0001558370-20-013364 | 10-Q | XBRL Viewer | Simon Property Group INC DE

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2020 $ / shares shares
Document Information
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, 2020
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	2020
Document Fiscal Period Focus	Q3
Common stock
Document Information
Title of 12(b) Security	Common stock, $0.0001 par value
Trading Symbol	SPG
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding \| shares	305,945,363
Entity Listing, Par Value Per Share \| $ / shares	$ 0.0001
Class B common stock
Document Information
Entity Common Stock, Shares Outstanding \| shares	8,000
Entity Listing, Par Value Per Share \| $ / shares	$ 0.0001
Series J Preferred stock
Document Information
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.
Document Information
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, 2020
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	2020
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS:
Investment properties, at cost	$ 38,074,281	$ 37,804,495
Less - accumulated depreciation	14,692,374	13,905,776
Investment properties, at cost, net	23,381,907	23,898,719
Cash and cash equivalents	1,082,313	669,373
Tenant receivables and accrued revenue, net	1,452,295	832,151
Investment in unconsolidated entities, at equity	2,449,335	2,371,053
Investment in Klepierre, at equity	1,641,680	1,731,649
Right-of-use assets, net	515,004	514,660
Deferred costs and other assets	1,139,041	1,214,025
Total assets	31,661,575	31,231,630
LIABILITIES:
Mortgages and unsecured indebtedness	25,139,682	24,163,230
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,299,062	1,390,682
Cash distributions and losses in unconsolidated entities, at equity	1,565,642	1,566,294
Dividend/Distribution payable	458,144
Lease liabilities	517,454	516,809
Other liabilities	478,182	464,304
Total liabilities	29,458,166	28,101,319
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	187,193	219,061
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	42,173	42,420
Capital in excess of par value	9,761,978	9,756,073
Accumulated deficit	(5,953,166)	(5,379,952)
Accumulated other comprehensive loss	(180,468)	(118,604)
Common stock held in treasury, at cost, 14,667,884 and 13,574,296 shares, respectively	(1,917,698)	(1,773,571)
Total stockholders' equity	1,752,851	2,526,398
Noncontrolling interests	263,365	384,852
Total equity	2,016,216	2,911,250
Total liabilities and equity	31,661,575	31,231,630
Simon Property Group, L.P.
ASSETS:
Investment properties, at cost	38,074,281	37,804,495
Less - accumulated depreciation	14,692,374	13,905,776
Investment properties, at cost, net	23,381,907	23,898,719
Cash and cash equivalents	1,082,313	669,373
Tenant receivables and accrued revenue, net	1,452,295	832,151
Investment in unconsolidated entities, at equity	2,449,335	2,371,053
Investment in Klepierre, at equity	1,641,680	1,731,649
Right-of-use assets, net	515,004	514,660
Deferred costs and other assets	1,139,041	1,214,025
Total assets	31,661,575	31,231,630
LIABILITIES:
Mortgages and unsecured indebtedness	25,139,682	24,163,230
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,299,062	1,390,682
Cash distributions and losses in unconsolidated entities, at equity	1,565,642	1,566,294
Dividend/Distribution payable	458,144
Lease liabilities	517,454	516,809
Other liabilities	478,182	464,304
Total liabilities	29,458,166	28,101,319
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	187,193	219,061
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	42,173	42,420
General Partner, 305,953,363 and 306,868,960 units outstanding, respectively	1,710,678	2,483,978
Limited Partners, 46,464,797 and 46,740,117 units outstanding, respectively	259,797	378,339
Total partners' equity	2,012,648	2,904,737
Nonredeemable noncontrolling interests in properties, net	3,568	6,513
Total equity	2,016,216	2,911,250
Total liabilities and equity	31,661,575	31,231,630
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, 2020	Dec. 31, 2019
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	14,667,884	13,574,296
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	320,613,247	320,435,256
Common stock, shares outstanding	320,613,247	320,435,256
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	305,953,363	306,868,960
Limited Partners, units outstanding	46,464,797	46,740,117

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
REVENUE:
Lease income	$ 993,831	$ 1,308,908	$ 3,269,572	$ 3,887,532
Management fees and other revenues	21,345	27,976	71,545	83,768
Other income	45,498	79,670	134,957	295,274
Total revenue	1,060,674	1,416,554	3,476,074	4,266,574
EXPENSES:
Property operating	91,236	121,735	267,479	339,404
Depreciation and amortization	333,755	334,944	986,157	1,016,193
Real estate taxes	112,311	118,031	347,075	349,404
Repairs and maintenance	18,971	23,979	57,482	73,752
Advertising and promotion	14,751	36,583	60,967	109,128
Home and regional office costs	39,960	45,865	130,420	144,892
General and administrative	3,016	8,032	17,206	27,528
Other	42,650	22,083	99,527	75,318
Total operating expenses	656,650	711,252	1,966,313	2,135,619
OPERATING INCOME BEFORE OTHER ITEMS	404,024	705,302	1,509,761	2,130,955
Interest expense	(201,858)	(202,382)	(586,545)	(599,541)
Income and other tax (expense) benefit	(2,779)	(6,197)	3,065	(23,309)
Income from unconsolidated entities	61,823	119,706	156,610	316,691
Unrealized (losses) gains in fair value of equity instruments	(1,279)	2,154	(20,125)	(4,846)
(Loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(91,285)	10,141	(98,168)	12,822
CONSOLIDATED NET INCOME	168,646	628,724	964,598	1,832,772
Net (loss) income attributable to noncontrolling interests	21,886	83,636	124,351	242,216
Preferred dividends	834	834	2,503	2,503
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS OR UNITHOLDERS	$ 145,926	$ 544,254	$ 837,744	$ 1,588,053
BASIC AND DILUTED EARNINGS PER COMMON SHARE OR UNIT:
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 0.48	$ 1.77	$ 2.74	$ 5.15
Consolidated Net Income	$ 168,646	$ 628,724	$ 964,598	$ 1,832,772
Unrealized (loss) gain on derivative hedge agreements	(49,175)	12,907	(51,034)	15,227
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(477)	1,087	(1,435)	3,261
Currency translation adjustments	20,525	(6,288)	(18,983)	(14,656)
Changes in available-for-sale securities and other	(27)	468	245	1,151
Comprehensive income	139,492	636,898	893,391	1,837,755
Comprehensive income attributable to noncontrolling interests	18,074	84,662	115,008	242,778
Comprehensive income attributable to common stockholders or unitholders	121,418	552,236	778,383	1,594,977
Simon Property Group, L.P.
REVENUE:
Lease income	993,831	1,308,908	3,269,572	3,887,532
Management fees and other revenues	21,345	27,976	71,545	83,768
Other income	45,498	79,670	134,957	295,274
Total revenue	1,060,674	1,416,554	3,476,074	4,266,574
EXPENSES:
Property operating	91,236	121,735	267,479	339,404
Depreciation and amortization	333,755	334,944	986,157	1,016,193
Real estate taxes	112,311	118,031	347,075	349,404
Repairs and maintenance	18,971	23,979	57,482	73,752
Advertising and promotion	14,751	36,583	60,967	109,128
Home and regional office costs	39,960	45,865	130,420	144,892
General and administrative	3,016	8,032	17,206	27,528
Other	42,650	22,083	99,527	75,318
Total operating expenses	656,650	711,252	1,966,313	2,135,619
OPERATING INCOME BEFORE OTHER ITEMS	404,024	705,302	1,509,761	2,130,955
Interest expense	(201,858)	(202,382)	(586,545)	(599,541)
Income and other tax (expense) benefit	(2,779)	(6,197)	3,065	(23,309)
Income from unconsolidated entities	61,823	119,706	156,610	316,691
Unrealized (losses) gains in fair value of equity instruments	(1,279)	2,154	(20,125)	(4,846)
(Loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(91,285)	10,141	(98,168)	12,822
CONSOLIDATED NET INCOME	168,646	628,724	964,598	1,832,772
Net (loss) income attributable to noncontrolling interests	(753)	337	(4,551)	(181)
Preferred dividends	1,313	1,313	3,939	3,939
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS OR UNITHOLDERS	168,086	627,074	965,210	1,829,014
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	145,928	544,254	837,744	1,588,053
Limited Partners	$ 22,158	$ 82,820	$ 127,466	$ 240,961
BASIC AND DILUTED EARNINGS PER COMMON SHARE OR UNIT:
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 0.48	$ 1.77	$ 2.74	$ 5.15
Consolidated Net Income	$ 168,646	$ 628,724	$ 964,598	$ 1,832,772
Unrealized (loss) gain on derivative hedge agreements	(49,175)	12,907	(51,034)	15,227
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(477)	1,087	(1,435)	3,261
Currency translation adjustments	20,525	(6,288)	(18,983)	(14,656)
Changes in available-for-sale securities and other	(27)	468	245	1,151
Comprehensive income	139,492	636,898	893,391	1,837,755
Comprehensive income attributable to noncontrolling interests	(246)	333	483	907
Comprehensive income attributable to common stockholders or unitholders	$ 139,738	$ 636,565	$ 892,908	$ 1,836,848

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 964,598	$ 1,832,772
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	1,017,517	1,055,107
Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	98,168	(12,822)
Unrealized losses in fair value of equity instruments	20,125	4,846
Straight-line lease loss (income)	6,539	(49,680)
Equity in income of unconsolidated entities	(156,610)	(316,691)
Distributions of income from unconsolidated entities	152,712	334,625
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	(625,107)	25,720
Deferred costs and other assets	(87,027)	(33,340)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	40,706	7,659
Net cash provided by operating activities	1,431,621	2,848,196
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(107,797)	(12,800)
Funding of loans to related parties	(6,393)
Capital expenditures, net	(396,004)	(622,687)
Cash impact from the consolidation of properties		1,045
Net proceeds from sale of assets		6,776
Investments in unconsolidated entities	(172,598)	(42,353)
Purchase of equity instruments	(30,427)	(134,372)
Proceeds from sales of equity instruments	30,000
Insurance proceeds for property restoration	8,746	3,787
Distributions of capital from unconsolidated entities and other	214,389	214,541
Net cash used in investing activities	(460,084)	(586,063)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other, net of transaction costs	(247)	(246)
Purchase of shares related to stock grant recipients' tax withholdings	(854)	(2,955)
Redemption of limited partner units	(16,087)	(4,549)
Purchase of treasury stock	(152,589)	(359,773)
Distributions to noncontrolling interest holders in properties	(5,766)	(5,931)
Contributions from noncontrolling interest holders in properties	28	106
Preferred distributions of the Operating Partnership	(1,436)	(1,436)
Distributions to stockholders and preferred dividends	(1,044,591)	(1,913,666)
Distributions to limited partners	(158,650)	(290,262)
Proceeds from issuance of debt, net of transaction costs	11,363,272	10,893,698
Repayments of debt	(10,541,677)	(7,444,224)
Net cash (used in) provided by financing activities	(558,597)	870,762
INCREASE IN CASH AND CASH EQUIVALENTS	412,940	3,132,895
CASH AND CASH EQUIVALENTS, beginning of period	669,373	514,335
CASH AND CASH EQUIVALENTS, end of period	1,082,313	3,647,230
Simon Property Group, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	964,598	1,832,772
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	1,017,517	1,055,107
Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	98,168	(12,822)
Unrealized losses in fair value of equity instruments	20,125	4,846
Straight-line lease loss (income)	6,539	(49,680)
Equity in income of unconsolidated entities	(156,610)	(316,691)
Distributions of income from unconsolidated entities	152,712	334,625
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	(625,107)	25,720
Deferred costs and other assets	(87,027)	(33,340)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	40,706	7,659
Net cash provided by operating activities	1,431,621	2,848,196
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(107,797)	(12,800)
Funding of loans to related parties	(6,393)
Capital expenditures, net	(396,004)	(622,687)
Cash impact from the consolidation of properties		1,045
Net proceeds from sale of assets		6,776
Investments in unconsolidated entities	(172,598)	(42,353)
Purchase of equity instruments	(30,427)	(134,372)
Proceeds from sales of equity instruments	30,000
Insurance proceeds for property restoration	8,746	3,787
Distributions of capital from unconsolidated entities and other	214,389	214,541
Net cash used in investing activities	(460,084)	(586,063)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other, net of transaction costs	(247)	(246)
Purchase of shares related to stock grant recipients' tax withholdings	(854)	(2,955)
Redemption of limited partner units	(16,087)	(4,549)
Purchase of general partner units	(152,589)	(359,773)
Distributions to noncontrolling interest holders in properties	(5,766)	(5,931)
Contributions from noncontrolling interest holders in properties	28	106
Preferred distributions of the Operating Partnership	(1,204,677)	(2,205,364)
Proceeds from issuance of debt, net of transaction costs	11,363,272	10,893,698
Repayments of debt	(10,541,677)	(7,444,224)
Net cash (used in) provided by financing activities	(558,597)	870,762
INCREASE IN CASH AND CASH EQUIVALENTS	412,940	3,132,895
CASH AND CASH EQUIVALENTS, beginning of period	669,373	514,335
CASH AND CASH EQUIVALENTS, end of period	$ 1,082,313	$ 3,647,230

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
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									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	(127)	(8)			(135)				(127)			(8)	(135)
Amortization of stock incentive	1,309				1,309				1,309				1,309
Treasury stock purchase											(7,628)		(7,628)
Treasury unit purchase	(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 (loss) gain on derivative hedge agreements	8,115	1,227			9,342			8,115				1,227	9,342
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
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	945	143			1,088			945				143	1,088
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 preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable 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 (loss) gain on derivative hedge agreements					15,227								15,227
Currency translation adjustments					(14,656)								(14,656)
Changes in available-for-sale securities and other					1,151								1,151
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings					3,261								3,261
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									(16,340)		16,340
Amortization of stock incentive	5,098				5,098				5,098				5,098
Treasury stock purchase											(173,630)		(173,630)
Treasury unit purchase	(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 (loss) gain on derivative hedge agreements	(6,113)	(909)			(7,022)			(6,113)				(909)	(7,022)
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
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	942	144			1,086			942				144	1,086
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 preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable 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									(249)		249
Redemption of limited partner units	(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											(178,515)		(178,515)
Treasury unit purchase	(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 (loss) gain on derivative hedge agreements	11,186	1,721			12,907			11,186				1,721	12,907
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
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	943	144			1,087			943				144	1,087
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 preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable 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
Balance at Dec. 31, 2019						42,420	32	(118,604)	9,756,073	(5,379,952)	(1,773,571)	384,852	2,911,250
Balance at Dec. 31, 2019	2,483,978	378,339	42,420	6,513	2,911,250
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units									1,076			(1,076)
Series J preferred stock premium amortization			(82)		(82)	(82)							(82)
Limited partner units exchanged to common units	1,076	(1,076)
Redemption of limited partner units	(15,127)	(940)			(16,067)				(15,127)			(940)	(16,067)
Amortization of stock incentive	1,891				1,891				1,891				1,891
Treasury stock purchase											(152,589)		(152,589)
Treasury unit purchase	(152,589)				(152,589)
Long-term incentive performance units		4,987			4,987							4,987	4,987
Issuance of unit equivalents and other	3,316			26	3,342				29	3,287		26	3,342
Unrealized (loss) gain on derivative hedge agreements	19,510	2,963			22,473			19,510				2,963	22,473
Currency translation adjustments	(20,505)	(3,099)			(23,604)			(20,505)				(3,099)	(23,604)
Changes in available-for-sale securities and other	715	109			824			715				109	824
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(417)	(63)			(480)			(417)				(63)	(480)
Other comprehensive income	(697)	(90)			(787)			(697)				(90)	(787)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	24,233	(24,233)							24,233			(24,233)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(645,259)		(98,099)	(743,358)
Distributions to other noncontrolling interest partners												(3,167)	(3,167)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(644,425)	(98,099)	(834)	(3,167)	(746,525)
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties	437,605	66,658	834	436	505,533					438,439		67,094	505,533
Balance at Mar. 31, 2020						42,338	32	(119,301)	9,768,175	(5,583,485)	(1,926,160)	329,354	2,510,953
Balance at Mar. 31, 2020	2,139,261	325,546	42,338	3,808	2,510,953
Balance at Dec. 31, 2019						42,420	32	(118,604)	9,756,073	(5,379,952)	(1,773,571)	384,852	2,911,250
Balance at Dec. 31, 2019	2,483,978	378,339	42,420	6,513	2,911,250
Increase (Decrease) in Stockholders' Equity
Unrealized (loss) gain on derivative hedge agreements					(51,034)								(51,034)
Currency translation adjustments					(18,983)								(18,983)
Changes in available-for-sale securities and other					245								245
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings					(1,435)								(1,435)
Balance at Sep. 30, 2020						42,173	32	(180,468)	9,761,978	(5,953,166)	(1,917,698)	263,365	2,016,216
Balance at Sep. 30, 2020	1,710,678	259,797	42,173	3,568	2,016,216
Balance at Mar. 31, 2020						42,338	32	(119,301)	9,768,175	(5,583,485)	(1,926,160)	329,354	2,510,953
Balance at Mar. 31, 2020	2,139,261	325,546	42,338	3,808	2,510,953
Increase (Decrease) in Stockholders' Equity
Series J preferred stock premium amortization			(82)		(82)	(82)							(82)
Stock incentive program									(9,317)		9,317
Amortization of stock incentive	4,969				4,969				4,969				4,969
Long-term incentive performance units		3,229			3,229							3,229	3,229
Issuance of unit equivalents and other	22,899	(2)			22,897				1	23,753	(855)	(2)	22,897
Unrealized (loss) gain on derivative hedge agreements	(21,116)	(3,216)			(24,332)			(21,116)				(3,216)	(24,332)
Currency translation adjustments	(13,815)	(2,088)			(15,903)			(13,815)				(2,088)	(15,903)
Changes in available-for-sale securities and other	(479)	(73)			(552)			(479)				(73)	(552)
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(415)	(63)			(478)			(415)				(63)	(478)
Other comprehensive income	(35,825)	(5,440)			(41,265)			(35,825)				(5,440)	(41,265)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	(769)	769							(769)			769
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(398,499)		(60,510)	(459,009)
Distributions to other noncontrolling interest partners												(244)	(244)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(397,664)	(60,510)	(835)	(244)	(459,253)
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties	254,213	38,650	835	293	293,991					255,048		38,943	293,991
Balance at Jun. 30, 2020						42,256	32	(155,126)	9,763,059	(5,703,183)	(1,917,698)	306,099	2,335,439
Balance at Jun. 30, 2020	1,987,084	302,242	42,256	3,857	2,335,439
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units									403			(403)
Series J preferred stock premium amortization			(83)		(83)	(83)							(83)
Limited partner units exchanged to common units	403	(403)
Redemption of limited partner units	(36)	16			(20)				(36)			16	(20)
Amortization of stock incentive	2,594				2,594				2,594				2,594
Long-term incentive performance units		(4,004)			(4,004)							(4,004)	(4,004)
Issuance of unit equivalents and other	1,831	5			1,836				1	1,830		5	1,836
Unrealized (loss) gain on derivative hedge agreements	(42,683)	(6,492)			(49,175)			(42,683)				(6,492)	(49,175)
Currency translation adjustments	17,778	2,746			20,525			17,778				2,746	20,525
Changes in available-for-sale securities and other	(23)	(4)			(27)			(23)				(4)	(27)
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings	(414)	(63)			(477)			(414)				(63)	(477)
Other comprehensive income	(25,342)	(3,813)			(29,155)			(25,342)				(3,813)	(29,155)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	(4,043)	4,043							(4,043)			4,043
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(398,573)		(60,447)	(459,020)
Distributions to other noncontrolling interest partners												(43)	(43)
Distributions to limited partners, excluding preferred interests classified as temporary equity	(397,739)	(60,447)	(834)	(43)	(459,063)
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties	145,926	22,158	834	(246)	168,672					146,760		21,912	168,672
Balance at Sep. 30, 2020						$ 42,173	$ 32	$ (180,468)	$ 9,761,978	$ (5,953,166)	$ (1,917,698)	$ 263,365	$ 2,016,216
Balance at Sep. 30, 2020	$ 1,710,678	$ 259,797	$ 42,173	$ 3,568	$ 2,016,216

Consolidated Statements of Equity (Parenthetical) - USD ($)	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Exchange of limited partner units, (in shares)	61,968		132,946			24,000
Stock incentive program, units, net - shares forfeited	3,825		1,081
Stock incentive program, shares, net		155,610		1,534	89,368
Redemption of Limited Partner Units	586		116,072	27,214		774
Treasury stock purchase, shares			1,245,654	1,154,117	1,046,580	46,377
Shares repurchased		15,561			14,853	1,483
Net income attributable to preferred interests in the Operating Partnership (in dollars)	$ 479,000	$ 478,000	$ 479,000	$ 479,000	$ 478,000	$ 479,000
Net loss (gain) attributable to noncontrolling redeemable interests in properties (in dollars)	$ 505,000	$ 3,921,000	$ 608,000	$ (5,000)	$ 28,000	$ 1,065,000
Simon Property Group, L.P.
Limited partner units exchanged to common units	61,968		132,946			24,000
Stock incentive program, units, net - shares forfeited	3,825		1,081
Stock incentive program, units, net		155,610		1,534	89,368
Redemption of Limited Partner Units	586		116,072	27,214		774
Treasury unit purchase, units			1,245,654	1,154,117	1,046,580	46,377
Issuance of equivalents units	632	1,264			14,853
Issuance of common units		$ 15,561	$ 38,148			$ 1,483
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars)	$ 479,000	478,000	479,000	$ 479,000	$ 478,000	479,000
Net loss (gain) attributable to noncontrolling redeemable interests in properties (in dollars)	$ 505,000	$ 3,921,000	$ 608,000	$ (5,000)	$ 28,000	$ 1,065,000

Significant Accounting Policies

9 Months Ended

Sep. 30, 2020

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 equity instruments, our deferred compensation plan investments, the debt securities of our captive insurance subsidiary, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At September 30, 2020 and December 31, 2019, we had equity instruments with readily determinable fair values of $38.7 million and $68.2 million, respectively. Changes in the fair value of these equity instruments are recorded in earnings. 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 (losses) gains in fair value of equity instruments in our consolidated statements of operations and comprehensive income. Non-cash mark-to-market adjustments related to other non-real estate securities with readily determinable fair values for the three and nine months ended September 30, 2020 and 2019 were nil in each period. At September 30, 2020 and December 31, 2019, we had equity instruments without readily determinable fair values of $306.0 million and $295.4 million, respectively, for which we have elected the measurement alternative. We regularly evaluate these investments for any impairment in their estimated fair value, as well as any observable price changes for an identical or similar equity instrument of the same issuer, and determined that no material adjustment in the carrying value was required for the three or nine months ended September 30, 2020 and 2019.

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, 2020 and December 31, 2019, we held debt securities of $38.0 million and $52.8 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, 2020 and December 31, 2019 were primarily classified as having Level 1 and Level 2 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs, which consist primarily of foreign currency forward contracts and interest rate swap agreements with a gross asset balance of $10.4 million and $17.5 million at September 30, 2020 and December 31, 2019, respectively, and a gross liability balance of $18.3 million and $3.8 million at September 30, 2020 and December 31, 2019, 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,
	2020		2019
Limited partners’ interests in the Operating Partnership	$	259,797	$	378,339
Nonredeemable noncontrolling interests in properties, net		3,568		6,513
Total noncontrolling interests reflected in equity	$	263,365	$	384,852

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 total accumulated other comprehensive income (loss) related to Simon’s currency translation adjustment was ($176.9) million and ($160.4) million as of September 30, 2020 and December 31, 2019, respectively.

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


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019		Affected line item where net income is presented
Accumulated derivative gains (losses), net	$	477	$	(1,087)	$	1,435	$	(3,261)	Interest expense
		(63)		144		(189)		431	Net income attributable to noncontrolling interests
	$	414	$	(943)	$	1,246	$	(2,830)

The Operating Partnership

The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($203.8) million and ($184.8) million as of September 30, 2020 and December 31, 2019, respectively.

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

For the Three Months Ended

For the Nine Months Ended

September 30,

2020

2019

2020

2019

Affected line item where net income is presented

Accumulated derivative gains (losses), net

477

(1,087)

1,435

(3,261)

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. We have no credit-risk-related hedging or derivative activities.

As of September 30, 2020 and December 31, 2019, 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, 2020 and December 31, 2019.

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

The unamortized gain on our treasury locks and terminated hedges recorded in accumulated other comprehensive income (loss) was $9.1 million as of September 30, 2020, compared to an unamortized gain of $10.6 million as of December 31, 2019. Within the next year, we expect to reclassify to earnings approximately $1.0 million of gains related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss).

We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposures, with gains and losses on the derivative contracts hedging these exposures. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes.

We 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, 2020 and December 31, 2019 (in millions):


			Asset (Liability) Value as of
			September 30,		December 31,
Notional Value		Maturity Date	2020		2019
€	50.0	March 20, 2020		—		(0.5)
€	50.0	March 20, 2020		—		(0.5)
€	50.0	March 20, 2020		—		(0.5)
€	50.0	May 15, 2020		—		1.5
€	100.0	June 18, 2020		—		(0.6)
€	90.0	June 18, 2020		—		(0.5)
€	50.0	December 18, 2020		(2.1)		—
€	100.0	December 18, 2020		(3.4)		(0.6)
€	100.0	December 18, 2020		(3.4)		(0.6)
€	100.0	March 24, 2021		0.8		—
€	100.0	March 24, 2021		0.9		—
€	50.0	March 24, 2021		0.1		—
€	50.0	March 24, 2021		0.1		—
€	50.0	May 14, 2021		0.1		—
€	50.0	May 14, 2021		0.1		—
€	41.0	May 14, 2021		0.1		—
€	20.0	May 14, 2021		(0.8)		—
€	50.0	May 14, 2021		0.2		1.3
€	50.0	May 14, 2021		(4.0)		—
€	30.0	May 14, 2021		(1.1)		—
€	60.0	December 20, 2021		(1.4)		—
€	60.0	December 20, 2021		(1.3)		—
€	30.0	December 20, 2021		(0.8)		—

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, 2020 and December 31, 2019 was $8.0 million and $14.7 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 investments.

The total accumulated other comprehensive income (loss) related to Simon’s derivative activities, including our share of other comprehensive income (loss) from unconsolidated entities, was ($4.3) million and $41.2 million as of September 30, 2020 and December 31, 2019, respectively. The total accumulated other comprehensive income (loss) related to the Operating

Partnership’s derivative activities, including our share of other comprehensive income (loss) from unconsolidated entities, was ($5.0) million and $47.5 million as of September 30, 2020 and December 31, 2019, respectively.

New Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 was effective for us as of January 1, 2020. There was no impact on our consolidated financial statements at adoption.

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform,” which provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance is effective upon issuance and generally can be applied to any contract modifications or existing and new hedging relationships through December 31, 2022. We are currently evaluating the impact that the expected market transition from LIBOR to alternative references rates will have on our financial statements as well as the applicability of the aforementioned expedients and exceptions provided in ASU 2020-04.

Investment in Unconsolidated Entities and International Investments

9 Months Ended

Sep. 30, 2020

Investments in Unconsolidated Entities and International Investments

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 84 properties as of September 30, 2020.

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 venture properties primarily in the form of interest bearing construction loans. As of September 30, 2020 and December 31, 2019, we had construction loans and other advances to these related parties totaling $86.4 million and $78.4 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets.

Unconsolidated Entity Transactions

In the third quarter of 2020, we recorded an other-than-temporary impairment charge of $55.2 million, representing our equity method investment balance in three joint venture properties, which is included in (loss) 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 February 19, 2020, we and a group of co-investors acquired certain assets and liabilities of Forever 21, 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. Our noncontrolling interest in each of the retail operations venture and in the licensing venture is 37.5%. Our aggregate investment in the ventures was $67.6 million. In connection with the acquisition of our interest, the Forever 21 joint venture recorded a non-cash bargain purchase gain in the second quarter of which our share of $35.0 million pre-tax is included in income from unconsolidated entities in the consolidated statement of operations and comprehensive income.

On June 10, 2020, we exercised our contractual right to terminate the February 10, 2020, Agreement and Plan of Merger, or the Merger Agreement, with Taubman Centers, Inc., or TCO, a publicly held Michigan corporation. We also filed an action in the Circuit Court for the 6th Judicial Circuit of Oakland County, Michigan against Taubman Centers, Inc. and The Taubman Realty Group Limited Partnership (collectively, Taubman) requesting a declaration that Taubman had suffered a Material Adverse Event under the Merger Agreement and had breached covenants and representations in the Merger Agreement. Taubman subsequently filed a counterclaim seeking specific performance of the Merger Agreement and, in the alternative, damages.

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 RGG to create a new multi-platform venture dedicated to digital value shopping. We attributed substantially all of our investment to goodwill and certain amortizing and non-amortizing intangibles.

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.

As of September 30, 2020 and December 31, 2019, we had an 11.7% legal noncontrolling equity interest in HBS, a joint venture we formed with Hudson’s Bay Company. In the third quarter of 2020, we recorded an other-than-temporary impairment charge of $36.1 million, which is included in (loss) 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, to reduce our investment in HBS to its estimated fair value. Our share of net income (loss), net of amortization of our excess investment, prior to the impairment charge was $0.9 million and ($5.2) million for the three months ended September 30, 2020 and 2019, respectively, and $1.9 million and ($13.3) million for the nine months ended September 30, 2020 and 2019, respectively.

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, and subsequently renamed SPARC Group. 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. In January 2020, we acquired additional interests of 5.05% and 1.37% in SPARC Group and ABG, respectively, for $6.7 million and $33.5 million, respectively. During the third quarter of 2020, SPARC acquired certain assets and operations of Brooks Brothers

and Lucky Brands out of bankruptcy. At September 30, 2020, our noncontrolling equity method interests in the operations venture of SPARC Group and in ABG were 50.0% and 6.8%, respectively.

European Investments

At September 30, 2020, we owned 63,924,148 shares, or approximately 22.4%, of Klépierre, which had a quoted market price of $14.06 per share, which is below our carrying value. We have evaluated this investment and believe that the impairment is not other-than-temporary. Our share of net income, net of amortization of our excess investment, was $4.3 million and $35.4 million for the three months ended September 30, 2020 and 2019, respectively, and $13.7 million and $74.4 million for the nine months ended September 30, 2020 and 2019, respectively. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre’s results to GAAP, Klépierre’s total revenues, operating income before other items and consolidated net income were approximately $882.0 million, $195.2 million and $123.2 million, respectively, for the nine months ended September 30, 2020 and $1.1 billion, $481.0 million and $415.9 million, respectively, for the nine months ended September 30, 2019.

During the nine months ended September 30, 2020, we recorded a $7.8 million net loss related to the impairment and disposition of certain assets of Klépierre. During the nine months ended September 30, 2019, Klépierre completed the disposal of its interests in certain shopping centers and we recorded a gain of $12.8 million. These transactions are included in (loss) 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 ten Designer Outlet properties as of September 30, 2020 and nine Designer Outlet properties as of December 31, 2019, in each case, six of which are consolidated by us. As of September 30, 2020, 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, 2020 and December 31, 2019, 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 $203.9 million and $212.1 million as of September 30, 2020 and December 31, 2019, 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 $176.4 million and $173.9 million as of September 30, 2020 and December 31, 2019, respectively, including all related components of accumulated other comprehensive income (loss).

Summary Financial Information

A summary of the combined balance sheets and statements of operations of our equity method investments and share of income from such investments, excluding Klépierre, ABG, HBS, RGG, Forever 21, and SPARC Group as follows.

COMBINED BALANCE SHEETS


	September 30,		December 31,
	2020		2019
Assets:
Investment properties, at cost	$	19,841,675	$	19,525,665
Less - accumulated depreciation		7,802,948		7,407,627
		12,038,727		12,118,038
Cash and cash equivalents		973,669		1,015,864
Tenant receivables and accrued revenue, net		808,702		510,157
Right-of-use assets, net		181,713		185,302
Deferred costs and other assets		391,025		384,663
Total assets	$	14,393,836	$	14,214,024
Liabilities and Partners’ Deficit:
Mortgages	$	15,505,554	$	15,391,781
Accounts payable, accrued expenses, intangibles, and deferred revenue		909,616		977,112
Lease liabilities		184,473		186,594
Other liabilities		407,147		338,412
Total liabilities		17,006,790		16,893,899
Preferred units		67,450		67,450
Partners’ deficit		(2,680,404)		(2,747,325)
Total liabilities and partners’ deficit	$	14,393,836	$	14,214,024
Our Share of:
Partners’ deficit	$	(1,154,758)	$	(1,196,926)
Add: Excess Investment		1,414,067		1,525,903
Our net Investment in unconsolidated entities, at equity	$	259,309	$	328,977

“Excess Investment” represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures or other investments acquired and has been determined to relate to the fair value of the investment properties, intangible assets, including goodwill, 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,
	2020		2019		2020		2019
REVENUE:
Lease income	$	601,522	$	766,740	$	1,919,618	$	2,285,848
Other income		94,630		79,025		215,349		234,337
Total revenue		696,152		845,765		2,134,967		2,520,185
OPERATING EXPENSES:
Property operating		129,024		149,759		383,363		434,742
Depreciation and amortization		175,716		171,407		512,705		512,070
Real estate taxes		68,464		64,172		197,487		200,698
Repairs and maintenance		16,457		20,729		49,661		61,938
Advertising and promotion		9,901		19,831		42,669		63,852
Other		41,857		45,747		107,822		142,806
Total operating expenses		441,419		471,645		1,293,707		1,416,106
Operating Income Before Other Items		254,733		374,120		841,260		1,104,079
Interest expense		(154,579)		(159,971)		(463,629)		(473,914)
Gain on sale or disposal of assets and interests in unconsolidated entities, net		—		—		—		21,587
Net Income	$	100,154	$	214,149	$	377,631	$	651,752
Third-Party Investors’ Share of Net Income	$	46,785	$	108,792	$	193,633	$	332,078
Our Share of Net Income		53,369		105,357		183,998		319,674
Amortization of Excess Investment		(20,543)		(20,846)		(62,144)		(62,413)
Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements		—		—		—		(9,156)
Income from Unconsolidated Entities	$	32,826	$	84,511	$	121,854	$	248,105

Our share of income from unconsolidated entities in the above table, aggregated with our share of the results of Klépierre, ABG, HBS, RGG, Forever 21, and SPARC Group is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Unless otherwise noted, our share of the gain on sale or disposal of assets and interests in unconsolidated entities, net is reflected within (loss) 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, 2020

Debt

Debt

7. Debt

Unsecured Debt

At September 30, 2020, our unsecured debt consisted of $17.0 billion of senior unsecured notes of the Operating Partnership, $625.0 million outstanding under the Operating Partnership’s $4.0 billion unsecured revolving credit facility, or Credit Facility, and $622.7 million outstanding under the Operating Partnership’s global unsecured commercial paper note program, or Commercial Paper program.

On March 16, 2020, the Operating Partnership replaced in its entirety its existing $4.0 billion unsecured revolving credit facility by entering into an unsecured credit facility comprised of (i) an amendment and extension of the Credit Facility and (ii) a $2.0 billion delayed-draw term loan facility, or Term Facility, or together with the Credit Facility and the Operating Partnership’s $3.5 billion unsecured revolving credit facility, or Supplemental Facility, the Facilities. The Credit Facility and the Term Facility can be increased in the form of either additional commitments under the Credit Facility or incremental term loans under the Term Facility in an aggregate amount for all such increases not to exceed $1.0 billion, for a total aggregate size of $7.0 billion, in each case, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent. Borrowings may be 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 Term Facility and Credit Facility are June 30, 2022 and June 30, 2024, respectively. Each of the Term Facility and Credit Facility can be extended for two additional six-month periods to June 30, 2023 and June 30, 2025, respectively, at our sole option, subject to satisfying certain customary conditions precedent. The Term Facility is available via a single draw during the nine-month period following March 16, 2020.

Borrowings under the Credit Facility bear interest, at the Operating Partnership’s election, at either (i) LIBOR plus a margin determined by the Operating Partnership’s corporate credit rating of between 0.650% and 1.400% or (ii) the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or LIBOR plus 1.000%) (the “Base Rate”), plus a margin determined by the Operating Partnership’s corporate credit rating of between 0.000% and 0.400%. The Credit Facility includes a facility fee determined by the Operating Partnership’s corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Credit Facility. The Credit Facility contains a money market competitive bid option program that allows the Operating Partnership to hold auctions to achieve lower pricing for short-term borrowings. Borrowings under the Term Facility bear interest, at the Operating Partnership’s election, at either (i) LIBOR plus a margin determined based on the Operating Partnership’s corporate credit rating of between 0.725% and 1.600% or (ii) the base rate (equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or LIBOR plus 1.000%) plus a margin determined by the Operating Partnership’s corporate credit rating of between 0.000% and 0.600%. The Term Facility includes a ticking fee equal to 0.100% of the unused term loan commitment under the Term Facility, which ticking fee shall commence accruing on the date that is forty-five days after the closing of the Term Facility.

The Supplemental Facility’s initial borrowing capacity of $3.5 billion may be increased to $4.5 billion during its term and provides for borrowings denominated in U.S. dollars, Euro, Yen, Sterling, Canadian dollars and Australian dollars. The initial maturity date of the Supplemental Facility is 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.

At September 30, 2020, we had an aggregate available borrowing capacity of $8.2 billion under the Facilities. The maximum aggregate outstanding balance under the Facilities during the nine months ended September 30, 2020 was $3.9 billion and the weighted average outstanding balance was $2.0 billion. Letters of credit of $12.3 million were outstanding under the Facilities as of September 30, 2020.

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 are 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, 2020, we had $622.7 million outstanding under the Commercial Paper program, fully comprised of U.S. dollar-denominated notes with a weighted average interest rate of 0.19%. These borrowings have a weighted average maturity date of November 21, 2020 and reduce amounts otherwise available under the Facilities.

On July 9, 2020, the Operating Partnership completed the issuance of the following senior unsecured notes: $500.0 million with a fixed interest rate of 3.500%, $750 million with a fixed interest rate of 2.650%, and $750 million with a fixed interest rate of 3.800%, with maturity dates of September 2025 (the “2025” Notes”), June 2030, and June 2050, respectively. The 2025 Notes were issued as additional notes under an indenture pursuant to which the Operating Partnership previously issued $600 million principal amount of 3.500% senior notes due September 2025 on August 17, 2015. Proceeds from the unsecured notes offering funded the optional redemption at par of senior unsecured notes in July and August 2020, as discussed below, and repaid a portion of the indebtedness under the Facilities.

On July 10, 2020 the Operating Partnership repaid $1.75 billion under the Credit Facility and $750.0 million under the Supplemental Facility.

On July 22, 2020, the Operating Partnership completed the optional redemption at par of its $500 million 2.500% notes due September 1, 2020.

On August 6, 2020 the Operating Partnership completed the optional redemption at par of its €375 million 2.375% notes due October 2, 2020.

Mortgage Debt

Total mortgage indebtedness was $6.9 billion at September 30, 2020 and December 31, 2019.

Covenants

Our unsecured debt agreements contain financial covenants and other non-financial covenants. The Facilities contain ongoing covenants relating to total and secured leverage to capitalization value, minimum earnings before interest, taxes, depreciation, and amortization, or EBITDA, and unencumbered EBITDA coverage requirements. Payment under the Facilities can be accelerated if the Operating Partnership or Simon is subject to bankruptcy proceedings or upon the occurrence of certain other events. 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, 2020, we were in compliance with all covenants of our unsecured debt.

At September 30, 2020, our consolidated subsidiaries were the borrowers under 46 non-recourse mortgage notes secured by mortgages on 50 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, 2020, 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 $23.7 billion and $23.2 billion as of September 30, 2020 and December 31, 2019, respectively. The fair values of these financial instruments and the related discount rate assumptions as of September 30, 2020 and December 31, 2019 are summarized as follows:


	September 30,			December 31,
	2020			2019
Fair value of consolidated fixed rate mortgages and unsecured indebtedness	$	25,018		$	23,231
Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages		2.33	%		3.75	%
Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness		2.53	%		3.67	%

Equity

9 Months Ended

Sep. 30, 2020

Equity

Equity

8. Equity

During the nine months ended September 30, 2020, Simon issued 194,914 shares of common stock to six limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. During the nine months ended September 30, 2020, the Operating Partnership redeemed 116,658 units from four limited partners for $16.1 million. These transactions increased Simon’s ownership interest in the Operating Partnership.

On February 13, 2017, Simon’s Board of Directors authorized a two-year extension of the previously authorized $2.0 billion common stock repurchase plan through March 31, 2019. 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, 2020, Simon purchased 1,245,654 shares at an average price of $122.50 per share. 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 per share were purchased 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 $1.30 per share in the third quarter of 2020 and $3.40 per share for the nine months ended September 30, 2020. We paid a common stock dividend of $2.10 per share for the three months ended September 30, 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. On September 29, 2020, Simon’s Board of Directors declared a quarterly cash dividend for the third quarter of 2020 of $1.30 per share, payable on October 23, 2020 to shareholders of record on October 9, 2020. 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, 2020 and December 31, 2019. 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,
	2020		2019
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		161,656		193,524
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$	187,193	$	219,061

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,
	2020		2019
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		161,656		193,524
Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties	$	187,193	$	219,061

Stock Based Compensation

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

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

The grant date fair value of the portion of the LTIP units based on achieving the target FFO performance criteria is $6.1 million for the Tranche A LTIP units and the Tranche B LTIP units, for a total of $12.1 million. The 2018 LTIP program provides that the value of the FFO-based award may be adjusted up or down based on the Company’s performance compared to the target FFO performance criteria and has a maximum potential fair value of $18.2 million.

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 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
2018 LTIP program - Tranche A	38,148	$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 $3.2 million and $12.2 million for the nine months ended September 30, 2020 and 2019, respectively.

Restricted Stock. The Compensation Committee awarded 135,140 shares of restricted stock to employees during the nine months ended September 30, 2020 at a weighted-average fair market value of $54.86 per share. During the nine months ended September 30, 2020, our non-employee Directors were awarded 32,487 shares of restricted stock at a weighted-average fair market value of $58.57 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 $8.2 million and $8.3 million for the nine months ended September 30, 2020 and 2019, 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, 2020

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, 2020, a total of 23 of our consolidated properties are subject to ground leases. The termination dates of these ground leases range from 2021 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 2020 to 2028. These office leases generally require us to make fixed annual rental payments plus pay our share of common area, real estate taxes, 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,				September 30,
	2020		2019		2020		2019
Operating Lease Cost
Fixed lease cost	$	8,015	$	7,937	$	23,161	$	23,045
Variable lease cost		3,130		4,183		10,217		12,513
Sublease income		(187)		(208)		(560)		(542)
Total operating lease cost	$	10,958	$	11,912	$	32,818	$	35,016


	For the Nine Months Ended
	September 30,
	2020		2019
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	33,301	$	36,268

Weighted-average remaining lease term - operating leases		34.6 years		35.8 years
Weighted-average discount rate - operating leases		4.86%		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:


2020	$	32,706
2021		32,697
2022		32,721
2023		32,863
2024		32,997
Thereafter		914,286
	$	1,078,270
Impact of discounting		(560,816)
Operating lease liabilities	$	517,454

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, 2020 and December 31, 2019, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $201.0 million and $214.8 million, respectively. Mortgages guaranteed by the Operating Partnership are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount.

Concentration of Credit Risk

Our U.S. Malls, Premium Outlets, and 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 experienced property damage and business interruption as a result of Hurricane Maria. Since the date of the loss, we have received $80.2 million of insurance proceeds from third-party carriers related to the two properties located in Puerto Rico, of which $47.2 million was used for property restoration and remediation and reduced the insurance recovery receivable. During the three and nine months ended September 30, 2020, we recorded $1.9 million and $4.6 million, respectively, as business interruption income. During the three and nine months ended September 30, 2019, we recorded $1.6 million and $9.2 million, respectively, as business interruption income. These amounts were recorded in other income in the accompanying consolidated statements of operations and comprehensive income.

During the third quarter of 2020, one of our properties located in Texas experienced property damage and business interruption as a result of Hurricane Hanna. We wrote-off assets of approximately $9.6 million, and recorded an insurance recovery receivable, and have received $7.0 million of insurance proceeds from third-party carriers. The proceeds were used for property restoration and remediation and reduced the insurance recovery receivable.

During the third quarter of 2020, one of our properties located in Louisiana experienced property damage and business interruption as a result of Hurricane Laura. We wrote-off assets of approximately $11.1 million and recorded an insurance recovery receivable.

COVID-19

On March 11, 2020, the World Health Organization declared the novel strain of coronavirus, or COVID-19, a global pandemic and recommended containment and mitigation measures worldwide. The COVID-19 pandemic has already had a significant impact on economic and market conditions around the world in the first three quarters of 2020 and continues to adversely impact economic activity in retail real estate. The impact of the COVID-19 pandemic continues to evolve and governments and other authorities, including where we own or hold interests in properties, have imposed measures intended to control its spread, including restrictions on freedom of movement, group gatherings and business operations such as travel bans, border closings, business closures, quarantines, stay-at-home, shelter-in-place orders, density limitations and social distancing measures. Governments and other authorities are in varying stages of lifting or modifying some of these measures, however certain governments and other authorities have already been forced to, and others may in the future, reinstate these measures or impose new, more restrictive measures, if the risks, or the tenants’ and consumers’ perception of the risks, related to the COVID-19 pandemic worsen at any time. Given the differing consumer demographics and responses to the pandemic and the characteristics and layout of certain properties, the impact of COVID-19 and these measures has been, and will continue to be, greater on some properties than others. As a result of the COVID-19 pandemic and these measures, the Company may experience material impacts including changes in the ability to recognize revenue due to changes in our assessment of the probability of collection of lease income and asset impairment charges as a result of changing cash flows generated by our properties.

As of September 30, 2020, 203 of our domestic properties and certain of our retailer investments had reopened. As of October 7^th, all of our domestic properties were reopened.

In March, as a precautionary measure to maximize liquidity and to increase available cash on hand, the Company drew $3.75 billion on its Facilities and has repaid certain amounts outstanding as discussed in note 7.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2020

Significant Accounting Policies

Cash and Cash Equivalents

Equity Instruments and Debt Securities

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

Noncontrolling Interests

Simon

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


	As of		As of
	September 30,		December 31,
	2020		2019
Limited partners’ interests in the Operating Partnership	$	259,797	$	378,339
Nonredeemable noncontrolling interests in properties, net		3,568		6,513
Total noncontrolling interests reflected in equity	$	263,365	$	384,852

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:


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019		Affected line item where net income is presented
Accumulated derivative gains (losses), net	$	477	$	(1,087)	$	1,435	$	(3,261)	Interest expense
		(63)		144		(189)		431	Net income attributable to noncontrolling interests
	$	414	$	(943)	$	1,246	$	(2,830)

The Operating Partnership

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

For the Three Months Ended

For the Nine Months Ended

September 30,

2020

2019

2020

2019

Affected line item where net income is presented

Accumulated derivative gains (losses), net

477

(1,087)

1,435

(3,261)

Interest expense

Derivative Financial Instruments

We had the following Euro:USD forward contracts designated as net investment hedges at September 30, 2020 and December 31, 2019 (in millions):


			Asset (Liability) Value as of
			September 30,		December 31,
Notional Value		Maturity Date	2020		2019
€	50.0	March 20, 2020		—		(0.5)
€	50.0	March 20, 2020		—		(0.5)
€	50.0	March 20, 2020		—		(0.5)
€	50.0	May 15, 2020		—		1.5
€	100.0	June 18, 2020		—		(0.6)
€	90.0	June 18, 2020		—		(0.5)
€	50.0	December 18, 2020		(2.1)		—
€	100.0	December 18, 2020		(3.4)		(0.6)
€	100.0	December 18, 2020		(3.4)		(0.6)
€	100.0	March 24, 2021		0.8		—
€	100.0	March 24, 2021		0.9		—
€	50.0	March 24, 2021		0.1		—
€	50.0	March 24, 2021		0.1		—
€	50.0	May 14, 2021		0.1		—
€	50.0	May 14, 2021		0.1		—
€	41.0	May 14, 2021		0.1		—
€	20.0	May 14, 2021		(0.8)		—
€	50.0	May 14, 2021		0.2		1.3
€	50.0	May 14, 2021		(4.0)		—
€	30.0	May 14, 2021		(1.1)		—
€	60.0	December 20, 2021		(1.4)		—
€	60.0	December 20, 2021		(1.3)		—
€	30.0	December 20, 2021		(0.8)		—

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

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2020

Significant Accounting Policies

Schedule of carrying amount of noncontrolling interests


	As of		As of
	September 30,		December 31,
	2020		2019
Limited partners’ interests in the Operating Partnership	$	259,797	$	378,339
Nonredeemable noncontrolling interests in properties, net		3,568		6,513
Total noncontrolling interests reflected in equity	$	263,365	$	384,852

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


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019		Affected line item where net income is presented
Accumulated derivative gains (losses), net	$	477	$	(1,087)	$	1,435	$	(3,261)	Interest expense
		(63)		144		(189)		431	Net income attributable to noncontrolling interests
	$	414	$	(943)	$	1,246	$	(2,830)

Schedule of Euro:USD forward contracts

We had the following Euro:USD forward contracts designated as net investment hedges at September 30, 2020 and December 31, 2019 (in millions):


			Asset (Liability) Value as of
			September 30,		December 31,
Notional Value		Maturity Date	2020		2019
€	50.0	March 20, 2020		—		(0.5)
€	50.0	March 20, 2020		—		(0.5)
€	50.0	March 20, 2020		—		(0.5)
€	50.0	May 15, 2020		—		1.5
€	100.0	June 18, 2020		—		(0.6)
€	90.0	June 18, 2020		—		(0.5)
€	50.0	December 18, 2020		(2.1)		—
€	100.0	December 18, 2020		(3.4)		(0.6)
€	100.0	December 18, 2020		(3.4)		(0.6)
€	100.0	March 24, 2021		0.8		—
€	100.0	March 24, 2021		0.9		—
€	50.0	March 24, 2021		0.1		—
€	50.0	March 24, 2021		0.1		—
€	50.0	May 14, 2021		0.1		—
€	50.0	May 14, 2021		0.1		—
€	41.0	May 14, 2021		0.1		—
€	20.0	May 14, 2021		(0.8)		—
€	50.0	May 14, 2021		0.2		1.3
€	50.0	May 14, 2021		(4.0)		—
€	30.0	May 14, 2021		(1.1)		—
€	60.0	December 20, 2021		(1.4)		—
€	60.0	December 20, 2021		(1.3)		—
€	30.0	December 20, 2021		(0.8)		—

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,

2020

2019

2020

2019

Affected line item where net income is presented

Accumulated derivative gains (losses), net

477

(1,087)

1,435

(3,261)

Interest expense

Investment in Unconsolidated Entities and International Investments (Tables)

9 Months Ended

Sep. 30, 2020

Investments in Unconsolidated Entities and International Investments

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


	September 30,		December 31,
	2020		2019
Assets:
Investment properties, at cost	$	19,841,675	$	19,525,665
Less - accumulated depreciation		7,802,948		7,407,627
		12,038,727		12,118,038
Cash and cash equivalents		973,669		1,015,864
Tenant receivables and accrued revenue, net		808,702		510,157
Right-of-use assets, net		181,713		185,302
Deferred costs and other assets		391,025		384,663
Total assets	$	14,393,836	$	14,214,024
Liabilities and Partners’ Deficit:
Mortgages	$	15,505,554	$	15,391,781
Accounts payable, accrued expenses, intangibles, and deferred revenue		909,616		977,112
Lease liabilities		184,473		186,594
Other liabilities		407,147		338,412
Total liabilities		17,006,790		16,893,899
Preferred units		67,450		67,450
Partners’ deficit		(2,680,404)		(2,747,325)
Total liabilities and partners’ deficit	$	14,393,836	$	14,214,024
Our Share of:
Partners’ deficit	$	(1,154,758)	$	(1,196,926)
Add: Excess Investment		1,414,067		1,525,903
Our net Investment in unconsolidated entities, at equity	$	259,309	$	328,977

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,
	2020		2019		2020		2019
REVENUE:
Lease income	$	601,522	$	766,740	$	1,919,618	$	2,285,848
Other income		94,630		79,025		215,349		234,337
Total revenue		696,152		845,765		2,134,967		2,520,185
OPERATING EXPENSES:
Property operating		129,024		149,759		383,363		434,742
Depreciation and amortization		175,716		171,407		512,705		512,070
Real estate taxes		68,464		64,172		197,487		200,698
Repairs and maintenance		16,457		20,729		49,661		61,938
Advertising and promotion		9,901		19,831		42,669		63,852
Other		41,857		45,747		107,822		142,806
Total operating expenses		441,419		471,645		1,293,707		1,416,106
Operating Income Before Other Items		254,733		374,120		841,260		1,104,079
Interest expense		(154,579)		(159,971)		(463,629)		(473,914)
Gain on sale or disposal of assets and interests in unconsolidated entities, net		—		—		—		21,587
Net Income	$	100,154	$	214,149	$	377,631	$	651,752
Third-Party Investors’ Share of Net Income	$	46,785	$	108,792	$	193,633	$	332,078
Our Share of Net Income		53,369		105,357		183,998		319,674
Amortization of Excess Investment		(20,543)		(20,846)		(62,144)		(62,413)
Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements		—		—		—		(9,156)
Income from Unconsolidated Entities	$	32,826	$	84,511	$	121,854	$	248,105

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2020

Commitments and Contingencies.

Schedule of lease cost


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Operating Lease Cost
Fixed lease cost	$	8,015	$	7,937	$	23,161	$	23,045
Variable lease cost		3,130		4,183		10,217		12,513
Sublease income		(187)		(208)		(560)		(542)
Total operating lease cost	$	10,958	$	11,912	$	32,818	$	35,016

Schedule of other lease information


	For the Nine Months Ended
	September 30,
	2020		2019
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	33,301	$	36,268

Weighted-average remaining lease term - operating leases		34.6 years		35.8 years
Weighted-average discount rate - operating leases		4.86%		4.87%

Schedule of future minimum lease payments due


2020	$	32,706
2021		32,697
2022		32,721
2023		32,863
2024		32,997
Thereafter		914,286
	$	1,078,270
Impact of discounting		(560,816)
Operating lease liabilities	$	517,454

Significant Accounting Policies - Reclassification Out of AOCI, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Significant Accounting Policies
Total accumulated other comprehensive income (loss)	$ (176,900)		$ (176,900)		$ (160,400)
Interest expense	(201,858)	$ (202,382)	(586,545)	$ (599,541)
Net income attributable to noncontrolling interests	(21,886)	(83,636)	(124,351)	(242,216)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS OR UNITHOLDERS	145,926	544,254	837,744	1,588,053
Accumulated derivative losses, net, including noncontrolling interests \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense	477	(1,087)	1,435	(3,261)
Accumulated derivative losses, attributable to noncontrolling interests \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests	(63)	144	(189)	431
Accumulated derivative gains (losses), net \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS OR UNITHOLDERS	$ 414	$ (943)	$ 1,246	$ (2,830)

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

+ Details

Significant Accounting Policies - Derivative Financial Instruments (Details) € in Millions, $ in Millions	Sep. 30, 2020 USD ($) DerivativeInstrument	Sep. 30, 2020 EUR (€) DerivativeInstrument	Dec. 31, 2019 USD ($) DerivativeInstrument	Dec. 31, 2019 EUR (€) DerivativeInstrument
Derivative Financial Instruments
Number of credit-risk-related hedging or derivative activities \| DerivativeInstrument	0	0
Unamortized gain on treasury locks and terminated hedges	$ 9.1		$ 10.6
Amount expected to be reclassified from accumulated other comprehensive loss to earnings within the next year	1.0
Gross accumulated other comprehensive income related to derivative activities	$ (4.3)		$ 41.2
Interest rate swap \| Designated as Hedging Instrument
Derivative Financial Instruments
Number of Instruments \| DerivativeInstrument	0	0	0	0
Euro:USD currency forward contract \| March 20, 2020 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €				€ 50.0
Forward contract net, fair value			$ (0.5)
Euro:USD currency forward contract \| March 20, 2020 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €				50.0
Forward contract net, fair value			(0.5)
Euro:USD currency forward contract \| March 20, 2020 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €				50.0
Forward contract net, fair value			(0.5)
Euro:USD currency forward contract \| May 15, 2020 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €				50.0
Forward contract net, fair value			1.5
Euro:USD currency forward contract \| June 18, 2020 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €				100.0
Forward contract net, fair value			(0.6)
Euro:USD currency forward contract \| June 18, 2020 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €				90.0
Forward contract net, fair value			(0.5)
Euro:USD currency forward contract \| December 18, 2020 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		€ 50.0
Forward contract net, fair value	$ (2.1)
Euro:USD currency forward contract \| December 18, 2020 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		100.0		100.0
Forward contract net, fair value	(3.4)		(0.6)
Euro:USD currency forward contract \| December 18, 2020 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		100.0		100.0
Forward contract net, fair value	(3.4)		(0.6)
Euro:USD currency forward contract \| March 24, 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		100.0
Forward contract net, fair value	0.8
Euro:USD currency forward contract \| March 24, 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		100.0
Forward contract net, fair value	0.9
Euro:USD currency forward contract \| March 24, 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		50.0
Forward contract net, fair value	0.1
Euro:USD currency forward contract \| March 24, 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		50.0
Forward contract net, fair value	0.1
Euro:USD currency forward contract \| May 14, 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		50.0
Forward contract net, fair value	0.1
Euro:USD currency forward contract \| May 14, 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		50.0
Forward contract net, fair value	0.1
Euro:USD currency forward contract \| May 14, 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		41.0
Forward contract net, fair value	0.1
Euro:USD currency forward contract \| May 14, 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		20.0
Forward contract net, fair value	(0.8)
Euro:USD 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	0.2		1.3
Euro:USD currency forward contract \| May 14, 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		50.0
Forward contract net, fair value	(4.0)
Euro:USD currency forward contract \| May 14, 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		30.0
Forward contract net, fair value	(1.1)
Euro:USD currency forward contract \| December 20, 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		60.0
Forward contract net, fair value	(1.4)
Euro:USD currency forward contract \| December 20, 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		60.0
Forward contract net, fair value	(1.3)
Euro:USD currency forward contract \| December 20, 2021 \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €		€ 30.0
Forward contract net, fair value	(0.8)
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	$ 8.0		14.7
Simon Property Group, L.P.
Derivative Financial Instruments
Gross accumulated other comprehensive income related to derivative activities	$ (5.0)		$ 47.5

Investments in Unconsolidated Entities and International Investments - Unconsolidated Entity Transactions (Details) $ in Thousands				1 Months Ended	3 Months Ended				9 Months Ended
	Feb. 19, 2020 USD ($) item	Oct. 16, 2019 USD ($)	Sep. 15, 2016 item	Jan. 31, 2020 USD ($)	Sep. 30, 2020 USD ($) item	Jun. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)	Sep. 19, 2019
Investment in Unconsolidated Entities
Number of joint ventures with recorded other-than-temporary impairment \| item					3
Aggregate investment in ventures					$ 1,641,680				$ 1,641,680		$ 1,731,649
Share of net income, net of amortization of our excess investment excluding impairment					61,823		$ 119,706		156,610	$ 316,691
Impairment charge to reduce investment to its estimated fair value					55,200
Total revenue					1,060,674		1,416,554		3,476,074	4,266,574
Operating Income					404,024		705,302		1,509,761	2,130,955
Consolidated Net Income					168,646		628,724		964,598	1,832,772
Hotel
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
Aggregate investment in ventures					1,641,680				1,641,680		$ 1,731,649
Share of net income, net of amortization of our excess investment excluding impairment					61,823		119,706		156,610	316,691
Total revenue					1,060,674		1,416,554		3,476,074	4,266,574
Operating Income					404,024		705,302		1,509,761	2,130,955
Consolidated Net Income					$ 168,646		628,724		$ 964,598	1,832,772
Forever 21
Investment in Unconsolidated Entities
Number of joint ventures \| item	2
Ownership interest (as a percent)	37.50%
Aggregate investment in ventures	$ 67,600
Bargain purchase gain						$ 35,000
Shop Premium Outlets
Investment in Unconsolidated Entities
Ownership interest (as a percent)		45.00%
Contribution to form joint venture		$ 276,800
SPARC Group
Investment in Unconsolidated Entities
Number of joint ventures \| item			2
SPARC Group Retail Operations
Investment in Unconsolidated Entities
Ownership interest (as a percent)					50.00%				50.00%
Additional noncontrolling interest purchased				5.05%
Purchase of equity instruments				$ 6,700
Authentic Brands Group LLC
Investment in Unconsolidated Entities
Ownership interest (as a percent)					6.80%				6.80%
Additional noncontrolling interest purchased				1.37%
Purchase of equity instruments				$ 33,500
HBS
Investment in Unconsolidated Entities
Ownership interest (as a percent)					11.70%				11.70%		11.70%
Share of net income, net of amortization of our excess investment excluding impairment					$ 900		$ (5,200)		$ 1,900	$ (13,300)
Impairment charge to reduce investment to its estimated fair value					$ 36,100
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, 2020 USD ($) property $ / shares shares	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) property $ / shares shares	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) property
Investment in Unconsolidated Entities
Income from unconsolidated entities	$ 61,823	$ 119,706	$ 156,610	$ 316,691
Total revenue	1,060,674	1,416,554	3,476,074	4,266,574
Operating Income	404,024	705,302	1,509,761	2,130,955
Consolidated Net Income	168,646	628,724	964,598	1,832,772
Loss on disposal of certain assets and related impairment	$ 91,285	(10,141)	$ 98,168	(12,822)
European Joint Venture \| Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties \| property	10		10		9
Number of properties consolidated by entity \| property	6		6		6
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)	22.40%		22.40%
Quoted market price per share (in dollars per share) \| $ / shares	$ 14.06		$ 14.06
Income from unconsolidated entities	$ 4,300	$ 35,400	$ 13,700	74,400
Total revenue			882,000	1,100,000
Operating Income			195,200	481,000
Consolidated Net Income			123,200	415,900
Loss on disposal of certain assets and related impairment			$ 7,800
Europe \| Klepierre \| Disposed by Sales \| Shopping centers
Investment in Unconsolidated Entities
Gain (loss) on sale or disposal of assets and interests in unconsolidated entities				$ 12,800
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
Value 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, 2020	Dec. 31, 2019
ASSETS:
Investment properties, at cost	$ 38,074,281	$ 37,804,495
Less - accumulated depreciation	14,692,374	13,905,776
Investment properties, at cost, net	23,381,907	23,898,719
Cash and cash equivalents	1,082,313	669,373
Tenant receivables and accrued revenue, net	1,452,295	832,151
Right-of-use assets, net	515,004	514,660
Deferred costs and other assets	1,139,041	1,214,025
Total assets	31,661,575	31,231,630
Liabilities and Partners' Deficit:
Mortgages and unsecured indebtedness	25,139,682	24,163,230
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,299,062	1,390,682
Lease liabilities	517,454	516,809
Other liabilities	478,182	464,304
Total liabilities	29,458,166	28,101,319
Preferred units	187,193	219,061
Total liabilities and equity	31,661,575	31,231,630
Our Share of:
Our net Investment in unconsolidated entities, at equity	$ 1,641,680	1,731,649
Unconsolidated properties \| Maximum
Our Share of:
Estimated life of investment property	40 years
Equity Method Investees excluding Klepierre, ABG, HBS, RGG, Forever 21 and SPARC Group \| Unconsolidated properties
ASSETS:
Investment properties, at cost	$ 19,841,675	19,525,665
Less - accumulated depreciation	7,802,948	7,407,627
Investment properties, at cost, net	12,038,727	12,118,038
Cash and cash equivalents	973,669	1,015,864
Tenant receivables and accrued revenue, net	808,702	510,157
Right-of-use assets, net	181,713	185,302
Deferred costs and other assets	391,025	384,663
Total assets	14,393,836	14,214,024
Liabilities and Partners' Deficit:
Mortgages and unsecured indebtedness	15,505,554	15,391,781
Accounts payable, accrued expenses, intangibles, and deferred revenues	909,616	977,112
Lease liabilities	184,473	186,594
Other liabilities	407,147	338,412
Total liabilities	17,006,790	16,893,899
Preferred units	67,450	67,450
Partners' deficit	(2,680,404)	(2,747,325)
Total liabilities and equity	14,393,836	14,214,024
Our Share of:
Partners' deficit	(1,154,758)	(1,196,926)
Add: Excess Investment	1,414,067	1,525,903
Our net Investment in unconsolidated entities, at equity	$ 259,309	$ 328,977

Investments in Unconsolidated Entities and International Investments - Combined Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
REVENUE:
Lease income	$ 993,831	$ 1,308,908	$ 3,269,572	$ 3,887,532
Other income	45,498	79,670	134,957	295,274
Total revenue	1,060,674	1,416,554	3,476,074	4,266,574
EXPENSES:
Property operating	91,236	121,735	267,479	339,404
Depreciation and amortization	333,755	334,944	986,157	1,016,193
Real estate taxes	112,311	118,031	347,075	349,404
Repairs and maintenance	18,971	23,979	57,482	73,752
Advertising and promotion	14,751	36,583	60,967	109,128
Other	42,650	22,083	99,527	75,318
Total operating expenses	656,650	711,252	1,966,313	2,135,619
OPERATING INCOME BEFORE OTHER ITEMS	404,024	705,302	1,509,761	2,130,955
Interest expense	(201,858)	(202,382)	(586,545)	(599,541)
Gain on sale or disposal of assets and interests in unconsolidated entities, net	(91,285)	10,141	(98,168)	12,822
CONSOLIDATED NET INCOME	168,646	628,724	964,598	1,832,772
Income from Unconsolidated Entities	61,823	119,706	156,610	316,691
Equity Method Investees excluding Klepierre, ABG, HBS, RGG, Forever 21 and SPARC Group \| Unconsolidated properties
REVENUE:
Lease income	601,522	766,740	1,919,618	2,285,848
Other income	94,630	79,025	215,349	234,337
Total revenue	696,152	845,765	2,134,967	2,520,185
EXPENSES:
Property operating	129,024	149,759	383,363	434,742
Depreciation and amortization	175,716	171,407	512,705	512,070
Real estate taxes	68,464	64,172	197,487	200,698
Repairs and maintenance	16,457	20,729	49,661	61,938
Advertising and promotion	9,901	19,831	42,669	63,852
Other	41,857	45,747	107,822	142,806
Total operating expenses	441,419	471,645	1,293,707	1,416,106
OPERATING INCOME BEFORE OTHER ITEMS	254,733	374,120	841,260	1,104,079
Interest expense	(154,579)	(159,971)	(463,629)	(473,914)
Gain on sale or disposal of assets and interests in unconsolidated entities, net				21,587
CONSOLIDATED NET INCOME	100,154	214,149	377,631	651,752
Third-Party Investors' Share of Net Income	46,785	108,792	193,633	332,078
Our Share of Net Income	53,369	105,357	183,998	319,674
Amortization of Excess Investment	(20,543)	(20,846)	(62,144)	(62,413)
Our Share of Gain on Sale or Disposal of Assets and Interest in Other Income in the Consolidated Financial Statements				(9,156)
Income from Unconsolidated Entities	$ 32,826	$ 84,511	$ 121,854	$ 248,105

Debt (Details) $ in Thousands, € in Millions			9 Months Ended
Debt (Details) $ in Thousands, € in Millions	Jul. 10, 2020 USD ($)	Mar. 16, 2020 USD ($) item	Sep. 30, 2020 USD ($) property item	Aug. 06, 2020 EUR (€)	Jul. 22, 2020 USD ($)	Jul. 09, 2020 USD ($)	Mar. 15, 2020 USD ($)	Dec. 31, 2019 USD ($)	Aug. 17, 2015 USD ($)
Debt
Unsecured debt			$ 25,139,682					$ 24,163,230
Simon Property Group, L.P.
Debt
Unsecured debt			25,139,682					24,163,230
Secured Debt \| Mortgages
Debt
Unsecured debt			$ 6,900,000					$ 6,900,000
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			50
Number of cross-defaulted and cross-collateralized mortgage pools \| item			2
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages \| property			5
Unsecured Debt \| Senior unsecured notes \| Simon Property Group, L.P.
Debt
Unsecured debt			$ 17,000,000
Unsecured Debt \| Senior Unsecured Notes Maturing September 2025 \| Simon Property Group, L.P.
Debt
Unsecured debt						$ 500,000			$ 600,000
Interest rate on debt (as a percent)						3.50%			3.50%
Unsecured Debt \| Senior Unsecured Notes Maturing June 2030 \| Simon Property Group, L.P.
Debt
Unsecured debt						$ 750,000
Interest rate on debt (as a percent)						2.65%
Unsecured Debt \| Senior Unsecured Notes Maturing June 2050 \| Simon Property Group, L.P.
Debt
Unsecured debt						$ 750,000
Interest rate on debt (as a percent)						3.80%
Unsecured Debt \| Senior Unsecured Notes Maturing September 2020 \| Simon Property Group, L.P.
Debt
Amount of debt redeemed					$ 500,000
Interest rate on debt (as a percent)					2.50%
Unsecured Debt \| Senior Unsecured Notes Maturing October 2020 \| Simon Property Group, L.P.
Debt
Amount of debt redeemed \| €				€ 375
Interest rate on debt (as a percent)				2.375%
Unsecured Debt \| Commercial Paper \| Simon Property Group, L.P.
Debt
Credit facility, amount outstanding			622,700
Maximum borrowing capacity			2,000,000
Unsecured Debt \| U.S Dollar Denominated Notes \| Simon Property Group, L.P.
Debt
Credit facility, amount outstanding			$ 622,700
Weighted average interest rate (as a percent)			0.19%
Unsecured Debt \| Facilities \| Simon Property Group, L.P.
Debt
Available borrowing capacity			$ 8,200,000
Maximum amount outstanding during period			3,900,000
Credit facility, weighted average amount outstanding			2,000,000
Letters of credit outstanding			$ 12,300
Unsecured Debt \| Credit Facility and Term Facility \| Simon Property Group, L.P.
Debt
Maximum borrowing capacity		$ 7,000,000
Additional borrowing capacity		$ 1,000,000
Additional extension period \| item		2
Debt extension period		6 months
Debt single draw period		9 months
Unsecured Debt \| Credit Facility and Term Facility \| Maximum \| Simon Property Group, L.P.
Debt
Percentage of borrowings in currencies other than the U.S. dollar		95.00%
Unsecured Debt \| Term loan \| Simon Property Group, L.P.
Debt
Maximum borrowing capacity		$ 2,000,000
Ticking fee (in percentage)			0.10%
Ticketing fee accruing after closing term facility			45 days
Unsecured Debt \| Term loan \| Simon Property Group, L.P. \| LIBOR
Debt
Interest rate (as a percent)			1.00%
Unsecured Debt \| Term loan \| Simon Property Group, L.P. \| Fed Funds Effective Rate
Debt
Interest rate (as a percent)			0.50%
Unsecured Debt \| Term loan \| Minimum \| Simon Property Group, L.P. \| LIBOR
Debt
Interest rate (as a percent)			0.725%
Unsecured Debt \| Term loan \| Minimum \| Simon Property Group, L.P. \| Base Rate
Debt
Interest rate (as a percent)			0.00%
Unsecured Debt \| Term loan \| Maximum \| Simon Property Group, L.P. \| LIBOR
Debt
Interest rate (as a percent)			1.60%
Unsecured Debt \| Term loan \| Maximum \| Simon Property Group, L.P. \| Base Rate
Debt
Interest rate (as a percent)			0.60%
Unsecured Debt \| Credit Facility \| Simon Property Group, L.P.
Debt
Credit facility, amount outstanding			$ 625,000
Maximum borrowing capacity		$ 3,500,000	$ 4,000,000				$ 4,000,000
Credit facility, amount repaid	$ 1,750,000
Unsecured Debt \| Credit Facility \| Simon Property Group, L.P. \| LIBOR
Debt
Interest rate (as a percent)			1.00%
Unsecured Debt \| Credit Facility \| Simon Property Group, L.P. \| Fed Funds Effective Rate
Debt
Interest rate (as a percent)			0.50%
Unsecured Debt \| Credit Facility \| Minimum \| Simon Property Group, L.P. \| LIBOR
Debt
Interest rate (as a percent)			0.65%
Facility fee (in percentage)			0.10%
Unsecured Debt \| Credit Facility \| Minimum \| Simon Property Group, L.P. \| Base Rate
Debt
Interest rate (as a percent)			0.00%
Unsecured Debt \| Credit Facility \| Maximum \| Simon Property Group, L.P. \| LIBOR
Debt
Interest rate (as a percent)			1.40%
Facility fee (in percentage)			0.30%
Unsecured Debt \| Credit Facility \| Maximum \| Simon Property Group, L.P. \| Base Rate
Debt
Interest rate (as a percent)			0.40%
Unsecured Debt \| Supplemental Facility \| Simon Property Group, L.P.
Debt
Maximum borrowing capacity			$ 3,500,000
Credit facility, amount repaid	$ 750,000
Optional expanded maximum borrowing capacity			$ 4,500,000
Additional facility fee (as a percent)			0.10%
Unsecured Debt \| Supplemental Facility \| Simon Property Group, L.P. \| LIBOR
Debt
Interest rate (as a percent)			0.775%

Equity - Shares or Units Activity (Details) $ / shares in Units, $ in Millions					3 Months Ended					9 Months Ended
	Oct. 23, 2020 $ / shares	Sep. 29, 2020 $ / shares	Feb. 11, 2019 USD ($)	Feb. 13, 2017 USD ($)	Sep. 30, 2020 $ / shares shares	Mar. 31, 2020 shares	Sep. 30, 2019 $ / shares shares	Jun. 30, 2019 shares	Mar. 31, 2019 shares	Sep. 30, 2020 USD ($) item $ / shares shares	Sep. 30, 2019 $ / shares shares
Equity
Redemption of units					586	116,072	27,214		774
Exchange of limited partner units, (in shares)					61,968	132,946			24,000
Common stock authorized for repurchase \| $			$ 2,000.0	$ 2,000.0
Period common stock is authorized to repurchase			2 years
Stock repurchase program, extension period				2 years
Shares repurchased (in shares)						1,245,654	1,154,117	1,046,580	46,377	1,245,654	2,247,074
Average share price repurchased (in dollars per share) \| $ / shares										$ 122.50	$ 160.11
Common stock dividends paid (in dollars per share) \| $ / shares					$ 1.30		$ 2.10			$ 3.40	$ 6.20
Dividends declared per common share (in dollars per share) \| $ / shares	$ 1.30	$ 1.30
Limited Partners
Equity
Exchange of limited partner units, (in shares)										194,914
Number of limited partners who received common stock \| item										6
2017 Share Repurchase Program
Equity
Shares repurchased (in shares)											46,377
Average share price repurchased (in dollars per share) \| $ / shares											$ 164.49
Simon Property Group, L.P.
Equity
Redemption of units					586	116,072	27,214		774
Distributions paid per unit (in dollars per unit) \| $ / shares					$ 1.30		$ 2.10			$ 3.40	$ 6.20
Simon Property Group, L.P. \| Limited Partners
Equity
Redemption of units										116,658
Number of limited partners who received common stock \| item										4
Value of units redeemed \| $										$ 16.1

Equity - Temporary Equity (Details) $ in Thousands	9 Months Ended	12 Months Ended
Equity - Temporary Equity (Details) $ in Thousands	Sep. 30, 2020 USD ($) item shares	Dec. 31, 2019 USD ($) item shares
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties \| $	$ 187,193	$ 219,061
Simon Property Group, L.P.
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties \| $	$ 187,193	$ 219,061
7.5% Cumulative Redeemable Preferred Units
Redeemable preferred stock
Number of series of units classified into temporary equity \| item	1	1
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
Number of series of units classified into temporary equity \| item	1	1
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 \| $	161,656	193,524
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 \| $	$ 161,656	$ 193,524

Equity - Stock Based Compensation (Details) $ / shares in Units, $ in Millions		9 Months Ended		12 Months Ended
	Jul. 06, 2011 USD ($) shares	Sep. 30, 2020 USD ($) $ / shares shares	Sep. 30, 2019 USD ($)	Dec. 31, 2018 USD ($) item	Dec. 31, 2017 shares	Dec. 31, 2016 shares	Dec. 31, 2015 shares
Restricted stock
Stock-based incentive plan awards
Compensation expense, net of capitalization		$ 8.2	$ 8.3
Restricted stock \| Employees
Stock-based incentive plan awards
Shares awarded (in shares) \| shares		135,140
Weighted average fair value (in dollars per share) \| $ / shares		$ 54.86
Vesting service period		3 years
Restricted stock \| Non-employee Director
Stock-based incentive plan awards
Shares awarded (in shares) \| shares		32,487
Weighted average fair value (in dollars per share) \| $ / shares		$ 58.57
Vesting service period		1 year
LTIP Retention Award to Chairman and CEO
Stock-based incentive plan awards
Awards earned (in units) \| shares	1,000,000
Grant Date Fair Value	$ 120.3
Service period	8 years
LTIP Retention Award to Chairman and CEO \| A Units
Stock-based incentive plan awards
Awards earned (in units) \| shares							360,000
LTIP Retention Award to Chairman and CEO \| B Units
Stock-based incentive plan awards
Awards earned (in units) \| shares						360,000
LTIP Retention Award to Chairman and CEO \| C Units
Stock-based incentive plan awards
Awards earned (in units) \| shares					280,000
LTIP 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		$ 3.2	$ 12.2
2018 LTIP program \| LTIP Units
Stock-based incentive plan awards
Number of tranches \| item				2
Grant Date Fair Value				$ 12.1
2018 LTIP program \| LTIP Units \| Maximum
Stock-based incentive plan awards
Grant Date Fair Value				$ 18.2
2018 LTIP program \| LTIP Units \| Tranche A
Stock-based incentive plan awards
Vesting rights each year beginning 2021 (as a percent)				50.00%
Performance period				2 years
Awards earned (in units) \| shares		38,148
Grant Date Fair Value		$ 6.1		$ 6.1
Grant Date Target Value		6.1
2018 LTIP program \| LTIP Units \| Tranche B
Stock-based incentive plan awards
Performance period				3 years
Grant Date Fair Value		6.1		$ 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, 2020 USD ($) property	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) property	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Lease Commitments
Properties subject to ground leases \| property	23		23
Lease Cost
Fixed lease cost	$ 8,015	$ 7,937	$ 23,161	$ 23,045
Variable lease cost	3,130	4,183	10,217	12,513
Sublease income	(187)	(208)	(560)	(542)
Total operating lease cost	$ 10,958	$ 11,912	32,818	35,016
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases			$ 33,301	$ 36,268
Weighted-average remaining lease term - operating leases	34 years 7 months 6 days	35 years 9 months 18 days	34 years 7 months 6 days	35 years 9 months 18 days
Weighted-average discount rate - operating leases	4.86%	4.87%	4.86%	4.87%
Operating Lease Liabilities
2020	$ 32,706		$ 32,706
2021	32,697		32,697
2022	32,721		32,721
2023	32,863		32,863
2024	32,997		32,997
Thereafter	914,286		914,286
Future minimum gross lease payments	1,078,270		1,078,270
Impact of discounting	(560,816)		(560,816)
Operating lease liabilities	$ 517,454		$ 517,454		$ 516,809

Organization (Details)	Sep. 30, 2020 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	99
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	18
Asia, Europe and Canada \| Premium and Designer Outlets
Real Estate Properties
Number of properties \| state	31
Europe \| Klepierre
Real Estate Properties
Ownership percentage	22.40%
Number of countries \| country	15

Basis of Presentation (Details) - property	9 Months Ended		12 Months Ended
Basis of Presentation (Details) - property	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Real Estate Properties
Total number of joint venture properties	84
Number of joint venture properties managed by the entity	57
Number of International joint venture properties	23
Number of joint venture properties managed by others	27
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%	86.80%
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	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Equity Instruments and Investments
Equity instruments with readily determinable fair value	$ 38,700		$ 38,700		$ 68,200
Non-cash mark-to-market adjustment	0	$ 0	0	$ 0
Equity instruments without readily determinable fair values	306,000		306,000		295,400
Debt securities of our captive insurance companies	$ 38,000		$ 38,000		$ 52,800
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, 2020 USD ($) item	Dec. 31, 2019 USD ($)
Fair Value Measurements
Number of investments for which fair value is measured on a recurring basis using Level 3 inputs \| item	0
Level 2 \| Recurring
Fair Value Measurements
Interest rate swap agreements and foreign currency forward contracts, gross asset balance	$ 10.4	$ 17.5
Interest rate swap agreements and foreign currency forward contracts, gross liability balance	$ 18.3	$ 3.8

Real Estate Acquisitions and Dispositions (Details) - Hotel $ in Millions	Sep. 19, 2019 USD ($)
Acquisitions
Ownership interests acquired (as a percent)	50.00%
Cash purchase price for acquisition	$ 12.8
Mortgage bearing 4.02%
Acquisitions
Fixed rate debt	$ 21.5
Fixed rate of interest	4.02%

Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Significant Accounting Policies
Limited partners' interests in the Operating Partnership	$ 259,797	$ 378,339
Nonredeemable noncontrolling interests in properties, net	3,568	6,513
Total noncontrolling interests reflected in equity	$ 263,365	$ 384,852

Per Share and Per Unit Data (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Oct. 23, 2020	Sep. 29, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Per Share And Per Unit Data
Net Income attributable to Common Stockholders - Basic			$ 145,926	$ 544,254	$ 837,744	$ 1,588,053
Net Income attributable to Common Stockholders - Diluted			$ 145,926	$ 544,254	$ 837,744	$ 1,588,053
Weighted Average Shares Outstanding - Basic and Diluted			305,913,431	307,275,230	306,099,266	308,314,456
Dividends
Dividends declared per common share (in dollars per share)	$ 1.30	$ 1.30
Dividend/Distribution payable			$ 458,144		$ 458,144
Simon Property Group, L.P.
Per Share And Per Unit Data
Net Income attributable to Common Stockholders - Basic			168,086	$ 627,074	965,210	$ 1,829,014
Net Income attributable to Common Stockholders - Diluted			$ 168,086	$ 627,074	$ 965,210	$ 1,829,014
Weighted Average Shares Outstanding - Basic and Diluted			352,420,845	354,038,110	352,673,474	355,096,211
Dividends
Distribution declared per unit (in dollars per share)		$ 1.30
Dividend/Distribution payable			$ 458,144		$ 458,144

Investments in Unconsolidated Entities and International Investments - Real Estate Joint Ventures and Investments (Details) $ in Millions	Sep. 30, 2020 USD ($) property	Dec. 31, 2019 USD ($)
Investment in Unconsolidated Entities
Total number of joint venture properties \| property	84
Construction and other related party loans
Investment in Unconsolidated Entities
Loans to related party \| $	$ 86.4	$ 78.4

Debt - Fair Value (Details) $ in Millions	Sep. 30, 2020 USD ($) item	Dec. 31, 2019 USD ($) item
Fixed rate mortgages and unsecured indebtedness \| Book value
Fair Value of Debt
Fair value of consolidated fixed rate mortgages and unsecured indebtedness \| $	$ 23,700	$ 23,200
Fixed rate mortgages and unsecured indebtedness \| Fair value
Fair Value of Debt
Fair value of consolidated fixed rate mortgages and unsecured indebtedness \| $	$ 25,018	$ 23,231
Discount Rate \| Weighted average \| Fixed rate mortgages
Fair Value of Debt
Debt percentage- measurement input \| item	0.0233	0.0375
Discount Rate \| Weighted average \| Unsecured Debt
Fair Value of Debt
Debt percentage- measurement input \| item	0.0253	0.0367

Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Lease Income (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Lessor, Lease, Description [Line Items]
Fixed-lease income	$ 929,335	$ 1,067,381	$ 2,939,257	$ 3,196,202
Variable lease income	64,496	241,527	330,315	691,330
Total lease income	993,831	$ 1,308,908	3,269,572	$ 3,887,532
Tenant receivables and accrued revenue
Lessor, Lease, Description [Line Items]
Straight-line receivables	$ 611,600		$ 611,600		$ 618,400

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

Commitments and Contingencies - Guarantees of Indebtedness (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Joint Venture Mortgage and Indebtedness
Guarantees of Joint Venture Indebtedness:
Loan guarantee	$ 201.0	$ 214.8

Commitments and Contingencies - Concentration of Credit Risk (Details)	9 Months Ended
	Sep. 30, 2020
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		36 Months Ended
	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2017 property	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)
Hurricane Impact
Insurance proceeds for property restoration				$ 8,746	$ 3,787
Loss from Catastrophes \| PUERTO RICO \| Wholly owned properties
Hurricane Impact
Number of properties significantly damaged \| property			2
Total insurance proceeds received						$ 80,200
Insurance proceeds for property restoration						$ 47,200
Loss from Catastrophes \| PUERTO RICO \| Wholly owned properties \| Other income
Hurricane Impact
Insurance proceeds for business interruption	$ 1,900	$ 1,600		$ 4,600	$ 9,200
Loss from Catastrophes \| TEXAS
Hurricane Impact
Asset write-offs	9,600
Insurance proceeds from third-party carriers	7,000
Loss from Catastrophes \| LOUISIANA
Hurricane Impact
Asset write-offs	$ 11,100

Commitments and Contingencies - COVID 19 (Details) $ in Millions	1 Months Ended
	Mar. 31, 2020 USD ($)	Sep. 30, 2020 property
Commitments and Contingencies
Number of properties reopened since temporary closure \| property		203
Facilities
Commitments and Contingencies
Amount drawn for precautionary measure \| $	$ 3,750