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Interest Rate Derivative

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Interest Rate Swap

250.0 million

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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2017	Jan. 31, 2018	Jun. 30, 2017
Entity Registrant Name	SIMON PROPERTY GROUP INC /DE/
Entity Central Index Key	0001063761
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 49,945
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Common stock
Entity Common Stock, Shares Outstanding		320,328,774
Class B common stock
Entity Common Stock, Shares Outstanding		8,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS:
Investment properties, at cost	$ 36,393,464	$ 35,226,089
Less - accumulated depreciation	11,935,949	10,865,754
Investment properties at cost, net	24,457,515	24,360,335
Cash and cash equivalents	1,482,309	560,059
Tenant receivables and accrued revenue, net	742,672	664,619
Investment in unconsolidated entities, at equity	2,266,483	2,367,583
Investment in Klepierre, at equity	1,934,676	1,797,394
Deferred costs and other assets	1,373,983	1,353,588
Total assets	32,257,638	31,103,578
LIABILITIES:
Mortgages and unsecured indebtedness	24,632,463	22,977,104
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,269,190	1,214,022
Cash distributions and losses in unconsolidated entities, at equity	1,406,378	1,359,738
Other liabilities	520,363	455,040
Total liabilities	27,828,394	26,005,904
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and other noncontrolling redeemable interests in properties	190,480	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	43,077	43,405
Capital in excess of par value	9,614,748	9,523,086
Accumulated deficit	(4,782,173)	(4,459,387)
Accumulated other comprehensive loss	(110,453)	(114,126)
Common stock held in treasury, at cost, 9,163,920 and 6,756,748 shares, respectively	(1,079,063)	(682,562)
Total stockholders' equity	3,686,168	4,310,448
Noncontrolling interests	552,596	649,464
Total equity	4,238,764	4,959,912
Total liabilities and equity	32,257,638	31,103,578
Simon Property Group, L.P.
ASSETS:
Investment properties, at cost	36,393,464	35,226,089
Less - accumulated depreciation	11,935,949	10,865,754
Investment properties at cost, net	24,457,515	24,360,335
Cash and cash equivalents	1,482,309	560,059
Tenant receivables and accrued revenue, net	742,672	664,619
Investment in unconsolidated entities, at equity	2,266,483	2,367,583
Investment in Klepierre, at equity	1,934,676	1,797,394
Deferred costs and other assets	1,373,983	1,353,588
Total assets	32,257,638	31,103,578
LIABILITIES:
Mortgages and unsecured indebtedness	24,632,463	22,977,104
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,269,190	1,214,022
Cash distributions and losses in unconsolidated entities, at equity	1,406,378	1,359,738
Other liabilities	520,363	455,040
Total liabilities	27,828,394	26,005,904
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and other noncontrolling redeemable interests in properties	190,480	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	43,077	43,405
General Partner, 311,166,854 and 313,074,574 units outstanding, respectively	3,643,091	4,267,043
Limited Partners, 46,879,625 and 47,276,095 units outstanding, respectively	548,858	644,348
Total partners' equity	4,235,026	4,954,796
Nonredeemable noncontrolling interests in properties, net	3,738	5,116
Total equity	4,238,764	4,959,912
Total liabilities and equity	32,257,638	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

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 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	9,163,920	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	320,322,774	319,823,322
Common stock, shares outstanding	320,322,774	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	311,166,854	313,074,574
Limited Partners, units outstanding	46,879,625	47,276,095

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
REVENUE:
Minimum rent	$ 3,440,009	$ 3,358,498	$ 3,142,347
Overage rent	147,471	161,508	194,070
Tenant reimbursements	1,532,923	1,494,804	1,445,623
Management fees and other revenues	121,259	143,875	158,466
Other income	296,978	276,544	325,597
Total revenue	5,538,640	5,435,229	5,266,103
EXPENSES:
Property operating	443,177	432,394	425,983
Depreciation and amortization	1,275,452	1,252,673	1,177,568
Real estate taxes	440,003	439,030	432,840
Repairs and maintenance	96,900	99,723	101,369
Advertising and promotion	150,865	142,801	134,854
Provision for credit losses	11,304	7,319	6,635
Home and regional office costs	135,150	158,406	154,816
General and administrative	51,972	65,082	60,329
Other	131,477	116,973	102,836
Total operating expenses	2,736,300	2,714,401	2,597,230
OPERATING INCOME	2,802,340	2,720,828	2,668,873
Interest expense	(809,393)	(857,554)	(923,697)
Loss on extinguishment of debt	(128,618)	(136,777)	(120,953)
Income and other taxes	(23,343)	(29,678)	(20,170)
Income from unconsolidated entities	400,270	353,334	284,806
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	3,647	84,553	250,516
CONSOLIDATED NET INCOME	2,244,903	2,134,706	2,139,375
Net income attributable to noncontrolling interests	296,941	295,810	311,655
Preferred dividends	3,337	3,337	3,337
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ 1,944,625	$ 1,835,559	$ 1,824,383
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT:
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 6.24	$ 5.87	$ 5.88
Consolidated Net Income	$ 2,244,903	$ 2,134,706	$ 2,139,375
Unrealized (loss) gain on derivative hedge agreements	(35,112)	39,472	17,122
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(12,122)	149,622	(69,189)
Currency translation adjustments	45,766	(28,646)	(160,312)
Changes in available-for-sale securities and other	5,733	3,192	(11,200)
Comprehensive income	2,249,168	2,298,346	1,915,796
Comprehensive income attributable to noncontrolling interests	297,534	320,890	279,720
Comprehensive income attributable to common stockholders or unitholders	1,951,634	1,977,456	1,636,076
Simon Property Group, L.P.
REVENUE:
Minimum rent	3,440,009	3,358,498	3,142,347
Overage rent	147,471	161,508	194,070
Tenant reimbursements	1,532,923	1,494,804	1,445,623
Management fees and other revenues	121,259	143,875	158,466
Other income	296,978	276,544	325,597
Total revenue	5,538,640	5,435,229	5,266,103
EXPENSES:
Property operating	443,177	432,394	425,983
Depreciation and amortization	1,275,452	1,252,673	1,177,568
Real estate taxes	440,003	439,030	432,840
Repairs and maintenance	96,900	99,723	101,369
Advertising and promotion	150,865	142,801	134,854
Provision for credit losses	11,304	7,319	6,635
Home and regional office costs	135,150	158,406	154,816
General and administrative	51,972	65,082	60,329
Other	131,477	116,973	102,836
Total operating expenses	2,736,300	2,714,401	2,597,230
OPERATING INCOME	2,802,340	2,720,828	2,668,873
Interest expense	(809,393)	(857,554)	(923,697)
Loss on extinguishment of debt	(128,618)	(136,777)	(120,953)
Income and other taxes	(23,343)	(29,678)	(20,170)
Income from unconsolidated entities	400,270	353,334	284,806
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	3,647	84,553	250,516
CONSOLIDATED NET INCOME	2,244,903	2,134,706	2,139,375
Net income attributable to noncontrolling interests	13	7,218	2,984
Preferred dividends	5,252	5,252	5,252
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	2,239,638	2,122,236	2,131,139
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	1,944,625	1,835,559	1,824,383
Limited Partners	$ 295,013	$ 286,677	$ 306,756
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT:
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 6.24	$ 5.87	$ 5.88
Consolidated Net Income	$ 2,244,903	$ 2,134,706	$ 2,139,375
Unrealized (loss) gain on derivative hedge agreements	(35,112)	39,472	17,122
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(12,122)	149,622	(69,189)
Currency translation adjustments	45,766	(28,646)	(160,312)
Changes in available-for-sale securities and other	5,733	3,192	(11,200)
Comprehensive income	2,249,168	2,298,346	1,915,796
Comprehensive income attributable to noncontrolling interests	2,091	2,917	2,984
Comprehensive income attributable to common stockholders or unitholders	$ 2,247,077	$ 2,295,429	$ 1,912,812

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 2,244,903	$ 2,134,706	$ 2,139,375
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
Depreciation and amortization	1,357,351	1,327,946	1,239,214
Loss on debt extinguishment	128,618	136,777	120,953
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	(3,647)	(84,553)	(250,516)
Pre-development project cost charge		31,490
Gains on sales of marketable securities	(21,541)		(80,187)
Straight-line rent	(26,543)	(46,656)	(54,129)
Equity in income of unconsolidated entities	(400,270)	(353,334)	(284,806)
Distributions of income from unconsolidated entities	374,101	331,627	271,998
Changes in assets and liabilities -
Tenant receivables and accrued revenue, net	(26,170)	16,277	9,918
Deferred costs and other assets	(132,945)	(43,797)	(122,677)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	99,931	(77,789)	35,542
Net cash provided by operating activities	3,593,788	3,372,694	3,024,685
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(264,488)	(499,976)	(1,410,881)
Funding of loans to related parties	(71,532)
Repayments of loans to related parties		8,207
Capital expenditures, net	(732,100)	(798,465)	(1,020,924)
Cash impact from the consolidation of properties	7,536	59,994
Net proceeds from sale of assets	19,944	36,558	33,015
Investments in unconsolidated entities	(157,173)	(312,160)	(329,928)
Purchase of marketable and non-marketable securities	(25,000)	(38,809)	(59,523)
Proceeds from sales of marketable and non-marketable securities	56,268	42,600	504,012
Distributions of capital from unconsolidated entities and other	405,078	533,025	821,509
Net cash used in investing activities	(761,467)	(969,026)	(1,462,720)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock, units and other, net of transaction costs	(328)	(328)	(285)
Purchase of shares or units related to stock grant recipients' tax withholdings	(2,789)	(4,299)	(3,301)
Purchase of treasury stock and limited partner units	(407,002)	(255,267)	(505,691)
Distributions to noncontrolling interest holders in properties	(11,295)	(9,731)	(8,041)
Contributions from noncontrolling interest holders in properties	382	1,507	4,552
Preferred distributions of the Operating Partnership	(1,915)	(1,915)	(1,915)
Distributions to stockholders and preferred dividends	(2,231,259)	(2,037,542)	(1,879,182)
Distributions to limited partners	(338,602)	(316,428)	(314,944)
Loss on debt extinguishment	(128,618)	(136,777)	(120,953)
Proceeds from issuance of debt, net of transaction costs	11,668,026	14,866,205	10,468,667
Repayments of debt	(10,456,671)	(14,650,168)	(9,112,020)
Net cash used in financing activities	(1,910,071)	(2,544,743)	(1,473,113)
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	922,250	(141,075)	88,852
CASH AND CASH EQUIVALENTS, beginning of period	560,059	701,134	612,282
CASH AND CASH EQUIVALENTS, end of period	1,482,309	560,059	701,134
Simon Property Group, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	2,244,903	2,134,706	2,139,375
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
Depreciation and amortization	1,357,351	1,327,946	1,239,214
Loss on debt extinguishment	128,618	136,777	120,953
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	(3,647)	(84,553)	(250,516)
Pre-development project cost charge		31,490
Gains on sales of marketable securities	(21,541)		(80,187)
Straight-line rent	(26,543)	(46,656)	(54,129)
Equity in income of unconsolidated entities	(400,270)	(353,334)	(284,806)
Distributions of income from unconsolidated entities	374,101	331,627	271,998
Changes in assets and liabilities -
Tenant receivables and accrued revenue, net	(26,170)	16,277	9,918
Deferred costs and other assets	(132,945)	(43,797)	(122,677)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	99,931	(77,789)	35,542
Net cash provided by operating activities	3,593,788	3,372,694	3,024,685
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(264,488)	(499,976)	(1,410,881)
Funding of loans to related parties	(71,532)
Repayments of loans to related parties		8,207
Capital expenditures, net	(732,100)	(798,465)	(1,020,924)
Cash impact from the consolidation of properties	7,536	59,994
Net proceeds from sale of assets	19,944	36,558	33,015
Investments in unconsolidated entities	(157,173)	(312,160)	(329,928)
Purchase of marketable and non-marketable securities	(25,000)	(38,809)	(59,523)
Proceeds from sales of marketable and non-marketable securities	56,268	42,600	504,012
Distributions of capital from unconsolidated entities and other	405,078	533,025	821,509
Net cash used in investing activities	(761,467)	(969,026)	(1,462,720)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock, units and other, net of transaction costs	(328)	(328)	(285)
Purchase of shares or units related to stock grant recipients' tax withholdings	(2,789)	(4,299)	(3,301)
Purchase of limited partner units	(407,002)	(255,267)	(505,691)
Distributions to noncontrolling interest holders in properties	(11,295)	(9,731)	(8,041)
Contributions from noncontrolling interest holders in properties	382	1,507	4,552
Distributions to limited partners	(2,571,776)	(2,355,885)	(2,196,041)
Loss on debt extinguishment	(128,618)	(136,777)	(120,953)
Proceeds from issuance of debt, net of transaction costs	11,668,026	14,866,205	10,468,667
Repayments of debt	(10,456,671)	(14,650,168)	(9,112,020)
Net cash used in financing activities	(1,910,071)	(2,544,743)	(1,473,113)
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	922,250	(141,075)	88,852
CASH AND CASH EQUIVALENTS, beginning of period	560,059	701,134	612,282
CASH AND CASH EQUIVALENTS, end of period	$ 1,482,309	$ 560,059	$ 701,134

Consolidated Statements of Equity - USD ($) $ in Thousands	Simon Property Group, L.P. Simon (Managing General Partner)	Simon Property Group, L.P. Limited Partners	Simon Property Group, L.P. Preferred Stock	Simon Property Group, L.P. Noncontrolling Interests	Simon Property Group, L.P.	Preferred Stock Series J Preferred stock	Common Stock	Accumulated Other Comprehensive Income (Loss)	Capital in Excess of Par Value	Accumulated Deficit	Common Stock Held in Treasury	Noncontrolling Interests	Total
Balance at Dec. 31, 2014						$ 44,062	$ 31	$ (61,041)	$ 9,422,237	$ (4,208,183)	$ (103,929)	$ 858,328	$ 5,951,505
Balance at Dec. 31, 2014	$ 5,049,115	$ 858,557	$ 44,062	$ (229)	$ 5,951,505
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units (500,411, 5,020,919, and 489,291 common shares respectively in 2017, 2016 and 2015, Note 10)									7,942			(7,942)
Series J preferred stock premium amortization			(329)		(329)	(329)							(329)
Limited partner units exchanged to units	7,942	(7,942)
Stock incentive program (common shares, net: 76,660 in 2017, 63,324 in 2016, 63,738 in 2015)									(13,103)		13,103
Redemption of limited partner units	(147,841)	(14,843)			(162,684)				(147,841)			(14,843)	(162,684)
Amortization of stock incentive	13,692				13,692				13,692				13,692
Treasury stock purchase											(343,007)		(343,007)
Treasury unit purchase	(343,007)				(343,007)
Long-term incentive performance units												47,279	47,279
Long-term incentive performance units		47,279			47,279
Issuance of unit equivalents and other	(10,543)			4,537	(6,006)				43	(7,285)	(3,301)	4,537	(6,006)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	101,480	(101,480)							101,480			(101,480)
Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests										(1,879,182)		(314,944)	(2,194,126)
Distributions to noncontrolling other interest holders												(3,836)	(3,836)
Distributions, excluding distributions on preferred interests classified as temporary equity	(1,875,845)	(314,944)	(3,337)	(3,836)	(2,197,962)
Other comprehensive income	(191,645)	(31,934)			(223,579)			(191,645)				(31,934)	(223,579)
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2017, 2016 and 2015, respectively and $2,078 and $4,301attributable to noncontrolling redeemable interests in properties in 2017 and 2016)	1,824,383	306,756	3,337	2,984	2,137,460					1,827,720		309,740	2,137,460
Balance at Dec. 31, 2015						43,733	31	(252,686)	9,384,450	(4,266,930)	(437,134)	744,905	5,216,369
Balance at Dec. 31, 2015	4,427,731	741,449	43,733	3,456	5,216,369
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units (500,411, 5,020,919, and 489,291 common shares respectively in 2017, 2016 and 2015, Note 10)							1		73,755			(73,756)
Series J preferred stock premium amortization			(328)		(328)	(328)							(328)
Limited partner units exchanged to units	73,756	(73,756)
Stock incentive program (common shares, net: 76,660 in 2017, 63,324 in 2016, 63,738 in 2015)									(14,139)		14,139
Amortization of stock incentive	12,024				12,024				12,024				12,024
Treasury stock purchase											(255,267)		(255,267)
Treasury unit purchase	(255,267)				(255,267)
Long-term incentive performance units												48,324	48,324
Long-term incentive performance units		48,324			48,324
Issuance of unit equivalents and other	1,889	(2)		1,508	3,395					6,189	(4,300)	1,506	3,395
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	66,996	(66,996)							66,996			(66,996)
Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests										(2,037,542)		(316,428)	(2,353,970)
Distributions to noncontrolling other interest holders												(2,765)	(2,765)
Distributions, excluding distributions on preferred interests classified as temporary equity	(2,034,205)	(316,428)	(3,337)	(2,765)	(2,356,735)
Other comprehensive income	138,560	25,080			163,640			138,560				25,080	163,640
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2017, 2016 and 2015, respectively and $2,078 and $4,301attributable to noncontrolling redeemable interests in properties in 2017 and 2016)	1,835,559	286,677	3,337	2,917	2,128,490					1,838,896		289,594	2,128,490
Balance at Dec. 31, 2016						43,405	32	(114,126)	9,523,086	(4,459,387)	(682,562)	649,464	4,959,912
Balance at Dec. 31, 2016	4,267,043	644,348	43,405	5,116	4,959,912
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units (500,411, 5,020,919, and 489,291 common shares respectively in 2017, 2016 and 2015, Note 10)									6,005			(6,005)
Series J preferred stock premium amortization			(328)		(328)	(328)							(328)
Limited partner units exchanged to units	6,005	(6,005)
Stock incentive program (common shares, net: 76,660 in 2017, 63,324 in 2016, 63,738 in 2015)									(13,289)		13,289
Amortization of stock incentive	13,911				13,911				13,911				13,911
Treasury stock purchase											(407,002)		(407,002)
Treasury unit purchase	(407,002)				(407,002)
Long-term incentive performance units												38,305	38,305
Long-term incentive performance units		38,305			38,305
Issuance of unit equivalents and other	(42,036)	1		382	(41,653)				241	(39,489)	(2,788)	383	(41,653)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	84,794	(84,794)							84,794			(84,794)
Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests										(2,231,259)		(338,602)	(2,569,861)
Distributions to noncontrolling other interest holders												(3,851)	(3,851)
Distributions, excluding distributions on preferred interests classified as temporary equity	(2,227,922)	(338,602)	(3,337)	(3,851)	(2,573,712)
Other comprehensive income	3,673	592			4,265			3,673				592	4,265
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2017, 2016 and 2015, respectively and $2,078 and $4,301attributable to noncontrolling redeemable interests in properties in 2017 and 2016)	1,944,625	295,013	3,337	2,091	2,245,066					1,947,962		297,104	2,245,066
Balance at Dec. 31, 2017						$ 43,077	$ 32	$ (110,453)	$ 9,614,748	$ (4,782,173)	$ (1,079,063)	$ 552,596	$ 4,238,764
Balance at Dec. 31, 2017	$ 3,643,091	$ 548,858	$ 43,077	$ 3,738	$ 4,238,764

Consolidated Statements of Equity (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Exchange of limited partner units, (in shares)	500,411	5,020,919	489,291
Stock incentive program, shares, net	76,660	63,324	63,738
Treasury stock purchase, shares	2,468,630	1,409,197	1,903,340
Shares repurchased	16,161	21,041	17,030
Net income attributable to preferred interests in the Operating Partnership (in dollars)	$ 1,915,000	$ 1,915,000	$ 1,915,000
Net income attributable to noncontrolling redeemable interests in properties (in dollars)	$ 2,078,000	$ 4,301,000
Simon Property Group, L.P.
Limited partner units exchanged to common units	500,411	5,020,919	489,291
Stock incentive program, units, net	76,660	63,324	63,738
Redemption of units			944,359
Treasury unit purchase, units	2,468,630	1,409,197	1,903,340
Issuance of equivalents units	103,941	482,779	401,203
Issuance of common units	$ 16,161	$ 21,041	$ 17,030
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars)	1,915,000	$ 1,915,000	$ 1,915,000
Net income attributable to noncontrolling redeemable interests in properties (in dollars)	$ 2,078,000

Organization

12 Months Ended

Dec. 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. Unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Unless otherwise indicated, these notes to consolidated financial statements apply to both Simon and the Operating Partnership. According to the Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon.

We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of Simon® malls, Premium Outlets®, and The Mills®. As of December 31, 2017, we owned or held an interest in 207 income‑producing properties in the United States, which consisted of 107 malls, 68 Premium Outlets, 14 Mills, four lifestyle centers, and 14 other retail properties in 37 states and Puerto Rico. Internationally, as of December 31, 2017, we had ownership interests in nine Premium Outlets in Japan, four Premium Outlets in South Korea, two Premium Outlets in Canada, two Premium Outlets in Malaysia and one Premium Outlet in Mexico. We also own an interest in eight Designer Outlet properties in Europe, of which six properties are consolidated, and one Designer Outlet property in Canada. Of the eight properties in Europe, two are located in Italy, two are located in the Netherlands and one each is located in Austria, France, Germany and the United Kingdom. As of December 31, 2017, we also owned a 21.0% 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.

We generate the majority of our revenues from leases with retail, dining, entertainment and other tenants, including:

base minimum rents,

overage and percentage rents based on tenants’ sales volume, and

recoverable expenditures such as property operating, real estate taxes, repair and maintenance, and advertising and promotional expenditures.

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

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

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

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

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

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

Basis of Presentation and Consolidation

12 Months Ended

Dec. 31, 2017

Basis of Presentation and Consolidation

Basis of Presentation and Consolidation

2. Basis of Presentation and Consolidation

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

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

We also consolidate a variable interest entity, or VIE, when we are determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE, including management agreements and other contractual arrangements. There have been no changes during 2017 in previous conclusions about whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. During 2017 and 2016, we did not provide financial or other support to any identified VIE that we were not contractually obligated to provide.

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

As of December 31, 2017, we consolidated 134 wholly‑owned properties and 19 additional properties that are less than wholly‑owned, but which we control or for which we are the primary beneficiary. We account for the remaining 81 properties, or the joint venture properties, as well as our investment 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 58 of the 81 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, Germany, Canada, and the United Kingdom comprise 19 of the remaining 23 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 us based on the partners’ respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests.

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


	For the Year Ended
	December 31,
	2017		2016		2015
Weighted average ownership interest	86.8	%	86.5	%	85.6	%

As of December 31, 2017 and 2016, our ownership interest in the Operating Partnership was 86.9%. We adjust the noncontrolling limited partners’ interest at the end of each period to reflect their interest in the net assets of the Operating Partnership.

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

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

Investment Properties

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


	For the Year Ended
	December 31,
		2017		2016		2015
Capitalized interest	$	24,754	$	31,250	$	32,664

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

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

During the fourth quarter of 2016, we determined we would no longer pursue the construction of the Copley residential tower given a change in property approval dynamics, construction pricing in the Boston market and the continued increase in residential supply in the market. Accordingly, we recorded a charge of approximately $31.5 million related to the write-off of pre-development costs, which is included in other expenses in the accompanying statement of operations and comprehensive income.

Purchase Accounting

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

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

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

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

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

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

Cash and Cash Equivalents

We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers’ acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits. See Notes 4 and 10 for disclosures about non-cash investing and financing transactions.

Marketable and Non‑Marketable Securities

Marketable securities consist primarily of the investments of our captive insurance subsidiary, available‑for‑sale securities, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At December 31, 2017 and 2016, we had marketable securities of $103.3 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 December 31, 2017 and 2016 were approximately $0.4 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 subsidiary is required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. 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.

On July 26, 2017, we sold our investment in certain marketable securities that were accounted for as available-for-sale securities, with the value adjusted to the quoted market price through other comprehensive income (loss). The aggregate proceeds received from the sale were $53.9 million, and we recognized a gain on the sale of $21.5 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2017.

On June 24, 2015, we sold our investment in certain marketable securities that were accounted for as available-for-sale securities, with the value adjusted to its quoted market price through other comprehensive income (loss). At the date of sale, we owned 5.71 million shares. The aggregate proceeds received from the sale were $454.0 million, and we recognized a gain on the sale of $80.2 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2015.

At December 31, 2017 and 2016, we had investments of $227.5 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.

Fair Value Measurements

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

The marketable securities we held at December 31, 2017 and 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 liability balance of $18.1 million at December 31, 2017 and a gross asset value of $43.9 million at December 31, 2016.

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

Gains on Issuances of Stock by Equity Method Investees

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

In 2015, as discussed in Note 7, we recorded a non-cash gain of $206.9 million related to Klépierre’s issuance of shares in connection with Klépierre’s acquisition of Corio N.V., or Corio, which 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.

Use of Estimates

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

Segment and Geographic Locations

Our primary business is the ownership, development, and management of premier shopping, dining, entertainment and mixed use real estate. We have aggregated our retail operations, including malls, Premium Outlets, The Mills, and our international investments into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same tenants. As discussed in Note 7, we consolidated various European assets in 2016. As of December 31, 2017, approximately 6.5% of our consolidated long-lived assets and 2.6% of our consolidated total revenues were derived from assets located outside the United States. As of December 31, 2016, approximately 5.3% of our consolidated long-lived assets and 1.5% of our consolidated total revenues were derived from assets located outside the United States.

Deferred Costs and Other Assets

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


	2017		2016
Deferred lease costs, net	$	250,442	$	250,261
In-place lease intangibles, net		96,054		153,015
Acquired above market lease intangibles, net		92,405		112,024
Marketable securities of our captive insurance companies		55,664		58,142
Goodwill		20,098		20,098
Other marketable and non-marketable securities		275,130		308,591
Prepaids, notes receivable and other assets, net		584,190		451,457
	$	1,373,983	$	1,353,588

Deferred Lease Costs

Our deferred leasing costs consist primarily of capitalized salaries and related benefits in connection with lease originations. We record amortization of deferred leasing costs on a straight‑line basis over the terms of the related leases. Details of these deferred costs as of December 31 are as follows:


	2017		2016
Deferred lease costs	$	485,977	$	464,226
Accumulated amortization		(235,535)		(213,965)
Deferred lease costs, net	$	250,442	$	250,261

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


	For the Year Ended December 31,
	2017		2016		2015
Amortization of deferred leasing costs	$	54,323	$	49,993	$	43,788

Intangibles

The average remaining life of in‑place lease intangibles is approximately 3.0 years and is being amortized on a straight‑line basis and is included with depreciation and amortization in the consolidated statements of operations and comprehensive income. The fair market value of above and below market leases is amortized into revenue over the remaining lease life as a component of reported minimum rents. The weighted average remaining life of these intangibles is approximately 2.7 years. The unamortized amount of below market leases is included in accounts payable, accrued expenses, intangibles and deferred revenues in the consolidated balance sheets and was $94.1 million and $116.1 million as of December 31, 2017 and 2016, respectively. The amount of amortization from continuing operations of above and below market leases, net, which increased revenue for the years ended December 31, 2017, 2016, and 2015, was $2.8 million, $5.4 million and $13.6 million, respectively. If a lease is terminated prior to the original lease termination, any remaining unamortized intangible is written off to earnings.

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


	2017		2016
In-place lease intangibles	$	328,811	$	395,713
Accumulated depreciation		(232,757)		(242,698)
In-place lease intangibles, net	$	96,054	$	153,015

	2017		2016
Acquired above market lease intangibles	$	260,398	$	254,581
Accumulated amortization		(167,993)		(142,557)
Acquired above market lease intangibles, net	$	92,405	$	112,024

Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2017 are as follows:


	Below		Above		Impact to
	Market		Market		Minimum
	Leases		Leases		Rent, Net
2018	$	25,953	$	(24,932)	$	1,021
2019		22,048		(20,537)		1,511
2020		17,376		(16,305)		1,071
2021		8,395		(10,984)		(2,589)
2022		5,506		(7,876)		(2,370)
Thereafter		14,820		(11,771)		3,049
	$	94,098	$	(92,405)	$	1,693

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 December 31, 2017, we had no outstanding interest rate derivatives. As of 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 December 31, 2016, was a net asset value of $21.1 million, all of which was 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 December 31, 2017 and 2016, respectively.

We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euro. We use currency forward contracts 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 December 31, 2017 and 2016 (in millions):


			Asset (Liability) Value as of
			December 31,		December 31,
Notional Value		Maturity Date	2017		2016
€	50.0	August 11, 2017	$	—	$	15.5
€	50.0	May 15, 2019		(2.4)		3.9
€	50.0	May 15, 2019		(4.9)		1.5
€	50.0	May 15, 2020		(5.2)		1.1
€	50.0	May 14, 2021		(5.5)		0.6

Asset balances in the above table are included in deferred costs and other assets. Liability balances in the above table are included in other liabilities. We have designated the 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 joint venture properties, approximated $9.3 million and $35.0 million as of December 31, 2017 and 2016, respectively.

Noncontrolling Interests

Simon

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




	2017		2016
Limited partners’ interests in the Operating Partnership	$	548,858	$	644,348
Nonredeemable noncontrolling interests in properties, net		3,738		5,116
Total noncontrolling interests reflected in equity	$	552,596	$	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 noncontrolling interests for the years ended December 31 is as follows:




	2017		2016		2015
Noncontrolling interests, beginning of period	$	649,464	$	744,905	$	858,328
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties		297,104		289,594		309,740
Distributions to noncontrolling interest holders		(342,453)		(319,193)		(318,780)
Other comprehensive (loss) income allocable to noncontrolling interests:
Unrealized (loss) gain on derivative hedge agreements		(4,607)		5,444		2,543
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings		(1,587)		19,629		(9,925)
Currency translation adjustments		6,040		(209)		(22,749)
Changes in available-for-sale securities and other		746		216		(1,803)
		592		25,080		(31,934)
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership		(84,794)		(66,996)		(101,480)
Units exchanged for common shares		(6,005)		(73,756)		(7,942)
Units redeemed		—		—		(14,843)
Long-term incentive performance units		38,305		48,324		47,279
Contributions by noncontrolling interests, net, and other		383		1,506		4,537
Noncontrolling interests, end of period	$	552,596	$	649,464	$	744,905

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 noncontrolling interests for the years ended December 31 is as follows:




	2017		2016		2015
Noncontrolling nonredeemable interests (deficit) in properties, net — beginning of period	$	5,116	$	3,456	$	(229)
Net income attributable to noncontrolling nonredeemable interests		2,091		2,917		2,984
Distributions to noncontrolling nonredeemable interestholders		(3,851)		(2,765)		(3,836)
Contributions by noncontrolling interests, net, and other		382		1,508		4,537
Noncontrolling nonredeemable interests in properties, net — end of period	$	3,738	$	5,116	$	3,456

Accumulated Other Comprehensive Income (Loss)

Simon

The changes in components of our accumulated other comprehensive income (loss) consisted of the following net of noncontrolling interest as of December 31, 2017:


					Net unrealized
	Currency		Accumulated		gains (losses) 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		39,726		(30,505)		4,987		14,208
Amounts reclassified from accumulated other comprehensive income (loss)		—		8,186		(18,721)		(10,535)
Net current-period other comprehensive income (loss)		39,726		(22,319)		(13,734)		3,673
Ending balance	$	(118,138)	$	8,055	$	(370)	$	(110,453)

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


	2017		2016		2015
	Amount reclassified		Amount reclassified		Amount reclassified
Details about accumulated other	from accumulated		from accumulated		from accumulated
comprehensive income (loss)	other comprehensive		other comprehensive		other comprehensive		Affected line item where
components:	income (loss)		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
		—		17,948		—	Net income attributable to noncontrolling interests
	$	—	$	(118,858)		—


Accumulated derivative losses, net	$	(9,419)	$	(12,230)	$	(10,998)	Interest expense
		—		(586)			Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
		1,233		1,681		1,577	Net income attributable to noncontrolling interests
	$	(8,186)	$	(11,135)	$	(9,421)

Realized gain on sale of marketable securities	$	21,541	$	—	$	80,187	Other income
		(2,820)		—		(11,502)	Net income attributable to noncontrolling interests
	$	18,721	$	—	$	68,685

The Operating Partnership

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


					Net unrealized
	Currency		Accumulated		gains (losses) 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		45,766		(35,112)		5,733		16,387
Amounts reclassified from accumulated other comprehensive income (loss)		—		9,419		(21,541)		(12,122)
Net current-period other comprehensive income (loss)		45,766		(25,693)		(15,808)		4,265
Ending balance	$	(135,940)	$	9,263	$	(425)	$	(127,102)

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


	2017		2016		2015
	Amount reclassified		Amount reclassified		Amount reclassified
Details about accumulated other	from accumulated		from accumulated		from accumulated
comprehensive income (loss)	other comprehensive		other comprehensive		other comprehensive		Affected line item where
components:	income (loss)		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 losses, net	$	(9,419)	$	(12,230)	$	(10,998)	Interest expense
		—		(586)		—	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
	$	(9,419)	$	(12,816)	$	(10,998)

Realized gain on sale of marketable securities	$	21,541	$	—	$	80,187	Other income
	$	21,541	$	—	$	80,187

Revenue Recognition

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

We structure our leases to allow us to recover a significant portion of our property operating, real estate taxes, repairs and maintenance, and advertising and promotion expenses from our tenants. A substantial portion of our leases, other than those for anchor stores, require the tenant to reimburse us for a substantial portion of our operating expenses, including common area maintenance, or CAM, real estate taxes and insurance. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation or otherwise. Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. As of December 31, 2017, for substantially all of our leases in the U.S. mall portfolio, we receive a fixed payment from the tenant for the CAM component which is recognized as revenue when earned. When not reimbursed by the fixed‑CAM component, CAM expense reimbursements are based on the tenant’s proportionate share of the allocable operating expenses and CAM capital expenditures for the property. We also receive escrow payments for these reimbursements from substantially all our non‑fixed CAM tenants and monthly fixed CAM payments throughout the year. We accrue reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. Our advertising and promotional costs are expensed as incurred.

Management Fees and Other Revenues

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

Revenues from insurance premiums charged to unconsolidated properties are recognized on a pro‑rata basis over the terms of the policies. Insurance losses on these policies and our self‑insurance for our consolidated properties are reflected in property operating expenses in the accompanying consolidated statements of operations and comprehensive income and include estimates for losses incurred but not reported as well as losses pending settlement. Estimates for losses are based on evaluations by third-party actuaries and management’s estimates. Total insurance reserves for our insurance subsidiaries and other self‑insurance programs as of December 31, 2017 and 2016 approximated $81.8 million and $83.5 million, respectively, and are included in other liabilities in the consolidated balance sheets. Information related to the securities included in the investment portfolio of our captive insurance subsidiary is included within the “Marketable and Non‑Marketable Securities” section above.

Allowance for Credit Losses

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


	For the Year Ended
	December 31,
	2017		2016		2015
Balance, beginning of period	$	22,498	$	30,094	$	33,282
Provision for credit losses		11,304		7,319		6,635
Accounts written off, net of recoveries		(10,342)		(14,915)		(9,823)
Balance, end of period	$	23,460	$	22,498	$	30,094

Income Taxes

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

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

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

As of December 31, 2017 and 2016, we had net deferred tax liabilities of $301.7 million and $265.7 million, respectively, which primarily relate to the temporary differences between the carrying value of balance sheet assets and liabilities and their tax bases. These differences were primarily created through the consolidation of various European assets in 2016 as discussed further in Note 7. Additionally, we have deferred tax liabilities related to our TRS subsidiaries, consisting of operating losses and other carryforwards for U.S. federal income tax purposes as well as the timing of the deductibility of losses or reserves from insurance subsidiaries, though these amounts are not material to the financial statements. The net deferred tax liability is included in other liabilities in the accompanying consolidated balance sheets.

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

Corporate Expenses

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

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 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. For the years ended December 31, 2017 and 2016, these revenues were less than 6.0% and 7.0% of consolidated revenue, respectively. The amount and timing of revenue recognition from our services to joint ventures, licensing fee arrangements and ancillary income is consistent with the prior 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. We adopted the standard using the modified retrospective approach on January 1, 2018 and there was no cumulative effect adjustment to recognize.

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 recognize changes in equity investments with readily determinable fair values in net income. We recognized a cumulative effect adjustment of $7.3 million to beginning retained earnings as of January 1, 2018 to reclassify unrealized gains and losses previously reported in accumulated other comprehensive income for equity investments with readily determinable fair values that are currently being accounted for as available for sale securities and certain investments currently being accounted for using the cost method for which the measurement alternative described below is not elected. For those equity investments that do not have readily determinable fair values, the ASU permits the application of a measurement alternative using the cost of the investment, less any impairments, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. This guidance will be applied prospectively upon the occurrence of an event which establishes fair value to all other investments we currently account for using the cost method.

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. ASU 2016-02 also limits the capitalization of leasing costs to initial direct costs, which will likely result in a reduction to our capitalized leasing costs and an increase in expenses, though the amount of such change is highly dependent upon the leasing compensation structures in place at the time of adoption.

Substantially all of our revenues and the revenues of our equity method investments are earned from arrangements that are within the scope of ASU 2016-02. Upon adoption of ASU 2016-02, consideration related to non-lease components identified in our lease arrangements will be accounted for using the guidance in ASU 2014-09, which we have determined would (i) necessitate that we reallocate consideration received under many of our lease arrangements between the lease and non-lease component, (ii) result in recognizing revenue allocated to our primary non-lease component (consideration received from fixed common area maintenance arrangements) on a straight-line basis and (iii) require separate presentation of revenue recognized from lease and non-lease components on our statement of operations. However, on January 5, 2018, the FASB issued an Exposure Draft that proposes targeted improvements to ASU 2016-02, which include creating a practical expedient that would provide lessors an option not to separate lease and non-lease components when certain criteria are met and instead account for those components as a single component. If the FASB adopts this proposed update, we believe we would meet the criteria to account for lease and non-lease components as a single component, which would alleviate the requirement upon adoption of ASU 2016-02 that we reallocate or separately present lease and non-lease components. We would, however, recognize consideration received from fixed common area maintenance arrangements on a straight-line basis.

Further, upon adoption of ASU 2016-02, leases of land and other arrangements where we are the lessee will be recognized on our balance sheet. Undiscounted future minimum lease payments due under long-term ground leases with termination dates which range from 2019 to 2090, excluding extension options, over the entire term of these leases total approximately $780.4 million. The adoption of the guidance will result in the recognition of leased assets and corresponding liabilities discounted over the life of the applicable leases.

We will adopt ASU 2016-02 and any subsequent amendments beginning in the first quarter of 2019. In the Exposure Draft issued on January 5, 2018, the FASB also proposed a transition option that would permit the application of the new guidance as of the adoption date rather than to all periods presented. We are currently evaluating the impact that the adoption of the new standard and the recently issued Exposure Draft will have on our consolidated financial statements and method of adoption.

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 the carryover basis for contributions of real estate into a joint venture where control of the real estate is not retained, which will result in the recognition of a gain or loss upon contribution. We adopted the standard using the modified retrospective approach on January 1, 2018 and there was no cumulative effect adjustment to recognize.

In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities," which introduced amendments to the hedge accounting model to allow for better alignment with risk management practices in addition to simplifying the hedge accounting model. The provisions may permit more risk management strategies to qualify for hedge accounting, including interest rate hedges and foreign currency hedges. The new standard will be effective for us beginning on January 1, 2019 and early adoption is permitted. We early adopted the ASU on January 1, 2018. There was no impact on our consolidated financial statements at adoption.

Real Estate Acquisitions and Dispositions	12 Months Ended
Real Estate Acquisitions and Dispositions	Dec. 31, 2017
Real Estate Acquisitions and Dispositions
Real Estate Acquisitions and Dispositions	4. Real Estate Acquisitions and Dispositions We acquire interests in properties to generate both current income and long-term appreciation in value. We acquire interests in individual properties or portfolios of retail real estate companies that meet our investment criteria and sell properties which no longer meet our strategic criteria. Unless otherwise noted below, gains and losses on these transactions are included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. We capitalize asset acquisition costs and expense costs related to business combinations, as well as disposition related costs as they are incurred. We incurred $4.4 million in transaction costs during 2015 in connection with the acquisitions of Jersey Gardens and University Park Village, which are included in other expenses in the accompanying consolidated statements of operations and comprehensive income. Other than these transaction costs, we incurred a minimal amount of transaction expenses during 2017, 2016, and 2015. Our consolidated and unconsolidated acquisition and disposition activity for the periods presented are as follows: 2017 Acquisition On April 21, 2017, our controlled 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 May 2017, the assumed loan was refinanced with a $69.0 million mortgage due in 2024, after available extension options, with an interest rate of EURIBOR plus 1.85%. 2016 Acquisitions On January 1, 2016, as discussed further in Note 7, 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 7, this European investee 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 14, 2016, as discussed further in Note 7, we acquired a 50% interest in The Shops at Crystals. 2015 Acquisitions On January 15, 2015, we acquired a 100% interest in Jersey Gardens (renamed The Mills at Jersey Gardens) in Elizabeth, New Jersey, and University Park Village in Fort Worth, Texas, for $677.9 million of cash and the assumption of existing mortgage debt of $405.0 million. 2017 Dispositions During 2017, we disposed of our interest in one unconsolidated retail property. The loss recognized on this transaction was approximately $1.3 million. As discussed in Note 7, Klépierre disposed of its interests in certain shopping centers during the second quarter, resulting in a gain of which our share was $5.0 million. 2016 Dispositions During 2016, we disposed of our interests in two unconsolidated multi-family residential investments, three consolidated retail properties, and four unconsolidated retail properties. Our share of the gross proceeds from these transactions was $81.8 million. The gain on the consolidated retail properties was $12.4 million. The gain on the unconsolidated retail properties was $22.6 million. The aggregate gain of $36.2 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. As discussed in Note 7, Klépierre disposed of its interest in certain Scandinavian properties during the fourth quarter, resulting in a gain of which our share was $8.1 million. 2015 Dispositions During 2015, we disposed of our interests in three unconsolidated retail properties. The aggregate gain recognized on these transactions was approximately $43.6 million.

Per Share and Per Unit Data

12 Months Ended

Dec. 31, 2017

Per Share and Per Unit Data

Per Share and Per Unit Data

5. Per Share and Per Unit Data

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

Simon


	For the Year Ended December 31,
	2017		2016		2015
Net Income attributable to Common Stockholders — Basic and Diluted	$	1,944,625	$	1,835,559	$	1,824,383
Weighted Average Shares Outstanding — Basic and Diluted		311,517,345		312,690,756		310,102,746

For the year ended December 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 years ended December 31, 2017, 2016, and 2015. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared.

The Operating Partnership


	For the Year Ended December 31,
	2017		2016		2015
Net Income attributable to Unitholders — Basic and Diluted	$	2,239,638	$	2,122,236	$	2,131,139
Weighted Average Units Outstanding — Basic and Diluted		358,776,632		361,526,633		362,244,154

For the year ended December 31, 2017, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the years ended December 31, 2017, 2016, and 2015. We accrue distributions when they are declared.

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


	For the Year Ended December 31,
	2017			2016			2015
Total dividends/distributions paid per common share/unit	$	7.15		$	6.50		$	6.05
Percent taxable as ordinary income		100.00	%		99.70	%		94.30	%
Percent taxable as long-term capital gains		0.00	%		0.30	%		5.70	%
		100.00	%		100.00	%		100.00	%

In January 2018, Simon’s Board of Directors declared a quarterly cash dividend of $1.95 per share of common stock payable on February 28, 2018 to stockholders of record on February 14, 2018. The Operating Partnership’s distribution rate on our units is equal to the dividend rate on Simon’s common stock.

Investment Properties

12 Months Ended

Dec. 31, 2017

Investment Properties

Investment Properties

6. Investment Properties

Investment properties consist of the following as of December 31:


	2017		2016
Land	$	3,635,316	$	3,568,935
Buildings and improvements		32,379,190		31,329,007
Total land, buildings and improvements		36,014,506		34,897,942
Furniture, fixtures and equipment		378,958		328,147
Investment properties at cost		36,393,464		35,226,089
Less — accumulated depreciation		11,935,949		10,865,754
Investment properties at cost, net	$	24,457,515	$	24,360,335
Construction in progress included above	$	503,692	$	506,211

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 40
-Section 40
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=84176060&loc=d3e18551-111553

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 40
-Section 40
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84176060&loc=d3e18511-111553

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=82891408&loc=d3e4437-111522

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

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(c)(Schedule III))
-URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(4))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 970
-SubTopic 360
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28)
-URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 35
-Paragraph 43
-URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224

Reference 9: 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(8))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

+ Details

Investment in Unconsolidated Entities

12 Months Ended

Dec. 31, 2017

Investment in Unconsolidated Entities

Investments in Unconsolidated Entities

7. Investments 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 81 properties as of December 31, 2017 and 78 properties as of December 31, 2016.

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

We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of December 31, 2017 and 2016, we had construction loans and other advances to related parties totaling $87.0 million and $12.3 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets.

Unconsolidated Property 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 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.

On April 5, 2016, Quaker Bridge Mall, in which we own a 50% noncontrolling interest, completed a $180.0 million mortgage financing with a fixed interest rate of 4.50% that matures on May 1, 2026. Proceeds of approximately $180.0 million from the financing were distributed to the joint venture partners in April 2016.

On July 22, 2015, we closed on our transaction with Hudson’s Bay Company, or HBC, to which HBC contributed 42 properties in the U.S. and we committed to contribute $100.0 million for improvements to the properties contributed by HBC in exchange for a noncontrolling interest in the newly formed entity, HBS. As of December 31, 2017, we have funded $68.3 million of this commitment. On September 30, 2015, HBC announced it had closed on the acquisition of Galeria Holding, the parent company of Germany’s leading department store, Kaufhof. In conjunction with the closing, HBS acquired 41 Kaufhof properties in Germany from HBC. All of these properties have been leased to affiliates of HBC. We contributed an additional $178.5 million to HBS upon closing of the Galeria Holding transaction. Our noncontrolling equity interest in HBS is approximately 11.7% at December 31, 2017. Our share of net income, net of amortization of our excess investment, was $4.8 million and $2.6 million for the three months ended December 31, 2017 and 2016, respectively, and $16.1 million and $15.2 million for the twelve months ended December 31, 2017 and 2016, respectively. Total assets and total liabilities of HBS as of December 31, 2017 were $4.4 billion and $2.9 billion, respectively. Total revenues, operating income and consolidated net income were approximately $351.0 million, $313.8 million and $220.2 million, respectively, for the year ended December 31, 2017 and $409.8 million, $233.2 million, and $128.7 million, respectively for the year ended December 31, 2016.

On April 13, 2015, we announced a joint venture with Sears Holdings, or Sears, whereby Sears contributed 10 of its properties located at our malls to the joint venture in exchange for a 50% noncontrolling interest in the joint venture. Sears or its affiliates leased back each of the 10 properties from the joint venture. Seritage Growth Properties, or Seritage, a public REIT formed by Sears, now holds Sears’ original 50% noncontrolling interest in the joint venture. We contributed $114.0 million in cash in exchange for a 50% noncontrolling interest in the joint venture. The joint venture has the right to recapture not less than 50% of the space leased to Sears to be used for purposes of redeveloping and releasing the recaptured space.

On November 3, 2017, we acquired additional interests in the real estate assets and/or rights to terminate leases related to twelve Sears stores located at our malls (including five stores previously held in our joint venture with Seritage), in order to redevelop these properties. The total cost of this transaction was $184.6 million which is reflected as investment property. Four of the Sears stores are at properties held in unconsolidated joint ventures, and should our partners participate in the transaction and related redevelopment, the cost of the transaction to us will be reduced by their proportionate share. Our joint venture with Seritage now covers the former Sears properties located at five of our malls.

International Investments

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

European Investments. At December 31, 2017, we owned 63,924,148 shares, or approximately 21.0%, of Klépierre, which had a quoted market price of $43.93 per share. On July 29, 2014, Klépierre announced that it had entered into a conditional agreement to acquire Corio pursuant to which Corio shareholders received 1.14 Klépierre ordinary shares for each Corio ordinary share. On January 15, 2015, the tender offer transaction closed and the merger was completed on March 31, 2015, reducing our ownership from 28.9% at December 31, 2014 to 18.3%, resulting in a non-cash gain of $206.9 million that was required to be recognized in the first quarter of 2015 as if we had sold a proportionate share of our investment. On May 11, 2015, we purchased 6,290,000 additional shares of Klépierre for $279.4 million bringing our ownership to 20.3%. All of the excess investment related to this additional purchase has been determined to relate to investment property. Our share of net income, net of amortization of our excess investment, was $50.0 million, $41.5 million and $6.7 million for the years ended December 31, 2017, 2016 and 2015, respectively. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre’s results to GAAP, Klépierre’s total assets, total liabilities, and noncontrolling interests were $21.8 billion, $13.7 billion, and $1.6 billion, respectively, as of December 31, 2017 and $19.8 billion, $11.8 billion, and $1.4 billion, respectively, as of December 31, 2016. Klépierre’s total revenues, operating income and consolidated net income were approximately $1.5 billion, $545.7 million and $381.3 million, respectively, for the year ended December 31, 2017, $1.5 billion, $449.9 million and $310.9 million, respectively, for the year ended December 31, 2016, and $1.5 billion, $414.8 million and $181.2 million, respectively, for the year ended December 31, 2015.

During 2017, Klépierre completed the disposal of its interest in certain shopping centers. In connection with these disposals, we recorded a gain of $5.0 million, representing our share of the gains recognized by Klépierre, which 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.

During the fourth quarter of 2016, Klépierre completed the disposal of certain properties. In connection with these transactions, we recorded a gain of $8.1 million, which 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.

We had an interest in a European investee that had interests in nine, seven, and six Designer Outlet properties, as of December 31, 2017, 2016, and 2015, respectively. 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 fair value of 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 sheets outside of equity in limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties and (ii) in the accompanying Operating Partnership consolidated balance sheets within preferred units, various series, at liquidation value, and noncontrolling redeemable interests in properties.

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, 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 $159.7 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. Substantially all of our investment has been determined to relate to investment property based on estimated fair value at the acquisition date.

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 $17.9 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 May, the assumed loan was refinanced with a $69.0 million mortgage due in 2024, after available extension options, with an interest rate of EURIBOR plus 1.85%. Substantially all of our investment has been determined to relate to investment property based on estimated fair value at the acquisition date.

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

As of December 31, 2017, our legal percentage ownership interests in these properties ranged from 45% to 94%.

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 December 31, 2017 and 2016, the carrying value of these non-marketable investments was $140.8 million and is included in deferred costs and other assets.

On March 19, 2015, we disposed of our interest in a joint venture which had held interests in rights to pre-development projects in Europe, for total proceeds of $19.0 million. We recognized a gain on the sale of $8.3 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income.

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 $230.3 million and $227.5 million as of December 31, 2017 and 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 $149.1 million and $130.9 million as of December 31, 2017 and 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. During 2017, we disposed of our interest in one retail property. During 2016, we disposed of our interests in four retail properties and our investments in two multi-family residential assets. During 2015, we disposed of our interests in three retail properties.

COMBINED BALANCE SHEETS


	December 31,		December 31,
	2017		2016
Assets:
Investment properties, at cost	$	18,328,747	$	17,549,078
Less - accumulated depreciation		6,371,363		5,892,960
		11,957,384		11,656,118
Cash and cash equivalents		956,084		778,455
Tenant receivables and accrued revenue, net		403,125		348,139
Deferred costs and other assets		355,585		351,098
Total assets	$	13,672,178	$	13,133,810
Liabilities and Partners’ Deficit:
Mortgages	$	14,784,310	$	14,237,576
Accounts payable, accrued expenses, intangibles, and deferred revenue		1,033,674		867,003
Other liabilities		365,857		325,078
Total liabilities		16,183,841		15,429,657
Preferred units		67,450		67,450
Partners’ deficit		(2,579,113)		(2,363,297)
Total liabilities and partners’ deficit	$	13,672,178	$	13,133,810
Our Share of:
Partners’ deficit	$	(1,144,620)	$	(1,018,755)
Add: Excess Investment		1,733,063		1,791,691
Our net Investment in unconsolidated entities, at equity	$	588,443	$	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 has been determined to relate to the fair value of the investment property, lease related intangibles, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of investment property, typically no greater than 40 years, the terms of the applicable leases and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities.

As of December 31, 2017, scheduled principal repayments on joint venture properties’ mortgage indebtedness are as follows:


2018	$	359,688
2019		720,517
2020		2,597,803
2021		1,949,786
2022		1,773,635
Thereafter		7,436,061
Total principal maturities		14,837,490
Net unamortized debt premium		2,781
Debt issuance costs		(55,961)
Total mortgages and unsecured indebtedness	$	14,784,310

This debt becomes due in installments over various terms extending through 2035 with interest rates ranging from 0.32% to 9.35% and a weighted average interest rate of 4.00% at December 31, 2017.

COMBINED STATEMENTS OF OPERATIONS



	For the Year Ended
	December 31,
	2017		2016		2015
REVENUE:
Minimum rent	$	1,868,613	$	1,823,674	$	1,801,023
Overage rent		210,909		200,638		191,249
Tenant reimbursements		860,778		862,155		799,420
Other income		290,515		237,782		236,726
Total revenue		3,230,815		3,124,249		3,028,418
OPERATING EXPENSES:
Property operating		551,885		538,002		530,798
Depreciation and amortization		640,286		588,666		594,973
Real estate taxes		245,646		239,917		231,154
Repairs and maintenance		81,309		76,380		73,286
Advertising and promotion		86,480		88,956		75,773
Provision for credit losses		6,645		7,603		4,153
Other		184,037		183,435		169,504
Total operating expenses		1,796,288		1,722,959		1,679,641
Operating Income		1,434,527		1,401,290		1,348,777
Interest expense		(593,062)		(585,958)		(593,187)
(Loss) gain on sale or disposal of assets and interests in unconsolidated entities, net		(2,239)		101,051		67,176
Net Income	$	839,226	$	916,383	$	822,766
Third-Party Investors’ Share of Net Income	$	424,533	$	452,844	$	405,456
Our Share of Net Income	$	414,693	$	463,539	$	417,310
Amortization of Excess Investment		(89,804)		(94,213)		(94,828)
Our Share of Loss (Gain) on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		1,342		(22,636)		(43,589)
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	$	326,231	$	310,537	$	278,893

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

2017 Dispositions

In 2017, we disposed of our interest in one retail property. Our share of the net loss on disposition was $1.3 million.

2016 Dispositions

In 2016, we disposed of our interest in four retail properties and two multi-family residential investments. Our share of the net gain on disposition was $22.6 million and $36.2 million, respectively.

2015 Dispositions

In 2015, we disposed of our interests in three retail properties. Our share of the net gain on disposition was $43.6 million.

Indebtedness and Derivative Financial Instruments

12 Months Ended

Dec. 31, 2017

Indebtedness and Derivative Financial Instruments

Indebtedness and Derivative Financial Instruments

8. Indebtedness and Derivative Financial Instruments

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


	2017		2016
Fixed-Rate Debt:
Mortgage notes, including $16,869 and $21,916 of net premiums and $16,106 and $15,965 of debt issuance costs, respectively. Weighted average interest and maturity of 4.04% and 6.4 years at December 31, 2017.	$	6,020,552	$	5,876,831
Unsecured notes, including $51,657 and $46,426 of net discounts and $68,535 and $65,801 of debt issuance costs, respectively. Weighted average interest and maturity of 3.16% and 7.8 years at December 31, 2017.		16,375,713		15,252,834
Commercial Paper (see below)		978,467		953,665
Total Fixed-Rate Debt		23,374,732		22,083,330
Variable-Rate Debt:
Mortgages notes, including $8,988 and $690 of debt issuance costs, respectively. Weighted average interest and maturity of 2.49% and 3.9 years at December 31, 2017.		883,781		592,655
Credit Facility (see below), including $17,106 and $15,380 of debt issuance costs, respectively, at December 31, 2017.		305,530		301,119
Total Variable-Rate Debt		1,189,311		893,774
Other Debt Obligations		68,420		—
Total Mortgages and Unsecured Indebtedness	$	24,632,463	$	22,977,104

General. Our unsecured debt agreements contain financial covenants and other non‑financial covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender, including adjustments to the applicable interest rate. As of December 31, 2017, we were in compliance with all covenants of our unsecured debt.

At December 31, 2017, we or our subsidiaries were the borrowers under 47 non‑recourse mortgage notes secured by mortgages on 50 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 December 31, 2017, the applicable borrowers under these non‑recourse mortgage notes were in compliance with all covenants where non‑compliance could individually or in the aggregate, giving effect to applicable cross‑default provisions, have a material adverse effect on our financial condition, liquidity or results of operations.

Unsecured Debt

At December 31, 2017, our unsecured debt consisted of $16.5 billion of senior unsecured notes of the Operating Partnership, $322.6 million outstanding under the Operating Partnership’s $3.5 billion supplemental unsecured revolving credit facility, or Supplemental Facility, and $978.5 million outstanding under the Operating Partnership’s global unsecured commercial paper program, or Commercial Paper program. The December 31, 2017 balance on the Supplemental Facility included $197.6 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 December 31, 2017, we had an aggregate available borrowing capacity of $6.2 billion under the Supplemental Facility and the Operating Partnership’s $4.0 billion unsecured revolving credit facility, or Credit Facility, and together with the Supplemental Facility, the Credit Facilities. The maximum aggregate outstanding balance under the Credit Facilities during the year ended December 31, 2017 was $960.9 million and the weighted average outstanding balance was $455.5 million. Letters of credit of $20.9 million were outstanding under the Credit Facilities as of December 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, Euro, 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 LIBOR plus 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.

On February 15, 2018, the Operating Partnership amended and extended the Supplemental Facility. The Supplemental Facility’s initial borrowing capacity of $3.5 billion may be increased to $4.5 billion during its term. The initial maturity date of the Supplemental Facility was extended to June 30, 2022 and can be extended for an additional year to June 30, 2023 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the Supplemental Facility was reduced to LIBOR plus 77.5 basis points from LIBOR plus 80 basis points, with a facility fee of 10 basis points.

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, Euro and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership's other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facilities and if necessary or appropriate, we may make one or more draws under either of the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program. On December 31, 2017, we had $978.5 million outstanding under the Commercial Paper program, fully comprised of U.S. dollar denominated notes with a weighted average interest rate of 1.40%. These borrowings mature on various dates through March 15, 2018 and reduce amounts otherwise available under the Credit Facilities.

On June 1, 2017, the Operating Partnership completed the issuance of $600.0 million of senior unsecured notes at a fixed interest rate of 2.63% with a maturity date of June 15, 2022 and $750.0 million of senior unsecured notes at a fixed interest rate of 3.38% with a maturity date of June 15, 2027. Proceeds from the unsecured notes offering were used to fund the early redemption of senior unsecured notes in June 2017, as discussed below, and to pay down the Credit Facility.

On December 11, 2017, the Operating Partnership completed the issuance of $600.0 million of senior unsecured notes at a fixed interest rate of 2.75% with a maturity date of June 1, 2023 and $750.0 million of senior unsecured notes at a fixed interest rate of 3.38% with a maturity date of December 1, 2027. Proceeds from the unsecured notes offering were used to redeem at par $750 million of senior unsecured notes with a fixed interest rate of 1.50% on January 3, 2018 and for general business purposes.

During 2017, the Operating Partnership redeemed at par $600.0 million of senior unsecured notes with a fixed interest rate of 2.15% and completed the early redemption of a series of senior unsecured notes comprising $1.25 billion with a fixed interest rate of 5.65%. We recorded a $128.6 million loss on extinguishment of debt in the second quarter of 2017 as a result of the early redemption.

Mortgage Debt

Total mortgage indebtedness was $6.9 billion and $6.5 billion at December 31, 2017 and 2016, respectively.

On April 21, 2017, as discussed in Note 7, through our European investee, we acquired a controlling interest in Rosada Designer Outlet in Roosendaal, Netherlands, subject to an existing EURIBOR-based variable rate mortgage loan of $40.1 million (U.S. dollar equivalent).

Debt Maturity and Other

Our scheduled principal repayments on indebtedness as of December 31, 2017 are as follows:


2018	$	2,060,959	(1)
2019		741,849
2020		2,465,232
2021		3,157,745
2022		3,521,890
Thereafter		12,761,890
Total principal maturities		24,709,565
Net unamortized debt discount		(34,788)
Debt issuance costs, net		(110,734)
Other Debt Obligations		68,420
Total mortgages and unsecured indebtedness	$	24,632,463

(1)Includes $750.0 million aggregate principal amount of 1.50% senior unsecured notes redeemed at par on January 3, 2018.

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


	For the Year Ended December 31,
	2017		2016		2015
Cash paid for interest	$	814,729	$	887,118	$	943,683

Derivative Financial Instruments

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

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

The unamortized loss on our treasury locks and terminated hedges recorded in accumulated other comprehensive income (loss) was $10.1 million and $35.4 million as of December 31, 2017 and 2016, respectively. As of December 31, 2016, our outstanding LIBOR based derivative contracts consisted of an interest rate swap agreement with a notional amount of $250.0 million. As of December 31, 2017, we had no outstanding interest rate derivatives.

Within the next year, we expect to reclassify to earnings approximately $7.0 million of losses related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss).

Debt Issuance Costs

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


	2017		2016
Debt issuance costs	$	200,646	$	166,041
Accumulated amortization		(89,912)		(68,205)
Debt issuance costs, net	$	110,734	$	97,836

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


		For the Year Ended December 31,
	2017		2016		2015
Amortization of debt issuance costs	$	21,707	$	21,703	$	19,349
Amortization of debt discounts/(premiums)		1,357		(14,583)		(16,107)

Fair Value of Debt

The carrying value of our variable‑rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed‑rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed‑rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed‑rate mortgages and unsecured indebtedness including commercial paper was $23.4 billion and $22.1 billion as of December 31, 2017 and 2016, respectively. The fair values of these financial instruments and the related discount rate assumptions as of December 31 are summarized as follows:



	2017			2016
Fair value of fixed-rate mortgages and unsecured indebtedness	$	24,003		$	22,703
Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages		4.25	%		4.12	%
Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness		4.10	%		3.83	%

Rentals under Operating Leases

12 Months Ended

Dec. 31, 2017

Rentals under Operating Leases

Rentals under Operating Leases

9. Rentals under Operating Leases

Future minimum rentals to be received under non‑cancelable tenant operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on tenant sales volume as of December 31, 2017 are as follows:


2018	$	2,846,006
2019		2,568,106
2020		2,312,789
2021		2,021,629
2022		1,727,607
Thereafter		4,209,145
	$	15,685,282

Equity

12 Months Ended

Dec. 31, 2017

Equity

Equity

10. Equity

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

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

Common Stock and Unit Issuances and Repurchases

In 2017, Simon issued 500,411 shares of common stock to sixteen limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. These transactions 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 year ended December 31, 2017, Simon repurchased 2,468,630 shares at an average price of $164.87 per share as part of this program. During the year ended December 31, 2016, Simon repurchased 1,409,197 shares at an average price of $181.14 per share 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 December 31, 2017 and 2016. The following table summarizes the preferred units in the Operating Partnership and the amount of the noncontrolling redeemable interests in properties as of December 31.


	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		164,943		112,225
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$	190,480	$	137,762

7.50% Cumulative Redeemable Preferred Units. This series of preferred units accrues cumulative quarterly distributions at a rate of $7.50 annually. The preferred units are redeemable by the Operating Partnership upon the death of the survivor of the original holders, or the transfer of any preferred units to any person or entity other than the persons or entities entitled to the benefits of the original holder. The redemption price is the liquidation value ($100.00 per preferred unit) plus accrued and unpaid distributions, payable either in cash or fully registered shares of common stock at our election. In the event of the death of a holder of the preferred units, the occurrence of certain tax triggering events applicable to the holder, or on or after November 10, 2006, the holder may require the Operating Partnership to redeem the preferred units at the same redemption price payable at the option of the Operating Partnership in either cash or shares of common stock. These preferred units have a carrying value of $25.5 million and are included in limited partners’ preferred interest in the Operating Partnership in the consolidated balance sheets at December 31, 2017 and 2016.

The Operating Partnership

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

Noncontrolling Redeemable Interests in Properties Redeemable instruments, which typically represent the remaining interest in a property or portfolio of properties, and which are redeemable at the option of the holder or in circumstances that may be outside our control, are accounted for as temporary equity. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded within equity. There are no noncontrolling interests redeemable at amounts in excess of fair value as of December 31, 2017 and 2016. The following table summarizes the preferred units and the amount of the noncontrolling redeemable interests in properties as of 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		164,943		112,225
Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties	$	190,480	$	137,762

7.50% Cumulative Redeemable Preferred Units The 7.50% preferred units accrue cumulative quarterly distributions at a rate of $7.50 annually. We may redeem the preferred units upon the death of the survivor of the original holders, or the transfer of any preferred units to any person or entity other than the persons or entities entitled to the benefits of the original holder. The redemption price is the liquidation value ($100.00 per preferred unit) plus accrued and unpaid distributions, payable either in cash or fully registered shares of common stock of Simon at our election. In the event of the death of a holder of the 7.5% preferred units, the occurrence of certain tax triggering events applicable to the holder, or on or after November 10, 2006, the holder may require the Operating Partnership to redeem the preferred units at the same redemption price payable at the Operating Partnership’s option in either cash or fully registered shares of common stock of Simon. These preferred units have a carrying value of $25.5 million and are included in preferred units, at liquidation value in the consolidated balance sheets at December 31, 2017 and 2016.

Permanent Equity

Simon

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

Series J 83/₈% Cumulative Redeemable Preferred Stock. Dividends accrue quarterly at an annual rate of 83/₈% per share. Simon can redeem this series, in whole or in part, on or after October 15, 2027 at a redemption price of $50.00 per share, plus accumulated and unpaid dividends. This preferred stock was issued at a premium of $7.5 million. The unamortized premium included in the carrying value of the preferred stock at December 31, 2017 and 2016 was $3.2 million and $3.6 million, respectively.

The Operating Partnership

Series J 83/₈% Cumulative Redeemable Preferred Units. Distributions accrue quarterly at an annual rate of 83/₈% per unit on the Series J 83/₈% preferred units, or Series J preferred units. Simon owns all of the Series J preferred units which have the same economic rights and preferences of an outstanding series of Simon preferred stock. The Operating Partnership can redeem this series, in whole or in part, when Simon can redeem the related preferred stock, on and after October 15, 2027 at a redemption price of $50.00 per unit, plus accumulated and unpaid distributions. The Series J preferred units were issued at a premium of $7.5 million. The unamortized premium included in the carrying value of the preferred units at December 31, 2017 and 2016 was $3.2 million and $3.6 million, respectively. There are 1,000,000 Series J preferred units authorized and 796,948 issued and outstanding.

Other Equity Activity

Notes Receivable from Former CPI Stockholders. Notes receivable of $14.5 million from stockholders of an entity we acquired in 1998 are reflected as a deduction from capital in excess of par value in the Simon consolidated statements of equity and as a deduction from general partner’s equity in the Operating Partnership consolidated statements of equity in the accompanying financial statements. The notes do not bear interest and become due at the time the underlying shares are sold.

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

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

Awards and Compensation for Eligible Directors. Directors who are not also our employees or employees of our affiliates are eligible to receive awards under the 1998 plan. Each independent director receives an annual cash retainer of $100,000, and an annual restricted stock award with a grant date value of $150,000. Committee chairs receive annual retainers for the Company’s Audit, Compensation, and Governance and Nominating Committees of $35,000, $35,000 and $25,000, respectively. Directors receive fixed annual retainers for service on the Audit, Compensation and Governance and Nominating Committees, of $15,000, $15,000, and $10,000, respectively. The Lead Director receives an annual retainer of $50,000. These retainers are paid 50% in cash and 50% in restricted stock.

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

Stock Based Compensation

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, certain 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	466,405	$28.5 million
2014-2016 LTIP program	120,314	$27.5 million
2015-2017 LTIP program	To be determined in 2018	$25.1 million
2016-2018 LTIP program	To be determined in 2019	$26.3 million

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

We recorded compensation expense, net of capitalization and reversal of expense for awards for which the requisite service was not provided, related to these LTIP programs of approximately $14.0 million, $31.0 million, and $24.9 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Restricted Stock. The 1998 plan also provides for shares of restricted stock to be granted to certain employees at no cost to those employees, subject to achievement of individual performance and certain financial and return‑based performance measures established by the Compensation Committee related to the most recent year’s performance. Once granted, the shares of restricted stock then vest annually over a three‑year or a four‑year period (as defined in the award). The cost of restricted stock grants, which is based upon the stock’s fair market value on the grant date, is recognized as expense ratably over the vesting period. Through December 31, 2017 a total of 5,734,667 shares of restricted stock, net of forfeitures, have been awarded under the 1998 plan. Information regarding restricted stock awards is summarized in the following table for each of the years presented:


	For the Year Ended
	December 31,
	2017		2016		2015
Shares of restricted stock awarded during the year, net of forfeitures		76,660		63,324		63,738
Weighted average fair value of shares granted during the year	$	170.81	$	209.16	$	197.17
Amortization expense	$	13,911	$	12,024	$	13,692

We recorded compensation expense, net of capitalization, related to restricted stock for employees and non-employee directors of approximately $9.0 million, $9.1 million, and $9.4 million for the years ended December 31, 2017, 2016 and 2015, 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 are 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. Based on the Company’s performance in 2017, the Compensation Committee of our Board of Directors determined that all of the 280,000 C units were earned. The earned A units vested on January 1, 2018, earned B units will vest on January 1, 2019 and earned C units will vest on June 30, 2019, subject to Mr. Simon’s continued employment through such applicable date. The grant date fair value of the retention award of $120.3 million is being recognized as expense over the eight‑year term of his employment agreement on a straight‑line basis through the applicable vesting periods of the A units, B units and C units.

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

Exchange Rights

Simon

Limited partners in the Operating Partnership have the right to exchange all or any portion of their units for shares of common stock on a one‑for‑one basis or cash, as determined by Simon’s Board of Directors. The amount of cash to be paid if the exchange right is exercised and the cash option is selected will be based on the trading price of Simon’s common stock at that time. At December 31, 2017, Simon had reserved 50,632,517 shares of common stock for possible issuance upon the exchange of units, stock options and Class B common stock.

The Operating Partnership

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

Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies.

Commitments and Contingencies

11. 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 by the trial court in our favor, concluding that up to $150 million of additional coverage is available under our excess insurance policies 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. On January 26, 2018, the Court of Appeals of Tennessee reversed the trial court’s summary judgment on the amount of available coverage and ruled that the policy limit was $50 million. The Company intends to seek review of this ruling by the Tennessee Supreme Court. 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 from our former insurance broker, Aon Risk Services Central Inc., who is a defendant in this case, but did not participate in the trial, but no assurance can be made that our efforts to recover these losses will be successful.

Lease Commitments

As of December 31, 2017, a total of 23 of the consolidated properties are subject to ground leases. The termination dates of these ground leases range from 2019 to 2090. These ground leases generally require us to make fixed annual rental payments, or a fixed annual rental payment plus a percentage rent component based upon the revenues or total sales of the property. In addition, we have several regional office locations that are subject to leases with termination dates ranging from 2018 to 2028. These office leases generally require us to make fixed annual rental payments plus pay our share of common area, real estate and utility expenses. Some of our ground and office leases include escalation clauses and renewal options. We incurred ground lease expense and office lease expense, which are included in other expense and home office and regional expense, respectively, as follows:


	For the Year Ended
	December 31,
	2017		2016		2015
Ground lease expense	$	40,864	$	38,764	$	38,851
Office lease expense		4,481		4,105		4,067

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


2018	$	26,401
2019		25,936
2020		24,829
2021		24,061
2022		23,886
Thereafter		655,309
	$	780,422

Insurance

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

We currently maintain insurance coverage against acts of terrorism on all of our properties in the United States on an “all risk” basis in the amount of up to $1 billion. The current U.S. federal laws which provide this coverage are expected to operate through 2020. Despite the existence of this insurance coverage, any threatened or actual terrorist attacks where we operate could adversely affect our property values, revenues, consumer traffic and tenant sales.

Hurricane Impacts

During the third quarter of 2017, two of our wholly-owned properties located in Puerto Rico sustained significant damage as a result of Hurricane Maria. Due to the conditions on the island, we were unable to determine a reliable estimate or a range of reliable estimates of the extent of the damages at these properties at the end of the third quarter. During the fourth quarter, as additional information became available, we recorded an impairment of approximately $19.0 million related to damages at these properties, which is offset by an insurance recovery receivable.

We believe we maintain adequate insurance coverages for these properties and all property damage losses, as well as future losses from business interruption, are fully recoverable from insurance proceeds. The extent of the impact related to property damage is limited to our $1.0 million insurance deductible per occurrence, which was recorded in our statements of operations during the third quarter.

Damage to our properties from the hurricanes in Florida and Texas was minimal. The impact was primarily limited to repairs at the affected properties and, as such, we did not recognize any significant impairment charges. The extent of the impact related to the property damage in Texas was not significant. The extent of the impact related to the property damage in Florida is limited to our $1.0 million insurance deductible, which was recorded in our statements of operations during the third quarter.

Guarantees of Indebtedness

Joint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non‑recourse to us. As of December 31, 2017 and 2016, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $211.6 million and $400.5 million, respectively (of which we have a right of recovery from our venture partners of $10.8 million and $87.3 million, respectively). Mortgages guaranteed by the Operating Partnership are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount.

Concentration of Credit Risk

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

Related Party Transactions

12 Months Ended

Dec. 31, 2017

Related Party Transactions

Related Party Transactions

12. Related Party Transactions

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


	For the Year Ended
	December 31,
	2017		2016		2015
Amounts charged to unconsolidated joint ventures	$	116,447	$	138,496	$	154,098
Amounts charged to properties owned by related parties		4,812		5,384		4,324

During 2017, 2016 and 2015, we recorded development, royalty and other fee income, net of elimination, related to our international investments of $15.5 million, $14.4 million and $13.6 million, respectively. Also during 2017, 2016 and 2015, we received fees related to financing services, net of elimination, provided to unconsolidated joint ventures of $1.6 million, $9.1 million and $2.3 million, respectively. The fees related to our international investments and financing activities are included in other income in the accompanying consolidated statements of operations and comprehensive income.

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

13. Quarterly Financial Data (Unaudited)

Quarterly 2017 and 2016 data is summarized in the table below. Quarterly amounts may not sum to annual amounts due to rounding.


	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
2017
Total revenue	$	1,345,763	$	1,361,548	$	1,403,638	$	1,427,692
Operating income		676,671		686,149		690,068		749,452
Consolidated net income		551,075		441,373		592,635		659,821
Simon Property Group, Inc.
Net income attributable to common stockholders	$	477,736	$	381,990	$	513,783	$	571,116
Net income per share — Basic and Diluted	$	1.53	$	1.23	$	1.65	$	1.84
Weighted average shares outstanding — Basic and Diluted		312,809,981		311,579,301		310,853,299		310,855,573
Simon Property Group, L.P.
Net income attributable to unitholders	$	550,006	$	439,986	$	591,872	$	657,774
Net income per unit — Basic and Diluted	$	1.53	$	1.23	$	1.65	$	1.84
Weighted average units outstanding — Basic and Diluted		360,130,442		358,865,806		358,115,572		358,025,108
2016
Total revenue	$	1,336,715	$	1,315,380	$	1,357,168	$	1,425,966
Operating income		684,901		659,236		676,191		700,501
Consolidated net income		563,839		527,325		587,940		455,602
Simon Property Group, Inc.
Net income attributable to common stockholders	$	480,995	$	455,389	$	504,744	$	394,431
Net income per share — Basic and Diluted	$	1.55	$	1.45	$	1.61	$	1.26
Weighted average shares outstanding — Basic and Diluted		309,416,266		313,399,467		314,234,418		313,684,810
Simon Property Group, L.P.
Net income attributable to unitholders	$	561,797	$	525,447	$	581,266	$	453,726
Net income per unit — Basic and Diluted	$	1.55	$	1.45	$	1.61	$	1.26
Weighted average units outstanding — Basic and Diluted		361,394,591		361,761,991		361,764,112		361,186,785

Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2017

Schedule III Real Estate and Accumulated Depreciation

Schedule III Real Estate and Accumulated Depreciation

SCHEDULE III

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2017

(Dollars in thousands)


								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
				Initial Cost (3)				Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)		Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition
Malls
Barton Creek Square	Austin, TX	$	—	$	2,903	$	20,929	$	7,983	$	70,973	$	10,886	$	91,902	$	102,788	$	58,272	1981
Battlefield Mall	Springfield, MO		119,862		3,919		27,231		3,001		64,853		6,920		92,084		99,004		69,239	1970
Bay Park Square	Green Bay, WI		—		6,358		25,623		4,106		26,445		10,464		52,068		62,532		31,788	1980
Brea Mall	Brea (Los Angeles), CA		—		39,500		209,202		2,993		68,764		42,493		277,966		320,459		134,057	1998	(4)
Broadway Square	Tyler, TX		—		11,306		32,431		—		33,584		11,306		66,015		77,321		35,653	1994	(4)
Burlington Mall	Burlington (Boston), MA		—		46,600		303,618		27,458		153,141		74,058		456,759		530,817		211,089	1998	(4)
Castleton Square	Indianapolis, IN		—		26,250		98,287		7,434		79,854		33,684		178,141		211,825		105,295	1972
Cielo Vista Mall	El Paso, TX		—		1,005		15,262		608		55,718		1,613		70,980		72,593		46,889	1974
College Mall	Bloomington, IN		—		1,003		16,245		720		68,013		1,723		84,258		85,981		40,451	1965
Columbia Center	Kennewick, WA		—		17,441		66,580		—		31,600		17,441		98,180		115,621		55,319	1987
Copley Place	Boston, MA		—		—		378,045		—		193,895		—		571,940		571,940		217,913	2002	(4)
Coral Square	Coral Springs (Miami), FL		—		13,556		93,630		—		21,369		13,556		114,999		128,555		85,268	1984
Cordova Mall	Pensacola, FL		—		18,626		73,091		7,321		68,399		25,947		141,490		167,437		66,931	1998	(4)
Domain, The	Austin, TX		188,529		40,436		197,010		—		141,636		40,436		338,646		379,082		138,133	2005
Empire Mall	Sioux Falls, SD		190,000		35,998		192,186		—		25,440		35,998		217,626		253,624		45,836	1998	(5)
Fashion Mall at Keystone, The	Indianapolis, IN		—		—		120,579		29,145		96,557		29,145		217,136		246,281		110,311	1997	(4)
Firewheel Town Center	Garland (Dallas), TX		—		8,485		82,716		—		27,385		8,485		110,101		118,586		56,101	2004
Forum Shops at Caesars, The	Las Vegas, NV		—		—		276,567		—		255,342		—		531,909		531,909		244,657	1992
Greenwood Park Mall	Greenwood (Indianapolis), IN		—		2,423		23,445		5,253		119,238		7,676		142,683		150,359		80,053	1979
Haywood Mall	Greenville, SC		—		11,585		133,893		6		39,479		11,591		173,372		184,963		102,289	1998	(4)
Ingram Park Mall	San Antonio, TX		130,744		733		16,972		37		39,545		770		56,517		57,287		29,333	1979
King of Prussia	King of Prussia (Philadelphia), PA		—		175,063		1,128,200		—		333,297		175,063		1,461,497		1,636,560		296,839	2003	(5)
La Plaza Mall (13)	McAllen, TX		—		87,912		9,828		6,569		166,682		94,481		176,510		270,991		36,246	1976
Lakeline Mall	Cedar Park (Austin), TX		—		10,088		81,568		14		24,986		10,102		106,554		116,656		56,981	1995
Lenox Square	Atlanta, GA		—		38,058		492,411		—		122,659		38,058		615,070		653,128		317,817	1998	(4)
Livingston Mall	Livingston (New York), NJ		—		22,214		105,250		—		48,288		22,214		153,538		175,752		78,744	1998	(4)
Mall of Georgia	Buford (Atlanta), GA		—		47,492		326,633		—		10,013		47,492		336,646		384,138		161,305	1999	(5)

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2017

(Dollars in thousands)


									Cost Capitalized
									Subsequent to				Gross Amounts At Which							Date of
					Initial Cost (3)				Acquisition (3)				Carried At Close of Period							Construction
							Buildings and				Buildings and				Buildings and				Accumulated	or
Name	Location	Encumbrances (6)			Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)	Acquisition
McCain Mall	N. Little Rock, AR	$	—	$	—	$	9,515	$	10,530	$	28,196	$	10,530	$	37,711	$	48,241	$	13,525	1973
Menlo Park Mall	Edison (New York), NJ		—		65,684		223,252		—		74,136		65,684		297,388		363,072		163,854	1997	(4)
Midland Park Mall	Midland, TX		77,172		687		9,213		2,121		36,605		2,808		45,818		48,626		21,181	1980
Miller Hill Mall	Duluth, MN		—		2,965		18,092		1,811		42,987		4,776		61,079		65,855		40,879	1973
Montgomery Mall	North Wales (Philadelphia), PA		100,000		27,105		86,915		—		64,667		27,105		151,582		178,687		63,868	2004	(5)
North East Mall	Hurst (Dallas), TX		—		128		12,966		19,010		148,034		19,138		161,000		180,138		106,662	1971
Northgate Mall	Seattle, WA		—		23,610		115,992		—		123,082		23,610		239,074		262,684		121,459	1987
Ocean County Mall	Toms River (New York), NJ		—		20,404		124,945		3,277		43,657		23,681		168,602		192,283		86,576	1998	(4)
Orland Square	Orland Park (Chicago), IL		—		35,514		129,906		—		51,398		35,514		181,304		216,818		98,563	1997	(4)
Oxford Valley Mall	Langhorne (Philadelphia), PA		62,538		24,544		100,287		—		19,140		24,544		119,427		143,971		74,821	2003	(4)
Penn Square Mall	Oklahoma City, OK		310,000		2,043		155,958		—		52,657		2,043		208,615		210,658		115,280	2002	(4)
Pheasant Lane Mall	Nashua, NH		—		3,902		155,068		550		47,880		4,452		202,948		207,400		99,262	2004	(5)
Phipps Plaza	Atlanta, GA		—		15,005		210,610		—		85,228		15,005		295,838		310,843		141,106	1998	(4)
Plaza Carolina	Carolina (San Juan), PR		225,000		15,493		279,560		—		41,422		15,493		320,982		336,475		137,469	2004	(4)
Prien Lake Mall	Lake Charles, LA		—		1,842		2,813		3,053		50,465		4,895		53,278		58,173		27,832	1972
Rockaway Townsquare	Rockaway (New York), NJ		—		41,918		212,257		—		49,921		41,918		262,178		304,096		135,299	1998	(4)
Roosevelt Field	Garden City (New York), NY		—		163,160		702,008		1,246		349,597		164,406		1,051,605		1,216,011		433,659	1998	(4)
Ross Park Mall	Pittsburgh, PA		—		23,541		90,203		5,815		110,779		29,356		200,982		230,338		113,928	1986
Santa Rosa Plaza	Santa Rosa, CA		—		10,400		87,864		—		27,666		10,400		115,530		125,930		59,715	1998	(4)
Shops at Chestnut Hill, The	Chestnut Hill (Boston), MA		120,000		449		25,102		43,257		103,525		43,706		128,627		172,333		27,370	2002	(5)
Shops at Nanuet, The	Nanuet, NY		—		28,125		142,860		—		10,767		28,125		153,627		181,752		26,435	2013
Shops at Riverside, The	Hackensack (New York), NJ		130,000		13,521		238,746		—		117,562		13,521		356,308		369,829		53,268	2007	(4) (5)
South Hills Village	Pittsburgh, PA		—		23,445		125,840		1,472		75,257		24,917		201,097		226,014		92,225	1997	(4)
South Shore Plaza	Braintree (Boston), MA		—		101,200		301,495		—		165,680		101,200		467,175		568,375		226,132	1998	(4)
Southdale Mall	Edina (Minneapolis), MN		147,532		41,430		184,967		—		54,807		41,430		239,774		281,204		50,837	2007	(4) (5)
SouthPark	Charlotte, NC		—		42,092		188,055		100		194,014		42,192		382,069		424,261		193,099	2002	(4)
Southridge Mall	Greendale (Milwaukee), WI		119,381		12,359		130,111		1,939		20,159		14,298		150,270		164,568		40,352	2007	(4) (5)
St. Charles Towne Center	Waldorf (Washington, DC), MD		—		7,710		52,934		1,180		29,764		8,890		82,698		91,588		56,382	1990

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2017

(Dollars in thousands)


									Cost Capitalized
									Subsequent to				Gross Amounts At Which							Date of
					Initial Cost (3)				Acquisition (3)				Carried At Close of Period							Construction
							Buildings and				Buildings and				Buildings and				Accumulated	or
Name	Location	Encumbrances (6)			Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)	Acquisition
Stanford Shopping Center	Palo Alto (San Jose), CA	$	—	$	—	$	339,537	$	—	$	127,002	$	—	$	466,539	$	466,539	$	163,738	2003	(4)
Summit Mall	Akron, OH		85,000		15,374		51,137		—		50,430		15,374		101,567		116,941		57,456	1965
Tacoma Mall	Tacoma (Seattle), WA		—		37,113		125,826		—		126,071		37,113		251,897		289,010		121,895	1987
Tippecanoe Mall	Lafayette, IN		—		2,897		8,439		5,517		47,852		8,414		56,291		64,705		42,760	1973
Town Center at Boca Raton	Boca Raton (Miami), FL		—		64,200		307,317		—		191,722		64,200		499,039		563,239		259,982	1998	(4)
Town Center at Cobb	Kennesaw (Atlanta), GA		188,806		32,355		158,225		—		20,045		32,355		178,270		210,625		108,990	1998	(5)
Towne East Square	Wichita, KS		—		8,525		18,479		4,108		48,507		12,633		66,986		79,619		45,622	1975
Treasure Coast Square	Jensen Beach, FL		—		11,124		72,990		3,067		41,404		14,191		114,394		128,585		68,334	1987
Tyrone Square	St. Petersburg (Tampa), FL		—		15,638		120,962		1,459		51,475		17,097		172,437		189,534		95,813	1972
University Park Mall	Mishawaka, IN		—		16,768		112,158		7,000		58,288		23,768		170,446		194,214		141,916	1996	(4)
Walt Whitman Shops	Huntington Station (New York), NY		—		51,700		111,258		3,789		126,413		55,489		237,671		293,160		107,360	1998	(4)
White Oaks Mall	Springfield, IL		50,500		3,024		35,692		2,102		63,609		5,126		99,301		104,427		52,065	1977
Wolfchase Galleria	Memphis, TN		162,022		15,484		128,276		—		18,697		15,484		146,973		162,457		85,984	2002	(4)
Woodland Hills Mall	Tulsa, OK		87,403		34,211		187,123		—		28,610		34,211		215,733		249,944		121,727	2004	(5)

Premium Outlets
Albertville Premium Outlets	Albertville (Minneapolis), MN		—		3,900		97,059		—		9,473		3,900		106,532		110,432		46,924	2004	(4)
Allen Premium Outlets (13)	Allen (Dallas), TX		—		21,603		69,788		—		40,908		21,603		110,696		132,299		30,471	2004	(4)
Aurora Farms Premium Outlets	Aurora (Cleveland), OH		0		2370		24326		0		6793		2370		31119		33489		21678	2004	(4)
Birch Run Premium Outlets	Birch Run (Detroit), MI		123,000		11,477		77,856		—		7,123		11,477		84,979		96,456		28,407	2010	(4)
Camarillo Premium Outlets	Camarillo (Los Angeles), CA		—		16,670		224,721		395		68,934		17,065		293,655		310,720		122,970	2004	(4)
Carlsbad Premium Outlets	Carlsbad (San Diego), CA		—		12,890		184,990		96		7,338		12,986		192,328		205,314		74,059	2004	(4)
Carolina Premium Outlets	Smithfield (Raleigh), NC		45,317		3,175		59,863		5,311		6,361		8,486		66,224		74,710		33,516	2004	(4)
Chicago Premium Outlets	Aurora (Chicago), IL		—		659		118,005		13,050		105,156		13,709		223,161		236,870		66,897	2004	(4)
Cincinnati Premium Outlets	Monroe (Cincinnati), OH		—		14,117		71,520		—		4,671		14,117		76,191		90,308		30,828	2008
Clinton Crossing Premium Outlets	Clinton, CT		—		2,060		107,556		1,532		5,146		3,592		112,702		116,294		50,855	2004	(4)
Desert Hills Premium Outlets	Cabazon (Palm Springs), CA		—		3,440		338,679		—		100,369		3,440		439,048		442,488		147,321	2004	(4)
Edinburgh Premium Outlets	Edinburgh (Indianapolis), IN		—		2,857		47,309		—		15,822		2,857		63,131		65,988		30,999	2004	(4)
Ellenton Premium Outlets	Ellenton (Tampa), FL		178,000		15,807		182,412		—		6,786		15,807		189,198		205,005		76,859	2010	(4)

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2017

(Dollars in thousands


									Cost Capitalized
									Subsequent to				Gross Amounts At Which							Date of
					Initial Cost (3)				Acquisition (3)				Carried At Close of Period							Construction
							Buildings and				Buildings and				Buildings and				Accumulated	or
Name	Location	Encumbrances (6)			Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)	Acquisition
Folsom Premium Outlets	Folsom (Sacramento), CA	$	—	$	9,060	$	50,281	$	—	$	4,258	$	9,060	$	54,539	$	63,599	$	28,139	2004	(4)
Gilroy Premium Outlets	Gilroy (San Jose), CA		—		9,630		194,122		—		12,177		9,630		206,299		215,929		90,565	2004	(4)
Grand Prairie Premium Outlets	Grand Prairie (Dallas), TX		116,331		9,497		194,245		—		—		9,497		194,245		203,742		36,981	2012
Grove City Premium Outlets	Grove City (Pittsburgh), PA		140,000		6,421		121,880		—		5,847		6,421		127,727		134,148		52,990	2010	(4)
Gulfport Premium Outlets	Gulfport, MS		50,000		—		27,949		—		2,925		—		30,874		30,874		12,161	2010	(4)
Hagerstown Premium Outlets	Hagerstown (Baltimore/Washington, DC), MD		77,000		3,576		85,883		—		2,780		3,576		88,663		92,239		29,773	2010	(4)
Houston Premium Outlets	Cypress (Houston), TX		—		8,695		69,350		—		44,060		8,695		113,410		122,105		43,113	2007
Jackson Premium Outlets	Jackson (New York), NJ		—		6,413		104,013		3		7,289		6,416		111,302		117,718		43,924	2004	(4)
Jersey Shore Premium Outlets	Tinton Falls (New York), NJ		—		15,390		50,979		—		76,297		15,390		127,276		142,666		51,500	2007
Johnson Creek Premium Outlets	Johnson Creek, WI		—		2,800		39,546		—		6,730		2,800		46,276		49,076		19,528	2004	(4)
Kittery Premium Outlets	Kittery, ME		—		11,832		94,994		—		9,746		11,832		104,740		116,572		39,061	2004	(4)
Las Americas Premium Outlets	San Diego, CA		—		45,168		251,878		—		8,190		45,168		260,068		305,236		78,820	2007	(4)
Las Vegas North Premium Outlets	Las Vegas, NV		—		25,435		134,973		16,536		149,251		41,971		284,224		326,195		101,948	2004	(4)
Las Vegas South Premium Outlets	Las Vegas, NV		—		13,085		160,777		—		31,574		13,085		192,351		205,436		71,039	2004	(4)
Lee Premium Outlets	Lee, MA		52,651		9,167		52,212		—		2,900		9,167		55,112		64,279		22,193	2010	(4)
Leesburg Corner Premium Outlets	Leesburg (Washington, DC), VA		—		7,190		162,023		—		6,728		7,190		168,751		175,941		75,578	2004	(4)
Lighthouse Place Premium Outlets	Michigan City (Chicago, IL), IN		—		6,630		94,138		—		9,852		6,630		103,990		110,620		50,937	2004	(4)
Merrimack Premium Outlets	Merrimack, NH		124,287		14,975		118,428		—		2,401		14,975		120,829		135,804		30,056	2012
Napa Premium Outlets	Napa, CA		—		11,400		45,023		—		6,328		11,400		51,351		62,751		23,500	2004	(4)
North Bend Premium Outlets	North Bend (Seattle), WA		—		2,143		36,197		—		4,517		2,143		40,714		42,857		16,347	2004	(4)
North Georgia Premium Outlets	Dawsonville (Atlanta), GA		—		4,300		137,020		—		413		4,300		137,433		141,733		57,405	2004	(4)
Orlando International Premium Outlets	Orlando, FL		—		31,998		472,815		—		4,866		31,998		477,681		509,679		134,157	2010	(4)
Orlando Vineland Premium Outlets	Orlando, FL		—		14,040		382,949		36,023		—		50,063		382,949		433,012		142,912	2004	(4)
Petaluma Village Premium Outlets	Petaluma (San Francisco), CA		—		13,322		13,710		—		3,428		13,322		17,138		30,460		10,358	2004	(4)
Philadelphia Premium Outlets	Limerick (Philadelphia), PA		—		16,676		105,249		—		20,374		16,676		125,623		142,299		59,370	2006
Phoenix Premium Outlets	Chandler (Phoenix), AZ		—		—		63,448		—		58		—		63,506		63,506		16,677	2013
Pismo Beach Premium Outlets	Pismo Beach, CA		36,104		4,317		19,044		—		2,782		4,317		21,826		26,143		9,948	2010	(4)
Pleasant Prairie Premium Outlets	Pleasant Prairie (Chicago, IL/Milwaukee), WI		145,000		16,823		126,686		—		6,244		16,823		132,930		149,753		40,972	2010	(4)

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2017

(Dollars in thousands)


									Cost Capitalized
									Subsequent to				Gross Amounts At Which							Date of
					Initial Cost (3)				Acquisition (3)				Carried At Close of Period							Construction
							Buildings and				Buildings and				Buildings and				Accumulated	or
Name	Location	Encumbrances (6)			Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)	Acquisition
Puerto Rico Premium Outlets	Barceloneta, PR	$	160,000	$	20,586	$	114,021	$	—	$	2,826	$	20,586	$	116,847	$	137,433	$	36,749	2010	(4)
Queenstown Premium Outlets	Queenstown (Baltimore), MD		63,426		8,129		61,950		—		4,291		8,129		66,241		74,370		22,033	2010	(4)
Rio Grande Valley Premium Outlets	Mercedes (McAllen), TX		—		12,229		41,547		—		29,779		12,229		71,326		83,555		37,743	2005
Round Rock Premium Outlets	Round Rock (Austin), TX		—		14,706		82,252		—		3,533		14,706		85,785		100,491		44,388	2005
San Francisco Premium Outlets	Livermore (San Francisco), CA		—		21,925		308,694		40,046		50,512		61,971		359,206		421,177		59,134	2012
San Marcos Premium Outlets	San Marcos (Austin/San Antonio), TX		—		13,180		287,179		—		9,811		13,180		296,990		310,170		83,993	2010	(4)
Seattle Premium Outlets	Tulalip (Seattle), WA		—		—		103,722		—		53,979		—		157,701		157,701		63,567	2004	(4)
St. Augustine Premium Outlets	St. Augustine (Jacksonville), FL		—		6,090		57,670		2		10,911		6,092		68,581		74,673		33,109	2004	(4)
Tampa Premium Outlets	Lutz (Tampa), FL		—		14,298		97,188		121		4,365		14,419		101,553		115,972		10,013	2015
The Crossings Premium Outlets	Tannersville, PA		110,565		7,720		172,931		—		17,302		7,720		190,233		197,953		74,436	2004	(4)
Tucson Premium Outlets	Marana (Tucson), AZ		—		12,508		69,677		—		4,959		12,508		74,636		87,144		7,626	2015
Vacaville Premium Outlets	Vacaville, CA		—		9,420		84,850		—		16,827		9,420		101,677		111,097		49,529	2004	(4)
Waikele Premium Outlets	Waipahu (Honolulu), HI		—		22,630		77,316		—		20,156		22,630		97,472		120,102		39,214	2004	(4)
Waterloo Premium Outlets	Waterloo, NY		—		3,230		75,277		—		9,554		3,230		84,831		88,061		40,945	2004	(4)
Williamsburg Premium Outlets	Williamsburg, VA		185,000		10,323		223,789		—		6,715		10,323		230,504		240,827		64,293	2010	(4)
Woodburn Premium Outlets	Woodburn (Portland), OR		—		9,414		150,414		—		1,753		9,414		152,167		161,581		29,876	2013	(4)
Woodbury Common Premium Outlets (13)	Central Valley (New York), NY		—		11,110		862,559		1,658		233,677		12,768		1,096,236		1,109,004		356,879	2004	(4)
Wrentham Village Premium Outlets	Wrentham (Boston), MA		—		4,900		282,031		—		12,966		4,900		294,997		299,897		122,180	2004	(4)

The Mills
Arizona Mills	Tempe (Phoenix), AZ		156,146		41,936		297,289		—		12,887		41,936		310,176		352,112		42,956	2007	(4) (5)
Great Mall	Milpitas (San Jose), CA		—		69,853		463,101		—		50,369		69,853		513,470		583,323		99,514	2007	(4) (5)
Gurnee Mills	Gurnee (Chicago), IL		269,506		41,133		297,911		—		15,252		41,133		313,163		354,296		65,934	2007	(4) (5)
Mills at Jersey Gardens, The	Elizabeth, NJ		350,000		120,417		865,605		—		14,050		120,417		879,655		1,000,072		100,098	2015	(4)
Opry Mills	Nashville, TN		375,000		51,000		327,503		—		15,016		51,000		342,519		393,519		69,417	2007	(4) (5)
Potomac Mills	Woodbridge (Washington, DC), VA		416,000		61,755		425,370		—		36,249		61,755		461,619		523,374		98,700	2007	(4) (5)
Sawgrass Mills	Sunrise (Miami), FL		—		194,002		1,641,153		5,395		162,281		199,397		1,803,434		2,002,831		339,593	2007	(4) (5)

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2017

(Dollars in thousands)


								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
					Initial Cost (3)			Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)			Land	Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition
Designer Outlets
La Reggia Designer Outlet	Marcianise (Naples), Italy	$	159,500	$	37,220	$	233,179	$	—	$	2,470	$	37,220	$	235,649	$	272,869	$	16,856	2013	(4) (5) (7)
Noventa Di Piave Designer Outlet	Venice, Italy		131,718		38,793		309,284		—		36,306		38,793		345,590		384,383		20,631	2013	(4) (5) (7)
Parndorf Designer Outlet	Vienna, Austria		110,212		14,903		221,442		—		2,432		14,903		223,874		238,777		21,038	2013	(4) (5) (7)
Roermond Designer Outlet	Roermond, Netherlands		275,529		15,035		400,094		—		1,894		15,035		401,988		417,023		34,962	2013	(4) (5) (7)
Rosada Designer Outlet	Roosendaal, Netherlands		71,877		22,191		108,069		—		—		22,191		108,069		130,260		3,446	2017	(4) (5) (7)
Provence Designer Outlet	Provence, France		94,174		38,467		69,221		—		—		38,467		69,221		107,688		3,748	2017	(4) (5) (7)

Community Centers
ABQ Uptown	Albuquerque, NM		—		6,374		75,333		4,054		5,804		10,428		81,137		91,565		20,758	2011	(4)
University Park Village	Fort Worth, TX		55,000		18,031		100,523		—		4,267		18,031		104,790		122,821		10,835	2015	(4)

Other Properties
Bangor Mall	Bangor, ME		80,000		5,478		59,740		—		12,636		5,478		72,376		77,854		39,284	2004	(5)
Calhoun Marketplace	Calhoun, GA		19,013		1,745		12,529		—		2,013		1,745		14,542		16,287		8,256	2010	(4)
Florida Keys Outlet Center	Florida City, FL		17,000		1,112		1,748		—		3,714		1,112		5,462		6,574		2,555	2010	(4)
Gaffney Marketplace	Gaffney (Greenville/Charlotte), SC		30,713		4,056		32,371		—		5,126		4,056		37,497		41,553		15,354	2010	(4)
Independence Center	Independence (Kansas City), MO		200,000		5,042		45,798		—		43,314		5,042		89,112		94,154		49,959	1994	(4)
Lebanon Marketplace	Lebanon (Nashville), TN		—		1,758		10,189		—		399		1,758		10,588		12,346		5,816	2010	(4)
Liberty Village Marketplace	Flemington (New York), NJ		—		5,670		28,904		—		2,357		5,670		31,261		36,931		30,237	2004	(4)
Lincoln Plaza	King of Prussia (Philadelphia), PA		—		—		21,299		—		6,737		—		28,036		28,036		15,905	2003	(4)
Orlando Outlet Marketplace	Orlando, FL		—		3,367		1,557		—		2,405		3,367		3,962		7,329		1,889	2010	(4)
Osage Beach Marketplace	Osage Beach, MO		—		9,460		85,804		—		7,724		9,460		93,528		102,988		44,796	2004	(4)


Other pre-development costs			—		98,682		135,722		958		—		99,640		135,722		235,362		78
Other			—		2,615		15,376		—		—		2,615		15,376		17,991		8,946
Currency Translation Adjustment			—		15,941		72,232		—		48,651		15,941		120,883		136,824		(2,270)
		$	6,912,558	$	3,285,085	$	24,967,694	$	350,231	$	7,411,496	$	3,635,316	$	32,379,190	$	36,014,506	$	11,704,223

Simon Property Group, Inc.

Simon Property Group, L.P.

Notes to Schedule III as of December 31, 2017

(Dollars in thousands)

(1)

Reconciliation of Real Estate Properties:

The changes in real estate assets for the years ended December 31, 2017, 2016, and 2015 are as follows:


	2017		2016		2015
Balance, beginning of year	$	34,897,942	$	33,132,885	$	31,014,133
Acquisitions and consolidations (7)		328,621		1,331,511		1,190,944
Improvements		731,863		658,734		995,964
Disposals and deconsolidations		(125,499)		(180,433)		(68,156)
Currency Translation Adjustment		181,579		(44,755)		—
Balance, close of year	$	36,014,506	$	34,897,942	$	33,132,885

The unaudited aggregate cost of domestic consolidated real estate assets for U.S. federal income tax purposes as of December 31, 2017 was $21,055,936.

(2)

Reconciliation of Accumulated Depreciation:

The changes in accumulated depreciation for the years ended December 31, 2017, 2016, and 2015 are as follows:


	2017		2016		2015
Balance, beginning of year	$	10,664,738	$	9,696,420	$	8,740,928
Depreciation expense (7)		1,121,863		1,089,347		1,018,078
Disposals and deconsolidations		(81,187)		(117,568)		(62,586)
Currency Translation Adjustment		(1,191)		(3,461)		—
Balance, close of year	$	11,704,223	$	10,664,738	$	9,696,420

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

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

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

(3)

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

(4)

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

(5)

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

(6)

Encumbrances represent face amount of mortgage debt and exclude any premiums or discounts.

(7)

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

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Summary of Significant Accounting Policies

Investment Properties


	For the Year Ended
	December 31,
		2017		2016		2015
Capitalized interest	$	24,754	$	31,250	$	32,664

Purchase Accounting

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

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

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

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

Cash and Cash Equivalents

Marketable and Non-Marketable Securities

Marketable and Non‑Marketable Securities

Fair Value Measurements

Gains on Issuances of Stock by Equity Method Investees

Use of Estimates

Segment and Geographic Locations

Deferred Costs and Other Assets

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


	2017		2016
Deferred lease costs, net	$	250,442	$	250,261
In-place lease intangibles, net		96,054		153,015
Acquired above market lease intangibles, net		92,405		112,024
Marketable securities of our captive insurance companies		55,664		58,142
Goodwill		20,098		20,098
Other marketable and non-marketable securities		275,130		308,591
Prepaids, notes receivable and other assets, net		584,190		451,457
	$	1,373,983	$	1,353,588

Deferred Lease Costs


	2017		2016
Deferred lease costs	$	485,977	$	464,226
Accumulated amortization		(235,535)		(213,965)
Deferred lease costs, net	$	250,442	$	250,261


	For the Year Ended December 31,
	2017		2016		2015
Amortization of deferred leasing costs	$	54,323	$	49,993	$	43,788

Intangibles

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


	2017		2016
In-place lease intangibles	$	328,811	$	395,713
Accumulated depreciation		(232,757)		(242,698)
In-place lease intangibles, net	$	96,054	$	153,015

	2017		2016
Acquired above market lease intangibles	$	260,398	$	254,581
Accumulated amortization		(167,993)		(142,557)
Acquired above market lease intangibles, net	$	92,405	$	112,024

Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2017 are as follows:


	Below		Above		Impact to
	Market		Market		Minimum
	Leases		Leases		Rent, Net
2018	$	25,953	$	(24,932)	$	1,021
2019		22,048		(20,537)		1,511
2020		17,376		(16,305)		1,071
2021		8,395		(10,984)		(2,589)
2022		5,506		(7,876)		(2,370)
Thereafter		14,820		(11,771)		3,049
	$	94,098	$	(92,405)	$	1,693

Derivative Financial Instruments

As of December 31, 2017, we had no outstanding interest rate derivatives. As of December 31, 2016, we had the following outstanding interest rate derivative:

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


			Asset (Liability) Value as of
			December 31,		December 31,
Notional Value		Maturity Date	2017		2016
€	50.0	August 11, 2017	$	—	$	15.5
€	50.0	May 15, 2019		(2.4)		3.9
€	50.0	May 15, 2019		(4.9)		1.5
€	50.0	May 15, 2020		(5.2)		1.1
€	50.0	May 14, 2021		(5.5)		0.6

Noncontrolling Interests

Simon

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




	2017		2016
Limited partners’ interests in the Operating Partnership	$	548,858	$	644,348
Nonredeemable noncontrolling interests in properties, net		3,738		5,116
Total noncontrolling interests reflected in equity	$	552,596	$	649,464

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




	2017		2016		2015
Noncontrolling interests, beginning of period	$	649,464	$	744,905	$	858,328
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties		297,104		289,594		309,740
Distributions to noncontrolling interest holders		(342,453)		(319,193)		(318,780)
Other comprehensive (loss) income allocable to noncontrolling interests:
Unrealized (loss) gain on derivative hedge agreements		(4,607)		5,444		2,543
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings		(1,587)		19,629		(9,925)
Currency translation adjustments		6,040		(209)		(22,749)
Changes in available-for-sale securities and other		746		216		(1,803)
		592		25,080		(31,934)
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership		(84,794)		(66,996)		(101,480)
Units exchanged for common shares		(6,005)		(73,756)		(7,942)
Units redeemed		—		—		(14,843)
Long-term incentive performance units		38,305		48,324		47,279
Contributions by noncontrolling interests, net, and other		383		1,506		4,537
Noncontrolling interests, end of period	$	552,596	$	649,464	$	744,905

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 noncontrolling interests for the years ended December 31 is as follows:




	2017		2016		2015
Noncontrolling nonredeemable interests (deficit) in properties, net — beginning of period	$	5,116	$	3,456	$	(229)
Net income attributable to noncontrolling nonredeemable interests		2,091		2,917		2,984
Distributions to noncontrolling nonredeemable interestholders		(3,851)		(2,765)		(3,836)
Contributions by noncontrolling interests, net, and other		382		1,508		4,537
Noncontrolling nonredeemable interests in properties, net — end of period	$	3,738	$	5,116	$	3,456

Accumulated Other Comprehensive Income (Loss)

Simon

The changes in components of our accumulated other comprehensive income (loss) consisted of the following net of noncontrolling interest as of December 31, 2017:


					Net unrealized
	Currency		Accumulated		gains (losses) 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		39,726		(30,505)		4,987		14,208
Amounts reclassified from accumulated other comprehensive income (loss)		—		8,186		(18,721)		(10,535)
Net current-period other comprehensive income (loss)		39,726		(22,319)		(13,734)		3,673
Ending balance	$	(118,138)	$	8,055	$	(370)	$	(110,453)

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


	2017		2016		2015
	Amount reclassified		Amount reclassified		Amount reclassified
Details about accumulated other	from accumulated		from accumulated		from accumulated
comprehensive income (loss)	other comprehensive		other comprehensive		other comprehensive		Affected line item where
components:	income (loss)		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
		—		17,948		—	Net income attributable to noncontrolling interests
	$	—	$	(118,858)		—


Accumulated derivative losses, net	$	(9,419)	$	(12,230)	$	(10,998)	Interest expense
		—		(586)			Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
		1,233		1,681		1,577	Net income attributable to noncontrolling interests
	$	(8,186)	$	(11,135)	$	(9,421)

Realized gain on sale of marketable securities	$	21,541	$	—	$	80,187	Other income
		(2,820)		—		(11,502)	Net income attributable to noncontrolling interests
	$	18,721	$	—	$	68,685

The Operating Partnership

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


					Net unrealized
	Currency		Accumulated		gains (losses) 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		45,766		(35,112)		5,733		16,387
Amounts reclassified from accumulated other comprehensive income (loss)		—		9,419		(21,541)		(12,122)
Net current-period other comprehensive income (loss)		45,766		(25,693)		(15,808)		4,265
Ending balance	$	(135,940)	$	9,263	$	(425)	$	(127,102)

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


	2017		2016		2015
	Amount reclassified		Amount reclassified		Amount reclassified
Details about accumulated other	from accumulated		from accumulated		from accumulated
comprehensive income (loss)	other comprehensive		other comprehensive		other comprehensive		Affected line item where
components:	income (loss)		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 losses, net	$	(9,419)	$	(12,230)	$	(10,998)	Interest expense
		—		(586)		—	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
	$	(9,419)	$	(12,816)	$	(10,998)

Realized gain on sale of marketable securities	$	21,541	$	—	$	80,187	Other income
	$	21,541	$	—	$	80,187

Revenue Recognition

Management Fees and Other Revenues

Allowance for Credit Losses


	For the Year Ended
	December 31,
	2017		2016		2015
Balance, beginning of period	$	22,498	$	30,094	$	33,282
Provision for credit losses		11,304		7,319		6,635
Accounts written off, net of recoveries		(10,342)		(14,915)		(9,823)
Balance, end of period	$	23,460	$	22,498	$	30,094

Income Taxes

Corporate Expenses

New Accounting Pronouncements

Basis of Presentation and Consolidation (Tables)

12 Months Ended

Dec. 31, 2017

Basis of Presentation and Consolidation

Schedule of weighted average ownership interest in the operating partnership


	For the Year Ended
	December 31,
	2017		2016		2015
Weighted average ownership interest	86.8	%	86.5	%	85.6	%

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Significant Accounting Policies

Schedule of interest capitalized


	For the Year Ended
	December 31,
		2017		2016		2015
Capitalized interest	$	24,754	$	31,250	$	32,664

Schedule of deferred costs and other assets


	2017		2016
Deferred lease costs, net	$	250,442	$	250,261
In-place lease intangibles, net		96,054		153,015
Acquired above market lease intangibles, net		92,405		112,024
Marketable securities of our captive insurance companies		55,664		58,142
Goodwill		20,098		20,098
Other marketable and non-marketable securities		275,130		308,591
Prepaids, notes receivable and other assets, net		584,190		451,457
	$	1,373,983	$	1,353,588

Schedule of deferred lease costs


	2017		2016
Deferred lease costs	$	485,977	$	464,226
Accumulated amortization		(235,535)		(213,965)
Deferred lease costs, net	$	250,442	$	250,261

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


	For the Year Ended December 31,
	2017		2016		2015
Amortization of deferred leasing costs	$	54,323	$	49,993	$	43,788

Schedule of intangible assets


	2017		2016
In-place lease intangibles	$	328,811	$	395,713
Accumulated depreciation		(232,757)		(242,698)
In-place lease intangibles, net	$	96,054	$	153,015

	2017		2016
Acquired above market lease intangibles	$	260,398	$	254,581
Accumulated amortization		(167,993)		(142,557)
Acquired above market lease intangibles, net	$	92,405	$	112,024

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


	Below		Above		Impact to
	Market		Market		Minimum
	Leases		Leases		Rent, Net
2018	$	25,953	$	(24,932)	$	1,021
2019		22,048		(20,537)		1,511
2020		17,376		(16,305)		1,071
2021		8,395		(10,984)		(2,589)
2022		5,506		(7,876)		(2,370)
Thereafter		14,820		(11,771)		3,049
	$	94,098	$	(92,405)	$	1,693

Schedule of outstanding interest rate derivatives

Schedule of Euro:USD forward contracts


			Asset (Liability) Value as of
			December 31,		December 31,
Notional Value		Maturity Date	2017		2016
€	50.0	August 11, 2017	$	—	$	15.5
€	50.0	May 15, 2019		(2.4)		3.9
€	50.0	May 15, 2019		(4.9)		1.5
€	50.0	May 15, 2020		(5.2)		1.1
€	50.0	May 14, 2021		(5.5)		0.6

Schedule of carrying amount of noncontrolling interests




	2017		2016
Limited partners’ interests in the Operating Partnership	$	548,858	$	644,348
Nonredeemable noncontrolling interests in properties, net		3,738		5,116
Total noncontrolling interests reflected in equity	$	552,596	$	649,464

Schedule of rollforward of nonredeemable noncontrolling interests




	2017		2016		2015
Noncontrolling interests, beginning of period	$	649,464	$	744,905	$	858,328
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties		297,104		289,594		309,740
Distributions to noncontrolling interest holders		(342,453)		(319,193)		(318,780)
Other comprehensive (loss) income allocable to noncontrolling interests:
Unrealized (loss) gain on derivative hedge agreements		(4,607)		5,444		2,543
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings		(1,587)		19,629		(9,925)
Currency translation adjustments		6,040		(209)		(22,749)
Changes in available-for-sale securities and other		746		216		(1,803)
		592		25,080		(31,934)
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership		(84,794)		(66,996)		(101,480)
Units exchanged for common shares		(6,005)		(73,756)		(7,942)
Units redeemed		—		—		(14,843)
Long-term incentive performance units		38,305		48,324		47,279
Contributions by noncontrolling interests, net, and other		383		1,506		4,537
Noncontrolling interests, end of period	$	552,596	$	649,464	$	744,905

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


					Net unrealized
	Currency		Accumulated		gains (losses) 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		39,726		(30,505)		4,987		14,208
Amounts reclassified from accumulated other comprehensive income (loss)		—		8,186		(18,721)		(10,535)
Net current-period other comprehensive income (loss)		39,726		(22,319)		(13,734)		3,673
Ending balance	$	(118,138)	$	8,055	$	(370)	$	(110,453)

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


	2017		2016		2015
	Amount reclassified		Amount reclassified		Amount reclassified
Details about accumulated other	from accumulated		from accumulated		from accumulated
comprehensive income (loss)	other comprehensive		other comprehensive		other comprehensive		Affected line item where
components:	income (loss)		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
		—		17,948		—	Net income attributable to noncontrolling interests
	$	—	$	(118,858)		—


Accumulated derivative losses, net	$	(9,419)	$	(12,230)	$	(10,998)	Interest expense
		—		(586)			Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
		1,233		1,681		1,577	Net income attributable to noncontrolling interests
	$	(8,186)	$	(11,135)	$	(9,421)

Realized gain on sale of marketable securities	$	21,541	$	—	$	80,187	Other income
		(2,820)		—		(11,502)	Net income attributable to noncontrolling interests
	$	18,721	$	—	$	68,685

Schedule of activity in the allowance for credit losses


	For the Year Ended
	December 31,
	2017		2016		2015
Balance, beginning of period	$	22,498	$	30,094	$	33,282
Provision for credit losses		11,304		7,319		6,635
Accounts written off, net of recoveries		(10,342)		(14,915)		(9,823)
Balance, end of period	$	23,460	$	22,498	$	30,094

Simon Property Group, L.P.

Significant Accounting Policies

Schedule of rollforward of nonredeemable noncontrolling interests




	2017		2016		2015
Noncontrolling nonredeemable interests (deficit) in properties, net — beginning of period	$	5,116	$	3,456	$	(229)
Net income attributable to noncontrolling nonredeemable interests		2,091		2,917		2,984
Distributions to noncontrolling nonredeemable interestholders		(3,851)		(2,765)		(3,836)
Contributions by noncontrolling interests, net, and other		382		1,508		4,537
Noncontrolling nonredeemable interests in properties, net — end of period	$	3,738	$	5,116	$	3,456

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 December 31, 2017:


					Net unrealized
	Currency		Accumulated		gains (losses) 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		45,766		(35,112)		5,733		16,387
Amounts reclassified from accumulated other comprehensive income (loss)		—		9,419		(21,541)		(12,122)
Net current-period other comprehensive income (loss)		45,766		(25,693)		(15,808)		4,265
Ending balance	$	(135,940)	$	9,263	$	(425)	$	(127,102)

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


	2017		2016		2015
	Amount reclassified		Amount reclassified		Amount reclassified
Details about accumulated other	from accumulated		from accumulated		from accumulated
comprehensive income (loss)	other comprehensive		other comprehensive		other comprehensive		Affected line item where
components:	income (loss)		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 losses, net	$	(9,419)	$	(12,230)	$	(10,998)	Interest expense
		—		(586)		—	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
	$	(9,419)	$	(12,816)	$	(10,998)

Realized gain on sale of marketable securities	$	21,541	$	—	$	80,187	Other income
	$	21,541	$	—	$	80,187

Per Share and Per Unit Data (Tables)

12 Months Ended

Dec. 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 Year Ended December 31,
	2017		2016		2015
Net Income attributable to Common Stockholders — Basic and Diluted	$	1,944,625	$	1,835,559	$	1,824,383
Weighted Average Shares Outstanding — Basic and Diluted		311,517,345		312,690,756		310,102,746

Schedule of taxable nature of dividends declared


	For the Year Ended December 31,
	2017			2016			2015
Total dividends/distributions paid per common share/unit	$	7.15		$	6.50		$	6.05
Percent taxable as ordinary income		100.00	%		99.70	%		94.30	%
Percent taxable as long-term capital gains		0.00	%		0.30	%		5.70	%
		100.00	%		100.00	%		100.00	%

Simon Property Group, L.P.

Per Share And Per Unit Data

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


	For the Year Ended December 31,
	2017		2016		2015
Net Income attributable to Unitholders — Basic and Diluted	$	2,239,638	$	2,122,236	$	2,131,139
Weighted Average Units Outstanding — Basic and Diluted		358,776,632		361,526,633		362,244,154

Investment Properties (Tables)

12 Months Ended

Dec. 31, 2017

Investment Properties

Schedule of investment properties


	2017		2016
Land	$	3,635,316	$	3,568,935
Buildings and improvements		32,379,190		31,329,007
Total land, buildings and improvements		36,014,506		34,897,942
Furniture, fixtures and equipment		378,958		328,147
Investment properties at cost		36,393,464		35,226,089
Less — accumulated depreciation		11,935,949		10,865,754
Investment properties at cost, net	$	24,457,515	$	24,360,335
Construction in progress included above	$	503,692	$	506,211

Investment in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2017

Investment in Unconsolidated Entities

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


	December 31,		December 31,
	2017		2016
Assets:
Investment properties, at cost	$	18,328,747	$	17,549,078
Less - accumulated depreciation		6,371,363		5,892,960
		11,957,384		11,656,118
Cash and cash equivalents		956,084		778,455
Tenant receivables and accrued revenue, net		403,125		348,139
Deferred costs and other assets		355,585		351,098
Total assets	$	13,672,178	$	13,133,810
Liabilities and Partners’ Deficit:
Mortgages	$	14,784,310	$	14,237,576
Accounts payable, accrued expenses, intangibles, and deferred revenue		1,033,674		867,003
Other liabilities		365,857		325,078
Total liabilities		16,183,841		15,429,657
Preferred units		67,450		67,450
Partners’ deficit		(2,579,113)		(2,363,297)
Total liabilities and partners’ deficit	$	13,672,178	$	13,133,810
Our Share of:
Partners’ deficit	$	(1,144,620)	$	(1,018,755)
Add: Excess Investment		1,733,063		1,791,691
Our net Investment in unconsolidated entities, at equity	$	588,443	$	772,936

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

As of December 31, 2017, scheduled principal repayments on joint venture properties’ mortgage indebtedness are as follows:


2018	$	359,688
2019		720,517
2020		2,597,803
2021		1,949,786
2022		1,773,635
Thereafter		7,436,061
Total principal maturities		14,837,490
Net unamortized debt premium		2,781
Debt issuance costs		(55,961)
Total mortgages and unsecured indebtedness	$	14,784,310

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



	For the Year Ended
	December 31,
	2017		2016		2015
REVENUE:
Minimum rent	$	1,868,613	$	1,823,674	$	1,801,023
Overage rent		210,909		200,638		191,249
Tenant reimbursements		860,778		862,155		799,420
Other income		290,515		237,782		236,726
Total revenue		3,230,815		3,124,249		3,028,418
OPERATING EXPENSES:
Property operating		551,885		538,002		530,798
Depreciation and amortization		640,286		588,666		594,973
Real estate taxes		245,646		239,917		231,154
Repairs and maintenance		81,309		76,380		73,286
Advertising and promotion		86,480		88,956		75,773
Provision for credit losses		6,645		7,603		4,153
Other		184,037		183,435		169,504
Total operating expenses		1,796,288		1,722,959		1,679,641
Operating Income		1,434,527		1,401,290		1,348,777
Interest expense		(593,062)		(585,958)		(593,187)
(Loss) gain on sale or disposal of assets and interests in unconsolidated entities, net		(2,239)		101,051		67,176
Net Income	$	839,226	$	916,383	$	822,766
Third-Party Investors’ Share of Net Income	$	424,533	$	452,844	$	405,456
Our Share of Net Income	$	414,693	$	463,539	$	417,310
Amortization of Excess Investment		(89,804)		(94,213)		(94,828)
Our Share of Loss (Gain) on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		1,342		(22,636)		(43,589)
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	$	326,231	$	310,537	$	278,893

Indebtedness and Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Indebtedness and Derivative Financial Instruments

Schedule of mortgages and unsecured indebtedness


	2017		2016
Fixed-Rate Debt:
Mortgage notes, including $16,869 and $21,916 of net premiums and $16,106 and $15,965 of debt issuance costs, respectively. Weighted average interest and maturity of 4.04% and 6.4 years at December 31, 2017.	$	6,020,552	$	5,876,831
Unsecured notes, including $51,657 and $46,426 of net discounts and $68,535 and $65,801 of debt issuance costs, respectively. Weighted average interest and maturity of 3.16% and 7.8 years at December 31, 2017.		16,375,713		15,252,834
Commercial Paper (see below)		978,467		953,665
Total Fixed-Rate Debt		23,374,732		22,083,330
Variable-Rate Debt:
Mortgages notes, including $8,988 and $690 of debt issuance costs, respectively. Weighted average interest and maturity of 2.49% and 3.9 years at December 31, 2017.		883,781		592,655
Credit Facility (see below), including $17,106 and $15,380 of debt issuance costs, respectively, at December 31, 2017.		305,530		301,119
Total Variable-Rate Debt		1,189,311		893,774
Other Debt Obligations		68,420		—
Total Mortgages and Unsecured Indebtedness	$	24,632,463	$	22,977,104

Schedule of principal repayments of indebtedness

Our scheduled principal repayments on indebtedness as of December 31, 2017 are as follows:


2018	$	2,060,959	(1)
2019		741,849
2020		2,465,232
2021		3,157,745
2022		3,521,890
Thereafter		12,761,890
Total principal maturities		24,709,565
Net unamortized debt discount		(34,788)
Debt issuance costs, net		(110,734)
Other Debt Obligations		68,420
Total mortgages and unsecured indebtedness	$	24,632,463

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


	For the Year Ended December 31,
	2017		2016		2015
Cash paid for interest	$	814,729	$	887,118	$	943,683

Schedule of debt issuance costs


	2017		2016
Debt issuance costs	$	200,646	$	166,041
Accumulated amortization		(89,912)		(68,205)
Debt issuance costs, net	$	110,734	$	97,836

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


		For the Year Ended December 31,
	2017		2016		2015
Amortization of debt issuance costs	$	21,707	$	21,703	$	19,349
Amortization of debt discounts/(premiums)		1,357		(14,583)		(16,107)

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



	2017			2016
Fair value of fixed-rate mortgages and unsecured indebtedness	$	24,003		$	22,703
Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages		4.25	%		4.12	%
Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness		4.10	%		3.83	%

Rentals under Operating Leases (Tables)

12 Months Ended

Dec. 31, 2017

Rentals under Operating Leases

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


2018	$	2,846,006
2019		2,568,106
2020		2,312,789
2021		2,021,629
2022		1,727,607
Thereafter		4,209,145
	$	15,685,282

Equity (Tables)

12 Months Ended

Dec. 31, 2017

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


	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		164,943		112,225
Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties	$	190,480	$	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	466,405	$28.5 million
2014-2016 LTIP program	120,314	$27.5 million
2015-2017 LTIP program	To be determined in 2018	$25.1 million
2016-2018 LTIP program	To be determined in 2019	$26.3 million

Schedule of restricted stock awards


	For the Year Ended
	December 31,
	2017		2016		2015
Shares of restricted stock awarded during the year, net of forfeitures		76,660		63,324		63,738
Weighted average fair value of shares granted during the year	$	170.81	$	209.16	$	197.17
Amortization expense	$	13,911	$	12,024	$	13,692

Simon Property Group, L.P.

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


	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		164,943		112,225
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$	190,480	$	137,762

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies.

Schedule of ground lease expense and office lease expense


	For the Year Ended
	December 31,
	2017		2016		2015
Ground lease expense	$	40,864	$	38,764	$	38,851
Office lease expense		4,481		4,105		4,067

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

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


2018	$	26,401
2019		25,936
2020		24,829
2021		24,061
2022		23,886
Thereafter		655,309
	$	780,422

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2017

Related Party Transactions

Schedule of related party transactions


	For the Year Ended
	December 31,
	2017		2016		2015
Amounts charged to unconsolidated joint ventures	$	116,447	$	138,496	$	154,098
Amounts charged to properties owned by related parties		4,812		5,384		4,324

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Data (Unaudited)

Schedule of quarterly financial data


	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
2017
Total revenue	$	1,345,763	$	1,361,548	$	1,403,638	$	1,427,692
Operating income		676,671		686,149		690,068		749,452
Consolidated net income		551,075		441,373		592,635		659,821
Simon Property Group, Inc.
Net income attributable to common stockholders	$	477,736	$	381,990	$	513,783	$	571,116
Net income per share — Basic and Diluted	$	1.53	$	1.23	$	1.65	$	1.84
Weighted average shares outstanding — Basic and Diluted		312,809,981		311,579,301		310,853,299		310,855,573
Simon Property Group, L.P.
Net income attributable to unitholders	$	550,006	$	439,986	$	591,872	$	657,774
Net income per unit — Basic and Diluted	$	1.53	$	1.23	$	1.65	$	1.84
Weighted average units outstanding — Basic and Diluted		360,130,442		358,865,806		358,115,572		358,025,108
2016
Total revenue	$	1,336,715	$	1,315,380	$	1,357,168	$	1,425,966
Operating income		684,901		659,236		676,191		700,501
Consolidated net income		563,839		527,325		587,940		455,602
Simon Property Group, Inc.
Net income attributable to common stockholders	$	480,995	$	455,389	$	504,744	$	394,431
Net income per share — Basic and Diluted	$	1.55	$	1.45	$	1.61	$	1.26
Weighted average shares outstanding — Basic and Diluted		309,416,266		313,399,467		314,234,418		313,684,810
Simon Property Group, L.P.
Net income attributable to unitholders	$	561,797	$	525,447	$	581,266	$	453,726
Net income per unit — Basic and Diluted	$	1.55	$	1.45	$	1.61	$	1.26
Weighted average units outstanding — Basic and Diluted		361,394,591		361,761,991		361,764,112		361,186,785

Organization (Details)	Dec. 31, 2017 state country property	May 11, 2015	Mar. 31, 2015	Dec. 31, 2014
U.S. and Puerto Rico
Real Estate Properties
Number of properties	207
Number of U.S. states containing property locations \| state	37
U.S. and Puerto Rico \| Malls
Real Estate Properties
Number of properties	107
U.S. and Puerto Rico \| Premium Outlets
Real Estate Properties
Number of properties	68
U.S. and Puerto Rico \| The Mills
Real Estate Properties
Number of properties	14
U.S. and Puerto Rico \| Community/Lifestyle Centers
Real Estate Properties
Number of properties	4
U.S. and Puerto Rico \| Other shopping centers or outlet centers
Real Estate Properties
Number of properties	14
Japan \| Premium Outlets
Real Estate Properties
Number of properties	9
South Korea \| Premium Outlets
Real Estate Properties
Number of properties	4
Canada \| Premium Outlets
Real Estate Properties
Number of properties	2
Canada \| Designer Outlets
Real Estate Properties
Number of properties	1
Malaysia \| Premium Outlets
Real Estate Properties
Number of properties	2
Mexico \| Premium Outlets
Real Estate Properties
Number of properties	1
Europe \| Klepierre
Real Estate Properties
Ownership percentage	21.00%	20.30%	18.30%	28.90%
Number of countries \| country	16
Europe \| Designer Outlets
Real Estate Properties
Number of properties	8
Europe \| Designer Outlets \| Consolidated properties
Real Estate Properties
Number of properties	6
Italy \| Designer Outlets
Real Estate Properties
Number of properties	2
Netherlands \| Designer Outlets
Real Estate Properties
Number of properties	2
Austria \| Designer Outlets
Real Estate Properties
Number of properties	1
France \| Designer Outlets
Real Estate Properties
Number of properties	1
Germany \| 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	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties
Total number of joint venture properties	81	78
Number of joint venture properties managed by the entity	58
Number of International joint venture properties	19
Number of joint venture properties managed by others	23
Ownership interest:
Ownership interest in the Operating Partnership (as a percent)	86.90%	86.90%
Weighted average
Ownership interest:
Ownership interest in the Operating Partnership (as a percent)	86.80%	86.50%	85.60%
Wholly owned properties
Real Estate Properties
Number of properties	134
Partially owned properties
Real Estate Properties
Number of properties	19

Summary of Significant Accounting Policies - Investment Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Investment properties
Capitalized interest	$ 24,754	$ 31,250	$ 32,664
Pre-development cost written off		$ 31,490
Buildings and improvements \| Minimum
Investment properties
Useful life	10 years
Buildings and improvements \| Maximum
Investment properties
Useful life	35 years
Equipment and fixtures \| Minimum
Investment properties
Useful life	7 years
Equipment and fixtures \| Maximum
Investment properties
Useful life	10 years

Summary of Significant Accounting Policies - Marketable and Non Marketable Securities (Details) - USD ($) shares in Thousands, $ in Thousands			12 Months Ended
	Jul. 26, 2017	Jun. 24, 2015	Dec. 31, 2017	Dec. 31, 2015	Dec. 31, 2016
Marketable and Non-Marketable Securities
Net unrealized gains recorded in other comprehensive income (loss)			$ 400		$ 15,400
Gain on sale of investment			21,541	$ 80,187
Carrying value of investments under the cost method			227,500		210,500
Available for sale securities
Marketable and Non-Marketable Securities
Marketable Securities			103,300		$ 156,200
Number of shares owned		5,710
Proceeds received from the sale of investments	$ 53,900	$ 454,000
Gain on sale of investment			$ 21,500	$ 80,200
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

Summary of Significant Accounting Policies - Fair Value Measurements (Details) - Recurring - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Level 2
Fair Value Measurements
Interest rate swap agreements and foreign currency forward contracts, gross liability balance	$ 18.1
Interest rate swap agreements and foreign currency forward contracts, gross asset balance		$ 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 + Details

Summary of Significant Accounting Policies - Gains On Issuances Of Stock By Equity Method Investees (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate Joint Ventures and Investments
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		$ 3,647	$ 84,553	$ 250,516
Klepierre \| Europe
Real Estate Joint Ventures and Investments
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	$ 206,900

Summary of Significant Accounting Policies - Segment and Geographic Locations (Details) - item	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Segment Disclosure
Number of reportable segments	1
Geographic Concentration Risk \| Consolidated Long-Lived Assets \| Non-US
Concentration of Credit Risk
Percentage of risk	6.50%	5.30%
Geographic Concentration Risk \| Consolidated revenues \| Non-US
Concentration of Credit Risk
Percentage of risk	2.60%	1.50%

Summary of Significant Accounting Policies - Deferred Costs and Other Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Deferred costs and other assets
Deferred lease costs, net	$ 250,442	$ 250,261
In-place lease intangibles, net	96,054	153,015
Acquired above market lease intangibles, net	92,405	112,024
Marketable securities of our captive insurance companies	55,664	58,142
Goodwill	20,098	20,098
Other marketable and non-marketable securities	275,130	308,591
Prepaids, notes receivable and other assets, net	584,190	451,457
Deferred costs and other assets	1,373,983	1,353,588
Deferred Lease Costs
Deferred lease costs, gross	485,977	464,226
Accumulated amortization	(235,535)	(213,965)
Deferred lease costs, net	250,442	250,261
Amortization, included in statements of operations and comprehensive income
Amortization of deferred leasing costs	$ 54,323	$ 49,993	$ 43,788

Summary of Significant Accounting Policies - Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Intangible Assets
Unamortized below market leases included in accounts payable, accrued expenses, intangibles and deferred revenues	$ 94,100	$ 116,100
Estimated future amortization, and the increasing (decreasing) effect on below market minimum rents
2018	25,953
2019	22,048
2020	17,376
2021	8,395
2022	5,506
Thereafter	14,820
Lease intangibles assets, net	94,098
Estimated future amortization, and the increasing (decreasing) effect on minimum rents
2017	1,021
2018	1,511
2019	1,071
2020	(2,589)
2021	(2,370)
Thereafter	3,049
Lease intangibles assets, net	$ 1,693
In-place lease intangibles
Intangible Assets
Average life of in-place lease intangibles	3 years
Lease intangibles assets, gross	$ 328,811	395,713
Accumulated amortization	(232,757)	(242,698)
Lease intangibles assets, net	$ 96,054	153,015
Above and below market leases
Intangible Assets
Weighted average remaining life of intangible	2 years 8 months 12 days
Amount of amortization expenses	$ 2,800	5,400	$ 13,600
Above Market Leases
Intangible Assets
Lease intangibles assets, gross	260,398	254,581
Accumulated amortization	(167,993)	(142,557)
Lease intangibles assets, net	92,405	$ 112,024
Estimated future amortization, and the increasing (decreasing) effect on minimum rents
2017	(24,932)
2018	(20,537)
2019	(16,305)
2020	(10,984)
2021	(7,876)
Thereafter	(11,771)
Lease intangibles assets, net	$ (92,405)

Summary of Significant Accounting Policies - Derivative Financial Instruments (Details) € in Thousands, $ in Millions	Dec. 31, 2017 EUR (€) DerivativeInstrument	Dec. 31, 2017 USD ($) DerivativeInstrument	Dec. 31, 2016 EUR (€) DerivativeInstrument	Dec. 31, 2016 USD ($) DerivativeInstrument
Derivative Financial Instruments
Number of credit-risk-related hedging or derivative activities \| DerivativeInstrument	0	0
Gross accumulated other comprehensive income related to derivative activities		$ 9.3		$ 35.0
Interest Rate Contract
Derivative Financial Instruments
Number of Instruments \| DerivativeInstrument	0	0
Interest rate swap
Derivative Financial Instruments
Notional Amount				$ 250.0
Interest rate swap \| Designated as Hedging Instrument
Derivative Financial Instruments
Number of Instruments \| DerivativeInstrument	0	0	1	1
Notional Amount				$ 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
USD-Euro currency forward contract \| August 11, 2017 \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €			€ 50,000
Forward contract net, fair value				15.5
USD-Euro currency forward contract \| May 15, 2019 \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €	€ 50,000		50,000
Forward contract net, fair value		$ (2.4)		3.9
USD-Euro currency forward contract \| May 15, 2019 \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €	50,000		50,000
Forward contract net, fair value		(4.9)		1.5
USD-Euro currency forward contract \| May 15, 2020 \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €	50,000		50,000
Forward contract net, fair value		(5.2)		1.1
USD-Euro currency forward contract \| May 14, 2021 \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €	€ 50,000		€ 50,000
Forward contract net, fair value		$ (5.5)		$ 0.6

Summary of Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Summary of Significant Accounting Policies
Limited partners' interests in the Operating Partnership	$ 548,858	$ 644,348
Nonredeemable noncontrolling interests in properties, net	3,738	5,116
Total noncontrolling interests reflected in equity	$ 552,596	$ 649,464	$ 744,905	$ 858,328

Summary of Significant Accounting Policies - Rollforward Of Noncontrolling Interest, Simon Group Property, Inc. (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Noncontrolling interests:
Noncontrolling interests, beginning of period	$ 649,464	$ 744,905	$ 858,328
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties	297,104	289,594	309,740
Distributions to noncontrolling interest holders	(342,453)	(319,193)	(318,780)
Other comprehensive (loss) income allocable to noncontrolling interests:
Unrealized (loss) gain on derivative hedge agreements	(4,607)	5,444	2,543
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(1,587)	19,629	(9,925)
Currency translation adjustments	6,040	(209)	(22,749)
Changes in available-for-sale securities and other	746	216	(1,803)
Other comprehensive income (loss)	592	25,080	(31,934)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	(84,794)	(66,996)	(101,480)
Units exchanged for common shares	(6,005)	(73,756)	(7,942)
Units redeemed			(14,843)
Long-term incentive performance units	38,305	48,324	47,279
Contributions by noncontrolling interests, net, and other	383	1,506	4,537
Noncontrolling interests, end of period	$ 552,596	$ 649,464	$ 744,905

Summary of Significant Accounting Policies - Rollforward Of Noncontrolling Interest, Simon Group Property L.P. (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Noncontrolling interests:
Net income attributable to noncontrolling nonredeemable interests	$ 297,104	$ 289,594	$ 309,740
Distributions to noncontrolling nonredeemable interest holders	(342,453)	(319,193)	(318,780)
Contributions by noncontrolling interests, net, and other	383	1,506	4,537
Simon Property Group, L.P.
Noncontrolling interests:
Noncontrolling nonredeemable interests (deficit) in properties, beginning of period	5,116	3,456	(229)
Net income attributable to noncontrolling nonredeemable interests	2,091	2,917	2,984
Distributions to noncontrolling nonredeemable interest holders	(3,851)	(2,765)	(3,836)
Contributions by noncontrolling interests, net, and other	382	1,508	4,537
Noncontrolling nonredeemable interests (deficit) in properties, end of period	$ 3,738	$ 5,116	$ 3,456

Summary of Significant Accounting Policies - AOCI, Simon Property Group, Inc. (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Changes in accumulated other comprehensive income (loss)
Beginning balance	$ 4,310,448
Ending balance	3,686,168
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Beginning balance	(114,126)
Other comprehensive income (loss) before reclassifications	14,208
Amounts reclassified from accumulated other comprehensive income (loss)	(10,535)
Net current-period other comprehensive income (loss)	3,673
Ending balance	(110,453)
Currency translation adjustments
Changes in accumulated other comprehensive income (loss)
Beginning balance	(157,864)
Other comprehensive income (loss) before reclassifications	39,726
Net current-period other comprehensive income (loss)	39,726
Ending balance	(118,138)
Accumulated derivative gains (losses), net
Changes in accumulated other comprehensive income (loss)
Beginning balance	30,374
Other comprehensive income (loss) before reclassifications	(30,505)
Amounts reclassified from accumulated other comprehensive income (loss)	8,186
Net current-period other comprehensive income (loss)	(22,319)
Ending balance	8,055
Net unrealized gains (losses) on marketable securities
Changes in accumulated other comprehensive income (loss)
Beginning balance	13,364
Other comprehensive income (loss) before reclassifications	4,987
Amounts reclassified from accumulated other comprehensive income (loss)	(18,721)
Net current-period other comprehensive income (loss)	(13,734)
Ending balance	$ (370)

Summary of Significant Accounting Policies - Reclassification Out of AOCI, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Significant Accounting Policies
Interest expense									$ (809,393)	$ (857,554)	$ (923,697)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net									3,647	84,553	250,516
Other income									296,978	276,544	325,597
Net income attributable to noncontrolling interests									(296,941)	(295,810)	(311,655)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ 571,116	$ 513,783	$ 381,990	$ 477,736	$ 394,431	$ 504,744	$ 455,389	$ 480,995	1,944,625	1,835,559	1,824,383
Currency translation adjustments, including noncontrolling interests \| 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										17,948
Currency translation adjustments \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS										(118,858)
Accumulated derivative losses, net, including noncontrolling interests \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense									(9,419)	(12,230)	(10,998)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net										(586)
Accumulated derivative losses, attributable to noncontrolling interests \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests									1,233	1,681	1,577
Accumulated derivative gains (losses), net \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS									(8,186)	$ (11,135)	(9,421)
Realized gains on sales of marketable securities, including Portion Attributable to Noncontrolling Interest \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Other income									21,541		80,187
Realized gains on sales of marketable securities, attributable to Noncontrolling Interest \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests									(2,820)		(11,502)
Net unrealized gains (losses) on marketable securities \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS									$ 18,721		$ 68,685

Summary of Significant Accounting Policies - AOCI, Simon Property Group L.P. (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Simon Property Group, L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	$ 4,954,796
Ending balance	4,235,026
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications	14,208
Amounts reclassified from accumulated other comprehensive income (loss)	(10,535)
Net current-period other comprehensive income (loss)	3,673
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	16,387
Amounts reclassified from accumulated other comprehensive income (loss)	(12,122)
Net current-period other comprehensive income (loss)	4,265
Ending balance	(127,102)
Currency translation adjustments
Changes in accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications	39,726
Net current-period other comprehensive income (loss)	39,726
Currency translation adjustments \| Simon Property Group, L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	(181,706)
Other comprehensive income (loss) before reclassifications	45,766
Net current-period other comprehensive income (loss)	45,766
Ending balance	(135,940)
Accumulated derivative gains (losses), net
Changes in accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications	(30,505)
Amounts reclassified from accumulated other comprehensive income (loss)	8,186
Net current-period other comprehensive income (loss)	(22,319)
Accumulated derivative gains (losses), net \| Simon Property Group, L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	34,956
Other comprehensive income (loss) before reclassifications	(35,112)
Amounts reclassified from accumulated other comprehensive income (loss)	9,419
Net current-period other comprehensive income (loss)	(25,693)
Ending balance	9,263
Net unrealized gains (losses) on marketable securities
Changes in accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications	4,987
Amounts reclassified from accumulated other comprehensive income (loss)	(18,721)
Net current-period other comprehensive income (loss)	(13,734)
Net unrealized gains (losses) on marketable securities \| Simon Property Group, L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	15,383
Other comprehensive income (loss) before reclassifications	5,733
Amounts reclassified from accumulated other comprehensive income (loss)	(21,541)
Net current-period other comprehensive income (loss)	(15,808)
Ending balance	$ (425)

Summary of Significant Accounting Policies - Reclassification Out Of AOCI, Simon Property Group, L.P. (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Significant Accounting Policies
Interest expense									$ (809,393)	$ (857,554)	$ (923,697)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net									3,647	84,553	250,516
Other Income									296,978	276,544	325,597
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ 571,116	$ 513,783	$ 381,990	$ 477,736	$ 394,431	$ 504,744	$ 455,389	$ 480,995	1,944,625	1,835,559	1,824,383
Simon Property Group, L.P.
Significant Accounting Policies
Interest expense									(809,393)	(857,554)	(923,697)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net									3,647	84,553	250,516
Other Income									296,978	276,544	325,597
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ 657,774	$ 591,872	$ 439,986	$ 550,006	$ 453,726	$ 581,266	$ 525,447	$ 561,797	2,239,638	2,122,236	2,131,139
Currency translation adjustments \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS										(118,858)
Currency translation adjustments \| 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 (losses), net \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS									(8,186)	(11,135)	(9,421)
Accumulated derivative gains (losses), net \| Simon Property Group, L.P. \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense									(9,419)	(12,230)	(10,998)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net										(586)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS									(9,419)	$ (12,816)	(10,998)
Net unrealized gains (losses) on marketable securities \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS									18,721		68,685
Net unrealized gains (losses) on marketable securities \| Simon Property Group, L.P. \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Other Income									21,541		80,187
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS									$ 21,541		$ 80,187

Summary of Significant Accounting Policies - Allowance for Credit Losses and Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Management Fees and Other Revenues
Insurance reserve for insurance subsidiaries and other self-insurance programs	$ 81,800	$ 83,500
Allowance for Credit Losses
Balance, beginning of period	22,498	30,094	$ 33,282
Provision for credit losses	11,304	7,319	6,635
Accounts written off, net of recoveries	(10,342)	(14,915)	(9,823)
Balance, end of period	23,460	22,498	$ 30,094
Income Taxes
Provision for federal income taxes for REIT entities	0
Deferred tax liabilities, net	$ 301,700	$ 265,700

Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2018
New Accounting Pronouncements
Retained Earnings (Accumulated Deficit)	$ (4,782,173)	$ (4,459,387)
Accounting Standards Update 2014-09 \| Maximum
New Accounting Pronouncements
Percentage of revenues impacted by ASU (as a percent)	6.00%	7.00%
Accounting Standards Update 2014-09 \| Difference between Revenue Guidance in Effect before and after Topic 606
New Accounting Pronouncements
Retained Earnings (Accumulated Deficit)			$ 0
Accounting Standards Update 2016-01 \| Adjustment
New Accounting Pronouncements
Retained Earnings (Accumulated Deficit)			7,300
Accounting Standards Update 2016-02 \| Scenario Forecast Adjustment
New Accounting Pronouncements
Future minimum gross lease payments	$ 780,400
Accounting Standards Update 2017-05 \| Adjustment
New Accounting Pronouncements
Retained Earnings (Accumulated Deficit)			$ 0

Real Estate Acquisitions and Dispositions (Details) $ in Millions					1 Months Ended		3 Months Ended				12 Months Ended
	Apr. 21, 2017 USD ($)	Jul. 25, 2016 USD ($) property	Jan. 01, 2016 USD ($) property	Jan. 15, 2015 USD ($)	May 31, 2017 USD ($)	Feb. 29, 2016 USD ($)	Jun. 30, 2017 USD ($)	Dec. 31, 2016 USD ($) property	Sep. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($) property	Apr. 14, 2016
Residential and Retail Properties \| Disposed by Sales
Dispositions
Proceeds from sale or disposal of real estate assets												$ 81.8
Shopping centers \| Disposed by Sales \| Klepierre
Dispositions
Gain (loss) on disposition of interest in properties							$ 5.0				$ 5.0
Scandinavian Properties \| Disposed by Sales \| Klepierre
Dispositions
Gain (loss) on disposition of interest in properties								$ 8.1
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
Outlet Center In Roosendaal \| European Joint Venture \| Mortgage Maturing 2024
Acquisitions
Debt issued to refinance previous mortgage					$ 69.0
Outlet Center In Roosendaal \| European Joint Venture \| Mortgage Maturing 2024 \| EURIBOR
Acquisitions
Interest added to reference rate (as a percent)					1.85%
Designer Outlet properties \| European Joint Venture
Acquisitions
Number of consolidated properties under step acquisition \| property			2
Number of properties \| property			6					7			9	7	6
Non-cash gain on step acquisition			$ 12.1							$ 12.1
The Shops at Crystals
Acquisitions
Ownership interests acquired (as a percent)														50.00%
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%
Number of properties in which additional interest is acquired \| property		2
Number of consolidated properties under step acquisition \| property		2
Non-cash gain on step acquisition		$ 29.3							$ 29.3
Cash purchase price for acquisition		$ 159.7
Jersey Gardens and University Park Village
Real Estate Properties
Acquisition related transaction costs													$ 4.4
Acquisitions
Ownership interests acquired (as a percent)				100.00%
Cash purchase price for acquisition				$ 677.9
Mortgage debt assumed				$ 405.0
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												$ 36.2
Unconsolidated properties \| Residential properties \| Disposed by Sales \| Income and other taxes
Dispositions
Gain from sale of properties, tax effect												$ 7.2
Unconsolidated properties \| Retail properties \| Disposed by Sales
Dispositions
Number of properties disposed of during the period \| property											1	4	3
Gain (loss) on disposition											$ (1.3)	$ 22.6	$ 43.6
Consolidated properties \| Retail properties \| Disposed by Sales
Dispositions
Number of properties disposed of during the period \| property												3
Gain (loss) on disposition of interest in properties												$ 12.4

Per Share and Per Unit Data (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Jan. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Per Share And Per Unit Data
Net Income attributable to common stockholders or unitholders		$ 571,116	$ 513,783	$ 381,990	$ 477,736	$ 394,431	$ 504,744	$ 455,389	$ 480,995	$ 1,944,625	$ 1,835,559	$ 1,824,383
Net Income attributable to Common Stockholders — Diluted										$ 1,944,625	$ 1,835,559	$ 1,824,383
Weighted Average Shares Outstanding — Basic and Diluted		310,855,573	310,853,299	311,579,301	312,809,981	313,684,810	314,234,418	313,399,467	309,416,266	311,517,345	312,690,756	310,102,746
Dividends
Total dividends paid per common share (in dollars per share)										$ 7.15	$ 6.50	$ 6.05
Percent taxable as ordinary income										100.00%	99.70%	94.30%
Percent taxable as long-term capital gains										0.00%	0.30%	5.70%
Total percentage of dividends paid										100.00%	100.00%	100.00%
Dividends declared per common share (in dollars per share)	$ 1.95
Simon Property Group, L.P.
Per Share And Per Unit Data
Net Income attributable to common stockholders or unitholders		$ 657,774	$ 591,872	$ 439,986	$ 550,006	$ 453,726	$ 581,266	$ 525,447	$ 561,797	$ 2,239,638	$ 2,122,236	$ 2,131,139
Net Income attributable to Common Stockholders — Diluted										$ 2,239,638	$ 2,122,236	$ 2,131,139
Weighted Average Shares Outstanding — Basic and Diluted		358,025,108	358,115,572	358,865,806	360,130,442	361,186,785	361,764,112	361,761,991	361,394,591	358,776,632	361,526,633	362,244,154

Investment Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investment Properties
Land	$ 3,635,316	$ 3,568,935
Buildings and improvements	32,379,190	31,329,007
Total land, buildings and improvements	36,014,506	34,897,942
Furniture, fixtures and equipment	378,958	328,147
Investment properties at cost	36,393,464	35,226,089
Less - accumulated depreciation	11,935,949	10,865,754
Investment properties at cost, net	24,457,515	24,360,335
Construction in progress, included above	$ 503,692	$ 506,211

Investments in Unconsolidated Entities - Real Estate Joint Ventures and Investments (Details) $ in Millions	Dec. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($) property
Investment in Unconsolidated Entities
Total number of joint venture properties \| property	81	78
Construction and other related party loans
Investment in Unconsolidated Entities
Loans to related party \| $	$ 87.0	$ 12.3

Investments in Unconsolidated Entities - Unconsolidated Entity Transactions (Details) $ in Thousands							3 Months Ended		12 Months Ended
	Nov. 03, 2017 USD ($) store	Sep. 15, 2016 USD ($) item	Apr. 14, 2016 USD ($)	Apr. 05, 2016 USD ($)	Jul. 22, 2015 USD ($) property	Apr. 13, 2015 USD ($) property	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Investment in Unconsolidated Entities
Equity investment							$ 2,266,483	$ 2,367,583	$ 2,266,483	$ 2,367,583
Distributions of income from unconsolidated entities									374,101	331,627	$ 271,998
Share of net income, net of amortization of our excess investment									400,270	353,334	$ 284,806
Investment properties, at cost							36,393,464	35,226,089	36,393,464	35,226,089
The Shops at Crystals
Investment in Unconsolidated Entities
Payments to acquire equity method investment			$ 1,100,000
Ownership interest (as a percent)			50.00%
Quaker Bridge Mall
Investment in Unconsolidated Entities
Ownership interest (as a percent)				50.00%
HBS
Investment in Unconsolidated Entities
Number of properties contributed to form joint venture \| property					42
Committed amount to contribute					$ 100,000
Contributions for improvements to properties							$ 68,300		$ 68,300
Number of Kaufhof properties purchased by the joint venture \| property									41
Ownership interest (as a percent)							11.70%		11.70%
Contribution to form joint venture									$ 178,500
Share of net income, net of amortization of our excess investment							$ 4,800	$ 2,600	16,100	15,200
Total assets							4,400,000		4,400,000
Total liabilities							$ 2,900,000		2,900,000
Total revenues									351,000	409,800
Total operating income									313,800	233,200
Consolidated net income									$ 220,200	$ 128,700
Sears Joint Venture
Investment in Unconsolidated Entities
Ownership interest (as a percent)						50.00%
Contribution to form joint venture						$ 114,000
Number of stores in which additional interest was acquired \| store	12
Investment properties, at cost	$ 184,600
Sears Joint Venture \| Minimum
Investment in Unconsolidated Entities
Percentage of property space subject to recapture						50.00%
Sears Joint Venture \| Sears
Investment in Unconsolidated Entities
Number of properties contributed to form joint venture \| property						10
Ownership interest (as a percent)						50.00%
Number of property being leased back \| property						10
Sears Joint Venture \| Seritage Growth Properties
Investment in Unconsolidated Entities
Ownership interest (as a percent)						50.00%
Seritage Growth Properties \| Sears
Investment in Unconsolidated Entities
Number of stores in which additional interest was acquired \| store	5
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%
4.50% fixed-rate mortgage maturing May 2026 \| Quaker Bridge Mall
Investment in Unconsolidated Entities
Debt issued				$ 180,000
Fixed interest rate (as a percent)				4.50%
Distributions of income from unconsolidated entities				$ 180,000
Unconsolidated properties \| Sears
Investment in Unconsolidated Entities
Number of stores in which additional interest was acquired \| store	4

Investments in Unconsolidated Entities - European Investments (Details) $ / shares in Units, $ in Thousands								1 Months Ended		3 Months Ended					12 Months Ended
	Apr. 21, 2017 USD ($)	Apr. 07, 2017 USD ($)	Jul. 25, 2016 USD ($) property	Jan. 01, 2016 USD ($) property	May 11, 2015 USD ($) shares	Mar. 19, 2015 USD ($)	Jan. 15, 2015	May 31, 2017 USD ($)	Feb. 29, 2016 USD ($)	Jun. 30, 2017 USD ($)	Dec. 31, 2016 USD ($) property	Sep. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2017 USD ($) property $ / shares shares	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($) property	Dec. 31, 2014
Investment in Unconsolidated Entities
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net															$ 3,647	$ 84,553	$ 250,516
Income from unconsolidated entities															400,270	353,334	$ 284,806
Cost method investments included in deferred costs and other assets											$ 210,500				227,500	$ 210,500
Klepierre \| Corio
Investment in Unconsolidated Entities
Ordinary share conversion ratio							1.14
Klepierre \| Disposed by Sales \| Shopping centers
Investment in Unconsolidated Entities
Gain (loss) on disposition of interest in properties										$ 5,000					$ 5,000
Klepierre \| Disposed by Sales \| Scandinavian Properties
Investment in Unconsolidated Entities
Gain (loss) on disposition of interest in properties											$ 8,100
European Joint Venture \| Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties \| property				6							7				9	7	6
Number of consolidated properties under step acquisition \| property				2
Gain due to acquisition of controlling interest				$ 12,100									$ 12,100
European Joint Venture \| Outlet Center In Ochtrup
Investment in Unconsolidated Entities
Ownership interest (as a percent)									75.00%
Payments to acquire equity method investment									$ 38,300
European Joint Venture \| Outlet Centers In Italy
Investment in Unconsolidated Entities
Ownership interests acquired (as a percent)			33.00%
Number of properties in which additional interest is acquired \| property			2
Number of consolidated properties under step acquisition \| property			2
Gain due to acquisition of controlling interest			$ 29,300									$ 29,300
Cash purchase price for acquisition			$ 159,700
European Joint Venture \| Roermond Designer Outlet
Investment in Unconsolidated Entities
Ownership interest (as a percent)		51.30%
Ownership interests acquired (as a percent)		15.70%
Cash purchase price for acquisition		$ 17,900
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 \| Outlet Center In Roosendaal \| Mortgage Maturing 2024
Investment in Unconsolidated Entities
Debt issued to refinance previous mortgage								$ 69,000
European Joint Venture \| Outlet Center In Roosendaal \| Mortgage Maturing 2024 \| EURIBOR
Investment in Unconsolidated Entities
Interest added to reference rate (as a percent)								1.85%
European Property Management and Development \| Designer Outlet properties
Investment in Unconsolidated Entities
Ownership interest (as a percent)															50.00%
European Property Management and Development \| Designer Outlet properties \| Minimum
Investment in Unconsolidated Entities
Ownership interest (as a percent)															45.00%
European Property Management and Development \| Designer Outlet properties \| Maximum
Investment in Unconsolidated Entities
Ownership interest (as a percent)															94.00%
Europe \| Disposed by Sales \| Pre-Development Europe Projects Joint Venture
Investment in Unconsolidated Entities
Aggregate proceeds received						$ 19,000
Gain on sale or disposal of assets and interests in unconsolidated entities, net						$ 8,300
Europe \| Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties \| property															8
Europe \| Klepierre
Investment in Unconsolidated Entities
Shares owned \| shares															63,924,148
Ownership interest (as a percent)					20.30%									18.30%	21.00%			28.90%
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net														$ 206,900
Additional shares acquired (in shares) \| shares					6,290,000
Payments to acquire equity method investment					$ 279,400
Quoted market price per share (in dollars per share) \| $ / shares															$ 43.93
Income from unconsolidated entities															$ 50,000	$ 41,500	$ 6,700
Total assets											$ 19,800,000				21,800,000	19,800,000
Total liabilities											11,800,000				13,700,000	11,800,000
Noncontrolling interests equity											$ 1,400,000				1,600,000	1,400,000
Total revenues															1,500,000	1,500,000	1,500,000
Total operating income															545,700	449,900	414,800
Consolidated net income															$ 381,300	$ 310,900	$ 181,200
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

Investments in Unconsolidated Entities - Asian Joint Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investment in Unconsolidated Entities
Equity investment	$ 2,266,483	$ 2,367,583
Japan \| Mitsubishi Estate Co., Ltd. \| Premium Outlets
Investment in Unconsolidated Entities
Ownership percentage	40.00%
Equity investment	$ 230,300	227,500
South Korea \| Shinsegae International Co \| Premium Outlets
Investment in Unconsolidated Entities
Ownership percentage	50.00%
Equity investment	$ 149,100	$ 130,900

Investments in Unconsolidated Entities - Combined Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Our Share of:
Investment in unconsolidated entities, at equity	$ 2,266,483	$ 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	$ 18,328,747	17,549,078
Less - accumulated depreciation	6,371,363	5,892,960
Investment properties at cost, net	11,957,384	11,656,118
Cash and cash equivalents	956,084	778,455
Tenant receivables and accrued revenue, net	403,125	348,139
Deferred costs and other assets	355,585	351,098
Total assets	13,672,178	13,133,810
Liabilities and Partners' Deficit:
Mortgages	14,784,310	14,237,576
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,033,674	867,003
Other liabilities	365,857	325,078
Total liabilities	16,183,841	15,429,657
Preferred units	67,450	67,450
Partners' deficit	(2,579,113)	(2,363,297)
Total liabilities and equity	13,672,178	13,133,810
Our Share of:
Partners' deficit	(1,144,620)	(1,018,755)
Add: Excess Investment	1,733,063	1,791,691
Investment in unconsolidated entities, at equity	$ 588,443	$ 772,936

Investments in Unconsolidated Entities - Repayments of Mortgages (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Scheduled principal repayments on mortgage indebtedness
2018	$ 2,060,959
2019	741,849
2020	2,465,232
2021	3,157,745
2022	3,521,890
Thereafter	12,761,890
Total principal maturities	24,709,565
Net unamortized debt discount	(34,788)
Debt issuance costs	(110,734)	$ (97,836)
Total mortgages and unsecured indebtedness	24,632,463	$ 22,977,104
Equity Method Investees excluding Klepierre, Aeropostale and HBS \| Unconsolidated properties
Scheduled principal repayments on mortgage indebtedness
2018	359,688
2019	720,517
2020	2,597,803
2021	1,949,786
2022	1,773,635
Thereafter	7,436,061
Total principal maturities	14,837,490
Net unamortized debt discount	2,781
Debt issuance costs	(55,961)
Total mortgages and unsecured indebtedness	$ 14,784,310
Weighted average interest rate (as a percent)	4.00%
Equity Method Investees excluding Klepierre, Aeropostale and HBS \| Unconsolidated properties \| Minimum
Scheduled principal repayments on mortgage indebtedness
Interest rate on debt (as a percent)	0.32%
Equity Method Investees excluding Klepierre, Aeropostale and HBS \| Unconsolidated properties \| Maximum
Scheduled principal repayments on mortgage indebtedness
Interest rate on debt (as a percent)	9.35%

Investments in Unconsolidated Entities - Combined Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
OPERATING EXPENSES:
Income from Unconsolidated Entities	$ 400,270	$ 353,334	$ 284,806
Equity Method Investees excluding Klepierre, Aeropostale and HBS \| Unconsolidated properties
REVENUE:
Minimum rent	1,868,613	1,823,674	1,801,023
Overage rent	210,909	200,638	191,249
Tenant reimbursements	860,778	862,155	799,420
Other income	290,515	237,782	236,726
Total revenue	3,230,815	3,124,249	3,028,418
OPERATING EXPENSES:
Property operating	551,885	538,002	530,798
Depreciation and amortization	640,286	588,666	594,973
Real estate taxes	245,646	239,917	231,154
Repairs and maintenance	81,309	76,380	73,286
Advertising and promotion	86,480	88,956	75,773
Provision for credit losses	6,645	7,603	4,153
Other	184,037	183,435	169,504
Total operating expenses	1,796,288	1,722,959	1,679,641
Operating Income	1,434,527	1,401,290	1,348,777
Interest expense	(593,062)	(585,958)	(593,187)
(Loss) gain on sale or disposal of assets and interests in unconsolidated entities, net	(2,239)	101,051	67,176
Net Income	839,226	916,383	822,766
Third-Party Investors’ Share of Net Income	424,533	452,844	405,456
Our Share of Net Income	414,693	463,539	417,310
Amortization of Excess Investment	(89,804)	(94,213)	(94,828)
Our Share of Loss (Gain) on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net	1,342	(22,636)	(43,589)
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	$ 326,231	$ 310,537	$ 278,893

Investments in Unconsolidated Entities - Dispositions (Details) - Unconsolidated properties - Disposed by Sales $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($) property
Retail properties
Investment in Unconsolidated Entities
Number of properties disposed of during the period \| property	1	4	3
(Loss) gain on sale or disposal of assets and interests in unconsolidated entities, net \| $	$ (1.3)	$ 22.6	$ 43.6
Residential properties
Investment in Unconsolidated Entities
Number of properties disposed of during the period \| property		2
(Loss) gain on sale or disposal of assets and interests in unconsolidated entities, net \| $		$ 36.2

Indebtedness and Derivative Financial Instruments (Details) $ in Thousands				3 Months Ended	12 Months Ended
	Feb. 15, 2018 USD ($)	Mar. 17, 2017 USD ($)	Mar. 16, 2017	Jun. 30, 2017 USD ($)	Dec. 31, 2017 USD ($) property item	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Jan. 03, 2018 USD ($)	Dec. 11, 2017 USD ($)	Jun. 01, 2017 USD ($)	Apr. 21, 2017 USD ($)
Debt
Debt issuance costs					$ 110,734	$ 97,836
Other Debt Obligations					68,420
Total Mortgages and Unsecured Indebtedness					24,632,463	22,977,104
Loss on debt extinguishment					128,618	136,777	$ 120,953
Fixed-Rate Debt:
Fixed-rate mortgages and unsecured indebtedness					23,374,732	22,083,330
Variable-Rate Debt:
Variable-rate mortgages and unsecured indebtedness					1,189,311	893,774
Simon Property Group, L.P.
Debt
Total Mortgages and Unsecured Indebtedness					24,632,463	22,977,104
Loss on debt extinguishment					128,618	136,777	$ 120,953
Secured Debt \| Mortgages
Debt
Total Mortgages and Unsecured Indebtedness					$ 6,900,000	6,500,000
Debt covenants
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers \| item					47
Number of properties owned \| property					50
Number of cross-defaulted and cross-collateralized mortgage pools \| item					2
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages \| property					5
Secured Debt \| Fixed Rate Mortgages
Debt
Debt issuance costs					$ 16,106	15,965
Fixed-Rate Debt:
Fixed-rate mortgages and unsecured indebtedness					6,020,552	5,876,831
Net premiums					$ 16,869	21,916
Weighted-average interest rate, fixed-rate debt (as a percent)					4.04%
Weighted average maturity period, fixed-rate debt					6 years 4 months 24 days
Secured Debt \| Variable Rate Mortgages
Debt
Debt issuance costs					$ 8,988	690
Variable-Rate Debt:
Variable-rate mortgages and unsecured indebtedness					$ 883,781	592,655
Weighted average interest rate, variable-rate debt (as a percent)					2.49%
Weighted average maturity period, variable-rate debt					3 years 10 months 24 days
Unsecured Debt \| Senior unsecured notes
Debt
Debt issuance costs					$ 68,535	65,801
Fixed-Rate Debt:
Fixed-rate mortgages and unsecured indebtedness					16,375,713	15,252,834
Net discounts					$ 51,657	46,426
Weighted-average interest rate, fixed-rate debt (as a percent)					3.16%
Weighted average maturity period, fixed-rate debt					7 years 9 months 18 days
Unsecured Debt \| Senior unsecured notes \| Simon Property Group, L.P.
Debt
Total Mortgages and Unsecured Indebtedness					$ 16,500,000
Unsecured Debt \| Senior Unsecured Notes 2.63% due 2022 \| Simon Property Group, L.P.
Debt
Debt issued										$ 600,000
Interest rate on debt (as a percent)										2.63%
Unsecured Debt \| Senior Unsecured Notes 3.38% due 2027 \| Simon Property Group, L.P.
Debt
Debt issued									$ 750,000	$ 750,000
Interest rate on debt (as a percent)									3.38%	3.38%
Unsecured Debt \| Senior Unsecured Notes 2.75% due 2023 \| Simon Property Group, L.P.
Debt
Debt issued									$ 600,000
Interest rate on debt (as a percent)									2.75%
Unsecured Debt \| Senior Unsecured Notes 1.50% due 2018 \| Simon Property Group, L.P.
Debt
Amount of debt redeemed								$ 750,000
Interest rate on debt (as a percent)								1.50%
Unsecured Debt \| Senior Unsecured Note 2.15% \| Simon Property Group, L.P.
Debt
Amount of debt redeemed					$ 600,000
Interest rate on debt (as a percent)					2.15%
Unsecured Debt \| Senior Unsecured Note 5.65% \| Simon Property Group, L.P.
Debt
Amount of debt redeemed					$ 1,250,000
Interest rate on debt (as a percent)					5.65%
Loss on debt extinguishment				$ 128,600
Unsecured Debt \| Commercial Paper
Fixed-Rate Debt:
Fixed-rate mortgages and unsecured indebtedness					$ 978,467	953,665
Unsecured Debt \| Commercial Paper \| Simon Property Group, L.P.
Debt
Credit facility, amount outstanding					978,500
Maximum borrowing capacity					$ 1,000,000
Unsecured Debt \| Commercial Paper \| Simon Property Group, L.P. \| USD
Debt
Weighted average interest rate (as a percent)					1.40%
Unsecured Debt \| Credit Facility and the Supplemental Facility \| Simon Property Group, L.P.
Debt
Available borrowing capacity					$ 6,200,000
Maximum amount outstanding during period					960,900
Credit facility, weighted average amount outstanding					455,500
Letters of credit outstanding					20,900
Unsecured Debt \| Credit Facility
Debt
Debt issuance costs					17,106	15,380
Variable-Rate Debt:
Variable-rate mortgages and unsecured indebtedness					305,530	$ 301,119
Unsecured Debt \| Credit Facility \| Simon Property Group, L.P.
Debt
Maximum borrowing capacity		$ 4,000,000			4,000,000
Optional expanded maximum borrowing capacity		$ 5,000,000
Additional facility fee (as a percent)		0.10%
Unsecured Debt \| Credit Facility \| Simon Property Group, L.P. \| LIBOR
Debt
Interest added to reference rate (as a percent)		0.775%	0.80%
Unsecured Debt \| Credit Facility \| Simon Property Group, L.P. \| Yen
Debt
Credit facility, amount outstanding					197,600
Unsecured Debt \| Credit Facility \| Maximum \| Simon Property Group, L.P.
Debt
Percentage of borrowings in currencies other than the U.S. dollar		95.00%
Unsecured Debt \| Supplemental Facility \| Simon Property Group, L.P.
Debt
Credit facility, amount outstanding					322,600
Maximum borrowing capacity					$ 3,500,000
Interest added to reference rate (as a percent)	0.775%				0.80%
Additional facility fee (as a percent)	0.10%				0.10%
Expanded maximum borrowing capacity	$ 4,500,000				$ 4,250,000
Unsecured Debt \| Supplemental Facility \| Simon Property Group, L.P. \| LIBOR
Debt
Interest added to reference rate (as a percent)					0.80%
Outlet Center In Roosendaal \| European Joint Venture
Debt
Mortgage debt assumed											$ 40,100

Indebtedness and Derivative Financial Instruments - Maturity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Maturity and Other
2018	$ 2,060,959
2019	741,849
2020	2,465,232
2021	3,157,745
2022	3,521,890
Thereafter	12,761,890
Total principal maturities	24,709,565
Net unamortized debt discount	(34,788)
Debt issuance costs, net	(110,734)	$ (97,836)
Other Debt Obligations	68,420
Total mortgages and unsecured indebtedness	24,632,463	22,977,104
Cash paid for interest	$ 814,729	$ 887,118	$ 943,683

Indebtedness and Derivative Financial Instruments - Derivatives (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) DerivativeInstrument	Dec. 31, 2016 USD ($)
Derivative Financial Instruments
Unamortized loss of benefits from treasury and interest rate hedge agreements	$ 10.1	$ 35.4
Amount expected to be reclassified from accumulated other comprehensive loss to earnings within the next year	$ 7.0
Interest Rate Contract
Derivative Financial Instruments
Number of Instruments \| DerivativeInstrument	0
Interest rate swap
Derivative Financial Instruments
Notional Amount		$ 250.0

Indebtedness and Derivative Financial Instruments - Debt Issuance Costs and Discounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt issuance cost
Debt issuance costs	$ 200,646	$ 166,041
Accumulated amortization	(89,912)	(68,205)
Debt issuance costs	110,734	97,836
Amortization of Debt Issuance Costs and Discounts
Amortization of debt issuance costs	21,707	21,703	$ 19,349
Amortization of debt discounts/(premiums)	$ 1,357	$ (14,583)	$ (16,107)

Indebtedness and Derivative Financial Instruments - Fair Value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Book value
Fair Value of Debt
Fair value of fixed-rate mortgages and unsecured indebtedness	$ 23,400	$ 22,100
Fixed-rate mortgages and unsecured indebtedness \| Fair value
Fair Value of Debt
Fair value of fixed-rate mortgages and unsecured indebtedness	$ 24,003	$ 22,703
Mortgages
Fair Value of Debt
Discount rates assumed in calculation of fair value for debt (as a percent)	4.25%	4.12%
Unsecured Debt
Fair Value of Debt
Discount rates assumed in calculation of fair value for debt (as a percent)	4.10%	3.83%

Rentals under Operating Leases (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Future minimum rentals to be received under noncancelable tenant operating leases
2018	$ 2,846,006
2019	2,568,106
2020	2,312,789
2021	2,021,629
2022	1,727,607
Thereafter	4,209,145
Future minimum rental receivables	$ 15,685,282

Equity - Common Stock and Unit Issuances and Repurchases (Details) $ / shares in Units, $ in Billions		12 Months Ended
	Feb. 13, 2017 USD ($)	Dec. 31, 2017 item $ / shares shares	Dec. 31, 2016 $ / shares shares	Dec. 31, 2015 shares
Equity
Minimum number of additional classes or series of common stock that the Board is authorized to reclassify from excess common stock		1
Exchange of limited partner units, (in shares) \| shares		500,411	5,020,919	489,291
Extension period common stock is authorized for repurchase	2 years
Shares repurchased (in shares) \| shares		2,468,630	1,409,197	1,903,340
Average share price repurchased (in dollars per share) \| $ / shares		$ 164.87	$ 181.14
Class B common stock
Equity
Common Stock, Shares, Outstanding \| shares		8,000	8,000
Number of voting trusts which are subject to outstanding shares common stock		2
Common Stock
Equity
Number of votes entitled per share to holders of common stock		1
Limited Partners
Equity
Exchange of limited partner units, (in shares) \| shares		500,411
Number of limited partners who received common stock		16
Maximum
Equity
Common stock authorized for repurchase \| $	$ 2.0
Maximum \| Class B common stock
Equity
Number of members of board of directors elected under entitlement of right		4

Equity - Temporary Equity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) item $ / shares shares	Dec. 31, 2016 USD ($) shares
Redeemable preferred stock
Preferred stock stated dividend rate percentage	8.375%	8.375%
Limited partners' preferred interest in the Operating Partnership and other noncontrolling redeemable interests in properties \| $	$ 190,480	$ 137,762
Simon Property Group, L.P.
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and other noncontrolling redeemable interests in properties \| $	$ 190,480	137,762
7.5% Cumulative Redeemable Preferred Units
Redeemable preferred stock
Number of series of units classified into temporary equity \| item	1
Noncontrolling interests redeemable at amounts in excess of fair value \| $	$ 0	$ 0
Preferred stock stated dividend rate percentage	7.50%	7.50%
Temporary equity, shares authorized \| shares	260,000	260,000
Temporary equity, shares issued \| shares	255,373	255,373
Temporary equity, shares outstanding \| shares	255,373	255,373
Cumulative quarterly distributions on preferred units (in dollars per share) \| $ / shares	$ 7.50
Temporary equity redemption price (in dollars per share) \| $ / shares	100.00
Liquidation preference (in dollars per share) \| $ / shares	$ 100.00
7.5% Cumulative Redeemable Preferred Units \| Simon Property Group, L.P.
Redeemable preferred stock
Number of series of units classified into temporary equity \| item	1
Noncontrolling interests redeemable at amounts in excess of fair value \| $	$ 0	$ 0
Preferred stock stated dividend rate percentage	7.50%	7.50%
Temporary equity, shares authorized \| shares	260,000	260,000
Temporary equity, shares issued \| shares	255,373	255,373
Temporary equity, shares outstanding \| shares	255,373	255,373
Limited partners' preferred interest in the Operating Partnership and other noncontrolling redeemable interests in properties \| $	$ 25,537	$ 25,537
Cumulative quarterly distributions on preferred units (in dollars per share) \| $ / shares	$ 7.50
Temporary equity redemption price (in dollars per share) \| $ / shares	100.00
Liquidation preference (in dollars per share) \| $ / shares	$ 100.00
Other noncontrolling redeemable interest \| Simon Property Group, L.P.
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and other noncontrolling redeemable interests in properties \| $	$ 164,943	$ 112,225

Equity - Permanent Equity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Equity
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 outstanding	796,948	796,948
Series J Preferred stock
Equity
Preferred stock stated dividend rate percentage	8.375%	8.375%
Redemption price of preferred stock (in dollars per share)	$ 50.00
Premium received on preferred stock issued	$ 7.5
Preferred stock unamortized premium	$ 3.2	$ 3.6
Simon Property Group, L.P.
Equity
J 8 3/8% cumulative redeemable preferred stock, units outstanding	796,948	796,948
Simon Property Group, L.P. \| Series J Preferred stock
Equity
Preferred stock stated dividend rate percentage	8.375%	8.375%
Redemption price of preferred stock (in dollars per share)	$ 50.00
Premium received on preferred stock issued	$ 7.5
Preferred stock unamortized premium	$ 3.2	$ 3.6
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized	1,000,000
J 8 3/8% cumulative redeemable preferred stock, units issued	796,948
J 8 3/8% cumulative redeemable preferred stock, units outstanding	796,948

Equity - Stock Based Compensation (Details)			12 Months Ended
Equity - Stock Based Compensation (Details)	Dec. 31, 2013 shares	Jul. 06, 2011 USD ($) shares	Dec. 31, 2017 USD ($) item $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares
Stock-based incentive plan awards
Notes Receivable from Former CPI Stockholders			$ 14,500,000
Exchange Rights
Limited partners units, exchange ratio \| item			1
Common stock reserved for possible conversion (in shares) \| shares			50,632,517
Restricted stock
Stock-based incentive plan awards
Total number of shares awarded, net of forfeiture \| shares			5,734,667
Shares of restricted stock awarded during the year, net of forfeitures \| shares			76,660	63,324	63,738
Weighted average fair value of shares granted during the period (in dollars per share) \| $ / shares			$ 170.81	$ 209.16	$ 197.17
Amortization expense			$ 13,911,000	$ 12,024,000	$ 13,692,000
Compensation expense, net of capitalization			$ 9,000,000	$ 9,100,000	$ 9,400,000
Restricted stock \| Minimum
Stock-based incentive plan awards
Vesting period			3 years
Restricted stock \| Maximum
Stock-based incentive plan awards
Vesting period			4 years
Restricted stock \| Automatic Awards for Eligible Directors
Stock-based incentive plan awards
Vesting period			1 year
LTIP Retention Award to Chairman and CEO
Stock-based incentive plan awards
Awards earned (in units) \| shares		1,000,000
Grant Date Fair Value		$ 120,300,000
Service period		8 years
LTIP Retention Award to Chairman and CEO \| A Units
Stock-based incentive plan awards
Awards earned (in units) \| shares					360,000
LTIP Retention Award to Chairman and CEO \| A Units \| Maximum
Stock-based incentive plan awards
Units to be earned (in shares) \| shares	360,000
LTIP Retention Award to Chairman and CEO \| B Units
Stock-based incentive plan awards
Awards earned (in units) \| shares				360,000
LTIP Retention Award to Chairman and CEO \| B Units \| Maximum
Stock-based incentive plan awards
Units to be earned (in shares) \| shares	360,000
LTIP Retention Award to Chairman and CEO \| C Units
Stock-based incentive plan awards
Awards earned (in units) \| shares			280,000
LTIP Retention Award to Chairman and CEO \| C Units \| Maximum
Stock-based incentive plan awards
Units to be earned (in shares) \| shares	280,000
Employee Options
Stock-based incentive plan awards
Vesting period			3 years
Expiration period			10 years
1998 Stock Incentive Plan
Stock-based incentive plan awards
Shares reserved for issuance (in shares) \| shares			16,300,000
1998 Stock Incentive Plan \| Audit Committee Chairman
Stock-based incentive plan awards
Retainer			$ 35,000
1998 Stock Incentive Plan \| Compensation Committee Chairman
Stock-based incentive plan awards
Retainer			35,000
1998 Stock Incentive Plan \| Nominating And Governance Committee Chairman
Stock-based incentive plan awards
Retainer			25,000
1998 Stock Incentive Plan \| Audit Committee Member
Stock-based incentive plan awards
Retainer			15,000
1998 Stock Incentive Plan \| Compensation Committee Member
Stock-based incentive plan awards
Retainer			15,000
1998 Stock Incentive Plan \| Nominating And Governance Committee Member
Stock-based incentive plan awards
Retainer			$ 10,000
1998 Stock Incentive Plan \| Automatic Awards for Eligible Directors
Stock-based incentive plan awards
Retainer fee paid cash (as a percent)			50.00%
1998 Stock Incentive Plan \| Independent Director
Stock-based incentive plan awards
Cash retainer			$ 100,000
1998 Stock Incentive Plan \| Lead Director
Stock-based incentive plan awards
Retainer			$ 50,000
1998 Stock Incentive Plan \| Restricted stock \| Automatic Awards for Eligible Directors
Stock-based incentive plan awards
Retainer fee paid in restricted shares (as a percent)			50.00%
1998 Stock Incentive Plan \| Restricted stock \| Independent Director
Stock-based incentive plan awards
Grant date value of restricted stock			$ 150,000
LTIP programs
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			$ 14,000,000	$ 31,000,000	$ 24,900,000
One-year 2010 LTIP Program \| LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units) \| shares			133,673
Performance period			1 year
Grant Date Fair Value			$ 7,200,000
Two-year 2010 LTIP Program \| LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units) \| shares			337,006
Performance period			2 years
Grant Date Fair Value			$ 14,800,000
Three-year 2010 LTIP Program \| LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units) \| shares			489,654
Performance period			3 years
Grant Date Fair Value			$ 23,000,000
2011-2013 LTIP Program \| LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units) \| shares			469,848
Grant Date Fair Value			$ 35,000,000
2012-2014 LTIP Program \| LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units) \| shares			401,203
Grant Date Fair Value			$ 35,000,000
2013-2015 LTIP program \| LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units) \| shares			466,405
Grant Date Fair Value			$ 28,500,000
2014-2016 LTIP program \| LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units) \| shares			120,314
Grant Date Fair Value			$ 27,500,000
2015-2017 LTIP program \| LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value			25,100,000
2016-2018 LTIP program
Stock-based incentive plan awards
Grant Date Fair Value			$ 26,300,000

Commitments and Contingencies - Litigation (Details) - Opry Mills, Nashville, TN - USD ($) $ in Millions		1 Months Ended	2 Months Ended	3 Months Ended
	Jan. 26, 2018	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
Summary judgment on amount of available coverage limit	$ 50.0
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 - Lease and Insurance (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Lease Commitments
Properties subject to ground leases \| property	23
Future minimum lease payments due under leases
2018	$ 26,401
2019	25,936
2020	24,829
2021	24,061
2022	23,886
Thereafter	655,309
Total	780,422
Insurance
Insurance coverage, acts of terrorism	1,000,000
Ground
Lease Commitments
Lease expense	40,864	$ 38,764	$ 38,851
Office
Lease Commitments
Lease expense	$ 4,481	$ 4,105	$ 4,067

Commitments and Contingencies - Hurricane Impacts (Details) - Loss from Catastrophes $ in Millions	3 Months Ended
	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($) property
PUERTO RICO \| Wholly owned properties
Hurricane Impact
Number of properties significantly damaged \| property		2
Impairment of real estate	$ 19.0
Impact related to property damages		$ 1.0
FLORIDA
Hurricane Impact
Impact related to property damages		$ 1.0

Commitments and Contingencies - Guarantees of Indebtedness (Details) - Joint Venture Mortgage and Indebtedness - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Guarantees of Joint Venture Indebtedness:
Loan guarantee	$ 211.6	$ 400.5
Loan guarantees recoverable	$ 10.8	$ 87.3

Commitments and Contingencies - Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 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%

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Development, royalty and other fees
Related Party Transactions
Amounts charged to related party	$ 15,500	$ 14,400	$ 13,600
Unconsolidated joint ventures \| Amounts for services provided
Related Party Transactions
Amounts charged to related party	116,447	138,496	154,098
Unconsolidated joint ventures \| Fees for financing activities
Related Party Transactions
Amounts charged to related party	1,600	9,100	2,300
Properties owned by related parties \| Amounts for services provided
Related Party Transactions
Amounts charged to related party	$ 4,812	$ 5,384	$ 4,324

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Total revenue	$ 1,427,692	$ 1,403,638	$ 1,361,548	$ 1,345,763	$ 1,425,966	$ 1,357,168	$ 1,315,380	$ 1,336,715	$ 5,538,640	$ 5,435,229	$ 5,266,103
Operating income	749,452	690,068	686,149	676,671	700,501	676,191	659,236	684,901	2,802,340	2,720,828	2,668,873
Consolidated net income	659,821	592,635	441,373	551,075	455,602	587,940	527,325	563,839	2,244,903	2,134,706	2,139,375
Net Income attributable to common stockholders or unitholders	$ 571,116	$ 513,783	$ 381,990	$ 477,736	$ 394,431	$ 504,744	$ 455,389	$ 480,995	$ 1,944,625	$ 1,835,559	$ 1,824,383
Net income per share - Basic and Diluted	$ 1.84	$ 1.65	$ 1.23	$ 1.53	$ 1.26	$ 1.61	$ 1.45	$ 1.55	$ 6.24	$ 5.87	$ 5.88
Weighted Average Shares Outstanding — Basic and Diluted	310,855,573	310,853,299	311,579,301	312,809,981	313,684,810	314,234,418	313,399,467	309,416,266	311,517,345	312,690,756	310,102,746
Simon Property Group, L.P.
Total revenue									$ 5,538,640	$ 5,435,229	$ 5,266,103
Operating income									2,802,340	2,720,828	2,668,873
Consolidated net income									2,244,903	2,134,706	2,139,375
Net Income attributable to common stockholders or unitholders	$ 657,774	$ 591,872	$ 439,986	$ 550,006	$ 453,726	$ 581,266	$ 525,447	$ 561,797	$ 2,239,638	$ 2,122,236	$ 2,131,139
Net income per share - Basic and Diluted	$ 1.84	$ 1.65	$ 1.23	$ 1.53	$ 1.26	$ 1.61	$ 1.45	$ 1.55	$ 6.24	$ 5.87	$ 5.88
Weighted Average Shares Outstanding — Basic and Diluted	358,025,108	358,115,572	358,865,806	360,130,442	361,186,785	361,764,112	361,761,991	361,394,591	358,776,632	361,526,633	362,244,154

Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	$ 6,912,558
Initial Cost
Land	3,285,085
Buildings and Improvements	24,967,694
Costs Capitalized Subsequent to Acquisition
Land	350,231
Buildings and Improvements	7,411,496
Gross Amounts At Which Carried At Close of Period
Land	3,635,316
Buildings and Improvements	32,379,190
Total	36,014,506	$ 34,897,942	$ 33,132,885	$ 31,014,133
Accumulated Depreciation	11,704,223	$ 10,664,738	$ 9,696,420	$ 8,740,928
Malls \| Barton Creek Square, Austin, TX
Initial Cost
Land	2,903
Buildings and Improvements	20,929
Costs Capitalized Subsequent to Acquisition
Land	7,983
Buildings and Improvements	70,973
Gross Amounts At Which Carried At Close of Period
Land	10,886
Buildings and Improvements	91,902
Total	102,788
Accumulated Depreciation	58,272
Malls \| Battlefield Mall, Springfield, MO
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	119,862
Initial Cost
Land	3,919
Buildings and Improvements	27,231
Costs Capitalized Subsequent to Acquisition
Land	3,001
Buildings and Improvements	64,853
Gross Amounts At Which Carried At Close of Period
Land	6,920
Buildings and Improvements	92,084
Total	99,004
Accumulated Depreciation	69,239
Malls \| Bay Park Square, Green Bay, WI
Initial Cost
Land	6,358
Buildings and Improvements	25,623
Costs Capitalized Subsequent to Acquisition
Land	4,106
Buildings and Improvements	26,445
Gross Amounts At Which Carried At Close of Period
Land	10,464
Buildings and Improvements	52,068
Total	62,532
Accumulated Depreciation	31,788
Malls \| Brea Mall, Brea (Los Angeles), CA
Initial Cost
Land	39,500
Buildings and Improvements	209,202
Costs Capitalized Subsequent to Acquisition
Land	2,993
Buildings and Improvements	68,764
Gross Amounts At Which Carried At Close of Period
Land	42,493
Buildings and Improvements	277,966
Total	320,459
Accumulated Depreciation	134,057
Malls \| Broadway Square, Tyler, TX
Initial Cost
Land	11,306
Buildings and Improvements	32,431
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	33,584
Gross Amounts At Which Carried At Close of Period
Land	11,306
Buildings and Improvements	66,015
Total	77,321
Accumulated Depreciation	35,653
Malls \| Burlington Mall, Burlington (Boston), MA
Initial Cost
Land	46,600
Buildings and Improvements	303,618
Costs Capitalized Subsequent to Acquisition
Land	27,458
Buildings and Improvements	153,141
Gross Amounts At Which Carried At Close of Period
Land	74,058
Buildings and Improvements	456,759
Total	530,817
Accumulated Depreciation	211,089
Malls \| Castleton Square, Indianapolis, IN
Initial Cost
Land	26,250
Buildings and Improvements	98,287
Costs Capitalized Subsequent to Acquisition
Land	7,434
Buildings and Improvements	79,854
Gross Amounts At Which Carried At Close of Period
Land	33,684
Buildings and Improvements	178,141
Total	211,825
Accumulated Depreciation	105,295
Malls \| Cielo Vista Mall, El Paso, TX
Initial Cost
Land	1,005
Buildings and Improvements	15,262
Costs Capitalized Subsequent to Acquisition
Land	608
Buildings and Improvements	55,718
Gross Amounts At Which Carried At Close of Period
Land	1,613
Buildings and Improvements	70,980
Total	72,593
Accumulated Depreciation	46,889
Malls \| College Mall, Bloomington, IN
Initial Cost
Land	1,003
Buildings and Improvements	16,245
Costs Capitalized Subsequent to Acquisition
Land	720
Buildings and Improvements	68,013
Gross Amounts At Which Carried At Close of Period
Land	1,723
Buildings and Improvements	84,258
Total	85,981
Accumulated Depreciation	40,451
Malls \| Columbia Center, Kennewick, WA
Initial Cost
Land	17,441
Buildings and Improvements	66,580
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	31,600
Gross Amounts At Which Carried At Close of Period
Land	17,441
Buildings and Improvements	98,180
Total	115,621
Accumulated Depreciation	55,319
Malls \| Copley Place, Boston, MA
Initial Cost
Buildings and Improvements	378,045
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	193,895
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	571,940
Total	571,940
Accumulated Depreciation	217,913
Malls \| Coral Square, Coral Springs (Miami), FL
Initial Cost
Land	13,556
Buildings and Improvements	93,630
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	21,369
Gross Amounts At Which Carried At Close of Period
Land	13,556
Buildings and Improvements	114,999
Total	128,555
Accumulated Depreciation	85,268
Malls \| Cordova Mall, Pensacola, FL
Initial Cost
Land	18,626
Buildings and Improvements	73,091
Costs Capitalized Subsequent to Acquisition
Land	7,321
Buildings and Improvements	68,399
Gross Amounts At Which Carried At Close of Period
Land	25,947
Buildings and Improvements	141,490
Total	167,437
Accumulated Depreciation	66,931
Malls \| Domain, The, Austin, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	188,529
Initial Cost
Land	40,436
Buildings and Improvements	197,010
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	141,636
Gross Amounts At Which Carried At Close of Period
Land	40,436
Buildings and Improvements	338,646
Total	379,082
Accumulated Depreciation	138,133
Malls \| Empire Mall, Sioux Falls, SD
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	190,000
Initial Cost
Land	35,998
Buildings and Improvements	192,186
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	25,440
Gross Amounts At Which Carried At Close of Period
Land	35,998
Buildings and Improvements	217,626
Total	253,624
Accumulated Depreciation	45,836
Malls \| Fashion Mall at Keystone, The, Indianapolis, IN
Initial Cost
Buildings and Improvements	120,579
Costs Capitalized Subsequent to Acquisition
Land	29,145
Buildings and Improvements	96,557
Gross Amounts At Which Carried At Close of Period
Land	29,145
Buildings and Improvements	217,136
Total	246,281
Accumulated Depreciation	110,311
Malls \| Firewheel Town Center, Garland (Dallas), TX
Initial Cost
Land	8,485
Buildings and Improvements	82,716
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	27,385
Gross Amounts At Which Carried At Close of Period
Land	8,485
Buildings and Improvements	110,101
Total	118,586
Accumulated Depreciation	56,101
Malls \| Forum Shops at Caesars, The, Las Vegas, NV
Initial Cost
Buildings and Improvements	276,567
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	255,342
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	531,909
Total	531,909
Accumulated Depreciation	244,657
Malls \| Greenwood Park Mall, Greenwood (Indianapolis), IN
Initial Cost
Land	2,423
Buildings and Improvements	23,445
Costs Capitalized Subsequent to Acquisition
Land	5,253
Buildings and Improvements	119,238
Gross Amounts At Which Carried At Close of Period
Land	7,676
Buildings and Improvements	142,683
Total	150,359
Accumulated Depreciation	80,053
Malls \| Haywood Mall, Greenville, SC
Initial Cost
Land	11,585
Buildings and Improvements	133,893
Costs Capitalized Subsequent to Acquisition
Land	6
Buildings and Improvements	39,479
Gross Amounts At Which Carried At Close of Period
Land	11,591
Buildings and Improvements	173,372
Total	184,963
Accumulated Depreciation	102,289
Malls \| Ingram Park Mall, San Antonio, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	130,744
Initial Cost
Land	733
Buildings and Improvements	16,972
Costs Capitalized Subsequent to Acquisition
Land	37
Buildings and Improvements	39,545
Gross Amounts At Which Carried At Close of Period
Land	770
Buildings and Improvements	56,517
Total	57,287
Accumulated Depreciation	29,333
Malls \| King of Prussia, King of Prussia (Philadelphia), PA
Initial Cost
Land	175,063
Buildings and Improvements	1,128,200
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	333,297
Gross Amounts At Which Carried At Close of Period
Land	175,063
Buildings and Improvements	1,461,497
Total	1,636,560
Accumulated Depreciation	296,839
Malls \| La Plaza Mall, McAllen, TX
Initial Cost
Land	87,912
Buildings and Improvements	9,828
Costs Capitalized Subsequent to Acquisition
Land	6,569
Buildings and Improvements	166,682
Gross Amounts At Which Carried At Close of Period
Land	94,481
Buildings and Improvements	176,510
Total	270,991
Accumulated Depreciation	36,246
Malls \| Lakeline Mall, Cedar Park (Austin), TX
Initial Cost
Land	10,088
Buildings and Improvements	81,568
Costs Capitalized Subsequent to Acquisition
Land	14
Buildings and Improvements	24,986
Gross Amounts At Which Carried At Close of Period
Land	10,102
Buildings and Improvements	106,554
Total	116,656
Accumulated Depreciation	56,981
Malls \| Lenox Square, Atlanta, GA
Initial Cost
Land	38,058
Buildings and Improvements	492,411
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	122,659
Gross Amounts At Which Carried At Close of Period
Land	38,058
Buildings and Improvements	615,070
Total	653,128
Accumulated Depreciation	317,817
Malls \| Livingston Mall, Livingston (New York), NJ
Initial Cost
Land	22,214
Buildings and Improvements	105,250
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	48,288
Gross Amounts At Which Carried At Close of Period
Land	22,214
Buildings and Improvements	153,538
Total	175,752
Accumulated Depreciation	78,744
Malls \| Mall of Georgia, Buford (Atlanta), GA
Initial Cost
Land	47,492
Buildings and Improvements	326,633
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	10,013
Gross Amounts At Which Carried At Close of Period
Land	47,492
Buildings and Improvements	336,646
Total	384,138
Accumulated Depreciation	161,305
Malls \| McCain Mall, N. Little Rock, AR
Initial Cost
Buildings and Improvements	9,515
Costs Capitalized Subsequent to Acquisition
Land	10,530
Buildings and Improvements	28,196
Gross Amounts At Which Carried At Close of Period
Land	10,530
Buildings and Improvements	37,711
Total	48,241
Accumulated Depreciation	13,525
Malls \| Menlo Park Mall, Edison (New York), NJ
Initial Cost
Land	65,684
Buildings and Improvements	223,252
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	74,136
Gross Amounts At Which Carried At Close of Period
Land	65,684
Buildings and Improvements	297,388
Total	363,072
Accumulated Depreciation	163,854
Malls \| Midland Park Mall, Midland, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	77,172
Initial Cost
Land	687
Buildings and Improvements	9,213
Costs Capitalized Subsequent to Acquisition
Land	2,121
Buildings and Improvements	36,605
Gross Amounts At Which Carried At Close of Period
Land	2,808
Buildings and Improvements	45,818
Total	48,626
Accumulated Depreciation	21,181
Malls \| Miller Hill Mall, Duluth, MN
Initial Cost
Land	2,965
Buildings and Improvements	18,092
Costs Capitalized Subsequent to Acquisition
Land	1,811
Buildings and Improvements	42,987
Gross Amounts At Which Carried At Close of Period
Land	4,776
Buildings and Improvements	61,079
Total	65,855
Accumulated Depreciation	40,879
Malls \| Montgomery Mall, North Wales (Philadelphia), PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	100,000
Initial Cost
Land	27,105
Buildings and Improvements	86,915
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	64,667
Gross Amounts At Which Carried At Close of Period
Land	27,105
Buildings and Improvements	151,582
Total	178,687
Accumulated Depreciation	63,868
Malls \| North East Mall, Hurst (Dallas), TX
Initial Cost
Land	128
Buildings and Improvements	12,966
Costs Capitalized Subsequent to Acquisition
Land	19,010
Buildings and Improvements	148,034
Gross Amounts At Which Carried At Close of Period
Land	19,138
Buildings and Improvements	161,000
Total	180,138
Accumulated Depreciation	106,662
Malls \| Northgate Mall, Seattle, WA
Initial Cost
Land	23,610
Buildings and Improvements	115,992
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	123,082
Gross Amounts At Which Carried At Close of Period
Land	23,610
Buildings and Improvements	239,074
Total	262,684
Accumulated Depreciation	121,459
Malls \| Ocean County Mall, Toms River (New York), NJ
Initial Cost
Land	20,404
Buildings and Improvements	124,945
Costs Capitalized Subsequent to Acquisition
Land	3,277
Buildings and Improvements	43,657
Gross Amounts At Which Carried At Close of Period
Land	23,681
Buildings and Improvements	168,602
Total	192,283
Accumulated Depreciation	86,576
Malls \| Orland Square, Orland Park (Chicago), IL
Initial Cost
Land	35,514
Buildings and Improvements	129,906
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	51,398
Gross Amounts At Which Carried At Close of Period
Land	35,514
Buildings and Improvements	181,304
Total	216,818
Accumulated Depreciation	98,563
Malls \| Oxford Valley Mall, Langhorne (Philadelphia), PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	62,538
Initial Cost
Land	24,544
Buildings and Improvements	100,287
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	19,140
Gross Amounts At Which Carried At Close of Period
Land	24,544
Buildings and Improvements	119,427
Total	143,971
Accumulated Depreciation	74,821
Malls \| Penn Square Mall, Oklahoma City, OK
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	310,000
Initial Cost
Land	2,043
Buildings and Improvements	155,958
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	52,657
Gross Amounts At Which Carried At Close of Period
Land	2,043
Buildings and Improvements	208,615
Total	210,658
Accumulated Depreciation	115,280
Malls \| Pheasant Lane Mall, Nashua, NH
Initial Cost
Land	3,902
Buildings and Improvements	155,068
Costs Capitalized Subsequent to Acquisition
Land	550
Buildings and Improvements	47,880
Gross Amounts At Which Carried At Close of Period
Land	4,452
Buildings and Improvements	202,948
Total	207,400
Accumulated Depreciation	99,262
Malls \| Phipps Plaza, Atlanta, GA
Initial Cost
Land	15,005
Buildings and Improvements	210,610
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	85,228
Gross Amounts At Which Carried At Close of Period
Land	15,005
Buildings and Improvements	295,838
Total	310,843
Accumulated Depreciation	141,106
Malls \| Plaza Carolina, Carolina (San Juan), PR
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	225,000
Initial Cost
Land	15,493
Buildings and Improvements	279,560
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	41,422
Gross Amounts At Which Carried At Close of Period
Land	15,493
Buildings and Improvements	320,982
Total	336,475
Accumulated Depreciation	137,469
Malls \| Prien Lake Mall, Lake Charles, LA
Initial Cost
Land	1,842
Buildings and Improvements	2,813
Costs Capitalized Subsequent to Acquisition
Land	3,053
Buildings and Improvements	50,465
Gross Amounts At Which Carried At Close of Period
Land	4,895
Buildings and Improvements	53,278
Total	58,173
Accumulated Depreciation	27,832
Malls \| Rockaway Townsquare, Rockaway (New York), NJ
Initial Cost
Land	41,918
Buildings and Improvements	212,257
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	49,921
Gross Amounts At Which Carried At Close of Period
Land	41,918
Buildings and Improvements	262,178
Total	304,096
Accumulated Depreciation	135,299
Malls \| Roosevelt Field, Garden City (New York), NY
Initial Cost
Land	163,160
Buildings and Improvements	702,008
Costs Capitalized Subsequent to Acquisition
Land	1,246
Buildings and Improvements	349,597
Gross Amounts At Which Carried At Close of Period
Land	164,406
Buildings and Improvements	1,051,605
Total	1,216,011
Accumulated Depreciation	433,659
Malls \| Ross Park Mall, Pittsburgh, PA
Initial Cost
Land	23,541
Buildings and Improvements	90,203
Costs Capitalized Subsequent to Acquisition
Land	5,815
Buildings and Improvements	110,779
Gross Amounts At Which Carried At Close of Period
Land	29,356
Buildings and Improvements	200,982
Total	230,338
Accumulated Depreciation	113,928
Malls \| Santa Rosa Plaza, Santa Rosa, CA
Initial Cost
Land	10,400
Buildings and Improvements	87,864
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	27,666
Gross Amounts At Which Carried At Close of Period
Land	10,400
Buildings and Improvements	115,530
Total	125,930
Accumulated Depreciation	59,715
Malls \| Shops at Chestnut Hill, The, Chestnut Hill (Boston), MA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	120,000
Initial Cost
Land	449
Buildings and Improvements	25,102
Costs Capitalized Subsequent to Acquisition
Land	43,257
Buildings and Improvements	103,525
Gross Amounts At Which Carried At Close of Period
Land	43,706
Buildings and Improvements	128,627
Total	172,333
Accumulated Depreciation	27,370
Malls \| Shops at Nanuet, The, Nanuet, NY
Initial Cost
Land	28,125
Buildings and Improvements	142,860
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	10,767
Gross Amounts At Which Carried At Close of Period
Land	28,125
Buildings and Improvements	153,627
Total	181,752
Accumulated Depreciation	26,435
Malls \| Shops at Riverside, The, Hackensack (New York), NJ
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	130,000
Initial Cost
Land	13,521
Buildings and Improvements	238,746
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	117,562
Gross Amounts At Which Carried At Close of Period
Land	13,521
Buildings and Improvements	356,308
Total	369,829
Accumulated Depreciation	53,268
Malls \| South Hills Village, Pittsburgh, PA
Initial Cost
Land	23,445
Buildings and Improvements	125,840
Costs Capitalized Subsequent to Acquisition
Land	1,472
Buildings and Improvements	75,257
Gross Amounts At Which Carried At Close of Period
Land	24,917
Buildings and Improvements	201,097
Total	226,014
Accumulated Depreciation	92,225
Malls \| South Shore Plaza, Braintree (Boston), MA
Initial Cost
Land	101,200
Buildings and Improvements	301,495
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	165,680
Gross Amounts At Which Carried At Close of Period
Land	101,200
Buildings and Improvements	467,175
Total	568,375
Accumulated Depreciation	226,132
Malls \| Southdale Mall, Edina (Minneapolis), MN
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	147,532
Initial Cost
Land	41,430
Buildings and Improvements	184,967
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	54,807
Gross Amounts At Which Carried At Close of Period
Land	41,430
Buildings and Improvements	239,774
Total	281,204
Accumulated Depreciation	50,837
Malls \| SouthPark, Charlotte, NC
Initial Cost
Land	42,092
Buildings and Improvements	188,055
Costs Capitalized Subsequent to Acquisition
Land	100
Buildings and Improvements	194,014
Gross Amounts At Which Carried At Close of Period
Land	42,192
Buildings and Improvements	382,069
Total	424,261
Accumulated Depreciation	193,099
Malls \| Southridge Mall, Greendale (Milwaukee), WI
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	119,381
Initial Cost
Land	12,359
Buildings and Improvements	130,111
Costs Capitalized Subsequent to Acquisition
Land	1,939
Buildings and Improvements	20,159
Gross Amounts At Which Carried At Close of Period
Land	14,298
Buildings and Improvements	150,270
Total	164,568
Accumulated Depreciation	40,352
Malls \| St. Charles Towne Center, Waldorf (Washington, D.C.), MD
Initial Cost
Land	7,710
Buildings and Improvements	52,934
Costs Capitalized Subsequent to Acquisition
Land	1,180
Buildings and Improvements	29,764
Gross Amounts At Which Carried At Close of Period
Land	8,890
Buildings and Improvements	82,698
Total	91,588
Accumulated Depreciation	56,382
Malls \| Stanford Shopping Center, Palo Alto (San Jose), CA
Initial Cost
Buildings and Improvements	339,537
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	127,002
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	466,539
Total	466,539
Accumulated Depreciation	163,738
Malls \| Summit Mall, Akron, OH
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	85,000
Initial Cost
Land	15,374
Buildings and Improvements	51,137
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	50,430
Gross Amounts At Which Carried At Close of Period
Land	15,374
Buildings and Improvements	101,567
Total	116,941
Accumulated Depreciation	57,456
Malls \| Tacoma Mall, Tacoma (Seattle), WA
Initial Cost
Land	37,113
Buildings and Improvements	125,826
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	126,071
Gross Amounts At Which Carried At Close of Period
Land	37,113
Buildings and Improvements	251,897
Total	289,010
Accumulated Depreciation	121,895
Malls \| Tippecanoe Mall, Lafayette, IN
Initial Cost
Land	2,897
Buildings and Improvements	8,439
Costs Capitalized Subsequent to Acquisition
Land	5,517
Buildings and Improvements	47,852
Gross Amounts At Which Carried At Close of Period
Land	8,414
Buildings and Improvements	56,291
Total	64,705
Accumulated Depreciation	42,760
Malls \| Town Center at Boca Raton, Boca Raton (Miami), FL
Initial Cost
Land	64,200
Buildings and Improvements	307,317
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	191,722
Gross Amounts At Which Carried At Close of Period
Land	64,200
Buildings and Improvements	499,039
Total	563,239
Accumulated Depreciation	259,982
Malls \| Town Center at Cobb, Kennesaw (Atlanta), GA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	188,806
Initial Cost
Land	32,355
Buildings and Improvements	158,225
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	20,045
Gross Amounts At Which Carried At Close of Period
Land	32,355
Buildings and Improvements	178,270
Total	210,625
Accumulated Depreciation	108,990
Malls \| Towne East Square, Wichita, KS
Initial Cost
Land	8,525
Buildings and Improvements	18,479
Costs Capitalized Subsequent to Acquisition
Land	4,108
Buildings and Improvements	48,507
Gross Amounts At Which Carried At Close of Period
Land	12,633
Buildings and Improvements	66,986
Total	79,619
Accumulated Depreciation	45,622
Malls \| Treasure Coast Square, Jensen Beach, FL
Initial Cost
Land	11,124
Buildings and Improvements	72,990
Costs Capitalized Subsequent to Acquisition
Land	3,067
Buildings and Improvements	41,404
Gross Amounts At Which Carried At Close of Period
Land	14,191
Buildings and Improvements	114,394
Total	128,585
Accumulated Depreciation	68,334
Malls \| Tyrone Square, St. Petersburg (Tampa), FL
Initial Cost
Land	15,638
Buildings and Improvements	120,962
Costs Capitalized Subsequent to Acquisition
Land	1,459
Buildings and Improvements	51,475
Gross Amounts At Which Carried At Close of Period
Land	17,097
Buildings and Improvements	172,437
Total	189,534
Accumulated Depreciation	95,813
Malls \| University Park Mall, Mishawaka, IN
Initial Cost
Land	16,768
Buildings and Improvements	112,158
Costs Capitalized Subsequent to Acquisition
Land	7,000
Buildings and Improvements	58,288
Gross Amounts At Which Carried At Close of Period
Land	23,768
Buildings and Improvements	170,446
Total	194,214
Accumulated Depreciation	141,916
Malls \| Walt Whitman Shops, Huntington Station (New York), NY
Initial Cost
Land	51,700
Buildings and Improvements	111,258
Costs Capitalized Subsequent to Acquisition
Land	3,789
Buildings and Improvements	126,413
Gross Amounts At Which Carried At Close of Period
Land	55,489
Buildings and Improvements	237,671
Total	293,160
Accumulated Depreciation	107,360
Malls \| White Oaks Mall, Springfield, IL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	50,500
Initial Cost
Land	3,024
Buildings and Improvements	35,692
Costs Capitalized Subsequent to Acquisition
Land	2,102
Buildings and Improvements	63,609
Gross Amounts At Which Carried At Close of Period
Land	5,126
Buildings and Improvements	99,301
Total	104,427
Accumulated Depreciation	52,065
Malls \| Wolfchase Galleria, Memphis, TN
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	162,022
Initial Cost
Land	15,484
Buildings and Improvements	128,276
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	18,697
Gross Amounts At Which Carried At Close of Period
Land	15,484
Buildings and Improvements	146,973
Total	162,457
Accumulated Depreciation	85,984
Malls \| Woodland Hills Mall, Tulsa, OK
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	87,403
Initial Cost
Land	34,211
Buildings and Improvements	187,123
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	28,610
Gross Amounts At Which Carried At Close of Period
Land	34,211
Buildings and Improvements	215,733
Total	249,944
Accumulated Depreciation	121,727
Premium Outlets \| Albertville Premium Outlets, Albertville (Minneapolis), MN
Initial Cost
Land	3,900
Buildings and Improvements	97,059
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,473
Gross Amounts At Which Carried At Close of Period
Land	3,900
Buildings and Improvements	106,532
Total	110,432
Accumulated Depreciation	46,924
Premium Outlets \| Allen Premium Outlets, Allen (Dallas), TX
Initial Cost
Land	21,603
Buildings and Improvements	69,788
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	40,908
Gross Amounts At Which Carried At Close of Period
Land	21,603
Buildings and Improvements	110,696
Total	132,299
Accumulated Depreciation	30,471
Premium Outlets \| Aurora Farms Premium Outlets, Aurora (Cleveland), OH
Initial Cost
Land	2,370
Buildings and Improvements	24,326
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,793
Gross Amounts At Which Carried At Close of Period
Land	2,370
Buildings and Improvements	31,119
Total	33,489
Accumulated Depreciation	21,678
Premium Outlets \| Birch Run Premium Outlets, Birch Run (Detroit), MI
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	123,000
Initial Cost
Land	11,477
Buildings and Improvements	77,856
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,123
Gross Amounts At Which Carried At Close of Period
Land	11,477
Buildings and Improvements	84,979
Total	96,456
Accumulated Depreciation	28,407
Premium Outlets \| Camarillo Premium Outlets, Camarillo (Los Angeles), CA
Initial Cost
Land	16,670
Buildings and Improvements	224,721
Costs Capitalized Subsequent to Acquisition
Land	395
Buildings and Improvements	68,934
Gross Amounts At Which Carried At Close of Period
Land	17,065
Buildings and Improvements	293,655
Total	310,720
Accumulated Depreciation	122,970
Premium Outlets \| Carlsbad Premium Outlets, Carlsbad (San Diego), CA
Initial Cost
Land	12,890
Buildings and Improvements	184,990
Costs Capitalized Subsequent to Acquisition
Land	96
Buildings and Improvements	7,338
Gross Amounts At Which Carried At Close of Period
Land	12,986
Buildings and Improvements	192,328
Total	205,314
Accumulated Depreciation	74,059
Premium Outlets \| Carolina Premium Outlets, Smithfield (Raleigh), NC
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	45,317
Initial Cost
Land	3,175
Buildings and Improvements	59,863
Costs Capitalized Subsequent to Acquisition
Land	5,311
Buildings and Improvements	6,361
Gross Amounts At Which Carried At Close of Period
Land	8,486
Buildings and Improvements	66,224
Total	74,710
Accumulated Depreciation	33,516
Premium Outlets \| Chicago Premium Outlets, Aurora (Chicago), IL
Initial Cost
Land	659
Buildings and Improvements	118,005
Costs Capitalized Subsequent to Acquisition
Land	13,050
Buildings and Improvements	105,156
Gross Amounts At Which Carried At Close of Period
Land	13,709
Buildings and Improvements	223,161
Total	236,870
Accumulated Depreciation	66,897
Premium Outlets \| Cincinnati Premium Outlets, Monroe (Cincinnati), OH
Initial Cost
Land	14,117
Buildings and Improvements	71,520
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,671
Gross Amounts At Which Carried At Close of Period
Land	14,117
Buildings and Improvements	76,191
Total	90,308
Accumulated Depreciation	30,828
Premium Outlets \| Clinton Crossing Premium Outlets, Clinton, CT
Initial Cost
Land	2,060
Buildings and Improvements	107,556
Costs Capitalized Subsequent to Acquisition
Land	1,532
Buildings and Improvements	5,146
Gross Amounts At Which Carried At Close of Period
Land	3,592
Buildings and Improvements	112,702
Total	116,294
Accumulated Depreciation	50,855
Premium Outlets \| Desert Hills Premium Outlets, Cabazon (Palm Springs), CA
Initial Cost
Land	3,440
Buildings and Improvements	338,679
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	100,369
Gross Amounts At Which Carried At Close of Period
Land	3,440
Buildings and Improvements	439,048
Total	442,488
Accumulated Depreciation	147,321
Premium Outlets \| Edinburgh Premium Outlets, Edinburgh (Indianapolis), IN
Initial Cost
Land	2,857
Buildings and Improvements	47,309
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	15,822
Gross Amounts At Which Carried At Close of Period
Land	2,857
Buildings and Improvements	63,131
Total	65,988
Accumulated Depreciation	30,999
Premium Outlets \| Ellenton Premium Outlets, Ellenton (Tampa), FL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	178,000
Initial Cost
Land	15,807
Buildings and Improvements	182,412
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,786
Gross Amounts At Which Carried At Close of Period
Land	15,807
Buildings and Improvements	189,198
Total	205,005
Accumulated Depreciation	76,859
Premium Outlets \| Folsom Premium Outlets, Folsom (Sacramento), CA
Initial Cost
Land	9,060
Buildings and Improvements	50,281
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,258
Gross Amounts At Which Carried At Close of Period
Land	9,060
Buildings and Improvements	54,539
Total	63,599
Accumulated Depreciation	28,139
Premium Outlets \| Gilroy Premium Outlets, Gilroy (San Jose), CA
Initial Cost
Land	9,630
Buildings and Improvements	194,122
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	12,177
Gross Amounts At Which Carried At Close of Period
Land	9,630
Buildings and Improvements	206,299
Total	215,929
Accumulated Depreciation	90,565
Premium Outlets \| Grand Prairie Premium Outlets, Grand Prairie (Dallas), TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	116,331
Initial Cost
Land	9,497
Buildings and Improvements	194,245
Gross Amounts At Which Carried At Close of Period
Land	9,497
Buildings and Improvements	194,245
Total	203,742
Accumulated Depreciation	36,981
Premium Outlets \| Grove City Premium Outlets, Grove City (Pittsburgh), PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	140,000
Initial Cost
Land	6,421
Buildings and Improvements	121,880
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,847
Gross Amounts At Which Carried At Close of Period
Land	6,421
Buildings and Improvements	127,727
Total	134,148
Accumulated Depreciation	52,990
Premium Outlets \| Gulfport Premium Outlets, Gulfport, MS
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	50,000
Initial Cost
Buildings and Improvements	27,949
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,925
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	30,874
Total	30,874
Accumulated Depreciation	12,161
Premium Outlets \| Hagerstown Premium Outlets, Hagerstown (Baltimore/Washington, DC), MD
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	77,000
Initial Cost
Land	3,576
Buildings and Improvements	85,883
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,780
Gross Amounts At Which Carried At Close of Period
Land	3,576
Buildings and Improvements	88,663
Total	92,239
Accumulated Depreciation	29,773
Premium Outlets \| Houston Premium Outlets, Cypress (Houston), TX
Initial Cost
Land	8,695
Buildings and Improvements	69,350
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	44,060
Gross Amounts At Which Carried At Close of Period
Land	8,695
Buildings and Improvements	113,410
Total	122,105
Accumulated Depreciation	43,113
Premium Outlets \| Jackson Premium Outlets, Jackson (New York), NJ
Initial Cost
Land	6,413
Buildings and Improvements	104,013
Costs Capitalized Subsequent to Acquisition
Land	3
Buildings and Improvements	7,289
Gross Amounts At Which Carried At Close of Period
Land	6,416
Buildings and Improvements	111,302
Total	117,718
Accumulated Depreciation	43,924
Premium Outlets \| Jersey Shore Premium Outlets, Tinton Falls (New York), NJ
Initial Cost
Land	15,390
Buildings and Improvements	50,979
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	76,297
Gross Amounts At Which Carried At Close of Period
Land	15,390
Buildings and Improvements	127,276
Total	142,666
Accumulated Depreciation	51,500
Premium Outlets \| Johnson Creek Premium Outlets, Johnson Creek, WI
Initial Cost
Land	2,800
Buildings and Improvements	39,546
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,730
Gross Amounts At Which Carried At Close of Period
Land	2,800
Buildings and Improvements	46,276
Total	49,076
Accumulated Depreciation	19,528
Premium Outlets \| Kittery Premium Outlets, Kittery, ME
Initial Cost
Land	11,832
Buildings and Improvements	94,994
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,746
Gross Amounts At Which Carried At Close of Period
Land	11,832
Buildings and Improvements	104,740
Total	116,572
Accumulated Depreciation	39,061
Premium Outlets \| Las Americas Premium Outlets, San Diego, CA
Initial Cost
Land	45,168
Buildings and Improvements	251,878
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,190
Gross Amounts At Which Carried At Close of Period
Land	45,168
Buildings and Improvements	260,068
Total	305,236
Accumulated Depreciation	78,820
Premium Outlets \| Las Vegas North Premium Outlets, Las Vegas, NV
Initial Cost
Land	25,435
Buildings and Improvements	134,973
Costs Capitalized Subsequent to Acquisition
Land	16,536
Buildings and Improvements	149,251
Gross Amounts At Which Carried At Close of Period
Land	41,971
Buildings and Improvements	284,224
Total	326,195
Accumulated Depreciation	101,948
Premium Outlets \| Las Vegas South Premium Outlets, Las Vegas, NV
Initial Cost
Land	13,085
Buildings and Improvements	160,777
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	31,574
Gross Amounts At Which Carried At Close of Period
Land	13,085
Buildings and Improvements	192,351
Total	205,436
Accumulated Depreciation	71,039
Premium Outlets \| Lee Premium Outlets, Lee, MA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	52,651
Initial Cost
Land	9,167
Buildings and Improvements	52,212
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,900
Gross Amounts At Which Carried At Close of Period
Land	9,167
Buildings and Improvements	55,112
Total	64,279
Accumulated Depreciation	22,193
Premium Outlets \| Leesburg Corner Premium Outlets, Leesburg (Washington D.C.), VA
Initial Cost
Land	7,190
Buildings and Improvements	162,023
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,728
Gross Amounts At Which Carried At Close of Period
Land	7,190
Buildings and Improvements	168,751
Total	175,941
Accumulated Depreciation	75,578
Premium Outlets \| Lighthouse Place Premium Outlets, Michigan City (Chicago, IL), IN
Initial Cost
Land	6,630
Buildings and Improvements	94,138
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,852
Gross Amounts At Which Carried At Close of Period
Land	6,630
Buildings and Improvements	103,990
Total	110,620
Accumulated Depreciation	50,937
Premium Outlets \| Merrimack Premium Outlets, Merrimack, NH
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	124,287
Initial Cost
Land	14,975
Buildings and Improvements	118,428
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,401
Gross Amounts At Which Carried At Close of Period
Land	14,975
Buildings and Improvements	120,829
Total	135,804
Accumulated Depreciation	30,056
Premium Outlets \| Napa Premium Outlets, Napa, CA
Initial Cost
Land	11,400
Buildings and Improvements	45,023
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,328
Gross Amounts At Which Carried At Close of Period
Land	11,400
Buildings and Improvements	51,351
Total	62,751
Accumulated Depreciation	23,500
Premium Outlets \| North Bend Premium Outlets, North Bend (Seattle), WA
Initial Cost
Land	2,143
Buildings and Improvements	36,197
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,517
Gross Amounts At Which Carried At Close of Period
Land	2,143
Buildings and Improvements	40,714
Total	42,857
Accumulated Depreciation	16,347
Premium Outlets \| North Georgia Premium Outlets, Dawsonville (Atlanta), GA
Initial Cost
Land	4,300
Buildings and Improvements	137,020
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	413
Gross Amounts At Which Carried At Close of Period
Land	4,300
Buildings and Improvements	137,433
Total	141,733
Accumulated Depreciation	57,405
Premium Outlets \| Orlando International Premium Outlets, Orlando, FL
Initial Cost
Land	31,998
Buildings and Improvements	472,815
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,866
Gross Amounts At Which Carried At Close of Period
Land	31,998
Buildings and Improvements	477,681
Total	509,679
Accumulated Depreciation	134,157
Premium Outlets \| Orlando Vineland Premium Outlets, Orlando, FL
Initial Cost
Land	14,040
Buildings and Improvements	382,949
Costs Capitalized Subsequent to Acquisition
Land	36,023
Gross Amounts At Which Carried At Close of Period
Land	50,063
Buildings and Improvements	382,949
Total	433,012
Accumulated Depreciation	142,912
Premium Outlets \| Petaluma Village Premium Outlets, Petaluma (San Francisco), CA
Initial Cost
Land	13,322
Buildings and Improvements	13,710
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,428
Gross Amounts At Which Carried At Close of Period
Land	13,322
Buildings and Improvements	17,138
Total	30,460
Accumulated Depreciation	10,358
Premium Outlets \| Philadelphia Premium Outlets, Limerick (Philadelphia), PA
Initial Cost
Land	16,676
Buildings and Improvements	105,249
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	20,374
Gross Amounts At Which Carried At Close of Period
Land	16,676
Buildings and Improvements	125,623
Total	142,299
Accumulated Depreciation	59,370
Premium Outlets \| Phoenix Premium Outlets, Chandler (Phoenix), AZ
Initial Cost
Buildings and Improvements	63,448
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	58
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	63,506
Total	63,506
Accumulated Depreciation	16,677
Premium Outlets \| Pismo Beach Premium Outlets, Pismo Beach, CA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	36,104
Initial Cost
Land	4,317
Buildings and Improvements	19,044
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,782
Gross Amounts At Which Carried At Close of Period
Land	4,317
Buildings and Improvements	21,826
Total	26,143
Accumulated Depreciation	9,948
Premium Outlets \| Pleasant Prairie Premium Outlets, Pleasant Prairie (Chicago, IL/Milwaukee), WI
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	145,000
Initial Cost
Land	16,823
Buildings and Improvements	126,686
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,244
Gross Amounts At Which Carried At Close of Period
Land	16,823
Buildings and Improvements	132,930
Total	149,753
Accumulated Depreciation	40,972
Premium Outlets \| Puerto Rico Premium Outlets, Barceloneta, PR
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	160,000
Initial Cost
Land	20,586
Buildings and Improvements	114,021
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,826
Gross Amounts At Which Carried At Close of Period
Land	20,586
Buildings and Improvements	116,847
Total	137,433
Accumulated Depreciation	36,749
Premium Outlets \| Queenstown Premium Outlets, Queenstown (Baltimore), MD
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	63,426
Initial Cost
Land	8,129
Buildings and Improvements	61,950
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,291
Gross Amounts At Which Carried At Close of Period
Land	8,129
Buildings and Improvements	66,241
Total	74,370
Accumulated Depreciation	22,033
Premium Outlets \| Rio Grande Valley Premium Outlets, Mercedes (McAllen), TX
Initial Cost
Land	12,229
Buildings and Improvements	41,547
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	29,779
Gross Amounts At Which Carried At Close of Period
Land	12,229
Buildings and Improvements	71,326
Total	83,555
Accumulated Depreciation	37,743
Premium Outlets \| Round Rock Premium Outlets, Round Rock (Austin), TX
Initial Cost
Land	14,706
Buildings and Improvements	82,252
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,533
Gross Amounts At Which Carried At Close of Period
Land	14,706
Buildings and Improvements	85,785
Total	100,491
Accumulated Depreciation	44,388
Premium Outlets \| San Francisco Premium Outlets, Livermore (San Francisco), CA
Initial Cost
Land	21,925
Buildings and Improvements	308,694
Costs Capitalized Subsequent to Acquisition
Land	40,046
Buildings and Improvements	50,512
Gross Amounts At Which Carried At Close of Period
Land	61,971
Buildings and Improvements	359,206
Total	421,177
Accumulated Depreciation	59,134
Premium Outlets \| San Marcos Premium Outlets, San Marcos (Austin/San Antonio), TX
Initial Cost
Land	13,180
Buildings and Improvements	287,179
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,811
Gross Amounts At Which Carried At Close of Period
Land	13,180
Buildings and Improvements	296,990
Total	310,170
Accumulated Depreciation	83,993
Premium Outlets \| Seattle Premium Outlets, Tulalip (Seattle), WA
Initial Cost
Buildings and Improvements	103,722
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	53,979
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	157,701
Total	157,701
Accumulated Depreciation	63,567
Premium Outlets \| St. Augustine Premium Outlets, St. Augustine (Jacksonville), FL
Initial Cost
Land	6,090
Buildings and Improvements	57,670
Costs Capitalized Subsequent to Acquisition
Land	2
Buildings and Improvements	10,911
Gross Amounts At Which Carried At Close of Period
Land	6,092
Buildings and Improvements	68,581
Total	74,673
Accumulated Depreciation	33,109
Premium Outlets \| Tampa Premium Outlets, Lutz (Tampa), FL
Initial Cost
Land	14,298
Buildings and Improvements	97,188
Costs Capitalized Subsequent to Acquisition
Land	121
Buildings and Improvements	4,365
Gross Amounts At Which Carried At Close of Period
Land	14,419
Buildings and Improvements	101,553
Total	115,972
Accumulated Depreciation	10,013
Premium Outlets \| The Crossings Premium Outlets, Tannersville, PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	110,565
Initial Cost
Land	7,720
Buildings and Improvements	172,931
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	17,302
Gross Amounts At Which Carried At Close of Period
Land	7,720
Buildings and Improvements	190,233
Total	197,953
Accumulated Depreciation	74,436
Premium Outlets \| Tucson Premium Outlets, Marana (Tucson), AZ
Initial Cost
Land	12,508
Buildings and Improvements	69,677
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,959
Gross Amounts At Which Carried At Close of Period
Land	12,508
Buildings and Improvements	74,636
Total	87,144
Accumulated Depreciation	7,626
Premium Outlets \| Vacaville Premium Outlets, Vacaville, CA
Initial Cost
Land	9,420
Buildings and Improvements	84,850
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	16,827
Gross Amounts At Which Carried At Close of Period
Land	9,420
Buildings and Improvements	101,677
Total	111,097
Accumulated Depreciation	49,529
Premium Outlets \| Waikele Premium Outlets, Waipahu (Honolulu), HI
Initial Cost
Land	22,630
Buildings and Improvements	77,316
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	20,156
Gross Amounts At Which Carried At Close of Period
Land	22,630
Buildings and Improvements	97,472
Total	120,102
Accumulated Depreciation	39,214
Premium Outlets \| Waterloo Premium Outlets, Waterloo, NY
Initial Cost
Land	3,230
Buildings and Improvements	75,277
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,554
Gross Amounts At Which Carried At Close of Period
Land	3,230
Buildings and Improvements	84,831
Total	88,061
Accumulated Depreciation	40,945
Premium Outlets \| Williamsburg Premium Outlets, Williamsburg, VA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	185,000
Initial Cost
Land	10,323
Buildings and Improvements	223,789
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,715
Gross Amounts At Which Carried At Close of Period
Land	10,323
Buildings and Improvements	230,504
Total	240,827
Accumulated Depreciation	64,293
Premium Outlets \| Woodburn Premium Outlets, Woodburn (Portland), OR
Initial Cost
Land	9,414
Buildings and Improvements	150,414
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,753
Gross Amounts At Which Carried At Close of Period
Land	9,414
Buildings and Improvements	152,167
Total	161,581
Accumulated Depreciation	29,876
Premium Outlets \| Woodbury Common Premium Outlets, Central Valley (New York), NY
Initial Cost
Land	11,110
Buildings and Improvements	862,559
Costs Capitalized Subsequent to Acquisition
Land	1,658
Buildings and Improvements	233,677
Gross Amounts At Which Carried At Close of Period
Land	12,768
Buildings and Improvements	1,096,236
Total	1,109,004
Accumulated Depreciation	356,879
Premium Outlets \| Wrentham Village Premium Outlets, Wrentham (Boston), MA
Initial Cost
Land	4,900
Buildings and Improvements	282,031
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	12,966
Gross Amounts At Which Carried At Close of Period
Land	4,900
Buildings and Improvements	294,997
Total	299,897
Accumulated Depreciation	122,180
The Mills \| Arizona Mills, Tempe (Phoenix), AZ
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	156,146
Initial Cost
Land	41,936
Buildings and Improvements	297,289
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	12,887
Gross Amounts At Which Carried At Close of Period
Land	41,936
Buildings and Improvements	310,176
Total	352,112
Accumulated Depreciation	42,956
The Mills \| Great Mall, Milpitas (San Jose), CA
Initial Cost
Land	69,853
Buildings and Improvements	463,101
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	50,369
Gross Amounts At Which Carried At Close of Period
Land	69,853
Buildings and Improvements	513,470
Total	583,323
Accumulated Depreciation	99,514
The Mills \| Gurnee Mills, Gurnee (Chicago), IL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	269,506
Initial Cost
Land	41,133
Buildings and Improvements	297,911
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	15,252
Gross Amounts At Which Carried At Close of Period
Land	41,133
Buildings and Improvements	313,163
Total	354,296
Accumulated Depreciation	65,934
The Mills \| Mills at Jersey Gardens, The, Elizabeth, NJ
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	350,000
Initial Cost
Land	120,417
Buildings and Improvements	865,605
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	14,050
Gross Amounts At Which Carried At Close of Period
Land	120,417
Buildings and Improvements	879,655
Total	1,000,072
Accumulated Depreciation	100,098
The Mills \| Opry Mills, Nashville, TN
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	375,000
Initial Cost
Land	51,000
Buildings and Improvements	327,503
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	15,016
Gross Amounts At Which Carried At Close of Period
Land	51,000
Buildings and Improvements	342,519
Total	393,519
Accumulated Depreciation	69,417
The Mills \| Potomac Mills, Woodbridge (Washington, D.C.), VA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	416,000
Initial Cost
Land	61,755
Buildings and Improvements	425,370
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	36,249
Gross Amounts At Which Carried At Close of Period
Land	61,755
Buildings and Improvements	461,619
Total	523,374
Accumulated Depreciation	98,700
The Mills \| Sawgrass Mills, Sunrise (Miami), FL
Initial Cost
Land	194,002
Buildings and Improvements	1,641,153
Costs Capitalized Subsequent to Acquisition
Land	5,395
Buildings and Improvements	162,281
Gross Amounts At Which Carried At Close of Period
Land	199,397
Buildings and Improvements	1,803,434
Total	2,002,831
Accumulated Depreciation	339,593
Designer Outlets \| La Reggia Designer Outlet, Marcianise (Naples), Italy
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	159,500
Initial Cost
Land	37,220
Buildings and Improvements	233,179
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,470
Gross Amounts At Which Carried At Close of Period
Land	37,220
Buildings and Improvements	235,649
Total	272,869
Accumulated Depreciation	16,856
Designer Outlets \| Noventa Di Piave Designer Outlet, Venice, Italy
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	131,718
Initial Cost
Land	38,793
Buildings and Improvements	309,284
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	36,306
Gross Amounts At Which Carried At Close of Period
Land	38,793
Buildings and Improvements	345,590
Total	384,383
Accumulated Depreciation	20,631
Designer Outlets \| Parndorf Designer Outlet, Vienna, Austria
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	110,212
Initial Cost
Land	14,903
Buildings and Improvements	221,442
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,432
Gross Amounts At Which Carried At Close of Period
Land	14,903
Buildings and Improvements	223,874
Total	238,777
Accumulated Depreciation	21,038
Designer Outlets \| Roermond Designer Outlet, Roermond, Netherlands
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	275,529
Initial Cost
Land	15,035
Buildings and Improvements	400,094
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,894
Gross Amounts At Which Carried At Close of Period
Land	15,035
Buildings and Improvements	401,988
Total	417,023
Accumulated Depreciation	34,962
Designer Outlets \| Rosada Designer Outlet, Roosendaal, Netherlands
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	71,877
Initial Cost
Land	22,191
Buildings and Improvements	108,069
Gross Amounts At Which Carried At Close of Period
Land	22,191
Buildings and Improvements	108,069
Total	130,260
Accumulated Depreciation	3,446
Designer Outlets \| Provence Designer Outlet, Provence, France
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	94,174
Initial Cost
Land	38,467
Buildings and Improvements	69,221
Gross Amounts At Which Carried At Close of Period
Land	38,467
Buildings and Improvements	69,221
Total	107,688
Accumulated Depreciation	3,748
Community/Lifestyle Centers \| ABQ Uptown, Albuquerque, NM
Initial Cost
Land	6,374
Buildings and Improvements	75,333
Costs Capitalized Subsequent to Acquisition
Land	4,054
Buildings and Improvements	5,804
Gross Amounts At Which Carried At Close of Period
Land	10,428
Buildings and Improvements	81,137
Total	91,565
Accumulated Depreciation	20,758
Community/Lifestyle Centers \| University Park Village, Fort Worth, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	55,000
Initial Cost
Land	18,031
Buildings and Improvements	100,523
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,267
Gross Amounts At Which Carried At Close of Period
Land	18,031
Buildings and Improvements	104,790
Total	122,821
Accumulated Depreciation	10,835
Other Properties \| Bangor Mall, Bangor, ME
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	80,000
Initial Cost
Land	5,478
Buildings and Improvements	59,740
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	12,636
Gross Amounts At Which Carried At Close of Period
Land	5,478
Buildings and Improvements	72,376
Total	77,854
Accumulated Depreciation	39,284
Other Properties \| Calhoun Marketplace, Calhoun GA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	19,013
Initial Cost
Land	1,745
Buildings and Improvements	12,529
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,013
Gross Amounts At Which Carried At Close of Period
Land	1,745
Buildings and Improvements	14,542
Total	16,287
Accumulated Depreciation	8,256
Other Properties \| Florida Keys Outlet Center, Florida City, FL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	17,000
Initial Cost
Land	1,112
Buildings and Improvements	1,748
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,714
Gross Amounts At Which Carried At Close of Period
Land	1,112
Buildings and Improvements	5,462
Total	6,574
Accumulated Depreciation	2,555
Other Properties \| Gaffney Marketplace, Gaffney (Greenville/Charlotte), SC
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	30,713
Initial Cost
Land	4,056
Buildings and Improvements	32,371
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,126
Gross Amounts At Which Carried At Close of Period
Land	4,056
Buildings and Improvements	37,497
Total	41,553
Accumulated Depreciation	15,354
Other Properties \| Independence Center, Independence (Kansas City), MO
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	200,000
Initial Cost
Land	5,042
Buildings and Improvements	45,798
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	43,314
Gross Amounts At Which Carried At Close of Period
Land	5,042
Buildings and Improvements	89,112
Total	94,154
Accumulated Depreciation	49,959
Other Properties \| Lebanon Marketplace, Lebanon (Nashville), TN
Initial Cost
Land	1,758
Buildings and Improvements	10,189
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	399
Gross Amounts At Which Carried At Close of Period
Land	1,758
Buildings and Improvements	10,588
Total	12,346
Accumulated Depreciation	5,816
Other Properties \| Liberty Village Marketplace, Flemington (New York), NJ
Initial Cost
Land	5,670
Buildings and Improvements	28,904
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,357
Gross Amounts At Which Carried At Close of Period
Land	5,670
Buildings and Improvements	31,261
Total	36,931
Accumulated Depreciation	30,237
Other Properties \| Lincoln Plaza, King of Prussia (Philadelphia), PA
Initial Cost
Buildings and Improvements	21,299
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,737
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	28,036
Total	28,036
Accumulated Depreciation	15,905
Other Properties \| Orlando Outlet Marketplace, Orlando, FL
Initial Cost
Land	3,367
Buildings and Improvements	1,557
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,405
Gross Amounts At Which Carried At Close of Period
Land	3,367
Buildings and Improvements	3,962
Total	7,329
Accumulated Depreciation	1,889
Other Properties \| Osage Beach Marketplace, Osage Beach, MO
Initial Cost
Land	9,460
Buildings and Improvements	85,804
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,724
Gross Amounts At Which Carried At Close of Period
Land	9,460
Buildings and Improvements	93,528
Total	102,988
Accumulated Depreciation	44,796
Development Projects \| Other pre-development costs
Initial Cost
Land	98,682
Buildings and Improvements	135,722
Costs Capitalized Subsequent to Acquisition
Land	958
Gross Amounts At Which Carried At Close of Period
Land	99,640
Buildings and Improvements	135,722
Total	235,362
Accumulated Depreciation	78
Other
Initial Cost
Land	2,615
Buildings and Improvements	15,376
Gross Amounts At Which Carried At Close of Period
Land	2,615
Buildings and Improvements	15,376
Total	17,991
Accumulated Depreciation	8,946
Currency Translation Adjustment
Initial Cost
Land	15,941
Buildings and Improvements	72,232
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	48,651
Gross Amounts At Which Carried At Close of Period
Land	15,941
Buildings and Improvements	120,883
Total	136,824
Accumulated Depreciation	$ (2,270)

Schedule III Real Estate and Accumulated Depreciation - Changes in Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Real Estate Properties:
Balance, beginning of year	$ 34,897,942	$ 33,132,885	$ 31,014,133
Acquisitions and consolidations	328,621	1,331,511	1,190,944
Improvements	731,863	658,734	995,964
Disposals and deconsolidations	(125,499)	(180,433)	(68,156)
Currency Translation Adjustment	181,579	(44,755)
Balance, close of year	36,014,506	34,897,942	33,132,885
Unaudited aggregate cost of real estate for federal income tax purposes	21,055,936
Reconciliation of Accumulated Depreciation:
Balance, beginning of year	10,664,738	9,696,420	8,740,928
Depreciation expense	1,121,863	1,089,347	1,018,078
Disposals and deconsolidations	(81,187)	(117,568)	(62,586)
Currency Translation Adjustment	(1,191)	(3,461)
Balance, close of year	$ 11,704,223	$ 10,664,738	$ 9,696,420
Structure \| Minimum
Real estate and accumulated depreciation
Depreciable life	10 years
Structure \| Maximum
Real estate and accumulated depreciation
Depreciable life	35 years
Landscaping and parking lot
Real estate and accumulated depreciation
Depreciable life	15 years
HVAC equipment
Real estate and accumulated depreciation
Depreciable life	10 years