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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2014	Jun. 30, 2014
Document and Entity Information
Entity Registrant Name	SIMON PROPERTY GROUP L P /DE/
Entity Central Index Key	0001022344
Document Type	10-K
Document Period End Date	Dec. 31, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float		$ 0
Entity Common Stock, Shares Outstanding	0
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
ASSETS:
Investment properties at cost	$ 31,318,532	$ 30,336,639
Less - accumulated depreciation	8,950,747	8,092,794
Investment properties at cost, net	22,367,785	22,243,845
Cash and cash equivalents	612,282	1,691,006
Tenant receivables and accrued revenue, net	580,197	520,361
Investment in unconsolidated entities, at equity	2,378,800	2,429,845
Investment in Klepierre, at equity	1,786,477	2,014,415
Deferred costs and other assets	1,806,789	1,422,788
Total assets of discontinued operations		3,002,314
Total assets	29,532,330	33,324,574
LIABILITIES:
Mortgages and unsecured indebtedness	20,852,993	22,669,917
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,259,681	1,223,102
Cash distributions and losses in partnerships and joint ventures, at equity	1,167,163	1,050,278
Other liabilities	275,451	250,371
Total liabilities of discontinued operations		1,117,789
Total liabilities	23,555,288	26,311,457
Commitments and contingencies
Preferred units, at liquidation value, and noncontrolling redeemable interests in properties	25,537	190,485
Partners' Equity
Preferred units, 796,948 units outstanding. Liquidation value of $39,847	44,062	44,390
General Partner, 310,787,910 and 310,608,565 units outstanding, respectively	5,049,115	5,805,016
Limited Partners, 52,846,682 and 51,846,157 units outstanding, respectively	858,557	968,962
Total partners' equity	5,951,734	6,818,368
Noncontrolling Nonredeemable (deficit) interests in properties, net	(229)	4,264
Total equity	5,951,505	6,822,632
Total liabilities and equity	$ 29,532,330	$ 33,324,574

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
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	310,787,910	310,608,565
Limited Partners, units outstanding	52,846,682	51,846,157

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
REVENUE:
Minimum rent	$ 2,962,295	$ 2,775,919	$ 2,593,909
Overage rent	207,104	214,758	187,613
Tenant reimbursements	1,362,412	1,258,165	1,157,333
Management fees and other revenues	138,226	126,972	128,366
Other income	200,781	168,035	188,936
Total revenue	4,870,818	4,543,849	4,256,157
EXPENSES:
Property operating	398,598	371,044	363,514
Depreciation and amortization	1,143,827	1,107,700	1,068,382
Real estate taxes	384,189	368,683	342,906
Repairs and maintenance	100,016	98,219	93,960
Advertising and promotion	136,656	117,894	109,809
Provision for (recovery of) credit losses	12,001	7,165	10,905
Home and regional office costs	158,576	140,931	123,926
General and administrative	59,958	59,803	57,144
Marketable and non-marketable securities charges and realized gains, net			(6,426)
Other	91,655	83,741	85,808
Total operating expenses	2,485,476	2,355,180	2,249,928
OPERATING INCOME	2,385,342	2,188,669	2,006,229
Interest expense	(992,601)	(1,082,081)	(1,068,181)
Loss on extinguishment of debt	(127,573)
Income and other taxes	(28,085)	(39,538)	(15,715)
Income from unconsolidated entities	226,774	206,380	130,879
Gain (loss) upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	158,308	93,363	510,030
Consolidated income from continuing operations	1,622,165	1,366,793	1,563,242
Discontinued operations	67,524	184,797	156,390
Discontinued operations transaction expenses	(38,163)
CONSOLIDATED NET INCOME	1,651,526	1,551,590	1,719,632
Net income attributable to noncontrolling interests	2,491	8,990	8,520
Preferred unit requirements	5,252	5,252	5,252
NET INCOME ATTRIBUTABLE TO UNITHOLDERS	1,643,783	1,537,348	1,705,860
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	1,405,251	1,316,304	1,431,159
Limited Partners	238,532	221,044	274,701
Net income attributable to unitholders	$ 1,643,783	$ 1,537,348	$ 1,705,860
BASIC AND DILUTED EARNINGS PER UNIT:
Income from continuing operations (in dollars per unit)	$ 4.44	$ 3.73	$ 4.29
Discontinued operations (in dollars per unit)	0.08	0.51	0.43
Net income attributable to unitholders (in dollars per unit)	$ 4.52	$ 4.24	$ 4.72
Consolidated net income	$ 1,651,526	$ 1,551,590	$ 1,719,632
Unrealized gain on derivative hedge agreements	5,220	7,101	16,652
Net loss reclassified from accumulated other comprehensive income into earnings	10,789	9,205	21,042
Currency translation adjustments	(101,799)	2,865	9,200
Changes in available-for-sale securities and other	102,816	(1,479)	(39,248)
Comprehensive income	1,668,552	1,569,282	1,727,278
Comprehensive income attributable to noncontrolling interests	2,491	8,990	8,520
Comprehensive income attributable to unitholders	$ 1,666,061	$ 1,560,292	$ 1,718,758

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 1,651,526	$ 1,551,590	$ 1,719,632
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
Depreciation and amortization	1,285,784	1,332,950	1,301,304
Loss on debt extinguishment	127,573
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	(158,550)	(107,515)	(510,030)
Marketable and non-marketable securities charges and realized gains, net			(6,426)
Straight-line rent	(48,880)	(48,264)	(37,998)
Equity in income of unconsolidated entities	(227,426)	(205,259)	(131,907)
Distributions of income from unconsolidated entities	202,269	179,054	151,398
Changes in assets and liabilities -
Tenant receivables and accrued revenue, net	(6,730)	(13,938)	(4,815)
Deferred costs and other assets	(65,569)	(30,013)	(133,765)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	(29,577)	42,391	165,679
Net cash provided by operating activities	2,730,420	2,700,996	2,513,072
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(85,459)	(866,541)	(3,735,718)
Funding of loans to related parties	(50,892)	(99,079)	(25,364)
Repayments of loans to related parties	170,953		92,600
Capital expenditures, net	(796,736)	(841,209)	(802,427)
Cash from acquisitions and cash impact from the consolidation and deconsolidation of properties	5,402		91,163
Net proceeds from sale of assets		274,058	383,804
Investments in unconsolidated entities	(239,826)	(143,149)	(201,330)
Purchase of marketable and non-marketable securities	(391,188)	(44,117)	(184,804)
Proceeds from sale of marketable and non-marketable securities		47,495	415,848
Repayments of loans held for investment			163,908
Distributions of capital from unconsolidated entities	490,480	724,454	221,649
Net cash used in investing activities	(897,266)	(948,088)	(3,580,671)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of units	277	99	1,213,840
Cash impact of Washington Prime spin-off	(33,776)
Redemption of limited partner units	(14,435)		(248,000)
Purchase of noncontrolling interest in consolidated properties and other	(172,652)		(229,595)
Distributions to noncontrolling interest holders in properties	(21,259)	(9,335)	(13,623)
Contributions from noncontrolling interest holders in properties	1,738	6,053	4,204
Partnership distributions	(1,877,158)	(1,690,553)	(1,485,240)
Loss on debt extinguishment	(127,573)
Mortgage and unsecured indebtedness proceeds, net of transaction costs	3,627,154	2,919,364	6,772,443
Mortgage and unsecured indebtedness principal payments	(5,323,186)	(2,446,191)	(4,560,562)
Net proceeds from issuance of debt related to Washington Prime properties, net	1,003,135
Net cash (used in) provided by financing activities	(2,937,735)	(1,220,563)	1,453,467
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (Note 3)	(1,104,581)	532,345	385,868
CASH AND CASH EQUIVALENTS, beginning of period	1,716,863	1,184,518	798,650
CASH AND CASH EQUIVALENTS, end of period	$ 612,282	$ 1,716,863	$ 1,184,518

Consolidated Statements of Equity - USD ($) $ in Thousands	Preferred Units Series J Preferred Stock	Preferred Units	Simon Property (Managing General Partner)	Limited Partners	Noncontrolling Interests	Total
Balance at Dec. 31, 2011		$ 45,047	$ 4,604,619	$ 953,622	$ (59,000)	$ 5,544,288
Increase (Decrease) in Stockholders' Equity
General partner contributions (1,567 units and 712 units for the years ended 2014 and 2012)			41			41
Issuance of limited partner units (555,150 and 205,335 units for the years ended 2014 and 2012)				31,324		31,324
Issuance of units related to Simon Property's public offering of its common stock (9,137,500 units)			1,213,741			1,213,741
Series J preferred stock premium and amortization	$ (328)					(328)
Limited partner units exchanged to common units (70,291, 596,051 and 7,447,921 units for the years ended 2014, 2013 and 2012 and 6,795,296 common shares for the year ended 2012)			144,197	(144,197)
Redemption of limited partner units (2,000,000 for the year ended 2012)			(209,096)	(38,904)		(248,000)
Amortization of stock incentive			14,001			14,001
Purchase of noncontrolling interests			25,917		58,559	84,476
Issuance of unit equivalents and other (603,287, 489,654 and 337,006 units for the years ended 2014, 2013 and 2012 and 25,545 common units for the year ended 2014)			(36,157)	56,621	(1)	20,463
Adjustment to limited partners' interest from change in ownership in the Operating Partnership			(84,685)	84,685
Distributions to limited partners, excluding preferred interests classified as temporary equity		(3,337)	(1,241,216)	(238,772)	(435)	(1,483,760)
Net income, excluding preferred distributions on temporary equity preferred units of $1,915, $1,915 and $1,915 for the years ended 2014, 2013 and 2012 and $8,858, and $8,520 attributable to noncontrolling redeemable interests in properties in temporary equity for the years ended 2013 and 2012		3,337	1,431,159	274,701		1,709,197
Other comprehensive income			3,363	4,283		7,646
Balance at Dec. 31, 2012		44,719	5,865,884	983,363	(877)	6,893,089
Increase (Decrease) in Stockholders' Equity
General partner contributions (1,567 units and 712 units for the years ended 2014 and 2012)			90			90
Series J preferred stock premium and amortization	(329)					(329)
Limited partner units exchanged to common units (70,291, 596,051 and 7,447,921 units for the years ended 2014, 2013 and 2012 and 6,795,296 common shares for the year ended 2012)			11,161	(11,161)
Amortization of stock incentive			18,311			18,311
Issuance of unit equivalents and other (603,287, 489,654 and 337,006 units for the years ended 2014, 2013 and 2012 and 25,545 common units for the year ended 2014)			(7,516)	44,107	5,294	41,885
Adjustment to limited partners' interest from change in ownership in the Operating Partnership			28,382	(28,382)
Distributions to limited partners, excluding preferred interests classified as temporary equity		(3,337)	(1,442,705)	(242,596)	(285)	(1,688,923)
Net income, excluding preferred distributions on temporary equity preferred units of $1,915, $1,915 and $1,915 for the years ended 2014, 2013 and 2012 and $8,858, and $8,520 attributable to noncontrolling redeemable interests in properties in temporary equity for the years ended 2013 and 2012		3,337	1,316,304	221,044	132	1,540,817
Other comprehensive income			15,105	2,587		17,692
Balance at Dec. 31, 2013		44,390	5,805,016	968,962	4,264	6,822,632
Increase (Decrease) in Stockholders' Equity
Issuance of limited partner units (555,150 and 205,335 units for the years ended 2014 and 2012)				84,910		84,910
Series J preferred stock premium and amortization	$ (328)					(328)
Limited partner units exchanged to common units (70,291, 596,051 and 7,447,921 units for the years ended 2014, 2013 and 2012 and 6,795,296 common shares for the year ended 2012)			1,297	(1,297)
Redemption of limited partner units (87,621 and 2,000,000 units for 2014 and 2012)			(12,972)	(1,463)		(14,435)
Amortization of stock incentive			18,256			18,256
Spin-off of Washington Prime			(694,457)	(118,306)		(812,763)
Long-term incentive performance units				49,938		49,938
Issuance of unit equivalents and other (603,287, 489,654 and 337,006 units for the years ended 2014, 2013 and 2012 and 25,545 common units for the year ended 2014)			18,885		12,081	30,966
Adjustment to limited partners' interest from change in ownership in the Operating Partnership			93,351	(93,351)
Distributions to limited partners, excluding preferred interests classified as temporary equity		(3,337)	(1,600,266)	(271,640)	(19,065)	(1,894,308)
Net income, excluding preferred distributions on temporary equity preferred units of $1,915, $1,915 and $1,915 for the years ended 2014, 2013 and 2012 and $8,858, and $8,520 attributable to noncontrolling redeemable interests in properties in temporary equity for the years ended 2013 and 2012		3,337	1,405,251	238,532	2,491	1,649,611
Other comprehensive income			14,754	2,272		17,026
Balance at Dec. 31, 2014		$ 44,062	$ 5,049,115	$ 858,557	$ (229)	$ 5,951,505

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Consolidated Statements of Equity
General partner contributions, units		1,567	712
Issuance of limited partner, units	555,150		205,335
Issuance of units related to Simon Property's public offering of its common stock			9,137,500
Limited partner units exchanged to common units	70,291	596,051	7,447,921
Units issued to limited partners, units			6,795,296
Stock incentive program, units	83,509	107,123	114,066
Redemption of limited partner units	87,621		2,000,000
Issuance of equivalents units	603,287	489,654	337,006
Issuance of other units	25,545
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars)	$ 1,915	$ 1,915	$ 1,915
Net income, attributable to noncontrolling redeemable interests in properties in temporary equity (in dollars)		$ 8,858	$ 8,520

Organization

12 Months Ended

Dec. 31, 2014

Organization

Organization

1. Organization

Simon Property Group, L.P. is a Delaware limited partnership and the majority-owned subsidiary of Simon Property Group, Inc., a Delaware corporation. In these notes to 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" refers specifically to Simon Property Group, Inc. (NYSE: SPG). Simon is a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended. REITs will generally not be liable for federal corporate income taxes as long as they continue to distribute not less than 100% of their taxable income. According to our partnership agreement, we are required to pay all expenses of Simon.

We own, develop and manage retail real estate properties, which consist primarily of malls, Premium Outlets® and The Mills®. As of December 31, 2014, we owned or held an interest in 207 income-producing properties in the United States, which consisted of 109 malls, 68 Premium Outlets, 13 Mills, three community centers, and 14 other retail properties in 37 states and Puerto Rico. Internationally, as of December 31, 2014, we had ownership interests in nine Premium Outlets in Japan, three Premium Outlets in South Korea, two Premium Outlets in Canada, one Premium Outlet in Mexico, and one Premium Outlet in Malaysia. As of December 31, 2014, we had noncontrolling ownership interests in five outlet properties in Europe through our joint venture with McArthurGlen. Of the five properties, two are located in Italy and one each is located in Austria, the Netherlands, and the United Kingdom. Additionally, as of December 31, 2014, 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, shopping centers located in 13 countries in Europe.

On May 28, 2014, as further discussed in Note 3, we completed the spin-off of our interests in 98 properties comprised of substantially all of our strip center business and our smaller enclosed malls to Washington Prime Group Inc., or Washington Prime, an independent, publicly traded REIT (now doing business as WP GLIMCHER). The historical results of operations of the Washington Prime properties as well as the related assets and liabilities are presented as discontinued operations in the accompanying consolidated financial statements.

We generate the majority of our revenues from leases with retail tenants including:

•	base minimum rents,
•	overage and percentage rents based on tenants' sales volume, and
•	recoverable expenditures such as property operating, real estate taxes, repair and maintenance, and advertising and promotional expenditures.

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

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

•	establishing our malls as leading market resource providers for retailers and other businesses and consumer-focused corporate alliances, including payment systems (such as handling fees relating to the sales of bank-issued prepaid cards), national marketing alliances, static and digital media initiatives, business development, sponsorship, and events,
•	offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services,
•	selling or leasing land adjacent to our properties, commonly referred to as "outlots" or "outparcels," and
•	generating interest income on cash deposits and investments in loans, including those made to related entities.

Basis of Presentation and Consolidation

12 Months Ended

Dec. 31, 2014

Basis of Presentation

Basis of Presentation and Consolidation

2. Basis of Presentation and Consolidation

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

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

We also consolidate a variable interest entity, or VIE, when we are determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE, including management agreements and other contractual arrangements. As described in Note 4, on December 4, 2012, we acquired the remaining 50% noncontrolling interest in two previously consolidated outlet properties. Prior to the acquisition, we had determined these properties were VIEs and we were the primary beneficiary. There have been no changes during 2014 and 2013 in previous conclusions about whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. During 2014 and 2013, we did not provide financial or other support to a previously identified VIE that we were not previously contractually obligated to provide.

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

As of December 31, 2014, we consolidated 133 wholly-owned properties and 13 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 82 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 60 of the 82 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, and the five properties through our joint venture with McArthurGlen comprise 19 of the remaining 22 properties. These international properties are managed locally by joint ventures in which we share control.

We allocate our net operating results after preferred distributions based on our partners' respective weighted average ownership. Simon owns a majority of our 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 preferred stock. Simon's weighted average ownership interest in us was as follows:

	For the Year Ended December 31,
	2014			2013			2012
Weighted average ownership interest		85.5	%		85.6	%		83.9	%

As of December 31, 2014 and 2013, Simon's ownership interest in us was 85.5% and 85.7%, 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 held by limited partners and are recorded when declared.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

Investment Properties

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

	For the Year Ended December 31,
	2014		2013		2012
Capitalized interest	$	16,500	$	15,585	$	20,703

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

We review investment properties for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable. These circumstances include, but are not limited to, declines in a property's cash flows, ending occupancy or total sales per square foot. We measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization plus its residual value is less than the carrying value of the property. To the extent impairment has occurred, we charge to income the excess of carrying value of the property over its estimated fair value. We estimate fair value using unobservable data such as operating income, estimated capitalization rates, or multiples, leasing prospects and local market information. We may decide to sell properties that are held for use and the sale prices of these properties may differ from their carrying values. We also review our investments, including investments in unconsolidated entities, if events or circumstances change indicating that the carrying amount of our investments may not be recoverable. We will record an impairment charge if we determine that a decline in the fair value of the investments is other-than-temporary. Changes in economic and operating conditions that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results.

Purchase Accounting Allocation

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

•	the fair value of land and related improvements and buildings on an as-if-vacant basis,
•	the market value of in-place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into revenues,
•	the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and
•	the value of revenue and recovery of costs foregone during a reasonable lease-up period, as if the space was vacant.

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

Discontinued Operations

On May 28, 2014, we completed the spin-off of our interests in 98 properties comprised of substantially all of our strip center business and our smaller enclosed malls to Washington Prime, an independent, publicly traded REIT. The spin-off was effectuated through a distribution of the common shares of Washington Prime to holders of Simon common stock as of the distribution record date, and qualified as a tax-free distribution for U.S. federal income tax purposes. For every two shares of Simon common stock held as of the record date of May 16, 2014, Simon stockholders received one Washington Prime common share on May 28, 2014. At the time of the separation and distribution, Washington Prime owned a percentage of the outstanding units of partnership interest of Washington Prime Group, L.P. that was approximately equal to the percentage of our outstanding units owned by Simon. The remaining units of Washington Prime Group, L.P. were owned by our limited partners who received one Washington Prime Group, L.P. unit for every two units they owned of us. Subsequent to the spin-off, we retained a nominal interest in Washington Prime Group, L.P. We also retained approximately $1.0 billion of proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off.

The historical results of operations of the Washington Prime properties have been presented as discontinued operations in the consolidated statements of operations and comprehensive income. Discontinued operations also include transaction costs of $38.2 million we incurred to spin-off Washington Prime. In addition, the assets and liabilities of Washington Prime are presented separately from assets and liabilities from continuing operations in the accompanying consolidated balance sheets. The accompanying consolidated statements of cash flows include within operating, investing and financing cash flows those activities which related to our period of ownership of the Washington Prime properties.

The following is a summary of the assets and liabilities transferred to Washington Prime as part of the spin-off (dollars in thousands):

	May 28, 2014		December 31, 2013
ASSETS:
Investment properties at cost	$	4,802,975	$	4,789,705
Less — accumulated depreciation		2,034,615		1,974,949

		2,768,360		2,814,756
Cash and cash equivalents		33,776		25,857
Tenant receivables and accrued revenue, net		53,662		61,121
Investment in unconsolidated entities, at equity		5,189		3,554
Deferred costs and other assets		110,365		97,026

Total assets	$	2,971,352	$	3,002,314


LIABILITIES:
Mortgages and unsecured indebtedness	$	1,929,019	$	918,614
Accounts payable, accrued expenses, intangibles, and deferred revenues		112,390		151,011
Cash distributions and losses in partnerships and joint ventures, at equity		41,623		41,313
Other liabilities		36,927		6,851

Total liabilities		2,119,959		1,117,789


Net Assets Transferred to Washington Prime	$	851,393	$	1,884,525

The results of the discontinued operations through the May 28, 2014 date of the spin-off are included in the consolidated results for the year ended December 31, 2014. Summarized financial information for discontinued operations for the years ended December 31, 2014, 2013, and 2012 is as follows (dollars in thousands).

	For the Year Ended
	2014			2013			2012
TOTAL REVENUE	$	262,652		$	626,289		$	623,927
Property operating		43,175			104,089			106,241
Depreciation and amortization		76,992			182,828			189,187
Real estate taxes		32,474			76,216			76,361
Repairs and maintenance		10,331			22,584			22,208
Advertising and promotion		3,340			8,316			8,981
Provision for credit losses		1,494			572			1,904
Other		2,028			4,664			4,674

Total operating expenses		169,834			399,269			409,556
OPERATING INCOME		92,818			227,020			214,371
Interest expense		(26,076	)		(55,058	)		(58,844	)
Income and other taxes		(112	)		(196	)		(165	)
Income (loss) from unconsolidated entities		652			(1,121	)		1,028
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		242			14,152			—

CONSOLIDATED NET INCOME		67,524			184,797			156,390
Net income attributable to noncontrolling interests		9,781			26,571			25,184

NET INCOME ATTRIBUTABLE TO UNITHOLDERS	$	57,743		$	158,226		$	131,206

Capital expenditures on a cash basis for the years ended December 31, 2014, 2013, and 2012 were $31.9 million, $93.3 million, and $67.8 million, respectively, related to the discontinued operations.

We and Washington Prime entered into property management and transitional services agreements in connection with the spin-off whereby we will provide certain services to Washington Prime and its properties. Pursuant to the terms of the property management agreements, we manage, lease, and maintain Washington Prime's mall properties under the direction of Washington Prime. In exchange, Washington Prime pays us annual fixed rate property management fees ranging from 2.5% to 4.0% of base minimum and percentage rents, reimburses us for direct out-of-pocket costs and expenses and also pays us separate fees for any leasing and development services we provide. The property management agreements have an initial term of two years with automatic one year renewals unless terminated. Either party may terminate the property management agreements on or after the two-year anniversary of the spin-off upon 180 days prior written notice.

We also provide certain support services to the Washington Prime strip centers and certain of its central functions to assist Washington Prime as it establishes its stand-alone processes for various activities that were previously provided by us and does not constitute significant continuing support of Washington Prime's operations. These services include assistance in the areas of information technology, treasury and financial management, payroll, lease administration, taxation and procurement. The charges for such services are intended to allow us to recover costs of providing these services. The transition services agreement will terminate no later than two years following the date of the spin-off subject to a minimum notice period equal to the shorter of 180 days or one-half of the original service period.

Transitional services fees earned for the portion of 2014 subsequent to the spin-off were approximately $3.2 million.

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 may be in excess of FDIC and SIPC insurance limits. See Notes 4 and 10 for disclosures about non-cash investing and financing transactions.

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. At December 31, 2014 and 2013, we had marketable securities of $643.0 million and $148.3 million, respectively, generally accounted for as available-for-sale, which are adjusted to their quoted market price with a corresponding adjustment in other comprehensive income (loss). Net unrealized gains recorded in other comprehensive income (loss) as of December 31, 2014 and 2013 were approximately $103.9 million and $1.1 million, respectively, and represent the valuation adjustments for our marketable securities.

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.

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.

We hold an investment in a publicly traded REIT, which is accounted for as an available-for-sale security. At December 31, 2014, we owned 5.71 million shares, representing a market value of $476.4 million with an aggregate net unrealized gain of $102.5 million.

At December 31, 2014 and 2013, we had investments of $167.1 million and $120.3 million, respectively, 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. During the fourth quarter of 2012, as a result of the significance and duration of the impairment, represented by the excess of the carrying value over the estimated fair value of certain cost method investments, we recognized other-than-temporary non-cash charges of $71.0 million, which is included in marketable and non-marketable securities charges and realized gains, net in the accompanying consolidated statements of operations and comprehensive income. The fair value of the remaining investment for the securities that were impaired is not material and was based on Level 2 fair value inputs.

On October 23, 2012 we completed the sale of all of our investments in Capital Shopping Centres Group PLC, or CSCG, and Capital & Counties Properties PLC, or CAPC. These investments were accounted for as available-for-sale securities and their value was adjusted to their quoted market price, including a related foreign exchange component, through other comprehensive income (loss). At the date of sale, we owned 35.4 million shares of CSCG and 38.9 million shares of CAPC. The aggregate proceeds received from the sale were $327.1 million, and we recognized a gain on the sale of $82.7 million, which is included in marketable and non-marketable securities charges and realized gains, net in the accompanying consolidated statements of operations and comprehensive income. The gain includes $79.4 million that was reclassified from accumulated other comprehensive income (loss).

Fair Value Measurements

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

The marketable securities we held at December 31, 2014 and 2013 were primarily classified as having Level 1 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs which consist primarily of interest rate swap agreements and foreign currency forward contracts with a gross liability balance of $2.1 million and $1.2 million at December 31, 2014 and 2013, respectively, and a gross asset value of $20.1 million and $8.4 million at December 31, 2014 and 2013, respectively.

Note 8 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3 and 4 include 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.

Use of Estimates

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

Segment Disclosure

Our primary business is the ownership, development, and management of retail real estate. We have aggregated our retail operations, including malls, Premium Outlets, The Mills, and our international investments into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same tenants.

Deferred Costs and Other Assets

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

	2014		2013
Deferred financing and lease costs, net	$	312,569	$	296,359
In-place lease intangibles, net		216,330		265,097
Acquired above market lease intangibles, net		75,366		91,170
Marketable securities of our captive insurance companies		111,844		94,720
Goodwill		20,098		20,098
Other marketable and non-marketable securities		698,265		173,887
Prepaids, notes receivable and other assets, net		372,317		481,457

	$	1,806,789	$	1,422,788

Deferred Financing and Lease Costs

Our deferred costs consist primarily of financing fees we incurred in order to obtain long-term financing and internal and external leasing commissions and related costs. We record amortization of deferred financing costs on a straight-line basis over the terms of the respective loans or agreements. Our deferred leasing costs consist primarily of capitalized salaries and related benefits in connection with lease originations. We record amortization of deferred leasing costs on a straight-line basis over the terms of the related leases. Details of these deferred costs as of December 31 are as follows:

	2014			2013
Deferred financing and lease costs	$	533,050		$	525,413
Accumulated amortization		(220,481	)		(229,054	)

Deferred financing and lease costs, net	$	312,569		$	296,359

We report amortization of deferred financing costs, amortization of premiums, and accretion of discounts as part of interest expense. Amortization of deferred leasing costs is a component of depreciation and amortization expense. We amortize debt premiums and discounts, which are included in mortgages and unsecured indebtedness, over the remaining terms of the related debt instruments. These debt premiums or discounts arise either at the time of the debt issuance or as part of the purchase price allocation of the fair value of debt assumed in acquisitions. The accompanying consolidated statements of operations and comprehensive income include amortization from continuing operations as follows:

	For the Year Ended December 31,
	2014			2013			2012
Amortization of deferred financing costs	$	21,392		$	25,159		$	25,932
Amortization of debt premiums, net of discounts		(24,092	)		(33,026	)		(32,143	)
Amortization of deferred leasing costs		39,488			34,891			32,977

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.

We had investments in mortgage and mezzanine loans which were repaid during 2012. We recorded $6.8 million during 2012 in interest income earned from these loans.

Intangibles

The average remaining life of in-place lease intangibles is approximately 3.3 years and is being amortized on a straight-line basis and is included with depreciation and amortization in the consolidated statements of operations and comprehensive income. The fair market value of above and below market leases is amortized into revenue over the remaining lease life as a component of reported minimum rents. The weighted average remaining life of these intangibles is approximately 4.7 years. The unamortized amount of below market leases is included in accounts payable, accrued expenses, intangibles and deferred revenues in the consolidated balance sheets and was $103.1 million and $135.1 million as of December 31, 2014 and 2013, respectively. The amount of amortization from continuing operations of above and below market leases, net for the years ended December 31, 2014, 2013, and 2012 was $11.3 million, $22.8 million, and $15.9 million, respectively. If a lease is terminated prior to the original lease termination, any remaining unamortized intangible is written off to earnings.

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

	2014			2013
In-place lease intangibles	$	416,623		$	443,127
Accumulated depreciation		(200,293	)		(178,030	)

In-place lease intangibles, net	$	216,330		$	265,097

	2014			2013
Acquired above market lease intangibles	$	225,335		$	239,000
Accumulated amortization		(149,969	)		(147,830	)

Acquired above market lease intangibles, net	$	75,366		$	91,170

Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2014 are as follows:

	Below Market Leases		Above Market Leases			Impact to Minimum Rent, Net
2015	$	29,062	$	(19,697	)	$	9,365
2016		23,829		(17,524	)		6,305
2017		17,255		(14,169	)		3,086
2018		13,146		(10,810	)		2,336
2019		10,602		(7,384	)		3,218
Thereafter		9,218		(5,782	)		3,436

	$	103,112	$	(75,366	)	$	27,746

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 designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there is no significant ineffectiveness from any of our derivative activities. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities. As of December 31, 2014, we had the following outstanding interest rate derivatives related to managing our interest rate risk:

Interest Rate Derivative		Number of Instruments		Notional Amount
Interest Rate Swaps		2		$375.0 million

The carrying value of our interest rate swap agreements, at fair value, as of December 31, 2014, was a net liability balance of $1.2 million, of which $2.1 million was included in other liabilities and $0.9 million was included in deferred costs and other assets. The carrying value of our interest rate swap agreements, at fair value, at December 31, 2013 was a net asset balance of $3.0 million, of which $0.4 million was included in other liabilities and $3.4 million was included in deferred costs and other assets. The interest rate cap agreements were of nominal value at December 31, 2013 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 ¥14.7 million remained as of December 31, 2014 for all Yen forward contracts which matured through January 5, 2015. The December 31, 2014 asset balance related to these forward contracts was $0.1 million and was included in deferred costs and other assets. The December 31, 2013 asset balance related to these forward contracts was $5.0 million and was 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 the third quarter of 2014, we entered into Euro:USD forward contracts, which were designated as net investment hedges, with an aggregate €150.0 million notional value which mature through August 11, 2017. The December 31, 2014 asset balance related to these forward contracts was $19.1 million and is included in deferred costs and other assets. In the fourth quarter of 2013, we entered into a Euro:USD forward contract with a €74.0 million notional value, which we designated as a net investment hedge, that matured on May 30, 2014. The liability balance related to this forward contract was $0.8 million and included in other liabilities as of December 31, 2013. We apply hedge accounting to these forward contracts and report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro-denominated joint venture investment.

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 $45.8 million and $61.8 million as of December 31, 2014 and 2013, respectively.

New Accounting Pronouncements

In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 became effective prospectively for fiscal years beginning after December 15, 2014, but could be early-adopted. We early adopted ASU 2014-08 in the first quarter of 2014 and are applying the revised definition to all disposals on a prospective basis, including the spin-off of Washington Prime. ASU 2014-08 also requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation.

In May 2014, the FASB issued ASU 2014-09, "Revenue From Contracts With Customers." ASU 2014-09 amends the existing accounting standards for revenue recognition and is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. ASU 2014-09 will be effective for us beginning in its first quarter of 2017. Early adoption is not permitted. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. We are currently evaluating the methods and impact of adopting the new revenue standard on our consolidated financial statements.

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. Although we may redeem the 7.5% preferred units for cash or shares of Simon common stock, we could be required to redeem the securities for cash because the non-cash redemption alternative requires us to deliver fully registered shares of Simon common stock which we may not be able to deliver depending upon the circumstances that exist at the time of redemption. 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 and limited partners within permanent equity considered several significant factors. First, as a limited partnership, all decisions relating to our operations and distributions are made by Simon, acting as our sole general partner. The decisions of the general partner are made by Simon's Board of Directors or management. We have no other governance structure. Secondly, the sole asset of Simon is its interest in us. As a result, a share of Simon 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 common stock or cash as selected by the general partner. Accordingly, we classify units held by limited partners in permanent equity because Simon 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 only when Simon has redeemed shares of its common stock. We classify units held by Simon in permanent equity because the decision to redeem those units would be made by Simon.

Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties) is a component of consolidated net income. During 2014, 2013 and 2012, no individual components of other comprehensive income (loss) were attributable to noncontrolling interests.

A rollforward of noncontrolling interests for the years ending December 31 is as follows:

	2014			2013			2012
Noncontrolling nonredeemable (deficit) interests in properties, net — beginning of period	$	4,264		$	(877	)	$	(59,000	)
Net income attributable to noncontrolling nonredeemable interests		2,491			132			—
Distributions to noncontrolling nonredeemable interestholders		(19,065	)		(285	)		(435	)
Purchase and disposition of noncontrolling interests, net, and other		12,081			5,294			58,558

Noncontrolling nonredeemable (deficit) interests in properties, net — end of period	$	(229	)	$	4,264		$	(877	)

Accumulated Other Comprehensive Income (Loss)

The changes in components of our accumulated other comprehensive income (loss) consisted of the following net of noncontrolling interest as of December 31, 2014:

	Currency translation adjustments			Accumulated derivative losses, net			Net unrealized gains on marketable securities		Total
Beginning balance	$	(27,755	)	$	(61,833	)	$	1,134	$	(88,454	)
Other comprehensive income (loss) before reclassifications		(101,799	)		5,220			102,816		6,237
Amounts reclassified from accumulated other comprehensive income (loss)		—			10,789			—		10,789

Net current-period other comprehensive income (loss)		(101,799	)		16,009			102,816		17,026

Ending balance	$	(129,554	)	$	(45,824	)	$	103,950	$	(71,428	)

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31, 2014 and 2013:

	December 31, 2014			December 31, 2013
Details about accumulated other comprehensive income (loss) components:	Amount reclassified from accumulated other comprehensive income (loss)			Amount reclassified from accumulated other comprehensive income (loss)			Affected line item in the statement where net income is presented
Accumulated derivative losses, net	$	(10,789	)	$	(9,205	)	Interest expense

	$	(10,789	)	$	(9,205	)

Revenue Recognition

We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We accrue minimum rents on a straight-line basis over the terms of their respective leases. Substantially all of our retail tenants are also required to pay overage rents based on sales over a stated base amount during the lease year. We recognize overage rents only when each tenant's sales exceed the applicable sales threshold. We amortize any tenant inducements as a reduction of revenue utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter.

We structure our leases to allow us to recover a significant portion of our property operating, real estate taxes, repairs and maintenance, and advertising and promotion expenses from our tenants. A substantial portion of our leases, other than those for anchor stores, require the tenant to reimburse us for a substantial portion of our operating expenses, including common area maintenance, or CAM, real estate taxes and insurance. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation. Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. As of December 31, 2014 for substantially all of our leases in the U.S. mall portfolio, we receive a fixed payment from the tenant for the CAM component which is recognized as revenue when earned. When not reimbursed by the fixed-CAM component, CAM expense reimbursements are based on the tenant's proportionate share of the allocable operating expenses and CAM capital expenditures for the property. We also receive escrow payments for these reimbursements from substantially all our non-fixed CAM tenants and monthly fixed CAM payments throughout the year. We accrue reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. Our advertising and promotional costs are expensed as incurred.

Management Fees and Other Revenues

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

Revenues from insurance premiums charged to unconsolidated properties are recognized on a pro-rata basis over the terms of the policies. Insurance losses on these policies and our self-insurance for our consolidated properties are reflected in property operating expenses in the accompanying consolidated statements of operations and comprehensive income and include estimates for losses incurred but not reported as well as losses pending settlement. Estimates for losses are based on evaluations by third-party actuaries and management's estimates. Total insurance reserves for our insurance subsidiaries and other self-insurance programs as of December 31, 2014 and 2013 approximated $93.5 million and $103.4 million, respectively, and are included in other liabilities in the consolidated balance sheets. Information related to the securities included in the investment portfolio of our captive insurance subsidiaries is included within the "Marketable and Non-Marketable Securities" section above.

Allowance for Credit Losses

We record a provision for credit losses based on our judgment of a tenant's creditworthiness, ability to pay and probability of collection. In addition, we also consider the retail sector in which the tenant operates and our historical collection experience in cases of bankruptcy, if applicable. Accounts are written off when they are deemed to be no longer collectible. Presented below is the activity in the allowance for credit losses during the following years:

	For the Year Ended December 31,
	2014			2013			2012
Balance, beginning of period	$	32,681		$	29,263		$	24,170
Consolidation of previously unconsolidated properties		117			—			2,061
Provision for credit losses		12,001			7,165			10,905
Accounts written off, net of recoveries		(11,517	)		(3,747	)		(7,873	)

Balance, end of period	$	33,282		$	32,681		$	29,263

Income Taxes

As a partnership, the allocated share of our income or loss for each year is included in the income tax returns of the partners; accordingly, no accounting for income taxes is required in the accompanying consolidated financial statements other than as discussed below for our taxable REIT subsidiaries.

Simon and certain of our subsidiaries are taxed as REITs under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the entity to distribute at least 90% of taxable income to its owners and meet certain other asset and income tests as well as other requirements. We intend to continue to make distributions to Simon in amounts sufficient to assist Simon in adhering to REIT requirements and maintaining its REIT status. Our subsidiary REIT entities will generally not be liable for federal corporate income taxes as long as they continue to distribute in excess of 100% of their taxable income. Thus, we made no provision for federal income taxes for these entities in the accompanying consolidated financial statements. If Simon or any of our REIT subsidiaries fail to qualify as a REIT, Simon or that entity will be subject to tax at regular corporate rates for the years in which it failed to qualify. If Simon or any of our REIT subsidiaries lost their REIT status, they could not elect to be taxed as a REIT for four taxable years following the year during which qualification was lost unless their failure to qualify was due to reasonable cause and certain other conditions were satisfied.

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

As of December 31, 2014, we had a net deferred tax liability of $1.1 million and as of December 31, 2013, we had a net deferred tax asset of $1.1 million related to our TRS subsidiaries. The net deferred tax liability is included in other liabilities and the net deferred tax asset is included in deferred costs and other assets in the accompanying consolidated balance sheets. The net deferred tax asset/liability consists primarily of operating losses and other carryforwards for federal income tax purposes as well as the timing of the deductibility of losses or reserves from insurance subsidiaries. No valuation allowance has been recorded as we believe these amounts will be realized.

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

Corporate Expenses

Home and regional office costs primarily include compensation and personnel related costs, travel, building and office costs, and other expenses for our corporate home office and regional offices. General and administrative expense primarily includes executive compensation, benefits and travel expenses as well as costs of being a public company including certain legal costs, audit fees, regulatory fees, and certain other professional fees.

Real Estate Acquisitions and Dispositions	12 Months Ended
Real Estate Acquisitions and Dispositions	Dec. 31, 2014
Real Estate Acquisitions and Dispositions
Real Estate Acquisitions and Dispositions	4. Real Estate Acquisitions and Dispositions We acquire interests in properties to generate both current income and long-term appreciation in value. We acquire interests in individual properties or portfolios of retail real estate companies that meet our investment criteria and sell properties which no longer meet our strategic criteria. Unless otherwise noted below, gains and losses on these transactions are included in gain 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, potential acquisition and disposition related costs as they are incurred. We incurred $38.2 million in transaction costs during the first six months of 2014 related to the spin-off of Washington Prime. Other than these transaction costs, we incurred a minimal amount of transaction expenses during 2014, 2013, and 2012. Our consolidated and unconsolidated acquisition and disposition activity for the periods presented are highlighted as follows: 2014 and 2015 Acquisitions On January 15, 2015, we acquired a 100% interest in Jersey Gardens (renamed The Mills at Jersey Gardens) in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, properties previously owned by Glimcher Realty Trust for $677.9 million of cash and the assumption of existing mortgage debt of $405.0 million. On April 10, 2014, as discussed further in Note 7, through our joint venture with McArthurGlen, we acquired an additional noncontrolling interest in Ashford Designer Outlet. On January 30, 2014, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner, as well as approximately 39 acres of land in Oyster Bay, New York, for approximately $145.8 million, consisting of cash consideration and 555,150 units. Arizona Mills is subject to a mortgage which was $166.9 million at the time of the acquisition. 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 $2.7 million in the first quarter of 2014. We now own 100% of this property. On January 10, 2014, we acquired one of our partner's redeemable interests in a portfolio of ten properties for approximately $114.4 million subject to a pre-existing contractual arrangement. The amount paid to acquire the interests in the seven properties which were previously consolidated was included in preferred units, at liquidation value, and noncontrolling redeemable interests in properties in the accompanying consolidated balance sheet at December 31, 2013. 2013 Acquisitions During 2013, as further discussed in Note 7, we acquired noncontrolling interests in the property management and development companies of McArthurGlen as well as interests in five designer outlet properties. On May 30, 2013, we acquired a 100% interest in a 390,000 square foot outlet center located near Portland, Oregon for cash consideration of $146.7 million. The fair value of the acquisition was recorded primarily as investment property and lease related intangibles. As a result of the excess of fair value over amounts paid, we recognized a gain of approximately $27.3 million. 2012 Acquisitions On December 31, 2012, as discussed in Note 7, we contributed a wholly-owned property to a newly formed joint venture in exchange for an interest in a property contributed to the same joint venture by our joint venture partner. On December 4, 2012, we acquired the remaining 50% noncontrolling equity interest in two previously consolidated outlet properties located in Grand Prairie, Texas, and Livermore, California, and, accordingly, we now own 100% of these properties. We paid consideration of $260.9 million for the additional interests in the properties, 90% of which was paid in cash and 10% of which was satisfied through the issuance of our units. In addition, the construction loans we had provided to the properties totaling $162.5 million were extinguished on a non-cash basis. The transaction was accounted for as an equity transaction, as the properties had been previously consolidated. 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 March 22, 2012, as discussed in Note 7, we acquired additional interests in 26 of our joint venture properties from SPG-FCM Ventures, LLC, or SPG-FCM, in a transaction valued at approximately $1.5 billion, or the Mills transaction. On March 14, 2012, as discussed in Note 7, we acquired a 28.7% equity stake in Klépierre for approximately $2.0 billion. On January 6, 2012, we paid $50.0 million to acquire an additional 25% interest in Del Amo Fashion Center, thereby increasing our interest to 50%. 2014 Dispositions During 2014, we disposed of our interests in three consolidated retail properties. The aggregate gain recognized on these transactions was approximately $21.8 million. On September 26, 2014, we sold our investment in a hotel located at Coconut Point in Estero, Florida. The gain from this sale was $4.5 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income. 2013 Dispositions During 2013, we increased our economic interest in three unconsolidated community centers and subsequently disposed of our interests in those properties. Additionally, we disposed of our interests in eight consolidated retail properties and three unconsolidated retail properties. The aggregate gain recognized on these transactions was approximately $80.2 million. On August 8, 2013, we disposed of our interest in an office property located in the Boston, Massachusetts area. The gain on the sale was $7.9 million and is included in other income in the accompanying consolidated statements of operations and comprehensive income. 2012 Dispositions During 2012, we disposed of our interests in nine consolidated retail properties and four unconsolidated retail properties. The aggregate net gain on these disposals was $15.5 million. On May 3, 2012, we sold our interests in two residential apartment buildings located at The Domain in Austin, Texas. The gain from the sale was $12.4 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income. On January 9, 2012, as discussed in Note 7, we sold our entire ownership interest in Gallerie Commerciali Italia, S.p.A, or GCI.

Per Unit Data

12 Months Ended

Dec. 31, 2014

Per Unit Data

Per Unit Data

5. 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 securities 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 Year Ended December 31,
	2014		2013		2012
Net Income attributable to Unitholders — Basic and Diluted	$	1,643,783	$	1,537,348	$	1,705,860


Weighted Average Units Outstanding — Basic		363,475,504		362,355,581		361,322,520
Effect of stock options of Simon		—		50		1,072

Weighted Average Units Outstanding — Diluted		363,475,504		362,355,631		361,323,592

For the year ended December 31, 2014, potentially dilutive securities include long-term incentive performance units, or LTIP units. The only securities that had a dilutive effect for the years ended December 31, 2013 and 2012 were stock options of Simon.

We accrue distributions when they are declared. The taxable nature of the distributions declared for each of the years ended as indicated is summarized as follows:

	For the Year Ended December 31,
	2014			2013			2012
Total distributions paid per unit	$	5.15		$	4.65		$	4.10


Percent taxable as ordinary income		100.0	%		97.50	%		99.50	%
Percent taxable as long-term capital gains		—			2.50	%		0.50	%

		100.0	%		100.0	%		100.0	%

In January 2015, Simon's Board of Directors declared a quarterly common stock dividend for the first quarter of 2015 of $1.40 per share. The distribution rate on our units is equal to the dividend rate on Simon's common stock.

Investment Properties

12 Months Ended

Dec. 31, 2014

Investment Properties

Investment Properties

6. Investment Properties

Investment properties consist of the following as of December 31:

	2014		2013
Land	$	3,185,624	$	3,086,183
Buildings and improvements		27,828,509		26,962,049

Total land, buildings and improvements		31,014,133		30,048,232
Furniture, fixtures and equipment		304,399		288,407

Investment properties at cost		31,318,532		30,336,639
Less — accumulated depreciation		8,950,747		8,092,794

Investment properties at cost, net	$	22,367,785	$	22,243,845


Construction in progress included above	$	640,081	$	328,705

- Definition

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 40
-Section 40
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18551-111553

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 40
-Section 40
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18511-111553

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=28367877&loc=d3e4437-111522

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 35
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.10(4))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 35
-Paragraph 43
-URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 10
-Subparagraph 4
-Article 9

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 11
-Article 9

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph c
-Subparagraph Schedule III
-Article 5

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 28
-Article 12

+ Details

Investments in Unconsolidated Entities

12 Months Ended

Dec. 31, 2014

Investment in Unconsolidated Entities

Investment in Unconsolidated Entities

7. Investments in Unconsolidated Entities

Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties, and diversify our risk in a particular property or portfolio of properties. As discussed in Note 2, we held joint venture interests in 82 properties as of December 31, 2014 and 93 properties as of December 31, 2013. As discussed below, on January 9, 2012, we sold our interest in GCI which at the time owned 45 properties 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 the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash, borrowings or our units to acquire the joint venture interest from our partner.

We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of December 31, 2014 and 2013, we had construction loans and other advances to related parties totaling $14.9 million and $140.3 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets.

On January 30, 2014, as discussed in Note 4, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner. 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 $2.7 million in the first quarter of 2014. As a result of this acquisition, we now own 100% of this property.

On December 31, 2012, we formed a joint venture with Institutional Mall Investors, or IMI, to own and operate The Shops at Mission Viejo in the Los Angeles suburb of Mission Viejo, California, and Woodfield Mall in the Chicago suburb of Schaumburg, Illinois. We and IMI each own a noncontrolling 50% interest in Woodfield Mall and we own a noncontrolling 51% interest in The Shops at Mission Viejo and IMI owns the remaining 49%. Prior to the formation of the joint venture, we owned 100% of The Shops at Mission Viejo and IMI owned 100% of Woodfield Mall. No gain was recorded as the transaction was recorded based on the carryover basis of our previous investment. Woodfield Mall is encumbered by a $425.0 million mortgage loan which matures in March of 2024 and bears interest at 4.5%. In January 2013, the joint venture closed a $295.0 million mortgage on the Shops at Mission Viejo which bears interest at 3.61% and matures in February of 2023. The proceeds from the financing were distributed to the venture partners and, as a result, we received a distribution of $149.7 million.

On March 22, 2012, we acquired, through an acquisition of substantially all of the assets of TMLP, additional interests in 26 properties. The transaction resulted in additional interests in 16 of the properties which remain 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 nine newly consolidated 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 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.

We recorded our acquisition of the interest in these nine newly consolidated properties using the acquisition method of accounting. Tangible and intangible assets and liabilities were established based on their fair values at the date of acquisition. The results of operations of the newly consolidated properties have been included in our consolidated results from the date of acquisition. The purchase price allocations were finalized during the first quarter of 2013. No significant adjustments were made to the previously reported purchase price allocations.

On January 6, 2012, we paid $50.0 million to acquire an additional 25% interest in Del Amo Fashion Center, increasing our interest to 50%.

International Investments

We conduct our international operations through joint venture arrangements and account for all of our international joint venture investments using the equity method of accounting

European Investments. At December 31, 2014, we owned 57,634,148 shares, or approximately 28.9%, of Klépierre, which had a quoted market price of $43.45 per share. Our share of net income, net of amortization of our excess investment, was $131.5 million for the year ended December 31, 2014 and $20.7 million for the year ended December 31, 2013. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre's results to GAAP, Klépierre's total assets, total liabilities, and noncontrolling interests were $12.7 billion, $8.2 billion, and $1.4 billion, respectively, as of December 31, 2014 and $17.1 billion, $12.3 billion, and $1.7 billion, respectively, as of December 31, 2013. Klépierre's total revenues, operating income and consolidated net income were approximately $1.2 billion, $432.1 million and $1.3 billion, respectively, for the year ended December 31, 2014 and $1.5 billion, $989.6 million and $317.3 million, respectively, for the year ended December 31, 2013. On April 16, 2014, Klépierre completed the disposal of a portfolio of 126 retail galleries located in France, Spain and Italy. Total gross consideration for the transaction, including transfer duties, was €1.98 billion (€1.65 billion Klépierre's group share). The net cash proceeds were used by Klépierre to reduce its overall indebtedness. In connection with this transaction, we recorded a gain of $133.9 million, net of the write-off of a portion of our excess investment, which is included in "Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net" in the accompanying consolidated statements of operations and comprehensive income. On January 12, 2015 Klépierre' paid an interim dividend, which reduced our carrying amount by approximately $62.0 million. On July 29, 2014 Klépierre announced that it had entered into a conditional agreement to acquire Corio N.V., or Corio, pursuant to which Corio shareholders would receive 1.14 Klépierre ordinary shares for each Corio ordinary share. On January 15, 2015 the tender offer transaction closed, and it is anticipated that Klépierre will own all of the equity of Corio on March 31, 2015 through a merger transaction, after which our percentage ownership will be diluted to approximately 18.3%.

During the second quarter of 2013, we signed a definitive agreement with McArthurGlen, an owner, developer, and manager of designer outlets, to form one or more joint ventures to invest in certain of its existing designer outlets, development projects, and its property management and development companies. In conjunction with that agreement, we purchased a noncontrolling interest in the property management and development companies of McArthurGlen, and a noncontrolling interest in a development property located in Vancouver, British Columbia. On August 2, 2013, through our joint venture with McArthurGlen we acquired a noncontrolling interest in Ashford Designer Outlet in Kent, UK. On October 16, 2013, through our joint venture with McArthurGlen we completed the remaining transactions contemplated by our previously announced definitive agreement with McArthurGlen by acquiring noncontrolling interests in portions of four existing McArthurGlen Designer Outlets — Parndorf (Vienna, Austria), La Reggia (Naples, Italy), Noventa di Piave (Venice, Italy), and Roermond (Roermond, Netherlands). During the quarter ended June 30, 2014, through our joint venture with McArthurGlen we purchased an additional 22.5% noncontrolling interest in Ashford Designer Outlet, increasing our percentage ownership to 45%. At December 31, 2014 our legal percentage ownership interests in these entities range from 45% to 90%. The aggregate consideration for the 2013 transactions was $496.7 million and is subject to further adjustment based upon contractual obligations and customary purchase price adjustments. The carrying amount of our investment in these joint ventures, including all related components of accumulated other comprehensive income (loss) as well as subsequent capital contributions for development, was $677.1 million and $510.7 million as of December 31, 2014 and December 31, 2013, respectively. The change in the carrying amount of the investment in 2014 was driven primarily by the additional investment discussed above and adjustments to our purchase accounting during the one-year measurement period, including our estimate of the aggregate consideration that will ultimately be paid to the seller. Substantially all of our investment has been determined to be excess investment and has been allocated to the underlying investment property based on estimated fair values. In December 2014, Roermond Designer Outlet phases 2 and 3, in which we own a 90% interest, refinanced its $85.1 million mortgage maturing in 2017 with a $218.9 million mortgage that matures in 2021. The fixed interest rate was reduced from 5.12% to 1.86% as a result. Excess proceeds from the financing were distributed to the venture partners in January 2015.

We also have a minority interest in Value Retail PLC and affiliated entities which own or have interests in and operate nine luxury outlets throughout Europe and a direct minority ownership in three of those outlets. Our investment in these centers is accounted for under the cost method. At December 31, 2014 and December 31, 2013, the carrying value of these non-marketable investments was $115.4 million and is included in deferred costs and other assets.

On January 9, 2012, we sold our entire ownership interest in GCI to our venture partner, Auchan S.A. The aggregate cash we received 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 $229.8 million and $261.1 million as of December 31, 2014 and December 31, 2013, 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 $104.5 million and $76.4 million as of December 31, 2014 and December 31, 2013, respectively, including all related components of accumulated other comprehensive income (loss).

Summary Financial Information

A summary of our equity method investments and share of income from such investments, excluding Klépierre, follows. In addition, we acquired a controlling interest in nine properties in the Mills transaction on March 22, 2012. These previously unconsolidated properties became consolidated properties as of their respective acquisition dates. During 2012, we disposed of our interests in one mall and three retail properties as well as our investment in GCI. During 2013, we disposed of three retail properties. Finally, as discussed in Note 3, on May 28, 2014, we completed the spin-off of Washington Prime, which included ten unconsolidated properties. The net income of these ten properties is included in income from operations of discontinued joint venture interests and the net assets and liabilities of these properties are included in the total assets and total liabilities of discontinued operations, respectively, in the accompanying summary financial information. The above transactions are reported within discontinued operations in the following joint venture statements of operations.

BALANCE SHEETS

	December 31, 2014			December 31, 2013
Assets:
Investment properties, at cost	$	16,087,282		$	15,355,700
Less - accumulated depreciation		5,457,899			5,080,832

		10,629,383			10,274,868
Cash and cash equivalents		993,178			781,554
Tenant receivables and accrued revenue, net		362,201			302,902
Investment in unconsolidated entities, at equity		11,386			38,352
Deferred costs and other assets		536,600			579,480
Total assets of discontinued operations		—			281,000

Total assets	$	12,532,748		$	12,258,156


Liabilities and Partners' Deficit:
Mortgages	$	13,272,557		$	12,753,139
Accounts payable, accrued expenses, intangibles, and deferred revenue		1,015,334			834,898
Other liabilities		493,718			513,897
Total liabilities of discontinued operations		—			286,252

Total liabilities		14,781,609			14,388,186
Preferred units		67,450			67,450
Partners' deficit		(2,316,311	)		(2,197,480	)

Total liabilities and partners' deficit	$	12,532,748		$	12,258,156


Our Share of:
Partners' deficit	$	(663,700	)	$	(717,776	)
Add: Excess investment		1,875,337			2,059,584
Add: Our share of investment in discontinued unconsolidated entities, at equity		—			37,759

Our net investment in unconsolidated entities, at equity	$	1,211,637		$	1,379,567

"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 terms of the applicable leases and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities.

As of December 31, 2014, scheduled principal repayments on joint venture properties' mortgage indebtedness are as follows:

2015	$	1,567,248
2016		1,217,673
2017		823,948
2018		770,447
2019		526,296
Thereafter		8,359,654

Total principal maturities		13,265,266
Net unamortized debt premium		7,291

Total mortgages and unsecured indebtedness	$	13,272,557

This debt becomes due in installments over various terms extending through 2027 with interest rates ranging from 0.39% to 9.35% and a weighted average rate of 4.44% at December 31, 2014.

In November 2013, Aventura Mall in which we own a 33% interest refinanced its $430.0 million mortgage maturing December 11, 2017 with a $1.2 billion mortgage that matures December 1, 2020. The fixed interest rate was reduced from 5.91% to 3.75% as a result of this transaction and an extinguishment charge of $82.8 million was incurred which is included in interest expense in the accompanying joint venture statements of operations. Excess proceeds from the financing were distributed to the venture partners.

STATEMENTS OF OPERATIONS

	For the Year Ended December 31,
	2014			2013			2012
Revenue:
Minimum rent	$	1,746,549		$	1,618,802		$	1,435,586
Overage rent		183,478			180,435			176,255
Tenant reimbursements		786,351			747,447			672,935
Other income		293,419			199,197			170,263

Total revenue		3,009,797			2,745,881			2,455,039
Operating Expenses:
Property operating		574,706			487,144			465,333
Depreciation and amortization		604,199			512,702			492,073
Real estate taxes		221,745			204,894			170,292
Repairs and maintenance		71,203			66,612			62,659
Advertising and promotion		72,496			61,664			54,404
Provision for credit losses		6,527			1,388			1,814
Other		187,729			155,421			169,558

Total operating expenses		1,738,605			1,489,825			1,416,133

Operating Income		1,271,192			1,256,056			1,038,906
Interest expense		(598,900	)		(680,321	)		(584,143	)

Income from Continuing Operations		672,292			575,735			454,763
Income from operations of discontinued joint venture interests		5,079			14,200			(3,881	)
Gain(Loss) on disposal of discontinued operations, net		—			51,164			(5,354	)

Net Income	$	677,371		$	641,099		$	445,528


Third-Party Investors' Share of Net Income	$	348,127		$	353,708		$	239,931


Our Share of Net Income		329,244			287,391			205,597
Amortization of Excess Investment		(99,463	)		(102,875	)		(83,400	)
Our Share of (Loss) Income from Unconsolidated Discontinued Operations		(652	)		1,121			(1,028	)
Our Share of Loss on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		—			—			9,245

Income from Unconsolidated Entities	$	229,129		$	185,637		$	130,414

Our share of income from unconsolidated entities in the above table, aggregated with our share of results of Klépierre, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Our share of the loss on sale or disposal of assets and interests in unconsolidated entities, net is reflected within 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 in the accompanying consolidated statements of operations and comprehensive income.

2013 Dispositions

In 2013, we disposed of our interest in three retail properties. We recognized no gain or loss on the disposal of these properties.

2012 Dispositions

In July 2012, we disposed of our interest in a mall, and in August 2012 we disposed of our interest in three retail properties. Our share of the net loss on disposition was $9.2 million.

Indebtedness and Derivative Financial Instruments

12 Months Ended

Dec. 31, 2014

Indebtedness and Derivative Financial Instruments

Indebtedness and Derivative Financial Instruments

8. Indebtedness and Derivative Financial Instruments

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

	2014		2013
Fixed-Rate Debt:
Mortgage notes, including $49,723 and $62,886 net premiums, respectively. Weighted average interest and maturity of 5.48% and 3.9 years at December 31, 2014.	$	5,615,351	$	6,975,913
Unsecured notes, including $40,701 and $38,519 net discounts, respectively. Weighted average interest and maturity of 4.41% and 7.6 years at December 31, 2014.		13,399,920		13,931,705

Total Fixed-Rate Debt		19,015,271		20,907,618
Variable-Rate Debt:
Mortgages notes, at face value. Weighted average interest and maturity of 2.03% and 2.3 years at December 31, 2014.		630,000		350,000
Unsecured Term Loan (see below)		240,000		240,000
Credit Facility (see below)		558,537		1,172,299
Commercial Paper (see below)		409,185		—

Total Variable-Rate Debt		1,837,722		1,762,299

Total Mortgages and Unsecured Indebtedness	$	20,852,993	$	22,669,917

General. Our unsecured debt agreements contain financial covenants and other non-financial covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender including adjustments to the applicable interest rate. As of December 31, 2014, we were in compliance with all covenants of our unsecured debt.

At December 31, 2014, we or our subsidiaries were the borrowers under 38 non-recourse mortgage notes secured by mortgages on 52 properties, including five separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of 21 properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties 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 December 31, 2014, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually, or giving effect to applicable cross-default provisions in the aggregate, have a material adverse effect on our financial condition, results of operations or cash flows.

Unsecured Debt

At December 31, 2014, our unsecured debt consisted of $13.4 billion of our senior unsecured notes, net of discounts, $558.5 million outstanding under our $4.0 billion unsecured revolving credit facility, or Credit Facility, $240.0 million outstanding under an unsecured term loan, and $409.2 million outstanding under our global unsecured commercial paper note program, or the Commercial Paper program. The December 31, 2014 balance on the Credit Facility included $372.2 million (U.S. dollar equivalent) of Euro-denominated borrowings and $186.4 million (U.S. dollar equivalent) of Yen-denominated borrowings. At December 31, 2014 the outstanding amount under the Commercial Paper program was $409.2 million, of which $209.2 million was related to the U.S. dollar equivalent of Euro-denominated notes. Foreign currency denominated borrowings under both the Credit Facility and Commercial Paper program are designated as net investment hedges of a portion of our international investments.

On December 31, 2014, we had an aggregate available borrowing capacity of approximately $5.0 billion under both the Credit Facility and our $2.0 billion supplemental unsecured revolving credit facility, or Supplemental Facility. The maximum outstanding balance of the credit facilities during the year ended December 31, 2014 was $1.2 billion and the weighted average outstanding balance was $855.4 million. Letters of credit of $38.9 million were outstanding under the facilities as of December 31, 2014.

On April 7, 2014, we amended and extended the Credit Facility. The initial borrowing capacity of $4.0 billion may be increased to $5.0 billion during its term and provides for borrowings denominated in U.S. Dollars, Euros, Yen, Sterling, Canadian Dollars and Australian Dollars. Borrowings in currencies other than the U.S. Dollar are limited to 75% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility was extended to June 30, 2018 and can be extended for an additional year to June 30, 2019 at our sole option. The base interest rate on the amended Credit Facility was reduced to LIBOR plus 80 basis points and the additional facility fee was reduced to 10 basis points.

The Supplemental Facility's borrowing capacity of $2.0 billion may be increased 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. As of December 31, 2014, the base interest rate on the Supplemental Facility was LIBOR plus 95 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 fourth quarter of 2014, we moved $184.9 million (U.S. dollar equivalent) of Yen-denominated borrowings from the Supplemental Facility to the Credit Facility.

On October 6, 2014, we entered into a global Commercial Paper program. Under the terms of this program, we may issue unsecured Commercial Paper notes, denominated in U.S. dollars, Euros and other currencies, up to a maximum aggregate amount outstanding at any time of $500.0 million, or the non-U.S. dollar equivalent thereof. Notes issued in non-U.S. currencies may be issued by one or more of our subsidiaries and are guaranteed by us. Notes will be sold under customary terms in the U.S and Euro commercial paper note markets and will rank (either by themselves or as a result of the guarantee described above) pari passu with all of our other unsecured senior indebtedness. Our Commercial Paper program is supported by our credit facilities and if necessary or appropriate, we may make one or more draws under the credit facilities to pay amounts outstanding from time to time on the Commercial Paper program. At December 31, 2014, we had $409.2 million outstanding comprised of $200.0 million of U.S. dollar denominated notes and $209.2 million (U.S. dollar equivalent) of Euro denominated notes with weighted average interest rates of 0.19% and 0.13%, respectively. The borrowings mature on various dates from January 7, 2015 to March 18, 2015.

On September 3, 2014, we commenced cash tender offers for any and all of five series of our outstanding senior unsecured notes with maturity dates ranging from 2015 to 2017. The total principal amount of notes tendered and accepted for purchase was approximately $1.322 billion, with a weighted average remaining duration of 1.7 years and a weighted average coupon rate of 5.60%. We purchased the tendered notes using cash on hand and the proceeds from an offering of $1.3 billion of senior unsecured notes that closed on September 10, 2014. The senior notes offering was comprised of $900.0 million of 3.375% notes due 2024 and $400.0 million of 4.25% notes due 2044. Combined, the new issues of senior notes have a weighted average duration of 16.1 years and a weighted average coupon rate of 3.64%. A portion of the proceeds from the senior notes offering was used to fund the redemption on September 30, 2014 of all $250.0 million outstanding principal amount of the 7.875% notes due 2016 issued by one of our subsidiaries. We recorded a $127.6 million loss on extinguishment of debt in the third quarter of 2014 as a result of the tender offers and redemption.

On January 21, 2014, we issued $600.0 million of senior unsecured notes at a fixed interest rate of 2.20% with a maturity date of February 1, 2019 and $600.0 million of senior unsecured notes at a fixed interest rate of 3.75% with a maturity date of February 1, 2024. Proceeds from the unsecured notes offering were used to repay debt and for general corporate purposes.

In addition to the debt tender offers and redemption described above, during the year ended December 31, 2014, we used cash on hand to redeem at par or repay at maturity $1.3 billion of senior unsecured notes with fixed rates ranging from 4.20% to 6.75%.

Mortgage Debt

Total mortgage indebtedness was $6.2 billion and $7.3 billion at December 31, 2014 and 2013, respectively.

On January 2, 2014, we repaid the $820.0 million outstanding mortgage at Sawgrass Mills originally maturing July 1, 2014 and on February 28, 2014, we repaid the $269.0 million outstanding mortgage at Great Mall originally maturing August 28, 2015. During 2014, we disposed of our interests in three retail properties and their related mortgage debt of $90.0 million.

Debt Maturity and Other

Our scheduled principal repayments on indebtedness as of December 31, 2014 are as follows:

2015	$	1,174,796
2016		2,892,728
2017		3,043,067
2018		2,024,275
2019		1,928,394
Thereafter		9,780,711

Total principal maturities		20,843,971
Net unamortized debt premium		9,022

Total mortgages and unsecured indebtedness	$	20,852,993

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

	For the Year Ended December 31,
	2014		2013		2012
Cash paid for interest	$	1,018,911	$	1,086,128	$	1,063,470

Derivative Financial Instruments

Our exposure to market risk due to changes in interest rates primarily relates to our long-term debt obligations. We manage exposure to interest rate market risk through our risk management strategy by a combination of interest rate protection agreements to effectively fix or cap a portion of variable rate debt. We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposures, with gains and losses on the derivative contracts hedging these exposures. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes.

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

The unamortized loss on our treasury locks and terminated hedges recorded in accumulated other comprehensive income (loss) was $65.7 million and $67.5 million as of December 31, 2014 and 2013, respectively. As of December 31, 2014, our outstanding LIBOR based derivative contracts consisted of fixed rate swap agreements with a notional amount of $375.0 million.

Within the next year, we expect to reclassify to earnings approximately $10.9 million of losses related to active and terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss).

Fair Value of Debt

The carrying value of our variable-rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed-rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed-rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed-rate mortgages and unsecured indebtedness was $19.0 billion and $20.9 billion as of December 31, 2014 and 2013, respectively. The fair values of these financial instruments and the related discount rate assumptions as of December 31 are summarized as follows:

	2014	2013
Fair value of fixed-rate mortgages and unsecured indebtedness	$20,558	$22,316
Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages	3.02%	3.07%

Rentals under Operating Leases

12 Months Ended

Dec. 31, 2014

Rentals under Operating Leases

Rentals under Operating Leases

9. Rentals under Operating Leases

Future minimum rentals to be received under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on tenant sales volume as of December 31, 2014 are as follows:

2015	$	2,548,265
2016		2,335,798
2017		2,099,583
2018		1,820,246
2019		1,540,869
Thereafter		4,440,204

	$	14,784,965

Equity

12 Months Ended

Dec. 31, 2014

Equity

Equity

10. Equity

Temporary Equity

We classify as temporary equity those securities for which there is the possibility that we could be required to redeem the security for cash, irrespective of the probability of such a possibility. As a result, we classify one series of preferred units and noncontrolling redeemable interests in properties in temporary equity. The carrying values for those securities classified in temporary equity are discussed below and summarized as follows as of December 31:

	2014		2013
7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding	$	25,537	$	25,537
Other noncontrolling redeemable interests in properties		—		164,948

Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties	$	25,537	$	190,485

Noncontrolling Redeemable Interests in Properties Redeemable instruments, which typically represent the remaining interest in a property or portfolio of properties, and which are redeemable at the option of the holder or in circumstances that may be outside our control, are accounted for as temporary equity 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 equity. There are no noncontrolling interests redeemable at amounts in excess of fair value.

On January 10, 2014, we acquired one of our partner's remaining redeemable interests in a portfolio of ten properties for approximately $114.4 million subject to a pre-existing contractual arrangement. The amount paid to acquire the interests in the seven properties which were previously consolidated was included in preferred units, at liquidation value, and noncontrolling redeemable interests in properties in the accompanying consolidated balance sheet at December 31, 2013. During the second quarter of 2014, in connection with the resolution of all partnership disputes with related party limited partners in one of our partnerships, we contributed $83.0 million into the partnership in exchange for a new series of preferred partnership units that carry a 2.5% preferred return. Amounts due upon a future exercise of the limited partners' right to cause us to redeem their noncontrolling interests would be net of this preferred investment. Accordingly, this preferred investment contractually offsets the mezzanine liability previously recognized on the accompanying consolidated balance sheet.

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

Permanent Equity

Series J 83/8% Cumulative Redeemable Preferred Units. Distributions accrue quarterly at an annual rate of 83/8% per unit on the Series J 83/8% preferred units, or Series J preferred units. Simon owns all of the Series J preferred units which have the same economic rights and preferences of an outstanding series of Simon preferred stock. We can redeem this series, in whole or in part, when Simon can redeem the related preferred stock, on and after October 15, 2027 at a redemption price of $50.00 per unit, plus accumulated and unpaid distributions. The Series J preferred units were issued at a premium of $7.5 million. The unamortized premium included in the carrying value of the preferred units at December 31, 2014 and 2013 was $4.2 million and $4.5 million, respectively. There are 1,000,000 Series J preferred units authorized and 796,948 issued and outstanding.

Unit Issuances and Repurchases

In 2014, seven limited partners exchanged 70,291 units for an equal number of shares of common stock of Simon pursuant to our partnership agreement. These transactions increased Simon's ownership interest in us.

On January 30, 2014, we issued 555,150 units in connection with the acquisition of the remaining 50% interest in Arizona Mills and approximately 39 acres of land in Oyster Bay, New York, as discussed in Note 4.

On July 22, 2014, we redeemed 87,621 units from a limited partner for $14.4 million in cash.

Other Equity Activity

Notes Receivable from Former CPI Stockholders. Notes receivable of $14.8 million from stockholders of an entity we acquired in 1998 are reflected as a deduction from capital in excess of par value in the consolidated statements of equity in the accompanying financial statements. The notes do not bear interest and become due at the time the underlying shares are sold.

The Simon Property Group 1998 Stock Incentive Plan. We, along with Simon, have a stock incentive plan, or the 1998 plan, which provides for the grant of awards with respect to the equity of Simon, in the form of options to purchase shares of Simon common stock, or Options, stock appreciation rights, or SARs, restricted stock grants and performance unit awards, collectively, Awards. Options may be granted which are qualified as "incentive stock options" within the meaning of Section 422 of the Internal Revenue Code and options which are not so qualified. An aggregate of 16,300,000 shares of Simon common stock have been reserved for issuance under the 1998 plan. Additionally, the partnership agreement requires Simon to purchase units for cash in an amount equal to the fair market value of such shares issued on the exercise of stock options.

Administration. The 1998 plan is administered by Simon's Compensation Committee of the Board of Directors, or the Compensation Committee. The Compensation Committee determines which eligible individuals may participate and the type, extent and terms of the awards to be granted to them. In addition, the Compensation Committee interprets the 1998 plan and makes all other determinations deemed advisable for its administration. Options granted to employees become exercisable over the period determined by the Compensation Committee. The exercise price of an employee option may not be less than the fair market value of the shares on the date of grant. Employee options generally vest over a three-year period and expire ten years from the date of grant.

Awards for Eligible Directors. Directors of Simon who are not employees or employees of affiliates of Simon, or eligible directors, receive awards under the 1998 plan. Currently, each eligible director receives on the first day of the first calendar month following his or her initial election an award of restricted stock with a value of $82,500 (pro-rated for partial years of service). Thereafter, as of the date of each annual meeting of stockholders, eligible directors who are re-elected receive an award of restricted stock having a value of $82,500. In addition, eligible directors who serve as chairpersons of the standing committees receive an additional annual award of restricted stock having a value of $10,000 (in the case of the Audit and Compensation Committees) or $7,500 (in the case of the Governance and Nominating Committees). The Lead Independent Director also receives an annual restricted stock award having a value of $12,500. The restricted stock vests in full after one year.

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

Stock Based Compensation

Awards under our stock based compensation plans primarily take the form of LTIP units and restricted stock grants of Simon. Restricted stock and awards under the LTIP programs are all performance based and are based on various corporate and business unit performance measures as further described below. The expense related to these programs, net of amounts capitalized, is included within home and regional office costs and general and administrative costs in the accompanying statements of operations and comprehensive income.

LTIP Programs. Every year since 2010, the Compensation Committee has approved long-term, performance based incentive compensation programs, or the LTIP programs, for certain senior executive officers. Awards under the LTIP programs take the form of LTIP units, a form of limited partnership interest issued by us, and will be considered earned if, and only to the extent to which, applicable total shareholder return, or TSR, performance measures are achieved during the performance period. Once earned, LTIP units are subject to a two year vesting period. One-half of the earned LTIP units will vest on January 1 of each of the 2nd and 3rd years following the end of the applicable performance period, subject to the participant maintaining employment with us through those dates and certain other conditions as described in those agreements. Awarded LTIP units not earned are forfeited. Earned and fully vested LTIP units are the equivalent of units. During the performance period, participants are entitled to receive distributions on the LTIP units awarded to them equal to 10% of the regular quarterly distributions paid on a unit. As a result, we account for these LTIP units as participating securities under the two-class method of computing earnings per unit.

From 2010 to 2014, the Compensation Committee approved LTIP grants as shown in the table below. Grant date fair values of the LTIP units are estimated using a Monte Carlo model, and the resulting expense is recorded regardless of whether the TSR performance measures are achieved if the required service is delivered. 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, would become vested. The extent to which LTIP units were earned, and the aggregate grant date fair values adjusted for estimated forfeitures, are as follows:

LTIP Program	LTIP Units Earned	Grant Date Fair Value
2010 LTIP Program
1-year 2010 LTIP Program	133,673	1-year program — $7.2 million
2-year 2010 LTIP Program	337,006	2-year program — $14.8 million
3-year 2010 LTIP Program	489,654	3-year program — $23.0 million
2011-2013 LTIP Program	469,848	$35.0 million
2012-2014 LTIP Program	401,203	$35.0 million
2013-2015 LTIP Program	To be determined in 2016	$33.5 million
2014-2016 LTIP Program	To be determined in 2017	$30.0 million

We recorded compensation expense, net of capitalization, related to these LTIP programs of approximately $27.6 million, $25.7 million, and $22.0 million for the years ended December 31, 2014, 2013 and 2012, respectively.

Restricted Stock. The 1998 plan also provides for shares of restricted common stock of Simon to be granted to certain employees at no cost to those employees, subject to achievement of individual performance and certain financial and return-based performance measures established by the Compensation Committee related to the most recent year's performance. Once granted, the shares of restricted stock then vest annually over a three-year or a four-year period (as defined in the award). The cost of restricted stock grants, which is based upon the stock's fair market value on the grant date, is recognized as expense ratably over the vesting period. Through December 31, 2014 a total of 5,530,945 shares of restricted stock, net of forfeitures, have been awarded under the plan. Information regarding restricted stock awards is summarized in the following table for each of the years presented:

	For the Year Ended December 31,
	2014		2013		2012
Shares of restricted stock awarded during the year, net of forfeitures		83,509		107,123		114,066
Weighted average fair value of shares granted during the year	$	166.36	$	160.22	$	146.70
Amortization expense	$	18,256	$	18,311	$	14,001

We recorded compensation expense, net of capitalization, related to restricted stock of approximately $12.3 million, $13.4 million, and $10.4 million for the years ended December 31, 2014, 2013 and 2012, respectively.

Other Compensation Arrangements. On July 6, 2011, in connection with the execution of an employment agreement, the Compensation Committee granted David Simon, our Chairman and CEO, a retention award in the form of 1,000,000 LTIP units, or the Award, for his continued service as our Chairman and Chief Executive Officer through July 5, 2019. Effective December 31, 2013, the Award was modified, or the Current Award, and as a result the LTIP units will now become earned and eligible to vest based on the attainment of Company-based performance goals, in addition to the service-based vesting requirement included in the original Award. If the relevant performance criteria are not achieved, all or a portion of the Current Award will be forfeited. The Current Award does not contain an opportunity for Mr. Simon to receive additional LTIP Units above and beyond the original Award should our performance exceed the higher end of the performance criteria. The performance criteria of the Current Award are based on the attainment of specific funds from operations, or FFO, per share. If the performance criteria have been met, a maximum of 360,000 LTIP units, or the A Units, 360,000 LTIP units, or the B Units, and 280,000 LTIP units, or the C Units, may become earned December 31, 2015, 2016 and 2017, respectively. The earned A Units will vest on January 1, 2018, earned B Units will vest on January 1, 2019 and earned C Units will vest on June 30, 2019, subject to Mr. Simon's continued employment through such applicable date. The grant date fair value of the retention award of $120.3 million is being recognized as expense over the eight-year term of his employment agreement on a straight-line basis based through the applicable vesting periods of the A Units, B Units and C Units.

Since 2001, we have not granted any options to officers, directors or employees, except for a series of reload options we assumed as part of a prior business combination. As of December 31, 2014, there were no remaining options outstanding.

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

Exchange Rights

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

Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies

Commitments and Contingencies

11. 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 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.

Lease Commitments

As of December 31, 2014, a total of 22 of the consolidated properties are subject to ground leases. The termination dates of these ground leases range from 2017 to 2090. These ground leases generally require us to make fixed annual rental payments, or a fixed annual rental plus a percentage rent component based upon the revenues or total sales of the property. In addition, we have several regional office locations that are subject to leases with termination dates ranging from 2016 to 2028. These office leases generally require us to make fixed annual rental payments plus pay our share of common area, real estate and utility expenses. Some of our ground and office leases include escalation clauses and renewal options. We incurred ground lease expense and office lease expense, which are included in other expense and home office and regional expense, respectively, as follows:

	For the Year Ended, December 31,
	2014		2013		2012
Ground lease expense	$	39,898	$	37,150	$	40,518
Office lease expense		4,577		4,057		2,004

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

2015	$	29,775
2016		35,221
2017		35,436
2018		35,413
2019		28,266
Thereafter		907,110

	$	1,071,221

Insurance

We maintain insurance coverage with third party carriers who provide a portion of the coverage for specific layers of potential losses including commercial general liability, fire, flood, extended coverage and rental loss insurance on all of our properties in the United States. The initial portion of coverage not provided by third party carriers is either insured through our wholly-owned captive insurance companies, Rosewood Indemnity, Ltd. and Bridgewood Insurance Company, Ltd., or other financial arrangements controlled by us. The third party carrier has, in turn, agreed to provide evidence of coverage for this layer of losses under the terms and conditions of the carrier's policy. A similar policy written through our captive insurance entities also provides initial coverage for property insurance and certain windstorm risks at the properties located in coastal windstorm locations.

We currently maintain insurance coverage against acts of terrorism on all of our properties in the United States on an "all risk" basis in the amount of up to $1 billion. The current federal laws which provide this coverage are expected to operate through 2015. Despite the existence of this insurance coverage, any threatened or actual terrorist attacks where we operate could adversely affect our property values, revenues, consumer traffic and tenant sales.

Guarantees of Indebtedness

Joint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non-recourse to us. As of December 31, 2014 and 2013, we guaranteed joint venture related mortgage indebtedness of $223.5 million and $190.8 million, respectively (of which we have a right of recovery from our venture partners of $78.7 million and $83.0 million, respectively). Mortgages guaranteed by us are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount.

Concentration of Credit Risk

Our malls, Premium Outlets and Mills 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.

Limited Life Partnerships

We are the controlling partner in several consolidated partnerships that have a limited life. We estimated the settlement values of these noncontrolling interests as of December 31, 2014 and 2013 as approximately $101.0 million and $125.0 million, respectively. The settlement values are based on the estimated fair values upon a hypothetical liquidation of the partnership interests and estimated yield maintenance or prepayment penalties associated with the payment to settle any underlying secured mortgage debt.

Related Party Transactions

12 Months Ended

Dec. 31, 2014

Related Party Transactions

Related Party Transactions

12. Related Party Transactions

Our management company provides management, insurance, and other services to Melvin Simon & Associates, Inc., a related party, unconsolidated joint ventures, and other non-owned related party properties. Amounts for services provided by our management company and its affiliates to our unconsolidated joint ventures and other related parties were as follows:

	For the Year Ended December 31,
	2014		2013		2012
Amounts charged to unconsolidated joint ventures and Washington Prime properties	$	133,730	$	121,996	$	119,534
Amounts charged to properties owned by related parties		4,393		4,510		4,416

During 2014, 2013 and 2012, we recorded development, royalty and other fee income, net of elimination, related to our international investments of $13.7 million, $14.0 million and $15.5 million, respectively. Also during 2014, 2013 and 2012, we received fees related to financing activities, net of elimination, provided to unconsolidated joint ventures of $4.2 million, $15.9 million and $3.0 million, respectively. The fees related to our international investments and financing activities are included in other income in the accompanying consolidated statements of operations and comprehensive income.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

13. Quarterly Financial Data (Unaudited)

Quarterly 2014 and 2013 data is summarized in the table below. Quarterly amounts may not sum to annual amounts due to rounding.

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2014
Total revenue	$	1,157,022	$	1,181,982	$	1,234,694	$	1,297,120
Operating income		560,965		561,531		607,557		655,288
Consolidated income from continuing operations		359,601		489,609		296,963		475,992
Consolidated net income		401,103		477,468		296,963		475,992
Net income attributable to unitholders		399,267		475,708		294,900		473,907
Net income per unit from continuing operations — Basic and Diluted	$	0.99	$	1.34	$	0.81	$	1.30
Net income per unit — Basic and Diluted	$	1.10	$	1.31	$	0.81	$	1.30
Weighted average units outstanding — Basic and Diluted		363,008,959		363,604,376		363,645,178		363,634,759
2013
Total revenue	$	1,060,823	$	1,084,993	$	1,146,877	$	1,251,155
Operating income		502,484		509,939		548,478		627,769
Consolidated income from continuing operations		278,615		359,129		328,712		400,337
Consolidated net income		334,468		400,525		367,293		449,304
Net income attributable to unitholders		330,694		397,115		364,022		445,517
Net income per unit from continuing operations — Basic and Diluted	$	0.76	$	0.99	$	0.89	$	1.09
Net income per unit — Basic and Diluted	$	0.91	$	1.10	$	1.00	$	1.23
Weighted average units outstanding		362,051,682		362,455,413		362,454,880		362,454,828
Diluted weighted average units outstanding		362,051,885		362,455,413		362,454,880		362,454,828

SCHEDULE III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2014

SCHEDULE III Real Estate and Accumulated Depreciation

SCHEDULE III Real Estate and Accumulated Depreciation

`SCHEDULE III

Simon Property Group, L.P. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2014
(Dollars in thousands)

								Cost Capitalized Subsequent to Acquisition (3)				Gross Amounts At Which Carried At Close of Period
				Initial Cost (3)
				Initial Cost (3)																Date of Construction or Acquisition
Name	Location	Encumbrances (6)		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)		Date of Construction or Acquisition
Malls
Bangor Mall	Bangor, ME		80,000		5,478		59,740		—		12,690	$	5,478	$	72,430	$	77,908	$	32,708	2004 (5)
Barton Creek Square	Austin, TX		—		2,903		20,929		7,983		63,632		10,886		84,561		95,447		54,300	1981
Battlefield Mall	Springfield, MO		125,000		3,919		27,231		3,000		64,575		6,919		91,806		98,725		62,825	1970
Bay Park Square	Green Bay, WI		—		6,358		25,623		4,106		26,725		10,464		52,348		62,812		28,608	1980
Brea Mall	Brea (Los Angeles), CA		—		39,500		209,202		—		45,199		39,500		254,401		293,901		112,583	1998 (4)
Broadway Square	Tyler, TX		—		11,306		32,431		—		24,612		11,306		57,043		68,349		31,339	1994 (4)
Burlington Mall	Burlington (Boston), MA		—		46,600		303,618		19,600		98,850		66,200		402,468		468,668		173,559	1998 (4)
Castleton Square	Indianapolis, IN		—		26,250		98,287		7,434		75,531		33,684		173,818		207,502		87,897	1972
Cielo Vista Mall	El Paso, TX		—		1,005		15,262		608		56,279		1,613		71,541		73,154		41,384	1974
College Mall	Bloomington, IN		—		1,003		16,245		720		45,487		1,723		61,732		63,455		35,938	1965
Columbia Center	Kennewick, WA		—		17,441		66,580		—		26,575		17,441		93,155		110,596		46,545	1987
Copley Place	Boston, MA		—		—		378,045		—		134,988		—		513,033		513,033		186,391	2002 (4)
Coral Square	Coral Springs (Miami), FL		—		13,556		93,630		—		21,772		13,556		115,402		128,958		73,716	1984
Cordova Mall	Pensacola, FL		—		18,626		73,091		7,321		62,190		25,947		135,281		161,228		54,859	1998 (4)
Domain, The	Austin, TX		198,454		40,436		197,010		—		140,748		40,436		337,758		378,194		95,746	2005
Empire Mall	Sioux Falls, SD		176,300		35,998		192,186		—		23,023		35,998		215,209		251,207		22,834	1998 (5)
Fashion Mall at Keystone, The	Indianapolis, IN		—		—		120,579		29,145		86,836		29,145		207,415		236,560		87,335	1997 (4)
Firewheel Town Center	Garland (Dallas), TX		—		8,485		82,716		—		28,391		8,485		111,107		119,592		43,708	2004
Forum Shops at Caesars, The	Las Vegas, NV		—		—		276,567		—		236,894		—		513,461		513,461		205,871	1992
Greenwood Park Mall	Greenwood (Indianapolis), IN		75,733		2,423		23,445		5,253		116,642		7,676		140,087		147,763		69,569	1979
Haywood Mall	Greenville, SC		—		11,585		133,893		6		28,434		11,591		162,327		173,918		89,144	1998 (4)
Independence Center	Independence (Kansas City), MO		200,000		5,042		45,798		—		35,209		5,042		81,007		86,049		43,934	1994 (4)
Ingram Park Mall	San Antonio, TX		137,783		733		17,163		37		23,977		770		41,140		41,910		27,454	1979
King of Prussia Mall	King of Prussia (Philadelphia), PA		97,661		175,063		1,128,200		—		102,386		175,063		1,230,586		1,405,649		149,322	2003 (5)
La Plaza Mall	McAllen, TX		—		1,375		9,828		6,569		51,454		7,944		61,282		69,226		31,414	1976
Lakeline Mall	Cedar Park (Austin), TX		—		10,088		81,568		14		18,189		10,102		99,757		109,859		51,916	1995
Lenox Square	Atlanta, GA		—		38,058		492,411		—		112,373		38,058		604,784		642,842		259,596	1998 (4)
Livingston Mall	Livingston (New York), NJ		—		22,214		105,250		—		45,782		22,214		151,032		173,246		64,746	1998 (4)
Mall at Chestnut Hill, The	Chestnut Hill (Boston), MA		120,000		449		25,102		43,257		98,336		43,706		123,438		167,144		12,617	2002 (5)
Mall of Georgia	Buford (Atlanta), GA		—		47,492		326,633		—		12,634		47,492		339,267		386,759		141,018	1999 (5)
McCain Mall	N. Little Rock, AR		—		—		9,515		10,530		27,441		10,530		36,956		47,486		10,081	1973
Menlo Park Mall	Edison (New York), NJ		—		65,684		223,252		—		47,372		65,684		270,624		336,308		137,796	1997 (4)
Midland Park Mall	Midland, TX		81,860		687		9,213		—		24,747		687		33,960		34,647		20,380	1980
Miller Hill Mall	Duluth, MN		—		2,965		18,092		1,811		40,307		4,776		58,399		63,175		36,560	1973
Montgomery Mall	North Wales (Philadelphia), PA		100,000		27,105		86,915		—		56,661		27,105		143,576		170,681		48,698	2004 (5)
North East Mall	Hurst (Dallas), TX		—		128		12,966		19,010		151,139		19,138		164,105		183,243		93,959	1971
Northgate Mall	Seattle, WA		—		24,369		115,992		—		100,121		24,369		216,113		240,482		97,943	1987

								Cost Capitalized Subsequent to Acquisition (3)				Gross Amounts At Which Carried At Close of Period
				Initial Cost (3)
				Initial Cost (3)																Date of Construction or Acquisition
Name	Location	Encumbrances (6)		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)		Date of Construction or Acquisition
Ocean County Mall	Toms River (New York), NJ		—		20,404		124,945		—		30,639		20,404		155,584		175,988		71,395	1998 (4)
Orland Square	Orland Park (Chicago), IL		—		35,514		129,906		—		50,512		35,514		180,418		215,932		83,769	1997 (4)
Oxford Valley Mall	Langhorne (Philadelphia), PA		66,514		24,544		100,287		—		18,607		24,544		118,894		143,438		69,426	2003 (4)
Penn Square Mall	Oklahoma City, OK		93,998		2,043		155,958		—		48,096		2,043		204,054		206,097		96,100	2002 (4)
Pheasant Lane Mall	Nashua, NH		—		3,902		155,068		550		46,155		4,452		201,223		205,675		80,931	2004 (5)
Phipps Plaza	Atlanta, GA		—		16,185		210,610		—		41,356		16,185		251,966		268,151		114,662	1998 (4)
Plaza Carolina	Carolina (San Juan), PR		225,000		15,493		279,560		—		62,061		15,493		341,621		357,114		111,495	2004 (4)
Prien Lake Mall	Lake Charles, LA		—		1,842		2,813		3,053		49,383		4,895		52,196		57,091		23,065	1972
Rockaway Townsquare	Rockaway (New York), NJ		—		41,918		212,257		—		43,188		41,918		255,445		297,363		112,753	1998 (4)
Roosevelt Field	Garden City (New York), NY		—		163,160		702,008		93		251,214		163,253		953,222		1,116,475		346,583	1998 (4)
Ross Park Mall	Pittsburgh, PA		—		23,541		90,203		—		89,769		23,541		179,972		203,513		95,786	1986
Santa Rosa Plaza	Santa Rosa, CA		—		10,400		87,864		—		25,222		10,400		113,086		123,486		49,437	1998 (4)
Shops at Nanuet, The	Nanuet, NY		—		28,125		143,120		—		8,019		28,125		151,139		179,264		7,630	2013
Shops at Riverside, The	Hackensack (New York), NJ		130,000		13,521		238,746		—		5,137		13,521		243,883		257,404		25,217	2007 (4) (5)
South Hills Village	Pittsburgh, PA		—		23,445		125,840		1,472		56,299		24,917		182,139		207,056		75,009	1997 (4)
South Shore Plaza	Braintree (Boston), MA		—		101,200		301,495		—		158,767		101,200		460,262		561,462		179,736	1998 (4)
Southdale Center	Edina (Minneapolis), MN		155,000		40,172		184,967		—		38,599		40,172		223,566		263,738		22,300	2007 (4) (5)
SouthPark	Charlotte, NC		187,439		42,092		188,055		100		181,111		42,192		369,166		411,358		155,981	2002 (4)
Southridge Mall	Greendale (Milwaukee), WI		125,000		12,359		130,111		2,389		18,410		14,748		148,521		163,269		19,389	2007 (4) (5)
St. Charles Towne Center	Waldorf (Washington, D.C.), MD		—		7,710		52,934		1,180		31,061		8,890		83,995		92,885		49,586	1990
Stanford Shopping Center	Palo Alto (San Jose), CA		—		—		339,537		—		66,277		—		405,814		405,814		121,500	2003 (4)
Summit Mall	Akron , OH		65,000		15,374		51,137		—		47,534		15,374		98,671		114,045		47,796	1965
Tacoma Mall	Tacoma (Seattle), WA		—		37,803		125,826		—		87,784		37,803		213,610		251,413		99,336	1987
Tippecanoe Mall	Lafayette, IN		—		2,897		8,439		5,517		48,508		8,414		56,947		65,361		39,480	1973
Town Center at Boca Raton	Boca Raton (Miami), FL		—		64,200		307,317		—		168,055		64,200		475,372		539,572		213,868	1998 (4)
Town Center at Cobb	Kennesaw (Atlanta), GA		198,095		32,355		158,225		—		18,514		32,355		176,739		209,094		86,734	1998 (5)
Towne East Square	Wichita, KS		—		8,525		18,479		4,108		44,870		12,633		63,349		75,982		41,034	1975
Treasure Coast Square	Jensen Beach, FL		—		11,124		72,990		3,067		38,226		14,191		111,216		125,407		58,459	1987
Tyrone Square	St. Petersburg (Tampa), FL		—		15,638		120,962		1,459		35,695		17,097		156,657		173,754		79,999	1972
University Park Mall	Mishawaka, IN		—		16,768		112,158		7,000		58,511		23,768		170,669		194,437		135,520	1996 (4)
Walt Whitman Shops	Huntington Station (New York), NY		115,492		51,700		111,258		3,789		124,069		55,489		235,327		290,816		87,286	1998 (4)
White Oaks Mall	Springfield, IL		50,000		3,024		35,692		2,102		62,388		5,126		98,080		103,206		41,085	1977
Wolfchase Galleria	Memphis, TN		225,000		15,881		128,276		—		12,677		15,881		140,953		156,834		72,914	2002 (4)
Woodland Hills Mall	Tulsa, OK		91,688		34,211		187,123		—		26,957		34,211		214,080		248,291		99,583	2004 (5)

								Cost Capitalized Subsequent to Acquisition (3)				Gross Amounts At Which Carried At Close of Period
				Initial Cost (3)
				Initial Cost (3)																Date of Construction or Acquisition
Name	Location	Encumbrances (6)		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)		Date of Construction or Acquisition
Premium Outlets
Albertville Premium Outlets	Albertville (Minneapolis), MN		—		3,900		97,059		—		6,217		3,900		103,276		107,176		38,433	2004 (4)
Allen Premium Outlets	Allen (Dallas), TX		—		13,855		43,687		97		14,418		13,952		58,105		72,057		24,704	2004 (4)
Aurora Farms Premium Outlets	Aurora (Cleveland), OH		—		2,370		24,326		—		4,466		2,370		28,792		31,162		18,722	2004 (4)
Birch Run Premium Outlets	Birch Run (Detroit), MI		102,362		11,477		77,856		—		3,926		11,477		81,782		93,259		17,898	2010 (4)
Calhoun Premium Outlets	Calhoun, GA		19,683		1,745		12,529		—		887		1,745		13,416		15,161		5,788	2010 (4)
Camarillo Premium Outlets	Camarillo (Los Angeles), CA		—		16,670		224,721		395		64,570		17,065		289,291		306,356		95,495	2004 (4)
Carlsbad Premium Outlets	Carlsbad (San Diego), CA		—		12,890		184,990		96		4,469		12,986		189,459		202,445		59,242	2004 (4)
Carolina Premium Outlets	Smithfield (Raleigh), NC		48,448		3,175		59,863		5,311		5,438		8,486		65,301		73,787		28,294	2004 (4)
Chicago Premium Outlets	Aurora (Chicago), IL		—		659		118,005		13,050		31,524		13,709		149,529		163,238		50,063	2004 (4)
Cincinnati Premium Outlets	Monroe (Cincinnati), OH		—		14,117		71,520		—		4,589		14,117		76,109		90,226		21,254	2008
Clinton Crossing Premium Outlets	Clinton, CT		—		2,060		107,556		1,532		3,065		3,592		110,621		114,213		41,027	2004 (4)
Columbia Gorge Premium Outlets	Troutdale (Portland), OR		—		7,900		16,492		—		2,735		7,900		19,227		27,127		10,171	2004 (4)
Desert Hills Premium Outlets	Cabazon (Palm Springs), CA		—		3,440		338,679		—		94,260		3,440		432,939		436,379		108,736	2004 (4)
Edinburgh Premium Outlets	Edinburgh (Indianapolis), IN		—		2,857		47,309		—		13,791		2,857		61,100		63,957		25,458	2004 (4)
Ellenton Premium Outlets	Ellenton (Tampa), FL		100,466		15,807		182,412		—		4,102		15,807		186,514		202,321		46,572	2010 (4)
Folsom Premium Outlets	Folsom (Sacramento), CA		—		9,060		50,281		—		4,235		9,060		54,516		63,576		24,502	2004 (4)
Gaffney Premium Outlets	Gaffney (Greenville/Charlotte), SC		35,721		4,056		32,371		—		2,203		4,056		34,574		38,630		9,268	2010 (4)
Gilroy Premium Outlets	Gilroy (San Jose), CA		—		9,630		194,122		—		10,060		9,630		204,182		213,812		73,554	2004 (4)
Grand Prairie Premium Outlets	Grand Prairie (Dallas), TX		120,000		9,497		197,242		—		—		9,497		197,242		206,739		15,463	2012
Grove City Premium Outlets	Grove City (Pittsburgh), PA		108,453		6,421		121,880		—		3,101		6,421		124,981		131,402		32,630	2010 (4)
Gulfport Premium Outlets	Gulfport, MS		24,198		—		27,949		—		2,198		—		30,147		30,147		8,209	2010 (4)
Hagerstown Premium Outlets	Hagerstown (Baltimore/Washington DC), MD		86,045		3,576		85,883		—		900		3,576		86,783		90,359		19,215	2010 (4)
Houston Premium Outlets	Cypress (Houston), TX		—		8,695		69,350		—		46,294		8,695		115,644		124,339		31,069	2007
Jackson Premium Outlets	Jackson (New York), NJ		—		6,413		104,013		3		5,458		6,416		109,471		115,887		34,827	2004 (4)
Jersey Shore Premium Outlets	Tinton Falls (New York), NJ		67,306		15,390		50,979		—		75,614		15,390		126,593		141,983		36,202	2007
Johnson Creek Premium Outlets	Johnson Creek, WI		—		2,800		39,546		—		6,778		2,800		46,324		49,124		16,685	2004 (4)
Kittery Premium Outlets	Kittery , ME		—		11,832		94,994		—		7,515		11,832		102,509		114,341		30,769	2004 (4)
Las Americas Premium Outlets	San Diego, CA		176,605		45,168		251,878		—		6,561		45,168		258,439		303,607		55,965	2007 (4)
Las Vegas North Premium Outlets	Las Vegas, NV		—		25,435		134,973		16,536		132,127		41,971		267,100		309,071		72,952	2004 (4)
Las Vegas South Premium Outlets	Las Vegas, NV		—		13,085		160,777		—		23,993		13,085		184,770		197,855		52,538	2004 (4)
Lebanon Premium Outlets	Lebanon (Nashville), TN		14,877		1,758		10,189		—		896		1,758		11,085		12,843		3,509	2010 (4)
Lee Premium Outlets	Lee, MA		49,134		9,167		52,212		—		1,209		9,167		53,421		62,588		14,077	2010 (4)
Leesburg Corner Premium Outlets	Leesburg (Washington D.C.), VA		—		7,190		162,023		—		4,689		7,190		166,712		173,902		63,162	2004 (4)

								Cost Capitalized Subsequent to Acquisition (3)				Gross Amounts At Which Carried At Close of Period
				Initial Cost (3)
				Initial Cost (3)																Date of Construction or Acquisition
Name	Location	Encumbrances (6)		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)		Date of Construction or Acquisition
Liberty Village Premium Outlets	Flemington (New York), NJ		—		5,670		28,904		—		1,606		5,670		30,510		36,180		15,494	2004 (4)
Lighthouse Place Premium Outlets	Michigan City (Chicago, IL), IN		—		6,630		94,138		—		8,542		6,630		102,680		109,310		42,698	2004 (4)
Merrimack Premium Outlets	Merrimack, NH		130,000		17,028		118,428		—		813		17,028		119,241		136,269		14,076	2012
Napa Premium Outlets	Napa, CA		—		11,400		45,023		—		4,498		11,400		49,521		60,921		18,889	2004 (4)
North Bend Premium Outlets	North Bend (Seattle), WA		—		2,143		36,197		—		3,499		2,143		39,696		41,839		12,705	2004 (4)
North Georgia Premium Outlets	Dawsonville (Atlanta), GA		—		4,300		132,325		—		2,883		4,300		135,208		139,508		48,183	2004 (4)
Orlando International Premium Outlets	Orlando, FL		—		31,998		472,815		—		3,108		31,998		475,923		507,921		81,925	2010 (4)
Orlando Vineland Premium Outlets	Orlando, FL		—		14,040		304,410		38,656		78,186		52,696		382,596		435,292		109,502	2004 (4)
Osage Beach Premium Outlets	Osage Beach, MO		—		9,460		85,804		—		6,661		9,460		92,465		101,925		35,800	2004 (4)
Petaluma Village Premium Outlets	Petaluma (San Francisco), CA		—		13,322		13,710		—		1,774		13,322		15,484		28,806		9,106	2004 (4)
Philadelphia Premium Outlets	Limerick (Philadelphia), PA		—		16,676		105,249		—		16,604		16,676		121,853		138,529		42,832	2006
Phoenix Premium Outlets	Chandler (Phoenix), AZ		—		—		63,751		—		51		—		63,802		63,802		6,337	2013
Pismo Beach Premium Outlets	Pismo Beach, CA		33,850		4,317		19,044		—		1,667		4,317		20,711		25,028		6,394	2010 (4)
Pleasant Prairie Premium Outlets	Pleasant Prairie (Chicago, IL/Milwaukee), WI		92,998		16,823		126,686		—		3,346		16,823		130,032		146,855		25,459	2010 (4)
Puerto Rico Premium Outlets	Barceloneta, PR		125,000		20,586		114,021		—		3,003		20,586		117,024		137,610		23,285	2010 (4)
Queenstown Premium Outlets	Queenstown (Baltimore), MD		66,150		8,129		61,950		—		2,979		8,129		64,929		73,058		13,832	2010 (4)
Rio Grande Valley Premium Outlets	Mercedes (McAllen), TX		—		12,229		41,547		—		32,929		12,229		74,476		86,705		29,930	2005
Round Rock Premium Outlets	Round Rock (Austin), TX		—		14,706		82,252		—		1,686		14,706		83,938		98,644		35,433	2005
San Francisco Premium Outlets	Livermore (San Francisco), CA		—		21,925		308,694		40,046		16,991		61,971		325,685		387,656		22,827	2012
San Marcos Premium Outlets	San Marcos (Austin/San Antonio), TX		137,569		13,180		287,179		—		6,897		13,180		294,076		307,256		50,624	2010 (4)
Seattle Premium Outlets	Tulalip (Seattle), WA		—		—		103,722		—		53,354		—		157,076		157,076		47,499	2004 (4)
St. Augustine Premium Outlets	St. Augustine (Jacksonville), FL		—		6,090		57,670		2		9,480		6,092		67,150		73,242		27,592	2004 (4)
The Crossings Premium Outlets	Tannersville , PA		115,000		7,720		172,931		—		12,969		7,720		185,900		193,620		59,249	2004 (4)
Vacaville Premium Outlets	Vacaville , CA		—		9,420		84,850		—		12,825		9,420		97,675		107,095		40,848	2004 (4)
Waikele Premium Outlets	Waipahu (Honolulu), HI		—		22,630		77,316		—		10,033		22,630		87,349		109,979		30,727	2004 (4)
Waterloo Premium Outlets	Waterloo , NY		—		3,230		75,277		—		8,382		3,230		83,659		86,889		34,507	2004 (4)
Williamsburg Premium Outlets	Williamsburg, VA		99,406		10,323		223,789		—		2,969		10,323		226,758		237,081		39,553	2010 (4)
Woodburn Premium Outlets	Woodburn (Portland), OR		—		9,414		150,414		—		281		9,414		150,695		160,109		10,953	2013 (4)
Woodbury Common Premium Outlets	Central Valley (New York), NY		—		11,110		862,559		1,658		116,994		12,768		979,553		992,321		276,603	2004 (4)
Wrentham Village Premium Outlets	Wrentham (Boston), MA		—		4,900		282,031		—		8,858		4,900		290,889		295,789		98,278	2004 (4)
The Mills
Arizona Mills	Tempe (Phoenix), AZ		164,566		41,936		297,289		—		3,290		41,936		300,579		342,515		9,976	2007 (4)(5)
Great Mall	Milpitas (San Jose), CA		—		70,496		463,101		—		11,751		70,496		474,852		545,348		47,214	2007 (4)(5)
Gurnee Mills	Gurnee (Chicago), IL		321,000		41,133		297,911		—		7,914		41,133		305,825		346,958		31,813	2007 (4)(5)
Opry Mills	Nashville, TN		371,427		51,000		327,503		—		9,765		51,000		337,268		388,268		34,648	2007 (4)(5)
Potomac Mills	Woodbridge (Washington, D.C.), VA		410,000		61,755		425,370		—		27,701		61,755		453,071		514,826		46,933	2007 (4)(5)
Sawgrass Mills	Sunrise (Miami), FL		—		194,002		1,641,153		—		38,809		194,002		1,679,962		1,873,964		161,050	2007 (4)(5)

								Cost Capitalized Subsequent to Acquisition (3)				Gross Amounts At Which Carried At Close of Period
				Initial Cost (3)
				Initial Cost (3)																Date of Construction or Acquisition
Name	Location	Encumbrances (6)		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)		Date of Construction or Acquisition
Community Centers
ABQ Uptown	Albuquerque, NM		—		6,374		75,333		4,054		4,360		10,428		79,693		90,121		10,949	2011 (4)
Other Properties
Florida Keys Outlet Center	Florida City, FL		10,253		1,560		1,748		—		2,462		1,560		4,210		5,770		1,351	2010 (4)
Huntley Outlet Center	Huntley, IL		28,679		3,477		2,027		—		345		3,477		2,372		5,849		922	2010 (4)
Lincoln Plaza	King of Prussia (Philadelphia), PA		—		—		21,299		—		2,858		—		24,157		24,157		13,311	2003 (4)
Naples Outlet Center	Naples, FL		15,415		1,514		519		—		79		1,514		598		2,112		424	2010 (4)
Outlet Marketplace	Orlando , FL		—		3,367		1,557		—		380		3,367		1,937		5,304		961	2010 (4)
Development Projects
Tampa Premium Outlets	Tampa, FL		—		14,298		14,996		—		—		14,298		14,996		29,294		—
Tucson Premium Outlets	Marana (Tucson), AZ		—		12,507		12,561		—		—		12,507		12,561		25,068		—
Other pre-development costs			—		72,983		9,630		—		—		72,983		9,630		82,613		78
Other			—		2,615		10,045		—		—		2,615		10,045		12,660		4,568

		$	6,195,628	$	2,861,905	$	22,230,768	$	323,719	$	5,597,741	$	3,185,624	$	27,828,509	$	31,014,133	$	8,740,928

All periods presented exclude properties which were spun-off to Washington Prime Group Inc. as further discussed in Note 3 to the consolidated financial statements.

(1)	Reconciliation of Real Estate Properties:

The changes in real estate assets for the years ended December 31, 2014, 2013, and 2012 are as follows:

	2014			2013			2012
Balance, beginning of year	$	30,048,230		$	29,263,463		$	24,736,546
Acquisitions and consolidations (5)		393,351			288,835			4,408,870
Improvements		791,453			874,240			746,161
Disposals and deconsolidations		(218,901	)		(378,308	)		(628,114	)

Balance, close of year	$	31,014,133		$	30,048,230		$	29,263,463

The unaudited aggregate cost of real estate assets for federal income tax purposes as of December 31, 2014 was $23,893,426.

(2)	Reconciliation of Accumulated Depreciation:

The changes in accumulated depreciation for the years ended December 31, 2014, 2013, and 2012 are as follows:

	2014			2013			2012
Balance, beginning of year	$	7,896,614		$	7,055,622		$	6,483,917
Depreciation expense		997,482			948,811			908,029
Disposals and deconsolidations		(153,168	)		(107,819	)		(336,324	)

Balance, close of year	$	8,740,928		$	7,896,614		$	7,055,622

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

•	Buildings and Improvements — typically 10-35 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment.
•	Tenant Allowances and Improvements — shorter of lease term or useful life.

(3)	Initial cost generally represents net book value at December 20, 1993, except for acquired properties and new developments after December 20, 1993. Initial cost also includes any new developments that are opened during the current year. Costs of disposals and impairments of property are first reflected as a reduction to cost capitalized subsequent to acquisition.
(4)	Not developed/constructed by us or our predecessors. The date of construction represents the initial acquisition date for assets in which we have acquired multiple interests.
(5)	Initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting.
(6)	Encumbrances represent face amount of mortgage debt and exclude any premiums or discounts.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Summary of Significant Accounting Policies

Investment Properties

	For the Year Ended December 31,
	2014		2013		2012
Capitalized interest	$	16,500	$	15,585	$	20,703

Purchase Accounting Allocation

•	the fair value of land and related improvements and buildings on an as-if-vacant basis,
•	the market value of in-place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into revenues,
•	the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and
•	the value of revenue and recovery of costs foregone during a reasonable lease-up period, as if the space was vacant.

Discontinued Operations

The following is a summary of the assets and liabilities transferred to Washington Prime as part of the spin-off (dollars in thousands):

	May 28, 2014		December 31, 2013
ASSETS:
Investment properties at cost	$	4,802,975	$	4,789,705
Less — accumulated depreciation		2,034,615		1,974,949

		2,768,360		2,814,756
Cash and cash equivalents		33,776		25,857
Tenant receivables and accrued revenue, net		53,662		61,121
Investment in unconsolidated entities, at equity		5,189		3,554
Deferred costs and other assets		110,365		97,026

Total assets	$	2,971,352	$	3,002,314


LIABILITIES:
Mortgages and unsecured indebtedness	$	1,929,019	$	918,614
Accounts payable, accrued expenses, intangibles, and deferred revenues		112,390		151,011
Cash distributions and losses in partnerships and joint ventures, at equity		41,623		41,313
Other liabilities		36,927		6,851

Total liabilities		2,119,959		1,117,789


Net Assets Transferred to Washington Prime	$	851,393	$	1,884,525

	For the Year Ended
	2014			2013			2012
TOTAL REVENUE	$	262,652		$	626,289		$	623,927
Property operating		43,175			104,089			106,241
Depreciation and amortization		76,992			182,828			189,187
Real estate taxes		32,474			76,216			76,361
Repairs and maintenance		10,331			22,584			22,208
Advertising and promotion		3,340			8,316			8,981
Provision for credit losses		1,494			572			1,904
Other		2,028			4,664			4,674

Total operating expenses		169,834			399,269			409,556
OPERATING INCOME		92,818			227,020			214,371
Interest expense		(26,076	)		(55,058	)		(58,844	)
Income and other taxes		(112	)		(196	)		(165	)
Income (loss) from unconsolidated entities		652			(1,121	)		1,028
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		242			14,152			—

CONSOLIDATED NET INCOME		67,524			184,797			156,390
Net income attributable to noncontrolling interests		9,781			26,571			25,184

NET INCOME ATTRIBUTABLE TO UNITHOLDERS	$	57,743		$	158,226		$	131,206

Capital expenditures on a cash basis for the years ended December 31, 2014, 2013, and 2012 were $31.9 million, $93.3 million, and $67.8 million, respectively, related to the discontinued operations.

Transitional services fees earned for the portion of 2014 subsequent to the spin-off were approximately $3.2 million.

Cash and Cash Equivalents

Marketable and Non-Marketable Securities

Fair Value Measurements

Use of Estimates

Segment Disclosure

Deferred Costs and Other Assets

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

	2014		2013
Deferred financing and lease costs, net	$	312,569	$	296,359
In-place lease intangibles, net		216,330		265,097
Acquired above market lease intangibles, net		75,366		91,170
Marketable securities of our captive insurance companies		111,844		94,720
Goodwill		20,098		20,098
Other marketable and non-marketable securities		698,265		173,887
Prepaids, notes receivable and other assets, net		372,317		481,457

	$	1,806,789	$	1,422,788

Deferred Financing and Lease Costs

	2014			2013
Deferred financing and lease costs	$	533,050		$	525,413
Accumulated amortization		(220,481	)		(229,054	)

Deferred financing and lease costs, net	$	312,569		$	296,359

	For the Year Ended December 31,
	2014			2013			2012
Amortization of deferred financing costs	$	21,392		$	25,159		$	25,932
Amortization of debt premiums, net of discounts		(24,092	)		(33,026	)		(32,143	)
Amortization of deferred leasing costs		39,488			34,891			32,977

Loans Held for Investment

We had investments in mortgage and mezzanine loans which were repaid during 2012. We recorded $6.8 million during 2012 in interest income earned from these loans.

Intangibles

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

	2014			2013
In-place lease intangibles	$	416,623		$	443,127
Accumulated depreciation		(200,293	)		(178,030	)

In-place lease intangibles, net	$	216,330		$	265,097

	2014			2013
Acquired above market lease intangibles	$	225,335		$	239,000
Accumulated amortization		(149,969	)		(147,830	)

Acquired above market lease intangibles, net	$	75,366		$	91,170

Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2014 are as follows:

	Below Market Leases		Above Market Leases			Impact to Minimum Rent, Net
2015	$	29,062	$	(19,697	)	$	9,365
2016		23,829		(17,524	)		6,305
2017		17,255		(14,169	)		3,086
2018		13,146		(10,810	)		2,336
2019		10,602		(7,384	)		3,218
Thereafter		9,218		(5,782	)		3,436

	$	103,112	$	(75,366	)	$	27,746

Derivative Financial Instruments

Interest Rate Derivative		Number of Instruments		Notional Amount
Interest Rate Swaps		2		$375.0 million

New Accounting Pronouncements

Noncontrolling Interests and Temporary Equity

A rollforward of noncontrolling interests for the years ending December 31 is as follows:

	2014			2013			2012
Noncontrolling nonredeemable (deficit) interests in properties, net — beginning of period	$	4,264		$	(877	)	$	(59,000	)
Net income attributable to noncontrolling nonredeemable interests		2,491			132			—
Distributions to noncontrolling nonredeemable interestholders		(19,065	)		(285	)		(435	)
Purchase and disposition of noncontrolling interests, net, and other		12,081			5,294			58,558

Noncontrolling nonredeemable (deficit) interests in properties, net — end of period	$	(229	)	$	4,264		$	(877	)

Accumulated Other Comprehensive Income (Loss)

The changes in components of our accumulated other comprehensive income (loss) consisted of the following net of noncontrolling interest as of December 31, 2014:

	Currency translation adjustments			Accumulated derivative losses, net			Net unrealized gains on marketable securities		Total
Beginning balance	$	(27,755	)	$	(61,833	)	$	1,134	$	(88,454	)
Other comprehensive income (loss) before reclassifications		(101,799	)		5,220			102,816		6,237
Amounts reclassified from accumulated other comprehensive income (loss)		—			10,789			—		10,789

Net current-period other comprehensive income (loss)		(101,799	)		16,009			102,816		17,026

Ending balance	$	(129,554	)	$	(45,824	)	$	103,950	$	(71,428	)

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31, 2014 and 2013:

	December 31, 2014			December 31, 2013
Details about accumulated other comprehensive income (loss) components:	Amount reclassified from accumulated other comprehensive income (loss)			Amount reclassified from accumulated other comprehensive income (loss)			Affected line item in the statement where net income is presented
Accumulated derivative losses, net	$	(10,789	)	$	(9,205	)	Interest expense

	$	(10,789	)	$	(9,205	)

Revenue Recognition

Management Fees and Other Revenues

Allowance for Credit Losses

	For the Year Ended December 31,
	2014			2013			2012
Balance, beginning of period	$	32,681		$	29,263		$	24,170
Consolidation of previously unconsolidated properties		117			—			2,061
Provision for credit losses		12,001			7,165			10,905
Accounts written off, net of recoveries		(11,517	)		(3,747	)		(7,873	)

Balance, end of period	$	33,282		$	32,681		$	29,263

Income Taxes

Corporate Expenses

Basis of Presentation and Consolidation (Tables)

12 Months Ended

Dec. 31, 2014

Basis of Presentation

Schedule of weighted average ownership interest of Simon Property in the operating partnership

	For the Year Ended December 31,
	2014			2013			2012
Weighted average ownership interest		85.5	%		85.6	%		83.9	%

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Significant Accounting Policies

Schedule of interest capitalized

	For the Year Ended December 31,
	2014		2013		2012
Capitalized interest	$	16,500	$	15,585	$	20,703

Summary of the assets and liabilities transferred to Washington Prime as part of the spin-off

	May 28, 2014		December 31, 2013
ASSETS:
Investment properties at cost	$	4,802,975	$	4,789,705
Less — accumulated depreciation		2,034,615		1,974,949

		2,768,360		2,814,756
Cash and cash equivalents		33,776		25,857
Tenant receivables and accrued revenue, net		53,662		61,121
Investment in unconsolidated entities, at equity		5,189		3,554
Deferred costs and other assets		110,365		97,026

Total assets	$	2,971,352	$	3,002,314


LIABILITIES:
Mortgages and unsecured indebtedness	$	1,929,019	$	918,614
Accounts payable, accrued expenses, intangibles, and deferred revenues		112,390		151,011
Cash distributions and losses in partnerships and joint ventures, at equity		41,623		41,313
Other liabilities		36,927		6,851

Total liabilities		2,119,959		1,117,789


Net Assets Transferred to Washington Prime	$	851,393	$	1,884,525

Summarized financial information for discontinued operations

	For the Year Ended
	2014			2013			2012
TOTAL REVENUE	$	262,652		$	626,289		$	623,927
Property operating		43,175			104,089			106,241
Depreciation and amortization		76,992			182,828			189,187
Real estate taxes		32,474			76,216			76,361
Repairs and maintenance		10,331			22,584			22,208
Advertising and promotion		3,340			8,316			8,981
Provision for credit losses		1,494			572			1,904
Other		2,028			4,664			4,674

Total operating expenses		169,834			399,269			409,556
OPERATING INCOME		92,818			227,020			214,371
Interest expense		(26,076	)		(55,058	)		(58,844	)
Income and other taxes		(112	)		(196	)		(165	)
Income (loss) from unconsolidated entities		652			(1,121	)		1,028
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		242			14,152			—

CONSOLIDATED NET INCOME		67,524			184,797			156,390
Net income attributable to noncontrolling interests		9,781			26,571			25,184

NET INCOME ATTRIBUTABLE TO UNITHOLDERS	$	57,743		$	158,226		$	131,206

Schedule of deferred costs and other assets

	2014		2013
Deferred financing and lease costs, net	$	312,569	$	296,359
In-place lease intangibles, net		216,330		265,097
Acquired above market lease intangibles, net		75,366		91,170
Marketable securities of our captive insurance companies		111,844		94,720
Goodwill		20,098		20,098
Other marketable and non-marketable securities		698,265		173,887
Prepaids, notes receivable and other assets, net		372,317		481,457

	$	1,806,789	$	1,422,788

Schedule of deferred financing and leasing costs

	2014			2013
Deferred financing and lease costs	$	533,050		$	525,413
Accumulated amortization		(220,481	)		(229,054	)

Deferred financing and lease costs, net	$	312,569		$	296,359

Schedule of amortization, included in statements of operations and comprehensive income

	For the Year Ended December 31,
	2014			2013			2012
Amortization of deferred financing costs	$	21,392		$	25,159		$	25,932
Amortization of debt premiums, net of discounts		(24,092	)		(33,026	)		(32,143	)
Amortization of deferred leasing costs		39,488			34,891			32,977

Schedule of intangible assets

	2014			2013
In-place lease intangibles	$	416,623		$	443,127
Accumulated depreciation		(200,293	)		(178,030	)

In-place lease intangibles, net	$	216,330		$	265,097

	2014			2013
Acquired above market lease intangibles	$	225,335		$	239,000
Accumulated amortization		(149,969	)		(147,830	)

Acquired above market lease intangibles, net	$	75,366		$	91,170

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

Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2014 are as follows:

	Below Market Leases		Above Market Leases			Impact to Minimum Rent, Net
2015	$	29,062	$	(19,697	)	$	9,365
2016		23,829		(17,524	)		6,305
2017		17,255		(14,169	)		3,086
2018		13,146		(10,810	)		2,336
2019		10,602		(7,384	)		3,218
Thereafter		9,218		(5,782	)		3,436

	$	103,112	$	(75,366	)	$	27,746

Schedule of outstanding interest rate derivatives related to interest rate risk

As of December 31, 2014, we had the following outstanding interest rate derivatives related to managing our interest rate risk:


Interest Rate Derivative	Number of Instruments	Notional Amount
Interest Rate Swaps	2	$375.0 million

Schedule of rollforward of noncontrolling interests

	2014			2013			2012
Noncontrolling nonredeemable (deficit) interests in properties, net — beginning of period	$	4,264		$	(877	)	$	(59,000	)
Net income attributable to noncontrolling nonredeemable interests		2,491			132			—
Distributions to noncontrolling nonredeemable interestholders		(19,065	)		(285	)		(435	)
Purchase and disposition of noncontrolling interests, net, and other		12,081			5,294			58,558

Noncontrolling nonredeemable (deficit) interests in properties, net — end of period	$	(229	)	$	4,264		$	(877	)

Schedule of changes in components of accumulated other comprehensive income (loss) net of noncontrolling interest

The changes in components of our accumulated other comprehensive income (loss) consisted of the following net of noncontrolling interest as of December 31, 2014:

	Currency translation adjustments			Accumulated derivative losses, net			Net unrealized gains on marketable securities		Total
Beginning balance	$	(27,755	)	$	(61,833	)	$	1,134	$	(88,454	)
Other comprehensive income (loss) before reclassifications		(101,799	)		5,220			102,816		6,237
Amounts reclassified from accumulated other comprehensive income (loss)		—			10,789			—		10,789

Net current-period other comprehensive income (loss)		(101,799	)		16,009			102,816		17,026

Ending balance	$	(129,554	)	$	(45,824	)	$	103,950	$	(71,428	)

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

	December 31, 2014			December 31, 2013
Details about accumulated other comprehensive income (loss) components:	Amount reclassified from accumulated other comprehensive income (loss)			Amount reclassified from accumulated other comprehensive income (loss)			Affected line item in the statement where net income is presented
Accumulated derivative losses, net	$	(10,789	)	$	(9,205	)	Interest expense

	$	(10,789	)	$	(9,205	)

Schedule of activity in the allowance for credit losses

	For the Year Ended December 31,
	2014			2013			2012
Balance, beginning of period	$	32,681		$	29,263		$	24,170
Consolidation of previously unconsolidated properties		117			—			2,061
Provision for credit losses		12,001			7,165			10,905
Accounts written off, net of recoveries		(11,517	)		(3,747	)		(7,873	)

Balance, end of period	$	33,282		$	32,681		$	29,263

Per Unit Data (Tables)

12 Months Ended

Dec. 31, 2014

Per Unit Data

Schedule of computation of basic and diluted earnings per unit

	For the Year Ended December 31,
	2014		2013		2012
Net Income attributable to Unitholders — Basic and Diluted	$	1,643,783	$	1,537,348	$	1,705,860


Weighted Average Units Outstanding — Basic		363,475,504		362,355,581		361,322,520
Effect of stock options of Simon		—		50		1,072

Weighted Average Units Outstanding — Diluted		363,475,504		362,355,631		361,323,592

Schedule of taxable nature of distribution declared

	For the Year Ended December 31,
	2014			2013			2012
Total distributions paid per unit	$	5.15		$	4.65		$	4.10


Percent taxable as ordinary income		100.0	%		97.50	%		99.50	%
Percent taxable as long-term capital gains		—			2.50	%		0.50	%

		100.0	%		100.0	%		100.0	%

Investment Properties (Tables)

12 Months Ended

Dec. 31, 2014

Investment Properties

Schedule of investment properties

	2014		2013
Land	$	3,185,624	$	3,086,183
Buildings and improvements		27,828,509		26,962,049

Total land, buildings and improvements		31,014,133		30,048,232
Furniture, fixtures and equipment		304,399		288,407

Investment properties at cost		31,318,532		30,336,639
Less — accumulated depreciation		8,950,747		8,092,794

Investment properties at cost, net	$	22,367,785	$	22,243,845


Construction in progress included above	$	640,081	$	328,705

Investments in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2014

Investment in Unconsolidated Entities

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

BALANCE SHEETS

	December 31, 2014			December 31, 2013
Assets:
Investment properties, at cost	$	16,087,282		$	15,355,700
Less - accumulated depreciation		5,457,899			5,080,832

		10,629,383			10,274,868
Cash and cash equivalents		993,178			781,554
Tenant receivables and accrued revenue, net		362,201			302,902
Investment in unconsolidated entities, at equity		11,386			38,352
Deferred costs and other assets		536,600			579,480
Total assets of discontinued operations		—			281,000

Total assets	$	12,532,748		$	12,258,156


Liabilities and Partners' Deficit:
Mortgages	$	13,272,557		$	12,753,139
Accounts payable, accrued expenses, intangibles, and deferred revenue		1,015,334			834,898
Other liabilities		493,718			513,897
Total liabilities of discontinued operations		—			286,252

Total liabilities		14,781,609			14,388,186
Preferred units		67,450			67,450
Partners' deficit		(2,316,311	)		(2,197,480	)

Total liabilities and partners' deficit	$	12,532,748		$	12,258,156


Our Share of:
Partners' deficit	$	(663,700	)	$	(717,776	)
Add: Excess investment		1,875,337			2,059,584
Add: Our share of investment in discontinued unconsolidated entities, at equity		—			37,759

Our net investment in unconsolidated entities, at equity	$	1,211,637		$	1,379,567

Scheduled principal payment repayments on joint venture properties' mortgages and other indebtedness

As of December 31, 2014, scheduled principal repayments on joint venture properties' mortgage indebtedness are as follows:

2015	$	1,567,248
2016		1,217,673
2017		823,948
2018		770,447
2019		526,296
Thereafter		8,359,654

Total principal maturities		13,265,266
Net unamortized debt premium		7,291

Total mortgages and unsecured indebtedness	$	13,272,557

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

STATEMENTS OF OPERATIONS

	For the Year Ended December 31,
	2014			2013			2012
Revenue:
Minimum rent	$	1,746,549		$	1,618,802		$	1,435,586
Overage rent		183,478			180,435			176,255
Tenant reimbursements		786,351			747,447			672,935
Other income		293,419			199,197			170,263

Total revenue		3,009,797			2,745,881			2,455,039
Operating Expenses:
Property operating		574,706			487,144			465,333
Depreciation and amortization		604,199			512,702			492,073
Real estate taxes		221,745			204,894			170,292
Repairs and maintenance		71,203			66,612			62,659
Advertising and promotion		72,496			61,664			54,404
Provision for credit losses		6,527			1,388			1,814
Other		187,729			155,421			169,558

Total operating expenses		1,738,605			1,489,825			1,416,133

Operating Income		1,271,192			1,256,056			1,038,906
Interest expense		(598,900	)		(680,321	)		(584,143	)

Income from Continuing Operations		672,292			575,735			454,763
Income from operations of discontinued joint venture interests		5,079			14,200			(3,881	)
Gain(Loss) on disposal of discontinued operations, net		—			51,164			(5,354	)

Net Income	$	677,371		$	641,099		$	445,528


Third-Party Investors' Share of Net Income	$	348,127		$	353,708		$	239,931


Our Share of Net Income		329,244			287,391			205,597
Amortization of Excess Investment		(99,463	)		(102,875	)		(83,400	)
Our Share of (Loss) Income from Unconsolidated Discontinued Operations		(652	)		1,121			(1,028	)
Our Share of Loss on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		—			—			9,245

Income from Unconsolidated Entities	$	229,129		$	185,637		$	130,414

Indebtedness and Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Indebtedness and Derivative Financial Instruments

Schedule of mortgages and unsecured indebtedness

	2014		2013
Fixed-Rate Debt:
Mortgage notes, including $49,723 and $62,886 net premiums, respectively. Weighted average interest and maturity of 5.48% and 3.9 years at December 31, 2014.	$	5,615,351	$	6,975,913
Unsecured notes, including $40,701 and $38,519 net discounts, respectively. Weighted average interest and maturity of 4.41% and 7.6 years at December 31, 2014.		13,399,920		13,931,705

Total Fixed-Rate Debt		19,015,271		20,907,618
Variable-Rate Debt:
Mortgages notes, at face value. Weighted average interest and maturity of 2.03% and 2.3 years at December 31, 2014.		630,000		350,000
Unsecured Term Loan (see below)		240,000		240,000
Credit Facility (see below)		558,537		1,172,299
Commercial Paper (see below)		409,185		—

Total Variable-Rate Debt		1,837,722		1,762,299

Total Mortgages and Unsecured Indebtedness	$	20,852,993	$	22,669,917

Schedule of principal repayments of indebtedness

Our scheduled principal repayments on indebtedness as of December 31, 2014 are as follows:

2015	$	1,174,796
2016		2,892,728
2017		3,043,067
2018		2,024,275
2019		1,928,394
Thereafter		9,780,711

Total principal maturities		20,843,971
Net unamortized debt premium		9,022

Total mortgages and unsecured indebtedness	$	20,852,993

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

	For the Year Ended December 31,
	2014		2013		2012
Cash paid for interest	$	1,018,911	$	1,086,128	$	1,063,470

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

	2014	2013
Fair value of fixed-rate mortgages and unsecured indebtedness	$20,558	$22,316
Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages	3.02%	3.07%

Rentals under Operating Leases (Tables)

12 Months Ended

Dec. 31, 2014

Rentals under Operating Leases

Schedule of future minimum rentals to be received under non-cancelable tenant operating leases for each of the next five years and thereafter

2015	$	2,548,265
2016		2,335,798
2017		2,099,583
2018		1,820,246
2019		1,540,869
Thereafter		4,440,204

	$	14,784,965

Equity (Tables)

12 Months Ended

Dec. 31, 2014

Equity

Schedule of carrying values for securities classified in temporary equity

	2014		2013
7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding	$	25,537	$	25,537
Other noncontrolling redeemable interests in properties		—		164,948

Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties	$	25,537	$	190,485

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

LTIP Program	LTIP Units Earned	Grant Date Fair Value
2010 LTIP Program
1-year 2010 LTIP Program	133,673	1-year program — $7.2 million
2-year 2010 LTIP Program	337,006	2-year program — $14.8 million
3-year 2010 LTIP Program	489,654	3-year program — $23.0 million
2011-2013 LTIP Program	469,848	$35.0 million
2012-2014 LTIP Program	401,203	$35.0 million
2013-2015 LTIP Program	To be determined in 2016	$33.5 million
2014-2016 LTIP Program	To be determined in 2017	$30.0 million

Schedule of restricted stock awards

	For the Year Ended December 31,
	2014		2013		2012
Shares of restricted stock awarded during the year, net of forfeitures		83,509		107,123		114,066
Weighted average fair value of shares granted during the year	$	166.36	$	160.22	$	146.70
Amortization expense	$	18,256	$	18,311	$	14,001

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies

Schedule of ground lease expense and home office and regional expense incurred, included in other expense

	For the Year Ended, December 31,
	2014		2013		2012
Ground lease expense	$	39,898	$	37,150	$	40,518
Office lease expense		4,577		4,057		2,004

Schedule of future minimum lease payments due under leases, excluding applicable extension options and any sublease income

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

2015	$	29,775
2016		35,221
2017		35,436
2018		35,413
2019		28,266
Thereafter		907,110

	$	1,071,221

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2014

Related Party Transactions

Schedule of related party transactions

	For the Year Ended December 31,
	2014		2013		2012
Amounts charged to unconsolidated joint ventures and Washington Prime properties	$	133,730	$	121,996	$	119,534
Amounts charged to properties owned by related parties		4,393		4,510		4,416

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Data (Unaudited)

Schedule of quarterly financial data

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2014
Total revenue	$	1,157,022	$	1,181,982	$	1,234,694	$	1,297,120
Operating income		560,965		561,531		607,557		655,288
Consolidated income from continuing operations		359,601		489,609		296,963		475,992
Consolidated net income		401,103		477,468		296,963		475,992
Net income attributable to unitholders		399,267		475,708		294,900		473,907
Net income per unit from continuing operations — Basic and Diluted	$	0.99	$	1.34	$	0.81	$	1.30
Net income per unit — Basic and Diluted	$	1.10	$	1.31	$	0.81	$	1.30
Weighted average units outstanding — Basic and Diluted		363,008,959		363,604,376		363,645,178		363,634,759
2013
Total revenue	$	1,060,823	$	1,084,993	$	1,146,877	$	1,251,155
Operating income		502,484		509,939		548,478		627,769
Consolidated income from continuing operations		278,615		359,129		328,712		400,337
Consolidated net income		334,468		400,525		367,293		449,304
Net income attributable to unitholders		330,694		397,115		364,022		445,517
Net income per unit from continuing operations — Basic and Diluted	$	0.76	$	0.99	$	0.89	$	1.09
Net income per unit — Basic and Diluted	$	0.91	$	1.10	$	1.00	$	1.23
Weighted average units outstanding		362,051,682		362,455,413		362,454,880		362,454,828
Diluted weighted average units outstanding		362,051,885		362,455,413		362,454,880		362,454,828

Organization (Details)	May 28, 2014 property	Dec. 31, 2014 state country property	Mar. 14, 2012
Strip Center Business and Small Malls
Owned, developed and managed retail properties
Number of properties merged under spin off into publicly traded REIT (Washington Prime Group Inc.)	98
U.S. and Puerto Rico
Owned, developed and managed retail properties
Number of income producing properties		207
Number of U.S. states containing property locations \| state		37
U.S. and Puerto Rico \| Malls
Owned, developed and managed retail properties
Number of income producing properties		109
U.S. and Puerto Rico \| Premium Outlets
Owned, developed and managed retail properties
Number of income producing properties		68
U.S. and Puerto Rico \| Community Centers
Owned, developed and managed retail properties
Number of income producing properties		3
U.S. and Puerto Rico \| The Mills
Owned, developed and managed retail properties
Number of income producing properties		13
U.S. and Puerto Rico \| Other
Owned, developed and managed retail properties
Number of income producing properties		14
Japan \| Premium Outlets
Owned, developed and managed retail properties
Number of income producing properties		9
South Korea
Owned, developed and managed retail properties
Number of income producing properties		3
Mexico \| Premium Outlets
Owned, developed and managed retail properties
Number of income producing properties		1
Malaysia \| Premium Outlets
Owned, developed and managed retail properties
Number of income producing properties		1
Canada \| Premium Outlets
Owned, developed and managed retail properties
Number of income producing properties		2
Europe
Owned, developed and managed retail properties
Number of income producing properties		5
Europe \| Klepierre
Owned, developed and managed retail properties
Joint venture ownership percentage		28.90%	28.70%
Number of countries \| country		13
Italy
Owned, developed and managed retail properties
Number of income producing properties		2
Austria
Owned, developed and managed retail properties
Number of income producing properties		1
Netherlands
Owned, developed and managed retail properties
Number of income producing properties		1
United Kingdom
Owned, developed and managed retail properties
Number of income producing properties		1

Basis of Presentation and Consolidation (Details) - property		12 Months Ended
	Dec. 04, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real estate properties
Total number of joint venture properties		82	93
Number of joint venture properties managed by the entity		60
Number of International joint venture properties		19
Number of joint venture properties managed by others		22
McArthurGlen Group
Real estate properties
Number of properties in which interest is acquired		5	5
Simon Property Group, Inc
Ownership interest:
Ownership percentage in the Operating Partnership		85.50%	85.70%
Simon Property Group, Inc \| Weighted average
Ownership interest:
Ownership percentage in the Operating Partnership		85.50%	85.60%	83.90%
Wholly owned properties
Real estate properties
Number of properties		133
Partially owned properties
Real estate properties
Number of properties		13
Consolidated properties
Real estate properties
Ownership interests acquired (as a percent)	50.00%
Number of properties in which interest is acquired	2

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investment properties
Capitalized interest	$ 16,500	$ 15,585	$ 20,703
Buildings and improvements \| Minimum
Investment properties
Useful life	10 years
Buildings and improvements \| Maximum
Investment properties
Useful life	35 years
Equipment and fixtures \| Minimum
Investment properties
Useful life	7 years
Equipment and fixtures \| Maximum
Investment properties
Useful life	10 years

Summary of Significant Accounting Policies (Details 2) $ in Thousands		6 Months Ended	7 Months Ended	12 Months Ended
	May 28, 2014 USD ($) property	Jun. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Discontinued Operations
Amount of retained proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off				$ 1,003,135
Transaction Expenses
Discontinued operations transaction expenses				38,163
ASSETS:
Total assets					$ 3,002,314
LIABILITIES:
Total liabilities					1,117,789
Summarized financial information for discontinued operations
CONSOLIDATED NET INCOME				67,524	184,797	$ 156,390
Washington Prime Group Inc
Additional disclosures
Term of property management agreement	2 years
Renewal term of property management agreement	1 year
Termination period of property management agreement	2 years
Period of prior written notice for termination of property management agreement	180 days
Termination period of transition services agreement	2 years
Minimum notice period for transition services agreement	180 days
Minimum notice period as percentage of original service period	50.00%
Exchange ratio of common shares for entity's stockholders to receive under spin off	0.50
Transition services fees earned			$ 3,200
Washington Prime Group LP
Additional disclosures
Exchange ratio of common units for entity's stockholders to receive under spin off	0.50
Minimum \| Washington Prime Group Inc
Additional disclosures
Annual fixed rate property management fees (as a percent)	2.50%
Maximum \| Washington Prime Group Inc
Additional disclosures
Annual fixed rate property management fees (as a percent)	4.00%
Strip Center Business and Small Malls
Discontinued Operations
Number of properties merged under spin off into publicly traded REIT (Washington Prime Group Inc.) \| property	98
Amount of retained proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off	$ 1,000,000
Transaction Expenses
Discontinued operations transaction expenses		$ 38,200
ASSETS:
Investment properties as cost	4,802,975				4,789,705
Less - accumulated depreciation	2,034,615				1,974,949
Investment properties, net	2,768,360				2,814,756
Cash and cash equivalents	33,776				25,857
Tenant receivables and accrued revenue, net	53,662				61,121
Investment in unconsolidated entities, at equity	5,189				3,554
Deferred costs and other assets	110,365				97,026
Total assets	2,971,352				3,002,314
LIABILITIES:
Mortgages and unsecured indebtedness	1,929,019				918,614
Accounts payable, accrued expenses, intangibles, and deferred revenues	112,390				151,011
Cash distributions and losses in partnerships and joint ventures, at equity	41,623				41,313
Other liabilities	36,927				6,851
Total liabilities	2,119,959				1,117,789
Net assets transferred to Washington Prime	$ 851,393				1,884,525
Summarized financial information for discontinued operations
TOTAL REVENUE				262,652	626,289	623,927
Property operating				43,175	104,089	106,241
Depreciation and amortization				76,992	182,828	189,187
Real estate taxes				32,474	76,216	76,361
Repairs and maintenance				10,331	22,584	22,208
Advertising and promotion				3,340	8,316	8,981
Provision for credit losses				1,494	572	1,904
Other				2,028	4,664	4,674
Total operating expenses				169,834	399,269	409,556
OPERATING INCOME				92,818	227,020	214,371
Interest expense				(26,076)	(55,058)	(58,844)
Income and other taxes				(112)	(196)	(165)
Income (loss) from unconsolidated entities				652	(1,121)	1,028
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net				242	14,152
CONSOLIDATED NET INCOME				67,524	184,797	156,390
Net income attributable to noncontrolling interests				9,781	26,571	25,184
NET INCOME ATTRIBUTABLE TO UNIT HOLDERS				57,743	158,226	131,206
Additional disclosures
Capital expenditures on a cash basis				$ 31,900	$ 93,300	$ 67,800

Summary of Significant Accounting Policies (Details 3) - USD ($) shares in Thousands, $ in Millions		3 Months Ended	12 Months Ended
	Oct. 23, 2012	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Marketable and Non-Marketable Securities
Carrying value of investments under the cost method			$ 167.1	$ 120.3
Other-than-temporary non-cash charges		$ 71.0
Market value of investments			643.0	148.3
Available for sale securities
Marketable and Non-Marketable Securities
Net unrealized gains (losses) recorded in accumulated other comprehensive income (loss)			$ 103.9	$ 1.1
Number of shares owned			5,710
Market value of investments			$ 476.4
Aggregate unrealized gain (loss) on available-for-sale investments, net			$ 102.5
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 \| Original investment de-merged into CSCG and CAPC
Marketable and Non-Marketable Securities
Proceeds received from the sale of investments	$ 327.1
Gain recognized on sale of investment	82.7
Amount included in gain reclassified from accumulated other comprehensive income (loss)	$ 79.4
Available for sale securities \| CSCG
Marketable and Non-Marketable Securities
Number of shares owned	35,400
Available for sale securities \| CAPC
Marketable and Non-Marketable Securities
Number of shares owned	38,900

Summary of Significant Accounting Policies (Details 4) - Recurring - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Level 2
Fair Value Measurement:
Interest rate swap agreements and foreign currency forward contracts, gross liability balance	$ 2.1	$ 1.2
Interest rate swap agreements and foreign currency forward contracts, gross asset balance	20.1	$ 8.4
Level 3
Fair Value Measurement:
Investments	$ 0.0

Summary of Significant Accounting Policies (Details 5) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($) item	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Segment Disclosure
Number of reportable segments \| item	1
Deferred costs and other assets
Deferred financing and lease costs, net	$ 312,569	$ 296,359
In-place lease intangibles, net	216,330	265,097
Acquired above market lease intangibles, net	75,366	91,170
Marketable securities of our captive insurance companies	111,844	94,720
Goodwill	20,098	20,098
Other marketable and non-marketable securities	698,265	173,887
Prepaids, notes receivable and other assets, net	372,317	481,457
Deferred costs and other assets	1,806,789	1,422,788
Deferred Financing and Lease Costs
Deferred financing and lease costs, gross	533,050	525,413
Accumulated amortization	(220,481)	(229,054)
Deferred financing and lease costs, net	312,569	296,359
Amortization, included in statements of operations and comprehensive income
Amortization of deferred financing costs	21,392	25,159	$ 25,932
Amortization of debt premiums, net of discounts	(24,092)	(33,026)	(32,143)
Amortization of deferred leasing costs	$ 39,488	$ 34,891	$ 32,977

Summary of Significant Accounting Policies (Details 6) $ in Millions	12 Months Ended
	Dec. 31, 2012 USD ($)
Loans Held for Investment
Interest income on loans held for investment	$ 6.8

Summary of Significant Accounting Policies (Details 7) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Intangible Assets
Unamortized below market leases included in accounts payable, accrued expenses, intangibles and deferred revenues	$ 103,100	$ 135,100
Estimated future amortization, and the increasing (decreasing) effect on below market minimum rents
2015	29,062
2016	23,829
2017	17,255
2018	13,146
2019	10,602
Thereafter	9,218
Lease intangibles assets, net	103,112
Estimated future amortization, and the increasing (decreasing) effect on minimum rents
2015	9,365
2016	6,305
2017	3,086
2018	2,336
2019	3,218
Thereafter	3,436
Lease intangibles assets, net	$ 27,746
In-place lease intangibles
Intangible Assets
Average life of in-place lease intangibles	3 years 3 months 18 days
Lease intangibles assets, gross	$ 416,623	443,127
Accumulated amortization	(200,293)	(178,030)
Lease intangibles assets, net	$ 216,330	265,097
Above and below market leases
Intangible Assets
Weighted average remaining life of intangible	4 years 8 months 12 days
Amount of amortization expenses	$ 11,300	22,800	$ 15,900
Above Market Leases
Intangible Assets
Lease intangibles assets, gross	225,335	239,000
Accumulated amortization	(149,969)	(147,830)
Lease intangibles assets, net	75,366	$ 91,170
Estimated future amortization, and the increasing (decreasing) effect on minimum rents
2015	(19,697)
2016	(17,524)
2017	(14,169)
2018	(10,810)
2019	(7,384)
Thereafter	(5,782)
Lease intangibles assets, net	$ (75,366)

Summary of Significant Accounting Policies (Details 8) € in Millions, ¥ in Millions, $ in Millions	Dec. 31, 2014 JPY (¥) instrument	Dec. 31, 2014 EUR (€) instrument	Dec. 31, 2014 USD ($) instrument	Dec. 31, 2013 EUR (€)	Dec. 31, 2013 USD ($)
Derivative financial instruments
Gross accumulated other comprehensive income or loss related to derivative activities			$ 45.8		$ 61.8
Interest rate swap
Derivative financial instruments
Number of Instruments \| instrument	2	2	2
Notional Amount			$ 375.0
Interest rate net, fair value			(1.2)		3.0
Interest rate swap \| Other liabilities.
Derivative financial instruments
Interest rate net, fair value			(2.1)		(0.4)
Interest rate swap \| Deferred costs and other assets
Derivative financial instruments
Interest rate net, fair value			0.9		3.4
USD-Yen currency forward contract
Derivative financial instruments
Notional Amount \| ¥	¥ 14.7
USD-Yen currency forward contract \| Deferred costs and other assets
Derivative financial instruments
Forward contract net, fair value			0.1		5.0
USD-Euro currency forward contract
Derivative financial instruments
Notional Amount \| €		€ 150.0		€ 74.0
USD-Euro currency forward contract \| Other liabilities.
Derivative financial instruments
Forward contract net, fair value					$ (0.8)
USD-Euro currency forward contract \| Deferred costs and other assets
Derivative financial instruments
Forward contract net, fair value			$ 19.1

Summary of Significant Accounting Policies (Details 09) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Noncontrolling Interests:
Balance	$ 6,822,632	$ 6,893,089	$ 5,544,288
Balance	5,951,505	6,822,632	6,893,089
Noncontrolling Interests
Noncontrolling Interests:
Balance	4,264	(877)	(59,000)
Net income attributable to noncontrolling nonredeemable interests	2,491	132
Distributions to noncontrolling nonredeemable interestholders	(19,065)	(285)	(435)
Purchase and disposition of noncontrolling interests, net, and other	12,081	5,294	58,558
Balance	$ (229)	$ 4,264	$ (877)
7.5% Cumulative Redeemable Preferred Units
Noncontrolling Interests:
Preferred stock stated dividend rate percentage	7.50%	7.50%

Summary of Significant Accounting Policies (Details 10) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
Significant Accounting Policies
Beginning balance	$ (88,454)
Other comprehensive income (loss) before reclassifications	6,237
Amounts reclassified from accumulated other comprehensive income (loss)	10,789
Net current-period other comprehensive income (loss)	17,026
Ending balance	(71,428)
Currency translation adjustments
Significant Accounting Policies
Beginning balance	(27,755)
Other comprehensive income (loss) before reclassifications	(101,799)
Net current-period other comprehensive income (loss)	(101,799)
Ending balance	(129,554)
Accumulated derivative losses, net
Significant Accounting Policies
Beginning balance	(61,833)
Other comprehensive income (loss) before reclassifications	5,220
Amounts reclassified from accumulated other comprehensive income (loss)	10,789
Net current-period other comprehensive income (loss)	16,009
Ending balance	(45,824)
Net unrealized gains on marketable securities
Significant Accounting Policies
Beginning balance	1,134
Other comprehensive income (loss) before reclassifications	102,816
Net current-period other comprehensive income (loss)	102,816
Ending balance	$ 103,950

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Summary of Significant Accounting Policies (Details 11) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Significant Accounting Policies
Interest expense									$ (992,601)	$ (1,082,081)	$ (1,068,181)
NET INCOME ATTRIBUTABLE TO UNITHOLDERS	$ 473,907	$ 294,900	$ 475,708	$ 399,267	$ 445,517	$ 364,022	$ 397,115	$ 330,694	1,643,783	1,537,348	$ 1,705,860
Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO UNITHOLDERS									(10,789)	(9,205)
Accumulated derivative losses, net \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense									$ (10,789)	$ (9,205)

Summary of Significant Accounting Policies (Details 12) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Management fees and other revenues
Insurance reserve for insurance subsidiaries and other self-insurance programs	$ 93,500	$ 103,400
Allowance for Credit Losses
Balance, beginning of period	32,681	29,263	$ 24,170
Consolidation of previously unconsolidated properties	117		2,061
Provision for credit losses	12,001	7,165	10,905
Accounts written off, net of recoveries	(11,517)	(3,747)	(7,873)
Balance, end of period	33,282	32,681	$ 29,263
Income Taxes
Provision for federal income taxes for REIT entities	0
Deferred tax (liabilities) assets related to TRS subsidiaries, net	(1,100)	$ 1,100
Valuation allowance	$ 0

Real Estate Acquisitions and Dispositions (Details) $ in Thousands																			3 Months Ended	6 Months Ended	12 Months Ended
	Jan. 15, 2015 USD ($)	Sep. 26, 2014 USD ($)	Apr. 16, 2014 USD ($) property	Jan. 30, 2014 USD ($) a shares	Jan. 10, 2014 USD ($) item property	Jan. 10, 2014 USD ($) item property	Oct. 16, 2013 USD ($) property	Aug. 08, 2013 USD ($)	May 30, 2013 USD ($) ft²	Dec. 04, 2012 property	Dec. 04, 2012 USD ($) property	Jun. 04, 2012 USD ($) ft²	May 21, 2012	May 03, 2012 USD ($) property	Mar. 22, 2012 USD ($) property	Mar. 14, 2012 USD ($)	Jan. 06, 2012	Jan. 06, 2012 USD ($)	Mar. 31, 2014 USD ($)	Jun. 30, 2014 USD ($)	Dec. 31, 2014 USD ($) property	Dec. 31, 2013 USD ($) property	Dec. 31, 2012 USD ($) property	Mar. 31, 2015
Real estate properties
Discontinued operations transaction expenses																					$ 38,163
Europe
Real estate properties
Number of properties \| property																					5
Domain, The, Austin, TX
Real estate properties
Number of properties sold \| property														2
Gain (loss) on disposition														$ 12,400
Office property, Boston, Massachusetts
Real estate properties
Gain (loss) on disposition								$ 7,900
Strip Center Business and Small Malls
Real estate properties
Discontinued operations transaction expenses																				$ 38,200
Klepierre
Real estate properties
Number of properties disposed of during the period \| property			126
Gain (loss) on disposition			$ 133,900
Klepierre \| Europe
Real estate properties
Purchase price of equity method investment acquired																$ 2,000,000
Joint venture ownership percentage																28.70%					28.90%
Joint venture ownership percentage after transactions													28.90%
Del Amo Fashion Center
Real estate properties
Purchase price of equity method investment acquired																		$ 50,000
Joint venture ownership percentage																	25.00%	25.00%
Joint venture ownership percentage after transactions																	50.00%	50.00%
McArthurGlen Group
Real estate properties
Number of properties in which interest is acquired \| property																					5	5
McArthurGlen Group \| Europe
Real estate properties
Number of properties in which interest is acquired \| property							4
Purchase price of equity method investment acquired							$ 496,700
McArthurGlen Group \| Europe \| Maximum
Real estate properties
Joint venture ownership percentage																					90.00%
Retail properties
Real estate properties
Gain (loss) on disposition																							$ 15,500
Hotel
Real estate properties
Gain (loss) on disposition		$ 4,500
Partially owned properties
Real estate properties
Number of properties \| property																					13
Gain (loss) on disposition																						$ 80,200
Unconsolidated properties \| Retail properties
Real estate properties
Number of properties disposed of during the period \| property																						3	4
Unconsolidated properties \| Community Centers
Real estate properties
Number of properties in which interest is acquired \| property																						3
Number of properties disposed of during the period \| property																						3
Consolidated properties
Real estate properties
Number of properties in which interest is acquired \| property										2
Ownership interests acquired (as a percent)										50.00%	50.00%
Consolidated properties \| Retail properties
Real estate properties
Number of properties disposed of during the period \| property																					3	8	9
Gain (loss) on disposition																					$ 21,800
Forecast \| Klepierre \| Europe
Real estate properties
Joint venture ownership percentage																								18.30%
Jersey Gardens And University Park Village
Real estate properties
Ownership interests acquired (as a percent)	100.00%
Mortgage debt including debt premiums	$ 405,000
Aggregate cash purchase price for acquisition	$ 677,900
Portfolio of ten properties
Real estate properties
Number of properties in which interest is acquired \| property					10
Number of partner's interest acquired \| item					1	1
Consideration paid					$ 114,400	$ 114,400
Portfolio of ten properties \| Consolidated properties
Real estate properties
Number of properties in which interest is acquired \| property					7	7
Arizona Mills
Real estate properties
Area of property acquired (in acre or square feet) \| a				39
Consideration paid				$ 145,800
Number of units issued in connection with acquisition of the remaining interest in Arizona Mills \| shares				555,150
Gain due to acquisition of controlling interest																			$ 2,700
Ownership interests acquired (as a percent)				50.00%
Ownership interest after acquisition (as a percent)				100.00%
Mortgage debt including debt premiums				$ 166,900
Outlet center, Portland OR
Real estate properties
Property interest acquired (as a percent)									100.00%
Area of property acquired (in acre or square feet) \| ft²									390,000
Property interest acquired									$ 146,700
Gain on acquisition of property interests									$ 27,300
Grand Prairie and Livermore properties
Real estate properties
Consideration paid											$ 260,900
Consideration paid in cash, percentage											90.00%
Consideration paid by issuance of units, percentage											10.00%
Construction loans extinguished upon acquisition											$ 162,500
Grand Prairie and Livermore properties \| Consolidated properties
Real estate properties
Number of properties in which interest is acquired \| property											2
Livermore Premium Outlets, Livermore (San Francisco), CA
Real estate properties
Ownership interests acquired (as a percent)										50.00%	50.00%
Ownership interest after acquisition (as a percent)										100.00%	100.00%
Grand Prairie Premium Outlets, Grand Prairie (Dallas), TX
Real estate properties
Ownership interests acquired (as a percent)										50.00%	50.00%
Ownership interest after acquisition (as a percent)										100.00%	100.00%
Outlet center, Destin, FL
Real estate properties
Property interest acquired (as a percent)												50.00%
Area of property acquired (in acre or square feet) \| ft²												465,000
Property interest acquired												$ 70,500
TMLP 2012 acquisition
Real estate properties
Mortgage debt including debt premiums															$ 2,600,000
Transaction value															$ 1,500,000
TMLP 2012 acquisition \| Partially owned properties
Real estate properties
Number of properties \| property															26
TMLP 2012 acquisition \| Unconsolidated properties
Real estate properties
Number of properties \| property															16
TMLP 2012 acquisition \| Consolidated properties
Real estate properties
Number of properties \| property															9
Gain due to acquisition of controlling interest															$ 488,700

Per Unit Data (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Jan. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Per Unit Data
Net Income attributable to Unitholders - Basic		$ 473,907	$ 294,900	$ 475,708	$ 399,267	$ 445,517	$ 364,022	$ 397,115	$ 330,694	$ 1,643,783	$ 1,537,348	$ 1,705,860
Net Income attributable to Unitholders - Diluted										$ 1,643,783	$ 1,537,348	$ 1,705,860
Weighted Average Units Outstanding - Basic (in shares)		363,634,759	363,645,178	363,604,376	363,008,959	362,454,828	362,454,880	362,455,413	362,051,682	363,475,504	362,355,581	361,322,520
Effect of stock options of Simon (in shares)											50	1,072
Weighted Average Units Outstanding - Diluted (in shares)		363,634,759	363,645,178	363,604,376	363,008,959	362,454,828	362,454,880	362,455,413	362,051,885	363,475,504	362,355,631	361,323,592
Taxable nature of the distributions declared
Total distributions paid per unit (in dollar per share)										$ 5.15	$ 4.65	$ 4.10
Percent taxable as ordinary income										100.00%	97.50%	99.50%
Percent taxable as long-term capital gains											2.50%	0.50%
Total percentage of distributions paid										100.00%	100.00%	100.00%
Dividends declared per common share (in dollars per share)	$ 1.40

Investment Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Investment Properties
Land	$ 3,185,624	$ 3,086,183
Buildings and improvements	27,828,509	26,962,049
Total land, buildings and improvements	31,014,133	30,048,232
Furniture, fixtures and equipment	304,399	288,407
Investment properties at cost	31,318,532	30,336,639
Less - accumulated depreciation	8,950,747	8,092,794
Investment properties at cost, net	22,367,785	22,243,845
Construction in progress included above	$ 640,081	$ 328,705

Investments in Unconsolidated Entities (Details) $ in Thousands				1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 12, 2015 USD ($)	May 21, 2012	Jan. 09, 2012 USD ($) property	Jan. 31, 2013 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2014 USD ($) property	Dec. 31, 2013 USD ($) property	Dec. 31, 2012 USD ($)	Jan. 30, 2014	Mar. 14, 2012
Schedule of Equity Method Investments
Total number of joint venture properties \| property						82	93
Distribution from joint venture financing proceeds						$ 202,269	$ 179,054	$ 151,398
Arizona Mills
Schedule of Equity Method Investments
Ownership interests acquired (as a percent)									50.00%
Gain due to acquisition of controlling interest					$ 2,700
Ownership interest after acquisition (as a percent)									100.00%
The Shops at Mission Viejo
Schedule of Equity Method Investments
Joint venture ownership percentage before transaction								100.00%
Gain due to formation of joint venture								$ 0
IMI \| Woodfield Mall
Schedule of Equity Method Investments
Joint venture ownership percentage before transaction								100.00%
Institutional Mall Investors Joint Venture \| Woodfield Mall
Schedule of Equity Method Investments
Joint venture ownership percentage after transactions								50.00%
Aggregate face amount of mortgage notes								$ 425,000
Interest rate on mortgage loan (as a percent)								4.50%
Institutional Mall Investors Joint Venture \| The Shops at Mission Viejo
Schedule of Equity Method Investments
Joint venture ownership percentage after transactions								51.00%
Aggregate face amount of mortgage notes				$ 295,000
Interest rate on mortgage loan (as a percent)				3.61%
Distribution from joint venture financing proceeds				$ 149,700
Institutional Mall Investors Joint Venture \| IMI \| Woodfield Mall
Schedule of Equity Method Investments
Joint venture ownership percentage after transactions								50.00%
Institutional Mall Investors Joint Venture \| IMI \| The Shops at Mission Viejo
Schedule of Equity Method Investments
Joint venture ownership percentage after transactions								49.00%
Construction and other related party loans
Schedule of Equity Method Investments
Loans to related party						$ 14,900	$ 140,300
Europe
Schedule of Equity Method Investments
Number of properties \| property						5
Europe \| Klepierre
Schedule of Equity Method Investments
Joint venture ownership percentage						28.90%				28.70%
Joint venture ownership percentage after transactions		28.90%
Distribution from joint venture financing proceeds	$ 62,000
Europe \| GCI
Schedule of Equity Method Investments
Gain due to formation of joint venture			$ 28,800
Italy
Schedule of Equity Method Investments
Number of properties \| property						2
Italy \| GCI
Schedule of Equity Method Investments
Number of properties sold \| property			45

Investments in Unconsolidated Entities (Details 2) $ in Millions	Mar. 22, 2012 USD ($) property	Jan. 06, 2012	Jan. 06, 2012 USD ($)	Dec. 31, 2014 property
Del Amo Fashion Center
Acquisitions
Purchase price of business acquired			$ 50.0
Joint venture ownership percentage		25.00%	25.00%
Joint venture ownership percentage after transactions		50.00%	50.00%
Partially owned properties
Acquisitions
Number of properties \| property				13
TMLP 2012 acquisition
Acquisitions
Transaction value	$ 1,500.0
Mortgage debt assumed, consolidated	2,600.0
Other than temporary impairment charge	22.4
TMLP 2012 acquisition \| TMLP Senior Loan Facility
Acquisitions
Repayment of TMLP senior loan facility	562.1
TMLP 2012 acquisition \| TMLP Trust Preferred Securities
Acquisitions
Repayment of TMLP senior loan facility	100.0
TMLP 2012 acquisition \| SPG-FCM Loan
Acquisitions
Debt extinguished, noncash	$ 558.4
TMLP 2012 acquisition \| Partially owned properties
Acquisitions
Number of properties \| property	26
TMLP 2012 acquisition \| Unconsolidated properties
Acquisitions
Number of properties \| property	16
TMLP 2012 acquisition \| Consolidated properties
Acquisitions
Number of properties \| property	9
Gain due to acquisition of controlling interest	$ 488.7

Investments in Unconsolidated Entities (Details 3) $ / shares in Units, $ in Thousands, € in Millions							1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 12, 2015 USD ($)	Jul. 29, 2014	Apr. 16, 2014 EUR (€) property	Apr. 16, 2014 USD ($) property	Oct. 16, 2013 USD ($) property	Mar. 14, 2012 USD ($)	Dec. 31, 2014 USD ($) $ / shares shares	Jun. 30, 2014	Jun. 30, 2013 item	Dec. 31, 2014 USD ($) property $ / shares shares	Dec. 31, 2013 USD ($) property	Dec. 31, 2012 USD ($)	Mar. 31, 2015
Schedule of Equity Method Investments
Share of net income, net of amortization of our excess investment										$ 226,774	$ 206,380	$ 130,879
Distributions of income from unconsolidated entities										202,269	179,054	$ 151,398
Equity investment							$ 2,378,800			$ 2,378,800	$ 2,429,845
Roermond Designer Outlet \| Mortgage Maturing 2017
Schedule of Equity Method Investments
Debt refinanced							$ 85,100
Interest rate on debt (as a percent)							5.12%			5.12%
Roermond Designer Outlet \| Mortgage Maturing 2021
Schedule of Equity Method Investments
Debt issued							$ 218,900			$ 218,900
Interest rate on debt (as a percent)							1.86%			1.86%
Klepierre
Schedule of Equity Method Investments
Number of properties disposed of during the period \| property			126	126
Total gross consideration \| €			€ 1,980
Group's share of total consideration \| €			€ 1,650
Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net				$ 133,900
Klepierre \| Corio
Schedule of Equity Method Investments
Ordinary share conversion ratio		1.14
McArthurGlen Group
Schedule of Equity Method Investments
Number of outlets in which interest acquired \| property										5	5
McArthurGlen Group \| Ashford Designer Outlets
Schedule of Equity Method Investments
Joint venture ownership percentage								45.00%
Additional noncontrolling interest purchased								22.50%
McArthurGlen Group \| Roermond Designer Outlet
Schedule of Equity Method Investments
Joint venture ownership percentage							90.00%			90.00%
McArthurGlen Group \| Minimum
Schedule of Equity Method Investments
Number of joint ventures to invest in per definitive agreement \| item									1
Europe \| Klepierre
Schedule of Equity Method Investments
Shares owned \| shares							57,634,148			57,634,148
Joint venture ownership percentage						28.70%	28.90%			28.90%
Quoted market price per share (in dollars per share) \| $ / shares							$ 43.45			$ 43.45
Share of net income, net of amortization of our excess investment										$ 131,500	$ 20,700
Total assets							$ 12,700,000			12,700,000	17,100,000
Total liabilities							8,200,000			8,200,000	12,300,000
Noncontrolling interests							1,400,000			1,400,000	1,700,000
Total revenues										1,200,000	1,500,000
Total operating income										432,100	989,600
Consolidated net Income										1,300,000	317,300
Distributions of income from unconsolidated entities	$ 62,000
Purchase price of business acquired						$ 2,000,000
Europe \| Klepierre \| Forecast
Schedule of Equity Method Investments
Joint venture ownership percentage													18.30%
Europe \| McArthurGlen Group
Schedule of Equity Method Investments
Number of outlets in which interest acquired \| property					4
Purchase price of business acquired					$ 496,700
Equity investment							$ 677,100			$ 677,100	$ 510,700
Europe \| McArthurGlen Group \| Minimum
Schedule of Equity Method Investments
Joint venture ownership percentage							45.00%			45.00%
Europe \| McArthurGlen Group \| Maximum
Schedule of Equity Method Investments
Joint venture ownership percentage							90.00%			90.00%

Investments in Unconsolidated Entities (Details 4) $ in Millions	12 Months Ended
	Dec. 31, 2014 USD ($) property	Dec. 31, 2013 USD ($)
Cost method investments
Cost method investment \| $	$ 167.1	$ 120.3
Europe \| Value Retail PLC
Cost method investments
Number of luxury outlets owned and operated \| property	9
Number of outlets in which the entity has a minority direct ownership \| property	3
Cost method investment \| $	$ 115.4	$ 115.4

Investments in Unconsolidated Entities (Details 5) - USD ($) $ in Thousands	Jan. 09, 2012	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments
Accumulated losses recorded in AOCI		$ 71,428	$ 88,454
Currency translation adjustments
Schedule of Equity Method Investments
Accumulated losses recorded in AOCI		$ 129,554	$ 27,755
Europe \| GCI
Schedule of Equity Method Investments
Aggregate cash received	$ 375,800
Gain (loss) on sale of equity method investment	28,800
Europe \| GCI \| Currency translation adjustments
Schedule of Equity Method Investments
Accumulated losses recorded in AOCI	$ 39,500

- Definition

+ References + Details

Investments in Unconsolidated Entities (Details 6) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments
Equity investment	$ 2,378,800	$ 2,429,845
Japan \| Mitsubishi Estate Co., Ltd. \| Premium Outlets
Schedule of Equity Method Investments
Joint venture ownership percentage	40.00%
Equity investment	$ 229,800	261,100
South Korea \| Shinsegae International Co \| Premium Outlets
Schedule of Equity Method Investments
Joint venture ownership percentage	50.00%
Equity investment	$ 104,500	$ 76,400

Investments in Unconsolidated Entities (Details 7) $ in Thousands		1 Months Ended		12 Months Ended
	May 28, 2014 property	Nov. 30, 2013 USD ($)	Aug. 31, 2012 property	Dec. 31, 2014 USD ($) property	Dec. 31, 2013 USD ($) property	Dec. 31, 2012 property	Mar. 22, 2012 property
Assets:
Investment properties at cost				$ 31,318,532	$ 30,336,639
Less - accumulated depreciation				8,950,747	8,092,794
Investment properties at cost, net				22,367,785	22,243,845
Cash and cash equivalents				612,282	1,691,006
Tenant receivables and accrued revenue, net				580,197	520,361
Deferred costs and other assets				1,806,789	1,422,788
Total assets of discontinued operations					3,002,314
Liabilities and Partners' Deficit:
Mortgages and other indebtedness				20,852,993	22,669,917
Accounts payable, accrued expenses, intangibles, and deferred revenues				1,259,681	1,223,102
Other liabilities				275,451	250,371
Total liabilities of discontinued operations					1,117,789
Total liabilities				23,555,288	26,311,457
Preferred units				44,062	44,390
Total liabilities and equity				29,532,330	33,324,574
Our Share of:
Our net investment in unconsolidated entities, at equity				2,378,800	2,429,845
Debt Maturity and Other
2015				1,174,796
2016				2,892,728
2017				3,043,067
2018				2,024,275
2018				1,928,394
Thereafter				9,780,711
Total principal maturities				20,843,971
Net unamortized debt premium				9,022
Total mortgages and other indebtedness				20,852,993	22,669,917
Extinguishment charge				$ 127,573
Retail properties
Debt Maturity and Other
Number of properties disposed of during the period \| property				3
Unconsolidated properties
Debt Maturity and Other
Number of properties merged under spin off into publicly traded REIT (Washington Prime Group Inc.) \| property	10
TMLP 2012 acquisition \| Consolidated properties
Debt Maturity and Other
Number of properties \| property							9
TMLP 2012 acquisition \| Unconsolidated properties
Debt Maturity and Other
Number of properties \| property							16
Equity Method Investments. \| Unconsolidated properties
Assets:
Investment properties at cost				$ 16,087,282	15,355,700
Less - accumulated depreciation				5,457,899	5,080,832
Investment properties at cost, net				10,629,383	10,274,868
Cash and cash equivalents				993,178	781,554
Tenant receivables and accrued revenue, net				362,201	302,902
Investment in unconsolidated entities, at equity				11,386	38,352
Deferred costs and other assets				536,600	579,480
Total assets of discontinued operations					281,000
Total assets				12,532,748	12,258,156
Liabilities and Partners' Deficit:
Mortgages and other indebtedness				13,272,557	12,753,139
Accounts payable, accrued expenses, intangibles, and deferred revenues				1,015,334	834,898
Other liabilities				493,718	513,897
Total liabilities of discontinued operations					286,252
Total liabilities				14,781,609	14,388,186
Preferred units				67,450	67,450
Partners' deficit				(2,316,311)	(2,197,480)
Total liabilities and equity				12,532,748	12,258,156
Our Share of:
Partners' deficit				(663,700)	(717,776)
Add: Excess Investment				1,875,337	2,059,584
Add: Our Share of investment in discontinued unconsolidated entities, at equity					37,759
Our net investment in unconsolidated entities, at equity				1,211,637	1,379,567
Debt Maturity and Other
2015				1,567,248
2016				1,217,673
2017				823,948
2018				770,447
2018				526,296
Thereafter				8,359,654
Total principal maturities				13,265,266
Net unamortized debt premium				7,291
Total mortgages and other indebtedness				$ 13,272,557	$ 12,753,139
Interest rate, low end of range (as a percent)				0.39%
Interest rate, high end of range (as a percent)				9.35%
Weighted average interest rate (as a percent)				4.44%
Equity Method Investments. \| Unconsolidated properties \| Aventura Mall
Debt Maturity and Other
Fixed interest rate before reduction (as a percent)		5.91%
Fixed interest rate (as a percent)		3.75%
Extinguishment charge		$ 82,800
Joint venture ownership percentage		33.00%
Equity Method Investments. \| Unconsolidated properties \| Mortgages maturing December 11, 2017 \| Aventura Mall
Debt Maturity and Other
Debt refinanced		$ 430,000
Equity Method Investments. \| Unconsolidated properties \| Mortgages maturing December 01, 2020 \| Aventura Mall
Debt Maturity and Other
Debt issued to refinance previous mortgage		$ 1,200,000
Equity Method Investments. \| Unconsolidated properties \| Maximum
Our Share of:
Life of joint ventures with excess investment				40 years
Equity Method Investments. \| Unconsolidated properties \| Mall
Debt Maturity and Other
Number of properties disposed of during the period \| property						1
Equity Method Investments. \| Unconsolidated properties \| Retail properties
Debt Maturity and Other
Number of properties disposed of during the period \| property			3		3	3

Investments in Unconsolidated Entities (Details 8) $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Aug. 31, 2012 property	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Sep. 30, 2013 USD ($)	Jun. 30, 2013 USD ($)	Mar. 31, 2013 USD ($)	Dec. 31, 2014 USD ($) property	Dec. 31, 2013 USD ($) property	Dec. 31, 2012 USD ($) property
Revenue:
Minimum rent										$ 2,962,295	$ 2,775,919	$ 2,593,909
Overage rent										207,104	214,758	187,613
Tenant reimbursements										1,362,412	1,258,165	1,157,333
Other income										200,781	168,035	188,936
Total revenue		$ 1,297,120	$ 1,234,694	$ 1,181,982	$ 1,157,022	$ 1,251,155	$ 1,146,877	$ 1,084,993	$ 1,060,823	4,870,818	4,543,849	4,256,157
Operating Expenses:
Property operating										398,598	371,044	363,514
Depreciation and amortization										1,143,827	1,107,700	1,068,382
Real estate taxes										384,189	368,683	342,906
Repairs and maintenance										100,016	98,219	93,960
Advertising and promotion										136,656	117,894	109,809
Provision for credit losses										12,001	7,165	10,905
Other										91,655	83,741	85,808
Total operating expenses										2,485,476	2,355,180	2,249,928
OPERATING INCOME		$ 655,288	$ 607,557	$ 561,531	$ 560,965	$ 627,769	$ 548,478	$ 509,939	$ 502,484	2,385,342	2,188,669	2,006,229
Interest expense										(992,601)	(1,082,081)	(1,068,181)
Income from Unconsolidated Entities										$ 226,774	206,380	130,879
Retail properties
Operating Expenses:
Number of properties disposed of during the period \| property										3
Equity Method Investments. \| Unconsolidated properties
Revenue:
Minimum rent										$ 1,746,549	1,618,802	1,435,586
Overage rent										183,478	180,435	176,255
Tenant reimbursements										786,351	747,447	672,935
Other income										293,419	199,197	170,263
Total revenue										3,009,797	2,745,881	2,455,039
Operating Expenses:
Property operating										574,706	487,144	465,333
Depreciation and amortization										604,199	512,702	492,073
Real estate taxes										221,745	204,894	170,292
Repairs and maintenance										71,203	66,612	62,659
Advertising and promotion										72,496	61,664	54,404
Provision for credit losses										6,527	1,388	1,814
Other										187,729	155,421	169,558
Total operating expenses										1,738,605	1,489,825	1,416,133
OPERATING INCOME										1,271,192	1,256,056	1,038,906
Interest expense										(598,900)	(680,321)	(584,143)
Income from Continuing Operations										672,292	575,735	454,763
Income from operations of discontinued joint venture interests										5,079	14,200	(3,881)
Gain on disposal of discontinued operations, net											51,164	(5,354)
Net Income										677,371	641,099	445,528
Third-Party Investors' Share of Net Income										348,127	353,708	239,931
Our Share of Net Income										329,244	287,391	205,597
Amortization of Excess Investment										(99,463)	(102,875)	(83,400)
Our Share of (Loss) Income from Unconsolidated Discontinued Operations										(652)	1,121	(1,028)
Our Share of Loss on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net												9,245
Income from Unconsolidated Entities										$ 229,129	$ 185,637	$ 130,414
Equity Method Investments. \| Unconsolidated properties \| Mall
Operating Expenses:
Number of properties disposed of during the period \| property												1
Equity Method Investments. \| Unconsolidated properties \| Retail properties
Operating Expenses:
Number of properties disposed of during the period \| property	3										3	3
Gain (loss) on sale of equity method investment											$ 0
Equity Method Investments. \| Unconsolidated properties \| Non-core retail property and Mall
Operating Expenses:
Gain (loss) on sale of equity method investment												$ (9,200)

Indebtedness and Derivative Financial Instruments (Details) $ in Thousands						3 Months Ended		12 Months Ended
	Sep. 10, 2014 USD ($)	Sep. 03, 2014 USD ($) item	Apr. 07, 2014 USD ($)	Feb. 28, 2014 USD ($)	Jan. 02, 2014 USD ($)	Dec. 31, 2014 USD ($) item property	Sep. 30, 2014 USD ($)	Dec. 31, 2014 USD ($) item property	Oct. 06, 2014 USD ($)	Jan. 21, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Debt
Total mortgages and other indebtedness						$ 20,852,993		$ 20,852,993			$ 22,669,917
Loss on debt extinguishment								127,573
Fixed-Rate Debt:
Fixed-rate mortgages and other indebtedness						19,015,271		19,015,271			20,907,618
Variable-Rate Debt:
Variable-rate mortgages and other indebtedness						1,837,722		$ 1,837,722			1,762,299
Retail properties
Debt
Number of properties disposed of during the period \| property								3
Mortgages disposed during period						90,000		$ 90,000
Subsidiary Issuer
Debt
Amount of debt redeemed							$ 250,000
Interest rate on debt (as a percent)							7.875%
Commercial Paper \| Euro
Debt
Credit facility, amount outstanding						209,200		209,200
Secured Debt \| Mortgages
Debt
Total mortgages and other indebtedness						$ 6,200,000		$ 6,200,000			7,300,000
Debt repaid				$ 269,000	$ 820,000
Debt covenants
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers \| item								38
Number of properties secured by non-recourse mortgage notes \| property						52		52
Number of cross-defaulted and cross-collateralized mortgage pools \| item						5		5
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages \| property						21		21
Fixed-Rate Debt:
Fixed-rate mortgages and other indebtedness						$ 5,615,351		$ 5,615,351			6,975,913
Net premiums						$ 49,723		$ 49,723				$ 62,886
Weighted-average interest rate, fixed-rate debt (as a percent)						5.48%		5.48%
Weighted average maturity period, fixed-rate debt								3 years 10 months 24 days
Variable-Rate Debt:
Variable-rate mortgages and other indebtedness						$ 630,000		$ 630,000			350,000
Weighted average interest rate, variable-rate debt (as a percent)						2.03%		2.03%
Weighted average maturity period, variable-rate debt								2 years 3 months 18 days
Unsecured Debt \| Senior unsecured notes
Debt
Total mortgages and other indebtedness						$ 13,400,000		$ 13,400,000
Number of senior unsecured notes included in tender offer \| item		5
Principal amount of cash tender offer		$ 1,322,000
Proceeds from senior unsecured notes	$ 1,300,000
Weighted average interest rate (as a percent)	3.64%	5.60%
Loss on debt extinguishment							$ 127,600
Fixed-Rate Debt:
Fixed-rate mortgages and other indebtedness						$ 13,399,920		$ 13,399,920			13,931,705
Weighted-average interest rate, fixed-rate debt (as a percent)						4.41%		4.41%
Weighted average maturity period, fixed-rate debt								7 years 7 months 6 days
Variable-Rate Debt:
Net discount						$ 40,701		$ 40,701				$ 38,519
Unsecured Debt \| Senior unsecured notes \| Weighted average
Debt
Debt term	16 years 1 month 6 days	1 year 8 months 12 days
Unsecured Debt \| Senior unsecured notes 2.20% due February 2019
Debt
Debt issued										$ 600,000
Interest rate on debt (as a percent)										2.20%
Unsecured Debt \| Senior unsecured notes 3.75% due February 2024
Debt
Debt issued										$ 600,000
Interest rate on debt (as a percent)										3.75%
Unsecured Debt \| Senior Unsecured Notes 4.20 Percent To 6.75 Percent
Debt
Amount of debt redeemed						1,300,000		$ 1,300,000
Interest rate, low end of range (as a percent)								4.20%
Interest rate, high end of range (as a percent)								6.75%
Unsecured Debt \| Senior Unsecured Notes 3.375% Due 2024
Debt
Debt issued	$ 900,000
Interest rate on debt (as a percent)	3.375%
Unsecured Debt \| Senior Unsecured Notes 4.25% Due 2044
Debt
Debt issued	$ 400,000
Interest rate on debt (as a percent)	4.25%
Unsecured Debt \| Credit Facility and the Supplemental Facility
Debt
Maximum borrowing capacity						5,000,000		$ 5,000,000
Maximum amount outstanding during period								1,200,000
Credit facility, weighted average amount outstanding								855,400,000
Letters of credit outstanding						38,900		38,900
Unsecured Debt \| Credit Facility
Debt
Credit facility, amount outstanding						558,537		558,537			1,172,299
Maximum borrowing capacity						4,000,000		4,000,000
Unsecured Debt \| Credit Facility \| Yen
Debt
Credit facility, amount outstanding						186,400		186,400
Unsecured Debt \| Credit Facility \| Euro
Debt
Credit facility, amount outstanding						372,200		372,200
Unsecured Debt \| Supplemental Facility
Debt
Maximum borrowing capacity						$ 2,000,000		2,000,000
Optional expanded maximum borrowing capacity								$ 2,500,000
Additional facility fee (as a percent)						0.15%		0.15%
Yen-denominated borrowings transferred to the Credit Facility						$ 184,900
Unsecured Debt \| Supplemental Facility \| LIBOR
Debt
Reference rate								LIBOR
Interest added to reference rate (as a percent)								0.95%
Unsecured Debt \| Amended Credit Facility
Debt
Maximum borrowing capacity			$ 4,000,000
Optional expanded maximum borrowing capacity			$ 5,000,000
Additional facility fee (as a percent)			0.10%
Unsecured Debt \| Amended Credit Facility \| LIBOR
Debt
Reference rate			LIBOR
Interest added to reference rate (as a percent)			0.80%
Unsecured Debt \| Amended Credit Facility \| Maximum
Debt
Percentage of borrowings in currencies other than the U.S. Dollar			0.75%
Unsecured Debt \| Term loan
Debt
Total mortgages and other indebtedness						240,000		$ 240,000			$ 240,000
Unsecured Debt \| Commercial Paper
Debt
Credit facility, amount outstanding						409,185		409,185
Maximum borrowing capacity									$ 500,000
Unsecured Debt \| Commercial Paper \| Euro
Debt
Credit facility, amount outstanding						$ 200,000		$ 200,000
Weighted average interest rate (as a percent)						0.13%		0.13%
Unsecured Debt \| Commercial Paper \| USD
Debt
Credit facility, amount outstanding						$ 209,200		$ 209,200
Weighted average interest rate (as a percent)						0.19%		0.19%

Indebtedness and Derivative Financial Instruments (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative financial instruments
Unamortized loss of benefits from treasury and interest rate hedge agreements	$ 65,700		$ 67,500
Amount expected to be reclassified from accumulated other comprehensive loss to earnings within the next year	10,900
Debt Maturity and Other
2015	1,174,796
2016	2,892,728
2017	3,043,067
2018	2,024,275
2018	1,928,394
Thereafter	9,780,711
Total principal maturities	20,843,971
Net unamortized debt premium	9,022
Total mortgages and other indebtedness	20,852,993	$ 22,669,917
Cash paid for interest	1,018,911	1,086,128	$ 1,063,470
Fair value of debt
Carrying value of fixed-rate mortgages and unsecured indebtedness	19,000,000	20,900,000
Fair value of fixed-rate mortgages and unsecured indebtedness	$ 20,558,000	$ 22,316,000
Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages (as a percent)	3.02%	3.07%
Interest rate swap
Derivative financial instruments
Notional Amount	$ 375,000

Rentals under Operating Leases (Details) $ in Thousands	Dec. 31, 2014 USD ($)
Future minimum rentals to be received under noncancelable tenant operating leases
2015	$ 2,548,265
2016	2,335,798
2017	2,099,583
2018	1,820,246
2019	1,540,869
Thereafter	4,440,204
Future minimum rental receivables	$ 14,784,965

Equity (Details) $ / shares in Units, $ in Thousands						3 Months Ended	12 Months Ended
Equity (Details) $ / shares in Units, $ in Thousands	Jul. 22, 2014 USD ($) shares	Jan. 30, 2014 USD ($) a shares	Jan. 10, 2014 USD ($) item property	Jan. 10, 2014 USD ($) item property	Dec. 04, 2012 property	Jun. 30, 2014 USD ($)	Dec. 31, 2014 USD ($) item $ / shares shares	Dec. 31, 2013 USD ($) shares
Redeemable preferred stock
Other noncontrolling redeemable interests in properties								$ 164,948
Limited partners' preferred interest in the Operating Partnership and other noncontrolling redeemable interests in properties							$ 25,537	$ 190,485
Number of Series of Units Classified Into Temporary Equity \| item							1
Operating Partnership units redeemed \| shares	87,621
Redemption of limited partner units	$ 14,400						$ 14,435
Noncontrolling interests redeemable at amounts in excess of fair value							$ 0
Contribution to Noncontrolling Interest Partnership						$ 83,000
Noncontrolling Interest Preferred Return Percentage						2.50%
Consolidated properties
Redeemable preferred stock
Number of properties in which interest is acquired \| property					2
Ownership interests acquired (as a percent)					50.00%
Portfolio of ten properties
Redeemable preferred stock
Number of partner's interest acquired \| item			1	1
Number of properties in which interest is acquired \| property			10
Consideration transferred for partner's interests acquired			$ 114,400	$ 114,400
Portfolio of ten properties \| Consolidated properties
Redeemable preferred stock
Number of properties in which interest is acquired \| property			7	7
Arizona Mills
Redeemable preferred stock
Consideration transferred for partner's interests acquired		$ 145,800
Number of units issued in connection with acquisition of the remaining interest in Arizona Mills \| shares		555,150
Ownership interests acquired (as a percent)		50.00%
Area of land acquired (in acre) in Oyster Bay, New York \| a		39
7.5% Cumulative Redeemable Preferred Units
Redeemable preferred stock
Temporary equity stated dividend rate percentage							7.50%	7.50%
Temporary equity, shares authorized \| shares							260,000	260,000
Temporary equity, shares issued \| shares							255,373	255,373
Temporary equity, shares outstanding \| shares							255,373	255,373
Limited partners' preferred interest in the Operating Partnership							$ 25,537	$ 25,537
Cumulative quarterly distributions on preferred units (in dollars per share) \| $ / shares							$ 7.50
Temporary equity redemption price (in dollars per share) \| $ / shares							100.00
Liquidation preference (in dollars per share) \| $ / shares							$ 100.00
Partnership agreement
Redeemable preferred stock
Number of limited partners who received common stock \| item							7
Common Stock, Shares, Issued \| shares							70,291

Equity (Details 2) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Equity
Preferred units, units outstanding	796,948	796,948
Series J Preferred Stock
Equity
Preferred stock stated dividend rate percentage	8.375%	8.375%
Redemption price of preferred stock (in dollars per share)	$ 50.00
Premium received on preferred stock issued	$ 7.5
Preferred stock unamortized premium	$ 4.2	$ 4.5
Preferred units, authorized	1,000,000
Preferred units, issued	796,948
Preferred units, units outstanding	796,948

Equity (Details 3)	3 Months Ended	12 Months Ended
Equity (Details 3)	Sep. 30, 2011 USD ($) shares	Dec. 31, 2014 USD ($) item $ / shares shares	Dec. 31, 2013 USD ($) $ / shares shares	Dec. 31, 2012 USD ($) $ / shares shares
Stock-based incentive plan awards
Notes Receivable from Former CPI Stockholders		$ 14,800,000
Exchange Rights
Limited partners units, exchange ratio \| item		1
Restricted stock
Stock-based incentive plan awards
Compensation expense, net of capitalization		$ 12,300,000	$ 13,400,000	$ 10,400,000
Weighted average fair value of shares granted during the year (in dollars per share) \| $ / shares		$ 166.36	$ 160.22	$ 146.70
Total number of shares awarded, net of forfeiture \| shares		5,530,945
Shares of restricted stock awarded during the year, net of forfeitures \| shares		83,509	107,123	114,066
Amortization expense		$ 18,256,000	$ 18,311,000	$ 14,001,000
Restricted stock \| Maximum
Stock-based incentive plan awards
Vesting period		4 years
Restricted stock \| Minimum
Stock-based incentive plan awards
Vesting period		3 years
Restricted stock \| Directors
Stock-based incentive plan awards
Vesting period		1 year
Value of restricted shares awarded to directors on initial election		$ 82,500
Value of restricted shares awarded to director on re-election		82,500
Value of additional restricted shares awarded to director serving as the chairperson of the Audit and Compensation Committees		10,000
Value of additional restricted shares awarded to director serving as chairperson of Governance and Nominating Committees		7,500
Value of additional restricted shares awarded to the Lead Director		$ 12,500
LTIP Retention Award to Chairman and CEO
Stock-based incentive plan awards
Award of restricted stock (in shares) \| shares	1,000,000
Aggregate grant date fair value	$ 120,300,000
Service period	8 years
LTIP Retention Award to Chairman and CEO \| Maximum \| A Units
Stock-based incentive plan awards
Units to be earned under LTIP program (in shares) \| shares		360,000
LTIP Retention Award to Chairman and CEO \| Maximum \| B Units
Stock-based incentive plan awards
Units to be earned under LTIP program (in shares) \| shares		360,000
LTIP Retention Award to Chairman and CEO \| Maximum \| C Units
Stock-based incentive plan awards
Units to be earned under LTIP program (in shares) \| shares		280,000
Employee Options
Stock-based incentive plan awards
Vesting period		3 years
Expiration period		10 years
Options outstanding (in shares) \| shares		0
1998 Stock Incentive Plan
Stock-based incentive plan awards
Shares reserved for issuance \| shares		16,300,000
LTIP programs
Stock-based incentive plan awards
Percent of distributions of Operating Partnership that participants are entitled to receive during performance period		10.00%
Compensation expense, net of capitalization		$ 27,600,000	$ 25,700,000	$ 22,000,000
Vesting period		2 years
Vesting rights percentage		50.00%
One-year 2010 LTIP Program
Stock-based incentive plan awards
Performance period		1 year
Units earned under LTIP program (in shares) \| shares		133,673
Aggregate grant date fair value		$ 7,200,000
Two-year 2010 LTIP Program
Stock-based incentive plan awards
Performance period		2 years
Units earned under LTIP program (in shares) \| shares		337,006
Aggregate grant date fair value		$ 14,800,000
Three-year 2010 LTIP Program
Stock-based incentive plan awards
Performance period		3 years
Units earned under LTIP program (in shares) \| shares		489,654
Aggregate grant date fair value		$ 23,000,000
2011-2013 LTIP Program
Stock-based incentive plan awards
Units earned under LTIP program (in shares) \| shares		469,848
Aggregate grant date fair value		$ 35,000,000
2012-2014 LTIP Program
Stock-based incentive plan awards
Units earned under LTIP program (in shares) \| shares		401,203
Aggregate grant date fair value		$ 35,000,000
2013-2015 LTIP program
Stock-based incentive plan awards
Aggregate grant date fair value		33,500,000
2014-2016 LTIP Program
Stock-based incentive plan awards
Aggregate grant date fair value		$ 30,000,000

Commitments and Contingencies (Details) $ in Thousands	1 Months Ended	12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	May 31, 2010 USD ($)	Dec. 31, 2014 USD ($) property	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Lease Commitments
Properties subject to ground leases \| property		22
Future minimum lease payments due under ground leases
2014		$ 29,775
2015		35,221
2016		35,436
2017		35,413
2018		28,266
Thereafter		907,110
Total		1,071,221
Insurance
Insurance proceeds funded by insurers	$ 50,000
Minimum insurance coverage	50,000
Additional insurance proceeds	$ 150,000
Insurance coverage, acts of terrorism		1,000,000
Ground
Lease Commitments
Lease expense		39,898	$ 37,150	$ 40,518
Office
Lease Commitments
Lease expense		$ 4,577	$ 4,057	$ 2,004

Commitments and Contingencies (Details 2) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Limited Life Partnerships
Approximate settlement values of noncontrolling interest	$ 101.0	$ 125.0
Joint Venture Mortgage and Indebtedness
Guarantees of Joint Venture Indebtedness:
Loan guarantee	223.5	190.8
Loan guarantees recoverable	$ 78.7	$ 83.0

Commitments and Contingencies (Details 3)	12 Months Ended
Commitments and Contingencies (Details 3)	Dec. 31, 2014
Consolidated revenues \| Concentration of credit risk \| Minimum
Concentration of Credit Risk
Percentage of consolidated revenues from a single customer or tenant	5.00%

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Development, royalty and other fees
Related party transactions
Amounts charged to related party	$ 13,700	$ 14,000	$ 15,500
Fees for financing activities
Related party transactions
Amounts charged to related party	4,200	15,900	3,000
Unconsolidated joint ventures and Washington Prime properties \| Amounts for services provided
Related party transactions
Amounts charged to related party	133,730	121,996	119,534
Properties owned by related parties \| Amounts for services provided
Related party transactions
Amounts charged to related party	$ 4,393	$ 4,510	$ 4,416

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Financial Data (Unaudited)
Total revenue	$ 1,297,120	$ 1,234,694	$ 1,181,982	$ 1,157,022	$ 1,251,155	$ 1,146,877	$ 1,084,993	$ 1,060,823	$ 4,870,818	$ 4,543,849	$ 4,256,157
Operating Income	655,288	607,557	561,531	560,965	627,769	548,478	509,939	502,484	2,385,342	2,188,669	2,006,229
Consolidated income from continuing operations	475,992	296,963	489,609	359,601	400,337	328,712	359,129	278,615	1,622,165	1,366,793	1,563,242
Consolidated net income	475,992	296,963	477,468	401,103	449,304	367,293	400,525	334,468	1,651,526	1,551,590	1,719,632
Net income attributable to unitholders	$ 473,907	$ 294,900	$ 475,708	$ 399,267	$ 445,517	$ 364,022	$ 397,115	$ 330,694	$ 1,643,783	$ 1,537,348	$ 1,705,860
Net income per unit from continuing operations - Basic and Diluted	$ 1.30	$ 0.81	$ 1.34	$ 0.99	$ 1.09	$ 0.89	$ 0.99	$ 0.76	$ 4.44	$ 3.73	$ 4.29
Net income unit unit - Basic and Diluted	$ 1.30	$ 0.81	$ 1.31	$ 1.10	$ 1.23	$ 1.00	$ 1.10	$ 0.91	$ 4.52	$ 4.24	$ 4.72
Weighted Average Units Outstanding - Basic (in shares)	363,634,759	363,645,178	363,604,376	363,008,959	362,454,828	362,454,880	362,455,413	362,051,682	363,475,504	362,355,581	361,322,520
Diluted weighted average unit outstanding (in shares)	363,634,759	363,645,178	363,604,376	363,008,959	362,454,828	362,454,880	362,455,413	362,051,885	363,475,504	362,355,631	361,323,592

SCHEDULE III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real Estate and Accumulated Depreciation
Encumbrances	$ 6,195,628
Initial Cost
Land	2,861,905
Buildings and Improvements	22,230,768
Costs Capitalized Subsequent to Acquisition
Land	323,719
Buildings and Improvements	5,597,741
Gross Amounts At Which Carried At Close of Period
Land	3,185,624
Buildings and Improvements	27,828,509
Total	31,014,133	$ 30,048,230	$ 29,263,463	$ 24,736,546
Accumulated Depreciation	8,740,928	$ 7,896,614	$ 7,055,622	$ 6,483,917
Other
Initial Cost
Land	2,615
Buildings and Improvements	10,045
Gross Amounts At Which Carried At Close of Period
Land	2,615
Buildings and Improvements	10,045
Total	12,660
Accumulated Depreciation	4,568
Bangor Mall, Bangor, ME \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	80,000
Initial Cost
Land	5,478
Buildings and Improvements	59,740
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	12,690
Gross Amounts At Which Carried At Close of Period
Land	5,478
Buildings and Improvements	72,430
Total	77,908
Accumulated Depreciation	32,708
Barton Creek Square, Austin, TX \| Malls
Initial Cost
Land	2,903
Buildings and Improvements	20,929
Costs Capitalized Subsequent to Acquisition
Land	7,983
Buildings and Improvements	63,632
Gross Amounts At Which Carried At Close of Period
Land	10,886
Buildings and Improvements	84,561
Total	95,447
Accumulated Depreciation	54,300
Battlefield Mall, Springfield, MO \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	125,000
Initial Cost
Land	3,919
Buildings and Improvements	27,231
Costs Capitalized Subsequent to Acquisition
Land	3,000
Buildings and Improvements	64,575
Gross Amounts At Which Carried At Close of Period
Land	6,919
Buildings and Improvements	91,806
Total	98,725
Accumulated Depreciation	62,825
Bay Park Square, Green Bay, WI \| Malls
Initial Cost
Land	6,358
Buildings and Improvements	25,623
Costs Capitalized Subsequent to Acquisition
Land	4,106
Buildings and Improvements	26,725
Gross Amounts At Which Carried At Close of Period
Land	10,464
Buildings and Improvements	52,348
Total	62,812
Accumulated Depreciation	28,608
Brea Mall, Brea (Los Angeles), CA \| Malls
Initial Cost
Land	39,500
Buildings and Improvements	209,202
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	45,199
Gross Amounts At Which Carried At Close of Period
Land	39,500
Buildings and Improvements	254,401
Total	293,901
Accumulated Depreciation	112,583
Broadway Square, Tyler, TX \| Malls
Initial Cost
Land	11,306
Buildings and Improvements	32,431
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	24,612
Gross Amounts At Which Carried At Close of Period
Land	11,306
Buildings and Improvements	57,043
Total	68,349
Accumulated Depreciation	31,339
Burlington Mall, Burlington (Boston), MA \| Malls
Initial Cost
Land	46,600
Buildings and Improvements	303,618
Costs Capitalized Subsequent to Acquisition
Land	19,600
Buildings and Improvements	98,850
Gross Amounts At Which Carried At Close of Period
Land	66,200
Buildings and Improvements	402,468
Total	468,668
Accumulated Depreciation	173,559
Castleton Square, Indianapolis, IN \| Malls
Initial Cost
Land	26,250
Buildings and Improvements	98,287
Costs Capitalized Subsequent to Acquisition
Land	7,434
Buildings and Improvements	75,531
Gross Amounts At Which Carried At Close of Period
Land	33,684
Buildings and Improvements	173,818
Total	207,502
Accumulated Depreciation	87,897
Cielo Vista Mall, El Paso, TX \| Malls
Initial Cost
Land	1,005
Buildings and Improvements	15,262
Costs Capitalized Subsequent to Acquisition
Land	608
Buildings and Improvements	56,279
Gross Amounts At Which Carried At Close of Period
Land	1,613
Buildings and Improvements	71,541
Total	73,154
Accumulated Depreciation	41,384
College Mall, Bloomington, IN \| Malls
Initial Cost
Land	1,003
Buildings and Improvements	16,245
Costs Capitalized Subsequent to Acquisition
Land	720
Buildings and Improvements	45,487
Gross Amounts At Which Carried At Close of Period
Land	1,723
Buildings and Improvements	61,732
Total	63,455
Accumulated Depreciation	35,938
Columbia Center, Kennewick, WA \| Malls
Initial Cost
Land	17,441
Buildings and Improvements	66,580
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	26,575
Gross Amounts At Which Carried At Close of Period
Land	17,441
Buildings and Improvements	93,155
Total	110,596
Accumulated Depreciation	46,545
Copley Place, Boston, MA \| Malls
Initial Cost
Buildings and Improvements	378,045
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	134,988
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	513,033
Total	513,033
Accumulated Depreciation	186,391
Coral Square, Coral Springs (Miami), FL \| Malls
Initial Cost
Land	13,556
Buildings and Improvements	93,630
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	21,772
Gross Amounts At Which Carried At Close of Period
Land	13,556
Buildings and Improvements	115,402
Total	128,958
Accumulated Depreciation	73,716
Cordova Mall, Pensacola, FL \| Malls
Initial Cost
Land	18,626
Buildings and Improvements	73,091
Costs Capitalized Subsequent to Acquisition
Land	7,321
Buildings and Improvements	62,190
Gross Amounts At Which Carried At Close of Period
Land	25,947
Buildings and Improvements	135,281
Total	161,228
Accumulated Depreciation	54,859
Domain, The, Austin, TX \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	198,454
Initial Cost
Land	40,436
Buildings and Improvements	197,010
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	140,748
Gross Amounts At Which Carried At Close of Period
Land	40,436
Buildings and Improvements	337,758
Total	378,194
Accumulated Depreciation	95,746
Empire Mall, Sioux Falls, SD \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	176,300
Initial Cost
Land	35,998
Buildings and Improvements	192,186
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	23,023
Gross Amounts At Which Carried At Close of Period
Land	35,998
Buildings and Improvements	215,209
Total	251,207
Accumulated Depreciation	22,834
Fashion Mall at Keystone, The, Indianapolis, IN \| Malls
Initial Cost
Buildings and Improvements	120,579
Costs Capitalized Subsequent to Acquisition
Land	29,145
Buildings and Improvements	86,836
Gross Amounts At Which Carried At Close of Period
Land	29,145
Buildings and Improvements	207,415
Total	236,560
Accumulated Depreciation	87,335
Firewheel Town Center, Garland (Dallas), TX \| Malls
Initial Cost
Land	8,485
Buildings and Improvements	82,716
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	28,391
Gross Amounts At Which Carried At Close of Period
Land	8,485
Buildings and Improvements	111,107
Total	119,592
Accumulated Depreciation	43,708
Forum Shops at Caesars, The, Las Vegas, NV \| Malls
Initial Cost
Buildings and Improvements	276,567
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	236,894
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	513,461
Total	513,461
Accumulated Depreciation	205,871
Greenwood Park Mall, Greenwood (Indianapolis), IN \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	75,733
Initial Cost
Land	2,423
Buildings and Improvements	23,445
Costs Capitalized Subsequent to Acquisition
Land	5,253
Buildings and Improvements	116,642
Gross Amounts At Which Carried At Close of Period
Land	7,676
Buildings and Improvements	140,087
Total	147,763
Accumulated Depreciation	69,569
Haywood Mall, Greenville, SC \| Malls
Initial Cost
Land	11,585
Buildings and Improvements	133,893
Costs Capitalized Subsequent to Acquisition
Land	6
Buildings and Improvements	28,434
Gross Amounts At Which Carried At Close of Period
Land	11,591
Buildings and Improvements	162,327
Total	173,918
Accumulated Depreciation	89,144
Independence Center, Independence (Kansas City), MO \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	200,000
Initial Cost
Land	5,042
Buildings and Improvements	45,798
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	35,209
Gross Amounts At Which Carried At Close of Period
Land	5,042
Buildings and Improvements	81,007
Total	86,049
Accumulated Depreciation	43,934
Ingram Park Mall, San Antonio, TX \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	137,783
Initial Cost
Land	733
Buildings and Improvements	17,163
Costs Capitalized Subsequent to Acquisition
Land	37
Buildings and Improvements	23,977
Gross Amounts At Which Carried At Close of Period
Land	770
Buildings and Improvements	41,140
Total	41,910
Accumulated Depreciation	27,454
King of Prussia Mall, King of Prussia (Philadelphia), PA \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	97,661
Initial Cost
Land	175,063
Buildings and Improvements	1,128,200
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	102,386
Gross Amounts At Which Carried At Close of Period
Land	175,063
Buildings and Improvements	1,230,586
Total	1,405,649
Accumulated Depreciation	149,322
La Plaza Mall, McAllen, TX \| Malls
Initial Cost
Land	1,375
Buildings and Improvements	9,828
Costs Capitalized Subsequent to Acquisition
Land	6,569
Buildings and Improvements	51,454
Gross Amounts At Which Carried At Close of Period
Land	7,944
Buildings and Improvements	61,282
Total	69,226
Accumulated Depreciation	31,414
Lakeline Mall, Cedar Park (Austin), TX \| Malls
Initial Cost
Land	10,088
Buildings and Improvements	81,568
Costs Capitalized Subsequent to Acquisition
Land	14
Buildings and Improvements	18,189
Gross Amounts At Which Carried At Close of Period
Land	10,102
Buildings and Improvements	99,757
Total	109,859
Accumulated Depreciation	51,916
Lenox Square, Atlanta, GA \| Malls
Initial Cost
Land	38,058
Buildings and Improvements	492,411
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	112,373
Gross Amounts At Which Carried At Close of Period
Land	38,058
Buildings and Improvements	604,784
Total	642,842
Accumulated Depreciation	259,596
Livingston Mall, Livingston (New York), NJ \| Malls
Initial Cost
Land	22,214
Buildings and Improvements	105,250
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	45,782
Gross Amounts At Which Carried At Close of Period
Land	22,214
Buildings and Improvements	151,032
Total	173,246
Accumulated Depreciation	64,746
Mall at Chestnut Hill, The, Chestnut Hill (Boston), MA \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	120,000
Initial Cost
Land	449
Buildings and Improvements	25,102
Costs Capitalized Subsequent to Acquisition
Land	43,257
Buildings and Improvements	98,336
Gross Amounts At Which Carried At Close of Period
Land	43,706
Buildings and Improvements	123,438
Total	167,144
Accumulated Depreciation	12,617
Mall of Georgia, Buford (Atlanta), GA \| Malls
Initial Cost
Land	47,492
Buildings and Improvements	326,633
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	12,634
Gross Amounts At Which Carried At Close of Period
Land	47,492
Buildings and Improvements	339,267
Total	386,759
Accumulated Depreciation	141,018
McCain Mall, N. Little Rock, AR \| Malls
Initial Cost
Buildings and Improvements	9,515
Costs Capitalized Subsequent to Acquisition
Land	10,530
Buildings and Improvements	27,441
Gross Amounts At Which Carried At Close of Period
Land	10,530
Buildings and Improvements	36,956
Total	47,486
Accumulated Depreciation	10,081
Menlo Park Mall, Edison (New York), NJ \| Malls
Initial Cost
Land	65,684
Buildings and Improvements	223,252
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	47,372
Gross Amounts At Which Carried At Close of Period
Land	65,684
Buildings and Improvements	270,624
Total	336,308
Accumulated Depreciation	137,796
Midland Park Mall, Midland, TX \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	81,860
Initial Cost
Land	687
Buildings and Improvements	9,213
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	24,747
Gross Amounts At Which Carried At Close of Period
Land	687
Buildings and Improvements	33,960
Total	34,647
Accumulated Depreciation	20,380
Miller Hill Mall, Duluth, MN \| Malls
Initial Cost
Land	2,965
Buildings and Improvements	18,092
Costs Capitalized Subsequent to Acquisition
Land	1,811
Buildings and Improvements	40,307
Gross Amounts At Which Carried At Close of Period
Land	4,776
Buildings and Improvements	58,399
Total	63,175
Accumulated Depreciation	36,560
Montgomery Mall, North Wales (Philadelphia), PA \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	100,000
Initial Cost
Land	27,105
Buildings and Improvements	86,915
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	56,661
Gross Amounts At Which Carried At Close of Period
Land	27,105
Buildings and Improvements	143,576
Total	170,681
Accumulated Depreciation	48,698
North East Mall, Hurst (Dallas), TX \| Malls
Initial Cost
Land	128
Buildings and Improvements	12,966
Costs Capitalized Subsequent to Acquisition
Land	19,010
Buildings and Improvements	151,139
Gross Amounts At Which Carried At Close of Period
Land	19,138
Buildings and Improvements	164,105
Total	183,243
Accumulated Depreciation	93,959
Northgate Mall, Seattle, WA \| Malls
Initial Cost
Land	24,369
Buildings and Improvements	115,992
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	100,121
Gross Amounts At Which Carried At Close of Period
Land	24,369
Buildings and Improvements	216,113
Total	240,482
Accumulated Depreciation	97,943
Ocean County Mall, Toms River (New York), NJ \| Malls
Initial Cost
Land	20,404
Buildings and Improvements	124,945
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	30,639
Gross Amounts At Which Carried At Close of Period
Land	20,404
Buildings and Improvements	155,584
Total	175,988
Accumulated Depreciation	71,395
Orland Square, Orland Park (Chicago), IL \| Malls
Initial Cost
Land	35,514
Buildings and Improvements	129,906
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	50,512
Gross Amounts At Which Carried At Close of Period
Land	35,514
Buildings and Improvements	180,418
Total	215,932
Accumulated Depreciation	83,769
Oxford Valley Mall, Langhorne (Philadelphia), PA \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	66,514
Initial Cost
Land	24,544
Buildings and Improvements	100,287
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	18,607
Gross Amounts At Which Carried At Close of Period
Land	24,544
Buildings and Improvements	118,894
Total	143,438
Accumulated Depreciation	69,426
Penn Square Mall, Oklahoma City, OK \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	93,998
Initial Cost
Land	2,043
Buildings and Improvements	155,958
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	48,096
Gross Amounts At Which Carried At Close of Period
Land	2,043
Buildings and Improvements	204,054
Total	206,097
Accumulated Depreciation	96,100
Pheasant Lane Mall, Nashua, NH \| Malls
Initial Cost
Land	3,902
Buildings and Improvements	155,068
Costs Capitalized Subsequent to Acquisition
Land	550
Buildings and Improvements	46,155
Gross Amounts At Which Carried At Close of Period
Land	4,452
Buildings and Improvements	201,223
Total	205,675
Accumulated Depreciation	80,931
Phipps Plaza, Atlanta, GA \| Malls
Initial Cost
Land	16,185
Buildings and Improvements	210,610
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	41,356
Gross Amounts At Which Carried At Close of Period
Land	16,185
Buildings and Improvements	251,966
Total	268,151
Accumulated Depreciation	114,662
Plaza Carolina, Carolina (San Juan), PR \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	225,000
Initial Cost
Land	15,493
Buildings and Improvements	279,560
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	62,061
Gross Amounts At Which Carried At Close of Period
Land	15,493
Buildings and Improvements	341,621
Total	357,114
Accumulated Depreciation	111,495
Prien Lake Mall, Lake Charles, LA \| Malls
Initial Cost
Land	1,842
Buildings and Improvements	2,813
Costs Capitalized Subsequent to Acquisition
Land	3,053
Buildings and Improvements	49,383
Gross Amounts At Which Carried At Close of Period
Land	4,895
Buildings and Improvements	52,196
Total	57,091
Accumulated Depreciation	23,065
Rockaway Townsquare, Rockaway (New York), NJ \| Malls
Initial Cost
Land	41,918
Buildings and Improvements	212,257
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	43,188
Gross Amounts At Which Carried At Close of Period
Land	41,918
Buildings and Improvements	255,445
Total	297,363
Accumulated Depreciation	112,753
Roosevelt Field, Garden City (New York), NY \| Malls
Initial Cost
Land	163,160
Buildings and Improvements	702,008
Costs Capitalized Subsequent to Acquisition
Land	93
Buildings and Improvements	251,214
Gross Amounts At Which Carried At Close of Period
Land	163,253
Buildings and Improvements	953,222
Total	1,116,475
Accumulated Depreciation	346,583
Ross Park Mall, Pittsburgh, PA \| Malls
Initial Cost
Land	23,541
Buildings and Improvements	90,203
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	89,769
Gross Amounts At Which Carried At Close of Period
Land	23,541
Buildings and Improvements	179,972
Total	203,513
Accumulated Depreciation	95,786
Santa Rosa Plaza, Santa Rosa, CA \| Malls
Initial Cost
Land	10,400
Buildings and Improvements	87,864
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	25,222
Gross Amounts At Which Carried At Close of Period
Land	10,400
Buildings and Improvements	113,086
Total	123,486
Accumulated Depreciation	49,437
Shops at Nanuet, The, Nanuet, NY \| Malls
Initial Cost
Land	28,125
Buildings and Improvements	143,120
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,019
Gross Amounts At Which Carried At Close of Period
Land	28,125
Buildings and Improvements	151,139
Total	179,264
Accumulated Depreciation	7,630
Shops at Riverside, The, Hackensack (New York), NJ \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	130,000
Initial Cost
Land	13,521
Buildings and Improvements	238,746
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,137
Gross Amounts At Which Carried At Close of Period
Land	13,521
Buildings and Improvements	243,883
Total	257,404
Accumulated Depreciation	25,217
South Hills Village, Pittsburgh, PA \| Malls
Initial Cost
Land	23,445
Buildings and Improvements	125,840
Costs Capitalized Subsequent to Acquisition
Land	1,472
Buildings and Improvements	56,299
Gross Amounts At Which Carried At Close of Period
Land	24,917
Buildings and Improvements	182,139
Total	207,056
Accumulated Depreciation	75,009
South Shore Plaza, Braintree (Boston), MA \| Malls
Initial Cost
Land	101,200
Buildings and Improvements	301,495
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	158,767
Gross Amounts At Which Carried At Close of Period
Land	101,200
Buildings and Improvements	460,262
Total	561,462
Accumulated Depreciation	179,736
Southdale Center, Edina (Minneapolis), MN \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	155,000
Initial Cost
Land	40,172
Buildings and Improvements	184,967
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	38,599
Gross Amounts At Which Carried At Close of Period
Land	40,172
Buildings and Improvements	223,566
Total	263,738
Accumulated Depreciation	22,300
SouthPark, Charlotte, NC \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	187,439
Initial Cost
Land	42,092
Buildings and Improvements	188,055
Costs Capitalized Subsequent to Acquisition
Land	100
Buildings and Improvements	181,111
Gross Amounts At Which Carried At Close of Period
Land	42,192
Buildings and Improvements	369,166
Total	411,358
Accumulated Depreciation	155,981
Southridge Mall, Greendale (Milwaukee), WI \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	125,000
Initial Cost
Land	12,359
Buildings and Improvements	130,111
Costs Capitalized Subsequent to Acquisition
Land	2,389
Buildings and Improvements	18,410
Gross Amounts At Which Carried At Close of Period
Land	14,748
Buildings and Improvements	148,521
Total	163,269
Accumulated Depreciation	19,389
St. Charles Towne Center, Waldorf (Washington, D.C.), MD \| Malls
Initial Cost
Land	7,710
Buildings and Improvements	52,934
Costs Capitalized Subsequent to Acquisition
Land	1,180
Buildings and Improvements	31,061
Gross Amounts At Which Carried At Close of Period
Land	8,890
Buildings and Improvements	83,995
Total	92,885
Accumulated Depreciation	49,586
Stanford Shopping Center, Palo Alto (San Jose), CA \| Malls
Initial Cost
Buildings and Improvements	339,537
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	66,277
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	405,814
Total	405,814
Accumulated Depreciation	121,500
Summit Mall, Akron, OH \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	65,000
Initial Cost
Land	15,374
Buildings and Improvements	51,137
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	47,534
Gross Amounts At Which Carried At Close of Period
Land	15,374
Buildings and Improvements	98,671
Total	114,045
Accumulated Depreciation	47,796
Tacoma Mall, Tacoma (Seattle), WA \| Malls
Initial Cost
Land	37,803
Buildings and Improvements	125,826
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	87,784
Gross Amounts At Which Carried At Close of Period
Land	37,803
Buildings and Improvements	213,610
Total	251,413
Accumulated Depreciation	99,336
Tippecanoe Mall, Lafayette, IN \| Malls
Initial Cost
Land	2,897
Buildings and Improvements	8,439
Costs Capitalized Subsequent to Acquisition
Land	5,517
Buildings and Improvements	48,508
Gross Amounts At Which Carried At Close of Period
Land	8,414
Buildings and Improvements	56,947
Total	65,361
Accumulated Depreciation	39,480
Town Center at Boca Raton, Boca Raton (Miami), FL \| Malls
Initial Cost
Land	64,200
Buildings and Improvements	307,317
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	168,055
Gross Amounts At Which Carried At Close of Period
Land	64,200
Buildings and Improvements	475,372
Total	539,572
Accumulated Depreciation	213,868
Town Center at Cobb, Kennesaw (Atlanta), GA \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	198,095
Initial Cost
Land	32,355
Buildings and Improvements	158,225
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	18,514
Gross Amounts At Which Carried At Close of Period
Land	32,355
Buildings and Improvements	176,739
Total	209,094
Accumulated Depreciation	86,734
Towne East Square, Wichita, KS \| Malls
Initial Cost
Land	8,525
Buildings and Improvements	18,479
Costs Capitalized Subsequent to Acquisition
Land	4,108
Buildings and Improvements	44,870
Gross Amounts At Which Carried At Close of Period
Land	12,633
Buildings and Improvements	63,349
Total	75,982
Accumulated Depreciation	41,034
Treasure Coast Square, Jensen Beach, FL \| Malls
Initial Cost
Land	11,124
Buildings and Improvements	72,990
Costs Capitalized Subsequent to Acquisition
Land	3,067
Buildings and Improvements	38,226
Gross Amounts At Which Carried At Close of Period
Land	14,191
Buildings and Improvements	111,216
Total	125,407
Accumulated Depreciation	58,459
Tyrone Square, St. Petersburg (Tampa), FL \| Malls
Initial Cost
Land	15,638
Buildings and Improvements	120,962
Costs Capitalized Subsequent to Acquisition
Land	1,459
Buildings and Improvements	35,695
Gross Amounts At Which Carried At Close of Period
Land	17,097
Buildings and Improvements	156,657
Total	173,754
Accumulated Depreciation	79,999
University Park Mall, Mishawaka, IN \| Malls
Initial Cost
Land	16,768
Buildings and Improvements	112,158
Costs Capitalized Subsequent to Acquisition
Land	7,000
Buildings and Improvements	58,511
Gross Amounts At Which Carried At Close of Period
Land	23,768
Buildings and Improvements	170,669
Total	194,437
Accumulated Depreciation	135,520
Walt Whitman Shops, Huntington Station (New York), NY \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	115,492
Initial Cost
Land	51,700
Buildings and Improvements	111,258
Costs Capitalized Subsequent to Acquisition
Land	3,789
Buildings and Improvements	124,069
Gross Amounts At Which Carried At Close of Period
Land	55,489
Buildings and Improvements	235,327
Total	290,816
Accumulated Depreciation	87,286
White Oaks Mall, Springfield, IL \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	50,000
Initial Cost
Land	3,024
Buildings and Improvements	35,692
Costs Capitalized Subsequent to Acquisition
Land	2,102
Buildings and Improvements	62,388
Gross Amounts At Which Carried At Close of Period
Land	5,126
Buildings and Improvements	98,080
Total	103,206
Accumulated Depreciation	41,085
Wolfchase Galleria, Memphis, TN \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	225,000
Initial Cost
Land	15,881
Buildings and Improvements	128,276
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	12,677
Gross Amounts At Which Carried At Close of Period
Land	15,881
Buildings and Improvements	140,953
Total	156,834
Accumulated Depreciation	72,914
Woodland Hills Mall, Tulsa, OK \| Malls
Real Estate and Accumulated Depreciation
Encumbrances	91,688
Initial Cost
Land	34,211
Buildings and Improvements	187,123
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	26,957
Gross Amounts At Which Carried At Close of Period
Land	34,211
Buildings and Improvements	214,080
Total	248,291
Accumulated Depreciation	99,583
Albertville Premium Outlets, Albertville (Minneapolis), MN \| Premium Outlets
Initial Cost
Land	3,900
Buildings and Improvements	97,059
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,217
Gross Amounts At Which Carried At Close of Period
Land	3,900
Buildings and Improvements	103,276
Total	107,176
Accumulated Depreciation	38,433
Allen Premium Outlets, Allen (Dallas), TX \| Premium Outlets
Initial Cost
Land	13,855
Buildings and Improvements	43,687
Costs Capitalized Subsequent to Acquisition
Land	97
Buildings and Improvements	14,418
Gross Amounts At Which Carried At Close of Period
Land	13,952
Buildings and Improvements	58,105
Total	72,057
Accumulated Depreciation	24,704
Aurora Farms Premium Outlets, Aurora (Cleveland), OH \| Premium Outlets
Initial Cost
Land	2,370
Buildings and Improvements	24,326
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,466
Gross Amounts At Which Carried At Close of Period
Land	2,370
Buildings and Improvements	28,792
Total	31,162
Accumulated Depreciation	18,722
Birch Run Premium Outlets, Birch Run (Detroit), MI \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	102,362
Initial Cost
Land	11,477
Buildings and Improvements	77,856
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,926
Gross Amounts At Which Carried At Close of Period
Land	11,477
Buildings and Improvements	81,782
Total	93,259
Accumulated Depreciation	17,898
Calhoun Premium Outlets, Calhoun, GA \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	19,683
Initial Cost
Land	1,745
Buildings and Improvements	12,529
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	887
Gross Amounts At Which Carried At Close of Period
Land	1,745
Buildings and Improvements	13,416
Total	15,161
Accumulated Depreciation	5,788
Camarillo Premium Outlets, Camarillo (Los Angeles), CA \| Premium Outlets
Initial Cost
Land	16,670
Buildings and Improvements	224,721
Costs Capitalized Subsequent to Acquisition
Land	395
Buildings and Improvements	64,570
Gross Amounts At Which Carried At Close of Period
Land	17,065
Buildings and Improvements	289,291
Total	306,356
Accumulated Depreciation	95,495
Carlsbad Premium Outlets, Carlsbad (San Diego), CA \| Premium Outlets
Initial Cost
Land	12,890
Buildings and Improvements	184,990
Costs Capitalized Subsequent to Acquisition
Land	96
Buildings and Improvements	4,469
Gross Amounts At Which Carried At Close of Period
Land	12,986
Buildings and Improvements	189,459
Total	202,445
Accumulated Depreciation	59,242
Carolina Premium Outlets, Smithfield (Raleigh), NC \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	48,448
Initial Cost
Land	3,175
Buildings and Improvements	59,863
Costs Capitalized Subsequent to Acquisition
Land	5,311
Buildings and Improvements	5,438
Gross Amounts At Which Carried At Close of Period
Land	8,486
Buildings and Improvements	65,301
Total	73,787
Accumulated Depreciation	28,294
Chicago Premium Outlets, Aurora (Chicago), IL \| Premium Outlets
Initial Cost
Land	659
Buildings and Improvements	118,005
Costs Capitalized Subsequent to Acquisition
Land	13,050
Buildings and Improvements	31,524
Gross Amounts At Which Carried At Close of Period
Land	13,709
Buildings and Improvements	149,529
Total	163,238
Accumulated Depreciation	50,063
Cincinnati Premium Outlets, Monroe (Cincinnati), OH \| Premium Outlets
Initial Cost
Land	14,117
Buildings and Improvements	71,520
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,589
Gross Amounts At Which Carried At Close of Period
Land	14,117
Buildings and Improvements	76,109
Total	90,226
Accumulated Depreciation	21,254
Clinton Crossing Premium Outlets, Clinton, CT \| Premium Outlets
Initial Cost
Land	2,060
Buildings and Improvements	107,556
Costs Capitalized Subsequent to Acquisition
Land	1,532
Buildings and Improvements	3,065
Gross Amounts At Which Carried At Close of Period
Land	3,592
Buildings and Improvements	110,621
Total	114,213
Accumulated Depreciation	41,027
Columbia Gorge Premium Outlets, Troutdale (Portland), OR \| Premium Outlets
Initial Cost
Land	7,900
Buildings and Improvements	16,492
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,735
Gross Amounts At Which Carried At Close of Period
Land	7,900
Buildings and Improvements	19,227
Total	27,127
Accumulated Depreciation	10,171
Desert Hills Premium Outlets, Cabazon (Palm Springs), CA \| Premium Outlets
Initial Cost
Land	3,440
Buildings and Improvements	338,679
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	94,260
Gross Amounts At Which Carried At Close of Period
Land	3,440
Buildings and Improvements	432,939
Total	436,379
Accumulated Depreciation	108,736
Edinburgh Premium Outlets, Edinburgh (Indianapolis), IN \| Premium Outlets
Initial Cost
Land	2,857
Buildings and Improvements	47,309
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	13,791
Gross Amounts At Which Carried At Close of Period
Land	2,857
Buildings and Improvements	61,100
Total	63,957
Accumulated Depreciation	25,458
Ellenton Premium Outlets, Ellenton (Tampa), FL \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	100,466
Initial Cost
Land	15,807
Buildings and Improvements	182,412
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,102
Gross Amounts At Which Carried At Close of Period
Land	15,807
Buildings and Improvements	186,514
Total	202,321
Accumulated Depreciation	46,572
Folsom Premium Outlets, Folsom (Sacramento), CA \| Premium Outlets
Initial Cost
Land	9,060
Buildings and Improvements	50,281
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,235
Gross Amounts At Which Carried At Close of Period
Land	9,060
Buildings and Improvements	54,516
Total	63,576
Accumulated Depreciation	24,502
Gaffney Premium Outlets, Gaffney (Greenville/Charlotte), SC \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	35,721
Initial Cost
Land	4,056
Buildings and Improvements	32,371
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,203
Gross Amounts At Which Carried At Close of Period
Land	4,056
Buildings and Improvements	34,574
Total	38,630
Accumulated Depreciation	9,268
Gilroy Premium Outlets, Gilroy (San Jose), CA \| Premium Outlets
Initial Cost
Land	9,630
Buildings and Improvements	194,122
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	10,060
Gross Amounts At Which Carried At Close of Period
Land	9,630
Buildings and Improvements	204,182
Total	213,812
Accumulated Depreciation	73,554
Grand Prairie Premium Outlets, Grand Prairie (Dallas), TX \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	120,000
Initial Cost
Land	9,497
Buildings and Improvements	197,242
Gross Amounts At Which Carried At Close of Period
Land	9,497
Buildings and Improvements	197,242
Total	206,739
Accumulated Depreciation	15,463
Grove City Premium Outlets, Grove City (Pittsburgh), PA \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	108,453
Initial Cost
Land	6,421
Buildings and Improvements	121,880
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,101
Gross Amounts At Which Carried At Close of Period
Land	6,421
Buildings and Improvements	124,981
Total	131,402
Accumulated Depreciation	32,630
Gulfport Premium Outlets, Gulfport, MS \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	24,198
Initial Cost
Buildings and Improvements	27,949
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,198
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	30,147
Total	30,147
Accumulated Depreciation	8,209
Hagerstown Premium Outlets, Hagerstown (Baltimore/Washington DC), MD \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	86,045
Initial Cost
Land	3,576
Buildings and Improvements	85,883
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	900
Gross Amounts At Which Carried At Close of Period
Land	3,576
Buildings and Improvements	86,783
Total	90,359
Accumulated Depreciation	19,215
Houston Premium Outlets, Cypress (Houston), TX \| Premium Outlets
Initial Cost
Land	8,695
Buildings and Improvements	69,350
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	46,294
Gross Amounts At Which Carried At Close of Period
Land	8,695
Buildings and Improvements	115,644
Total	124,339
Accumulated Depreciation	31,069
Jackson Premium Outlets, Jackson (New York), NJ \| Premium Outlets
Initial Cost
Land	6,413
Buildings and Improvements	104,013
Costs Capitalized Subsequent to Acquisition
Land	3
Buildings and Improvements	5,458
Gross Amounts At Which Carried At Close of Period
Land	6,416
Buildings and Improvements	109,471
Total	115,887
Accumulated Depreciation	34,827
Jersey Shore Premium Outlets, Tinton Falls (New York), NJ \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	67,306
Initial Cost
Land	15,390
Buildings and Improvements	50,979
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	75,614
Gross Amounts At Which Carried At Close of Period
Land	15,390
Buildings and Improvements	126,593
Total	141,983
Accumulated Depreciation	36,202
Johnson Creek Premium Outlets, Johnson Creek, WI \| Premium Outlets
Initial Cost
Land	2,800
Buildings and Improvements	39,546
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,778
Gross Amounts At Which Carried At Close of Period
Land	2,800
Buildings and Improvements	46,324
Total	49,124
Accumulated Depreciation	16,685
Kittery Premium Outlets, Kittery, ME \| Premium Outlets
Initial Cost
Land	11,832
Buildings and Improvements	94,994
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,515
Gross Amounts At Which Carried At Close of Period
Land	11,832
Buildings and Improvements	102,509
Total	114,341
Accumulated Depreciation	30,769
Las Americas Premium Outlets, San Diego, CA \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	176,605
Initial Cost
Land	45,168
Buildings and Improvements	251,878
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,561
Gross Amounts At Which Carried At Close of Period
Land	45,168
Buildings and Improvements	258,439
Total	303,607
Accumulated Depreciation	55,965
Las Vegas Premium Outlets - North, Las Vegas, NV \| Premium Outlets
Initial Cost
Land	25,435
Buildings and Improvements	134,973
Costs Capitalized Subsequent to Acquisition
Land	16,536
Buildings and Improvements	132,127
Gross Amounts At Which Carried At Close of Period
Land	41,971
Buildings and Improvements	267,100
Total	309,071
Accumulated Depreciation	72,952
Las Vegas Premium Outlets - South, Las Vegas, NV \| Premium Outlets
Initial Cost
Land	13,085
Buildings and Improvements	160,777
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	23,993
Gross Amounts At Which Carried At Close of Period
Land	13,085
Buildings and Improvements	184,770
Total	197,855
Accumulated Depreciation	52,538
Lebanon Premium Outlets, Lebanon (Nashville), TN \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	14,877
Initial Cost
Land	1,758
Buildings and Improvements	10,189
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	896
Gross Amounts At Which Carried At Close of Period
Land	1,758
Buildings and Improvements	11,085
Total	12,843
Accumulated Depreciation	3,509
Lee Premium Outlets, Lee, MA \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	49,134
Initial Cost
Land	9,167
Buildings and Improvements	52,212
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,209
Gross Amounts At Which Carried At Close of Period
Land	9,167
Buildings and Improvements	53,421
Total	62,588
Accumulated Depreciation	14,077
Leesburg Corner Premium Outlets, Leesburg (Washington D.C.), VA \| Premium Outlets
Initial Cost
Land	7,190
Buildings and Improvements	162,023
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,689
Gross Amounts At Which Carried At Close of Period
Land	7,190
Buildings and Improvements	166,712
Total	173,902
Accumulated Depreciation	63,162
Liberty Village Premium Outlets, Flemington (New York), NJ \| Premium Outlets
Initial Cost
Land	5,670
Buildings and Improvements	28,904
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,606
Gross Amounts At Which Carried At Close of Period
Land	5,670
Buildings and Improvements	30,510
Total	36,180
Accumulated Depreciation	15,494
Lighthouse Place Premium Outlets, Michigan City (Chicago, IL), IN \| Premium Outlets
Initial Cost
Land	6,630
Buildings and Improvements	94,138
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,542
Gross Amounts At Which Carried At Close of Period
Land	6,630
Buildings and Improvements	102,680
Total	109,310
Accumulated Depreciation	42,698
Merrimack Premium Outlets, Merrimack, NH \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	130,000
Initial Cost
Land	17,028
Buildings and Improvements	118,428
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	813
Gross Amounts At Which Carried At Close of Period
Land	17,028
Buildings and Improvements	119,241
Total	136,269
Accumulated Depreciation	14,076
Napa Premium Outlets, Napa, CA \| Premium Outlets
Initial Cost
Land	11,400
Buildings and Improvements	45,023
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,498
Gross Amounts At Which Carried At Close of Period
Land	11,400
Buildings and Improvements	49,521
Total	60,921
Accumulated Depreciation	18,889
North Bend Premium Outlets, North Bend (Seattle), WA \| Premium Outlets
Initial Cost
Land	2,143
Buildings and Improvements	36,197
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,499
Gross Amounts At Which Carried At Close of Period
Land	2,143
Buildings and Improvements	39,696
Total	41,839
Accumulated Depreciation	12,705
North Georgia Premium Outlets, Dawsonville (Atlanta), GA \| Premium Outlets
Initial Cost
Land	4,300
Buildings and Improvements	132,325
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,883
Gross Amounts At Which Carried At Close of Period
Land	4,300
Buildings and Improvements	135,208
Total	139,508
Accumulated Depreciation	48,183
Orlando Premium Outlets - International Dr, Orlando, FL \| Premium Outlets
Initial Cost
Land	31,998
Buildings and Improvements	472,815
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,108
Gross Amounts At Which Carried At Close of Period
Land	31,998
Buildings and Improvements	475,923
Total	507,921
Accumulated Depreciation	81,925
Orlando Vineland Premium Outlets - Orlando, FL \| Premium Outlets
Initial Cost
Land	14,040
Buildings and Improvements	304,410
Costs Capitalized Subsequent to Acquisition
Land	38,656
Buildings and Improvements	78,186
Gross Amounts At Which Carried At Close of Period
Land	52,696
Buildings and Improvements	382,596
Total	435,292
Accumulated Depreciation	109,502
Osage Beach Premium Outlets, Osage Beach, MO \| Premium Outlets
Initial Cost
Land	9,460
Buildings and Improvements	85,804
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,661
Gross Amounts At Which Carried At Close of Period
Land	9,460
Buildings and Improvements	92,465
Total	101,925
Accumulated Depreciation	35,800
Petaluma Village Premium Outlets, Petaluma (San Francisco), CA \| Premium Outlets
Initial Cost
Land	13,322
Buildings and Improvements	13,710
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,774
Gross Amounts At Which Carried At Close of Period
Land	13,322
Buildings and Improvements	15,484
Total	28,806
Accumulated Depreciation	9,106
Philadelphia Premium Outlets, Limerick (Philadelphia), PA \| Premium Outlets
Initial Cost
Land	16,676
Buildings and Improvements	105,249
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	16,604
Gross Amounts At Which Carried At Close of Period
Land	16,676
Buildings and Improvements	121,853
Total	138,529
Accumulated Depreciation	42,832
Phoenix Premium Outlets, Chandler (Phoenix), AZ \| Premium Outlets
Initial Cost
Buildings and Improvements	63,751
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	51
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	63,802
Total	63,802
Accumulated Depreciation	6,337
Pismo Beach Premium Outlets, Pismo Beach, CA \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	33,850
Initial Cost
Land	4,317
Buildings and Improvements	19,044
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,667
Gross Amounts At Which Carried At Close of Period
Land	4,317
Buildings and Improvements	20,711
Total	25,028
Accumulated Depreciation	6,394
Pleasant Prairie Premium Outlets, Pleasant Prairie (Chicago, IL/Milwaukee), WI \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	92,998
Initial Cost
Land	16,823
Buildings and Improvements	126,686
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,346
Gross Amounts At Which Carried At Close of Period
Land	16,823
Buildings and Improvements	130,032
Total	146,855
Accumulated Depreciation	25,459
Puerto Rico Premium Outlets, Barceloneta, PR \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	125,000
Initial Cost
Land	20,586
Buildings and Improvements	114,021
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,003
Gross Amounts At Which Carried At Close of Period
Land	20,586
Buildings and Improvements	117,024
Total	137,610
Accumulated Depreciation	23,285
Queenstown Premium Outlets, Queenstown (Baltimore), MD \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	66,150
Initial Cost
Land	8,129
Buildings and Improvements	61,950
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,979
Gross Amounts At Which Carried At Close of Period
Land	8,129
Buildings and Improvements	64,929
Total	73,058
Accumulated Depreciation	13,832
Rio Grande Valley Premium Outlets, Mercedes (McAllen), TX \| Premium Outlets
Initial Cost
Land	12,229
Buildings and Improvements	41,547
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	32,929
Gross Amounts At Which Carried At Close of Period
Land	12,229
Buildings and Improvements	74,476
Total	86,705
Accumulated Depreciation	29,930
Round Rock Premium Outlets, Round Rock (Austin), TX \| Premium Outlets
Initial Cost
Land	14,706
Buildings and Improvements	82,252
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,686
Gross Amounts At Which Carried At Close of Period
Land	14,706
Buildings and Improvements	83,938
Total	98,644
Accumulated Depreciation	35,433
San Francisco Premium Outlets, Livermore (San Francisco), CA \| Premium Outlets
Initial Cost
Land	21,925
Buildings and Improvements	308,694
Costs Capitalized Subsequent to Acquisition
Land	40,046
Buildings and Improvements	16,991
Gross Amounts At Which Carried At Close of Period
Land	61,971
Buildings and Improvements	325,685
Total	387,656
Accumulated Depreciation	22,827
San Marcos Premium Outlets, San Marcos (Austin/San Antonio), TX \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	137,569
Initial Cost
Land	13,180
Buildings and Improvements	287,179
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,897
Gross Amounts At Which Carried At Close of Period
Land	13,180
Buildings and Improvements	294,076
Total	307,256
Accumulated Depreciation	50,624
Seattle Premium Outlets, Tulalip (Seattle), WA \| Premium Outlets
Initial Cost
Buildings and Improvements	103,722
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	53,354
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	157,076
Total	157,076
Accumulated Depreciation	47,499
St. Augustine Premium Outlets, St. Augustine (Jacksonville), FL \| Premium Outlets
Initial Cost
Land	6,090
Buildings and Improvements	57,670
Costs Capitalized Subsequent to Acquisition
Land	2
Buildings and Improvements	9,480
Gross Amounts At Which Carried At Close of Period
Land	6,092
Buildings and Improvements	67,150
Total	73,242
Accumulated Depreciation	27,592
The Crossings Premium Outlets, Tannersville, PA \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	115,000
Initial Cost
Land	7,720
Buildings and Improvements	172,931
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	12,969
Gross Amounts At Which Carried At Close of Period
Land	7,720
Buildings and Improvements	185,900
Total	193,620
Accumulated Depreciation	59,249
Vacaville Premium Outlets, Vacaville, CA \| Premium Outlets
Initial Cost
Land	9,420
Buildings and Improvements	84,850
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	12,825
Gross Amounts At Which Carried At Close of Period
Land	9,420
Buildings and Improvements	97,675
Total	107,095
Accumulated Depreciation	40,848
Waikele Premium Outlets, Waipahu (Honolulu), HI \| Premium Outlets
Initial Cost
Land	22,630
Buildings and Improvements	77,316
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	10,033
Gross Amounts At Which Carried At Close of Period
Land	22,630
Buildings and Improvements	87,349
Total	109,979
Accumulated Depreciation	30,727
Waterloo Premium Outlets, Waterloo, NY \| Premium Outlets
Initial Cost
Land	3,230
Buildings and Improvements	75,277
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,382
Gross Amounts At Which Carried At Close of Period
Land	3,230
Buildings and Improvements	83,659
Total	86,889
Accumulated Depreciation	34,507
Williamsburg Premium Outlets, Williamsburg, VA \| Premium Outlets
Real Estate and Accumulated Depreciation
Encumbrances	99,406
Initial Cost
Land	10,323
Buildings and Improvements	223,789
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,969
Gross Amounts At Which Carried At Close of Period
Land	10,323
Buildings and Improvements	226,758
Total	237,081
Accumulated Depreciation	39,553
Woodburn Premium Outlets, Woodburn (Portland), OR \| Premium Outlets
Initial Cost
Land	9,414
Buildings and Improvements	150,414
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	281
Gross Amounts At Which Carried At Close of Period
Land	9,414
Buildings and Improvements	150,695
Total	160,109
Accumulated Depreciation	10,953
Woodbury Common Premium Outlets, Central Valley (New York), NY \| Premium Outlets
Initial Cost
Land	11,110
Buildings and Improvements	862,559
Costs Capitalized Subsequent to Acquisition
Land	1,658
Buildings and Improvements	116,994
Gross Amounts At Which Carried At Close of Period
Land	12,768
Buildings and Improvements	979,553
Total	992,321
Accumulated Depreciation	276,603
Wrentham Village Premium Outlets, Wrentham (Boston), MA \| Premium Outlets
Initial Cost
Land	4,900
Buildings and Improvements	282,031
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,858
Gross Amounts At Which Carried At Close of Period
Land	4,900
Buildings and Improvements	290,889
Total	295,789
Accumulated Depreciation	98,278
Arizona Mills Tempe Phoenix AZ \| The Mills
Real Estate and Accumulated Depreciation
Encumbrances	164,566
Initial Cost
Land	41,936
Buildings and Improvements	297,289
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,290
Gross Amounts At Which Carried At Close of Period
Land	41,936
Buildings and Improvements	300,579
Total	342,515
Accumulated Depreciation	9,976
Great Mall, Milpitas (San Jose), CA \| The Mills
Initial Cost
Land	70,496
Buildings and Improvements	463,101
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	11,751
Gross Amounts At Which Carried At Close of Period
Land	70,496
Buildings and Improvements	474,852
Total	545,348
Accumulated Depreciation	47,214
Gurnee Mills, Gurnee (Chicago), IL \| The Mills
Real Estate and Accumulated Depreciation
Encumbrances	321,000
Initial Cost
Land	41,133
Buildings and Improvements	297,911
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,914
Gross Amounts At Which Carried At Close of Period
Land	41,133
Buildings and Improvements	305,825
Total	346,958
Accumulated Depreciation	31,813
Opry Mills, Nashville, TN \| The Mills
Real Estate and Accumulated Depreciation
Encumbrances	371,427
Initial Cost
Land	51,000
Buildings and Improvements	327,503
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,765
Gross Amounts At Which Carried At Close of Period
Land	51,000
Buildings and Improvements	337,268
Total	388,268
Accumulated Depreciation	34,648
Potomac Mills, Woodbridge (Washington, D.C.), VA \| The Mills
Real Estate and Accumulated Depreciation
Encumbrances	410,000
Initial Cost
Land	61,755
Buildings and Improvements	425,370
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	27,701
Gross Amounts At Which Carried At Close of Period
Land	61,755
Buildings and Improvements	453,071
Total	514,826
Accumulated Depreciation	46,933
Sawgrass Mills, Sunrise (Miami), FL \| The Mills
Initial Cost
Land	194,002
Buildings and Improvements	1,641,153
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	38,809
Gross Amounts At Which Carried At Close of Period
Land	194,002
Buildings and Improvements	1,679,962
Total	1,873,964
Accumulated Depreciation	161,050
ABQ Uptown, Albuquerque, NM \| Community Centers
Initial Cost
Land	6,374
Buildings and Improvements	75,333
Costs Capitalized Subsequent to Acquisition
Land	4,054
Buildings and Improvements	4,360
Gross Amounts At Which Carried At Close of Period
Land	10,428
Buildings and Improvements	79,693
Total	90,121
Accumulated Depreciation	10,949
Florida Keys Outlet Center, Florida City, FL \| Other Properties
Real Estate and Accumulated Depreciation
Encumbrances	10,253
Initial Cost
Land	1,560
Buildings and Improvements	1,748
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,462
Gross Amounts At Which Carried At Close of Period
Land	1,560
Buildings and Improvements	4,210
Total	5,770
Accumulated Depreciation	1,351
Huntley Outlet Center, Huntley, IL \| Other Properties
Real Estate and Accumulated Depreciation
Encumbrances	28,679
Initial Cost
Land	3,477
Buildings and Improvements	2,027
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	345
Gross Amounts At Which Carried At Close of Period
Land	3,477
Buildings and Improvements	2,372
Total	5,849
Accumulated Depreciation	922
Lincoln Plaza, King of Prussia, Philadelphia, PA \| Other Properties
Initial Cost
Buildings and Improvements	21,299
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,858
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	24,157
Total	24,157
Accumulated Depreciation	13,311
Naples Outlet Center, Naples, FL \| Other Properties
Real Estate and Accumulated Depreciation
Encumbrances	15,415
Initial Cost
Land	1,514
Buildings and Improvements	519
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	79
Gross Amounts At Which Carried At Close of Period
Land	1,514
Buildings and Improvements	598
Total	2,112
Accumulated Depreciation	424
Outlet Marketplace, Orlando, FL \| Other Properties
Initial Cost
Land	3,367
Buildings and Improvements	1,557
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	380
Gross Amounts At Which Carried At Close of Period
Land	3,367
Buildings and Improvements	1,937
Total	5,304
Accumulated Depreciation	961
Tampa Premium Outlets, Tampa, FL \| Development Projects
Initial Cost
Land	14,298
Buildings and Improvements	14,996
Gross Amounts At Which Carried At Close of Period
Land	14,298
Buildings and Improvements	14,996
Total	29,294
Tucson Premium Outlets, Marana, Tucson, AZ \| Development Projects
Initial Cost
Land	12,507
Buildings and Improvements	12,561
Gross Amounts At Which Carried At Close of Period
Land	12,507
Buildings and Improvements	12,561
Total	25,068
Other pre-development costs \| Development Projects
Initial Cost
Land	72,983
Buildings and Improvements	9,630
Gross Amounts At Which Carried At Close of Period
Land	72,983
Buildings and Improvements	9,630
Total	82,613
Accumulated Depreciation	$ 78

SCHEDULE III Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Reconciliation of Real Estate Properties:
Balance, beginning of year	$ 30,048,230	$ 29,263,463	$ 24,736,546
Acquisitions and consolidations	393,351	288,835	4,408,870
Improvements	791,453	874,240	746,161
Disposals and deconsolidations	(218,901)	(378,308)	(628,114)
Balance, close of year	31,014,133	30,048,230	29,263,463
Unaudited aggregate cost of real estate for federal income tax purposes	23,893,426
Reconciliation of Accumulated Depreciation:
Balance, beginning of year	7,896,614	7,055,622	6,483,917
Depreciation expense	997,482	948,811	908,029
Disposals and deconsolidations	(153,168)	(107,819)	(336,324)
Balance, close of year	$ 8,740,928	$ 7,896,614	$ 7,055,622
Structure \| Minimum
Estimated original lives
Depreciable life	10 years
Structure \| Maximum
Estimated original lives
Depreciable life	35 years
Landscaping and parking lot
Estimated original lives
Depreciable life	15 years
HVAC equipment
Estimated original lives
Depreciable life	10 years