0001558370-22-001845 | 10-K | XBRL Viewer | Simon Property Group INC DE

Number of

Notional

Interest Rate Derivative

Instruments

Amount

Interest Rate Swaps

375.0 million

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS:
Investment properties, at cost	$ 37,932,366	$ 38,050,196
Less - accumulated depreciation	15,621,127	14,891,937
Investment properties, at cost, net	22,311,239	23,158,259
Cash and cash equivalents	533,936	1,011,613
Tenant receivables and accrued revenue, net	919,654	1,236,734
Right-of-use assets, net	504,119	512,914
Investments held in trust - special purpose acquisition company	345,000
Deferred costs and other assets	1,121,011	1,082,168
Total assets	33,777,379	34,786,846
LIABILITIES:
Mortgages and unsecured indebtedness	25,321,022	26,723,361
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,433,216	1,311,925
Cash distributions and losses in unconsolidated entities, at equity	1,573,105	1,577,393
Dividend payable	1,468	486,922
Lease liabilities	506,931	515,492
Other liabilities	540,912	513,515
Total liabilities	29,376,654	31,128,608
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	547,740	185,892
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Series J 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847	41,763	42,091
Capital in excess of par value	11,212,990	11,179,688
Accumulated deficit	(5,823,708)	(6,102,314)
Accumulated other comprehensive loss	(185,186)	(188,675)
Common stock held in treasury, at cost, 14,295,983 and 14,355,621 shares, respectively	(1,884,441)	(1,891,352)
Total stockholders' equity	3,361,452	3,039,472
Preferred units, 796,948 units outstanding. Liquidation value of $39,847	41,763	42,091
General Partner, 328,619,163 and 328,501,416 units outstanding, respectively	3,319,689	2,997,381
Limited Partners, 47,263,155 and 47,322,212 units outstanding, respectively	477,292	431,784
Total partners' equity	3,838,744	3,471,256
Noncontrolling interests	491,533	432,874
Nonredeemable noncontrolling interests in properties, net	14,241	1,090
Total equity	3,852,985	3,472,346
Total equity	3,852,985	3,472,346
Total liabilities and partners' deficit	33,777,379	34,786,846
TRG
ASSETS:
Investment, in equity	3,305,102	3,451,897
Total assets	4,000,000	4,100,000
LIABILITIES:
Total liabilities	4,800,000	5,000,000
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):
Noncontrolling interests	155,900	154,000
Klepierre
ASSETS:
Investment, in equity	1,661,943	1,729,690
Unconsolidated Investments excluding Klepierre and TRG
ASSETS:
Investment, in equity	3,075,375	2,603,571
Common stock
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Common stock	34	34
Class B common stock
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Common stock

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Capital stock, total shares authorized	850,000,000	850,000,000
Capital stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Capital stock, shares of excess common stock	238,000,000	238,000,000
Capital stock, authorized shares of preferred stock	100,000,000	100,000,000
Preferred units, units outstanding	796,948	796,948
Preferred units, Liquidation value (in dollars)	$ 39,847	$ 39,847
Common stock held in treasury, shares	14,295,983	14,355,621
General Partner, units outstanding	328,619,625	328,501,416
Limited Partners, units outstanding	47,247,936	47,322,212
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, units outstanding	796,948
Preferred units, Liquidation value (in dollars)	$ 39,847	$ 39,847
Common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	511,990,000	511,990,000
Common stock, shares issued	342,907,608	342,849,037
Common stock, shares outstanding	342,907,608	342,849,037
Class B common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	10,000	10,000
Common stock, shares issued	8,000	8,000
Common stock, shares outstanding	8,000	8,000

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUE:
Lease income	$ 4,736,719	$ 4,302,367
Lease income			$ 5,243,771
Management fees and other revenues	106,483	96,882	112,942
Other income	273,587	208,254	398,476
Total revenue	5,116,789	4,607,503	5,755,189
EXPENSES:
Property operating	415,720	349,154	453,145
Depreciation and amortization	1,262,715	1,318,008	1,340,503
Real estate taxes	458,953	457,142	468,004
Repairs and maintenance	96,391	80,858	100,495
Advertising and promotion	114,303	98,613	150,344
Home and regional office costs	184,660	171,668	190,109
General and administrative	30,339	22,572	34,860
Other	140,518	137,679	104,942
Total operating expenses	2,703,599	2,635,694	2,842,402
Operating Income Before Other Items	2,413,190	1,971,809	2,912,787
Interest expense	(795,712)	(784,400)	(789,353)
Loss on extinguishment of debt	(51,841)		(116,256)
Gain on sale or exchange of equity interests (Note 6)	178,672
Income and other tax (expense) benefit	(157,199)	4,637	(30,054)
Income from unconsolidated entities	782,837	219,870	444,349
Unrealized losses in fair value of equity instruments	(8,095)	(19,632)	(13,168)
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	206,855	(114,960)	14,883
Consolidated Net Income	2,568,707	1,277,324	2,423,188
Net (loss) income attributable to noncontrolling interests	(6,053)	(4,378)	991
Preferred dividends	5,252	5,252	5,252
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	2,569,508	1,276,450	2,416,945
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	2,246,294	1,109,227	2,098,247
Limited Partners	$ 323,214	$ 167,223	$ 318,698
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders - basic (in dollars per share)	$ 6.84	$ 3.59	$ 6.81
Consolidated Net Income	$ 2,568,707	$ 1,277,324	$ 2,423,188
Unrealized gain (loss) on derivative hedge agreements	51,114	(106,548)	(4,066)
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(7,285)	(106)	13,634
Currency translation adjustments	(38,772)	27,288	(1,850)
Changes in available-for-sale securities and other	(1,014)	180	718
Comprehensive income	2,572,750	1,198,138	2,431,624
Comprehensive income attributable to noncontrolling interests	(2,634)	1,666	1,422
Comprehensive income attributable to common stockholders	$ 2,575,384	$ 1,196,472	$ 2,430,202

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 2,568,707	$ 1,277,324	$ 2,423,188
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	1,325,895	1,354,991	1,394,172
Loss on debt extinguishment	51,841		116,256
(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(206,855)	114,960	(14,883)
Gain on sale or exchange of equity interests	(178,672)
Unrealized losses in fair value of equity instruments	8,095	19,632	8,212
Straight-line lease loss (income)	22,619	19,950	(67,139)
Equity in income of unconsolidated entities	(782,837)	(219,870)	(444,349)
Distributions of income from unconsolidated entities	436,881	184,733	428,769
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	265,352	(415,911)	(157)
Deferred costs and other assets	(77,592)	(28,191)	(49,338)
Accounts payable, accrued expenses, intangibles, deferred revenues and other	203,968	19,080	13,100
Net cash provided by operating activities	3,637,402	2,326,698	3,807,831
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(257,080)	(3,606,694)	(12,800)
Funding of loans to related parties	(15,848)	(8,236)
Repayments of loans to related parties	14,027		7,641
Proceeds on loans to related parties	14,027		7,641
Capital expenditures, net	(527,935)	(484,119)	(876,011)
Cash impact from the consolidation of properties	5,595		1,045
Net proceeds from sale of assets	3,000	33,418	6,776
Investments in unconsolidated entities	(56,901)	(191,368)	(63,789)
Purchase of equity instruments	(33,605)	(32,955)	(374,231)
Proceeds from sales of equity instruments	65,504	30,000
Insurance proceeds for property restoration	7,200	31,198	5,662
Distributions of capital from unconsolidated entities and other	243,279	250,358	229,000
Net cash used in investing activities	(552,764)	(3,978,398)	(1,076,707)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other, net of transaction costs	(328)	1,556,148	(328)
Purchase of shares related to stock grant recipients' tax withholdings	(2,318)	(854)	(2,955)
Redemption of limited partner units	(2,220)	(16,106)	(6,846)
Purchase of treasury stock		(152,589)	(359,773)
Purchase of general partner units		(152,589)	(359,773)
Proceeds from the special purpose acquisition company IPO, net of transaction costs	338,121
Establishment of trust account for special purpose acquisition company	(345,000)
Distributions to noncontrolling interest holders in properties	(5,024)	(8,271)	(41,549)
Contributions from noncontrolling interest holders in properties	20,902	220	139
Preferred distributions of the Operating Partnership	(2,690,700)	(1,664,193)	(2,949,401)
Distributions to stockholders and preferred dividends	(2,351,764)	(1,443,183)	(2,558,944)
Distributions to limited partners	(337,021)	(219,095)	(388,542)
Cash paid to extinguish debt	(50,156)		(99,975)
Proceeds from issuance of debt, net of transaction costs	9,251,217	15,234,860	13,312,301
Repayments of debt	(10,076,809)	(12,955,275)	(12,427,699)
Net cash (used in) provided by financing activities	(3,562,315)	1,993,940	(2,576,086)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(477,677)	342,240	155,038
CASH AND CASH EQUIVALENTS, beginning of period	1,011,613	669,373	514,335
CASH AND CASH EQUIVALENTS, end of period	$ 533,936	$ 1,011,613	$ 669,373

Consolidated Statements of Equity - USD ($) $ in Thousands	Simon (Managing General Partner)	Limited Partners	Preferred Stock Series J Preferred stock	Preferred Stock	Common Stock	Accumulated Other Comprehensive Income (Loss)	Capital in Excess of Par Value	Accumulated Deficit	Common Stock Held in Treasury	Noncontrolling Interests	Total
Balance at Dec. 31, 2018			$ 42,748		$ 32	$ (126,017)	$ 9,700,418	$ (4,893,069)	$ (1,427,431)	$ 500,275	$ 3,796,956
Balance at Dec. 31, 2018	$ 3,253,933	$ 492,877		$ 42,748						7,398	3,796,956
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units							253			(253)
Series J preferred stock premium amortization			(328)	(328)							(328)
Limited partner units exchanged to common units	253	(253)
Stock incentive program							(16,589)		16,589
Amortization of stock incentive	12,604						12,604				12,604
Redemption of limited partner units	(6,453)	(393)					(6,453)			(393)	(6,846)
Treasury stock purchase									(359,773)		(359,773)
Treasury unit purchase	(359,773)										(359,773)
Long-term incentive performance units		20,749								20,749	20,749
Issuance of unit equivalents and other	(32,460)						19	(29,523)	(2,956)	139	(32,321)
Unrealized gain (loss) on derivative hedge agreements	(3,553)	(513)				(3,553)				(513)	(4,066)
Currency translation adjustments	(1,489)	(361)				(1,489)				(361)	(1,850)
Changes in available-for-sale securities and other	623	95				623				95	718
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	11,832	1,802				11,832				1,802	13,634
Other comprehensive income	7,413	1,023				7,413				1,023	8,436
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	65,821	(65,821)					65,821			(65,821)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests								(2,558,944)		(388,541)	(2,947,485)
Distributions to other noncontrolling interest partners										(2,446)	(2,446)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(2,555,607)	(388,541)		(3,337)						(2,446)	(2,949,931)
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties	2,098,247	318,698		3,337						1,422	2,421,704
Net income, excluding attributable to preferred interests in the Operating Partnership and a loss attributable to noncontrolling redeemable interests in properties								2,101,584		320,120	2,421,704
Balance at Dec. 31, 2019			42,420		32	(118,604)	9,756,073	(5,379,952)	(1,773,571)	384,852	2,911,250
Balance at Dec. 31, 2019	2,483,978	378,339		42,420						6,513	2,911,250
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units							2,028			(2,028)
Issuance of limited partner units		79,601								79,601	79,601
Public offering of common stock					2		1,556,477				$ 1,556,479
Public offering of common stock											22,137,500
Series J preferred stock premium amortization			(329)	(329)							$ (329)
Limited partner units exchanged to common units	2,028	(2,028)
Issuance of units related to Simon's public offering of its common stock	1,556,479										1,556,479
Stock incentive program							(35,662)		35,662
Amortization of stock incentive	11,660						11,660				11,660
Redemption of limited partner units	(15,163)	(943)					(15,163)			(943)	(16,106)
Treasury stock purchase									(152,590)		(152,590)
Treasury unit purchase	(152,590)										(152,590)
Long-term incentive performance units		2,331								2,331	2,331
Issuance of unit equivalents and other	34,071						30	34,894	(853)	(3,582)	30,489
Unrealized gain (loss) on derivative hedge agreements	(92,834)	(13,714)				(92,834)				(13,714)	(106,548)
Currency translation adjustments	22,694	4,594				22,694				4,594	27,288
Changes in available-for-sale securities and other	162	18				162				18	180
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(93)	(13)				(93)				(13)	(106)
Other comprehensive income	(70,071)	(9,115)				(70,071)				(9,115)	(79,186)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	(95,755)	95,755					(95,755)			95,755
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests								(1,869,820)		(279,379)	(2,149,199)
Distributions to other noncontrolling interest partners										(3,507)	(3,507)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(1,866,483)	(279,379)		(3,337)						(3,507)	(2,152,706)
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties	1,109,227	167,223		3,337						1,666	1,281,453
Net income, excluding attributable to preferred interests in the Operating Partnership and a loss attributable to noncontrolling redeemable interests in properties								1,112,564		168,889	1,281,453
Balance at Dec. 31, 2020			42,091		34	(188,675)	11,179,688	(6,102,314)	(1,891,352)	432,874	3,472,346
Balance at Dec. 31, 2020	2,997,381	431,784		42,091						1,090	3,472,346
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units							539			(539)
Series J preferred stock premium amortization			(328)	(328)							(328)
Limited partner units exchanged to common units	539	(539)
Stock incentive program							(9,229)		9,229
Amortization of stock incentive	19,673						19,673				19,673
Redemption of limited partner units	(2,061)	(159)					(2,061)			(159)	(2,220)
Long-term incentive performance units		17,755								17,755	17,755
Issuance of unit equivalents and other	(40,877)	1					5,760	(44,319)	(2,318)	18,493	(22,383)
Unrealized gain (loss) on derivative hedge agreements	44,676	6,438				44,676				6,438	51,114
Currency translation adjustments	(33,932)	(4,840)				(33,932)				(4,840)	(38,772)
Changes in available-for-sale securities and other	(886)	(128)				(886)				(128)	(1,014)
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(6,369)	(916)				(6,369)				(916)	(7,285)
Other comprehensive income	3,489	554				3,489				554	4,043
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	18,620	(18,620)					18,620			(18,620)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests								(1,926,706)		(276,698)	(2,203,404)
Distributions to other noncontrolling interest partners										(2,708)	(2,708)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(1,923,369)	(276,698)		(3,337)						(2,708)	(2,206,112)
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties	2,246,294	323,214		3,337						(2,634)	2,570,211
Net income, excluding attributable to preferred interests in the Operating Partnership and a loss attributable to noncontrolling redeemable interests in properties								2,249,631		320,580	2,570,211
Balance at Dec. 31, 2021			$ 41,763		$ 34	$ (185,186)	$ 11,212,990	$ (5,823,708)	$ (1,884,441)	491,533	3,852,985
Balance at Dec. 31, 2021	$ 3,319,689	$ 477,292		$ 41,763						$ 14,241	$ 3,852,985

Consolidated Statements of Equity (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Exchange of limited partner units, (in shares)	58,571	293,204	24,000
Limited partner units exchanged to common units	58,571	293,204	24,000
Issuance of limited partner, units		955,705
Public offering of common stock, shares		22,137,500
Stock incentive program, units, net	80,012	462,967	90,902
Stock incentive program, shares, net	80,012	462,967	90,902
Redemption of Limited Partner Units	15,705	116,658	43,255
Treasury stock purchase, shares		1,245,654	2,247,074
Treasury unit purchase, units		1,245,654	2,247,074
Shares repurchased	20,374	15,561	16,336
Issuance of equivalents units		36,252
Issuance of common units	$ 20,374	$ 15,561	$ 16,336
Net income attributable to preferred interests in the Operating Partnership (in dollars)	1,915,000	1,915,000	1,915,000
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars)	1,915,000	1,915,000	1,915,000
Net loss attributable to noncontrolling redeemable interests in properties (in dollars)	$ 3,419,000	$ 6,044,000	$ 431,000

Organization

12 Months Ended

Dec. 31, 2021

Organization

Organization

1. Organization

Simon Property Group, Inc. is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Delaware partnership subsidiary that owns all of our real estate properties and other assets. Unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Unless otherwise indicated, these notes to consolidated financial statements apply to both Simon and the Operating Partnership. According to the Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon.

We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, and The Mills®. As of December 31, 2021, we owned or held an interest in 199 income-producing properties in the United States, which consisted of 95 malls, 69 Premium Outlets, 14 Mills, six lifestyle centers, and 15 other retail properties in 37 states and Puerto Rico. We also own an 80% noncontrolling interest in the Taubman Realty Group, LLC, or TRG, which has an interest in 24 regional, super-regional, and outlet malls in the U.S. and Asia. Internationally, as of December 31, 2021, we had ownership interests in 33 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe, and Canada. As of December 31, 2021, we also owned a 22.4% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company which owns, or has an interest in, shopping centers located in 14 countries in Europe.

We generate the majority of our lease income from retail, dining, entertainment and other tenants including consideration received from:

●

Fixed minimum lease consideration and fixed common area maintenance (CAM) reimbursements and,

●

Variable lease consideration primarily based on tenants’ sales, as well as reimbursements for real estate taxes, utilities, marketing, and certain other items.

Revenues of our management company, after intercompany eliminations, consist primarily of management fees that are typically based upon the revenues of the property being managed.

We also grow by generating supplemental revenues from the following activities:

●

establishing our properties as leading market resource providers for retailers and other businesses and consumer-focused corporate alliances, including payment systems (such as handling fees relating to the sales of bank-issued prepaid cards), national marketing alliances, static and digital media initiatives, business development, sponsorship, and events,

●

offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services,

●

selling or leasing land adjacent to our properties, commonly referred to as “outlots” or “outparcels,” and

●

generating interest income on cash deposits and investments in loans, including those made to related entities.

Basis of Presentation and Consolidation

12 Months Ended

Dec. 31, 2021

Basis of Presentation and Consolidation

Basis of Presentation and Consolidation

2. Basis of Presentation and Consolidation

The accompanying consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated.

We consolidate properties that are wholly-owned or properties where we own less than 100% but we control. Control of a property is demonstrated by, among other factors, our ability to refinance debt and sell the property without the consent of any other partner or owner and the inability of any other partner or owner to replace us.

We also consolidate a variable interest entity, or VIE, when we are determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE, including management agreements and other contractual arrangements. There have been no changes during 2021 in previous conclusions about whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. During the periods presented, we did not provide financial or other support to any identified VIE that we were not contractually obligated to provide.

Investments in partnerships and joint ventures represent our noncontrolling ownership interests. We account for these unconsolidated entities using the equity method of accounting. We initially record these investments at cost and we subsequently adjust for net equity in income or loss, which we allocate in accordance with the provisions of the applicable partnership or joint venture agreement, cash contributions and distributions, and foreign currency fluctuations, if applicable. The allocation provisions in the partnership or joint venture agreements are not always consistent with the legal ownership interests held by each general or limited partner or joint venture investee primarily due to partner preferences. We separately report investments in partnerships and joint ventures for which accumulated distributions have exceeded investments in and our share of net income of the partnerships and joint ventures within cash distributions and losses in partnerships and joint ventures, at equity in the consolidated balance sheets. The net equity of certain partnerships and joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes non-cash charges for depreciation and amortization.

As of December 31, 2021, we consolidated 131 wholly-owned properties and 17 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We apply the equity method of accounting to the other 84 properties (the joint venture properties) and our investments in Klépierre (a publicly traded, Paris-based real estate company) and The Taubman Realty Group, LLC, or TRG, as well as our investments in certain entities involved in retail operations, such as J.C. Penney and SPARC Group; intellectual property and licensing ventures, such as Authentic Brands Group, LLC, or ABG, and Eddie Bauer Ipco; and an e-commerce venture Rue Gilt Groupe, or RGG, (collectively, our other platform investments). We manage the day-to-day operations of 53 of the 84 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, Canada, Spain, Thailand, and the United Kingdom comprise 23 of the remaining 31 properties. These international properties and TRG are managed by joint ventures in which we share control.

Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to us based on the partners’ respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests.

Our weighted average ownership interest in the Operating Partnership was as follows:


	For the Year Ended
	December 31,
	2021		2020		2019
Weighted average ownership interest	87.4	%	86.9	%	86.8	%

As of December 31, 2021 and 2020, our ownership interest in the Operating Partnership was 87.4%. We adjust the noncontrolling limited partners’ interest at the end of each period to reflect their interest in the net assets of the Operating Partnership.

Preferred unit requirements in the Operating Partnership’s accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units and are recorded when declared.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

Investment Properties

Investment properties consist of the following as of December 31:


	2021		2020
Land	$	3,639,353	$	3,700,023
Buildings and improvements		33,857,863		33,908,615
Total land, buildings and improvements		37,497,216		37,608,638
Furniture, fixtures and equipment		435,150		441,558
Investment properties at cost		37,932,366		38,050,196
Less — accumulated depreciation		15,621,127		14,891,937
Investment properties at cost, net	$	22,311,239	$	23,158,259
Construction in progress included above	$	797,519	$	773,061

We record investment properties at cost. Investment properties include costs of acquisitions; development, predevelopment, and construction (including allocable salaries and related benefits); tenant allowances and improvements; and interest and real estate taxes incurred during construction. We capitalize improvements and replacements from repair and maintenance when the repair and maintenance extends the useful life, increases capacity, or improves the efficiency of the asset. All other repair and maintenance items are expensed as incurred. We capitalize interest on projects during periods of construction until the projects are ready for their intended purpose based on interest rates in place during the construction period. The amount of interest capitalized during each year is as follows:


	For the Year Ended
	December 31,
	2021		2020		2019
Capitalized interest	$	31,204	$	22,917	$	33,342

We record depreciation on buildings and improvements utilizing the straight-line method over an estimated original useful life, which is generally 10 to 35 years. We review depreciable lives of investment properties periodically and we make adjustments when necessary to reflect a shorter economic life. We amortize tenant allowances and tenant improvements utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. We record depreciation on equipment and fixtures utilizing the straight-line method over seven to ten years.

We review investment properties for impairment on a property-by-property basis to identify and evaluate events or changes in circumstances which indicate that the carrying value of investment properties may not be recoverable. These

circumstances include, but are not limited to, declines in a property’s operational performance, such as declining cash flows, occupancy or total sales per square foot, the Company’s intent and ability to hold the related asset, and, if applicable, the remaining time to maturity of underlying financing arrangements. We measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization during the anticipated holding period plus its residual value, and, if applicable, on a probability weighted basis, is less than the carrying value of the property. To the extent impairment has occurred, we charge to income the excess of carrying value of the property over our estimate of fair value.

We also review our investments, including investments in unconsolidated entities, to identify and evaluate whether events or changes in circumstances indicate that the carrying amount of our investments may not be recoverable. We will record an impairment charge if we determine the fair value of the investment is less than its carrying value and such impairment is other-than-temporary. Our evaluation of changes in economic or operating conditions and whether an impairment is other-than-temporary may include developing estimates of fair value, forecasted cash flows or operating income before depreciation and amortization.

We estimate undiscounted cash flows and fair value using observable and unobservable data such as operating income before depreciation and amortization, hold periods, estimated capitalization and discount rates, or relevant market multiples, leasing prospects and local market information, expected probabilities of outcomes, if applicable, and whether an impairment is other-than-temporary. Changes in economic and operating conditions including, changes in the financial condition of our tenants and changes to our intent and ability to hold the related asset, that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results.

During the fourth quarter of 2020, we recorded an impairment charge of $34.4 million related to one consolidated property, which is included in (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income. During the third quarter of 2020, we recorded an other-than-temporary impairment charge of $55.2 million, representing our equity method investment balance in three joint venture properties, which is included in (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income.

Purchase Accounting

We allocate the purchase price of asset acquisitions and any excess investment in unconsolidated entities to the various components of the acquisition based upon the relative fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, we may utilize third party valuation specialists. These components typically include buildings, land and intangibles related to in-place leases and we estimate:

●

the relative fair value of land and related improvements and buildings on an as-if-vacant basis,

●

the market value of in-place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into lease income,

●

the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and

●

the value of lease income and recovery of costs foregone during a reasonable lease-up period, as if the space was vacant.

The relative fair value of buildings is depreciated over the estimated remaining life of the acquired building or related improvements. We amortize tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. We also estimate the value of other acquired intangible assets, if any, which are amortized over the remaining life of the underlying related intangibles.

Cash and Cash Equivalents

We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers’ acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits. See Notes 4 and 8 for disclosures about non-cash investing and financing transactions.

Equity Instruments and Debt Securities

Equity instruments and debt securities consist primarily of equity instruments, our deferred compensation plan investments, the debt securities of our captive insurance subsidiary, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At December 31, 2021 and 2020, we had equity instruments with readily determinable fair values of $142.2 million and $41.9 million, respectively. Changes in the fair value of these equity instruments are recorded in unrealized losses in fair value of equity instruments in our consolidated statements of operations and comprehensive income. At December 31, 2021 and 2020, we had equity instruments without readily determinable fair values of $217.2 million and $309.3 million, respectively, for which we have elected the measurement alternative. We regularly evaluate these investments for any impairment in their estimated fair value, as well as any observable price changes for an identical or similar equity instrument of the same issuer, and determined that no material adjustment in the carrying value was required for the years ended December 31, 2021 and 2020.

Our deferred compensation plan equity instruments are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income.

At December 31, 2021 and 2020, we held debt securities of $60.9 million and $40.5 million, respectively, in our captive insurance subsidiary. The types of securities included in the investment portfolio of our captive insurance subsidiary are typically U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than one year to ten years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiary is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment is recorded and a new cost basis is established.

Our captive insurance subsidiary is required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited.

Fair Value Measurements

Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs.

The equity instruments with readily determinable fair values we held at December 31, 2021 and 2020 were primarily classified as having Level 1 and Level 2 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs, which consist primarily of foreign currency forward contracts and interest rate swap agreements with a gross asset balance of $6.2 million at December 31, 2021 and an insignificant gross asset balance at December 31, 2020, and a gross liability balance of $1.5 million and $44.6 million at December 31, 2021 and 2020, respectively.

Note 7 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3, 4, and 6 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of fair value, net operating results of the property, capitalization rates and discount rates.

Gains or losses on Issuances of Stock by Equity Method Investees

When one of our equity method investees issues additional shares to third parties, our percentage ownership interest in the investee may decrease. In the event the issuance price per share is higher or lower than our average carrying amount per share, we recognize a noncash gain or loss on the issuance, when appropriate. This noncash gain or loss is recognized in our net income in the period the change of ownership interest occurs.

Use of Estimates

We prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates.

Segment and Geographic Locations

Our primary business is the ownership, development, and management of premier shopping, dining, entertainment and mixed use real estate. We have aggregated our retail operations, including malls, Premium Outlets, The Mills, and our international investments into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same, tenants. As of December 31, 2021, approximately 7.1% of our consolidated long-lived assets and 3.0% of our consolidated total revenues were derived from assets located outside the United States. As of December 31, 2020, approximately 6.9% of our consolidated long-lived assets and 2.4% of our consolidated total revenues were derived from assets located outside the United States.

Deferred Costs and Other Assets

Deferred costs and other assets include the following as of December 31:


	2021		2020
Deferred lease costs, net	$	109,155	$	169,651
In-place lease intangibles, net		14,107		3,905
Acquired above market lease intangibles, net		19,171		31,053
Marketable securities of our captive insurance companies		60,855		40,496
Goodwill		20,098		20,098
Other marketable and non-marketable securities		359,459		351,176
Prepaids, notes receivable and other assets, net		538,166		465,789
	$	1,121,011	$	1,082,168

Deferred Lease Costs

Our deferred leasing costs consist primarily of initial direct costs and, prior to the adoption of ASC 842, capitalized salaries and related benefits, in connection with lease originations. We record amortization of deferred leasing costs on a straight-line basis over the terms of the related leases. Details of these deferred costs as of December 31 are as follows:


	2021		2020
Deferred lease costs	$	358,287	$	407,288
Accumulated amortization		(249,132)		(237,637)
Deferred lease costs, net	$	109,155	$	169,651

Amortization of deferred leasing costs is a component of depreciation and amortization expense. The accompanying consolidated statements of operations and comprehensive income include amortization of deferred leasing costs as follows:


	For the Year Ended December 31,
	2021		2020		2019
Amortization of deferred leasing costs	$	43,028	$	51,349	$	57,201

Intangibles

The average remaining life of in-place lease intangibles is approximately 2.8 years and is being amortized on a straight-line basis and is included with depreciation and amortization in the consolidated statements of operations and comprehensive income. The fair market value of above and below market leases is amortized into lease income over the remaining lease life as a component of reported lease income. The weighted average remaining life of these intangibles is approximately 2.6 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 $21.6 million and $28.7 million as of December 31, 2021 and 2020, respectively. The amount of amortization of above and below market leases, net, which increased lease income for the years ended December 31, 2021, 2020, and 2019, was $2.7 million, $1.3 million and $1.9 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:


	2021		2020
In-place lease intangibles	$	115,550	$	173,094
Accumulated amortization		(101,443)		(169,189)
In-place lease intangibles, net	$	14,107	$	3,905

	2021		2020
Acquired above market lease intangibles	$	133,224	$	186,620
Accumulated amortization		(114,053)		(155,567)
Acquired above market lease intangibles, net	$	19,171	$	31,053

Estimated future amortization and the increasing (decreasing) effect on lease income for our above and below market leases as of December 31, 2021 are as follows:


	Below		Above		Impact to
	Market		Market		Lease
	Leases		Leases		Income, Net
2022	$	5,957	$	(7,877)	$	(1,920)
2023		4,470		(5,511)		(1,041)
2024		3,510		(3,733)		(223)
2025		2,374		(1,564)		810
2026		1,581		(459)		1,122
Thereafter		3,721		(27)		3,694
	$	21,613	$	(19,171)	$	2,442

Derivative Financial Instruments

We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities.

As of December 31, 2021, we had the following outstanding interest rate derivatives related to managing our interest rate risk:

The carrying value of our interest rate swap agreements, at fair value, as of December 31, 2021 was a net asset balance of $0.6 million and is included in deferred costs and other assets. We had no outstanding interest rate derivatives as of December 31, 2020. We generally do not apply hedge accounting to interest rate caps, which had an insignificant value as of December 31, 2021 and 2020, respectively.

Our exposure to market risk due to changes in interest rates primarily relates to our long-term debt obligations. We manage exposure to interest rate market risk through our risk management strategy by a combination of interest rate protection agreements to effectively fix or cap a portion of variable rate debt.

We may enter into treasury lock agreements as part of an anticipated debt issuance. Upon completion of the debt issuance, the fair value of these instruments is recorded as part of accumulated other comprehensive income (loss) and is amortized to interest expense over the life of the debt agreement.

The unamortized gain on our treasury locks and terminated hedges recorded in accumulated other comprehensive income was $6.9 million and $8.7 million as of December 31, 2021 and 2020, respectively. Within the next year, we expect to reclassify to earnings approximately $1.0 million of gains related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss).

We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposers, with gains and losses on the derivative contracts hedging these exposers. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes.

We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euro. We use currency forward contracts, cross currency swap contracts, and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date.

We had the following Euro:USD forward contracts designated as net investment hedges at December 31, 2021 and 2020 (in millions):


			Asset (Liability) Value as of
			December 31,		December 31,
Notional Value		Maturity Date	2021		2020
€	100.0	March 24, 2021		—		(3.9)
€	100.0	March 24, 2021		—		(3.8)
€	50.0	March 24, 2021		—		(2.3)
€	50.0	March 24, 2021		—		(2.2)
€	50.0	May 14, 2021		—		(2.2)
€	50.0	May 14, 2021		—		(2.2)
€	41.0	May 14, 2021		—		(1.9)
€	20.0	May 14, 2021		—		(1.7)
€	50.0	May 14, 2021		—		(2.1)
€	50.0	May 14, 2021		—		(6.4)
€	30.0	May 14, 2021		—		(2.6)
€	60.0	December 20, 2021		—		(4.2)
€	60.0	December 20, 2021		—		(4.1)
€	30.0	December 20, 2021		—		(2.2)
€	50.0	July 15, 2021		—		(0.1)
€	50.0	July 15, 2021		—		(0.1)
€	50.0	July 15, 2021		—		(0.1)
€	61.0	September 17, 2021		—		(1.3)
€	61.0	September 17, 2021		—		(1.2)
€	60.0	March 15, 2022		2.8		—
€	62.0	September 15, 2022		2.8		—
€	44.5	September 15, 2022		(0.3)		—
€	44.5	September 15, 2022		(0.4)		—
€	89.0	December 16, 2022		(0.8)		—

Asset balances in the above table are included in deferred costs and other assets. Liability balances in the above table are included in other liabilities.

We have designated the currency forward contracts and cross-currency swaps as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro or Yen-denominated joint venture investment.

The total accumulated other comprehensive income (loss) related to Simon’s derivative activities, including our share of other comprehensive income (loss) from unconsolidated entities, was ($10.0) million and ($53.2) million as of December 31, 2021 and 2020, respectively. The total accumulated other comprehensive income (loss) related to the Operating Partnership’s derivative activities, including our share of the other comprehensive income (loss) from unconsolidated entities, was ($11.4) million and ($60.9) million as of December 31, 2021 and 2020, respectively.

Noncontrolling Interests

Simon

Details of the carrying amount of our noncontrolling interests are as follows as of December 31:


	2021		2020
Limited partners’ interests in the Operating Partnership	$	477,292	$	431,784
Nonredeemable noncontrolling interests in properties, net		14,241		1,090
Total noncontrolling interests reflected in equity	$	491,533	$	432,874

Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties, limited partners’ interests in the Operating Partnership, and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders.

The Operating Partnership

Our evaluation of the appropriateness of classifying the Operating Partnership’s common units of partnership interest, or units, held by Simon and the Operating Partnership's limited partners within permanent equity considered several significant factors. First, as a limited partnership, all decisions relating to the Operating Partnership’s operations and distributions are made by Simon, acting as the Operating Partnership’s sole general partner. The decisions of the general partner are made by Simon's Board of Directors or management. The Operating Partnership has no other governance structure. Secondly, the sole asset of Simon is its interest in the Operating Partnership. As a result, a share of common stock of Simon, or common stock, if owned by the Operating Partnership, is best characterized as being similar to a treasury share and thus not an asset of the Operating Partnership.

Limited partners of the Operating Partnership have the right under the Operating Partnership’s partnership agreement to exchange their units for shares of common stock or cash, as selected by Simon as the sole general partner. Accordingly, we classify units held by limited partners in permanent equity because Simon may elect to issue shares of common stock to limited partners exercising their exchange rights rather than using cash. Under the Operating Partnership’s partnership agreement, the Operating Partnership is required to redeem units held by Simon only when Simon has repurchased shares of common stock. We classify units held by Simon in permanent equity because the decision to redeem those units would be made by Simon.

Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties) is a component of consolidated net income.

Accumulated Other Comprehensive Income (Loss)

Simon

The total accumulated other comprehensive income (loss) related to Simon’s currency translation adjustment was ($175.1) million, ($136.2) million and ($160.4) million as of December 31, 2021, 2020 and 2019, respectively.

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31:


	2021		2020		2019		Affected line item where net income is presented
Currency translation adjustments	$	5,660	$	(1,739)	$	—	Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
		(712)		219		—	Net income attributable to noncontrolling interests
	$	4,948	$	(1,520)		—

Accumulated derivative gains (losses), net	$	1,625	$	1,845	$	(2,782)	Interest expense
		—		—		(10,852)	Loss on extinguishment of debt
		(204)		(232)		1,802	Net income attributable to noncontrolling interests
	$	1,421	$	1,613	$	(11,832)

The Operating Partnership

The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($200.2) million, ($155.8) million and ($184.8) million as of December 31, 2021, 2020 and 2019, respectively.

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31:


	2021		2020		2019		Affected line item where net income is presented
Currency translation adjustments	$	5,660	$	(1,739)	$	—	Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net

Accumulated derivative gains (losses), net	$	1,625	$	1,845	$	(2,782)	Interest expense
		—		—		(10,852)	Loss on extinguishment of debt
	$	1,625	$	1,845	$	(13,634)

Revenue Recognition

We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We accrue fixed lease income on a straight-line basis over the terms of the leases when we believe substantially all lease income, including the related straight-line rent receivable, is probable of collection. Substantially all of our retail tenants are also required to pay overage rents based on sales over a stated base amount during the lease year. We recognize this variable lease consideration only when each tenant’s sales exceed the applicable sales threshold. We amortize any tenant inducements as a reduction of lease income utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter.

We structure our leases to allow us to recover a significant portion of our property operating, real estate taxes, repairs and maintenance, and advertising and promotion expenses from our tenants. A substantial portion of our leases, other than those for anchor stores, require the tenant to reimburse us for a substantial portion of our operating expenses, including common area maintenance, or CAM, real estate taxes and insurance. Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation or otherwise. For substantially all of our leases in the U.S. mall portfolio, we receive a fixed payment from the tenant for the CAM component which is recognized as lease income on a straight-line basis over the term of the lease beginning with the adoption of ASC 842. When not reimbursed by the fixed CAM component, CAM expense reimbursements are based on the tenant’s proportionate share of the allocable operating expenses and CAM capital expenditures for the property. We accrue all variable reimbursements from tenants for recoverable portions of all of these expenses as variable lease consideration in the period the applicable expenditures are incurred. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. Our advertising and promotional costs are expensed as incurred. Provisions for credit losses that are not probable of collection are recognized as a reduction of lease income.

In April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of COVID-19 on the application of lease modification guidance in Accounting Standards Codification (ASC) 842, “Leases.” The guidance provides a practical expedient to forgo the associated reassessments required by ASC 842 when changes to a lease result in similar or lower future consideration. We have elected to generally account for rent abatements as negative variable lease consideration in the period granted, or in the period we determine we expect to grant an abatement. Further abatements granted in the future will reduce lease income in the period we grant, or determine we expect to grant, an abatement.

We have agreed to deferral or abatement arrangements with a number of our tenants as a result of the COVID-19 pandemic. Discussions with our tenants are ongoing and may result in further rent deferrals, lease amendments, abatements and/or lease terminations, as we deem appropriate on a case-by-case basis based on each tenant's unique financial and operating situation. In addition, uncollected rent due from certain of our tenants is subject to ongoing litigation, the outcome of which may affect our ability to collect in full the associated outstanding receivable balances.

In connection with rent deferrals or other accruals of unpaid rent payments, if we determine that rent payments are probable of collection, we will continue to recognize lease income on a straight-line basis over the lease term along with associated tenant receivables. However, if we determine that such deferred rent payments or other accrued but unpaid rent payments are not probable of collection, lease income will be recorded on the cash basis, with the corresponding tenant receivable and deferred rent receivable balances charged as a direct write-off against lease income in the period of the change in our collectability determination. Additionally, our assessment of collectability incorporates information regarding a tenant’s financial condition that is obtained from available financial data, the expected outcome of contractual disputes and other matters, and our communications and negotiations with the tenant.

When a tenant seeks to reorganize its operations through bankruptcy proceedings, we assess the collectability of receivable balances. Our ongoing assessment incorporates, among other things, the timing of a tenant’s bankruptcy filing and our expectations of the assumptions by the tenant in bankruptcy proceedings of leases at the Company’s properties on substantially similar terms. Refer to note 9 for further disclosure of lease income.

Management Fees and Other Revenues

Management fees and other revenues are generally received from our unconsolidated joint venture properties as well as third parties. Management fee revenue is earned based on a contractual percentage of joint venture property revenue. Development fee revenue is earned on a contractual percentage of hard costs to develop a property. Leasing fee revenue is earned on a contractual per square foot charge based on the square footage of current year leasing activity. We recognize revenue for these services provided when earned based on the performance criteria.

Revenues from insurance premiums charged to unconsolidated properties are recognized on a pro-rata basis over the terms of the policies. Insurance losses on these policies and our self-insurance for our consolidated properties are reflected in property operating expenses in the accompanying consolidated statements of operations and comprehensive income and include estimates for losses incurred but not reported as well as losses pending settlement. Estimates for losses are based on evaluations by third-party actuaries and management’s estimates. Total insurance reserves for our insurance subsidiaries and other self-insurance programs as of December 31, 2021 and 2020 approximated $77.2 million and $71.6 million, respectively, and are included in other liabilities in the consolidated balance sheets. Information related to the securities included in the investment portfolio of our captive insurance subsidiary is included within the “Equity Instruments and Debt Securities” section above.

Simon Property Group Acquisition Holdings, Inc.

The Company sponsored, through a wholly-owned subsidiary, a special purpose acquisition corporation, or SPAC, named Simon Property Group Acquisition Holdings, Inc. On February 18, 2021, the SPAC announced the pricing of its initial public offering, which was consummated on February 23, 2021, generating gross proceeds of $345.0 million, which have been placed in a trust account and is included in the accompanying consolidated balance sheet in Investments held in trust – special purpose acquisition company. The SPAC is a consolidated VIE which was formed for the purpose of effecting a business combination. The Company accounts for the noncontrolling interest in the SPAC as noncontrolling redeemable interests as these instruments are redeemable at the option of the holder and are classified as temporary equity at their redemption value in Simon’s accompanying consolidated balance sheet in Limited partners preferred interest in the Operating Partnership and noncontrolling redeemable interests and in the Operating Partnership’s accompanying consolidated balance sheet in Preferred units, various series, at liquidation value, and noncontrolling redeemable interests.

New Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, “Reference Rate Reform,” which provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. Additional optional expedients, exceptions, and clarifications were created in ASU 2021-01. The guidance is effective upon issuance and generally can be applied to any contract modifications or existing and new hedging relationships through December 31, 2022. We elected the expedients in conjunction with transitioning certain debt instruments, as discussed in note 7, to alternative benchmark indexes. There was no impact on our consolidated financial statements at adoption.

Real Estate Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2021

Real Estate Acquisitions and Dispositions

Real Estate Acquisitions and Dispositions

4. Real Estate Acquisitions and Dispositions

We acquire interests in properties to generate both current income and long-term appreciation in value. We acquire interests in individual properties or portfolios of real estate companies that meet our investment criteria and sell properties which no longer meet our strategic criteria. Unless otherwise noted below, gains and losses on these transactions are included in gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. We capitalize asset acquisition costs and expense costs related to business combinations, as well as disposition related costs as they are incurred. We

incurred a minimal amount of transaction expenses during 2021, 2020, and 2019. Refer to Note 6 for disclosure of unconsolidated joint venture acquisitions and dispositions.

Our acquisition and disposition activity for the periods presented are as follows:

2019 Acquisitions

On September 19, 2019, we acquired the remaining 50% interest in a hotel adjacent to one of our properties for cash consideration of $12.8 million. As of closing, the property was subject to a $21.5 million, 4.02% variable rate mortgage. We accounted for this transaction as an asset acquisition and substantially all our investment relates to investment property.

2021 Dispositions

During 2021, we recorded net gains of $176.8 million primarily related to disposition activity which included the foreclosure of three consolidated retail properties in satisfaction of their respective $180.0 million, $120.9 million and $100.0 million non-recourse mortgage loans.

2020 Dispositions

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

2019 Dispositions

During 2019, we disposed of our interests in one multi-family residential investment. Our share of the gross proceeds on this transaction was $17.9 million. Our share of the gain of $16.2 million is included in other income in the accompanying consolidated statement of operation and comprehensive income.

Per Share and Per Unit Data

12 Months Ended

Dec. 31, 2021

Per Share and Per Unit Data

Per Share and Per Unit Data

5. Per Share and Per Unit Data

We determine basic earnings per share and basic earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share and diluted earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding combined with the incremental weighted average number of shares or units, as applicable, that would have been outstanding assuming all potentially dilutive securities were converted into shares of common stock or units, as applicable, at the earliest date possible. The following tables set forth the components of basic and diluted earnings per share and basic and diluted earnings per unit.

Simon


	For the Year Ended December 31,
	2021		2020		2019
Net Income attributable to Common Stockholders — Basic and Diluted	$	2,246,294	$	1,109,227	$	2,098,247
Weighted Average Shares Outstanding — Basic and Diluted		328,587,137		308,737,625		307,950,112

For the year ended December 31, 2021, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance units, or LTIP units, granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. No securities had a material dilutive effect for the years ended December 31, 2021, 2020, and 2019. We have not adjusted net income attributable to

common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared. On February 7, 2022, Simon’s Board of Directors declared a quarterly cash dividend for the first quarter of 2022 of $1.65 per share, payable on March 31, 2022 to shareholders of record on March 10, 2022.

The Operating Partnership


	For the Year Ended December 31,
	2021		2020		2019
Net Income attributable to Unitholders — Basic and Diluted	$	2,569,508	$	1,276,450	$	2,416,945
Weighted Average Units Outstanding — Basic and Diluted		375,866,759		355,281,882		354,724,019

For the year ended December 31, 2021, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the years ended December 31, 2021, 2020, and 2019. We accrue distributions when they are declared. On February 7, 2022, Simon’s Board of Directors declared a quarterly cash distribution for the first quarter of 2022 of $1.65 per unit, payable on March 31, 2022 to unitholders of record on March 10, 2022.

The taxable nature of the dividends declared and Operating Partnership distributions declared for each of the years ended as indicated is summarized as follows:


	For the Year Ended December 31,
	2021			2020			2019
Total dividends/distributions paid per common share/unit	$	5.85		$	6.00		$	8.30
Percent taxable as ordinary income		93.10	%		97.40	%		100.00	%
Percent taxable as long-term capital gains		6.90	%		2.60	%		0.00	%
		100.00	%		100.00	%		100.00	%

Investments in Unconsolidated Entities and International Investments

12 Months Ended

Dec. 31, 2021

Investments in Unconsolidated Entities and International Investments

Investments in Unconsolidated Entities and International Investments

6. Investments in Unconsolidated Entities and International Investments

Real Estate Joint Ventures and Investments

Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties and diversify our risk in a particular property or portfolio of properties. As discussed in Note 2, we held joint venture interests in 84 properties as of December 31, 2021 and December 31, 2020.

Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash or borrowings, or the use of limited partnership interests in the Operating Partnership, to acquire the joint venture interest from our partner.

We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of December 31, 2021 and 2020, we had construction loans and other advances to these related parties totaling $88.4 million, which are included in deferred costs and other assets in the accompanying consolidated balance sheets.

Unconsolidated Entity Transactions

On July 1, 2021, we contributed to ABG all of our interests in both the Forever 21 and Brooks Brothers licensing ventures in exchange for additional interests in ABG. As a result, in the third quarter of 2021, we recognized a non-cash

pre-tax gain of $159.8 million, which is included in gain on sale or exchange of equity interests in the consolidated statement of operations, representing the difference between the fair value of the interests received determined using Level 3 inputs and the carrying value of the licensing ventures less costs to sell. In connection with this transaction, we recorded deferred tax expense of $47.9 million which is included in income and other tax (expense) benefit in the consolidated statements of operations and comprehensive income. On December 20, 2021, we sold a portion of our interest in ABG, resulting in a pre-tax gain of $18.8 million, which is included in gain on sale or exchange of equity interests in the consolidated statement of operations. In connection with this transaction, we recorded tax expense of $8.0 million which is included in income and other tax (expense) benefit in the consolidated statements of operations and comprehensive income. Subsequently, we acquired additional interests in ABG for cash consideration of $100.0 million. At December 31, 2021, our interest in ABG was approximately 10.4%.

During the fourth quarter of 2021, we disposed of our interest in an unconsolidated property resulting in a gain of $3.4 million which is included in (gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the consolidated statements of operations and comprehensive income. Our share of the proceeds from this transaction was $3.0 million.

On June 1, 2021, we and our partner, ABG, acquired the intellectual property of Eddie Bauer. Our non-controlling interest in the licensing venture is 49% and was acquired for cash consideration of $100.8 million.

During the second quarter of 2021, we sold our interest in one multi-family residential investment. Our share of the gross proceeds from this transaction was $27.1 million. The gain of $14.9 million on the sale is included in other income in the accompanying consolidated statement of operations and comprehensive income.

On December 29, 2020, we completed the acquisition of an 80% noncontrolling ownership interest in TRG, which has an interest in 24 regional, super-regional, and outlet malls in the U.S. and Asia. Under the terms of the transaction, we, through the Operating Partnership, acquired all of Taubman Centers, Inc., or Taubman, common stock for $43.00 per share in cash. Total consideration for the acquisition, including the redemption of Taubman’s $192.5 million 6.5% Series J Cumulative Preferred Shares and its $170.0 million 6.25% Series K Cumulative Preferred Shares, and the issuance of 955,705 Operating Partnership units, was approximately $3.5 billion. Our investment includes the 6.38% Series A Cumulative Redeemable Preferred Units for $362.5 million issued to us. Our share of net (loss) income was ($118.1 million) for the year ended December 31, 2021, which includes amortization of our excess investment of $196.1 million. In connection with the finalization of the purchase price allocation, we recorded additional amortization of our excess investment of $52.4 million in the fourth quarter of 2021 as a revision to the preliminary amortization previously recorded. Substantially all of our investment has been allocated to investment property based upon fair values determined at the acquisition date using Level 2 and 3 inputs. TRG’s total assets, total liabilities, and noncontrolling interests were $4.0 billion, $4.8 billion, and $155.9 million, respectively, as of December 31, 2021 and $4.1 billion, $5.0 billion and $154.0 million, respectively, as of December 31, 2020. TRG’s total revenue, operating income before other items and consolidated net income were approximately $586.7 million, $196.5 million, and $96.8 million, respectively, for the year ended December 31, 2021, before consideration of the amortization of our excess investment.

On December 7, 2020, we and a group of co-investors acquired certain assets and liabilities of J.C. Penney, a department store retailer, out of bankruptcy. Our non-controlling interest in the venture is 41.67% and was acquired for cash consideration of $125.0 million.

In the third quarter of 2020, we recorded an other-than-temporary impairment charge of $55.2 million, representing our equity method investment balance in three joint venture properties, which is included in (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income. Additionally, in the third quarter of 2020 and in the fourth quarter of 2019, we recorded an other-than-temporary impairment charge of $36.1 million and $47.2 million, respectively, related to an investment, which is included in gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statements of operations and comprehensive income.

On February 19, 2020, we and a group of co-investors acquired certain assets and liabilities of Forever 21, a retailer of apparel and accessories, out of bankruptcy. The interests were acquired through two separate joint ventures, a licensing venture and an operating venture. Our aggregate investment in the ventures was $67.6 million. In connection with the acquisition of our interest, the Forever 21 joint venture recorded a non-cash bargain purchase gain in the second quarter of 2020, of which our share of $35.0 million pre-tax is included in income from unconsolidated entities in the consolidated statement of operations and comprehensive income. In the first quarter of 2021, we and our partner, ABG, each acquired additional 12.5% interests in the licensing and operations of Forever 21, our share of which was $56.3 million, bringing our respective interests to 50%. Subsequently, the Forever 21 operations were merged into SPARC Group.

On October 16, 2019, we contributed approximately $276.8 million consisting of cash and the Shop Premium Outlets, or SPO, assets for a 45% noncontrolling interest in RGG to create a new multi-platform venture dedicated to digital value shopping. We attributed substantially all of our investment to goodwill and certain amortizing and non-amortizing intangibles.

On September 19, 2019, as discussed in note 4, we acquired the remaining 50% interest in a hotel adjacent to one of our properties from our joint venture partner. As a result of this acquisition, we now own 100% of this property.

During the first quarter of 2019, we disposed of our interests in a multi-family residential investment. Our share of the gross proceeds was $17.9 million. The gain of $16.2 million is included in other income in the accompanying consolidated statement of operations and comprehensive income.

In 2016, we and a group of co-investors acquired certain assets and liabilities of Aéropostale, a retailer of apparel and accessories, out of bankruptcy and subsequently renamed SPARC Group. The interests were acquired through two separate joint ventures, a licensing venture and an operating venture. In April 2018, we contributed our entire interest in the licensing venture in exchange for additional interests in ABG, a brand development, marketing, and entertainment company. In January 2020, we acquired additional interests of 5.05% and 1.37% in SPARC Group and ABG, respectively, for $6.7 million and $33.5 million, respectively. During the third quarter of 2020, SPARC acquired certain assets and operations of Brooks Brothers and Lucky Brands out of bankruptcy. During the second quarter of 2021, SPARC Group acquired certain assets and operations of Eddie Bauer. At December 31, 2021, our noncontrolling equity method interests in the operations venture of SPARC Group was 50.0%.

International Investments

We conduct our international operations primarily through joint venture arrangements and account for the majority of these international joint venture investments using the equity method of accounting.

European Investments

At December 31, 2021, we owned 63,924,148 shares, or approximately 22.4%, of Klépierre, which had a quoted market price of $23.65 per share. Our share of net income, net of amortization of our excess investment, was $145.1 million, $26.5 million and $145.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre’s results to GAAP, Klépierre’s total assets, total liabilities, and noncontrolling interests were $18.1 billion, $11.9 billion, and $1.3 billion, respectively, as of December 31, 2021 and $20.9 billion, $14.4 billion, and $1.4 billion, respectively, as of December 31, 2020. Klépierre’s total revenues, operating income before other items and consolidated net income were approximately $1.2 billion, $380.5 million and $848.1 million, respectively, for the year ended December 31, 2021, $1.3 billion, $327.3 million and $211.2 million, respectively, for the year ended December 31, 2020, and $1.5 billion, $626.3 million and $655.5 million, respectively, for the year ended December 31, 2019, before consolidation of the amortization of our excess investment.

During the year ended December 31, 2021, Klépierre elected to step-up the tax basis of certain assets in Italy, which triggered a one-time payment at a significantly reduced tax rate. As a result of the step-up in tax basis, a previously established deferred tax liability was reversed resulting in a non-cash gain, of which our share was $118.4 million.

During the year ended December 31, 2021, we recorded a net gain of $1.2 million related to the disposition of certain assets of Klépierre. During the year ended December 31, 2020, we recorded a $4.3 million net loss related to the impairment and disposition of certain assets of Klépierre. During the year ended December 31, 2019, we recorded a gain of $58.6 million related to the disposition of certain assets of Klépierre. These transactions are included in gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income.

We have an interest in a European investee that had interests in 11 Designer Outlet properties as of December 31, 2021, ten Designer Outlet properties as of December 31, 2020, and nine Designer Outlet properties as of December 31, 2019. Seven of which are consolidated by us as of December 31, 2021. As of December 31, 2021, our legal percentage ownership interests in these properties ranged from 23% to 94%. Due to certain redemption rights held by our venture partner, which will require us to purchase their interests under certain circumstances, the noncontrolling interest is presented (i) in the accompanying Simon consolidated balance sheets outside of equity in limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties and (ii) in the accompanying Operating Partnership consolidated balance sheets within preferred units, various series, at liquidation value, and noncontrolling redeemable interests in properties.

On January 1, 2021 our European investee gained control of Ochtrup Designer Outlets as a result of the expiration of certain participating rights held by a venture partner. This resulted in the consolidation of the property, requiring a remeasurement of our previously held equity interest to fair value and the recognition of a non-cash gain of $3.7 million in earnings during the first quarter of 2021, which includes amounts reclassified from accumulated other comprehensive income (loss) related to the currency translation adjustment previously recorded on our investment. The gain is included in gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. The determination of the fair value consisted of Level 2 and 3 inputs and was predominately allocated to investment property.

In addition, we have a 50.0% noncontrolling interest in a European property management and development company that provides services to the Designer Outlet properties.

We also have minority interests in Value Retail PLC and affiliated entities, which own or have interests in and operate nine luxury outlets located throughout Europe and we also have a direct minority ownership in three of those outlets. At December 31, 2021 and 2020, the carrying value of these equity instruments without readily determinable fair values was $140.8 million and is included in deferred costs and other assets.

Asian Joint Ventures

We conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi Estate Co., Ltd. We have a 40%noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $206.1 million and $216.8 million as of December 31, 2021 and 2020, respectively, including all related components of accumulated other comprehensive income (loss). We conduct our international Premium Outlet operations in South Korea through a joint venture with Shinsegae International Co. We have a 50% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $194.9 million and $184.7 million as of December 31, 2021 and 2020, respectively, including all related components of accumulated other comprehensive income (loss).

Summary Financial Information

A summary of the combined balance sheets and statements of operations of our equity method investments and share of income from such investments, excluding our investments in Klépierre and TRG, as well as our other platform investments.

COMBINED BALANCE SHEETS


	December 31,		December 31,
	2021		2020
Assets:
Investment properties, at cost	$	19,724,242	$	20,079,476
Less - accumulated depreciation		8,330,891		8,003,863
		11,393,351		12,075,613
Cash and cash equivalents		1,481,287		1,169,422
Tenant receivables and accrued revenue, net		591,369		749,231
Right-of-use assets, net		154,561		185,598
Deferred costs and other assets		394,691		380,087
Total assets	$	14,015,259	$	14,559,951
Liabilities and Partners’ Deficit:
Mortgages	$	15,223,710	$	15,569,485
Accounts payable, accrued expenses, intangibles, and deferred revenue		995,392		969,242
Lease liabilities		158,372		188,863
Other liabilities		383,018		426,321
Total liabilities		16,760,492		17,153,911
Preferred units		67,450		67,450
Partners’ deficit		(2,812,683)		(2,661,410)
Total liabilities and partners’ deficit	$	14,015,259	$	14,559,951
Our Share of:
Partners’ deficit	$	(1,207,396)	$	(1,130,713)
Add: Excess Investment		1,283,645		1,399,757
Our net Investment in unconsolidated entities, at equity	$	76,249	$	269,044

“Excess Investment” represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures or other investments acquired and has been determined to relate to the fair value of the investment properties, intangible assets, including goodwill, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of assets acquired, typically no greater than 40 years, the terms of the applicable leases, the estimated useful lives of the finite lived intangibles, and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities.

As of December 31, 2021, scheduled principal repayments on these joint venture properties’ mortgage indebtedness, assuming the obligations remain outstanding through the initial maturities, are as follows:


2022	$	2,111,105
2023		1,515,170
2024		2,851,788
2025		1,755,169
2026		3,032,175
Thereafter		3,995,886
Total principal maturities		15,261,293
Debt issuance costs		(37,583)
Total mortgages	$	15,223,710

This debt becomes due in installments over various terms extending through 2035 with interest rates ranging from 0.16% to 9.98% and a weighted average interest rate of 3.60% at December 31, 2021.

COMBINED STATEMENTS OF OPERATIONS



	December 31,
	2021		2020		2019
REVENUE:
Lease income	$	2,797,221	$	2,544,134	$	3,088,594
Other income		319,956		300,634		322,398
Total revenue		3,117,177		2,844,768		3,410,992
OPERATING EXPENSES:
Property operating		575,584		519,979		587,062
Depreciation and amortization		686,790		692,424		681,764
Real estate taxes		263,325		262,351		266,013
Repairs and maintenance		79,300		68,722		85,430
Advertising and promotion		72,441		67,434		89,660
Other		200,899		163,710		196,178
Total operating expenses		1,878,339		1,774,620		1,906,107
Operating Income Before Other Items		1,238,838		1,070,148		1,504,885
Interest expense		(605,591)		(616,332)		(636,988)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		34,814		—		24,609
Net Income	$	668,061	$	453,816	$	892,506
Third-Party Investors’ Share of Net Income	$	333,304	$	226,364	$	460,696
Our Share of Net Income	$	334,757	$	227,452	$	431,810
Amortization of Excess Investment		(64,974)		(82,097)		(83,556)
Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements		(14,941)		—		(9,156)
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net		(541)		—		(1,133)
Income from Unconsolidated Entities	$	254,301	$	145,355	$	337,965

Our share of income from unconsolidated entities in the above table, aggregated with our share of results from our investments in Klépierre and TRG, as well as our other platform investments, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Unless otherwise noted, our share of the gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net is reflected within gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income.

Indebtedness

12 Months Ended

Dec. 31, 2021

Indebtedness

Indebtedness

7. Indebtedness

Our mortgages and unsecured indebtedness, excluding the impact of derivative instruments, consist of the following as of December 31:


	2021		2020
Fixed-Rate Debt:
Mortgage notes, including $2,892 and $3,348 of net premiums and $14,619 and $15,237 of debt issuance costs, respectively. Weighted average interest and maturity of 3.61% and 4.3 years at December 31, 2021.	$	4,546,614	$	5,803,718
Unsecured notes, including $30,964 and $22,470 of net discounts and $83,147 and $74,622 of debt issuance costs, respectively. Weighted average interest and maturity of 2.93% and 9.6 years at December 31, 2021.		18,254,507		16,985,990
Commercial Paper (see below)		500,000		623,020
Total Fixed-Rate Debt		23,301,121		23,412,728
Variable-Rate Debt:
Mortgage notes, including $4,354 and $7,102 of debt issuance costs, respectively. Weighted average interest and maturity of 1.70% and 1.6 years at December 31, 2021.		803,495		1,137,034
Credit Facilities (see below), including $22,039 and $16,171 of debt issuance costs, respectively.		1,152,961		2,108,829
Total Variable-Rate Debt		1,956,456		3,245,863
Other Debt Obligations		63,445		64,770
Total Mortgages and Unsecured Indebtedness	$	25,321,022	$	26,723,361

General. Our unsecured debt agreements contain financial covenants and other non-financial covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender, including adjustments to the applicable interest rate. As of December 31, 2021, we were in compliance with all covenants of our unsecured debt.

At December 31, 2021, our consolidated subsidiaries were the borrowers under 36 non-recourse mortgage notes secured by mortgages on 39 properties and other assets, including two separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of five properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties that serve as collateral for that debt. If the applicable borrower under these non-recourse mortgage notes were to fail to comply with these covenants, the lender could accelerate the debt and enforce its rights against their collateral. At December 31, 2021, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually or in the aggregate, giving effect to applicable cross-default provisions, have a material adverse effect on our financial condition, liquidity or results of operations.

Unsecured Debt

At December 31, 2021, our unsecured debt consisted of $18.4 billion of senior unsecured notes of the Operating Partnership, $125.0 million outstanding under the Operating Partnership’s $4.0 billion unsecured revolving credit facility, or Credit Facility, $1.05 billion outstanding under the Operating Partnership’s $3.5 billion unsecured revolving credit facility, or Supplemental Facility, and $500.0 million outstanding under the Operating Partnership’s global unsecured commercial paper program, or Commercial Paper program.

The Credit Facility also included an additional single, delayed-draw $2.0 billion term loan facility, or Term Facility, or together with the Credit Facility and the Supplemental Facility, the Credit Facilities, which the Operating Partnership drew on December 15, 2020, and repaid in 2021.

In November 2021, we amended our Credit Facility to transition the borrowing rates from LIBOR to successor benchmark indexes. The Credit Facility can be increased in the form of additional commitments in an aggregate not to exceed $1.0 billion, for a total aggregate size of $5.0 billion, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent. Borrowings may be denominated in U.S. dollars, Euro, Yen, Pounds, Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 95% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility is June 30, 2024. The Credit Facility can be extended for two additional six-month periods to June 30, 2025, at our sole option, subject to satisfying certain customary conditions precedent.

Borrowings under the Credit Facility bear interest, at our election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment and if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by our corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by our corporate credit rating of between 0.000% and 0.400%. The Credit Facility includes a facility fee determined by our corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Credit Facility. Based upon our current credit ratings, the interest rate on the Credit Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR.

In October 2021, we amended, restated, and extended the Supplemental Facility. The Supplemental Facility’s initial borrowing capacity of $3.5 billion may be increased to $4.5 billion during its term and provides for borrowings denominated in U.S. dollars, Euro, Yen, Pounds, Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 100% of the maximum revolving credit amount, as defined. The initial maturity date of the Supplemental Facility is January 31, 2026 and can be extended for an additional year to January 31, 2027 at our sole option, subject to satisfying certain customary conditions precedent.

Borrowings under the Supplemental Facility bear interest, at our election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment and if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by our corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by our corporate credit rating of between 0.000% and 0.400%. The Supplemental Facility includes a facility fee determined by our corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Supplemental Facility. Based upon our current credit ratings, the interest rate on the Supplemental Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR.

On December 31, 2021, we had an aggregate available borrowing capacity of $5.8 billion under the Facilities. The maximum aggregate outstanding balance under the Facilities during the year ended December 31, 2021 was $2.1 billion and the weighted average outstanding balance was $519.9 million. Letters of credit of $11.8 million were outstanding under the Facilities as of December 31, 2021.

The Operating Partnership also has available a Commercial Paper program of $2.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euro and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S. and

Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership's other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facilities, and if necessary or appropriate, we may make one or more draws under either of the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program. On December 31, 2021, we had $500.0 million outstanding under the Commercial Paper program, fully comprised of U.S. dollar denominated notes with a weighted average interest rate of 0.22%. These borrowings have a weighted average maturity date of January 23, 2022 and reduce amounts otherwise available under the Credit Facilities.

On July 9, 2020, the Operating Partnership completed the issuance of the following senior unsecured notes: $500.0 million with a fixed interest rate of 3.50%, $750 million with a fixed interest rate of 2.650%, and $750 million with a fixed interest rate of 3.80%, with maturity dates of September 2025 (the “2025” Notes”), June 2030, and June 2050, respectively. The 2025 Notes were issued as additional notes under an indenture pursuant to which the Operating Partnership previously issued $600 million principal amount of 3.50% senior notes due September 2025 on August 17, 2015. Proceeds from the unsecured notes offering funded the optional redemption at par of senior unsecured notes in July and August 2020, as discussed below, and repaid a portion of the indebtedness under the Facilities.

On July 10, 2020 the Operating Partnership repaid $1.75 billion under the Credit Facility and $750.0 million under the Supplemental Facility.

On July 22, 2020, the Operating Partnership completed the optional redemption at par of its $500 million 2.50% notes due September 1, 2020.

On August 6, 2020 the Operating Partnership completed the optional redemption at par of its €375 million 2.375% notes due October 2, 2020.

On January 21, 2021 the Operating Partnership completed the issuance of the following senior unsecured notes: $800 million with a fixed interest rate of 1.750%, and $700 million with a fixed interest rate of 2.20%, with maturity dates of February 2028 and 2031, respectively.

On January 27, 2021 the Operating Partnership completed the planned optional redemption of its $550 million 2.50% notes due on July 15, 2021, including the make-whole amount. Further, on February 2, 2021 the Operating Partnership repaid $750 million under the Term Facility.

On March 19, 2021, the Operating Partnership completed the issuance of €750 million ($893.0 million U.S. dollar equivalent as of the issuance date) of senior unsecured notes at a fixed rate of 1.125% with a maturity date of March 19, 2033, the proceeds of which were used on March 23, 2021 to repay the remaining $1.25 billion under the Term Facility reducing it to zero.

On August 18, 2021, the Operating Partnership completed the issuance of the following senior unsecured notes: $550 million with a fixed interest rate of 1.375%, and $700 million with a fixed interest rate of 2.250%, with maturity dates of January 15, 2027, and 2032, respectively.

In the third quarter of 2021, the Operating Partnership completed the optional redemption of all of its outstanding $550 million 2.350% notes due on January 30, 2022, $600 million 2.625% notes due on June 15, 2022, and $500 million 2.750% notes due on February 1, 2023. We recorded a $28.6 million loss on extinguishment of debt as a result on the optional redemptions.

On December 14, 2021, the Operating Partnership drew $1.05 billion under the Supplemental Facility, the proceeds of which funded the early extinguishment of 9 mortgages with a principal balance of $1.16 billion. We recorded a $20.3 million loss on extinguishment of debt as a result of this transaction.

On January 11, 2022, the Operating Partnership completed the issuance of the following senior unsecured notes: $500 million with a floating interest rate of SOFR plus 43 basis points, and $700 million with a fixed interest rate of 2.650%, with maturity dates of January 11, 2024 and February 1, 2032, respectively. The proceeds were used to repay $1.05 billion outstanding under the Supplemental Facility on January 12, 2022.

Mortgage Debt

Total mortgage indebtedness was $5.4 billion and $7.0 billion at December 31, 2021 and 2020, respectively.

Debt Maturity and Other

Our scheduled principal repayments on indebtedness as of December 31, 2021, assuming the obligations remain outstanding through the initial maturities, are as follows:


2022	$	1,898,889	(1)
2023		1,230,712
2024		2,828,818
2025		2,669,547
2026		3,920,142
Thereafter		12,861,700
Total principal maturities		25,409,808
Net unamortized debt premium		28,055
Net unamortized debt discount		(56,127)
Debt issuance costs, net		(124,159)
Other Debt Obligations		63,445
Total mortgages and unsecured indebtedness	$	25,321,022

(1)	Includes $500.0 million in Global Commercial Paper.

Our cash paid for interest in each period, net of any amounts capitalized, was as follows:


	For the Year Ended December 31,
	2021		2020		2019
Cash paid for interest	$	822,182	$	754,306	$	803,728

Debt Issuance Costs

Our debt issuance costs consist primarily of financing fees we incurred in order to obtain long-term financing. We record amortization of debt issuance costs on a straight-line basis over the terms of the respective loans or agreements. Details of those debt issuance costs as of December 31 are as follows:


	2021		2020
Debt issuance costs	$	227,774	$	202,859
Accumulated amortization		(103,615)		(89,727)
Debt issuance costs, net	$	124,159	$	113,132

We report amortization of debt issuance costs, amortization of premiums, and accretion of discounts as part of interest expense. We amortize debt premiums and discounts, which are included in mortgages and unsecured indebtedness, over the remaining terms of the related debt instruments. These debt premiums or discounts arise either at

the time of the debt issuance or as part of purchase accounting for the fair value of debt assumed in acquisitions. The accompanying consolidated statements of operations and comprehensive income include amortization as follows:


		For the Year Ended December 31,
	2021		2020		2019
Amortization of debt issuance costs	$	24,794	$	23,076	$	21,499
Amortization of debt discounts/(premiums)		168		174		1,571

Fair Value of Debt

The carrying value of our variable-rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed-rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed-rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed-rate mortgages and unsecured indebtedness including commercial paper was $23.3 billion and $23.4 billion as of December 31, 2021 and 2020, respectively. The fair values of these financial instruments and the related discount rate assumptions as of December 31 are summarized as follows:


	December 31,			December 31,
	2021			2020
Fair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions)	$	24,597		$	25,327
Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages		3.17	%		2.41	%
Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness		3.33	%		2.63	%

Equity

12 Months Ended

Dec. 31, 2021

Equity

Equity

8. Equity

Simon’s Board of Directors is authorized to reclassify excess common stock into one or more additional classes and series of capital stock, to establish the number of shares in each class or series and to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, and qualifications and terms and conditions of redemption of such class or series, without any further vote or action by the stockholders. The issuance of additional classes or series of capital stock may have the effect of delaying, deferring or preventing a change in control of us without further action of the stockholders. The ability to issue additional classes or series of capital stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or of discouraging a third party from acquiring, a majority of Simon’s outstanding voting stock.

Holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders, other than for the election of directors. The holders of Simon’s Class B common stock have the right to elect up to four members of Simon’s Board of Directors. All 8,000 outstanding shares of the Class B common stock are subject to two voting trusts as to which Herbert Simon and David Simon are the trustees. Shares of Class B common stock convert automatically into an equal number of shares of common stock upon the occurrence of certain events and can be converted into shares of common stock at the option of the holders.

Common Stock and Unit Issuances and Repurchases

In 2021, Simon issued 58,571 shares of common stock to seven limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. During the year ended December 31, 2021, the Operating Partnership redeemed 15,705 units from seven limited partners for $2.2

million. In 2020, Simon issued 293,204 shares of common stock to 20 limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. During the year ended December 31, 2020, the Operating Partnership redeemed 116,658 units from four limited partners for $16.1 million. These transactions increased Simon’s ownership interest in the Operating Partnership.

On December 29, 2020, the Operating Partnership issued 955,705 units in connection with the acquisition of an 80% ownership interest in TRG, as discussed in Note 6.

On November 18, 2020, we issued 22,137,500 shares of common stock in a public offering at a price of $72.50 per share, before underwriting discounts and commissions. The Operating Partnership issued an equal number of units to Simon. A portion of the $1.6 billion proceeds from the offering, net of issue costs, were used to fund the Operating Partnership’s acquisition of an 80% ownership interest in TRG.

On February 13, 2017, Simon’s Board of Directors authorized a two-year extension of the previously authorized $2.0 billion common stock repurchase plan through March 31, 2019. On February 11, 2019, Simon's Board of Directors authorized a new common stock repurchase plan. Under the plan, Simon was authorized to repurchase up to $2.0 billion of its common stock during the two-year period ending February 11, 2021. The Repurchase Program was not extended. Simon repurchased the shares in the open market or in privately negotiated transactions as market conditions warranted. During the year ended December 31, 2020, Simon purchased 1,245,654 shares at an average price of $122.50 per share. During the year ended December 31, 2019, Simon purchased 2,247,074 shares at an average price of $160.11 per share, of which 46,377 shares at an average price of $164.49 were purchased as part of the previous program. As Simon repurchased shares under this program, the Operating Partnership repurchased an equal number of units from Simon.

Temporary Equity

Simon

Simon classifies as temporary equity those securities for which there is the possibility that Simon could be required to redeem the security for cash irrespective of the probability of such a possibility. As a result, Simon classifies one series of preferred units in the Operating Partnership and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below.

Limited Partners’ Preferred Interest in the Operating Partnership and Noncontrolling Redeemable Interests in Properties. The redemption features of the preferred units in the Operating Partnership contain provisions which could require the Operating Partnership to settle the redemption in cash. As a result, this series of preferred units in the Operating Partnership remains classified outside permanent equity.

The remaining noncontrolling interests in a property or portfolio of properties which are redeemable at the option of the holder or in circumstances that may be outside Simon’s control, are accounted for as temporary equity. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded and presented within accumulated deficit in the consolidated statements of equity in the line issuance of unit equivalents and other. There were no noncontrolling interests redeemable at amounts in excess of fair value as of December 31, 2021 and 2020. The

following table summarizes the preferred units in the Operating Partnership and the amount of the noncontrolling redeemable interests in properties as of December 31.


	2021		2020
7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding	$	25,537	$	25,537
Other noncontrolling redeemable interests		522,203		160,355
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$	547,740	$	185,892

Refer to Note 3 for discussion of the noncontrolling redeemable interest related to the SPAC.

7.50% Cumulative Redeemable Preferred Units. This series of preferred units accrues cumulative quarterly distributions at a rate of $7.50 annually. The preferred units are redeemable by the Operating Partnership upon the death of the survivor of the original holders, or the transfer of any preferred units to any person or entity other than the persons or entities entitled to the benefits of the original holder. The redemption price is the liquidation value ($100.00 per preferred unit) plus accrued and unpaid distributions, payable either in cash or fully registered shares of common stock at our election. In the event of the death of a holder of the preferred units, the occurrence of certain tax triggering events applicable to the holder, or on or after November 10, 2006, the holder may require the Operating Partnership to redeem the preferred units at the same redemption price payable at the option of the Operating Partnership in either cash or shares of common stock. These preferred units have a carrying value of $25.5 million and are included in limited partners’ preferred interest in the Operating Partnership in the consolidated balance sheets at December 31, 2021 and 2020.

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 Redeemable instruments, which typically represent the remaining noncontrolling interests in a property or portfolio of properties, and which are redeemable at the option of the holder or in circumstances that may be outside our 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 within equity and are presented in the consolidated statements of equity in the line issuance of unit equivalents and other. There are no noncontrolling interests redeemable at amounts in excess of fair value as of December 31, 2021 and 2020. The following table summarizes the preferred units and the amount of the noncontrolling redeemable interests in properties as of December 31.


	2021		2020
7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding	$	25,537	$	25,537
Other noncontrolling redeemable interests		522,203		160,355
Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties	$	547,740	$	185,892

Refer to Note 3 for discussion of the noncontrolling redeemable interest related to the SPAC.

7.50% Cumulative Redeemable Preferred Units The 7.50% preferred units accrue cumulative quarterly distributions at a rate of $7.50 annually. We may redeem the preferred units upon the death of the survivor of the original holders, or the transfer of any preferred units to any person or entity other than the persons or entities entitled to the benefits of the original holder. The redemption price is the liquidation value ($100.00 per preferred unit) plus accrued and unpaid distributions, payable either in cash or fully registered shares of common stock of Simon at our election. In the event of the death of a holder of the 7.5% preferred units, the occurrence of certain tax triggering events applicable to the holder, or on or after November 10, 2006, the holder may require the Operating Partnership to redeem the preferred units at the same redemption price payable at the Operating Partnership’s option in either cash or fully registered shares of common stock of Simon. These preferred units have a carrying value of $25.5 million and are included in preferred units, at liquidation value in the consolidated balance sheets at December 31, 2021 and 2020.

Permanent Equity

Simon

Preferred Stock. Dividends on all series of preferred stock are calculated based upon the preferred stock’s preferred return multiplied by the preferred stock’s corresponding liquidation value. The Operating Partnership pays preferred distributions to Simon equal to the dividends Simon pays on the preferred stock issued.

Series J 8³/₈% Cumulative Redeemable Preferred Stock. Dividends accrue quarterly at an annual rate of 8³/₈% per share. Simon can redeem this series, in whole or in part, on or after October 15, 2027 at a redemption price of $50.00 per share, plus accumulated and unpaid dividends. This preferred stock was issued at a premium of $7.5 million. The unamortized premium included in the carrying value of the preferred stock at December 31, 2021 and 2020 was $1.9 million and $2.2 million, respectively.

The Operating Partnership

Series J 8³/₈% Cumulative Redeemable Preferred Units. Distributions accrue quarterly at an annual rate of 8³/₈% per unit on the Series J 8³/₈% preferred units, or Series J preferred units. Simon owns all of the Series J preferred units which have the same economic rights and preferences of an outstanding series of Simon preferred stock. The Operating Partnership can redeem this series, in whole or in part, when Simon can redeem the related preferred stock, on and after October 15, 2027 at a redemption price of $50.00 per unit, plus accumulated and unpaid distributions. The Series J preferred units were issued at a premium of $7.5 million. The unamortized premium included in the carrying value of the preferred units at December 31, 2021 and 2020 was $1.9 million and $2.2 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. This plan, or the 2019 Plan, provides for the grant of equity-based awards with respect to the equity of Simon in the form of incentive and nonqualified stock options to purchase shares, stock appreciation rights, restricted stock grants and performance-based awards. Options may be granted which are qualified as “incentive stock options” within the meaning of Section 422 of the Internal Revenue Code and options which are not so qualified. An aggregate of 8,000,000 shares of common stock have been reserved under the 2019 plan.

The 2019 Plan is administered by the Compensation and Human Capital Committees. The Compensation and Human Capital Committees determines which eligible individuals may participate and the type, extent and terms of the awards to be granted to them. In addition, the Compensation and Human Capital Committees interprets the 2019 Plan and makes all other determinations deemed advisable for its administration. Options granted to employees become exercisable over the period determined by the Compensation and Human Capital Committees. The exercise price of an employee option may not be less than the fair market value of the shares on the date of grant. Employee options generally vest over a three-year period and expire ten years from the date of grant.

Directors who are not also our employees or employees of our affiliates are eligible to receive awards under the 2019 plan. Each independent director receives an annual cash retainer of $110,000, and an annual restricted stock award with a grant date value of $175,000. Committee chairs receive annual retainers for the Company’s Audit, Compensation, and Governance and Nominating Committees of $35,000, $35,000 and $25,000, respectively. Directors receive fixed annual retainers for service on the Audit, Compensation and Governance and Nominating Committees, of $15,000, $15,000, and $10,000, respectively. The Lead Director receives an annual retainer of $50,000. These retainers are paid 50% in cash and 50% in restricted stock.

Restricted stock awards vest in full after one year. Once vested, the delivery of the shares of restricted stock (including reinvested dividends) is deferred under our Director Deferred Compensation Plan until the director retires, dies or becomes disabled or otherwise no longer serves as a director. The directors may vote and are entitled to receive dividends on the underlying shares; however, any dividends on the shares of restricted stock must be reinvested in shares of common stock and held in the Director Deferred Compensation Plan until the shares of restricted stock are delivered to the former director.

Stock Based Compensation

Our long-term incentive compensation awards under our stock based compensation plans primarily take the form of LTIP units, restricted stock grants and restricted stock units. These awards are either market or performance-based and are based on various individual, corporate and business unit performance measures as further described below. The expense related to these programs, net of amounts capitalized, is included within home and regional office costs and general and administrative costs in the accompanying statements of operations and comprehensive income. In the first quarter of 2021, the Compensation and Human Capital Committees established and made awards under a 2021 Long-Term Incentive Program, or 2021 LTI Program. Awards under the 2021 LTI Program took the form of LTIP units and restricted stock units, or RSUs, as further discussed below.

LTIP Programs. The Compensation and Human Capital Committees has approved long-term, performance based incentive compensation programs, or the LTIP programs, for certain senior employees. Awards under the LTIP programs take the form of LTIP units, 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. During the performance period, participants are entitled to receive distributions on the LTIP units awarded to them 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.

In 2018, the Compensation and Human Capital Committees established and granted awards under a redesigned LTIP program, or the 2018 LTIP program. Awards under the 2018 LTIP program were granted in two tranches, Tranche A LTIP units and Tranche B LTIP units. Each of the Tranche A LTIP units and the Tranche B LTIP units will be considered earned if, and only to the extent to which, the respective goals based on Funds From Operations, or FFO, per share or Relative TSR Goal performance criteria, as defined in the applicable award agreements, are achieved during the applicable two-year and three-year performance periods of the Tranche A LTIP units and Tranche B LTIP units, respectively. One half of the earned Tranche A LTIP units will vest on January 1, 2021 with the other one-half vesting on January 1, 2022.

The grant date fair value of the portion of the LTIP units based on achieving the target FFO performance criteria is $6.1 million for the Tranche A LTIP units and the Tranche B LTIP units, for a total of $12.1 million. The 2018 LTIP program provides that the value of the FFO-based award may be adjusted up or down based on the Company’s performance compared to the target FFO performance criteria and has a maximum potential fair value of $18.2 million.

In 2021 and 2019, the Compensation and Human Capital Committees established and granted awards under a redesigned LTIP program, or the 2021 LTIP program and the 2019 LTIP program, respectively. Awards under these programs will be considered earned if, and only to the extent to which, the respective performance conditions (based on Funds From Operations, or FFO, per share, and Objective Criteria Goals) and market conditions (based on Relative or

absolute TSR performance), as defined in the applicable award agreements, are achieved during the applicable three-year measurement period, subject to the recipient’s continued employment through the applicable vesting dates. Any units determined to be earned LTIP units under the 2021 LTIP program will vest on January 1, 2025 and any units determined to be earned LTIP units under the 2019 LTIP program will vest on January 1, 2023. The 2021 LTIP program provides that the amount earned related to the performance-based portion of the awards is dependent on Simon’s FFO performance and achievement of certain objective criteria goals and has a maximum potential fair value at grant date of $18.4 million. The 2019 LTIP program provides that the amount earned related to the performance-based portion of the awards is dependent on Simon’s FFO performance and achievement of certain objective criteria goals and has a maximum potential fair value at issuance of $22.1 million.

The grant date fair values of any LTIP units for market-based awards are estimated using a Monte Carlo model, and the resulting fixed expense is recorded regardless of whether the market condition criteria are achieved if the required service is delivered. The grant date fair values of the market-based awards are being amortized into expense over the period from the grant date to the date at which the awards, if earned, would become vested. The expense of the performance-based award is recorded over the period from the grant date to the date at which the awards, if earned, would become vested, based on our assessment as to whether it is probable that the performance criteria will be achieved during the applicable performance periods.

The Compensation and Human Capital Committees approved LTIP unit grants as shown in the table below. The extent to which LTIP units were earned, and the aggregate grant date fair value, are as follows:


LTIP Program	LTIP Units Earned	Grant Date Fair Value of TSR Award	Grant Date Target Value of Performance-Based Awards
2018 LTIP program - Tranche A	38,148	$6.1 million	$6.1 million
2018 LTIP program - Tranche B	-	$6.1 million	$6.1 million
2019 LTIP program	To be determined in 2022	$9.5 million	$14.7 million
2021 LTIP program	To be determined in 2024	$5.7 million	$12.2 million

We recorded compensation expense, net of capitalization and forfeitures, related to LTIP programs of approximately $13.4 million, $1.9 million, and $15.8 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Restricted Stock and Restricted Stock Units. The 2019 plan also provides for shares of restricted stock to be granted to certain employees at no cost to those employees, subject to achievement of individual performance and certain financial and return-based performance measures established by the Compensation and Human Capital Committees related to the most recent year’s performance. Once granted, the shares of restricted stock then vest annually over a three-year or a four-year period (as defined in the award). The cost of restricted stock grants, which is based upon the stock’s fair market value on the grant date, is recognized as expense ratably over the vesting period. Through December 31, 2021 a total of 5,858,453 shares of restricted stock, net of forfeitures, have been awarded under the 1998 plan, and 561,849 shares of restricted stock and RSUs have been awarded under the 2019 plan.

During the first quarter of 2021, as part of the 2021 LTI Program the Compensation and Human Capital Committees established a grant of 37,976 time-based RSUs under the 2019 Plan at a weighted average fair market value of $112.92 per share. These awards will vest, subject to the grantee's continued service, on March 1, 2024. The $4.3 million grant date fair value of the awards is being recognized as expense over the three-year vesting service period.

During 2020, the Compensation and Human Capital Committees established a one-time grant of 312,263 time-based RSUs under the 2019 Plan at a weighted average fair market value of $84.37 per share. These awards will vest, subject to the grantee's continued service on each applicable vesting date, in one-third increments on January 1, 2022,

January 1, 2023, and January 1, 2024. The grant date fair value of the awards of $26.3 million is being recognized as expense over the three-year vesting service period.

Information regarding restricted stock awards is summarized in the following table for each of the years presented:


	For the Year Ended
	December 31,
	2021		2020		2019
Shares of restricted stock awarded during the year, net of forfeitures		80,012		462,966		90,902
Weighted average fair value of shares granted during the year	$	115.34	$	73.28	$	181.94
Annual amortization	$	19,673	$	11,660	$	12,604

We recorded compensation expense, net of capitalization, related to restricted stock for employees and non-employee directors of approximately $20.2 million, $10.3 million, and $11.0 million for the years ended December 31, 2021, 2020 and 2019, respectively.

We also maintain a tax-qualified retirement 401(k) savings plan and offer no other post-retirement or post-employment benefits to our employees.

Exchange Rights

Simon

Limited partners in the Operating Partnership have the right to exchange all or any portion of their units for shares of common stock on a one-for-one basis or cash, as determined by Simon’s Board of Directors. The amount of cash to be paid if the exchange right is exercised and the cash option is selected will be based on the trading price of Simon’s common stock at that time. At December 31, 2021, Simon had reserved 54,492,801 shares of common stock for possible issuance upon the exchange of units, stock options and Class B common stock.

The Operating Partnership

Limited partners have the right under the partnership agreement to exchange all or any portion of their units for shares of Simon common stock on a one-for-one basis or cash, as determined by Simon in its sole discretion. If Simon selects cash, Simon cannot cause the Operating Partnership to redeem the exchanged units for cash without contributing cash to the Operating Partnership as partners’ equity sufficient to effect the redemption. If sufficient cash is not contributed, Simon will be deemed to have elected to exchange the units for shares of Simon common stock. The amount of cash to be paid if the exchange right is exercised and the cash option is selected will be based on the trading price of Simon’s common stock at that time. The number of shares of Simon’s common stock issued pursuant to the exercise of the exchange right will be the same as the number of units exchanged.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Lease Income

12 Months Ended

Dec. 31, 2021

Lease Income

Lease Income

9. Lease Income

Fixed lease income under our operating leases includes fixed minimum lease consideration and fixed CAM reimbursements recorded on a straight-line basis. Variable lease income includes consideration based on sales, as well

as reimbursements for real estate taxes, utilities, marketing, and certain other items including negative variable lease income as discussed in Note 3.


	For the Year Ended
	December 31,
	2021		2020		2019
Fixed lease income	$	3,701,991	$	3,871,395	$	4,293,401
Variable lease income		1,034,728		430,972		950,370
Total lease income	$	4,736,719	$	4,302,367	$	5,243,771

Tenant receivables and accrued revenue in the accompanying consolidated balance sheets includes straight-line receivables of $568.7 million and $597.6 million at December 31, 2021 and 2020, respectively.

Minimum fixed lease consideration under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration and amounts deferred in relation to the COVID-19 pandemic, which with respect to deferrals are expected to be collected primarily in 2022 and 2023, as of December 31, 2021, is as follows:


2022	$	3,098,505
2023		2,611,384
2024		2,082,985
2024		1,650,164
2025		1,252,534
Thereafter		3,291,874
	$	13,987,446

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies.

Commitments and Contingencies

10. Commitments and Contingencies

Litigation

We are involved from time-to-time in various legal and regulatory proceedings that arise in the ordinary course of our business, including, but not limited to, commercial disputes, environmental matters, and litigation in connection with transactions such as acquisitions and divestitures. We believe that current proceedings will not have a material adverse effect on our financial condition, liquidity or results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated.

During the first quarter of 2019, we settled a lawsuit with our former insurance broker, Aon Risk Services Central Inc., related to the significant flood damage sustained at Opry Mills in May 2010. In accordance with a previous agreement with the prior co-investor in Opry Mills, a portion of the settlement was remitted to the co-investor. Our share of the settlement was approximately $68.0 million, which was recorded as other income in the accompanying consolidated statement of operations and comprehensive income.

Lease Commitments

As of December 31, 2021, a total of 23 of the consolidated properties are subject to ground leases. The termination dates of these ground leases range from 2022 to 2090, including periods for which exercising an extension option is reasonably assured. These ground leases generally require us to make fixed annual rental payments, or a fixed annual rental payment plus a percentage rent component based upon the revenues or total sales of the property. In addition, we have several regional office locations that are subject to leases with termination dates ranging from 2023 to 2028. These office leases generally require us to make fixed annual rental payments plus pay our share of common area, real estate, and utility expenses. Some of our ground and office leases include escalation clauses. All of our lease arrangements are

classified as operating leases. We incurred ground lease expense and office lease expense, which are included in other expense and home office and regional expense, respectively, as follows:


	For the Year Ended
	December 31,
	2021		2020		2019
Operating Lease Cost
Fixed lease cost	$	32,492	$	31,404	$	31,000
Variable lease cost		15,454		13,270		16,833
Sublease income		(705)		(746)		(694)
Total operating lease cost	$	47,241	$	43,928	$	47,139


	For the Year Ended
	December 31,
	2021		2020		2019
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	47,824	$	44,570	$	48,519

Weighted-average remaining lease term - operating leases		33.6 years		34.4 years		35.6 years
Weighted-average discount rate - operating leases		4.87%		4.86%		4.87%

Future minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and renewal options unless reasonably certain of exercise and any sublease income, are as follows:


2022	$	32,838
2023		32,979
2024		33,114
2025		33,124
2026		33,138
Thereafter		855,079
	$	1,020,272
Impact of discounting		(513,341)
Operating lease liabilities	$	506,931

Insurance

We maintain insurance coverage with third-party carriers who provide a portion of the coverage for specific layers of potential losses, including commercial general liability, fire, flood, extended coverage and rental loss insurance on all of our properties in the United States as well as cyber coverage. The initial portion of coverage not provided by third-party carriers may be insured through our wholly-owned captive insurance company, or other financial arrangements controlled by us. If required, a third-party carrier has, in turn, agreed to provide evidence of coverage for this layer of losses under the terms and conditions of the carrier’s insurance policy with us. A similar insurance policy written either through our captive insurance company or other financial arrangements controlled by us also provides initial coverage for property insurance and certain windstorm risks.

We currently maintain insurance coverage against acts of terrorism on all of our properties in the United States on an “all risk” basis in the amount of up to $1 billion. Despite the existence of this insurance coverage, any threatened or actual terrorist attacks where we operate could adversely affect our property values, revenues, consumer traffic and tenant sales.

Hurricane Impacts

During the third quarter of 2017, two of our wholly-owned properties located in Puerto Rico sustained significant property damage and business interruption as a result of Hurricane Maria. Since the date of the loss, we have received $84.0 million of insurance proceeds from third-party carriers related to the two properties located in Puerto Rico, of which $48.3 million was used for property restoration and remediation and to reduce the insurance recovery receivable. During the years ended December 31, 2021 and 2020, we recorded $2.1 million and $5.2 million, respectively, as business interruption income, which was recorded in other income in the accompanying consolidated statements of operations and comprehensive income.

During the third quarter of 2020, one of our properties located in Texas experienced property damage and business interruption as a result of Hurricane Hanna. We wrote-off assets of approximately $9.6 million, and recorded an insurance recovery receivable, and have received $14.0 million of insurance proceeds from third-party carriers. The proceeds were used for property restoration and remediation and reduced the insurance recovery receivable. During the year ended December 31, 2021, we recorded a $3.5 million gain related to property insurance recovery of previously depreciated assets. This amount was recorded in gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net.

During the third quarter of 2020, one of our properties located in Louisiana experienced property damage and business interruption as a result of Hurricane Laura. We wrote-off assets of approximately $11.1 million and recorded an insurance recovery receivable, and have received $27.5 million of insurance proceeds from third-party carriers. The proceeds were used for property restoration and remediation and reduced the insurance recovery receivable. During the year ended December 31, 2021, we recorded a $17.5 million gain related to property insurance recovery of previously depreciated assets. This amount was recorded in gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net.

Guarantees of Indebtedness

Joint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non-recourse to us. As of December 31, 2021 and 2020, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $209.9 million and $219.2 million, respectively. Mortgages guaranteed by the Operating Partnership are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which have estimated fair values in excess of the guaranteed amount.

Concentration of Credit Risk

Our U.S. Malls, Premium Outlets, and The Mills rely upon anchor tenants to attract customers; however, anchors do not contribute materially to our financial results as many anchors own their spaces. All material operations are within the United States and no customer or tenant accounts for 5% or more of our consolidated revenues.

COVID-19

On March 11, 2020, the World Health Organization declared the novel strain of coronavirus, or COVID-19, a global pandemic and recommended containment and mitigation measures worldwide. The COVID-19 pandemic has had a material negative impact on economic and market conditions around the world, and, notwithstanding the fact that vaccines are being administered in the United States and elsewhere, the pandemic continues to adversely impact economic activity in retail real estate. The impact of the COVID-19 pandemic continues to evolve and governments and other authorities, including where we own or hold interests in properties, have at times imposed measures intended to control its spread,

including restrictions on freedom of movement, group gatherings and business operations such as travel bans, border closings, business closures, quarantines, stay-at-home, shelter-in-place orders, density limitations and social distancing measures. As a result of the COVID-19 pandemic and these measures, the Company has experienced and may continue to experience material impacts including changes in the ability to recognize revenue due to changes in our assessment of the probability of collection of lease income and asset impairment charges as a result of changing cash flows generated by our properties and investments.

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

Related Party Transactions

11. Related Party Transactions

Transactions with Affiliates

Our management company provides office space and legal, human resource administration, property specific financing and other support services to Melvin Simon & Associates, Inc., or MSA, a related party, for which we received a fee of $0.6 million in each of 2021, 2020 and 2019. In addition, pursuant to management agreements that provide for our receipt of a management fee and reimbursement of our direct and indirect costs, we have managed since 1993 two shopping centers owned by entities in which David Simon and Herbert Simon have ownership interests, for which we received a fee of $3.5 million, $3.3 million, and $3.9 million in 2021, 2020, and 2019, respectively.

Transactions with Unconsolidated Joint Ventures

As described in Note 2, our management company provides management, insurance, and other services to certain unconsolidated joint ventures. Amounts received for such services were $102.1 million, $92.7 million, and $108.2 million in 2021, 2020, and 2019, respectively. During 2021, 2020, and 2019, we recorded development, royalty, and other fee income, net of elimination, related to our unconsolidated international joint ventures of $12.4 million, $13.1 million, and $14.8 million, respectively. The fees related to our international investments are included in other income in the accompanying consolidated statements of operations and comprehensive income. Neither MSA, David Simon, or Herb Simon have an ownership interest in any of our unconsolidated joint ventures, except through their ownership interests in the Company or the Operating Partnership.

We have investments in retailers including J.C. Penney and SPARC Group, and these retailers are lessees at certain of our operating properties. Lease income from the date of our investments in our consolidated statements of operations and comprehensive income related to these retailers was $82.5 million, $54.1 million, and $20.9 million for the years ended December 31, 2021, 2020, and 2019, respectively, net of elimination.

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

12. Quarterly Financial Data (Unaudited)

Quarterly 2021 and 2020 data is summarized in the table below. Quarterly amounts may not sum to annual amounts due to rounding.


	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
2021
Total revenue	$	1,239,951	$	1,254,146	$	1,296,554	$	1,326,138
Operating income before other items		604,612		604,723		612,324		591,533
Consolidated net income		510,460		705,869		778,648		573,730
Simon Property Group, Inc.
Net income attributable to common stockholders	$	445,860	$	617,257	$	679,936	$	503,241
Net income per share — Basic and Diluted	$	1.36	$	1.88	$	2.07	$	1.53
Weighted average shares outstanding — Basic and Diluted		328,514,497		328,594,136		328,619,163		328,619,248
Simon Property Group, L.P.
Net income attributable to unitholders	$	510,085	$	706,087	$	777,740	$	575,596
Net income per unit — Basic and Diluted	$	1.36	$	1.88	$	2.07	$	1.53
Weighted average units outstanding — Basic and Diluted		375,836,653		375,875,290		375,882,318		375,872,212
2020
Total revenue (1)	$	1,353,360	$	1,062,041	$	1,060,674	$	1,131,429
Operating income before other items		654,869		450,868		404,024		462,047
Consolidated net income		505,404		290,548		168,646		312,726
Simon Property Group, Inc.
Net income attributable to common stockholders	$	437,605	$	254,213	$	145,926	$	271,483
Net income per share — Basic and Diluted	$	1.43	$	0.83	$	0.48	$	0.86
Weighted average shares outstanding — Basic and Diluted		306,504,084		305,882,326		305,913,431		316,595,345
Simon Property Group, L.P.
Net income attributable to unitholders	$	504,263	$	292,863	$	168,086	$	311,238
Net income per unit — Basic and Diluted	$	1.43	$	0.83	$	0.48	$	0.86
Weighted average units outstanding — Basic and Diluted		353,191,960		352,410,392		352,420,845		363,050,401

Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2021

Schedule III Real Estate and Accumulated Depreciation

Schedule III Real Estate and Accumulated Depreciation

SCHEDULE III

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2021

(Dollars in thousands)


								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
				Initial Cost (3)				Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)		Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition

Malls
Barton Creek Square	Austin, TX	$	—	$	2,903	$	20,929	$	7,983	$	93,731	$	10,886	$	114,660	$	125,546	$	67,339	1981
Battlefield Mall	Springfield, MO		—		3,919		27,231		3,000		73,269		6,919		100,500		107,419		74,823	1970
Bay Park Square	Green Bay, WI		—		6,278		25,623		4,106		30,901		10,384		56,524		66,907		34,368	1980
Brea Mall	Brea (Los Angeles), CA		—		39,500		209,202		2,993		81,393		42,493		290,595		333,088		166,527	1998	(4)
Broadway Square	Tyler, TX		—		11,306		32,431		—		52,984		11,306		85,415		96,721		43,517	1994	(4)
Burlington Mall	Burlington (Boston), MA		—		46,600		303,618		27,458		260,644		74,058		564,262		638,320		263,024	1998	(4)
Castleton Square	Indianapolis, IN		—		26,250		98,287		7,434		78,851		33,684		177,138		210,822		125,790	1972
Cielo Vista Mall	El Paso, TX		—		1,005		15,262		608		54,450		1,613		69,712		71,325		50,865	1974
College Mall	Bloomington, IN		—		1,003		16,245		720		70,036		1,723		86,281		88,004		49,845	1965
Columbia Center	Kennewick, WA		—		17,441		66,580		—		43,135		17,441		109,715		127,156		67,064	1987
Copley Place	Boston, MA		—		—		378,045		—		200,624		—		578,669		578,669		271,506	2002	(4)
Coral Square	Coral Springs (Miami), FL		—		13,556		93,630		—		20,187		13,556		113,817		127,373		91,266	1984
Cordova Mall	Pensacola, FL		—		18,626		73,091		7,321		70,907		25,947		143,998		169,945		84,955	1998	(4)
Domain, The	Austin, TX		210,000		40,436		197,010		—		155,117		40,436		352,127		392,563		186,040	2005
Empire Mall	Sioux Falls, SD		180,452		35,998		192,186		—		32,637		35,998		224,823		260,821		76,189	1998	(5)
Fashion Mall at Keystone, The	Indianapolis, IN		—		—		120,579		29,145		111,089		29,145		231,668		260,813		139,363	1997	(4)
Firewheel Town Center	Garland (Dallas), TX		—		8,438		82,716		—		29,889		8,438		112,605		121,043		67,382	2004
Forum Shops at Caesars, The	Las Vegas, NV		—		—		276,567		—		285,180		—		561,747		561,747		316,592	1992
Greenwood Park Mall	Greenwood (Indianapolis), IN		—		2,423		23,445		5,253		124,482		7,676		147,927		155,603		95,160	1979
Haywood Mall	Greenville, SC		—		11,585		133,893		6		42,034		11,591		175,927		187,518		117,494	1998	(4)
King of Prussia	King of Prussia (Philadelphia), PA		—		175,063		1,128,200		—		383,148		175,063		1,511,348		1,686,411		513,981	2003	(5)
La Plaza Mall (13)	McAllen, TX		—		87,912		9,828		6,569		188,482		94,481		198,310		292,791		58,002	1976
Lakeline Mall	Cedar Park (Austin), TX		—		10,088		81,568		14		24,446		10,102		106,014		116,116		67,646	1995
Lenox Square	Atlanta, GA		—		37,447		492,411		—		142,110		37,447		634,521		671,968		390,709	1998	(4)
Livingston Mall	Livingston (New York), NJ		—		22,214		105,250		—		47,600		22,214		152,850		175,064		100,502	1998	(4)
Mall of Georgia	Buford (Atlanta), GA		—		47,492		326,633		—		13,980		47,492		340,613		388,105		207,009	1999	(5)
McCain Mall	N. Little Rock, AR		—		—		9,515		10,142		28,634		10,142		38,149		48,290		18,749	1973
Menlo Park Mall	Edison (New York), NJ		—		65,684		223,252		—		88,717		65,684		311,969		377,653		199,039	1997	(4)
Midland Park Mall	Midland, TX		—		687		9,213		1,196		42,037		1,883		51,250		53,133		23,361	1980
Miller Hill Mall	Duluth, MN		—		2,965		18,092		1,811		43,110		4,776		61,202		65,978		46,574	1973
North East Mall	Hurst (Dallas), TX		—		128		12,966		19,010		143,969		19,138		156,935		176,073		120,393	1971
Ocean County Mall	Toms River (New York), NJ		—		20,404		124,945		3,277		87,686		23,681		212,631		236,312		108,360	1998	(4)
Orland Square	Orland Park (Chicago), IL		—		35,439		129,906		—		78,380		35,439		208,286		243,725		123,882	1997	(4)


								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
				Initial Cost (3)				Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)		Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition

Oxford Valley Mall	Langhorne (Philadelphia), PA		32,783		20,872		100,287		—		20,040		20,872		120,327		141,199		87,416	2003	(4)
Penn Square Mall	Oklahoma City, OK		310,000		2,043		155,958		—		60,572		2,043		216,530		218,573		143,182	2002	(4)
Pheasant Lane Mall	Nashua, NH		—		3,902		155,068		550		49,963		4,452		205,031		209,483		122,652	2004	(5)
Phipps Plaza	Atlanta, GA		—		15,005		210,610		—		276,793		15,005		487,403		502,408		180,970	1998	(4)
Plaza Carolina	Carolina (San Juan), PR		225,000		15,493		279,560		—		79,328		15,493		358,888		374,381		182,915	2004	(4)
Prien Lake Mall	Lake Charles, LA		—		1,842		2,813		3,053		71,722		4,895		74,535		79,430		29,705	1972
Rockaway Townsquare	Rockaway (New York), NJ		—		41,918		212,257		—		71,558		41,918		283,815		325,733		168,749	1998	(4)
Roosevelt Field	Garden City (New York), NY		—		163,160		702,008		1,246		372,918		164,406		1,074,926		1,239,332		567,080	1998	(4)
Ross Park Mall	Pittsburgh, PA	$	—	$	23,541	$	90,203	$	5,815	$	123,154	$	29,356	$	213,357	$	242,713	$	137,717	1986
Santa Rosa Plaza	Santa Rosa, CA		—		10,400		87,864		—		27,226		10,400		115,090		125,490		70,604	1998	(4)
Shops at Chestnut Hill, The	Chestnut Hill (Boston), MA		120,000		449		25,102		38,864		106,768		39,313		131,871		171,184		48,064	2002	(5)
Shops at Nanuet, The	Nanuet, NY		—		28,125		142,860		—		8,778		28,125		151,638		179,763		47,385	2013
Shops at Riverside, The	Hackensack (New York), NJ		—		13,521		238,746		—		265,172		13,521		503,918		517,439		117,769	2007	(4) (5)
South Hills Village	Pittsburgh, PA		—		23,445		125,840		1,472		84,426		24,917		210,266		235,183		114,736	1997	(4)
South Shore Plaza	Braintree (Boston), MA		—		101,200		301,495		—		164,885		101,200		466,380		567,580		281,716	1998	(4)
Southdale Mall	Edina (Minneapolis), MN		—		41,430		184,967		—		81,994		41,430		266,961		308,391		73,542	2007	(4) (5)
SouthPark	Charlotte, NC		—		42,092		188,055		100		208,086		42,192		396,141		438,333		236,456	2002	(4)
St. Charles Towne Center	Waldorf (Washington, DC), MD		—		7,710		52,934		1,180		27,286		8,890		80,220		89,110		62,210	1990
Stanford Shopping Center	Palo Alto (San Jose), CA		—		—		339,537		—		194,716		—		534,253		534,253		229,236	2003	(4)
Summit Mall	Akron, OH		85,000		15,374		51,137		—		55,450		15,374		106,587		121,961		68,650	1965
Tacoma Mall	Tacoma (Seattle), WA		—		37,113		125,826		—		173,286		37,113		299,112		336,225		154,263	1987
Tippecanoe Mall	Lafayette, IN		—		2,897		8,439		5,517		46,663		8,414		55,102		63,516		45,141	1973
Town Center at Boca Raton	Boca Raton (Miami), FL		—		64,200		307,317		—		245,850		64,200		553,167		617,367		325,402	1998	(4)
Towne East Square	Wichita, KS		—		8,024		18,479		4,108		56,584		12,132		75,063		87,195		47,791	1975
Treasure Coast Square	Jensen Beach, FL		—		11,124		72,990		3,067		39,325		14,191		112,315		126,506		79,344	1987
Tyrone Square	St. Petersburg (Tampa), FL		—		15,638		120,962		1,459		50,233		17,097		171,195		188,292		117,286	1972
University Park Mall	Mishawaka, IN		—		10,762		118,164		7,000		58,155		17,762		176,319		194,081		148,669	1996	(4)
Walt Whitman Shops	Huntington Station (New York), NY		—		51,700		111,258		3,789		130,566		55,489		241,824		297,313		138,124	1998	(4)
White Oaks Mall	Springfield, IL		42,594		2,907		35,692		2,468		65,150		5,375		100,842		106,217		61,714	1977
Wolfchase Galleria	Memphis, TN		155,152		16,407		128,276		—		17,244		16,407		145,520		161,927		102,290	2002	(4)
Woodland Hills Mall	Tulsa, OK		—		34,211		187,123		—		36,573		34,211		223,696		257,907		152,940	2004	(5)


								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
				Initial Cost (3)				Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)		Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition


Premium Outlets
Albertville Premium Outlets	Albertville (Minneapolis), MN		—		3,900		97,059		—		10,069		3,900		107,128		111,028		56,242	2004	(4)
Allen Premium Outlets	Allen (Dallas), TX		—		20,932		69,788		—		44,770		20,932		114,558		135,490		39,846	2004	(4)
Aurora Farms Premium Outlets	Aurora (Cleveland), OH		—		2,370		24,326		—		9,045		2,370		33,371		35,741		25,244	2004	(4)
Birch Run Premium Outlets	Birch Run (Detroit), MI		123,000		11,477		77,856		—		8,978		11,477		86,834		98,311		40,083	2010	(4)
Camarillo Premium Outlets	Camarillo (Los Angeles), CA		—		16,599		224,721		395		73,858		16,994		298,579		315,572		155,743	2004	(4)
Carlsbad Premium Outlets	Carlsbad (San Diego), CA		—		12,890		184,990		96		10,584		12,986		195,574		208,560		93,869	2004	(4)
Carolina Premium Outlets	Smithfield (Raleigh), NC		—		3,175		59,863		5,311		7,682		8,486		67,545		76,031		39,192	2004	(4)
Chicago Premium Outlets	Aurora (Chicago), IL		—		659		118,005		13,050		96,798		13,709		214,803		228,512		89,810	2004	(4)
Cincinnati Premium Outlets	Monroe (Cincinnati), OH		—		14,117		71,520		—		3,367		14,117		74,887		89,004		38,032	2008
Clinton Crossing Premium Outlets	Clinton, CT		—		2,060		107,556		1,532		6,730		3,592		114,286		117,878		64,861	2004	(4)
Denver Premium Outlets	Thornton (Denver), CO		—		11,001		45,335		10		73,657		11,011		118,992		130,003		18,076	2018
Desert Hills Premium Outlets	Cabazon (Palm Springs), CA		—		3,440		338,679		—		116,191		3,440		454,870		458,310		200,331	2004	(4)
Ellenton Premium Outlets	Ellenton (Tampa), FL		178,000		15,807		182,412		—		8,034		15,807		190,446		206,253		116,060	2010	(4)
Folsom Premium Outlets	Folsom (Sacramento), CA		—		9,060		50,281		—		5,956		9,060		56,237		65,297		34,092	2004	(4)
Gilroy Premium Outlets	Gilroy (San Jose), CA		—		9,630		194,122		—		16,955		9,630		211,077		220,707		109,942	2004	(4)
Grand Prairie Premium Outlets	Grand Prairie (Dallas), TX		—		9,497		194,245		—		1,330		9,497		195,575		205,072		61,119	2012
Grove City Premium Outlets	Grove City (Pittsburgh), PA		140,000		6,421		121,880		—		8,365		6,421		130,245		136,666		78,970	2010	(4)
Gulfport Premium Outlets	Gulfport, MS	$	50,000	$	—	$	27,949	$	—	$	7,694	$	—	$	35,643	$	35,643	$	19,001	2010	(4)
Hagerstown Premium Outlets	Hagerstown (Baltimore/Washington, DC), MD		71,901		3,576		85,883		—		1,973		3,576		87,856		91,432		42,753	2010	(4)
Houston Premium Outlets	Cypress (Houston), TX		—		8,695		69,350		—		44,528		8,695		113,878		122,573		58,104	2007


								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
				Initial Cost (3)				Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)		Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition

Indiana Premium Outlets	Edinburgh (Indianapolis), IN		—		2,857		47,309		—		20,544		2,857		67,853		70,710		38,049	2004	(4)
Jackson Premium Outlets	Jackson (New York), NJ		—		6,413		104,013		3		8,245		6,416		112,258		118,674		55,053	2004	(4)
Jersey Shore Premium Outlets	Tinton Falls (New York), NJ		—		15,390		50,979		—		78,779		15,390		129,758		145,148		70,019	2007
Johnson Creek Premium Outlets	Johnson Creek, WI		—		2,800		39,546		—		7,221		2,800		46,767		49,567		24,617	2004	(4)
Kittery Premium Outlets	Kittery, ME		—		11,832		94,994		—		11,059		11,832		106,053		117,885		49,905	2004	(4)
Las Americas Premium Outlets	San Diego, CA		—		45,168		251,878		—		11,203		45,168		263,081		308,249		110,122	2007	(4)
Las Vegas North Premium Outlets	Las Vegas, NV		—		25,435		134,973		16,536		151,229		41,971		286,202		328,173		141,918	2004	(4)
Las Vegas South Premium Outlets	Las Vegas, NV		—		13,085		160,777		—		32,579		13,085		193,356		206,441		92,359	2004	(4)
Lee Premium Outlets	Lee, MA		48,604		9,167		52,212		—		4,213		9,167		56,425		65,592		32,727	2010	(4)
Leesburg Corner Premium Outlets	Leesburg (Washington, DC), VA		—		7,190		162,023		—		21,692		7,190		183,715		190,905		92,572	2004	(4)
Lighthouse Place Premium Outlets	Michigan City (Chicago, IL), IN		—		6,630		94,138		—		13,130		6,630		107,268		113,898		61,728	2004	(4)
Merrimack Premium Outlets	Merrimack, NH		—		14,975		118,428		—		2,501		14,975		120,929		135,904		47,885	2012
Napa Premium Outlets	Napa, CA		—		11,400		45,023		—		7,418		11,400		52,441		63,841		29,189	2004	(4)
North Bend Premium Outlets	North Bend (Seattle), WA		—		2,143		36,197		—		5,281		2,143		41,478		43,621		20,845	2004	(4)
North Georgia Premium Outlets	Dawsonville (Atlanta), GA		—		4,300		137,020		—		1,877		4,300		138,897		143,197		69,520	2004	(4)
Orlando International Premium Outlets	Orlando, FL		—		31,998		472,815		—		17,633		31,998		490,448		522,446		198,096	2010	(4)
Orlando Vineland Premium Outlets	Orlando, FL		—		14,040		382,949		36,023		25,087		50,063		408,036		458,099		190,674	2004	(4)
Petaluma Village Premium Outlets	Petaluma (San Francisco), CA		—		13,322		13,710		—		3,632		13,322		17,342		30,664		11,293	2004	(4)
Philadelphia Premium Outlets	Limerick (Philadelphia), PA		—		16,676		105,249		—		25,050		16,676		130,299		146,975		77,436	2006
Phoenix Premium Outlets	Chandler (Phoenix), AZ		—		—		63,082		—		485		—		63,567		63,567		26,526	2013
Pismo Beach Premium Outlets	Pismo Beach, CA		32,975		4,317		19,044		—		2,833		4,317		21,877		26,194		14,177	2010	(4)
Pleasant Prairie Premium Outlets	Pleasant Prairie (Chicago, IL/Milwaukee), WI		145,000		16,823		126,686		—		8,524		16,823		135,210		152,033		60,263	2010	(4)
Puerto Rico Premium Outlets	Barceloneta, PR		160,000		20,586		114,021		—		8,467		20,586		122,488		143,074		55,420	2010	(4)
Queenstown Premium Outlets	Queenstown (Baltimore), MD		57,928		8,129		61,950		—		5,000		8,129		66,950		75,079		31,396	2010	(4)


								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
				Initial Cost (3)				Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)		Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition

Rio Grande Valley Premium Outlets	Mercedes (McAllen), TX		—		12,229		41,547		—		28,036		12,229		69,583		81,812		43,037	2005
Round Rock Premium Outlets	Round Rock (Austin), TX		—		13,485		82,252		—		5,259		13,485		87,511		100,995		55,956	2005
San Francisco Premium Outlets	Livermore (San Francisco), CA		—		21,925		308,694		46,176		75,532		68,102		384,226		452,328		110,323	2012
San Marcos Premium Outlets	San Marcos (Austin/San Antonio), TX		—		13,180		287,179		—		14,047		13,180		301,226		314,406		125,685	2010	(4)
Seattle Premium Outlets	Tulalip (Seattle), WA		—		—		103,722		—		55,323		—		159,045		159,045		81,104	2004	(4)
St. Augustine Premium Outlets	St. Augustine (Jacksonville), FL		—		6,090		57,670		2		13,850		6,092		71,520		77,612		39,632	2004	(4)
Tampa Premium Outlets	Lutz (Tampa), FL		—		14,298		97,188		121		5,911		14,419		103,099		117,518		27,571	2015
The Crossings Premium Outlets	Tannersville, PA	$	—	$	7,720	$	172,931	$	—	$	19,407	$	7,720	$	192,338	$	200,058	$	93,873	2004	(4)
Tucson Premium Outlets	Marana (Tucson), AZ		—		12,508		69,677		—		5,649		12,508		75,326		87,834		19,786	2015
Vacaville Premium Outlets	Vacaville, CA		—		9,420		84,850		—		18,490		9,420		103,340		112,760		58,544	2004	(4)
Waikele Premium Outlets	Waipahu (Honolulu), HI		—		22,630		77,316		—		19,863		22,630		97,179		119,809		50,647	2004	(4)
Waterloo Premium Outlets	Waterloo, NY		—		3,230		75,277		—		14,620		3,230		89,897		93,127		49,967	2004	(4)
Williamsburg Premium Outlets	Williamsburg, VA		185,000		10,323		223,789		—		8,947		10,323		232,736		243,059		95,160	2010	(4)
Woodburn Premium Outlets	Woodburn (Portland), OR		—		9,414		150,414		—		2,987		9,414		153,401		162,815		50,987	2013	(4)
Woodbury Common Premium Outlets	Central Valley (New York), NY		—		11,010		862,559		1,771		270,451		12,781		1,133,010		1,145,790		480,423	2004	(4)
Wrentham Village Premium Outlets	Wrentham (Boston), MA		—		4,900		282,031		—		49,664		4,900		331,695		336,595		155,589	2004	(4)

The Mills
Arizona Mills	Tempe (Phoenix), AZ		99,682		41,285		297,289		—		15,079		41,285		312,368		353,653		85,269	2007	(4) (5)
Great Mall	Milpitas (San Jose), CA		—		69,853		463,101		—		60,466		69,853		523,567		593,420		175,704	2007	(4) (5)
Gurnee Mills	Gurnee (Chicago), IL		257,710		41,133		297,911		—		31,134		41,133		329,045		370,178		113,342	2007	(4) (5)
Mills at Jersey Gardens, The	Elizabeth, NJ		—		120,417		865,605		—		14,991		120,417		880,596		1,001,013		229,102	2015	(4)
Opry Mills	Nashville, TN		375,000		51,000		327,503		—		16,927		51,000		344,430		395,430		112,976	2007	(4) (5)
Outlets at Orange, The	Orange (Los Angeles), CA		215,000		64,973		211,322		—		3,544		64,973		214,866		279,840		25,872	2007	(4) (5)
Potomac Mills	Woodbridge (Washington, DC), VA		416,000		61,608		425,370		—		40,194		61,608		465,564		527,172		165,137	2007	(4) (5)
Sawgrass Mills	Sunrise (Miami), FL		—		192,981		1,641,153		5,395		227,774		198,376		1,868,927		2,067,302		592,984	2007	(4) (5)

Designer Outlets


								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
				Initial Cost (3)				Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)		Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition

La Reggia Designer Outlet	Marcianise (Naples), Italy		148,397		37,220		233,179		—		34,674		37,220		267,853		305,073		60,272	2013	(4) (5) (7)
Noventa Di Piave Designer Outlet	Venice, Italy		314,876		38,793		309,283		—		73,479		38,793		382,762		421,555		77,400	2013	(4) (5) (7)
Ochtrup Designer Outlet	Ochtrup, Germany		56,715		11,770		99,221		—		—		11,770		99,221		110,991		7,188	2016	(4) (5) (7)
Parndorf Designer Outlet	Vienna, Austria		208,273		14,903		223,156		—		4,924		14,903		228,080		242,983		59,149	2013	(4) (5) (7)
Provence Designer Outlet	Provence, France		92,899		41,321		78,279		6,169		—		47,490		78,279		125,769		30,462	2017	(4) (5) (7)
Roermond Designer Outlet	Roermond, Netherlands		260,891		15,035		400,094		—		16,700		15,035		416,794		431,829		110,259	2013	(4) (5) (7)
Roosendaal Designer Outlet	Roosendaal, Netherlands		65,105		22,191		108,069		—		6,917		22,191		114,986		137,178		28,406	2017	(4) (5) (7)

Lifestyle Centers
ABQ Uptown	Albuquerque, NM		—		6,374		75,333		4,054		7,572		10,428		82,905		93,333		32,112	2011	(4)
Northgate Station	Seattle, WA		—		23,610		115,992		11,947		81,738		35,557		197,730		233,286		55,568	1987
University Park Village	Fort Worth, TX		53,408		18,031		100,523		—		8,245		18,031		108,768		126,799		26,205	2015	(4)


Other Properties
Calhoun Marketplace	Calhoun, GA	$	17,552	$	1,745	$	12,529	$	—	$	2,188	$	1,745	$	14,717	$	16,462	$	10,845	2010	(4)
Florida Keys Outlet Center	Florida City, FL		17,000		1,112		1,748		—		4,735		1,112		6,483		7,595		3,976	2010	(4)
Gaffney Marketplace	Gaffney (Greenville/Charlotte), SC		28,352		4,056		32,371		—		5,785		4,056		38,156		42,212		22,623	2010	(4)
Orlando Outlet Marketplace	Orlando, FL		—		3,367		1,557		—		3,726		3,367		5,283		8,650		3,164	2010	(4)
Osage Beach Marketplace	Osage Beach, MO		—		1,397		8,874		—		—		1,397		8,874		10,272		1,364	2004	(4)
Southridge Mall	Greendale (Milwaukee), WI		112,087		12,359		130,111		1,939		12,244		14,298		142,355		156,653		58,663	2007	(4) (5)


Other pre-development costs			73,854		102,451		259,687		959		—		103,410		259,687		363,097		78
Other			—		3,537		133,632		31		—		3,568		133,632		137,201		17,798
Currency Translation Adjustment			—		5,940		11,216		—		36,025		5,940		47,242		53,182		(33,934)
		$	5,366,190	$	3,270,099	$	25,016,217	$	369,254	$	8,841,645	$	3,639,353	$	33,857,863	$	37,497,216	$	15,304,461

Simon Property Group, Inc.

Simon Property Group, L.P.

Notes to Schedule III as of December 31, 2021

(Dollars in thousands)

(1)	Reconciliation of Real Estate Properties:

The changes in real estate assets for the years ended December 31, 2021, 2020, and 2019 are as follows:


	2021		2020		2019
Balance, beginning of year	$	37,608,638	$	37,356,739	$	36,667,960
Acquisitions and consolidations (7)		121,250		—		40,990
Improvements		569,483		401,202		899,728
Disposals and deconsolidations		(655,482)		(320,328)		(219,268)
Currency Translation Adjustment		(146,673)		171,025		(32,671)
Balance, close of year	$	37,497,216	$	37,608,638	$	37,356,739

The unaudited aggregate cost of domestic consolidated real estate assets for U.S. federal income tax purposes as of December 31, 2021 was $20,725,472.

(2)	Reconciliation of Accumulated Depreciation:

The changes in accumulated depreciation for the years ended December 31, 2021, 2020, and 2019 are as follows:


	2021		2020		2019
Balance, beginning of year	$	14,592,867	$	13,622,433	$	12,632,690
Depreciation expense (7)		1,083,705		1,226,611		1,176,815
Disposals and deconsolidations		(403,582)		(236,123)		(194,664)
Currency Translation Adjustment		31,471		(20,054)		7,592
Balance, close of year	$	15,304,461	$	14,592,867	$	13,622,433

Depreciation of our investment in buildings and improvements reflected in the consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as noted below.

●

Buildings and Improvements — typically 10-35 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment.

●

Tenant Allowances and Improvements — shorter of lease term or useful life.

(3)

Initial cost generally represents net book value at December 20, 1993, except for acquired properties and new developments after December 20, 1993. Initial cost also includes any new developments that are opened during the current year. Costs of disposals and impairments of property are first reflected as a reduction to cost capitalized subsequent to acquisition.

(4)	Not developed/constructed by us or our predecessors. The date of construction represents the initial acquisition date for assets in which we have acquired multiple interests.

(5)	Initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting.

(6)	Encumbrances represent face amount of mortgage debt and exclude any premiums or discounts and deferred financing costs.

(7)	Represents the original cost and does not include subsequent currency translation adjustments.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Investment Properties

Investment properties consist of the following as of December 31:


	2021		2020
Land	$	3,639,353	$	3,700,023
Buildings and improvements		33,857,863		33,908,615
Total land, buildings and improvements		37,497,216		37,608,638
Furniture, fixtures and equipment		435,150		441,558
Investment properties at cost		37,932,366		38,050,196
Less — accumulated depreciation		15,621,127		14,891,937
Investment properties at cost, net	$	22,311,239	$	23,158,259
Construction in progress included above	$	797,519	$	773,061


	For the Year Ended
	December 31,
	2021		2020		2019
Capitalized interest	$	31,204	$	22,917	$	33,342

Purchase Accounting

●

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.

Cash and Cash Equivalents

Equity Instruments and Debt Securities

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

Gains on Issuances of Stock by Equity Method Investees

Gains or losses on Issuances of Stock by Equity Method Investees

Use of Estimates

Segment and Geographic Locations

Deferred Costs and Other Assets

Deferred costs and other assets include the following as of December 31:


	2021		2020
Deferred lease costs, net	$	109,155	$	169,651
In-place lease intangibles, net		14,107		3,905
Acquired above market lease intangibles, net		19,171		31,053
Marketable securities of our captive insurance companies		60,855		40,496
Goodwill		20,098		20,098
Other marketable and non-marketable securities		359,459		351,176
Prepaids, notes receivable and other assets, net		538,166		465,789
	$	1,121,011	$	1,082,168

Deferred Lease Costs


	2021		2020
Deferred lease costs	$	358,287	$	407,288
Accumulated amortization		(249,132)		(237,637)
Deferred lease costs, net	$	109,155	$	169,651


	For the Year Ended December 31,
	2021		2020		2019
Amortization of deferred leasing costs	$	43,028	$	51,349	$	57,201

Intangibles

Details of intangible assets as of December 31 are as follows:


	2021		2020
In-place lease intangibles	$	115,550	$	173,094
Accumulated amortization		(101,443)		(169,189)
In-place lease intangibles, net	$	14,107	$	3,905

	2021		2020
Acquired above market lease intangibles	$	133,224	$	186,620
Accumulated amortization		(114,053)		(155,567)
Acquired above market lease intangibles, net	$	19,171	$	31,053

Estimated future amortization and the increasing (decreasing) effect on lease income for our above and below market leases as of December 31, 2021 are as follows:


	Below		Above		Impact to
	Market		Market		Lease
	Leases		Leases		Income, Net
2022	$	5,957	$	(7,877)	$	(1,920)
2023		4,470		(5,511)		(1,041)
2024		3,510		(3,733)		(223)
2025		2,374		(1,564)		810
2026		1,581		(459)		1,122
Thereafter		3,721		(27)		3,694
	$	21,613	$	(19,171)	$	2,442

Derivative Financial Instruments

As of December 31, 2021, we had the following outstanding interest rate derivatives related to managing our interest rate risk:

We had the following Euro:USD forward contracts designated as net investment hedges at December 31, 2021 and 2020 (in millions):


			Asset (Liability) Value as of
			December 31,		December 31,
Notional Value		Maturity Date	2021		2020
€	100.0	March 24, 2021		—		(3.9)
€	100.0	March 24, 2021		—		(3.8)
€	50.0	March 24, 2021		—		(2.3)
€	50.0	March 24, 2021		—		(2.2)
€	50.0	May 14, 2021		—		(2.2)
€	50.0	May 14, 2021		—		(2.2)
€	41.0	May 14, 2021		—		(1.9)
€	20.0	May 14, 2021		—		(1.7)
€	50.0	May 14, 2021		—		(2.1)
€	50.0	May 14, 2021		—		(6.4)
€	30.0	May 14, 2021		—		(2.6)
€	60.0	December 20, 2021		—		(4.2)
€	60.0	December 20, 2021		—		(4.1)
€	30.0	December 20, 2021		—		(2.2)
€	50.0	July 15, 2021		—		(0.1)
€	50.0	July 15, 2021		—		(0.1)
€	50.0	July 15, 2021		—		(0.1)
€	61.0	September 17, 2021		—		(1.3)
€	61.0	September 17, 2021		—		(1.2)
€	60.0	March 15, 2022		2.8		—
€	62.0	September 15, 2022		2.8		—
€	44.5	September 15, 2022		(0.3)		—
€	44.5	September 15, 2022		(0.4)		—
€	89.0	December 16, 2022		(0.8)		—

Asset balances in the above table are included in deferred costs and other assets. Liability balances in the above table are included in other liabilities.

Noncontrolling Interests

Simon

Details of the carrying amount of our noncontrolling interests are as follows as of December 31:


	2021		2020
Limited partners’ interests in the Operating Partnership	$	477,292	$	431,784
Nonredeemable noncontrolling interests in properties, net		14,241		1,090
Total noncontrolling interests reflected in equity	$	491,533	$	432,874

The Operating Partnership

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 reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31:


	2021		2020		2019		Affected line item where net income is presented
Currency translation adjustments	$	5,660	$	(1,739)	$	—	Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
		(712)		219		—	Net income attributable to noncontrolling interests
	$	4,948	$	(1,520)		—

Accumulated derivative gains (losses), net	$	1,625	$	1,845	$	(2,782)	Interest expense
		—		—		(10,852)	Loss on extinguishment of debt
		(204)		(232)		1,802	Net income attributable to noncontrolling interests
	$	1,421	$	1,613	$	(11,832)

The Operating Partnership

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31:


	2021		2020		2019		Affected line item where net income is presented
Currency translation adjustments	$	5,660	$	(1,739)	$	—	Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net

Accumulated derivative gains (losses), net	$	1,625	$	1,845	$	(2,782)	Interest expense
		—		—		(10,852)	Loss on extinguishment of debt
	$	1,625	$	1,845	$	(13,634)

Revenue Recognition

Management Fees and Other Revenues

Income Taxes

Simon and certain subsidiaries of the Operating Partnership have elected to be taxed as REITs under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the entity to distribute at least 90% of REIT taxable income to its owners and meet certain other asset and income tests as well as other requirements. We intend to continue to adhere to these requirements and maintain Simon’s REIT status and that of the REIT subsidiaries. As REITs, these entities will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Thus, we made no provision for U.S. federal income taxes for these entities in the accompanying consolidated financial statements. If Simon or any of the REIT subsidiaries fail to qualify as a REIT, and if available relief provisions do not apply, Simon or that entity will be subject to tax at regular corporate rates for the years in which it failed to qualify. If Simon or any of the REIT subsidiaries loses its REIT status it could not elect to be taxed as a REIT for four taxable years following the year during which qualification was lost unless the failure to qualify was due to reasonable cause and certain other conditions were satisfied.

We have also elected taxable REIT subsidiary, or TRS, status for some of our subsidiaries. This enables us to provide services that would otherwise be considered impermissible for REITs and participate in activities that do not qualify as “rents from real property”. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income.

As a partnership, the allocated share of the Operating Partnership’s income or loss for each year is included in the income tax returns of the partners; accordingly, no accounting for income taxes is required in the accompanying consolidated financial statements other than as discussed above for our TRSs.

As of December 31, 2021 and 2020, we had net deferred tax liabilities of $259.3 million and $251.1 million, respectively, which primarily relate to the temporary differences between the carrying value of balance sheet assets and liabilities and their tax bases. These differences were primarily created through the consolidation of various European assets in 2016. Additionally, we have deferred tax related to our TRSs, consisting of operating losses and other carryforwards for U.S. federal income tax purposes as well as the timing of the deductibility of losses or reserves from insurance subsidiaries, though these amounts are not material to the financial statements. The deferred tax asset in

included in deferred costs and other assets and the deferred tax liability is included in other liabilities in the accompanying consolidated balance sheets.

We are also subject to certain other taxes, including state and local taxes, franchise taxes, as well as income-based and withholding taxes on dividends from certain of our international investments, which are included in income and other taxes in the consolidated statements of operations and comprehensive income.

Our cash paid for taxes in each period was as follows:


	For the Year Ended December 31,
	2021		2020		2019
Cash paid for taxes	$	102,454	$	20,046	$	21,626

Corporate Expenses

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.

New Accounting Pronouncements

Basis of Presentation and Consolidation (Tables)

12 Months Ended

Dec. 31, 2021

Basis of Presentation and Consolidation

Schedule of weighted average ownership interest in the operating partnership


	For the Year Ended
	December 31,
	2021		2020		2019
Weighted average ownership interest	87.4	%	86.9	%	86.8	%

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Significant Accounting Policies

Schedule of investment properties


	2021		2020
Land	$	3,639,353	$	3,700,023
Buildings and improvements		33,857,863		33,908,615
Total land, buildings and improvements		37,497,216		37,608,638
Furniture, fixtures and equipment		435,150		441,558
Investment properties at cost		37,932,366		38,050,196
Less — accumulated depreciation		15,621,127		14,891,937
Investment properties at cost, net	$	22,311,239	$	23,158,259
Construction in progress included above	$	797,519	$	773,061

Schedule of interest capitalized


	For the Year Ended
	December 31,
	2021		2020		2019
Capitalized interest	$	31,204	$	22,917	$	33,342

Schedule of deferred costs and other assets


	2021		2020
Deferred lease costs, net	$	109,155	$	169,651
In-place lease intangibles, net		14,107		3,905
Acquired above market lease intangibles, net		19,171		31,053
Marketable securities of our captive insurance companies		60,855		40,496
Goodwill		20,098		20,098
Other marketable and non-marketable securities		359,459		351,176
Prepaids, notes receivable and other assets, net		538,166		465,789
	$	1,121,011	$	1,082,168

Schedule of deferred lease costs


	2021		2020
Deferred lease costs	$	358,287	$	407,288
Accumulated amortization		(249,132)		(237,637)
Deferred lease costs, net	$	109,155	$	169,651

Schedule of amortization of deferred leasing costs


	For the Year Ended December 31,
	2021		2020		2019
Amortization of deferred leasing costs	$	43,028	$	51,349	$	57,201

Schedule of intangible assets


	2021		2020
In-place lease intangibles	$	115,550	$	173,094
Accumulated amortization		(101,443)		(169,189)
In-place lease intangibles, net	$	14,107	$	3,905

	2021		2020
Acquired above market lease intangibles	$	133,224	$	186,620
Accumulated amortization		(114,053)		(155,567)
Acquired above market lease intangibles, net	$	19,171	$	31,053

Schedule of estimated future amortization and the increasing (decreasing) effect on lease income for above and below market leases


	Below		Above		Impact to
	Market		Market		Lease
	Leases		Leases		Income, Net
2022	$	5,957	$	(7,877)	$	(1,920)
2023		4,470		(5,511)		(1,041)
2024		3,510		(3,733)		(223)
2025		2,374		(1,564)		810
2026		1,581		(459)		1,122
Thereafter		3,721		(27)		3,694
	$	21,613	$	(19,171)	$	2,442

Schedule of Interest Rate Derivatives

Schedule of Euro:USD forward contracts


			Asset (Liability) Value as of
			December 31,		December 31,
Notional Value		Maturity Date	2021		2020
€	100.0	March 24, 2021		—		(3.9)
€	100.0	March 24, 2021		—		(3.8)
€	50.0	March 24, 2021		—		(2.3)
€	50.0	March 24, 2021		—		(2.2)
€	50.0	May 14, 2021		—		(2.2)
€	50.0	May 14, 2021		—		(2.2)
€	41.0	May 14, 2021		—		(1.9)
€	20.0	May 14, 2021		—		(1.7)
€	50.0	May 14, 2021		—		(2.1)
€	50.0	May 14, 2021		—		(6.4)
€	30.0	May 14, 2021		—		(2.6)
€	60.0	December 20, 2021		—		(4.2)
€	60.0	December 20, 2021		—		(4.1)
€	30.0	December 20, 2021		—		(2.2)
€	50.0	July 15, 2021		—		(0.1)
€	50.0	July 15, 2021		—		(0.1)
€	50.0	July 15, 2021		—		(0.1)
€	61.0	September 17, 2021		—		(1.3)
€	61.0	September 17, 2021		—		(1.2)
€	60.0	March 15, 2022		2.8		—
€	62.0	September 15, 2022		2.8		—
€	44.5	September 15, 2022		(0.3)		—
€	44.5	September 15, 2022		(0.4)		—
€	89.0	December 16, 2022		(0.8)		—

Schedule of carrying amount of noncontrolling interests


	2021		2020
Limited partners’ interests in the Operating Partnership	$	477,292	$	431,784
Nonredeemable noncontrolling interests in properties, net		14,241		1,090
Total noncontrolling interests reflected in equity	$	491,533	$	432,874

Schedule of reclassifications out of accumulated other comprehensive income (loss)


	2021		2020		2019		Affected line item where net income is presented
Currency translation adjustments	$	5,660	$	(1,739)	$	—	Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net

Accumulated derivative gains (losses), net	$	1,625	$	1,845	$	(2,782)	Interest expense
		—		—		(10,852)	Loss on extinguishment of debt
	$	1,625	$	1,845	$	(13,634)

Schedule of cash paid for taxes


	For the Year Ended December 31,
	2021		2020		2019
Cash paid for taxes	$	102,454	$	20,046	$	21,626

Per Share and Per Unit Data (Tables)

12 Months Ended

Dec. 31, 2021

Per Share And Per Unit Data

Schedule of computation of basic and diluted earnings per share and basic and diluted earnings per unit


	For the Year Ended December 31,
	2021		2020		2019
Net Income attributable to Unitholders — Basic and Diluted	$	2,569,508	$	1,276,450	$	2,416,945
Weighted Average Units Outstanding — Basic and Diluted		375,866,759		355,281,882		354,724,019

Schedule of taxable nature of dividends and distributions declared


	For the Year Ended December 31,
	2021			2020			2019
Total dividends/distributions paid per common share/unit	$	5.85		$	6.00		$	8.30
Percent taxable as ordinary income		93.10	%		97.40	%		100.00	%
Percent taxable as long-term capital gains		6.90	%		2.60	%		0.00	%
		100.00	%		100.00	%		100.00	%

Investments in Unconsolidated Entities and International Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments in Unconsolidated Entities and International Investments

Summary of equity method investments and share of income from such investments, balance sheet


	December 31,		December 31,
	2021		2020
Assets:
Investment properties, at cost	$	19,724,242	$	20,079,476
Less - accumulated depreciation		8,330,891		8,003,863
		11,393,351		12,075,613
Cash and cash equivalents		1,481,287		1,169,422
Tenant receivables and accrued revenue, net		591,369		749,231
Right-of-use assets, net		154,561		185,598
Deferred costs and other assets		394,691		380,087
Total assets	$	14,015,259	$	14,559,951
Liabilities and Partners’ Deficit:
Mortgages	$	15,223,710	$	15,569,485
Accounts payable, accrued expenses, intangibles, and deferred revenue		995,392		969,242
Lease liabilities		158,372		188,863
Other liabilities		383,018		426,321
Total liabilities		16,760,492		17,153,911
Preferred units		67,450		67,450
Partners’ deficit		(2,812,683)		(2,661,410)
Total liabilities and partners’ deficit	$	14,015,259	$	14,559,951
Our Share of:
Partners’ deficit	$	(1,207,396)	$	(1,130,713)
Add: Excess Investment		1,283,645		1,399,757
Our net Investment in unconsolidated entities, at equity	$	76,249	$	269,044

Schedule of principal repayments on joint venture properties' mortgage and unsecured indebtedness


2022	$	2,111,105
2023		1,515,170
2024		2,851,788
2025		1,755,169
2026		3,032,175
Thereafter		3,995,886
Total principal maturities		15,261,293
Debt issuance costs		(37,583)
Total mortgages	$	15,223,710

Summary of equity method investments and share of income from such investments, statements of operations



	December 31,
	2021		2020		2019
REVENUE:
Lease income	$	2,797,221	$	2,544,134	$	3,088,594
Other income		319,956		300,634		322,398
Total revenue		3,117,177		2,844,768		3,410,992
OPERATING EXPENSES:
Property operating		575,584		519,979		587,062
Depreciation and amortization		686,790		692,424		681,764
Real estate taxes		263,325		262,351		266,013
Repairs and maintenance		79,300		68,722		85,430
Advertising and promotion		72,441		67,434		89,660
Other		200,899		163,710		196,178
Total operating expenses		1,878,339		1,774,620		1,906,107
Operating Income Before Other Items		1,238,838		1,070,148		1,504,885
Interest expense		(605,591)		(616,332)		(636,988)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		34,814		—		24,609
Net Income	$	668,061	$	453,816	$	892,506
Third-Party Investors’ Share of Net Income	$	333,304	$	226,364	$	460,696
Our Share of Net Income	$	334,757	$	227,452	$	431,810
Amortization of Excess Investment		(64,974)		(82,097)		(83,556)
Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements		(14,941)		—		(9,156)
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net		(541)		—		(1,133)
Income from Unconsolidated Entities	$	254,301	$	145,355	$	337,965

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Indebtedness

Schedule of mortgages and unsecured indebtedness


	2021		2020
Fixed-Rate Debt:
Mortgage notes, including $2,892 and $3,348 of net premiums and $14,619 and $15,237 of debt issuance costs, respectively. Weighted average interest and maturity of 3.61% and 4.3 years at December 31, 2021.	$	4,546,614	$	5,803,718
Unsecured notes, including $30,964 and $22,470 of net discounts and $83,147 and $74,622 of debt issuance costs, respectively. Weighted average interest and maturity of 2.93% and 9.6 years at December 31, 2021.		18,254,507		16,985,990
Commercial Paper (see below)		500,000		623,020
Total Fixed-Rate Debt		23,301,121		23,412,728
Variable-Rate Debt:
Mortgage notes, including $4,354 and $7,102 of debt issuance costs, respectively. Weighted average interest and maturity of 1.70% and 1.6 years at December 31, 2021.		803,495		1,137,034
Credit Facilities (see below), including $22,039 and $16,171 of debt issuance costs, respectively.		1,152,961		2,108,829
Total Variable-Rate Debt		1,956,456		3,245,863
Other Debt Obligations		63,445		64,770
Total Mortgages and Unsecured Indebtedness	$	25,321,022	$	26,723,361

Schedule of principal repayments of indebtedness

Our scheduled principal repayments on indebtedness as of December 31, 2021, assuming the obligations remain outstanding through the initial maturities, are as follows:


2022	$	1,898,889	(1)
2023		1,230,712
2024		2,828,818
2025		2,669,547
2026		3,920,142
Thereafter		12,861,700
Total principal maturities		25,409,808
Net unamortized debt premium		28,055
Net unamortized debt discount		(56,127)
Debt issuance costs, net		(124,159)
Other Debt Obligations		63,445
Total mortgages and unsecured indebtedness	$	25,321,022

(1)	Includes $500.0 million in Global Commercial Paper.

Schedule of cash paid for interest in each period, net of any amounts capitalized


	For the Year Ended December 31,
	2021		2020		2019
Cash paid for interest	$	822,182	$	754,306	$	803,728

Schedule of debt issuance costs


	2021		2020
Debt issuance costs	$	227,774	$	202,859
Accumulated amortization		(103,615)		(89,727)
Debt issuance costs, net	$	124,159	$	113,132

Schedule of debt amortization from continuing operations, included in statements of operations and comprehensive income


		For the Year Ended December 31,
	2021		2020		2019
Amortization of debt issuance costs	$	24,794	$	23,076	$	21,499
Amortization of debt discounts/(premiums)		168		174		1,571

Schedule of fair value of financial instruments and the related discount rate assumptions


	December 31,			December 31,
	2021			2020
Fair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions)	$	24,597		$	25,327
Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages		3.17	%		2.41	%
Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness		3.33	%		2.63	%

Equity (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties


	2021		2020
7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding	$	25,537	$	25,537
Other noncontrolling redeemable interests		522,203		160,355
Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties	$	547,740	$	185,892

Schedule of LTIP units earned and aggregate grant date fair values adjusted for estimated forfeitures


LTIP Program	LTIP Units Earned	Grant Date Fair Value of TSR Award	Grant Date Target Value of Performance-Based Awards
2018 LTIP program - Tranche A	38,148	$6.1 million	$6.1 million
2018 LTIP program - Tranche B	-	$6.1 million	$6.1 million
2019 LTIP program	To be determined in 2022	$9.5 million	$14.7 million
2021 LTIP program	To be determined in 2024	$5.7 million	$12.2 million

Schedule of restricted stock awards


	For the Year Ended
	December 31,
	2021		2020		2019
Shares of restricted stock awarded during the year, net of forfeitures		80,012		462,966		90,902
Weighted average fair value of shares granted during the year	$	115.34	$	73.28	$	181.94
Annual amortization	$	19,673	$	11,660	$	12,604

Lease Income (Tables)

12 Months Ended

Dec. 31, 2021

Lease Income

Schedule of lease income


	For the Year Ended
	December 31,
	2021		2020		2019
Fixed lease income	$	3,701,991	$	3,871,395	$	4,293,401
Variable lease income		1,034,728		430,972		950,370
Total lease income	$	4,736,719	$	4,302,367	$	5,243,771

Schedule of minimum fixed lease consideration under tenant operating leases


2022	$	3,098,505
2023		2,611,384
2024		2,082,985
2024		1,650,164
2025		1,252,534
Thereafter		3,291,874
	$	13,987,446

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies.

Schedule of lease cost


	For the Year Ended
	December 31,
	2021		2020		2019
Operating Lease Cost
Fixed lease cost	$	32,492	$	31,404	$	31,000
Variable lease cost		15,454		13,270		16,833
Sublease income		(705)		(746)		(694)
Total operating lease cost	$	47,241	$	43,928	$	47,139

Schedule of other lease information


	For the Year Ended
	December 31,
	2021		2020		2019
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	47,824	$	44,570	$	48,519

Weighted-average remaining lease term - operating leases		33.6 years		34.4 years		35.6 years
Weighted-average discount rate - operating leases		4.87%		4.86%		4.87%

Schedule of future minimum lease payments due


2022	$	32,838
2023		32,979
2024		33,114
2025		33,124
2026		33,138
Thereafter		855,079
	$	1,020,272
Impact of discounting		(513,341)
Operating lease liabilities	$	506,931

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Data (Unaudited)

Schedule of quarterly financial data


	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
2021
Total revenue	$	1,239,951	$	1,254,146	$	1,296,554	$	1,326,138
Operating income before other items		604,612		604,723		612,324		591,533
Consolidated net income		510,460		705,869		778,648		573,730
Simon Property Group, Inc.
Net income attributable to common stockholders	$	445,860	$	617,257	$	679,936	$	503,241
Net income per share — Basic and Diluted	$	1.36	$	1.88	$	2.07	$	1.53
Weighted average shares outstanding — Basic and Diluted		328,514,497		328,594,136		328,619,163		328,619,248
Simon Property Group, L.P.
Net income attributable to unitholders	$	510,085	$	706,087	$	777,740	$	575,596
Net income per unit — Basic and Diluted	$	1.36	$	1.88	$	2.07	$	1.53
Weighted average units outstanding — Basic and Diluted		375,836,653		375,875,290		375,882,318		375,872,212
2020
Total revenue (1)	$	1,353,360	$	1,062,041	$	1,060,674	$	1,131,429
Operating income before other items		654,869		450,868		404,024		462,047
Consolidated net income		505,404		290,548		168,646		312,726
Simon Property Group, Inc.
Net income attributable to common stockholders	$	437,605	$	254,213	$	145,926	$	271,483
Net income per share — Basic and Diluted	$	1.43	$	0.83	$	0.48	$	0.86
Weighted average shares outstanding — Basic and Diluted		306,504,084		305,882,326		305,913,431		316,595,345
Simon Property Group, L.P.
Net income attributable to unitholders	$	504,263	$	292,863	$	168,086	$	311,238
Net income per unit — Basic and Diluted	$	1.43	$	0.83	$	0.48	$	0.86
Weighted average units outstanding — Basic and Diluted		353,191,960		352,410,392		352,420,845		363,050,401

Organization (Details)	Dec. 31, 2021 state property country	Dec. 29, 2020 property
TRG
Real Estate Properties
Ownership percentage	80.00%
Number of regional, super regional and outlet malls	24	24
U.S. and Puerto Rico
Real Estate Properties
Number of properties	199
Number of U.S. states containing property locations \| state	37
U.S. and Puerto Rico \| Malls
Real Estate Properties
Number of properties	95
U.S. and Puerto Rico \| Premium Outlets
Real Estate Properties
Number of properties	69
U.S. and Puerto Rico \| The Mills
Real Estate Properties
Number of properties	14
U.S. and Puerto Rico \| Community/Lifestyle Centers
Real Estate Properties
Number of properties	6
U.S. and Puerto Rico \| Other shopping centers or outlet centers
Real Estate Properties
Number of properties	15
Asia, Europe and Canada \| Premium and Designer Outlets
Real Estate Properties
Number of properties	33
Europe \| Klepierre
Real Estate Properties
Ownership percentage	22.40%
Number of countries \| country	14

Basis of Presentation (Details) - property	12 Months Ended
Basis of Presentation (Details) - property	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate Properties
Total number of joint venture properties	84
Number of joint venture properties managed by the entity	53
Number of International joint venture properties	23
Number of joint venture properties managed by others	31
Simon Property Group, L.P.
Ownership interest:
Ownership interest in the Operating Partnership (as a percent)	87.40%	87.40%
Simon Property Group, L.P. \| Weighted average
Ownership interest:
Ownership interest in the Operating Partnership (as a percent)	87.40%	86.90%	86.80%
Wholly owned properties
Real Estate Properties
Number of properties	131
Partially owned properties
Real Estate Properties
Number of properties	17

Summary of Significant Accounting Policies - Investment Properties (Details) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2020 USD ($) item	Sep. 30, 2020 USD ($) item	Dec. 31, 2019 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Real Estate Properties [Line Items]
Land	$ 3,700,023			$ 3,639,353	$ 3,700,023
Buildings and improvements	33,908,615			33,857,863	33,908,615
Total land, buildings and improvements	37,608,638			37,497,216	37,608,638
Furniture, fixtures and equipment	441,558			435,150	441,558
Investment properties at cost	38,050,196			37,932,366	38,050,196
Less - accumulated depreciation	14,891,937			15,621,127	14,891,937
Investment properties, at cost, net	23,158,259			22,311,239	23,158,259
Construction in progress, included above	773,061			797,519	773,061
Capitalized interest				$ 31,204	$ 22,917	$ 33,342
Impairment charge to reduce investment to its estimated fair value		$ 36,100	$ 47,200
Buildings and improvements \| Minimum
Real Estate Properties [Line Items]
Useful life				10 years
Buildings and improvements \| Maximum
Real Estate Properties [Line Items]
Useful life				35 years
Equipment and fixtures \| Minimum
Real Estate Properties [Line Items]
Useful life				7 years
Equipment and fixtures \| Maximum
Real Estate Properties [Line Items]
Useful life				10 years
Consolidated properties
Real Estate Properties [Line Items]
Impairment of real estate	$ 34,400
Number of properties impaired \| item	1
Unconsolidated properties
Real Estate Properties [Line Items]
Impairment charge to reduce investment to its estimated fair value		$ 55,200
Number of joint ventures determined to be impaired \| item		3

Summary of Significant Accounting Policies - Equity Instruments and Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity Instruments and Investments
Equity instruments with readily determinable fair value	$ 142,200	$ 41,900
Equity instruments without readily determinable fair values	217,200	309,300
Debt securities of our captive insurance companies	$ 60,855	$ 40,496
Debt Securities \| Securities in captive insurance subsidiary portfolio \| Maximum
Equity Instruments and Investments
Short-term investment maturity period	1 year
Investment maturity period	10 years

Summary of Significant Accounting Policies - Fair Value Measurements (Details) $ in Millions	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($)
Fair Value Measurements
Number of investments for which fair value is measured on a recurring basis using Level 3 inputs \| item	0
Level 2 \| Recurring
Fair Value Measurements
Interest rate swap agreements and foreign currency forward contracts, gross asset balance	$ 6.2
Interest rate swap agreements and foreign currency forward contracts, gross liability balance	$ 1.5	$ 44.6

Summary of Significant Accounting Policies - Segment and Geographic Locations (Details) - item	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segment Disclosure
Number of reportable segments	1
Geographic Concentration Risk \| Consolidated Long-Lived Assets \| Non-US
Segment Disclosure
Percentage of consolidated long lived assets	7.10%	6.90%
Geographic Concentration Risk \| Consolidated revenues \| Non-US
Segment Disclosure
Percentage of consolidated total revenue	3.00%	2.40%

Summary of Significant Accounting Policies - Deferred Costs and Other Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred costs and other assets
Deferred lease costs, net	$ 109,155	$ 169,651
In-place lease intangibles, net	14,107	3,905
Acquired above market lease intangibles, net	19,171	31,053
Marketable securities of our captive insurance companies	60,855	40,496
Goodwill	20,098	20,098
Other marketable and non-marketable securities	359,459	351,176
Prepaids, notes receivable and other assets, net	538,166	465,789
Deferred costs and other assets	1,121,011	1,082,168
Deferred Lease Costs
Deferred lease costs	358,287	407,288
Accumulated amortization	(249,132)	(237,637)
Deferred lease costs, net	109,155	169,651
Amortization, included in statements of operations and comprehensive income
Amortization of deferred leasing costs	$ 43,028	$ 51,349	$ 57,201

Summary of Significant Accounting Policies - Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets
Unamortized below market leases included in accounts payable, accrued expenses, intangibles and deferred revenues	$ 21,600	$ 28,700
Estimated future amortization, and the increasing (decreasing) effect on below market minimum rents
2022	5,957
2023	4,470
2024	3,510
2025	2,374
2026	1,581
Thereafter	3,721
Lease intangibles assets, net	21,613
Estimated future amortization, and the increasing (decreasing) effect on minimum rents
2022	(1,920)
2023	(1,041)
2024	(223)
2025	810
2026	1,122
Thereafter	3,694
Lease intangibles assets, net	$ 2,442
In-place lease intangibles
Intangible Assets
Average life of in-place lease intangibles	2 years 9 months 18 days
Amount of amortization expenses	$ 2,700	1,300	$ 1,900
Lease intangibles assets, gross	115,550	173,094
Accumulated amortization	(101,443)	(169,189)
Lease intangibles assets, net	$ 14,107	3,905
Above and below market leases
Intangible Assets
Weighted average remaining life of intangible	2 years 7 months 6 days
Above Market Leases
Intangible Assets
Lease intangibles assets, gross	$ 133,224	186,620
Accumulated amortization	(114,053)	(155,567)
Lease intangibles assets, net	19,171	$ 31,053
Estimated future amortization, and the increasing (decreasing) effect on minimum rents
2022	(7,877)
2023	(5,511)
2024	(3,733)
2025	(1,564)
2026	(459)
Thereafter	(27)
Lease intangibles assets, net	$ (19,171)

Summary of Significant Accounting Policies - Derivative Financial Instruments (Details) € in Millions, $ in Millions	Dec. 31, 2021 USD ($) DerivativeInstrument	Dec. 31, 2021 EUR (€) DerivativeInstrument	Dec. 31, 2020 USD ($) DerivativeInstrument
Derivative Financial Instruments
Number of credit-risk-related hedging or derivative activities \| DerivativeInstrument	0	0
Unamortized gain on treasury locks and terminated hedges	$ 6.9		$ 8.7
Amount expected to be reclassified from accumulated other comprehensive loss to earnings within the next year	1.0
Gross accumulated other comprehensive income (loss) related to derivative activities	$ (11.4)		$ (60.9)
Interest rate swap
Derivative Financial Instruments
Number of Instruments \| DerivativeInstrument	2	2	0
Notional Amount	$ 375.0
Interest rate swap \| Deferred costs and other assets
Derivative Financial Instruments
Interest rate derivative assets, at fair value	0.6
USD-Euro currency forward contract \| March 24, 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		€ 100.0
Forward contract net, fair value			$ (3.9)
USD-Euro currency forward contract \| March 24 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		100.0
Forward contract net, fair value			(3.8)
USD-Euro currency forward contract \| March 24, 2021. \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		50.0
Forward contract net, fair value			(2.3)
USD-Euro currency forward contract \| March 24 2021. \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		50.0
Forward contract net, fair value			(2.2)
USD-Euro currency forward contract \| May 14 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		50.0
Forward contract net, fair value			(2.2)
USD-Euro currency forward contract \| May 14, 2021. \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		50.0
Forward contract net, fair value			(2.2)
USD-Euro currency forward contract \| May 14 2021. \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		41.0
Forward contract net, fair value			(1.9)
USD-Euro currency forward contract \| May 14_ 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		20.0
Forward contract net, fair value			(1.7)
USD-Euro currency forward contract \| May 14_2021. \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		50.0
Forward contract net, fair value			(2.1)
USD-Euro currency forward contract \| May_14 _2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		50.0
Forward contract net, fair value			(6.4)
USD-Euro currency forward contract \| May_14_2021. \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		30.0
Forward contract net, fair value			(2.6)
USD-Euro currency forward contract \| December 20, 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		60.0
Forward contract net, fair value			(4.2)
USD-Euro currency forward contract \| December 20 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		60.0
Forward contract net, fair value			(4.1)
USD-Euro currency forward contract \| December 20 2021. \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		30.0
Forward contract net, fair value			(2.2)
USD-Euro currency forward contract \| July 15, 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		50.0
Forward contract net, fair value			(0.1)
USD-Euro currency forward contract \| July 15 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		50.0
Forward contract net, fair value			(0.1)
USD-Euro currency forward contract \| July 15, 2021. \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		50.0
Forward contract net, fair value			(0.1)
USD-Euro currency forward contract \| September 17, 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		61.0
Forward contract net, fair value			(1.3)
USD-Euro currency forward contract \| September 17 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		61.0
Forward contract net, fair value			$ (1.2)
USD-Euro currency forward contract \| March 15, 2022 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		60.0
Forward contract net, fair value	2.8
USD-Euro currency forward contract \| September 15, 2022 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		62.0
Forward contract net, fair value	2.8
USD-Euro currency forward contract \| September 15 2022 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		44.5
Forward contract net, fair value	(0.3)
USD-Euro currency forward contract \| September 15 2022. \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		44.5
Forward contract net, fair value	(0.4)
USD-Euro currency forward contract \| December 16 2022 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		€ 89.0
Forward contract net, fair value	$ (0.8)

Summary of Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies
Limited partners' interests in the Operating Partnership	$ 477,292	$ 431,784
Nonredeemable noncontrolling interests in properties, net	14,241	1,090
Total noncontrolling interests reflected in equity	$ 491,533	$ 432,874

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(24))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.31)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Topic 470
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-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

+ Details

Summary of Significant Accounting Policies - Reclassification Out of AOCI, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Significant Accounting Policies
Total accumulated other comprehensive income (loss)	$ (200,200)				$ (155,800)				$ (200,200)	$ (155,800)	$ (184,800)
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net									206,855	(114,960)	14,883
Interest expense									(795,712)	(784,400)	(789,353)
Loss on extinguishment of debt									(51,841)		(116,256)
Net income attributable to noncontrolling interests									6,053	4,378	(991)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 575,596	$ 777,740	$ 706,087	$ 510,085	$ 311,238	$ 168,086	$ 292,863	$ 504,263	2,569,508	1,276,450	2,416,945
Currency translation adjustments \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net									5,660	(1,739)
Currency translation adjustments, attributable to noncontrolling interests \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests									(712)	219
Currency translation adjustments. \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net									5,660	(1,739)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS									4,948	(1,520)
Accumulated derivative losses, net, including noncontrolling interests \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense									1,625	1,845	(2,782)
Loss on extinguishment of debt											(10,852)
Accumulated derivative losses, attributable to noncontrolling interests \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests									(204)	(232)	1,802
Accumulated derivative gains (losses), net \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense									1,625	1,845	(2,782)
Loss on extinguishment of debt											(10,852)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS									$ 1,625	$ 1,845	$ (13,634)

Summary of Significant Accounting Policies - Reclassification Out Of AOCI, Simon Property Group, L.P. (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Significant Accounting Policies
Total accumulated other comprehensive income (loss)	$ (200,200)				$ (155,800)				$ (200,200)	$ (155,800)	$ (184,800)
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net									206,855	(114,960)	14,883
Interest expense									(795,712)	(784,400)	(789,353)
Loss on extinguishment of debt									(51,841)		(116,256)
Net Income attributable to Common Stockholders - Basic	$ 575,596	$ 777,740	$ 706,087	$ 510,085	$ 311,238	$ 168,086	$ 292,863	$ 504,263	2,569,508	1,276,450	2,416,945
Currency translation adjustments. \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net									5,660	(1,739)
Net Income attributable to Common Stockholders - Basic									4,948	(1,520)
Accumulated derivative gains (losses), net \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense									1,625	1,845	(2,782)
Loss on extinguishment of debt											(10,852)
Net Income attributable to Common Stockholders - Basic									$ 1,625	$ 1,845	$ (13,634)

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 260
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

+ Details

Summary of Significant Accounting Policies - Allowance for Credit Losses and Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Management Fees and Other Revenues
Insurance reserve for insurance subsidiaries and other self-insurance programs	$ 77,200	$ 71,600
Income Taxes
Provision for federal income taxes for REIT entities	0
Deferred Tax Liabilities, Net	259,300	251,100
Cash paid income taxes	$ 102,454	$ 20,046	$ 21,626

Summary of Significant Accounting Policies - Simon Property Group Acquisition Holdings, Inc. - (Details) $ in Millions	Feb. 23, 2021 USD ($)
Investment Holdings [Line Items]
Gross proceeds from the special purpose acquisition company IPO	$ 345.0

Real Estate Acquisitions and Dispositions (Details) $ in Thousands			3 Months Ended		12 Months Ended
	Oct. 01, 2020 USD ($) property	Sep. 19, 2019 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2021 USD ($) property	Dec. 31, 2019 USD ($) property	Dec. 31, 2020 USD ($)
Acquisitions
Variable mortgage loan			$ 1,956,456		$ 1,956,456		$ 3,245,863
Hotel
Acquisitions
Ownership interests acquired (as a percent)		50.00%
Cash purchase price for acquisition		$ 12,800
Hotel \| Mortgage bearing 4.02%
Acquisitions
Variable mortgage loan		$ 21,500
Variable rate of interest		4.02%
Consolidated properties \| Retail properties \| Disposed of by Sales And Means Other than Sale
Dispositions
Nets gains on disposition					$ 176,800
Number of properties disposed of during the period \| property					3
Consolidated properties \| Retail properties \| Disposed of by Sales And Means Other than Sale \| Non-recourse $180M Mortgage
Dispositions
Non-recourse mortgage			180,000		$ 180,000
Consolidated properties \| Retail properties \| Disposed of by Sales And Means Other than Sale \| Non-recourse $120.9M Mortgage
Dispositions
Non-recourse mortgage			120,900		120,900
Consolidated properties \| Retail properties \| Disposed of by Sales And Means Other than Sale \| Non-recourse $100M Mortgage
Dispositions
Non-recourse mortgage			100,000		$ 100,000
Consolidated properties \| Retail properties \| Disposed by Sales
Dispositions
Number of properties disposed of during the period \| property	1
Gain (loss) on disposition of interest in properties	$ 12,300
Consolidated properties \| Retail properties \| Disposed by Sales \| Cross Collateralized Mortgage
Dispositions
Debt repaid	$ 33,400
Unconsolidated properties \| Retail properties \| Disposed by Sales
Dispositions
Proceeds from sale or disposal of real estate assets			3,000
Gain (loss) on disposition of interest in properties			$ 3,400
Unconsolidated properties \| Residential properties \| Disposed by Sales
Dispositions
Number of properties disposed of during the period \| property						1
Proceeds from sale or disposal of real estate assets				$ 17,900		$ 17,900
Gain (loss) on disposition of interest in properties				$ 16,200		$ 16,200

Per Share and Per Unit Data (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended								12 Months Ended
	Feb. 07, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Per Share And Per Unit Data
Net Income attributable to Common Stockholders - Basic		$ 575,596	$ 777,740	$ 706,087	$ 510,085	$ 311,238	$ 168,086	$ 292,863	$ 504,263	$ 2,569,508	$ 1,276,450	$ 2,416,945
Net Income attributable to Common Stockholders - Diluted										$ 2,569,508	$ 1,276,450	$ 2,416,945
Weighted Average Shares Outstanding - Basic		375,872,212	375,882,318	375,875,290	375,836,653	363,050,401	352,420,845	352,410,392	353,191,960	328,587,137	308,737,625	307,950,112
Weighted Average Shares Outstanding - Diluted		375,872,212	375,882,318	375,875,290	375,836,653	363,050,401	352,420,845	352,410,392	353,191,960	375,866,759	355,281,882	354,724,019
Dividends
Total dividends/distributions paid per common share/unit										$ 5.85	$ 6.00	$ 8.30
Percent taxable as ordinary income										93.10%	97.40%	100.00%
Percent taxable as long-term capital gains										6.90%	2.60%	0.00%
Total percentage of dividends paid										100.00%	100.00%	100.00%
Subsequent Event
Dividends
Dividends declared per common share (in dollars per share)	$ 1.65
Distribution declared per unit (in dollars per share)	$ 1.65

Investments in Unconsolidated Entities and International Investments - Real Estate Joint Ventures and Investments (Details) $ in Millions	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)
Investment in Unconsolidated Entities
Total number of joint venture properties \| property	84
Construction and other related party loans
Investment in Unconsolidated Entities
Loans to related party \| $	$ 88.4	$ 88.4

Investments in Unconsolidated Entities and International Investments - Unconsolidated Entity Transactions (Details) $ / shares in Units, $ in Thousands								1 Months Ended	3 Months Ended										12 Months Ended
	Dec. 20, 2021 USD ($)	Jul. 01, 2021 USD ($)	Jun. 01, 2021 USD ($)	Dec. 29, 2020 USD ($) property $ / shares shares	Dec. 07, 2020 USD ($)	Feb. 19, 2020 USD ($) item	Oct. 16, 2019 USD ($)	Jan. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) property	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($) item	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($) item	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) property	Dec. 31, 2016 item	Sep. 19, 2019
Investment in Unconsolidated Entities
Payments for acquisitions																			$ 257,080	$ 3,606,694	$ 12,800
Impairment charge to reduce investment to its estimated fair value														$ 36,100			$ 47,200
Income from unconsolidated entities																			782,837	219,870	444,349
Noncontrolling interests									$ 491,533				$ 432,874						491,533	432,874
Assets									33,777,379				34,786,846						33,777,379	34,786,846
Liabilities									29,376,654				31,128,608						29,376,654	31,128,608
Total revenue									1,326,138	$ 1,296,554	$ 1,254,146	$ 1,239,951	1,131,429	1,060,674	$ 1,062,041	$ 1,353,360			5,116,789	4,607,503	5,755,189
Operating Income									591,533	612,324	604,723	604,612	462,047	404,024	450,868	654,869			2,413,190	1,971,809	2,912,787
Consolidated net income									$ 573,730	$ 778,648	705,869	$ 510,460	312,726	168,646	$ 290,548	$ 505,404			2,568,707	1,277,324	2,423,188
Gain on exchange of equity interests																			$ 178,672
Hotel
Investment in Unconsolidated Entities
Ownership interests acquired (as a percent)																							50.00%
Ownership interest after acquisition (as a percent)																							100.00%
TRG
Investment in Unconsolidated Entities
Ownership interest (as a percent)									80.00%										80.00%
Number of regional, super regional and outlet malls \| property				24					24										24
Share price (in dollars per share) \| $ / shares				$ 43.00
Number of units issued in connection with acquisition \| shares				955,705
Payments for acquisitions				$ 3,500,000
Income from unconsolidated entities																			$ (118,100)
Noncontrolling interests									$ 155,900				154,000						155,900	154,000
Assets									4,000,000				4,100,000						4,000,000	4,100,000
Liabilities									4,800,000				5,000,000						4,800,000	5,000,000
Total revenue																			586,700
Operating Income																			196,500
Consolidated net income																			96,800
Aggregate investment in ventures									3,305,102				$ 3,451,897						3,305,102	$ 3,451,897
Amortization of Excess Investment									$ 52,400										$ 196,100
TRG \| Series J Cumulative Preferred Shares
Investment in Unconsolidated Entities
Redemption of preferred shares				$ 192,500
Preferred stock stated dividend rate (as a percent)				6.50%
TRG \| Series K Cumulative Preferred Shares
Investment in Unconsolidated Entities
Redemption of preferred shares				$ 170,000
Preferred stock stated dividend rate (as a percent)				6.25%
TRG \| Series A Cumulative Preferred Shares
Investment in Unconsolidated Entities
Preferred stock stated dividend rate (as a percent)				6.38%
Issuance of preferred units				$ 362,500
Eddie Bauer
Investment in Unconsolidated Entities
Ownership interest (as a percent)			49.00%
Payments for acquisitions			$ 100,800
J.C. Penny Department Store
Investment in Unconsolidated Entities
Ownership interest (as a percent)					41.67%
Payments for acquisitions					$ 125,000
Forever 21
Investment in Unconsolidated Entities
Ownership interest (as a percent)												50.00%
Payments for acquisitions												$ 56,300
Number of joint ventures \| item						2
Aggregate investment in ventures						$ 67,600
Bargain purchase gain						$ 35,000
Additional noncontrolling interest purchased												12.50%
SPARC Group
Investment in Unconsolidated Entities
Number of joint ventures \| item																						2
SPARC Group Retail Operations
Investment in Unconsolidated Entities
Ownership interest (as a percent)									50.00%										50.00%
Payments for acquisitions								$ 6,700
Additional noncontrolling interest purchased								5.05%
Authentic Brands Group LLC
Investment in Unconsolidated Entities
Payments for acquisitions								$ 33,500
Additional noncontrolling interest purchased								1.37%
ABG
Investment in Unconsolidated Entities
Ownership interest (as a percent)									10.40%										10.40%
Gain on exchange of equity interests		$ 159,800
Deferred taxes		$ 47,900
Pre-tax gain	$ 18,800
Tax expense	8,000
Purchase price of business acquired	$ 100,000
RGG
Investment in Unconsolidated Entities
Ownership interest (as a percent)							45.00%
Contribution to form joint venture							$ 276,800
Unconsolidated properties
Investment in Unconsolidated Entities
Impairment charge to reduce investment to its estimated fair value														$ 55,200
Number of joint ventures determined to be impaired \| item														3
Unconsolidated properties \| Disposed by Sales \| Retail properties
Investment in Unconsolidated Entities
Proceeds from sale or disposal of real estate assets									$ 3,000
Gain (loss) on disposition of interest in properties									$ 3,400
Unconsolidated properties \| Disposed by Sales \| Residential properties
Investment in Unconsolidated Entities
Proceeds from sale or disposal of real estate assets																		$ 17,900			17,900
Gain (loss) on disposition of interest in properties																		$ 16,200			$ 16,200
Number of properties disposed of during the period \| property																					1
Unconsolidated properties \| Disposed by Sales \| Multi family residential property
Investment in Unconsolidated Entities
Proceeds from sale or disposal of real estate assets											27,100
Gain (loss) on disposition of interest in properties											$ 14,900
Number of properties disposed of during the period \| item											1

Investments in Unconsolidated Entities and International Investments - European Investments (Details) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021 USD ($) property $ / shares shares	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) property	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) property $ / shares shares	Dec. 31, 2020 USD ($) property	Dec. 31, 2019 USD ($) property
Investment in Unconsolidated Entities
Income from unconsolidated entities									$ 782,837	$ 219,870	$ 444,349
Total assets	$ 33,777,379				$ 34,786,846				33,777,379	34,786,846
Total liabilities	29,376,654				31,128,608				29,376,654	31,128,608
Noncontrolling interests	491,533				432,874				491,533	432,874
Total revenue	1,326,138	$ 1,296,554	$ 1,254,146	$ 1,239,951	1,131,429	$ 1,060,674	$ 1,062,041	$ 1,353,360	5,116,789	4,607,503	5,755,189
Operating Income	591,533	612,324	604,723	604,612	462,047	404,024	450,868	654,869	2,413,190	1,971,809	2,912,787
Consolidated Net Income	$ 573,730	$ 778,648	$ 705,869	510,460	$ 312,726	$ 168,646	$ 290,548	$ 505,404	$ 2,568,707	$ 1,277,324	$ 2,423,188
Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties consolidated by entity \| property	7								7
European Joint Venture \| Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties \| property	11				10				11	10	9
European Joint Venture \| Designer Outlet properties \| Minimum
Investment in Unconsolidated Entities
Ownership interest (as a percent)	23.00%								23.00%
European Joint Venture \| Designer Outlet properties \| Maximum
Investment in Unconsolidated Entities
Ownership interest (as a percent)	94.00%								94.00%
European Property Management and Development \| Designer Outlet properties
Investment in Unconsolidated Entities
Ownership interest (as a percent)	50.00%								50.00%
Europe \| Outlet Center In Ochtrup
Investment in Unconsolidated Entities
Non-cash gain on remeasurement of equity interest to fair value				$ 3,700
Europe \| Klepierre
Investment in Unconsolidated Entities
Shares owned \| shares	63,924,148								63,924,148
Ownership interest (as a percent)	22.40%								22.40%
Quoted market price per share (in dollars per share) \| $ / shares	$ 23.65								$ 23.65
Income from unconsolidated entities									$ 145,100	$ 26,500	$ 145,200
Total assets	$ 18,100,000				$ 20,900,000				18,100,000	20,900,000
Total liabilities	11,900,000				14,400,000				11,900,000	14,400,000
Noncontrolling interests	$ 1,300,000				1,400,000				1,300,000	1,400,000
Total revenue									1,200,000	1,300,000	1,500,000
Operating Income									380,500	327,300	626,300
Consolidated Net Income									848,100	211,200	655,500
Gain (loss) on sale or disposal of assets and interests in unconsolidated entities									1,200	(4,300)	$ (58,600)
Non cash gain due to setup of tax basis of assets									$ 118,400
Europe \| Value Retail PLC
Investment in Unconsolidated Entities
Number of luxury outlets owned and operated \| property	9								9
Number of outlets in which the entity has a minority direct ownership \| property	3								3
Europe \| Value Retail PLC \| Deferred costs and other assets
Investment in Unconsolidated Entities
Value of equity instruments	$ 140,800				$ 140,800				$ 140,800	$ 140,800

Investments in Unconsolidated Entities and International Investments - Asian Joint Ventures (Details) - Premium Outlets - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Japan \| Mitsubishi Estate Co., Ltd.
Investment in Unconsolidated Entities
Ownership percentage	40.00%	40.00%
Our net Investment in unconsolidated entities, at equity	$ 206.1	$ 216.8
South Korea \| Shinsegae International Co
Investment in Unconsolidated Entities
Ownership percentage	50.00%	50.00%
Our net Investment in unconsolidated entities, at equity	$ 194.9	$ 184.7

Investments in Unconsolidated Entities and International Investments - Combined Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
ASSETS:
Investment properties, at cost	$ 37,932,366	$ 38,050,196
Less - accumulated depreciation	15,621,127	14,891,937
Investment properties, at cost, net	22,311,239	23,158,259
Cash and cash equivalents	533,936	1,011,613
Tenant receivables and accrued revenue, net	919,654	1,236,734
Right-of-use assets, net	504,119	512,914
Deferred costs and other assets	1,121,011	1,082,168
Total assets	33,777,379	34,786,846
Liabilities and Partners' Deficit:
Mortgages	25,321,022	26,723,361
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,433,216	1,311,925
Lease liabilities	506,931	515,492
Other liabilities	540,912	513,515
Total liabilities	29,376,654	31,128,608
Preferred units	547,740	185,892
Partners' deficit	3,838,744	3,471,256
Total liabilities and partners' deficit	33,777,379	34,786,846
Unconsolidated properties \| Equity Method Investees excluding Klepierre and TRG and other platform investments
ASSETS:
Investment properties, at cost	19,724,242	20,079,476
Less - accumulated depreciation	8,330,891	8,003,863
Investment properties, at cost, net	11,393,351	12,075,613
Cash and cash equivalents	1,481,287	1,169,422
Tenant receivables and accrued revenue, net	591,369	749,231
Right-of-use assets, net	154,561	185,598
Deferred costs and other assets	394,691	380,087
Total assets	14,015,259	14,559,951
Liabilities and Partners' Deficit:
Mortgages	15,223,710	15,569,485
Accounts payable, accrued expenses, intangibles, and deferred revenues	995,392	969,242
Lease liabilities	158,372	188,863
Other liabilities	383,018	426,321
Total liabilities	16,760,492	17,153,911
Preferred units	67,450	67,450
Partners' deficit	(2,812,683)	(2,661,410)
Total liabilities and partners' deficit	14,015,259	14,559,951
Our Share of:
Partners' deficit	(1,207,396)	(1,130,713)
Add: Excess Investment	1,283,645	1,399,757
Our net Investment in unconsolidated entities, at equity	$ 76,249	$ 269,044
Unconsolidated properties \| Maximum
Our Share of:
Estimated life of investment property	40 years

Investments in Unconsolidated Entities and International Investments - Repayments of Mortgages (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Scheduled principal repayments on mortgage indebtedness
2022	$ 1,898,889
2023	1,230,712
2024	2,828,818
2025	2,669,547
2026	3,920,142
Thereafter	12,861,700
Total principal maturities	25,409,808
Debt issuance costs	(124,159)	$ (113,132)
Total mortgages and unsecured indebtedness	25,321,022	$ 26,723,361
Equity Method Investees excluding Klepierre and TRG and other platform investments \| Unconsolidated properties
Scheduled principal repayments on mortgage indebtedness
2022	2,111,105
2023	1,515,170
2024	2,851,788
2025	1,755,169
2026	3,032,175
Thereafter	3,995,886
Total principal maturities	15,261,293
Debt issuance costs	(37,583)
Total mortgages and unsecured indebtedness	$ 15,223,710
Weighted average interest rate (as a percent)	3.60%
Equity Method Investees excluding Klepierre and TRG and other platform investments \| Unconsolidated properties \| Minimum
Scheduled principal repayments on mortgage indebtedness
Interest rate on debt (as a percent)	0.16%
Equity Method Investees excluding Klepierre and TRG and other platform investments \| Unconsolidated properties \| Maximum
Scheduled principal repayments on mortgage indebtedness
Interest rate on debt (as a percent)	9.98%

Investments in Unconsolidated Entities and International Investments - Combined Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUE:
Lease income									$ 4,736,719	$ 4,302,367
Other income									273,587	208,254	$ 398,476
Total revenue	$ 1,326,138	$ 1,296,554	$ 1,254,146	$ 1,239,951	$ 1,131,429	$ 1,060,674	$ 1,062,041	$ 1,353,360	5,116,789	4,607,503	5,755,189
EXPENSES:
Property operating									415,720	349,154	453,145
Depreciation and amortization									1,262,715	1,318,008	1,340,503
Real estate taxes									458,953	457,142	468,004
Repairs and maintenance									96,391	80,858	100,495
Advertising and promotion									114,303	98,613	150,344
Other									140,518	137,679	104,942
Total operating expenses									2,703,599	2,635,694	2,842,402
Operating Income Before Other Items	591,533	612,324	604,723	604,612	462,047	404,024	450,868	654,869	2,413,190	1,971,809	2,912,787
Interest expense									(795,712)	(784,400)	(789,353)
Consolidated Net Income	$ 573,730	$ 778,648	$ 705,869	$ 510,460	$ 312,726	$ 168,646	$ 290,548	$ 505,404	2,568,707	1,277,324	2,423,188
Income from Unconsolidated Entities									782,837	219,870	444,349
Unconsolidated properties \| Equity Method Investees excluding Klepierre and TRG and other platform investments
REVENUE:
Lease income									2,797,221	2,544,134	3,088,594
Other income									319,956	300,634	322,398
Total revenue									3,117,177	2,844,768	3,410,992
EXPENSES:
Property operating									575,584	519,979	587,062
Depreciation and amortization									686,790	692,424	681,764
Real estate taxes									263,325	262,351	266,013
Repairs and maintenance									79,300	68,722	85,430
Advertising and promotion									72,441	67,434	89,660
Other									200,899	163,710	196,178
Total operating expenses									1,878,339	1,774,620	1,906,107
Operating Income Before Other Items									1,238,838	1,070,148	1,504,885
Interest expense									(605,591)	(616,332)	(636,988)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net									34,814		24,609
Consolidated Net Income									668,061	453,816	892,506
Third-Party Investors' Share of Net Income									333,304	226,364	460,696
Our Share of Net Income									334,757	227,452	431,810
Amortization of Excess Investment									(64,974)	(82,097)	(83,556)
Our Share of Gain on Sale or Disposal of Assets and Interest in Other Income in the Consolidated Financial Statements									(14,941)		(9,156)
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net									(541)		(1,133)
Income from Unconsolidated Entities									$ 254,301	$ 145,355	$ 337,965

Indebtedness - Narrative (Details) $ in Thousands, € in Millions								1 Months Ended		3 Months Ended	12 Months Ended
	Jan. 12, 2022 USD ($)	Jan. 11, 2022 USD ($)	Dec. 14, 2021 USD ($) item	Mar. 23, 2021 USD ($)	Feb. 02, 2021 USD ($)	Jan. 27, 2021 USD ($)	Jul. 10, 2020 USD ($)	Nov. 30, 2021 USD ($) item	Oct. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) item property	Dec. 31, 2019 USD ($)	Aug. 18, 2021 USD ($)	Mar. 19, 2021 USD ($)	Mar. 19, 2021 EUR (€)	Jan. 21, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 15, 2020 USD ($)	Aug. 06, 2020 EUR (€)	Jul. 22, 2020 USD ($)	Jul. 09, 2020 USD ($)	Aug. 17, 2015 USD ($)
Debt
Debt issuance costs											$ 124,159						$ 113,132
Other Debt Obligations											63,445						64,770
Long-term debt											25,321,022						26,723,361
Loss on debt extinguishment											51,841	$ 116,256
Fixed-Rate Debt:
Fixed rate debt											23,301,121						23,412,728
Net unamortized debt premium											28,055
Net discounts											56,127
Variable-Rate Debt:
Variable-rate mortgages and unsecured indebtedness											1,956,456						3,245,863
Supplemental Facility
Debt
Extinguishment of Debt, Amount			$ 1,160,000
Number of mortgages extinguished \| item			9
Loss on debt extinguishment			$ 20,300
Secured Debt \| Mortgages
Debt
Long-term debt											$ 5,400,000						7,000,000
Debt covenants
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers \| item											36
Number of properties pledged as collateral \| property											39
Number of cross-defaulted and cross-collateralized mortgage pools \| item											2
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages \| property											5
Secured Debt \| Fixed Rate Mortgages
Debt
Debt issuance costs											$ 14,619						15,237
Fixed-Rate Debt:
Fixed rate debt											4,546,614						5,803,718
Net unamortized debt premium											$ 2,892						3,348
Weighted average maturity period, fixed-rate debt											4 years 3 months 18 days
Secured Debt \| Fixed Rate Mortgages \| Weighted average
Fixed-Rate Debt:
Fixed rate of interest											3.61%
Secured Debt \| Variable Rate Mortgages
Debt
Debt issuance costs											$ 4,354						7,102
Variable-Rate Debt:
Variable-rate mortgages and unsecured indebtedness											$ 803,495						1,137,034
Weighted average maturity period, variable-rate debt											1 year 7 months 6 days
Secured Debt \| Variable Rate Mortgages \| Weighted average
Variable-Rate Debt:
Variable rate of interest											1.70%
Unsecured Debt
Debt
Loss on debt extinguishment										$ 28,600
Unsecured Debt \| Senior unsecured notes
Debt
Debt issuance costs											$ 83,147						74,622
Long-term debt											18,400,000
Fixed-Rate Debt:
Fixed rate debt											18,254,507						16,985,990
Net discounts											$ 30,964						22,470
Weighted average maturity period, fixed-rate debt											9 years 7 months 6 days
Unsecured Debt \| Senior unsecured notes \| Weighted average
Fixed-Rate Debt:
Fixed rate of interest											2.93%
Unsecured Debt \| Senior Unsecured Notes 2.50% due 2021
Debt
Amount of debt redeemed						$ 550,000
Interest rate (as a percent)						2.50%
Unsecured Debt \| Senior Unsecured Notes Maturing September 2025
Debt
Debt issued																					$ 500,000	$ 600,000
Interest rate on debt (as a percent)																					3.50%	3.50%
Unsecured Debt \| Senior Unsecured Notes Maturing February 2032 \| Subsequent Event
Debt
Debt issued		$ 700,000
Interest rate on debt (as a percent)		2.65%
Unsecured Debt \| Senior Unsecured Notes Maturing January 2024 \| Subsequent Event
Debt
Debt issued		$ 500,000
Unsecured Debt \| Senior Unsecured Notes Maturing January 2024 \| SOFR \| Subsequent Event
Debt
Interest rate (as a percent)		0.43%
Unsecured Debt \| Senior Unsecured Notes Maturing June 2030
Debt
Debt issued																					$ 750,000
Interest rate on debt (as a percent)																					2.65%
Unsecured Debt \| Senior Unsecured Notes Maturing June 2050
Debt
Debt issued																					$ 750,000
Interest rate on debt (as a percent)																					3.80%
Unsecured Debt \| Senior Unsecured Notes Maturing September 2020
Debt
Amount of debt redeemed																				$ 500,000
Interest rate on debt (as a percent)																				2.50%
Unsecured Debt \| Senior Unsecured Notes Maturing October 2020
Debt
Amount of debt redeemed \| €																			€ 375
Interest rate on debt (as a percent)																			2.375%
Unsecured Debt \| Senior Unsecured Notes Maturing February 2028
Debt
Debt issued																$ 800,000
Interest rate on debt (as a percent)																1.75%
Unsecured Debt \| Senior Unsecured Notes Maturing February 2031
Debt
Debt issued																$ 700,000
Interest rate on debt (as a percent)																2.20%
Unsecured Debt \| Senior Unsecured Notes Maturing January 2027
Debt
Debt issued													$ 550,000
Interest rate on debt (as a percent)													1.375%
Unsecured Debt \| Senior Unsecured Notes Maturing January 2032
Debt
Debt issued													$ 700,000
Interest rate on debt (as a percent)													2.25%
Unsecured Debt \| Senior Unsecured Notes 2.35% Due January 30, 2022
Debt
Amount of debt redeemed										$ 550,000
Interest rate on debt (as a percent)										2.35%
Unsecured Debt \| Senior Unsecured Notes 2.625% Due June 15, 2022
Debt
Amount of debt redeemed										$ 600,000
Interest rate on debt (as a percent)										2.625%
Unsecured Debt \| Senior Unsecured Notes 2.75% Due February 1, 2023
Debt
Amount of debt redeemed										$ 500,000
Interest rate on debt (as a percent)										2.75%
Unsecured Debt \| Senior unsecured notes 1.125% due March 19,2033
Debt
Debt issued														$ 893,000	€ 750
Interest rate on debt (as a percent)														1.125%	1.125%
Unsecured Debt \| Commercial Paper
Debt
Credit facility, amount outstanding											$ 500,000
Maximum borrowing capacity											2,000,000
Fixed-Rate Debt:
Fixed rate debt											500,000						623,020
Unsecured Debt \| Commercial Paper \| USD
Debt
Credit facility, amount outstanding											$ 500,000
Weighted average interest rate (as a percent)											0.22%
Unsecured Debt \| Credit Facilities
Debt
Debt issuance costs											$ 22,039						16,171
Available borrowing capacity											5,800,000
Maximum amount outstanding during period											2,100,000
Credit facility, weighted average amount outstanding											519,900
Letters of credit outstanding											11,800
Variable-Rate Debt:
Variable-rate mortgages and unsecured indebtedness											1,152,961						$ 2,108,829
Unsecured Debt \| Term loan
Debt
Long-term debt				$ 0
Delayed-draw term loan																		$ 2,000,000
Debt repaid				$ 1,250,000	$ 750,000
Unsecured Debt \| Credit Facility
Debt
Credit facility, amount outstanding											125,000
Maximum borrowing capacity								$ 5,000,000			$ 4,000,000
Additional borrowing capacity								$ 1,000,000
Additional extension period \| item								2
Debt extension period								6 months
Credit facility, amount repaid							$ 1,750,000
Unsecured Debt \| Credit Facility \| Fed Funds Effective Rate
Debt
Interest rate (as a percent)								0.50%
Unsecured Debt \| Credit Facility \| SOFR
Debt
Interest rate (as a percent)								1.00%			0.725%
Unsecured Debt \| Credit Facility \| Minimum \| Base Rate
Debt
Interest rate (as a percent)								0.00%
Unsecured Debt \| Credit Facility \| Minimum \| SOFR
Debt
Interest rate (as a percent)								0.65%
Facility fee (in percentage)								0.10%
Unsecured Debt \| Credit Facility \| Maximum
Debt
Percentage of borrowings in currencies other than the U.S. dollar								95.00%
Unsecured Debt \| Credit Facility \| Maximum \| Base Rate
Debt
Interest rate (as a percent)								0.40%
Unsecured Debt \| Credit Facility \| Maximum \| SOFR
Debt
Interest rate (as a percent)								1.40%
Facility fee (in percentage)								0.30%
Unsecured Debt \| Supplemental Facility
Debt
Amount drawn			$ 1,050,000
Credit facility, amount outstanding											$ 1,050,000
Maximum borrowing capacity									$ 3,500,000		$ 3,500,000
Credit facility, amount repaid							$ 750,000
Optional expanded maximum borrowing capacity									$ 4,500,000
Unsecured Debt \| Supplemental Facility \| Subsequent Event
Debt
Credit facility, amount repaid	$ 1,050,000
Unsecured Debt \| Supplemental Facility \| Fed Funds Effective Rate
Debt
Interest rate on debt (as a percent)									0.50%
Unsecured Debt \| Supplemental Facility \| SOFR
Debt
Interest rate (as a percent)									1.00%		0.725%
Unsecured Debt \| Supplemental Facility \| Minimum
Debt
Interest rate (as a percent)									0.00%
Facility fee (in percentage)									0.10%
Unsecured Debt \| Supplemental Facility \| Minimum \| SOFR
Debt
Interest rate (as a percent)									0.65%
Unsecured Debt \| Supplemental Facility \| Maximum
Debt
Percentage of borrowings in currencies other than the U.S. dollar									100.00%
Interest rate (as a percent)									0.40%
Facility fee (in percentage)									0.30%
Unsecured Debt \| Supplemental Facility \| Maximum \| SOFR
Debt
Interest rate (as a percent)									1.40%

Indebtedness - Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Maturity and Other
2022	$ 1,898,889
2023	1,230,712
2024	2,828,818
2025	2,669,547
2026	3,920,142
Thereafter	12,861,700
Total principal maturities	25,409,808
Net unamortized debt premium	28,055
Net unamortized debt discount	(56,127)
Debt issuance costs, net	(124,159)	$ (113,132)
Other Debt Obligations	63,445	64,770
Total mortgages and unsecured indebtedness	$ 25,321,022	$ 26,723,361

Indebtedness - Debt Issuance Costs and Discounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Indebtedness
Cash paid for interest	$ 822,182	$ 754,306	$ 803,728
Debt issuance cost
Debt issuance costs	227,774	202,859
Accumulated amortization	(103,615)	(89,727)
Debt issuance costs	124,159	113,132
Amortization of Debt Issuance Costs and Discounts
Amortization of debt issuance costs	24,794	23,076	21,499
Amortization of debt discounts/(premiums)	$ 168	$ 174	$ 1,571

Indebtedness - Fair Value (Details) $ in Millions	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fixed rate mortgages and unsecured indebtedness \| Book value
Fair Value of Debt
Fair value of consolidated fixed rate mortgages and unsecured indebtedness	$ 23,300	$ 23,400
Fixed rate mortgages and unsecured indebtedness \| Fair value
Fair Value of Debt
Fair value of consolidated fixed rate mortgages and unsecured indebtedness	$ 24,597	$ 25,327
Discount Rate \| Weighted average \| Fixed rate mortgages
Fair Value of Debt
Debt percentage- measurement input	0.0317	0.0241
Discount Rate \| Weighted average \| Unsecured Debt
Fair Value of Debt
Debt percentage- measurement input	0.0333	0.0263

Equity - Common Stock and Unit Issuances and Repurchases (Details) $ / shares in Units, $ in Millions					12 Months Ended
	Dec. 29, 2020 shares	Nov. 18, 2020 USD ($) $ / shares shares	Feb. 11, 2019 USD ($)	Feb. 13, 2017 USD ($)	Dec. 31, 2021 USD ($) item shares	Dec. 31, 2020 USD ($) item $ / shares shares	Dec. 31, 2019 $ / shares shares
Equity
Minimum number of additional classes or series of common stock that the Board is authorized to reclassify from excess common stock \| item					1
Exchange of limited partner units, (in shares)					58,571	293,204	24,000
Redemption of units					15,705	116,658	43,255
Public offering of common stock, shares		22,137,500				22,137,500
Proceeds from issuance of common stock \| $		$ 1,600.0
Share Price \| $ / shares		$ 72.50
Period common stock is authorized to repurchase			2 years	2 years
Common stock authorized for repurchase \| $			$ 2,000.0	$ 2,000.0
Shares repurchased (in shares)						1,245,654	2,247,074
Average share price repurchased (in dollars per share) \| $ / shares						$ 122.50	$ 160.11
2017 Share Repurchase Program
Equity
Shares repurchased (in shares)							46,377
Average share price repurchased (in dollars per share) \| $ / shares							$ 164.49
TRG
Equity
Ownership interest acquired (as a percent)	80.00%
Number of units issued in connection with acquisition	955,705
Class B common stock
Equity
Common Stock, Shares, Outstanding					8,000	8,000
Number of voting trusts which are subject to outstanding shares common stock \| item					2
Common Stock
Equity
Number of votes entitled per share to holders of common stock \| item					1
Limited Partners
Equity
Exchange of limited partner units, (in shares)					58,571	293,204
Redemption of units					15,705	116,658
Value of units redeemed \| $					$ 2.2	$ 16.1
Number of limited partners who received common stock \| item					7	4
Maximum \| Class B common stock
Equity
Number of members of board of directors elected under entitlement of right \| item					4

Equity - Temporary Equity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) item $ / shares shares	Dec. 31, 2020 USD ($) shares
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	$ 547,740	$ 185,892
7.5% Cumulative Redeemable Preferred Units
Redeemable preferred stock
Number of series of units classified into temporary equity \| item	1
Noncontrolling interests redeemable at amounts in excess of fair value	0	0
Preferred stock stated dividend rate (as a percent)	7.50%	7.50%
Temporary equity, shares authorized \| shares	260,000	260,000
Temporary equity, shares issued \| shares	255,373	255,373
Temporary equity, shares outstanding \| shares	255,373	255,373
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	$ 25,537	$ 25,537
Cumulative quarterly distributions on preferred units (in dollars per share) \| $ / shares	$ 7.50
Temporary equity redemption price (in dollars per share) \| $ / shares	100.00
Liquidation preference (in dollars per share) \| $ / shares	$ 100.00
Other noncontrolling redeemable interest
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	$ 522,203	$ 160,355

Equity - Permanent Equity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity
J 8 3/8% cumulative redeemable preferred stock, units outstanding	796,948	796,948
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)	$ 50.00
Premium received on preferred stock issued	$ 7.5
Preferred stock unamortized premium	$ 1.9	$ 2.2
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized	1,000,000	1,000,000
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 Compensation (Details)	3 Months Ended	12 Months Ended
Equity - Stock Based Compensation (Details)	Mar. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) item $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) item
Exchange Rights
Limited partners units, exchange ratio \| item		1
Common stock reserved for possible conversion (in shares) \| shares		54,492,801
Restricted stock
Stock-based incentive plan awards
Shares of restricted stock awarded during the year, net of forfeitures \| shares		80,012	462,966	90,902
Weighted average fair value of shares granted during the year (in dollars per share) \| $ / shares		$ 115.34	$ 73.28	$ 181.94
Annual amortization		$ 19,673,000	$ 11,660,000	$ 12,604,000
Compensation expense, net of capitalization		$ 20,200,000	$ 10,300,000	11,000,000.0
Restricted Stock and Restricted Stock Units \| Minimum
Stock-based incentive plan awards
Vesting service period		3 years
Restricted Stock and Restricted Stock Units \| Maximum
Stock-based incentive plan awards
Vesting service period		4 years
1998 Stock Incentive Plan \| Restricted Stock and Restricted Stock Units
Stock-based incentive plan awards
Total number of shares awarded, net of forfeiture \| shares		5,858,453
2019 Stock Incentive Plan
Stock-based incentive plan awards
Shares reserved for issuance (in shares) \| shares		8,000,000
2019 Stock Incentive Plan \| Audit Committee Chairman
Stock-based incentive plan awards
Retainer		$ 35,000
2019 Stock Incentive Plan \| Compensation Committee Chairman
Stock-based incentive plan awards
Retainer		35,000
2019 Stock Incentive Plan \| Nominating And Governance Committee Chairman
Stock-based incentive plan awards
Retainer		25,000
2019 Stock Incentive Plan \| Audit Committee Member
Stock-based incentive plan awards
Retainer		15,000
2019 Stock Incentive Plan \| Compensation Committee Member
Stock-based incentive plan awards
Retainer		15,000
2019 Stock Incentive Plan \| Nominating And Governance Committee Member
Stock-based incentive plan awards
Retainer		$ 10,000
2019 Stock Incentive Plan \| Automatic Awards for Eligible Directors
Stock-based incentive plan awards
Retainer fee paid cash (as a percent)		50.00%
2019 Stock Incentive Plan \| Independent Director
Stock-based incentive plan awards
Cash retainer		$ 110,000
2019 Stock Incentive Plan \| Lead Director
Stock-based incentive plan awards
Retainer		$ 50,000
2019 Stock Incentive Plan \| Restricted stock \| Automatic Awards for Eligible Directors
Stock-based incentive plan awards
Retainer fee paid in restricted shares (as a percent)		50.00%
Vesting service period		1 year
2019 Stock Incentive Plan \| Restricted stock \| Independent Director
Stock-based incentive plan awards
Grant date value of restricted stock		$ 175,000
2019 Stock Incentive Plan \| Employee Options
Stock-based incentive plan awards
Expiration period		10 years
Vesting service period		3 years
2019 Stock Incentive Plan \| Restricted Stock and Restricted Stock Units
Stock-based incentive plan awards
Total number of shares awarded, net of forfeiture \| shares		561,849
2019 Stock Incentive Plan \| Time Based Restricted Stock Units
Stock-based incentive plan awards
Vesting service period	3 years		3 years
Awards granted (in units) \| shares	37,976		312,263
Grant Date Fair Value	$ 4,300,000		$ 26,300,000
Weighted average fair value of shares granted during the year (in dollars per share) \| $ / shares	$ 112.92		$ 84.37
LTIP programs
Stock-based incentive plan awards
Percent of distributions of Operating Partnership that participants are entitled to receive during performance period		10.00%
Compensation expense, net of capitalization		$ 13,400,000	$ 1,900,000	$ 15,800,000
2018 LTIP program \| LTIP Units
Stock-based incentive plan awards
Vesting rights each year beginning 2021 (as a percent)					50.00%
Number of tranches \| item					2
Grant Date Fair Value					$ 12,100,000
2018 LTIP program \| LTIP Units \| Maximum
Stock-based incentive plan awards
Grant Date Fair Value					$ 18,200,000
2018 LTIP program \| LTIP Units \| Tranche A
Stock-based incentive plan awards
Performance period					2 years
Awards granted (in units) \| shares		38,148
Grant Date Fair Value		$ 6,100,000			$ 6,100,000
Grant Date Target Value		6,100,000
2018 LTIP program \| LTIP Units \| Tranche B
Stock-based incentive plan awards
Performance period					3 years
Grant Date Fair Value		6,100,000			$ 6,100,000
Grant Date Target Value		$ 6,100,000
2019 LTIP program \| LTIP Units
Stock-based incentive plan awards
Performance period		3 years
Grant Date Fair Value		$ 9,500,000
Grant Date Target Value		14,700,000
2019 LTIP program \| LTIP Units \| Maximum
Stock-based incentive plan awards
Grant Date Target Value		$ 22,100,000
2021 LTIP program
Stock-based incentive plan awards
Vesting service period		3 years
2021 LTIP program \| LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value		$ 5,700,000
Grant Date Target Value		12,200,000
2021 LTIP program \| LTIP Units \| Maximum
Stock-based incentive plan awards
Grant Date Fair Value		$ 18,400,000

Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
Lease Income (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessor, Lease, Description [Line Items]
Fixed-lease income	$ 3,701,991	$ 3,871,395	$ 4,293,401
Variable lease income	1,034,728	430,972	950,370
Total lease income	4,736,719	4,302,367	$ 5,243,771
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2022	3,098,505
2023	2,611,384
2024	2,082,985
2025	1,650,164
2026	1,252,534
Thereafter	3,291,874
Future minimum rental receivables	13,987,446
Tenant receivables and accrued revenue
Lessor, Lease, Description [Line Items]
Straight-line receivables	$ 568,700	$ 597,600

Commitments and Contingencies - Litigation (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($)
Opry Mills, Nashville, TN \| Other income
Insurance
Gain on litigation settlement	$ 68.0

Commitments and Contingencies - Lease Commitments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Lease Commitments
Properties subject to ground leases \| property	23
Lease Cost
Fixed lease cost	$ 32,492	$ 31,404	$ 31,000
Variable lease cost	15,454	13,270	16,833
Sublease income	(705)	(746)	(694)
Total operating lease cost	47,241	43,928	47,139
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 47,824	$ 44,570	$ 48,519
Weighted-average remaining lease term - operating leases	33 years 7 months 6 days	34 years 4 months 24 days	35 years 7 months 6 days
Weighted-average discount rate - operating leases	4.87%	4.86%	4.87%
Operating Lease Liabilities
2022	$ 32,838
2023	32,979
2024	33,114
2025	33,124
2026	33,138
Thereafter	855,079
Future minimum gross lease payments	1,020,272
Impact of discounting	(513,341)
Operating lease liabilities	$ 506,931	$ 515,492

Commitments and Contingencies - Insurance (Details) $ in Billions	12 Months Ended
	Dec. 31, 2021 USD ($)
Insurance
Insurance coverage, acts of terrorism	$ 1

Commitments and Contingencies - Hurricane Impacts (Details) $ in Thousands	3 Months Ended		12 Months Ended			51 Months Ended
	Sep. 30, 2020 USD ($) property	Sep. 30, 2017 property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2021 USD ($)
Hurricane Impact
Insurance proceeds for property restoration			$ 7,200	$ 31,198	$ 5,662
Loss from Catastrophes \| PUERTO RICO \| Wholly owned properties
Hurricane Impact
Number of properties significantly damaged \| property		2
Total insurance proceeds received						$ 84,000
Insurance proceeds for property restoration						$ 48,300
Loss from Catastrophes \| PUERTO RICO \| Wholly owned properties \| Other income
Hurricane Impact
Gain related to property insurance recovery			2,100	$ 5,200
Loss from Catastrophes \| TEXAS
Hurricane Impact
Number of properties significantly damaged \| property	1
Asset write-offs	$ 9,600
Insurance proceeds for property restoration	$ 14,000
Gain related to property insurance recovery			3,500
Loss from Catastrophes \| LOUISIANA
Hurricane Impact
Number of properties significantly damaged \| property	1
Asset write-offs	$ 11,100
Insurance proceeds for property restoration	$ 27,500
Gain related to property insurance recovery			$ 17,500

Commitments and Contingencies - Guarantees of Indebtedness (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Joint Venture Mortgage and Indebtedness
Guarantees of Joint Venture Indebtedness:
Loan guarantee	$ 209.9	$ 219.2

Commitments and Contingencies - Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2021
Consolidated revenues \| Concentration of credit risk \| Maximum
Concentration of Credit Risk
Percentage of Consolidated Total Revenue	5.00%

Related Party Transactions (Details) $ in Millions	12 Months Ended
Related Party Transactions (Details) $ in Millions	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
JC Penney And SPARC Group \| Lease_Income.
Related Party Transactions
Amounts charged to related party	$ 82.5	$ 54.1	$ 20.9
Unconsolidated joint ventures \| Amounts for services provided
Related Party Transactions
Amounts charged to related party	$ 0.6	0.6	0.6
Properties owned by related parties \| Amounts for services provided
Related Party Transactions
Number of shopping centers owned by related parties in which management services are provided \| property	2
Amounts charged to related party	$ 3.5	3.3	3.9
Unconsolidated Joint Ventures \| Amounts for services provided
Related Party Transactions
Amounts charged to related party	102.1	92.7	108.2
Unconsolidated Joint Ventures \| Development, royalty and other fees
Related Party Transactions
Amounts charged to related party	$ 12.4	$ 13.1	$ 14.8

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Total revenue	$ 1,326,138	$ 1,296,554	$ 1,254,146	$ 1,239,951	$ 1,131,429	$ 1,060,674	$ 1,062,041	$ 1,353,360	$ 5,116,789	$ 4,607,503	$ 5,755,189
Operating income before other items	591,533	612,324	604,723	604,612	462,047	404,024	450,868	654,869	2,413,190	1,971,809	2,912,787
Consolidated net income	573,730	778,648	705,869	510,460	312,726	168,646	290,548	505,404	2,568,707	1,277,324	2,423,188
Net Income attributable to common stockholders or unitholders	$ 575,596	$ 777,740	$ 706,087	$ 510,085	$ 311,238	$ 168,086	$ 292,863	$ 504,263	$ 2,569,508	$ 1,276,450	$ 2,416,945
Net income per share - Basic	$ 1.53	$ 2.07	$ 1.88	$ 1.36	$ 0.86	$ 0.48	$ 0.83	$ 1.43	$ 6.84	$ 3.59	$ 6.81
Net income per share - Diluted	$ 1.53	$ 2.07	$ 1.88	$ 1.36	$ 0.86	$ 0.48	$ 0.83	$ 1.43
Weighted average shares outstanding - basic	375,872,212	375,882,318	375,875,290	375,836,653	363,050,401	352,420,845	352,410,392	353,191,960	328,587,137	308,737,625	307,950,112
Weighted average shares outstanding - diluted	375,872,212	375,882,318	375,875,290	375,836,653	363,050,401	352,420,845	352,410,392	353,191,960	375,866,759	355,281,882	354,724,019

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	$ 5,366,190
Initial Cost
Land	3,270,099
Buildings and Improvements	25,016,217
Costs Capitalized Subsequent to Acquisition
Land	369,254
Buildings and Improvements	8,841,645
Gross Amounts At Which Carried At Close of Period
Land	3,639,353
Buildings and Improvements	33,857,863
Total	37,497,216	$ 37,608,638	$ 37,356,739	$ 36,667,960
Accumulated Depreciation	15,304,461	$ 14,592,867	$ 13,622,433	$ 12,632,690
Malls \| Barton Creek Square, Austin, TX
Initial Cost
Land	2,903
Buildings and Improvements	20,929
Costs Capitalized Subsequent to Acquisition
Land	7,983
Buildings and Improvements	93,731
Gross Amounts At Which Carried At Close of Period
Land	10,886
Buildings and Improvements	114,660
Total	125,546
Accumulated Depreciation	67,339
Malls \| Battlefield Mall, Springfield, MO
Initial Cost
Land	3,919
Buildings and Improvements	27,231
Costs Capitalized Subsequent to Acquisition
Land	3,000
Buildings and Improvements	73,269
Gross Amounts At Which Carried At Close of Period
Land	6,919
Buildings and Improvements	100,500
Total	107,419
Accumulated Depreciation	74,823
Malls \| Bay Park Square, Green Bay, WI
Initial Cost
Land	6,278
Buildings and Improvements	25,623
Costs Capitalized Subsequent to Acquisition
Land	4,106
Buildings and Improvements	30,901
Gross Amounts At Which Carried At Close of Period
Land	10,384
Buildings and Improvements	56,524
Total	66,907
Accumulated Depreciation	34,368
Malls \| Brea Mall, Brea (Los Angeles), CA
Initial Cost
Land	39,500
Buildings and Improvements	209,202
Costs Capitalized Subsequent to Acquisition
Land	2,993
Buildings and Improvements	81,393
Gross Amounts At Which Carried At Close of Period
Land	42,493
Buildings and Improvements	290,595
Total	333,088
Accumulated Depreciation	166,527
Malls \| Broadway Square, Tyler, TX
Initial Cost
Land	11,306
Buildings and Improvements	32,431
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	52,984
Gross Amounts At Which Carried At Close of Period
Land	11,306
Buildings and Improvements	85,415
Total	96,721
Accumulated Depreciation	43,517
Malls \| Burlington Mall, Burlington (Boston), MA
Initial Cost
Land	46,600
Buildings and Improvements	303,618
Costs Capitalized Subsequent to Acquisition
Land	27,458
Buildings and Improvements	260,644
Gross Amounts At Which Carried At Close of Period
Land	74,058
Buildings and Improvements	564,262
Total	638,320
Accumulated Depreciation	263,024
Malls \| Castleton Square, Indianapolis, IN
Initial Cost
Land	26,250
Buildings and Improvements	98,287
Costs Capitalized Subsequent to Acquisition
Land	7,434
Buildings and Improvements	78,851
Gross Amounts At Which Carried At Close of Period
Land	33,684
Buildings and Improvements	177,138
Total	210,822
Accumulated Depreciation	125,790
Malls \| Cielo Vista Mall, El Paso, TX
Initial Cost
Land	1,005
Buildings and Improvements	15,262
Costs Capitalized Subsequent to Acquisition
Land	608
Buildings and Improvements	54,450
Gross Amounts At Which Carried At Close of Period
Land	1,613
Buildings and Improvements	69,712
Total	71,325
Accumulated Depreciation	50,865
Malls \| College Mall, Bloomington, IN
Initial Cost
Land	1,003
Buildings and Improvements	16,245
Costs Capitalized Subsequent to Acquisition
Land	720
Buildings and Improvements	70,036
Gross Amounts At Which Carried At Close of Period
Land	1,723
Buildings and Improvements	86,281
Total	88,004
Accumulated Depreciation	49,845
Malls \| Columbia Center, Kennewick, WA
Initial Cost
Land	17,441
Buildings and Improvements	66,580
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	43,135
Gross Amounts At Which Carried At Close of Period
Land	17,441
Buildings and Improvements	109,715
Total	127,156
Accumulated Depreciation	67,064
Malls \| Copley Place, Boston, MA
Initial Cost
Buildings and Improvements	378,045
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	200,624
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	578,669
Total	578,669
Accumulated Depreciation	271,506
Malls \| Coral Square, Coral Springs (Miami), FL
Initial Cost
Land	13,556
Buildings and Improvements	93,630
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	20,187
Gross Amounts At Which Carried At Close of Period
Land	13,556
Buildings and Improvements	113,817
Total	127,373
Accumulated Depreciation	91,266
Malls \| Cordova Mall, Pensacola, FL
Initial Cost
Land	18,626
Buildings and Improvements	73,091
Costs Capitalized Subsequent to Acquisition
Land	7,321
Buildings and Improvements	70,907
Gross Amounts At Which Carried At Close of Period
Land	25,947
Buildings and Improvements	143,998
Total	169,945
Accumulated Depreciation	84,955
Malls \| Domain, The, Austin, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	210,000
Initial Cost
Land	40,436
Buildings and Improvements	197,010
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	155,117
Gross Amounts At Which Carried At Close of Period
Land	40,436
Buildings and Improvements	352,127
Total	392,563
Accumulated Depreciation	186,040
Malls \| Empire Mall, Sioux Falls, SD
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	180,452
Initial Cost
Land	35,998
Buildings and Improvements	192,186
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	32,637
Gross Amounts At Which Carried At Close of Period
Land	35,998
Buildings and Improvements	224,823
Total	260,821
Accumulated Depreciation	76,189
Malls \| Fashion Mall at Keystone, The, Indianapolis, IN
Initial Cost
Buildings and Improvements	120,579
Costs Capitalized Subsequent to Acquisition
Land	29,145
Buildings and Improvements	111,089
Gross Amounts At Which Carried At Close of Period
Land	29,145
Buildings and Improvements	231,668
Total	260,813
Accumulated Depreciation	139,363
Malls \| Firewheel Town Center, Garland (Dallas), TX
Initial Cost
Land	8,438
Buildings and Improvements	82,716
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	29,889
Gross Amounts At Which Carried At Close of Period
Land	8,438
Buildings and Improvements	112,605
Total	121,043
Accumulated Depreciation	67,382
Malls \| Forum Shops at Caesars, The, Las Vegas, NV
Initial Cost
Buildings and Improvements	276,567
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	285,180
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	561,747
Total	561,747
Accumulated Depreciation	316,592
Malls \| Greenwood Park Mall, Greenwood (Indianapolis), IN
Initial Cost
Land	2,423
Buildings and Improvements	23,445
Costs Capitalized Subsequent to Acquisition
Land	5,253
Buildings and Improvements	124,482
Gross Amounts At Which Carried At Close of Period
Land	7,676
Buildings and Improvements	147,927
Total	155,603
Accumulated Depreciation	95,160
Malls \| Haywood Mall, Greenville, SC
Initial Cost
Land	11,585
Buildings and Improvements	133,893
Costs Capitalized Subsequent to Acquisition
Land	6
Buildings and Improvements	42,034
Gross Amounts At Which Carried At Close of Period
Land	11,591
Buildings and Improvements	175,927
Total	187,518
Accumulated Depreciation	117,494
Malls \| King of Prussia, King of Prussia (Philadelphia), PA
Initial Cost
Land	175,063
Buildings and Improvements	1,128,200
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	383,148
Gross Amounts At Which Carried At Close of Period
Land	175,063
Buildings and Improvements	1,511,348
Total	1,686,411
Accumulated Depreciation	513,981
Malls \| La Plaza Mall, McAllen, TX
Initial Cost
Land	87,912
Buildings and Improvements	9,828
Costs Capitalized Subsequent to Acquisition
Land	6,569
Buildings and Improvements	188,482
Gross Amounts At Which Carried At Close of Period
Land	94,481
Buildings and Improvements	198,310
Total	292,791
Accumulated Depreciation	58,002
Malls \| Lakeline Mall, Cedar Park (Austin), TX
Initial Cost
Land	10,088
Buildings and Improvements	81,568
Costs Capitalized Subsequent to Acquisition
Land	14
Buildings and Improvements	24,446
Gross Amounts At Which Carried At Close of Period
Land	10,102
Buildings and Improvements	106,014
Total	116,116
Accumulated Depreciation	67,646
Malls \| Lenox Square, Atlanta, GA
Initial Cost
Land	37,447
Buildings and Improvements	492,411
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	142,110
Gross Amounts At Which Carried At Close of Period
Land	37,447
Buildings and Improvements	634,521
Total	671,968
Accumulated Depreciation	390,709
Malls \| Livingston Mall, Livingston (New York), NJ
Initial Cost
Land	22,214
Buildings and Improvements	105,250
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	47,600
Gross Amounts At Which Carried At Close of Period
Land	22,214
Buildings and Improvements	152,850
Total	175,064
Accumulated Depreciation	100,502
Malls \| Mall of Georgia, Buford (Atlanta), GA
Initial Cost
Land	47,492
Buildings and Improvements	326,633
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	13,980
Gross Amounts At Which Carried At Close of Period
Land	47,492
Buildings and Improvements	340,613
Total	388,105
Accumulated Depreciation	207,009
Malls \| McCain Mall, N. Little Rock, AR
Initial Cost
Buildings and Improvements	9,515
Costs Capitalized Subsequent to Acquisition
Land	10,142
Buildings and Improvements	28,634
Gross Amounts At Which Carried At Close of Period
Land	10,142
Buildings and Improvements	38,149
Total	48,290
Accumulated Depreciation	18,749
Malls \| Menlo Park Mall, Edison (New York), NJ
Initial Cost
Land	65,684
Buildings and Improvements	223,252
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	88,717
Gross Amounts At Which Carried At Close of Period
Land	65,684
Buildings and Improvements	311,969
Total	377,653
Accumulated Depreciation	199,039
Malls \| Midland Park Mall, Midland, TX
Initial Cost
Land	687
Buildings and Improvements	9,213
Costs Capitalized Subsequent to Acquisition
Land	1,196
Buildings and Improvements	42,037
Gross Amounts At Which Carried At Close of Period
Land	1,883
Buildings and Improvements	51,250
Total	53,133
Accumulated Depreciation	23,361
Malls \| Miller Hill Mall, Duluth, MN
Initial Cost
Land	2,965
Buildings and Improvements	18,092
Costs Capitalized Subsequent to Acquisition
Land	1,811
Buildings and Improvements	43,110
Gross Amounts At Which Carried At Close of Period
Land	4,776
Buildings and Improvements	61,202
Total	65,978
Accumulated Depreciation	46,574
Malls \| North East Mall, Hurst (Dallas), TX
Initial Cost
Land	128
Buildings and Improvements	12,966
Costs Capitalized Subsequent to Acquisition
Land	19,010
Buildings and Improvements	143,969
Gross Amounts At Which Carried At Close of Period
Land	19,138
Buildings and Improvements	156,935
Total	176,073
Accumulated Depreciation	120,393
Malls \| Ocean County Mall, Toms River (New York), NJ
Initial Cost
Land	20,404
Buildings and Improvements	124,945
Costs Capitalized Subsequent to Acquisition
Land	3,277
Buildings and Improvements	87,686
Gross Amounts At Which Carried At Close of Period
Land	23,681
Buildings and Improvements	212,631
Total	236,312
Accumulated Depreciation	108,360
Malls \| Orland Square, Orland Park (Chicago), IL
Initial Cost
Land	35,439
Buildings and Improvements	129,906
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	78,380
Gross Amounts At Which Carried At Close of Period
Land	35,439
Buildings and Improvements	208,286
Total	243,725
Accumulated Depreciation	123,882
Malls \| Oxford Valley Mall, Langhorne (Philadelphia), PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	32,783
Initial Cost
Land	20,872
Buildings and Improvements	100,287
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	20,040
Gross Amounts At Which Carried At Close of Period
Land	20,872
Buildings and Improvements	120,327
Total	141,199
Accumulated Depreciation	87,416
Malls \| Penn Square Mall, Oklahoma City, OK
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	310,000
Initial Cost
Land	2,043
Buildings and Improvements	155,958
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	60,572
Gross Amounts At Which Carried At Close of Period
Land	2,043
Buildings and Improvements	216,530
Total	218,573
Accumulated Depreciation	143,182
Malls \| Pheasant Lane Mall, Nashua, NH
Initial Cost
Land	3,902
Buildings and Improvements	155,068
Costs Capitalized Subsequent to Acquisition
Land	550
Buildings and Improvements	49,963
Gross Amounts At Which Carried At Close of Period
Land	4,452
Buildings and Improvements	205,031
Total	209,483
Accumulated Depreciation	122,652
Malls \| Phipps Plaza, Atlanta, GA
Initial Cost
Land	15,005
Buildings and Improvements	210,610
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	276,793
Gross Amounts At Which Carried At Close of Period
Land	15,005
Buildings and Improvements	487,403
Total	502,408
Accumulated Depreciation	180,970
Malls \| Plaza Carolina, Carolina (San Juan), PR
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	225,000
Initial Cost
Land	15,493
Buildings and Improvements	279,560
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	79,328
Gross Amounts At Which Carried At Close of Period
Land	15,493
Buildings and Improvements	358,888
Total	374,381
Accumulated Depreciation	182,915
Malls \| Prien Lake Mall, Lake Charles, LA
Initial Cost
Land	1,842
Buildings and Improvements	2,813
Costs Capitalized Subsequent to Acquisition
Land	3,053
Buildings and Improvements	71,722
Gross Amounts At Which Carried At Close of Period
Land	4,895
Buildings and Improvements	74,535
Total	79,430
Accumulated Depreciation	29,705
Malls \| Rockaway Townsquare, Rockaway (New York), NJ
Initial Cost
Land	41,918
Buildings and Improvements	212,257
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	71,558
Gross Amounts At Which Carried At Close of Period
Land	41,918
Buildings and Improvements	283,815
Total	325,733
Accumulated Depreciation	168,749
Malls \| Roosevelt Field, Garden City (New York), NY
Initial Cost
Land	163,160
Buildings and Improvements	702,008
Costs Capitalized Subsequent to Acquisition
Land	1,246
Buildings and Improvements	372,918
Gross Amounts At Which Carried At Close of Period
Land	164,406
Buildings and Improvements	1,074,926
Total	1,239,332
Accumulated Depreciation	567,080
Malls \| Ross Park Mall, Pittsburgh, PA
Initial Cost
Land	23,541
Buildings and Improvements	90,203
Costs Capitalized Subsequent to Acquisition
Land	5,815
Buildings and Improvements	123,154
Gross Amounts At Which Carried At Close of Period
Land	29,356
Buildings and Improvements	213,357
Total	242,713
Accumulated Depreciation	137,717
Malls \| Santa Rosa Plaza, Santa Rosa, CA
Initial Cost
Land	10,400
Buildings and Improvements	87,864
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	27,226
Gross Amounts At Which Carried At Close of Period
Land	10,400
Buildings and Improvements	115,090
Total	125,490
Accumulated Depreciation	70,604
Malls \| Shops at Chestnut Hill, The, Chestnut Hill (Boston), MA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	120,000
Initial Cost
Land	449
Buildings and Improvements	25,102
Costs Capitalized Subsequent to Acquisition
Land	38,864
Buildings and Improvements	106,768
Gross Amounts At Which Carried At Close of Period
Land	39,313
Buildings and Improvements	131,871
Total	171,184
Accumulated Depreciation	48,064
Malls \| Shops at Nanuet, The, Nanuet, NY
Initial Cost
Land	28,125
Buildings and Improvements	142,860
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,778
Gross Amounts At Which Carried At Close of Period
Land	28,125
Buildings and Improvements	151,638
Total	179,763
Accumulated Depreciation	47,385
Malls \| Shops at Riverside, The, Hackensack (New York), NJ
Initial Cost
Land	13,521
Buildings and Improvements	238,746
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	265,172
Gross Amounts At Which Carried At Close of Period
Land	13,521
Buildings and Improvements	503,918
Total	517,439
Accumulated Depreciation	117,769
Malls \| South Hills Village, Pittsburgh, PA
Initial Cost
Land	23,445
Buildings and Improvements	125,840
Costs Capitalized Subsequent to Acquisition
Land	1,472
Buildings and Improvements	84,426
Gross Amounts At Which Carried At Close of Period
Land	24,917
Buildings and Improvements	210,266
Total	235,183
Accumulated Depreciation	114,736
Malls \| South Shore Plaza, Braintree (Boston), MA
Initial Cost
Land	101,200
Buildings and Improvements	301,495
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	164,885
Gross Amounts At Which Carried At Close of Period
Land	101,200
Buildings and Improvements	466,380
Total	567,580
Accumulated Depreciation	281,716
Malls \| Southdale Mall, Edina (Minneapolis), MN
Initial Cost
Land	41,430
Buildings and Improvements	184,967
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	81,994
Gross Amounts At Which Carried At Close of Period
Land	41,430
Buildings and Improvements	266,961
Total	308,391
Accumulated Depreciation	73,542
Malls \| SouthPark, Charlotte, NC
Initial Cost
Land	42,092
Buildings and Improvements	188,055
Costs Capitalized Subsequent to Acquisition
Land	100
Buildings and Improvements	208,086
Gross Amounts At Which Carried At Close of Period
Land	42,192
Buildings and Improvements	396,141
Total	438,333
Accumulated Depreciation	236,456
Malls \| St. Charles Towne Center, Waldorf (Washington, D.C.), MD
Initial Cost
Land	7,710
Buildings and Improvements	52,934
Costs Capitalized Subsequent to Acquisition
Land	1,180
Buildings and Improvements	27,286
Gross Amounts At Which Carried At Close of Period
Land	8,890
Buildings and Improvements	80,220
Total	89,110
Accumulated Depreciation	62,210
Malls \| Stanford Shopping Center, Palo Alto (San Jose), CA
Initial Cost
Buildings and Improvements	339,537
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	194,716
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	534,253
Total	534,253
Accumulated Depreciation	229,236
Malls \| Summit Mall, Akron, OH
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	85,000
Initial Cost
Land	15,374
Buildings and Improvements	51,137
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	55,450
Gross Amounts At Which Carried At Close of Period
Land	15,374
Buildings and Improvements	106,587
Total	121,961
Accumulated Depreciation	68,650
Malls \| Tacoma Mall, Tacoma (Seattle), WA
Initial Cost
Land	37,113
Buildings and Improvements	125,826
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	173,286
Gross Amounts At Which Carried At Close of Period
Land	37,113
Buildings and Improvements	299,112
Total	336,225
Accumulated Depreciation	154,263
Malls \| Tippecanoe Mall, Lafayette, IN
Initial Cost
Land	2,897
Buildings and Improvements	8,439
Costs Capitalized Subsequent to Acquisition
Land	5,517
Buildings and Improvements	46,663
Gross Amounts At Which Carried At Close of Period
Land	8,414
Buildings and Improvements	55,102
Total	63,516
Accumulated Depreciation	45,141
Malls \| Town Center at Boca Raton, Boca Raton (Miami), FL
Initial Cost
Land	64,200
Buildings and Improvements	307,317
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	245,850
Gross Amounts At Which Carried At Close of Period
Land	64,200
Buildings and Improvements	553,167
Total	617,367
Accumulated Depreciation	325,402
Malls \| Towne East Square, Wichita, KS
Initial Cost
Land	8,024
Buildings and Improvements	18,479
Costs Capitalized Subsequent to Acquisition
Land	4,108
Buildings and Improvements	56,584
Gross Amounts At Which Carried At Close of Period
Land	12,132
Buildings and Improvements	75,063
Total	87,195
Accumulated Depreciation	47,791
Malls \| Treasure Coast Square, Jensen Beach, FL
Initial Cost
Land	11,124
Buildings and Improvements	72,990
Costs Capitalized Subsequent to Acquisition
Land	3,067
Buildings and Improvements	39,325
Gross Amounts At Which Carried At Close of Period
Land	14,191
Buildings and Improvements	112,315
Total	126,506
Accumulated Depreciation	79,344
Malls \| Tyrone Square, St. Petersburg (Tampa), FL
Initial Cost
Land	15,638
Buildings and Improvements	120,962
Costs Capitalized Subsequent to Acquisition
Land	1,459
Buildings and Improvements	50,233
Gross Amounts At Which Carried At Close of Period
Land	17,097
Buildings and Improvements	171,195
Total	188,292
Accumulated Depreciation	117,286
Malls \| University Park Mall, Mishawaka, IN
Initial Cost
Land	10,762
Buildings and Improvements	118,164
Costs Capitalized Subsequent to Acquisition
Land	7,000
Buildings and Improvements	58,155
Gross Amounts At Which Carried At Close of Period
Land	17,762
Buildings and Improvements	176,319
Total	194,081
Accumulated Depreciation	148,669
Malls \| Walt Whitman Shops, Huntington Station (New York), NY
Initial Cost
Land	51,700
Buildings and Improvements	111,258
Costs Capitalized Subsequent to Acquisition
Land	3,789
Buildings and Improvements	130,566
Gross Amounts At Which Carried At Close of Period
Land	55,489
Buildings and Improvements	241,824
Total	297,313
Accumulated Depreciation	138,124
Malls \| White Oaks Mall, Springfield, IL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	42,594
Initial Cost
Land	2,907
Buildings and Improvements	35,692
Costs Capitalized Subsequent to Acquisition
Land	2,468
Buildings and Improvements	65,150
Gross Amounts At Which Carried At Close of Period
Land	5,375
Buildings and Improvements	100,842
Total	106,217
Accumulated Depreciation	61,714
Malls \| Wolfchase Galleria, Memphis, TN
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	155,152
Initial Cost
Land	16,407
Buildings and Improvements	128,276
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	17,244
Gross Amounts At Which Carried At Close of Period
Land	16,407
Buildings and Improvements	145,520
Total	161,927
Accumulated Depreciation	102,290
Malls \| Woodland Hills Mall, Tulsa, OK
Initial Cost
Land	34,211
Buildings and Improvements	187,123
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	36,573
Gross Amounts At Which Carried At Close of Period
Land	34,211
Buildings and Improvements	223,696
Total	257,907
Accumulated Depreciation	152,940
Premium Outlets \| Albertville Premium Outlets, Albertville (Minneapolis), MN
Initial Cost
Land	3,900
Buildings and Improvements	97,059
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	10,069
Gross Amounts At Which Carried At Close of Period
Land	3,900
Buildings and Improvements	107,128
Total	111,028
Accumulated Depreciation	56,242
Premium Outlets \| Allen Premium Outlets, Allen (Dallas), TX
Initial Cost
Land	20,932
Buildings and Improvements	69,788
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	44,770
Gross Amounts At Which Carried At Close of Period
Land	20,932
Buildings and Improvements	114,558
Total	135,490
Accumulated Depreciation	39,846
Premium Outlets \| Aurora Farms Premium Outlets, Aurora (Cleveland), OH
Initial Cost
Land	2,370
Buildings and Improvements	24,326
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,045
Gross Amounts At Which Carried At Close of Period
Land	2,370
Buildings and Improvements	33,371
Total	35,741
Accumulated Depreciation	25,244
Premium Outlets \| Birch Run Premium Outlets, Birch Run (Detroit), MI
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	123,000
Initial Cost
Land	11,477
Buildings and Improvements	77,856
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,978
Gross Amounts At Which Carried At Close of Period
Land	11,477
Buildings and Improvements	86,834
Total	98,311
Accumulated Depreciation	40,083
Premium Outlets \| Camarillo Premium Outlets, Camarillo (Los Angeles), CA
Initial Cost
Land	16,599
Buildings and Improvements	224,721
Costs Capitalized Subsequent to Acquisition
Land	395
Buildings and Improvements	73,858
Gross Amounts At Which Carried At Close of Period
Land	16,994
Buildings and Improvements	298,579
Total	315,572
Accumulated Depreciation	155,743
Premium Outlets \| Carlsbad Premium Outlets, Carlsbad (San Diego), CA
Initial Cost
Land	12,890
Buildings and Improvements	184,990
Costs Capitalized Subsequent to Acquisition
Land	96
Buildings and Improvements	10,584
Gross Amounts At Which Carried At Close of Period
Land	12,986
Buildings and Improvements	195,574
Total	208,560
Accumulated Depreciation	93,869
Premium Outlets \| Carolina Premium Outlets, Smithfield (Raleigh), NC
Initial Cost
Land	3,175
Buildings and Improvements	59,863
Costs Capitalized Subsequent to Acquisition
Land	5,311
Buildings and Improvements	7,682
Gross Amounts At Which Carried At Close of Period
Land	8,486
Buildings and Improvements	67,545
Total	76,031
Accumulated Depreciation	39,192
Premium Outlets \| Chicago Premium Outlets, Aurora (Chicago), IL
Initial Cost
Land	659
Buildings and Improvements	118,005
Costs Capitalized Subsequent to Acquisition
Land	13,050
Buildings and Improvements	96,798
Gross Amounts At Which Carried At Close of Period
Land	13,709
Buildings and Improvements	214,803
Total	228,512
Accumulated Depreciation	89,810
Premium Outlets \| Cincinnati Premium Outlets, Monroe (Cincinnati), OH
Initial Cost
Land	14,117
Buildings and Improvements	71,520
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,367
Gross Amounts At Which Carried At Close of Period
Land	14,117
Buildings and Improvements	74,887
Total	89,004
Accumulated Depreciation	38,032
Premium Outlets \| Clinton Crossing Premium Outlets, Clinton, CT
Initial Cost
Land	2,060
Buildings and Improvements	107,556
Costs Capitalized Subsequent to Acquisition
Land	1,532
Buildings and Improvements	6,730
Gross Amounts At Which Carried At Close of Period
Land	3,592
Buildings and Improvements	114,286
Total	117,878
Accumulated Depreciation	64,861
Premium Outlets \| Denver Premium Outlets, Thornton (Denver), CO
Initial Cost
Land	11,001
Buildings and Improvements	45,335
Costs Capitalized Subsequent to Acquisition
Land	10
Buildings and Improvements	73,657
Gross Amounts At Which Carried At Close of Period
Land	11,011
Buildings and Improvements	118,992
Total	130,003
Accumulated Depreciation	18,076
Premium Outlets \| Desert Hills Premium Outlets, Cabazon (Palm Springs), CA
Initial Cost
Land	3,440
Buildings and Improvements	338,679
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	116,191
Gross Amounts At Which Carried At Close of Period
Land	3,440
Buildings and Improvements	454,870
Total	458,310
Accumulated Depreciation	200,331
Premium Outlets \| Ellenton Premium Outlets, Ellenton (Tampa), FL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	178,000
Initial Cost
Land	15,807
Buildings and Improvements	182,412
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,034
Gross Amounts At Which Carried At Close of Period
Land	15,807
Buildings and Improvements	190,446
Total	206,253
Accumulated Depreciation	116,060
Premium Outlets \| Folsom Premium Outlets, Folsom (Sacramento), CA
Initial Cost
Land	9,060
Buildings and Improvements	50,281
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,956
Gross Amounts At Which Carried At Close of Period
Land	9,060
Buildings and Improvements	56,237
Total	65,297
Accumulated Depreciation	34,092
Premium Outlets \| Gilroy Premium Outlets, Gilroy (San Jose), CA
Initial Cost
Land	9,630
Buildings and Improvements	194,122
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	16,955
Gross Amounts At Which Carried At Close of Period
Land	9,630
Buildings and Improvements	211,077
Total	220,707
Accumulated Depreciation	109,942
Premium Outlets \| Grand Prairie Premium Outlets, Grand Prairie (Dallas), TX
Initial Cost
Land	9,497
Buildings and Improvements	194,245
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,330
Gross Amounts At Which Carried At Close of Period
Land	9,497
Buildings and Improvements	195,575
Total	205,072
Accumulated Depreciation	61,119
Premium Outlets \| Grove City Premium Outlets, Grove City (Pittsburgh), PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	140,000
Initial Cost
Land	6,421
Buildings and Improvements	121,880
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,365
Gross Amounts At Which Carried At Close of Period
Land	6,421
Buildings and Improvements	130,245
Total	136,666
Accumulated Depreciation	78,970
Premium Outlets \| Gulfport Premium Outlets, Gulfport, MS
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	50,000
Initial Cost
Buildings and Improvements	27,949
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,694
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	35,643
Total	35,643
Accumulated Depreciation	19,001
Premium Outlets \| Hagerstown Premium Outlets, Hagerstown (Baltimore/Washington DC), MD
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	71,901
Initial Cost
Land	3,576
Buildings and Improvements	85,883
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,973
Gross Amounts At Which Carried At Close of Period
Land	3,576
Buildings and Improvements	87,856
Total	91,432
Accumulated Depreciation	42,753
Premium Outlets \| Houston Premium Outlets, Cypress (Houston), TX
Initial Cost
Land	8,695
Buildings and Improvements	69,350
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	44,528
Gross Amounts At Which Carried At Close of Period
Land	8,695
Buildings and Improvements	113,878
Total	122,573
Accumulated Depreciation	58,104
Premium Outlets \| Indiana Premium Outlets, Edinburgh (Indianapolis), IN
Initial Cost
Land	2,857
Buildings and Improvements	47,309
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	20,544
Gross Amounts At Which Carried At Close of Period
Land	2,857
Buildings and Improvements	67,853
Total	70,710
Accumulated Depreciation	38,049
Premium Outlets \| Jackson Premium Outlets, Jackson (New York), NJ
Initial Cost
Land	6,413
Buildings and Improvements	104,013
Costs Capitalized Subsequent to Acquisition
Land	3
Buildings and Improvements	8,245
Gross Amounts At Which Carried At Close of Period
Land	6,416
Buildings and Improvements	112,258
Total	118,674
Accumulated Depreciation	55,053
Premium Outlets \| Jersey Shore Premium Outlets, Tinton Falls (New York), NJ
Initial Cost
Land	15,390
Buildings and Improvements	50,979
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	78,779
Gross Amounts At Which Carried At Close of Period
Land	15,390
Buildings and Improvements	129,758
Total	145,148
Accumulated Depreciation	70,019
Premium Outlets \| Johnson Creek Premium Outlets, Johnson Creek, WI
Initial Cost
Land	2,800
Buildings and Improvements	39,546
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,221
Gross Amounts At Which Carried At Close of Period
Land	2,800
Buildings and Improvements	46,767
Total	49,567
Accumulated Depreciation	24,617
Premium Outlets \| Kittery Premium Outlets, Kittery , ME
Initial Cost
Land	11,832
Buildings and Improvements	94,994
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	11,059
Gross Amounts At Which Carried At Close of Period
Land	11,832
Buildings and Improvements	106,053
Total	117,885
Accumulated Depreciation	49,905
Premium Outlets \| Las Americas Premium Outlets, San Diego, CA
Initial Cost
Land	45,168
Buildings and Improvements	251,878
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	11,203
Gross Amounts At Which Carried At Close of Period
Land	45,168
Buildings and Improvements	263,081
Total	308,249
Accumulated Depreciation	110,122
Premium Outlets \| Las Vegas Premium Outlets - North, Las Vegas, NV
Initial Cost
Land	25,435
Buildings and Improvements	134,973
Costs Capitalized Subsequent to Acquisition
Land	16,536
Buildings and Improvements	151,229
Gross Amounts At Which Carried At Close of Period
Land	41,971
Buildings and Improvements	286,202
Total	328,173
Accumulated Depreciation	141,918
Premium Outlets \| Las Vegas Premium Outlets - South, Las Vegas, NV
Initial Cost
Land	13,085
Buildings and Improvements	160,777
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	32,579
Gross Amounts At Which Carried At Close of Period
Land	13,085
Buildings and Improvements	193,356
Total	206,441
Accumulated Depreciation	92,359
Premium Outlets \| Lee Premium Outlets, Lee, MA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	48,604
Initial Cost
Land	9,167
Buildings and Improvements	52,212
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,213
Gross Amounts At Which Carried At Close of Period
Land	9,167
Buildings and Improvements	56,425
Total	65,592
Accumulated Depreciation	32,727
Premium Outlets \| Leesburg Corner Premium Outlets, Leesburg (Washington D.C.), VA
Initial Cost
Land	7,190
Buildings and Improvements	162,023
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	21,692
Gross Amounts At Which Carried At Close of Period
Land	7,190
Buildings and Improvements	183,715
Total	190,905
Accumulated Depreciation	92,572
Premium Outlets \| Lighthouse Place Premium Outlets, Michigan City (Chicago, IL), IN
Initial Cost
Land	6,630
Buildings and Improvements	94,138
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	13,130
Gross Amounts At Which Carried At Close of Period
Land	6,630
Buildings and Improvements	107,268
Total	113,898
Accumulated Depreciation	61,728
Premium Outlets \| Merrimack Premium Outlets, Merrimack, NH
Initial Cost
Land	14,975
Buildings and Improvements	118,428
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,501
Gross Amounts At Which Carried At Close of Period
Land	14,975
Buildings and Improvements	120,929
Total	135,904
Accumulated Depreciation	47,885
Premium Outlets \| Napa Premium Outlets, Napa, CA
Initial Cost
Land	11,400
Buildings and Improvements	45,023
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,418
Gross Amounts At Which Carried At Close of Period
Land	11,400
Buildings and Improvements	52,441
Total	63,841
Accumulated Depreciation	29,189
Premium Outlets \| North Bend Premium Outlets, North Bend (Seattle), WA
Initial Cost
Land	2,143
Buildings and Improvements	36,197
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,281
Gross Amounts At Which Carried At Close of Period
Land	2,143
Buildings and Improvements	41,478
Total	43,621
Accumulated Depreciation	20,845
Premium Outlets \| North Georgia Premium Outlets, Dawsonville (Atlanta), GA
Initial Cost
Land	4,300
Buildings and Improvements	137,020
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,877
Gross Amounts At Which Carried At Close of Period
Land	4,300
Buildings and Improvements	138,897
Total	143,197
Accumulated Depreciation	69,520
Premium Outlets \| Orlando Premium Outlets - International Dr, Orlando, FL
Initial Cost
Land	31,998
Buildings and Improvements	472,815
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	17,633
Gross Amounts At Which Carried At Close of Period
Land	31,998
Buildings and Improvements	490,448
Total	522,446
Accumulated Depreciation	198,096
Premium Outlets \| Orlando Premium Outlets - Vineland Ave, Orlando, FL
Initial Cost
Land	14,040
Buildings and Improvements	382,949
Costs Capitalized Subsequent to Acquisition
Land	36,023
Buildings and Improvements	25,087
Gross Amounts At Which Carried At Close of Period
Land	50,063
Buildings and Improvements	408,036
Total	458,099
Accumulated Depreciation	190,674
Premium Outlets \| Petaluma Village Premium Outlets, Petaluma (San Francisco), CA
Initial Cost
Land	13,322
Buildings and Improvements	13,710
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,632
Gross Amounts At Which Carried At Close of Period
Land	13,322
Buildings and Improvements	17,342
Total	30,664
Accumulated Depreciation	11,293
Premium Outlets \| Philadelphia Premium Outlets, Limerick (Philadelphia), PA
Initial Cost
Land	16,676
Buildings and Improvements	105,249
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	25,050
Gross Amounts At Which Carried At Close of Period
Land	16,676
Buildings and Improvements	130,299
Total	146,975
Accumulated Depreciation	77,436
Premium Outlets \| Phoenix Premium Outlets, Chandler (Phoenix), AZ
Initial Cost
Buildings and Improvements	63,082
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	485
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	63,567
Total	63,567
Accumulated Depreciation	26,526
Premium Outlets \| Pismo Beach Premium Outlets, Pismo Beach, CA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	32,975
Initial Cost
Land	4,317
Buildings and Improvements	19,044
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,833
Gross Amounts At Which Carried At Close of Period
Land	4,317
Buildings and Improvements	21,877
Total	26,194
Accumulated Depreciation	14,177
Premium Outlets \| Pleasant Prairie Premium Outlets, Pleasant Prairie (Chicago, IL/Milwaukee), WI
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	145,000
Initial Cost
Land	16,823
Buildings and Improvements	126,686
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,524
Gross Amounts At Which Carried At Close of Period
Land	16,823
Buildings and Improvements	135,210
Total	152,033
Accumulated Depreciation	60,263
Premium Outlets \| Puerto Rico Premium Outlets, Barceloneta, PR
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	160,000
Initial Cost
Land	20,586
Buildings and Improvements	114,021
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,467
Gross Amounts At Which Carried At Close of Period
Land	20,586
Buildings and Improvements	122,488
Total	143,074
Accumulated Depreciation	55,420
Premium Outlets \| Queenstown Premium Outlets, Queenstown (Baltimore), MD
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	57,928
Initial Cost
Land	8,129
Buildings and Improvements	61,950
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,000
Gross Amounts At Which Carried At Close of Period
Land	8,129
Buildings and Improvements	66,950
Total	75,079
Accumulated Depreciation	31,396
Premium Outlets \| Rio Grande Valley Premium Outlets, Mercedes (McAllen), TX
Initial Cost
Land	12,229
Buildings and Improvements	41,547
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	28,036
Gross Amounts At Which Carried At Close of Period
Land	12,229
Buildings and Improvements	69,583
Total	81,812
Accumulated Depreciation	43,037
Premium Outlets \| Round Rock Premium Outlets, Round Rock (Austin), TX
Initial Cost
Land	13,485
Buildings and Improvements	82,252
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,259
Gross Amounts At Which Carried At Close of Period
Land	13,485
Buildings and Improvements	87,511
Total	100,995
Accumulated Depreciation	55,956
Premium Outlets \| San Francisco Premium Outlets, Livermore (San Francisco), CA
Initial Cost
Land	21,925
Buildings and Improvements	308,694
Costs Capitalized Subsequent to Acquisition
Land	46,176
Buildings and Improvements	75,532
Gross Amounts At Which Carried At Close of Period
Land	68,102
Buildings and Improvements	384,226
Total	452,328
Accumulated Depreciation	110,323
Premium Outlets \| San Marcos Premium Outlets, San Marcos (Austin/San Antonio), TX
Initial Cost
Land	13,180
Buildings and Improvements	287,179
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	14,047
Gross Amounts At Which Carried At Close of Period
Land	13,180
Buildings and Improvements	301,226
Total	314,406
Accumulated Depreciation	125,685
Premium Outlets \| Seattle Premium Outlets, Tulalip (Seattle), WA
Initial Cost
Buildings and Improvements	103,722
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	55,323
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	159,045
Total	159,045
Accumulated Depreciation	81,104
Premium Outlets \| St. Augustine Premium Outlets, St. Augustine (Jacksonville), FL
Initial Cost
Land	6,090
Buildings and Improvements	57,670
Costs Capitalized Subsequent to Acquisition
Land	2
Buildings and Improvements	13,850
Gross Amounts At Which Carried At Close of Period
Land	6,092
Buildings and Improvements	71,520
Total	77,612
Accumulated Depreciation	39,632
Premium Outlets \| Tampa, FL Premium Outlet
Initial Cost
Land	14,298
Buildings and Improvements	97,188
Costs Capitalized Subsequent to Acquisition
Land	121
Buildings and Improvements	5,911
Gross Amounts At Which Carried At Close of Period
Land	14,419
Buildings and Improvements	103,099
Total	117,518
Accumulated Depreciation	27,571
Premium Outlets \| The Crossings Premium Outlets, Tannersville , PA
Initial Cost
Land	7,720
Buildings and Improvements	172,931
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	19,407
Gross Amounts At Which Carried At Close of Period
Land	7,720
Buildings and Improvements	192,338
Total	200,058
Accumulated Depreciation	93,873
Premium Outlets \| Tucson Premium Outlet
Initial Cost
Land	12,508
Buildings and Improvements	69,677
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,649
Gross Amounts At Which Carried At Close of Period
Land	12,508
Buildings and Improvements	75,326
Total	87,834
Accumulated Depreciation	19,786
Premium Outlets \| Vacaville Premium Outlets, Vacaville , CA
Initial Cost
Land	9,420
Buildings and Improvements	84,850
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	18,490
Gross Amounts At Which Carried At Close of Period
Land	9,420
Buildings and Improvements	103,340
Total	112,760
Accumulated Depreciation	58,544
Premium Outlets \| Waikele Premium Outlets, Waipahu (Honolulu), HI
Initial Cost
Land	22,630
Buildings and Improvements	77,316
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	19,863
Gross Amounts At Which Carried At Close of Period
Land	22,630
Buildings and Improvements	97,179
Total	119,809
Accumulated Depreciation	50,647
Premium Outlets \| Waterloo Premium Outlets, Waterloo , NY
Initial Cost
Land	3,230
Buildings and Improvements	75,277
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	14,620
Gross Amounts At Which Carried At Close of Period
Land	3,230
Buildings and Improvements	89,897
Total	93,127
Accumulated Depreciation	49,967
Premium Outlets \| Williamsburg Premium Outlets, Williamsburg, VA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	185,000
Initial Cost
Land	10,323
Buildings and Improvements	223,789
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,947
Gross Amounts At Which Carried At Close of Period
Land	10,323
Buildings and Improvements	232,736
Total	243,059
Accumulated Depreciation	95,160
Premium Outlets \| Woodburn Premium Outlets, Woodburn (Portland), OR
Initial Cost
Land	9,414
Buildings and Improvements	150,414
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,987
Gross Amounts At Which Carried At Close of Period
Land	9,414
Buildings and Improvements	153,401
Total	162,815
Accumulated Depreciation	50,987
Premium Outlets \| Woodbury Common Premium Outlets, Central Valley (New York), NY
Initial Cost
Land	11,010
Buildings and Improvements	862,559
Costs Capitalized Subsequent to Acquisition
Land	1,771
Buildings and Improvements	270,451
Gross Amounts At Which Carried At Close of Period
Land	12,781
Buildings and Improvements	1,133,010
Total	1,145,790
Accumulated Depreciation	480,423
Premium Outlets \| Wrentham Village Premium Outlets, Wrentham (Boston), MA
Initial Cost
Land	4,900
Buildings and Improvements	282,031
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	49,664
Gross Amounts At Which Carried At Close of Period
Land	4,900
Buildings and Improvements	331,695
Total	336,595
Accumulated Depreciation	155,589
The Mills \| Arizona Mills
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	99,682
Initial Cost
Land	41,285
Buildings and Improvements	297,289
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	15,079
Gross Amounts At Which Carried At Close of Period
Land	41,285
Buildings and Improvements	312,368
Total	353,653
Accumulated Depreciation	85,269
The Mills \| Great Mall, Milpitas (San Jose), CA
Initial Cost
Land	69,853
Buildings and Improvements	463,101
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	60,466
Gross Amounts At Which Carried At Close of Period
Land	69,853
Buildings and Improvements	523,567
Total	593,420
Accumulated Depreciation	175,704
The Mills \| Gurnee Mills, Gurnee (Chicago), IL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	257,710
Initial Cost
Land	41,133
Buildings and Improvements	297,911
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	31,134
Gross Amounts At Which Carried At Close of Period
Land	41,133
Buildings and Improvements	329,045
Total	370,178
Accumulated Depreciation	113,342
The Mills \| Mills at Jersey Gardens, The, Elizabeth, NJ
Initial Cost
Land	120,417
Buildings and Improvements	865,605
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	14,991
Gross Amounts At Which Carried At Close of Period
Land	120,417
Buildings and Improvements	880,596
Total	1,001,013
Accumulated Depreciation	229,102
The Mills \| Opry Mills, Nashville, TN
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	375,000
Initial Cost
Land	51,000
Buildings and Improvements	327,503
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	16,927
Gross Amounts At Which Carried At Close of Period
Land	51,000
Buildings and Improvements	344,430
Total	395,430
Accumulated Depreciation	112,976
The Mills \| Outlets at Orange, The, Orange (Los Angeles), CA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	215,000
Initial Cost
Land	64,973
Buildings and Improvements	211,322
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,544
Gross Amounts At Which Carried At Close of Period
Land	64,973
Buildings and Improvements	214,866
Total	279,840
Accumulated Depreciation	25,872
The Mills \| Potomac Mills, Woodbridge (Washington, D.C.), VA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	416,000
Initial Cost
Land	61,608
Buildings and Improvements	425,370
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	40,194
Gross Amounts At Which Carried At Close of Period
Land	61,608
Buildings and Improvements	465,564
Total	527,172
Accumulated Depreciation	165,137
The Mills \| Sawgrass Mills, Sunrise (Miami), FL
Initial Cost
Land	192,981
Buildings and Improvements	1,641,153
Costs Capitalized Subsequent to Acquisition
Land	5,395
Buildings and Improvements	227,774
Gross Amounts At Which Carried At Close of Period
Land	198,376
Buildings and Improvements	1,868,927
Total	2,067,302
Accumulated Depreciation	592,984
Designer Outlets \| La Reggia Designer Outlet, Marcianise (Naples), Italy
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	148,397
Initial Cost
Land	37,220
Buildings and Improvements	233,179
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	34,674
Gross Amounts At Which Carried At Close of Period
Land	37,220
Buildings and Improvements	267,853
Total	305,073
Accumulated Depreciation	60,272
Designer Outlets \| Noventa Di Piave Designer Outlet, Venice, Italy
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	314,876
Initial Cost
Land	38,793
Buildings and Improvements	309,283
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	73,479
Gross Amounts At Which Carried At Close of Period
Land	38,793
Buildings and Improvements	382,762
Total	421,555
Accumulated Depreciation	77,400
Designer Outlets \| Ochtrup Designer Outlet, Ochtrup Germany
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	56,715
Initial Cost
Land	11,770
Buildings and Improvements	99,221
Gross Amounts At Which Carried At Close of Period
Land	11,770
Buildings and Improvements	99,221
Total	110,991
Accumulated Depreciation	7,188
Designer Outlets \| Parndorf Designer Outlet, Vienna, Austria
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	208,273
Initial Cost
Land	14,903
Buildings and Improvements	223,156
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,924
Gross Amounts At Which Carried At Close of Period
Land	14,903
Buildings and Improvements	228,080
Total	242,983
Accumulated Depreciation	59,149
Designer Outlets \| Provence Designer Outlet, Provence, France
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	92,899
Initial Cost
Land	41,321
Buildings and Improvements	78,279
Costs Capitalized Subsequent to Acquisition
Land	6,169
Gross Amounts At Which Carried At Close of Period
Land	47,490
Buildings and Improvements	78,279
Total	125,769
Accumulated Depreciation	30,462
Designer Outlets \| Roermond Designer Outlet, Roermond, Netherlands
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	260,891
Initial Cost
Land	15,035
Buildings and Improvements	400,094
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	16,700
Gross Amounts At Which Carried At Close of Period
Land	15,035
Buildings and Improvements	416,794
Total	431,829
Accumulated Depreciation	110,259
Designer Outlets \| Roosendaal Designer Outlet, Roosendaal, Netherlands
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	65,105
Initial Cost
Land	22,191
Buildings and Improvements	108,069
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,917
Gross Amounts At Which Carried At Close of Period
Land	22,191
Buildings and Improvements	114,986
Total	137,178
Accumulated Depreciation	28,406
Community/Lifestyle Centers \| Northgate Station, Seattle, WA
Initial Cost
Land	23,610
Buildings and Improvements	115,992
Costs Capitalized Subsequent to Acquisition
Land	11,947
Buildings and Improvements	81,738
Gross Amounts At Which Carried At Close of Period
Land	35,557
Buildings and Improvements	197,730
Total	233,286
Accumulated Depreciation	55,568
Community/Lifestyle Centers \| ABQ Uptown, Albuquerque, NM
Initial Cost
Land	6,374
Buildings and Improvements	75,333
Costs Capitalized Subsequent to Acquisition
Land	4,054
Buildings and Improvements	7,572
Gross Amounts At Which Carried At Close of Period
Land	10,428
Buildings and Improvements	82,905
Total	93,333
Accumulated Depreciation	32,112
Community/Lifestyle Centers \| University Park Village, Fort Worth, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	53,408
Initial Cost
Land	18,031
Buildings and Improvements	100,523
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,245
Gross Amounts At Which Carried At Close of Period
Land	18,031
Buildings and Improvements	108,768
Total	126,799
Accumulated Depreciation	26,205
Other Properties \| Calhoun Marketplace, Calhoun, GA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	17,552
Initial Cost
Land	1,745
Buildings and Improvements	12,529
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,188
Gross Amounts At Which Carried At Close of Period
Land	1,745
Buildings and Improvements	14,717
Total	16,462
Accumulated Depreciation	10,845
Other Properties \| Florida Keys Outlet Center, Florida City, FL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	17,000
Initial Cost
Land	1,112
Buildings and Improvements	1,748
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,735
Gross Amounts At Which Carried At Close of Period
Land	1,112
Buildings and Improvements	6,483
Total	7,595
Accumulated Depreciation	3,976
Other Properties \| Gaffney Marketplace, Gaffney (Greenville/Charlotte), SC
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	28,352
Initial Cost
Land	4,056
Buildings and Improvements	32,371
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,785
Gross Amounts At Which Carried At Close of Period
Land	4,056
Buildings and Improvements	38,156
Total	42,212
Accumulated Depreciation	22,623
Other Properties \| Outlet Marketplace, Orlando , FL
Initial Cost
Land	3,367
Buildings and Improvements	1,557
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,726
Gross Amounts At Which Carried At Close of Period
Land	3,367
Buildings and Improvements	5,283
Total	8,650
Accumulated Depreciation	3,164
Other Properties \| Osage Beach Marketplace, Osage Beach, MO
Initial Cost
Land	1,397
Buildings and Improvements	8,874
Gross Amounts At Which Carried At Close of Period
Land	1,397
Buildings and Improvements	8,874
Total	10,272
Accumulated Depreciation	1,364
Other Properties \| Southridge Mall, Greendale (Milwaukee), WI
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	112,087
Initial Cost
Land	12,359
Buildings and Improvements	130,111
Costs Capitalized Subsequent to Acquisition
Land	1,939
Buildings and Improvements	12,244
Gross Amounts At Which Carried At Close of Period
Land	14,298
Buildings and Improvements	142,355
Total	156,653
Accumulated Depreciation	58,663
Development Projects \| Other pre-development costs
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	73,854
Initial Cost
Land	102,451
Buildings and Improvements	259,687
Costs Capitalized Subsequent to Acquisition
Land	959
Gross Amounts At Which Carried At Close of Period
Land	103,410
Buildings and Improvements	259,687
Total	363,097
Accumulated Depreciation	78
Other
Initial Cost
Land	3,537
Buildings and Improvements	133,632
Costs Capitalized Subsequent to Acquisition
Land	31
Gross Amounts At Which Carried At Close of Period
Land	3,568
Buildings and Improvements	133,632
Total	137,201
Accumulated Depreciation	17,798
Currency Translation Adjustment
Initial Cost
Land	5,940
Buildings and Improvements	11,216
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	36,025
Gross Amounts At Which Carried At Close of Period
Land	5,940
Buildings and Improvements	47,242
Total	53,182
Accumulated Depreciation	$ (33,934)

Schedule III Real Estate and Accumulated Depreciation - Changes in Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Real Estate Properties:
Balance, beginning of year	$ 37,608,638	$ 37,356,739	$ 36,667,960
Acquisitions and consolidations	121,250		40,990
Improvements	569,483	401,202	899,728
Disposals and deconsolidations	(655,482)	(320,328)	(219,268)
Currency Translation Adjustment	(146,673)	171,025	(32,671)
Balance, close of year	37,497,216	37,608,638	37,356,739
Unaudited aggregate cost of real estate for federal income tax purposes	20,725,472
Reconciliation of Accumulated Depreciation:
Balance, beginning of year	14,592,867	13,622,433	12,632,690
Depreciation expense	1,083,705	1,226,611	1,176,815
Disposals and deconsolidations	(403,582)	(236,123)	(194,664)
Currency Translation Adjustment	31,471	(20,054)	7,592
Balance, close of year	$ 15,304,461	$ 14,592,867	$ 13,622,433
Structure \| Minimum
Real estate and accumulated depreciation
Depreciable life	10 years
Structure \| Maximum
Real estate and accumulated depreciation
Depreciable life	35 years
Landscaping and parking lot
Real estate and accumulated depreciation
Depreciable life	15 years
HVAC equipment
Real estate and accumulated depreciation
Depreciable life	10 years