0001558370-24-011208 | 10-Q | XBRL Viewer | Simon Property Group INC DE

Significant Accounting Policies

3. Significant Accounting Policies

Cash and Cash Equivalents and Short-term Investments

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.

We classify short-term investments, which consist of time-deposits with original maturities in excess of 90 days as available-for-sale. Short-term investments are reported at fair value and reviewed periodically for allowances for credit losses and impairment. When evaluating the investments, we review factors such as the extent to which the fair value of the security is less than the amortized cost basis, adverse conditions specifically related to the security, the financial condition of the issuer, the Company’s intent to sell, and whether it would be more likely than not that the Company would be required to sell the investments before the recovery of their amortized cost basis.

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 June 30, 2024 and December 31, 2023, we had equity instruments with readily determinable fair values of $102.5 million and $97.7 million, respectively. Changes in the fair value of these equity instruments are

recorded in unrealized gains (losses) in fair value of publicly traded equity instruments and derivative instrument, net in our consolidated statements of operations and comprehensive income. At June 30, 2024 and December 31, 2023, we had equity instruments without readily determinable fair values of $244.6 million and $240.2 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 six months ended June 30, 2024 and 2023.

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 June 30, 2024 and December 31, 2023, we held debt securities of $75.1 million and $79.7 million, respectively, in our captive insurance subsidiary. The types of securities included in the investment portfolio of our captive insurance subsidiary are typically U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than one year to ten years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiary is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment is recorded and a new cost basis is established.

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

Fair Value Measurements

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

We have equity instruments with readily determinable fair values that are valued using Level 1 inputs. We have foreign currency forward contracts, interest rate cap and swap agreements, and time-deposits that mature within one-year that are valued using Level 2 inputs. The notional value of our time-deposits approximate fair value given the relatively short-term nature of the instruments. We also have a bifurcated embedded derivative option that was a component of the €750.0 million exchangeable bonds issued in November 2023. This instrument is classified as primarily having Level 3 inputs and is further discussed in Note 3, within the Derivative Financial Instruments subsection and in Note 7.


Description	June 30, 2024		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Short-term investments	$	1,300,000	$	-	$	1,300,000	$	-
Deferred costs and other assets		146,337		102,543		43,794		-
Total	$	1,446,337	$	102,543	$	1,343,794	$	-

Liabilities:
Other Liabilities	$	35,553	$	-	$	51	$	35,502


Description	December 31, 2023		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Short-term investments	$	1,000,000	$	-	$	1,000,000	$	-
Deferred costs and other assets		113,779		97,696		16,083
Total		1,113,779		97,696		1,016,083		-

Liabilities:
Other Liabilities	$	38,146	$	-	$	9,774	$	28,372

Note 7 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3, 4, and 6 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of fair value, 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
	June 30,		December 31,
	2024		2023
Limited partners’ interests in the Operating Partnership	$	434,982	$	447,494
Nonredeemable noncontrolling interests in properties, net		18,446		21,321
Total noncontrolling interests reflected in equity	$	453,428	$	468,815

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 ($250.9) million and ($221.6) million as of June 30, 2024 and December 31, 2023, respectively.

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


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
									Affected line item where
	2024		2023		2024		2023		net income is presented

Accumulated derivative gains, net	$	1,268	$	697	$	2,879	$	1,198	Interest expense
		(165)		(88)		(375)		(151)	Net income attributable to noncontrolling interests
	$	1,103	$	609	$	2,504	$	1,047

The Operating Partnership

The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($288.5) million and ($254.9) million as of June 30, 2024 and December 31, 2023, respectively.

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

For the Three Months Ended

For the Six Months Ended

June 30,

Affected line item where

2024

2023

2024

2023

net income is presented

Accumulated derivative gains, net

1,268

697

2,879

1,198

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 June 30, 2024, we had the following outstanding interest rate derivatives related to managing our interest rate risk:


	Number of	Notional
Interest Rate Derivative	Instruments	Amount
Interest Rate Swaps	5	$	805.0 million
Interest Rate Swaps	2	€	193.0 million
Interest Rate Caps	2	€	80.0 million

As of December 31, 2023, we had the following outstanding interest rate derivatives related to managing our interest rate risk:


	Number of	Notional
Interest Rate Derivative	Instruments	Amount
Interest Rate Swaps	5	$	805.0 million
Interest Rate Caps	1	$	38.0 million
Interest Rate Swaps	1	€	128.0 million
Interest Rate Caps	3	€	129.0 million

The carrying value of our interest rate swap and cap agreements, at fair value, as of June 30, 2024 and December 31, 2023 was an asset balance of $36.3 million and $11.6 million, respectively, and is included in deferred costs and other assets.

Our exposure to market risk due to changes in interest rates primarily relates to our long-term debt obligations. We manage exposure to interest rate market risk through our risk management strategy by a combination of interest rate protection agreements to effectively fix or cap a portion of variable rate debt.

We 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 that had been recorded as part of accumulated other comprehensive income (loss) 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 $39.0 million and $41.9 million as of June 30, 2024 and December 31, 2023, respectively. Within the next 12 months, we expect to reclassify to earnings approximately $5.3 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 June 30, 2024 and December 31, 2023 (in millions):


			Asset (Liability) Value as of
			June 30,		December 31,
Notional Value		Maturity Date	2024		2023
€	50.0	January 17, 2024		—		(0.4)
€	30.0	March 15, 2024		—		1.0
€	51.0	March 15, 2024		—		(3.6)
€	20.0	April 12, 2024		—		(0.1)
€	25.0	July 17, 2024		1.7		0.7
€	37.0	December 13, 2024		0.6		(0.9)
€	37.0	December 13, 2024		0.6		(0.9)
€	50.0	March 17, 2025		0.9		(1.1)
€	27.0	March 17, 2025		0.7		—
€	54.0	March 17, 2025		1.4		—
€	50.0	April 17, 2025		1.5		—

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

We have designated certain derivative and nonderivative instruments as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss). For the six months ended June 30, 2024 and 2023, we recorded gains (losses) of $60.7 million and ($36.7 million), respectively, in the cumulative translation adjustment section of the other comprehensive income (loss). Changes in the value of these instruments 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 $84.5 million and $48.7 million as of June 30, 2024 and December 31, 2023, 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 $97.2 million and $56.1 million as of June 30, 2024 and December 31, 2023, respectively.

The exchange option of our exchangeable bonds is valued as a derivative liability using an option pricing model that incorporates the observed period ending price of the exchangeable bonds and secondary market prices of comparable unsecured senior notes without an exchange feature. The key assumptions utilized are the period ending share-price of Klépierre, share-price implied volatility, the EUR risk-free rate, Klépierre expected dividend yield, time to maturity, and the comparable spread to the EUR risk-free rate of unsecured senior notes without an exchange feature.

The fair value of the option is recorded in other liabilities in the consolidated balance sheets and changes to the value of the option are recognized in the consolidated statements of operations and comprehensive income in unrealized gains (losses) in fair value of publicly traded equity instruments and derivative instrument, net.

The key inputs into the option model for the exchange option within the exchangeable bonds as of June 30, 2024 and December 31, 2023 were as follows:


	June 30, 2024		December 31, 2023
Klépierre stock price	€	24.98	€	24.68
Implied volatility		19.81%		17.88%
EUR risk-free rate		3.01%		2.11%
Klépierre expected dividend yield		6.77%		6.85%
Expected term		2.38 years		2.88 years
Credit Spread		0.79%		0.84%

The option is measured at fair value on a recurring basis. As of June 30, 2024 and December 31, 2023 the values of the option were $35.5 million and $28.4 million, respectively.

New Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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. Additional optional expedients, exceptions, and clarifications were created in ASU 2021-01. The guidance is effective upon issuance and generally can be applied to any contract modifications or existing and new hedging relationships through December 31, 2024. We elected the expedients in conjunction with transitioning certain debt instruments, as discussed in note 7, to alternative benchmark indices. There was no impact on our consolidated financial statements at adoption.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting,” which provides improvements to reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The standard will be effective for us for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements and footnotes.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes,” which provides improvements to income tax disclosures by enhancing the transparency and decision usefulness of the material provided. The standard will be effective for us for the fiscal years beginning after December 15, 2024. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements and footnotes.

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt

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


	June 30,			December 31,
	2024			2023
Fair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions)	$	23,131		$	24,248
Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages		6.56	%		6.10	%
Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness		6.58	%		6.10	%

Investments in Unconsolidated Entities and International Investments - European Investments (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) property $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property $ / shares shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 property
Investment in Unconsolidated Entities
Total revenue	$ 1,458,266	$ 1,369,601	$ 2,900,856	$ 2,720,450
Operating income (loss) before other items	754,101	657,925	1,489,281	1,320,648
Consolidated net income (loss)	569,435	557,505	1,410,591	1,076,760
Disposed by Sales \| Shopping centers \| Klepierre \| Unconsolidated properties
Investment in Unconsolidated Entities
Gain (loss) on disposition of interest in properties	$ (3,300)	(9,300)	$ (3,300)	(9,300)
European Joint Venture \| Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties \| property	12		12		12
European Joint Venture \| Designer Outlet properties \| Minimum
Investment in Unconsolidated Entities
Ownership interest (as a percent)	23.00%		23.00%
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
Total revenue	$ 360,039	351,419	$ 690,645	673,976
Operating income (loss) before other items	194,904	214,117	323,501	319,425
Consolidated net income (loss)	90,986	91,580	194,547	174,300
Our Share of Net Income	23,343	9,996	42,256	27,854
Amortization of excess investment	$ (5,272)	$ (3,301)	$ (8,548)	$ (6,554)
Europe \| Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties consolidated by entity \| property	8		8
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	$ 26.77		$ 26.77

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 1,410,591	$ 1,076,760
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	657,357	661,448
(Gain) loss upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(7,980)	4,356
Gain on disposal, exchange, or revaluation of equity interests, net	(414,769)	(36,437)
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net	4,787	(26,225)
Straight-line lease loss	7,730	9,893
Equity in income of unconsolidated entities	(7,872)	(112,355)
Distributions of income from unconsolidated entities	181,776	251,731
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	26,623	62,403
Deferred costs and other assets	(7,819)	(3,593)
Accounts payable, accrued expenses, intangibles, deferred revenues and other	(14,170)	70,191
Net cash provided by operating activities	1,836,254	1,958,172
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions		(27,712)
Funding of loans to related parties	(108,000)	(6,500)
Repayments of loans to related parties	57,173	4,356
Capital expenditures, net	(351,342)	(387,298)
Cash impact from the consolidation of properties	10,454
Investments in unconsolidated entities	(34,861)	(15,593)
Purchase of short-term investments	(600,000)
Proceeds from redemption of short-term investments	300,000
Purchase of equity instruments	(2,711)	(1,321)
Proceeds from sale of equity instruments	1,155,266	2,566
Insurance proceeds for property restoration		4,967
Distributions of capital from unconsolidated entities and other	162,187	113,574
Net cash provided by (used in) investing activities	588,166	(312,961)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other, net of transaction costs	(164)	(165)
Purchase of shares related to stock grant recipients' tax withholdings	(10,558)	(5,795)
Redemption of limited partner units	(40,864)	(10,722)
Distributions to noncontrolling interest holders in properties	(8,017)	(7,834)
Contributions from noncontrolling interest holders in properties	2,741	8,064
Preferred distributions of the Operating Partnership	(864)	(957)
Preferred dividends and distributions to stockholders	(1,289,419)	(1,196,615)
Distributions to limited partners	(193,159)	(172,562)
Proceeds from issuance of debt, net of transaction costs	70,138	1,609,589
Repayments of debt	(888,812)	(1,652,377)
Net cash used in financing activities	(2,358,978)	(1,429,374)
INCREASE IN CASH AND CASH EQUIVALENTS	65,442	215,837
CASH AND CASH EQUIVALENTS, beginning of period	1,168,991	621,628
CASH AND CASH EQUIVALENTS, end of period	1,234,433	837,465
Simon Property Group, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	1,410,591	1,076,760
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	657,357	661,448
(Gain) loss upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(7,980)	4,356
Gain on disposal, exchange, or revaluation of equity interests, net	(414,769)	(36,437)
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net	4,787	(26,225)
Straight-line lease loss	7,730	9,893
Equity in income of unconsolidated entities	(7,872)	(112,355)
Distributions of income from unconsolidated entities	181,776	251,731
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	26,623	62,403
Deferred costs and other assets	(7,819)	(3,593)
Accounts payable, accrued expenses, intangibles, deferred revenues and other	(14,170)	70,191
Net cash provided by operating activities	1,836,254	1,958,172
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions		(27,712)
Funding of loans to related parties	(108,000)	(6,500)
Repayments of loans to related parties	57,173	4,356
Capital expenditures, net	(351,342)	(387,298)
Cash impact from the consolidation of properties	10,454
Investments in unconsolidated entities	(34,861)	(15,593)
Purchase of short-term investments	(600,000)
Proceeds from redemption of short-term investments	300,000
Purchase of equity instruments	(2,711)	(1,321)
Proceeds from sale of equity instruments	1,155,266	2,566
Insurance proceeds for property restoration		4,967
Distributions of capital from unconsolidated entities and other	162,187	113,574
Net cash provided by (used in) investing activities	588,166	(312,961)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other, net of transaction costs	(164)	(165)
Purchase of shares related to stock grant recipients' tax withholdings	(10,558)	(5,795)
Redemption of limited partner units	(40,864)	(10,722)
Distributions to noncontrolling interest holders in properties	(8,017)	(7,834)
Contributions from noncontrolling interest holders in properties	2,741	8,064
Preferred distributions of the Operating Partnership	(1,483,442)	(1,370,134)
Proceeds from issuance of debt, net of transaction costs	70,138	1,609,589
Repayments of debt	(888,812)	(1,652,377)
Net cash used in financing activities	(2,358,978)	(1,429,374)
INCREASE IN CASH AND CASH EQUIVALENTS	65,442	215,837
CASH AND CASH EQUIVALENTS, beginning of period	1,168,991	621,628
CASH AND CASH EQUIVALENTS, end of period	$ 1,234,433	$ 837,465

Summary of Significant Accounting Policies - Reclassification Out of AOCI, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Significant Accounting Policies
Total accumulated other comprehensive income (loss)	$ (250,900)		$ (250,900)		$ (221,600)
Interest expense	(221,338)	$ (218,086)	(451,960)	$ (417,515)
Net income attributable to noncontrolling interests	(75,136)	(70,328)	(183,755)	(136,921)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	493,465	486,343	1,225,167	938,170
Accumulated derivative losses, net, including noncontrolling interests \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense	1,268	697	2,879	1,198
Accumulated derivative losses, attributable to noncontrolling interests \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests	(165)	(88)	(375)	(151)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 1,103	$ 609	$ 2,504	$ 1,047

Amount of Net Income (Loss) attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Investments in Unconsolidated Entities and International Investments - Asian Joint Ventures (Details) - Premium Outlets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
JAPAN \| Mitsubishi Estate Co., Ltd.
Investment in Unconsolidated Entities
Ownership percentage	40.00%	40.00%
Our net (deficit) Investment in unconsolidated entities, at equity	$ 222.5	$ 231.2
KOREA, REPUBLIC OF \| Shinsegae International Co
Investment in Unconsolidated Entities
Ownership percentage	50.00%	50.00%
Our net (deficit) Investment in unconsolidated entities, at equity	$ 197.4	$ 200.6

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Lease Income (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Lessor, Lease, Description [Line Items]
Fixed lease income	$ 1,073,031	$ 1,022,880	$ 2,141,437	$ 2,036,044
Variable lease income	242,709	232,078	476,975	467,099
Total lease income	1,315,740	$ 1,254,958	2,618,412	$ 2,503,143
Tenant receivables and accrued revenue
Lessor, Lease, Description [Line Items]
Straight-line receivables	$ 529,900		$ 529,900		$ 535,800

Organization

6 Months Ended

Jun. 30, 2024

Organization

Organization

1. Organization

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

We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets^®, and The Mills^®. As of June 30, 2024, we owned or held an interest in 195 income-producing properties in the United States, which consisted of 93 malls, 69 Premium Outlets, 14 Mills, six lifestyle centers, and 13 other retail properties in 37 states and Puerto Rico. We also own an 84% noncontrolling interest in the Taubman Realty Group, LLC, or TRG, which has an interest in 22 regional, super-regional, and outlet malls in the U.S. and Asia. Internationally, as of June 30, 2024, we had ownership in 35 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe, and Canada. As of June 30, 2024, we also owned a 22.4% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company which owns, or has an interest in, shopping centers located in 14 countries in Europe. We also have interests in investments in retail operations (J.C. Penney, SPARC Group, and Phoenix Retail LLC), an e-commerce venture (Rue Gilt Groupe, or RGG), and Jamestown (a global real estate investment and management company), collectively, our other platform investments.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Unaudited Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUE:
Lease income	$ 1,315,740	$ 1,254,958	$ 2,618,412	$ 2,503,143
Management fees and other revenues	33,186	33,507	62,642	62,457
Other income	109,340	81,136	219,802	154,850
Total revenue	1,458,266	1,369,601	2,900,856	2,720,450
EXPENSES:
Property operating	131,292	118,263	257,406	230,012
Depreciation and amortization	310,016	319,534	617,384	626,592
Real estate taxes	96,640	111,837	205,849	222,996
Repairs and maintenance	24,524	23,002	50,253	45,176
Advertising and promotion	38,828	33,745	66,909	57,904
Home and regional office costs	50,481	50,006	111,204	106,826
General and administrative	10,839	10,058	19,970	19,164
Other	41,545	45,231	82,600	91,132
Total operating expenses	704,165	711,676	1,411,575	1,399,802
OPERATING INCOME BEFORE OTHER ITEMS	754,101	657,925	1,489,281	1,320,648
Interest expense	(221,338)	(218,086)	(451,960)	(417,515)
Gain on disposal, exchange, or revaluation of equity interests, net (Notes 3 and 6)		36,437	414,769	36,437
Income and other tax (expense) benefit	(4,961)	(10,487)	(52,564)	2,966
Income from unconsolidated entities	42,214	90,455	7,872	112,355
Unrealized gains (losses) in fair value of publicly traded equity instruments and derivative instrument, net	2,405	5,617	(4,787)	26,225
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(2,986)	(4,356)	7,980	(4,356)
CONSOLIDATED NET INCOME	569,435	557,505	1,410,591	1,076,760
Net income (loss) attributable to noncontrolling interests	75,136	70,328	183,755	136,921
Preferred dividends	834	834	1,669	1,669
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 493,465	$ 486,343	$ 1,225,167	$ 938,170
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders - basic (in dollars per share)	$ 1.51	$ 1.49	$ 3.76	$ 2.87
Net income attributable to common stockholders - diluted (in dollars per share)	$ 1.51	$ 1.49	$ 3.76	$ 2.87
Consolidated Net Income	$ 569,435	$ 557,505	$ 1,410,591	$ 1,076,760
Unrealized gain on derivative hedge agreements	16,272	15,320	44,016	20,992
Net gain reclassified from accumulated other comprehensive loss into earnings	(1,268)	(697)	(2,879)	(1,198)
Currency translation adjustments	(16,185)	(32,936)	(33,614)	(33,687)
Changes in available-for-sale securities and other	(86)	1,070	(712)	1,264
Comprehensive income	568,168	540,262	1,417,402	1,064,131
Comprehensive income attributable to noncontrolling interests	74,978	68,197	184,683	135,386
Comprehensive income attributable to common stockholders	493,190	472,065	1,232,719	928,745
Simon Property Group, L.P.
REVENUE:
Lease income	1,315,740	1,254,958	2,618,412	2,503,143
Management fees and other revenues	33,186	33,507	62,642	62,457
Other income	109,340	81,136	219,802	154,850
Total revenue	1,458,266	1,369,601	2,900,856	2,720,450
EXPENSES:
Property operating	131,292	118,263	257,406	230,012
Depreciation and amortization	310,016	319,534	617,384	626,592
Real estate taxes	96,640	111,837	205,849	222,996
Repairs and maintenance	24,524	23,002	50,253	45,176
Advertising and promotion	38,828	33,745	66,909	57,904
Home and regional office costs	50,481	50,006	111,204	106,826
General and administrative	10,839	10,058	19,970	19,164
Other	41,545	45,231	82,600	91,132
Total operating expenses	704,165	711,676	1,411,575	1,399,802
OPERATING INCOME BEFORE OTHER ITEMS	754,101	657,925	1,489,281	1,320,648
Interest expense	(221,338)	(218,086)	(451,960)	(417,515)
Gain on disposal, exchange, or revaluation of equity interests, net (Notes 3 and 6)		36,437	414,769	36,437
Income and other tax (expense) benefit	(4,961)	(10,487)	(52,564)	2,966
Income from unconsolidated entities	42,214	90,455	7,872	112,355
Unrealized gains (losses) in fair value of publicly traded equity instruments and derivative instrument, net	2,405	5,617	(4,787)	26,225
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(2,986)	(4,356)	7,980	(4,356)
CONSOLIDATED NET INCOME	569,435	557,505	1,410,591	1,076,760
Net income (loss) attributable to noncontrolling interests	785	(364)	(685)	398
Preferred dividends	1,266	1,313	2,532	2,626
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	567,384	556,556	1,408,744	1,073,736
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	493,465	486,343	1,225,167	938,170
Limited Partners	$ 73,919	$ 70,213	$ 183,577	$ 135,566
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders - basic (in dollars per share)	$ 1.51	$ 1.49	$ 3.76	$ 2.87
Net income attributable to common stockholders - diluted (in dollars per share)	$ 1.51	$ 1.49	$ 3.76	$ 2.87
Consolidated Net Income	$ 569,435	$ 557,505	$ 1,410,591	$ 1,076,760
Unrealized gain on derivative hedge agreements	16,272	15,320	44,016	20,992
Net gain reclassified from accumulated other comprehensive loss into earnings	(1,268)	(697)	(2,879)	(1,198)
Currency translation adjustments	(16,185)	(32,936)	(33,614)	(33,687)
Changes in available-for-sale securities and other	(86)	1,070	(712)	1,264
Comprehensive income	568,168	540,262	1,417,402	1,064,131
Comprehensive income attributable to noncontrolling interests	421	258	566	448
Comprehensive income attributable to common stockholders	$ 567,747	$ 540,004	$ 1,416,836	$ 1,063,683

Real Estate Acquisitions and Dispositions (Details) - Miami International Mall - Mortgage bearing 6.94% Interest $ in Millions	Feb. 06, 2024 USD ($)
Acquisitions
Cash consideration	$ 102.5
Fixed rate mortgage loan	$ 158.0
Fixed rate of interest	6.92%

Debt

6 Months Ended

Jun. 30, 2024

Debt

Debt

7. Debt

Unsecured Debt

At June 30, 2024, our unsecured debt consisted of $20.0 billion of senior unsecured notes of the Operating Partnership and $305.0 million outstanding under the Operating Partnership’s $5.0 billion unsecured revolving credit facility, or Credit Facility.

The Credit Facility has an initial borrowing capacity of $5.0 billion which may be increased in the form of additional commitments in the aggregate not to exceed $1.0 billion, for a total aggregate size of $6.0 billion, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent. Borrowings may be denominated in U.S. dollars, Euro, Yen, Pounds Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 97% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility is June 30, 2027. The Credit Facility can be extended for two additional six-month periods to June 30, 2028, at our sole option, subject to satisfying certain customary conditions precedent.

Borrowings under the Credit Facility bear interest, at our election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment and if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by our corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by our corporate credit rating of between 0.000% and 0.400%. The Credit Facility includes a facility fee determined by our corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Credit Facility. Based upon our current credit ratings, the interest rate on the Credit Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR.

The Operating Partnership’s $3.5 billion unsecured revolving credit facility, or Supplemental Facility, and together with the Credit Facility, the Credit Facilities, may be increased to $4.5 billion during its term and provides for borrowings denominated in U.S. dollars, Euro, Yen, Pounds, Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 100% of the maximum revolving credit amount, as defined. The initial maturity date of the Supplemental Facility is January 31, 2026 and can be extended for an additional year to January 31, 2027 at our sole option, subject to satisfying certain customary conditions precedent.

Borrowings under the Supplemental Facility bear interest, at the Company’s election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment and if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by our corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by our corporate credit rating of between 0.000% and 0.400%. The Supplemental Facility includes a facility fee determined by our corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Supplemental Facility. Based upon our current credit ratings, the interest rate on the Supplemental Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR.

At June 30, 2024, we had an aggregate available borrowing capacity of $8.1 billion under the Credit Facilities. The maximum aggregate outstanding balance under the Credit Facilities, during the six months ended June 30, 2024 was $305.0 million and the weighted average outstanding balance was $305.0 million. Letters of credit of $58.6 million were outstanding under the Credit Facilities as of June 30, 2024.

The Operating Partnership also has available a global unsecured commercial paper note program, or 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 June 30, 2024, we had no

outstanding balance under the Commercial Paper program. Borrowings reduce amounts otherwise available under the Credit Facilities.

On February 1, 2024, the Operating Partnership completed the redemption, at par, of its $600 million 3.75% notes at maturity.

On November 14, 2023, the Operating Partnership completed the issuance of €750.0 million senior unsecured bonds ($808.0 million U.S. dollar equivalent) with a maturity date of November 14, 2026 and a fixed interest rate of 3.50%. The bonds are exchangeable into shares of Klépierre at the option of the holder of the bond at an initial common price of €27.2092. We may elect to settle the exchange with cash instead of shares. The proceeds were used to repay €750.0 million ($815.4 million U.S. dollar equivalent) outstanding under the Supplemental Facility on November 17, 2023. The exchangeable option within the bonds has been determined to meet the criteria for bifurcation as previously discussed in Note 3.

On November 9, 2023, the Operating Partnership completed the issuance of the following senior unsecured notes: $500 million with a fixed interest rate of 6.25% and $500 million with a fixed interest rate of 6.65%, with maturity dates of January 15, 2034 and January 15, 2054, respectively. The proceeds were used to redeem, at par, its $600 million 3.75% notes at maturity on February 1, 2024.

On June 1, 2023, the Operating Partnership completed the redemption, at par, of its $600 million 2.75% notes at maturity.

On April 28, 2023 the Operating Partnership completed a borrowing of $180.0 million under the Credit Facility and subsequently unencumbered two properties.

On March 8, 2023, the Operating Partnership completed the issuance of the following senior unsecured notes: $650 million with a fixed interest rate 5.50%, and $650 million with a fixed interest rate of 5.85%, with maturity dates of March 8, 2033 and March 8, 2053, respectively. The Operating Partnership used a portion of the net proceeds of the offering to fund the optional redemption of its $500 million floating rate notes due January 2024 on March 13, 2023.

On January 10, 2023, the Operating Partnership completed interest rate swap agreements with a combined notional value at €750.0 million to swap the interest rate of the Euro denominated borrowings outstanding under the Supplemental Facility to an all-in fixed rate of 3.81%. These interest rate swaps were terminated in connection with the repayment of these borrowings on November 14, 2023.

Mortgage Debt

Total mortgage indebtedness was $5.1 billion and $5.2 billion at June 30, 2024 and December 31, 2023, respectively.

Covenants

Our unsecured debt agreements contain financial covenants and other non-financial covenants. The Credit 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 Credit 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 June 30, 2024, we were in compliance with all covenants of our unsecured debt.

At June 30, 2024, our consolidated subsidiaries were the borrowers under 35 non-recourse mortgage notes secured by mortgages on 38 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 June 30, 2024, the applicable borrowers under these non-recourse mortgage notes were in compliance with all

covenants where non-compliance could individually or in the aggregate, giving effect to applicable cross-default provisions, have a material adverse effect on our financial condition, liquidity or results of operations.

Fair Value of Debt

The carrying value of our variable-rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed rate mortgages and unsecured indebtedness including commercial paper was $25.0 billion and $25.6 billion as of June 30, 2024 and December 31, 2023. The fair values of these financial instruments and the related discount rate assumptions as of June 30, 2024 and December 31, 2023 are summarized as follows:


	June 30,			December 31,
	2024			2023
Fair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions)	$	23,131		$	24,248
Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages		6.56	%		6.10	%
Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness		6.58	%		6.10	%

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Commitments and Contingencies

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

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.

Lease Commitments

As of June 30, 2024, we are subject to ground leases that cover all or a portion of 22 of our consolidated properties with termination dates extending through 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 2024 to 2034. 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 Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Operating Lease Cost
Fixed lease cost	$	8,882	$	8,145	$	17,749	$	16,268
Variable lease cost		4,730		4,195		8,742		9,181
Total operating lease cost	$	13,612	$	12,340	$	26,491	$	25,449


	For the Six Months Ended
	June 30,
	2024		2023
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	26,461	$	25,411

Weighted-average remaining lease term - operating leases		32.5 years		32.3 years
Weighted-average discount rate - operating leases		5.32%		4.88%

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:


2024	$	35,222
2025		36,358
2026		36,372
2027		36,401
2028		36,427
Thereafter		959,496
	$	1,140,276
Impact of discounting		(616,310)
Operating lease liabilities	$	523,966

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. In addition to the guarantee disclosed in Note 6, as of June 30, 2024 and December 31, 2023, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $121.9 million and $139.2 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.

Summary of Significant Accounting Policies - Fair Value Measurements (Details) $ in Thousands, € in Millions	Jun. 30, 2024 USD ($) item	Jun. 30, 2024 EUR (€) item	Dec. 31, 2023 USD ($)
Fair Value Measurements
Number of investments for which fair value is measured on a recurring basis using Level 3 inputs \| item	0	0
Recurring
Assets:
Short-term investments	$ 1,300,000		$ 1,000,000
Deferred costs and other assets	146,337		113,779
Total	1,446,337		1,113,779
Other Liabilities
Other Liabilities	35,553		38,146
Level 1 \| Recurring
Assets:
Deferred costs and other assets	102,543		97,696
Total	102,543		97,696
Level 2 \| Recurring
Assets:
Short-term investments	1,300,000		1,000,000
Deferred costs and other assets	43,794		16,083
Total	1,343,794		1,016,083
Other Liabilities
Other Liabilities	51		9,774
Level 3 \| Recurring
Other Liabilities
Other Liabilities	$ 35,502		$ 28,372
Exchangeable Debt \| Embedded derivative financial instruments
Fair Value Measurements
Interest rate swap agreements and foreign currency forward contracts, gross liability balance \| €		€ 750.0

Lease Income (Tables)

6 Months Ended

Jun. 30, 2024

Lease Income.

Schedule of lease income


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Fixed lease income	$	1,073,031	$	1,022,880	$	2,141,437	$	2,036,044
Variable lease income		242,709		232,078		476,975		467,099
Total lease income	$	1,315,740	$	1,254,958	$	2,618,412	$	2,503,143

Debt - Narrative (Details) € / shares in Units, $ in Thousands, € in Millions				6 Months Ended
	Nov. 17, 2023 USD ($)	Nov. 17, 2023 EUR (€)	Apr. 28, 2023 USD ($) property	Jun. 30, 2024 USD ($) property item	Feb. 01, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 14, 2023 USD ($)	Nov. 14, 2023 EUR (€) € / shares	Nov. 09, 2023 USD ($)	Jun. 01, 2023 USD ($)	Mar. 13, 2023 USD ($)	Mar. 08, 2023 USD ($)	Jan. 10, 2023 EUR (€)
Debt
Long-term debt				$ 25,287,745		$ 26,033,423
Simon Property Group, L.P.
Debt
Long-term debt				25,287,745		26,033,423
Senior unsecured 3.50 percent bonds exchangeable into ordinary shares \| Simon Property Group, L.P.
Debt
Debt issued							$ 808,000	€ 750.0
Interest rate on debt (as a percent)							3.50%	3.50%
Ordinary shares of common price \| € / shares								€ 27.2092
Secured Debt \| Mortgages [Member]
Debt
Long-term debt				$ 5,100,000		$ 5,200,000
Debt covenants
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers \| item				35
Number of properties pledged as collateral \| property				38
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
Long-term debt				$ 20,000,000
Unsecured Debt \| Senior Unsecured Notes 2.75% due 2023 \| Simon Property Group, L.P.
Debt
Amount of debt redeemed										$ 600,000
Interest rate on debt (as a percent)										2.75%
Unsecured Debt \| Senior Unsecured Notes Maturing March 2033 \| Simon Property Group, L.P.
Debt
Debt issued												$ 650,000
Interest rate on debt (as a percent)												5.50%
Unsecured Debt \| Senior Unsecured Notes Maturing March 2053 \| Simon Property Group, L.P.
Debt
Debt issued												$ 650,000
Interest rate on debt (as a percent)												5.85%
Unsecured Debt \| Senior Unsecured Notes Maturing January 2024 \| Simon Property Group, L.P.
Debt
Amount of debt redeemed											$ 500,000
Unsecured Debt \| Senior Unsecured Notes 6.65 Due January 15 2054 \| Simon Property Group, L.P.
Debt
Debt issued									$ 500,000
Interest rate on debt (as a percent)									6.65%
Unsecured Debt \| Senior Unsecured Notes 3.75 Due February 1 2024 \| Simon Property Group, L.P.
Debt
Amount of debt redeemed					$ 600,000
Interest rate on debt (as a percent)					3.75%
Unsecured Debt \| Senior Unsecured Notes 6.25 Due January 15 2034 \| Simon Property Group, L.P.
Debt
Debt issued									$ 500,000
Interest rate on debt (as a percent)									6.25%
Unsecured Debt \| Commercial Paper \| Simon Property Group, L.P.
Debt
Long-term debt				0
Maximum borrowing capacity				2,000,000
Unsecured Debt \| Credit Facilities \| Simon Property Group, L.P.
Debt
Available borrowing capacity				8,100,000
Maximum amount outstanding during period				305,000
Credit facility, weighted average amount outstanding				305,000
Letters of credit outstanding				58,600
Unsecured Debt \| Credit Facility \| Simon Property Group, L.P.
Debt
Credit facility, amount outstanding				305,000
Maximum borrowing capacity				5,000,000
Additional borrowing capacity				1,000,000
Optional expanded maximum borrowing capacity				$ 6,000,000
Additional extension period \| item				2
Debt extension period				6 months
Debt issued			$ 180,000
Number of properties unencumbered from debt borrowing \| property			2
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 \| Simon Property Group, L.P. \| Adjusted Term One-Month SOFR
Debt
Interest rate (as a percent)				1.00%
Unsecured Debt \| Credit Facility \| Simon Property Group, L.P. \| Secured Overnight Financing Rate (SOFR)
Debt
Interest rate (as a percent)				0.725%
Unsecured Debt \| Credit Facility \| Minimum \| Simon Property Group, L.P.
Debt
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 \| Minimum \| Simon Property Group, L.P. \| Secured Overnight Financing Rate (SOFR)
Debt
Interest rate (as a percent)				0.65%
Unsecured Debt \| Credit Facility \| Maximum \| Simon Property Group, L.P.
Debt
Percentage of borrowings in currencies other than the U.S. dollar				97.00%
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 \| Credit Facility \| Maximum \| Simon Property Group, L.P. \| Secured Overnight Financing Rate (SOFR)
Debt
Interest rate (as a percent)				1.40%
Unsecured Debt \| Supplemental Facility \| Simon Property Group, L.P.
Debt
Maximum borrowing capacity				$ 3,500,000
Optional expanded maximum borrowing capacity				$ 4,500,000
Credit facility, amount repaid	$ 815,400	€ 750.0
Unsecured Debt \| Supplemental Facility \| Simon Property Group, L.P. \| Interest rate swap
Debt
Notional Amount \| €													€ 750.0
Fixed exchange rate													3.81%
Unsecured Debt \| Supplemental Facility \| Simon Property Group, L.P. \| Fed Funds Effective Rate
Debt
Interest rate (as a percent)				0.50%
Unsecured Debt \| Supplemental Facility \| Simon Property Group, L.P. \| Adjusted Term One-Month SOFR
Debt
Interest rate (as a percent)				1.00%
Unsecured Debt \| Supplemental Facility \| Simon Property Group, L.P. \| Secured Overnight Financing Rate (SOFR)
Debt
Interest rate (as a percent)				0.725%
Unsecured Debt \| Supplemental Facility \| Minimum \| Simon Property Group, L.P.
Debt
Facility fee (in percentage)				0.10%
Unsecured Debt \| Supplemental Facility \| Minimum \| Simon Property Group, L.P. \| Base Rate
Debt
Interest rate (as a percent)				0.00%
Unsecured Debt \| Supplemental Facility \| Minimum \| Simon Property Group, L.P. \| Secured Overnight Financing Rate (SOFR)
Debt
Interest rate (as a percent)				0.65%
Unsecured Debt \| Supplemental Facility \| Maximum \| Simon Property Group, L.P.
Debt
Percentage of borrowings in currencies other than the U.S. dollar				100.00%
Facility fee (in percentage)				0.30%
Unsecured Debt \| Supplemental Facility \| Maximum \| Simon Property Group, L.P. \| Base Rate
Debt
Interest rate (as a percent)				0.40%
Unsecured Debt \| Supplemental Facility \| Maximum \| Simon Property Group, L.P. \| Secured Overnight Financing Rate (SOFR)
Debt
Interest rate (as a percent)				1.40%

Investments in Unconsolidated Entities and International Investments - Real Estate Joint Ventures and Investments (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Jun. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Investment in Unconsolidated Entities
Total number of joint venture properties \| property			80
Mortgages and unsecured indebtedness			$ 25,287,745	$ 26,033,423
Unconsolidated properties \| Disposed of by Sales And Means Other than Sale \| Retail properties
Investment in Unconsolidated Entities
Number of properties disposed of during the period \| property	1	2
Noncash gain on disposal of interest in unconsolidated entities		$ 19,900
Gain (loss) on disposition of interest in properties	$ 0
Unconsolidated properties \| Non-recourse $114.8M Mortgage \| Disposed of by Sales And Means Other than Sale \| Retail properties
Investment in Unconsolidated Entities
Mortgages and unsecured indebtedness	$ 114,800
Unconsolidated properties \| Non-recourse $99.6M Mortgage \| Disposed of by Sales And Means Other than Sale \| Retail properties
Investment in Unconsolidated Entities
Mortgages and unsecured indebtedness		99,600
Unconsolidated properties \| Non-recourse $83.1M Mortgage \| Disposed of by Sales And Means Other than Sale \| Retail properties
Investment in Unconsolidated Entities
Mortgages and unsecured indebtedness		$ 83,100
Construction and other related party loans
Investment in Unconsolidated Entities
Loans to related party			$ 87,500	$ 98,000

Commitments and Contingencies - Concentration of Credit Risk (Details)	6 Months Ended
	Jun. 30, 2024
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 (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies.

Schedule of lease cost


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Operating Lease Cost
Fixed lease cost	$	8,882	$	8,145	$	17,749	$	16,268
Variable lease cost		4,730		4,195		8,742		9,181
Total operating lease cost	$	13,612	$	12,340	$	26,491	$	25,449

Schedule of other lease information


	For the Six Months Ended
	June 30,
	2024		2023
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	26,461	$	25,411

Weighted-average remaining lease term - operating leases		32.5 years		32.3 years
Weighted-average discount rate - operating leases		5.32%		4.88%

Schedule of future minimum lease payments due


2024	$	35,222
2025		36,358
2026		36,372
2027		36,401
2028		36,427
Thereafter		959,496
	$	1,140,276
Impact of discounting		(616,310)
Operating lease liabilities	$	523,966

Commitments and Contingencies - Lease Commitments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Lease Commitments
Properties subject to ground leases \| property	22		22
Lease Cost
Fixed lease cost	$ 8,882	$ 8,145	$ 17,749	$ 16,268
Variable lease cost	4,730	4,195	8,742	9,181
Total operating lease cost	$ 13,612	$ 12,340	26,491	25,449
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases			$ 26,461	$ 25,411
Weighted-average remaining lease term - operating leases	32 years 6 months	32 years 3 months 18 days	32 years 6 months	32 years 3 months 18 days
Weighted-average discount rate - operating leases	5.32%	4.88%	5.32%	4.88%
Operating Lease Liabilities
2024	$ 35,222		$ 35,222
2025	36,358		36,358
2026	36,372		36,372
2027	36,401		36,401
2028	36,427		36,427
Thereafter	959,496		959,496
Future minimum gross lease payments	1,140,276		1,140,276
Impact of discounting	(616,310)		(616,310)
Operating lease liabilities	$ 523,966		$ 523,966		$ 484,861

Summary of Significant Accounting Policies - Equity Instruments and Debt Securities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Equity Instruments and Investments
Equity instruments with readily determinable fair value	$ 102.5	$ 97.7
Equity instruments without readily determinable fair values	244.6	240.2
Debt securities of our captive insurance companies	$ 75.1	$ 79.7
Securities in captive insurance subsidiary portfolio \| Maximum
Equity Instruments and Investments
Short-term investment maturity period	1 year
Investment maturity period	10 years

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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

Summary of Significant Accounting Policies - Reclassification Out Of AOCI, Simon Property Group, L.P. (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Significant Accounting Policies
Total accumulated other comprehensive income (loss)	$ (250,900)		$ (250,900)		$ (221,600)
Interest expense	(221,338)	$ (218,086)	(451,960)	$ (417,515)
Simon Property Group, L.P.
Significant Accounting Policies
Total accumulated other comprehensive income (loss)	(288,500)		(288,500)		$ (254,900)
Interest expense	(221,338)	(218,086)	(451,960)	(417,515)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] \| Simon Property Group, L.P. \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense	$ 1,268	$ 697	$ 2,879	$ 1,198

Organization (Details)	Jun. 30, 2024 country state property	Sep. 07, 2023
TRG
Real Estate Properties
Ownership percentage	84.00%	84.00%
TRG \| TRG
Real Estate Properties
Number of regional, super regional and outlet malls	22
U.S. and Puerto Rico
Real Estate Properties
Number of properties	195
Number of U.S. states containing property locations \| state	37
U.S. and Puerto Rico \| Malls
Real Estate Properties
Number of properties	93
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 \| Lifestyle centers
Real Estate Properties
Number of properties	6
U.S. and Puerto Rico \| Other retail properties
Real Estate Properties
Number of properties	13
Asia, Europe and Canada \| Premium and Designer Outlets
Real Estate Properties
Number of properties \| state	35
Europe \| Klepierre
Real Estate Properties
Ownership percentage	22.40%
Number of countries \| country	14

Investments in Unconsolidated Entities and International Investments (Tables)

6 Months Ended

Jun. 30, 2024


	June 30,		December 31,
	2024		2023
Assets:
Investment properties, at cost	$	19,140,474	$	19,315,578
Less - accumulated depreciation		8,955,109		8,874,745
		10,185,365		10,440,833
Cash and cash equivalents		1,196,158		1,372,377
Tenant receivables and accrued revenue, net		450,435		505,933
Right-of-use assets, net		110,547		126,539
Deferred costs and other assets		570,976		537,943
Total assets	$	12,513,481	$	12,983,625
Liabilities and Partners’ Deficit:
Mortgages	$	14,006,373	$	14,282,839
Accounts payable, accrued expenses, intangibles, and deferred revenue		867,192		1,032,217
Lease liabilities		101,039		116,535
Other liabilities		369,833		368,582
Total liabilities		15,344,437		15,800,173
Preferred units		67,450		67,450
Partners’ deficit		(2,898,406)		(2,883,998)
Total liabilities and partners’ deficit	$	12,513,481	$	12,983,625
Our Share of:
Partners’ deficit	$	(1,218,503)	$	(1,258,809)
Add: Excess Investment		1,118,300		1,173,852
Our net (deficit) Investment in unconsolidated entities, at equity	$	(100,203)	$	(84,957)

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


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
REVENUE:
Lease income	$	741,887	$	733,761	$	1,493,917	$	1,468,809
Other income		94,773		138,193		185,764		228,239
Total revenue		836,660		871,954		1,679,681		1,697,048
OPERATING EXPENSES:
Property operating		162,138		155,036		323,183		309,958
Depreciation and amortization		158,107		159,329		317,921		323,802
Real estate taxes		61,104		64,939		124,284		128,943
Repairs and maintenance		18,142		17,643		37,634		36,418
Advertising and promotion		21,532		18,804		43,195		39,514
Other		53,630		63,208		108,510		116,516
Total operating expenses		474,653		478,959		954,727		955,151
Operating Income Before Other Items		362,007		392,995		724,954		741,897
Interest expense		(179,359)		(167,498)		(356,110)		(335,706)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		—		1,134		—		1,134
Net Income	$	182,648	$	226,631	$	368,844	$	407,325
Third-Party Investors’ Share of Net Income	$	92,849	$	114,808	$	187,219	$	205,067
Our Share of Net Income		89,799		111,823		181,625		202,258
Amortization of Excess Investment		(14,463)		(14,928)		(29,160)		(29,848)
Our Share of Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		—		(454)		—		(454)
Income from Unconsolidated Entities	$	75,336	$	96,441	$	152,465	$	171,956

TRG

Summary of financial information of other platform investments


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Total revenues	$	164,104	$	163,097	$	341,529	$	332,825
Operating income before other items		60,115		61,916		134,067		136,694
Consolidated net income		24,892		25,722		149,818		70,675
Our share of net income		20,789		20,216		125,579		55,064
Amortization of excess investment		(57,206)		(47,390)		(162,782)		(94,780)

Other Platform Investments

Summary of financial information of other platform investments


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Total revenues	$	2,660,987	$	3,192,530	$	5,418,071	$	6,149,251
Operating (loss) income before other items		(31,530)		103,118		(277,327)		85,250
Consolidated net loss		(77,036)		(9,401)		(397,710)		(128,366)
Share of net income, net of tax		(10,776)		8,053		(97,821)		(29,736)
Amortization of our excess investment		(692)		(1,665)		(1,384)		(3,329)

Europe | Klepierre

Summary of financial information of other platform investments


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Total revenues	$	360,039	$	351,419	$	690,645	$	673,976
Operating income before other items		194,904		214,117		323,501		319,425
Consolidated net income		90,986		91,580		194,547		174,300
Our share of net income		23,343		9,996		42,256		27,854
Amortization of excess investment		(5,272)		(3,301)		(8,548)		(6,554)

Equity (Tables)

6 Months Ended

Jun. 30, 2024

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


	As of		As of
	June 30,		December 31,
	2024		2023
7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 230,373 issued and outstanding	$	23,037	$	23,037
Other noncontrolling redeemable interests		165,662		172,912
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$	188,699	$	195,949

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


LTIP Awards	LTIP Units Earned	Grant Date Fair Value of TSR Award	Grant Date Target Value of Performance-Based Awards
2021 LTIP Awards	209,784	$5.7 million	$12.2 million
2022 LTIP Awards	To be determined in 2025	—	$13.7 million
2023 LTIP Awards	To be determined in 2026	—	$23.6 million
2024 LTIP Awards	To be determined in 2027	—	$24.5 million

Simon Property Group, L.P.

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


	As of		As of
	June 30,		December 31,
	2024		2023
7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 230,373 issued and outstanding	$	23,037	$	23,037
Other noncontrolling redeemable interests		165,662		172,912
Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties	$	188,699	$	195,949

Unaudited Consolidated Statements of Equity - USD ($) $ in Thousands	Simon Property Group, L.P. General Partner	Simon Property Group, L.P. Limited Partner	Simon Property Group, L.P. Preferred Stock [Member]	Simon Property Group, L.P. Noncontrolling Interests	Simon Property Group, L.P.	Preferred Stock [Member] Series J Preferred stock	Common Stock	AOCI Attributable to Parent [Member]	Capital in Excess of Par Value	Accumulated Deficit	Common Stock Held in Treasury	Noncontrolling Interests	Total
Balance at Dec. 31, 2022						$ 41,435	$ 34	$ (164,873)	$ 11,232,881	$ (5,926,974)	$ (2,043,979)	$ 473,128	$ 3,611,652
Balance at Dec. 31, 2022	$ 3,097,089	$ 448,076	$ 41,435	$ 25,052	$ 3,611,652
Increase (Decrease) in Stockholders' Equity
Series J preferred stock premium amortization			(83)		(83)	(83)							(83)
Stock incentive program									(7,880)		7,880
Redemption of limited partner units	(2,645)	(213)			(2,858)				(2,645)			(213)	(2,858)
Amortization of stock incentive	5,379				5,379				5,379				5,379
Long-term incentive performance units		3,382			3,382							3,382	3,382
Issuance of unit equivalents and other	(7,644)	1		188	(7,455)					(5,020)	(2,624)	189	(7,455)
Unrealized gain on hedging activities	4,959	713			5,672			4,959				713	5,672
Currency translation adjustments	(671)	(80)			(751)			(671)				(80)	(751)
Changes in available-for-sale securities and other	169	25			194			169				25	194
Net gain reclassified from accumulated other comprehensive loss into earnings	(438)	(63)			(501)			(438)				(63)	(501)
Other comprehensive income (loss)	4,019	595			4,614			4,019				595	4,614
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	3,736	(3,736)							3,736			(3,736)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(590,434)		(85,163)	(675,597)
Distributions to other noncontrolling interest partners												(4,366)	(4,366)
Distributions, excluding distributions on preferred interests classified as temporary equity	(589,600)	(85,163)	(834)	(4,366)	(679,963)
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties	451,827	65,353	834	190	518,204
Net income, excluding attributable to preferred interests in the Operating Partnership and attributable to noncontrolling redeemable interests in properties										452,661		65,543	518,204
Balance at Mar. 31, 2023						41,352	34	(160,854)	11,231,471	(6,069,767)	(2,038,723)	449,359	3,452,872
Balance at Mar. 31, 2023	2,962,161	428,295	41,352	21,064	3,452,872
Balance at Dec. 31, 2022						41,435	34	(164,873)	11,232,881	(5,926,974)	(2,043,979)	473,128	3,611,652
Balance at Dec. 31, 2022	3,097,089	448,076	41,435	25,052	3,611,652
Increase (Decrease) in Stockholders' Equity
Unrealized gain on hedging activities					20,992								20,992
Currency translation adjustments					(33,687)								(33,687)
Changes in available-for-sale securities and other					1,264								1,264
Net gain reclassified from accumulated other comprehensive loss into earnings					(1,198)								(1,198)
Balance at Jun. 30, 2023	2,830,367	408,371	41,270	20,563	3,300,571	41,270	34	(175,967)	11,211,425	(6,189,540)	(2,015,585)	428,934	3,300,571
Balance at Mar. 31, 2023						41,352	34	(160,854)	11,231,471	(6,069,767)	(2,038,723)	449,359	3,452,872
Balance at Mar. 31, 2023	2,962,161	428,295	41,352	21,064	3,452,872
Increase (Decrease) in Stockholders' Equity
Series J preferred stock premium amortization			(82)		(82)	(82)							(82)
Stock incentive program									(26,309)		26,309
Redemption of limited partner units	(7,215)	(649)			(7,864)				(7,215)			(649)	(7,864)
Amortization of stock incentive	10,895				10,895				10,895				10,895
Long-term incentive performance units		2,617			2,617							2,617	2,617
Issuance of unit equivalents and other	(3,938)	5		13	(3,920)				2	(770)	(3,171)	18	(3,921)
Unrealized gain on hedging activities	13,398	1,922			15,320			13,398				1,922	15,320
Currency translation adjustments	(28,837)	(4,099)			(32,936)			(28,837)				(4,099)	(32,936)
Changes in available-for-sale securities and other	935	135			1,070			935				135	1,070
Net gain reclassified from accumulated other comprehensive loss into earnings	(609)	(88)			(697)			(609)				(88)	(697)
Other comprehensive income (loss)	(15,113)	(2,130)			(17,243)			(15,113)				(2,130)	(17,243)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	2,581	(2,581)							2,581			(2,581)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(606,181)		(87,399)	(693,580)
Distributions to other noncontrolling interest partners												(772)	(772)
Distributions, excluding distributions on preferred interests classified as temporary equity	(605,347)	(87,399)	(834)	(772)	(694,352)
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties	486,343	70,213	834	258	557,648					487,178		70,471	557,649
Balance at Jun. 30, 2023	2,830,367	408,371	41,270	20,563	3,300,571	41,270	34	(175,967)	11,211,425	(6,189,540)	(2,015,585)	428,934	3,300,571
Balance at Dec. 31, 2023						41,106	33	(172,787)	11,406,236	(6,095,576)	(2,156,178)	468,815	3,491,649
Balance at Dec. 31, 2023	2,981,728	447,494	41,106	21,321	3,491,649
Increase (Decrease) in Stockholders' Equity
Series J preferred stock premium amortization			(82)		(82)	(82)							(82)
Stock incentive program									(8,234)		8,234
Redemption of limited partner units	(38,160)	(2,556)			(40,716)				(38,160)			(2,556)	(40,716)
Amortization of stock incentive	5,118				5,118				5,118				5,118
Long-term incentive performance units		4,765			4,765							4,765	4,765
Issuance of unit equivalents and other	7,540	(1)		(251)	7,288				(1)	11,979	(4,438)	(252)	7,288
Unrealized gain on hedging activities	24,138	3,606			27,744			24,138				3,606	27,744
Currency translation adjustments	(15,201)	(2,228)			(17,429)			(15,201)				(2,228)	(17,429)
Changes in available-for-sale securities and other	(545)	(81)			(626)			(545)				(81)	(626)
Net gain reclassified from accumulated other comprehensive loss into earnings	(1,401)	(210)			(1,611)			(1,401)				(210)	(1,611)
Other comprehensive income (loss)	6,991	1,087			8,078			6,991				1,087	8,078
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	5,781	(5,781)							5,781			(5,781)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(636,453)		(95,349)	(731,802)
Distributions to other noncontrolling interest partners												(2,040)	(2,040)
Distributions, excluding distributions on preferred interests classified as temporary equity	(635,619)	(95,349)	(834)	(2,040)	(733,842)
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties	731,702	109,657	834	145	842,338
Net income, excluding attributable to preferred interests in the Operating Partnership and attributable to noncontrolling redeemable interests in properties										732,536		109,802	842,338
Balance at Mar. 31, 2024						41,024	33	(165,796)	11,370,740	(5,987,514)	(2,152,382)	478,491	3,584,596
Balance at Mar. 31, 2024	3,065,081	459,316	41,024	19,175	3,584,596
Balance at Dec. 31, 2023						41,106	33	(172,787)	11,406,236	(6,095,576)	(2,156,178)	468,815	3,491,649
Balance at Dec. 31, 2023	2,981,728	447,494	41,106	21,321	3,491,649
Increase (Decrease) in Stockholders' Equity
Unrealized gain on hedging activities					44,016								44,016
Currency translation adjustments					(33,614)								(33,614)
Changes in available-for-sale securities and other					(712)								(712)
Net gain reclassified from accumulated other comprehensive loss into earnings					(2,879)								(2,879)
Balance at Jun. 30, 2024						40,942	33	(166,904)	11,362,588	(6,155,936)	(2,136,137)	453,428	3,398,014
Balance at Jun. 30, 2024	2,903,644	434,982	40,942	18,446	3,398,014
Balance at Mar. 31, 2024						41,024	33	(165,796)	11,370,740	(5,987,514)	(2,152,382)	478,491	3,584,596
Balance at Mar. 31, 2024	3,065,081	459,316	41,024	19,175	3,584,596
Increase (Decrease) in Stockholders' Equity
Series J preferred stock premium amortization			(82)		(82)	(82)							(82)
Stock incentive program									(22,365)		22,365
Redemption of limited partner units	(139)	(9)			(148)				(139)			(9)	(148)
Amortization of stock incentive	9,750				9,750				9,750				9,750
Long-term incentive performance units		4,326			4,326							4,326	4,326
Issuance of unit equivalents and other	(15,876)	1		(85)	(15,960)					(9,756)	(6,120)	(84)	(15,960)
Unrealized gain on hedging activities	14,155	2,117			16,272			14,155				2,117	16,272
Currency translation adjustments	(14,086)	(2,099)			(16,185)			(14,086)				(2,099)	(16,185)
Changes in available-for-sale securities and other	(74)	(12)			(86)			(74)				(12)	(86)
Net gain reclassified from accumulated other comprehensive loss into earnings	(1,103)	(165)			(1,268)			(1,103)				(165)	(1,268)
Other comprehensive income (loss)	(1,108)	(159)			(1,267)			(1,108)				(159)	(1,267)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	4,602	(4,602)							4,602			(4,602)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(652,966)		(97,810)	(750,776)
Distributions to other noncontrolling interest partners												(1,066)	(1,066)
Distributions, excluding distributions on preferred interests classified as temporary equity	(652,131)	(97,810)	(835)	(1,066)	(751,842)
Net income, excluding preferred distributions on temporary equity preferred units and amounts attributable to noncontrolling redeemable interests in properties	493,465	73,919	835	422	568,641
Net income, excluding attributable to preferred interests in the Operating Partnership and attributable to noncontrolling redeemable interests in properties										494,300		74,341	568,641
Balance at Jun. 30, 2024						$ 40,942	$ 33	$ (166,904)	$ 11,362,588	$ (6,155,936)	$ (2,136,137)	$ 453,428	$ 3,398,014
Balance at Jun. 30, 2024	$ 2,903,644	$ 434,982	$ 40,942	$ 18,446	$ 3,398,014

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
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	16,855,456	16,983,364
Series J Preferred stock
Preferred stock stated dividend rate (as a percent)	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	342,890,839	342,895,886
Common stock, shares outstanding	342,890,839	342,895,886
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	326,043,383	325,920,522
Limited Partners, units outstanding	48,843,151	48,913,717

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents and Short-term investments

Cash and Cash Equivalents and Short-term Investments

Equity Instruments and Debt Securities

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

Fair Value Measurements


Description	June 30, 2024		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Short-term investments	$	1,300,000	$	-	$	1,300,000	$	-
Deferred costs and other assets		146,337		102,543		43,794		-
Total	$	1,446,337	$	102,543	$	1,343,794	$	-

Liabilities:
Other Liabilities	$	35,553	$	-	$	51	$	35,502


Description	December 31, 2023		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Short-term investments	$	1,000,000	$	-	$	1,000,000	$	-
Deferred costs and other assets		113,779		97,696		16,083
Total		1,113,779		97,696		1,016,083		-

Liabilities:
Other Liabilities	$	38,146	$	-	$	9,774	$	28,372

Noncontrolling Interests

Simon

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


	As of		As of
	June 30,		December 31,
	2024		2023
Limited partners’ interests in the Operating Partnership	$	434,982	$	447,494
Nonredeemable noncontrolling interests in properties, net		18,446		21,321
Total noncontrolling interests reflected in equity	$	453,428	$	468,815

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 Six Months Ended
	June 30,				June 30,
									Affected line item where
	2024		2023		2024		2023		net income is presented

Accumulated derivative gains, net	$	1,268	$	697	$	2,879	$	1,198	Interest expense
		(165)		(88)		(375)		(151)	Net income attributable to noncontrolling interests
	$	1,103	$	609	$	2,504	$	1,047

The Operating Partnership

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

For the Three Months Ended

For the Six Months Ended

June 30,

Affected line item where

2024

2023

2024

2023

net income is presented

Accumulated derivative gains, net

1,268

697

2,879

1,198

Interest expense

Derivative Financial Instruments

As of June 30, 2024, we had the following outstanding interest rate derivatives related to managing our interest rate risk:


	Number of	Notional
Interest Rate Derivative	Instruments	Amount
Interest Rate Swaps	5	$	805.0 million
Interest Rate Swaps	2	€	193.0 million
Interest Rate Caps	2	€	80.0 million

As of December 31, 2023, we had the following outstanding interest rate derivatives related to managing our interest rate risk:


	Number of	Notional
Interest Rate Derivative	Instruments	Amount
Interest Rate Swaps	5	$	805.0 million
Interest Rate Caps	1	$	38.0 million
Interest Rate Swaps	1	€	128.0 million
Interest Rate Caps	3	€	129.0 million

We had the following Euro:USD forward contracts designated as net investment hedges at June 30, 2024 and December 31, 2023 (in millions):


			Asset (Liability) Value as of
			June 30,		December 31,
Notional Value		Maturity Date	2024		2023
€	50.0	January 17, 2024		—		(0.4)
€	30.0	March 15, 2024		—		1.0
€	51.0	March 15, 2024		—		(3.6)
€	20.0	April 12, 2024		—		(0.1)
€	25.0	July 17, 2024		1.7		0.7
€	37.0	December 13, 2024		0.6		(0.9)
€	37.0	December 13, 2024		0.6		(0.9)
€	50.0	March 17, 2025		0.9		(1.1)
€	27.0	March 17, 2025		0.7		—
€	54.0	March 17, 2025		1.4		—
€	50.0	April 17, 2025		1.5		—

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.

The key inputs into the option model for the exchange option within the exchangeable bonds as of June 30, 2024 and December 31, 2023 were as follows:


	June 30, 2024		December 31, 2023
Klépierre stock price	€	24.98	€	24.68
Implied volatility		19.81%		17.88%
EUR risk-free rate		3.01%		2.11%
Klépierre expected dividend yield		6.77%		6.85%
Expected term		2.38 years		2.88 years
Credit Spread		0.79%		0.84%

The option is measured at fair value on a recurring basis. As of June 30, 2024 and December 31, 2023 the values of the option were $35.5 million and $28.4 million, respectively.

New Accounting Pronouncements

Disclosure of accounting policy for investment in financial asset.

+ References + Details

Equity

6 Months Ended

Jun. 30, 2024

Equity

Equity

8. Equity

During the six months ended June 30, 2024, the Operating Partnership redeemed 280,350 units from six limited partners for $40.9 million. These transactions increased Simon’s ownership interest in the Operating Partnership.

On February 8, 2024, Simon's Board of Directors authorized a new common stock repurchase plan which immediately replaced the existing repurchase plan. Under the plan, Simon may repurchase up to $2.0 billion of its common stock during the two-year period commencing on February 8, 2024 and ending on February 8, 2026 in the open market or in privately negotiated transactions as market conditions warrant. As of June 30, 2024, no repurchases had been made under the new repurchase plan. As Simon repurchases shares under these programs, the Operating Partnership repurchases an equal number of units from Simon.

We paid a common stock dividend of $2.00 per share for the second quarter of 2024, and $3.95 per share for the six months ended June 30, 2024. We paid common stock dividends of $3.65 per share for the six months ended June 30, 2023. The Operating Partnership paid distributions per unit for the same amounts. On August 5, 2024, Simon’s Board of Directors declared a quarterly cash dividend for the third quarter of 2024 of $2.05 per share, payable on September 30, 2024 to shareholders of record on September 9, 2024. 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 June 30, 2024 and December 31, 2023. 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
	June 30,		December 31,
	2024		2023
7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 230,373 issued and outstanding	$	23,037	$	23,037
Other noncontrolling redeemable interests		165,662		172,912
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$	188,699	$	195,949

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
	June 30,		December 31,
	2024		2023
7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 230,373 issued and outstanding	$	23,037	$	23,037
Other noncontrolling redeemable interests		165,662		172,912
Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties	$	188,699	$	195,949

Stock-Based Compensation

Our long-term incentive compensation awards under our stock-based compensation plans primarily take the form of LTIP units, restricted stock units, and restricted stock. The substantial majority of these awards are market condition or performance-based, and are based on various market, 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 units are 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. Participants are entitled to receive distributions on the awarded LTIP units, as defined, 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. These are granted under The Simon Property Group, L.P. 2019 Stock Incentive Plan, or the 2019 Plan.

The grant date fair values of any LTIP units that are 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 participant performs the required service period. The grant date fair values of the market-based awards are being amortized into expense over the performance period, which is the grant date through the date at which the awards, if earned, become vested. The expense of the performance-based award is recorded over the performance period, which is the grant date through the date at which the awards, if earned, become vested, based on our assessment as to whether it is probable that the performance criteria will be achieved

during the applicable performance periods. The grant date fair values of any restricted stock unit awards are recognized as expense over the vesting period.

2020 LTI Program. In 2020, the Compensation and Human Capital Committee established and granted awards under the 2020 LTI Program, which consisted of a one-time grant of 312,263 time-based restricted stock units under the 2019 Plan at a grant date fair market value of $84.37 per share. One-third of these awards vested on each of January 1, 2022, 2023 and 2024. The grant date fair value of the awards of $26.3 million was recognized as expense over the three-year vesting period.

2021 LTI Program. In 2021, the Compensation and Human Capital Committee established and granted awards under the 2021 LTI Program. Awards under the 2021 LTI Program took the form of LTIP units and restricted stock units. Awards of LTIP units under this program will be considered earned if the respective performance conditions (based on FFO and Objective Criteria Goals) and market conditions (based on Absolute TSR performance), as defined in the applicable award agreements, are achieved during the applicable three-year measurement period. Any units determined to be earned LTIP units under the 2021 LTI Program will vest on January 1, 2025. The 2021 LTI Program provides that the amount earned related to the performance-based portion of the awards is dependent on the Compensation and Human Capital Committee’s determination that Simon’s FFO performance and achievement of certain Objective Criteria Goals have been achieved and in March 2024, the Compensation and Human Capital Committee determined 209,784 performance based LTIP units under this program were earned. As part of the 2021 LTI Program, the Compensation and Human Capital Committee also established a grant of 37,976 time-based restricted stock units under the 2019 Plan at a grant date fair market value of $112.92 per share. These awards vested on March 1, 2024. The $4.3 million grant date fair value of these awards was recognized as expense over the three-year vesting period.

2022 LTI Program. In the first quarter of 2022, the Compensation and Human Capital Committee established and granted awards under a 2022 Long-Term Incentive Program, or 2022 LTI Program. Awards under the 2022 LTI Program, took the form of LTIP units and restricted stock units. Awards of LTIP units under this program will be considered earned if the respective performance conditions (based on FFO and Objective Criteria Goals), subject to adjustment based upon a TSR modifier, with respect to the FFO performance condition, as defined in the applicable award agreements, are achieved during the applicable three-year measurement period. Any units determined to be earned LTIP units under the 2022 LTI Program will vest on January 1, 2026. The 2022 LTI Program provides that the amount earned related to the performance-based portion of the awards is dependent on the Compensation and Human Capital Committee’s determination that Simon’s FFO performance and achievement of certain Objective Criteria Goals have been achieved and has a maximum potential fair value at grant date of $20.6 million. As part of the 2022 LTI Program, on March 11, 2022 and March 18, 2022, the Compensation and Human Capital Committee also established grants of 52,673 time-based restricted stock units under the 2019 Plan at a grant date fair market value of $130.05 and $130.84 per share. These awards will vest on March 11, 2025 and March 18, 2025. The $6.9 million grant date fair value of these awards is being recognized as expense over the three-year vesting period.

2023 LTI Program. In the first quarter of 2023, the Compensation and Human Capital Committee established and granted awards under a 2023 Long-Term Incentive Program, or 2023 LTI Program. Awards under the 2023 LTI Program, took the form of LTIP units and restricted stock units. Awards of LTIP units under this program will be considered earned if the respective performance conditions (based on FFO and Objective Criteria Goals), subject to adjustment based upon a TSR modifier, with respect to the FFO performance condition, as defined in the applicable award agreements, are achieved during the applicable three-year measurement period. Any units determined to be earned LTIP units under the 2023 LTI Program will vest on January 1, 2027. The 2023 LTI Program provides that the amount earned related to the performance-based portion of the awards is dependent on the Compensation and Human Capital Committee’s determination that Simon’s FFO performance and achievement of certain Objective Criteria Goals have been achieved and has a maximum potential fair value at grant date of $42.5 million. As part of the 2023 LTI Program, on March 1, 2023, the Compensation and Human Capital Committee also established a grant of 64,852 time-based restricted stock units under the 2019 Plan at a grant date fair market value of $121.25 per share. These awards will vest on March 1, 2026. The $7.9 million grant date fair value of these awards is being recognized as expense over the three-year vesting period.

2024 LTI Program. In the first quarter of 2024, the Compensation and Human Capital Committee established and granted awards under a 2024 Long-Term Incentive Program, or 2024 LTI Program. Awards under the 2024 LTI Program, took the form of LTIP units and restricted stock units. Awards of LTIP units under this program will be considered earned if the respective performance conditions (based on FFO and Objective Criteria Goals), subject to adjustment based upon a TSR modifier, with

respect to the FFO performance condition, as defined in the applicable award agreements, are achieved during the applicable three-year measurement period. Any units determined to be earned LTIP units under the 2024 LTI Program will vest on January 1, 2028. The 2024 LTI Program provides that the amount earned related to the performance-based portion of the awards is dependent on the Compensation and Human Capital Committee’s determination that Simon’s FFO performance and achievement of certain Objective Criteria Goals have been achieved and has a maximum potential fair value at grant date of $44.1 million. As part of the 2024 LTI Program, on March 6, 2024, the Compensation and Human Capital Committee also established a grant of 53,679 time-based restricted stock units under the 2019 Plan at a grant date fair market value of $152.32 per share. These awards will vest on March 6, 2027. The $8.2 million grant date fair value of these awards is being recognized as expense over the three-year vesting period.

The Compensation and Human Capital Committee approved LTIP unit grants as shown in the table below. The extent to which LTIP units were determined by the Compensation and Human Capital Committee’s to have been earned, and the aggregate grant date fair value, are as follows:


LTIP Awards	LTIP Units Earned	Grant Date Fair Value of TSR Award	Grant Date Target Value of Performance-Based Awards
2021 LTIP Awards	209,784	$5.7 million	$12.2 million
2022 LTIP Awards	To be determined in 2025	—	$13.7 million
2023 LTIP Awards	To be determined in 2026	—	$23.6 million
2024 LTIP Awards	To be determined in 2027	—	$24.5 million

We recorded compensation expense, net of capitalization, related to the aforementioned LTIP and LTI programs of approximately $11.4 million and $12.2 million for the six months ended June 30, 2024 and 2023, respectively.

Restricted Stock. The Compensation and Human Capital Committee awarded 129,178 shares of restricted stock to employees on April 1, 2024 at a grant date fair market value of $156.49 per share related to the 2023 compensation plan. On January 11, 2024, a non-employee Director was awarded 396 shares of restricted stock at a grant date fair market value of $144.68 per share. On May 7, 2024, our non-employee Directors were awarded 14,534 shares of restricted stock at a grant date fair market value of $147.95 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 award is being recognized over the three-year vesting period. The grant date fair value of the non-employee Director restricted stock award 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 $9.5 million and $7.9 million for the six months ended June 30, 2024 and 2023, respectively.

The entire disclosure for equity.

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Per Share and Per Unit Data

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS:
Investment properties, at cost	$ 39,664,271	$ 39,285,138
Less - accumulated depreciation	18,298,345	17,716,788
Investment properties, at cost, net	21,365,926	21,568,350
Cash and cash equivalents	1,234,433	1,168,991
Short-term investments	1,300,000	1,000,000
Tenant receivables and accrued revenue, net	793,107	826,126
Right-of-use assets, net	523,232	484,073
Deferred costs and other assets	1,129,286	1,117,716
Total assets	33,376,971	34,283,495
LIABILITIES:
Mortgages and unsecured indebtedness	25,287,745	26,033,423
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,627,309	1,693,248
Cash distributions and losses in unconsolidated entities, at equity	1,729,001	1,760,922
Dividend payable	1,737	1,842
Lease liabilities	523,966	484,861
Other liabilities	620,500	621,601
Total liabilities	29,790,258	30,595,897
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	188,699	195,949
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	40,942	41,106
Capital in excess of par value	11,362,588	11,406,236
Accumulated deficit	(6,155,936)	(6,095,576)
Accumulated other comprehensive loss	(166,904)	(172,787)
Common stock held in treasury, at cost, 16,855,456 and 16,983,364 shares, respectively	(2,136,137)	(2,156,178)
Total stockholders' equity	2,944,586	3,022,834
Noncontrolling interests	453,428	468,815
Total equity	3,398,014	3,491,649
Total liabilities and equity	33,376,971	34,283,495
TRG
ASSETS:
Investment, at equity	2,930,647	3,049,719
Klepierre
ASSETS:
Investment, at equity	1,450,789	1,527,872
Unconsolidated Investments excluding Klepierre and TRG
ASSETS:
Investment, at equity	2,649,551	3,540,648
Simon Property Group, L.P.
ASSETS:
Investment properties, at cost	39,664,271	39,285,138
Less - accumulated depreciation	18,298,345	17,716,788
Investment properties, at cost, net	21,365,926	21,568,350
Cash and cash equivalents	1,234,433	1,168,991
Short-term investments	1,300,000	1,000,000
Tenant receivables and accrued revenue, net	793,107	826,126
Right-of-use assets, net	523,232	484,073
Deferred costs and other assets	1,129,286	1,117,716
Total assets	33,376,971	34,283,495
LIABILITIES:
Mortgages and unsecured indebtedness	25,287,745	26,033,423
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,627,309	1,693,248
Cash distributions and losses in unconsolidated entities, at equity	1,729,001	1,760,922
Dividend payable	1,737	1,842
Lease liabilities	523,966	484,861
Other liabilities	620,500	621,601
Total liabilities	29,790,258	30,595,897
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	188,699	195,949
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	40,942	41,106
General Partner, 326,043,383 and 325,920,522 units outstanding, respectively	2,903,644	2,981,728
Limited Partners, 48,843,151 and 48,913,717 units outstanding, respectively	434,982	447,494
Total partners' equity	3,379,568	3,470,328
Nonredeemable noncontrolling interests in properties, net	18,446	21,321
Total equity	3,398,014	3,491,649
Total liabilities and equity	33,376,971	34,283,495
Simon Property Group, L.P. \| TRG
ASSETS:
Investment, at equity	2,930,647	3,049,719
Simon Property Group, L.P. \| Klepierre
ASSETS:
Investment, at equity	1,450,789	1,527,872
Simon Property Group, L.P. \| Unconsolidated Investments excluding Klepierre and TRG
ASSETS:
Investment, at equity	2,649,551	3,540,648
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	$ 33	$ 33

Commitments and Contingencies - Guarantees of Indebtedness (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Joint Venture Mortgage and Indebtedness
Guarantees of Joint Venture Indebtedness:
Loan guarantee	$ 121.9	$ 139.2

Equity - Temporary Equity (Details) $ in Thousands	6 Months Ended	12 Months Ended
Equity - Temporary Equity (Details) $ in Thousands	Jun. 30, 2024 USD ($) item shares	Dec. 31, 2023 USD ($) shares
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	$ 188,699	$ 195,949
Simon Property Group, L.P.
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	$ 188,699	195,949
7.5% Cumulative Redeemable Preferred Units
Redeemable preferred stock
Number of series of units classified into temporary equity \| item	1
Noncontrolling interests redeemable at amounts in excess of fair value	$ 0	$ 0
Preferred stock stated dividend rate (as a percent)	7.50%	7.50%
Temporary equity, shares authorized \| shares	260,000	260,000
Temporary equity, shares issued \| shares	230,373	230,373
Temporary equity, shares outstanding \| shares	230,373	230,373
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	$ 23,037	$ 23,037
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
Preferred stock stated dividend rate (as a percent)	7.50%	7.50%
Temporary equity, shares authorized \| shares	260,000	260,000
Temporary equity, shares issued \| shares	230,373	230,373
Temporary equity, shares outstanding \| shares	230,373	230,373
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	$ 23,037	$ 23,037
Other noncontrolling redeemable interest
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	165,662	172,912
Other noncontrolling redeemable interest \| Simon Property Group, L.P.
Redeemable preferred stock
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests	$ 165,662	$ 172,912

Per Share and Per Unit Data

6 Months Ended

Jun. 30, 2024

Per Share and Per Unit Data

5. Per Share and Per Unit Data

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

Simon


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Net Income attributable to Common Stockholders — Basic and Diluted	$	493,465	$	486,343	$	1,225,167	$	938,170
Weighted Average Shares Outstanding — Basic and Diluted		326,038,544		327,189,785		325,975,035		327,072,690

For the six months ended June 30, 2024, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance units, or LTIP units, granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. No securities had a material dilutive effect for the six months ended June 30, 2024 and 2023. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared.

The Operating Partnership


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Net Income attributable to Unitholders — Basic and Diluted	$	567,384	$	556,556	$	1,408,744	$	1,073,736
Weighted Average Units Outstanding — Basic and Diluted		374,882,354		374,423,175		374,818,480		374,334,880

For the six months ended June 30, 2024, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the six months ended June 30, 2024 and 2023. We accrue distributions when they are declared.

Basis of Presentation

6 Months Ended

Jun. 30, 2024

Basis of Presentation

Basis of Presentation

2. Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. Due to the seasonal nature of certain operational activities, the results for the interim periods ended June 30, 2024, are not necessarily indicative of the results to be expected for the full year.

These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (GAAP) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments necessary for a fair presentation (including normal recurring accruals) have been included. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the combined 2023 Annual Report on Form 10-K of Simon and the Operating Partnership. Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations.

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

We also consolidate a variable interest entity, or VIE, when we are determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE, including management agreements and other contractual arrangements. Except as discussed in Note 6, there have been no changes during 2024 in previous conclusions about whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. During the periods presented, we did not provide financial or other support to any identified VIE that we were not contractually obligated to provide, except as discussed in Note 6.

Investments in partnerships and joint ventures represent our noncontrolling ownership interests. We account for these unconsolidated entities using the equity method of accounting. We initially record these investments at cost and we subsequently

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

As of June 30, 2024, we consolidated 130 wholly-owned properties and 20 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We apply the equity method of accounting to the other 80 properties (the joint venture properties) and our investments in Klépierre, TRG, and our other platform investments. We manage the day-to-day operations of 50 of the 80 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, Thailand, Canada, Spain, and the United Kingdom comprise 24 of the remaining 30 properties. These international properties and TRG are managed by joint ventures in which we share control.

Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to Simon based on the partners’ respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests. Simon’s weighted average ownership interest in the Operating Partnership was 87.0% and 87.4% for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, Simon’s ownership interest in the Operating Partnership was 87.0%. We adjust the noncontrolling limited partners’ interests at the end of each period to reflect their interest in the net assets of the Operating Partnership.

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

Per Share and Per Unit Data (Tables)

6 Months Ended

Jun. 30, 2024

Per Share And Per Unit Data

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Net Income attributable to Common Stockholders — Basic and Diluted	$	493,465	$	486,343	$	1,225,167	$	938,170
Weighted Average Shares Outstanding — Basic and Diluted		326,038,544		327,189,785		325,975,035		327,072,690

Simon Property Group, L.P.

Per Share And Per Unit Data

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Net Income attributable to Unitholders — Basic and Diluted	$	567,384	$	556,556	$	1,408,744	$	1,073,736
Weighted Average Units Outstanding — Basic and Diluted		374,882,354		374,423,175		374,818,480		374,334,880

Debt - Fair Value (Details) $ in Millions	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fixed rate mortgages and unsecured indebtedness \| Book value
Fair Value of Debt
Fair value of consolidated fixed rate mortgages and unsecured indebtedness	$ 25,000	$ 25,600
Fixed rate mortgages and unsecured indebtedness \| Fair value
Fair Value of Debt
Fair value of consolidated fixed rate mortgages and unsecured indebtedness	$ 23,131	$ 24,248
Discount Rate \| Weighted average \| Fixed rate mortgages
Fair Value of Debt
Debt percentage- measurement input	0.0656	0.0610
Discount Rate \| Weighted average \| Unsecured Debt
Fair Value of Debt
Debt percentage- measurement input	0.0658	0.0610

Equity - Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions								1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	May 07, 2024	Apr. 01, 2024	Mar. 06, 2024	Jan. 11, 2024	Mar. 01, 2023	Mar. 18, 2022	Mar. 11, 2022	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2021	Dec. 31, 2020
Restricted stock
Stock-based incentive plan awards
Compensation expense, net of capitalization											$ 9.5	$ 7.9
Restricted stock \| Employees
Stock-based incentive plan awards
Awards granted (in units)		129,178
Weighted average fair value of shares granted during the year (in dollars per share)		$ 156.49
Vesting service period (in years)		3 years
Restricted stock \| Non-employee Director
Stock-based incentive plan awards
Awards granted (in units)	14,534			396
Weighted average fair value of shares granted during the year (in dollars per share)	$ 147.95			$ 144.68
Vesting service period (in years)	1 year			1 year
2019 Stock Incentive Plan \| Time Based Restricted Stock Units
Stock-based incentive plan awards
Awards granted (in units)			53,679		64,852					52,673			37,976	312,263
Weighted average fair value of shares granted during the year (in dollars per share)			$ 152.32		$ 121.25	$ 130.84	$ 130.05						$ 112.92	$ 84.37
Vesting rights each year beginning 2022 (as a percent)														0.3333%
Grant date fair value			$ 8.2		$ 7.9					$ 6.9			$ 4.3	$ 26.3
Vesting service period (in years)			3 years		3 years					3 years			3 years	3 years
LTIP programs
Stock-based incentive plan awards
Percent of distributions of Operating Partnership that participants are entitled to receive during performance period (in %)											10.00%
Compensation expense, net of capitalization											$ 11.4	$ 12.2
2021 LTIP program \| LTIP Units
Stock-based incentive plan awards
Performance period (in years)													3 years
LTIP Units Earned								209,784			209,784
Grant date fair value											$ 5.7
Grant date target value											12.2
2022 LTIP program \| LTIP Units
Stock-based incentive plan awards
Performance period (in years)										3 years
Grant date target value											13.7
2022 LTIP program \| LTIP Units \| Maximum
Stock-based incentive plan awards
Grant date fair value										$ 20.6
2023 LTIP program \| LTIP Units
Stock-based incentive plan awards
Performance period (in years)									3 years
Grant date target value											$ 23.6
2023 LTIP program \| LTIP Units \| Maximum
Stock-based incentive plan awards
Grant date fair value									$ 42.5
2024 LTIP program \| LTIP Units
Stock-based incentive plan awards
Performance period (in years)											3 years
Grant date fair value											$ 44.1
Grant date target value											$ 24.5

Unaudited Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Stock incentive program, shares	138,665	54,075	230,890	65,017
Redemption of Limited Partner Units	1,000	279,350	71,630	22,442
Shares repurchased	39,108	30,771	28,320	22,338
Net income attributable to preferred interests in the Operating Partnership (in dollars)	$ 431	$ 432	$ 478	$ 479
Net income (loss) attributable to noncontrolling redeemable interests in properties (in dollars)	$ 364	$ (1,615)	$ (622)	$ 572
Simon Property Group, L.P.
Stock incentive program, units		54,075	230,890	65,017
Stock incentive program, shares	138,665
Redemption of Limited Partner Units	1,000	279,350	71,630	22,442
Issuance of equivalents units	39,108	209,784
Issuance of common units		30,771	28,320	22,338
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars)	$ 431	$ 432	$ 478	$ 479
Net income (loss) attributable to noncontrolling redeemable interests in properties (in dollars)	$ 364	$ (1,615)	$ (622)	$ 572

Summary of Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Significant Accounting Policies
Limited partners' interests in the Operating Partnership	$ 434,982	$ 447,494
Nonredeemable noncontrolling interests in properties, net	18,446	21,321
Total noncontrolling interests reflected in equity	$ 453,428	$ 468,815

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

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Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of fair value measurements, recurring and nonrecurring


Description	June 30, 2024		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Short-term investments	$	1,300,000	$	-	$	1,300,000	$	-
Deferred costs and other assets		146,337		102,543		43,794		-
Total	$	1,446,337	$	102,543	$	1,343,794	$	-

Liabilities:
Other Liabilities	$	35,553	$	-	$	51	$	35,502


Description	December 31, 2023		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Short-term investments	$	1,000,000	$	-	$	1,000,000	$	-
Deferred costs and other assets		113,779		97,696		16,083
Total		1,113,779		97,696		1,016,083		-

Liabilities:
Other Liabilities	$	38,146	$	-	$	9,774	$	28,372

Schedule of carrying amount of noncontrolling interests


	As of		As of
	June 30,		December 31,
	2024		2023
Limited partners’ interests in the Operating Partnership	$	434,982	$	447,494
Nonredeemable noncontrolling interests in properties, net		18,446		21,321
Total noncontrolling interests reflected in equity	$	453,428	$	468,815

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


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
									Affected line item where
	2024		2023		2024		2023		net income is presented

Accumulated derivative gains, net	$	1,268	$	697	$	2,879	$	1,198	Interest expense
		(165)		(88)		(375)		(151)	Net income attributable to noncontrolling interests
	$	1,103	$	609	$	2,504	$	1,047

Schedule of Interest Rate Derivatives

As of June 30, 2024, we had the following outstanding interest rate derivatives related to managing our interest rate risk:


	Number of	Notional
Interest Rate Derivative	Instruments	Amount
Interest Rate Swaps	5	$	805.0 million
Interest Rate Swaps	2	€	193.0 million
Interest Rate Caps	2	€	80.0 million

As of December 31, 2023, we had the following outstanding interest rate derivatives related to managing our interest rate risk:


	Number of	Notional
Interest Rate Derivative	Instruments	Amount
Interest Rate Swaps	5	$	805.0 million
Interest Rate Caps	1	$	38.0 million
Interest Rate Swaps	1	€	128.0 million
Interest Rate Caps	3	€	129.0 million

Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block]

We had the following Euro:USD forward contracts designated as net investment hedges at June 30, 2024 and December 31, 2023 (in millions):


			Asset (Liability) Value as of
			June 30,		December 31,
Notional Value		Maturity Date	2024		2023
€	50.0	January 17, 2024		—		(0.4)
€	30.0	March 15, 2024		—		1.0
€	51.0	March 15, 2024		—		(3.6)
€	20.0	April 12, 2024		—		(0.1)
€	25.0	July 17, 2024		1.7		0.7
€	37.0	December 13, 2024		0.6		(0.9)
€	37.0	December 13, 2024		0.6		(0.9)
€	50.0	March 17, 2025		0.9		(1.1)
€	27.0	March 17, 2025		0.7		—
€	54.0	March 17, 2025		1.4		—
€	50.0	April 17, 2025		1.5		—

Schedule of key inputs into the option model for the exchange option within the exchangeable bonds


	June 30, 2024		December 31, 2023
Klépierre stock price	€	24.98	€	24.68
Implied volatility		19.81%		17.88%
EUR risk-free rate		3.01%		2.11%
Klépierre expected dividend yield		6.77%		6.85%
Expected term		2.38 years		2.88 years
Credit Spread		0.79%		0.84%

Simon Property Group, L.P.

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

For the Three Months Ended

For the Six Months Ended

June 30,

Affected line item where

2024

2023

2024

2023

net income is presented

Accumulated derivative gains, net

1,268

697

2,879

1,198

Interest expense

Investments in Unconsolidated Entities and International Investments - Unconsolidated Property Transactions (Details) - USD ($) $ in Thousands		3 Months Ended					6 Months Ended
	Sep. 07, 2023	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investment in Unconsolidated Entities
Payments for acquisitions								$ 27,712
Total revenue		$ 1,458,266				$ 1,369,601	$ 2,900,856	2,720,450
Operating income (loss) before other items		754,101				657,925	1,489,281	1,320,648
Consolidated net income (loss)		569,435				557,505	1,410,591	1,076,760
Gain (loss) on disposal, exchange, or revaluation of equity interests						36,437	414,769	36,437
TRG
Investment in Unconsolidated Entities
Total revenue		164,104				163,097	341,529	332,825
Operating income (loss) before other items		60,115				61,916	134,067	136,694
Consolidated net income (loss)		24,892				25,722	149,818	70,675
Share of net income, net of tax		20,789				20,216	125,579	55,064
Amortization of excess investment		(57,206)				(47,390)	(162,782)	(94,780)
Other Platform Investments
Investment in Unconsolidated Entities
Total revenue		2,660,987				3,192,530	5,418,071	6,149,251
Operating income (loss) before other items		(31,530)				103,118	(277,327)	85,250
Consolidated net income (loss)		(77,036)				(9,401)	(397,710)	(128,366)
Share of net income, net of tax		(10,776)				8,053	(97,821)	(29,736)
Amortization of excess investment		(692)				(1,665)	(1,384)	(3,329)
Simon Property Group, L.P.
Investment in Unconsolidated Entities
Payments for acquisitions								27,712
Total revenue		1,458,266				1,369,601	2,900,856	2,720,450
Operating income (loss) before other items		754,101				657,925	1,489,281	1,320,648
Consolidated net income (loss)		$ 569,435				557,505	1,410,591	1,076,760
Gain (loss) on disposal, exchange, or revaluation of equity interests						36,437	$ 414,769	36,437
Jamestown
Investment in Unconsolidated Entities
Ownership interest (as a percent)		50.00%					50.00%
TRG
Investment in Unconsolidated Entities
Ownership interest (as a percent)	84.00%	84.00%					84.00%
Payments for acquisitions	$ 199,600
Ownership interest acquired (as a percent)	4.00%
Aggregate investment in ventures		$ 2,930,647		$ 3,049,719			$ 2,930,647
TRG \| Series A Cumulative Preferred Shares
Investment in Unconsolidated Entities
Preferred stock stated dividend rate (as a percent)	6.38%
Issuance of preferred units	$ 362,500
TRG \| Simon Property Group, L.P.
Investment in Unconsolidated Entities
Number of units issued in connection with acquisition (in units)	1,725,000
Aggregate investment in ventures		$ 2,930,647		3,049,719			$ 2,930,647
JC Penney
Investment in Unconsolidated Entities
Ownership interest (as a percent)		41.67%					41.67%
SPARC Group
Investment in Unconsolidated Entities
Ownership interest (as a percent)		33.30%			33.30%		33.30%
Loans to related party		$ 50,000	$ 100,000				$ 50,000
Proceeds from reimbursement of loans funded		50,000
Aggregate investment in ventures		65,400		$ 169,200			65,400
Guarantee provided		$ 50,000					$ 50,000
Gain (loss) on disposal, exchange, or revaluation of equity interests					$ 145,800
Deferred Taxes					$ 36,900
Phoenix Retail, LLC
Investment in Unconsolidated Entities
Ownership interest (as a percent)		39.40%					39.40%
Payments for acquisitions		$ 0
ABG
Investment in Unconsolidated Entities
Ownership interest (as a percent)				9.60%	11.70%
Gain (loss) on disposal, exchange, or revaluation of equity interests				$ 10,300	$ 12,400	36,400
Deferred Taxes				2,600	$ 3,100	$ 9,100		$ 9,100
Proceeds from sale or disposal of real estate assets			1,200,000	300,200
Pre-tax gain			414,800	157,100
Tax expense			$ 103,700	$ 39,300
RGG
Investment in Unconsolidated Entities
Ownership interest (as a percent)		45.00%					45.00%

Per Share and Per Unit Data (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Per Share And Per Unit Data
Net Income attributable to Common Stockholders - Basic	$ 493,465	$ 486,343	$ 1,225,167	$ 938,170
Net Income attributable to Common Stockholders - Diluted	$ 493,465	$ 486,343	$ 1,225,167	$ 938,170
Weighted average shares outstanding - basic	326,038,544	327,189,785	325,975,035	327,072,690
Weighted Average Shares Outstanding - Diluted	326,038,544	327,189,785	325,975,035	327,072,690
Simon Property Group, L.P.
Per Share And Per Unit Data
Net Income attributable to Common Stockholders - Basic	$ 567,384	$ 556,556	$ 1,408,744	$ 1,073,736
Net Income attributable to Common Stockholders - Diluted	$ 567,384	$ 556,556	$ 1,408,744	$ 1,073,736
Weighted average shares outstanding - basic	374,882,354	374,423,175	374,818,480	374,334,880
Weighted Average Shares Outstanding - Diluted	374,882,354	374,423,175	374,818,480	374,334,880

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