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Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2012 shares
Document and Entity Information
Entity Registrant Name	SIMON PROPERTY GROUP L P /DE/
Entity Central Index Key	0001022344
Document Type	10-Q
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
ASSETS:
Investment properties, at cost	$ 34,063,214	$ 29,657,046
Less - accumulated depreciation	8,827,205	8,388,130
Investment properties, net	25,236,009	21,268,916
Cash and cash equivalents	638,499	798,650
Tenant receivables and accrued revenue, net	423,917	486,731
Investment in unconsolidated entities, at equity	2,000,509	1,378,084
Investment in Klepierre, at equity	1,942,153
Deferred costs and other assets	1,745,496	1,633,544
Notes receivable from related party		651,000
Total assets	31,986,583	26,216,925
LIABILITIES:
Mortgages and other indebtedness	22,466,558	18,446,440
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,168,636	1,091,712
Cash distributions and losses in partnerships and joint ventures, at equity	730,636	695,569
Other liabilities	226,675	170,971
Total liabilities	24,592,505	20,404,692
Commitments and contingencies
Preferred units, at liquidation value, and noncontrolling redeemable interests in properties	263,479	267,945
Partners' Equity
Preferred units, 796,948 units outstanding. Liquidation value of $39,847	44,883	45,047
General Partner, 303,329,777 and 293,856,250 units outstanding, respectively	5,900,298	4,604,619
Limited Partners, 60,974,031 and 60,858,134 units outstanding, respectively	1,186,052	953,622
Total partners' equity	7,131,233	5,603,288
Nonredeemable noncontrolling deficit interests in properties, net	(634)	(59,000)
Total equity	7,130,599	5,544,288
Total liabilities and equity	$ 31,986,583	$ 26,216,925

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Consolidated Balance Sheets
Preferred units, units outstanding	796,948	796,948
Preferred units, Liquidation value (in dollars)	$ 39,847	$ 39,847
General Partner, units outstanding	303,329,777	293,856,250
Limited Partners, units outstanding	60,974,031	60,858,134

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
REVENUE:
Minimum rent	$ 746,198	$ 649,570	$ 1,448,295	$ 1,293,902
Overage rent	31,427	21,980	59,107	39,121
Tenant reimbursements	330,470	285,623	636,857	567,048
Management fees and other revenues	28,347	31,259	60,634	61,751
Other income	51,624	52,429	102,142	98,913
Total revenue	1,188,066	1,040,861	2,307,035	2,060,735
EXPENSES:
Property operating	116,018	109,025	220,758	208,567
Depreciation and amortization	311,863	261,298	596,972	527,608
Real estate taxes	106,777	93,424	205,479	186,688
Repairs and maintenance	26,665	24,657	52,307	55,492
Advertising and promotion	28,549	24,958	49,648	46,846
Provision for credit losses	2,906	274	6,451	1,679
Home and regional office costs	35,104	31,453	67,962	60,509
General and administrative	14,733	8,974	28,622	16,640
Other	24,096	19,226	41,873	38,244
Total operating expenses	666,711	573,289	1,270,072	1,142,273
OPERATING INCOME	521,355	467,572	1,036,963	918,462
Interest expense	(288,560)	(244,517)	(546,636)	(492,634)
Income tax benefit of taxable REIT subsidiaries	(991)	(703)	(1,883)	(1,846)
Income from unconsolidated entities	29,132	13,821	59,484	32,441
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net		14,349	494,837	13,765
CONSOLIDATED NET INCOME	260,936	250,522	1,042,765	470,188
Net income attributable to noncontrolling interests	1,855	1,939	3,963	4,050
Preferred unit requirements	1,313	1,312	2,627	2,626
NET INCOME ATTRIBUTABLE TO UNITHOLDERS	257,768	247,271	1,036,175	463,512
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	215,445	205,121	860,855	384,532
Limited Partners	42,323	42,150	175,320	78,980
NET INCOME ATTRIBUTABLE TO UNITHOLDERS	$ 257,768	$ 247,271	$ 1,036,175	$ 463,512
BASIC EARNINGS PER UNIT
Net income attributable to unitholders (in dollars per unit)	$ 0.71	$ 0.70	$ 2.87	$ 1.31
DILUTED EARNINGS PER UNIT
Net income attributable to unitholders (in dollars per unit)	$ 0.71	$ 0.70	$ 2.87	$ 1.31
Consolidated net income	$ 260,936	$ 250,522	$ 1,042,765	$ 470,188
Unrealized (loss) gain on interest rate hedge agreements	(8,587)	(7,740)	3,105	(19,023)
Net loss on derivative instruments reclassified from accumulated other comprehensive income into interest expense	5,138	3,824	10,252	7,768
Currency translation adjustments	(65,453)	8,754	(21,511)	30,653
Changes in available-for-sale securities and other	(666)	25,713	23,869	27,954
Comprehensive income	191,368	281,073	1,058,480	517,540
Comprehensive income attributable to noncontrolling interests	1,855	1,939	3,964	4,050
Comprehensive income attributable to unitholders	$ 189,513	$ 279,134	$ 1,054,516	$ 513,490

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 1,042,765	$ 470,188
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
Depreciation and amortization	620,189	544,415
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net	(494,837)	(13,765)
Straight-line rent	(17,211)	(12,129)
Equity in income of unconsolidated entities	(59,484)	(32,441)
Distributions of income from unconsolidated entities	65,307	51,860
Changes in assets and liabilities -
Tenant receivables and accrued revenue, net	80,566	56,674
Deferred costs and other assets	(49,131)	(139,832)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	11,026	(26,922)
Net cash provided by operating activities	1,199,190	898,048
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(3,690,778)	(11,976)
Repayments of loans from related parties	92,600
Capital expenditures, net	(343,830)	(163,463)
Cash impact from the consolidation of properties	91,170
Net proceeds from sale of assets	375,838	136,013
Investments in unconsolidated entities	(117,067)	(6,749)
Purchase of marketable and non-marketable securities	(11,252)	(10,228)
Repayments of loans held for investment	76,768
Distributions of capital from unconsolidated entities and other	140,402	203,314
Net cash (used in) provided by investing activities	(3,386,149)	146,911
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of units	1,213,907	1,826
Distributions to noncontrolling interest holders in properties	(7,602)	(23,846)
Contributions from noncontrolling interest holders in properties	369	52
Partnership distributions	(704,056)	(568,301)
Proceeds from issuance of debt, net of transaction costs	4,491,738	205,946
Repayments of debt	(2,967,548)	(667,641)
Net cash provided by (used in) financing activities	2,026,808	(1,051,964)
DECREASE IN CASH AND CASH EQUIVALENTS	(160,151)	(7,005)
CASH AND CASH EQUIVALENTS, beginning of period	798,650	796,718
CASH AND CASH EQUIVALENTS, end of period	$ 638,499	$ 789,713

Organization

6 Months Ended

Jun. 30, 2012

Organization

Organization

1. Organization

Simon Property Group, L.P. is a Delaware limited partnership and the majority-owned subsidiary of Simon Property Group, Inc. In these condensed notes to the unaudited consolidated financial statements, the terms "Operating Partnership", "we", "us" and "our" refer to Simon Property Group, L.P. and its subsidiaries and the term "Simon Property" refers specifically to Simon Property Group, Inc. (NYSE: SPG). Simon Property, a Delaware corporation, is a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code, as amended. According to our partnership agreement, we are required to pay all expenses of Simon Property.

We own, develop and manage retail real estate properties, which consist primarily of malls, Premium Outlets®, The Mills®, and community/lifestyle centers. As of June 30, 2012, we owned or held an interest in 325 income-producing properties in the United States, which consisted of 161 malls, 60 Premium Outlets, 70 community/lifestyle centers, 13 properties in The Mills portfolio, and 21 other shopping centers or outlet centers in 41 states and Puerto Rico. Internationally, as of June 30, 2012, we had ownership interests in eight Premium Outlets in Japan, two Premium Outlets in South Korea, one Premium Outlet in Mexico, and one Premium Outlet in Malaysia. Additionally, as of June 30, 2012, we owned a 28.9% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, more than 260 shopping centers located in 13 countries in Europe.

Basis of Presentation

6 Months Ended

Jun. 30, 2012

Basis of Presentation

Basis of Presentation

2. Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of all majority-owned subsidiaries, and all significant intercompany amounts have been eliminated. Due to the seasonal nature of certain operational activities, the results for the interim period ended June 30, 2012, are not necessarily indicative of the results to be expected for the full year.

These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (GAAP) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in our 2011 Annual Report on Form 10-K.

As of June 30, 2012, we consolidated 228 wholly-owned properties and 18 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We account for the remaining 91 properties, or the joint venture properties, as well as our investment in Klépierre, using the equity method of accounting, as we have determined we have significant influence over their operations. We manage the day-to-day operations of 77 of the 91 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, Malaysia, and Mexico comprise 12 of the remaining 14 joint venture properties. The international properties are managed locally by joint ventures in which we share oversight responsibility with our partner.

We allocate our net operating results after preferred distributions based on our partners' respective weighted average ownership. Simon Property owns a majority of our common units of partnership interest, or units, and certain series of our preferred units of partnership interest, or preferred units, which have terms comparable to outstanding shares of Simon Property preferred stock. Simon Property's weighted average ownership interest in us was 83.1% and 83.0% for the six months ended June 30, 2012 and 2011, respectively. As of June 30, 2012 and December 31, 2011, Simon Property's ownership interest in us was 83.3% and 82.8%, respectively. We adjust the noncontrolling limited partners' interests at the end of each period to reflect their respective interests in us.

Preferred unit requirements in the accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units of partnership interests held by limited partners and are recorded when declared.

Reclassifications

We made certain reclassifications of prior period amounts in the consolidated financial statements to conform to the 2012 presentation. These reclassifications had no impact on previously reported net income attributable to unitholders or earnings per unit.

Significant Accounting Policies

6 Months Ended

Jun. 30, 2012

Significant Accounting Policies

Significant Accounting Policies

3. Significant Accounting Policies

Cash and Cash Equivalents

We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers' acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions with high credit quality. However, at certain times, such cash and cash equivalents are in excess of FDIC and SIPC insurance limits.

Marketable and Non-Marketable Securities

Marketable securities consist primarily of the investments of our captive insurance subsidiaries, available-for-sale securities, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties that have been sold.

The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than 1 to 10 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 subsidiaries 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 charge is recorded and a new cost basis is established. Subsequent changes are then recognized through other comprehensive income (loss) unless another other-than-temporary impairment is deemed to have occurred.

Our investments in Capital Shopping Centres Group PLC, or CSCG, and Capital & Counties Properties PLC, or CAPC, are accounted for as available-for-sale securities. These investments are adjusted to their quoted market price, including a related foreign exchange component, with corresponding adjustment in other comprehensive income (loss). At June 30, 2012, we owned 35.4 million shares each of CSCG and of CAPC. At June 30, 2012, the market value of our investments in CSCG and CAPC was $178.8 million and $116.4 million, respectively, with an aggregate unrealized gain on these investments of $63.4 million. The market value of our investments in CSCG and CAPC at December 31, 2011 was $170.7 million and $100.9 million, respectively, with an aggregate unrealized gain of $39.7 million.

Net unrealized gains recorded in other comprehensive income (loss) as of June 30, 2012 and December 31, 2011 were $65.7 million and $41.9 million, respectively, and represent the valuation and related currency adjustments for our marketable securities. As of June 30, 2012, we do not consider any of the declines in value of our marketable and non-marketable securities to be an other-than-temporary impairment, as these market value declines, if any, have existed for a short period of time, and, in the case of debt securities, we have the ability and intent to hold these securities to maturity.

Our insurance subsidiaries are 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. Our deferred compensation plan investments are classified as trading securities and 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.

As of June 30, 2012 and December 31, 2011, we also had investments of $24.9 million, which must be used to fund the debt service requirements of mortgage debt related to investment properties sold that previously collateralized the debt. These investments are classified as held-to-maturity and are recorded at amortized cost as we have the ability and intent to hold these investments to maturity.

At June 30, 2012 and December 31, 2011, we had investments of $105.1 million in non-marketable securities that we account for under the cost method. We regularly evaluate these investments for any other-than-temporary impairment in their estimated fair value and determined that no adjustment in the carrying value was required.

Loans Held for Investment

From time to time, we may make investments in mortgage loans or mezzanine loans of third parties that own and operate commercial real estate assets located in the United States. Mortgage loans are secured, in part, by mortgages recorded against the underlying properties which are not owned by us. Mezzanine loans are secured, in part, by pledges of ownership interests of the entities that own the underlying real estate. Loans held for investment are carried at cost, net of any premiums or discounts which are accreted or amortized over the life of the related loan receivable utilizing the effective interest method. We evaluate the collectability of both interest and principal of each of these loans quarterly to determine whether the value has been impaired. A loan is deemed to be impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the loan held for investment to its estimated realizable value.

At June 30, 2012 and December 31, 2011, we had investments in mortgage and mezzanine loans with an aggregate carrying value of $86.4 million and $162.8 million, respectively. In April 2012, one of these mortgage loans with a principal balance of $76.8 million was repaid in its entirety. The remaining two loans held at June 30, 2012 mature in October 2012. One loan requires interest-only payments while the other requires payments of interest and principal based on a 30 year amortization schedule. Interest rates on these loans are fixed at 5.9% and 7.0% per annum, respectively, with a weighted average interest rate of 6.6% and approximate market rates for instruments of similar quality and duration. During the six months ended June 30, 2012 and June 30, 2011, we recorded $5.0 million and $13.9 million, respectively, in interest income earned from these loans. Payments on each of these loans were current as of June 30, 2012.

On December 9, 2011, we paid consideration of $88.8 million to acquire a 50% equity interest in two real estate developments for which we are the construction lender. The loans primarily bear interest at 7.0% and mature in May and July 2013. At June 30, 2012 and December 31, 2011, the aggregate amount drawn on the loans was $106.9 million and $50.7 million, respectively. We consolidated these assets as of the date we acquired our equity interest and, accordingly, amounts drawn on the loans are eliminated in consolidation.

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.

We hold marketable securities that totaled $454.4 million and $417.0 million at June 30, 2012 and December 31, 2011, respectively, and are considered to have Level 1 fair value inputs. In addition, we have derivative instruments which are classified as having Level 2 inputs which consist primarily of interest rate swap agreements and foreign currency forward contracts with a gross liability balance of $6.6 million and $12.2 million at June 30, 2012 and December 31, 2011, respectively, and a gross asset value of $0.1 million and $14.9 million at June 30, 2012 and December 31, 2011, respectively. We also have interest rate cap agreements with nominal values.

Note 6 includes a discussion of the fair value of debt measured using Level 1 and Level 2 inputs. Note 5 includes a discussion of the fair values recorded in purchase accounting and impairment, using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates.

Noncontrolling Interests and Temporary Equity

In addition to noncontrolling redeemable interests in properties, we classify our 7.5% Cumulative Redeemable Preferred Units, or 7.5% preferred units, in temporary equity due to the possibility that we could be required to redeem the securities for cash because the redemption requires the delivery of fully registered shares of Simon Property common stock. The previous and current carrying amounts are equal to the liquidation value, which is the amount payable upon the occurrence of any event that could potentially result in cash settlement.

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

Limited partners have the right under our partnership agreement to exchange their units for shares of Simon Property common stock or cash as selected by the general partner. Accordingly, we classify limited partner units in permanent equity because Simon Property has the ability to issue shares of its common stock to limited partners exercising their exchange rights rather than using cash or other assets. Under our partnership agreement, we are required to redeem units held by Simon Property only when Simon Property has redeemed shares of its common stock. We classify units held by Simon Property in permanent equity because the decision to redeem those units would be made by Simon Property.

The remaining interest in a property or portfolio of properties which are redeemable at the option of the holder or in circumstances that may be outside our control, are accounted for as temporary equity within preferred units, at liquidation value, and noncontrolling redeemable interests in properties in the accompanying consolidated balance sheets. 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 accumulated deficit. There are no noncontrolling interests redeemable at amounts in excess of fair value.

Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties) is a component of consolidated net income. During the three and six months ended June 30, 2012 and 2011, no individual components of other comprehensive income (loss) were attributable to noncontrolling interests.

A rollforward of noncontrolling interests reflected in equity is as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,

	*2012*			*2011*			*2012*			*2011*
Noncontrolling nonredeemable deficit interests in properties, net — beginning of period	$	(619	)	$	(200,853	)	$	(59,000	)	$	(180,915	)
Net Income attributable to noncontrolling nonredeemable interests		(15	)		1,939			(2	)		4,050
Distributions to noncontrolling nonredeemable interestholders		—			(1,745	)		(191	)		(23,846	)
Purchase of noncontrolling interest and other		—			3,757			58,559			3,809

Noncontrolling nonredeemable deficit interests in properties, net — end of period	$	(634	)	$	(196,902	)	$	(634	)	$	(196,902	)

Derivative Financial Instruments

We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We 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 our 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. As a result, there was no significant ineffectiveness from any of our derivative activities during the period. We formally designate any instrument that meets these hedging criteria, including borrowings in a foreign currency, as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities.

As of June 30, 2012, we had the following outstanding interest rate derivatives related to interest rate risk:

		*Notional Amount*

Interest Rate Swaps	3	$	484.7 million
Interest Rate Caps	6	$	444.4 million

The carrying value of our interest rate swap agreements, at fair value, is a net liability balance of $6.2 million and $10.0 million at June 30, 2012 and December 31, 2011, respectively, and is included in other liabilities. The interest rate cap agreements were of nominal value at June 30, 2012 and December 31, 2011 and we generally do not apply hedge accounting to these arrangements.

We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Japan and Europe. We use currency forward 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 US dollars for their fair value at or close to their settlement date. Approximately ¥4.9 billion remains as of June 30, 2012 for all forward contracts that we expect to receive through January 5, 2015. The June 30, 2012 net liability balance related to these forward contracts was $0.3 million, of which $0.4 million is included in other liabilities and $0.1 million is included in deferred costs and other assets. We have reported the changes in fair value for these forward contracts in earnings. The underlying currency adjustments on the foreign currency denominated receivables are also reported in income and generally offset the amounts in earnings for these forward contracts.

In 2011, we entered into a Euro:USD forward contract with a €141.3 million notional value which was designated as a net investment hedge. The December 31, 2011 asset balance related to this forward was $14.9 million and is included in deferred costs and other assets. We apply hedge accounting and the change in fair value for this Euro forward contract is reflected in other comprehensive income. Changes in the value of this hedge are offset by changes in the underlying hedged Euro-denominated joint venture investment. In connection with the sale of our interest in Gallerie Commerciali Italia, S.p.A., or GCI, as further discussed in Note 5, this hedge was terminated in January 2012.

The total gross accumulated other comprehensive loss related to our derivative activities, including our share of the other comprehensive loss from joint venture properties, approximated $102.5 million and $115.8 million as of June 30, 2012 and December 31, 2011, respectively.

Per Unit Data

6 Months Ended

Jun. 30, 2012

Per Unit Data

Per Unit Data

4. Per Unit Data

We determine basic earnings per unit based on the weighted average number of units outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per unit based on the weighted average number of units outstanding combined with the incremental weighted average units that would have been outstanding assuming all potentially dilutive common units were converted into units at the earliest date possible. The following table sets forth the computation of our basic and diluted earnings per unit.

	For the Three Months Ended June 30,				For the Six Months Ended June 30,

	*2012*		*2011*		*2012*		*2011*
Net Income attributable to Unitholders — Basic & Diluted	$	257,768	$	247,271	$	1,036,175	$	463,512

Weighted Average Units Outstanding — Basic		364,300,150		353,569,511		360,463,043		353,450,988
Effect of stock options of Simon Property		1,042		34,582		1,079		127,905

Weighted Average Units Outstanding — Diluted		364,301,192		353,604,093		360,464,122		353,578,893

For the six months ended June 30, 2012, potentially dilutive securities include options to purchase shares of Simon Property common stock and units granted under our long-term incentive performance programs, or LTIP units. The only securities that had a dilutive effect for the six months ended June 30, 2012 and 2011 were stock options of Simon Property. We accrue distributions when they are declared.

Investment in Unconsolidated Entities

6 Months Ended

Jun. 30, 2012

Investment in Unconsolidated Entities

Investment in Unconsolidated Entities

5. Investment in Unconsolidated Entities

Real Estate Joint Ventures

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. We held joint venture ownership interests in 79 properties in the United States as of June 30, 2012 and 87 properties as of December 31, 2011. At June 30, 2012, we also held interests in eight joint venture properties in Japan, two joint venture properties in South Korea, one joint venture property in Mexico, and one joint venture property in Malaysia. We account for these joint venture properties using the equity method of accounting. As discussed below, on January 9, 2012, we sold our interest in GCI which owns 45 properties located in Italy. Additionally, on March 14, 2012, we purchased a 28.7% equity stake in Klépierre. On May 21, 2012 Klépierre paid a dividend, which we elected to receive in additional shares, resulting in an increase in our ownership to approximately 28.9%.

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 our 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, borrowings, or units to acquire the joint venture interest from our partner.

Unconsolidated Property Transactions

On January 6, 2012, SPG-FCM Ventures, LLC, or SPG-FCM, which holds our investment in The Mills Limited Partnership, or TMLP, distributed its interest in Del Amo Fashion Center to SPG-FCM's joint venture partners. We purchased our venture partner's 25% interest for $50.0 million, which increased our ownership in the property to 50%. As a part of the transaction, we and our venture partner each contributed $50.0 million to SPG-FCM which was used to pay down TMLP's senior loan and the loan we made to SPG-FCM, as discussed below.

On March 22, 2012, we acquired, through an acquisition of substantially all of the assets of TMLP, additional interests in 26 properties, or the Mills transaction, from our joint venture partner. The transaction resulted in 16 of the properties remaining unconsolidated, the consolidation of nine previously unconsolidated properties and the purchase of the remaining noncontrolling interest in a previously consolidated property. The transaction was valued at $1.5 billion, which included repayment of the remaining $562.1 million balance on TMLP's senior loan facility, and retirement of $100.0 million of TMLP's trust preferred securities. In connection with the transaction, our $558.4 million loan to SPG-FCM was extinguished on a non-cash basis. We consolidated $2.6 billion in additional property-level mortgage debt in connection with this transaction. This property-level mortgage debt was previously presented as debt of our unconsolidated entities. We and our joint venture partner had equal ownership in these properties prior to the transaction.

The consolidation of the previously unconsolidated properties resulted in a remeasurement of our previously held interest in each of these properties to fair value and recognition of a corresponding non-cash gain of $488.7 million. In addition, we recorded an other-than-temporary impairment charge of $22.4 million for the excess of carrying value of our remaining investment in SPG-FCM over its estimated fair value. The gain on the transaction and impairment charge are included in gain (loss) upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. The assets and liabilities of the newly consolidated properties acquired in the Mills transaction have been reflected at their estimated fair value at the acquisition date, the majority of which, approximately $4.3 billion, was allocated to the investment property. This purchase price allocation is preliminary and is subject to revision within the measurement period, not to exceed one year from the date of acquisition.

On December 31, 2011, as discussed in Note 9, we and our joint venture partner dissolved a venture in which we had a 50% interest and distributed a portfolio of properties previously held within the venture to us and our joint venture partner.

Loan to SPG-FCM

As discussed above, our loan to SPG-FCM was extinguished in the Mills transaction. During the six month periods ended June 30, 2012 and 2011, we recorded $2.0 million and $4.9 million in interest income (net of inter-entity eliminations), related to this loan, respectively. The loan bore interest at a rate of LIBOR plus 275 basis points.

European Investments

At June 30, 2012, we owned 57,634,148 shares, or approximately 28.9%, of Klépierre, which had a quoted market price of $32.80 per share. At the date of purchase on March 14, 2012, our excess investment in Klépierre was approximately $1.2 billion which we have allocated, on a preliminary basis, to the underlying investment property, other assets and liabilities based on estimated fair value. Our share of the results of Klépierre, net of the amortization of our excess investment, during our ownership period was nominal.

Based on applicable Euro:USD exchange rates and after our conversion of Klépierre's results to GAAP, Klépierre's total revenues, operating income and consolidated net income were approximately $407.7 million, $154.4 million and $93.1 million, respectively, for the period of our ownership in 2012.

At December 31, 2011, we had a 49% ownership interest in GCI. On January 9, 2012, we sold our entire ownership interest in GCI to our venture partner, Auchan S.A. The aggregate cash we received related to the sale of our interest GCI was $375.8 million and we recognized a gain on the sale of $28.8 million. Our investment carrying value included $39.5 million of accumulated losses related to currency translation and net investment hedge accumulated balances, which had been recorded in accumulated other comprehensive income (loss).

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% ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $335.9 million and $349.5 million as of June 30, 2012 and December 31, 2011, 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% ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $58.3 million and $43.8 million as of June 30, 2012 and December 31, 2011, respectively, including all related components of accumulated other comprehensive income (loss).

Summary Financial Information

A summary of our investments in joint ventures and share of income from our joint ventures, excluding Klépierre, follows. The statements of operations include amounts related to our investment in GCI, which was sold on January 9, 2012. In addition, we acquired additional controlling interests in The Plaza at King of Prussia and The Court at King of Prussia, or collectively, King of Prussia, on August 25, 2011, and nine properties in the Mills transaction on March 22, 2012. These previously unconsolidated properties became consolidated properties as of their respective acquisition dates. Additionally, on December 31, 2011, we and our joint venture partner dissolved a venture in which we had a 50% interest and distributed a portfolio of properties previously held within the venture to us and our joint venture partner. The results of operations of the properties for all of these transactions are classified as loss from operations of discontinued joint venture interests in the accompanying joint venture statements of operations. Balance sheet information for the joint ventures is as follows:

	June 30, 2012		December 31, 2011

BALANCE SHEETS
Assets:
Investment properties, at cost	$	14,491,236	$	20,481,657
Less — accumulated depreciation		4,725,920		5,264,565

		9,765,316		15,217,092
Cash and cash equivalents		483,433		806,895
Tenant receivables and accrued revenue, net		198,773		359,208
Investment in unconsolidated entities, at equity		39,855		133,576
Deferred costs and other assets		366,900		526,101

Total assets	$	10,854,277	$	17,042,872

Liabilities and Partners' Deficit:
Mortgages and other indebtedness	$	11,499,568	$	15,582,321
Accounts payable, accrued expenses, intangibles, and deferred revenue		527,701		775,733
Other liabilities		308,912		981,711

Total liabilities		12,336,181		17,339,765
Preferred units		67,450		67,450
Partners' deficit		(1,549,354)		(364,343)

Total liabilities and partners' deficit	$	10,854,277	$	17,042,872

Our Share of:
Partners' deficit	$	(708,641)	$	(32,000)
Add: Excess Investment		1,978,514		714,515

Our net Investment in Unconsolidated Entities, at equity	$	1,269,873	$	682,515

"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 is allocated on a fair value basis primarily to investment property, lease related intangibles, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of investment property, typically no greater than 40 years, the average remaining lease lives and the applicable debt maturity. The amortization is included in the reported amount of income from unconsolidated entities.

	For the Three Months Ended June 30,				For the Six Months Ended June 30,

	*2012*		*2011*		*2012*		*2011*
STATEMENT OF OPERATIONS
Revenue:
Minimum rent	$	371,664	$	360,466	$	738,019	$	710,027
Overage rent		36,143		27,126		84,837		57,354
Tenant reimbursements		170,478		166,726		342,571		332,346
Other income		37,488		40,546		88,435		71,898

Total revenue		615,773		594,864		1,253,862		1,171,625
Operating Expenses:
Property operating		115,615		112,918		233,520		224,266
Depreciation and amortization		126,783		123,032		258,174		245,092
Real estate taxes		45,164		47,103		93,216		92,690
Repairs and maintenance		15,919		15,595		30,807		32,311
Advertising and promotion		12,917		11,559		28,344		25,000
(Recovery of)/Provision for credit losses		(1,102)		1,113		(114)		1,917
Other		38,793		44,158		92,356		73,289

Total operating expenses		354,089		355,478		736,303		694,565

Operating Income		261,684		239,386		517,559		477,060
Interest expense		(155,393)		(153,970)		(315,554)		(305,002)
Loss from unconsolidated entities		(316)		(631)		(631)		(459)

Net Income from Continuing Operations		105,975		84,785		201,374		171,599
Loss from operations of discontinued joint venture interests		(1,173)		(9,559)		(11,623)		(15,661)
Gain on disposal of discontinued operations, net		—		15,506		—		15,506

Net Income	$	104,802	$	90,732	$	189,751	$	171,444

Third-Party Investors' Share of Net Income	$	56,787	$	56,455	$	96,800	$	106,470

Our Share of Net Income		48,015		34,277		92,951		64,974
Amortization of Excess Investment		(18,749)		(12,703)		(33,333)		(24,780)
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		—		(7,753)		—		(7,753)

Income from Unconsolidated Entities	$	29,266	$	13,821	$	59,618	$	32,441

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References + Details

Debt

6 Months Ended

Jun. 30, 2012

Debt

Debt

6. Debt

Unsecured Debt

At June 30, 2012, our unsecured debt consisted of $12.3 billion of senior unsecured notes, $1.8 billion outstanding under our $4.0 billion unsecured revolving credit facility, or Credit Facility, and $278.3 million outstanding under our $2.0 billion supplemental unsecured revolving credit facility, or Supplemental Facility. The June 30, 2012 balance on the Credit Facility included $1.1 billion (U.S. dollar equivalent) of Euro-denominated borrowings and the entire balance on the Supplemental Facility on such date consisted of Yen-denominated borrowings, both of which are designated as net investment hedges of our international investments.

On June 30, 2012, we had an aggregate available borrowing capacity of $3.9 billion under the two credit facilities. The maximum outstanding balance of the credit facilities during the six months ended June 30, 2012 was $3.1 billion and the weighted average outstanding balance was $1.6 billion. Letters of credit of $38.9 million were outstanding under the Credit Facility as of June 30, 2012.

The Credit Facility's initial borrowing capacity of $4.0 billion can be increased at our option to $5.0 billion during its term. The Credit Facility will initially mature on October 30, 2015 and can be extended for an additional year at our sole option. The base interest rate on the Credit Facility is LIBOR plus 100 basis points with an additional facility fee of 15 basis points. In addition, the Credit Facility provides for a money market competitive bid option program that allows us to hold auctions to achieve lower pricing for short-term borrowings. The Credit Facility also includes a $2.0 billion multi-currency tranche.

On June 1, 2012, we entered into a Supplemental Facility with an initial borrowing capacity of $2.0 billion which can be increased at our option to $2.5 billion during its term. The Supplemental Facility will initially mature on June 30, 2016 and can be extended for an additional year at our sole option. The base interest rate on the Supplemental Facility is LIBOR plus 100 basis points with an additional facility fee of 15 basis points. Like the Credit Facility, the Supplemental Facility provides for a money market competitive bid option program and allows for multi-currency borrowings. During the second quarter of 2012, we rolled $285.0 million (USD equivalent) of yen-denominated borrowings under the Credit Facility to the Supplemental Facility.

On March 13, 2012, we issued $600.0 million of senior unsecured notes at a fixed interest rate of 2.15% with a maturity date of September 2017, $600.0 million of senior unsecured notes at a fixed interest rate of 3.375% with a maturity date of March 2022, and $550.0 million of senior unsecured notes at a fixed interest rate of 4.75% with a maturity date of March 2042. Proceeds from the unsecured notes offerings were used to fund a portion of the cost of the acquisition of our equity stake in Klépierre and the Mills transaction.

During the six months ended June 30, 2012, we redeemed at par $124.9 million of senior unsecured notes with fixed rates ranging from 5.75% to 6.88%.

On November 1, 2011, we entered into a $900.0 million unsecured term loan. We drew $160.0 million on the term loan in the first quarter of 2012. In the second quarter of 2012, we repaid the outstanding balance in full and terminated the term loan.

Secured Debt

Total secured indebtedness was $8.0 billion and $6.8 billion at June 30, 2012 and December 31, 2011, respectively. During the six months ended June 30, 2012, we repaid $427.8 million in mortgage loans with a weighted average interest rate of 3.17%, unencumbering seven properties, and repaid the outstanding balance of a $735.0 million secured term loan in full.

As a result of the acquisition of additional interests in properties in the Mills transaction in March 2012, as further discussed in Note 5, we consolidated nine properties encumbered by property-level mortgage debt totaling $2.6 billion. This property-level mortgage debt was previously presented as debt of our unconsolidated entities. We and our joint venture partner had equal ownership in these properties prior to the transaction.

Covenants

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 June 30, 2012, we are in compliance with all covenants of our unsecured debt.

At June 30, 2012, we or our subsidiaries are the borrowers under 90 non-recourse mortgage notes secured by mortgages on 90 properties, including 8 separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of 38 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 contain financial and other non-financial covenants which are specific to the properties which serve as collateral for that debt. If the borrower fails to comply with these covenants, the lender could accelerate the debt and enforce its right against their collateral. At June 30, 2012, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance individually, or giving effect to applicable cross-default provisions in the aggregate, could have a material adverse effect on our financial condition, results of operations or cash flows.

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 other indebtedness was $19.8 billion and $15.9 billion as of June 30, 2012 and December 31, 2011, respectively. The fair values of these financial instruments and the related discount rate assumptions as of June 30, 2012 and December 31, 2011 are summarized as follows:

	June 30, 2012	December 31, 2011

Fair value of fixed-rate mortgages and other indebtedness	$22,065	$17,905
Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages	3.51%	3.60%

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Equity

6 Months Ended

Jun. 30, 2012

Equity

Equity

7. Equity

During the first six months of 2012, 16 limited partners exchanged 221,109 units for an equal number of shares of Simon Property common stock. These transactions increased Simon Property's ownership interest in us.

On March 14, 2012, Simon Property issued 9,137,500 shares of its common stock in a public offering at a price of $137.00 per share and contributed the proceeds to us. As a result, we issued 9,137,500 units to Simon Property, and used the proceeds of $1.2 billion from the offering, net of issue costs, to fund a portion of the acquisition cost of our equity stake in Klépierre and the Mills transaction.

On July 20, 2012, we redeemed 2,000,000 units from a limited partner for $124.00 per unit in cash.

Stock Based Compensation

On March 5, 2012 and March 14, 2012, under the Simon Property Group, L.P. 1998 Stock Incentive Plan, or the Plan, the Compensation Committee of Simon Property's Board, or the Compensation Committee, awarded 12,034 restricted shares of Simon Property common stock to employees at a fair market value of $138.41 per share and $141.12 per share, respectively. On June 1, 2012, Simon Property's non-employee Directors were awarded 4,094 shares of restricted stock under the Plan at a fair market value of $143.51 per share as a result of their re-election to our Board. The fair market value of the Simon Property restricted stock awarded on March 5, 2012 and March 14, 2012 is being recognized as expense over the three-year vesting service period. The fair market value of the restricted stock awarded on June 1, 2012 to Simon Property's non-employee Directors is being recognized as expense over the one-year vesting service period. In accordance with our partnership agreement, we issued an equal number of units to Simon Property.

On March 16, 2010, the Compensation Committee approved three long-term incentive performance programs, or the 2010 LTIP programs, for certain senior executive officers. Awards under the 2010 LTIP programs take the form of LTIP units, a form of limited partnership interest issued by us. During the performance period, participants are entitled to receive on the LTIP units awarded to them distributions equal to 10% of the regular quarterly distributions paid on a unit. As a result, we account for these LTIP units as participating securities under the two-class method of computing earnings per unit. Awarded LTIP units will be considered earned, in whole or in part, depending upon the extent to which the applicable total shareholder return, or TSR, benchmarks, as defined, are achieved during the performance period and, once earned, will become the equivalent of units after a two year service-based vesting period, beginning after the end of the performance period. Awarded LTIP units not earned are forfeited.

The 2010 LTIP programs have one, two and three year performance periods, which end on December 31, 2010, 2011 and 2012, respectively. During July 2011, the Compensation Committee approved a three-year long-term incentive performance program, or the 2011-2013 LTIP program, and awarded LTIP units to certain senior executive officers. The 2011-2013 LTIP program has a three year performance period ending on December 31, 2013. During March 2012, the Compensation Committee approved a three-year long-term incentive performance program, or the 2012-2014 LTIP program, and awarded LTIP units to certain senior executive officers. The 2012-2014 LTIP program has a three year performance period ending December 31, 2014. After the end of each performance period, any earned LTIP units will then be subject to service-based vesting over a period of two years. One-half of the earned LTIP units will vest on January 1 of each of the second and third years following the end of the applicable performance period, subject to the participant maintaining employment with us through those dates.

The 2010 LTIP program awards have an aggregate grant date fair value, adjusted for estimated forfeitures, of $7.2 million for the one-year program, $14.8 million for the two-year program and $23.0 million for the three-year program. The 2011-2013 LTIP program awards have an aggregate grant date fair value of $35.0 million, adjusted for estimated forfeitures. The 2012-2014 LTIP program awards have an aggregate grant date fair value of $35.0 million, adjusted for estimated forfeitures. Grant date fair values were estimated based upon the results of a Monte Carlo model, and the resulting expense will be recorded regardless of whether the TSR benchmarks are achieved. The grant date fair values are being amortized into expense over the period from the grant date to the date at which the awards, if any, become vested. In 2011, the Compensation Committee determined that 133,673 LTIP units were earned under the one-year 2010 LTIP program and, pursuant to the award agreements, will vest in two equal installments in 2012 and 2013. In the first quarter of 2012, the Compensation Committee determined that 337,006 LTIP units were earned under the two-year 2010 LTIP program and, pursuant to the award agreements, will vest in two equal installments in 2013 and 2014.

On July 6, 2011, in connection with the execution of an employment agreement, the Compensation Committee granted David Simon, Simon Property's Chairman and CEO, a retention award in the form of 1,000,000 LTIP units. The award vests in one-third increments on July 5^th of 2017, 2018 and 2019, subject to continued employment. The grant date fair value of the retention award was $120.3 million which is being recognized as expense over the eight-year term of his employment agreement on a straight-line basis.

Changes in Equity

The following table provides a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to partners and equity attributable to noncontrolling interests:

	Preferred Units		Simon Property (Managing General Partner)		Limited Partners		Noncontrolling interests		Total Equity

January 1, 2012	$	45,047	$	4,604,619	$	953,622	$	(59,000)	$	5,544,288
Limited partner units converted to units				4,018		(4,018)				—
Issuance of units related to Simon Property's public offering of its common stock				1,213,851						1,213,851
Purchase of noncontrolling interest				(63,226)				58,559		(4,667)
Other		(164)		5,625		21,398				26,859
Adjustment to limited partners' interest from increased ownership in the Operating Partnership				(155,636)		155,636				—
Distributions to limited partners, excluding preferred interests classified as temporary equity		(1,669)		(582,415)		(119,014)		(191)		(703,289)
Comprehensive income, excluding $958 attributable to preferred distributions on temporary equity preferred units and $3,965 attributable to noncontrolling redeemable interests in properties in temporary equity		1,669		873,462		178,428		(2)		1,053,557

June 30, 2012	$	44,883	$	5,900,298	$	1,186,052	$	(634)	$	7,130,599

- Definition

The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units.

+ References + Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2012

Commitments and Contingencies

Commitments and Contingencies

8. Commitments and Contingencies

Litigation

We are involved from time-to-time in various legal 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 including acquisitions and divestitures. We believe that such litigation, claims and administrative proceedings will not have a material adverse impact on our financial position or our results of operations. We record a liability when a loss is known or considered probable and the amount can be reasonably estimated.

In May 2010, Opry Mills sustained significant flood damage. Insurance proceeds of $50 million have been funded by the insurers and remediation work has been completed. The property was re-opened March 29, 2012. The excess insurance carriers (those providing coverage above $50 million) have denied the claim under the policy for additional proceeds (of up to $150 million) to pay further amounts for restoration costs and business interruption losses. We and our lenders are continuing our efforts through pending litigation to recover our losses under the excess insurance policies for Opry Mills and we believe recovery is probable, but no assurances can be made that our efforts to recover these funds will be successful.

Guarantees of Indebtedness

Joint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non-recourse to us. As of June 30, 2012 and December 31, 2011, we had guaranteed joint venture related mortgage or other indebtedness of $101.6 million and $30.2 million, respectively. Mortgages guaranteed by us are secured by the property of the joint venture and that property could be sold in order to satisfy the outstanding obligation.

Concentration of Credit Risk

Our malls, Premium Outlets, The Mills, and community/lifestyle centers rely heavily upon anchor tenants to attract customers; however anchor retailers do not contribute materially to our financial results as many anchor retailers 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.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Real Estate Acquisitions and Dispositions

6 Months Ended

Jun. 30, 2012

Real Estate Acquisitions and Dispositions

Real Estate Acquisitions and Dispositions

9. Real Estate Acquisitions and Dispositions

On June 4, 2012, we acquired a 50% interest in a 465,000 square foot outlet center located in Destin, Florida for $70.5 million.

On May 3, 2012, we sold our investment in two residential apartment buildings located at The Domain in Austin, TX. Our share of the gain from the sale is $12.1 million, which is included in other income in the consolidated statements of operations and comprehensive income.

On March 22, 2012, as part of the Mills transaction discussed in Note 5, we acquired additional interests in 26 of our joint venture properties in a transaction valued at approximately $1.5 billion.

On March 14, 2012, as discussed in Note 5, we acquired a 28.7% equity stake in Klépierre for approximately $2.0 billion, including the capitalization of acquisition costs.

On January 9, 2012, as discussed in Note 5, we sold our entire ownership interest in GCI to our venture partner, Auchan S.A.

On January 6, 2012, as discussed in Note 5, we purchased an additional 25% interest in Del Amo Fashion Center.

During the first quarter of 2012, we sold one of our other retail properties with a carrying value of $115.0 million for nominal consideration and the assumption of the related mortgage debt of $115.0 million by the acquirer.

On December 31, 2011, we and our joint venture partner dissolved a venture in which we had a 50% interest and distributed a portfolio of properties previously held within the venture to us and our joint venture partner. As a result, we have a 100% interest in and now consolidate the six properties we received in the distribution. The distribution resulted in a remeasurement of the distributed assets to estimated fair value and a corresponding non-cash gain of $168.3 million in the fourth quarter of 2011 representing the estimated fair value of the net assets received in excess of the carrying value of our interest in the joint venture portfolio. The asset and liability fair value allocation were recorded based on preliminary portfolio fair value estimates at the date of distribution and will be finalized during 2012.

On August 25, 2011, we acquired additional controlling interests of approximately 83.75% in King of Prussia thereby increasing our ownership interest to 96.1%. The property is subject to a $160.1 million mortgage. The consolidation of this previously unconsolidated property resulted in a remeasurement of our previously held interest to fair value and a corresponding non-cash gain of $82.9 million in the third quarter of 2011.

During the six months ended June 30, 2011, we disposed of our interests in two retail properties for a net gain of $7.2 million. Additionally on June 28, 2011, we sold one of our other retail properties for $134.0 million, resulting in a net gain of $6.6 million. These gains are included gain (loss) upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income.

We expense acquisition and potential acquisition costs related to business combinations and disposition related costs as they are incurred. We incurred a minimal amount of transaction expenses during the six months ended June 30, 2012 and 2011.

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2012

Significant Accounting Policies

Cash and Cash Equivalents

Cash and Cash Equivalents

Marketable and Non-Marketable Securities

Marketable and Non-Marketable Securities

Loans Held for Investment

Loans Held for Investment

Fair Value Measurements

Fair Value Measurements

Noncontrolling Interests and Temporary Equity

Noncontrolling Interests and Temporary Equity

A rollforward of noncontrolling interests reflected in equity is as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,

	*2012*			*2011*			*2012*			*2011*
Noncontrolling nonredeemable deficit interests in properties, net — beginning of period	$	(619	)	$	(200,853	)	$	(59,000	)	$	(180,915	)
Net Income attributable to noncontrolling nonredeemable interests		(15	)		1,939			(2	)		4,050
Distributions to noncontrolling nonredeemable interestholders		—			(1,745	)		(191	)		(23,846	)
Purchase of noncontrolling interest and other		—			3,757			58,559			3,809

Noncontrolling nonredeemable deficit interests in properties, net — end of period	$	(634	)	$	(196,902	)	$	(634	)	$	(196,902	)

Derivative Financial Instruments

Derivative Financial Instruments

As of June 30, 2012, we had the following outstanding interest rate derivatives related to interest rate risk:

		*Notional Amount*

Interest Rate Swaps	3	$	484.7 million
Interest Rate Caps	6	$	444.4 million

- Definition

Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.

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- Definition

Disclosure of accounting policy for its derivative instruments and hedging activities.

+ References

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- Definition

Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment.

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+ Details

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2012

Significant Accounting Policies

Schedule of rollforward of noncontrolling interests

	For the Three Months Ended June 30,						For the Six Months Ended June 30,

	*2012*			*2011*			*2012*			*2011*
Noncontrolling nonredeemable deficit interests in properties, net — beginning of period	$	(619	)	$	(200,853	)	$	(59,000	)	$	(180,915	)
Net Income attributable to noncontrolling nonredeemable interests		(15	)		1,939			(2	)		4,050
Distributions to noncontrolling nonredeemable interestholders		—			(1,745	)		(191	)		(23,846	)
Purchase of noncontrolling interest and other		—			3,757			58,559			3,809

Noncontrolling nonredeemable deficit interests in properties, net — end of period	$	(634	)	$	(196,902	)	$	(634	)	$	(196,902	)

Schedule of outstanding interest rate derivatives related to interest rate risk

		*Notional Amount*

Interest Rate Swaps	3	$	484.7 million
Interest Rate Caps	6	$	444.4 million

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

Per Unit Data (Tables)

6 Months Ended

Jun. 30, 2012

Per Unit Data

Schedule of computation of basic and diluted earnings per unit

	For the Three Months Ended June 30,				For the Six Months Ended June 30,

	*2012*		*2011*		*2012*		*2011*
Net Income attributable to Unitholders — Basic & Diluted	$	257,768	$	247,271	$	1,036,175	$	463,512

Weighted Average Units Outstanding — Basic		364,300,150		353,569,511		360,463,043		353,450,988
Effect of stock options of Simon Property		1,042		34,582		1,079		127,905

Weighted Average Units Outstanding — Diluted		364,301,192		353,604,093		360,464,122		353,578,893

Investment in Unconsolidated Entities (Tables)

6 Months Ended

Jun. 30, 2012

Investment in Unconsolidated Entities

Summary of investments in joint ventures and share of income from such joint ventures, balance sheet

	June 30, 2012		December 31, 2011

BALANCE SHEETS
Assets:
Investment properties, at cost	$	14,491,236	$	20,481,657
Less — accumulated depreciation		4,725,920		5,264,565

		9,765,316		15,217,092
Cash and cash equivalents		483,433		806,895
Tenant receivables and accrued revenue, net		198,773		359,208
Investment in unconsolidated entities, at equity		39,855		133,576
Deferred costs and other assets		366,900		526,101

Total assets	$	10,854,277	$	17,042,872

Liabilities and Partners' Deficit:
Mortgages and other indebtedness	$	11,499,568	$	15,582,321
Accounts payable, accrued expenses, intangibles, and deferred revenue		527,701		775,733
Other liabilities		308,912		981,711

Total liabilities		12,336,181		17,339,765
Preferred units		67,450		67,450
Partners' deficit		(1,549,354)		(364,343)

Total liabilities and partners' deficit	$	10,854,277	$	17,042,872

Our Share of:
Partners' deficit	$	(708,641)	$	(32,000)
Add: Excess Investment		1,978,514		714,515

Our net Investment in Unconsolidated Entities, at equity	$	1,269,873	$	682,515

Summary of investments in joint ventures and share of income from such joint ventures, statements of operations

	For the Three Months Ended June 30,				For the Six Months Ended June 30,

	*2012*		*2011*		*2012*		*2011*
STATEMENT OF OPERATIONS
Revenue:
Minimum rent	$	371,664	$	360,466	$	738,019	$	710,027
Overage rent		36,143		27,126		84,837		57,354
Tenant reimbursements		170,478		166,726		342,571		332,346
Other income		37,488		40,546		88,435		71,898

Total revenue		615,773		594,864		1,253,862		1,171,625
Operating Expenses:
Property operating		115,615		112,918		233,520		224,266
Depreciation and amortization		126,783		123,032		258,174		245,092
Real estate taxes		45,164		47,103		93,216		92,690
Repairs and maintenance		15,919		15,595		30,807		32,311
Advertising and promotion		12,917		11,559		28,344		25,000
(Recovery of)/Provision for credit losses		(1,102)		1,113		(114)		1,917
Other		38,793		44,158		92,356		73,289

Total operating expenses		354,089		355,478		736,303		694,565

Operating Income		261,684		239,386		517,559		477,060
Interest expense		(155,393)		(153,970)		(315,554)		(305,002)
Loss from unconsolidated entities		(316)		(631)		(631)		(459)

Net Income from Continuing Operations		105,975		84,785		201,374		171,599
Loss from operations of discontinued joint venture interests		(1,173)		(9,559)		(11,623)		(15,661)
Gain on disposal of discontinued operations, net		—		15,506		—		15,506

Net Income	$	104,802	$	90,732	$	189,751	$	171,444

Third-Party Investors' Share of Net Income	$	56,787	$	56,455	$	96,800	$	106,470

Our Share of Net Income		48,015		34,277		92,951		64,974
Amortization of Excess Investment		(18,749)		(12,703)		(33,333)		(24,780)
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		—		(7,753)		—		(7,753)

Income from Unconsolidated Entities	$	29,266	$	13,821	$	59,618	$	32,441

Debt (Tables)

6 Months Ended

Jun. 30, 2012

Debt

Schedule of fair value of fixed rate mortgages and the related discount rate assumptions

	June 30, 2012	December 31, 2011

Fair value of fixed-rate mortgages and other indebtedness	$22,065	$17,905
Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages	3.51%	3.60%

Equity (Tables)

6 Months Ended

Jun. 30, 2012

Equity

Reconciliation of carrying amounts of equity

	Preferred Units		Simon Property (Managing General Partner)		Limited Partners		Noncontrolling interests		Total Equity

January 1, 2012	$	45,047	$	4,604,619	$	953,622	$	(59,000)	$	5,544,288
Limited partner units converted to units				4,018		(4,018)				—
Issuance of units related to Simon Property's public offering of its common stock				1,213,851						1,213,851
Purchase of noncontrolling interest				(63,226)				58,559		(4,667)
Other		(164)		5,625		21,398				26,859
Adjustment to limited partners' interest from increased ownership in the Operating Partnership				(155,636)		155,636				—
Distributions to limited partners, excluding preferred interests classified as temporary equity		(1,669)		(582,415)		(119,014)		(191)		(703,289)
Comprehensive income, excluding $958 attributable to preferred distributions on temporary equity preferred units and $3,965 attributable to noncontrolling redeemable interests in properties in temporary equity		1,669		873,462		178,428		(2)		1,053,557

June 30, 2012	$	44,883	$	5,900,298	$	1,186,052	$	(634)	$	7,130,599

Organization (Details)	Jun. 30, 2012 property country
U.S. and Puerto Rico
Owned, developed and managed retail properties:
Number of income-producing properties	325
Number of U.S. states containing property locations	41
U.S. and Puerto Rico \| Malls
Owned, developed and managed retail properties:
Number of income-producing properties	161
U.S. and Puerto Rico \| Premium Outlet Centers
Owned, developed and managed retail properties:
Number of income-producing properties	60
U.S. and Puerto Rico \| Community/Lifestyle Centers
Owned, developed and managed retail properties:
Number of income-producing properties	70
U.S. and Puerto Rico \| Other shopping centers or outlet centers
Owned, developed and managed retail properties:
Number of income-producing properties	21
U.S. and Puerto Rico \| The Mills
Owned, developed and managed retail properties:
Number of income-producing properties	13
Japan
Owned, developed and managed retail properties:
Number of income-producing properties	8
Japan \| Premium Outlet Centers
Owned, developed and managed retail properties:
Number of income-producing properties	8
South Korea
Owned, developed and managed retail properties:
Number of income-producing properties	2
South Korea \| Premium Outlet Centers
Owned, developed and managed retail properties:
Number of income-producing properties	2
Mexico
Owned, developed and managed retail properties:
Number of income-producing properties	1
Mexico \| Premium Outlet Centers
Owned, developed and managed retail properties:
Number of income-producing properties	1
Malaysia
Owned, developed and managed retail properties:
Number of income-producing properties	1
Malaysia \| Premium Outlet Centers
Owned, developed and managed retail properties:
Number of income-producing properties	1
Europe
Owned, developed and managed retail properties:
Number of countries \| country	13
Interest in income-producing properties, under joint venture arrangements (as a percent)	28.90%
Europe \| Shopping centers \| Minimum
Owned, developed and managed retail properties:
Number of income-producing properties	260

Basis of Presentation (Details) - property	6 Months Ended
Basis of Presentation (Details) - property	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Properties:
Wholly owned properties included in consolidation	228
Partially owned properties included in consolidation	18
Total number of joint venture properties	91
Number of joint venture properties managed by the entity	77
Number of international joint venture properties	12
Number of joint venture properties managed by others	14
Simon Property Group, Inc.
Weighted average ownership interest (as a percent)	83.10%	83.00%
Percentage of ownership interest held by the parent company (as a percent)	83.30%		82.80%

Significant Accounting Policies (Details) - USD ($) shares in Millions, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2012	Dec. 31, 2011
Marketable and Non-Marketable Securities
Net unrealized gains (losses) recorded in other comprehensive income (loss)	$ 65.7	$ 41.9
Value of non-marketable security accounted for under the cost method	$ 105.1	105.1
Available for sale securities \| Securities in captive insurance subsidiary portfolio \| Minimum
Marketable and Non-Marketable Securities
Investment maturity period	1 year
Available for sale securities \| Securities in captive insurance subsidiary portfolio \| Maximum
Marketable and Non-Marketable Securities
Investment maturity period	10 years
Available for sale securities \| Liberty
Marketable and Non-Marketable Securities
Aggregate unrealized gain (loss) on available-for-sale investments, net	$ 63.4	39.7
Available for sale securities \| CSCG
Marketable and Non-Marketable Securities
Number of shares owned	35.4
Carrying value of investment	$ 178.8	170.7
Available for sale securities \| CAPC
Marketable and Non-Marketable Securities
Number of shares owned	35.4
Carrying value of investment	$ 116.4	100.9
Held-to-maturity securities
Marketable and Non-Marketable Securities
Investments used to fund debt service requirements	$ 24.9	$ 24.9

Significant Accounting Policies (Details 2) $ in Millions	1 Months Ended		6 Months Ended
Significant Accounting Policies (Details 2) $ in Millions	Apr. 30, 2012 USD ($) item	Dec. 31, 2011 USD ($) property	Jun. 30, 2012 USD ($) item	Jun. 30, 2011 USD ($)	Dec. 09, 2011
Loans Held for Investment
Aggregate carrying values of mortgages and mezzanine loans		$ 162.8	$ 86.4
Number of mortgage loans repaid \| item	1
Repayment of mortgage loans	$ 76.8
Mortgage and mezzanine loans on real estate, number of loans \| item			2
Amortizable mortgage and mezzanine loans on real estate, number of loans \| item			1
Amortization period for payments of interest and principal on mortgage notes and mezzanine loans			30 years
Interest rates on mortgage notes and mezzanine loans, minimum (as a percent)			5.90%
Interest rates on mortgage notes and mezzanine loans, maximum (as a percent)			7.00%
Weighted average interest rates on mortgage notes and mezzanine loans (as a percent)		7.00%	6.60%
Interest income on loans held for investment			$ 5.0	$ 13.9
Ownership interest (as a percent)					50.00%
Consideration paid for equity interest		$ 88.8
Equity interest, number of real estate developments acquired \| property		2
Interest rate (as a percent)		7.00%	6.60%
Aggregate amount drawn on the loans		$ 50.7	$ 106.9

Significant Accounting Policies (Details 3) - Recurring - USD ($) $ in Millions	Jun. 30, 2012	Dec. 31, 2011
Level 1
Fair Value Measurement:
Marketable securities with Level 1 fair value inputs	$ 454.4	$ 417.0
Level 2
Fair Value Measurement:
Interest rate swap agreements and foreign currency forward contracts, gross liability balance	6.6	12.2
Interest rate swap agreements and foreign currency forward contracts, gross asset balance	$ 0.1	$ 14.9

Significant Accounting Policies (Details 4) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Noncontrolling Interests:
Balance at the beginning of the period			$ 5,544,288
Balance at the end of the period	$ 7,130,599		7,130,599
Noncontrolling Interests
Noncontrolling Interests:
Balance at the beginning of the period	(619)	$ (200,853)	(59,000)	$ (180,915)
Net Income attributable to noncontrolling nonredeemable interests	(15)	1,939	(2)	4,050
Distributions to noncontrolling nonredeemable interestholders		(1,745)	(191)	(23,846)
Purchase of noncontrolling interest and other		3,757	58,559	3,809
Balance at the end of the period	$ (634)	$ (196,902)	$ (634)	$ (196,902)
7.5% Cumulative Redeemable Preferred Units
Noncontrolling Interests:
Dividend rate on cumulative redeemable preferred units (as a percent)			7.50%

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References + Details

Significant Accounting Policies (Details 5) € in Millions, $ in Millions, ¥ in Billions	Jun. 30, 2012 USD ($) instrument	Jun. 30, 2012 JPY (¥) instrument	Dec. 31, 2011 USD ($)	Dec. 31, 2011 EUR (€)
Derivative financial instruments
Gross accumulated other comprehensive income or loss related to derivative activities	$ 102.5		$ 115.8
Interest rate swap
Derivative financial instruments
Number of Instruments \| instrument	3	3
Notional Amount	$ 484.7
Interest rate derivative liability, fair value	$ 6.2		10.0
Interest rate cap
Derivative financial instruments
Number of Instruments \| instrument	6	6
Notional Amount	$ 444.4
USD-Yen currency forward contract
Derivative financial instruments
Notional amount, foreign currency derivatives (in Japanese Yen / Euro) \| ¥		¥ 4.9
Fair value of foreign exchange forward contracts, net	0.3
Liability balance, foreign exchange forward contracts	0.4
Asset value of forwards included in deferred costs and other assets	$ 0.1
USD-Euro currency forward contract
Derivative financial instruments
Notional amount, foreign currency derivatives (in Japanese Yen / Euro) \| €				€ 141.3
Asset value of forwards included in deferred costs and other assets			$ 14.9

Per Unit Data (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Per Unit Data (Details) - USD ($) $ in Thousands	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Per Unit Data
Net Income attributable to Unitholders - Basic	$ 257,768	$ 247,271	$ 1,036,175	$ 463,512
Net Income attributable to Unitholders - Diluted	$ 257,768	$ 247,271	$ 1,036,175	$ 463,512
Weighted Average Units Outstanding - Basic (in shares)	364,300,150	353,569,511	360,463,043	353,450,988
Effect of stock options of Simon Property (in shares)	1,042	34,582	1,079	127,905
Weighted Average Units Outstanding - Diluted (in shares)	364,301,192	353,604,093	360,464,122	353,578,893

- Definition

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References + Details

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Weighted-Average Number of Common Shares Outstanding
-URI http://asc.fasb.org/extlink&oid=6528421

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Investment in Unconsolidated Entities (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended
	Mar. 31, 2012 USD ($)	Jan. 31, 2012 USD ($)	Dec. 31, 2011 USD ($) property	Jun. 30, 2012 USD ($) property $ / shares shares	May 21, 2012	Mar. 22, 2012 USD ($) property	Mar. 14, 2012 USD ($)	Jan. 09, 2012 USD ($) property	Jan. 06, 2012 USD ($)	Dec. 09, 2011
Real Estate Joint Ventures
Ownership interest (as a percent)										50.00%
Gain due to acquisition of controlling interest			$ 168,300
Investment in unconsolidated entities, at equity			$ 1,378,084	$ 2,000,509
Joint venture ownership percentage			50.00%
GCI
Real Estate Joint Ventures
Ownership interest (as a percent)			49.00%
Proceeds from sale of interest in joint venture		$ 375,800
Gain on sale of or disposal of assets and interests in unconsolidated entities, net		28,800
Accumulated losses reclassified								$ 39,500
SPG-FCM
Real Estate Joint Ventures
Contribution to SPG-FCM ventures		$ 50,000
Number of properties in which additional interest is acquired \| property						26
Number of remaining unconsolidated properties \| property						16
Cost of acquisition including assumption of debt						$ 1,500,000
Debt obligation related to consolidated properties disposed of						562,100
Trust preferred securities retired	$ 100,000
Related party debt obligations extinguished during the period	$ 558,400
Mortgage indebtedness assumed						2,600,000
Gain due to acquisition of controlling interest				488,700
Other than temporary impairment charge				$ 22,400
Estimated fair value of newly consolidated properties						$ 4,300,000
Klepierre
Real Estate Joint Ventures
Interest in income-producing properties, under joint venture arrangements (as a percent)							28.70%
Ownership interest (as a percent)				28.90%	28.90%
Excess investment in acquisition of joint venture							$ 1,200,000
Total revenues of Klepierre				$ 407,700
Operating income of Klepierre				154,400
Consolidated net income of Klepierre				$ 93,100
Number of shares owned in acquired entity \| shares				57,634,148
Quoted market price of shares owned in acquired entity (in dollars per share) \| $ / shares				$ 32.80
Del Amo Fashion Center
Real Estate Joint Ventures
Additional Business Acquisition Percentage of Ownership Acquired									25.00%
Ownership interest (as a percent)									50.00%
Purchase price of business acquired									$ 50,000
The Mills acquisition
Real Estate Joint Ventures
Previously unconsolidated properties \| property						9
United States joint ventures
Real Estate Joint Ventures
Number of income-producing properties \| property			87	79
Japan joint ventures
Real Estate Joint Ventures
Number of income-producing properties \| property				8
Ownership interest (as a percent)				40.00%
Investment in unconsolidated entities, at equity			$ 349,500	$ 335,900
South Korea joint ventures
Real Estate Joint Ventures
Number of income-producing properties \| property				2
Ownership interest (as a percent)				50.00%
Investment in unconsolidated entities, at equity			$ 43,800	$ 58,300
Mexico joint venture
Real Estate Joint Ventures
Number of income-producing properties \| property				1
Malaysia joint venture
Real Estate Joint Ventures
Number of income-producing properties \| property				1
Italy
Real Estate Joint Ventures
Number of income-producing properties \| property								45

Investment in Unconsolidated Entities (Details 2) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Loans To SPG-FCM
Interest income from SPG-FCM and Mills loans, net of inter-entity eliminations	$ 2.0	$ 4.9
Base interest rate for loans to SPG-FCM and Mills	LIBOR
Basis points added to base rate for remaining loan to SPG-FCM (as a percent)	2.75%

Investment in Unconsolidated Entities (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011	Dec. 31, 2010
Assets:
Investment properties, at cost	$ 34,063,214		$ 34,063,214		$ 29,657,046
Less - accumulated depreciation	8,827,205		8,827,205		8,388,130
Investment properties, net	25,236,009		25,236,009		21,268,916
Cash and cash equivalents	638,499	$ 789,713	638,499	$ 789,713	798,650	$ 796,718
Tenant receivables and accrued revenue, net	423,917		423,917		486,731
Investment in unconsolidated entities, at equity	2,000,509		2,000,509		1,378,084
Deferred costs and other assets	1,745,496		1,745,496		1,633,544
Total assets	31,986,583		31,986,583		26,216,925
Liabilities and Partners' Deficit:
Mortgages and other indebtedness	22,466,558		22,466,558		18,446,440
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,168,636		1,168,636		1,091,712
Other liabilities	226,675		226,675		170,971
Total liabilities	24,592,505		24,592,505		20,404,692
Preferred units	44,883		44,883		45,047
Total liabilities and equity	31,986,583		31,986,583		26,216,925
Revenue:
Minimum rent	746,198	649,570	1,448,295	1,293,902
Overage rent	31,427	21,980	59,107	39,121
Tenant reimbursements	330,470	285,623	636,857	567,048
Other income	51,624	52,429	102,142	98,913
Total revenue	1,188,066	1,040,861	2,307,035	2,060,735
Operating Expenses:
Property operating	116,018	109,025	220,758	208,567
Depreciation and amortization	311,863	261,298	596,972	527,608
Real estate taxes	106,777	93,424	205,479	186,688
Repairs and maintenance	26,665	24,657	52,307	55,492
Advertising and promotion	28,549	24,958	49,648	46,846
(Recovery of)/Provision for credit losses	2,906	274	6,451	1,679
Other	24,096	19,226	41,873	38,244
Total operating expenses	666,711	573,289	1,270,072	1,142,273
Operating Income	521,355	467,572	1,036,963	918,462
Interest expense	(288,560)	(244,517)	(546,636)	(492,634)
Loss from unconsolidated entities	29,132	13,821	59,484	32,441
Real Estate joint ventures
Assets:
Investment properties, at cost	14,491,236		14,491,236		20,481,657
Less - accumulated depreciation	4,725,920		4,725,920		5,264,565
Investment properties, net	9,765,316		9,765,316		15,217,092
Cash and cash equivalents	483,433		483,433		806,895
Tenant receivables and accrued revenue, net	198,773		198,773		359,208
Investment in unconsolidated entities, at equity	39,855		39,855		133,576
Deferred costs and other assets	366,900		366,900		526,101
Total assets	10,854,277		10,854,277		17,042,872
Liabilities and Partners' Deficit:
Mortgages and other indebtedness	11,499,568		11,499,568		15,582,321
Accounts payable, accrued expenses, intangibles, and deferred revenues	527,701		527,701		775,733
Other liabilities	308,912		308,912		981,711
Total liabilities	12,336,181		12,336,181		17,339,765
Preferred units	67,450		67,450		67,450
Partners' (deficit)	(1,549,354)		(1,549,354)		(364,343)
Total liabilities and equity	10,854,277		10,854,277		17,042,872
Our Share of:
Partners' (deficit)	(708,641)		(708,641)		(32,000)
Add: Excess Investment	1,978,514		1,978,514		714,515
Our net Investment in Unconsolidated Entities, at equity	1,269,873		1,269,873		$ 682,515
Revenue:
Minimum rent	371,664	360,466	738,019	710,027
Overage rent	36,143	27,126	84,837	57,354
Tenant reimbursements	170,478	166,726	342,571	332,346
Other income	37,488	40,546	88,435	71,898
Total revenue	615,773	594,864	1,253,862	1,171,625
Operating Expenses:
Property operating	115,615	112,918	233,520	224,266
Depreciation and amortization	126,783	123,032	258,174	245,092
Real estate taxes	45,164	47,103	93,216	92,690
Repairs and maintenance	15,919	15,595	30,807	32,311
Advertising and promotion	12,917	11,559	28,344	25,000
(Recovery of)/Provision for credit losses	(1,102)	1,113	(114)	1,917
Other	38,793	44,158	92,356	73,289
Total operating expenses	354,089	355,478	736,303	694,565
Operating Income	261,684	239,386	517,559	477,060
Interest expense	(155,393)	(153,970)	(315,554)	(305,002)
Loss from unconsolidated entities	(316)	(631)	(631)	(459)
Net Income from Continuing Operations	105,975	84,785	201,374	171,599
Loss from operations of discontinued joint venture interests	(1,173)	(9,559)	(11,623)	(15,661)
Gain on disposal or sale of discontinued operations, net		15,506		15,506
Net Income	104,802	90,732	189,751	171,444
Third-Party Investors' Share of Net Income	56,787	56,455	96,800	106,470
Our Share of Net Income	48,015	34,277	92,951	64,974
Amortization of Excess Investment	(18,749)	(12,703)	(33,333)	(24,780)
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		(7,753)		(7,753)
Income from unconsolidated entities	$ 29,266	$ 13,821	$ 59,618	$ 32,441
Real Estate joint ventures \| Maximum
Our Share of:
Amortization period, maximum			40 years

Debt (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended	12 Months Ended
Debt (Details) $ in Thousands	Mar. 31, 2012 USD ($)	Jun. 30, 2012 USD ($) property mortgagepool	Mar. 31, 2012 USD ($)	Jun. 30, 2012 USD ($) item property note mortgagepool	Dec. 31, 2011 USD ($)	Mar. 13, 2012	Nov. 02, 2011 USD ($)
Debt
Total Mortgages and Other Indebtedness		$ 22,466,558		$ 22,466,558	$ 18,446,440
Number of credit facilities \| item				2
Fair value of debt
Carrying value of fixed-rate mortgages and other indebtedness		19,800,000		$ 19,800,000	15,900,000
Fair value of fixed-rate mortgages and other indebtedness		22,065		$ 22,065	$ 17,905
Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages (as a percent)				3.51%	3.60%
Unsecured Debt \| Senior unsecured notes
Debt
Total Mortgages and Other Indebtedness		12,300,000		$ 12,300,000
Amount of debt redeemed				$ 124,900
Interest rate, low end of range (as a percent)				5.75%
Interest rate, high end of range (as a percent)				6.88%
Unsecured Debt \| Senior unsecured notes 2.15%
Debt
Debt issued	$ 600,000
Interest rate on debt (as a percent)						2.15%
Unsecured Debt \| Senior unsecured notes 3.375%
Debt
Debt issued	600,000
Interest rate on debt (as a percent)						3.375%
Unsecured Debt \| Senior unsecured notes 4.75%
Debt
Debt issued	$ 550,000
Interest rate on debt (as a percent)						4.75%
Unsecured Debt \| Term loan
Debt
Maximum borrowing capacity							$ 900,000
Debt issued			$ 160,000
Unsecured Debt \| Credit Facility and the Supplemental Facility
Debt
Available borrowing capacity		3,900,000		$ 3,900,000
Maximum amount outstanding during period				3,100,000
Credit facility, weighted average amount outstanding				1,600,000
Unsecured Debt \| Credit Facility
Debt
Credit facility, amount outstanding		1,800,000		1,800,000
Maximum borrowing capacity		4,000,000		4,000,000
Letters of credit outstanding		$ 38,900		38,900
Optional expanded maximum borrowing capacity				$ 5,000,000
Reference rate				LIBOR
Interest added to reference rate (as a percent)		1.00%		1.00%
Additional facility fee (as a percent)		0.15%		0.15%
Multi-currency tranche		$ 2,000,000		$ 2,000,000
Unsecured Debt \| Credit Facility \| Euro
Debt
Total Mortgages and Other Indebtedness		1,100,000		1,100,000
Unsecured Debt \| Credit Facility \| Yen
Debt
Amount of debt redeemed		285,000
Unsecured Debt \| Supplemental Facility
Debt
Credit facility, amount outstanding		278,300		278,300
Maximum borrowing capacity		$ 2,000,000		2,000,000
Optional expanded maximum borrowing capacity				$ 2,500,000
Reference rate				LIBOR
Interest added to reference rate (as a percent)		1.00%		1.00%
Additional facility fee (as a percent)		0.15%		0.15%
Debt issued		$ 285,000
Secured Debt
Debt
Total Mortgages and Other Indebtedness		$ 8,000,000		$ 8,000,000	$ 6,800,000
Debt covenants
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers \| note				90
Number of properties secured by non-recourse mortgage notes \| property		90		90
Number of cross-defaulted and cross-collateralized mortgage pools \| mortgagepool		8		8
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages \| property		38		38
Secured Debt \| Term loan
Debt
Amount of debt redeemed				$ 735,000
Secured Debt \| Mortgages
Debt
Average interest rate (as a percent)				3.17%
Amount of debt redeemed				$ 427,800
Number of unencumbered properties on repayment of debt \| property				7
Secured Debt \| Mortgages \| The Mills acquisition
Debt
Total Mortgages and Other Indebtedness		$ 2,600,000		$ 2,600,000
Number of properties encumbered by assumption of debt in acquisition \| property				9

Equity (Details) $ / shares in Units, $ in Millions	1 Months Ended				3 Months Ended	6 Months Ended	12 Months Ended
Equity (Details) $ / shares in Units, $ in Millions	Jul. 31, 2012 shares	Jun. 30, 2012 partner $ / shares shares	Mar. 31, 2012 $ / shares shares	Jul. 31, 2011 USD ($) shares	Mar. 31, 2012 installment shares	Jun. 30, 2012 USD ($) partner shares	Dec. 31, 2011 installment shares	Jul. 20, 2012 $ / shares	Mar. 14, 2012 $ / shares shares
Equity
Operating Partnership redeemed units	2,000,000
Operating Partnership, redemption price per unit \| $ / shares								$ 124.00
Non-employee Directors
Equity
Award of restricted stock to employees (in shares)		4,094
Award of restricted stock to employees, fair market value (in dollars per share) \| $ / shares		$ 143.51
Vesting period		1 year
Restricted stock issued under 1998 Stock Incentive Plan
Equity
Award of restricted stock to employees (in shares)			12,034
Award of restricted stock to employees, fair market value (in dollars per share) \| $ / shares			$ 138.41
Award of restricted stock to employees, fair market value, March 14th (in dollars per share) \| $ / shares			$ 141.12
Vesting period			3 years
LTIP Retention Award to Chairman and CEO
Equity
Award of restricted stock to employees (in shares)				1,000,000
Vesting period				8 years
Vesting rights				33.00%
Aggregate grant date fair value \| $				$ 120.3
2010 LTIP Program
Equity
Vesting period						2 years
Percent of distributions that participants are entitled to receive during performance period						10.00%
Vesting rights						50.00%
One-year 2010 LTIP Program
Equity
Award of restricted stock to employees (in shares)							133,673
Performance period						1 year
Aggregate grant date fair value \| $						$ 7.2
Vesting period (in installments) \| installment							2
Two-year 2011 LTIP Program
Equity
Vesting period						2 years
Performance period						2 years
Aggregate grant date fair value \| $						$ 14.8
Units earned					337,006
Vesting period (in installments) \| installment					2
Three-year 2012 LTIP Program
Equity
Vesting period						2 years
Performance period						3 years
Aggregate grant date fair value \| $						$ 23.0
2011-2013 LTIP Program
Equity
Vesting period						2 years
Performance period						3 years
Aggregate grant date fair value \| $						$ 35.0
2012-2014 LTIP Program
Equity
Vesting period						2 years
Performance period						3 years
Aggregate grant date fair value \| $						$ 35.0
Simon Property
Equity
Number of units issued in exchange for equal number of shares of common stock						221,109
Number of limited partners who received common stock \| partner		16				16
Shares of common stock issued in a public offering									9,137,500
Shares of common stock issued in a public offering, price (in dollars per share) \| $ / shares									$ 137.00
Proceeds from common stock issued in a public offering \| $						$ 1,200.0
Issuance of units related to Simon Property public offerings									9,137,000

Equity (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Equity (Details 2) - USD ($) $ in Thousands	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Increase (decrease) in equity
Balance at the beginning of the period			$ 5,544,288
Issuance of limited partner units			1,213,851
Purchase of noncontrolling interest			(4,667)
Other			26,859
Distributions to limited partners, excluding preferred interests classified as temporary equity			(703,289)
Comprehensive income, excluding $958 attributable to preferred distributions on temporary equity preferred units and $3965 attributable to noncontrolling redeemable interests in properties in temporary equity			1,053,557
Balance at the end of the period	$ 7,130,599		7,130,599
Comprehensive income attributable to noncontrolling interests	1,855	$ 1,939	3,964	$ 4,050
Preferred Units
Increase (decrease) in equity
Balance at the beginning of the period			45,047
Other			(164)
Distributions to limited partners, excluding preferred interests classified as temporary equity			(1,669)
Comprehensive income, excluding $958 attributable to preferred distributions on temporary equity preferred units and $3965 attributable to noncontrolling redeemable interests in properties in temporary equity			1,669
Balance at the end of the period	44,883		44,883
Comprehensive income, attributable to preferred distributions on temporary equity preferred units			958
Simon Property (Managing General Partner)
Increase (decrease) in equity
Balance at the beginning of the period			4,604,619
Public offering of common stock			4,018
Issuance of limited partner units			1,213,851
Purchase of noncontrolling interest			(63,226)
Other			5,625
Adjustment to limited partners' interest from increased ownership in the Operating Partnership			(155,636)
Distributions to limited partners, excluding preferred interests classified as temporary equity			(582,415)
Comprehensive income, excluding $958 attributable to preferred distributions on temporary equity preferred units and $3965 attributable to noncontrolling redeemable interests in properties in temporary equity			873,462
Balance at the end of the period	5,900,298		5,900,298
Limited Partners
Increase (decrease) in equity
Balance at the beginning of the period			953,622
Public offering of common stock			(4,018)
Other			21,398
Adjustment to limited partners' interest from increased ownership in the Operating Partnership			155,636
Distributions to limited partners, excluding preferred interests classified as temporary equity			(119,014)
Comprehensive income, excluding $958 attributable to preferred distributions on temporary equity preferred units and $3965 attributable to noncontrolling redeemable interests in properties in temporary equity			178,428
Balance at the end of the period	1,186,052		1,186,052
Noncontrolling interests
Increase (decrease) in equity
Balance at the beginning of the period	(619)	(200,853)	(59,000)	(180,915)
Purchase of noncontrolling interest			58,559
Distributions to limited partners, excluding preferred interests classified as temporary equity			(191)
Comprehensive income, excluding $958 attributable to preferred distributions on temporary equity preferred units and $3965 attributable to noncontrolling redeemable interests in properties in temporary equity			(2)
Balance at the end of the period	$ (634)	$ (196,902)	(634)	$ (196,902)
Comprehensive income attributable to noncontrolling interests			$ 3,965

Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended
	May 31, 2010	Jun. 30, 2012	Dec. 31, 2011
Commitments and Contingencies
Insurance proceeds	$ 50.0
Minimum insurance coverage	50.0
Additional insurance proceeds	$ 150.0
Joint Venture Mortgage and Indebtedness
Guarantees of Joint Venture Indebtedness:
Loan guarantee		$ 101.6	$ 30.2

Commitments and Contingencies (Details 2)	6 Months Ended
Commitments and Contingencies (Details 2)	Jun. 30, 2012
Consolidated revenues \| Concentration of credit risk \| Maximum
Concentration of Credit Risk
Percentage of consolidated revenues from a single customer or tenant	5.00%

Real Estate Acquisitions and Dispositions (Details) $ in Thousands	1 Months Ended			3 Months Ended				6 Months Ended
	May 31, 2012 USD ($) property	Dec. 31, 2011 property	Jun. 30, 2011 USD ($) property	Mar. 31, 2012 USD ($) property	Dec. 31, 2011 USD ($)	Sep. 30, 2011 USD ($)	Jun. 30, 2011 USD ($)	Jun. 30, 2012 USD ($)	Jun. 30, 2011 USD ($) property	Jun. 04, 2012 USD ($) sqft	Mar. 22, 2012 USD ($) property	Mar. 14, 2012 USD ($)	Jan. 06, 2012	Aug. 25, 2011
Real Estate Acquisitions and Dispositions
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net							$ 14,349	$ 494,837	$ 13,765
Joint venture ownership percentage		50.00%			50.00%
Initial Investment percentage of business acquired		100.00%			100.00%
Number of consolidated properties received in distribution \| property		6
Gain due to acquisition of controlling interest					$ 168,300
The Domain in Austin, TX
Real Estate Acquisitions and Dispositions
Number of properties sold \| property	2
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net	$ 12,100
The Mills acquisition
Real Estate Acquisitions and Dispositions
Cost of acquisition including assumption of debt											$ 1,500,000
Number of joint ventures in which additional interest is acquired \| property											26
Klepierre
Real Estate Acquisitions and Dispositions
Ownership interests acquired (as a percent)												28.70%
Cost of acquisition including assumption of debt												$ 2,000,000
Del Amo Fashion Center
Real Estate Acquisitions and Dispositions
Additional Business Acquisition Percentage of Ownership Acquired													25.00%
Other Retail Property
Real Estate Acquisitions and Dispositions
Number of properties sold \| property			1	1					2
Proceeds from sale or disposal of real estate assets			$ 134,000
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net			$ 6,600						$ 7,200
Aggregate carrying value of consolidated properties disposed of				$ 115,000
Debt obligation related to consolidated properties disposed of				$ 115,000
Outlet Centers \| Destin, Florida
Real Estate Acquisitions and Dispositions
Ownership interests acquired (as a percent)										50.00%
Area of lifestyle center acquired (in square feet) \| sqft										465,000
Cost of acquisition including assumption of debt										$ 70,500
King of Prussia
Real Estate Acquisitions and Dispositions
Additional Business Acquisition Percentage of Ownership Acquired														83.75%
Gain due to acquisition of controlling interest						$ 82,900
Cumulative investment ownership percentage (as a percent)														96.10%
Mortgage indebtedness assumed								$ 160,100