Premium Outlets Monroe (Cincinnati), OH - 14,117 71,520 - 4,525 14,117 76,045 90,162 42,495 2008 Clinton Premium Outlets Clinton, CT - 2,060 107,556 1,532 7,445 3,592 115,001 118,593 72,086 2004 (4) Denver Premium Outlets Thornton (Denver), CO - 10,779 45,335 10 73,846 10,789 119,181 129,970 29,568 2018 Desert Hills Premium Outlets Cabazon (Palm Springs), CA - 3,440 338,679 - 119,704 3,440 458,383 461,823 226,809 2004 (4) Ellenton Premium Outlets Ellenton (Tampa), FL 178,000 15,807 182,412 - 9,254 15,807 191,666 207,473 133,909 2010 (4) Finger Lakes Premium Outlets Waterloo, NY - 3,230 75,277 - 16,032 3,230 91,309 94,539 54,801 2004 (4) Folsom Premium Outlets Folsom (Sacramento), CA - 9,060 50,281 - 6,544 9,060 56,825 65,885 37,129 2004 (4) Gilroy Premium Outlets Gilroy (San Jose), CA - 9,630 194,122 - 17,128 9,630 211,250 220,880 121,249 2004 (4) Gloucester Premium Outlets Blackwood (Philadelphia). NJ 75,000 14,389 107,685 - 975 14,389 108,660 123,049 32,886 2015 (5) Grand Prairie Premium Outlets Grand Prairie (Dallas), TX - 9,497 194,245 - 1,476 9,497 195,721 205,218 72,720 2012 Grove City Premium Outlets Grove City (Pittsburgh), PA 140,000 6,421 121,880 - 10,349 6,421 132,229 138,650 91,064 2010 (4) Gulfport Premium Outlets Gulfport, MS 50,000 - 27,949 - 8,143 - 36,092 36,092 21,858 2010 (4) Hagerstown Premium Outlets Hagerstown (Baltimore/Washington, DC), MD 69,532 3,560 85,883 - 1,655 3,560 87,538 91,098 48,137 2010 (4) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Houston Premium Outlets Cypress (Houston), TX - 8,695 69,350 - 41,889 8,695 111,239 119,934 63,879 2007 Indiana Premium Outlets Edinburgh (Indianapolis), IN - 2,857 47,309 - 22,726 2,857 70,035 72,892 41,426 2004 (4) Jackson Premium Outlets Jackson (New York), NJ - 6,413 104,013 3 8,189 6,416 112,202 118,618 60,875 2004 (4) Jersey Shore Premium Outlets Tinton Falls (New York), NJ $ - $ 15,390 $ 50,979 $ - $ 81,246 $ 15,390 $ 132,225 $ 147,615 $ 79,626 2007 Johnson Creek Premium Outlets Johnson Creek, WI - 2,800 39,546 - 8,562 2,800 48,108 50,908 27,114 2004 (4) Kittery Premium Outlets Kittery, ME - 11,832 94,994 - 12,081 11,832 107,075 118,907 55,572 2004 (4) Las Americas Premium Outlets San Diego, CA - 52,969 283,081 - 13,203 52,969 296,284 349,253 125,895 2007 (4) Las Vegas North Premium Outlets Las Vegas, NV - 25,435 134,973 16,536 152,536 41,971 287,509 329,480 159,707 2004 (4) Las Vegas South Premium Outlets Las Vegas, NV - 13,085 160,777 - 34,268 13,085 195,045 208,130 102,082 2004 (4) Lee Premium Outlets Lee, MA 46,307 9,167 52,212 - 5,397 9,167 57,609 66,776 37,493 2010 (4) Leesburg Premium Outlets Leesburg (Washington, DC), VA - 7,190 162,023 - 23,540 7,190 185,563 192,753 102,794 2004 (4) Lighthouse Place Premium Outlets Michigan City (Chicago, IL), IN - 6,630 94,138 - 14,140 6,630 108,278 114,908 67,123 2004 (4) Merrimack Premium Outlets Merrimack, NH - 14,975 118,428 - 7,189 14,975 125,617 140,592 55,293 2012 Napa Premium Outlets Napa, CA - 11,400 45,023 - 7,774 11,400 52,797 64,197 32,399 2004 (4) North Bend Premium Outlets North Bend (Seattle), WA - 2,012 36,036 - - 2,012 36,036 38,048 23,263 2004 (4) North Georgia Premium Outlets Dawsonville (Atlanta), GA - 4,300 137,020 - 3,303 4,300 140,323 144,623 77,321 2004 (4) Orlando International Premium Outlets Orlando, FL - 31,998 472,815 - 20,742 31,998 493,557 525,555 229,251 2010 (4) Orlando Vineland Premium Outlets Orlando, FL - 14,040 382,949 36,023 33,369 50,063 416,318 466,381 215,984 2004 (4) Petaluma Village Premium Outlets Petaluma (San Francisco), CA - 13,322 13,710 - 3,319 13,322 17,029 30,351 11,727 2004 (4) Philadelphia Premium Outlets Limerick (Philadelphia), PA - 16,676 105,249 - 26,545 16,676 131,794 148,470 84,855 2006 Phoenix Premium Outlets Chandler (Phoenix), AZ - - 63,082 - 996 - 64,078 64,078 30,738 2013 Pismo Beach Premium Outlets Pismo Beach, CA 31,242 4,317 19,044 - 4,577 4,317 23,621 27,938 16,048 2010 (4) Pleasant Prairie Premium Outlets Pleasant Prairie (Chicago, IL/Milwaukee), WI 145,000 16,823 126,686 - 9,681 16,823 136,367 153,190 69,525 2010 (4) Pocono Premium Outlets Tannersville, PA - 7,720 172,931 - 31,506 7,720 204,437 212,157 103,792 2004 (4) Puerto Rico Premium Outlets Barceloneta, PR - 20,586 114,021 - 10,275 20,586 124,296 144,882 63,145 2010 (4) Queenstown Premium Outlets Queenstown (Baltimore), MD 54,885 8,129 61,950 - 5,740 8,129 67,690 75,819 35,302 2010 (4) Rio Grande Valley Premium Outlets Mercedes (McAllen), TX - 12,229 41,547 - 27,400 12,229 68,947 81,176 46,487 2005 Round Rock Premium Outlets Round Rock (Austin), TX $ - $ 12,985 $ 82,252 $ - $ 6,234 $ 12,985 $ 88,486 $ 101,471 $ 58,640 2005 San Francisco Premium Outlets Livermore (San Francisco), CA - 21,925 308,694 46,177 74,922 68,102 383,616 451,718 134,396 2012 San Marcos Premium Outlets San Marcos (Austin/San Antonio), TX - 13,180 287,179 - 29,370 13,180 316,549 329,729 146,720 2010 (4) Seattle Premium Outlets Tulalip (Seattle), WA - - 103,722 - 56,577 - 160,299 160,299 89,466 2004 (4) St. Augustine Premium Outlets St. Augustine (Jacksonville), FL - 6,090 57,670 2 16,302 6,092 73,972 80,064 43,541 2004 (4) Tampa Premium Outlets Lutz (Tampa), FL - 14,298 97,188 121 5,976 14,419 103,164 117,583 34,293 2015 Tucson Premium Outlets Marana (Tucson), AZ - 12,508 69,677 - 4,743 12,508 74,420 86,928 24,344 2015 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 Vacaville Premium Outlets Vacaville, CA - 9,420 84,850 - 19,464 9,420 104,314 113,734 63,832 2004 (4) Waikele Premium Outlets Waipahu (Honolulu), HI - 22,630 77,316 - 20,530 22,630 97,846 120,476 56,366 2004 (4) Williamsburg Premium Outlets Williamsburg, VA 185,000 10,323 223,789 - 10,468 10,323 234,257 244,580 110,029 2010 (4) Woodburn Premium Outlets Woodburn (Portland), OR - 9,414 150,414 - 5,032 9,414 155,446 164,860 61,079 2013 (4) Woodbury Common Premium Outlets Central Valley (New York), NY - 11,010 862,559 1,779 279,990 12,789 1,142,549 1,155,338 542,173 2004 (4) Wrentham Village Premium Outlets Wrentham (Boston), MA - 4,900 282,031 - 54,569 4,900 336,600 341,500 174,638 2004 (4) The Mills Arizona Mills Tempe (Phoenix), AZ 95,919 41,285 297,289 - 17,328 41,285 314,617 355,902 106,882 2007 (4) (5) Great Mall Milpitas (San Jose), CA - 69,853 463,101 - 63,991 69,853 527,092 596,945 212,143 2007 (4) (5) Gurnee Mills Gurnee (Chicago), IL 257,710 41,133 297,911 - 37,612 41,133 335,523 376,656 136,653 2007 (4) (5) Mills at Jersey Gardens, The Elizabeth, NJ - 120,417 865,605 - 29,832 120,417 895,437 1,015,854 291,546 2015 (4) Opry Mills Nashville, TN 375,000 51,000 327,503 - 29,078 51,000 356,581 407,581 132,165 2007 (4) (5) Outlets at Orange, The Orange (Los Angeles), CA 215,000 64,973 211,322 - 6,688 64,973 218,010 282,983 41,757 2007 (4) (5) Potomac Mills Woodbridge (Washington, DC), VA 416,000 61,608 425,370 - 41,736 61,608 467,106 528,714 197,214 2007 (4) (5) Sawgrass Mills Sunrise (Miami), FL - 192,981 1,641,153 5,395 248,797 198,376 1,889,950 2,088,326 719,018 2007 (4) (5) Designer Outlets La Reggia Designer Outlet Marcianise (Naples), Italy 176,595 37,220 233,179 - 42,921 37,220 276,100 313,320 85,304 2013 (4) (5) (7) Noventa Di Piave Designer Outlet Venice, Italy 306,384 38,793 309,283 - 78,683 38,793 387,966 426,759 103,603 2013 (4) (5) (7) Ochtrup Designer Outlet Ochtrup, Germany 55,186 11,770 97,941 - - 11,770 97,941 109,711 15,529 2016 (4) (5) (7) Paris-Giverny Designer Outlets Normandy, France $ 110,373 $ 16,312 $ 226,625 $ - $ - $ 16,312 $ 226,625 $ 242,937 $ 9,599 2023 Parndorf Designer Outlet Vienna, Austria 199,594 14,903 223,156 - 11,610 14,903 234,766 249,669 78,821 2013 (4) (5) (7) Provence Designer Outlet Provence, France 104,898 41,321 84,637 6,169 - 47,490 84,637 132,127 45,537 2017 (4) (5) (7) Roermond Designer Outlet Roermond, Netherlands 309,042 15,035 400,094 - 25,567 15,035 425,661 440,696 142,737 2013 (4) (5) (7) Roosendaal Designer Outlet Roosendaal, Netherlands 63,908 22,191 108,069 - 11,689 22,191 119,758 141,949 39,762 2017 (4) (5) (7) Lifestyle Centers ABQ Uptown Albuquerque, NM - 6,374 75,333 4,054 12,246 10,428 87,579 98,007 38,715 2011 (4) Northgate Station Seattle, WA - 23,610 115,992 15,964 152,440 39,574 268,432 308,006 67,239 1987 University Park Village Fort Worth, TX 51,254 18,031 100,523 - 9,670 18,031 110,193 128,224 34,875 2015 (4) Other Properties Calhoun Outlet Marketplace Calhoun, GA 16,722 1,745 12,529 - 2,188 1,745 14,717 16,462 12,021 2010 (4) Florida Keys Outlet Marketplace Florida City, FL 17,000 1,112 1,748 - 6,577 1,112 8,325 9,437 4,771 2010 (4) Gaffney Outlet Marketplace Gaffney (Greenville/Charlotte), SC 27,012 4,056 32,371 - 6,718 4,056 39,089 43,145 25,860 2010 (4) Orlando Outlet Marketplace Orlando, FL - 3,367 1,557 - 4,415 3,367 5,972 9,339 3,725 2010 (4) Osage Beach Outlet Marketplace Osage Beach, MO - 1,397 8,874 - 46 1,397 8,920 10,317 3,959 2004 (4) Oxford Valley Mall Langhorne (Philadelphia), PA - 18,355 100,287 - 22,240 18,355 122,527 140,882 91,821 2003 (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 Southridge Mall Greendale (Milwaukee), WI 112,087 12,359 130,111 1,939 12,244 14,298 142,355 156,653 69,585 2007 (4) (5) Other pre-development costs 84,047 78,139 326,594 959 - 79,098 326,594 405,692 1,882 Other 15,152 6,513 330,177 266 - 6,779 330,177 336,956 42,745 Currency Translation Adjustment - 286 (14,017) - 5,874 286 (8,143) (7,857) (45,592) $ 5,173,819 $ 3,254,134 $ 25,519,651 $ 389,298 $ 9,621,835 $ 3,643,432 $ 35,141,486 $ 38,784,918 $ 17,351,320 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Schedule III as of December 31, 2023 (Dollars in thousands) (1) Reconciliation of Real Estate Properties: The changes in real estate assets for the years ended December 31, 2023, 2022, and 2021 are as follows: 2023 2022 2021 Balance, beginning of year $ 37,879,778 $ 37,497,216 $ 37,608,638 Acquisitions and consolidations (7) 78,410 122,074 121,250 Improvements 823,705 688,173 569,483 Disposals and deconsolidations (55,593) (308,030) (655,482) Currency Translation Adjustment 58,618 (119,655) (146,673) Balance, close of year $ 38,784,918 $ 37,879,778 $ 37,497,216 The unaudited aggregate cost of domestic consolidated real estate assets for U.S. federal income tax purposes as of December 31, 2023 was $23,409,301. (2) Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation for the years ended December 31, 2023, 2022, and 2021 are as follows: 2023 2022 2021 Balance, beginning of year $ 16,224,050 $ 15,304,461 $ 14,592,867 Depreciation expense (7) 1,193,391 1,075,391 1,083,705 Disposals and deconsolidations (53,489) (180,091) (403,582) Currency Translation Adjustment (12,632) 24,289 31,471 Balance, close of year $ 17,351,320 $ 16,224,050 $ 15,304,461 Depreciation of our investment in buildings and improvements reflected in the consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as noted below. ● Buildings and Improvements — typically 10 - 35 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment. ● Tenant Allowances and Improvements — shorter of lease term or useful life. (3) Initial cost generally represents net book value at December 20, 1993, except for acquired properties and new developments after December 20, 1993. Initial cost also includes any new developments that are opened during the current year. Costs of disposals and impairments of property are first reflected as a reduction to cost capitalized subsequent to acquisition. (4) Not developed/constructed by us or our predecessors. The date of construction represents the initial acquisition date for assets in which we have acquired multiple interests. (5) Initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting. (6) Encumbrances represent face amount of mortgage debt and exclude any premiums or discounts and deferred financing costs. (7) Represents the original cost and does not include subsequent currency translation adjustments. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies | |
Investment Properties | Investment Properties Investment properties consist of the following as of December 31: 2023 2022 Land $ 3,643,432 $ 3,632,943 Buildings and improvements 35,141,486 34,246,835 Total land, buildings and improvements 38,784,918 37,879,778 Furniture, fixtures and equipment 500,220 447,134 Investment properties at cost 39,285,138 38,326,912 Less — accumulated depreciation 17,716,788 16,563,749 Investment properties at cost, net $ 21,568,350 $ 21,763,163 Construction in progress included above $ 760,175 $ 587,644 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, 2023 2022 2021 Capitalized interest $ 39,906 $ 35,482 $ 31,204 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. |
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 and Short-term investments | Cash and Cash Equivalents and Short-term investments 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. We classify short-term investments, which consist of time-deposits with original maturities in excess of 90 days as available-for-sale. Short-term investments are reported at fair value and reviewed periodically for allowances for credit losses and impairment. When evaluating the investments, we review factors such as the extent to which the fair value of the security is less than the amortized cost basis, adverse conditions specifically related to the security, the financial condition of the issuer, the Company’s intent to sell, and whether it would be more likely than not that the Company would be required to sell the investments before the recovery of their amortized cost basis. |
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, 2023 and 2022, we had equity instruments with readily determinable fair values of $97.7 million and $73.0 million, respectively. Changes in the fair value of these equity instruments are recorded in unrealized gains (losses) in fair value of publicly traded equity instruments and derivative instrument, net in our consolidated statements of operations and comprehensive income. At December 31, 2023 and 2022, we had equity instruments without readily determinable fair values of $240.2 million and $236.2 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 nil and $27.5 million for the years ended December 31, 2023 and 2022, 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, 2023 and 2022, we held debt securities of $79.7 million and $52.3 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 equity instruments with readily determinable fair values that are valued using Level 1 inputs. We have foreign currency forward contracts, interest rate cap and swap agreements, and time-deposits that mature within one-year that are valued using Level 2 inputs. The notional value of our time-deposits approximate fair value given the relatively short-term nature of the instrument. We also have a bifurcated embedded derivative option that was a component of the €750.0 million exchangeable bonds issued in November 2023. This instrument is classified as primarily having Level 3 inputs and is further discussed in Note 3, within the Derivative Financial Instruments subsection and Note 7. Description December 31, 2023 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Assets: Short-term investments $ 1,000,000 $ - $ 1,000,000 $ - Deferred costs and other assets 113,779 97,696 16,083 - Total $ 1,113,779 $ 97,696 $ 1,016,083 $ - Liabilities: Other Liabilities $ 38,146 $ - $ 9,774 $ 28,372 Description December 31, 2022 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Assets: Other Assets $ 88,805 $ 73,020 $ 15,785 $ - Liabilities: Other Liabilities $ 8,605 $ - $ 8,605 $ - 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, 2023, approximately 7.3% of our consolidated long-lived assets and 4.2% of our consolidated total revenues were derived from assets located outside the United States. 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. |
Deferred Costs and Other Assets | Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31: 2023 2022 Deferred lease costs, net $ 77,811 $ 97,553 In-place lease intangibles, net 3,085 7,076 Acquired above market lease intangibles, net 5,629 10,696 Marketable securities of our captive insurance companies 79,716 52,325 Goodwill 20,098 20,098 Other marketable and non-marketable securities 338,120 309,212 Prepaids, notes receivable and other assets, net 593,257 662,333 $ 1,117,716 $ 1,159,293 |
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: 2023 2022 Deferred lease costs $ 273,010 $ 312,464 Accumulated amortization (195,199) (214,911) Deferred lease costs, net $ 77,811 $ 97,553 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, 2023 2022 2021 Amortization of deferred leasing costs $ 34,119 $ 39,606 $ 43,028 |
Intangibles | Intangibles The average remaining life of in-place lease intangibles is approximately 2.4 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 2.9 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 $11.1 million and $15.3 million as of December 31, 2023 and 2022, respectively. The amount of amortization of above and below market leases, net, which increased lease income for the years ended December 31, 2023, 2022, and 2021, was $0.9 million, $1.7 million and $2.7 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: 2023 2022 In-place lease intangibles $ 52,138 $ 67,935 Accumulated amortization (49,054) (60,859) In-place lease intangibles, net $ 3,084 $ 7,076 2023 2022 Acquired above market lease intangibles $ 119,985 $ 130,556 Accumulated amortization (114,356) (119,860) Acquired above market lease intangibles, net $ 5,629 $ 10,696 Estimated future amortization and the increasing (decreasing) effect on lease income for our above and below market leases as of December 31, 2023 are as follows: Below Above Impact to Market Market Lease Leases Leases Income, Net 2024 $ 3,467 $ (3,634) $ (167) 2025 2,347 (1,522) 825 2026 1,568 (446) 1,122 2027 1,252 (27) 1,225 2028 1,212 — 1,212 Thereafter 1,246 — 1,246 $ 11,092 $ (5,629) $ 5,463 |
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, 2023, 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 5 $ 805.0 million Interest Rate Caps 1 $ 38.0 million Interest Rate Swaps 1 € 128.0 million Interest Rate Caps 3 € 129.0 million 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 The carrying value of our interest rate cap and swap agreements, at fair value, as of December 31, 2023 and December 31, 2022 was a net asset balance of $11.6 million and $13.1 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 $41.9 million and $10.9 million as of December 31, 2023 and 2022, respectively. Within the next year, we expect to reclassify to earnings approximately $3.1 million of gains related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss). We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying 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, 2023 and 2022 (in millions): Asset (Liability) Value as of December 31, December 31, Notional Value Maturity Date 2023 2022 € 50.0 January 13, 2023 — (2.9) € 15.0 March 15, 2023 — 0.7 € 15.0 March 15, 2023 — 0.7 € 45.0 April 12, 2023 — (0.2) € 44.0 September 15, 2023 — (0.1) € 50.0 December 15, 2023 — (2.8) € 50.0 January 17, 2024 (0.4) — € 30.0 March 15, 2024 1.0 1.3 € 51.0 March 15, 2024 (3.6) (2.8) € 20.0 April 12, 2024 (0.1) — € 25.0 July 17, 2024 0.7 € 37.0 December 13, 2024 (0.9) — € 37.0 December 13, 2024 (0.9) — € 50.0 March 17, 2025 (1.1) — 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, 2023, 2022, and 2021 we recorded gains (losses) of ($45.2 million), $131.7 million, and 176.0 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 $48.7 million and $36.5 million as of December 31, 2023 and 2022, 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 $56.1 million and $41.8 million as of December 31, 2023 and 2022, respectively. The exchange option of our exchangeable bonds is valued as a derivative liability using an option pricing model that incorporates the observed period ending price of the exchangeable bonds and secondary market prices of comparable unsecured senior notes without an exchange feature. The key assumptions utilized are the period ending share-price of Klépierre, share-price implied volatility, the EUR risk-free rate, Klépierre expected dividend yield, time to maturity, and the comparable spread to the EUR risk-free rate of unsecured senior notes without an exchange feature. The fair value of the option is recorded in other liabilities in the consolidated balance sheets and changes to the value of the option are recognized in the consolidated statements of operations and comprehensive income in unrealized gains (losses) in fair value of publicly traded equity instruments and derivative instrument, net. The key inputs into the option model for the exchange option within the exchangeable bonds as of December 31, 2023 and November 14, 2023 (at inception) were as follows: December 31, 2023 November 14, 2023 Klépierre stock price € 24.68 € 22.67 Implied volatility 17.88% 19.74% EUR risk-free rate 2.11% 2.96% Klépierre expected dividend yield 6.85% 7.43% Expected term 2.88 years 3.00 years Credit Spread 0.84% 1.44% The option is measured at fair value on a recurring basis. As of December 31, 2023 and November 14, 2023 (at inception) the values of the option were $28.4 million and $19.2 million, respectively. |
Noncontrolling Interests | Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows as of December 31: 2023 2022 Limited partners’ interests in the Operating Partnership $ 447,494 $ 448,076 Nonredeemable noncontrolling interests in properties, net 21,321 25,052 Total noncontrolling interests reflected in equity $ 468,815 $ 473,128 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 ($221.6) million, ($199.5) million and ($175.1) million as of December 31, 2023, 2022 and 2021, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: Affected line item where 2023 2022 2021 net income is presented Currency translation adjustments $ — $ — $ 5,660 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net — — (712) Net income attributable to noncontrolling interests $ — $ — $ 4,948 Accumulated derivative gains, net $ 4,084 $ 1,595 $ 1,625 Interest expense (533) (202) (204) Net income attributable to noncontrolling interests $ 3,551 $ 1,393 $ 1,421 The Operating Partnership The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($254.9) million, ($228.3) million and ($200.2) million as of December 31, 2023, 2022 and 2021, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: Affected line item where 2023 2022 2021 net income is presented Currency translation adjustments $ — $ — $ 5,660 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net Accumulated derivative gains, net $ 4,084 $ 1,595 $ 1,625 Interest expense |
Revenue Recognition | Revenue Recognition We, as a lessor, primarily under long-term leases, 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. 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, primarily under long-term leases, 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, 2023 and 2022 approximated $96.1 million and $85.7 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, 2023 and 2022, we had net deferred tax liabilities of $307.8 million and $278.3 million, respectively, which primarily relate to the temporary differences between the carrying value of balance sheet assets and liabilities and their tax bases. These differences were primarily created through the consolidation of various European assets in 2016. Additionally, we have deferred tax 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, 2023 2022 2021 Cash paid for taxes $ 31,187 $ 53,241 $ 102,454 |
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, and generated gross proceeds of $345.0 million, was placed in a trust account. The SPAC was a consolidated VIE which was formed for the purpose of effecting a business combination. The Company accounted for the noncontrolling interest in the SPAC as noncontrolling redeemable interests as these instruments were redeemable at the option of the holder and were 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. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting,” which provides improvements to reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The standard will be effective for us for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements and footnotes. In December 2023, the FASB issued ASU 2023-09, “Income Taxes,” which provides improvements to income tax disclosures by enhancing the transparency and decision usefulness of the material provided. The standard will be effective for us for the fiscal years beginning after December 15, 2024. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements and footnotes. |
Basis of Presentation and Con_2
Basis of Presentation and Consolidation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Basis of Presentation and Consolidation | |
Schedule of weighted average ownership interest in the operating partnership | For the Year Ended December 31, 2023 2022 2021 Weighted average ownership interest 87.2 % 87.4 % 87.4 % |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies | |
Schedule of investment properties | 2023 2022 Land $ 3,643,432 $ 3,632,943 Buildings and improvements 35,141,486 34,246,835 Total land, buildings and improvements 38,784,918 37,879,778 Furniture, fixtures and equipment 500,220 447,134 Investment properties at cost 39,285,138 38,326,912 Less — accumulated depreciation 17,716,788 16,563,749 Investment properties at cost, net $ 21,568,350 $ 21,763,163 Construction in progress included above $ 760,175 $ 587,644 |
Schedule of interest capitalized | For the Year Ended December 31, 2023 2022 2021 Capitalized interest $ 39,906 $ 35,482 $ 31,204 |
Schedule of fair value measurements, recurring and nonrecurring | Description December 31, 2023 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Assets: Short-term investments $ 1,000,000 $ - $ 1,000,000 $ - Deferred costs and other assets 113,779 97,696 16,083 - Total $ 1,113,779 $ 97,696 $ 1,016,083 $ - Liabilities: Other Liabilities $ 38,146 $ - $ 9,774 $ 28,372 Description December 31, 2022 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Assets: Other Assets $ 88,805 $ 73,020 $ 15,785 $ - Liabilities: Other Liabilities $ 8,605 $ - $ 8,605 $ - |
Schedule of deferred costs and other assets | 2023 2022 Deferred lease costs, net $ 77,811 $ 97,553 In-place lease intangibles, net 3,085 7,076 Acquired above market lease intangibles, net 5,629 10,696 Marketable securities of our captive insurance companies 79,716 52,325 Goodwill 20,098 20,098 Other marketable and non-marketable securities 338,120 309,212 Prepaids, notes receivable and other assets, net 593,257 662,333 $ 1,117,716 $ 1,159,293 |
Schedule of deferred lease costs | 2023 2022 Deferred lease costs $ 273,010 $ 312,464 Accumulated amortization (195,199) (214,911) Deferred lease costs, net $ 77,811 $ 97,553 |
Schedule of amortization of deferred leasing costs | For the Year Ended December 31, 2023 2022 2021 Amortization of deferred leasing costs $ 34,119 $ 39,606 $ 43,028 |
Schedule of intangible assets | 2023 2022 In-place lease intangibles $ 52,138 $ 67,935 Accumulated amortization (49,054) (60,859) In-place lease intangibles, net $ 3,084 $ 7,076 2023 2022 Acquired above market lease intangibles $ 119,985 $ 130,556 Accumulated amortization (114,356) (119,860) Acquired above market lease intangibles, net $ 5,629 $ 10,696 |
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 2024 $ 3,467 $ (3,634) $ (167) 2025 2,347 (1,522) 825 2026 1,568 (446) 1,122 2027 1,252 (27) 1,225 2028 1,212 — 1,212 Thereafter 1,246 — 1,246 $ 11,092 $ (5,629) $ 5,463 |
Schedule of Interest Rate Derivatives | As of December 31, 2023, 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 5 $ 805.0 million Interest Rate Caps 1 $ 38.0 million Interest Rate Swaps 1 € 128.0 million Interest Rate Caps 3 € 129.0 million 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 |
Schedule of Euro:USD forward contracts | Asset (Liability) Value as of December 31, December 31, Notional Value Maturity Date 2023 2022 € 50.0 January 13, 2023 — (2.9) € 15.0 March 15, 2023 — 0.7 € 15.0 March 15, 2023 — 0.7 € 45.0 April 12, 2023 — (0.2) € 44.0 September 15, 2023 — (0.1) € 50.0 December 15, 2023 — (2.8) € 50.0 January 17, 2024 (0.4) — € 30.0 March 15, 2024 1.0 1.3 € 51.0 March 15, 2024 (3.6) (2.8) € 20.0 April 12, 2024 (0.1) — € 25.0 July 17, 2024 0.7 € 37.0 December 13, 2024 (0.9) — € 37.0 December 13, 2024 (0.9) — € 50.0 March 17, 2025 (1.1) — |
Schedule of key inputs into the option model for the exchange option within the exchangeable bonds | December 31, 2023 November 14, 2023 Klépierre stock price € 24.68 € 22.67 Implied volatility 17.88% 19.74% EUR risk-free rate 2.11% 2.96% Klépierre expected dividend yield 6.85% 7.43% Expected term 2.88 years 3.00 years Credit Spread 0.84% 1.44% |
Schedule of carrying amount of noncontrolling interests | 2023 2022 Limited partners’ interests in the Operating Partnership $ 447,494 $ 448,076 Nonredeemable noncontrolling interests in properties, net 21,321 25,052 Total noncontrolling interests reflected in equity $ 468,815 $ 473,128 |
Schedule of reclassifications out of accumulated other comprehensive income (loss) | Affected line item where 2023 2022 2021 net income is presented Currency translation adjustments $ — $ — $ 5,660 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net — — (712) Net income attributable to noncontrolling interests $ — $ — $ 4,948 Accumulated derivative gains, net $ 4,084 $ 1,595 $ 1,625 Interest expense (533) (202) (204) Net income attributable to noncontrolling interests $ 3,551 $ 1,393 $ 1,421 |
Schedule of cash paid for taxes | For the Year Ended December 31, 2023 2022 2021 Cash paid for taxes $ 31,187 $ 53,241 $ 102,454 |
Simon Property Group, L.P. | |
Significant Accounting Policies | |
Schedule of reclassifications out of accumulated other comprehensive income (loss) | Affected line item where 2023 2022 2021 net income is presented Currency translation adjustments $ — $ — $ 5,660 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net Accumulated derivative gains, net $ 4,084 $ 1,595 $ 1,625 Interest expense |
Per Share and Per Unit Data (Ta
Per Share and Per Unit Data (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2021 Net Income attributable to Common Stockholders — Basic and Diluted $ 2,279,789 $ 2,136,198 $ 2,246,294 Weighted Average Shares Outstanding — Basic and Diluted 326,807,326 327,816,695 328,587,137 |
Schedule of taxable nature of dividends and distributions declared | For the Year Ended December 31, 2023 2022 2021 Total dividends/distributions paid per common share/unit $ 7.45 $ 6.90 $ 5.85 Percent taxable as ordinary income 99.70 % 98.60 % 93.10 % Percent taxable as long-term capital gains 0.30 % 1.40 % 6.90 % 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, 2023 2022 2021 Net Income attributable to Unitholders — Basic and Diluted $ 2,613,117 $ 2,444,395 $ 2,569,508 Weighted Average Units Outstanding — Basic and Diluted 374,589,788 375,111,997 375,866,759 |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities and International Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of equity method investments and share of income from such investments, balance sheet | December 31, December 31, 2023 2022 Assets: Investment properties, at cost $ 19,315,578 $ 19,256,108 Less - accumulated depreciation 8,874,745 8,490,990 10,440,833 10,765,118 Cash and cash equivalents 1,372,377 1,445,353 Tenant receivables and accrued revenue, net 505,933 546,025 Right-of-use assets, net 126,539 143,526 Deferred costs and other assets 537,943 482,375 Total assets $ 12,983,625 $ 13,382,397 Liabilities and Partners’ Deficit: Mortgages $ 14,282,839 $ 14,569,921 Accounts payable, accrued expenses, intangibles, and deferred revenue 1,032,217 961,984 Lease liabilities 116,535 133,096 Other liabilities 368,582 446,064 Total liabilities 15,800,173 16,111,065 Preferred units 67,450 67,450 Partners’ deficit (2,883,998) (2,796,118) Total liabilities and partners’ deficit $ 12,983,625 $ 13,382,397 Our Share of: Partners’ deficit $ (1,258,809) $ (1,232,086) Add: Excess Investment 1,173,852 1,219,117 Our net (deficit) Investment in unconsolidated entities, at equity $ (84,957) $ (12,969) |
Schedule of principal repayments on joint venture properties' mortgage and unsecured indebtedness | 2024 $ 2,069,780 2025 2,437,450 2026 2,832,212 2027 2,288,445 2028 2,170,056 Thereafter 2,516,281 Total principal maturities 14,314,224 Debt issuance costs (31,385) Total mortgages $ 14,282,839 |
Summary of equity method investments and share of income from such investments, statements of operations | December 31, 2023 2022 2021 REVENUE: Lease income $ 2,984,455 $ 2,894,611 $ 2,797,221 Other income 464,058 341,923 319,956 Total revenue 3,448,513 3,236,534 3,117,177 OPERATING EXPENSES: Property operating 638,638 605,018 575,584 Depreciation and amortization 656,089 666,762 686,790 Real estate taxes 237,809 246,707 263,325 Repairs and maintenance 77,093 81,522 79,300 Advertising and promotion 83,279 74,776 72,441 Other 236,955 205,405 200,899 Total operating expenses 1,929,863 1,880,190 1,878,339 Operating Income Before Other Items 1,518,650 1,356,344 1,238,838 Interest expense (685,193) (599,245) (605,591) Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net 20,529 50,336 34,814 Net Income $ 853,986 $ 807,435 $ 668,061 Third-Party Investors’ Share of Net Income $ 436,408 $ 423,816 $ 333,304 Our Share of Net Income $ 417,578 $ 383,619 $ 334,757 Amortization of Excess Investment (59,707) (60,109) (64,974) 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 (454) (2,532) (541) Income from Unconsolidated Entities $ 357,417 $ 320,978 $ 254,301 |
TRG | |
Summary of financial information of other platform investments | December 31, December 31, 2023 2022 Total assets $ 3,416,630 $ 3,555,686 Total liabilities 4,386,131 4,356,406 Noncontrolling interests 164,720 163,293 For the Year Ended December 31, 2023 2022 2021 Total revenues $ 695,222 $ 693,835 $ 600,426 Operating income before other items 281,349 254,395 197,074 Consolidated net income 42,910 164,072 97,361 Our share of net income 32,728 129,065 78,370 Amortization of excess investment (113,333) (189,629) (196,072) |
Other Platform Investments | |
Summary of financial information of other platform investments | December 31, December 31, 2023 2022 Total assets $ 14,921,120 $ 12,897,980 Total liabilities 11,406,440 10,521,772 Noncontrolling interests 501,224 362,652 For the Year Ended December 31, 2023 2022 2021 Total revenues $ 13,865,845 $ 14,895,379 $ 14,454,661 Operating income before other items 683,723 972,360 1,550,358 Consolidated net income 239,491 738,255 1,400,632 Our share of net income (loss) 40,002 238,412 402,658 Amortization of excess investment (6,740) (6,659) (7,546) |
Europe | Klepierre | |
Summary of financial information of other platform investments | December 31, December 31, 2023 2022 Total assets $ 16,114,513 $ 16,016,137 Total liabilities 10,282,111 10,074,502 Noncontrolling interests 1,255,479 1,226,734 For the Year Ended December 31, 2023 2022 2021 Total revenues $ 1,359,246 $ 1,308,409 $ 1,240,277 Operating income before other items 618,260 590,829 380,470 Consolidated net income 347,311 581,075 848,104 Our share of net income 64,805 116,084 164,575 Amortization of excess investment (17,658) (13,937) (19,444) |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Indebtedness | |
Schedule of mortgages and unsecured indebtedness | 2023 2022 Fixed-Rate Debt: Mortgage notes, including $1,977 and $2,436 of net premiums and $10,408 and $11,194 of debt issuance costs, respectively. Weighted average interest and maturity of 3.83% and 3.1 years at December 31, 2023. $ 4,832,884 $ 4,580,799 Unsecured notes and Credit Facilities (see below), including $74,968 and $32,421 of net discounts and $125,557 and $76,058 of debt issuance costs, respectively. 20,811,917 18,029,459 Total Fixed-Rate Debt 25,644,801 22,610,258 Variable-Rate Debt: Mortgage notes, including $4,477 and $5,336 of debt issuance costs, respectively. Weighted average interest and maturity of 5.91% and 1.5 years at December 31, 2023. 328,027 874,442 Unsecured Notes, including $0 and $15,622 of debt issuance costs, respectively. — 1,412,141 Total Variable-Rate Debt 328,027 2,286,583 Other Debt Obligations 60,595 63,445 Total Mortgages and Unsecured Indebtedness $ 26,033,423 $ 24,960,286 |
Schedule of principal repayments of indebtedness | Our scheduled principal repayments on indebtedness as of December 31, 2023, assuming the obligations remain outstanding through the initial maturities, are as follows: 2024 $ 2,946,165 2025 2,639,816 2026 4,759,916 2027 2,466,364 2028 1,153,921 Thereafter 12,220,079 Total principal maturities 26,186,261 Net unamortized debt premium 13,635 Net unamortized debt discount (86,626) Debt issuance costs, net (140,442) Other Debt Obligations 60,595 Total mortgages and unsecured indebtedness $ 26,033,423 |
Schedule of cash paid for interest in each period, net of any amounts capitalized | For the Year Ended December 31, 2023 2022 2021 Cash paid for interest $ 856,110 $ 763,203 $ 822,182 |
Schedule of debt issuance costs | 2023 2022 Debt issuance costs $ 253,178 $ 210,893 Accumulated amortization (112,736) (102,683) Debt issuance costs, net $ 140,442 $ 108,210 |
Schedule of debt amortization from continuing operations, included in statements of operations and comprehensive income | 2023 2022 2021 Amortization of debt issuance costs $ 28,660 $ 26,113 $ 24,794 Amortization of debt discounts/(premiums) 433 7 168 |
Schedule of fair value of financial instruments and the related discount rate assumptions | 2023 2022 Fair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions) $ 24,248 $ 20,020 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages 6.10 % 6.10 % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 6.10 % 5.87 % |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties | 2023 2022 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 230,373 issued and outstanding $ 23,037 $ 25,537 Other noncontrolling redeemable interests 172,912 186,702 Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ 195,949 $ 212,239 |
Schedule of LTIP units earned and aggregate grant date fair values adjusted for estimated forfeitures | LTIP Awards LTIP Units Earned Grant Date Fair Value of TSR Award Grant Date Target Value of Performance-Based Awards 2021 LTIP Awards To be determined in 2024 $5.7 million $12.2 million 2022 LTIP Awards To be determined in 2025 — $13.7 million 2023 LTIP Awards To be determined in 2026 — $23.6 million |
Schedule of restricted stock awards | For the Year Ended December 31, 2023 2022 2021 Shares of restricted stock awarded during the year, net of forfeitures 227,232 160,259 42,036 Weighted average fair value of shares granted during the year $ 111.37 $ 129.62 $ 117.52 Compensation expense, net of capitalization $ 16,356 $ 9,583 $ 8,817 |
Simon Property Group, L.P. | |
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties | 2023 2022 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 230,373 issued and outstanding $ 23,037 $ 25,537 Other noncontrolling redeemable interests 172,912 186,702 Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ 195,949 $ 212,239 |
Lease Income (Tables)
Lease Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Lease Income | |
Schedule of lease income | For the Year Ended December 31, 2023 2022 2021 Fixed lease income $ 4,145,288 $ 3,858,592 $ 3,701,991 Variable lease income 1,019,047 1,046,583 1,034,728 Total lease income $ 5,164,335 $ 4,905,175 $ 4,736,719 |
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, 2023, is as follows: 2024 $ 3,098,818 2025 2,596,359 2026 2,065,777 2027 1,637,514 2028 1,185,063 Thereafter 3,828,659 $ 14,412,190 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies. | |
Schedule of lease cost | For the Year Ended December 31, 2023 2022 2021 Operating Lease Cost Fixed lease cost $ 34,112 $ 30,257 $ 32,492 Variable lease cost 16,930 17,593 15,454 Sublease income — — (705) Total operating lease cost $ 51,042 $ 47,850 $ 47,241 |
Schedule of other lease information | For the Year Ended December 31, 2023 2022 2021 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 50,967 $ 47,754 $ 47,824 Weighted-average remaining lease term - operating leases 32.3 years 32.7 years 33.6 years Weighted-average discount rate - operating leases 4.93% 4.87% 4.87% |
Schedule of future minimum lease payments due | 2024 $ 33,822 2025 36,358 2026 36,372 2027 36,401 2028 36,427 Thereafter 959,496 $ 1,138,876 Impact of discounting (654,015) Operating lease liabilities $ 484,861 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Data (Unaudited) | |
Schedule of quarterly financial data | First Second Third Fourth Quarter Quarter Quarter Quarter 2023 Total revenue $ 1,350,849 $ 1,369,601 $ 1,410,948 $ 1,527,438 Operating income before other items 662,723 657,925 694,234 792,139 Consolidated net income 519,255 557,505 680,762 859,496 Simon Property Group, Inc. Net income attributable to common stockholders $ 451,827 $ 486,343 $ 594,139 $ 747,480 Net income per share — Basic and Diluted $ 1.38 $ 1.49 $ 1.82 $ 2.29 Weighted average shares outstanding — Basic and Diluted 326,954,294 327,189,785 327,158,743 325,933,832 Simon Property Group, L.P. Net income attributable to unitholders $ 517,180 $ 556,556 $ 680,598 $ 858,783 Net income per unit — Basic and Diluted $ 1.38 $ 1.49 $ 1.82 $ 2.29 Weighted average units outstanding — Basic and Diluted 374,245,604 374,423,175 374,816,882 374,864,197 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 |
Organization (Details)
Organization (Details) | Dec. 31, 2023 property country state | Sep. 07, 2023 |
TRG | ||
Real Estate Properties | ||
Ownership percentage | 84% | 84% |
Number of regional, super regional and outlet malls | 24 | |
U.S. and Puerto Rico | ||
Real Estate Properties | ||
Number of properties | 195 | |
Number of U.S. states containing property locations | state | 37 | |
U.S. and Puerto Rico | Malls | ||
Real Estate Properties | ||
Number of properties | 93 | |
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 | ||
Real Estate Properties | ||
Number of properties | 6 | |
U.S. and Puerto Rico | Other retail properties | ||
Real Estate Properties | ||
Number of properties | 13 | |
Asia, Europe and Canada | Premium and Designer Outlets | ||
Real Estate Properties | ||
Number of properties | 35 | |
Europe | Klepierre | ||
Real Estate Properties | ||
Ownership percentage | 22.40% | |
Number of countries | country | 14 |
Basis of Presentation and Con_3
Basis of Presentation and Consolidation (Details) - property | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate Properties | |||
Total number of joint venture properties | 81 | 82 | |
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 | 30 | ||
Simon Property Group, L.P. | |||
Ownership interest: | |||
Ownership interest in the Operating Partnership (as a percent) | 87% | 87.40% | |
Simon Property Group, L.P. | Weighted average | |||
Ownership interest: | |||
Ownership interest in the Operating Partnership (as a percent) | 87.20% | 87.40% | 87.40% |
Wholly owned properties | |||
Real Estate Properties | |||
Number of properties | 130 | ||
Partially owned properties | |||
Real Estate Properties | |||
Number of properties | 19 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Investment Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate Properties [Line Items] | |||
Land | $ 3,643,432 | $ 3,632,943 | |
Buildings and improvements | 35,141,486 | 34,246,835 | |
Total land, buildings and improvements | 38,784,918 | 37,879,778 | |
Furniture, fixtures and equipment | 500,220 | 447,134 | |
Investment properties at cost | 39,285,138 | 38,326,912 | |
Less - accumulated depreciation | 17,716,788 | 16,563,749 | |
Investment properties, at cost, net | 21,568,350 | 21,763,163 | |
Construction in progress, included above | 760,175 | 587,644 | |
Capitalized interest | $ 39,906 | $ 35,482 | $ 31,204 |
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 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Equity Instruments and Debt Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity Instruments and Investments | ||
Equity instruments with readily determinable fair value | $ 97,700 | $ 73,000 |
Equity instruments without readily determinable fair values | 240,200 | 236,200 |
Reduction in carrying value | 0 | 27,500 |
Debt securities of our captive insurance companies | $ 79,716 | $ 52,325 |
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 Thousands, € in Millions | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Recurring | |||
Fair Value Measurements | |||
Investments | $ 1,000,000 | ||
Assets, Fair Value Disclosure [Abstract] | |||
Deferred costs and other assets | 113,779 | ||
Other assets, fair value disclosure | $ 88,805 | ||
Assets, fair value | 1,113,779 | ||
Financial Liabilities Fair Value Disclosure [Abstract] | |||
Other liabilities, fair value disclosure | 38,146 | 8,605 | |
Level 1 | Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
Deferred costs and other assets | 97,696 | ||
Other assets, fair value disclosure | 73,020 | ||
Assets, fair value | 97,696 | ||
Level 2 | Recurring | |||
Fair Value Measurements | |||
Investments | 1,000,000 | ||
Assets, Fair Value Disclosure [Abstract] | |||
Deferred costs and other assets | 16,083 | ||
Other assets, fair value disclosure | 15,785 | ||
Assets, fair value | 1,016,083 | ||
Financial Liabilities Fair Value Disclosure [Abstract] | |||
Other liabilities, fair value disclosure | 9,774 | $ 8,605 | |
Level 3 | Recurring | |||
Financial Liabilities Fair Value Disclosure [Abstract] | |||
Other liabilities, fair value disclosure | $ 28,372 | ||
Exchangeable Debt | Embedded derivative financial instruments | |||
Fair Value Measurements | |||
Interest rate swap agreements and foreign currency forward contracts, gross liability balance | € | € 750 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Segment and Geographic Locations (Details) - item | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Disclosure | ||
Number of reportable segments | 1 | |
Geographic Concentration Risk | Consolidated Long-Lived Assets | Non-US | ||
Segment Disclosure | ||
Percentage of consolidated long lived assets | 7.30% | 6.90% |
Geographic Concentration Risk | Consolidated revenues | Non-US | ||
Segment Disclosure | ||
Percentage of consolidated total revenue | 4.20% | 3.50% |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Deferred Costs and Other Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred costs and other assets | |||
Deferred lease costs, net | $ 77,811 | $ 97,553 | |
In-place lease intangibles, net | 3,085 | 7,076 | |
Acquired above market lease intangibles, net | 5,629 | 10,696 | |
Marketable securities of our captive insurance companies | 79,716 | 52,325 | |
Goodwill | 20,098 | 20,098 | |
Other marketable and non-marketable securities | 338,120 | 309,212 | |
Prepaids, notes receivable and other assets, net | 593,257 | 662,333 | |
Deferred costs and other assets | 1,117,716 | 1,159,293 | |
Deferred Lease Costs | |||
Deferred lease costs | 273,010 | 312,464 | |
Accumulated amortization | (195,199) | (214,911) | |
Deferred lease costs, net | 77,811 | 97,553 | |
Amortization, included in statements of operations and comprehensive income | |||
Amortization of deferred leasing costs | $ 34,119 | $ 39,606 | $ 43,028 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets | |||
Unamortized below market leases included in accounts payable, accrued expenses, intangibles and deferred revenues | $ 11,100 | $ 15,300 | |
Estimated future amortization, and the increasing (decreasing) effect on below market minimum rents | |||
2024 | 3,467 | ||
2025 | 2,347 | ||
2026 | 1,568 | ||
2027 | 1,252 | ||
2028 | 1,212 | ||
Thereafter | 1,246 | ||
Lease intangibles assets, net | 11,092 | ||
Estimated future amortization, and the increasing (decreasing) effect on minimum rents | |||
2024 | (167) | ||
2025 | 825 | ||
2026 | 1,122 | ||
2027 | 1,225 | ||
2028 | 1,212 | ||
Thereafter | 1,246 | ||
Lease intangibles assets, net | $ 5,463 | ||
In-place lease intangibles | |||
Intangible Assets | |||
Average life of in-place lease intangibles | 2 years 4 months 24 days | ||
Lease intangibles assets, gross | $ 52,138 | 67,935 | |
Accumulated amortization | (49,054) | (60,859) | |
Lease intangibles assets, net | $ 3,084 | 7,076 | |
Above and below market leases | |||
Intangible Assets | |||
Weighted average remaining life of intangible | 2 years 10 months 24 days | ||
Amount of amortization expenses | $ 900 | 1,700 | $ 2,700 |
Above Market Leases | |||
Intangible Assets | |||
Lease intangibles assets, gross | 119,985 | 130,556 | |
Accumulated amortization | (114,356) | (119,860) | |
Lease intangibles assets, net | 5,629 | $ 10,696 | |
Estimated future amortization, and the increasing (decreasing) effect on minimum rents | |||
2024 | (3,634) | ||
2025 | (1,522) | ||
2026 | (446) | ||
2027 | (27) | ||
Lease intangibles assets, net | $ (5,629) |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Derivative Financial Instruments (Details) € in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) € / shares Y DerivativeInstrument | Dec. 31, 2022 USD ($) DerivativeInstrument | Dec. 31, 2021 USD ($) | Dec. 31, 2023 EUR (€) € / shares Y DerivativeInstrument | Nov. 14, 2023 USD ($) € / shares Y | Dec. 31, 2022 EUR (€) DerivativeInstrument | |
Derivative Financial Instruments | ||||||
Number of credit-risk-related hedging or derivative activities | DerivativeInstrument | 0 | 0 | ||||
Unamortized gain on treasury locks and terminated hedges | $ 41.9 | $ 10.9 | ||||
Amount expected to be reclassified from accumulated other comprehensive loss to earnings within the next year | 3.1 | |||||
Gross accumulated other comprehensive income (loss) related to derivative activities | 48.7 | 36.5 | ||||
Gains (losses) of cumulative translation adjustment | (45.2) | 131.7 | $ 176 | |||
Exchange traded option | Option pricing model | ||||||
Derivative Financial Instruments | ||||||
Forward contract net, fair value | 28.4 | $ 19.2 | ||||
Interest rate swap | Deferred costs and other assets | ||||||
Derivative Financial Instruments | ||||||
Interest rate net, fair value | $ 11.6 | $ 13.1 | ||||
US denominated interest rate swap | ||||||
Derivative Financial Instruments | ||||||
Number of Instruments | DerivativeInstrument | 5 | 5 | ||||
Notional Amount | $ 805 | |||||
Euro denominated interest rate swap | ||||||
Derivative Financial Instruments | ||||||
Number of Instruments | DerivativeInstrument | 1 | 1 | 1 | 1 | ||
Notional Amount | € | € 128 | € 128 | ||||
US denominated interest rate cap | ||||||
Derivative Financial Instruments | ||||||
Number of Instruments | DerivativeInstrument | 1 | 1 | ||||
Notional Amount | $ 38 | |||||
Euro denominated interest rate cap | ||||||
Derivative Financial Instruments | ||||||
Number of Instruments | DerivativeInstrument | 3 | 5 | 3 | 5 | ||
Notional Amount | € | € 129 | € 319 | ||||
Euro-USD 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) | |||||
Euro-USD 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 | |||||
Euro-USD 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 | |||||
Euro-USD 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) | |||||
Euro-USD 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) | |||||
Euro-USD 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) | |||||
Euro-USD currency forward contract | January 17, 2024 | Net Investment Hedging | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Notional Amount | € | 50 | |||||
Forward contract net, fair value | $ (0.4) | |||||
Euro-USD currency forward contract | December 13, 2024 | Net Investment Hedging | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Notional Amount | € | 37 | |||||
Forward contract net, fair value | (0.9) | |||||
Euro-USD currency forward contract | December 13, 2024. | Net Investment Hedging | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Notional Amount | € | 37 | |||||
Forward contract net, fair value | (0.9) | |||||
Euro-USD currency forward contract | March 17, 2025 | Net Investment Hedging | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Notional Amount | € | 50 | |||||
Forward contract net, fair value | (1.1) | |||||
Euro-USD currency forward contract | July 17, 2024 | Net Investment Hedging | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Notional Amount | € | 25 | |||||
Forward contract net, fair value | 0.7 | |||||
Euro-USD currency forward contract | March 15, 2024 | Net Investment Hedging | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Notional Amount | € | 30 | 30 | ||||
Forward contract net, fair value | 1 | 1.3 | ||||
Euro-USD currency forward contract | March 15, 2024. | Net Investment Hedging | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Notional Amount | € | 51 | € 51 | ||||
Forward contract net, fair value | (3.6) | (2.8) | ||||
Euro-USD currency forward contract | April 12, 2024 | Net Investment Hedging | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Notional Amount | € | € 20 | |||||
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 | $ 56.1 | $ 41.8 | ||||
Klepierre | Exchange traded option | Option pricing model | Stock price | ||||||
Derivative Financial Instruments | ||||||
Derivative liability measurement input | € / shares | 24.68 | 24.68 | 22.67 | |||
Klepierre | Exchange traded option | Option pricing model | Implied volatility | ||||||
Derivative Financial Instruments | ||||||
Derivative liability measurement input | 0.1788 | 0.1788 | 0.1974 | |||
Klepierre | Exchange traded option | Option pricing model | EUR risk-free rate | ||||||
Derivative Financial Instruments | ||||||
Derivative liability measurement input | 0.0211 | 0.0211 | 0.0296 | |||
Klepierre | Exchange traded option | Option pricing model | Expected dividend yield | ||||||
Derivative Financial Instruments | ||||||
Derivative liability measurement input | 0.0685 | 0.0685 | 0.0743 | |||
Klepierre | Exchange traded option | Option pricing model | Expected term | ||||||
Derivative Financial Instruments | ||||||
Derivative liability measurement input | Y | 2.88 | 2.88 | 3 | |||
Klepierre | Exchange traded option | Option pricing model | Credit Spread | ||||||
Derivative Financial Instruments | ||||||
Derivative liability measurement input | 0.0084 | 0.0084 | 0.0144 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Summary of Significant Accounting Policies | ||
Limited partners' interests in the Operating Partnership | $ 447,494 | $ 448,076 |
Nonredeemable noncontrolling interests in properties, net | 21,321 | 25,052 |
Total noncontrolling interests reflected in equity | $ 468,815 | $ 473,128 |
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, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Significant Accounting Policies | |||||||||||
Total accumulated other comprehensive income (loss) | $ (221,600) | $ (199,500) | $ (221,600) | $ (199,500) | $ (175,100) | ||||||
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | (3,056) | 5,647 | 206,855 | ||||||||
Interest expense | (854,648) | (761,253) | (795,712) | ||||||||
Net income attributable to noncontrolling interests | (333,892) | (312,850) | (319,076) | ||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 747,480 | $ 594,139 | $ 486,343 | $ 451,827 | $ 673,786 | $ 539,038 | $ 496,743 | $ 426,630 | 2,279,789 | 2,136,198 | 2,246,294 |
Currency translation adjustments | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 5,660 | ||||||||||
Currency translation adjustments, attributable to noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Net income attributable to noncontrolling interests | (712) | ||||||||||
Currency translation adjustments. | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | 4,948 | ||||||||||
Accumulated derivative losses, net, including noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Interest expense | 4,084 | 1,595 | 1,625 | ||||||||
Accumulated derivative losses, attributable to noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Net income attributable to noncontrolling interests | (533) | (202) | (204) | ||||||||
Accumulated derivative gains (losses), net | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 3,551 | $ 1,393 | $ 1,421 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Significant Accounting Policies | |||
Total accumulated other comprehensive income (loss) | $ (221,600) | $ (199,500) | $ (175,100) |
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | (3,056) | 5,647 | 206,855 |
Interest expense | (854,648) | (761,253) | (795,712) |
Simon Property Group, L.P. | |||
Significant Accounting Policies | |||
Total accumulated other comprehensive income (loss) | (254,900) | (228,300) | (200,200) |
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | (3,056) | 5,647 | 206,855 |
Interest expense | (854,648) | (761,253) | (795,712) |
Currency translation adjustments. | Simon Property Group, L.P. | Amount reclassified from accumulated other comprehensive income (loss) | |||
Significant Accounting Policies | |||
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 5,660 | ||
Accumulated derivative gains (losses), net | Simon Property Group, L.P. | Amount reclassified from accumulated other comprehensive income (loss) | |||
Significant Accounting Policies | |||
Interest expense | $ 4,084 | $ 1,595 | $ 1,625 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Management Fees and Other Revenues | |||
Insurance reserve for insurance subsidiaries and other self-insurance programs | $ 96,100 | $ 85,700 | |
Income Taxes | |||
Provision for federal income taxes for REIT entities | 0 | ||
Deferred tax liabilities, Net | 307,800 | 278,300 | |
Cash paid income taxes | $ 31,187 | $ 53,241 | $ 102,454 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investment Holdings [Line Items] | |||||
Gain (loss) on disposal, exchange, or revaluation of equity interests | $ (10,200) | $ 362,019 | $ 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 ($) property | Dec. 31, 2021 USD ($) property | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Acquisitions | ||||
Variable mortgage loan | $ 328,027 | $ 2,286,583 | ||
Dispositions | ||||
Mortgages and unsecured indebtedness | $ 26,033,423 | $ 24,960,286 | ||
Gloucester Premium Outlets | ||||
Acquisitions | ||||
Cash purchase price for acquisition | $ 14,000 | |||
Gloucester Premium Outlets | Mortgage bearing 3.29% Interest | ||||
Acquisitions | ||||
Variable mortgage loan | $ 85,700 | |||
Variable rate of interest | 3.29% | |||
Consolidated properties | Retail properties | Disposed by Sales | ||||
Dispositions | ||||
Number of properties disposed of during the period | property | 1 | |||
Proceeds from sale and disposal | $ 59,000 | |||
Loss on disposition of interest in properties | $ 15,600 | |||
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 |
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, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Per Share And Per Unit Data | |||||||||||
Net Income attributable to Common Stockholders - Basic | $ 747,480 | $ 594,139 | $ 486,343 | $ 451,827 | $ 673,786 | $ 539,038 | $ 496,743 | $ 426,630 | $ 2,279,789 | $ 2,136,198 | $ 2,246,294 |
Net Income attributable to Common Stockholders - Diluted | $ 2,279,789 | $ 2,136,198 | $ 2,246,294 | ||||||||
Weighted average shares outstanding - basic | 325,933,832 | 327,158,743 | 327,189,785 | 326,954,294 | 326,953,791 | 327,286,003 | 328,444,627 | 328,606,352 | 326,807,326 | 327,816,695 | 328,587,137 |
Weighted Average Shares Outstanding - Diluted | 325,933,832 | 327,158,743 | 327,189,785 | 326,954,294 | 326,953,791 | 327,286,003 | 328,444,627 | 328,606,352 | 326,807,326 | 327,816,695 | 328,587,137 |
Dividends | |||||||||||
Total dividends/distributions paid per common share/unit | $ 7.45 | $ 6.90 | $ 5.85 | ||||||||
Percent taxable as ordinary income | 99.70% | 98.60% | 93.10% | ||||||||
Percent taxable as long-term capital gains | 0.30% | 1.40% | 6.90% | ||||||||
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 | $ 858,783 | $ 680,598 | $ 556,556 | $ 517,180 | $ 771,195 | $ 616,918 | $ 568,289 | $ 487,993 | $ 2,613,117 | $ 2,444,395 | $ 2,569,508 |
Net Income attributable to Common Stockholders - Diluted | $ 2,613,117 | $ 2,444,395 | $ 2,569,508 | ||||||||
Weighted average shares outstanding - basic | 374,864,197 | 374,816,882 | 374,423,175 | 374,245,604 | 374,257,136 | 374,589,771 | 375,754,363 | 375,870,183 | 374,589,788 | 375,111,997 | 375,866,759 |
Weighted Average Shares Outstanding - Diluted | 374,864,197 | 374,816,882 | 374,423,175 | 374,245,604 | 374,257,136 | 374,589,771 | 375,754,363 | 375,870,183 | 374,589,788 | 375,111,997 | 375,866,759 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities and International Investments - Real Estate Joint Ventures and Investments (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 USD ($) property | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) item | Dec. 31, 2022 USD ($) property | Dec. 31, 2023 USD ($) property | |
Investment in Unconsolidated Entities | |||||
Total number of joint venture properties | property | 82 | 81 | |||
Mortgages and unsecured indebtedness | $ 24,960,286 | $ 26,033,423 | |||
Unconsolidated properties | Disposed by Sales | Retail properties | |||||
Investment in Unconsolidated Entities | |||||
Gain (loss) on disposition of interest in properties | $ 3,400 | ||||
Proceeds from sale or disposal of real estate assets | $ 3,000 | ||||
Unconsolidated properties | Disposed by Sales | Multi family residential property | |||||
Investment in Unconsolidated Entities | |||||
Number of properties disposed of during the period | item | 1 | ||||
Gain (loss) on disposition of interest in properties | $ 14,900 | ||||
Proceeds from sale or disposal of real estate assets | $ 27,100 | ||||
Unconsolidated properties | Disposed of by Sales And Means Other than Sale | Retail properties | |||||
Investment in Unconsolidated Entities | |||||
Number of properties disposed of during the period | property | 1 | 2 | |||
Noncash gain on disposal of interest in unconsolidated entities | $ 19,900 | ||||
Mortgages and unsecured indebtedness | $ 114,800 | ||||
Gain (loss) on disposition of interest in properties | $ 0 | ||||
Unconsolidated properties | Non-recourse $99.6M Mortgage | Disposed of by Sales And Means Other than Sale | Retail properties | |||||
Investment in Unconsolidated Entities | |||||
Mortgages and unsecured indebtedness | 99,600 | ||||
Unconsolidated properties | Non-recourse $83.1M Mortgage | Disposed of by Sales And Means Other than Sale | Retail properties | |||||
Investment in Unconsolidated Entities | |||||
Mortgages and unsecured indebtedness | 83,100 | ||||
Construction and other related party loans | |||||
Investment in Unconsolidated Entities | |||||
Loans to related party | $ 112,000 | $ 98,000 |
Investments in Unconsolidated_4
Investments in Unconsolidated Entities and International Investments - Unconsolidated Property Transactions (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Sep. 07, 2023 | Dec. 19, 2022 | Dec. 20, 2021 | Dec. 31, 2022 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | |
Investment in Unconsolidated Entities | |||||||||||||||||
Payments for acquisitions | $ 65,829 | $ 203,364 | $ 257,080 | ||||||||||||||
Total assets | $ 33,011,274 | $ 34,283,495 | $ 33,011,274 | 34,283,495 | 33,011,274 | ||||||||||||
Total liabilities | 29,187,383 | 30,595,897 | 29,187,383 | 30,595,897 | 29,187,383 | ||||||||||||
Noncontrolling interests | 473,128 | 468,815 | 473,128 | 468,815 | 473,128 | ||||||||||||
Total revenue | 1,527,438 | $ 1,410,948 | $ 1,369,601 | $ 1,350,849 | 1,399,898 | $ 1,315,786 | $ 1,279,842 | $ 1,295,922 | 5,658,836 | 5,291,447 | 5,116,789 | ||||||
Operating income before other items | 792,139 | 694,234 | 657,925 | 662,723 | 684,205 | 652,196 | 626,761 | 620,391 | 2,807,022 | 2,583,553 | 2,413,190 | ||||||
Consolidated net income | 859,496 | $ 680,762 | $ 557,505 | $ 519,255 | 772,748 | 621,847 | $ 569,480 | $ 488,310 | 2,617,018 | 2,452,385 | 2,568,707 | ||||||
Gain (loss) on disposal, exchange, or revaluation of equity interests | (10,200) | 362,019 | 121,177 | 178,672 | |||||||||||||
TRG | |||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||
Total assets | 3,555,686 | 3,416,630 | 3,555,686 | 3,416,630 | 3,555,686 | ||||||||||||
Total liabilities | 4,356,406 | 4,386,131 | 4,356,406 | 4,386,131 | 4,356,406 | ||||||||||||
Noncontrolling interests | 163,293 | 164,720 | 163,293 | 164,720 | 163,293 | ||||||||||||
Total revenue | 695,222 | 693,835 | 600,426 | ||||||||||||||
Operating income before other items | 281,349 | 254,395 | 197,074 | ||||||||||||||
Consolidated net income | 42,910 | 164,072 | 97,361 | ||||||||||||||
Our share of net income (loss) | 32,728 | 129,065 | 78,370 | ||||||||||||||
Amortization of Excess Investment | 113,333 | 189,629 | 196,072 | ||||||||||||||
Other Platform Investments | |||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||
Total assets | 12,897,980 | 14,921,120 | 12,897,980 | 14,921,120 | 12,897,980 | ||||||||||||
Total liabilities | 10,521,772 | 11,406,440 | 10,521,772 | 11,406,440 | 10,521,772 | ||||||||||||
Noncontrolling interests | 362,652 | 501,224 | 362,652 | 501,224 | 362,652 | ||||||||||||
Total revenue | 13,865,845 | 14,895,379 | 14,454,661 | ||||||||||||||
Operating income before other items | 683,723 | 972,360 | 1,550,358 | ||||||||||||||
Consolidated net income | 239,491 | 738,255 | 1,400,632 | ||||||||||||||
Our share of net income (loss) | 40,002 | 238,412 | 402,658 | ||||||||||||||
Amortization of Excess Investment | 6,740 | 6,659 | 7,546 | ||||||||||||||
Simon Property Group, L.P. | |||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||
Payments for acquisitions | 65,829 | 203,364 | 257,080 | ||||||||||||||
Total assets | 33,011,274 | 34,283,495 | 33,011,274 | 34,283,495 | 33,011,274 | ||||||||||||
Total liabilities | 29,187,383 | $ 30,595,897 | 29,187,383 | 30,595,897 | 29,187,383 | ||||||||||||
Total revenue | 5,658,836 | 5,291,447 | 5,116,789 | ||||||||||||||
Operating income before other items | 2,807,022 | 2,583,553 | 2,413,190 | ||||||||||||||
Consolidated net income | 2,617,018 | 2,452,385 | 2,568,707 | ||||||||||||||
Gain (loss) on disposal, exchange, or revaluation of equity interests | $ 362,019 | 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 (as a percent) | 84% | 84% | 84% | ||||||||||||||
Ownership interest acquired (as a percent) | 4% | ||||||||||||||||
Payments for acquisitions | $ 199,600 | ||||||||||||||||
Aggregate investment in ventures | 3,074,345 | $ 3,049,719 | 3,074,345 | $ 3,049,719 | 3,074,345 | ||||||||||||
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 | 1,725,000 | ||||||||||||||||
Aggregate investment in ventures | 3,074,345 | $ 3,049,719 | 3,074,345 | $ 3,049,719 | 3,074,345 | ||||||||||||
Eddie Bauer | |||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||
Aggregate investment in ventures | $ 98,800 | ||||||||||||||||
Gain (loss) on disposal, exchange, or revaluation of equity interests | 159,000 | ||||||||||||||||
Deferred Taxes | 39,700 | 39,700 | 39,700 | ||||||||||||||
JC Penney | |||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||
Ownership interest (as a percent) | 41.67% | 41.67% | |||||||||||||||
SPARC Group | |||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||
Ownership interest (as a percent) | 33.30% | 33.30% | 33.30% | ||||||||||||||
Gain (loss) on disposal, exchange, or revaluation of equity interests | $ 145,800 | ||||||||||||||||
Deferred Taxes | $ 36,900 | ||||||||||||||||
Forever 21 and Brooks Brothers | |||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||
Aggregate investment in ventures | $ 102,700 | ||||||||||||||||
Gain (loss) on disposal, exchange, or revaluation of equity interests | $ 159,800 | ||||||||||||||||
Deferred Taxes | $ 47,900 | ||||||||||||||||
ABG | |||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||
Ownership interest (as a percent) | 9.60% | 11.70% | 11.80% | 12.30% | 9.60% | ||||||||||||
Payments for acquisitions | $ 100,000 | ||||||||||||||||
Aggregate investment in ventures | $ 767,500 | $ 733,200 | $ 767,500 | $ 733,200 | $ 767,500 | ||||||||||||
Proceeds from sale or disposal of real estate assets | 300,200 | ||||||||||||||||
Gain (loss) on disposal, exchange, or revaluation of equity interests | 10,300 | $ 12,400 | $ 36,400 | ||||||||||||||
Deferred Taxes | 2,600 | $ 3,100 | $ 9,100 | $ 2,600 | |||||||||||||
Pre-tax gain | 18,800 | 157,100 | |||||||||||||||
Tax expense | $ 8,000 | $ 39,300 | |||||||||||||||
RGG | |||||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||||
Ownership interest (as a percent) | 45% | 45% |
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, 2023 USD ($) property $ / shares shares | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) property | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) property $ / shares shares | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property | Jan. 01, 2021 USD ($) | |
Investment in Unconsolidated Entities | |||||||||||||
Total assets | $ 34,283,495 | $ 33,011,274 | $ 34,283,495 | $ 33,011,274 | |||||||||
Total liabilities | 30,595,897 | 29,187,383 | 30,595,897 | 29,187,383 | |||||||||
Noncontrolling interests | 468,815 | 473,128 | 468,815 | 473,128 | |||||||||
Total revenue | 1,527,438 | $ 1,410,948 | $ 1,369,601 | $ 1,350,849 | 1,399,898 | $ 1,315,786 | $ 1,279,842 | $ 1,295,922 | 5,658,836 | 5,291,447 | $ 5,116,789 | ||
Operating income before other items | 792,139 | 694,234 | 657,925 | 662,723 | 684,205 | 652,196 | 626,761 | 620,391 | 2,807,022 | 2,583,553 | 2,413,190 | ||
Consolidated Net Income | 859,496 | $ 680,762 | $ 557,505 | $ 519,255 | 772,748 | $ 621,847 | $ 569,480 | $ 488,310 | 2,617,018 | 2,452,385 | $ 2,568,707 | ||
Klepierre | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Investment, in equity | $ 1,527,872 | $ 1,561,112 | $ 1,527,872 | $ 1,561,112 | |||||||||
European Joint Venture | Designer Outlet properties | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Number of properties | property | 12 | 11 | 12 | 11 | 11 | ||||||||
European Joint Venture | Designer Outlet properties | Minimum | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Ownership interest (as a percent) | 23% | 23% | |||||||||||
European Joint Venture | Designer Outlet properties | Maximum | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Ownership interest (as a percent) | 94% | 94% | |||||||||||
European Property Management and Development | Designer Outlet properties | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Ownership interest (as a percent) | 50% | 50% | |||||||||||
Europe | Klepierre | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Total assets | $ 16,114,513 | $ 16,016,137 | $ 16,114,513 | $ 16,016,137 | |||||||||
Total liabilities | 10,282,111 | 10,074,502 | 10,282,111 | 10,074,502 | |||||||||
Noncontrolling interests | $ 1,255,479 | 1,226,734 | 1,255,479 | 1,226,734 | |||||||||
Total revenue | 1,359,246 | 1,308,409 | $ 1,240,277 | ||||||||||
Operating income before other items | 618,260 | 590,829 | 380,470 | ||||||||||
Consolidated Net Income | 347,311 | 581,075 | 848,104 | ||||||||||
Our Share of Net Income | 64,805 | 116,084 | 164,575 | ||||||||||
Amortization of Excess Investment | $ (17,658) | (13,937) | (19,444) | ||||||||||
Europe | Outlet Center In Ochtrup | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Mortgage debt assumed | $ 47,100 | ||||||||||||
Investment, in equity | $ 48,700 | ||||||||||||
Non-cash gain on remeasurement of equity interest to fair value | $ 3,700 | ||||||||||||
Europe | Designer Outlet properties | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Number of properties consolidated by entity | property | 8 | 8 | |||||||||||
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 | $ 27.24 | $ 27.24 | |||||||||||
Loss (gain) on sale or disposal of assets and interests | $ 11,200 | (1,300) | (1,200) | ||||||||||
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, 2023 | Dec. 31, 2022 |
Japan | Mitsubishi Estate Co., Ltd. | ||
Investment in Unconsolidated Entities | ||
Ownership percentage | 40% | 40% |
Our net (deficit) Investment in unconsolidated entities, at equity | $ 231.2 | $ 206.3 |
South Korea | Shinsegae International Co | ||
Investment in Unconsolidated Entities | ||
Ownership percentage | 50% | 50% |
Our net (deficit) Investment in unconsolidated entities, at equity | $ 200.6 | $ 199.5 |
Investments in Unconsolidated_7
Investments in Unconsolidated Entities and International Investments - Combined Balance Sheets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
ASSETS: | ||
Investment properties, at cost | $ 39,285,138 | $ 38,326,912 |
Less - accumulated depreciation | 17,716,788 | 16,563,749 |
Investment properties, at cost, net | 21,568,350 | 21,763,163 |
Cash and cash equivalents | 1,168,991 | 621,628 |
Tenant receivables and accrued revenue, net | 826,126 | 823,540 |
Right-of-use assets, net | 484,073 | 496,930 |
Deferred costs and other assets | 1,117,716 | 1,159,293 |
Total assets | 34,283,495 | 33,011,274 |
Liabilities and Partners' Deficit: | ||
Mortgages | 26,033,423 | 24,960,286 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,693,248 | 1,491,583 |
Lease liabilities | 484,861 | 497,953 |
Other liabilities | 621,601 | 535,736 |
Total liabilities | 30,595,897 | 29,187,383 |
Preferred units | 195,949 | 212,239 |
Total liabilities and equity | 34,283,495 | 33,011,274 |
Unconsolidated properties | Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments | ||
Our Share of: | ||
Partners' deficit | (1,258,809) | (1,232,086) |
Add: Excess Investment | 1,173,852 | 1,219,117 |
Our net (deficit) Investment in unconsolidated entities, at equity | (84,957) | (12,969) |
Unconsolidated properties | Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments | ||
ASSETS: | ||
Investment properties, at cost | 19,315,578 | 19,256,108 |
Less - accumulated depreciation | 8,874,745 | 8,490,990 |
Investment properties, at cost, net | 10,440,833 | 10,765,118 |
Cash and cash equivalents | 1,372,377 | 1,445,353 |
Tenant receivables and accrued revenue, net | 505,933 | 546,025 |
Right-of-use assets, net | 126,539 | 143,526 |
Deferred costs and other assets | 537,943 | 482,375 |
Total assets | 12,983,625 | 13,382,397 |
Liabilities and Partners' Deficit: | ||
Mortgages | 14,282,839 | 14,569,921 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,032,217 | 961,984 |
Lease liabilities | 116,535 | 133,096 |
Other liabilities | 368,582 | 446,064 |
Total liabilities | 15,800,173 | 16,111,065 |
Preferred units | 67,450 | 67,450 |
Partners' deficit | (2,883,998) | (2,796,118) |
Total liabilities and equity | $ 12,983,625 | $ 13,382,397 |
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, 2023 | Dec. 31, 2022 |
Scheduled principal repayments on mortgage indebtedness | ||
2024 | $ 2,946,165 | |
2025 | 2,639,816 | |
2026 | 4,759,916 | |
2027 | 2,466,364 | |
2028 | 1,153,921 | |
Thereafter | 12,220,079 | |
Total principal maturities | 26,186,261 | |
Debt issuance costs | (140,442) | $ (108,210) |
Total mortgages | 26,033,423 | 24,960,286 |
Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments | Unconsolidated properties | ||
Scheduled principal repayments on mortgage indebtedness | ||
2024 | 2,069,780 | |
2025 | 2,437,450 | |
2026 | 2,832,212 | |
2027 | 2,288,445 | |
2028 | 2,170,056 | |
Thereafter | 2,516,281 | |
Total principal maturities | 14,314,224 | |
Debt issuance costs | (31,385) | |
Total mortgages | $ 14,282,839 | $ 14,569,921 |
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) | 4.61% | |
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) | 0.21% | |
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) | 15.25% |
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, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUE: | |||||||||||
Lease income | $ 5,164,335 | $ 4,905,175 | $ 4,736,719 | ||||||||
Other income | 368,506 | 269,368 | 273,587 | ||||||||
Total revenue | $ 1,527,438 | $ 1,410,948 | $ 1,369,601 | $ 1,350,849 | $ 1,399,898 | $ 1,315,786 | $ 1,279,842 | $ 1,295,922 | 5,658,836 | 5,291,447 | 5,116,789 |
EXPENSES: | |||||||||||
Property operating | 489,346 | 464,135 | 415,720 | ||||||||
Depreciation and amortization | 1,262,107 | 1,227,371 | 1,262,715 | ||||||||
Real estate taxes | 441,783 | 443,224 | 458,953 | ||||||||
Repairs and maintenance | 97,257 | 93,595 | 96,391 | ||||||||
Advertising and promotion | 127,346 | 107,793 | 114,303 | ||||||||
Other | 187,844 | 152,213 | 140,518 | ||||||||
Total operating expenses | 2,851,814 | 2,707,894 | 2,703,599 | ||||||||
OPERATING INCOME BEFORE OTHER ITEMS | 792,139 | 694,234 | 657,925 | 662,723 | 684,205 | 652,196 | 626,761 | 620,391 | 2,807,022 | 2,583,553 | 2,413,190 |
Interest expense | (854,648) | (761,253) | (795,712) | ||||||||
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net | (3,056) | 5,647 | 206,855 | ||||||||
CONSOLIDATED NET INCOME | $ 859,496 | $ 680,762 | $ 557,505 | $ 519,255 | $ 772,748 | $ 621,847 | $ 569,480 | $ 488,310 | 2,617,018 | 2,452,385 | 2,568,707 |
Income from Unconsolidated Entities | 375,663 | 647,977 | 782,837 | ||||||||
Unconsolidated properties | Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments | |||||||||||
EXPENSES: | |||||||||||
Third-Party Investors' Share of Net Income | 436,408 | 423,816 | 333,304 | ||||||||
Our Share of Net Income | 417,578 | 383,619 | 334,757 | ||||||||
Amortization of Excess Investment | (59,707) | (60,109) | (64,974) | ||||||||
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 | (454) | (2,532) | (541) | ||||||||
Income from Unconsolidated Entities | 357,417 | 320,978 | 254,301 | ||||||||
Unconsolidated properties | Equity Method Investees excluding Jamestown, Klepierre, TRG and other platform investments | |||||||||||
REVENUE: | |||||||||||
Lease income | 2,984,455 | 2,894,611 | 2,797,221 | ||||||||
Other income | 464,058 | 341,923 | 319,956 | ||||||||
Total revenue | 3,448,513 | 3,236,534 | 3,117,177 | ||||||||
EXPENSES: | |||||||||||
Property operating | 638,638 | 605,018 | 575,584 | ||||||||
Depreciation and amortization | 656,089 | 666,762 | 686,790 | ||||||||
Real estate taxes | 237,809 | 246,707 | 263,325 | ||||||||
Repairs and maintenance | 77,093 | 81,522 | 79,300 | ||||||||
Advertising and promotion | 83,279 | 74,776 | 72,441 | ||||||||
Other | 236,955 | 205,405 | 200,899 | ||||||||
Total operating expenses | 1,929,863 | 1,880,190 | 1,878,339 | ||||||||
OPERATING INCOME BEFORE OTHER ITEMS | 1,518,650 | 1,356,344 | 1,238,838 | ||||||||
Interest expense | (685,193) | (599,245) | (605,591) | ||||||||
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net | 20,529 | 50,336 | 34,814 | ||||||||
CONSOLIDATED NET INCOME | $ 853,986 | $ 807,435 | $ 668,061 |
Indebtedness - Narrative (Detai
Indebtedness - Narrative (Details) $ / shares in Units, $ in Thousands, € in Millions | 12 Months Ended | |||||||||||||||||||
Nov. 17, 2023 USD ($) | Nov. 17, 2023 EUR (€) | Apr. 28, 2023 USD ($) property | 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. 31, 2023 USD ($) item property | Dec. 31, 2021 USD ($) | Feb. 01, 2024 USD ($) | Nov. 14, 2023 USD ($) $ / shares | Nov. 14, 2023 EUR (€) | Nov. 09, 2023 USD ($) | Jun. 01, 2023 USD ($) | Mar. 13, 2023 USD ($) | Mar. 08, 2023 USD ($) | Jan. 10, 2023 EUR (€) | Dec. 31, 2022 USD ($) | |
Debt | ||||||||||||||||||||
Debt issuance costs | $ 140,442 | $ 108,210 | ||||||||||||||||||
Other Debt Obligations | 60,595 | 63,445 | ||||||||||||||||||
Long-term debt | 26,033,423 | 24,960,286 | ||||||||||||||||||
Loss on debt extinguishment | $ 51,841 | |||||||||||||||||||
Fixed-Rate Debt: | ||||||||||||||||||||
Fixed rate debt | 25,644,801 | 22,610,258 | ||||||||||||||||||
Net unamortized debt premium | 13,635 | |||||||||||||||||||
Net discounts | 86,626 | |||||||||||||||||||
Variable-Rate Debt: | ||||||||||||||||||||
Variable-rate mortgages and unsecured indebtedness | 328,027 | 2,286,583 | ||||||||||||||||||
Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Long-term debt | 26,033,423 | 24,960,286 | ||||||||||||||||||
Loss on debt extinguishment | $ 51,841 | |||||||||||||||||||
Senior unsecured 3.50 percent bonds exchangeable into ordinary shares | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issued | $ 808,000 | € 750 | ||||||||||||||||||
Interest rate on debt (as a percent) | 3.50% | 3.50% | ||||||||||||||||||
Ordinary shares of common price | $ / shares | $ 27.2092 | |||||||||||||||||||
Secured Debt | Mortgages | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Long-term debt | $ 5,200,000 | 5,500,000 | ||||||||||||||||||
Debt covenants | ||||||||||||||||||||
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers | item | 35 | |||||||||||||||||||
Number of properties pledged as collateral | property | 38 | |||||||||||||||||||
Number of cross-defaulted and cross-collateralized mortgage pools | item | 2 | |||||||||||||||||||
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages | property | 5 | |||||||||||||||||||
Secured Debt | Fixed Rate Mortgages | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issuance costs | $ 10,408 | 11,194 | ||||||||||||||||||
Fixed-Rate Debt: | ||||||||||||||||||||
Fixed rate debt | 4,832,884 | 4,580,799 | ||||||||||||||||||
Net unamortized debt premium | $ 1,977 | 2,436 | ||||||||||||||||||
Weighted average maturity period, fixed-rate debt | 3 years 1 month 6 days | |||||||||||||||||||
Secured Debt | Fixed Rate Mortgages | Weighted average | ||||||||||||||||||||
Fixed-Rate Debt: | ||||||||||||||||||||
Fixed rate of interest | 3.83% | |||||||||||||||||||
Secured Debt | Variable Rate Mortgages | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issuance costs | $ 4,477 | 5,336 | ||||||||||||||||||
Variable-Rate Debt: | ||||||||||||||||||||
Variable-rate mortgages and unsecured indebtedness | $ 328,027 | 874,442 | ||||||||||||||||||
Weighted average maturity period, variable-rate debt | 1 year 6 months | |||||||||||||||||||
Secured Debt | Variable Rate Mortgages | Weighted average | ||||||||||||||||||||
Variable-Rate Debt: | ||||||||||||||||||||
Variable rate of interest | 5.91% | |||||||||||||||||||
Unsecured Debt | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Number of properties unencumbered from debt borrowing | property | 2 | |||||||||||||||||||
Unsecured Debt | Senior unsecured notes | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issuance costs | $ 0 | 15,622 | ||||||||||||||||||
Variable-Rate Debt: | ||||||||||||||||||||
Variable-rate mortgages and unsecured indebtedness | 1,412,141 | |||||||||||||||||||
Unsecured Debt | Senior unsecured notes | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Long-term debt | 20,700,000 | |||||||||||||||||||
Debt repaid | $ 777,100 | € 750 | ||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes 2.75% due 2023 | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Amount of debt redeemed | $ 600,000 | |||||||||||||||||||
Interest rate on debt (as a percent) | 2.75% | |||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing February 2032 | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issued | $ 700,000 | |||||||||||||||||||
Interest rate on debt (as a percent) | 2.65% | |||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing January 2024 | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Amount of debt redeemed | $ 500,000 | |||||||||||||||||||
Debt issued | $ 500,000 | |||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing January 2024 | Simon Property Group, L.P. | SOFR | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 0.43% | |||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing March 8, 2033 | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issued | $ 650,000 | |||||||||||||||||||
Interest rate on debt (as a percent) | 5.50% | |||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes Maturing March 8, 2053 | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issued | $ 650,000 | |||||||||||||||||||
Interest rate on debt (as a percent) | 5.85% | |||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes 6.65 Due January 15 2054 | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issued | $ 500,000 | |||||||||||||||||||
Interest rate on debt (as a percent) | 6.65% | |||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes 3.75 Due February 1 2024 [Member] | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Amount of debt redeemed | $ 600,000 | |||||||||||||||||||
Interest rate on debt (as a percent) | 3.75% | |||||||||||||||||||
Unsecured Debt | Senior Unsecured Notes 6.25 Due January 15 2034 | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issued | $ 500,000 | |||||||||||||||||||
Interest rate on debt (as a percent) | 6.25% | |||||||||||||||||||
Unsecured Debt | Unsecured notes and Credit Facilities | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Debt issuance costs | 125,557 | 76,058 | ||||||||||||||||||
Fixed-Rate Debt: | ||||||||||||||||||||
Fixed rate debt | 20,811,917 | 18,029,459 | ||||||||||||||||||
Net discounts | 74,968 | $ 32,421 | ||||||||||||||||||
Unsecured Debt | Commercial Paper | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Long-term debt | 0 | |||||||||||||||||||
Maximum borrowing capacity | 2,000,000 | |||||||||||||||||||
Unsecured Debt | Credit Facilities | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Available borrowing capacity | 8,100,000 | |||||||||||||||||||
Maximum amount outstanding during period | 1,100,000 | |||||||||||||||||||
Credit facility, weighted average amount outstanding | 962,600 | |||||||||||||||||||
Letters of credit outstanding | 58,600 | |||||||||||||||||||
Unsecured Debt | Credit Facility | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Credit facility, amount outstanding | 305,000 | |||||||||||||||||||
Maximum borrowing capacity | 5,000,000 | |||||||||||||||||||
Additional borrowing capacity | $ 1,000,000 | |||||||||||||||||||
Additional extension period | item | 2 | |||||||||||||||||||
Debt extension period | 6 months | |||||||||||||||||||
Optional expanded maximum borrowing capacity | $ 6,000,000 | |||||||||||||||||||
Debt issued | $ 180,000 | |||||||||||||||||||
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) | 1% | |||||||||||||||||||
Unsecured Debt | Credit Facility | Simon Property Group, L.P. | SOFR | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 0.725% | |||||||||||||||||||
Unsecured Debt | Credit Facility | Minimum | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Facility fee (in percentage) | 0.10% | |||||||||||||||||||
Unsecured Debt | Credit Facility | Minimum | Simon Property Group, L.P. | Base Rate | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 0% | |||||||||||||||||||
Unsecured Debt | Credit Facility | Minimum | Simon Property Group, L.P. | SOFR | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 0.65% | |||||||||||||||||||
Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Percentage of borrowings in currencies other than the U.S. dollar | 97% | |||||||||||||||||||
Facility fee (in percentage) | 0.30% | |||||||||||||||||||
Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P. | Base Rate | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 0.40% | |||||||||||||||||||
Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P. | SOFR | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 1.40% | |||||||||||||||||||
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Amount drawn | $ 779,000 | € 750 | ||||||||||||||||||
Maximum borrowing capacity | $ 3,500,000 | |||||||||||||||||||
Credit facility, amount repaid | $ 815,400 | € 750 | $ 1,050,000 | |||||||||||||||||
Optional expanded maximum borrowing capacity | $ 4,500,000 | |||||||||||||||||||
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | Interest rate swap | ||||||||||||||||||||
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 (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) | 1% | |||||||||||||||||||
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 | ||||||||||||||||||||
Facility fee (in percentage) | 0.10% | |||||||||||||||||||
Unsecured Debt | Supplemental Facility | Minimum | Simon Property Group, L.P. | Base Rate | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 0% | |||||||||||||||||||
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% | |||||||||||||||||||
Facility fee (in percentage) | 0.30% | |||||||||||||||||||
Unsecured Debt | Supplemental Facility | Maximum | Simon Property Group, L.P. | Base Rate | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 0.40% | |||||||||||||||||||
Unsecured Debt | Supplemental Facility | Maximum | Simon Property Group, L.P. | SOFR | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Interest rate (as a percent) | 1.40% |
Indebtedness - Maturity (Detail
Indebtedness - Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Maturity and Other | ||
2024 | $ 2,946,165 | |
2025 | 2,639,816 | |
2026 | 4,759,916 | |
2027 | 2,466,364 | |
2028 | 1,153,921 | |
Thereafter | 12,220,079 | |
Total principal maturities | 26,186,261 | |
Net unamortized debt premium | 13,635 | |
Net unamortized debt discount | (86,626) | |
Debt issuance costs, net | (140,442) | $ (108,210) |
Other Debt Obligations | 60,595 | 63,445 |
Total mortgages | $ 26,033,423 | $ 24,960,286 |
Indebtedness - Debt Issuance Co
Indebtedness - Debt Issuance Costs and Discounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Indebtedness | |||
Cash paid for interest | $ 856,110 | $ 763,203 | $ 822,182 |
Debt issuance cost | |||
Debt issuance costs | 253,178 | 210,893 | |
Accumulated amortization | (112,736) | (102,683) | |
Debt issuance costs | 140,442 | 108,210 | |
Amortization of Debt Issuance Costs and Discounts | |||
Amortization of debt issuance costs | 28,660 | 26,113 | 24,794 |
Amortization of debt discounts/(premiums) | $ 433 | $ 7 | $ 168 |
Indebtedness - Fair Value (Deta
Indebtedness - Fair Value (Details) $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fixed rate mortgages and unsecured indebtedness | Book value | ||
Fair Value of Debt | ||
Fair value of consolidated fixed rate mortgages and unsecured indebtedness | $ 25,600 | $ 22,600 |
Fixed rate mortgages and unsecured indebtedness | Fair value | ||
Fair Value of Debt | ||
Fair value of consolidated fixed rate mortgages and unsecured indebtedness | $ 24,248 | $ 20,020 |
Discount Rate | Weighted average | Fixed rate mortgages | ||
Fair Value of Debt | ||
Debt percentage- measurement input | 0.0610 | 0.0610 |
Discount Rate | Weighted average | Unsecured Debt | ||
Fair Value of Debt | ||
Debt percentage- measurement input | 0.0610 | 0.0587 |
Equity - Common Stock and Unit
Equity - Common Stock and Unit Issuances and Repurchases (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Feb. 08, 2024 USD ($) | Sep. 07, 2023 shares | May 09, 2022 USD ($) | Dec. 31, 2023 USD ($) Vote item director $ / shares shares | Dec. 31, 2022 USD ($) person $ / shares shares | Dec. 31, 2021 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 | ||||
Redemption of units | 114,241 | 14,740 | 15,705 | |||
Common stock authorized for repurchase | $ | $ 2,000 | |||||
Period common stock is authorized to repurchase | 2 years | |||||
Shares repurchased (in shares) | 1,273,733 | 1,830,022 | ||||
Average share price repurchased (in dollars per share) | $ / shares | $ 110.38 | $ 98.57 | ||||
Subsequent Event | ||||||
Equity | ||||||
Common stock authorized for repurchase | $ | $ 2,000 | |||||
Period common stock is authorized to repurchase | 24 months | |||||
Simon Property Group, L.P. | ||||||
Equity | ||||||
Redemption of units | 114,241 | 14,740 | 15,705 | |||
TRG | ||||||
Equity | ||||||
Ownership interest acquired (as a percent) | 4% | |||||
TRG | Simon Property Group, L.P. | ||||||
Equity | ||||||
Number of units issued in connection with acquisition | 1,725,000 | |||||
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 | |||||
Redemption of units | 114,241 | 14,740 | ||||
Number of limited partners whose common stock redeemed | 11 | 3 | ||||
Value of units redeemed | $ | $ 13.5 | $ 1.9 | ||||
Number of limited partners who received common stock | person | 2 | |||||
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, 2023 USD ($) item $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | |
Redeemable preferred stock | |||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | $ 195,949 | $ 212,239 | |
Redemption of Limited Partner units during the period | 13,524 | 1,852 | $ 2,220 |
Simon Property Group, L.P. | |||
Redeemable preferred stock | |||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | 195,949 | 212,239 | |
Redemption of Limited Partner units during the period | $ 13,524 | $ 1,852 | $ 2,220 |
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 | 230,373 | 230,373 | |
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | $ 23,037 | $ 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 | 230,373 | 230,373 | |
Temporary equity, shares outstanding | shares | 230,373 | 230,373 | |
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | $ 23,037 | $ 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 | ||
Redemption of limited partner units (in shares) | shares | 25,000 | ||
Redemption of Limited Partner units during the period | $ 2,500 | ||
Other noncontrolling redeemable interest | |||
Redeemable preferred stock | |||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | 172,912 | 186,702 | |
Other noncontrolling redeemable interest | Simon Property Group, L.P. | |||
Redeemable preferred stock | |||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests | $ 172,912 | $ 186,702 |
Equity - Permanent Equity (Deta
Equity - Permanent Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
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 | $ 1.3 | $ 1.6 |
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Simon Property Group, L.P. | ||
Equity | ||
J 8 3/8% cumulative redeemable preferred stock, units outstanding | 796,948 | 796,948 |
Simon Property Group, L.P. | Series J Preferred stock | ||
Equity | ||
Preferred stock stated dividend rate (as a percent) | 8.375% | 8.375% |
Redemption price of preferred stock (in dollars per share) | $ 50 | |
Premium received on preferred stock issued | $ 7.5 | |
Preferred stock unamortized premium | $ 1.3 | $ 1.6 |
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized | 1,000,000 | |
J 8 3/8% cumulative redeemable preferred stock, units issued | 796,948 | |
J 8 3/8% cumulative redeemable preferred stock, units outstanding | 796,948 |
Equity - Stock Based Compensati
Equity - Stock Based Compensation (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Mar. 01, 2023 USD ($) $ / shares shares | Feb. 18, 2022 $ / shares | Feb. 11, 2022 $ / shares | Mar. 31, 2022 shares | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) shares | Dec. 31, 2023 USD ($) item $ / shares shares | Dec. 31, 2022 USD ($) $ / 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 | 55,235,238 | |||||||||
Restricted stock | ||||||||||
Stock-based incentive plan awards | ||||||||||
Weighted average fair value of shares granted during the year (in dollars per share) | $ / shares | $ 111.37 | $ 129.62 | $ 117.52 | |||||||
Shares of restricted stock awarded during the year, net of forfeitures | shares | 227,232 | 160,259 | 42,036 | |||||||
Compensation expense, net of capitalization | $ 16,356,000 | $ 9,583,000 | $ 8,817,000 | |||||||
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 Stock Option [Member] | ||||||||||
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 | 1,061,034 | |||||||||
2019 Stock Incentive Plan | Time Based Restricted Stock Units | ||||||||||
Stock-based incentive plan awards | ||||||||||
Vesting service period | 3 years | 3 years | 3 years | 3 years | ||||||
Awards granted (in units) | shares | 64,852 | 52,673 | 37,976 | 312,263 | ||||||
Weighted average fair value of shares granted during the year (in dollars per share) | $ / shares | $ 121.25 | $ 130.84 | $ 130.05 | $ 112.92 | $ 84.37 | |||||
Grant date fair value | $ 7,900,000 | $ 6,900,000 | $ 4,300,000 | $ 26,300,000 | ||||||
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 | $ 26,700,000 | $ 24,700,000 | 24,800,000 | |||||||
2019 LTIP program | LTIP Units | ||||||||||
Stock-based incentive plan awards | ||||||||||
Performance period | 3 years | |||||||||
Awards granted (in units) | shares | 72,442 | |||||||||
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 | |||||||||
2023 LTIP program | LTIP Units | ||||||||||
Stock-based incentive plan awards | ||||||||||
Performance period | 3 years | |||||||||
Grant date target value | $ 23,600,000 | |||||||||
2023 LTIP program | LTIP Units | Maximum | ||||||||||
Stock-based incentive plan awards | ||||||||||
Grant date fair value | $ 42,500,000 |
Lease Income (Details)
Lease Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessor, Lease, Description [Line Items] | |||
Fixed lease income | $ 4,145,288 | $ 3,858,592 | $ 3,701,991 |
Variable lease income | 1,019,047 | 1,046,583 | 1,034,728 |
Total lease income | 5,164,335 | 4,905,175 | $ 4,736,719 |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |||
2024 | 3,098,818 | ||
2025 | 2,596,359 | ||
2026 | 2,065,777 | ||
2027 | 1,637,514 | ||
2028 | 1,185,063 | ||
Thereafter | 3,828,659 | ||
Future minimum rental receivables | 14,412,190 | ||
Tenant receivables and accrued revenue | |||
Lessor, Lease, Description [Line Items] | |||
Straight-line receivables | $ 535,800 | $ 546,500 |
Commitments and Contingencies -
Commitments and Contingencies - Lease Commitments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Lease Commitments | |||
Properties subject to ground leases | property | 23 | ||
Lease Cost | |||
Fixed lease cost | $ 34,112 | $ 30,257 | $ 32,492 |
Variable lease cost | 16,930 | 17,593 | 15,454 |
Sublease income | (705) | ||
Total operating lease cost | 51,042 | 47,850 | 47,241 |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows from operating leases | $ 50,967 | $ 47,754 | $ 47,824 |
Weighted-average remaining lease term - operating leases | 32 years 3 months 18 days | 32 years 8 months 12 days | 33 years 7 months 6 days |
Weighted-average discount rate - operating leases | 4.93% | 4.87% | 4.87% |
Operating Lease Liabilities | |||
2024 | $ 33,822 | ||
2025 | 36,358 | ||
2026 | 36,372 | ||
2027 | 36,401 | ||
2028 | 36,427 | ||
Thereafter | 959,496 | ||
Future minimum gross lease payments | 1,138,876 | ||
Impact of discounting | (654,015) | ||
Operating lease liabilities | $ 484,861 | $ 497,953 |
Commitments and Contingencies_2
Commitments and Contingencies - Insurance (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Commitments and Contingencies. | |
Insurance coverage, acts of terrorism | $ 1 |
Commitments and Contingencies_3
Commitments and Contingencies - Hurricane Impacts (Details) - Loss from Catastrophes $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
PUERTO RICO | Wholly owned properties | |
Hurricane Impact | |
Business interruption income | $ 2.1 |
Gain on Business Interruption Insurance Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Income. |
Texas And Louisiana | |
Hurricane Impact | |
Business interruption income | $ 21 |
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, 2023 | Dec. 31, 2022 |
Joint Venture Mortgage and Indebtedness | ||
Guarantees of Joint Venture Indebtedness: | ||
Loan guarantee | $ 139.2 | $ 128 |
Commitments and Contingencies_5
Commitments and Contingencies - Concentration of Credit Risk (Details) | 12 Months Ended |
Dec. 31, 2023 | |
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 Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Related Party Transactions | |||||||||||
Total revenue | $ 1,527,438 | $ 1,410,948 | $ 1,369,601 | $ 1,350,849 | $ 1,399,898 | $ 1,315,786 | $ 1,279,842 | $ 1,295,922 | $ 5,658,836 | $ 5,291,447 | $ 5,116,789 |
Related Party | Amounts for services provided | MSA | |||||||||||
Related Party Transactions | |||||||||||
Total revenue | $ 600 | 600 | 600 | ||||||||
Related Party | Amounts for services provided | Properties owned by related parties | |||||||||||
Related Party Transactions | |||||||||||
Number of shopping centers owned by related parties in which management services are provided | property | 2 | ||||||||||
Total revenue | $ 3,900 | 3,800 | 3,500 | ||||||||
Related Party | Amounts for services provided | Unconsolidated Joint Ventures | |||||||||||
Related Party Transactions | |||||||||||
Total revenue | 121,200 | 112,100 | 102,100 | ||||||||
Related Party | Development, royalty and other fees | Unconsolidated Joint Ventures | |||||||||||
Related Party Transactions | |||||||||||
Total revenue | 13,300 | 12,100 | 12,400 | ||||||||
Related Party | Lease_Income. | JC Penney And SPARC Group | |||||||||||
Related Party Transactions | |||||||||||
Total revenue | $ 101,800 | $ 83,800 | $ 82,500 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Total revenue | $ 1,527,438 | $ 1,410,948 | $ 1,369,601 | $ 1,350,849 | $ 1,399,898 | $ 1,315,786 | $ 1,279,842 | $ 1,295,922 | $ 5,658,836 | $ 5,291,447 | $ 5,116,789 |
Operating income before other items | 792,139 | 694,234 | 657,925 | 662,723 | 684,205 | 652,196 | 626,761 | 620,391 | 2,807,022 | 2,583,553 | 2,413,190 |
Consolidated net income | 859,496 | 680,762 | 557,505 | 519,255 | 772,748 | 621,847 | 569,480 | 488,310 | 2,617,018 | 2,452,385 | 2,568,707 |
Net Income attributable to common stockholders or unitholders | $ 747,480 | $ 594,139 | $ 486,343 | $ 451,827 | $ 673,786 | $ 539,038 | $ 496,743 | $ 426,630 | $ 2,279,789 | $ 2,136,198 | $ 2,246,294 |
Net income per share - Basic | $ 2.29 | $ 1.82 | $ 1.49 | $ 1.38 | $ 2.06 | $ 1.65 | $ 1.51 | $ 1.30 | $ 6.98 | $ 6.52 | $ 6.84 |
Net income per share - Diluted | $ 2.29 | $ 1.82 | $ 1.49 | $ 1.38 | $ 2.06 | $ 1.65 | $ 1.51 | $ 1.30 | $ 6.98 | $ 6.52 | $ 6.84 |
Weighted average shares outstanding - basic | 325,933,832 | 327,158,743 | 327,189,785 | 326,954,294 | 326,953,791 | 327,286,003 | 328,444,627 | 328,606,352 | 326,807,326 | 327,816,695 | 328,587,137 |
Weighted average shares outstanding - Diluted | 325,933,832 | 327,158,743 | 327,189,785 | 326,954,294 | 326,953,791 | 327,286,003 | 328,444,627 | 328,606,352 | 326,807,326 | 327,816,695 | 328,587,137 |
Simon Property Group, L.P | |||||||||||
Total revenue | $ 5,658,836 | $ 5,291,447 | $ 5,116,789 | ||||||||
Operating income before other items | 2,807,022 | 2,583,553 | 2,413,190 | ||||||||
Consolidated net income | 2,617,018 | 2,452,385 | 2,568,707 | ||||||||
Net Income attributable to common stockholders or unitholders | $ 858,783 | $ 680,598 | $ 556,556 | $ 517,180 | $ 771,195 | $ 616,918 | $ 568,289 | $ 487,993 | $ 2,613,117 | $ 2,444,395 | $ 2,569,508 |
Net income per share - Basic | $ 2.29 | $ 1.82 | $ 1.49 | $ 1.38 | $ 2.06 | $ 1.65 | $ 1.51 | $ 1.30 | $ 6.98 | $ 6.52 | $ 6.84 |
Net income per share - Diluted | $ 2.29 | $ 1.82 | $ 1.49 | $ 1.38 | $ 2.06 | $ 1.65 | $ 1.51 | $ 1.30 | $ 6.98 | $ 6.52 | $ 6.84 |
Weighted average shares outstanding - basic | 374,864,197 | 374,816,882 | 374,423,175 | 374,245,604 | 374,257,136 | 374,589,771 | 375,754,363 | 375,870,183 | 374,589,788 | 375,111,997 | 375,866,759 |
Weighted average shares outstanding - Diluted | 374,864,197 | 374,816,882 | 374,423,175 | 374,245,604 | 374,257,136 | 374,589,771 | 375,754,363 | 375,870,183 | 374,589,788 | 375,111,997 | 375,866,759 |
Schedule III Real Estate and _2
Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | $ 5,173,819 | |||
Initial Cost | ||||
Land | 3,254,134 | |||
Buildings and Improvements | 25,519,651 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 389,298 | |||
Buildings and Improvements | 9,621,835 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,643,432 | |||
Buildings and Improvements | 35,141,486 | |||
Total | 38,784,918 | $ 37,879,778 | $ 37,497,216 | $ 37,608,638 |
Accumulated Depreciation | 17,351,320 | $ 16,224,050 | $ 15,304,461 | $ 14,592,867 |
Other pre-development costs | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 84,047 | |||
Initial Cost | ||||
Land | 78,139 | |||
Buildings and Improvements | 326,594 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 959 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 79,098 | |||
Buildings and Improvements | 326,594 | |||
Total | 405,692 | |||
Accumulated Depreciation | 1,882 | |||
Other | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 15,152 | |||
Initial Cost | ||||
Land | 6,513 | |||
Buildings and Improvements | 330,177 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 266 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,779 | |||
Buildings and Improvements | 330,177 | |||
Total | 336,956 | |||
Accumulated Depreciation | 42,745 | |||
Currency Translation Adjustment | ||||
Initial Cost | ||||
Land | 286 | |||
Buildings and Improvements | (14,017) | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,874 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 286 | |||
Buildings and Improvements | (8,143) | |||
Total | (7,857) | |||
Accumulated Depreciation | (45,592) | |||
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 | 102,725 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,886 | |||
Buildings and Improvements | 123,654 | |||
Total | 134,540 | |||
Accumulated Depreciation | 74,778 | |||
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 | 75,194 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,919 | |||
Buildings and Improvements | 102,425 | |||
Total | 109,344 | |||
Accumulated Depreciation | 79,589 | |||
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 | 31,266 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,384 | |||
Buildings and Improvements | 56,889 | |||
Total | 67,273 | |||
Accumulated Depreciation | 37,561 | |||
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 | 152,680 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 42,493 | |||
Buildings and Improvements | 361,882 | |||
Total | 404,375 | |||
Accumulated Depreciation | 181,185 | |||
Malls | Broadway Square, Tyler, TX | ||||
Initial Cost | ||||
Land | 11,306 | |||
Buildings and Improvements | 32,431 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 53,337 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,306 | |||
Buildings and Improvements | 85,768 | |||
Total | 97,074 | |||
Accumulated Depreciation | 47,966 | |||
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 | 274,055 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 74,058 | |||
Buildings and Improvements | 577,673 | |||
Total | 651,731 | |||
Accumulated Depreciation | 299,755 | |||
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 | 80,809 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 33,684 | |||
Buildings and Improvements | 179,096 | |||
Total | 212,780 | |||
Accumulated Depreciation | 134,960 | |||
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 | 60,651 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,613 | |||
Buildings and Improvements | 75,913 | |||
Total | 77,526 | |||
Accumulated Depreciation | 55,648 | |||
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 | 70,621 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,723 | |||
Buildings and Improvements | 86,866 | |||
Total | 88,589 | |||
Accumulated Depreciation | 54,602 | |||
Malls | Columbia Center, Kennewick, WA | ||||
Initial Cost | ||||
Land | 17,441 | |||
Buildings and Improvements | 66,580 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 47,860 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,441 | |||
Buildings and Improvements | 114,440 | |||
Total | 131,881 | |||
Accumulated Depreciation | 73,685 | |||
Malls | Copley Place, Boston, MA | ||||
Initial Cost | ||||
Buildings and Improvements | 378,045 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 223,754 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 601,799 | |||
Total | 601,799 | |||
Accumulated Depreciation | 309,545 | |||
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 | 21,950 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,282 | |||
Buildings and Improvements | 115,580 | |||
Total | 127,862 | |||
Accumulated Depreciation | 94,681 | |||
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 | 74,034 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 25,947 | |||
Buildings and Improvements | 147,125 | |||
Total | 173,072 | |||
Accumulated Depreciation | 93,917 | |||
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 | 177,949 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 40,436 | |||
Buildings and Improvements | 374,959 | |||
Total | 415,395 | |||
Accumulated Depreciation | 209,234 | |||
Malls | Empire Mall, Sioux Falls, SD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 173,340 | |||
Initial Cost | ||||
Land | 35,998 | |||
Buildings and Improvements | 192,186 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 38,858 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 35,998 | |||
Buildings and Improvements | 231,044 | |||
Total | 267,042 | |||
Accumulated Depreciation | 91,459 | |||
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 | 121,669 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 29,145 | |||
Buildings and Improvements | 242,248 | |||
Total | 271,393 | |||
Accumulated Depreciation | 154,689 | |||
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 | 31,640 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,438 | |||
Buildings and Improvements | 114,356 | |||
Total | 122,794 | |||
Accumulated Depreciation | 72,689 | |||
Malls | Forum Shops at Caesars, The, Las Vegas, NV | ||||
Initial Cost | ||||
Buildings and Improvements | 276,567 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 321,684 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 598,251 | |||
Total | 598,251 | |||
Accumulated Depreciation | 347,664 | |||
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 | 129,609 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,676 | |||
Buildings and Improvements | 153,054 | |||
Total | 160,730 | |||
Accumulated Depreciation | 102,162 | |||
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 | 52,543 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,591 | |||
Buildings and Improvements | 186,436 | |||
Total | 198,027 | |||
Accumulated Depreciation | 128,138 | |||
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 | 423,302 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 175,063 | |||
Buildings and Improvements | 1,551,538 | |||
Total | 1,726,601 | |||
Accumulated Depreciation | 618,066 | |||
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 | 186,677 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 94,481 | |||
Buildings and Improvements | 196,505 | |||
Total | 290,986 | |||
Accumulated Depreciation | 68,784 | |||
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 | 24,261 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,102 | |||
Buildings and Improvements | 105,829 | |||
Total | 115,931 | |||
Accumulated Depreciation | 73,327 | |||
Malls | Lenox Square, Atlanta, GA | ||||
Initial Cost | ||||
Land | 37,216 | |||
Buildings and Improvements | 492,411 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 163,947 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 37,216 | |||
Buildings and Improvements | 656,358 | |||
Total | 693,574 | |||
Accumulated Depreciation | 430,323 | |||
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 | 17,697 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 47,492 | |||
Buildings and Improvements | 344,330 | |||
Total | 391,822 | |||
Accumulated Depreciation | 229,290 | |||
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 | 30,317 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,142 | |||
Buildings and Improvements | 39,832 | |||
Total | 49,974 | |||
Accumulated Depreciation | 21,324 | |||
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 | 98,361 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 65,684 | |||
Buildings and Improvements | 321,613 | |||
Total | 387,297 | |||
Accumulated Depreciation | 217,348 | |||
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 | 46,028 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,883 | |||
Buildings and Improvements | 55,241 | |||
Total | 57,124 | |||
Accumulated Depreciation | 25,891 | |||
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 | 47,572 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,776 | |||
Buildings and Improvements | 65,664 | |||
Total | 70,440 | |||
Accumulated Depreciation | 49,323 | |||
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 | 131,533 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 19,138 | |||
Buildings and Improvements | 144,499 | |||
Total | 163,637 | |||
Accumulated Depreciation | 111,962 | |||
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 | 89,518 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 23,681 | |||
Buildings and Improvements | 214,463 | |||
Total | 238,144 | |||
Accumulated Depreciation | 121,920 | |||
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 | 83,352 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 35,439 | |||
Buildings and Improvements | 213,258 | |||
Total | 248,697 | |||
Accumulated Depreciation | 137,026 | |||
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 | 65,326 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,043 | |||
Buildings and Improvements | 221,284 | |||
Total | 223,327 | |||
Accumulated Depreciation | 157,301 | |||
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 | 52,307 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,452 | |||
Buildings and Improvements | 207,375 | |||
Total | 211,827 | |||
Accumulated Depreciation | 134,735 | |||
Malls | Phipps Plaza, Atlanta, GA | ||||
Initial Cost | ||||
Land | 15,005 | |||
Buildings and Improvements | 210,610 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 273,596 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,005 | |||
Buildings and Improvements | 484,206 | |||
Total | 499,211 | |||
Accumulated Depreciation | 208,454 | |||
Malls | Plaza Carolina, Carolina (San Juan), PR | ||||
Initial Cost | ||||
Land | 15,493 | |||
Buildings and Improvements | 279,560 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 82,280 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,493 | |||
Buildings and Improvements | 361,840 | |||
Total | 377,333 | |||
Accumulated Depreciation | 203,715 | |||
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 | 68,987 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,895 | |||
Buildings and Improvements | 71,800 | |||
Total | 76,695 | |||
Accumulated Depreciation | 32,815 | |||
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 | 75,109 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,918 | |||
Buildings and Improvements | 287,366 | |||
Total | 329,284 | |||
Accumulated Depreciation | 185,363 | |||
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 | 400,105 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 164,406 | |||
Buildings and Improvements | 1,102,113 | |||
Total | 1,266,519 | |||
Accumulated Depreciation | 635,668 | |||
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 | 154,274 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 29,356 | |||
Buildings and Improvements | 244,477 | |||
Total | 273,833 | |||
Accumulated Depreciation | 149,510 | |||
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 | 30,351 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,400 | |||
Buildings and Improvements | 118,215 | |||
Total | 128,615 | |||
Accumulated Depreciation | 77,046 | |||
Malls | Shops at Chestnut Hill, The, Chestnut Hill (Boston), MA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 94,621 | |||
Initial Cost | ||||
Land | 449 | |||
Buildings and Improvements | 25,102 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 38,864 | |||
Buildings and Improvements | 106,961 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 39,313 | |||
Buildings and Improvements | 132,063 | |||
Total | 171,376 | |||
Accumulated Depreciation | 57,062 | |||
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 | 6,308 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 28,125 | |||
Buildings and Improvements | 149,168 | |||
Total | 177,293 | |||
Accumulated Depreciation | 54,691 | |||
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 | 270,285 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,521 | |||
Buildings and Improvements | 509,031 | |||
Total | 522,552 | |||
Accumulated Depreciation | 161,202 | |||
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 | 96,842 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 24,917 | |||
Buildings and Improvements | 222,682 | |||
Total | 247,599 | |||
Accumulated Depreciation | 127,019 | |||
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 | 171,947 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 103,172 | |||
Buildings and Improvements | 473,442 | |||
Total | 576,614 | |||
Accumulated Depreciation | 309,138 | |||
Malls | Southdale Center, Edina (Minneapolis), MN | ||||
Initial Cost | ||||
Land | 41,430 | |||
Buildings and Improvements | 184,967 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 137,095 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,430 | |||
Buildings and Improvements | 322,062 | |||
Total | 363,492 | |||
Accumulated Depreciation | 94,908 | |||
Malls | SouthPark, Charlotte, NC | ||||
Initial Cost | ||||
Land | 42,092 | |||
Buildings and Improvements | 188,055 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 100 | |||
Buildings and Improvements | 237,808 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 42,192 | |||
Buildings and Improvements | 425,863 | |||
Total | 468,055 | |||
Accumulated Depreciation | 260,793 | |||
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 | 25,133 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,890 | |||
Buildings and Improvements | 78,067 | |||
Total | 86,957 | |||
Accumulated Depreciation | 64,468 | |||
Malls | Stanford Shopping Center, Palo Alto (San Jose), CA | ||||
Initial Cost | ||||
Buildings and Improvements | 339,537 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 225,220 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 564,757 | |||
Total | 564,757 | |||
Accumulated Depreciation | 265,717 | |||
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 | 59,527 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,374 | |||
Buildings and Improvements | 110,664 | |||
Total | 126,038 | |||
Accumulated Depreciation | 75,798 | |||
Malls | Tacoma Mall, Tacoma (Seattle), WA | ||||
Initial Cost | ||||
Land | 37,113 | |||
Buildings and Improvements | 125,826 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 182,349 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 37,113 | |||
Buildings and Improvements | 308,175 | |||
Total | 345,288 | |||
Accumulated Depreciation | 174,436 | |||
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 | 50,403 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,414 | |||
Buildings and Improvements | 58,842 | |||
Total | 67,256 | |||
Accumulated Depreciation | 47,270 | |||
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 | 260,458 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 64,200 | |||
Buildings and Improvements | 567,775 | |||
Total | 631,975 | |||
Accumulated Depreciation | 355,321 | |||
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 | 63,374 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,132 | |||
Buildings and Improvements | 81,853 | |||
Total | 93,985 | |||
Accumulated Depreciation | 50,914 | |||
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 | 29,099 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,817 | |||
Buildings and Improvements | 102,089 | |||
Total | 115,906 | |||
Accumulated Depreciation | 72,848 | |||
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 | 50,818 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,097 | |||
Buildings and Improvements | 171,780 | |||
Total | 188,877 | |||
Accumulated Depreciation | 127,567 | |||
Malls | University Park Mall, Mishawaka, IN | ||||
Initial Cost | ||||
Land | 10,762 | |||
Buildings and Improvements | 118,164 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 7,000 | |||
Buildings and Improvements | 59,781 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,762 | |||
Buildings and Improvements | 177,945 | |||
Total | 195,707 | |||
Accumulated Depreciation | 151,940 | |||
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 | 140,821 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 55,489 | |||
Buildings and Improvements | 252,079 | |||
Total | 307,568 | |||
Accumulated Depreciation | 151,368 | |||
Malls | White Oaks Mall, Springfield, IL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 38,857 | |||
Initial Cost | ||||
Land | 2,907 | |||
Buildings and Improvements | 35,692 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 2,468 | |||
Buildings and Improvements | 68,576 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 5,375 | |||
Buildings and Improvements | 104,268 | |||
Total | 109,643 | |||
Accumulated Depreciation | 67,871 | |||
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 | 19,483 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,407 | |||
Buildings and Improvements | 147,759 | |||
Total | 164,166 | |||
Accumulated Depreciation | 111,185 | |||
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 | 48,401 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 48,022 | |||
Buildings and Improvements | 235,524 | |||
Total | 283,546 | |||
Accumulated Depreciation | 168,906 | |||
Premium Outlets | Albertville Premium Outlets, Albertville (Minneapolis), MN | ||||
Initial Cost | ||||
Land | 3,900 | |||
Buildings and Improvements | 97,059 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 10,940 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,900 | |||
Buildings and Improvements | 107,999 | |||
Total | 111,899 | |||
Accumulated Depreciation | 73,966 | |||
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 | 44,954 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 20,932 | |||
Buildings and Improvements | 114,742 | |||
Total | 135,674 | |||
Accumulated Depreciation | 47,407 | |||
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 | 9,508 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,370 | |||
Buildings and Improvements | 33,834 | |||
Total | 36,204 | |||
Accumulated Depreciation | 26,658 | |||
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 | 8,961 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,477 | |||
Buildings and Improvements | 86,817 | |||
Total | 98,294 | |||
Accumulated Depreciation | 45,226 | |||
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 | 77,302 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,994 | |||
Buildings and Improvements | 302,023 | |||
Total | 319,017 | |||
Accumulated Depreciation | 174,626 | |||
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 | 13,170 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,986 | |||
Buildings and Improvements | 198,160 | |||
Total | 211,146 | |||
Accumulated Depreciation | 103,603 | |||
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 | 9,055 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,486 | |||
Buildings and Improvements | 68,918 | |||
Total | 77,404 | |||
Accumulated Depreciation | 42,720 | |||
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 | 97,832 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,709 | |||
Buildings and Improvements | 215,837 | |||
Total | 229,546 | |||
Accumulated Depreciation | 100,774 | |||
Premium Outlets | Cincinnati Premium Outlets, Monroe (Cincinnati), OH | ||||
Initial Cost | ||||
Land | 14,117 | |||
Buildings and Improvements | 71,520 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,525 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,117 | |||
Buildings and Improvements | 76,045 | |||
Total | 90,162 | |||
Accumulated Depreciation | 42,495 | |||
Premium Outlets | Clinton 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 | 7,445 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,592 | |||
Buildings and Improvements | 115,001 | |||
Total | 118,593 | |||
Accumulated Depreciation | 72,086 | |||
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 | 73,846 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,789 | |||
Buildings and Improvements | 119,181 | |||
Total | 129,970 | |||
Accumulated Depreciation | 29,568 | |||
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 | 119,704 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,440 | |||
Buildings and Improvements | 458,383 | |||
Total | 461,823 | |||
Accumulated Depreciation | 226,809 | |||
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 | 9,254 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,807 | |||
Buildings and Improvements | 191,666 | |||
Total | 207,473 | |||
Accumulated Depreciation | 133,909 | |||
Premium Outlets | Finger Lakes Premium Outlets, Waterloo, NY | ||||
Initial Cost | ||||
Land | 3,230 | |||
Buildings and Improvements | 75,277 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 16,032 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,230 | |||
Buildings and Improvements | 91,309 | |||
Total | 94,539 | |||
Accumulated Depreciation | 54,801 | |||
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 | 6,544 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,060 | |||
Buildings and Improvements | 56,825 | |||
Total | 65,885 | |||
Accumulated Depreciation | 37,129 | |||
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 | 17,128 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,630 | |||
Buildings and Improvements | 211,250 | |||
Total | 220,880 | |||
Accumulated Depreciation | 121,249 | |||
Premium Outlets | Gloucester Premium Outlets, Blackwood, NJ | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 75,000 | |||
Initial Cost | ||||
Land | 14,389 | |||
Buildings and Improvements | 107,685 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 975 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,389 | |||
Buildings and Improvements | 108,660 | |||
Total | 123,049 | |||
Accumulated Depreciation | 32,886 | |||
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 | 1,476 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,497 | |||
Buildings and Improvements | 195,721 | |||
Total | 205,218 | |||
Accumulated Depreciation | 72,720 | |||
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 | 10,349 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,421 | |||
Buildings and Improvements | 132,229 | |||
Total | 138,650 | |||
Accumulated Depreciation | 91,064 | |||
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 | 8,143 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 36,092 | |||
Total | 36,092 | |||
Accumulated Depreciation | 21,858 | |||
Premium Outlets | Hagerstown Premium Outlets, Hagerstown (Baltimore/Washington, D.C.), MD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 69,532 | |||
Initial Cost | ||||
Land | 3,560 | |||
Buildings and Improvements | 85,883 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,655 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,560 | |||
Buildings and Improvements | 87,538 | |||
Total | 91,098 | |||
Accumulated Depreciation | 48,137 | |||
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 | 41,889 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,695 | |||
Buildings and Improvements | 111,239 | |||
Total | 119,934 | |||
Accumulated Depreciation | 63,879 | |||
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 | 22,726 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,857 | |||
Buildings and Improvements | 70,035 | |||
Total | 72,892 | |||
Accumulated Depreciation | 41,426 | |||
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 | 8,189 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,416 | |||
Buildings and Improvements | 112,202 | |||
Total | 118,618 | |||
Accumulated Depreciation | 60,875 | |||
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 | 81,246 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,390 | |||
Buildings and Improvements | 132,225 | |||
Total | 147,615 | |||
Accumulated Depreciation | 79,626 | |||
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 | 8,562 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,800 | |||
Buildings and Improvements | 48,108 | |||
Total | 50,908 | |||
Accumulated Depreciation | 27,114 | |||
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 | 12,081 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,832 | |||
Buildings and Improvements | 107,075 | |||
Total | 118,907 | |||
Accumulated Depreciation | 55,572 | |||
Premium Outlets | Las Americas Premium Outlets, San Diego, CA | ||||
Initial Cost | ||||
Land | 52,969 | |||
Buildings and Improvements | 283,081 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 13,203 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 52,969 | |||
Buildings and Improvements | 296,284 | |||
Total | 349,253 | |||
Accumulated Depreciation | 125,895 | |||
Premium Outlets | Las Vegas North Premium Outlets - Las Vegas, NV | ||||
Initial Cost | ||||
Land | 25,435 | |||
Buildings and Improvements | 134,973 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 16,536 | |||
Buildings and Improvements | 152,536 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,971 | |||
Buildings and Improvements | 287,509 | |||
Total | 329,480 | |||
Accumulated Depreciation | 159,707 | |||
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 | 34,268 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,085 | |||
Buildings and Improvements | 195,045 | |||
Total | 208,130 | |||
Accumulated Depreciation | 102,082 | |||
Premium Outlets | Lee Premium Outlets, Lee, MA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 46,307 | |||
Initial Cost | ||||
Land | 9,167 | |||
Buildings and Improvements | 52,212 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,397 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,167 | |||
Buildings and Improvements | 57,609 | |||
Total | 66,776 | |||
Accumulated Depreciation | 37,493 | |||
Premium Outlets | Leesburg 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 | 23,540 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,190 | |||
Buildings and Improvements | 185,563 | |||
Total | 192,753 | |||
Accumulated Depreciation | 102,794 | |||
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 | 14,140 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,630 | |||
Buildings and Improvements | 108,278 | |||
Total | 114,908 | |||
Accumulated Depreciation | 67,123 | |||
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 | 7,189 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,975 | |||
Buildings and Improvements | 125,617 | |||
Total | 140,592 | |||
Accumulated Depreciation | 55,293 | |||
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 | 7,774 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,400 | |||
Buildings and Improvements | 52,797 | |||
Total | 64,197 | |||
Accumulated Depreciation | 32,399 | |||
Premium Outlets | North Bend Premium Outlets, North Bend (Seattle), WA | ||||
Initial Cost | ||||
Land | 2,012 | |||
Buildings and Improvements | 36,036 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,012 | |||
Buildings and Improvements | 36,036 | |||
Total | 38,048 | |||
Accumulated Depreciation | 23,263 | |||
Premium Outlets | North Georgia Premium Outlets, Dawsonville (Atlanta), GA | ||||
Initial Cost | ||||
Land | 4,300 | |||
Buildings and Improvements | 137,020 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,303 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,300 | |||
Buildings and Improvements | 140,323 | |||
Total | 144,623 | |||
Accumulated Depreciation | 77,321 | |||
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 | 20,742 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 31,998 | |||
Buildings and Improvements | 493,557 | |||
Total | 525,555 | |||
Accumulated Depreciation | 229,251 | |||
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 | 33,369 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 50,063 | |||
Buildings and Improvements | 416,318 | |||
Total | 466,381 | |||
Accumulated Depreciation | 215,984 | |||
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 | 3,319 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,322 | |||
Buildings and Improvements | 17,029 | |||
Total | 30,351 | |||
Accumulated Depreciation | 11,727 | |||
Premium Outlets | Philadelphia Premium Outlets, Limerick (Philadelphia), PA | ||||
Initial Cost | ||||
Land | 16,676 | |||
Buildings and Improvements | 105,249 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 26,545 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,676 | |||
Buildings and Improvements | 131,794 | |||
Total | 148,470 | |||
Accumulated Depreciation | 84,855 | |||
Premium Outlets | Phoenix Premium Outlets, Chandler (Phoenix), AZ | ||||
Initial Cost | ||||
Buildings and Improvements | 63,082 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 996 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 64,078 | |||
Total | 64,078 | |||
Accumulated Depreciation | 30,738 | |||
Premium Outlets | Pismo Beach Premium Outlets, Pismo Beach, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 31,242 | |||
Initial Cost | ||||
Land | 4,317 | |||
Buildings and Improvements | 19,044 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,577 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,317 | |||
Buildings and Improvements | 23,621 | |||
Total | 27,938 | |||
Accumulated Depreciation | 16,048 | |||
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 | 9,681 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,823 | |||
Buildings and Improvements | 136,367 | |||
Total | 153,190 | |||
Accumulated Depreciation | 69,525 | |||
Premium Outlets | Pocono Premium Outlets, Tannersville, PA | ||||
Initial Cost | ||||
Land | 7,720 | |||
Buildings and Improvements | 172,931 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 31,506 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,720 | |||
Buildings and Improvements | 204,437 | |||
Total | 212,157 | |||
Accumulated Depreciation | 103,792 | |||
Premium Outlets | Puerto Rico Premium Outlets, Barceloneta, PR | ||||
Initial Cost | ||||
Land | 20,586 | |||
Buildings and Improvements | 114,021 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 10,275 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 20,586 | |||
Buildings and Improvements | 124,296 | |||
Total | 144,882 | |||
Accumulated Depreciation | 63,145 | |||
Premium Outlets | Queenstown Premium Outlets, Queenstown (Baltimore), MD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 54,885 | |||
Initial Cost | ||||
Land | 8,129 | |||
Buildings and Improvements | 61,950 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,740 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,129 | |||
Buildings and Improvements | 67,690 | |||
Total | 75,819 | |||
Accumulated Depreciation | 35,302 | |||
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 | 27,400 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,229 | |||
Buildings and Improvements | 68,947 | |||
Total | 81,176 | |||
Accumulated Depreciation | 46,487 | |||
Premium Outlets | Round Rock Premium Outlets, Round Rock (Austin), TX | ||||
Initial Cost | ||||
Land | 12,985 | |||
Buildings and Improvements | 82,252 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 6,234 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,985 | |||
Buildings and Improvements | 88,486 | |||
Total | 101,471 | |||
Accumulated Depreciation | 58,640 | |||
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 | 74,922 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 68,102 | |||
Buildings and Improvements | 383,616 | |||
Total | 451,718 | |||
Accumulated Depreciation | 134,396 | |||
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 | 29,370 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,180 | |||
Buildings and Improvements | 316,549 | |||
Total | 329,729 | |||
Accumulated Depreciation | 146,720 | |||
Premium Outlets | Seattle Premium Outlets, Tulalip (Seattle), WA | ||||
Initial Cost | ||||
Buildings and Improvements | 103,722 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 56,577 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 160,299 | |||
Total | 160,299 | |||
Accumulated Depreciation | 89,466 | |||
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 | 16,302 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,092 | |||
Buildings and Improvements | 73,972 | |||
Total | 80,064 | |||
Accumulated Depreciation | 43,541 | |||
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 | 5,976 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,419 | |||
Buildings and Improvements | 103,164 | |||
Total | 117,583 | |||
Accumulated Depreciation | 34,293 | |||
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 | 4,743 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,508 | |||
Buildings and Improvements | 74,420 | |||
Total | 86,928 | |||
Accumulated Depreciation | 24,344 | |||
Premium Outlets | Vacaville Premium Outlets, Vacaville, CA | ||||
Initial Cost | ||||
Land | 9,420 | |||
Buildings and Improvements | 84,850 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 19,464 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,420 | |||
Buildings and Improvements | 104,314 | |||
Total | 113,734 | |||
Accumulated Depreciation | 63,832 | |||
Premium Outlets | Waikele Premium Outlets, Waipahu (Honolulu), HI | ||||
Initial Cost | ||||
Land | 22,630 | |||
Buildings and Improvements | 77,316 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 20,530 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 22,630 | |||
Buildings and Improvements | 97,846 | |||
Total | 120,476 | |||
Accumulated Depreciation | 56,366 | |||
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 | 10,468 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,323 | |||
Buildings and Improvements | 234,257 | |||
Total | 244,580 | |||
Accumulated Depreciation | 110,029 | |||
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 | 5,032 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,414 | |||
Buildings and Improvements | 155,446 | |||
Total | 164,860 | |||
Accumulated Depreciation | 61,079 | |||
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 | 279,990 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,789 | |||
Buildings and Improvements | 1,142,549 | |||
Total | 1,155,338 | |||
Accumulated Depreciation | 542,173 | |||
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 | 54,569 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,900 | |||
Buildings and Improvements | 336,600 | |||
Total | 341,500 | |||
Accumulated Depreciation | 174,638 | |||
The Mills | Arizona Mills, Tempe (Phoenix), AZ | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 95,919 | |||
Initial Cost | ||||
Land | 41,285 | |||
Buildings and Improvements | 297,289 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 17,328 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,285 | |||
Buildings and Improvements | 314,617 | |||
Total | 355,902 | |||
Accumulated Depreciation | 106,882 | |||
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 | 63,991 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 69,853 | |||
Buildings and Improvements | 527,092 | |||
Total | 596,945 | |||
Accumulated Depreciation | 212,143 | |||
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 | 37,612 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,133 | |||
Buildings and Improvements | 335,523 | |||
Total | 376,656 | |||
Accumulated Depreciation | 136,653 | |||
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 | 29,832 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 120,417 | |||
Buildings and Improvements | 895,437 | |||
Total | 1,015,854 | |||
Accumulated Depreciation | 291,546 | |||
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 | 29,078 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 51,000 | |||
Buildings and Improvements | 356,581 | |||
Total | 407,581 | |||
Accumulated Depreciation | 132,165 | |||
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 | 6,688 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 64,973 | |||
Buildings and Improvements | 218,010 | |||
Total | 282,983 | |||
Accumulated Depreciation | 41,757 | |||
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 | 41,736 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 61,608 | |||
Buildings and Improvements | 467,106 | |||
Total | 528,714 | |||
Accumulated Depreciation | 197,214 | |||
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 | 248,797 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 198,376 | |||
Buildings and Improvements | 1,889,950 | |||
Total | 2,088,326 | |||
Accumulated Depreciation | 719,018 | |||
Designer Outlets | La Reggia Designer Outlet, Marcianise (Naples), Italy | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 176,595 | |||
Initial Cost | ||||
Land | 37,220 | |||
Buildings and Improvements | 233,179 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 42,921 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 37,220 | |||
Buildings and Improvements | 276,100 | |||
Total | 313,320 | |||
Accumulated Depreciation | 85,304 | |||
Designer Outlets | Noventa Di Piave Designer Outlet, Venice, Italy | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 306,384 | |||
Initial Cost | ||||
Land | 38,793 | |||
Buildings and Improvements | 309,283 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 78,683 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 38,793 | |||
Buildings and Improvements | 387,966 | |||
Total | 426,759 | |||
Accumulated Depreciation | 103,603 | |||
Designer Outlets | Ochtrup Designer Outlet, Ochtrup, Germany | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 55,186 | |||
Initial Cost | ||||
Land | 11,770 | |||
Buildings and Improvements | 97,941 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,770 | |||
Buildings and Improvements | 97,941 | |||
Total | 109,711 | |||
Accumulated Depreciation | 15,529 | |||
Designer Outlets | Paris-Giverny Designer Outlets, Normandy, France | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 110,373 | |||
Initial Cost | ||||
Land | 16,312 | |||
Buildings and Improvements | 226,625 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,312 | |||
Buildings and Improvements | 226,625 | |||
Total | 242,937 | |||
Accumulated Depreciation | 9,599 | |||
Designer Outlets | Parndorf Designer Outlet, Vienna, Austria | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 199,594 | |||
Initial Cost | ||||
Land | 14,903 | |||
Buildings and Improvements | 223,156 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 11,610 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,903 | |||
Buildings and Improvements | 234,766 | |||
Total | 249,669 | |||
Accumulated Depreciation | 78,821 | |||
Designer Outlets | Provence Designer Outlet, Provence, France | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 104,898 | |||
Initial Cost | ||||
Land | 41,321 | |||
Buildings and Improvements | 84,637 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 6,169 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 47,490 | |||
Buildings and Improvements | 84,637 | |||
Total | 132,127 | |||
Accumulated Depreciation | 45,537 | |||
Designer Outlets | Roermond Designer Outlet, Roermond, Netherlands | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 309,042 | |||
Initial Cost | ||||
Land | 15,035 | |||
Buildings and Improvements | 400,094 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 25,567 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,035 | |||
Buildings and Improvements | 425,661 | |||
Total | 440,696 | |||
Accumulated Depreciation | 142,737 | |||
Designer Outlets | Roosendaal Designer Outlet, Roosendaal, Netherlands | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 63,908 | |||
Initial Cost | ||||
Land | 22,191 | |||
Buildings and Improvements | 108,069 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 11,689 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 22,191 | |||
Buildings and Improvements | 119,758 | |||
Total | 141,949 | |||
Accumulated Depreciation | 39,762 | |||
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 | 12,246 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,428 | |||
Buildings and Improvements | 87,579 | |||
Total | 98,007 | |||
Accumulated Depreciation | 38,715 | |||
Lifestyle Centers [Member] | Northgate Station, Seattle, WA | ||||
Initial Cost | ||||
Land | 23,610 | |||
Buildings and Improvements | 115,992 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 15,964 | |||
Buildings and Improvements | 152,440 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 39,574 | |||
Buildings and Improvements | 268,432 | |||
Total | 308,006 | |||
Accumulated Depreciation | 67,239 | |||
Lifestyle Centers [Member] | University Park Village, Fort Worth, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 51,254 | |||
Initial Cost | ||||
Land | 18,031 | |||
Buildings and Improvements | 100,523 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 9,670 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 18,031 | |||
Buildings and Improvements | 110,193 | |||
Total | 128,224 | |||
Accumulated Depreciation | 34,875 | |||
Other Properties | Calhoun Outlet Marketplace, Calhoun, GA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 16,722 | |||
Initial Cost | ||||
Land | 1,745 | |||
Buildings and Improvements | 12,529 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,188 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,745 | |||
Buildings and Improvements | 14,717 | |||
Total | 16,462 | |||
Accumulated Depreciation | 12,021 | |||
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 | 6,577 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,112 | |||
Buildings and Improvements | 8,325 | |||
Total | 9,437 | |||
Accumulated Depreciation | 4,771 | |||
Other Properties | Gaffney Outlet Marketplace, Gaffney (Greenville/Charlotte), S C | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 27,012 | |||
Initial Cost | ||||
Land | 4,056 | |||
Buildings and Improvements | 32,371 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 6,718 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,056 | |||
Buildings and Improvements | 39,089 | |||
Total | 43,145 | |||
Accumulated Depreciation | 25,860 | |||
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 | 4,415 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,367 | |||
Buildings and Improvements | 5,972 | |||
Total | 9,339 | |||
Accumulated Depreciation | 3,725 | |||
Other Properties | Osage Beach Outlet Marketplace, Osage Beach, MO | ||||
Initial Cost | ||||
Land | 1,397 | |||
Buildings and Improvements | 8,874 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 46 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,397 | |||
Buildings and Improvements | 8,920 | |||
Total | 10,317 | |||
Accumulated Depreciation | 3,959 | |||
Other Properties | Oxford Valley Mall, Langhorne (Philadelphia), PA | ||||
Initial Cost | ||||
Land | 18,355 | |||
Buildings and Improvements | 100,287 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 22,240 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 18,355 | |||
Buildings and Improvements | 122,527 | |||
Total | 140,882 | |||
Accumulated Depreciation | 91,821 | |||
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 | $ 69,585 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Real Estate Properties: | |||
Balance, beginning of year | $ 37,879,778 | $ 37,497,216 | $ 37,608,638 |
Acquisitions and consolidations | 78,410 | 122,074 | 121,250 |
Improvements | 823,705 | 688,173 | 569,483 |
Disposals and deconsolidations | (55,593) | (308,030) | (655,482) |
Currency Translation Adjustment | 58,618 | (119,655) | (146,673) |
Balance, close of year | 38,784,918 | 37,879,778 | 37,497,216 |
Unaudited aggregate cost of real estate for federal income tax purposes | 23,409,301 | ||
Reconciliation of Accumulated Depreciation: | |||
Balance, beginning of year | 16,224,050 | 15,304,461 | 14,592,867 |
Depreciation expense (7) | 1,193,391 | 1,075,391 | 1,083,705 |
Disposals and deconsolidations | (53,489) | (180,091) | (403,582) |
Currency Translation Adjustment | (12,632) | 24,289 | 31,471 |
Balance, close of year | $ 17,351,320 | $ 16,224,050 | $ 15,304,461 |
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 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |