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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2018	Jan. 31, 2019	Jun. 30, 2018
Entity Registrant Name	SIMON PROPERTY GROUP INC /DE/
Entity Central Index Key	0001063761
Document Type	10-K
Document Period End Date	Dec. 31, 2018
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			$ 52,260
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Common stock
Entity Common Stock, Shares Outstanding		308,961,608
Class B common stock
Entity Common Stock, Shares Outstanding		8,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
ASSETS:
Investment properties, at cost	$ 37,092,670	$ 36,393,464
Less - accumulated depreciation	12,884,539	11,935,949
Investment properties at cost, net	24,208,131	24,457,515
Cash and cash equivalents	514,335	1,482,309
Tenant receivables and accrued revenue, net	763,815	742,672
Investment in unconsolidated entities, at equity	2,220,414	2,266,483
Investment in Klepierre, at equity	1,769,488	1,934,676
Deferred costs and other assets	1,210,040	1,373,983
Total assets	30,686,223	32,257,638
LIABILITIES:
Mortgages and unsecured indebtedness	23,305,535	24,632,463
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,316,861	1,269,190
Cash distributions and losses in unconsolidated entities, at equity	1,536,111	1,406,378
Other liabilities	500,597	520,363
Total liabilities	26,659,104	27,828,394
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	230,163	190,480
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Series J 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847	42,748	43,077
Capital in excess of par value	9,700,418	9,614,748
Accumulated deficit	(4,893,069)	(4,782,173)
Accumulated other comprehensive loss	(126,017)	(110,453)
Common stock held in treasury, at cost, 11,402,103 and 9,163,920 shares, respectively	(1,427,431)	(1,079,063)
Total stockholders' equity	3,296,681	3,686,168
Noncontrolling interests	500,275	552,596
Total equity	3,796,956	4,238,764
Total liabilities and equity	30,686,223	32,257,638
Simon Property Group, L.P.
ASSETS:
Investment properties, at cost	37,092,670	36,393,464
Less - accumulated depreciation	12,884,539	11,935,949
Investment properties at cost, net	24,208,131	24,457,515
Cash and cash equivalents	514,335	1,482,309
Tenant receivables and accrued revenue, net	763,815	742,672
Investment in unconsolidated entities, at equity	2,220,414	2,266,483
Investment in Klepierre, at equity	1,769,488	1,934,676
Deferred costs and other assets	1,210,040	1,373,983
Total assets	30,686,223	32,257,638
LIABILITIES:
Mortgages and unsecured indebtedness	23,305,535	24,632,463
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,316,861	1,269,190
Cash distributions and losses in unconsolidated entities, at equity	1,536,111	1,406,378
Other liabilities	500,597	520,363
Total liabilities	26,659,104	27,828,394
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	230,163	190,480
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	42,748	43,077
General Partner, 309,017,468 and 311,166,854 units outstanding, respectively	3,253,933	3,643,091
Limited Partners, 46,807,372 and 46,879,625 units outstanding, respectively	492,877	548,858
Total partners' equity	3,789,558	4,235,026
Nonredeemable noncontrolling interests in properties, net	7,398	3,738
Total equity	3,796,956	4,238,764
Total liabilities and equity	30,686,223	32,257,638
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, 2018	Dec. 31, 2017
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
Common stock held in treasury, shares	11,402,103	9,163,920
Series J Preferred stock
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
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	320,411,571	320,322,774
Common stock, shares outstanding	320,411,571	320,322,774
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	309,017,468	311,166,854
Limited Partners, units outstanding	46,807,372	46,879,625
Simon Property Group, L.P. \| Series J Preferred stock
Preferred stock stated dividend rate percentage	8.375%	8.375%
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized	1,000,000
Preferred units, units outstanding	796,948

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
REVENUE:
Minimum rent	$ 3,488,522	$ 3,440,009	$ 3,358,498
Overage rent	162,189	147,471	161,508
Tenant reimbursements	1,520,340	1,532,923	1,494,804
Management fees and other revenues	116,286	121,259	143,875
Other income	370,582	296,978	276,544
Total revenue	5,657,919	5,538,640	5,435,229
EXPENSES:
Property operating	450,636	443,177	432,394
Depreciation and amortization	1,282,454	1,275,452	1,252,673
Real estate taxes	457,740	440,003	439,030
Repairs and maintenance	99,588	96,900	99,723
Advertising and promotion	151,241	150,865	142,801
Provision for credit losses	12,631	11,304	7,319
Home and regional office costs	136,677	135,150	158,406
General and administrative	46,543	51,972	65,082
Other	109,322	131,477	116,973
Total operating expenses	2,746,832	2,736,300	2,714,401
OPERATING INCOME BEFORE OTHER ITEMS	2,911,087	2,802,340	2,720,828
Interest expense	(815,923)	(809,393)	(857,554)
Loss on extinguishment of debt		(128,618)	(136,777)
Income and other taxes	(36,898)	(23,343)	(29,678)
Income from unconsolidated entities	475,250	400,270	353,334
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	288,827	3,647	84,553
CONSOLIDATED NET INCOME	2,822,343	2,244,903	2,134,706
Net income attributable to noncontrolling interests	382,285	296,941	295,810
Preferred dividends	3,337	3,337	3,337
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ 2,436,721	$ 1,944,625	$ 1,835,559
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT:
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 7.87	$ 6.24	$ 5.87
Consolidated Net Income	$ 2,822,343	$ 2,244,903	$ 2,134,706
Unrealized gain (loss) on derivative hedge agreements	21,633	(35,112)	39,472
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings	7,020	(12,122)	149,622
Currency translation adjustments	(47,038)	45,766	(28,646)
Changes in available-for-sale securities and other	373	5,733	3,192
Comprehensive income	2,804,331	2,249,168	2,298,346
Comprehensive income attributable to noncontrolling interests	379,837	297,534	320,890
Comprehensive income attributable to common stockholders or unitholders	2,424,494	1,951,634	1,977,456
Simon Property Group, L.P.
REVENUE:
Minimum rent	3,488,522	3,440,009	3,358,498
Overage rent	162,189	147,471	161,508
Tenant reimbursements	1,520,340	1,532,923	1,494,804
Management fees and other revenues	116,286	121,259	143,875
Other income	370,582	296,978	276,544
Total revenue	5,657,919	5,538,640	5,435,229
EXPENSES:
Property operating	450,636	443,177	432,394
Depreciation and amortization	1,282,454	1,275,452	1,252,673
Real estate taxes	457,740	440,003	439,030
Repairs and maintenance	99,588	96,900	99,723
Advertising and promotion	151,241	150,865	142,801
Provision for credit losses	12,631	11,304	7,319
Home and regional office costs	136,677	135,150	158,406
General and administrative	46,543	51,972	65,082
Other	109,322	131,477	116,973
Total operating expenses	2,746,832	2,736,300	2,714,401
OPERATING INCOME BEFORE OTHER ITEMS	2,911,087	2,802,340	2,720,828
Interest expense	(815,923)	(809,393)	(857,554)
Loss on extinguishment of debt		(128,618)	(136,777)
Income and other taxes	(36,898)	(23,343)	(29,678)
Income from unconsolidated entities	475,250	400,270	353,334
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	288,827	3,647	84,553
CONSOLIDATED NET INCOME	2,822,343	2,244,903	2,134,706
Net income attributable to noncontrolling interests	11,327	13	7,218
Preferred dividends	5,252	5,252	5,252
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	2,805,764	2,239,638	2,122,236
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	2,436,721	1,944,625	1,835,559
Limited Partners	$ 369,043	$ 295,013	$ 286,677
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT:
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 7.87	$ 6.24	$ 5.87
Consolidated Net Income	$ 2,822,343	$ 2,244,903	$ 2,134,706
Unrealized gain (loss) on derivative hedge agreements	21,633	(35,112)	39,472
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings	7,020	(12,122)	149,622
Currency translation adjustments	(47,038)	45,766	(28,646)
Changes in available-for-sale securities and other	373	5,733	3,192
Comprehensive income	2,804,331	2,249,168	2,298,346
Comprehensive income attributable to noncontrolling interests	7,911	2,091	2,917
Comprehensive income attributable to common stockholders or unitholders	$ 2,796,420	$ 2,247,077	$ 2,295,429

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 2,822,343	$ 2,244,903	$ 2,134,706
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
Depreciation and amortization	1,349,776	1,357,351	1,327,946
Loss on debt extinguishment		128,618	136,777
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(288,827)	(3,647)	(84,553)
Pre-development project cost charge			31,490
Gains on sales of marketable securities		(21,541)
Unrealized change in fair value of equity instruments	15,212
Gain on interest in unconsolidated entity (Note 7)	(35,621)
Straight-line rent	(18,325)	(26,543)	(46,656)
Equity in income of unconsolidated entities	(475,250)	(400,270)	(353,334)
Distributions of income from unconsolidated entities	390,137	374,101	331,627
Changes in assets and liabilities -
Tenant receivables and accrued revenue, net	(17,518)	(26,170)	16,277
Deferred costs and other assets	(75,438)	(132,945)	(43,797)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	84,307	99,931	(77,789)
Net cash provided by operating activities	3,750,796	3,593,788	3,372,694
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(51,060)	(264,488)	(499,976)
Funding of loans to related parties	(4,641)	(71,532)
Repayments of loans to related parties			8,207
Capital expenditures, net	(781,909)	(732,100)	(798,465)
Cash impact from the consolidation of properties	11,276	7,536	59,994
Net proceeds from sale of assets	183,241	19,944	36,558
Investments in unconsolidated entities	(63,397)	(157,173)	(312,160)
Purchase of marketable and non-marketable securities	(21,563)	(25,000)	(38,809)
Proceeds from sales of marketable and non-marketable securities	25,000	56,268	42,600
Insurance proceeds for property restoration	19,083
Distributions of capital from unconsolidated entities and other	447,464	405,078	533,025
Net cash used in investing activities	(236,506)	(761,467)	(969,026)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock, issuance of units and other, net of transaction costs	(329)	(328)	(328)
Purchase of shares or units related to stock grant recipients' tax withholdings	(2,911)	(2,789)	(4,299)
Redemption of limited partner units	(81,506)
Purchase of treasury stock	(354,108)	(407,002)	(255,267)
Distributions to noncontrolling interest holders in properties	(76,963)	(11,295)	(9,731)
Contributions from noncontrolling interest holders in properties	161	382	1,507
Preferred distributions of the Operating Partnership	(1,915)	(1,915)	(1,915)
Distributions to stockholders and preferred dividends	(2,449,071)	(2,231,259)	(2,037,542)
Distributions to limited partners	(370,656)	(338,602)	(316,428)
Loss on debt extinguishment		(128,618)	(136,777)
Proceeds from issuance of debt, net of transaction costs	7,973,719	11,668,026	14,866,205
Repayments of debt	(9,118,685)	(10,456,671)	(14,650,168)
Net cash used in financing activities	(4,482,264)	(1,910,071)	(2,544,743)
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	(967,974)	922,250	(141,075)
CASH AND CASH EQUIVALENTS, beginning of period	1,482,309	560,059	701,134
CASH AND CASH EQUIVALENTS, end of period	514,335	1,482,309	560,059
Simon Property Group, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	2,822,343	2,244,903	2,134,706
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
Depreciation and amortization	1,349,776	1,357,351	1,327,946
Loss on debt extinguishment		128,618	136,777
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(288,827)	(3,647)	(84,553)
Pre-development project cost charge			31,490
Gains on sales of marketable securities		(21,541)
Unrealized change in fair value of equity instruments	15,212
Gain on interest in unconsolidated entity (Note 7)	(35,621)
Straight-line rent	(18,325)	(26,543)	(46,656)
Equity in income of unconsolidated entities	(475,250)	(400,270)	(353,334)
Distributions of income from unconsolidated entities	390,137	374,101	331,627
Changes in assets and liabilities -
Tenant receivables and accrued revenue, net	(17,518)	(26,170)	16,277
Deferred costs and other assets	(75,438)	(132,945)	(43,797)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	84,307	99,931	(77,789)
Net cash provided by operating activities	3,750,796	3,593,788	3,372,694
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(51,060)	(264,488)	(499,976)
Funding of loans to related parties	(4,641)	(71,532)
Repayments of loans to related parties			8,207
Capital expenditures, net	(781,909)	(732,100)	(798,465)
Cash impact from the consolidation of properties	11,276	7,536	59,994
Net proceeds from sale of assets	183,241	19,944	36,558
Investments in unconsolidated entities	(63,397)	(157,173)	(312,160)
Purchase of marketable and non-marketable securities	(21,563)	(25,000)	(38,809)
Proceeds from sales of marketable and non-marketable securities	25,000	56,268	42,600
Insurance proceeds for property restoration	19,083
Distributions of capital from unconsolidated entities and other	447,464	405,078	533,025
Net cash used in investing activities	(236,506)	(761,467)	(969,026)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock, issuance of units and other, net of transaction costs	(329)	(328)	(328)
Purchase of shares or units related to stock grant recipients' tax withholdings	(2,911)	(2,789)	(4,299)
Redemption of limited partner units	(81,506)
Purchase of general partner units	(354,108)	(407,002)	(255,267)
Distributions to noncontrolling interest holders in properties	(76,963)	(11,295)	(9,731)
Contributions from noncontrolling interest holders in properties	161	382	1,507
Preferred distributions of the Operating Partnership	(2,821,642)	(2,571,776)	(2,355,885)
Loss on debt extinguishment		(128,618)	(136,777)
Proceeds from issuance of debt, net of transaction costs	7,973,719	11,668,026	14,866,205
Repayments of debt	(9,118,685)	(10,456,671)	(14,650,168)
Net cash used in financing activities	(4,482,264)	(1,910,071)	(2,544,743)
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	(967,974)	922,250	(141,075)
CASH AND CASH EQUIVALENTS, beginning of period	1,482,309	560,059	701,134
CASH AND CASH EQUIVALENTS, end of period	$ 514,335	$ 1,482,309	$ 560,059

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, 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 (92,729, 500,411 and 5,020,919 common shares respectively in 2018, 2017 and 2016, 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: 51,576 in 2018, 76,660 in 2017, 63,324 in 2016)									(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
LTIP 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 stockholders 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 2018, 2017 and 2016, respectively and $3,416, 2,078 and $4,301attributable to noncontrolling redeemable interests in properties in 2018, 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 (92,729, 500,411 and 5,020,919 common shares respectively in 2018, 2017 and 2016, 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: 51,576 in 2018, 76,660 in 2017, 63,324 in 2016)									(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
LTIP 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 stockholders 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 2018, 2017 and 2016, respectively and $3,416, 2,078 and $4,301attributable to noncontrolling redeemable interests in properties in 2018, 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
Increase (Decrease) in Stockholders' Equity
Cumulative effect of accounting change	7,264				7,264					7,264			7,264
Exchange of limited partner units (92,729, 500,411 and 5,020,919 common shares respectively in 2018, 2017 and 2016, Note 10)									1,004			(1,004)
Issuance of limited partner units (475,183 units)		84,103			84,103							84,103	84,103
Series J preferred stock premium amortization			(329)		(329)	(329)							(329)
Limited partner units exchanged to units	1,004	(1,004)
Stock incentive program (common shares, net: 51,576 in 2018, 76,660 in 2017, 63,324 in 2016)									(8,651)		8,651
Redemption of limited partner units (454,704 units)	(76,555)	(4,951)			(81,506)				(76,555)			(4,951)	(81,506)
Amortization of stock incentive	12,029				12,029				12,029				12,029
Treasury stock purchase											(354,108)		(354,108)
Treasury unit purchase	(354,108)				(354,108)
Long-term incentive performance units												26,172	26,172
LTIP Units		26,172			26,172
Issuance of unit equivalents and other	(110,456)			(2,510)	(112,966)				1,602	(109,147)	(2,911)	(2,510)	(112,966)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	156,241	(156,241)							156,241			(156,241)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(2,449,071)		(370,656)	(2,819,727)
Distributions to noncontrolling other interest holders												(1,741)	(1,741)
Distributions, excluding distributions on preferred interests classified as temporary equity	(2,445,734)	(370,656)	(3,337)	(1,741)	(2,821,468)
Other comprehensive income	(15,564)	(2,447)			(18,011)			(15,564)				(2,447)	(18,011)
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2018, 2017 and 2016, respectively and $3,416, 2,078 and $4,301attributable to noncontrolling redeemable interests in properties in 2018, 2017 and 2016)	2,436,721	369,043	3,337	7,911	2,817,012					2,440,058		376,954	2,817,012
Balance at Dec. 31, 2018						$ 42,748	$ 32	$ (126,017)	$ 9,700,418	$ (4,893,069)	$ (1,427,431)	$ 500,275	$ 3,796,956
Balance at Dec. 31, 2018	$ 3,253,933	$ 492,877	$ 42,748	$ 7,398	$ 3,796,956

Consolidated Statements of Equity (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Exchange of limited partner units, (in shares)	92,732	500,411	5,020,919
Issuance of limited partner, units	475,183
Stock incentive program, shares, net	51,756	76,660	63,324
Redemption of Limited Partner Units	454,704
Treasury stock purchase, shares	2,275,194	2,468,630	1,409,197
Shares repurchased	18,680	16,161	21,041
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)	$ 3,416,000	$ 2,078,000	$ 4,301,000
Simon Property Group, L.P.
Limited partner units exchanged to common units	92,732	500,411	5,020,919
Issuance of limited partner, units	475,183
Stock incentive program, units, net	51,756	76,660	63,324
Redemption of Limited Partner Units	454,704
Treasury unit purchase, units	2,275,194	2,468,630	1,409,197
Issuance of equivalents units	18,680	103,941	482,779
Issuance of common units		$ 16,161	$ 21,041
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)	$ 3,416,000	$ 2,078,000	$ 4,301,000

Organization

12 Months Ended

Dec. 31, 2018

Organization

Organization

1. Organization

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

We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, and The Mills®. As of December 31, 2018, we owned or held an interest in 206 income‑producing properties in the United States, which consisted of 107 malls, 69 Premium Outlets, 14 Mills, four lifestyle centers, and 12 other retail properties in 37 states and Puerto Rico. Internationally, as of December 31, 2018, we had ownership interests in nine Premium Outlets in Japan, four Premium Outlets in South Korea, three 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 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, Germany, France and the United Kingdom. As of December 31, 2018, we also owned a 21.3% 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, 2018

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 2018 in previous conclusions about whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. During the periods presented, we did not provide financial or other support to any identified VIE that we were not contractually obligated to provide.

Investments in partnerships and joint ventures represent our noncontrolling ownership interests in properties. We account for these unconsolidated entities using the equity method of accounting. We initially record these investments at cost and we subsequently adjust for net equity in income or loss, which we allocate in accordance with the provisions of the applicable partnership or joint venture agreement, cash contributions and distributions, and foreign currency fluctuations, if applicable. The allocation provisions in the partnership or joint venture agreements are not always consistent with the legal ownership interests held by each general or limited partner or joint venture investee primarily due to partner preferences. We separately report investments in 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, 2018, we consolidated 135 wholly‑owned properties and 18 additional properties that are less than wholly‑owned, but which we control or for which we are the primary beneficiary. We account for the remaining 81 properties, or the joint venture properties, as well as our investment in Klépierre, Aéropostale, Authentic Brands Group LLC, or ABG, and HBS Global Properties, or HBS, using the equity method of accounting, as we have determined we have significant influence over their operations. We manage the day‑to‑day operations of 57 of the 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 20 of the remaining 24 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,
	2018		2017		2016
Weighted average ownership interest	86.8	%	86.8	%	86.5	%

As of December 31, 2018 and 2017, our ownership interest in the Operating Partnership was 86.8% and 86.9%, respectively. 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, 2018

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,
		2018		2017		2016
Capitalized interest	$	19,871	$	24,754	$	31,250

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

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

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

Equity Instruments and Debt Securities

Equity instruments and debt securities consist primarily of the debt securities of our captive insurance subsidiary, equity instruments, 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, 2018 and 2017, we had equity instruments with readily determinable fair values of $78.1 million and $88.3 million, respectively. Effective January 1, 2018, changes in fair value of these equity instruments are recorded in earnings. As of December 31, 2018, we have recorded non-cash mark-to-market adjustments related to these equity securities with readily determinable fair values of $15.2 million, which is included in other expense in our consolidated statements of operations and comprehensive income. At December 31, 2018 and 2017, we had equity instruments without readily determinable fair values of $175.7 million and $186.9 million, respectively, for which we have elected the measurement alternative. We regularly evaluate these investments for any impairment in their estimated fair value, as well as any observable price changes for an identical or similar equity instrument of the same issuer, and determined that no material adjustment in the carrying value was required for the year ended December 31, 2018.

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

On July 26, 2017, we sold our investment in certain equity instruments. 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 statement of operations and comprehensive income for the year ended December 31, 2017.

At December 31, 2018 and 2017, we held debt securities of $40.1 million and $55.7 million, respectively, in our captive insurance subsidiary. The types of securities included in the investment portfolio of our captive insurance subsidiary are typically U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than one year to ten years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiary is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment is recorded and a new cost basis is established.

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

Fair Value Measurements

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

The equity instruments with readily determinable fair values we held at December 31, 2018 and 2017 were primarily classified as having Level 1 and Level 2 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs, which consist primarily of foreign currency forward contracts and interest rate swap agreements with a gross asset balance of $10.9 million at December 31, 2018 and a gross liability balance of $6.2 million and $18.1 million at December 31, 2018 and 2017, respectively.

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.

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, 2018, approximately 6.1% of our consolidated long-lived assets and 3.0% of our consolidated total revenues were derived from assets located outside the United States. As of December 31, 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.

Deferred Costs and Other Assets

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


	2018		2017
Deferred lease costs, net	$	249,010	$	250,442
In-place lease intangibles, net		65,825		96,054
Acquired above market lease intangibles, net		64,813		92,405
Marketable securities of our captive insurance companies		40,099		55,664
Goodwill		20,098		20,098
Other marketable and non-marketable securities		253,732		275,130
Prepaids, notes receivable and other assets, net		516,463		584,190
	$	1,210,040	$	1,373,983

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:


	2018		2017
Deferred lease costs	$	497,570	$	485,977
Accumulated amortization		(248,560)		(235,535)
Deferred lease costs, net	$	249,010	$	250,442

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,
	2018		2017		2016
Amortization of deferred leasing costs	$	56,646	$	54,323	$	49,993

Intangibles

The average remaining life of in‑place lease intangibles is approximately 2.5 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 $66.7 million and $94.1 million as of December 31, 2018 and 2017, respectively. The amount of amortization of above and below market leases, net, which increased revenue for the years ended December 31, 2018, 2017, and 2016, was $1.0 million, $2.8 million and $5.4 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:


	2018		2017
In-place lease intangibles	$	291,613	$	328,811
Accumulated amortization		(225,788)		(232,757)
In-place lease intangibles, net	$	65,825	$	96,054

	2018		2017
Acquired above market lease intangibles	$	253,973	$	260,398
Accumulated amortization		(189,160)		(167,993)
Acquired above market lease intangibles, net	$	64,813	$	92,405

Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2018 are as follows:


	Below		Above		Impact to
	Market		Market		Minimum
	Leases		Leases		Rent, Net
2019	$	21,789	$	(19,818)	$	1,971
2020		17,130		(15,767)		1,363
2021		7,827		(10,414)		(2,587)
2022		5,395		(7,550)		(2,155)
2023		4,098		(5,491)		(1,393)
Thereafter		10,509		(5,773)		4,736
	$	66,748	$	(64,813)	$	1,935

Derivative Financial Instruments

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

As of December 31, 2018 and 2017, we had no outstanding interest rate derivatives. We generally do not apply hedge accounting to interest rate caps, which had a nominal value as of December 31, 2018 and 2017, 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, cross currency swap contracts, and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date.

We had the following Euro:USD forward contracts designated as net investment hedges at December 31, 2018 and 2017 (in millions):


			Liability Value as of
		Maturity/Termination	December 31,		December 31,
Notional Value		Date	2018		2017
€	50.0	November 9, 2018	$	—	$	(2.4)
€	50.0	May 15, 2019		(0.8)		(4.9)
€	50.0	May 15, 2020		(1.5)		(5.2)
€	50.0	May 14, 2021		(2.0)		(5.5)

Liability balances in the above table are included in other liabilities.

In the first quarter of 2018, we entered into a Euro-denominated cross-currency swap agreement to manage our exposure to changes in foreign exchange rates by swapping $150.0 million of 4.38% fixed rate U.S. dollar-denominated debt to 1.37% fixed rate Euro-denominated debt of €121.6 million. The cross-currency swap matures on December 1, 2020. The fair value of our cross‑currency swap agreement at December 31, 2018 is $10.9 million and is included in deferred costs and other assets. In the third quarter of 2018, we entered into a Yen-denominated cross-currency swap agreement by swapping $200.1 million of 4.38% fixed rate U.S. dollar-denominated debt to ¥22.3 billion of 1.19% fixed rate Yen-denominated debt. Contemporaneously, we repaid Yen-denominated borrowings of $201.3 million (U.S. dollar equivalent) on the Operating Partnership’s $4.0 billion unsecured revolving credit facility, or Credit Facility. The cross-currency swap matures on December 1, 2020. The fair value of our cross-currency swap agreement at December 31, 2018 is $1.9 million and is included in other liabilities.

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

The total gross accumulated other comprehensive income related to the Operating Partnership’s derivative activities, including our share of the other comprehensive income from unconsolidated entities, approximated $37.9 million and $9.3 million as of December 31, 2018 and 2017, respectively.

Noncontrolling Interests

Simon

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




	2018		2017
Limited partners’ interests in the Operating Partnership	$	492,877	$	548,858
Nonredeemable noncontrolling interests in properties, net		7,398		3,738
Total noncontrolling interests reflected in equity	$	500,275	$	552,596

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:


	2018		2017		2016
Noncontrolling interests, beginning of period	$	552,596	$	649,464	$	744,905
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties		376,954		297,104		289,594
Distributions to noncontrolling interest holders		(372,397)		(342,453)		(319,193)
Other comprehensive (loss) income allocable to noncontrolling interests:
Unrealized gain (loss) on derivative hedge agreements		2,852		(4,607)		5,444
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings		923		(1,587)		19,629
Currency translation adjustments		(6,271)		6,040		(209)
Changes in available-for-sale securities and other		49		746		216
		(2,447)		592		25,080
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership		(156,241)		(84,794)		(66,996)
Units issued to limited partners		84,103		—		—
Units exchanged for common shares		(1,004)		(6,005)		(73,756)
Units redeemed		(4,951)		—		—
Long-term incentive performance units		26,172		38,305		48,324
Contributions by noncontrolling interests, net, and other		(2,510)		383		1,506
Noncontrolling interests, end of period	$	500,275	$	552,596	$	649,464

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:




	2018		2017		2016
Noncontrolling nonredeemable interests in properties, net — beginning of period	$	3,738	$	5,116	$	3,456
Net income attributable to noncontrolling nonredeemable interests		7,911		2,091		2,917
Distributions to noncontrolling nonredeemable interest holders		(1,741)		(3,851)		(2,765)
Contributions by noncontrolling nonredeemable interests, net, and other		(2,510)		382		1,508
Noncontrolling nonredeemable interests in properties, net — end of period	$	7,398	$	3,738	$	5,116

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, 2018:


					Net unrealized
	Currency		Accumulated		losses on
	translation		derivative		marketable
	adjustments		gains, net		securities		Total
Beginning balance	$	(118,138)	$	8,055	$	(370)	$	(110,453)
Other comprehensive (loss) income before reclassifications		(40,766)		18,781		324		(21,661)
Amounts reclassified from accumulated other comprehensive income (loss)		—		6,097		—		6,097
Net current-period other comprehensive (loss) income		(40,766)		24,878		324		(15,564)
Ending balance	$	(158,904)	$	32,933	$	(46)	$	(126,017)

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


	2018		2017		2016
	Amount		Amount		Amount
	reclassified		reclassified		reclassified
	from		from		from
	accumulated		accumulated		accumulated
Details about accumulated other	other		other		other
comprehensive income (loss)	comprehensive		comprehensive		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, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
		—		—		17,948	Net income attributable to noncontrolling interests
	$	—	$	—		(118,858)


Accumulated derivative losses, net	$	(7,020)	$	(9,419)	$	(12,230)	Interest expense
		—		—		(586)	Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
		923		1,233		1,681	Net income attributable to noncontrolling interests
	$	(6,097)	$	(8,186)	$	(11,135)

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

The Operating Partnership

The changes in accumulated other comprehensive income (loss) by component consisted of the following as of December 31, 2018:


					Net unrealized
	Currency		Accumulated		losses on
	translation		derivative		marketable
	adjustments		gains, net		securities		Total
Beginning balance	$	(135,940)	$	9,263	$	(425)	$	(127,102)
Other comprehensive (loss) income before reclassifications		(47,038)		21,633		373		(25,032)
Amounts reclassified from accumulated other comprehensive income (loss)		—		7,020		—		7,020
Net current-period other comprehensive (loss) income		(47,038)		28,653		373		(18,012)
Ending balance	$	(182,978)	$	37,916	$	(52)	$	(145,114)

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


	2018		2017		2016
	Amount		Amount		Amount
	reclassified		reclassified		reclassified
	from		from		from
	accumulated		accumulated		accumulated
Details about accumulated other	other		other		other
comprehensive income (loss)	comprehensive		comprehensive		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, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net

Accumulated derivative losses, net	$	(7,020)	$	(9,419)	$	(12,230)	Interest expense
		—		—		(586)	Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
	$	(7,020)	$	(9,419)	$	(12,816)

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

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, 2018, 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 accrue reimbursements from tenants for recoverable portions of all of 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. As discussed in Note 3, upon adoption of Accounting Standards Update (ASU) 2016-02 and its related amendments on January 1, 2019, fixed CAM reimbursements for new or amended leases are recognized on a straight-line basis over the term of the respective leases.

Management Fees and Other Revenues

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

Revenues from insurance premiums charged to unconsolidated properties are recognized on a pro‑rata basis over the terms of the policies. Insurance losses on these policies and our self‑insurance for our consolidated properties are reflected in property operating expenses in the accompanying consolidated statements of operations and comprehensive income and include estimates for losses incurred but not reported as well as losses pending settlement. Estimates for losses are based on evaluations by third-party actuaries and management’s estimates. Total insurance reserves for our insurance subsidiaries and other self‑insurance programs as of December 31, 2018 and 2017 approximated $82.5 million and $81.8 million, respectively, and are included in other liabilities in the consolidated balance sheets. Information related to the securities included in the investment portfolio of our captive insurance subsidiary is included within the “Equity Instruments and Debt Securities” section above.

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,
	2018		2017		2016
Balance, beginning of period	$	23,460	$	22,498	$	30,094
Provision for credit losses		12,631		11,304		7,319
Accounts written off, net of recoveries		(9,271)		(10,342)		(14,915)
Balance, end of period	$	26,820	$	23,460	$	22,498

Income Taxes

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

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

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

As of December 31, 2018 and 2017, we had net deferred tax liabilities of $278.3 million and $301.7 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 TRSs, consisting of operating losses and other carryforwards for U.S. federal income tax purposes as well as the timing of the deductibility of losses or reserves from insurance subsidiaries, though these amounts are not material to the financial statements. The 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 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. The amount and timing of revenue recognition from our services to joint ventures, licensing fee arrangements, and ancillary income under the newly effective standard 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 recognized. Our revenues impacted by this standard are included in management fees and other revenues and in other income in the accompanying consolidated statements of operations and comprehensive income.

In January 2016, the FASB issued ASU 2016-01, "Financial Instruments — Overall: Recognition and Measurement of Financial Assets and Financial Liabilities," which requires 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 as of adoption on January 1, 2018 to reclassify unrealized gains previously reported in accumulated other comprehensive income for equity instruments with readily determinable fair values that were previously accounted for as available-for-sale securities and certain equity instruments previously accounted for using the cost method for which the measurement alternative described below was not elected. For those equity instruments 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 is applied prospectively upon the occurrence of an event which establishes fair value to all other equity instruments we account for using the measurement alternative.

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 if applied in 2018, would have reduced our capitalized leasing costs and correspondingly increased expenses by approximately $45 million.

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 on January 1, 2019, consideration related to non-lease components identified in our lease arrangements are accounted for using the guidance in ASU 2014-09, which for new and amended leases 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 statements of operations and comprehensive income. However, on July 30, 2018, the FASB issued ASU 2018-11, which created a practical expedient that provides 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 lease component. We determined that our new and amended lease arrangements will meet the criteria under the practical expedient to account for lease and non-lease components as a single lease component, which alleviates the requirement upon adoption of ASU 2016-02 that we reallocate or separately present lease and non-lease components. As a result, we will recognize consideration received from fixed common area maintenance arrangements on a straight-line basis for new or amended leases as this consideration is attributed to the lease component.

Further, ASU 2016-02 requires recognition in our consolidated balance sheets of leases of land and other arrangements where we are the lessee. Upon adoption on January 1, 2019, we recognized a right of use asset and corresponding lease liability of $524.0 million representing the present value of future lease payments required under our lessee arrangements. We utilized lease terms ranging from 2019 to 2090 including periods for which exercising an extension option is reasonably assured and discount rates from 3.97% to 5.52% when determining the present value of future lease payments. All of our existing lessee arrangements upon adoption will continue to be classified as operating leases, in which case the pattern of lease expense recognition will be unchanged.

In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses," which introduced 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. In November 2018, the FASB issued ASU 2018-19, which clarifies that operating lease receivables are outside the scope of the new standard. 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 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. We early adopted the ASU on January 1, 2018 as permitted under the standard. 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, 2018
Real Estate Acquisitions and Dispositions
Real Estate Acquisitions and Dispositions	4. Real Estate Acquisitions and Dispositions We acquire interests in properties to generate both current income and long-term appreciation in value. We acquire interests in individual properties or portfolios of retail real estate companies that meet our investment criteria and sell properties which no longer meet our strategic criteria. Unless otherwise noted below, gains and losses on these transactions are included in gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. We capitalize asset acquisition costs and expense costs related to business combinations, as well as disposition related costs as they are incurred. We incurred a minimal amount of transaction expenses during 2018, 2017, and 2016. Our consolidated and unconsolidated acquisition and disposition activity for the periods presented are as follows: 2018 Acquisitions On September 25, 2018, we acquired the remaining 50% interest in The Outlets at Orange from our joint venture partner. The Operating Partnership issued 475,183 units, or approximately $84.1 million, as consideration for the acquisition. The property is subject to a $215.0 million 4.22% fixed rate mortgage loan. We accounted for this transaction as an asset acquisition and substantially all of our investment has been determined to relate to investment property. 2017 Acquisitions 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 loan 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 noncontrolling 50% interest in The Shops at Crystals. 2018 Dispositions During 2018, we recorded net gains of $288.8 million primarily related to disposition activity which included the foreclosure of two consolidated retail properties in satisfaction of their $200.0 million and $80.0 million non-recourse mortgage loans and, as discussed in Note 7, our interest in the German department store properties owned through our investment in HBS was sold during the fourth quarter of 2018. Also, as discussed further in Note 7, Klépierre disposed of its interests in certain shopping centers during 2018, resulting in a gain of which our share was $20.2 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.

Per Share and Per Unit Data

12 Months Ended

Dec. 31, 2018

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,
	2018		2017		2016
Net Income attributable to Common Stockholders — Basic and Diluted	$	2,436,721	$	1,944,625	$	1,835,559
Weighted Average Shares Outstanding — Basic and Diluted		309,627,178		311,517,345		312,690,756

For the year ended December 31, 2018, 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, 2018, 2017, and 2016. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared.

The Operating Partnership


	For the Year Ended December 31,
	2018		2017		2016
Net Income attributable to Unitholders — Basic and Diluted	$	2,805,764	$	2,239,638	$	2,122,236
Weighted Average Units Outstanding — Basic and Diluted		356,520,452		358,776,632		361,526,633

For the year ended December 31, 2018, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the years ended December 31, 2018, 2017, and 2016. 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,
	2018			2017			2016
Total dividends/distributions paid per common share/unit	$	7.90		$	7.15		$	6.50
Percent taxable as ordinary income		96.20	%		100.00	%		99.70	%
Percent taxable as long-term capital gains		3.80	%		0.00	%		0.30	%
		100.00	%		100.00	%		100.00	%

In the first quarter of 2019, Simon’s Board of Directors declared a quarterly cash dividend of $2.05 per share of common stock payable on February 28, 2019 to stockholders of record on February 14, 2019. 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, 2018

Investment Properties

Investment Properties

6. Investment Properties

Investment properties consist of the following as of December 31:


	2018		2017
Land	$	3,673,023	$	3,635,316
Buildings and improvements		32,994,937		32,379,190
Total land, buildings and improvements		36,667,960		36,014,506
Furniture, fixtures and equipment		424,710		378,958
Investment properties at cost		37,092,670		36,393,464
Less — accumulated depreciation		12,884,539		11,935,949
Investment properties at cost, net	$	24,208,131	$	24,457,515
Construction in progress included above	$	561,556	$	503,692

- 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 + Details

Investment in Unconsolidated Entities and International Investments

12 Months Ended

Dec. 31, 2018

Investment in Unconsolidated Entities

Investments in Unconsolidated Entities and International Investments

7. Investments in Unconsolidated Entities and International Investments

Real Estate Joint Ventures and Investments

Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties, and diversify our risk in a particular property or portfolio of properties. As discussed in Note 2, we held joint venture interests in 81 properties as of December 31, 2018 and 2017, respectively.

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

We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of December 31, 2018 and 2017, we had construction loans and other advances to related parties totaling $85.8 million and $87.0 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets.

Unconsolidated Property Transactions

On September 25, 2018, as discussed in Note 4, we acquired the remaining 50% interest in The Outlets at Orange from our joint venture partner. The Operating Partnership issued 475,183 units at a price of $176.99 to acquire this remaining interest. As a result of this acquisition, we now own 100% of this property.

On June 7, 2018, Aventura Mall, a property in which we own a 33.3% interest, refinanced its $1.2 billion mortgage loan and its $200.8 million construction loan with a $1.75 billion mortgage loan at a fixed interest rate of 4.12% that matures on July 1, 2028. An early repayment charge of $30.9 million was incurred at the property, which along with the write-off of deferred debt issuance costs of $6.5 million, is included in interest expense in the accompanying combined joint venture statements of operations. Our $12.5 million share of the charge associated with the repayment is included in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Excess proceeds from the financing were distributed to the venture partners.

We have a 50% noncontrolling interest in a joint venture with Seritage Growth Properties, or Seritage, which originally held an interest in ten Sears properties located in our malls. 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. Our cost of this transaction after partner participation was $149.1 million, which is reflected as investment property.

In May 2017, Colorado Mills, a property in which we have a 37.5% interest, sustained significant hail damage. During the second quarter of 2017, the property recorded an impairment charge of approximately $32.5 million based on the net carrying value of the assets damaged, which was fully offset by anticipated insurance recoveries. As of December 31, 2018, the property had received business interruption proceeds and also property damage proceeds of $65.9 million, which resulted in the property recording a $33.4 million gain in 2018. Our $12.5 million share of the gain is reflected within the gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income.

On September 15, 2016, we and a group of co-investors acquired certain assets and liabilities of Aéropostale, a retailer of apparel and accessories, out of bankruptcy. The interests were acquired through two separate joint ventures, a licensing venture and an operating venture. In April 2018, we contributed our entire interest in the licensing venture in exchange for additional interests in ABG, a brand development, marketing, and entertainment company. As a result, we recognized a $35.6 million non‑cash gain representing the increase in value of our previously held interest in the licensing venture, which is included in other income in the accompanying consolidated statements of operations and comprehensive income. At December 31, 2018, our noncontrolling equity method interests in the operations venture of Aéropostale and in ABG was 44.95% and 5.40%, respectively.

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 loan 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.

As of December 31, 2018 and 2017, we had an 11.7% noncontrolling equity interest in HBS, a joint venture we formed with Hudson’s Bay Company. As of December 31, 2017, HBS had 42 properties in the U.S. and 41 properties in Germany. During the fourth quarter of 2018, our interest in the German department store properties was sold to Hudson’s Bay Company and SIGNA Retail Holdings resulting in a gain of $91.1 million. As of December 31, 2018, HBS continues to own 42 U.S. properties. Our share of net income, net of amortization of our excess investment, was $15.1 million and $16.1 million for the year ended December 31, 2018 and 2017, respectively. Total assets and total liabilities of HBS as of December 31, 2018 were $1.7 billion and $834.1 million, respectively. Total revenues, operating income and consolidated net income were approximately $326.3 million, $196.3 million and $105.9 million, respectively, for the year ended December 31, 2018 and $351.0 million, $313.8 million, and $220.2 million, respectively for the year ended December 31, 2017.

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, 2018, we owned 63,924,148 shares, or approximately 21.3%, of Klépierre, which had a quoted market price of $30.86 per share. Our share of net income, net of amortization of our excess investment, was $98.8 million, $50.0 million and $41.5 million for the years ended December 31, 2018, 2017 and 2016, 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 $20.0 billion, $12.7 billion, and $1.4 billion, respectively, as of December 31, 2018 and $21.8 billion, $13.7 billion, and $1.6 billion, respectively, as of December 31, 2017. Klépierre’s total revenues, operating income and consolidated net income were approximately $1.6 billion, $670.4 million and $693.0 million, respectively, for the year ended December 31, 2018, $1.5 billion, $545.7 million and $381.3 million, for the year ended December 31, 2017, and $1.5 billion, $449.9 million and $310.9 million, respectively, for the year ended December 31, 2016.

During the years ended December 31, 2018, 2017 and 2016, Klépierre completed the disposal of its interests in certain shopping centers. In connection with these disposals, we recorded gains of $20.2 million, $5.0 million and $8.1 million, respectively, representing our share of the gains recognized by Klépierre, which is included in gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income.

We had an interest in a European investee that had interests in nine Designer Outlet properties as of December 31, 2018 and 2017, and seven Designer Outlet properties at December 31, 2016. On January 1, 2016, we gained control of the entity through terms of the underlying venture agreement, requiring a remeasurement of our previously held equity interest to fair value resulting in a non-cash gain of $12.1 million in earnings during the first quarter of 2016, including amounts reclassified from accumulated other comprehensive income (loss) related to the currency translation adjustment previously recorded on our investment. The gain is included in gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. 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 loan 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 and third parties.

As of December 31, 2018, 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. At December 31, 2018 and 2017, the carrying value of these equity instruments was $140.8 million and is included in deferred costs and other assets.

Asian Joint Ventures

We conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi Estate Co., Ltd. We have a 40% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $232.1 million and $230.3 million as of December 31, 2018 and 2017, 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 $166.3 million and $149.1 million as of December 31, 2018 and 2017, 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, Aéropostale, ABG, 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.

COMBINED BALANCE SHEETS


	December 31,		December 31,
	2018		2017
Assets:
Investment properties, at cost	$	18,807,449	$	18,328,747
Less - accumulated depreciation		6,834,633		6,371,363
		11,972,816		11,957,384
Cash and cash equivalents		1,076,398		956,084
Tenant receivables and accrued revenue, net		445,148		403,125
Deferred costs and other assets		390,818		355,585
Total assets	$	13,885,180	$	13,672,178
Liabilities and Partners’ Deficit:
Mortgages	$	15,235,415	$	14,784,310
Accounts payable, accrued expenses, intangibles, and deferred revenue		976,311		1,033,674
Other liabilities		344,205		365,857
Total liabilities		16,555,931		16,183,841
Preferred units		67,450		67,450
Partners’ deficit		(2,738,201)		(2,579,113)
Total liabilities and partners’ deficit	$	13,885,180	$	13,672,178
Our Share of:
Partners’ deficit	$	(1,168,216)	$	(1,144,620)
Add: Excess Investment		1,594,198		1,733,063
Our net Investment in unconsolidated entities, at equity	$	425,982	$	588,443

“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 properties, typically no greater than 40 years, the terms of the applicable leases and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities.

As of December 31, 2018, scheduled principal repayments on joint venture properties’ mortgage indebtedness are as follows:


2019	$	552,914
2020		1,114,394
2021		2,272,043
2022		1,831,834
2023		1,138,416
Thereafter		8,367,996
Total principal maturities		15,277,597
Net unamortized debt premium		2,225
Debt issuance costs		(44,407)
Total mortgages and unsecured indebtedness	$	15,235,415

This debt becomes due in installments over various terms extending through 2035 with interest rates ranging from 0.31% to 11.59% and a weighted average interest rate of 4.05% at December 31, 2018.

COMBINED STATEMENTS OF OPERATIONS


	For the Year Ended
	December 31,
	2018		2017		2016
REVENUE:
Minimum rent	$	1,949,523	$	1,868,613	$	1,823,674
Overage rent		230,145		210,909		200,638
Tenant reimbursements		880,042		860,778		862,155
Other income		326,575		290,515		237,782
Total revenue		3,386,285		3,230,815		3,124,249
OPERATING EXPENSES:
Property operating		590,921		551,885		538,002
Depreciation and amortization		652,968		640,286		588,666
Real estate taxes		259,567		245,646		239,917
Repairs and maintenance		87,408		81,309		76,380
Advertising and promotion		87,349		86,480		88,956
Provision for credit losses		14,042		6,645		7,603
Other		187,292		184,037		183,435
Total operating expenses		1,879,547		1,796,288		1,722,959
Operating Income Before Other Items		1,506,738		1,434,527		1,401,290
Interest expense		(663,693)		(593,062)		(585,958)
Gain (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		33,367		(2,239)		101,051
Net Income	$	876,412	$	839,226	$	916,383
Third-Party Investors’ Share of Net Income	$	436,767	$	424,533	$	452,844
Our Share of Net Income	$	439,645	$	414,693	$	463,539
Amortization of Excess Investment		(85,252)		(89,804)		(94,213)
Our Share of (Gain) Loss on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net		(12,513)		1,342		(22,636)
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests Included in Other Income in the Consolidated Financial Statements		—		—		(36,153)
Income from Unconsolidated Entities	$	341,880	$	326,231	$	310,537

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

Indebtedness and Derivative Financial Instruments

12 Months Ended

Dec. 31, 2018

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:


	2018		2017
Fixed-Rate Debt:
Mortgage notes, including $11,822 and $16,869 of net premiums and $14,522 and $16,106 of debt issuance costs, respectively. Weighted average interest and maturity of 3.91% and 5.6 years at December 31, 2018.	$	6,099,787	$	6,020,552
Unsecured notes, including $44,691 and $51,657 of net discounts and $58,822 and $68,535 of debt issuance costs, respectively. Weighted average interest and maturity of 3.18% and 7.2 years at December 31, 2018.		15,535,468		16,375,713
Commercial Paper (see below)		758,681		978,467
Total Fixed-Rate Debt		22,393,936		23,374,732
Variable-Rate Debt:
Mortgages notes, including $5,901 and $8,988 of debt issuance costs, respectively. Weighted average interest and maturity of 3.15% and 3.1 years at December 31, 2018.		736,274		883,781
Credit Facility (see below), including $16,930 and $17,106 of debt issuance costs, respectively, at December 31, 2018.		108,070		305,530
Total Variable-Rate Debt		844,344		1,189,311
Other Debt Obligations		67,255		68,420
Total Mortgages and Unsecured Indebtedness	$	23,305,535	$	24,632,463

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, 2018, we were in compliance with all covenants of our unsecured debt.

At December 31, 2018, our consolidated subsidiaries were the borrowers under 45 non‑recourse mortgage notes secured by mortgages on 48 properties, including two separate pools of cross‑defaulted and cross‑collateralized mortgages encumbering a total of five properties. Under these cross‑default provisions, a default under any mortgage included in the cross‑defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non‑financial covenants which are specific to the properties that serve as collateral for that debt. If the applicable borrower under these non-recourse mortgage notes were to fail to comply with these covenants, the lender could accelerate the debt and enforce its rights against their collateral. At December 31, 2018, 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, 2018, our unsecured debt consisted of $15.6 billion of senior unsecured notes of the Operating Partnership, $125.0 million outstanding under the Credit Facility, and $758.7 million outstanding under the Operating Partnership’s global unsecured commercial paper program, or Commercial Paper program.

On December 31, 2018, we had an aggregate available borrowing capacity of $6.6 billion under the Credit Facility and the Operating Partnership’s $3.5 billion unsecured revolving credit facility, or Supplemental Facility, and together with the Credit Facility, the Credit Facilities. The maximum aggregate outstanding balance under the Credit Facilities during the year ended December 31, 2018 was $423.1 million and the weighted average outstanding balance was $238.1 million. Letters of credit of $11.3 million were outstanding under the Credit Facilities as of December 31, 2018.

The Credit Facility’s 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 is 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 is LIBOR plus 77.5 basis points with an additional facility fee of 10 basis points.

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 and provides for borrowings denominated in U.S. dollars, Euro, Yen, Sterling, Canadian dollars and Australian dollars. 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 an additional facility fee of 10 basis points.

The Operating Partnership also has available a Commercial Paper program. On November 14, 2018, we amended the Commercial Paper program to increase the initial borrowing capacity of $1.0 billion to $2.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euro and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership's other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facilities and if necessary or appropriate, we may make one or more draws under either of the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program. On December 31, 2018, we had $758.7 million outstanding under the Commercial Paper program, fully comprised of U.S. dollar denominated notes with a weighted average interest rate of 2.49%. These borrowings have a weighted average maturity date of February 20, 2019 and reduce amounts otherwise available under the Credit Facilities.

On January 3, 2018, the Operating Partnership redeemed at par $750.0 million of senior unsecured notes with a fixed interest rate of 1.50%.

On July 10, 2018, the Operating Partnership repaid Yen-denominated borrowings of $201.3 million (U.S. dollar equivalent) on the Credit Facility.

On February 1, 2019, the Operating Partnership repaid at maturity $600.0 million of senior unsecured notes with a fixed interest rate of 2.20%.

Mortgage Debt

Total mortgage indebtedness was $6.8 billion and $6.9 billion at December 31, 2018 and 2017, respectively.

During the year ended December 31, 2018, we repaid a mortgage loan of $86.6 million with an interest rate of 7.79%.

On July 30, 2018, Noventa di Piave Designer Outlet, in which we own a 90% interest, refinanced its €110.0 million, 1.68% variable rate mortgage loan maturing in 2020 with a €260.0 million, 2.00% fixed rate mortgage loan that matures in 2025.

On September 25, 2018, as discussed in Note 7, we acquired the remaining 50% interest in The Outlets at Orange from our joint venture partner, resulting in the consolidation of the existing fixed rate mortgage loan of $215.0 million. The loan matures on April 1, 2024 and bears interest at 4.22%.

Debt Maturity and Other

Our scheduled principal repayments on indebtedness as of December 31, 2018 are as follows:


2019	$	1,416,309	(1)
2020		1,972,316
2021		3,146,997
2022		3,596,138
2023		1,869,674
Thereafter		11,365,890
Total principal maturities		23,367,324
Net unamortized debt premium		(32,869)
Debt issuance costs, net		(96,175)
Other Debt Obligations		67,255
Total mortgages and unsecured indebtedness	$	23,305,535

(1)Includes $600.0 million aggregate principal amount of 2.20% senior unsecured notes repaid at maturity on February 1, 2019 and $758.7 million in Global Commercial Paper - USD.

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


	For the Year Ended December 31,
	2018		2017		2016
Cash paid for interest	$	811,971	$	814,729	$	887,118

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 $3.0 million and $10.1 million as of December 31, 2018 and 2017, respectively. Within the next year, we expect to reclassify to earnings approximately $4.3 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:


	2018		2017
Debt issuance costs	$	204,189	$	200,646
Accumulated amortization		(108,014)		(89,912)
Debt issuance costs, net	$	96,175	$	110,734

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


		For the Year Ended December 31,
	2018		2017		2016
Amortization of debt issuance costs	$	21,445	$	21,707	$	21,703
Amortization of debt discounts/(premiums)		1,618		1,357		(14,583)

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 $22.4 billion and $23.4 billion as of December 31, 2018 and 2017, respectively. The fair values of these financial instruments and the related discount rate assumptions as of December 31 are summarized as follows:


	December 31,			December 31,
	2018			2017
Fair value of fixed rate mortgages and unsecured indebtedness	$	22,323		$	24,003
Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages		4.55	%		4.25	%
Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness		4.50	%		4.10	%

Rentals under Operating Leases

12 Months Ended

Dec. 31, 2018

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, 2018 are as follows:


2019	$	2,864,804
2020		2,596,538
2021		2,300,681
2022		1,989,319
2023		1,609,389
Thereafter		3,791,543
	$	15,152,274

Equity

12 Months Ended

Dec. 31, 2018

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 2018, Simon issued 92,732 shares of common stock to two limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. During the year ended December 31, 2018, the Operating Partnership redeemed 454,704 units from eight limited partners for $81.5 million in cash. These transactions increased Simon’s ownership interest in the Operating Partnership.

On September 25, 2018, the Operating Partnership issued 475,183 units in connection with the acquisition of the remaining 50% interest in The Outlets at Orange, as discussed in Note 4.

On February 13, 2017, Simon’s Board of Directors authorized a two-year extension of the previously authorized $2.0 billion common stock repurchase plan through March 31, 2019. On February 11, 2019, Simon's Board of Directors authorized a new common stock repurchase plan. Under the new program, the Company may purchase up to $2.0 billion of its common stock during the two-year period ending February 11, 2021. Simon may repurchase the shares in the open market or in privately negotiated transactions as market conditions warrant. During the year ended December 31, 2018, Simon repurchased 2,275,194 shares at an average price of $155.64 per share as part of this program. 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. 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 and presented within accumulated deficit in the consolidated statements of equity in the line issuance of unit equivalents and other. There were no noncontrolling interests redeemable at amounts in excess of fair value as of December 31, 2018 and 2017. 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.


	2018		2017
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		204,626		164,943
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$	230,163	$	190,480

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, 2018 and 2017.

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 and are presented in the consolidated statements of equity in the line issuance of unit equivalents and other. There are no noncontrolling interests redeemable at amounts in excess of fair value as of December 31, 2018 and 2017. The following table summarizes the preferred units and the amount of the noncontrolling redeemable interests in properties as of December 31.


	2018		2017
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		204,626		164,943
Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties	$	230,163	$	190,480

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, 2018 and 2017.

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, 2018 and 2017 was $2.9 million and $3.2 million, respectively.

The Operating Partnership

Series J 83/₈% Cumulative Redeemable Preferred Units. Distributions accrue quarterly at an annual rate of 83/₈% per unit on the Series J 83/₈% preferred units, or Series J preferred units. Simon owns all of the Series J preferred units which have the same economic rights and preferences of an outstanding series of Simon preferred stock. The Operating Partnership can redeem this series, in whole or in part, when Simon can redeem the related preferred stock, on and after October 15, 2027 at a redemption price of $50.00 per unit, plus accumulated and unpaid distributions. The Series J preferred units were issued at a premium of $7.5 million. The unamortized premium included in the carrying value of the preferred units at December 31, 2018 and 2017 was $2.9 million and $3.2 million, respectively. There are 1,000,000 Series J preferred units authorized and 796,948 Series J preferred units issued and outstanding.

Other Equity Activity

The Simon Property Group 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.

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.

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 $110,000, and an annual restricted stock award with a grant date value of $175,000. Committee chairs receive annual retainers for the Company’s Audit, Compensation, and Governance and Nominating Committees of $35,000, $35,000 and $25,000, respectively. Directors receive fixed annual retainers for service on the Audit, Compensation and Governance and Nominating Committees, of $15,000, $15,000, and $10,000, respectively. The Lead Director receives an annual retainer of $50,000. These retainers are paid 50% in cash and 50% in restricted stock.

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

Stock Based Compensation

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 either market or performance-based and are based on various individual, corporate and business unit performance measures as further described below. The expense related to these programs, net of amounts capitalized, is included within home and regional office costs and general and administrative costs in the accompanying statements of operations and comprehensive income.

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, which are subject to the participant maintaining employment with us through certain dates and other conditions as described in the applicable award agreements. Awarded LTIP units not earned in accordance with the conditions set forth in the applicable award agreements are forfeited. Earned and fully vested LTIP units are equivalent to units of the Operating Partnership. During the performance period, participants are entitled to receive distributions on the LTIP units awarded to them equal to 10% of the regular quarterly distributions paid on a unit of the Operating Partnership. As a result, we account for these LTIP units as participating securities under the two‑class method of computing earnings per share.

Awards under the LTIP program for 2016 will be considered earned if, and only to the extent to which, applicable total shareholder return, or TSR, performance measures, as defined in the applicable award agreements, are achieved during the applicable performance periods. 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.

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

The grant date fair value of the portion of the LTIP units based on achieving the target FFO performance criteria is $6.1 million for the Tranche A LTIP units and the Tranche B LTIP units, for a total of $12.1 million. The 2018 LTIP program provides that the value of the FFO-based award may be adjusted up or down based on the Company’s performance compared to the target FFO performance criteria and has a maximum potential fair value of $18.2 million. The value of the FFO-based award is recorded as expense over the period from the grant date to the date at which the awards, if earned, would become vested, based on our assessment as to whether it is probable that the performance criteria will be achieved during the applicable performance periods.

The grant date fair values of any LTIP units based on TSR performance are estimated using a Monte Carlo model, and the resulting fixed expense is recorded regardless of whether the TSR performance criteria 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 earned, would become vested.

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


LTIP Program	LTIP Units Earned	Grant Date Fair Value of TSR Award	Grant Date Target Value of FFO-Based Award
2013-2015 LTIP program	466,405	$28.5 million	—
2014-2016 LTIP program	120,314	$27.5 million	—
2015-2017 LTIP program	—	$21.6 million	—
2016-2018 LTIP program	To be determined in 2019	$22.7 million	—
2018 LTIP program - Tranche A	To be determined in 2020	$6.1 million	$6.1 million
2018 LTIP program - Tranche B	To be determined in 2021	$6.1 million	$6.1 million

We recorded compensation expense, net of capitalization and forfeitures, related to these LTIP programs of approximately $12.0 million, $14.0 million, and $31.0 million for the years ended December 31, 2018, 2017 and 2016, 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, 2018 a total of 5,786,423 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,
	2018		2017		2016
Shares of restricted stock awarded during the year, net of forfeitures		51,756		76,660		63,324
Weighted average fair value of shares granted during the year	$	153.24	$	170.81	$	209.16
Annual amortization	$	12,029	$	13,911	$	12,024

We recorded compensation expense, net of capitalization, related to restricted stock for employees and non-employee directors of approximately $7.8 million, $9.0 million, and $9.1 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Other Compensation Arrangements. On July 6, 2011, in connection with the execution of an employment agreement, the Compensation Committee granted David Simon, Simon’s Chairman, Chief Executive Officer and President, a retention award in the form of 1,000,000 LTIP units, or the Award, for his continued service through July 5, 2019. Effective December 31, 2013, the Award was modified, or the Current Award, and as a result the LTIP units would become earned and eligible to vest based on the attainment of Company‑based performance goals, in addition to the service‑based vesting requirement included in the original Award. 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 FFO per share. Because the performance criteria has 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, became earned on December 31, 2015, December 31, 2016 and December 31, 2017, respectively. If the relevant performance criteria had not been achieved, all or a portion of the Current Award would have been forfeited. The earned A units vested on January 1, 2018, earned B units vested on January 1, 2019 and earned C units will vest on June 30, 2019, subject to Mr. Simon’s continued employment through such applicable date. The grant date fair value of the retention award of $120.3 million is being recognized as expense over the eight‑year term of his employment agreement on a straight‑line basis based on 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, 2018, Simon had reserved 50,643,747 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, 2018

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.

Subsequent to December 31, 2018, we settled a lawsuit with our former insurance broker, Aon Risk Services Central Inc., related to the significant flood damage sustained at Opry Mills in May 2010. In accordance with a previous agreement with the prior co-investor in Opry Mills, a portion of the settlement was remitted to the co-investor. Our share of the settlement was approximately $68.0 million, which was recorded as other income in the first quarter of 2019.

Lease Commitments

As of December 31, 2018, 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 2019 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,
	2018		2017		2016
Ground lease expense	$	42,670	$	40,864	$	38,764
Office lease expense		4,650		4,481		4,105

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


2019	$	32,417
2020		32,403
2021		32,686
2022		32,698
2023		32,729
Thereafter		947,886
	$	1,110,819

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 written either through our captive insurance company or other financial arrangements controlled by us also provides initial coverage for property insurance and certain windstorm risks 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. 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 of 2017. During the fourth quarter of 2017, as additional information became available, we recorded an impairment of approximately $19.0 million related to damages at these properties, which was offset by an insurance recovery receivable.

Since the date of the loss, we have received $56.6 million of insurance proceeds from third-party carriers related to the two properties located in Puerto Rico, of which $38.7 million was used for property restoration and remediation and to reduce the insurance recovery receivable. In 2018, we recorded $17.9 million as business interruption proceeds in other income in the accompanying consolidated statements of operations and comprehensive income.

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, 2018 and 2017, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $216.1 million and $211.6 million, respectively (of which we have a right of recovery from our venture partners of $10.8 million). Mortgages guaranteed by the Operating Partnership are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which have estimated fair values in excess of the guaranteed amount.

Concentration of Credit Risk

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

Related Party Transactions

12 Months Ended

Dec. 31, 2018

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,
	2018		2017		2016
Amounts charged to unconsolidated joint ventures	$	111,476	$	116,447	$	138,496
Amounts charged to properties owned by related parties		4,810		4,812		5,384

During 2018, 2017 and 2016, we recorded development, royalty and other fee income, net of elimination, related to our international investments of $16.0 million, $15.5 million and $14.4 million, respectively. Also during 2018, 2017 and 2016, we received fees related to financing services, net of elimination, provided to unconsolidated joint ventures of $0.5 million, $1.6 million and $9.1 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, 2018

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

13. Quarterly Financial Data (Unaudited)

Quarterly 2018 and 2017 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
2018
Total revenue	$	1,399,814	$	1,388,358	$	1,409,005	$	1,460,743
Operating income before other items		701,933		737,675		717,391		754,089
Consolidated net income		715,524		631,414		642,212		833,192
Simon Property Group, Inc.
Net income attributable to common stockholders	$	620,654	$	547,004	$	556,267	$	712,796
Net income per share — Basic and Diluted	$	2.00	$	1.77	$	1.80	$	2.30
Weighted average shares outstanding — Basic and Diluted		310,583,643		309,355,154		309,294,045		309,293,708
Simon Property Group, L.P.
Net income attributable to unitholders	$	714,303	$	629,822	$	640,402	$	821,237
Net income per unit — Basic and Diluted	$	2.00	$	1.77	$	1.80	$	2.30
Weighted average units outstanding — Basic and Diluted		357,446,988		356,181,817		356,073,080		356,396,387
2017
Total revenue	$	1,345,763	$	1,361,548	$	1,403,638	$	1,427,692
Operating income before other items		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

Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2018

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, 2018

(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	$	74,248	$	10,886	$	95,177	$	106,063	$	60,183	1981
Battlefield Mall	Springfield, MO		117,500		3,919		27,231		3,000		66,714		6,919		93,945		100,864		70,821	1970
Bay Park Square	Green Bay, WI		—		6,358		25,623		4,106		26,528		10,464		52,151		62,615		32,956	1980
Brea Mall	Brea (Los Angeles), CA		—		39,500		209,202		2,993		71,244		42,493		280,446		322,939		141,980	1998	(4)
Broadway Square	Tyler, TX		—		11,306		32,431		—		34,660		11,306		67,091		78,397		36,959	1994	(4)
Burlington Mall	Burlington (Boston), MA		—		46,600		303,618		27,458		163,037		74,058		466,655		540,713		224,029	1998	(4)
Castleton Square	Indianapolis, IN		—		26,250		98,287		7,434		79,746		33,684		178,033		211,717		110,241	1972
Cielo Vista Mall	El Paso, TX		—		1,005		15,262		608		55,602		1,613		70,864		72,477		47,039	1974
College Mall	Bloomington, IN		—		1,003		16,245		720		71,898		1,723		88,143		89,866		43,238	1965
Columbia Center	Kennewick, WA		—		17,441		66,580		—		33,367		17,441		99,947		117,388		58,618	1987
Copley Place	Boston, MA		—		—		378,045		—		193,429		—		571,474		571,474		222,354	2002	(4)
Coral Square	Coral Springs (Miami), FL		—		13,556		93,630		—		20,734		13,556		114,364		127,920		87,184	1984
Cordova Mall	Pensacola, FL		—		18,626		73,091		7,321		68,923		25,947		142,014		167,961		71,696	1998	(4)
Domain, The	Austin, TX		184,739		40,436		197,010		—		149,273		40,436		346,283		386,719		150,030	2005
Empire Mall	Sioux Falls, SD		190,000		35,998		192,186		—		27,742		35,998		219,928		255,926		53,845	1998	(5)
Fashion Mall at Keystone, The	Indianapolis, IN		—		—		120,579		29,145		101,035		29,145		221,614		250,759		117,915	1997	(4)
Firewheel Town Center	Garland (Dallas), TX		—		8,438		82,716		—		28,593		8,438		111,309		119,747		60,730	2004
Forum Shops at Caesars, The	Las Vegas, NV		—		—		276,567		—		265,368		—		541,935		541,935		260,765	1992
Greenwood Park Mall	Greenwood (Indianapolis), IN		—		2,423		23,445		5,253		119,671		7,676		143,116		150,792		84,288	1979
Haywood Mall	Greenville, SC		—		11,585		133,893		6		41,791		11,591		175,684		187,275		106,328	1998	(4)
Ingram Park Mall	San Antonio, TX		128,060		733		16,972		37		39,964		770		56,936		57,706		30,283	1979
King of Prussia	King of Prussia (Philadelphia), PA		—		175,063		1,128,200		—		356,883		175,063		1,485,083		1,660,146		351,350	2003	(5)
La Plaza Mall	McAllen, TX		—		87,912		9,828		6,569		172,054		94,481		181,882		276,363		41,344	1976
Lakeline Mall	Cedar Park (Austin), TX		—		10,088		81,568		14		26,260		10,102		107,828		117,930		60,355	1995
Lenox Square	Atlanta, GA		—		38,058		492,411		—		129,085		38,058		621,496		659,554		336,512	1998	(4)
Livingston Mall	Livingston (New York), NJ		—		22,214		105,250		—		47,205		22,214		152,455		174,669		83,004	1998	(4)
Mall of Georgia	Buford (Atlanta), GA		—		47,492		326,633		—		13,987		47,492		340,620		388,112		173,568	1999	(5)

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2018

(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	$	28,402	$	10,530	$	37,917	$	48,447	$	14,607	1973
Menlo Park Mall	Edison (New York), NJ		—		65,684		223,252		—		76,405		65,684		299,657		365,341		171,764	1997	(4)
Midland Park Mall	Midland, TX		75,464		687		9,213		2,121		31,348		2,808		40,561		43,369		21,607	1980
Miller Hill Mall	Duluth, MN		—		2,965		18,092		1,811		43,807		4,776		61,899		66,675		42,841	1973
Montgomery Mall	North Wales (Philadelphia), PA		100,000		27,105		86,915		—		64,352		27,105		151,267		178,372		66,982	2004	(5)
North East Mall	Hurst (Dallas), TX		—		128		12,966		19,010		147,128		19,138		160,094		179,232		110,442	1971
Northgate	Seattle, WA		—		23,610		115,992		—		125,856		23,610		241,848		265,458		128,076	1987
Ocean County Mall	Toms River (New York), NJ		—		20,404		124,945		3,277		54,058		23,681		179,003		202,684		91,058	1998	(4)
Orland Square	Orland Park (Chicago), IL		—		35,514		129,906		—		76,956		35,514		206,862		242,376		103,986	1997	(4)
Oxford Valley Mall	Langhorne (Philadelphia), PA		61,076		24,544		100,287		—		20,195		24,544		120,482		145,026		79,717	2003	(4)
Penn Square Mall	Oklahoma City, OK		310,000		2,043		155,958		—		59,474		2,043		215,432		217,475		122,459	2002	(4)
Pheasant Lane Mall	Nashua, NH		—		3,902		155,068		550		50,241		4,452		205,309		209,761		105,301	2004	(5)
Phipps Plaza	Atlanta, GA		—		15,005		210,610		—		109,206		15,005		319,816		334,821		150,091	1998	(4)
Plaza Carolina	Carolina (San Juan), PR		225,000		15,493		279,560		—		71,902		15,493		351,462		366,955		152,228	2004	(4)
Prien Lake Mall	Lake Charles, LA		—		1,842		2,813		3,053		58,570		4,895		61,383		66,278		29,576	1972
Rockaway Townsquare	Rockaway (New York), NJ		—		41,918		212,257		—		52,808		41,918		265,065		306,983		143,714	1998	(4)
Roosevelt Field	Garden City (New York), NY		—		163,160		702,008		1,246		354,520		164,406		1,056,528		1,220,934		465,477	1998	(4)
Ross Park Mall	Pittsburgh, PA		—		23,541		90,203		5,815		113,912		29,356		204,115		233,471		120,441	1986
Santa Rosa Plaza	Santa Rosa, CA		—		10,400		87,864		—		28,488		10,400		116,352		126,752		62,941	1998	(4)
Shops at Chestnut Hill, The	Chestnut Hill (Boston), MA		120,000		449		25,102		38,864		104,339		39,313		129,441		168,754		32,417	2002	(5)
Shops at Nanuet, The	Nanuet, NY		—		28,125		142,860		—		10,582		28,125		153,442		181,567		32,667	2013
Shops at Riverside, The	Hackensack (New York), NJ		130,000		13,521		238,746		—		167,109		13,521		405,855		419,376		66,445	2007	(4) (5)
South Hills Village	Pittsburgh, PA		—		23,445		125,840		1,472		77,461		24,917		203,301		228,218		97,896	1997	(4)
South Shore Plaza	Braintree (Boston), MA		—		101,200		301,495		—		163,860		101,200		465,355		566,555		239,269	1998	(4)
Southdale Mall	Edina (Minneapolis), MN		144,514		41,430		184,967		—		103,704		41,430		288,671		330,101		56,075	2007	(4) (5)
SouthPark	Charlotte, NC		—		42,092		188,055		100		194,303		42,192		382,358		424,550		202,385	2002	(4)
Southridge Mall	Greendale (Milwaukee), WI		116,968		12,359		130,111		1,939		19,905		14,298		150,016		164,314		47,949	2007	(4) (5)
St. Charles Towne Center	Waldorf (Washington, DC), MD		—		7,710		52,934		1,180		28,363		8,890		81,297		90,187		57,442	1990

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2018

(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	$	—	$	156,919	$	—	$	496,456	$	496,456	$	180,196	2003	(4)
Summit Mall	Akron, OH		85,000		15,374		51,137		—		56,286		15,374		107,423		122,797		60,869	1965
Tacoma Mall	Tacoma (Seattle), WA		—		37,113		125,826		—		130,010		37,113		255,836		292,949		129,641	1987
Tippecanoe Mall	Lafayette, IN		—		2,897		8,439		5,517		48,513		8,414		56,952		65,366		42,488	1973
Town Center at Boca Raton	Boca Raton (Miami), FL		—		64,200		307,317		—		227,545		64,200		534,862		599,062		275,246	1998	(4)
Town Center at Cobb	Kennesaw (Atlanta), GA		185,305		32,355		158,225		—		23,534		32,355		181,759		214,114		116,310	1998	(5)
Towne East Square	Wichita, KS		—		8,525		18,479		4,108		48,773		12,633		67,252		79,885		46,725	1975
Treasure Coast Square	Jensen Beach, FL		—		11,124		72,990		3,067		40,629		14,191		113,619		127,810		71,016	1987
Tyrone Square	St. Petersburg (Tampa), FL		—		15,638		120,962		1,459		51,700		17,097		172,662		189,759		101,515	1972
University Park Mall	Mishawaka, IN		—		10,762		118,164		7,000		59,439		17,762		177,603		195,365		144,655	1996	(4)
Walt Whitman Shops	Huntington Station (New York), NY		—		51,700		111,258		3,789		126,664		55,489		237,922		293,411		114,751	1998	(4)
White Oaks Mall	Springfield, IL		49,500		3,024		35,692		2,102		63,451		5,126		99,143		104,269		53,418	1977
Wolfchase Galleria	Memphis, TN		159,157		16,407		128,276		—		18,036		16,407		146,312		162,719		90,260	2002	(4)
Woodland Hills Mall	Tulsa, OK		—		34,211		187,123		—		29,732		34,211		216,855		251,066		129,540	2004	(5)

Premium Outlets
Albertville Premium Outlets	Albertville (Minneapolis), MN		—		3,900		97,059		—		9,810		3,900		106,869		110,769		49,034	2004	(4)
Allen Premium Outlets	Allen (Dallas), TX		—		20,932		69,788		—		44,420		20,932		114,208		135,140		30,989	2004	(4)
Aurora Farms Premium Outlets	Aurora (Cleveland), OH		—		2,370		24,326		—		8,441		2,370		32,767		35,137		22,781	2004	(4)
Birch Run Premium Outlets	Birch Run (Detroit), MI		123,000		11,477		77,856		—		8,129		11,477		85,985		97,462		31,239	2010	(4)
Camarillo Premium Outlets	Camarillo (Los Angeles), CA		—		16,670		224,721		395		69,778		17,065		294,499		311,564		131,826	2004	(4)
Carlsbad Premium Outlets	Carlsbad (San Diego), CA		—		12,890		184,990		96		8,476		12,986		193,466		206,452		79,085	2004	(4)
Carolina Premium Outlets	Smithfield (Raleigh), NC		44,169		3,175		59,863		5,311		7,341		8,486		67,204		75,690		35,141	2004	(4)
Chicago Premium Outlets	Aurora (Chicago), IL		—		659		118,005		13,050		102,843		13,709		220,848		234,557		73,145	2004	(4)
Cincinnati Premium Outlets	Monroe (Cincinnati), OH		—		14,117		71,520		—		4,991		14,117		76,511		90,628		33,752	2008
Clinton Crossing Premium Outlets	Clinton, CT		—		2,060		107,556		1,532		5,201		3,592		112,757		116,349		54,256	2004	(4)
Denver Premium Outlets	Thornton (Denver), CO		—		12,875		45,335		10		78,668		12,885		124,003		136,888		1,785	2018
Desert Hills Premium Outlets	Cabazon (Palm Springs), CA		—		3,440		338,679		—		108,510		3,440		447,189		450,629		160,549	2004	(4)
Edinburgh Premium Outlets	Edinburgh (Indianapolis), IN		—		2,857		47,309		—		17,406		2,857		64,715		67,572		32,847	2004	(4)

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2018

(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
Ellenton Premium Outlets	Ellenton (Tampa), FL	$	178,000	$	15,807	$	182,412	$	—	$	7,174	$	15,807	$	189,586	$	205,393	$	86,680	2010	(4)
Folsom Premium Outlets	Folsom (Sacramento), CA		—		9,060		50,281		—		5,073		9,060		55,354		64,414		29,159	2004	(4)
Gilroy Premium Outlets	Gilroy (San Jose), CA		—		9,630		194,122		—		13,992		9,630		208,114		217,744		95,334	2004	(4)
Grand Prairie Premium Outlets	Grand Prairie (Dallas), TX		114,013		9,497		194,245		—		1,274		9,497		195,519		205,016		42,516	2012
Grove City Premium Outlets	Grove City (Pittsburgh), PA		140,000		6,421		121,880		—		7,510		6,421		129,390		135,811		59,332	2010	(4)
Gulfport Premium Outlets	Gulfport, MS		50,000		—		27,949		—		7,315		—		35,264		35,264		13,730	2010	(4)
Hagerstown Premium Outlets	Hagerstown (Baltimore/Washington, DC), MD		75,951		3,576		85,883		—		3,086		3,576		88,969		92,545		33,195	2010	(4)
Houston Premium Outlets	Cypress (Houston), TX		—		8,695		69,350		—		44,459		8,695		113,809		122,504		46,806	2007
Jackson Premium Outlets	Jackson (New York), NJ		—		6,413		104,013		3		8,473		6,416		112,486		118,902		46,963	2004	(4)
Jersey Shore Premium Outlets	Tinton Falls (New York), NJ		—		15,390		50,979		—		76,170		15,390		127,149		142,539		56,150	2007
Johnson Creek Premium Outlets	Johnson Creek, WI		—		2,800		39,546		—		7,078		2,800		46,624		49,424		20,882	2004	(4)
Kittery Premium Outlets	Kittery, ME		—		11,832		94,994		—		10,289		11,832		105,283		117,115		41,505	2004	(4)
Las Americas Premium Outlets	San Diego, CA		—		45,168		251,878		—		9,369		45,168		261,247		306,415		86,814	2007	(4)
Las Vegas North Premium Outlets	Las Vegas, NV		—		25,435		134,973		16,536		150,374		41,971		285,347		327,318		112,688	2004	(4)
Las Vegas South Premium Outlets	Las Vegas, NV		—		13,085		160,777		—		31,774		13,085		192,551		205,636		76,452	2004	(4)
Lee Premium Outlets	Lee, MA		51,701		9,167		52,212		—		3,487		9,167		55,699		64,866		24,893	2010	(4)
Leesburg Corner Premium Outlets	Leesburg (Washington, DC), VA		—		7,190		162,023		—		8,146		7,190		170,169		177,359		80,158	2004	(4)
Lighthouse Place Premium Outlets	Michigan City (Chicago, IL), IN		—		6,630		94,138		—		10,169		6,630		104,307		110,937		53,431	2004	(4)
Merrimack Premium Outlets	Merrimack, NH		121,753		14,975		118,428		—		3,129		14,975		121,557		136,532		34,503	2012
Napa Premium Outlets	Napa, CA		—		11,400		45,023		—		7,769		11,400		52,792		64,192		24,479	2004	(4)
North Bend Premium Outlets	North Bend (Seattle), WA		—		2,143		36,197		—		5,609		2,143		41,806		43,949		17,534	2004	(4)
North Georgia Premium Outlets	Dawsonville (Atlanta), GA		—		4,300		137,020		—		1,414		4,300		138,434		142,734		61,019	2004	(4)
Orlando International Premium Outlets	Orlando, FL		—		31,998		472,815		—		11,836		31,998		484,651		516,649		149,916	2010	(4)
Orlando Vineland Premium Outlets	Orlando, FL		—		14,040		382,949		36,023		2,193		50,063		385,142		435,205		154,691	2004	(4)
Petaluma Village Premium Outlets	Petaluma (San Francisco), CA		—		13,322		13,710		—		4,038		13,322		17,748		31,070		10,652	2004	(4)
Philadelphia Premium Outlets	Limerick (Philadelphia), PA		—		16,676		105,249		—		21,889		16,676		127,138		143,814		63,823	2006
Phoenix Premium Outlets	Chandler (Phoenix), AZ		—		—		63,082		—		—		—		63,082		63,082		19,033	2013
Pismo Beach Premium Outlets	Pismo Beach, CA		35,360		4,317		19,044		—		2,967		4,317		22,011		26,328		11,157	2010	(4)

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2018

(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
Pleasant Prairie Premium Outlets	Pleasant Prairie (Chicago, IL/Milwaukee), WI	$	145,000	$	16,823	$	126,686	$	—	$	6,685	$	16,823	$	133,371	$	150,194	$	45,896	2010	(4)
Puerto Rico Premium Outlets	Barceloneta, PR		160,000		20,586		114,021		—		6,590		20,586		120,611		141,197		41,964	2010	(4)
Queenstown Premium Outlets	Queenstown (Baltimore), MD		62,119		8,129		61,950		—		5,149		8,129		67,099		75,228		24,600	2010	(4)
Rio Grande Valley Premium Outlets	Mercedes (McAllen), TX		—		12,229		41,547		—		31,748		12,229		73,295		85,524		39,351	2005
Round Rock Premium Outlets	Round Rock (Austin), TX		—		14,706		82,252		—		6,543		14,706		88,795		103,501		47,625	2005
San Francisco Premium Outlets	Livermore (San Francisco), CA		—		21,925		308,694		46,177		75,685		68,102		384,379		452,481		72,985	2012
San Marcos Premium Outlets	San Marcos (Austin/San Antonio), TX		—		13,180		287,179		—		12,120		13,180		299,299		312,479		94,558	2010	(4)
Seattle Premium Outlets	Tulalip (Seattle), WA		—		—		103,722		—		55,069		—		158,791		158,791		68,934	2004	(4)
St. Augustine Premium Outlets	St. Augustine (Jacksonville), FL		—		6,090		57,670		2		11,192		6,092		68,862		74,954		34,709	2004	(4)
Tampa Premium Outlets	Lutz (Tampa), FL		—		14,298		97,188		121		4,947		14,419		102,135		116,554		14,617	2015
The Crossings Premium Outlets	Tannersville, PA		108,225		7,720		172,931		—		18,388		7,720		191,319		199,039		79,224	2004	(4)
Tucson Premium Outlets	Marana (Tucson), AZ		—		12,508		69,677		—		5,573		12,508		75,250		87,758		11,011	2015
Vacaville Premium Outlets	Vacaville, CA		—		9,420		84,850		—		17,665		9,420		102,515		111,935		51,798	2004	(4)
Waikele Premium Outlets	Waipahu (Honolulu), HI		—		22,630		77,316		—		20,655		22,630		97,971		120,601		42,505	2004	(4)
Waterloo Premium Outlets	Waterloo, NY		—		3,230		75,277		—		13,857		3,230		89,134		92,364		43,169	2004	(4)
Williamsburg Premium Outlets	Williamsburg, VA		185,000		10,323		223,789		—		7,445		10,323		231,234		241,557		72,356	2010	(4)
Woodburn Premium Outlets	Woodburn (Portland), OR		—		9,414		150,414		—		2,556		9,414		152,970		162,384		35,847	2013	(4)
Woodbury Common Premium Outlets	Central Valley (New York), NY		—		11,110		862,559		1,658		242,457		12,768		1,105,016		1,117,784		386,969	2004	(4)
Wrentham Village Premium Outlets	Wrentham (Boston), MA		—		4,900		282,031		—		16,054		4,900		298,085		302,985		129,941	2004	(4)

The Mills
Arizona Mills	Tempe (Phoenix), AZ		152,911		41,936		297,289		—		13,233		41,936		310,522		352,458		53,789	2007	(4) (5)
Great Mall	Milpitas (San Jose), CA		—		69,853		463,101		—		53,937		69,853		517,038		586,891		118,149	2007	(4) (5)
Gurnee Mills	Gurnee (Chicago), IL		264,582		41,133		297,911		—		27,761		41,133		325,672		366,805		77,680	2007	(4) (5)
Mills at Jersey Gardens, The	Elizabeth, NJ		350,000		120,417		865,605		—		16,258		120,417		881,863		1,002,280		133,622	2015	(4)
Opry Mills	Nashville, TN		375,000		51,000		327,503		—		16,256		51,000		343,759		394,759		80,730	2007	(4) (5)
Outlets at Orange, The	Orange (Los Angeles), CA		215,000		65,516		211,322		—		1,393		65,516		212,715		278,231		2,028	2007	(4) (5)
Potomac Mills	Woodbridge (Washington, DC), VA		416,000		61,755		425,370		—		36,909		61,755		462,279		524,034		115,348	2007	(4) (5)
Sawgrass Mills	Sunrise (Miami), FL		—		194,002		1,641,153		5,395		178,168		199,397		1,819,321		2,018,718		402,390	2007	(4) (5)

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2018

(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	$	148,133	$	37,220	$	233,179	$	—	$	5,742	$	37,220	$	238,921	$	276,141	$	27,147	2013	(4) (5) (7)
Noventa Di Piave Designer Outlet	Venice, Italy		297,566		38,793		309,284		—		40,462		38,793		349,746		388,539		34,041	2013	(4) (5) (7)
Parndorf Designer Outlet	Vienna, Austria		105,293		14,903		221,442		—		3,918		14,903		225,360		240,263		31,851	2013	(4) (5) (7)
Provence Designer Outlet	Provence, France		93,020		38,467		75,102		—		—		38,467		75,102		113,569		9,983	2017	(4) (5) (7)
Roermond Designer Outlet	Roermond, Netherlands		263,232		15,035		400,094		—		3,735		15,035		403,829		418,864		54,243	2013	(4) (5) (7)
Rosada Designer Outlet	Roosendaal, Netherlands		66,523		22,191		108,069		—		1,672		22,191		109,741		131,932		8,980	2017	(4) (5) (7)

Community Centers
ABQ Uptown	Albuquerque, NM		—		6,374		75,333		4,054		7,087		10,428		82,420		92,848		23,653	2011	(4)
University Park Village	Fort Worth, TX		55,000		18,031		100,523		—		4,827		18,031		105,350		123,381		14,774	2015	(4)

Other Properties
Calhoun Marketplace	Calhoun, GA		18,670		1,745		12,529		—		2,325		1,745		14,854		16,599		8,976	2010	(4)
Florida Keys Outlet Center	Florida City, FL		17,000		1,112		1,748		—		3,992		1,112		5,740		6,852		2,974	2010	(4)
Gaffney Marketplace	Gaffney (Greenville/Charlotte), SC		30,159		4,056		32,371		—		6,103		4,056		38,474		42,530		17,356	2010	(4)
Lebanon Marketplace	Lebanon (Nashville), TN		—		1,758		10,189		—		271		1,758		10,460		12,218		7,011	2010	(4)
Liberty Village Marketplace	Flemington (New York), NJ		—		5,670		28,904		—		2,345		5,670		31,249		36,919		30,373	2004	(4)
Lincoln Plaza	King of Prussia (Philadelphia), PA		—		—		21,299		—		10,999		—		32,298		32,298		15,234	2003	(4)
Orlando Outlet Marketplace	Orlando, FL		—		3,367		1,557		—		2,990		3,367		4,547		7,914		2,229	2010	(4)
Osage Beach Marketplace	Osage Beach, MO		—		9,460		85,804		—		8,595		9,460		94,399		103,859		49,744	2004	(4)


Other pre-development costs			—		80,718		80,172		959		—		81,677		80,172		161,849		78
Other			—		2,615		7,103		—		—		2,615		7,103		9,718		7,151
Currency Translation Adjustment			—		7,794		24,126		—		29,580		7,794		53,706		61,500		(14,925)
		$	6,844,662	$	3,321,044	$	25,018,405	$	351,979	$	7,976,532	$	3,673,023	$	32,994,937	$	36,667,960	$	12,632,690

Simon Property Group, Inc.

Simon Property Group, L.P.

Notes to Schedule III as of December 31, 2018

(Dollars in thousands)

(1)

Reconciliation of Real Estate Properties:

The changes in real estate assets for the years ended December 31, 2018, 2017, and 2016 are as follows:


	2018		2017		2016
Balance, beginning of year	$	36,014,506	$	34,897,942	$	33,132,885
Acquisitions and consolidations (7)		328,265		328,621		1,331,511
Improvements		758,135		731,863		658,734
Disposals and deconsolidations		(357,622)		(125,499)		(180,433)
Currency Translation Adjustment		(75,324)		181,579		(44,755)
Balance, close of year	$	36,667,960	$	36,014,506	$	34,897,942

The unaudited aggregate cost of domestic consolidated real estate assets for U.S. federal income tax purposes as of December 31, 2018 was $20,963,919.

(2)

Reconciliation of Accumulated Depreciation:

The changes in accumulated depreciation for the years ended December 31, 2018, 2017, and 2016 are as follows:


	2018		2017		2016
Balance, beginning of year	$	11,704,223	$	10,664,738	$	9,696,420
Depreciation expense (7)		1,106,053		1,121,863		1,089,347
Disposals and deconsolidations		(190,241)		(81,187)		(117,568)
Currency Translation Adjustment		12,655		(1,191)		(3,461)
Balance, close of year	$	12,632,690	$	11,704,223	$	10,664,738

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

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

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

(3)

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

(4)

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

(5)

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

(6)

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

(7)

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

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Summary of Significant Accounting Policies

Investment Properties


	For the Year Ended
	December 31,
		2018		2017		2016
Capitalized interest	$	19,871	$	24,754	$	31,250

Purchase Accounting

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

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

Equity Instruments and Debt Securities

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

Fair Value Measurements

Gains on Issuances of Stock by Equity Method Investees

Use of Estimates

Segment and Geographic Locations

Deferred Costs and Other Assets

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


	2018		2017
Deferred lease costs, net	$	249,010	$	250,442
In-place lease intangibles, net		65,825		96,054
Acquired above market lease intangibles, net		64,813		92,405
Marketable securities of our captive insurance companies		40,099		55,664
Goodwill		20,098		20,098
Other marketable and non-marketable securities		253,732		275,130
Prepaids, notes receivable and other assets, net		516,463		584,190
	$	1,210,040	$	1,373,983

Deferred Lease Costs


	2018		2017
Deferred lease costs	$	497,570	$	485,977
Accumulated amortization		(248,560)		(235,535)
Deferred lease costs, net	$	249,010	$	250,442


	For the Year Ended December 31,
	2018		2017		2016
Amortization of deferred leasing costs	$	56,646	$	54,323	$	49,993

Intangibles

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


	2018		2017
In-place lease intangibles	$	291,613	$	328,811
Accumulated amortization		(225,788)		(232,757)
In-place lease intangibles, net	$	65,825	$	96,054

	2018		2017
Acquired above market lease intangibles	$	253,973	$	260,398
Accumulated amortization		(189,160)		(167,993)
Acquired above market lease intangibles, net	$	64,813	$	92,405

Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2018 are as follows:


	Below		Above		Impact to
	Market		Market		Minimum
	Leases		Leases		Rent, Net
2019	$	21,789	$	(19,818)	$	1,971
2020		17,130		(15,767)		1,363
2021		7,827		(10,414)		(2,587)
2022		5,395		(7,550)		(2,155)
2023		4,098		(5,491)		(1,393)
Thereafter		10,509		(5,773)		4,736
	$	66,748	$	(64,813)	$	1,935

Derivative Financial Instruments

We had the following Euro:USD forward contracts designated as net investment hedges at December 31, 2018 and 2017 (in millions):


			Liability Value as of
		Maturity/Termination	December 31,		December 31,
Notional Value		Date	2018		2017
€	50.0	November 9, 2018	$	—	$	(2.4)
€	50.0	May 15, 2019		(0.8)		(4.9)
€	50.0	May 15, 2020		(1.5)		(5.2)
€	50.0	May 14, 2021		(2.0)		(5.5)

Liability balances in the above table are included in other liabilities.

Noncontrolling Interests

Simon

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




	2018		2017
Limited partners’ interests in the Operating Partnership	$	492,877	$	548,858
Nonredeemable noncontrolling interests in properties, net		7,398		3,738
Total noncontrolling interests reflected in equity	$	500,275	$	552,596

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


	2018		2017		2016
Noncontrolling interests, beginning of period	$	552,596	$	649,464	$	744,905
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties		376,954		297,104		289,594
Distributions to noncontrolling interest holders		(372,397)		(342,453)		(319,193)
Other comprehensive (loss) income allocable to noncontrolling interests:
Unrealized gain (loss) on derivative hedge agreements		2,852		(4,607)		5,444
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings		923		(1,587)		19,629
Currency translation adjustments		(6,271)		6,040		(209)
Changes in available-for-sale securities and other		49		746		216
		(2,447)		592		25,080
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership		(156,241)		(84,794)		(66,996)
Units issued to limited partners		84,103		—		—
Units exchanged for common shares		(1,004)		(6,005)		(73,756)
Units redeemed		(4,951)		—		—
Long-term incentive performance units		26,172		38,305		48,324
Contributions by noncontrolling interests, net, and other		(2,510)		383		1,506
Noncontrolling interests, end of period	$	500,275	$	552,596	$	649,464

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:




	2018		2017		2016
Noncontrolling nonredeemable interests in properties, net — beginning of period	$	3,738	$	5,116	$	3,456
Net income attributable to noncontrolling nonredeemable interests		7,911		2,091		2,917
Distributions to noncontrolling nonredeemable interest holders		(1,741)		(3,851)		(2,765)
Contributions by noncontrolling nonredeemable interests, net, and other		(2,510)		382		1,508
Noncontrolling nonredeemable interests in properties, net — end of period	$	7,398	$	3,738	$	5,116

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, 2018:


					Net unrealized
	Currency		Accumulated		losses on
	translation		derivative		marketable
	adjustments		gains, net		securities		Total
Beginning balance	$	(118,138)	$	8,055	$	(370)	$	(110,453)
Other comprehensive (loss) income before reclassifications		(40,766)		18,781		324		(21,661)
Amounts reclassified from accumulated other comprehensive income (loss)		—		6,097		—		6,097
Net current-period other comprehensive (loss) income		(40,766)		24,878		324		(15,564)
Ending balance	$	(158,904)	$	32,933	$	(46)	$	(126,017)

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


	2018		2017		2016
	Amount		Amount		Amount
	reclassified		reclassified		reclassified
	from		from		from
	accumulated		accumulated		accumulated
Details about accumulated other	other		other		other
comprehensive income (loss)	comprehensive		comprehensive		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, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
		—		—		17,948	Net income attributable to noncontrolling interests
	$	—	$	—		(118,858)


Accumulated derivative losses, net	$	(7,020)	$	(9,419)	$	(12,230)	Interest expense
		—		—		(586)	Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
		923		1,233		1,681	Net income attributable to noncontrolling interests
	$	(6,097)	$	(8,186)	$	(11,135)

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

The Operating Partnership

The changes in accumulated other comprehensive income (loss) by component consisted of the following as of December 31, 2018:


					Net unrealized
	Currency		Accumulated		losses on
	translation		derivative		marketable
	adjustments		gains, net		securities		Total
Beginning balance	$	(135,940)	$	9,263	$	(425)	$	(127,102)
Other comprehensive (loss) income before reclassifications		(47,038)		21,633		373		(25,032)
Amounts reclassified from accumulated other comprehensive income (loss)		—		7,020		—		7,020
Net current-period other comprehensive (loss) income		(47,038)		28,653		373		(18,012)
Ending balance	$	(182,978)	$	37,916	$	(52)	$	(145,114)

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


	2018		2017		2016
	Amount		Amount		Amount
	reclassified		reclassified		reclassified
	from		from		from
	accumulated		accumulated		accumulated
Details about accumulated other	other		other		other
comprehensive income (loss)	comprehensive		comprehensive		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, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net

Accumulated derivative losses, net	$	(7,020)	$	(9,419)	$	(12,230)	Interest expense
		—		—		(586)	Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
	$	(7,020)	$	(9,419)	$	(12,816)

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

Revenue Recognition

Management Fees and Other Revenues

Allowance for Credit Losses


	For the Year Ended
	December 31,
	2018		2017		2016
Balance, beginning of period	$	23,460	$	22,498	$	30,094
Provision for credit losses		12,631		11,304		7,319
Accounts written off, net of recoveries		(9,271)		(10,342)		(14,915)
Balance, end of period	$	26,820	$	23,460	$	22,498

Income Taxes

Corporate Expenses

New Accounting Pronouncements

Basis of Presentation and Consolidation (Tables)

12 Months Ended

Dec. 31, 2018

Basis of Presentation and Consolidation

Schedule of weighted average ownership interest in the operating partnership


	For the Year Ended
	December 31,
	2018		2017		2016
Weighted average ownership interest	86.8	%	86.8	%	86.5	%

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Significant Accounting Policies

Schedule of interest capitalized


	For the Year Ended
	December 31,
		2018		2017		2016
Capitalized interest	$	19,871	$	24,754	$	31,250

Schedule of deferred costs and other assets


	2018		2017
Deferred lease costs, net	$	249,010	$	250,442
In-place lease intangibles, net		65,825		96,054
Acquired above market lease intangibles, net		64,813		92,405
Marketable securities of our captive insurance companies		40,099		55,664
Goodwill		20,098		20,098
Other marketable and non-marketable securities		253,732		275,130
Prepaids, notes receivable and other assets, net		516,463		584,190
	$	1,210,040	$	1,373,983

Schedule of deferred lease costs


	2018		2017
Deferred lease costs	$	497,570	$	485,977
Accumulated amortization		(248,560)		(235,535)
Deferred lease costs, net	$	249,010	$	250,442

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


	For the Year Ended December 31,
	2018		2017		2016
Amortization of deferred leasing costs	$	56,646	$	54,323	$	49,993

Schedule of intangible assets


	2018		2017
In-place lease intangibles	$	291,613	$	328,811
Accumulated amortization		(225,788)		(232,757)
In-place lease intangibles, net	$	65,825	$	96,054

	2018		2017
Acquired above market lease intangibles	$	253,973	$	260,398
Accumulated amortization		(189,160)		(167,993)
Acquired above market lease intangibles, net	$	64,813	$	92,405

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
2019	$	21,789	$	(19,818)	$	1,971
2020		17,130		(15,767)		1,363
2021		7,827		(10,414)		(2,587)
2022		5,395		(7,550)		(2,155)
2023		4,098		(5,491)		(1,393)
Thereafter		10,509		(5,773)		4,736
	$	66,748	$	(64,813)	$	1,935

Schedule of Euro:USD forward contracts


			Liability Value as of
		Maturity/Termination	December 31,		December 31,
Notional Value		Date	2018		2017
€	50.0	November 9, 2018	$	—	$	(2.4)
€	50.0	May 15, 2019		(0.8)		(4.9)
€	50.0	May 15, 2020		(1.5)		(5.2)
€	50.0	May 14, 2021		(2.0)		(5.5)

Schedule of carrying amount of noncontrolling interests




	2018		2017
Limited partners’ interests in the Operating Partnership	$	492,877	$	548,858
Nonredeemable noncontrolling interests in properties, net		7,398		3,738
Total noncontrolling interests reflected in equity	$	500,275	$	552,596

Schedule of rollforward of noncontrolling interests


	2018		2017		2016
Noncontrolling interests, beginning of period	$	552,596	$	649,464	$	744,905
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties		376,954		297,104		289,594
Distributions to noncontrolling interest holders		(372,397)		(342,453)		(319,193)
Other comprehensive (loss) income allocable to noncontrolling interests:
Unrealized gain (loss) on derivative hedge agreements		2,852		(4,607)		5,444
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings		923		(1,587)		19,629
Currency translation adjustments		(6,271)		6,040		(209)
Changes in available-for-sale securities and other		49		746		216
		(2,447)		592		25,080
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership		(156,241)		(84,794)		(66,996)
Units issued to limited partners		84,103		—		—
Units exchanged for common shares		(1,004)		(6,005)		(73,756)
Units redeemed		(4,951)		—		—
Long-term incentive performance units		26,172		38,305		48,324
Contributions by noncontrolling interests, net, and other		(2,510)		383		1,506
Noncontrolling interests, end of period	$	500,275	$	552,596	$	649,464

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


					Net unrealized
	Currency		Accumulated		losses on
	translation		derivative		marketable
	adjustments		gains, net		securities		Total
Beginning balance	$	(118,138)	$	8,055	$	(370)	$	(110,453)
Other comprehensive (loss) income before reclassifications		(40,766)		18,781		324		(21,661)
Amounts reclassified from accumulated other comprehensive income (loss)		—		6,097		—		6,097
Net current-period other comprehensive (loss) income		(40,766)		24,878		324		(15,564)
Ending balance	$	(158,904)	$	32,933	$	(46)	$	(126,017)

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


	2018		2017		2016
	Amount		Amount		Amount
	reclassified		reclassified		reclassified
	from		from		from
	accumulated		accumulated		accumulated
Details about accumulated other	other		other		other
comprehensive income (loss)	comprehensive		comprehensive		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, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
		—		—		17,948	Net income attributable to noncontrolling interests
	$	—	$	—		(118,858)


Accumulated derivative losses, net	$	(7,020)	$	(9,419)	$	(12,230)	Interest expense
		—		—		(586)	Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
		923		1,233		1,681	Net income attributable to noncontrolling interests
	$	(6,097)	$	(8,186)	$	(11,135)

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

Schedule of activity in the allowance for credit losses


	For the Year Ended
	December 31,
	2018		2017		2016
Balance, beginning of period	$	23,460	$	22,498	$	30,094
Provision for credit losses		12,631		11,304		7,319
Accounts written off, net of recoveries		(9,271)		(10,342)		(14,915)
Balance, end of period	$	26,820	$	23,460	$	22,498

Simon Property Group, L.P.

Significant Accounting Policies

Schedule of rollforward of noncontrolling interests




	2018		2017		2016
Noncontrolling nonredeemable interests in properties, net — beginning of period	$	3,738	$	5,116	$	3,456
Net income attributable to noncontrolling nonredeemable interests		7,911		2,091		2,917
Distributions to noncontrolling nonredeemable interest holders		(1,741)		(3,851)		(2,765)
Contributions by noncontrolling nonredeemable interests, net, and other		(2,510)		382		1,508
Noncontrolling nonredeemable interests in properties, net — end of period	$	7,398	$	3,738	$	5,116

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, 2018:


					Net unrealized
	Currency		Accumulated		losses on
	translation		derivative		marketable
	adjustments		gains, net		securities		Total
Beginning balance	$	(135,940)	$	9,263	$	(425)	$	(127,102)
Other comprehensive (loss) income before reclassifications		(47,038)		21,633		373		(25,032)
Amounts reclassified from accumulated other comprehensive income (loss)		—		7,020		—		7,020
Net current-period other comprehensive (loss) income		(47,038)		28,653		373		(18,012)
Ending balance	$	(182,978)	$	37,916	$	(52)	$	(145,114)

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


	2018		2017		2016
	Amount		Amount		Amount
	reclassified		reclassified		reclassified
	from		from		from
	accumulated		accumulated		accumulated
Details about accumulated other	other		other		other
comprehensive income (loss)	comprehensive		comprehensive		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, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net

Accumulated derivative losses, net	$	(7,020)	$	(9,419)	$	(12,230)	Interest expense
		—		—		(586)	Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
	$	(7,020)	$	(9,419)	$	(12,816)

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

Per Share and Per Unit Data (Tables)

12 Months Ended

Dec. 31, 2018

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,
	2018		2017		2016
Net Income attributable to Common Stockholders — Basic and Diluted	$	2,436,721	$	1,944,625	$	1,835,559
Weighted Average Shares Outstanding — Basic and Diluted		309,627,178		311,517,345		312,690,756

Schedule of taxable nature of dividends and distributions declared


	For the Year Ended December 31,
	2018			2017			2016
Total dividends/distributions paid per common share/unit	$	7.90		$	7.15		$	6.50
Percent taxable as ordinary income		96.20	%		100.00	%		99.70	%
Percent taxable as long-term capital gains		3.80	%		0.00	%		0.30	%
		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,
	2018		2017		2016
Net Income attributable to Unitholders — Basic and Diluted	$	2,805,764	$	2,239,638	$	2,122,236
Weighted Average Units Outstanding — Basic and Diluted		356,520,452		358,776,632		361,526,633

Investment Properties (Tables)

12 Months Ended

Dec. 31, 2018

Investment Properties

Schedule of investment properties


	2018		2017
Land	$	3,673,023	$	3,635,316
Buildings and improvements		32,994,937		32,379,190
Total land, buildings and improvements		36,667,960		36,014,506
Furniture, fixtures and equipment		424,710		378,958
Investment properties at cost		37,092,670		36,393,464
Less — accumulated depreciation		12,884,539		11,935,949
Investment properties at cost, net	$	24,208,131	$	24,457,515
Construction in progress included above	$	561,556	$	503,692

Investment in Unconsolidated Entities and International Investments (Tables)

12 Months Ended

Dec. 31, 2018

Investment in Unconsolidated Entities

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


	December 31,		December 31,
	2018		2017
Assets:
Investment properties, at cost	$	18,807,449	$	18,328,747
Less - accumulated depreciation		6,834,633		6,371,363
		11,972,816		11,957,384
Cash and cash equivalents		1,076,398		956,084
Tenant receivables and accrued revenue, net		445,148		403,125
Deferred costs and other assets		390,818		355,585
Total assets	$	13,885,180	$	13,672,178
Liabilities and Partners’ Deficit:
Mortgages	$	15,235,415	$	14,784,310
Accounts payable, accrued expenses, intangibles, and deferred revenue		976,311		1,033,674
Other liabilities		344,205		365,857
Total liabilities		16,555,931		16,183,841
Preferred units		67,450		67,450
Partners’ deficit		(2,738,201)		(2,579,113)
Total liabilities and partners’ deficit	$	13,885,180	$	13,672,178
Our Share of:
Partners’ deficit	$	(1,168,216)	$	(1,144,620)
Add: Excess Investment		1,594,198		1,733,063
Our net Investment in unconsolidated entities, at equity	$	425,982	$	588,443

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

As of December 31, 2018, scheduled principal repayments on joint venture properties’ mortgage indebtedness are as follows:


2019	$	552,914
2020		1,114,394
2021		2,272,043
2022		1,831,834
2023		1,138,416
Thereafter		8,367,996
Total principal maturities		15,277,597
Net unamortized debt premium		2,225
Debt issuance costs		(44,407)
Total mortgages and unsecured indebtedness	$	15,235,415

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


	For the Year Ended
	December 31,
	2018		2017		2016
REVENUE:
Minimum rent	$	1,949,523	$	1,868,613	$	1,823,674
Overage rent		230,145		210,909		200,638
Tenant reimbursements		880,042		860,778		862,155
Other income		326,575		290,515		237,782
Total revenue		3,386,285		3,230,815		3,124,249
OPERATING EXPENSES:
Property operating		590,921		551,885		538,002
Depreciation and amortization		652,968		640,286		588,666
Real estate taxes		259,567		245,646		239,917
Repairs and maintenance		87,408		81,309		76,380
Advertising and promotion		87,349		86,480		88,956
Provision for credit losses		14,042		6,645		7,603
Other		187,292		184,037		183,435
Total operating expenses		1,879,547		1,796,288		1,722,959
Operating Income Before Other Items		1,506,738		1,434,527		1,401,290
Interest expense		(663,693)		(593,062)		(585,958)
Gain (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		33,367		(2,239)		101,051
Net Income	$	876,412	$	839,226	$	916,383
Third-Party Investors’ Share of Net Income	$	436,767	$	424,533	$	452,844
Our Share of Net Income	$	439,645	$	414,693	$	463,539
Amortization of Excess Investment		(85,252)		(89,804)		(94,213)
Our Share of (Gain) Loss on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net		(12,513)		1,342		(22,636)
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests Included in Other Income in the Consolidated Financial Statements		—		—		(36,153)
Income from Unconsolidated Entities	$	341,880	$	326,231	$	310,537

Indebtedness and Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Indebtedness and Derivative Financial Instruments

Schedule of mortgages and unsecured indebtedness


	2018		2017
Fixed-Rate Debt:
Mortgage notes, including $11,822 and $16,869 of net premiums and $14,522 and $16,106 of debt issuance costs, respectively. Weighted average interest and maturity of 3.91% and 5.6 years at December 31, 2018.	$	6,099,787	$	6,020,552
Unsecured notes, including $44,691 and $51,657 of net discounts and $58,822 and $68,535 of debt issuance costs, respectively. Weighted average interest and maturity of 3.18% and 7.2 years at December 31, 2018.		15,535,468		16,375,713
Commercial Paper (see below)		758,681		978,467
Total Fixed-Rate Debt		22,393,936		23,374,732
Variable-Rate Debt:
Mortgages notes, including $5,901 and $8,988 of debt issuance costs, respectively. Weighted average interest and maturity of 3.15% and 3.1 years at December 31, 2018.		736,274		883,781
Credit Facility (see below), including $16,930 and $17,106 of debt issuance costs, respectively, at December 31, 2018.		108,070		305,530
Total Variable-Rate Debt		844,344		1,189,311
Other Debt Obligations		67,255		68,420
Total Mortgages and Unsecured Indebtedness	$	23,305,535	$	24,632,463

Schedule of principal repayments of indebtedness

Our scheduled principal repayments on indebtedness as of December 31, 2018 are as follows:


2019	$	1,416,309	(1)
2020		1,972,316
2021		3,146,997
2022		3,596,138
2023		1,869,674
Thereafter		11,365,890
Total principal maturities		23,367,324
Net unamortized debt premium		(32,869)
Debt issuance costs, net		(96,175)
Other Debt Obligations		67,255
Total mortgages and unsecured indebtedness	$	23,305,535

(1)Includes $600.0 million aggregate principal amount of 2.20% senior unsecured notes repaid at maturity on February 1, 2019 and $758.7 million in Global Commercial Paper - USD.

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


	For the Year Ended December 31,
	2018		2017		2016
Cash paid for interest	$	811,971	$	814,729	$	887,118

Schedule of debt issuance costs


	2018		2017
Debt issuance costs	$	204,189	$	200,646
Accumulated amortization		(108,014)		(89,912)
Debt issuance costs, net	$	96,175	$	110,734

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


		For the Year Ended December 31,
	2018		2017		2016
Amortization of debt issuance costs	$	21,445	$	21,707	$	21,703
Amortization of debt discounts/(premiums)		1,618		1,357		(14,583)

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


	December 31,			December 31,
	2018			2017
Fair value of fixed rate mortgages and unsecured indebtedness	$	22,323		$	24,003
Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages		4.55	%		4.25	%
Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness		4.50	%		4.10	%

Rentals under Operating Leases (Tables)

12 Months Ended

Dec. 31, 2018

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


2019	$	2,864,804
2020		2,596,538
2021		2,300,681
2022		1,989,319
2023		1,609,389
Thereafter		3,791,543
	$	15,152,274

Equity (Tables)

12 Months Ended

Dec. 31, 2018

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


	2018		2017
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		204,626		164,943
Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties	$	230,163	$	190,480

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


LTIP Program	LTIP Units Earned	Grant Date Fair Value of TSR Award	Grant Date Target Value of FFO-Based Award
2013-2015 LTIP program	466,405	$28.5 million	—
2014-2016 LTIP program	120,314	$27.5 million	—
2015-2017 LTIP program	—	$21.6 million	—
2016-2018 LTIP program	To be determined in 2019	$22.7 million	—
2018 LTIP program - Tranche A	To be determined in 2020	$6.1 million	$6.1 million
2018 LTIP program - Tranche B	To be determined in 2021	$6.1 million	$6.1 million

Schedule of restricted stock awards


	For the Year Ended
	December 31,
	2018		2017		2016
Shares of restricted stock awarded during the year, net of forfeitures		51,756		76,660		63,324
Weighted average fair value of shares granted during the year	$	153.24	$	170.81	$	209.16
Annual amortization	$	12,029	$	13,911	$	12,024

Simon Property Group, L.P.

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


	2018		2017
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		204,626		164,943
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$	230,163	$	190,480

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies.

Schedule of ground lease expense and office lease expense


	For the Year Ended
	December 31,
	2018		2017		2016
Ground lease expense	$	42,670	$	40,864	$	38,764
Office lease expense		4,650		4,481		4,105

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


2019	$	32,417
2020		32,403
2021		32,686
2022		32,698
2023		32,729
Thereafter		947,886
	$	1,110,819

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2018

Related Party Transactions

Schedule of related party transactions


	For the Year Ended
	December 31,
	2018		2017		2016
Amounts charged to unconsolidated joint ventures	$	111,476	$	116,447	$	138,496
Amounts charged to properties owned by related parties		4,810		4,812		5,384

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Data (Unaudited)

Schedule of quarterly financial data


	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
2018
Total revenue	$	1,399,814	$	1,388,358	$	1,409,005	$	1,460,743
Operating income before other items		701,933		737,675		717,391		754,089
Consolidated net income		715,524		631,414		642,212		833,192
Simon Property Group, Inc.
Net income attributable to common stockholders	$	620,654	$	547,004	$	556,267	$	712,796
Net income per share — Basic and Diluted	$	2.00	$	1.77	$	1.80	$	2.30
Weighted average shares outstanding — Basic and Diluted		310,583,643		309,355,154		309,294,045		309,293,708
Simon Property Group, L.P.
Net income attributable to unitholders	$	714,303	$	629,822	$	640,402	$	821,237
Net income per unit — Basic and Diluted	$	2.00	$	1.77	$	1.80	$	2.30
Weighted average units outstanding — Basic and Diluted		357,446,988		356,181,817		356,073,080		356,396,387
2017
Total revenue	$	1,345,763	$	1,361,548	$	1,403,638	$	1,427,692
Operating income before other items		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

Organization (Details)	Dec. 31, 2018 state country property
U.S. and Puerto Rico
Real Estate Properties
Number of properties	206
Number of U.S. states containing property locations \| state	37
U.S. and Puerto Rico \| Malls
Real Estate Properties
Number of properties	107
U.S. and Puerto Rico \| Premium Outlets
Real Estate Properties
Number of properties	69
U.S. and Puerto Rico \| The Mills
Real Estate Properties
Number of properties	14
U.S. and Puerto Rico \| Community/Lifestyle Centers
Real Estate Properties
Number of properties	4
U.S. and Puerto Rico \| Other shopping centers or outlet centers
Real Estate Properties
Number of properties	12
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	3
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	21.30%
Number of countries \| country	16
Europe \| Designer Outlets
Real Estate Properties
Number of properties	8
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
Germany \| Designer Outlets
Real Estate Properties
Number of properties	1
France \| 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	12 Months Ended
Basis of Presentation (Details) - property	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate Properties
Total number of joint venture properties	81	81
Number of joint venture properties managed by the entity	57
Number of International joint venture properties	20
Number of joint venture properties managed by others	24
Simon Property Group, L.P.
Ownership interest:
Ownership interest in the Operating Partnership (as a percent)	86.80%	86.90%
Simon Property Group, L.P. \| Weighted average
Ownership interest:
Ownership interest in the Operating Partnership (as a percent)	86.80%	86.80%	86.50%
Wholly owned properties
Real Estate Properties
Number of properties	135
Partially owned properties
Real Estate Properties
Number of properties	18

Summary of Significant Accounting Policies - Investment Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investment properties
Capitalized interest	$ 19,871	$ 24,754	$ 31,250
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 - Equity Instruments and Investments (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 26, 2017	Dec. 31, 2018	Dec. 31, 2017
Equity Instruments and Investments
Equity instruments with readily determinable fair value		$ 78,100	$ 88,300
Equity instruments without readily determinable fair values		175,700	186,900
Proceeds received from the sale of equity investments	$ 53,900
Gain on sale of investment			21,541
Debt securities of our captive insurance companies		40,099	$ 55,664
Other expense
Equity Instruments and Investments
Equity instruments with readily determinable fair value		$ 15,200
Debt Securities \| Securities in captive insurance subsidiary portfolio \| Minimum
Equity Instruments and Investments
Investment maturity period		1 year
Debt Securities \| Securities in captive insurance subsidiary portfolio \| Maximum
Equity Instruments and Investments
Investment maturity period		10 years

Summary of Significant Accounting Policies - Fair Value Measurements (Details) $ in Millions	Dec. 31, 2018 USD ($) item	Dec. 31, 2017 USD ($)
Fair Value Measurements
Number of investments for which fair value is measured on a recurring basis using Level 3 inputs \| item	0
Level 2 \| Recurring
Fair Value Measurements
Interest rate swap agreements and foreign currency forward contracts, gross asset balance	$ 10.9
Interest rate swap agreements and foreign currency forward contracts, gross liability balance	$ 6.2	$ 18.1

Summary of Significant Accounting Policies - Segment and Geographic Locations (Details) - item	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Segment Disclosure
Number of reportable segments	1
Geographic Concentration Risk \| Consolidated Long-Lived Assets \| Non-US
Concentration of Credit Risk
Percentage of risk	6.10%	6.50%
Geographic Concentration Risk \| Consolidated revenues \| Non-US
Concentration of Credit Risk
Percentage of risk	3.00%	2.60%

Summary of Significant Accounting Policies - Deferred Costs and Other Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred costs and other assets
Deferred lease costs, net	$ 249,010	$ 250,442
In-place lease intangibles, net	65,825	96,054
Acquired above market lease intangibles, net	64,813	92,405
Marketable securities of our captive insurance companies	40,099	55,664
Goodwill	20,098	20,098
Other marketable and non-marketable securities	253,732	275,130
Prepaids, notes receivable and other assets, net	516,463	584,190
Deferred costs and other assets	1,210,040	1,373,983
Deferred Lease Costs
Deferred lease costs	497,570	485,977
Accumulated amortization	(248,560)	(235,535)
Deferred lease costs, net	249,010	250,442
Amortization, included in statements of operations and comprehensive income
Amortization of deferred leasing costs	$ 56,646	$ 54,323	$ 49,993

Summary of Significant Accounting Policies - Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Intangible Assets
Unamortized below market leases included in accounts payable, accrued expenses, intangibles and deferred revenues	$ 66,700	$ 94,100
Estimated future amortization, and the increasing (decreasing) effect on below market minimum rents
2019	21,789
2020	17,130
2021	7,827
2022	5,395
2023	4,098
Thereafter	10,509
Lease intangibles assets, net	66,748
Estimated future amortization, and the increasing (decreasing) effect on minimum rents
2019	1,971
2020	1,363
2021	(2,587)
2022	(2,155)
2023	(1,393)
Thereafter	4,736
Lease intangibles assets, net	$ 1,935
In-place lease intangibles
Intangible Assets
Average life of in-place lease intangibles	2 years 6 months
Lease intangibles assets, gross	$ 291,613	328,811
Accumulated amortization	(225,788)	(232,757)
Lease intangibles assets, net	$ 65,825	96,054
Above and below market leases
Intangible Assets
Weighted average remaining life of intangible	2 years 8 months 12 days
Amount of amortization expenses	$ 1,000	2,800	$ 5,400
Above Market Leases
Intangible Assets
Lease intangibles assets, gross	253,973	260,398
Accumulated amortization	(189,160)	(167,993)
Lease intangibles assets, net	64,813	$ 92,405
Estimated future amortization, and the increasing (decreasing) effect on minimum rents
2019	(19,818)
2020	(15,767)
2021	(10,414)
2022	(7,550)
2023	(5,491)
Thereafter	(5,773)
Lease intangibles assets, net	$ (64,813)

Summary of Significant Accounting Policies - Derivative Financial Instruments (Details) € in Thousands, $ in Millions, ¥ in Billions		3 Months Ended
	Jul. 10, 2018 USD ($)	Sep. 30, 2018 USD ($)	Dec. 31, 2018 EUR (€) DerivativeInstrument	Dec. 31, 2018 USD ($) DerivativeInstrument	Sep. 30, 2018 JPY (¥)	Sep. 30, 2018 USD ($)	Mar. 31, 2018 EUR (€)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 EUR (€) DerivativeInstrument	Dec. 31, 2017 USD ($) 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				$ 37.9						$ 9.3
Interest rate swap \| Designated as Hedging Instrument
Derivative Financial Instruments
Number of Instruments \| DerivativeInstrument			0	0					0	0
USD-Euro currency forward contract \| Nov 9, 2019 \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €									€ 50,000
Forward contract net, fair value										$ (2.4)
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				$ (0.8)						(4.9)
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				(1.5)						(5.2)
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				(2.0)						$ (5.5)
US denominated cross currency swap \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount						$ 200.1		$ 150.0
Swapping interest rate					4.38%	4.38%	4.38%	4.38%
Yen denominated cross currency swap \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| ¥					¥ 22.3
Fixed exchange rate					1.19%	1.19%
Yen denominated cross currency swap \| Other liabilities \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Fair value of cross currency				1.9
Euro denominated cross currency swap \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €							€ 121,600
Fixed exchange rate							1.37%	1.37%
Euro denominated cross currency swap \| Deferred costs and other assets \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Interest rate derivative asset, fair value				10.9
Simon Property Group, L.P. \| Credit Facility \| Unsecured Debt
Derivative Financial Instruments
Maximum borrowing capacity				$ 4,000.0		$ 4,000.0
Simon Property Group, L.P. \| Yen \| Credit Facility \| Unsecured Debt
Derivative Financial Instruments
Debt repaid	$ 201.3	$ 201.3

Summary of Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Summary of Significant Accounting Policies
Limited partners' interests in the Operating Partnership	$ 492,877	$ 548,858
Nonredeemable noncontrolling interests in properties, net	7,398	3,738
Total noncontrolling interests reflected in equity	$ 500,275	$ 552,596	$ 649,464	$ 744,905

Summary of Significant Accounting Policies - Rollforward Of Noncontrolling Interest, Simon Group Property, Inc. (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Noncontrolling interests:
Noncontrolling interests, beginning of period	$ 552,596	$ 649,464	$ 744,905
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties	376,954	297,104	289,594
Distributions to noncontrolling interest holders	(372,397)	(342,453)	(319,193)
Other comprehensive (loss) income allocable to noncontrolling interests:
Unrealized gain (loss) on derivative hedge agreements	2,852	(4,607)	5,444
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings	923	(1,587)	19,629
Currency translation adjustments	(6,271)	6,040	(209)
Changes in available-for-sale securities and other	49	746	216
Other comprehensive income (loss)	(2,447)	592	25,080
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	(156,241)	(84,794)	(66,996)
Units issued to limited partners	84,103
Units exchanged for common shares	(1,004)	(6,005)	(73,756)
Units redeemed	(4,951)
Long-term incentive performance units	26,172	38,305	48,324
Contributions by noncontrolling nonredeemable interests, net, and other	(2,510)	383	1,506
Noncontrolling interests, end of period	$ 500,275	$ 552,596	$ 649,464

Summary of Significant Accounting Policies - Rollforward Of Noncontrolling Interest, Simon Group Property L.P. (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Noncontrolling interests:
Net income attributable to noncontrolling nonredeemable interests	$ 376,954	$ 297,104	$ 289,594
Distributions to noncontrolling nonredeemable interest holders	(372,397)	(342,453)	(319,193)
Contributions by noncontrolling nonredeemable interests, net, and other	(2,510)	383	1,506
Simon Property Group, L.P.
Noncontrolling interests:
Noncontrolling nonredeemable interests in properties, beginning of period	3,738	5,116	3,456
Net income attributable to noncontrolling nonredeemable interests	7,911	2,091	2,917
Distributions to noncontrolling nonredeemable interest holders	(1,741)	(3,851)	(2,765)
Contributions by noncontrolling nonredeemable interests, net, and other	(2,510)	382	1,508
Noncontrolling nonredeemable interests in properties, end of period	$ 7,398	$ 3,738	$ 5,116

Summary of Significant Accounting Policies - AOCI, Simon Property Group, Inc. (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)
Changes in accumulated other comprehensive income (loss)
Beginning balance	$ 3,686,168
Ending balance	3,296,681
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Beginning balance	(110,453)
Other comprehensive (loss) income before reclassifications	(21,661)
Amounts reclassified from accumulated other comprehensive income (loss)	6,097
Net current-period other comprehensive (loss) income	(15,564)
Ending balance	(126,017)
Currency translation adjustments
Changes in accumulated other comprehensive income (loss)
Beginning balance	(118,138)
Other comprehensive (loss) income before reclassifications	(40,766)
Net current-period other comprehensive (loss) income	(40,766)
Ending balance	(158,904)
Accumulated derivative gains (losses), net
Changes in accumulated other comprehensive income (loss)
Beginning balance	8,055
Other comprehensive (loss) income before reclassifications	18,781
Amounts reclassified from accumulated other comprehensive income (loss)	6,097
Net current-period other comprehensive (loss) income	24,878
Ending balance	32,933
Net unrealized losses on marketable securities
Changes in accumulated other comprehensive income (loss)
Beginning balance	(370)
Other comprehensive (loss) income before reclassifications	324
Net current-period other comprehensive (loss) income	324
Ending balance	$ (46)

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, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Significant Accounting Policies
Interest expense									$ (815,923)	$ (809,393)	$ (857,554)
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net									288,827	3,647	84,553
Net income attributable to noncontrolling interests									(382,285)	(296,941)	(295,810)
Other Income.									370,582	296,978	276,544
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ 712,796	$ 556,267	$ 547,004	$ 620,654	$ 571,116	$ 513,783	$ 381,990	$ 477,736	2,436,721	1,944,625	1,835,559
Currency translation adjustments, including noncontrolling interests \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, 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									(7,020)	(9,419)	(12,230)
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, 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									923	1,233	1,681
Accumulated derivative gains (losses), net \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS									$ (6,097)	(8,186)	$ (11,135)
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
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)
Net unrealized 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

Summary of Significant Accounting Policies - AOCI, Simon Property Group L.P. (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)
Simon Property Group, L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	$ 4,235,026
Ending balance	3,789,558
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Other comprehensive (loss) income before reclassifications	(21,661)
Amounts reclassified from accumulated other comprehensive income (loss)	6,097
Net current-period other comprehensive (loss) income	(15,564)
Accumulated Other Comprehensive Income (Loss) \| Simon Property Group, L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	(127,102)
Other comprehensive (loss) income before reclassifications	(25,032)
Amounts reclassified from accumulated other comprehensive income (loss)	7,020
Net current-period other comprehensive (loss) income	(18,012)
Ending balance	(145,114)
Currency translation adjustments
Changes in accumulated other comprehensive income (loss)
Other comprehensive (loss) income before reclassifications	(40,766)
Net current-period other comprehensive (loss) income	(40,766)
Currency translation adjustments \| Simon Property Group, L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	(135,940)
Other comprehensive (loss) income before reclassifications	(47,038)
Net current-period other comprehensive (loss) income	(47,038)
Ending balance	(182,978)
Accumulated derivative gains (losses), net
Changes in accumulated other comprehensive income (loss)
Other comprehensive (loss) income before reclassifications	18,781
Amounts reclassified from accumulated other comprehensive income (loss)	6,097
Net current-period other comprehensive (loss) income	24,878
Accumulated derivative gains (losses), net \| Simon Property Group, L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	9,263
Other comprehensive (loss) income before reclassifications	21,633
Amounts reclassified from accumulated other comprehensive income (loss)	7,020
Net current-period other comprehensive (loss) income	28,653
Ending balance	37,916
Net unrealized losses on marketable securities
Changes in accumulated other comprehensive income (loss)
Other comprehensive (loss) income before reclassifications	324
Net current-period other comprehensive (loss) income	324
Net unrealized losses on marketable securities \| Simon Property Group, L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	(425)
Other comprehensive (loss) income before reclassifications	373
Net current-period other comprehensive (loss) income	373
Ending balance	$ (52)

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, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Significant Accounting Policies
Interest expense									$ (815,923)	$ (809,393)	$ (857,554)
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net									288,827	3,647	84,553
Other Income.									370,582	296,978	276,544
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ 712,796	$ 556,267	$ 547,004	$ 620,654	$ 571,116	$ 513,783	$ 381,990	$ 477,736	2,436,721	1,944,625	1,835,559
Simon Property Group, L.P.
Significant Accounting Policies
Interest expense									(815,923)	(809,393)	(857,554)
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net									288,827	3,647	84,553
Other Income.									370,582	296,978	276,544
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ 821,237	$ 640,402	$ 629,822	$ 714,303	$ 657,774	$ 591,872	$ 439,986	$ 550,006	2,805,764	2,239,638	2,122,236
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, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net											(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									(6,097)	(8,186)	(11,135)
Accumulated derivative gains (losses), net \| Simon Property Group, L.P. \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense									(7,020)	(9,419)	(12,230)
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net											(586)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS									$ (7,020)	(9,419)	$ (12,816)
Net unrealized 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
Net unrealized losses on marketable securities \| Simon Property Group, L.P. \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Other Income.										$ 21,541

Summary of Significant Accounting Policies - Allowance for Credit Losses and Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Management Fees and Other Revenues
Insurance reserve for insurance subsidiaries and other self-insurance programs	$ 82,500	$ 81,800
Allowance for Credit Losses
Balance, beginning of period	23,460	22,498	$ 30,094
Provision for credit losses	12,631	11,304	7,319
Accounts written off, net of recoveries	(9,271)	(10,342)	(14,915)
Balance, end of period	26,820	23,460	$ 22,498
Income Taxes
Provision for federal income taxes for REIT entities	0
Deferred tax liabilities, net	$ 278,300	$ 301,700

Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Jan. 01, 2019	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements
Cumulative effect adjustment				$ 7,264
Retained Earnings (Accumulated Deficit)	$ (4,893,069)			$ (4,782,173)
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
Cumulative effect adjustment			7,300
Accounting Standards Update 2016-02 \| Proforma Adjustment
New Accounting Pronouncements
Lease expenses	45,000
Right-of use assets for operating leases	$ (45,000)
Accounting Standards Update 2016-02 \| Adjustment
New Accounting Pronouncements
Right-of use assets for operating leases		$ 524,000
Lease liabilities for operating leases		$ 524,000
Accounting Standards Update 2016-02 \| Adjustment \| Minimum
New Accounting Pronouncements
Discount rate		3.97%
Accounting Standards Update 2016-02 \| Adjustment \| Maximum
New Accounting Pronouncements
Discount rate		5.52%
Accounting Standards Update 2017-05 \| Adjustment
New Accounting Pronouncements
Cumulative effect adjustment			$ 0

Real Estate Acquisitions and Dispositions (Details) $ in Thousands					1 Months Ended		3 Months Ended			12 Months Ended
	Sep. 25, 2018 USD ($) shares	Apr. 21, 2017 USD ($)	Jul. 25, 2016 USD ($) property	Jan. 01, 2016 USD ($) property	May 31, 2017 USD ($)	Feb. 29, 2016 USD ($)	Jun. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2018 USD ($) property	Dec. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($) property	Apr. 14, 2016
Acquisitions
Fixed mortgage loan										$ 22,393,936	$ 23,374,732
Residential and Retail Properties \| Disposed by Sales
Dispositions
Proceeds from sale or disposal of real estate assets												$ 81,800
Shopping centers \| Disposed by Sales \| Klepierre
Dispositions
Gain (loss) on disposition of interest in properties							$ 5,000			$ 20,200	$ 5,000	8,100
Scandinavian Properties \| Disposed by Sales \| Klepierre
Dispositions
Gain (loss) on disposition of interest in properties												$ 8,100
Outlet Center In Roosendaal \| European Joint Venture
Acquisitions
Ownership interests acquired (as a percent)		100.00%
Cash purchase price for acquisition		$ 69,800
Mortgage debt assumed		$ 40,100
Outlet Center In Roosendaal \| European Joint Venture \| Mortgage Maturing 2024
Acquisitions
Debt issued to refinance previous mortgage					$ 69,000
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
Non-cash gain on step acquisition				$ 12,100					$ 12,100
The Shops at Crystals
Acquisitions
Ownership interests acquired (as a percent)													50.00%
Outlet Center In Ochtrup \| European Joint Venture
Acquisitions
Ownership interests acquired (as a percent)						75.00%
Consideration for the acquisition						$ 38,300
Cash purchase price for acquisition						$ 38,300
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			$ 29,300					$ 29,300
Cash purchase price for acquisition			$ 159,700
Outlets at Orange
Acquisitions
Ownership interests acquired (as a percent)	50.00%
Outlets at Orange \| Mortgage Maturing April 1, 2024
Acquisitions
Fixed mortgage loan	$ 215,000
Fixed rate of interest	4.22%
Outlets at Orange \| Simon Property Group, L.P.
Acquisitions
Number of units issued in connection with acquisition of the remaining interest in orange outlet \| shares	475,183
Consideration for the acquisition	$ 84,100
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												$ 36,200
Unconsolidated properties \| Residential properties \| Disposed by Sales \| Income and other taxes
Dispositions
Gain from sale of properties, tax effect												$ 7,200
Unconsolidated properties \| Retail properties \| Disposed by Sales
Dispositions
Number of properties disposed of during the period \| property											1	4
Gain (loss) on disposition of interest in properties											$ (1,300)	$ 22,600
Consolidated properties \| Retail properties \| Disposed of by Sales And Means Other than Sale
Dispositions
Number of properties disposed of during the period \| property										2
Nets gains on disposition										$ 288,800
Consolidated properties \| Retail properties \| Disposed of by Sales And Means Other than Sale \| Non-recourse $200M Mortgage
Dispositions
Non-recourse mortgage										200,000
Consolidated properties \| Retail properties \| Disposed of by Sales And Means Other than Sale \| Non-recourse $80M Mortgage
Dispositions
Non-recourse mortgage										$ 80,000
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												$ 12,400

Per Share and Per Unit Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended									12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Per Share And Per Unit Data
Net Income attributable to Common Stockholders - Basic		$ 712,796	$ 556,267	$ 547,004	$ 620,654	$ 571,116	$ 513,783	$ 381,990	$ 477,736	$ 2,436,721	$ 1,944,625	$ 1,835,559
Net Income attributable to Common Stockholders - Diluted										$ 2,436,721	$ 1,944,625	$ 1,835,559
Weighted Average Shares Outstanding — Basic and Diluted		309,293,708	309,294,045	309,355,154	310,583,643	310,855,573	310,853,299	311,579,301	312,809,981	309,627,178	311,517,345	312,690,756
Dividends
Total dividends paid per common share (in dollars per share)										$ 7.90	$ 7.15	$ 6.50
Percent taxable as ordinary income										96.20%	100.00%	99.70%
Percent taxable as long-term capital gains										3.80%	0.00%	0.30%
Total percentage of dividends paid										100.00%	100.00%	100.00%
Dividends declared per common share (in dollars per share)	$ 2.05
Simon Property Group, L.P.
Per Share And Per Unit Data
Net Income attributable to Common Stockholders - Basic		$ 821,237	$ 640,402	$ 629,822	$ 714,303	$ 657,774	$ 591,872	$ 439,986	$ 550,006	$ 2,805,764	$ 2,239,638	$ 2,122,236
Net Income attributable to Common Stockholders - Diluted										$ 2,805,764	$ 2,239,638	$ 2,122,236
Weighted Average Shares Outstanding — Basic and Diluted		356,396,387	356,073,080	356,181,817	357,446,988	358,025,108	358,115,572	358,865,806	360,130,442	356,520,452	358,776,632	361,526,633

Investment Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investment Properties
Land	$ 3,673,023	$ 3,635,316
Buildings and improvements	32,994,937	32,379,190
Total land, buildings and improvements	36,667,960	36,014,506
Furniture, fixtures and equipment	424,710	378,958
Investment properties at cost	37,092,670	36,393,464
Less - accumulated depreciation	12,884,539	11,935,949
Investment properties at cost, net	24,208,131	24,457,515
Construction in progress, included above	$ 561,556	$ 503,692

Investments in Unconsolidated Entities and International Investments - Real Estate Joint Ventures and Investments (Details) $ in Millions	Dec. 31, 2018 USD ($) property	Dec. 31, 2017 USD ($) property
Investment in Unconsolidated Entities
Total number of joint venture properties \| property	81	81
Construction and other related party loans
Investment in Unconsolidated Entities
Loans to related party \| $	$ 85.8	$ 87.0

Investments in Unconsolidated Entities and International Investments - Unconsolidated Entity Transactions (Details) $ / shares in Units, $ in Thousands								3 Months Ended		12 Months Ended			20 Months Ended
	Sep. 25, 2018 $ / shares shares	Jun. 07, 2018 USD ($)	Nov. 03, 2017 USD ($) store	Sep. 15, 2016 item	Apr. 14, 2016 USD ($)	Apr. 05, 2016 USD ($)	Apr. 13, 2015 property	Dec. 31, 2018 USD ($) property	Jun. 30, 2017 USD ($)	Dec. 31, 2018 USD ($) property	Dec. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($)	Dec. 31, 2018 USD ($) property	May 31, 2017
Investment in Unconsolidated Entities
Insurance proceeds recorded as business interruption										$ 19,083
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net										288,827	$ 3,647	$ 84,553
Gain on interest in unconsolidated entities										35,621
Share of net income, net of amortization of our excess investment										475,250	400,270	353,334
Investment properties, at cost								$ 37,092,670		37,092,670	36,393,464		$ 37,092,670
Distributions of income from unconsolidated entities										$ 390,137	374,101	331,627
Outlets at Orange
Investment in Unconsolidated Entities
Ownership interests acquired (as a percent)	50.00%
Ownership interest after acquisition (as a percent)								100.00%		100.00%			100.00%
Simon Property Group, L.P.
Investment in Unconsolidated Entities
Insurance proceeds recorded as business interruption										$ 19,083
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net										288,827	3,647	84,553
Gain on interest in unconsolidated entities										35,621
Share of net income, net of amortization of our excess investment										475,250	400,270	353,334
Investment properties, at cost								$ 37,092,670		37,092,670	36,393,464		$ 37,092,670
Distributions of income from unconsolidated entities										390,137	$ 374,101	$ 331,627
Simon Property Group, L.P. \| Outlets at Orange
Investment in Unconsolidated Entities
Number of units issued in connection with acquisition of the remaining interest in orange outlet \| shares	475,183
Business acquisition price (in dollars per share) \| $ / shares	$ 176.99
Colorado Mills
Investment in Unconsolidated Entities
Impairment charges									$ 32,500
Insurance proceeds recorded as business interruption													$ 65,900
Gain on business interruption										$ 33,400
Aventura Mall
Investment in Unconsolidated Entities
Loan defeasance charge		$ 30,900
Write off of deferred debt issuance cost		6,500
Mortgages \| Aventura Mall
Investment in Unconsolidated Entities
Debt refinanced		1,200,000
Construction loan \| Aventura Mall
Investment in Unconsolidated Entities
Debt refinanced		200,800
4.12% fixed interest rate mortgage maturing July 2028 \| Aventura Mall
Investment in Unconsolidated Entities
Debt issued		$ 1,750,000
Fixed interest rate (as a percent)		4.12%
The Shops at Crystals
Investment in Unconsolidated Entities
Ownership interest (as a percent)					50.00%
Payments to acquire equity method investment					$ 1,100,000
The Shops at Crystals \| 3.74% fixed-rate mortgage maturing July 2026
Investment in Unconsolidated Entities
Debt issued					$ 550,000
Fixed interest rate (as a percent)					3.74%
Quaker Bridge Mall
Investment in Unconsolidated Entities
Ownership interest (as a percent)						50.00%
Quaker Bridge Mall \| 4.50% fixed-rate mortgage maturing May 2026
Investment in Unconsolidated Entities
Debt issued						$ 180,000
Fixed interest rate (as a percent)						4.50%
Distributions of income from unconsolidated entities						$ 180,000
Sears Joint Venture \| Sears
Investment in Unconsolidated Entities
Number of stores at malls with previously owned interest \| property							10
Seritage Growth Properties
Investment in Unconsolidated Entities
Ownership interest (as a percent)								50.00%		50.00%			50.00%
Number of stores in which additional interest was acquired \| store			12
Number of stores at malls with previously owned interest \| store			5
Investment properties, at cost			$ 149,100
Aventura Mall
Investment in Unconsolidated Entities
Ownership interest (as a percent)		33.30%
Share of early debt repayment charge		$ 12,500
Colorado Mills
Investment in Unconsolidated Entities
Ownership interest (as a percent)														37.50%
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net										$ 12,500
Aeropostale
Investment in Unconsolidated Entities
Number of joint ventures \| item				2
Aeropostale Retail Operations
Investment in Unconsolidated Entities
Ownership interest (as a percent)								44.95%		44.95%			44.95%
Authentic Brands Group LLC
Investment in Unconsolidated Entities
Ownership interest (as a percent)								5.40%		5.40%			5.40%
Gain on interest in unconsolidated entities										$ 35,600
HBS
Investment in Unconsolidated Entities
Ownership interest (as a percent)								11.70%		11.70%	11.70%		11.70%
Share of net income, net of amortization of our excess investment										$ 15,100	$ 16,100
Total assets								$ 1,700,000		1,700,000			$ 1,700,000
Total liabilities								$ 834,100		834,100			$ 834,100
Total revenues										326,300	351,000
Total operating income										196,300	313,800
Consolidated net income										$ 105,900	$ 220,200
HBS \| United States
Investment in Unconsolidated Entities
Number of properties owned \| property								42		42	42		42
HBS \| Germany
Investment in Unconsolidated Entities
Number of properties owned \| property											41
Gain on sale or disposal of assets and interests in unconsolidated entities, net								$ 91,100

Investments in Unconsolidated Entities and International Investments - 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 31, 2017 USD ($)	Feb. 29, 2016 USD ($)	Jun. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2018 USD ($) property $ / shares shares	Dec. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($) property
Investment in Unconsolidated Entities
Income from unconsolidated entities										$ 475,250	$ 400,270	$ 353,334
Klepierre \| Disposed by Sales \| Shopping centers
Investment in Unconsolidated Entities
Gain (loss) on disposition of interest in properties							$ 5,000			$ 20,200	$ 5,000	$ 8,100
European Joint Venture \| Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties \| property				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 interests acquired (as a percent)						75.00%
Cash purchase price for acquisition						$ 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 Joint Venture \| Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties \| property										9	9	7
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 \| 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)										21.30%
Quoted market price per share (in dollars per share) \| $ / shares										$ 30.86
Income from unconsolidated entities										$ 98,800	$ 50,000	$ 41,500
Total assets										20,000,000	21,800,000
Total liabilities										12,700,000	13,700,000
Noncontrolling interests equity										1,400,000	1,600,000
Total revenues										1,600,000	1,500,000	1,500,000
Total operating income										670,400	545,700	449,900
Consolidated net income										$ 693,000	381,300	$ 310,900
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
Europe \| Value Retail PLC \| Deferred costs and other assets
Investment in Unconsolidated Entities
Vale of equity instruments										$ 140,800	$ 140,800

Investments in Unconsolidated Entities and International Investments - Asian Joint Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investment in Unconsolidated Entities
Equity investment	$ 2,220,414	$ 2,266,483
Japan \| Mitsubishi Estate Co., Ltd. \| Premium Outlets
Investment in Unconsolidated Entities
Ownership percentage	40.00%
Equity investment	$ 232,100	230,300
South Korea \| Shinsegae International Co \| Premium Outlets
Investment in Unconsolidated Entities
Ownership percentage	50.00%
Equity investment	$ 166,300	$ 149,100

Investments in Unconsolidated Entities and International Investments - Disposals (Details) - Disposed by Sales - Unconsolidated properties - property	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Residential properties
Dispositions
Number of properties disposed of during the period		2
Retail properties
Dispositions
Number of properties disposed of during the period	1	4

Investments in Unconsolidated Entities and International Investments - Combined Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Our Share of:
Investment in unconsolidated entities, at equity	$ 2,220,414	$ 2,266,483
Unconsolidated properties \| Maximum
Our Share of:
Estimated life of investment property	40 years
Equity Method Investees excluding Klepierre, Aeropostale, ABG and HBS \| Unconsolidated properties
Assets:
Investment properties, at cost	$ 18,807,449	18,328,747
Less - accumulated depreciation	6,834,633	6,371,363
Investment properties at cost, net	11,972,816	11,957,384
Cash and cash equivalents	1,076,398	956,084
Tenant receivables and accrued revenue, net	445,148	403,125
Deferred costs and other assets	390,818	355,585
Total assets	13,885,180	13,672,178
Liabilities and Partners' Deficit:
Mortgages	15,235,415	14,784,310
Accounts payable, accrued expenses, intangibles, and deferred revenues	976,311	1,033,674
Other liabilities	344,205	365,857
Total liabilities	16,555,931	16,183,841
Preferred units	67,450	67,450
Partners' deficit	(2,738,201)	(2,579,113)
Total liabilities and partners' deficit	13,885,180	13,672,178
Our Share of:
Partners' deficit	(1,168,216)	(1,144,620)
Add: Excess Investment	1,594,198	1,733,063
Investment in unconsolidated entities, at equity	$ 425,982	$ 588,443

Investments in Unconsolidated Entities and International Investments - Repayments of Mortgages (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Scheduled principal repayments on mortgage indebtedness
2019	$ 1,416,309
2020	1,972,316
2021	3,146,997
2022	3,596,138
2023	1,869,674
Thereafter	11,365,890
Total principal maturities	23,367,324
Net unamortized debt discount	(32,869)
Debt issuance costs	(96,175)	$ (110,734)
Total mortgages and unsecured indebtedness	23,305,535	$ 24,632,463
Equity Method Investees excluding Klepierre, Aeropostale, ABG and HBS \| Unconsolidated properties
Scheduled principal repayments on mortgage indebtedness
2019	552,914
2020	1,114,394
2021	2,272,043
2022	1,831,834
2023	1,138,416
Thereafter	8,367,996
Total principal maturities	15,277,597
Net unamortized debt discount	2,225
Debt issuance costs	(44,407)
Total mortgages and unsecured indebtedness	$ 15,235,415
Weighted average interest rate (as a percent)	4.05%
Equity Method Investees excluding Klepierre, Aeropostale, ABG and HBS \| Unconsolidated properties \| Minimum
Scheduled principal repayments on mortgage indebtedness
Interest rate on debt (as a percent)	0.31%
Equity Method Investees excluding Klepierre, Aeropostale, ABG and HBS \| Unconsolidated properties \| Maximum
Scheduled principal repayments on mortgage indebtedness
Interest rate on debt (as a percent)	11.59%

Investments in Unconsolidated Entities and International Investments - Combined Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
OPERATING EXPENSES:
Income from Unconsolidated Entities	$ 475,250	$ 400,270	$ 353,334
Equity Method Investees excluding Klepierre, Aeropostale, ABG and HBS \| Unconsolidated properties
REVENUE:
Minimum rent	1,949,523	1,868,613	1,823,674
Overage rent	230,145	210,909	200,638
Tenant reimbursements	880,042	860,778	862,155
Other income	326,575	290,515	237,782
Total revenue	3,386,285	3,230,815	3,124,249
OPERATING EXPENSES:
Property operating	590,921	551,885	538,002
Depreciation and amortization	652,968	640,286	588,666
Real estate taxes	259,567	245,646	239,917
Repairs and maintenance	87,408	81,309	76,380
Advertising and promotion	87,349	86,480	88,956
Provision for credit losses	14,042	6,645	7,603
Other	187,292	184,037	183,435
Total operating expenses	1,879,547	1,796,288	1,722,959
Operating Income Before Other Items	1,506,738	1,434,527	1,401,290
Interest expense	(663,693)	(593,062)	(585,958)
Gain (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net	33,367	(2,239)	101,051
Net Income	876,412	839,226	916,383
Third-Party Investors’ Share of Net Income	436,767	424,533	452,844
Our Share of Net Income	439,645	414,693	463,539
Amortization of Excess Investment	(85,252)	(89,804)	(94,213)
Our Share of (Gain) Loss on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net	(12,513)	1,342	(22,636)
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests Included in Other Income in the Consolidated Financial Statements			(36,153)
Income from Unconsolidated Entities	$ 341,880	$ 326,231	$ 310,537

Indebtedness and Derivative Financial Instruments (Details) $ in Thousands, € in Millions						3 Months Ended	12 Months Ended
	Feb. 01, 2019 USD ($)	Jul. 30, 2018 EUR (€)	Jul. 10, 2018 USD ($)	Feb. 15, 2018 USD ($)	Feb. 14, 2018 USD ($)	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($) property item	Nov. 14, 2018 USD ($)	Nov. 13, 2018 USD ($)	Sep. 25, 2018 USD ($)	Jan. 03, 2018 USD ($)	Dec. 31, 2017 USD ($)
Debt
Debt issuance costs							$ 96,175					$ 110,734
Other Debt Obligations							67,255					68,420
Total Mortgages and Unsecured Indebtedness							23,305,535					24,632,463
Fixed-Rate Debt:
Fixed mortgage loan							22,393,936					23,374,732
Variable-Rate Debt:
Variable-rate mortgages and unsecured indebtedness							844,344					1,189,311
Simon Property Group, L.P.
Debt
Total Mortgages and Unsecured Indebtedness							23,305,535					24,632,463
Mortgage Maturing April 1, 2024 \| Outlets at Orange
Fixed-Rate Debt:
Fixed mortgage loan										$ 215,000
Fixed rate of interest										4.22%
Secured Debt \| Mortgages
Debt
Total Mortgages and Unsecured Indebtedness							$ 6,800,000					6,900,000
Debt covenants
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers \| item							45
Number of properties owned \| property							48
Number of cross-defaulted and cross-collateralized mortgage pools \| item							2
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages \| property							5
Secured Debt \| Fixed Rate Mortgages
Debt
Debt issuance costs							$ 14,522					16,106
Fixed-Rate Debt:
Fixed mortgage loan							6,099,787					6,020,552
Net premiums							$ 11,822					16,869
Fixed rate of interest							3.91%
Weighted average maturity period, fixed-rate debt							5 years 7 months 6 days
Secured Debt \| Variable Rate Mortgages
Debt
Debt issuance costs							$ 5,901					8,988
Variable-Rate Debt:
Variable-rate mortgages and unsecured indebtedness							$ 736,274					883,781
Weighted average interest rate, variable-rate debt (as a percent)							3.15%
Weighted average maturity period, variable-rate debt							3 years 1 month 6 days
Secured Debt \| 7.79% rate Mortgage
Debt
Debt repaid							$ 86,600
Interest rate on debt (as a percent)							7.79%
Unsecured Debt \| Senior unsecured notes
Debt
Debt issuance costs							$ 58,822					68,535
Fixed-Rate Debt:
Fixed mortgage loan							15,535,468					16,375,713
Net discounts							$ 44,691					51,657
Fixed rate of interest							3.18%
Weighted average maturity period, fixed-rate debt							7 years 2 months 12 days
Unsecured Debt \| Senior unsecured notes \| Simon Property Group, L.P.
Debt
Total Mortgages and Unsecured Indebtedness							$ 15,600,000
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 Notes 2.20% \| Simon Property Group, L.P.
Debt
Debt repaid	$ 600,000
Interest rate on debt (as a percent)	2.20%
Unsecured Debt \| Commercial Paper
Fixed-Rate Debt:
Fixed mortgage loan							758,681					978,467
Unsecured Debt \| Commercial Paper \| Simon Property Group, L.P.
Debt
Credit facility, amount outstanding							$ 758,700
Maximum borrowing capacity								$ 2,000,000	$ 1,000,000
Unsecured Debt \| Commercial Paper \| Simon Property Group, L.P. \| USD
Debt
Weighted average interest rate (as a percent)							2.49%
Unsecured Debt \| Credit Facility and the Supplemental Facility \| Simon Property Group, L.P.
Debt
Available borrowing capacity							$ 6,600,000
Maximum amount outstanding during period							423,100
Credit facility, weighted average amount outstanding							238,100
Letters of credit outstanding							11,300
Unsecured Debt \| Credit Facility
Debt
Debt issuance costs							16,930					17,106
Variable-Rate Debt:
Variable-rate mortgages and unsecured indebtedness							108,070					$ 305,530
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%
Unsecured Debt \| Credit Facility \| Simon Property Group, L.P. \| Yen
Debt
Debt repaid			$ 201,300			$ 201,300
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							$ 125,000
Maximum borrowing capacity					$ 3,500,000		$ 3,500,000
Additional facility fee (as a percent)				0.10%
Expanded maximum borrowing capacity				$ 4,500,000
Unsecured Debt \| Supplemental Facility \| Simon Property Group, L.P. \| LIBOR
Debt
Interest added to reference rate (as a percent)				0.775%	0.80%
Outlets at Orange
Fixed-Rate Debt:
Ownership interests acquired (as a percent)										50.00%
Outlets at Orange \| Mortgage Maturing April 1, 2024
Fixed-Rate Debt:
Fixed mortgage loan										$ 215,000
Fixed rate of interest										4.22%
Noventa Di Piave Designer Outlet, Venice, Italy
Fixed-Rate Debt:
Ownership interest (as a percent)		90.00%
Noventa Di Piave Designer Outlet, Venice, Italy \| Fixed Rate 2.00 Mortgage Maturing 2025
Fixed-Rate Debt:
Fixed mortgage loan \| €		€ 260.0
Fixed rate of interest		2.00%
Noventa Di Piave Designer Outlet, Venice, Italy \| Variable Rate 1.68 Mortgage Maturing 2020
Debt
Debt repaid \| €		€ 110.0
Variable-Rate Debt:
Weighted average interest rate, variable-rate debt (as a percent)		1.68%

Indebtedness and Derivative Financial Instruments - Maturity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Maturity and Other
2019	$ 1,416,309
2020	1,972,316
2021	3,146,997
2022	3,596,138
2023	1,869,674
Thereafter	11,365,890
Total principal maturities	23,367,324
Net unamortized debt discount	(32,869)
Debt issuance costs, net	(96,175)	$ (110,734)
Other Debt Obligations	67,255	68,420
Total mortgages and unsecured indebtedness	23,305,535	24,632,463
Cash paid for interest	$ 811,971	$ 814,729	$ 887,118

Indebtedness and Derivative Financial Instruments - Derivatives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Derivative Financial Instruments
Unamortized loss on treasury locks and terminated hedges	$ 3.0	$ 10.1
Amount expected to be reclassified from accumulated other comprehensive loss to earnings within the next year	$ 4.3

Indebtedness and Derivative Financial Instruments - Debt Issuance Costs and Discounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt issuance cost
Debt issuance costs	$ 204,189	$ 200,646
Accumulated amortization	(108,014)	(89,912)
Debt issuance costs	96,175	110,734
Amortization of Debt Issuance Costs and Discounts
Amortization of debt issuance costs	21,445	21,707	$ 21,703
Amortization of debt discounts/(premiums)	$ 1,618	$ 1,357	$ (14,583)

Indebtedness and Derivative Financial Instruments - Fair Value (Details)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Book value
Fair Value of Debt
Fair value of fixed-rate mortgages and unsecured indebtedness	$ 22,400,000,000	$ 23,400,000,000
Fixed-rate mortgages and unsecured indebtedness \| Fair value
Fair Value of Debt
Fair value of fixed-rate mortgages and unsecured indebtedness	$ 22,323,000,000	$ 24,003,000,000
Discount Rate \| Weighted average \| Mortgages
Fair Value of Debt
Debt percentage- measurement input	4.55	4.25
Discount Rate \| Weighted average \| Unsecured Debt
Fair Value of Debt
Debt percentage- measurement input	4.50	4.10

Rentals under Operating Leases (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Future minimum rentals to be received under noncancelable tenant operating leases
2019	$ 2,864,804
2020	2,596,538
2021	2,300,681
2022	1,989,319
2023	1,609,389
Thereafter	3,791,543
Future minimum rental receivables	$ 15,152,274

Equity - Common Stock and Unit Issuances and Repurchases (Details) $ / shares in Units, $ in Millions				12 Months Ended
	Feb. 11, 2019 USD ($)	Sep. 25, 2018 shares	Feb. 13, 2017 USD ($)	Dec. 31, 2018 USD ($) item $ / shares shares	Dec. 31, 2017 $ / shares shares	Dec. 31, 2016 shares
Equity
Minimum number of additional classes or series of common stock that the Board is authorized to reclassify from excess common stock \| item				1
Exchange of limited partner units, (in shares) \| shares				92,732	500,411	5,020,919
Period common stock is authorized to repurchase	2 years		2 years
Common stock authorized for repurchase \| $	$ 2,000.0		$ 2,000.0
Shares repurchased (in shares) \| shares				2,275,194	2,468,630	1,409,197
Average share price repurchased (in dollars per share) \| $ / shares				$ 155.64	$ 164.87
Outlets at Orange
Equity
Ownership interests acquired (as a percent)		50.00%
Outlets at Orange \| Simon Property Group, L.P.
Equity
Number of units issued in connection with acquisition of the remaining interest in orange outlet \| shares		475,183
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 \| item				2
Common Stock
Equity
Number of votes entitled per share to holders of common stock \| item				1
Limited Partners
Equity
Exchange of limited partner units, (in shares) \| shares				92,732
Number of limited partners who received common stock \| item				2
Limited Partners \| Simon Property Group, L.P.
Equity
Redemption of units \| shares				454,704
Value of units redeemed \| $				$ 81.5
Number of limited partners who received common stock \| item				8
Maximum \| Class B common stock
Equity
Number of members of board of directors elected under entitlement of right \| item				4

Equity - Temporary Equity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) item $ / shares shares	Dec. 31, 2017 USD ($) shares
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties \| $	$ 230,163	$ 190,480
Simon Property Group, L.P.
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties \| $	$ 230,163	$ 190,480
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
Limited partners' preferred interest in the Operating Partnership and 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
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 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
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties \| $	$ 204,626	164,943
Other noncontrolling redeemable interest \| Simon Property Group, L.P.
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties \| $	$ 204,626	$ 164,943

Equity - Permanent Equity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
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	$ 2.9	$ 3.2
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
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	$ 2.9	$ 3.2
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 ($) shares	Dec. 31, 2018 USD ($) item $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 shares
Exchange Rights
Limited partners units, exchange ratio \| item			1
Common stock reserved for possible conversion (in shares) \| shares			50,643,747
Restricted stock
Stock-based incentive plan awards
Total number of shares awarded, net of forfeiture \| shares			5,786,423
Shares of restricted stock awarded during the year, net of forfeitures \| shares			51,756	76,660	63,324
Weighted average fair value of shares granted during the period (in dollars per share) \| $ / shares			$ 153.24	$ 170.81	$ 209.16
Annual amortization			$ 12,029,000	$ 13,911,000	$ 12,024,000
Compensation expense, net of capitalization			$ 7,800,000	$ 9,000,000	$ 9,100,000
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			$ 110,000
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			$ 175,000
LTIP programs
Stock-based incentive plan awards
Percent of distributions of Operating Partnership that participants are entitled to receive during performance period			10.00%
Vesting period			2 years
Compensation expense, net of capitalization			$ 12,000,000	$ 14,000,000	$ 31,000,000
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			21,600,000
2016-2018 LTIP program \| LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value			$ 22,700,000
2018 LTIP program \| LTIP Units
Stock-based incentive plan awards
Number of tranches \| item			2
Grant Date Fair Value			$ 12,100,000
2018 LTIP program \| LTIP Units \| Maximum
Stock-based incentive plan awards
Grant Date Fair Value			$ 18,200,000
2018 LTIP program \| LTIP Units \| Tranche A
Stock-based incentive plan awards
Vesting rights percentage			50.00%
Performance period			2 years
Grant Date Fair Value			$ 6,100,000
Grant Date Target Value			$ 6,100,000
2018 LTIP program \| LTIP Units \| Tranche B
Stock-based incentive plan awards
Vesting rights percentage			50.00%
Performance period			3 years
Grant Date Fair Value			$ 6,100,000
Grant Date Target Value			$ 6,100,000

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

Commitments and Contingencies - Lease and Insurance (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) property	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Lease Commitments
Properties subject to ground leases \| property	23
Future minimum lease payments due under leases
2019	$ 32,417
2020	32,403
2021	32,686
2022	32,698
2023	32,729
Thereafter	947,886
Total	1,110,819
Insurance
Insurance coverage, acts of terrorism	1,000,000
Ground
Lease Commitments
Lease expense	42,670	$ 40,864	$ 38,764
Office
Lease Commitments
Lease expense	$ 4,650	$ 4,481	$ 4,105

Commitments and Contingencies - Hurricane Impacts (Details) $ in Thousands	3 Months Ended		12 Months Ended	15 Months Ended
	Dec. 31, 2017 USD ($)	Sep. 30, 2017 property	Dec. 31, 2018 USD ($)	Dec. 31, 2018 USD ($)
Hurricane Impact
Insurance proceeds recorded as business interruption			$ 19,083
Loss from Catastrophes \| PUERTO RICO \| Wholly owned properties
Hurricane Impact
Number of properties significantly damaged \| property		2
Impairment of real estate	$ 19,000
Total insurance proceeds received				$ 56,600
Insurance proceeds received and used for property restoration and remediation				$ 38,700
Insurance proceeds recorded as business interruption			$ 17,900

Commitments and Contingencies - Guarantees of Indebtedness (Details) - Joint Venture Mortgage and Indebtedness - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Guarantees of Joint Venture Indebtedness:
Loan guarantee	$ 216.1	$ 211.6
Loan guarantees recoverable	$ 10.8	$ 10.8

Commitments and Contingencies - Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2018
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, 2018	Dec. 31, 2017	Dec. 31, 2016
Development, royalty and other fees
Related Party Transactions
Amounts charged to related party	$ 16,000	$ 15,500	$ 14,400
Unconsolidated joint ventures \| Amounts for services provided
Related Party Transactions
Amounts charged to related party	111,476	116,447	138,496
Unconsolidated joint ventures \| Fees for financing activities
Related Party Transactions
Amounts charged to related party	500	1,600	9,100
Properties owned by related parties \| Amounts for services provided
Related Party Transactions
Amounts charged to related party	$ 4,810	$ 4,812	$ 5,384

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Total revenue	$ 1,460,743	$ 1,409,005	$ 1,388,358	$ 1,399,814	$ 1,427,692	$ 1,403,638	$ 1,361,548	$ 1,345,763	$ 5,657,919	$ 5,538,640	$ 5,435,229
Operating income before other items	754,089	717,391	737,675	701,933	749,452	690,068	686,149	676,671	2,911,087	2,802,340	2,720,828
Consolidated net income	833,192	642,212	631,414	715,524	659,821	592,635	441,373	551,075	2,822,343	2,244,903	2,134,706
Net Income attributable to common stockholders or unitholders	$ 712,796	$ 556,267	$ 547,004	$ 620,654	$ 571,116	$ 513,783	$ 381,990	$ 477,736	$ 2,436,721	$ 1,944,625	$ 1,835,559
Net income per share - Basic and Diluted	$ 2.30	$ 1.80	$ 1.77	$ 2.00	$ 1.84	$ 1.65	$ 1.23	$ 1.53	$ 7.87	$ 6.24	$ 5.87
Weighted Average Shares Outstanding — Basic and Diluted	309,293,708	309,294,045	309,355,154	310,583,643	310,855,573	310,853,299	311,579,301	312,809,981	309,627,178	311,517,345	312,690,756
Simon Property Group, L.P.
Total revenue									$ 5,657,919	$ 5,538,640	$ 5,435,229
Operating income before other items									2,911,087	2,802,340	2,720,828
Consolidated net income									2,822,343	2,244,903	2,134,706
Net Income attributable to common stockholders or unitholders	$ 821,237	$ 640,402	$ 629,822	$ 714,303	$ 657,774	$ 591,872	$ 439,986	$ 550,006	$ 2,805,764	$ 2,239,638	$ 2,122,236
Net income per share - Basic and Diluted	$ 2.30	$ 1.80	$ 1.77	$ 2.00	$ 1.84	$ 1.65	$ 1.23	$ 1.53	$ 7.87	$ 6.24	$ 5.87
Weighted Average Shares Outstanding — Basic and Diluted	356,396,387	356,073,080	356,181,817	357,446,988	358,025,108	358,115,572	358,865,806	360,130,442	356,520,452	358,776,632	361,526,633

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591552-111686

+ Details

Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	$ 6,844,662
Initial Cost
Land	3,321,044
Buildings and Improvements	25,018,405
Costs Capitalized Subsequent to Acquisition
Land	351,979
Buildings and Improvements	7,976,532
Gross Amounts At Which Carried At Close of Period
Land	3,673,023
Buildings and Improvements	32,994,937
Total	36,667,960	$ 36,014,506	$ 34,897,942	$ 33,132,885
Accumulated Depreciation	12,632,690	$ 11,704,223	$ 10,664,738	$ 9,696,420
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	74,248
Gross Amounts At Which Carried At Close of Period
Land	10,886
Buildings and Improvements	95,177
Total	106,063
Accumulated Depreciation	60,183
Malls \| Battlefield Mall, Springfield, MO
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	117,500
Initial Cost
Land	3,919
Buildings and Improvements	27,231
Costs Capitalized Subsequent to Acquisition
Land	3,000
Buildings and Improvements	66,714
Gross Amounts At Which Carried At Close of Period
Land	6,919
Buildings and Improvements	93,945
Total	100,864
Accumulated Depreciation	70,821
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	26,528
Gross Amounts At Which Carried At Close of Period
Land	10,464
Buildings and Improvements	52,151
Total	62,615
Accumulated Depreciation	32,956
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	71,244
Gross Amounts At Which Carried At Close of Period
Land	42,493
Buildings and Improvements	280,446
Total	322,939
Accumulated Depreciation	141,980
Malls \| Broadway Square, Tyler, TX
Initial Cost
Land	11,306
Buildings and Improvements	32,431
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	34,660
Gross Amounts At Which Carried At Close of Period
Land	11,306
Buildings and Improvements	67,091
Total	78,397
Accumulated Depreciation	36,959
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	163,037
Gross Amounts At Which Carried At Close of Period
Land	74,058
Buildings and Improvements	466,655
Total	540,713
Accumulated Depreciation	224,029
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	79,746
Gross Amounts At Which Carried At Close of Period
Land	33,684
Buildings and Improvements	178,033
Total	211,717
Accumulated Depreciation	110,241
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	55,602
Gross Amounts At Which Carried At Close of Period
Land	1,613
Buildings and Improvements	70,864
Total	72,477
Accumulated Depreciation	47,039
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	71,898
Gross Amounts At Which Carried At Close of Period
Land	1,723
Buildings and Improvements	88,143
Total	89,866
Accumulated Depreciation	43,238
Malls \| Columbia Center, Kennewick, WA
Initial Cost
Land	17,441
Buildings and Improvements	66,580
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	33,367
Gross Amounts At Which Carried At Close of Period
Land	17,441
Buildings and Improvements	99,947
Total	117,388
Accumulated Depreciation	58,618
Malls \| Copley Place, Boston, MA
Initial Cost
Buildings and Improvements	378,045
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	193,429
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	571,474
Total	571,474
Accumulated Depreciation	222,354
Malls \| Coral Square, Coral Springs (Miami), FL
Initial Cost
Land	13,556
Buildings and Improvements	93,630
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	20,734
Gross Amounts At Which Carried At Close of Period
Land	13,556
Buildings and Improvements	114,364
Total	127,920
Accumulated Depreciation	87,184
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	68,923
Gross Amounts At Which Carried At Close of Period
Land	25,947
Buildings and Improvements	142,014
Total	167,961
Accumulated Depreciation	71,696
Malls \| Domain, The, Austin, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	184,739
Initial Cost
Land	40,436
Buildings and Improvements	197,010
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	149,273
Gross Amounts At Which Carried At Close of Period
Land	40,436
Buildings and Improvements	346,283
Total	386,719
Accumulated Depreciation	150,030
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	27,742
Gross Amounts At Which Carried At Close of Period
Land	35,998
Buildings and Improvements	219,928
Total	255,926
Accumulated Depreciation	53,845
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	101,035
Gross Amounts At Which Carried At Close of Period
Land	29,145
Buildings and Improvements	221,614
Total	250,759
Accumulated Depreciation	117,915
Malls \| Firewheel Town Center, Garland (Dallas), TX
Initial Cost
Land	8,438
Buildings and Improvements	82,716
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	28,593
Gross Amounts At Which Carried At Close of Period
Land	8,438
Buildings and Improvements	111,309
Total	119,747
Accumulated Depreciation	60,730
Malls \| Forum Shops at Caesars, The, Las Vegas, NV
Initial Cost
Buildings and Improvements	276,567
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	265,368
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	541,935
Total	541,935
Accumulated Depreciation	260,765
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	119,671
Gross Amounts At Which Carried At Close of Period
Land	7,676
Buildings and Improvements	143,116
Total	150,792
Accumulated Depreciation	84,288
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	41,791
Gross Amounts At Which Carried At Close of Period
Land	11,591
Buildings and Improvements	175,684
Total	187,275
Accumulated Depreciation	106,328
Malls \| Ingram Park Mall, San Antonio, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	128,060
Initial Cost
Land	733
Buildings and Improvements	16,972
Costs Capitalized Subsequent to Acquisition
Land	37
Buildings and Improvements	39,964
Gross Amounts At Which Carried At Close of Period
Land	770
Buildings and Improvements	56,936
Total	57,706
Accumulated Depreciation	30,283
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	356,883
Gross Amounts At Which Carried At Close of Period
Land	175,063
Buildings and Improvements	1,485,083
Total	1,660,146
Accumulated Depreciation	351,350
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	172,054
Gross Amounts At Which Carried At Close of Period
Land	94,481
Buildings and Improvements	181,882
Total	276,363
Accumulated Depreciation	41,344
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	26,260
Gross Amounts At Which Carried At Close of Period
Land	10,102
Buildings and Improvements	107,828
Total	117,930
Accumulated Depreciation	60,355
Malls \| Lenox Square, Atlanta, GA
Initial Cost
Land	38,058
Buildings and Improvements	492,411
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	129,085
Gross Amounts At Which Carried At Close of Period
Land	38,058
Buildings and Improvements	621,496
Total	659,554
Accumulated Depreciation	336,512
Malls \| Livingston Mall, Livingston (New York), NJ
Initial Cost
Land	22,214
Buildings and Improvements	105,250
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	47,205
Gross Amounts At Which Carried At Close of Period
Land	22,214
Buildings and Improvements	152,455
Total	174,669
Accumulated Depreciation	83,004
Malls \| Mall of Georgia, Buford (Atlanta), GA
Initial Cost
Land	47,492
Buildings and Improvements	326,633
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	13,987
Gross Amounts At Which Carried At Close of Period
Land	47,492
Buildings and Improvements	340,620
Total	388,112
Accumulated Depreciation	173,568
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	28,402
Gross Amounts At Which Carried At Close of Period
Land	10,530
Buildings and Improvements	37,917
Total	48,447
Accumulated Depreciation	14,607
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	76,405
Gross Amounts At Which Carried At Close of Period
Land	65,684
Buildings and Improvements	299,657
Total	365,341
Accumulated Depreciation	171,764
Malls \| Midland Park Mall, Midland, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	75,464
Initial Cost
Land	687
Buildings and Improvements	9,213
Costs Capitalized Subsequent to Acquisition
Land	2,121
Buildings and Improvements	31,348
Gross Amounts At Which Carried At Close of Period
Land	2,808
Buildings and Improvements	40,561
Total	43,369
Accumulated Depreciation	21,607
Malls \| Miller Hill Mall, Duluth, MN
Initial Cost
Land	2,965
Buildings and Improvements	18,092
Costs Capitalized Subsequent to Acquisition
Land	1,811
Buildings and Improvements	43,807
Gross Amounts At Which Carried At Close of Period
Land	4,776
Buildings and Improvements	61,899
Total	66,675
Accumulated Depreciation	42,841
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	64,352
Gross Amounts At Which Carried At Close of Period
Land	27,105
Buildings and Improvements	151,267
Total	178,372
Accumulated Depreciation	66,982
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	147,128
Gross Amounts At Which Carried At Close of Period
Land	19,138
Buildings and Improvements	160,094
Total	179,232
Accumulated Depreciation	110,442
Malls \| Northgate, Seattle, WA
Initial Cost
Land	23,610
Buildings and Improvements	115,992
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	125,856
Gross Amounts At Which Carried At Close of Period
Land	23,610
Buildings and Improvements	241,848
Total	265,458
Accumulated Depreciation	128,076
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	54,058
Gross Amounts At Which Carried At Close of Period
Land	23,681
Buildings and Improvements	179,003
Total	202,684
Accumulated Depreciation	91,058
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	76,956
Gross Amounts At Which Carried At Close of Period
Land	35,514
Buildings and Improvements	206,862
Total	242,376
Accumulated Depreciation	103,986
Malls \| Oxford Valley Mall, Langhorne (Philadelphia), PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	61,076
Initial Cost
Land	24,544
Buildings and Improvements	100,287
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	20,195
Gross Amounts At Which Carried At Close of Period
Land	24,544
Buildings and Improvements	120,482
Total	145,026
Accumulated Depreciation	79,717
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	59,474
Gross Amounts At Which Carried At Close of Period
Land	2,043
Buildings and Improvements	215,432
Total	217,475
Accumulated Depreciation	122,459
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	50,241
Gross Amounts At Which Carried At Close of Period
Land	4,452
Buildings and Improvements	205,309
Total	209,761
Accumulated Depreciation	105,301
Malls \| Phipps Plaza, Atlanta, GA
Initial Cost
Land	15,005
Buildings and Improvements	210,610
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	109,206
Gross Amounts At Which Carried At Close of Period
Land	15,005
Buildings and Improvements	319,816
Total	334,821
Accumulated Depreciation	150,091
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	71,902
Gross Amounts At Which Carried At Close of Period
Land	15,493
Buildings and Improvements	351,462
Total	366,955
Accumulated Depreciation	152,228
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	58,570
Gross Amounts At Which Carried At Close of Period
Land	4,895
Buildings and Improvements	61,383
Total	66,278
Accumulated Depreciation	29,576
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	52,808
Gross Amounts At Which Carried At Close of Period
Land	41,918
Buildings and Improvements	265,065
Total	306,983
Accumulated Depreciation	143,714
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	354,520
Gross Amounts At Which Carried At Close of Period
Land	164,406
Buildings and Improvements	1,056,528
Total	1,220,934
Accumulated Depreciation	465,477
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	113,912
Gross Amounts At Which Carried At Close of Period
Land	29,356
Buildings and Improvements	204,115
Total	233,471
Accumulated Depreciation	120,441
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	28,488
Gross Amounts At Which Carried At Close of Period
Land	10,400
Buildings and Improvements	116,352
Total	126,752
Accumulated Depreciation	62,941
Malls \| Shops at Chestnut Hill, The, Chestnut Hill (Boston), MA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	120,000
Initial Cost
Land	449
Buildings and Improvements	25,102
Costs Capitalized Subsequent to Acquisition
Land	38,864
Buildings and Improvements	104,339
Gross Amounts At Which Carried At Close of Period
Land	39,313
Buildings and Improvements	129,441
Total	168,754
Accumulated Depreciation	32,417
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	10,582
Gross Amounts At Which Carried At Close of Period
Land	28,125
Buildings and Improvements	153,442
Total	181,567
Accumulated Depreciation	32,667
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	167,109
Gross Amounts At Which Carried At Close of Period
Land	13,521
Buildings and Improvements	405,855
Total	419,376
Accumulated Depreciation	66,445
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	77,461
Gross Amounts At Which Carried At Close of Period
Land	24,917
Buildings and Improvements	203,301
Total	228,218
Accumulated Depreciation	97,896
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	163,860
Gross Amounts At Which Carried At Close of Period
Land	101,200
Buildings and Improvements	465,355
Total	566,555
Accumulated Depreciation	239,269
Malls \| Southdale Mall, Edina (Minneapolis), MN
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	144,514
Initial Cost
Land	41,430
Buildings and Improvements	184,967
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	103,704
Gross Amounts At Which Carried At Close of Period
Land	41,430
Buildings and Improvements	288,671
Total	330,101
Accumulated Depreciation	56,075
Malls \| SouthPark, Charlotte, NC
Initial Cost
Land	42,092
Buildings and Improvements	188,055
Costs Capitalized Subsequent to Acquisition
Land	100
Buildings and Improvements	194,303
Gross Amounts At Which Carried At Close of Period
Land	42,192
Buildings and Improvements	382,358
Total	424,550
Accumulated Depreciation	202,385
Malls \| Southridge Mall, Greendale (Milwaukee), WI
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	116,968
Initial Cost
Land	12,359
Buildings and Improvements	130,111
Costs Capitalized Subsequent to Acquisition
Land	1,939
Buildings and Improvements	19,905
Gross Amounts At Which Carried At Close of Period
Land	14,298
Buildings and Improvements	150,016
Total	164,314
Accumulated Depreciation	47,949
Malls \| St. Charles Towne Center, Waldorf (Washington, DC), MD
Initial Cost
Land	7,710
Buildings and Improvements	52,934
Costs Capitalized Subsequent to Acquisition
Land	1,180
Buildings and Improvements	28,363
Gross Amounts At Which Carried At Close of Period
Land	8,890
Buildings and Improvements	81,297
Total	90,187
Accumulated Depreciation	57,442
Malls \| Stanford Shopping Center, Palo Alto (San Jose), CA
Initial Cost
Buildings and Improvements	339,537
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	156,919
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	496,456
Total	496,456
Accumulated Depreciation	180,196
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	56,286
Gross Amounts At Which Carried At Close of Period
Land	15,374
Buildings and Improvements	107,423
Total	122,797
Accumulated Depreciation	60,869
Malls \| Tacoma Mall, Tacoma (Seattle), WA
Initial Cost
Land	37,113
Buildings and Improvements	125,826
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	130,010
Gross Amounts At Which Carried At Close of Period
Land	37,113
Buildings and Improvements	255,836
Total	292,949
Accumulated Depreciation	129,641
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	48,513
Gross Amounts At Which Carried At Close of Period
Land	8,414
Buildings and Improvements	56,952
Total	65,366
Accumulated Depreciation	42,488
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	227,545
Gross Amounts At Which Carried At Close of Period
Land	64,200
Buildings and Improvements	534,862
Total	599,062
Accumulated Depreciation	275,246
Malls \| Town Center at Cobb, Kennesaw (Atlanta), GA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	185,305
Initial Cost
Land	32,355
Buildings and Improvements	158,225
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	23,534
Gross Amounts At Which Carried At Close of Period
Land	32,355
Buildings and Improvements	181,759
Total	214,114
Accumulated Depreciation	116,310
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	48,773
Gross Amounts At Which Carried At Close of Period
Land	12,633
Buildings and Improvements	67,252
Total	79,885
Accumulated Depreciation	46,725
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	40,629
Gross Amounts At Which Carried At Close of Period
Land	14,191
Buildings and Improvements	113,619
Total	127,810
Accumulated Depreciation	71,016
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	51,700
Gross Amounts At Which Carried At Close of Period
Land	17,097
Buildings and Improvements	172,662
Total	189,759
Accumulated Depreciation	101,515
Malls \| University Park Mall, Mishawaka, IN
Initial Cost
Land	10,762
Buildings and Improvements	118,164
Costs Capitalized Subsequent to Acquisition
Land	7,000
Buildings and Improvements	59,439
Gross Amounts At Which Carried At Close of Period
Land	17,762
Buildings and Improvements	177,603
Total	195,365
Accumulated Depreciation	144,655
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	126,664
Gross Amounts At Which Carried At Close of Period
Land	55,489
Buildings and Improvements	237,922
Total	293,411
Accumulated Depreciation	114,751
Malls \| White Oaks Mall, Springfield, IL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	49,500
Initial Cost
Land	3,024
Buildings and Improvements	35,692
Costs Capitalized Subsequent to Acquisition
Land	2,102
Buildings and Improvements	63,451
Gross Amounts At Which Carried At Close of Period
Land	5,126
Buildings and Improvements	99,143
Total	104,269
Accumulated Depreciation	53,418
Malls \| Wolfchase Galleria, Memphis, TN
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	159,157
Initial Cost
Land	16,407
Buildings and Improvements	128,276
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	18,036
Gross Amounts At Which Carried At Close of Period
Land	16,407
Buildings and Improvements	146,312
Total	162,719
Accumulated Depreciation	90,260
Malls \| Woodland Hills Mall, Tulsa, OK
Initial Cost
Land	34,211
Buildings and Improvements	187,123
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	29,732
Gross Amounts At Which Carried At Close of Period
Land	34,211
Buildings and Improvements	216,855
Total	251,066
Accumulated Depreciation	129,540
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	9,810
Gross Amounts At Which Carried At Close of Period
Land	3,900
Buildings and Improvements	106,869
Total	110,769
Accumulated Depreciation	49,034
Premium Outlets \| Allen Premium Outlets, Allen (Dallas), TX
Initial Cost
Land	20,932
Buildings and Improvements	69,788
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	44,420
Gross Amounts At Which Carried At Close of Period
Land	20,932
Buildings and Improvements	114,208
Total	135,140
Accumulated Depreciation	30,989
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	8,441
Gross Amounts At Which Carried At Close of Period
Land	2,370
Buildings and Improvements	32,767
Total	35,137
Accumulated Depreciation	22,781
Premium Outlets \| Birch Run Premium Outlets, Birch Run (Detroit), MI
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	123,000
Initial Cost
Land	11,477
Buildings and Improvements	77,856
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,129
Gross Amounts At Which Carried At Close of Period
Land	11,477
Buildings and Improvements	85,985
Total	97,462
Accumulated Depreciation	31,239
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	69,778
Gross Amounts At Which Carried At Close of Period
Land	17,065
Buildings and Improvements	294,499
Total	311,564
Accumulated Depreciation	131,826
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	8,476
Gross Amounts At Which Carried At Close of Period
Land	12,986
Buildings and Improvements	193,466
Total	206,452
Accumulated Depreciation	79,085
Premium Outlets \| Carolina Premium Outlets, Smithfield (Raleigh), NC
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	44,169
Initial Cost
Land	3,175
Buildings and Improvements	59,863
Costs Capitalized Subsequent to Acquisition
Land	5,311
Buildings and Improvements	7,341
Gross Amounts At Which Carried At Close of Period
Land	8,486
Buildings and Improvements	67,204
Total	75,690
Accumulated Depreciation	35,141
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	102,843
Gross Amounts At Which Carried At Close of Period
Land	13,709
Buildings and Improvements	220,848
Total	234,557
Accumulated Depreciation	73,145
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	4,991
Gross Amounts At Which Carried At Close of Period
Land	14,117
Buildings and Improvements	76,511
Total	90,628
Accumulated Depreciation	33,752
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	5,201
Gross Amounts At Which Carried At Close of Period
Land	3,592
Buildings and Improvements	112,757
Total	116,349
Accumulated Depreciation	54,256
Premium Outlets \| Denver Premium Outlets, Thornton (Denver), CO
Initial Cost
Land	12,875
Buildings and Improvements	45,335
Costs Capitalized Subsequent to Acquisition
Land	10
Buildings and Improvements	78,668
Gross Amounts At Which Carried At Close of Period
Land	12,885
Buildings and Improvements	124,003
Total	136,888
Accumulated Depreciation	1,785
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	108,510
Gross Amounts At Which Carried At Close of Period
Land	3,440
Buildings and Improvements	447,189
Total	450,629
Accumulated Depreciation	160,549
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	17,406
Gross Amounts At Which Carried At Close of Period
Land	2,857
Buildings and Improvements	64,715
Total	67,572
Accumulated Depreciation	32,847
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	7,174
Gross Amounts At Which Carried At Close of Period
Land	15,807
Buildings and Improvements	189,586
Total	205,393
Accumulated Depreciation	86,680
Premium Outlets \| Folsom Premium Outlets, Folsom (Sacramento), CA
Initial Cost
Land	9,060
Buildings and Improvements	50,281
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,073
Gross Amounts At Which Carried At Close of Period
Land	9,060
Buildings and Improvements	55,354
Total	64,414
Accumulated Depreciation	29,159
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	13,992
Gross Amounts At Which Carried At Close of Period
Land	9,630
Buildings and Improvements	208,114
Total	217,744
Accumulated Depreciation	95,334
Premium Outlets \| Grand Prairie Premium Outlets, Grand Prairie (Dallas), TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	114,013
Initial Cost
Land	9,497
Buildings and Improvements	194,245
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,274
Gross Amounts At Which Carried At Close of Period
Land	9,497
Buildings and Improvements	195,519
Total	205,016
Accumulated Depreciation	42,516
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	7,510
Gross Amounts At Which Carried At Close of Period
Land	6,421
Buildings and Improvements	129,390
Total	135,811
Accumulated Depreciation	59,332
Premium Outlets \| Gulfport Premium Outlets, Gulfport, MS
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	50,000
Initial Cost
Buildings and Improvements	27,949
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,315
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	35,264
Total	35,264
Accumulated Depreciation	13,730
Premium Outlets \| Hagerstown Premium Outlets, Hagerstown (Baltimore/Washington, DC), MD
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	75,951
Initial Cost
Land	3,576
Buildings and Improvements	85,883
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,086
Gross Amounts At Which Carried At Close of Period
Land	3,576
Buildings and Improvements	88,969
Total	92,545
Accumulated Depreciation	33,195
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	44,459
Gross Amounts At Which Carried At Close of Period
Land	8,695
Buildings and Improvements	113,809
Total	122,504
Accumulated Depreciation	46,806
Premium Outlets \| Jackson Premium Outlets, Jackson (New York), NJ
Initial Cost
Land	6,413
Buildings and Improvements	104,013
Costs Capitalized Subsequent to Acquisition
Land	3
Buildings and Improvements	8,473
Gross Amounts At Which Carried At Close of Period
Land	6,416
Buildings and Improvements	112,486
Total	118,902
Accumulated Depreciation	46,963
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	76,170
Gross Amounts At Which Carried At Close of Period
Land	15,390
Buildings and Improvements	127,149
Total	142,539
Accumulated Depreciation	56,150
Premium Outlets \| Johnson Creek Premium Outlets, Johnson Creek, WI
Initial Cost
Land	2,800
Buildings and Improvements	39,546
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,078
Gross Amounts At Which Carried At Close of Period
Land	2,800
Buildings and Improvements	46,624
Total	49,424
Accumulated Depreciation	20,882
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	10,289
Gross Amounts At Which Carried At Close of Period
Land	11,832
Buildings and Improvements	105,283
Total	117,115
Accumulated Depreciation	41,505
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	9,369
Gross Amounts At Which Carried At Close of Period
Land	45,168
Buildings and Improvements	261,247
Total	306,415
Accumulated Depreciation	86,814
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	150,374
Gross Amounts At Which Carried At Close of Period
Land	41,971
Buildings and Improvements	285,347
Total	327,318
Accumulated Depreciation	112,688
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	31,774
Gross Amounts At Which Carried At Close of Period
Land	13,085
Buildings and Improvements	192,551
Total	205,636
Accumulated Depreciation	76,452
Premium Outlets \| Lee Premium Outlets, Lee, MA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	51,701
Initial Cost
Land	9,167
Buildings and Improvements	52,212
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,487
Gross Amounts At Which Carried At Close of Period
Land	9,167
Buildings and Improvements	55,699
Total	64,866
Accumulated Depreciation	24,893
Premium Outlets \| Leesburg Corner Premium Outlets, Leesburg (Washington, DC), VA
Initial Cost
Land	7,190
Buildings and Improvements	162,023
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,146
Gross Amounts At Which Carried At Close of Period
Land	7,190
Buildings and Improvements	170,169
Total	177,359
Accumulated Depreciation	80,158
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	10,169
Gross Amounts At Which Carried At Close of Period
Land	6,630
Buildings and Improvements	104,307
Total	110,937
Accumulated Depreciation	53,431
Premium Outlets \| Merrimack Premium Outlets, Merrimack, NH
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	121,753
Initial Cost
Land	14,975
Buildings and Improvements	118,428
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,129
Gross Amounts At Which Carried At Close of Period
Land	14,975
Buildings and Improvements	121,557
Total	136,532
Accumulated Depreciation	34,503
Premium Outlets \| Napa Premium Outlets, Napa, CA
Initial Cost
Land	11,400
Buildings and Improvements	45,023
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,769
Gross Amounts At Which Carried At Close of Period
Land	11,400
Buildings and Improvements	52,792
Total	64,192
Accumulated Depreciation	24,479
Premium Outlets \| North Bend Premium Outlets, North Bend (Seattle), WA
Initial Cost
Land	2,143
Buildings and Improvements	36,197
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,609
Gross Amounts At Which Carried At Close of Period
Land	2,143
Buildings and Improvements	41,806
Total	43,949
Accumulated Depreciation	17,534
Premium Outlets \| North Georgia Premium Outlets, Dawsonville (Atlanta), GA
Initial Cost
Land	4,300
Buildings and Improvements	137,020
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,414
Gross Amounts At Which Carried At Close of Period
Land	4,300
Buildings and Improvements	138,434
Total	142,734
Accumulated Depreciation	61,019
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	11,836
Gross Amounts At Which Carried At Close of Period
Land	31,998
Buildings and Improvements	484,651
Total	516,649
Accumulated Depreciation	149,916
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
Buildings and Improvements	2,193
Gross Amounts At Which Carried At Close of Period
Land	50,063
Buildings and Improvements	385,142
Total	435,205
Accumulated Depreciation	154,691
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	4,038
Gross Amounts At Which Carried At Close of Period
Land	13,322
Buildings and Improvements	17,748
Total	31,070
Accumulated Depreciation	10,652
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	21,889
Gross Amounts At Which Carried At Close of Period
Land	16,676
Buildings and Improvements	127,138
Total	143,814
Accumulated Depreciation	63,823
Premium Outlets \| Phoenix Premium Outlets, Chandler (Phoenix), AZ
Initial Cost
Buildings and Improvements	63,082
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	63,082
Total	63,082
Accumulated Depreciation	19,033
Premium Outlets \| Pismo Beach Premium Outlets, Pismo Beach, CA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	35,360
Initial Cost
Land	4,317
Buildings and Improvements	19,044
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,967
Gross Amounts At Which Carried At Close of Period
Land	4,317
Buildings and Improvements	22,011
Total	26,328
Accumulated Depreciation	11,157
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	6,685
Gross Amounts At Which Carried At Close of Period
Land	16,823
Buildings and Improvements	133,371
Total	150,194
Accumulated Depreciation	45,896
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	6,590
Gross Amounts At Which Carried At Close of Period
Land	20,586
Buildings and Improvements	120,611
Total	141,197
Accumulated Depreciation	41,964
Premium Outlets \| Queenstown Premium Outlets, Queenstown (Baltimore), MD
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	62,119
Initial Cost
Land	8,129
Buildings and Improvements	61,950
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,149
Gross Amounts At Which Carried At Close of Period
Land	8,129
Buildings and Improvements	67,099
Total	75,228
Accumulated Depreciation	24,600
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	31,748
Gross Amounts At Which Carried At Close of Period
Land	12,229
Buildings and Improvements	73,295
Total	85,524
Accumulated Depreciation	39,351
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	6,543
Gross Amounts At Which Carried At Close of Period
Land	14,706
Buildings and Improvements	88,795
Total	103,501
Accumulated Depreciation	47,625
Premium Outlets \| San Francisco Premium Outlets, Livermore (San Francisco), CA
Initial Cost
Land	21,925
Buildings and Improvements	308,694
Costs Capitalized Subsequent to Acquisition
Land	46,177
Buildings and Improvements	75,685
Gross Amounts At Which Carried At Close of Period
Land	68,102
Buildings and Improvements	384,379
Total	452,481
Accumulated Depreciation	72,985
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	12,120
Gross Amounts At Which Carried At Close of Period
Land	13,180
Buildings and Improvements	299,299
Total	312,479
Accumulated Depreciation	94,558
Premium Outlets \| Seattle Premium Outlets, Tulalip (Seattle), WA
Initial Cost
Buildings and Improvements	103,722
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	55,069
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	158,791
Total	158,791
Accumulated Depreciation	68,934
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	11,192
Gross Amounts At Which Carried At Close of Period
Land	6,092
Buildings and Improvements	68,862
Total	74,954
Accumulated Depreciation	34,709
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	4,947
Gross Amounts At Which Carried At Close of Period
Land	14,419
Buildings and Improvements	102,135
Total	116,554
Accumulated Depreciation	14,617
Premium Outlets \| The Crossings Premium Outlets, Tannersville, PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	108,225
Initial Cost
Land	7,720
Buildings and Improvements	172,931
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	18,388
Gross Amounts At Which Carried At Close of Period
Land	7,720
Buildings and Improvements	191,319
Total	199,039
Accumulated Depreciation	79,224
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	5,573
Gross Amounts At Which Carried At Close of Period
Land	12,508
Buildings and Improvements	75,250
Total	87,758
Accumulated Depreciation	11,011
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	17,665
Gross Amounts At Which Carried At Close of Period
Land	9,420
Buildings and Improvements	102,515
Total	111,935
Accumulated Depreciation	51,798
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	20,655
Gross Amounts At Which Carried At Close of Period
Land	22,630
Buildings and Improvements	97,971
Total	120,601
Accumulated Depreciation	42,505
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	13,857
Gross Amounts At Which Carried At Close of Period
Land	3,230
Buildings and Improvements	89,134
Total	92,364
Accumulated Depreciation	43,169
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	7,445
Gross Amounts At Which Carried At Close of Period
Land	10,323
Buildings and Improvements	231,234
Total	241,557
Accumulated Depreciation	72,356
Premium Outlets \| Woodburn Premium Outlets, Woodburn (Portland), OR
Initial Cost
Land	9,414
Buildings and Improvements	150,414
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,556
Gross Amounts At Which Carried At Close of Period
Land	9,414
Buildings and Improvements	152,970
Total	162,384
Accumulated Depreciation	35,847
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	242,457
Gross Amounts At Which Carried At Close of Period
Land	12,768
Buildings and Improvements	1,105,016
Total	1,117,784
Accumulated Depreciation	386,969
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	16,054
Gross Amounts At Which Carried At Close of Period
Land	4,900
Buildings and Improvements	298,085
Total	302,985
Accumulated Depreciation	129,941
The Mills \| Arizona Mills, Tempe (Phoenix), AZ
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	152,911
Initial Cost
Land	41,936
Buildings and Improvements	297,289
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	13,233
Gross Amounts At Which Carried At Close of Period
Land	41,936
Buildings and Improvements	310,522
Total	352,458
Accumulated Depreciation	53,789
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	53,937
Gross Amounts At Which Carried At Close of Period
Land	69,853
Buildings and Improvements	517,038
Total	586,891
Accumulated Depreciation	118,149
The Mills \| Gurnee Mills, Gurnee (Chicago), IL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	264,582
Initial Cost
Land	41,133
Buildings and Improvements	297,911
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	27,761
Gross Amounts At Which Carried At Close of Period
Land	41,133
Buildings and Improvements	325,672
Total	366,805
Accumulated Depreciation	77,680
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	16,258
Gross Amounts At Which Carried At Close of Period
Land	120,417
Buildings and Improvements	881,863
Total	1,002,280
Accumulated Depreciation	133,622
The Mills \| Opry Mills, Nashville, TN
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	375,000
Initial Cost
Land	51,000
Buildings and Improvements	327,503
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	16,256
Gross Amounts At Which Carried At Close of Period
Land	51,000
Buildings and Improvements	343,759
Total	394,759
Accumulated Depreciation	80,730
The Mills \| Outlets at Orange, The, Orange (Los Angeles), CA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	215,000
Initial Cost
Land	65,516
Buildings and Improvements	211,322
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,393
Gross Amounts At Which Carried At Close of Period
Land	65,516
Buildings and Improvements	212,715
Total	278,231
Accumulated Depreciation	2,028
The Mills \| Potomac Mills, Woodbridge (Washington, DC), 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	36,909
Gross Amounts At Which Carried At Close of Period
Land	61,755
Buildings and Improvements	462,279
Total	524,034
Accumulated Depreciation	115,348
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	178,168
Gross Amounts At Which Carried At Close of Period
Land	199,397
Buildings and Improvements	1,819,321
Total	2,018,718
Accumulated Depreciation	402,390
Designer Outlets \| La Reggia Designer Outlet, Marcianise (Naples), Italy
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	148,133
Initial Cost
Land	37,220
Buildings and Improvements	233,179
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,742
Gross Amounts At Which Carried At Close of Period
Land	37,220
Buildings and Improvements	238,921
Total	276,141
Accumulated Depreciation	27,147
Designer Outlets \| Noventa Di Piave Designer Outlet, Venice, Italy
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	297,566
Initial Cost
Land	38,793
Buildings and Improvements	309,284
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	40,462
Gross Amounts At Which Carried At Close of Period
Land	38,793
Buildings and Improvements	349,746
Total	388,539
Accumulated Depreciation	34,041
Designer Outlets \| Parndorf Designer Outlet, Vienna, Austria
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	105,293
Initial Cost
Land	14,903
Buildings and Improvements	221,442
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,918
Gross Amounts At Which Carried At Close of Period
Land	14,903
Buildings and Improvements	225,360
Total	240,263
Accumulated Depreciation	31,851
Designer Outlets \| Provence Designer Outlet, Provence, France
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	93,020
Initial Cost
Land	38,467
Buildings and Improvements	75,102
Gross Amounts At Which Carried At Close of Period
Land	38,467
Buildings and Improvements	75,102
Total	113,569
Accumulated Depreciation	9,983
Designer Outlets \| Roermond Designer Outlet, Roermond, Netherlands
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	263,232
Initial Cost
Land	15,035
Buildings and Improvements	400,094
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,735
Gross Amounts At Which Carried At Close of Period
Land	15,035
Buildings and Improvements	403,829
Total	418,864
Accumulated Depreciation	54,243
Designer Outlets \| Rosada Designer Outlet, Roosendaal, Netherlands
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	66,523
Initial Cost
Land	22,191
Buildings and Improvements	108,069
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,672
Gross Amounts At Which Carried At Close of Period
Land	22,191
Buildings and Improvements	109,741
Total	131,932
Accumulated Depreciation	8,980
Community/Lifestyle Centers \| ABQ Uptown, Albuquerque, NM
Initial Cost
Land	6,374
Buildings and Improvements	75,333
Costs Capitalized Subsequent to Acquisition
Land	4,054
Buildings and Improvements	7,087
Gross Amounts At Which Carried At Close of Period
Land	10,428
Buildings and Improvements	82,420
Total	92,848
Accumulated Depreciation	23,653
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	4,827
Gross Amounts At Which Carried At Close of Period
Land	18,031
Buildings and Improvements	105,350
Total	123,381
Accumulated Depreciation	14,774
Other Properties \| Calhoun Marketplace, Calhoun, GA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	18,670
Initial Cost
Land	1,745
Buildings and Improvements	12,529
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,325
Gross Amounts At Which Carried At Close of Period
Land	1,745
Buildings and Improvements	14,854
Total	16,599
Accumulated Depreciation	8,976
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	3,992
Gross Amounts At Which Carried At Close of Period
Land	1,112
Buildings and Improvements	5,740
Total	6,852
Accumulated Depreciation	2,974
Other Properties \| Gaffney Marketplace, Gaffney (Greenville/Charlotte), SC
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	30,159
Initial Cost
Land	4,056
Buildings and Improvements	32,371
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,103
Gross Amounts At Which Carried At Close of Period
Land	4,056
Buildings and Improvements	38,474
Total	42,530
Accumulated Depreciation	17,356
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	271
Gross Amounts At Which Carried At Close of Period
Land	1,758
Buildings and Improvements	10,460
Total	12,218
Accumulated Depreciation	7,011
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	2,345
Gross Amounts At Which Carried At Close of Period
Land	5,670
Buildings and Improvements	31,249
Total	36,919
Accumulated Depreciation	30,373
Other Properties \| Lincoln Plaza, King of Prussia (Philadelphia), PA
Initial Cost
Buildings and Improvements	21,299
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	10,999
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	32,298
Total	32,298
Accumulated Depreciation	15,234
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	2,990
Gross Amounts At Which Carried At Close of Period
Land	3,367
Buildings and Improvements	4,547
Total	7,914
Accumulated Depreciation	2,229
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	8,595
Gross Amounts At Which Carried At Close of Period
Land	9,460
Buildings and Improvements	94,399
Total	103,859
Accumulated Depreciation	49,744
Development Projects \| Other pre-development costs
Initial Cost
Land	80,718
Buildings and Improvements	80,172
Costs Capitalized Subsequent to Acquisition
Land	959
Gross Amounts At Which Carried At Close of Period
Land	81,677
Buildings and Improvements	80,172
Total	161,849
Accumulated Depreciation	78
Other
Initial Cost
Land	2,615
Buildings and Improvements	7,103
Gross Amounts At Which Carried At Close of Period
Land	2,615
Buildings and Improvements	7,103
Total	9,718
Accumulated Depreciation	7,151
Currency Translation Adjustment
Initial Cost
Land	7,794
Buildings and Improvements	24,126
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	29,580
Gross Amounts At Which Carried At Close of Period
Land	7,794
Buildings and Improvements	53,706
Total	61,500
Accumulated Depreciation	$ (14,925)

Schedule III Real Estate and Accumulated Depreciation - Changes in Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of Real Estate Properties:
Balance, beginning of year	$ 36,014,506	$ 34,897,942	$ 33,132,885
Acquisitions and consolidations	328,265	328,621	1,331,511
Improvements	758,135	731,863	658,734
Disposals and deconsolidations	(357,622)	(125,499)	(180,433)
Currency Translation Adjustment	(75,324)	181,579	(44,755)
Balance, close of year	36,667,960	36,014,506	34,897,942
Unaudited aggregate cost of real estate for federal income tax purposes	20,963,919
Reconciliation of Accumulated Depreciation:
Balance, beginning of year	11,704,223	10,664,738	9,696,420
Depreciation expense	1,106,053	1,121,863	1,089,347
Disposals and deconsolidations	(190,241)	(81,187)	(117,568)
Currency Translation Adjustment	12,655	(1,191)	(3,461)
Balance, close of year	$ 12,632,690	$ 11,704,223	$ 10,664,738
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