0001558370-19-010077 | 10-Q | XBRL Viewer | Simon Property Group INC DE

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2019 $ / shares shares
Entity Registrant Name	SIMON PROPERTY GROUP, INC.
Entity Central Index Key	0001063761
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2019
Entity File Number	001-14469
Entity Tax Identification Number	04-6268599
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	225 West Washington Street
Entity Address, City or Town	Indianapolis
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46204
City Area Code	317
Local Phone Number	636-1600
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Common stock
Title of 12(b) Security	Common stock, $0.0001 par value
Trading Symbol	SPG
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding \| shares	306,860,960
Entity Listing, Par Value Per Share \| $ / shares	$ 0.0001
Class B common stock
Entity Common Stock, Shares Outstanding \| shares	8,000
Entity Listing, Par Value Per Share \| $ / shares	$ 0.0001
Series J Preferred stock
Title of 12(b) Security	83/8% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value
Trading Symbol	SPGJ
Security Exchange Name	NYSE
Simon Property Group, L.P.
Entity Registrant Name	SIMON PROPERTY GROUP, L.P.
Entity Central Index Key	0001022344
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2019
Entity File Number	001-36110
Entity Tax Identification Number	34-1755769
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	225 West Washington Street
Entity Address, City or Town	Indianapolis
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46204
City Area Code	317
Local Phone Number	636-1600
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Simon Property Group, L.P. \| Senior Unsecured 2.375% due 2020
Title of 12(b) Security	2.375% Senior Unsecured Notes due 2020
Trading Symbol	SPG/20
Security Exchange Name	NYSE

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS:
Investment properties, at cost	$ 37,590,061	$ 37,092,670
Less - accumulated depreciation	13,707,832	12,884,539
Investment properties, at cost, net	23,882,229	24,208,131
Cash and cash equivalents	3,647,230	514,335
Tenant receivables and accrued revenue, net	775,617	763,815
Investment in unconsolidated entities, at equity	2,121,558	2,220,414
Investment in Klepierre, at equity	1,614,109	1,769,488
Deferred costs and other assets	1,803,483	1,210,040
Total assets	33,844,226	30,686,223
LIABILITIES:
Mortgages and unsecured indebtedness	26,643,879	23,305,535
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,324,110	1,316,861
Cash distributions and losses in unconsolidated entities, at equity	1,568,150	1,536,111
Other liabilities	1,001,048	500,597
Total liabilities	30,537,187	26,659,104
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	226,887	230,163
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	42,502	42,748
Capital in excess of par value	9,748,255	9,700,418
Accumulated deficit	(5,223,093)	(4,893,069)
Accumulated other comprehensive loss	(121,596)	(126,017)
Common stock held in treasury, at cost, 13,574,296 and 11,402,103 shares, respectively	(1,773,571)	(1,427,431)
Total stockholders' equity	2,672,529	3,296,681
Noncontrolling interests	407,623	500,275
Total equity	3,080,152	3,796,956
Total liabilities and equity	33,844,226	30,686,223
Simon Property Group, L.P.
ASSETS:
Investment properties, at cost	37,590,061	37,092,670
Less - accumulated depreciation	13,707,832	12,884,539
Investment properties, at cost, net	23,882,229	24,208,131
Cash and cash equivalents	3,647,230	514,335
Tenant receivables and accrued revenue, net	775,617	763,815
Investment in unconsolidated entities, at equity	2,121,558	2,220,414
Investment in Klepierre, at equity	1,614,109	1,769,488
Deferred costs and other assets	1,803,483	1,210,040
Total assets	33,844,226	30,686,223
LIABILITIES:
Mortgages and unsecured indebtedness	26,643,879	23,305,535
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,324,110	1,316,861
Cash distributions and losses in unconsolidated entities, at equity	1,568,150	1,536,111
Other liabilities	1,001,048	500,597
Total liabilities	30,537,187	26,659,104
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	226,887	230,163
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	42,502	42,748
General Partner, 306,868,960 and 309,017,468 units outstanding, respectively	2,630,027	3,253,933
Limited Partners, 46,755,384 and 46,807,372 units outstanding, respectively	400,716	492,877
Total partners' equity	3,073,245	3,789,558
Nonredeemable noncontrolling interests in properties, net	6,907	7,398
Total equity	3,080,152	3,796,956
Total liabilities and equity	33,844,226	30,686,223
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	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
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	13,574,296	11,402,103
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	320,435,256	320,411,571
Common stock, shares outstanding	320,435,256	320,411,571
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	306,868,960	309,017,468
Limited Partners, units outstanding	46,755,384	46,807,372

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
REVENUE:
Lease income	$ 1,308,908		$ 3,887,532
Lease income		$ 1,284,674		$ 3,811,265
Management fees and other revenues	27,976	28,784	83,768	85,506
Other income	79,670	90,563	295,274	286,491
Total revenue	1,416,554	1,404,021	4,266,574	4,183,262
EXPENSES:
Property operating	121,735	119,021	339,404	335,420
Depreciation and amortization	334,944	316,175	1,016,193	953,309
Real estate taxes	118,031	119,315	349,404	344,950
Repairs and maintenance	23,979	23,632	73,752	73,507
Advertising and promotion	36,583	36,688	109,128	107,979
Home and regional office costs	45,865	32,714	144,892	106,093
General and administrative	8,032	12,172	27,528	35,713
Other	22,083	21,461	75,318	70,505
Total operating expenses	711,252	681,178	2,135,619	2,027,476
OPERATING INCOME BEFORE OTHER ITEMS	705,302	722,843	2,130,955	2,155,786
Interest expense	(202,382)	(199,469)	(599,541)	(611,585)
Income and other taxes	(6,197)	(10,118)	(23,309)	(26,475)
Income from unconsolidated entities	119,706	134,408	316,691	325,263
Unrealized gains (losses) in fair value of equity instruments	2,154	(5,452)	(4,846)	1,212
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	10,141		12,822	144,949
CONSOLIDATED NET INCOME	628,724	642,212	1,832,772	1,989,150
Net income (loss) attributable to noncontrolling interests	83,636	85,111	242,216	262,722
Preferred dividends	834	834	2,503	2,503
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ 544,254	$ 556,267	$ 1,588,053	$ 1,723,925
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT:
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 1.77	$ 1.80	$ 5.15	$ 5.57
Consolidated Net Income	$ 628,724	$ 642,212	$ 1,832,772	$ 1,989,150
Unrealized gain (loss) on derivative hedge agreements	12,907	5,241	15,227	20,355
Net loss reclassified from accumulated other comprehensive loss into earnings	1,087	1,591	3,261	5,929
Currency translation adjustments	(6,288)	(10,763)	(14,656)	(35,797)
Changes in available-for-sale securities and other	468	(22)	1,151	(88)
Comprehensive income	636,898	638,259	1,837,755	1,979,549
Comprehensive income attributable to noncontrolling interests	84,662	84,466	242,778	261,260
Comprehensive income attributable to common stockholders or unitholders	552,236	553,793	1,594,977	1,718,289
Simon Property Group, L.P.
REVENUE:
Lease income	1,308,908		3,887,532
Lease income		1,284,674		3,811,265
Management fees and other revenues	27,976	28,784	83,768	85,506
Other income	79,670	90,563	295,274	286,491
Total revenue	1,416,554	1,404,021	4,266,574	4,183,262
EXPENSES:
Property operating	121,735	119,021	339,404	335,420
Depreciation and amortization	334,944	316,175	1,016,193	953,309
Real estate taxes	118,031	119,315	349,404	344,950
Repairs and maintenance	23,979	23,632	73,752	73,507
Advertising and promotion	36,583	36,688	109,128	107,979
Home and regional office costs	45,865	32,714	144,892	106,093
General and administrative	8,032	12,172	27,528	35,713
Other	22,083	21,461	75,318	70,505
Total operating expenses	711,252	681,178	2,135,619	2,027,476
OPERATING INCOME BEFORE OTHER ITEMS	705,302	722,843	2,130,955	2,155,786
Interest expense	(202,382)	(199,469)	(599,541)	(611,585)
Income and other taxes	(6,197)	(10,118)	(23,309)	(26,475)
Income from unconsolidated entities	119,706	134,408	316,691	325,263
Unrealized gains (losses) in fair value of equity instruments	2,154	(5,452)	(4,846)	1,212
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	10,141		12,822	144,949
CONSOLIDATED NET INCOME	628,724	642,212	1,832,772	1,989,150
Net income (loss) attributable to noncontrolling interests	337	497	(181)	684
Preferred dividends	1,313	1,313	3,939	3,939
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	627,074	640,402	1,829,014	1,984,527
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	544,254	556,267	1,588,053	1,723,925
Limited Partners	$ 82,820	$ 84,135	$ 240,961	$ 260,602
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT:
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 1.77	$ 1.80	$ 5.15	$ 5.57
Consolidated Net Income	$ 628,724	$ 642,212	$ 1,832,772	$ 1,989,150
Unrealized gain (loss) on derivative hedge agreements	12,907	5,241	15,227	20,355
Net loss reclassified from accumulated other comprehensive loss into earnings	1,087	1,591	3,261	5,929
Currency translation adjustments	(6,288)	(10,763)	(14,656)	(35,797)
Changes in available-for-sale securities and other	468	(22)	1,151	(88)
Comprehensive income	636,898	638,259	1,837,755	1,979,549
Comprehensive income attributable to noncontrolling interests	333	318	907	1,063
Comprehensive income attributable to common stockholders or unitholders	$ 636,565	$ 637,941	$ 1,836,848	$ 1,978,486

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 1,832,772	$ 1,989,150
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	1,055,107	1,009,671
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(12,822)	(144,949)
Unrealized losses (gains) in fair value of equity instruments	4,846	(1,212)
Gain on interest in unconsolidated entity (Note 6)		(35,621)
Straight-line lease income	(49,680)	(14,923)
Equity in income of unconsolidated entities	(316,691)	(325,263)
Distributions of income from unconsolidated entities	334,625	289,411
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	25,720	27,668
Deferred costs and other assets	(33,340)	(74,922)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	7,659	32,156
Net cash provided by operating activities	2,848,196	2,751,166
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(12,800)
Funding of loans to related parties		(4,641)
Capital expenditures, net	(622,687)	(585,957)
Cash impact from the consolidation of properties	1,045	11,276
Net proceeds from sale of assets	6,776
Investments in unconsolidated entities	(42,353)	(51,883)
Purchase of marketable and non-marketable securities	(134,372)	(23,273)
Insurance proceeds for property restoration	3,787	16,160
Distributions of capital from unconsolidated entities and other	214,541	428,862
Net cash used in investing activities	(586,063)	(209,456)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock, issuance of units and other, net of transaction costs	(246)	(247)
Purchase of shares or units related to stock grant recipients' tax withholdings	(2,955)	(2,911)
Redemption of limited partner units	(4,549)	(7,619)
Purchase of treasury stock	(359,773)	(307,296)
Distributions to noncontrolling interest holders in properties	(5,931)	(11,524)
Contributions from noncontrolling interest holders in properties	106	161
Preferred distributions of the Operating Partnership	(1,436)	(1,436)
Distributions to stockholders and preferred dividends	(1,913,666)	(1,829,610)
Distributions to limited partners	(290,262)	(276,530)
Proceeds from issuance of debt, net of transaction costs	10,893,698	5,895,653
Repayments of debt	(7,444,224)	(6,786,942)
Net cash provided by (used in) financing activities	870,762	(3,328,301)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	3,132,895	(786,591)
CASH AND CASH EQUIVALENTS, beginning of period	514,335	1,482,309
CASH AND CASH EQUIVALENTS, end of period	3,647,230	695,718
Simon Property Group, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	1,832,772	1,989,150
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	1,055,107	1,009,671
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(12,822)	(144,949)
Unrealized losses (gains) in fair value of equity instruments	4,846	(1,212)
Gain on interest in unconsolidated entity (Note 6)		(35,621)
Straight-line lease income	(49,680)	(14,923)
Equity in income of unconsolidated entities	(316,691)	(325,263)
Distributions of income from unconsolidated entities	334,625	289,411
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	25,720	27,668
Deferred costs and other assets	(33,340)	(74,922)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	7,659	32,156
Net cash provided by operating activities	2,848,196	2,751,166
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(12,800)
Funding of loans to related parties		(4,641)
Capital expenditures, net	(622,687)	(585,957)
Cash impact from the consolidation of properties	1,045	11,276
Net proceeds from sale of assets	6,776
Investments in unconsolidated entities	(42,353)	(51,883)
Purchase of marketable and non-marketable securities	(134,372)	(23,273)
Insurance proceeds for property restoration	3,787	16,160
Distributions of capital from unconsolidated entities and other	214,541	428,862
Net cash used in investing activities	(586,063)	(209,456)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock, issuance of units and other, net of transaction costs	(246)	(247)
Purchase of shares or units related to stock grant recipients' tax withholdings	(2,955)	(2,911)
Redemption of limited partner units	(4,549)	(7,619)
Purchase of general partner units	(359,773)	(307,296)
Distributions to noncontrolling interest holders in properties	(5,931)	(11,524)
Contributions from noncontrolling interest holders in properties	106	161
Preferred distributions of the Operating Partnership	(2,205,364)	(2,107,576)
Proceeds from issuance of debt, net of transaction costs	10,893,698	5,895,653
Repayments of debt	(7,444,224)	(6,786,942)
Net cash provided by (used in) financing activities	870,762	(3,328,301)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	3,132,895	(786,591)
CASH AND CASH EQUIVALENTS, beginning of period	514,335	1,482,309
CASH AND CASH EQUIVALENTS, end of period	$ 3,647,230	$ 695,718

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	Common Stock	Accumulated Other Comprehensive Income (Loss)	Capital in Excess of Par Value	Accumulated Deficit	Common Stock Held in Treasury	Noncontrolling Interests	Total
Increase (Decrease) in Stockholders' Equity
Cumulative effect of accounting change	$ 7,264				$ 7,264					$ 7,264			$ 7,264
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
Exchange of limited partner units (24,000, 6,000 and 86, 732 common shares respectively in three months ended March 2019, 2018 and Sept 2018 Note 8 and 10)									70			(70)
Series J preferred stock premium amortization			(83)		(83)	(83)							(83)
Limited partner units exchanged to common units	70	(70)
Stock incentive program (89,368,1,534, 236 and 51,520 common shares/units, net for the three months ended June and Sept 2019, March and June 2018 respectively									(37)		37
Redemption of limited partner units (774, 40,503 and 27,214 units for the three months ended March 2019 and 2018 and Sep 2019 respectively)	(5,793)	(474)			(6,267)				(5,793)			(474)	(6,267)
Amortization of stock incentive	2,060				2,060				2,060				2,060
Treasury stock purchase (46,377 and 1,473,588 shares for the three months ended March 2019 and 2018 and respectively and 1,046,580 and 514,659 shares for the three months ended June 2019 and 2018 respectively and 1,154,117 for the three months ended Sept 2019 respectively)											(227,901)		(227,901)
Treasury unit purchase (46,377 and 1,473,588 unitss for the three months ended March 2019 and 2018 respectively and 1,046,580 and 514,659 units for the three months ended June 2019 and 2018 respectively)	(227,901)				(227,901)
Long-term incentive performance units		8,307			8,307							8,307	8,307
Issuance of unit equivalents and other	(15,208)			24	(15,184)				3	(14,935)	(276)	24	(15,184)
Unrealized gain (loss) on derivative hedge agreements	(5,342)	(804)			(6,146)			(5,342)				(804)	(6,146)
Net loss reclassified from accumulated other comprehensive loss into earnings	1,870	283			2,153			1,870				283	2,153
Currency translation adjustments	11,429	1,663			13,092			11,429				1,663	13,092
Changes in available-for-sale securities and other	(251)	(38)			(289)			(251)				(38)	(289)
Other comprehensive income	7,706	1,104			8,810			7,706				1,104	8,810
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	36,221	(36,221)							36,221			(36,221)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(606,086)		(91,523)	(697,609)
Distributions to other noncontrolling interest partners												(489)	(489)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(605,252)	(91,523)	(834)	(489)	(698,098)
Net income, excluding amounts attributable to preferred interests in the Operating Partnership and nonredeemable interests in properties	620,654	93,649	834	527	715,664					621,488		94,176	715,664
Balance at Mar. 31, 2018						42,994	32	(102,747)	9,647,272	(4,774,442)	(1,307,203)	527,430	4,033,336
Balance at Mar. 31, 2018	3,462,912	523,630	42,994	3,800	4,033,336
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
Unrealized gain (loss) on derivative hedge agreements					20,355								20,355
Net loss reclassified from accumulated other comprehensive loss into earnings					5,929								5,929
Currency translation adjustments					(35,797)								(35,797)
Changes in available-for-sale securities and other					(88)								(88)
Balance at Sep. 30, 2018						42,830	32	(118,593)	9,736,720	(4,896,754)	(1,380,619)	513,885	3,897,501
Balance at Sep. 30, 2018	3,340,786	509,943	42,830	3,942	3,897,501
Balance at Mar. 31, 2018						42,994	32	(102,747)	9,647,272	(4,774,442)	(1,307,203)	527,430	4,033,336
Balance at Mar. 31, 2018	3,462,912	523,630	42,994	3,800	4,033,336
Increase (Decrease) in Stockholders' Equity
Series J preferred stock premium amortization			(82)		(82)	(82)							(82)
Stock incentive program (89,368,1,534, 236 and 51,520 common shares/units, net for the three months ended June and Sept 2019, March and June 2018 respectively									(8,614)		8,614
Redemption of limited partner units (774, 40,503 and 27,214 units for the three months ended March 2019 and 2018 and Sep 2019 respectively)	(1,254)	(98)			(1,352)				(1,254)			(98)	(1,352)
Amortization of stock incentive	3,912				3,912				3,912				3,912
Treasury stock purchase (46,377 and 1,473,588 shares for the three months ended March 2019 and 2018 and respectively and 1,046,580 and 514,659 shares for the three months ended June 2019 and 2018 respectively and 1,154,117 for the three months ended Sept 2019 respectively)											(79,395)		(79,395)
Treasury unit purchase (46,377 and 1,473,588 unitss for the three months ended March 2019 and 2018 respectively and 1,046,580 and 514,659 units for the three months ended June 2019 and 2018 respectively)	(79,395)				(79,395)
Long-term incentive performance units		7,462			7,462							7,462	7,462
Issuance of unit equivalents and other	(5,778)	1		89	(5,688)				(2)	(3,141)	(2,635)	90	(5,688)
Unrealized gain (loss) on derivative hedge agreements	18,462	2,797			21,259			18,462				2,797	21,259
Net loss reclassified from accumulated other comprehensive loss into earnings	1,898	288			2,186			1,898				288	2,186
Currency translation adjustments	(33,092)	(5,034)			(38,126)			(33,092)				(5,034)	(38,126)
Changes in available-for-sale securities and other	194	29			223			194				29	223
Other comprehensive income	(12,538)	(1,920)			(14,458)			(12,538)				(1,920)	(14,458)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	16,496	(16,496)							16,496			(16,496)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(604,082)		(91,426)	(695,508)
Distributions to other noncontrolling interest partners												(475)	(475)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(603,247)	(91,426)	(835)	(475)	(695,983)
Net income, excluding amounts attributable to preferred interests in the Operating Partnership and nonredeemable interests in properties										547,839		83,037	630,876
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2016, 2015 and 2014, respectively and $4,301 attributable to noncontrolling redeemable interests in properties in 2016)	547,004	82,819	835	218	630,876
Balance at Jun. 30, 2018						42,912	32	(115,285)	9,657,810	(4,833,826)	(1,380,619)	507,604	3,878,628
Balance at Jun. 30, 2018	3,328,112	503,972	42,912	3,632	3,878,628
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units (24,000, 6,000 and 86, 732 common shares respectively in three months ended March 2019, 2018 and Sept 2018 Note 8 and 10)									934			(934)
Issuance of limited partner units (475,183 units)		84,103			84,103							84,103	84,103
Series J preferred stock premium amortization			(82)		(82)	(82)							(82)
Limited partner units exchanged to common units	934	(934)
Amortization of stock incentive	2,987				2,987				2,987				2,987
Long-term incentive performance units		7,885			7,885							7,885	7,885
Issuance of unit equivalents and other	(588)	(1)		48	(541)				(1)	(587)		47	(541)
Unrealized gain (loss) on derivative hedge agreements	4,525	716			5,241			4,525				716	5,241
Net loss reclassified from accumulated other comprehensive loss into earnings	1,376	215			1,591			1,376				215	1,591
Currency translation adjustments	(9,190)	(1,573)			(10,763)			(9,190)				(1,573)	(10,763)
Changes in available-for-sale securities and other	(19)	(3)			(22)			(19)				(3)	(22)
Other comprehensive income	(3,308)	(645)			(3,953)			(3,308)				(645)	(3,953)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	74,990	(74,990)							74,990			(74,990)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(619,442)		(93,581)	(713,023)
Distributions to other noncontrolling interest partners												(56)	(56)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(618,608)	(93,581)	(834)	(56)	(713,079)
Net income, excluding amounts attributable to preferred interests in the Operating Partnership and nonredeemable interests in properties	556,267	84,134	834	318	641,553					557,101		84,452	641,553
Balance at Sep. 30, 2018						42,830	32	(118,593)	9,736,720	(4,896,754)	(1,380,619)	513,885	3,897,501
Balance at Sep. 30, 2018	3,340,786	509,943	42,830	3,942	3,897,501
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
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units (24,000, 6,000 and 86, 732 common shares respectively in three months ended March 2019, 2018 and Sept 2018 Note 8 and 10)									253			(253)
Series J preferred stock premium amortization			(82)		(82)	(82)							(82)
Limited partner units exchanged to common units	253	(253)
Redemption of limited partner units (774, 40,503 and 27,214 units for the three months ended March 2019 and 2018 and Sep 2019 respectively)	(127)	(8)			(135)				(127)			(8)	(135)
Amortization of stock incentive	1,309				1,309				1,309				1,309
Treasury stock purchase (46,377 and 1,473,588 shares for the three months ended March 2019 and 2018 and respectively and 1,046,580 and 514,659 shares for the three months ended June 2019 and 2018 respectively and 1,154,117 for the three months ended Sept 2019 respectively)											(7,628)		(7,628)
Treasury unit purchase (46,377 and 1,473,588 unitss for the three months ended March 2019 and 2018 respectively and 1,046,580 and 514,659 units for the three months ended June 2019 and 2018 respectively)	(7,628)				(7,628)
Long-term incentive performance units		3,701			3,701							3,701	3,701
Issuance of unit equivalents and other	(1,756)	(2)			(1,758)				1	(1,507)	(250)	(2)	(1,758)
Unrealized gain (loss) on derivative hedge agreements	8,115	1,227			9,342			8,115				1,227	9,342
Net loss reclassified from accumulated other comprehensive loss into earnings	945	143			1,088			945				143	1,088
Currency translation adjustments	(4,130)	(614)			(4,744)			(4,130)				(614)	(4,744)
Changes in available-for-sale securities and other	125	19			144			125				19	144
Other comprehensive income	5,055	775			5,830			5,055				775	5,830
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	4,167	(4,167)							4,167			(4,167)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(634,222)		(96,010)	(730,232)
Distributions to other noncontrolling interest partners												(552)	(552)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(633,388)	(96,010)	(834)	(552)	(730,784)
Net income, excluding amounts attributable to preferred interests in the Operating Partnership and nonredeemable interests in properties	548,475	83,076	834	148	632,533					549,309		83,224	632,533
Balance at Mar. 31, 2019						42,666	32	(120,962)	9,706,021	(4,979,489)	(1,435,309)	486,983	3,699,942
Balance at Mar. 31, 2019	3,170,293	479,989	42,666	6,994	3,699,942
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
Increase (Decrease) in Stockholders' Equity
Unrealized gain (loss) on derivative hedge agreements					15,227								15,227
Net loss reclassified from accumulated other comprehensive loss into earnings					3,261								3,261
Currency translation adjustments					(14,656)								(14,656)
Changes in available-for-sale securities and other					1,151								1,151
Balance at Sep. 30, 2019						42,502	32	(121,596)	9,748,255	(5,223,093)	(1,773,571)	407,623	3,080,152
Balance at Sep. 30, 2019	2,630,027	400,716	42,502	6,907	3,080,152
Balance at Mar. 31, 2019						42,666	32	(120,962)	9,706,021	(4,979,489)	(1,435,309)	486,983	3,699,942
Balance at Mar. 31, 2019	3,170,293	479,989	42,666	6,994	3,699,942
Increase (Decrease) in Stockholders' Equity
Series J preferred stock premium amortization			(82)		(82)	(82)							(82)
Stock incentive program (89,368,1,534, 236 and 51,520 common shares/units, net for the three months ended June and Sept 2019, March and June 2018 respectively									(16,340)		16,340
Amortization of stock incentive	5,098				5,098				5,098				5,098
Treasury stock purchase (46,377 and 1,473,588 shares for the three months ended March 2019 and 2018 and respectively and 1,046,580 and 514,659 shares for the three months ended June 2019 and 2018 respectively and 1,154,117 for the three months ended Sept 2019 respectively)											(173,630)		(173,630)
Treasury unit purchase (46,377 and 1,473,588 unitss for the three months ended March 2019 and 2018 respectively and 1,046,580 and 514,659 units for the three months ended June 2019 and 2018 respectively)	(173,630)				(173,630)
Long-term incentive performance units		7,721			7,721							7,721	7,721
Issuance of unit equivalents and other	(7,960)	1		69	(7,890)				11	(5,265)	(2,706)	70	(7,890)
Unrealized gain (loss) on derivative hedge agreements	(6,113)	(909)			(7,022)			(6,113)				(909)	(7,022)
Net loss reclassified from accumulated other comprehensive loss into earnings	942	144			1,086			942				144	1,086
Currency translation adjustments	(3,078)	(545)			(3,623)			(3,078)				(545)	(3,623)
Changes in available-for-sale securities and other	468	71			539			468				71	539
Other comprehensive income	(7,781)	(1,239)			(9,020)			(7,781)				(1,239)	(9,020)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	28,588	(28,588)							28,588			(28,588)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(633,686)		(95,977)	(729,663)
Distributions to other noncontrolling interest partners												(455)	(455)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(632,851)	(95,977)	(835)	(455)	(730,118)
Net income, excluding amounts attributable to preferred interests in the Operating Partnership and nonredeemable interests in properties	495,324	75,066	835	426	571,651					496,159		75,492	571,651
Balance at Jun. 30, 2019						42,584	32	(128,743)	9,723,378	(5,122,281)	(1,595,305)	444,007	3,363,672
Balance at Jun. 30, 2019	2,877,081	436,973	42,584	7,034	3,363,672
Increase (Decrease) in Stockholders' Equity
Series J preferred stock premium amortization			(82)		(82)	(82)							(82)
Stock incentive program (89,368,1,534, 236 and 51,520 common shares/units, net for the three months ended June and Sept 2019, March and June 2018 respectively									(249)		249
Redemption of limited partner units (774, 40,503 and 27,214 units for the three months ended March 2019 and 2018 and Sep 2019 respectively)	(4,160)	(254)			(4,414)				(4,160)			(254)	(4,414)
Amortization of stock incentive	3,042				3,042				3,042				3,042
Treasury stock purchase (46,377 and 1,473,588 shares for the three months ended March 2019 and 2018 and respectively and 1,046,580 and 514,659 shares for the three months ended June 2019 and 2018 respectively and 1,154,117 for the three months ended Sept 2019 respectively)											(178,515)		(178,515)
Treasury unit purchase (46,377 and 1,473,588 unitss for the three months ended March 2019 and 2018 respectively and 1,046,580 and 514,659 units for the three months ended June 2019 and 2018 respectively)	(178,515)				(178,515)
Long-term incentive performance units		4,664			4,664							4,664	4,664
Issuance of unit equivalents and other	(136)			35	(101)				7	(143)		35	(101)
Unrealized gain (loss) on derivative hedge agreements	11,186	1,721			12,907			11,186				1,721	12,907
Net loss reclassified from accumulated other comprehensive loss into earnings	943	144			1,087			943				144	1,087
Currency translation adjustments	(5,388)	(901)			(6,288)			(5,388)				(901)	(6,288)
Changes in available-for-sale securities and other	406	62			468			406				62	468
Other comprehensive income	7,147	1,026			8,173			7,147				1,026	8,173
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	26,237	(26,237)							26,237			(26,237)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(645,757)		(98,275)	(744,032)
Distributions to other noncontrolling interest partners												(495)	(495)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(644,923)	(98,275)	(834)	(495)	(744,527)
Net income, excluding amounts attributable to preferred interests in the Operating Partnership and nonredeemable interests in properties	544,254	82,819	834	333	628,240					545,088		83,152	628,240
Balance at Sep. 30, 2019						$ 42,502	$ 32	$ (121,596)	$ 9,748,255	$ (5,223,093)	$ (1,773,571)	$ 407,623	$ 3,080,152
Balance at Sep. 30, 2019	$ 2,630,027	$ 400,716	$ 42,502	$ 6,907	$ 3,080,152

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Exchange of limited partner units, (in shares)			24,000	86,732		6,000
Issuance of limited partner, units				475,183
Stock incentive program, shares, net	1,534	89,368			51,520	236
Redemption of Limited Partner Units	27,214		774		8,716	40,503
Treasury stock purchase, shares	1,154,117	1,046,580	46,377		514,659	1,473,588
Issuance of equivalents units		14,853	1,483		17,072	1,608
Net income attributable to preferred interests in the Operating Partnership (in dollars)	$ 479	$ 478	$ 479	$ 479	$ 478	$ 479
Net income (loss) attributable to noncontrolling redeemable interests in properties (in dollars)	$ 5	$ (28)	$ (1,065)	$ 180	$ 60	$ (619)
Simon Property Group, L.P.
Limited partner units exchanged to common units			24,000	86,732		6,000
Issuance of limited partner, units				475,183
Stock incentive program, units, net	1,534	89,368			51,520	236
Redemption of Limited Partner Units	27,214		774		8,716	40,503
Treasury unit purchase, units	1,154,117	1,046,580	46,377		514,659	1,473,588
Issuance of equivalents units		14,853	1,483		17,072	1,608
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars)	$ 479	$ 478	$ 479	$ 479	$ 478	$ 479
Net income (loss) attributable to noncontrolling redeemable interests in properties (in dollars)	$ 5	$ (28)	$ (1,065)	$ 180	$ 60	$ (619)

Significant Accounting Policies

9 Months Ended

Sep. 30, 2019

Significant Accounting Policies

Significant Accounting Policies

3. Significant Accounting Policies

Cash and Cash Equivalents

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

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 September 30, 2019 and December 31, 2018, we had equity instruments with readily determinable fair values of $75.6 million and $78.1 million, respectively. Effective January 1, 2018, changes in fair value of these equity instruments are recorded in earnings. We recognized a cumulative effect adjustment of $7.3 million as of January 1, 2018 to reclassify unrealized gains previously reported in accumulated other comprehensive income (loss) as a result of the adoption of Accounting Standards Update (ASU) 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” Non-cash mark-to-market adjustments related to an investment we hold in units of a publicly traded real estate investment trust are included in unrealized gains (losses) in fair value of equity instruments in our consolidated statements of operations and comprehensive income. Non-cash mark-to-market adjustments related to other securities with readily determinable fair values for the three and nine months ended September 30, 2019 and 2018 were not significant. At September 30, 2019 and December 31, 2018, we had equity instruments without readily determinable fair values of $295.3 million and $175.7 million, respectively, for which we have elected the measurement alternative under this guidance. 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 three or nine months ended September 30, 2019 and 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.

At September 30, 2019 and December 31, 2018, we held debt securities of $50.9 million and $40.1 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 September 30, 2019 and December 31, 2018 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 $26.8 million and $10.9 million at September 30, 2019 and December 31, 2018, respectively, and a gross liability balance of $6.0 million and $6.2 million at September 30, 2019 and December 31, 2018, respectively.

Note 7 includes a discussion of the fair value of debt measured using Level 2 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates.

Noncontrolling Interests

Simon

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


	As of		As of
	September 30,		December 31,
	2019		2018
Limited partners’ interests in the Operating Partnership	$	400,716	$	492,877
Nonredeemable noncontrolling interests in properties, net		6,907		7,398
Total noncontrolling interests reflected in equity	$	407,623	$	500,275

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.

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.

Accumulated Other Comprehensive Income (Loss)

Simon

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following during the three and nine months ended September 30:


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,				Affected line item where
	2019		2018		2019		2018		net income is presented
Accumulated derivative losses, net	$	(1,087)	$	(1,591)	$	(3,261)	$	(5,929)	Interest expense
		144		215		431		785	Net income attributable to noncontrolling interests
	$	(943)	$	(1,376)	$	(2,830)	$	(5,144)

The Operating Partnership

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following during the three and nine months ended September 30:

For the Three Months Ended

For the Nine Months Ended

September 30,

Affected line item where

2019

2018

2019

2018

net income is presented

Accumulated derivative losses, net

(1,087)

(1,591)

(3,261)

(5,929)

Interest expense

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.

As of September 30, 2019 and December 31, 2018, 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 September 30, 2019 and December 31, 2018, 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 September 30, 2019 and December 31, 2018 (in millions):


			Asset (Liability) Value as of
			September 30,		December 31,
Notional Value		Maturity Date	2019		2018
€	50.0	May 15, 2019		—		(0.8)
€	375.0	October 2, 2019		(6.0)		—
€	100.0	December 18, 2019		1.0		—
€	100.0	December 18, 2019		1.0		—
€	100.0	December 18, 2019		1.0		—
€	50.0	May 15, 2020		2.7		(1.5)
€	50.0	May 14, 2021		2.4		(2.0)

Asset balances in the above table are included in deferred costs and other assets. Liability balances in the above table are included in other liabilities.

We use 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 September 30, 2019 and December 31, 2018 was $18.7 million and $10.9 million, respectively, and is included in deferred costs and other assets.

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

The total gross accumulated other comprehensive income related to the Operating Partnership’s derivative activities, including our share of the other comprehensive income from unconsolidated entities, approximated $56.4 million and $37.9 million as of September 30, 2019 and December 31, 2018, respectively.

New Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, "Leases," codified as Accounting Standards Codification (ASC) 842, which results in lessees recognizing most leased assets and corresponding lease liabilities on the balance sheet. Lessor accounting remains substantially similar to the previous accounting; however, certain refinements were made to conform the standard with the recently issued revenue recognition guidance in ASU 2014-09, “Revenue From Contracts With Customers”, specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. ASC 842 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, of which $11.8 million and $34.1 million related to the three and nine months ended September 30, 2018, respectively.

Substantially all of our revenues and the revenues of our equity method investments are earned from arrangements that are within the scope of ASC 842. On July 30, 2018, the FASB issued ASU 2018-11, also codified as ASC 842, 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 lease arrangements 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 ASC 842 that we reallocate or separately present consideration from lease and non-lease components. On January 1, 2019, we began recognizing consideration received from fixed common area maintenance arrangements on a straight-line basis as this consideration is attributed to the lease component.

We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and continue to account for our leases as operating leases. We accrue fixed lease income on a straight-line basis over the terms of the 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 this variable lease consideration 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. 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 on a straight-line basis over the term of the lease. 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 variable lease consideration 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. Provisions for credit losses are recognized as a reduction of lease income. Refer to note 9 for further disclosure of lease income.

Minimum fixed lease consideration under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration, for the years ending December 31, as of September 30, 2019, is as follows:


2019	$	3,706,042
2020		3,482,815
2021		3,104,755
2022		2,705,820
2023		2,238,693
Thereafter		6,157,395
	$	21,395,520

Further, ASC 842 requires recognition on 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 continue to be classified as operating leases and the pattern of lease expense recognition will be unchanged. Refer to note 10 for further disclosure regarding ground leases recognized as a result of the adoption of ASC 842.

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.

Per Share and Per Unit Data

9 Months Ended

Sep. 30, 2019

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 components of basic and diluted earnings per share and basic and diluted earnings per unit.

Simon


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
Net Income attributable to Common Stockholders — Basic and Diluted	$	544,254	$	556,267	$	1,588,053	$	1,723,925
Weighted Average Shares Outstanding — Basic and Diluted		307,275,230		309,294,045		308,314,456		309,739,557

For the three and nine months ended September 30, 2019, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance units, or LTIP units, granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. No securities had a material dilutive effect for the three or nine months ended September 30, 2019 and 2018. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared.

The Operating Partnership


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
Net Income attributable to Unitholders — Basic and Diluted	$	627,074	$	640,402	$	1,829,014	$	1,984,527
Weighted Average Units Outstanding — Basic and Diluted		354,038,110		356,073,080		355,096,211		356,562,262

For the three and nine months ended September 30, 2019, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the three or nine months ended September 30, 2019 and 2018. We accrue distributions when they are declared.

Investment in Unconsolidated Entities and International Investments

9 Months Ended

Sep. 30, 2019

Investment in Unconsolidated Entities

Investments in Unconsolidated Entities and International Investments

6. Investment 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 82 properties as of September 30, 2019.

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 September 30, 2019 and December 31, 2018, we had construction loans and other advances to related parties totaling $85.7 million and $85.8 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets.

Unconsolidated Entity Transactions

On October 16, 2019, we contributed approximately $276.8 million consisting of cash and the Shop Premium Outlets, or SPO, assets for a 45% noncontrolling interest in Rue Gilt Groupe, or RGG, to create a new multi-platform venture dedicated to digital value shopping.

On September 19, 2019, as discussed in note 4, we acquired the remaining 50% interest in a hotel adjacent to one of our properties from our joint venture partner. As a result of this acquisition, we now own 100% of this property.

During the first quarter of 2019, we disposed of our interests in a multi-family residential investment. Our share of the gross proceeds was $17.3 million. The gain of $15.6 million is included in other income in the accompanying consolidated statement of operations and comprehensive income.

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.

As of September 30, 2019 and December 31, 2018, we had an 11.7% legal noncontrolling equity interest in HBS, a joint venture we formed with Hudson’s Bay Company. Our share of net (loss) income, net of amortization of our excess investment, was ($5.2) million and $4.3 million for the three months ended September 30, 2019 and 2018, respectively, and ($13.3) million and $11.9 million for the nine months ended September 30, 2019 and 2018, respectively. Total revenues, operating income and consolidated net (loss) income of HBS were approximately $100.2 million, $13.8 million and ($23.9) million, respectively, for the nine months ended September 30, 2019 and $258.8 million, $162.2 million and $90.6 million, respectively, for the nine months ended September 30, 2018.

On June 7, 2018, Aventura Mall, a property in which we own a 33.3% interest, refinanced its $1.2 billion mortgage and its $200.8 million construction loan with a $1.75 billion mortgage 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 in June 2018.

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 September 30, 2019, the property had received business interruption proceeds and also property damage proceeds of $66.8 million. As of September 30, 2018, the property had received business interruption proceeds and property damage proceeds of $58.3 million, which resulted in the property recording a $25.8 million gain in 2018. Our share of the gain, $9.7 million, is reflected within the gain on 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 September 30, 2019, our noncontrolling equity method interests in the operations venture of Aéropostale and in ABG were 44.95% and 5.40%, respectively.

European Investments

At September 30, 2019, we owned 63,924,148 shares, or approximately 21.9%, of Klépierre, which had a quoted market price of $34.02 per share. Our share of net income, net of amortization of our excess investment, was $35.4 million and $22.4 million for the three months ended September 30, 2019 and 2018, respectively, and $74.4 million and $70.0 million for the nine months ended September 30, 2019 and 2018, respectively. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre’s results to GAAP, Klépierre’s total revenues, operating income and consolidated net income were approximately $1.1 billion, $481.0 million and $415.9 million, respectively, for the nine months ended September 30, 2019 and $1.2 billion, $496.4 million and $485.8 million, respectively, for the nine months ended September 30, 2018.

During the nine months ended September 30, 2019 and 2018, Klépierre completed the disposal of its interests in certain shopping centers. In connection with these disposals, we recorded gains of $12.8 million and $13.4 million, respectively, representing our share of the gains recognized by Klépierre, which is included in gain on 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 have an interest in a European investee that had interests in nine Designer Outlet properties as of September 30, 2019 and December 31, 2018, respectively. As of September 30, 2019, our legal percentage ownership interests in these properties ranged from 45% to 94%.

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.

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 also have a direct minority ownership in three of those outlets. At September 30, 2019 and December 31, 2018, the carrying value of these equity instruments without readily determinable fair values 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 $205.8 million and $232.1 million as of September 30, 2019 and December 31, 2018, 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 $167.0 million and $166.3 million as of September 30, 2019 and December 31, 2018, 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.

COMBINED BALANCE SHEETS


	September 30,		December 31,
	2019		2018
Assets:
Investment properties, at cost	$	19,259,601	$	18,807,449
Less - accumulated depreciation		7,263,363		6,834,633
		11,996,238		11,972,816
Cash and cash equivalents		880,648		1,076,398
Tenant receivables and accrued revenue, net		475,710		445,148
Deferred costs and other assets		581,435		390,818
Total assets	$	13,934,031	$	13,885,180
Liabilities and Partners’ Deficit:
Mortgages	$	15,217,266	$	15,235,415
Accounts payable, accrued expenses, intangibles, and deferred revenue		942,250		976,311
Other liabilities		521,518		344,205
Total liabilities		16,681,034		16,555,931
Preferred units		67,450		67,450
Partners’ deficit		(2,814,453)		(2,738,201)
Total liabilities and partners’ deficit	$	13,934,031	$	13,885,180
Our Share of:
Partners’ deficit	$	(1,227,239)	$	(1,168,216)
Add: Excess Investment		1,540,770		1,594,198
Our net Investment in unconsolidated entities, at equity	$	313,531	$	425,982

“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 primarily relate to the fair value of the investment properties, intangible assets, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of assets acquired, typically no greater than 40 years, the terms of the applicable leases, the estimated useful lives of the finite lived intangibles, and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities.

COMBINED STATEMENTS OF OPERATIONS


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
REVENUE:
Lease income	$	766,740	$	756,955	$	2,285,848	$	2,259,451
Other income		79,025		73,259		234,337		232,747
Total revenue		845,765		830,214		2,520,185		2,492,198
OPERATING EXPENSES:
Property operating		149,759		151,873		434,742		437,718
Depreciation and amortization		171,407		161,964		512,070		488,098
Real estate taxes		64,172		60,654		200,698		197,497
Repairs and maintenance		20,729		20,035		61,938		63,968
Advertising and promotion		19,831		20,318		63,852		65,425
Other		45,747		43,916		142,806		143,533
Total operating expenses		471,645		458,760		1,416,106		1,396,239
Operating Income Before Other Items		374,120		371,454		1,104,079		1,095,959
Interest expense		(159,971)		(163,855)		(473,914)		(505,540)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		—		—		21,587		25,792
Net Income	$	214,149	$	207,599	$	651,752	$	616,211
Third-Party Investors’ Share of Net Income	$	108,792	$	101,750	$	332,078	$	304,174
Our Share of Net Income		105,357		105,849		319,674		312,037
Amortization of Excess Investment		(20,846)		(21,526)		(62,413)		(64,447)
Our Share of Gain on Sale or Disposal of Assets and Interest in Other Income in the Consolidated Financial Statements		—		—		(9,156)		—
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net		—		—		—		(9,672)
Income from Unconsolidated Entities	$	84,511	$	84,323	$	248,105	$	237,918

Our share of income from unconsolidated entities in the above table, aggregated with our share of the 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 on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net is reflected within gain on 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.

Debt

9 Months Ended

Sep. 30, 2019

Debt

Debt

7. Debt

Unsecured Debt

At September 30, 2019, our unsecured debt consisted of $18.4 billion of senior unsecured notes of the Operating Partnership, $125.0 million outstanding under the Operating Partnership’s $4.0 billion unsecured revolving credit facility, or Credit Facility, and $1.3 billion outstanding under the Operating Partnership’s global unsecured commercial paper note program, or Commercial Paper program.

On September 30, 2019, we had an aggregate available borrowing capacity of $6.1 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 nine months ended September 30, 2019 was $130.7 million and the weighted average outstanding balance was $125.1 million. Letters of credit of $11.3 million were outstanding under the Credit Facilities as of September 30, 2019.

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 a facility fee of 10 basis points.

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 is LIBOR plus 77.5 basis points with a facility fee of 10 basis points.

The Operating Partnership also has available a Commercial Paper program of $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 September 30, 2019, we had $1.3 billion outstanding under the Commercial Paper program, comprised of $1.1 billion of U.S. dollar-denominated notes and $180.1 million (U.S. dollar equivalent) of Euro-denominated notes with weighted average interest rates of 2.16% and (0.34)%, respectively. These borrowings have weighted average maturity dates of December 18, 2019 and October 31, 2019, respectively, and reduce amounts otherwise available under the Credit Facilities.

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%.

On September 13, 2019 the Operating Partnership completed the issuance of the following senior unsecured notes: $1.0 billion with a fixed interest rate of 2.00%, $1.25 billion with a fixed interest rate of 2.45%, and $1.25 billion with a fixed interest rate of 3.25%, with maturity dates of September 13 of 2024, 2029, and 2049, respectively. Proceeds from the unsecured notes offering funded the early redemption of senior unsecured notes in October 2019, as discussed below, and repaid a portion of the indebtedness outstanding under the Commercial Paper program.

On October 7, 2019, the Operating Partnership completed the early redemption of its $900 million 4.375% notes due March 1, 2021, $700 million 4.125% notes due December 1, 2021, $600 million 3.375% notes due March 15, 2022 and €375 million of the €750 million 2.375% notes due October 2, 2020. We recorded a $116.2 million loss on extinguishment of debt in the fourth quarter as a result of the early redemption.

Mortgage Debt

Total mortgage indebtedness was $6.8 billion at September 30, 2019 and December 31, 2018.

Covenants

Our unsecured debt agreements contain financial covenants and other non-financial covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender, including adjustments to the applicable interest rate. As of September 30, 2019, we were in compliance with all covenants of our unsecured debt.

At September 30, 2019, our consolidated subsidiaries were the borrowers under 46 non-recourse mortgage notes secured by mortgages on 49 properties and other assets, 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 September 30, 2019, 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.

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 $25.7 billion and $22.4 billion as of September 30, 2019 and December 31, 2018, respectively. The fair values of these financial instruments and the related discount rate assumptions as of September 30, 2019 and December 31, 2018 are summarized as follows:


	September 30,			December 31,
	2019			2018
Fair value of consolidated fixed rate mortgages and unsecured indebtedness	$	26,844		$	22,323
Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages		3.62	%		4.55	%
Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness		3.57	%		4.50	%

Equity

9 Months Ended

Sep. 30, 2019

Equity

Equity

8. Equity

During the nine months ended September 30, 2019, Simon issued 24,000 shares of common stock to a limited partner of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. During the nine months ended September 30, 2019, the Operating Partnership redeemed 27,988 units from six limited partners for $4.3 million. 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 plan, Simon may repurchase up to $2.0 billion of its common stock during the two-year period ending February 11, 2021 in the open market or in privately negotiated transactions as market conditions warrant. During the nine months ended September 30, 2019, Simon purchased 2,247,074 shares at an average price of $160.11 per share, of which 46,377 shares at an average price of $164.49 were purchased as part of the previous program. During the nine months ended September 30, 2018, Simon purchased 1,988,247 shares at an average price of $154.56 per share as part of the previous program. As Simon repurchases shares under these programs, the Operating Partnership repurchases an equal number of units from Simon.

We paid a common stock dividend of $2.10 per share in the third quarter of 2019 and $6.20 per share for the nine months ended September 30, 2019. The Operating Partnership paid distributions per unit for the same amounts. We paid dividends of $2.00 and $5.90 per share for the three and nine months ended September 30, 2018. The Operating Partnership paid distributions per unit for the same amounts. Simon’s Board of Directors declared a quarterly cash dividend for the fourth quarter of 2019 of $2.10 per share of common stock payable on November 29, 2019 to stockholders of record on November 15, 2019. The distribution rate on units is equal to the dividend rate on common stock.

Temporary Equity

Simon

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

Limited Partners’ Preferred Interest in the Operating Partnership and Noncontrolling Redeemable Interests in Properties. The redemption features of the preferred units in the Operating Partnership contain provisions which could require the Operating Partnership to settle the redemption in cash. As a result, this series of preferred units in the Operating Partnership remains classified outside permanent equity. The remaining interests in a property or portfolio of properties which are redeemable at the option of the holder or in circumstances that may be outside Simon’s control are accounted for as temporary equity. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded within accumulated deficit in the consolidated statements of equity in issuance of unit equivalents and other. There were no noncontrolling interests redeemable at amounts in excess of fair value as of September 30, 2019 and December 31, 2018. The following table summarizes the preferred units in the Operating Partnership and the amount of the noncontrolling redeemable interests in properties as follows:


	As of		As of
	September 30,		December 31,
	2019		2018
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		201,350		204,626
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$	226,887	$	230,163

The Operating Partnership

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


	As of		As of
	September 30,		December 31,
	2019		2018
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		201,350		204,626
Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties	$	226,887	$	230,163

Stock Based Compensation

Awards under our stock based compensation plans primarily take the form of LTIP unit and restricted stock grants. Restricted stock and awards under the LTIP programs contain both market and performance conditions, which 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 employees. 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.

In 2019, the Compensation Committee established and granted awards under a redesigned LTIP program, or the 2019 LTIP program. Awards under the 2019 LTIP program will be considered earned if, and only to the extent to which, the respective performance conditions (based on Funds From Operations, or FFO, per share, and Objective Criteria Goals) and market conditions (based on Relative TSR performance), as defined in the applicable award agreements, are achieved during the applicable three-year measurement period, subject to the recipient’s continued employment through the vesting date. All of the earned LTIP units under the 2019 LTIP program will vest on January 1, 2023. The 2019 LTIP program provides that the amount earned of the performance-based portion of the awards is dependent on Simon’s performance compared to certain criteria and has a maximum potential fair value at issuance of $22.1 million.

The grant date fair values of any LTIP units for market-based awards are estimated using a Monte Carlo model, and the resulting fixed expense is recorded regardless of whether the market condition criteria are achieved if the required service is delivered. The grant date fair values of the market-based awards 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 level of expense of the performance-based award is recorded 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 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 Performance-Based Awards
2014-2016 LTIP program	120,314	$27.5 million	—
2015-2017 LTIP program	—	$21.6 million	—
2016-2018 LTIP program	—	$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
2019 LTIP program	To be determined in 2022	$9.5 million	$14.7 million

We recorded compensation expense, net of capitalization, related to these LTIP programs of approximately $12.2 million and $13.0 million for the nine months ended September 30, 2019 and 2018, respectively.

Restricted Stock. The Compensation Committee awarded 84,503 shares of restricted stock to employees during the nine months ended September 30, 2019 at a weighted-average fair market value of $181.85 per share. During the nine months ended September 30, 2019, our non-employee Directors were awarded 10,644 shares of restricted stock at a weighted average fair market value of $174.03 per share. These shares represent a portion of the compensation we pay our non-employee Directors, and all of the shares have been placed in a non-employee Director deferred compensation account maintained by us. The grant date fair value of the employee restricted stock awards is being recognized as expense over the three-year vesting service period. The grant date fair value of the non-employee Director restricted stock awards is being recognized as expense over the one-year vesting service period. In accordance with the Operating Partnership's partnership agreement, the Operating Partnership issued an equal number of units to Simon that are subject to the same vesting conditions as the restricted stock.

We recorded compensation expense, net of capitalization, related to restricted stock of approximately $8.3 million and $6.0 million for the nine months ended September 30, 2019 and 2018, 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 goals. 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 vested on June 30, 2019. The grant date fair value of the retention award of $120.3 million was 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.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies.

Commitments and Contingencies

10. 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.

During the first quarter of 2019, 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 accompanying consolidated statement of operations and comprehensive income.

Lease Commitments

As of September 30, 2019, a total of 23 of our consolidated properties are subject to ground leases. The termination dates of these ground leases range from 2019 to 2090, including periods for which exercising an extension option is reasonably assured. 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. All of our lease arrangements are classified as operating leases. 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 Three Months Ended		For the Nine Months Ended
	September 30, 2019		September 30, 2019
Lease Cost
Operating lease cost	$	7,937	$	23,045
Variable lease cost		4,183		12,513
Sublease income		(208)		(542)
Total lease cost	$	11,912	$	35,016

For the three and nine months ended September 30, 2018, we incurred $11,431 and $34,858 of lease expense, respectively.


	For the Nine Months Ended
	September 30, 2019
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	36,268

Weighted-average remaining lease term - operating leases		35.8 years
Weighted-average discount rate - operating leases		4.87%

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	$	32,444
2020		32,438
2021		32,440
2022		32,451
2023		32,583
Thereafter		941,418
	$	1,103,774
Impact of discounting		(585,162)
Operating lease liabilities	$	518,612

Lease liabilities are included within other liabilities in the consolidated balance sheet. Right of use assets are included within deferred costs and other assets in the consolidated balance sheet.

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 September 30, 2019 and December 31, 2018, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $211.7 million and $216.1 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 has an estimated fair value in excess of the guaranteed amount.

Concentration of Credit Risk

Our U.S. Malls, Premium Outlets, and The Mills rely upon anchor tenants to attract customers; however, anchors do not contribute materially to our financial results as many anchors 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.

Hurricane Impacts

During the third quarter of 2017, our two wholly-owned properties located in Puerto Rico sustained significant damage as a result of Hurricane Maria. Since the date of the loss, we have received $70.7 million of insurance proceeds from third-party carriers related to the two properties located in Puerto Rico, of which $43.6 million was used for property restoration and remediation and to reduce the insurance recovery receivable. During the three and nine months ended September 30, 2019, we recorded $1.6 million and $9.2 million, respectively, as business interruption income. During the three and nine months ended September 30, 2018, we recorded $17.0 million as business interruption income. These amounts were recorded in other income in the accompanying consolidated statements of operations and comprehensive income.

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2019

Significant Accounting Policies

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

Noncontrolling Interests

Simon

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


	As of		As of
	September 30,		December 31,
	2019		2018
Limited partners’ interests in the Operating Partnership	$	400,716	$	492,877
Nonredeemable noncontrolling interests in properties, net		6,907		7,398
Total noncontrolling interests reflected in equity	$	407,623	$	500,275

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.

Accumulated Other Comprehensive Income (Loss)

Simon

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following during the three and nine months ended September 30:


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,				Affected line item where
	2019		2018		2019		2018		net income is presented
Accumulated derivative losses, net	$	(1,087)	$	(1,591)	$	(3,261)	$	(5,929)	Interest expense
		144		215		431		785	Net income attributable to noncontrolling interests
	$	(943)	$	(1,376)	$	(2,830)	$	(5,144)

The Operating Partnership

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following during the three and nine months ended September 30:

For the Three Months Ended

For the Nine Months Ended

September 30,

Affected line item where

2019

2018

2019

2018

net income is presented

Accumulated derivative losses, net

(1,087)

(1,591)

(3,261)

(5,929)

Interest expense

Derivative Financial Instruments

We had the following Euro:USD forward contracts designated as net investment hedges at September 30, 2019 and December 31, 2018 (in millions):


			Asset (Liability) Value as of
			September 30,		December 31,
Notional Value		Maturity Date	2019		2018
€	50.0	May 15, 2019		—		(0.8)
€	375.0	October 2, 2019		(6.0)		—
€	100.0	December 18, 2019		1.0		—
€	100.0	December 18, 2019		1.0		—
€	100.0	December 18, 2019		1.0		—
€	50.0	May 15, 2020		2.7		(1.5)
€	50.0	May 14, 2021		2.4		(2.0)

Asset balances in the above table are included in deferred costs and other assets. Liability balances in the above table are included in other liabilities.

New Accounting Pronouncements


2019	$	3,706,042
2020		3,482,815
2021		3,104,755
2022		2,705,820
2023		2,238,693
Thereafter		6,157,395
	$	21,395,520

Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2019

Significant Accounting Policies

Schedule of carrying amount of noncontrolling interests


	As of		As of
	September 30,		December 31,
	2019		2018
Limited partners’ interests in the Operating Partnership	$	400,716	$	492,877
Nonredeemable noncontrolling interests in properties, net		6,907		7,398
Total noncontrolling interests reflected in equity	$	407,623	$	500,275

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


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,				Affected line item where
	2019		2018		2019		2018		net income is presented
Accumulated derivative losses, net	$	(1,087)	$	(1,591)	$	(3,261)	$	(5,929)	Interest expense
		144		215		431		785	Net income attributable to noncontrolling interests
	$	(943)	$	(1,376)	$	(2,830)	$	(5,144)

Schedule of Euro:USD forward contracts

We had the following Euro:USD forward contracts designated as net investment hedges at September 30, 2019 and December 31, 2018 (in millions):


			Asset (Liability) Value as of
			September 30,		December 31,
Notional Value		Maturity Date	2019		2018
€	50.0	May 15, 2019		—		(0.8)
€	375.0	October 2, 2019		(6.0)		—
€	100.0	December 18, 2019		1.0		—
€	100.0	December 18, 2019		1.0		—
€	100.0	December 18, 2019		1.0		—
€	50.0	May 15, 2020		2.7		(1.5)
€	50.0	May 14, 2021		2.4		(2.0)

Schedule of minimum fixed lease consideration under non-cancelable tenant operating leases


2019	$	3,706,042
2020		3,482,815
2021		3,104,755
2022		2,705,820
2023		2,238,693
Thereafter		6,157,395
	$	21,395,520

Simon Property Group, L.P.

Significant Accounting Policies

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

For the Three Months Ended

For the Nine Months Ended

September 30,

Affected line item where

2019

2018

2019

2018

net income is presented

Accumulated derivative losses, net

(1,087)

(1,591)

(3,261)

(5,929)

Interest expense

Investment in Unconsolidated Entities and International Investments (Tables)

9 Months Ended

Sep. 30, 2019

Investment in Unconsolidated Entities

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


	September 30,		December 31,
	2019		2018
Assets:
Investment properties, at cost	$	19,259,601	$	18,807,449
Less - accumulated depreciation		7,263,363		6,834,633
		11,996,238		11,972,816
Cash and cash equivalents		880,648		1,076,398
Tenant receivables and accrued revenue, net		475,710		445,148
Deferred costs and other assets		581,435		390,818
Total assets	$	13,934,031	$	13,885,180
Liabilities and Partners’ Deficit:
Mortgages	$	15,217,266	$	15,235,415
Accounts payable, accrued expenses, intangibles, and deferred revenue		942,250		976,311
Other liabilities		521,518		344,205
Total liabilities		16,681,034		16,555,931
Preferred units		67,450		67,450
Partners’ deficit		(2,814,453)		(2,738,201)
Total liabilities and partners’ deficit	$	13,934,031	$	13,885,180
Our Share of:
Partners’ deficit	$	(1,227,239)	$	(1,168,216)
Add: Excess Investment		1,540,770		1,594,198
Our net Investment in unconsolidated entities, at equity	$	313,531	$	425,982

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


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
REVENUE:
Lease income	$	766,740	$	756,955	$	2,285,848	$	2,259,451
Other income		79,025		73,259		234,337		232,747
Total revenue		845,765		830,214		2,520,185		2,492,198
OPERATING EXPENSES:
Property operating		149,759		151,873		434,742		437,718
Depreciation and amortization		171,407		161,964		512,070		488,098
Real estate taxes		64,172		60,654		200,698		197,497
Repairs and maintenance		20,729		20,035		61,938		63,968
Advertising and promotion		19,831		20,318		63,852		65,425
Other		45,747		43,916		142,806		143,533
Total operating expenses		471,645		458,760		1,416,106		1,396,239
Operating Income Before Other Items		374,120		371,454		1,104,079		1,095,959
Interest expense		(159,971)		(163,855)		(473,914)		(505,540)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		—		—		21,587		25,792
Net Income	$	214,149	$	207,599	$	651,752	$	616,211
Third-Party Investors’ Share of Net Income	$	108,792	$	101,750	$	332,078	$	304,174
Our Share of Net Income		105,357		105,849		319,674		312,037
Amortization of Excess Investment		(20,846)		(21,526)		(62,413)		(64,447)
Our Share of Gain on Sale or Disposal of Assets and Interest in Other Income in the Consolidated Financial Statements		—		—		(9,156)		—
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net		—		—		—		(9,672)
Income from Unconsolidated Entities	$	84,511	$	84,323	$	248,105	$	237,918

Equity (Tables)

9 Months Ended

Sep. 30, 2019

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


	As of		As of
	September 30,		December 31,
	2019		2018
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		201,350		204,626
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$	226,887	$	230,163

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 Performance-Based Awards
2014-2016 LTIP program	120,314	$27.5 million	—
2015-2017 LTIP program	—	$21.6 million	—
2016-2018 LTIP program	—	$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
2019 LTIP program	To be determined in 2022	$9.5 million	$14.7 million

Simon Property Group, L.P.

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


	As of		As of
	September 30,		December 31,
	2019		2018
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		201,350		204,626
Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties	$	226,887	$	230,163

Summary of Significant Accounting Policies - Derivative Financial Instruments (Details) € in Millions, $ in Millions	Sep. 30, 2019 USD ($) DerivativeInstrument	Sep. 30, 2019 EUR (€) DerivativeInstrument	Dec. 31, 2018 USD ($) DerivativeInstrument	Dec. 31, 2018 EUR (€) DerivativeInstrument	Sep. 30, 2018 USD ($)	Sep. 30, 2018 EUR (€)
Interest rate swap \| Designated as Hedging Instrument
Derivative Financial Instruments
Number of Instruments \| DerivativeInstrument	0	0	0	0
USD-Euro currency forward contract \| May 15, 2019 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €				€ 50.0
Forward contract net, fair value			$ (0.8)
USD-Euro currency forward contract \| October 2, 2019 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		€ 375.0
Forward contract net, fair value	$ (6.0)
USD-Euro currency forward contract \| December 18, 2019 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		100.0
Forward contract net, fair value	1.0
USD-Euro currency forward contract \| December 18, 2019 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		100.0
Forward contract net, fair value	1.0
USD-Euro currency forward contract \| December 18, 2019 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		100.0
Forward contract net, fair value	1.0
USD-Euro currency forward contract \| May 15, 2020 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		50.0		50.0
Forward contract net, fair value	2.7		(1.5)
USD-Euro currency forward contract \| May 14, 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		€ 50.0		€ 50.0
Forward contract net, fair value	2.4		(2.0)
US denominated cross currency swap \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount					$ 150.0
Swapping interest rate					4.38%	4.38%
Euro denominated cross currency swap \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €						€ 121.6
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	18.7		10.9
Simon Property Group, L.P.
Derivative Financial Instruments
Gross accumulated other comprehensive income related to derivative activities	$ 56.4		$ 37.9

Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Dec. 31, 2018	Sep. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements
Operating lease liabilities				$ 518,612
Operating lease maturity payments
2019				3,706,042
2020				3,482,815
2021				3,104,755
2022				2,705,820
2023				2,238,693
Thereafter				6,157,395
Total				$ 21,395,520
Minimum
New Accounting Pronouncements
Discount rate				3.97%
Maximum
New Accounting Pronouncements
Discount rate				5.52%
Accounting Standards Update 2016-02 \| Restatement Adjustment
New Accounting Pronouncements
Right-of use assets for operating leases					$ 524,000
Operating lease liabilities					$ 524,000
Accounting Standards Update 2016-02 \| Proforma Adjustment
New Accounting Pronouncements
Lease expenses	$ 11,800	$ 34,100	$ 45,000

Investments in Unconsolidated Entities and International Investments - Unconsolidated Entity Transactions (Details) $ / shares in Units, $ in Thousands					3 Months Ended				9 Months Ended		12 Months Ended	17 Months Ended	29 Months Ended
	Oct. 16, 2019 USD ($)	Sep. 25, 2018 $ / shares shares	Jun. 07, 2018 USD ($)	Sep. 15, 2016 item	Sep. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 19, 2019	May 31, 2017
Investment in Unconsolidated Entities
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net					$ 10,141				$ 12,822	$ 144,949
Insurance proceeds recorded as business interruption									3,787	16,160
Gain on interest in unconsolidated entities										35,621
Share of net income, net of amortization of our excess investment					119,706		$ 134,408		316,691	325,263
Hotel
Investment in Unconsolidated Entities
Ownership interests acquired (as a percent)														50.00%
Ownership interest after acquisition (as a percent)														100.00%
Outlets at Orange
Investment in Unconsolidated Entities
Ownership interests acquired (as a percent)		50.00%
Ownership interest after acquisition (as a percent)		100.00%
Simon Property Group, L.P.
Investment in Unconsolidated Entities
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net					10,141				12,822	144,949
Insurance proceeds recorded as business interruption									3,787	16,160
Gain on interest in unconsolidated entities										35,621
Share of net income, net of amortization of our excess investment					$ 119,706		134,408		$ 316,691	325,263
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												$ 58,300	$ 66,800
Gain on business interruption											$ 25,800
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%
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										9,700
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					$ (5,200)		$ 4,300		$ (13,300)	11,900
Total revenues									100,200	258,800
Total operating income									13,800	162,200
Consolidated net income									$ (23,900)	$ 90,600
Shop Premium Outlets
Investment in Unconsolidated Entities
Ownership interest (as a percent)	45.00%
Contribution to form joint venture	$ 276,800
Unconsolidated properties \| Disposed by Sales \| Residential properties
Investment in Unconsolidated Entities
Proceeds from sale or disposal of real estate assets						$ 17,300
Gain (loss) on disposition of interest in properties						$ 15,600

Investments in Unconsolidated Entities and International Investments - European Investments (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($) property $ / shares shares	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) property $ / shares shares	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($) property
Investment in Unconsolidated Entities
Income from unconsolidated entities	$ 119,706	$ 134,408	$ 316,691	$ 325,263
Klepierre \| Disposed by Sales \| Shopping centers
Investment in Unconsolidated Entities
Gain on sale or disposal of assets and interests in unconsolidated entities, net			$ 12,800	13,400
European Joint Venture \| Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties \| property	9		9		9
European Joint Venture \| Designer Outlet properties \| Minimum
Investment in Unconsolidated Entities
Ownership interest (as a percent)	45.00%		45.00%
European Joint Venture \| Designer Outlet properties \| Maximum
Investment in Unconsolidated Entities
Ownership interest (as a percent)	94.00%		94.00%
European Property Management and Development \| Designer Outlet properties
Investment in Unconsolidated Entities
Ownership interest (as a percent)	50.00%		50.00%
Europe \| Klepierre
Investment in Unconsolidated Entities
Shares owned \| shares	63,924,148		63,924,148
Ownership interest (as a percent)	21.90%		21.90%
Quoted market price per share (in dollars per share) \| $ / shares	$ 34.02		$ 34.02
Income from unconsolidated entities	$ 35,400	$ 22,400	$ 74,400	70,000
Total revenues			1,100,000	1,200,000
Total operating income			481,000	496,400
Consolidated net income			$ 415,900	$ 485,800
Europe \| Value Retail PLC
Investment in Unconsolidated Entities
Number of luxury outlets owned and operated \| property	9		9
Number of outlets in which the entity has a minority direct ownership \| property	3		3
Europe \| Value Retail PLC \| Deferred costs and other assets
Investment in Unconsolidated Entities
Vale of equity instruments	$ 140,800		$ 140,800		$ 140,800

Investments in Unconsolidated Entities and International Investments - Combined Balance Sheets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Our Share of:
Investment in Klepierre, at equity	$ 1,614,109	$ 1,769,488
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	$ 19,259,601	18,807,449
Less - accumulated depreciation	7,263,363	6,834,633
Investment properties at cost, net	11,996,238	11,972,816
Cash and cash equivalents	880,648	1,076,398
Tenant receivables and accrued revenue, net	475,710	445,148
Deferred costs and other assets	581,435	390,818
Total assets	13,934,031	13,885,180
Liabilities and Partners' Deficit:
Mortgages	15,217,266	15,235,415
Accounts payable, accrued expenses, intangibles, and deferred revenue	942,250	976,311
Other liabilities	521,518	344,205
Total liabilities	16,681,034	16,555,931
Preferred units	67,450	67,450
Partners' deficit	(2,814,453)	(2,738,201)
Total liabilities and partners' deficit	13,934,031	13,885,180
Our Share of:
Partners' deficit	(1,227,239)	(1,168,216)
Add: Excess Investment	1,540,770	1,594,198
Investment in Klepierre, at equity	$ 313,531	$ 425,982

Investments in Unconsolidated Entities and International Investments - Combined Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
OPERATING EXPENSES:
Income from Unconsolidated Entities	$ 119,706	$ 134,408	$ 316,691	$ 325,263
Equity Method Investees excluding Klepierre, Aeropostale, ABG and HBS \| Unconsolidated properties
REVENUE:
Lease income	766,740	756,955	2,285,848	2,259,451
Other income	79,025	73,259	234,337	232,747
Total revenue	845,765	830,214	2,520,185	2,492,198
OPERATING EXPENSES:
Property operating	149,759	151,873	434,742	437,718
Depreciation and amortization	171,407	161,964	512,070	488,098
Real estate taxes	64,172	60,654	200,698	197,497
Repairs and maintenance	20,729	20,035	61,938	63,968
Advertising and promotion	19,831	20,318	63,852	65,425
Other	45,747	43,916	142,806	143,533
Total operating expenses	471,645	458,760	1,416,106	1,396,239
Operating Income Before Other Items	374,120	371,454	1,104,079	1,095,959
Interest expense	(159,971)	(163,855)	(473,914)	(505,540)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net			21,587	25,792
Net Income	214,149	207,599	651,752	616,211
Third-Party Investors' Share of Net Income	108,792	101,750	332,078	304,174
Our Share of Net Income	105,357	105,849	319,674	312,037
Amortization of Excess Investment	(20,846)	(21,526)	(62,413)	(64,447)
Our Share of Gain on Sale or Disposal of Assets and Interest in Other Income in the Consolidated Financial Statements			(9,156)
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net				(9,672)
Income from Unconsolidated Entities	$ 84,511	$ 84,323	$ 248,105	$ 237,918

Debt (Details) $ in Thousands, € in Millions		3 Months Ended	9 Months Ended
Debt (Details) $ in Thousands, € in Millions	Feb. 01, 2019 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($) item property	Oct. 07, 2019 USD ($)	Oct. 07, 2019 EUR (€)	Sep. 13, 2019 USD ($)	Dec. 31, 2018 USD ($) item
Debt
Total Mortgages and Unsecured Indebtedness			$ 26,643,879				$ 23,305,535
Simon Property Group, L.P.
Debt
Total Mortgages and Unsecured Indebtedness			$ 26,643,879				$ 23,305,535
Unsecured Debt \| Weighted average \| Discount Rate
Fair Value of Debt
Debt percentage- measurement input \| item			0.0357				0.0450
Unsecured Debt \| Senior unsecured notes \| Simon Property Group, L.P.
Debt
Total Mortgages and Unsecured Indebtedness			$ 18,400,000
Loss on debt extinguishment		$ 116,200
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 \| Senior unsecured notes 2.00% due 2024 \| Simon Property Group, L.P.
Debt
Debt issued						$ 1,000,000
Fixed rate of interest						2.00%
Unsecured Debt \| Senior unsecured notes 2.45% due 2029 \| Simon Property Group, L.P.
Debt
Debt issued						$ 1,250,000
Fixed rate of interest						2.45%
Unsecured Debt \| Senior unsecured notes 3.25% due 2049 \| Simon Property Group, L.P.
Debt
Debt issued						$ 1,250,000
Fixed rate of interest						3.25%
Unsecured Debt \| Senior unsecured notes 4.375% due March 1, 2021 \| Simon Property Group, L.P.
Debt
Amount of debt redeemed				$ 900,000
Fixed rate of interest				4.375%	4.375%
Unsecured Debt \| Senior unsecured notes 4.125% due December 1, 2021 \| Simon Property Group, L.P.
Debt
Amount of debt redeemed				$ 700,000
Fixed rate of interest				4.125%	4.125%
Unsecured Debt \| Senior unsecured notes 3.375% due March 15, 2022 \| Simon Property Group, L.P.
Debt
Amount of debt redeemed				$ 600,000
Fixed rate of interest				3.375%	3.375%
Unsecured Debt \| Senior unsecured notes 2.375% due October 2, 2020 \| Simon Property Group, L.P.
Debt
Amount of debt redeemed \| €					€ 375
Debt issued \| €					€ 750
Fixed rate of interest				2.375%	2.375%
Unsecured Debt \| Credit Facility and the Supplemental Facility
Debt
Available borrowing capacity			6,100,000
Maximum amount outstanding during period			130,700
Credit facility, weighted average amount outstanding			125,100
Letters of credit outstanding			11,300
Unsecured Debt \| Credit Facility \| Simon Property Group, L.P.
Debt
Credit facility, amount outstanding			125,000
Maximum borrowing capacity			4,000,000
Optional expanded maximum borrowing capacity			$ 5,000,000
Additional facility fee (as a percent)			0.10%
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 \| Credit Facility \| LIBOR \| Simon Property Group, L.P.
Debt
Interest added to reference rate (as a percent)			0.775%
Unsecured Debt \| Supplemental Facility \| Simon Property Group, L.P.
Debt
Maximum borrowing capacity			$ 3,500,000
Optional expanded maximum borrowing capacity			$ 4,500,000
Additional facility fee (as a percent)			0.10%
Unsecured Debt \| Supplemental Facility \| LIBOR \| Simon Property Group, L.P.
Debt
Interest added to reference rate (as a percent)			0.775%
Unsecured Debt \| Commercial Paper \| Simon Property Group, L.P.
Debt
Credit facility, amount outstanding			$ 1,300,000
Maximum borrowing capacity			2,000,000
Unsecured Debt \| U.S. dollar-denominated notes \| Simon Property Group, L.P.
Debt
Credit facility, amount outstanding			$ 1,100,000
Weighted average interest rate (as a percent)			2.16%
Unsecured Debt \| Euro denominated notes \| Simon Property Group, L.P.
Debt
Credit facility, amount outstanding			$ 180,100
Weighted average interest rate (as a percent)			0.34%
Secured Debt \| Mortgages
Debt
Total Mortgages and Unsecured Indebtedness			$ 6,800,000				$ 6,800,000
Debt covenants
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers \| item			46
Number of properties pledged as collateral \| property			49
Number of cross-defaulted and cross-collateralized mortgage pools \| item			2
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages \| property			5
Fixed rate mortgages \| Weighted average \| Discount Rate
Fair Value of Debt
Debt percentage- measurement input \| item			0.0362				0.0455
Book value \| Fixed rate mortgages and unsecured indebtedness
Fair Value of Debt
Fair value of consolidated fixed rate mortgages and unsecured indebtedness			$ 25,700,000				$ 22,400,000
Fair value \| Fixed rate mortgages and unsecured indebtedness
Fair Value of Debt
Fair value of consolidated fixed rate mortgages and unsecured indebtedness			$ 26,844,000				$ 22,323,000

Equity - Shares or Units Activity (Details) $ / shares in Units, $ in Millions				3 Months Ended							9 Months Ended
	Feb. 11, 2019 USD ($)	Sep. 25, 2018 shares	Feb. 13, 2017 USD ($)	Dec. 31, 2019 $ / shares	Sep. 30, 2019 $ / shares shares	Jun. 30, 2019 shares	Mar. 31, 2019 shares	Sep. 30, 2018 $ / shares shares	Jun. 30, 2018 shares	Mar. 31, 2018 shares	Sep. 30, 2019 USD ($) item $ / shares shares	Sep. 30, 2018 $ / shares shares
Equity
Redemption of units					27,214		774		8,716	40,503
Exchange of limited partner units, (in shares)							24,000	86,732		6,000
Shares repurchased (in shares)					1,154,117	1,046,580	46,377		514,659	1,473,588	2,247,074
Average share price repurchased (in dollars per share) \| $ / shares											$ 160.11
Common stock dividends paid (in dollars per share) \| $ / shares					$ 2.10			$ 2.00			$ 6.20	$ 5.90
Dividends declared per common share (in dollars per share) \| $ / shares				$ 2.10
Limited Partners
Equity
Exchange of limited partner units, (in shares)											24,000
2017 Share Repurchase Program
Equity
Stock repurchase program, extension period			2 years
Common stock authorized for repurchase \| $			$ 2,000.0
Shares repurchased (in shares)											46,377	1,988,247
Average share price repurchased (in dollars per share) \| $ / shares											$ 164.49	$ 154.56
2019 Share Repurchase Program
Equity
Stock repurchase program, extension period	2 years
Common stock authorized for repurchase \| $	$ 2,000.0
Simon Property Group, L.P.
Equity
Redemption of units					27,214		774		8,716	40,503
Distributions paid per unit (in dollars per share) \| $ / shares					$ 2.10			$ 2.00			$ 6.20	$ 5.90
Simon Property Group, L.P. \| Limited Partners
Equity
Redemption of units											27,988
Number of limited partners who received common stock \| item											6
Value of units redeemed \| $											$ 4.3
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		475,183

Equity - Temporary Equity (Details) $ in Thousands	9 Months Ended	12 Months Ended
Equity - Temporary Equity (Details) $ in Thousands	Sep. 30, 2019 USD ($) item shares	Dec. 31, 2018 USD ($) item shares
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties \| $	$ 226,887	$ 230,163
Simon Property Group, L.P.
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties \| $	$ 226,887	$ 230,163
7.5% Cumulative Redeemable Preferred Units
Redeemable preferred stock
Noncontrolling interests redeemable at amounts in excess of fair value \| item	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
7.5% Cumulative Redeemable Preferred Units \| Simon Property Group, L.P.
Redeemable preferred stock
Preferred stock stated dividend rate percentage	7.50%	7.50%
Temporary equity, shares authorized \| 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
Other noncontrolling redeemable interest
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties \| $	201,350	204,626
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 \| $	$ 201,350	$ 204,626

Equity - Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended		12 Months Ended
	Jul. 06, 2011	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted stock
Stock-based incentive plan awards
Compensation expense, net of capitalization		$ 8.3	$ 6.0
Restricted stock \| Employees
Stock-based incentive plan awards
Vesting service period		3 years
Awards earned (in units)		84,503
Weighted average fair value of shares granted during the period (in dollars per share)		$ 181.85
Restricted stock \| Non-employee Director
Stock-based incentive plan awards
Vesting service period		1 year
Awards earned (in units)		10,644
Weighted average fair value of shares granted during the period (in dollars per share)		$ 174.03
LTIP Retention Award to Chairman and CEO
Stock-based incentive plan awards
Awards earned (in units)	1,000,000
Grant Date Fair Value	$ 120.3
Service period	8 years
LTIP Retention Award to Chairman and CEO \| A Units
Stock-based incentive plan awards
Awards earned (in units)						360,000
LTIP Retention Award to Chairman and CEO \| B Units
Stock-based incentive plan awards
Awards earned (in units)					360,000
LTIP Retention Award to Chairman and CEO \| C Units
Stock-based incentive plan awards
Awards earned (in units)				280,000
LTIP programs
Stock-based incentive plan awards
Percent of distributions of Operating Partnership that participants are entitled to receive during performance period		10.00%
Compensation expense, net of capitalization		$ 12.2	$ 13.0
2014-2016 LTIP program \| LTIP Units
Stock-based incentive plan awards
LTIP Units Earned (in units)		120,314
Grant Date Fair Value		$ 27.5
2015-2017 LTIP program \| LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value		21.6
2016-2018 LTIP program \| LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value		22.7
2018 LTIP program \| LTIP Units \| Tranche A
Stock-based incentive plan awards
Grant Date Fair Value		6.1
Grant Date Target Value		6.1
2018 LTIP program \| LTIP Units \| Tranche B
Stock-based incentive plan awards
Grant Date Fair Value		6.1
Grant Date Target Value		$ 6.1
2019 LTIP program \| LTIP Units
Stock-based incentive plan awards
Performance period		3 years
Grant Date Fair Value		$ 9.5
Grant Date Target Value		14.7
2019 LTIP program \| LTIP Units \| Maximum
Stock-based incentive plan awards
Grant Date Target Value		$ 22.1

Commitments and Contingencies - Lease Commitments (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019 USD ($) property	Sep. 30, 2019 USD ($) property
Lease Commitments
Properties subject to ground leases \| property	23	23
Lease Cost
Operating lease cost	$ 7,937	$ 23,045
Variable lease cost	4,183	12,513
Sublease income	(208)	(542)
Total lease cost	11,912	35,016
Lease expense	$ 11,431	34,858
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$ 36,268
Weighted-average remaining lease term - operating leases	35 years 9 months 18 days	35 years 9 months 18 days
Weighted-average discount rate - operating leases	4.87%	4.87%
Operating Lease Liabilities
2019	$ 32,444	$ 32,444
2020	32,438	32,438
2021	32,440	32,440
2022	32,451	32,451
2023	32,583	32,583
Thereafter	941,418	941,418
Future minimum gross lease payments	1,103,774	1,103,774
Impact of discounting	(585,162)	(585,162)
Operating lease liabilities	$ 518,612	$ 518,612

Organization (Details)	Sep. 30, 2019 state property country
U.S. and Puerto Rico
Real Estate Properties
Number of properties	204
Number of U.S. states containing property locations \| state	37
U.S. and Puerto Rico \| Malls
Real Estate Properties
Number of properties	106
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	11
Asia, Europe and Canada \| Premium and Designer Outlets
Real Estate Properties
Number of properties \| state	29
Europe \| Klepierre
Real Estate Properties
Ownership percentage	21.90%
Number of countries \| country	16

Basis of Presentation (Details) - property	9 Months Ended		12 Months Ended
Basis of Presentation (Details) - property	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Real Estate Properties
Total number of joint venture properties	82
Number of joint venture properties managed by the entity	57
Number of International joint venture properties	21
Number of joint venture properties managed by others	25
Simon Property Group, L.P.
Ownership interest:
Ownership interest in the Operating Partnership (as a percent)	86.80%		86.80%
Simon Property Group, L.P. \| Weighted average
Ownership interest:
Ownership interest in the Operating Partnership (as a percent)	86.80%	86.90%
Wholly owned properties
Real Estate Properties
Number of properties	133
Partially owned properties
Real Estate Properties
Number of properties	18

Significant Accounting Policies - Equity Instruments and Investments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity Instruments and Investments
Equity instruments with readily determinable fair value	$ 75,600	$ 78,100
Cumulative effect adjustment			$ 7,264
Equity instruments without readily determinable fair values	295,300	175,700
Debt securities of our captive insurance companies	$ 50,900	$ 40,100
Adjustment \| ASU 2016-01
Equity Instruments and Investments
Cumulative effect adjustment			$ 7,300
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

Significant Accounting Policies - Fair Value Measurements (Details) $ in Millions	Sep. 30, 2019 USD ($) item	Dec. 31, 2018 USD ($)
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	$ 26.8	$ 10.9
Interest rate swap agreements and foreign currency forward contracts, gross liability balance	$ 6.0	$ 6.2

Real Estate Acquisitions and Dispositions (Details) - USD ($) $ in Millions			9 Months Ended
	Sep. 19, 2019	Sep. 25, 2018	Sep. 30, 2018
Hotel
Acquisitions
Ownership interests acquired (as a percent)	50.00%
Consideration for the acquisition	$ 12.8
Hotel \| Mortgage bearing 4.02%
Acquisitions
Fixed mortgage loan	$ 21.5
Fixed rate of interest	4.02%
Outlets at Orange
Acquisitions
Ownership interests acquired (as a percent)		50.00%
Outlets at Orange \| Mortgage Maturing April 1, 2024
Acquisitions
Fixed mortgage loan		$ 215.0
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		475,183
Consideration for the acquisition		$ 84.1
Consolidated properties \| Retail properties \| Disposed of by Sales And Means Other than Sale
Dispositions
Nets gains on disposition			$ 144.9
Consolidated properties \| Retail properties \| Disposed of by Sales And Means Other than Sale \| Non-recourse $200M Mortgage
Dispositions
Non-recourse mortgage			$ 200.0

Summary of Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Significant Accounting Policies
Limited partners' interests in the Operating Partnership	$ 400,716	$ 492,877
Nonredeemable noncontrolling interests in properties, net	6,907	7,398
Total noncontrolling interests reflected in equity	$ 407,623	$ 500,275

Investments in Unconsolidated Entities and International Investments - Real Estate Joint Ventures and Investments (Details) $ in Millions	Sep. 30, 2019 USD ($) property	Dec. 31, 2018 USD ($)
Investment in Unconsolidated Entities
Total number of joint venture properties \| property	82
Construction and other related party loans
Investment in Unconsolidated Entities
Loans to related party \| $	$ 85.7	$ 85.8

Investments in Unconsolidated Entities and International Investments - Asian Joint Ventures (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investment in Unconsolidated Entities
Equity investment	$ 1,614,109	$ 1,769,488
Japan \| Mitsubishi Estate Co., Ltd. \| Premium Outlets
Investment in Unconsolidated Entities
Ownership percentage	40.00%
Equity investment	$ 205,800	232,100
South Korea \| Shinsegae International Co \| Premium Outlets
Investment in Unconsolidated Entities
Ownership percentage	50.00%
Equity investment	$ 167,000	$ 166,300

Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Lease Income (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Lease Income
Fixed-lease income	$ 1,067,381	$ 1,036,512	$ 3,196,202	$ 3,106,318
Variable lease income	241,527	248,162	691,330	704,947
Total lease income	$ 1,308,908	$ 1,284,674	$ 3,887,532	$ 3,811,265

Commitments and Contingencies - Litigation (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Opry Mills, Nashville, TN \| Other income
Insurance
Gain on litigation settlement	$ 68.0

Commitments and Contingencies - Guarantees of Indebtedness (Details) - Joint Venture Mortgage and Indebtedness - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Guarantees of Joint Venture Indebtedness:
Loan guarantee	$ 211.7	$ 216.1
Loan guarantees recoverable	$ 10.8	$ 10.8

Commitments and Contingencies - Concentration of Credit Risk (Details)	9 Months Ended
	Sep. 30, 2019
Consolidated revenues \| Concentration of credit risk \| Maximum
Concentration of Credit Risk
Percentage of consolidated revenues from a single customer or tenant	5.00%

Commitments and Contingencies - Hurricane Impacts (Details) $ in Thousands	3 Months Ended			9 Months Ended		24 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2017 property	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)
Hurricane Impact
Insurance proceeds recorded as business interruption				$ 3,787	$ 16,160
Loss from Catastrophes \| PUERTO RICO \| Wholly owned properties
Hurricane Impact
Number of properties significantly damaged \| property			2
Total insurance proceeds received						$ 70,700
Insurance proceeds received and used for property restoration and remediation						$ 43,600
Loss from Catastrophes \| PUERTO RICO \| Wholly owned properties \| Other income
Hurricane Impact
Insurance proceeds recorded as business interruption	$ 1,600	$ 17,000		$ 9,200	$ 17,000