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Interest Rate Derivative

Instruments

Interest Rate Swap

250.0 million

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2017 $ / shares shares
Entity Registrant Name	SIMON PROPERTY GROUP INC /DE/
Entity Central Index Key	0001063761
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Common stock.
Entity Common Stock, Shares Outstanding \| shares	312,194,210
Entity Listing, Par Value Per Share \| $ / shares	$ 0.0001
Class B common stock
Entity Common Stock, Shares Outstanding \| shares	8,000
Entity Listing, Par Value Per Share \| $ / shares	$ 0.0001

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS:
Investment properties, at cost	$ 35,309,727	$ 35,226,089
Less - accumulated depreciation	11,079,988	10,865,754
Investment properties at cost, net	24,229,739	24,360,335
Cash and cash equivalents	513,400	560,059
Tenant receivables and accrued revenue, net	621,600	664,619
Investment in unconsolidated entities, at equity	2,374,693	2,367,583
Investment in Klepierre, at equity	1,821,994	1,797,394
Deferred costs and other assets	1,384,667	1,353,588
Total assets	30,946,093	31,103,578
LIABILITIES:
Mortgages and unsecured indebtedness	23,149,053	22,977,104
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,081,185	1,214,022
Cash distributions and losses in partnerships and joint ventures, at equity	1,360,077	1,359,738
Other liabilities	459,926	455,040
Total liabilities	26,050,241	26,005,904
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	166,847	137,762
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847	43,323	43,405
Capital in excess of par value	9,558,328	9,523,086
Accumulated deficit	(4,559,037)	(4,459,387)
Accumulated other comprehensive loss	(100,843)	(114,126)
Common stock held in treasury, at cost, 7,629,046 and 6,756,748 shares, respectively	(834,536)	(682,562)
Total stockholders' equity	4,107,267	4,310,448
Noncontrolling interests	621,738	649,464
Total equity	4,729,005	4,959,912
Total liabilities and equity	30,946,093	31,103,578
Simon Property Group L.P.
ASSETS:
Investment properties, at cost	35,309,727	35,226,089
Less - accumulated depreciation	11,079,988	10,865,754
Investment properties at cost, net	24,229,739	24,360,335
Cash and cash equivalents	513,400	560,059
Tenant receivables and accrued revenue, net	621,600	664,619
Investment in unconsolidated entities, at equity	2,374,693	2,367,583
Investment in Klepierre, at equity	1,821,994	1,797,394
Deferred costs and other assets	1,384,667	1,353,588
Total assets	30,946,093	31,103,578
LIABILITIES:
Mortgages and unsecured indebtedness	23,149,053	22,977,104
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,081,185	1,214,022
Cash distributions and losses in partnerships and joint ventures, at equity	1,360,077	1,359,738
Other liabilities	459,926	455,040
Total liabilities	26,050,241	26,005,904
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	166,847	137,762
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Preferred units, 796,948 units outstanding. Liquidation value of $39,847	43,323	43,405
General Partner, 312,202,210 and 313,074,574 units outstanding, respectively	4,063,944	4,267,043
Limited Partners, 47,406,454 and 47,276,095 units outstanding, respectively	617,091	644,348
Total partners' equity	4,724,358	4,954,796
Nonredeemable noncontrolling interests in properties, net	4,647	5,116
Total equity	4,729,005	4,959,912
Total liabilities and equity	30,946,093	31,103,578
Common stock.
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Common stock	32	32
Class B common stock
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Common stock

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Capital stock, total shares authorized	850,000,000	850,000,000
Capital stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Capital stock, shares of excess common stock	238,000,000	238,000,000
Capital stock, authorized shares of preferred stock	100,000,000	100,000,000
Preferred stock stated dividend rate percentage	8.375%	8.375%
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized	1,000,000	1,000,000
Series J 8 3/8% cumulative redeemable preferred stock, shares issued	796,948	796,948
Series J 8 3/8% cumulative redeemable preferred stock, shares outstanding	796,948	796,948
Preferred units, Liquidation value (in dollars)	$ 39,847	$ 39,847
Common stock held in treasury, shares	7,629,046	6,756,748
Common stock.
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	511,990,000	511,990,000
Common stock, shares issued	319,823,256	319,823,322
Common stock, shares outstanding	319,823,256	319,823,322
Class B common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	10,000	10,000
Common stock, shares issued	8,000	8,000
Common stock, shares outstanding	8,000	8,000
Simon Property Group L.P.
Preferred units, units outstanding	796,948	796,948
Preferred units, Liquidation value (in dollars)	$ 39,847	$ 39,847
General Partner, units outstanding	312,202,210	313,074,574
Limited Partners, units outstanding	47,406,454	47,276,095

Unaudited Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUE:
Minimum rent	$ 846,798	$ 818,536
Overage rent	28,204	28,916
Tenant reimbursements	378,915	371,613
Management fees and other revenues	30,547	33,400
Other income	61,299	84,250
Total revenue	1,345,763	1,336,715
EXPENSES:
Property operating	104,048	103,060
Depreciation and amortization	310,832	300,614
Real estate taxes	106,659	109,423
Repairs and maintenance	25,601	26,065
Advertising and promotion	35,948	35,038
Provision for credit losses	5,210	3,664
Home and regional office costs	42,979	38,607
General and administrative	14,001	14,864
Other	23,814	20,479
Total operating expenses	669,092	651,814
OPERATING INCOME	676,671	684,901
Interest expense	(198,202)	(219,190)
Income and other tax benefit (expense)	3,521	(15,186)
Income from unconsolidated entities	69,085	90,626
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		22,688
CONSOLIDATED NET INCOME	551,075	563,839
Net income (loss) attributable to noncontrolling interests	72,505	82,010
Preferred dividends	834	834
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ 477,736	$ 480,995
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT:
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 1.53	$ 1.55
Consolidated Net Income	$ 551,075	$ 563,839
Unrealized loss on derivative hedge agreements	(1,253)	(14,775)
Net loss reclassified from accumulated other comprehensive loss into earnings	2,620	139,339
Currency translation adjustments	13,148	20,933
Changes in available-for-sale securities and other	689	11,891
Comprehensive income	566,279	721,227
Comprehensive income attributable to noncontrolling interests	74,425	104,427
Comprehensive income attributable to common stockholders or unitholders	491,854	616,800
Simon Property Group L.P.
REVENUE:
Minimum rent	846,798	818,536
Overage rent	28,204	28,916
Tenant reimbursements	378,915	371,613
Management fees and other revenues	30,547	33,400
Other income	61,299	84,250
Total revenue	1,345,763	1,336,715
EXPENSES:
Property operating	104,048	103,060
Depreciation and amortization	310,832	300,614
Real estate taxes	106,659	109,423
Repairs and maintenance	25,601	26,065
Advertising and promotion	35,948	35,038
Provision for credit losses	5,210	3,664
Home and regional office costs	42,979	38,607
General and administrative	14,001	14,864
Other	23,814	20,479
Total operating expenses	669,092	651,814
OPERATING INCOME	676,671	684,901
Interest expense	(198,202)	(219,190)
Income and other tax benefit (expense)	3,521	(15,186)
Income from unconsolidated entities	69,085	90,626
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		22,688
CONSOLIDATED NET INCOME	551,075	563,839
Net income (loss) attributable to noncontrolling interests	(244)	729
Preferred dividends	1,313	1,313
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	550,006	561,797
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	477,736	480,995
Limited Partners	$ 72,270	$ 80,802
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT:
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 1.53	$ 1.55
Consolidated Net Income	$ 551,075	$ 563,839
Unrealized loss on derivative hedge agreements	(1,253)	(14,775)
Net loss reclassified from accumulated other comprehensive loss into earnings	2,620	139,339
Currency translation adjustments	13,148	20,933
Changes in available-for-sale securities and other	689	11,891
Comprehensive income	566,279	721,227
Comprehensive income attributable to noncontrolling interests	675	729
Comprehensive income attributable to common stockholders or unitholders	$ 565,604	$ 720,498

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 551,075	$ 563,839
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
Depreciation and amortization	335,749	317,799
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		(22,688)
Straight-line rent	(8,109)	(12,276)
Equity in income of unconsolidated entities	(69,085)	(90,626)
Distributions of income from unconsolidated entities	70,994	61,170
Changes in assets and liabilities -
Tenant receivables and accrued revenue, net	54,036	73,323
Deferred costs and other assets	(42,099)	(73,316)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	(106,868)	(96,767)
Net cash provided by operating activities	785,693	720,458
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions		(38,347)
Funding of loans to related parties	(18,963)
Repayments of loans to related parties		8,207
Capital expenditures, net	(148,595)	(189,032)
Cash impact from the consolidation of properties		38,980
Net proceeds from sale of assets		27,393
Investments in unconsolidated entities	(58,928)	(104,547)
Purchase of marketable and non-marketable securities	(4,174)	(3,799)
Distributions of capital from unconsolidated entities and other	55,398	65,888
Net cash used in investing activities	(175,262)	(195,257)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock, units and other, net of transaction costs	(82)	(82)
Purchase of shares or units related to stock grant recipients' tax withholdings	(285)	(870)
Purchase of treasury stock and limited partner units	(151,690)
Distributions to noncontrolling interest holders in properties	(3,029)	(2,773)
Contributions from noncontrolling interest holders in properties	172
Preferred distributions of the Operating Partnership	(479)	(479)
Distributions to stockholders and preferred dividends	(548,521)	(496,735)
Distributions to limited partners	(82,906)	(83,074)
Proceeds from issuance of debt, net of transaction costs	1,868,455	3,592,168
Repayments of debt	(1,738,725)	(3,429,414)
Net cash used in financing activities	(657,090)	(421,259)
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	(46,659)	103,942
CASH AND CASH EQUIVALENTS, beginning of period	560,059	701,134
CASH AND CASH EQUIVALENTS, end of period	513,400	805,076
Simon Property Group L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	551,075	563,839
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
Depreciation and amortization	335,749	317,799
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		(22,688)
Straight-line rent	(8,109)	(12,276)
Equity in income of unconsolidated entities	(69,085)	(90,626)
Distributions of income from unconsolidated entities	70,994	61,170
Changes in assets and liabilities -
Tenant receivables and accrued revenue, net	54,036	73,323
Deferred costs and other assets	(42,099)	(73,316)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	(106,868)	(96,767)
Net cash provided by operating activities	785,693	720,458
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions		(38,347)
Funding of loans to related parties	(18,963)
Repayments of loans to related parties		8,207
Capital expenditures, net	(148,595)	(189,032)
Cash impact from the consolidation of properties		38,980
Net proceeds from sale of assets		27,393
Investments in unconsolidated entities	(58,928)	(104,547)
Purchase of marketable and non-marketable securities	(4,174)	(3,799)
Distributions of capital from unconsolidated entities and other	55,398	65,888
Net cash used in investing activities	(175,262)	(195,257)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock, units and other, net of transaction costs	(82)	(82)
Purchase of shares or units related to stock grant recipients' tax withholdings	(285)	(870)
Purchase of treasury stock and limited partner units	(151,690)
Distributions to noncontrolling interest holders in properties	(3,029)	(2,773)
Contributions from noncontrolling interest holders in properties	172
Preferred distributions of the Operating Partnership	(631,906)	(580,288)
Proceeds from issuance of debt, net of transaction costs	1,868,455	3,592,168
Repayments of debt	(1,738,725)	(3,429,414)
Net cash used in financing activities	(657,090)	(421,259)
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	(46,659)	103,942
CASH AND CASH EQUIVALENTS, beginning of period	560,059	701,134
CASH AND CASH EQUIVALENTS, end of period	$ 513,400	$ 805,076

Organization	3 Months Ended
Organization	Mar. 31, 2017
Organization
Organization	1. Organization Simon Property Group, Inc. is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Delaware partnership subsidiary that owns all of our real estate properties and other assets. In these condensed notes to the consolidated financial statements, unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Unless otherwise indicated, these condensed notes to consolidated financial statements apply to both Simon and the Operating Partnership. According to the Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage retail real estate properties, which consist primarily of malls, Premium Outlets®, and The Mills®. As of March 31, 2017, we owned or held an interest in 206 income‑producing properties in the United States, which consisted of 108 malls, 67 Premium Outlets, 14 Mills, four lifestyle centers, and 13 other retail properties in 37 states and Puerto Rico. Internationally, as of March 31, 2017, 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. We also own an interest in six Designer Outlet properties in Europe and one Designer Outlet property in Canada, of which four properties are consolidated. Of the six properties in Europe, two are located in Italy and one each is located in Austria, Germany, the Netherlands, and the United Kingdom. As of March 31, 2017, we also owned a 20.5% 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 16 countries in Europe.

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2017
Basis of Presentation
Basis of Presentation	2. Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. Due to the seasonal nature of certain operational activities, the results for the interim period ended March 31, 2017 are not necessarily indicative of the results to be expected for the full year. These consolidated financial statements have been prepared in accordance with the instructions to Form 10‑Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (GAAP) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The consolidated financial statements in this Form 10‑Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the combined 2016 Annual Report on Form 10‑K of Simon and the Operating Partnership. As of March 31, 2017, we consolidated 134 wholly‑owned properties and 17 additional properties that are less than wholly‑owned, but which we control or for which we are the primary beneficiary. We account for the remaining 78 properties, or the joint venture properties, as well as our investments in Klépierre, Aéropostale, and HBS Global Properties, or HBS, 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 57 of the 78 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, Germany, Canada, and the United Kingdom comprise 17 of the remaining 21 properties. These international properties are managed by joint ventures in which we share control. Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to Simon based on the partners’ respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests. Simon’s weighted average ownership interest in the Operating Partnership was 86.9% and 85.6% for the three months ended March 31, 2017 and 2016, respectively. As of March 31, 2017 and December 31, 2016, Simon’s ownership interest in the Operating Partnership was 86.8% and 86.9%, respectively. We adjust the noncontrolling limited partners’ interests at the end of each period to reflect their interest in the net assets of the Operating Partnership. Preferred unit requirements in the Operating Partnership’s accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units and are recorded when declared.

Significant Accounting Policies

3 Months Ended

Mar. 31, 2017

Significant Accounting Policies.

Significant Accounting Policies

3. Significant Accounting Policies

Cash and Cash Equivalents

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

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 March 31, 2017 and December 31, 2016, we had marketable securities of $161.9 million and $156.2 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 accumulated other comprehensive income (loss) as of March 31, 2017 and December 31, 2016 were approximately $16.1 million and $15.4 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 year 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.

At March 31, 2017 and December 31, 2016, we had investments of $211.0 million and $210.5 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 material adjustment in the carrying value was required for the three months ended March 31, 2017.

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 March 31, 2017 and December 31, 2016 were primarily classified as having Level 1 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs, which consist primarily of foreign currency forward contracts and interest rate swap agreements with a gross asset value of $42.4 million and $43.9 million at March 31, 2017 and December 31, 2016, respectively.

Note 6 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 5 and 9 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates.

Noncontrolling Interests

Simon

Details of the carrying amount of Simon’s noncontrolling interests are as follows:


	As of		As of
	March 31,		December 31,
	2017		2016
Limited partners’ interests in the Operating Partnership	$	617,091	$	644,348
Nonredeemable noncontrolling interests in properties, net		4,647		5,116
Total noncontrolling interests reflected in equity	$	621,738	$	649,464

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

A rollforward of nonredeemable noncontrolling interests is as follows:


	For the Three Months Ended
	Ended March 31,
	2017		2016
Noncontrolling interests, beginning of period	$	649,464	$	744,905
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties		72,945		81,459
Distributions to noncontrolling interest holders		(84,221)		(83,728)
Other comprehensive income (loss) allocable to noncontrolling interests:
Unrealized gain on derivative hedge agreements		(143)		(2,103)
Net loss reclassified from accumulated other comprehensive loss into earnings		345		20,146
Currency translation adjustments		1,618		2,696
Changes in available-for-sale securities and other		101		1,680
		1,921		22,419
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership		(33,235)		(5,143)
Units exchanged for common shares		(12)		(16)
Long-term incentive performance units		14,705		12,061
Contributions by noncontrolling interests, net, and other		171		—
Noncontrolling interests, end of period	$	621,738	$	771,957

The Operating Partnership

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

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

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

A rollforward of nonredeemable noncontrolling interests is as follows:


	For the Three Months Ended
	March 31,
	2017		2016
Noncontrolling nonredeemable interests in properties, net — beginning of period	$	5,116	$	3,456
Net income attributable to noncontrolling nonredeemable interests		675		657
Distributions to noncontrolling nonredeemable interestholders		(1,315)		(654)
Contributions by noncontrolling interests, net, and other		171		—
Noncontrolling nonredeemable interests in properties, net — end of period	$	4,647	$	3,459

Accumulated Other Comprehensive Income (Loss)

Simon

The changes in components of Simon’s accumulated other comprehensive income (loss) consisted of the following net of noncontrolling interest as of March 31, 2017:


					Net unrealized
	Currency		Accumulated		gains on
	translation		derivative		marketable
	adjustments		gains, net		securities		Total
Beginning balance	$	(157,864)	$	30,374	$	13,364	$	(114,126)
Other comprehensive income (loss) before reclassifications		11,530		(1,110)		588		11,008
Amounts reclassified from accumulated other comprehensive income		—		2,275		—		2,275
Net current-period other comprehensive income		11,530		1,165		588		13,283
Ending balance	$	(146,334)	$	31,539	$	13,952	$	(100,843)

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following during the three months ended March 31:


	2017		2016
	Amount reclassified		Amount reclassified
Details about accumulated other	from accumulated		from accumulated
comprehensive income (loss)	other comprehensive		other comprehensive		Affected line item where
components:	income (loss)		income (loss)		net income is presented
Currency translation adjustments	$	—	$	(136,806)	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
		—		19,779	Net income attributable to noncontrolling interests
	$	—	$	(117,027)


Accumulated derivative gains, net	$	(2,620)	$	(2,905)	Interest expense
		—		372	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
		345		366	Net income attributable to noncontrolling interests
	$	(2,275)	$	(2,167)

The Operating Partnership

The changes in accumulated other comprehensive income (loss) by component consisted of the following as of March 31, 2017:


					Net unrealized
	Currency		Accumulated		gains on
	translation		derivative		marketable
	adjustments		gains, net		securities		Total
Beginning balance	$	(181,706)	$	34,956	$	15,383	$	(131,367)
Other comprehensive income (loss) before reclassifications		13,148		(1,253)		689		12,584
Amounts reclassified from accumulated other comprehensive income		—		2,620		—		2,620
Net current-period other comprehensive income		13,148		1,367		689		15,204
Ending balance	$	(168,558)	$	36,323	$	16,072	$	(116,163)

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following during the three months ended March 31:


	2017		2016
	Amount reclassified		Amount reclassified
Details about accumulated other	from accumulated		from accumulated
comprehensive income (loss)	other comprehensive		other comprehensive		Affected line item where
components:	income (loss)		income (loss)		net income is presented
Currency translation adjustments	$	—	$	(136,806)	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
	$	—	$	(136,806)

Accumulated derivative gains, net	$	(2,620)	$	(2,905)	Interest expense
		—		372	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
	$	(2,620)	$	(2,533)

Derivative Financial Instruments

We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. 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 March 31, 2017 and December 31, 2016, we had the following outstanding interest rate derivative:

The carrying value of our interest rate swap agreement, at fair value, as of both March 31, 2017 and December 31, 2016, was an asset value of $21.1 million, all of which is included in deferred costs and other assets. We generally do not apply hedge accounting to interest rate caps, which had a nominal value as of March 31, 2017 and December 31, 2016, respectively.

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 U.S. dollars for their fair value at or close to their settlement date.

We had the following Euro:USD forward contracts at March 31, 2017 and December 31, 2016 (in millions):


			Asset Value as of
			March 31,		December 31,
Notional Value		Maturity Date	2017		2016
€	50.0	August 11, 2017	$	15.1	$	15.5
€	50.0	May 15, 2019		3.6		3.9
€	50.0	May 15, 2019		1.2		1.5
€	50.0	May 15, 2020		0.9		1.1
€	50.0	May 14, 2021		0.4		0.6

Asset balances in the above table are included in deferred costs and other assets. We have designated the above as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro-denominated joint venture investment.

The total gross accumulated other comprehensive income related to our derivative activities, including our share of the other comprehensive income from unconsolidated entities, approximated $36.3 million and $35.0 million as of March 31, 2017 and December 31, 2016, respectively.

New Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, "Revenue From Contracts With Customers." ASU 2014-09 amends the existing accounting standards for revenue recognition. The new standard provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property, including real estate.

Our revenues that will be impacted by this standard primarily include management, development, leasing and financing fee revenues for services performed related to various domestic joint ventures that we manage, licensing fees earned from various international properties, sales of real estate, including land parcels and operating properties, and other ancillary income earned at our properties. In 2016, these revenues were less than 7.0% of consolidated revenue. We expect that the amount and timing of revenue recognition from our management services to joint ventures referenced above and licensing fee arrangements will be generally consistent with our current measurement and pattern of recognition. In addition, we do not actively sell operating properties as part of our core business strategy and, accordingly, the sale of properties does not generally constitute a significant part of our revenue and cash flows. As a result, we do not expect the adoption of this standard to have a significant impact on our consolidated financial statements as a whole.

We expect to adopt the standard using the modified retrospective approach, which requires a cumulative effect adjustment as of the date of adoption. The new standard is effective for us beginning with the first quarter of 2018.

In January 2016, the FASB issued ASU 2016-01, "Financial Instruments — Overall: Recognition and Measurement of Financial Assets and Financial Liabilities," which will require entities to measure their equity investments at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicability exception. The practicability exception will be available for equity investments that do not have readily determinable fair values. The guidance will be effective for us beginning with the first quarter of 2018. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, "Leases," which will result in lessees recognizing most leased assets and corresponding lease liabilities on the balance sheet. Lessor accounting will remain substantially similar to the current accounting; however, certain refinements were made to conform the standard with the recently issued revenue recognition guidance in ASU 2014-09, specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. Leasing costs that are eligible to be capitalized as initial direct costs are also limited by ASU 2016-02.

Substantially all of our revenue and the revenues of our equity method investments are earned from arrangements that are within the scope of ASU 2016-02, thus we anticipate that the timing of recognition and financial statement presentation of certain revenues, particularly those that relate to consideration from non-lease components, including fixed common area maintenance arrangements, may be affected. Upon adoption of ASU 2016-02, consideration related to these non-lease components will be accounted for using the guidance in ASU 2014-09. Further, leases of land and other arrangements where we are the lessee will be recognized on our balance sheet. We will adopt ASU 2016-02 beginning in the first quarter of 2019 using the modified retrospective approach required by the standard. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses," which introduces new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. Instruments in scope include loans, held-to-maturity debt securities, and net investments in leases as well as reinsurance and trade receivables. This standard will be effective for us in fiscal years beginning after December 15, 2019. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements.

In January 2017, the FASB issued ASU 2017-01, “Business Combinations: Clarifying the Definition of a Business”, which amends guidance that assists preparers in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business, likely resulting in more acquisitions being accounted for as asset acquisitions. There are certain differences in accounting under these models, including the capitalization of transaction expenses and application of a cost accumulation model in an asset acquisition. The standard is effective for annual periods beginning after December 15, 2018. We adopted this standard early as of January 1, 2017 as permitted under the standard.

In February 2017, the FASB issued ASU 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets”, which clarifies the scope and application of Accounting Standards Codification 610-20 on the sale or transfer of nonfinancial assets and in substance assets to noncustomers, including partial sales. The standard generally aligns the measurement of a retained interest in a nonfinancial asset with that of a retained interest in a business. It also eliminates the use of carryover basis for contributions of real estate. This standard will be effective for us beginning with the first quarter of 2018. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements.

Per Share and Per Unit Data

3 Months Ended

Mar. 31, 2017

Per Share and Per Unit Data

Per Share and Per Unit Data

4. Per Share and Per Unit Data

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

Simon


	For the Three Months Ended
	March 31,
	2017		2016
Net Income attributable to Common Stockholders — Basic and Diluted	$	477,736	$	480,995
Weighted Average Shares Outstanding — Basic and Diluted		312,809,981		309,416,266

For the three months ended March 31, 2017, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance units, or LTIP units, granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. No securities had a material dilutive effect for the three months ended March 31, 2017 and 2016. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared.

The Operating Partnership


	For the Three Months Ended
	March 31,
	2017		2016
Net Income attributable to Unitholders — Basic and Diluted	$	550,006	$	561,797
Weighted Average Units Outstanding — Basic and Diluted		360,130,442		361,394,591

For the three months ended March 31, 2017, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the three months ended March 31, 2017 and 2016. We accrue distributions when they are declared.

Investment in Unconsolidated Entities

3 Months Ended

Mar. 31, 2017

Investment in Unconsolidated Entities

Investments in Unconsolidated Entities

5. Investment in Unconsolidated Entities

Real Estate Joint Ventures and Investments

Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties and diversify our risk in a particular property or portfolio of properties. As discussed in Note 2, we held joint venture interests in 78 properties as of March 31, 2017.

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

We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of March 31, 2017 and December 31, 2016, we had construction loans and other advances to related parties totaling $33.6 million and $12.3 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets.

Unconsolidated Entity Transactions

On September 15, 2016, we and our partners, through two separate joint ventures, acquired certain assets and liabilities of Aéropostale, a retailer of apparel and accessories, out of bankruptcy. Our noncontrolling interest in the retail operations venture and in the licensing venture is 49.05% and 28.45%, respectively. Our aggregate initial investment in the ventures was $33.1 million, which included our share of working capital funded into the retail business. We eliminate our share of rents and other tenant charges on leasing activities with this venture.

On April 14, 2016, we and a joint venture partner completed the acquisition of The Shops at Crystals, a luxury shopping center on the Las Vegas Strip, for $1.1 billion. The transaction was funded with a combination of cash on hand, cash from our partner, and a $550.0 million 3.74% fixed-rate mortgage financing that will mature on July 1, 2026. We have a 50% noncontrolling interest in this joint venture and manage the day-to-day operations. Substantially all of our investment has been determined to relate to investment property based on estimated fair values at the acquisition date.

As of March 31, 2017, we had a 10.8% noncontrolling equity interest in HBS, a venture formed with Hudson’s Bay Company. The venture has 42 properties in the U.S. and, subsequent to formation, acquired 41 properties from Germany’s leading department store, Kaufhof. In exchange for our interest, we committed to contribute $100.0 million for improvements to certain properties. As of March 31, 2017, we had funded $45.4 million of this commitment. In addition, we contributed $178.5 million in connection with the acquisition of the Kaufhof department stores. Our share of net income, net of amortization of our excess investment, was $3.2 million and $1.1 million for the three months ended March 31, 2017 and 2016, respectively. Total revenues, operating income and consolidated net income were approximately $103.7 million, $80.1 million, and $52.7 million, respectively, for the three months ended March 31, 2017 and $89.0 million, $37.3 million, and $12.2 million, respectively, for the three months ended March 31, 2016.

European Investments

At March 31, 2017, we owned 63,924,148 shares, or approximately 20.5%, of Klépierre, which had a quoted market price of $38.96 per share. Our share of net income (loss), net of amortization of our excess investment, was $7.1 million and $13.0 million for the three months ended March 31, 2017 and 2016, respectively. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre’s results to GAAP, Klépierre’s total revenues, operating income and consolidated net income were approximately $342.6 million, $105.0 million and $69.5 million, respectively, for the three months ended March 31, 2017 and $342.7 million, $98.8 million and $44.2 million, respectively, for the three months ended March 31, 2016.

We had an interest in a European investee that had interests in seven Designer Outlet properties as of March 31, 2017 and December 31, 2016. On January 1, 2016, we gained control of the entity through terms of the underlying venture agreement requiring a remeasurement of our previously held equity interest to fair value resulting in a non-cash gain of $12.1 million in earnings during the first quarter of 2016, including amounts reclassified from accumulated other comprehensive income (loss) related to the currency translation adjustment previously recorded on our investment. The gain is included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. As a result of the change in control, we consolidated two of the outlet properties on January 1, 2016. The consolidation required us to recognize the entity's identifiable assets and liabilities at fair value in our consolidated financial statements along with the related redeemable noncontrolling interest representing our partners' share. The fair value of the consolidated assets and liabilities relates primarily to investment property, investments in unconsolidated entities and assumed mortgage debt. Due to certain redemption rights held by our venture partner, the noncontrolling interest is presented (i) in the accompanying Simon consolidated balance sheet outside of equity in limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties and (ii) in the accompanying Operating Partnership consolidated balance sheet within preferred units, various series, at liquidation value, and noncontrolling redeemable interests in properties.

On July 25, 2016, this European investee also acquired the remaining 33% interest in two Italian outlet centers in Naples and Venice, as well as the remaining interests in related expansion projects and working capital for cash consideration of €145.5 million. This resulted in the consolidation of these two properties on the acquisition date, requiring a remeasurement of our previously held equity interest to fair value and the recognition of a non-cash gain of $29.3 million in earnings during the third quarter of 2016. The determination of fair value of the consolidated assets and liabilities consists primarily of investment property and lease related intangibles. As of March 31, 2017, our legal percentage ownership interests in these properties ranged from 45% to 90%.

On April 7, 2017, this European investee acquired an additional 15.7% investment in the Roermond Designer Outlets Phase 4 expansion for cash consideration of approximately $17.8 million, bringing its total noncontrolling interest in the expansion to 51.3%.

On April 21, 2017, this European investee acquired a 100% interest in an outlet center in Roosendaal, Netherlands for cash consideration of $69.8 million and the assumption of existing mortgage debt of $40.1 million.

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

We also have minority interests in Value Retail PLC and affiliated entities, which own or have interests in and operate nine luxury outlets located throughout Europe and we have a direct minority ownership in three of those outlets. Our investment in these entities is accounted for under the cost method. At both March 31, 2017 and December 31, 2016, the carrying value of these non-marketable investments was $140.8 million and is included in deferred costs and other assets.

Asian Joint Ventures

We conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi Estate Co., Ltd. We have a 40% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $239.0 million and $227.5 million as of March 31, 2017 and December 31, 2016, respectively, including all related components of accumulated other comprehensive income (loss). We conduct our international Premium Outlet operations in South Korea through a joint venture with Shinsegae International Co. We have a 50% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $136.4 million and $130.9 million as of March 31, 2017 and December 31, 2016, 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, our investment in Aéropostale, and HBS, follows.

COMBINED BALANCE SHEETS


	March 31,		December 31,
	2017		2016
Assets:
Investment properties, at cost	$	17,851,775	$	17,549,078
Less - accumulated depreciation		6,034,375		5,892,960
		11,817,400		11,656,118
Cash and cash equivalents		758,716		778,455
Tenant receivables and accrued revenue, net		337,507		348,139
Deferred costs and other assets		368,558		351,098
Total assets	$	13,282,181	$	13,133,810
Liabilities and Partners’ Deficit:
Mortgages	$	14,290,665	$	14,237,576
Accounts payable, accrued expenses, intangibles, and deferred revenue		834,650		867,003
Other liabilities		352,123		325,078
Total liabilities		15,477,438		15,429,657
Preferred units		67,450		67,450
Partners’ deficit		(2,262,707)		(2,363,297)
Total liabilities and partners’ deficit	$	13,282,181	$	13,133,810
Our Share of:
Partners’ deficit	$	(990,000)	$	(1,018,755)
Add: Excess Investment		1,777,705		1,791,691
Our net Investment in unconsolidated entities, at equity	$	787,705	$	772,936

“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 properties, lease related intangibles, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of investment properties, 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.

COMBINED STATEMENTS OF OPERATIONS


	For The Three
	Months Ended
	March 31,
	2017		2016
REVENUE:
Minimum rent	$	451,055	$	438,847
Overage rent		51,369		49,624
Tenant reimbursements		215,780		210,941
Other income		64,327		58,680
Total revenue		782,531		758,092
OPERATING EXPENSES:
Property operating		132,985		131,081
Depreciation and amortization		153,455		131,480
Real estate taxes		66,583		61,509
Repairs and maintenance		20,230		19,754
Advertising and promotion		22,198		22,529
Provision for credit losses		3,777		2,690
Other		43,355		45,053
Total operating expenses		442,583		414,096
Operating Income		339,948		343,996
Interest expense		(142,204)		(143,758)
Gain on sale or disposal of assets and interests in unconsolidated entities, net		—		54,473
Net Income	$	197,744	$	254,711
Third-Party Investors’ Share of Net Income	$	99,686	$	118,809
Our Share of Net Income		98,058		135,902
Amortization of Excess Investment		(22,457)		(23,213)
Our Share of Gain on Sale or Disposal of Assets and Interests Included in Other Income in the Consolidated Financial Statements		—		(36,153)
Income from Unconsolidated Entities	$	75,601	$	76,536

Our share of income from unconsolidated entities in the above table, aggregated with our share of the results of Klépierre, our investment in Aéropostale, and HBS, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Unless otherwise noted, our share of the gain on sale or disposal of 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, net in the accompanying consolidated statements of operations and comprehensive income.

Debt

3 Months Ended

Mar. 31, 2017

Debt

Debt

6. Debt

Unsecured Debt

At March 31, 2017, our unsecured debt consisted of $15.4 billion of senior unsecured notes of the Operating Partnership, $50.0 million outstanding under the Operating Partnership’s $4.0 billion unsecured revolving credit facility, or Credit Facility, $324.2 million outstanding under the Operating Partnership’s $3.5 billion supplemental unsecured revolving credit facility, or Supplemental Facility, and together with the Credit Facility, the Credit Facilities, and $953.6 million outstanding under the Operating Partnership’s global unsecured commercial paper note program, or Commercial Paper program. The March 31, 2017 balance on the Supplemental Facility included $199.2 million (U.S. dollar equivalent) of Yen-denominated borrowings. Foreign currency denominated borrowings under the Supplemental Facility are designated as net investment hedges of a portion of our international investments.

On March 31, 2017, we had an aggregate available borrowing capacity of $6.2 billion under the Credit Facilities. The maximum aggregate outstanding balance under the Credit Facilities during the three months ended March 31, 2017 was $437.5 million and the weighted average outstanding balance was $352.3 million. Letters of credit of $19.8 million were outstanding under the Credit Facilities as of March 31, 2017.

On March 17, 2017, the Operating Partnership 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 95% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility was extended to June 30, 2021 and can be extended for an additional year to June 30, 2022 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the Credit Facility was reduced to LIBOR plus 77.5 basis points from 80 basis points with a facility fee of 10 basis points.

The Supplemental Facility’s borrowing capacity of $3.50 billion may be increased to $4.25 billion during its term. The initial maturity date of the Supplemental Facility is June 30, 2019 which can be extended for an additional year to June 30, 2020 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the Supplemental Facility is LIBOR plus 80 basis points with an additional facility fee of 10 basis points. The Supplemental Facility provides for borrowings denominated in U.S. dollars, Euro, Yen, Sterling, Canadian dollars and Australian dollars.

The Operating Partnership also has available a Commercial Paper program of $1.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euros and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership’s other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facilities and, if necessary or appropriate, we may make one or more draws under either of the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program. On March 31, 2017, we had $953.6 million outstanding under the Commercial Paper program, fully comprised of U.S. dollar denominated notes with a weighted average interest rate of 1.01%. These borrowings mature on various dates through June 26, 2017 and reduce amounts otherwise available under the Credit Facilities.

Mortgage Debt

Total mortgage indebtedness was $6.6 billion and $6.5 billion at March 31, 2017 and December 31, 2016, respectively.

Covenants

Our unsecured debt agreements contain financial 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 March 31, 2017, we were in compliance with all covenants of our unsecured debt.

At March 31, 2017, we or our subsidiaries were the borrowers under 45 non‑recourse mortgage notes secured by mortgages on 48 properties, including two separate pools of cross‑defaulted and cross‑collateralized mortgages encumbering a total of five properties. Under these cross‑default provisions, a default under any mortgage included in the cross‑defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non‑financial covenants which are specific to the properties that serve as collateral for that debt. If the applicable borrower under these non-recourse mortgage notes were to fail to comply with these covenants, the lender could accelerate the debt and enforce its rights against their collateral. At March 31, 2017, 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, liquidity or results of operations.

Fair Value of Debt

The carrying values of our variable‑rate mortgages and other loans approximate their fair values. We estimate the fair values of consolidated fixed‑rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed‑rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed‑rate mortgages and unsecured indebtedness including commercial paper was $22.1 billion at both March 31, 2017 and December 31, 2016. The fair values of these financial instruments and the related discount rate assumptions as of March 31, 2017 and December 31, 2016 are summarized as follows:


	March 31,			December 31,
	2017			2016
Fair value of fixed-rate mortgages and unsecured indebtedness	$	22,653		$	22,703
Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages		4.11	%		4.12	%
Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness		3.84	%		3.83	%

Equity

3 Months Ended

Mar. 31, 2017

Equity

Equity

7. Equity

During the three months ended March 31, 2017, Simon issued 893 shares of common stock to a limited partner of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. This transaction increased Simon’s ownership interest in the Operating Partnership.

On February 13, 2017, Simon’s Board of Directors authorized a two-year extension of the previously authorized $2.0 billion common stock repurchase plan through March 31, 2019. Simon may repurchase the shares in the open market or in privately negotiated transactions as market conditions warrant. During the three months ended March 31, 2017, Simon purchased 870,692 shares at an average price of $174.22 per share as part of this program. During the three months ended March 31, 2016, no purchases were made as part of this program. As Simon repurchases shares under this program, the Operating Partnership repurchases an equal number of units from Simon.

Temporary Equity

Simon

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

Limited Partners’ Preferred Interest in the Operating Partnership and Noncontrolling Redeemable Interests in Properties. The redemption features of the preferred units in the Operating Partnership contain provisions which could require the Operating Partnership to settle the redemption in cash. As a result, this series of preferred units in the Operating Partnership remains classified outside permanent equity. The remaining interests in a property or portfolio of properties which are redeemable at the option of the holder or in circumstances that may be outside Simon’s control are accounted for as temporary equity. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded within accumulated deficit. There were no noncontrolling interests redeemable at amounts in excess of fair value as of March 31, 2017 and December 31, 2016. The following table summarizes the preferred units in the Operating Partnership and the amount of the noncontrolling redeemable interests in properties as follows:


	As of		As of
	March 31,		December 31,
	2017		2016
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		141,310		112,225
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$	166,847	$	137,762

The Operating Partnership

The Operating Partnership classifies as temporary equity those securities for which there is the possibility that the Operating Partnership could be required to redeem the security for cash, irrespective of the probability of such a possibility. As a result, the Operating Partnership classifies one series of preferred units and noncontrolling redeemable interests in properties in temporary equity. The following table summarizes the preferred units and the amount of the noncontrolling redeemable interests in properties as follows:


	As of		As of
	March 31,		December 31,
	2017		2016
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		141,310		112,225
Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties	$	166,847	$	137,762

Stock Based Compensation

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

LTIP Programs. 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 the Operating Partnership, 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 second and third 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 of the Operating Partnership. As a result, we account for these LTIP units as participating securities under the two‑class method of computing earnings per share.

From 2010 to 2016, the Compensation Committee approved LTIP unit 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 value, 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	482,779	$29.5 million
2014-2016 LTIP program	131,252	$30.0 million
2015-2017 LTIP program	To be determined in 2018	$27.4 million
2016-2018 LTIP program	To be determined in 2019	$28.8 million

The Compensation Committee did not establish a 2017-2019 LTIP program.

We recorded compensation expense, net of capitalization, related to these LTIP programs of approximately $4.6 million and $6.4 million for the three months ended March 31, 2017 and 2016, respectively.

Restricted Stock. We recorded compensation expense, net of capitalization, related to restricted stock of approximately $2.2 million and $2.4 million for the three months ended March 31, 2017 and 2016, respectively.

Other Compensation Arrangements. On July 6, 2011, in connection with the execution of an employment agreement, the Compensation Committee granted David Simon, Simon’s Chairman and Chief Executive Officer, a retention award in the form of 1,000,000 LTIP units, or the Award, for his continued service as Simon’s 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 on December 31, 2015, December 31, 2016 and December 31, 2017, respectively. Based on the Company’s performance in 2015, 360,000 A units were earned. Based on the Company’s performance in 2016, 360,000 B units were earned. The earned A units will vest on January 1, 2018, earned B units will vest on January 1, 2019 and earned C units, if any, 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.

Changes in Equity

Simon

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


					Accumulated						Common
					Other		Capital in				Stock
	Preferred		Common		Comprehensive		Excess of		Accumulated		Held in		Noncontrolling		Total
	Stock		Stock		Income (Loss)		Par Value		Deficit		Treasury		interests		Equity
January 1, 2017	$	43,405	$	32	$	(114,126)	$	9,523,086	$	(4,459,387)	$	(682,562)	$	649,464	$	4,959,912
Exchange of limited partner units for common shares								12						(12)		—
Treasury stock purchase												(151,690)				(151,690)
LTIP units														14,705		14,705
Purchase and disposition of noncontrolling interests, net and other		(82)						1,995		(29,699)		(284)		171		(27,899)
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership								33,235						(33,235)		—
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(548,521)				(82,906)		(631,427)
Distributions to other noncontrolling interest partners														(1,315)		(1,315)
Comprehensive income, excluding $479 attributable to preferred interests in the Operating Partnership and a $919 loss attributable to noncontrolling redeemable interests in properties						13,283				478,570				74,866		566,719
March 31, 2017	$	43,323	$	32	$	(100,843)	$	9,558,328	$	(4,559,037)	$	(834,536)	$	621,738	$	4,729,005

The Operating Partnership

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


	Preferred		Simon (Managing		Limited		Noncontrolling		Total
	Units		General Partner)		Partners		interests		Equity
January 1, 2017	$	43,405	$	4,267,043	$	644,348	$	5,116	$	4,959,912
Limited partner units exchanged to units				12		(12)				—
Treasury unit purchase				(151,690)						(151,690)
LTIP Units						14,705				14,705
Purchase and disposition of noncontrolling interests, net and other		(82)		(27,988)				171		(27,899)
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership				33,235		(33,235)				—
Distributions to limited partners, excluding preferred interests classified as temporary equity		(834)		(547,687)		(82,906)		(1,315)		(632,742)
Comprehensive income, excluding $479 attributable to preferred interests in the Operating Partnership and a $919 loss attributable to noncontrolling redeemable interests in properties		834		491,019		74,191		675		566,719
March 31, 2017	$	43,323	$	4,063,944	$	617,091	$	4,647	$	4,729,005

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Section S99
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 1
-Subparagraph (SX 210.5-02(30))
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2017
Commitments and Contingencies.
Commitments and Contingencies	8. Commitments and Contingencies Litigation We are involved from time-to-time in various legal and regulatory proceedings that arise in the ordinary course of our business, including, but not limited to, commercial disputes, environmental matters, and litigation in connection with transactions such as acquisitions and divestitures. We believe that current proceedings will not have a material adverse effect on our financial condition, liquidity, or results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated. In May 2010, Opry Mills sustained significant flood damage. Insurance proceeds of $50 million have been funded by the primary insurer and remediation and restoration work has been completed. The property re‑opened on March 29, 2012. The excess insurance carriers (those providing coverage above $50 million) denied our claim under the policy for additional proceeds (of up to $150 million) to pay further amounts for restoration costs and business interruption losses. In the first quarter of 2015, summary judgment was granted in our favor, concluding that up to $150 million of additional coverage is available under our excess insurance policy for this claim. In July and August 2015, trial on the damages portion of our claim was completed and the jury entered a verdict for damages in the amount of $204.1 million (inclusive of the $50.0 million previously paid by the primary carrier). In April 2016, the court entered final judgment in the amount of the jury verdict, which amount will bear interest from the date of the jury’s verdict. We and the excess insurance carriers have appealed certain portions of the trial court’s rulings and the jury’s verdict, respectively. We will continue our efforts through the conclusion of the pending litigation, including any and all appeals, to recover our losses, including consequential damages, under the excess insurance policies for Opry Mills and we believe recovery is probable, but no assurance can be made that our efforts to recover these funds will be successful. Guarantees of Indebtedness Joint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non-recourse to us. As of March 31, 2017 and December 31, 2016, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $411.2 million and $400.5 million, respectively (of which we have a right of recovery from our venture partners of $87.3 million). Mortgages guaranteed by the Operating Partnership are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount. Concentration of Credit Risk Our U.S. Malls, Premium Outlets, and The 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.

Real Estate Acquisitions and Dispositions	3 Months Ended
Real Estate Acquisitions and Dispositions	Mar. 31, 2017
Real Estate Acquisitions and Dispositions
Real Estate Acquisitions and Dispositions	9. Real Estate Acquisitions and Dispositions During January of 2016, we disposed of our interests in two unconsolidated multi-family residential investments and one consolidated retail property. Our share of the gross proceeds from these transactions was $72.4 million. The gain on the consolidated retail property was $10.6 million. The aggregate gain of $36.9 million from the sale of the two unconsolidated multi-family residential investments is included in other income and resulted in an additional $7.2 million in taxes included in income and other taxes. On April 14, 2016, we acquired a 50% interest in The Shops at Crystals. On January 1, 2016, we gained control of the European investee that held our interest in six Designer Outlet properties, requiring a remeasurement of our previously held equity interest to fair value and a corresponding non-cash gain of $12.1 million and which also resulted in the consolidation of two of the six properties, which had been previously unconsolidated. In February 2016, we and our partner, through this European investee, acquired a noncontrolling 75.0% ownership interest in an outlet center in Ochtrup, Germany for cash consideration of approximately $38.3 million. On July 25, 2016, as further discussed in Note 5, this European entity also acquired the remaining 33% interest in two Italian outlet centers in Naples and Venice. The consolidation of these two properties resulted in a remeasurement of our previously held equity interest to fair value and a corresponding non-cash gain of $29.3 million. On April 21, 2017, this European investee acquired a 100% interest in an outlet center in Roosendaal, Netherlands for cash consideration of $69.8 million and the assumption of existing mortgage debt of $40.1 million. Unless otherwise noted, gains and losses on the above transactions are included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. We expense business acquisition, potential acquisition and disposition related costs as they are incurred. We incurred a minimal amount of transaction expenses during the three months ended March 31, 2017 and 2016.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2017
Basis of Presentation
Basis of Presentation	The accompanying unaudited consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. Due to the seasonal nature of certain operational activities, the results for the interim period ended March 31, 2017 are not necessarily indicative of the results to be expected for the full year. These consolidated financial statements have been prepared in accordance with the instructions to Form 10‑Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (GAAP) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The consolidated financial statements in this Form 10‑Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the combined 2016 Annual Report on Form 10‑K of Simon and the Operating Partnership. As of March 31, 2017, we consolidated 134 wholly‑owned properties and 17 additional properties that are less than wholly‑owned, but which we control or for which we are the primary beneficiary. We account for the remaining 78 properties, or the joint venture properties, as well as our investments in Klépierre, Aéropostale, and HBS Global Properties, or HBS, 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 57 of the 78 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, Germany, Canada, and the United Kingdom comprise 17 of the remaining 21 properties. These international properties are managed by joint ventures in which we share control. Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to Simon based on the partners’ respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests. Simon’s weighted average ownership interest in the Operating Partnership was 86.9% and 85.6% for the three months ended March 31, 2017 and 2016, respectively. As of March 31, 2017 and December 31, 2016, Simon’s ownership interest in the Operating Partnership was 86.8% and 86.9%, respectively. We adjust the noncontrolling limited partners’ interests at the end of each period to reflect their interest in the net assets of the Operating Partnership. Preferred unit requirements in the Operating Partnership’s accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units and are recorded when declared.

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2017

Significant Accounting Policies.

Cash and Cash Equivalents

Marketable and Non-Marketable Securities

Marketable and Non‑Marketable Securities

Fair Value Measurements

Noncontrolling Interests

Simon

Details of the carrying amount of Simon’s noncontrolling interests are as follows:


	As of		As of
	March 31,		December 31,
	2017		2016
Limited partners’ interests in the Operating Partnership	$	617,091	$	644,348
Nonredeemable noncontrolling interests in properties, net		4,647		5,116
Total noncontrolling interests reflected in equity	$	621,738	$	649,464

A rollforward of nonredeemable noncontrolling interests is as follows:


	For the Three Months Ended
	Ended March 31,
	2017		2016
Noncontrolling interests, beginning of period	$	649,464	$	744,905
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties		72,945		81,459
Distributions to noncontrolling interest holders		(84,221)		(83,728)
Other comprehensive income (loss) allocable to noncontrolling interests:
Unrealized gain on derivative hedge agreements		(143)		(2,103)
Net loss reclassified from accumulated other comprehensive loss into earnings		345		20,146
Currency translation adjustments		1,618		2,696
Changes in available-for-sale securities and other		101		1,680
		1,921		22,419
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership		(33,235)		(5,143)
Units exchanged for common shares		(12)		(16)
Long-term incentive performance units		14,705		12,061
Contributions by noncontrolling interests, net, and other		171		—
Noncontrolling interests, end of period	$	621,738	$	771,957

The Operating Partnership

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

A rollforward of nonredeemable noncontrolling interests is as follows:


	For the Three Months Ended
	March 31,
	2017		2016
Noncontrolling nonredeemable interests in properties, net — beginning of period	$	5,116	$	3,456
Net income attributable to noncontrolling nonredeemable interests		675		657
Distributions to noncontrolling nonredeemable interestholders		(1,315)		(654)
Contributions by noncontrolling interests, net, and other		171		—
Noncontrolling nonredeemable interests in properties, net — end of period	$	4,647	$	3,459

Accumulated Other Comprehensive Income (Loss)

Simon

The changes in components of Simon’s accumulated other comprehensive income (loss) consisted of the following net of noncontrolling interest as of March 31, 2017:


					Net unrealized
	Currency		Accumulated		gains on
	translation		derivative		marketable
	adjustments		gains, net		securities		Total
Beginning balance	$	(157,864)	$	30,374	$	13,364	$	(114,126)
Other comprehensive income (loss) before reclassifications		11,530		(1,110)		588		11,008
Amounts reclassified from accumulated other comprehensive income		—		2,275		—		2,275
Net current-period other comprehensive income		11,530		1,165		588		13,283
Ending balance	$	(146,334)	$	31,539	$	13,952	$	(100,843)

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following during the three months ended March 31:


	2017		2016
	Amount reclassified		Amount reclassified
Details about accumulated other	from accumulated		from accumulated
comprehensive income (loss)	other comprehensive		other comprehensive		Affected line item where
components:	income (loss)		income (loss)		net income is presented
Currency translation adjustments	$	—	$	(136,806)	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
		—		19,779	Net income attributable to noncontrolling interests
	$	—	$	(117,027)


Accumulated derivative gains, net	$	(2,620)	$	(2,905)	Interest expense
		—		372	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
		345		366	Net income attributable to noncontrolling interests
	$	(2,275)	$	(2,167)

The Operating Partnership

The changes in accumulated other comprehensive income (loss) by component consisted of the following as of March 31, 2017:


					Net unrealized
	Currency		Accumulated		gains on
	translation		derivative		marketable
	adjustments		gains, net		securities		Total
Beginning balance	$	(181,706)	$	34,956	$	15,383	$	(131,367)
Other comprehensive income (loss) before reclassifications		13,148		(1,253)		689		12,584
Amounts reclassified from accumulated other comprehensive income		—		2,620		—		2,620
Net current-period other comprehensive income		13,148		1,367		689		15,204
Ending balance	$	(168,558)	$	36,323	$	16,072	$	(116,163)

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following during the three months ended March 31:


	2017		2016
	Amount reclassified		Amount reclassified
Details about accumulated other	from accumulated		from accumulated
comprehensive income (loss)	other comprehensive		other comprehensive		Affected line item where
components:	income (loss)		income (loss)		net income is presented
Currency translation adjustments	$	—	$	(136,806)	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
	$	—	$	(136,806)

Accumulated derivative gains, net	$	(2,620)	$	(2,905)	Interest expense
		—		372	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
	$	(2,620)	$	(2,533)

Derivative Financial Instruments

As of March 31, 2017 and December 31, 2016, we had the following outstanding interest rate derivative:

We had the following Euro:USD forward contracts at March 31, 2017 and December 31, 2016 (in millions):


			Asset Value as of
			March 31,		December 31,
Notional Value		Maturity Date	2017		2016
€	50.0	August 11, 2017	$	15.1	$	15.5
€	50.0	May 15, 2019		3.6		3.9
€	50.0	May 15, 2019		1.2		1.5
€	50.0	May 15, 2020		0.9		1.1
€	50.0	May 14, 2021		0.4		0.6

New Accounting Pronouncements

- Definition

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

+ References + Details

- Definition

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

+ References + Details

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2017

Significant Accounting Policies

Schedule of carrying amount of noncontrolling interests


	As of		As of
	March 31,		December 31,
	2017		2016
Limited partners’ interests in the Operating Partnership	$	617,091	$	644,348
Nonredeemable noncontrolling interests in properties, net		4,647		5,116
Total noncontrolling interests reflected in equity	$	621,738	$	649,464

Schedule of rollforward of nonredeemable noncontrolling interests


	For the Three Months Ended
	Ended March 31,
	2017		2016
Noncontrolling interests, beginning of period	$	649,464	$	744,905
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties		72,945		81,459
Distributions to noncontrolling interest holders		(84,221)		(83,728)
Other comprehensive income (loss) allocable to noncontrolling interests:
Unrealized gain on derivative hedge agreements		(143)		(2,103)
Net loss reclassified from accumulated other comprehensive loss into earnings		345		20,146
Currency translation adjustments		1,618		2,696
Changes in available-for-sale securities and other		101		1,680
		1,921		22,419
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership		(33,235)		(5,143)
Units exchanged for common shares		(12)		(16)
Long-term incentive performance units		14,705		12,061
Contributions by noncontrolling interests, net, and other		171		—
Noncontrolling interests, end of period	$	621,738	$	771,957

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

The changes in components of Simon’s accumulated other comprehensive income (loss) consisted of the following net of noncontrolling interest as of March 31, 2017:


					Net unrealized
	Currency		Accumulated		gains on
	translation		derivative		marketable
	adjustments		gains, net		securities		Total
Beginning balance	$	(157,864)	$	30,374	$	13,364	$	(114,126)
Other comprehensive income (loss) before reclassifications		11,530		(1,110)		588		11,008
Amounts reclassified from accumulated other comprehensive income		—		2,275		—		2,275
Net current-period other comprehensive income		11,530		1,165		588		13,283
Ending balance	$	(146,334)	$	31,539	$	13,952	$	(100,843)

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


	2017		2016
	Amount reclassified		Amount reclassified
Details about accumulated other	from accumulated		from accumulated
comprehensive income (loss)	other comprehensive		other comprehensive		Affected line item where
components:	income (loss)		income (loss)		net income is presented
Currency translation adjustments	$	—	$	(136,806)	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
		—		19,779	Net income attributable to noncontrolling interests
	$	—	$	(117,027)


Accumulated derivative gains, net	$	(2,620)	$	(2,905)	Interest expense
		—		372	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
		345		366	Net income attributable to noncontrolling interests
	$	(2,275)	$	(2,167)

Schedule of outstanding interest rate derivatives

As of March 31, 2017 and December 31, 2016, we had the following outstanding interest rate derivative:

Schedule of Euro:USD forward contracts

We had the following Euro:USD forward contracts at March 31, 2017 and December 31, 2016 (in millions):


			Asset Value as of
			March 31,		December 31,
Notional Value		Maturity Date	2017		2016
€	50.0	August 11, 2017	$	15.1	$	15.5
€	50.0	May 15, 2019		3.6		3.9
€	50.0	May 15, 2019		1.2		1.5
€	50.0	May 15, 2020		0.9		1.1
€	50.0	May 14, 2021		0.4		0.6

Simon Property Group L.P.

Significant Accounting Policies

Schedule of rollforward of nonredeemable noncontrolling interests


	For the Three Months Ended
	March 31,
	2017		2016
Noncontrolling nonredeemable interests in properties, net — beginning of period	$	5,116	$	3,456
Net income attributable to noncontrolling nonredeemable interests		675		657
Distributions to noncontrolling nonredeemable interestholders		(1,315)		(654)
Contributions by noncontrolling interests, net, and other		171		—
Noncontrolling nonredeemable interests in properties, net — end of period	$	4,647	$	3,459

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

The changes in accumulated other comprehensive income (loss) by component consisted of the following as of March 31, 2017:


					Net unrealized
	Currency		Accumulated		gains on
	translation		derivative		marketable
	adjustments		gains, net		securities		Total
Beginning balance	$	(181,706)	$	34,956	$	15,383	$	(131,367)
Other comprehensive income (loss) before reclassifications		13,148		(1,253)		689		12,584
Amounts reclassified from accumulated other comprehensive income		—		2,620		—		2,620
Net current-period other comprehensive income		13,148		1,367		689		15,204
Ending balance	$	(168,558)	$	36,323	$	16,072	$	(116,163)

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


	2017		2016
	Amount reclassified		Amount reclassified
Details about accumulated other	from accumulated		from accumulated
comprehensive income (loss)	other comprehensive		other comprehensive		Affected line item where
components:	income (loss)		income (loss)		net income is presented
Currency translation adjustments	$	—	$	(136,806)	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
	$	—	$	(136,806)

Accumulated derivative gains, net	$	(2,620)	$	(2,905)	Interest expense
		—		372	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
	$	(2,620)	$	(2,533)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Per Share and Per Unit Data (Tables)

3 Months Ended

Mar. 31, 2017

Per Share And Per Unit Data

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


	For the Three Months Ended
	March 31,
	2017		2016
Net Income attributable to Common Stockholders — Basic and Diluted	$	477,736	$	480,995
Weighted Average Shares Outstanding — Basic and Diluted		312,809,981		309,416,266

Simon Property Group L.P.

Per Share And Per Unit Data

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


	For the Three Months Ended
	March 31,
	2017		2016
Net Income attributable to Unitholders — Basic and Diluted	$	550,006	$	561,797
Weighted Average Units Outstanding — Basic and Diluted		360,130,442		361,394,591

Investment in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2017

Investment in Unconsolidated Entities

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


	March 31,		December 31,
	2017		2016
Assets:
Investment properties, at cost	$	17,851,775	$	17,549,078
Less - accumulated depreciation		6,034,375		5,892,960
		11,817,400		11,656,118
Cash and cash equivalents		758,716		778,455
Tenant receivables and accrued revenue, net		337,507		348,139
Deferred costs and other assets		368,558		351,098
Total assets	$	13,282,181	$	13,133,810
Liabilities and Partners’ Deficit:
Mortgages	$	14,290,665	$	14,237,576
Accounts payable, accrued expenses, intangibles, and deferred revenue		834,650		867,003
Other liabilities		352,123		325,078
Total liabilities		15,477,438		15,429,657
Preferred units		67,450		67,450
Partners’ deficit		(2,262,707)		(2,363,297)
Total liabilities and partners’ deficit	$	13,282,181	$	13,133,810
Our Share of:
Partners’ deficit	$	(990,000)	$	(1,018,755)
Add: Excess Investment		1,777,705		1,791,691
Our net Investment in unconsolidated entities, at equity	$	787,705	$	772,936

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


	For The Three
	Months Ended
	March 31,
	2017		2016
REVENUE:
Minimum rent	$	451,055	$	438,847
Overage rent		51,369		49,624
Tenant reimbursements		215,780		210,941
Other income		64,327		58,680
Total revenue		782,531		758,092
OPERATING EXPENSES:
Property operating		132,985		131,081
Depreciation and amortization		153,455		131,480
Real estate taxes		66,583		61,509
Repairs and maintenance		20,230		19,754
Advertising and promotion		22,198		22,529
Provision for credit losses		3,777		2,690
Other		43,355		45,053
Total operating expenses		442,583		414,096
Operating Income		339,948		343,996
Interest expense		(142,204)		(143,758)
Gain on sale or disposal of assets and interests in unconsolidated entities, net		—		54,473
Net Income	$	197,744	$	254,711
Third-Party Investors’ Share of Net Income	$	99,686	$	118,809
Our Share of Net Income		98,058		135,902
Amortization of Excess Investment		(22,457)		(23,213)
Our Share of Gain on Sale or Disposal of Assets and Interests Included in Other Income in the Consolidated Financial Statements		—		(36,153)
Income from Unconsolidated Entities	$	75,601	$	76,536

Debt (Tables)

3 Months Ended

Mar. 31, 2017

Debt

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


	March 31,			December 31,
	2017			2016
Fair value of fixed-rate mortgages and unsecured indebtedness	$	22,653		$	22,703
Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages		4.11	%		4.12	%
Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness		3.84	%		3.83	%

Equity (Tables)

3 Months Ended

Mar. 31, 2017

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


	As of		As of
	March 31,		December 31,
	2017		2016
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		141,310		112,225
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$	166,847	$	137,762

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	482,779	$29.5 million
2014-2016 LTIP program	131,252	$30.0 million
2015-2017 LTIP program	To be determined in 2018	$27.4 million
2016-2018 LTIP program	To be determined in 2019	$28.8 million

Reconciliation of carrying amounts of equity


					Accumulated						Common
					Other		Capital in				Stock
	Preferred		Common		Comprehensive		Excess of		Accumulated		Held in		Noncontrolling		Total
	Stock		Stock		Income (Loss)		Par Value		Deficit		Treasury		interests		Equity
January 1, 2017	$	43,405	$	32	$	(114,126)	$	9,523,086	$	(4,459,387)	$	(682,562)	$	649,464	$	4,959,912
Exchange of limited partner units for common shares								12						(12)		—
Treasury stock purchase												(151,690)				(151,690)
LTIP units														14,705		14,705
Purchase and disposition of noncontrolling interests, net and other		(82)						1,995		(29,699)		(284)		171		(27,899)
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership								33,235						(33,235)		—
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(548,521)				(82,906)		(631,427)
Distributions to other noncontrolling interest partners														(1,315)		(1,315)
Comprehensive income, excluding $479 attributable to preferred interests in the Operating Partnership and a $919 loss attributable to noncontrolling redeemable interests in properties						13,283				478,570				74,866		566,719
March 31, 2017	$	43,323	$	32	$	(100,843)	$	9,558,328	$	(4,559,037)	$	(834,536)	$	621,738	$	4,729,005

Simon Property Group L.P.

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


	As of		As of
	March 31,		December 31,
	2017		2016
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		141,310		112,225
Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties	$	166,847	$	137,762

Reconciliation of carrying amounts of equity


	Preferred		Simon (Managing		Limited		Noncontrolling		Total
	Units		General Partner)		Partners		interests		Equity
January 1, 2017	$	43,405	$	4,267,043	$	644,348	$	5,116	$	4,959,912
Limited partner units exchanged to units				12		(12)				—
Treasury unit purchase				(151,690)						(151,690)
LTIP Units						14,705				14,705
Purchase and disposition of noncontrolling interests, net and other		(82)		(27,988)				171		(27,899)
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership				33,235		(33,235)				—
Distributions to limited partners, excluding preferred interests classified as temporary equity		(834)		(547,687)		(82,906)		(1,315)		(632,742)
Comprehensive income, excluding $479 attributable to preferred interests in the Operating Partnership and a $919 loss attributable to noncontrolling redeemable interests in properties		834		491,019		74,191		675		566,719
March 31, 2017	$	43,323	$	4,063,944	$	617,091	$	4,647	$	4,729,005

Organization (Details)	Mar. 31, 2017 state country property
U.S. and Puerto Rico
Real Estate Properties
Number of properties	206
Number of U.S. states containing property locations \| state	37
U.S. and Puerto Rico \| Malls
Real Estate Properties
Number of properties	108
U.S. and Puerto Rico \| Premium Outlets
Real Estate Properties
Number of properties	67
U.S. and Puerto Rico \| The Mills
Real Estate Properties
Number of properties	14
U.S. and Puerto Rico \| Community/Lifestyles Centers
Real Estate Properties
Number of properties	4
U.S. and Puerto Rico \| Other
Real Estate Properties
Number of properties	13
Japan \| Premium Outlets
Real Estate Properties
Number of properties	9
South Korea \| Premium Outlets
Real Estate Properties
Number of properties	3
Canada \| Premium Outlets
Real Estate Properties
Number of properties	2
Canada \| Designer Outlets
Real Estate Properties
Number of properties	1
Europe and Canada \| Designer Outlets \| Consolidated properties
Real Estate Properties
Number of properties	4
Mexico \| Premium Outlets
Real Estate Properties
Number of properties	1
Malaysia \| Premium Outlets
Real Estate Properties
Number of properties	1
Europe \| Klepierre
Real Estate Properties
Ownership percentage	20.50%
Number of countries \| country	16
Europe \| Designer Outlets
Real Estate Properties
Number of properties	6
Italy \| Designer Outlets
Real Estate Properties
Number of properties	2
Austria \| Designer Outlets
Real Estate Properties
Number of properties	1
Germany \| Designer Outlets
Real Estate Properties
Number of properties	1
Netherlands \| Designer Outlets
Real Estate Properties
Number of properties	1
United Kingdom \| Designer Outlets
Real Estate Properties
Number of properties	1

Basis of Presentation (Details) - property	3 Months Ended
Basis of Presentation (Details) - property	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Real Estate Properties
Total number of joint venture properties	78
Number of joint venture properties managed by the entity	57
Number of International joint venture properties	17
Number of joint venture properties managed by others	21
Ownership interest:
Weighted average ownership in the Operating Partnership (as a percent)	86.90%	85.60%
Ownership interest in the Operating Partnership (as a percent)	86.80%		86.90%
Wholly owned properties
Real Estate Properties
Number of properties	134
Partially owned properties
Real Estate Properties
Number of properties	17

Significant Accounting Policies - Marketable and Non Marketable Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Marketable and Non-Marketable Securities
Net unrealized gains recorded in other comprehensive income (loss)	$ 16.1	$ 15.4
Carrying value of investments under the cost method	211.0	210.5
Available for sale securities
Marketable and Non-Marketable Securities
Marketable Securities	$ 161.9	$ 156.2
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

Significant Accounting Policies - Fair Value Measurements (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Level 2
Fair Value Measurements
Interest rate swap agreements and foreign currency forward contracts, gross asset balance	$ 42.4	$ 43.9
Level 3
Fair Value Measurements
Investments	$ 0.0

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(12))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Trading Securities
-URI http://asc.fasb.org/extlink&oid=6526789

Reference 3: 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(5))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 4: 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(6))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 35
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=27723805&loc=d3e24584-111560

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65884222&loc=d3e22054-111558

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1))
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Available-for-Sale Securities
-URI http://asc.fasb.org/extlink&oid=6505594

+ Details

Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Significant Accounting Policies.
Limited partners' interests in the Operating Partnership	$ 617,091	$ 644,348
Nonredeemable noncontrolling interests in properties, net	4,647	5,116
Total noncontrolling interests reflected in equity	$ 621,738	$ 649,464	$ 771,957	$ 744,905

Significant Accounting Policies - Rollforward Of Noncontrolling Interest, Simon Group Property, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Noncontrolling interests:
Noncontrolling interests, beginning of period	$ 649,464	$ 744,905
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties	72,945	81,459
Distributions to noncontrolling interest holders	(84,221)	(83,728)
Other comprehensive income (loss) allocable to noncontrolling interests:
Unrealized gain on derivative hedge agreements	(143)	(2,103)
Net loss reclassified from accumulated other comprehensive loss into earnings	345	20,146
Currency translation adjustments	1,618	2,696
Changes in available-for-sale securities and other	101	1,680
Other comprehensive income (loss)	1,921	22,419
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	(33,235)	(5,143)
Units exchanged for common shares	(12)	(16)
Long-term incentive performance units	14,705	12,061
Contributions by noncontrolling interests, net, and other	171
Noncontrolling interests, end of period	$ 621,738	$ 771,957

Significant Accounting Policies - Rollforward Of Noncontrolling Interest, Simon Group Property L.P. (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Noncontrolling interests:
Net income attributable to noncontrolling nonredeemable interests	$ 72,945	$ 81,459
Distributions to noncontrolling nonredeemable interest holders	(84,221)	(83,728)
Contributions by noncontrolling interests, net, and other	171
Simon Property Group L.P.
Noncontrolling interests:
Noncontrolling nonredeemable interests in properties, beginning of period	5,116	3,456
Net income attributable to noncontrolling nonredeemable interests	675	657
Distributions to noncontrolling nonredeemable interest holders	(1,315)	(654)
Contributions by noncontrolling interests, net, and other	171
Noncontrolling nonredeemable interests in properties, end of period	$ 4,647	$ 3,459

Significant Accounting Policies - AOCI, Simon Property Group, Inc. (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($)
Changes in accumulated other comprehensive income (loss)
Beginning balance	$ 4,310,448
Ending balance	4,107,267
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Beginning balance	(114,126)
Other comprehensive income (loss) before reclassifications	11,008
Amounts reclassified from accumulated other comprehensive income	2,275
Net current-period other comprehensive income	13,283
Ending balance	(100,843)
Currency translation adjustments, attributable to parent
Changes in accumulated other comprehensive income (loss)
Beginning balance	(157,864)
Other comprehensive income (loss) before reclassifications	11,530
Net current-period other comprehensive income	11,530
Ending balance	(146,334)
Accumulated derivative gains, attributable to parent
Changes in accumulated other comprehensive income (loss)
Beginning balance	30,374
Other comprehensive income (loss) before reclassifications	(1,110)
Amounts reclassified from accumulated other comprehensive income	2,275
Net current-period other comprehensive income	1,165
Ending balance	31,539
Net unrealized gains on sale of marketable securities
Changes in accumulated other comprehensive income (loss)
Beginning balance	13,364
Other comprehensive income (loss) before reclassifications	588
Net current-period other comprehensive income	588
Ending balance	$ 13,952

Significant Accounting Policies - Reclassification Out of AOCI, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Significant Accounting Policies
Interest expense	$ (198,202)	$ (219,190)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		22,688
Other income	61,299	84,250
Net income attributable to noncontrolling interests	(72,505)	(82,010)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	477,736	480,995
Currency translation adjustments \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		(136,806)
Currency translation adjustments, attributable to noncontrolling interests \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests		19,779
Currency translation adjustments, attributable to parent \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS		(117,027)
Accumulated derivative gains, net \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense	(2,620)	(2,905)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		372
Accumulated derivative gains, attributable to noncontrolling interests \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests	345	366
Accumulated derivative gains, attributable to parent \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ (2,275)	$ (2,167)

Significant Accounting Policies - AOCI, Simon Property Group L.P. (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($)
Simon Property Group L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	$ 4,954,796
Ending balance	4,724,358
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications	11,008
Amounts reclassified from accumulated other comprehensive income	2,275
Net current-period other comprehensive income	13,283
Accumulated Other Comprehensive Income (Loss) \| Simon Property Group L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	(131,367)
Other comprehensive income (loss) before reclassifications	12,584
Amounts reclassified from accumulated other comprehensive income	2,620
Net current-period other comprehensive income	15,204
Ending balance	(116,163)
Currency translation adjustments, attributable to parent
Changes in accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications	11,530
Net current-period other comprehensive income	11,530
Currency translation adjustments, attributable to parent \| Simon Property Group L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	(181,706)
Other comprehensive income (loss) before reclassifications	13,148
Net current-period other comprehensive income	13,148
Ending balance	(168,558)
Accumulated derivative gains, attributable to parent
Changes in accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications	(1,110)
Amounts reclassified from accumulated other comprehensive income	2,275
Net current-period other comprehensive income	1,165
Accumulated derivative gains, attributable to parent \| Simon Property Group L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	34,956
Other comprehensive income (loss) before reclassifications	(1,253)
Amounts reclassified from accumulated other comprehensive income	2,620
Net current-period other comprehensive income	1,367
Ending balance	36,323
Net unrealized gains on sale of marketable securities
Changes in accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications	588
Net current-period other comprehensive income	588
Net unrealized gains on sale of marketable securities \| Simon Property Group L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	15,383
Other comprehensive income (loss) before reclassifications	689
Net current-period other comprehensive income	689
Ending balance	$ 16,072

Significant Accounting Policies - Reclassification Out Of AOCI, Simon Property Group, L.P. (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Significant Accounting Policies
Interest expense	$ (198,202)	$ (219,190)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		22,688
Other Income	61,299	84,250
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	477,736	480,995
Simon Property Group L.P.
Significant Accounting Policies
Interest expense	(198,202)	(219,190)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		22,688
Other Income	61,299	84,250
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	550,006	561,797
Currency translation adjustments, attributable to parent \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS		(117,027)
Currency translation adjustments, attributable to parent \| Simon Property Group L.P. \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		(136,806)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS		(136,806)
Accumulated derivative gains, attributable to parent \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	(2,275)	(2,167)
Accumulated derivative gains, attributable to parent \| Simon Property Group L.P. \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense	(2,620)	(2,905)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		372
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ (2,620)	$ (2,533)

Significant Accounting Policies - Derivative Financial Instruments (Details) € in Millions, $ in Millions	Mar. 31, 2017 EUR (€) item	Mar. 31, 2017 USD ($) item	Dec. 31, 2016 EUR (€) item	Dec. 31, 2016 USD ($) item
Derivative Financial Instruments
Number of credit-risk-related hedging or derivative activities \| item	0	0
Gross accumulated other comprehensive income related to derivative activities		$ 36.3		$ 35.0
Interest rate swap \| Designated as Hedging Instrument
Derivative Financial Instruments
Number of Instruments \| item	1	1	1	1
Notional Amount		$ 250.0		$ 250.0
Interest rate swap \| Deferred costs and other assets \| Designated as Hedging Instrument
Derivative Financial Instruments
Interest rate derivative asset, fair value		21.1		21.1
Euro-USD currency forward contract \| August 11, 2017 \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €	€ 50.0		€ 50.0
Forward contract net, fair value		15.1		15.5
Euro-USD currency forward contract \| May 15, 2019 \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €	50.0		50.0
Forward contract net, fair value		3.6		3.9
Euro-USD currency forward contract \| May 15, 2019 \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €	50.0		50.0
Forward contract net, fair value		1.2		1.5
Euro-USD currency forward contract \| May 15, 2020 \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €	50.0		50.0
Forward contract net, fair value		0.9		1.1
Euro-USD currency forward contract \| May 14, 2021 \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €	€ 50.0		€ 50.0
Forward contract net, fair value		$ 0.4		$ 0.6

Significant Accounting Policies - New Accounting Pronouncements (Details)	12 Months Ended
	Dec. 31, 2016
Accounting Standards Update 2014-09 \| Maximum
New Accounting Pronouncements
Percentage of revenues impacted by ASU (as a percent)	7.00%

Per Share and Per Unit Data (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Per Share And Per Unit Data
Net Income attributable to common stockholders or unitholders	$ 477,736	$ 480,995
Net Income attributable to Common Stockholders — Diluted	$ 477,736	$ 480,995
Weighted Average Shares Outstanding — Basic and Diluted	312,809,981	309,416,266
Simon Property Group L.P.
Per Share And Per Unit Data
Net Income attributable to common stockholders or unitholders	$ 550,006	$ 561,797
Net Income attributable to Common Stockholders — Diluted	$ 550,006	$ 561,797
Weighted Average Shares Outstanding — Basic and Diluted	360,130,442	361,394,591

Investments in Unconsolidated Entities - Real Estate Joint Ventures and Investments (Details) $ in Millions	Mar. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($)
Investment in Unconsolidated Entities
Total number of joint venture properties \| property	78
Construction and other related party loans
Investment in Unconsolidated Entities
Loans to related party \| $	$ 33.6	$ 12.3

Investments in Unconsolidated Entities - Unconsolidated Entity Transactions (Details) $ in Thousands			3 Months Ended
	Sep. 15, 2016 USD ($) item	Apr. 14, 2016 USD ($)	Mar. 31, 2017 USD ($) property	Mar. 31, 2016 USD ($)	Dec. 31, 2016 USD ($)
Investment in Unconsolidated Entities
Equity investment			$ 2,374,693		$ 2,367,583
Share of net income, net of amortization of our excess investment			$ 69,085	$ 90,626
The Shops at Crystals
Investment in Unconsolidated Entities
Ownership interest (as a percent)		50.00%
Acquisition price		$ 1,100,000
HBS
Investment in Unconsolidated Entities
Ownership interest (as a percent)			10.80%
Number of properties contributed to form joint venture \| property			42
Number of Kaufhof properties purchased by the joint venture \| property			41
Committed amount to contribute			$ 100,000
Contributions for improvements to properties			45,400
Contribution to form joint venture			178,500
Share of net income, net of amortization of our excess investment			3,200	1,100
Total revenues			103,700	89,000
Total operating income			80,100	37,300
Consolidated net income			$ 52,700	$ 12,200
Aeropostale
Investment in Unconsolidated Entities
Number of joint ventures \| item	2
Equity investment	$ 33,100
Aeropostale Retail Operations
Investment in Unconsolidated Entities
Ownership interest (as a percent)	49.05%
Aeropostale Licensing Joint Venture
Investment in Unconsolidated Entities
Ownership interest (as a percent)	28.45%
3.74% fixed-rate mortgage maturing July 2026 \| The Shops at Crystals
Investment in Unconsolidated Entities
Debt issued		$ 550,000
Fixed interest rate (as a percent)		3.74%

Investments in Unconsolidated Entities - European Investments (Details) $ / shares in Units, $ in Thousands, € in Millions						3 Months Ended
	Apr. 21, 2017 USD ($)	Apr. 07, 2017 USD ($)	Jul. 25, 2016 EUR (€) property	Jul. 25, 2016 USD ($) property	Jan. 01, 2016 USD ($) property	Mar. 31, 2017 USD ($) property $ / shares shares	Sep. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2016 USD ($) property
Investment in Unconsolidated Entities
Income from unconsolidated entities						$ 69,085		$ 90,626
Cost method investments included in deferred costs and other assets						$ 211,000			$ 210,500
European Joint Venture \| Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties \| property					6	7			7
Number of consolidated properties under step acquisition \| property					2
Gain due to acquisition of controlling interest					$ 12,100			12,100
European Joint Venture \| Outlet Centers In Italy
Investment in Unconsolidated Entities
Ownership interests acquired (as a percent)			33.00%	33.00%
Number of properties in which additional interest is acquired \| property			2	2
Cash purchase price for acquisition \| €			€ 145.5
Number of consolidated properties under step acquisition \| property			2	2
Gain due to acquisition of controlling interest				$ 29,300			$ 29,300
European Joint Venture \| Roermond Designer Outlet
Investment in Unconsolidated Entities
Ownership interests acquired (as a percent)		15.70%
Cash purchase price for acquisition		$ 17,800
Ownership percentage		51.30%
European Joint Venture \| Outlet Center In Roosendaal
Investment in Unconsolidated Entities
Ownership interests acquired (as a percent)	100.00%
Cash purchase price for acquisition	$ 69,800
Mortgage debt assumed	$ 40,100
European Joint Venture \| Minimum \| Designer Outlet properties
Investment in Unconsolidated Entities
Ownership percentage						45.00%
European Joint Venture \| Maximum \| Designer Outlet properties
Investment in Unconsolidated Entities
Ownership percentage						90.00%
Europe \| Klepierre
Investment in Unconsolidated Entities
Shares owned \| shares						63,924,148
Ownership percentage						20.50%
Quoted market price per share (in dollars per share) \| $ / shares						$ 38.96
Income from unconsolidated entities						$ 7,100		13,000
Total revenues						342,600		342,700
Total operating income						105,000		98,800
Consolidated net income						$ 69,500		$ 44,200
Europe \| Value Retail PLC
Investment in Unconsolidated Entities
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 investments included in deferred costs and other assets						$ 140,800			$ 140,800

Investments in Unconsolidated Entities - Asian Joint Ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investment in Unconsolidated Entities
Equity investment	$ 2,374,693	$ 2,367,583
Japan \| Mitsubishi Estate Co., Ltd. \| Premium Outlets
Investment in Unconsolidated Entities
Ownership percentage	40.00%
Equity investment	$ 239,000	227,500
South Korea \| Shinsegae International Co \| Premium Outlets
Investment in Unconsolidated Entities
Ownership percentage	50.00%
Equity investment	$ 136,400	$ 130,900

Investments in Unconsolidated Entities - Balance Sheets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Our Share of:
Our net Investment in unconsolidated entities, at equity	$ 2,374,693	$ 2,367,583
Unconsolidated properties \| Maximum
Our Share of:
Estimated life of investment property	40 years
Equity Method Investees excluding Klepierre, Aeropostale and HBS \| Unconsolidated properties
Assets:
Investment properties, at cost	$ 17,851,775	17,549,078
Less - accumulated depreciation	6,034,375	5,892,960
Investment properties at cost, net	11,817,400	11,656,118
Cash and cash equivalents	758,716	778,455
Tenant receivables and accrued revenue, net	337,507	348,139
Deferred costs and other assets	368,558	351,098
Total assets	13,282,181	13,133,810
Liabilities and Partners' Deficit:
Mortgages	14,290,665	14,237,576
Accounts payable, accrued expenses, intangibles, and deferred revenues	834,650	867,003
Other liabilities	352,123	325,078
Total liabilities	15,477,438	15,429,657
Preferred units	67,450	67,450
Partners' deficit	(2,262,707)	(2,363,297)
Total liabilities and equity	13,282,181	13,133,810
Our Share of:
Partners' deficit	(990,000)	(1,018,755)
Add: Excess Investment	1,777,705	1,791,691
Our net Investment in unconsolidated entities, at equity	$ 787,705	$ 772,936

Investments in Unconsolidated Entities - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
OPERATING EXPENSES:
Income from Unconsolidated Entities	$ 69,085	$ 90,626
Equity Method Investees excluding Klepierre, Aeropostale and HBS \| Unconsolidated properties
REVENUE:
Minimum rent	451,055	438,847
Overage rent	51,369	49,624
Tenant reimbursements	215,780	210,941
Other income	64,327	58,680
Total revenue	782,531	758,092
OPERATING EXPENSES:
Property operating	132,985	131,081
Depreciation and amortization	153,455	131,480
Real estate taxes	66,583	61,509
Repairs and maintenance	20,230	19,754
Advertising and promotion	22,198	22,529
Provision for credit losses	3,777	2,690
Other	43,355	45,053
Total operating expenses	442,583	414,096
Operating Income	339,948	343,996
Interest expense	(142,204)	(143,758)
Gain on sale or disposal of assets and interests in unconsolidated entities, net		54,473
Net Income	197,744	254,711
Third-Party Investors’ Share of Net Income	99,686	118,809
Our Share of Net Income	98,058	135,902
Amortization of Excess Investment	(22,457)	(23,213)
Our Share of Gain on Sale or Disposal of Assets and Interests Included in Other Income in the Consolidated Financial Statements		(36,153)
Income from Unconsolidated Entities	$ 75,601	$ 76,536

Debt (Details) $ in Thousands			3 Months Ended	12 Months Ended
Debt (Details) $ in Thousands	Mar. 17, 2017 USD ($)	Mar. 16, 2017	Mar. 31, 2017 USD ($) item property	Dec. 31, 2016 USD ($)
Debt
Total Mortgages and Unsecured Indebtedness			$ 23,149,053	$ 22,977,104
Simon Property Group L.P.
Debt
Total Mortgages and Unsecured Indebtedness			$ 23,149,053	$ 22,977,104
Unsecured Debt
Fair Value of Debt
Weighted average discount rates assumed in calculation of fair value for debt (as a percent)			3.84%	3.83%
Unsecured Debt \| Senior unsecured notes \| Simon Property Group L.P.
Debt
Total Mortgages and Unsecured Indebtedness			$ 15,400,000
Unsecured Debt \| Credit Facility and the Supplemental Facility
Debt
Available borrowing capacity			6,200,000
Maximum amount outstanding during period			437,500
Credit facility, weighted average amount outstanding			352,300
Letters of credit outstanding			19,800
Unsecured Debt \| Credit Facility \| Simon Property Group L.P.
Debt
Credit facility, amount outstanding			50,000
Maximum borrowing capacity			4,000,000
Unsecured Debt \| Credit Facility \| Simon Property Group L.P. \| Yen
Debt
Credit facility, amount outstanding			199,200
Unsecured Debt \| Credit Facility \| LIBOR \| Simon Property Group L.P.
Debt
Interest added to reference rate (as a percent)		0.80%
Unsecured Debt \| Supplemental Facility \| Simon Property Group L.P.
Debt
Credit facility, amount outstanding			324,200
Maximum borrowing capacity	$ 3,500,000		3,500,000
Optional expanded maximum borrowing capacity	$ 4,250,000
Additional facility fee (as a percent)	0.10%
Unsecured Debt \| Supplemental Facility \| LIBOR \| Simon Property Group L.P.
Debt
Interest added to reference rate (as a percent)	0.80%
Unsecured Debt \| Amended Credit Facility \| Simon Property Group L.P.
Debt
Optional expanded maximum borrowing capacity	$ 5,000,000
Additional facility fee (as a percent)	0.10%
Unsecured Debt \| Amended Credit Facility \| Maximum \| Simon Property Group L.P.
Debt
Percentage of borrowings in currencies other than the U.S. dollar	95.00%
Unsecured Debt \| Amended Credit Facility \| LIBOR \| Simon Property Group L.P.
Debt
Interest added to reference rate (as a percent)	0.775%
Unsecured Debt \| Commercial Paper \| Simon Property Group L.P.
Debt
Credit facility, amount outstanding			953,600
Maximum borrowing capacity			$ 1,000,000
Unsecured Debt \| Commercial Paper \| Simon Property Group L.P. \| USD
Debt
Weighted average interest rate (as a percent)			1.01%
Secured Debt \| Mortgage
Debt
Total Mortgages and Unsecured Indebtedness			$ 6,600,000	$ 6,500,000
Debt covenants
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers \| item			45
Number of properties pledged as collateral \| property			48
Number of cross-defaulted and cross-collateralized mortgage pools \| item			2
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages \| property			5
Fixed rate mortgages
Fair Value of Debt
Weighted average discount rates assumed in calculation of fair value for debt (as a percent)			4.11%	4.12%
Book value \| Fixed rate mortgages and unsecured indebtedness
Fair Value of Debt
Fair value of fixed-rate mortgages and unsecured indebtedness			$ 22,100,000	$ 22,100,000
Fair value \| Fixed rate mortgages and unsecured indebtedness
Fair Value of Debt
Fair value of fixed-rate mortgages and unsecured indebtedness			$ 22,653,000	$ 22,703,000

Equity - Shares or Units Activity (Details) $ / shares in Units, $ in Billions		3 Months Ended
	Feb. 13, 2017	Mar. 31, 2017 item $ / shares shares	Mar. 31, 2016 shares	Apr. 02, 2015 USD ($)
Equity
Stock repurchase program, extension period	2 years
Shares repurchased (in shares)		870,692	0
Average share price repurchased (in dollars per share) \| $ / shares		$ 174.22
Limited Partners
Equity
Exchange of limited partner units, (in shares)		893
Number of limited partners who received common stock \| item		1
Maximum
Equity
Common stock authorized for repurchase \| $				$ 2.0

Equity - Temporary Equity (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Redeemable preferred stock
Preferred stock stated dividend rate percentage	8.375%	8.375%
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 166,847	$ 137,762
Simon Property Group L.P.
Redeemable preferred stock
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	166,847	137,762
7.5% Cumulative Redeemable Preferred Units
Redeemable preferred stock
Noncontrolling interests redeemable at amounts in excess of fair value	$ 0	$ 0
Preferred stock stated dividend rate percentage	7.50%	7.50%
Temporary equity, shares authorized	260,000	260,000
Temporary equity, shares issued	255,373	255,373
Temporary equity, shares outstanding	255,373	255,373
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 25,537	$ 25,537
7.5% Cumulative Redeemable Preferred Units \| Simon Property Group L.P.
Redeemable preferred stock
Preferred stock stated dividend rate percentage	7.50%	7.50%
Temporary equity, shares authorized	260,000	260,000
Temporary equity, shares issued	255,373	255,373
Temporary equity, shares outstanding	255,373	255,373
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 25,537	$ 25,537
Other noncontrolling redeemable interest
Redeemable preferred stock
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	141,310	112,225
Other noncontrolling redeemable interest \| Simon Property Group L.P.
Redeemable preferred stock
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 141,310	$ 112,225

Equity - Stock Based Compensation (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
	Jul. 06, 2011	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2013
Restricted stock
Stock-based incentive plan awards
Compensation expense, net of capitalization		$ 2.2	$ 2.4
LTIP Retention Award to Chairman and CEO
Stock-based incentive plan awards
Awards earned (in units)	1,000,000
Grant Date Fair Value	$ 120.3
Service period	8 years
LTIP Retention Award to Chairman and CEO \| A Units
Stock-based incentive plan awards
Awards earned (in units)					360,000
LTIP Retention Award to Chairman and CEO \| A Units \| Maximum
Stock-based incentive plan awards
Shares reserved for issuance (in shares)						360,000
LTIP Retention Award to Chairman and CEO \| B Units
Stock-based incentive plan awards
Awards earned (in units)				360,000
LTIP Retention Award to Chairman and CEO \| B Units \| Maximum
Stock-based incentive plan awards
Shares reserved for issuance (in shares)						360,000
LTIP Retention Award to Chairman and CEO \| C Units \| Maximum
Stock-based incentive plan awards
Shares reserved for issuance (in shares)						280,000
LTIP program
Stock-based incentive plan awards
Vesting period		2 years
Vesting rights percentage		50.00%
Percent of distributions of Operating Partnership that participants are entitled to receive during performance period		10.00%
Compensation expense, net of capitalization		$ 4.6	$ 6.4
1-year 2010 LTIP Program \| LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units)		133,673
Performance period		1 year
Grant Date Fair Value		$ 7.2
2-year 2010 LTIP Program \| LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units)		337,006
Performance period		2 years
Grant Date Fair Value		$ 14.8
3-year 2010 LTIP Program \| LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units)		489,654
Performance period		3 years
Grant Date Fair Value		$ 23.0
2011-2013 LTIP Program \| LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units)		469,848
Grant Date Fair Value		$ 35.0
2012-2014 LTIP Program \| LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units)		401,203
Grant Date Fair Value		$ 35.0
2013-2015 LTIP program \| LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units)		482,779
Grant Date Fair Value		$ 29.5
2014-2016 LTIP program \| LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units)		131,252
Grant Date Fair Value		$ 30.0
2015-2017 LTIP program \| LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value		27.4
2016-2018 LTIP program \| LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value		$ 28.8

Equity - Changes in Equity, Simon Property Group, Inc. (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($)
Increase (Decrease) in Stockholders' Equity
Balance	$ 4,959,912
Treasury stock purchase	(151,690)
LTIP Units	14,705
Purchase and disposition of noncontrolling interests, net and other	(27,899)
Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests	(631,427)
Distributions to noncontrolling other interest holders	(1,315)
Comprehensive income, excluding $479 attributable to preferred interests in the Operating Partnership and a $919 loss attributable to noncontrolling redeemable interests in properties	566,719
Balance	4,729,005
Comprehensive income attributable to preferred interests	479
Comprehensive loss attributable to noncontrolling redeemable interests in properties	919
Preferred Stock or Units
Increase (Decrease) in Stockholders' Equity
Balance	43,405
Purchase and disposition of noncontrolling interests, net and other	(82)
Balance	43,323
Common Stock
Increase (Decrease) in Stockholders' Equity
Balance	32
Balance	32
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity
Balance	(114,126)
Comprehensive income, excluding $479 attributable to preferred interests in the Operating Partnership and a $919 loss attributable to noncontrolling redeemable interests in properties	13,283
Balance	(100,843)
Capital in Excess of Par Value
Increase (Decrease) in Stockholders' Equity
Balance	9,523,086
Exchange of limited partner units for common shares	12
Purchase and disposition of noncontrolling interests, net and other	1,995
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	33,235
Balance	9,558,328
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity
Balance	(4,459,387)
Purchase and disposition of noncontrolling interests, net and other	(29,699)
Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests	(548,521)
Comprehensive income, excluding $479 attributable to preferred interests in the Operating Partnership and a $919 loss attributable to noncontrolling redeemable interests in properties	478,570
Balance	(4,559,037)
Common Stock Held in Treasury
Increase (Decrease) in Stockholders' Equity
Balance	(682,562)
Treasury stock purchase	(151,690)
Purchase and disposition of noncontrolling interests, net and other	(284)
Balance	(834,536)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity
Balance	649,464
Exchange of limited partner units for common shares	(12)
LTIP Units	14,705
Purchase and disposition of noncontrolling interests, net and other	171
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	(33,235)
Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests	(82,906)
Distributions to noncontrolling other interest holders	(1,315)
Comprehensive income, excluding $479 attributable to preferred interests in the Operating Partnership and a $919 loss attributable to noncontrolling redeemable interests in properties	74,866
Balance	$ 621,738

Equity - Changes in Equity, Simon Property Group, L.P. (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($)
Increase (Decrease) in Stockholders' Equity
LTIP Units	$ 14,705
Purchase and disposition of noncontrolling interests, net and other	(27,899)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(631,427)
Comprehensive income, excluding $479 attributable to preferred interests in the Operating Partnership and a $919 loss attributable to noncontrolling redeemable interests in properties	566,719
Comprehensive income attributable to preferred interests	479
Comprehensive loss attributable to noncontrolling redeemable interests in properties	919
Simon Property Group L.P.
Increase (Decrease) in Stockholders' Equity
Balance	4,959,912
Treasury unit purchase	(151,690)
LTIP Units	14,705
Purchase and disposition of noncontrolling interests, net and other	(27,899)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(632,742)
Comprehensive income, excluding $479 attributable to preferred interests in the Operating Partnership and a $919 loss attributable to noncontrolling redeemable interests in properties	566,719
Balance	4,729,005
Comprehensive income attributable to preferred interests	479
Comprehensive loss attributable to noncontrolling redeemable interests in properties	919
Simon Property Group L.P. \| Preferred Stock or Units
Increase (Decrease) in Stockholders' Equity
Balance	43,405
Purchase and disposition of noncontrolling interests, net and other	(82)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(834)
Comprehensive income, excluding $479 attributable to preferred interests in the Operating Partnership and a $919 loss attributable to noncontrolling redeemable interests in properties	834
Balance	43,323
Simon Property Group L.P. \| Simon (Managing General Partner)
Increase (Decrease) in Stockholders' Equity
Balance	4,267,043
Limited partner units exchanged to units	12
Treasury unit purchase	(151,690)
Purchase and disposition of noncontrolling interests, net and other	(27,988)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	33,235
Distributions to limited partners, excluding preferred interests classified as temporary equity	(547,687)
Comprehensive income, excluding $479 attributable to preferred interests in the Operating Partnership and a $919 loss attributable to noncontrolling redeemable interests in properties	491,019
Balance	4,063,944
Simon Property Group L.P. \| Limited Partners
Increase (Decrease) in Stockholders' Equity
Balance	644,348
Limited partner units exchanged to units	(12)
LTIP Units	14,705
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	(33,235)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(82,906)
Comprehensive income, excluding $479 attributable to preferred interests in the Operating Partnership and a $919 loss attributable to noncontrolling redeemable interests in properties	74,191
Balance	617,091
Simon Property Group L.P. \| Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity
Balance	5,116
Purchase and disposition of noncontrolling interests, net and other	171
Distributions to limited partners, excluding preferred interests classified as temporary equity	(1,315)
Comprehensive income, excluding $479 attributable to preferred interests in the Operating Partnership and a $919 loss attributable to noncontrolling redeemable interests in properties	675
Balance	$ 4,647

Commitments and Contingencies - Litigation (Details) - Opry Mills, Nashville, TN - USD ($) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended
	May 31, 2010	Aug. 31, 2015	Mar. 31, 2015
Insurance
Insurance proceeds funded by insurers	$ 50.0
Minimum insurance coverage	50.0
Additional insurance proceeds	$ 150.0
Positive Outcome of Litigation
Insurance
Damages awarded, including amounts previously paid		$ 204.1
Positive Outcome of Litigation \| Maximum
Insurance
Summary judgment of additional insurance coverage available under excess insurance policy			$ 150.0

Commitments and Contingencies - Guarantees of Indebtedness (Details) - Joint venture mortgage indebtedness - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Guarantees of Joint Venture Indebtedness:
Loan guarantee	$ 411.2	$ 400.5
Loan guarantees recoverable	$ 87.3	$ 87.3

Commitments and Contingencies - Concentration of Credit Risk (Details)	3 Months Ended
	Mar. 31, 2017
Consolidated Revenues \| Concentration of credit risk \| Maximum
Concentration of Credit Risk
Percentage of consolidated revenues from a single customer or tenant	5.00%

Real Estate Acquisitions and Dispositions (Details) € in Millions, $ in Millions					1 Months Ended		3 Months Ended
	Apr. 21, 2017 USD ($)	Jul. 25, 2016 EUR (€) property	Jul. 25, 2016 USD ($) property	Jan. 01, 2016 USD ($) property	Feb. 29, 2016 USD ($)	Jan. 31, 2016 USD ($) property	Sep. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Mar. 31, 2017 property	Dec. 31, 2016 property	Apr. 14, 2016
Residential and Retail Properties \| Disposed by Sales
Dispositions
Proceeds from sale or disposal of real estate assets						$ 72.4
The Shops at Crystals
Acquisitions
Ownership interests acquired (as a percent)											50.00%
Designer Outlet properties \| European Joint Venture
Acquisitions
Number of properties \| property				6					7	7
Non-cash gain on step acquisition				$ 12.1				$ 12.1
Number of consolidated properties under step acquisition \| property				2
Outlet Center In Ochtrup \| European Joint Venture
Acquisitions
Ownership interest (as a percent)					75.00%
Payments to acquire equity method investment					$ 38.3
Outlet Centers In Italy \| European Joint Venture
Acquisitions
Ownership interests acquired (as a percent)		33.00%	33.00%
Non-cash gain on step acquisition			$ 29.3				$ 29.3
Number of consolidated properties under step acquisition \| property		2	2
Cash purchase price for acquisition \| €		€ 145.5
Number of properties in which additional interest is acquired \| property		2	2
Outlet Center In Roosendaal \| European Joint Venture
Acquisitions
Ownership interests acquired (as a percent)	100.00%
Cash purchase price for acquisition	$ 69.8
Mortgage debt assumed	$ 40.1
Unconsolidated properties \| Residential properties \| Disposed by Sales
Dispositions
Number of properties disposed of during the period \| property						2
Unconsolidated properties \| Residential properties \| Disposed by Sales \| Other income.
Dispositions
Gain (loss) on disposition of interest in properties						$ 36.9
Unconsolidated properties \| Residential properties \| Disposed by Sales \| Income and other taxes
Dispositions
Gain from sale of properties, tax effect						$ 7.2
Consolidated properties \| Retail properties \| Disposed by Sales
Dispositions
Number of properties disposed of during the period \| property						1
Gain (loss) on disposition of interest in properties						$ 10.6