Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
Entity Registrant Name | SIMON PROPERTY GROUP INC /DE/ | ||
Entity Central Index Key | 1,063,761 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 67,680 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Common stock. | |||
Entity Common Stock, Shares Outstanding | 319,824,215 | ||
Class B common stock | |||
Entity Common Stock, Shares Outstanding | 8,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Investment properties, at cost | $ 35,226,089 | $ 33,463,124 |
Less - accumulated depreciation | 10,865,754 | 9,915,386 |
Investment properties at cost, net | 24,360,335 | 23,547,738 |
Cash and cash equivalents | 560,059 | 701,134 |
Tenant receivables and accrued revenue, net | 664,619 | 624,605 |
Investment in unconsolidated entities, at equity | 2,367,583 | 2,481,574 |
Investment in Klepierre, at equity | 1,797,394 | 1,943,363 |
Deferred costs and other assets | 1,353,588 | 1,266,768 |
Total assets | 31,103,578 | 30,565,182 |
LIABILITIES: | ||
Mortgages and unsecured indebtedness | 22,977,104 | 22,416,682 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,214,022 | 1,323,801 |
Cash distributions and losses in partnerships and joint ventures, at equity | 1,359,738 | 1,368,544 |
Other liabilities | 455,040 | 214,249 |
Total liabilities | 26,005,904 | 25,323,276 |
Commitments and contingencies | ||
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | 137,762 | 25,537 |
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): | ||
Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847 | 43,405 | 43,733 |
Capital in excess of par value | 9,523,086 | 9,384,450 |
Accumulated deficit | (4,459,387) | (4,266,930) |
Accumulated other comprehensive loss | (114,126) | (252,686) |
Common stock held in treasury, at cost, 6,756,748 and 5,394,345 shares, respectively | (682,562) | (437,134) |
Total stockholders' equity | 4,310,448 | 4,471,464 |
Noncontrolling interests | 649,464 | 744,905 |
Total equity | 4,959,912 | 5,216,369 |
Total liabilities and equity | 31,103,578 | 30,565,182 |
Simon Property Group L.P. | ||
ASSETS: | ||
Investment properties, at cost | 35,226,089 | 33,463,124 |
Less - accumulated depreciation | 10,865,754 | 9,915,386 |
Investment properties at cost, net | 24,360,335 | 23,547,738 |
Cash and cash equivalents | 560,059 | 701,134 |
Tenant receivables and accrued revenue, net | 664,619 | 624,605 |
Investment in unconsolidated entities, at equity | 2,367,583 | 2,481,574 |
Investment in Klepierre, at equity | 1,797,394 | 1,943,363 |
Deferred costs and other assets | 1,353,588 | 1,266,768 |
Total assets | 31,103,578 | 30,565,182 |
LIABILITIES: | ||
Mortgages and unsecured indebtedness | 22,977,104 | 22,416,682 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,214,022 | 1,323,801 |
Cash distributions and losses in partnerships and joint ventures, at equity | 1,359,738 | 1,368,544 |
Other liabilities | 455,040 | 214,249 |
Total liabilities | 26,005,904 | 25,323,276 |
Commitments and contingencies | ||
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | 137,762 | 25,537 |
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): | ||
Preferred units, 796,948 units outstanding. Liquidation value of $39,847 | 43,405 | 43,733 |
General Partner, 313,074,574 and 309,420,569 units outstanding, respectively | 4,267,043 | 4,427,731 |
Limited Partners, 47,276,095 and 51,814,235 units outstanding, respectively | 644,348 | 741,449 |
Total partners' equity | 4,954,796 | 5,212,913 |
Nonredeemable noncontrolling interests in properties, net | 5,116 | 3,456 |
Total equity | 4,959,912 | 5,216,369 |
Total liabilities and equity | 31,103,578 | 30,565,182 |
Common stock. | ||
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): | ||
Common stock | 32 | 31 |
Class B common stock | ||
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): | ||
Common stock |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Capital stock, total shares authorized | 850,000,000 | 850,000,000 |
Capital stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Capital stock, shares of excess common stock | 238,000,000 | 238,000,000 |
Capital stock, authorized shares of preferred stock | 100,000,000 | 100,000,000 |
Preferred stock stated dividend rate percentage | 8.375% | 8.375% |
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Series J 8 3/8% cumulative redeemable preferred stock, shares issued | 796,948 | 796,948 |
Series J 8 3/8% cumulative redeemable preferred stock, shares outstanding | 796,948 | 796,948 |
Preferred units, Liquidation value (in dollars) | $ 39,847 | $ 39,847 |
Common stock held in treasury, shares | 6,756,748 | 5,394,345 |
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 | 319,823,322 | 314,806,914 |
Common stock, shares outstanding | 319,823,322 | 314,806,914 |
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 | 313,074,574 | 309,420,569 |
Limited Partners, units outstanding | 47,276,095 | 51,814,235 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUE: | |||
Minimum rent | $ 3,358,498 | $ 3,142,347 | $ 2,962,295 |
Overage rent | 161,508 | 194,070 | 207,104 |
Tenant reimbursements | 1,494,804 | 1,445,623 | 1,362,412 |
Management fees and other revenues | 143,875 | 158,466 | 138,226 |
Other income | 276,544 | 325,597 | 200,781 |
Total revenue | 5,435,229 | 5,266,103 | 4,870,818 |
EXPENSES: | |||
Property operating | 432,394 | 425,983 | 398,598 |
Depreciation and amortization | 1,252,673 | 1,177,568 | 1,143,827 |
Real estate taxes | 439,030 | 432,840 | 384,189 |
Repairs and maintenance | 99,723 | 101,369 | 100,016 |
Advertising and promotion | 142,801 | 134,854 | 136,656 |
Provision for credit losses | 7,319 | 6,635 | 12,001 |
Home and regional office costs | 158,406 | 154,816 | 158,576 |
General and administrative | 65,082 | 60,329 | 59,958 |
Other | 116,973 | 102,836 | 91,655 |
Total operating expenses | 2,714,401 | 2,597,230 | 2,485,476 |
OPERATING INCOME | 2,720,828 | 2,668,873 | 2,385,342 |
Interest expense | (857,554) | (923,697) | (992,601) |
Loss on extinguishment of debt | (136,777) | (120,953) | (127,573) |
Income and other taxes | (29,678) | (20,170) | (28,085) |
Income from unconsolidated entities | 353,334 | 284,806 | 226,774 |
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | 84,553 | 250,516 | 158,308 |
Consolidated income from continuing operations | 2,134,706 | 2,139,375 | 1,622,165 |
Discontinued operations and gain on disposal | 67,524 | ||
Discontinued operations transaction expenses | (38,163) | ||
CONSOLIDATED NET INCOME | 2,134,706 | 2,139,375 | 1,651,526 |
Net income attributable to noncontrolling interests | 295,810 | 311,655 | 242,938 |
Preferred dividends | 3,337 | 3,337 | 3,337 |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | $ 1,835,559 | $ 1,824,383 | $ 1,405,251 |
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT: | |||
Income from continuing operations (in dollars per share) | $ 5.87 | $ 5.88 | $ 4.44 |
Discontinued operations (in dollars per share) | 0.08 | ||
Net income attributable to common stockholders or unitholders (in dollars per share or unit) | $ 5.87 | $ 5.88 | $ 4.52 |
Consolidated Net Income | $ 2,134,706 | $ 2,139,375 | $ 1,651,526 |
Unrealized gain on derivative hedge agreements | 39,472 | 17,122 | 5,220 |
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings | 149,622 | (69,189) | 10,789 |
Currency translation adjustments | (28,646) | (160,312) | (101,799) |
Changes in available-for-sale securities and other | 3,192 | (11,200) | 102,816 |
Comprehensive income | 2,298,346 | 1,915,796 | 1,668,552 |
Comprehensive income attributable to noncontrolling interests | 320,890 | 279,720 | 245,210 |
Comprehensive income attributable to common stockholders or unitholders | 1,977,456 | 1,636,076 | 1,423,342 |
Simon Property Group L.P. | |||
REVENUE: | |||
Minimum rent | 3,358,498 | 3,142,347 | 2,962,295 |
Overage rent | 161,508 | 194,070 | 207,104 |
Tenant reimbursements | 1,494,804 | 1,445,623 | 1,362,412 |
Management fees and other revenues | 143,875 | 158,466 | 138,226 |
Other income | 276,544 | 325,597 | 200,781 |
Total revenue | 5,435,229 | 5,266,103 | 4,870,818 |
EXPENSES: | |||
Property operating | 432,394 | 425,983 | 398,598 |
Depreciation and amortization | 1,252,673 | 1,177,568 | 1,143,827 |
Real estate taxes | 439,030 | 432,840 | 384,189 |
Repairs and maintenance | 99,723 | 101,369 | 100,016 |
Advertising and promotion | 142,801 | 134,854 | 136,656 |
Provision for credit losses | 7,319 | 6,635 | 12,001 |
Home and regional office costs | 158,406 | 154,816 | 158,576 |
General and administrative | 65,082 | 60,329 | 59,958 |
Other | 116,973 | 102,836 | 91,655 |
Total operating expenses | 2,714,401 | 2,597,230 | 2,485,476 |
OPERATING INCOME | 2,720,828 | 2,668,873 | 2,385,342 |
Interest expense | (857,554) | (923,697) | (992,601) |
Loss on extinguishment of debt | (136,777) | (120,953) | (127,573) |
Income and other taxes | (29,678) | (20,170) | (28,085) |
Income from unconsolidated entities | 353,334 | 284,806 | 226,774 |
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | 84,553 | 250,516 | 158,308 |
Consolidated income from continuing operations | 2,134,706 | 2,139,375 | 1,622,165 |
Discontinued operations and gain on disposal | 67,524 | ||
Discontinued operations transaction expenses | (38,163) | ||
CONSOLIDATED NET INCOME | 2,134,706 | 2,139,375 | 1,651,526 |
Net income attributable to noncontrolling interests | 7,218 | 2,984 | 2,491 |
Preferred dividends | 5,252 | 5,252 | 5,252 |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | 2,122,236 | 2,131,139 | 1,643,783 |
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO: | |||
General Partner | 1,835,559 | 1,824,383 | 1,405,251 |
Limited Partners | $ 286,677 | $ 306,756 | $ 238,532 |
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT: | |||
Income from continuing operations (in dollars per share) | $ 5.87 | $ 5.88 | $ 4.44 |
Discontinued operations (in dollars per share) | 0.08 | ||
Net income attributable to common stockholders or unitholders (in dollars per share or unit) | $ 5.87 | $ 5.88 | $ 4.52 |
Consolidated Net Income | $ 2,134,706 | $ 2,139,375 | $ 1,651,526 |
Unrealized gain on derivative hedge agreements | 39,472 | 17,122 | 5,220 |
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings | 149,622 | (69,189) | 10,789 |
Currency translation adjustments | (28,646) | (160,312) | (101,799) |
Changes in available-for-sale securities and other | 3,192 | (11,200) | 102,816 |
Comprehensive income | 2,298,346 | 1,915,796 | 1,668,552 |
Comprehensive income attributable to noncontrolling interests | 2,917 | 2,984 | 2,491 |
Comprehensive income attributable to common stockholders or unitholders | $ 2,295,429 | $ 1,912,812 | $ 1,666,061 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Consolidated Net Income | $ 2,134,706 | $ 2,139,375 | $ 1,651,526 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities - | |||
Depreciation and amortization | 1,327,946 | 1,239,214 | 1,285,784 |
Loss on debt extinguishment | 136,777 | 120,953 | 127,573 |
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | (84,553) | (250,516) | (158,550) |
Pre-development project cost charge | 31,490 | ||
Gain on sale of marketable securities | (80,187) | ||
Straight-line rent | (46,656) | (54,129) | (48,880) |
Equity in income of unconsolidated entities | (353,334) | (284,806) | (227,426) |
Distributions of income from unconsolidated entities | 331,627 | 271,998 | 202,269 |
Changes in assets and liabilities - | |||
Tenant receivables and accrued revenue, net | 16,277 | 9,918 | (6,730) |
Deferred costs and other assets | (43,797) | (122,677) | (65,569) |
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities | (77,789) | 35,542 | (29,577) |
Net cash provided by operating activities | 3,372,694 | 3,024,685 | 2,730,420 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisitions | (499,976) | (1,410,881) | (85,459) |
Funding of loans to related parties | (50,892) | ||
Repayments of loans to related parties | 8,207 | 170,953 | |
Capital expenditures, net | (798,465) | (1,020,924) | (796,736) |
Cash impact from the consolidation of properties | 59,994 | 5,402 | |
Net proceeds from sale of assets | 36,558 | 33,015 | |
Investments in unconsolidated entities | (312,160) | (329,928) | (239,826) |
Purchase of marketable and non-marketable securities | (38,809) | (59,523) | (391,188) |
Proceeds from sale of marketable and non-marketable securities | 42,600 | 504,012 | |
Distributions of capital from unconsolidated entities and other | 533,025 | 821,509 | 490,480 |
Net cash used in investing activities | (969,026) | (1,462,720) | (897,266) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from sales of common stock, issuance of units and other, net of transaction costs | (328) | (285) | 277 |
Purchase of shares or units related to stock grant recipients' tax withholdings | (4,299) | (3,301) | |
Cash impact of Washington Prime spin-off | (33,776) | ||
Redemption of limited partner units | (14,435) | ||
Purchase of limited partner units and treasury stock | (255,267) | (505,691) | |
Purchase of noncontrolling interest in consolidated properties and other | (172,652) | ||
Distributions to noncontrolling interest holders in properties | (9,731) | (8,041) | (21,259) |
Contributions from noncontrolling interest holders in properties | 1,507 | 4,552 | 1,738 |
Preferred distributions of the Operating Partnership | (1,915) | (1,915) | (1,915) |
Preferred dividends and distributions to stockholders | (2,037,542) | (1,879,182) | (1,603,603) |
Distributions to limited partners | (316,428) | (314,944) | (271,640) |
Loss on debt extinguishment | (136,777) | (120,953) | (127,573) |
Proceeds from issuance of debt, net of transaction costs | 14,866,205 | 10,468,667 | 3,627,154 |
Repayments of debt | (14,650,168) | (9,112,020) | (5,323,186) |
Proceeds from issuance of debt related to Washington Prime properties, net | 1,003,135 | ||
Net cash used in financing activities | (2,544,743) | (1,473,113) | (2,937,735) |
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (NOTE 3) | (141,075) | 88,852 | (1,104,581) |
CASH AND CASH EQUIVALENTS, beginning of period | 701,134 | 612,282 | 1,716,863 |
CASH AND CASH EQUIVALENTS, end of period | 560,059 | 701,134 | 612,282 |
Simon Property Group L.P. | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Consolidated Net Income | 2,134,706 | 2,139,375 | 1,651,526 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities - | |||
Depreciation and amortization | 1,327,946 | 1,239,214 | 1,285,784 |
Loss on debt extinguishment | 136,777 | 120,953 | 127,573 |
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | (84,553) | (250,516) | (158,550) |
Pre-development project cost charge | 31,490 | ||
Gain on sale of marketable securities | (80,187) | ||
Straight-line rent | (46,656) | (54,129) | (48,880) |
Equity in income of unconsolidated entities | (353,334) | (284,806) | (227,426) |
Distributions of income from unconsolidated entities | 331,627 | 271,998 | 202,269 |
Changes in assets and liabilities - | |||
Tenant receivables and accrued revenue, net | 16,277 | 9,918 | (6,730) |
Deferred costs and other assets | (43,797) | (122,677) | (65,569) |
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities | (77,789) | 35,542 | (29,577) |
Net cash provided by operating activities | 3,372,694 | 3,024,685 | 2,730,420 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisitions | (499,976) | (1,410,881) | (85,459) |
Funding of loans to related parties | (50,892) | ||
Repayments of loans to related parties | 8,207 | 170,953 | |
Capital expenditures, net | (798,465) | (1,020,924) | (796,736) |
Cash impact from the consolidation of properties | 59,994 | 5,402 | |
Net proceeds from sale of assets | 36,558 | 33,015 | |
Investments in unconsolidated entities | (312,160) | (329,928) | (239,826) |
Purchase of marketable and non-marketable securities | (38,809) | (59,523) | (391,188) |
Proceeds from sale of marketable and non-marketable securities | 42,600 | 504,012 | |
Distributions of capital from unconsolidated entities and other | 533,025 | 821,509 | 490,480 |
Net cash used in investing activities | (969,026) | (1,462,720) | (897,266) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from sales of common stock, issuance of units and other, net of transaction costs | (328) | (285) | 277 |
Purchase of shares or units related to stock grant recipients' tax withholdings | (4,299) | (3,301) | |
Cash impact of Washington Prime spin-off | (33,776) | ||
Redemption of limited partner units | (14,435) | ||
Purchase of limited partner units | (255,267) | (505,691) | |
Purchase of noncontrolling interest in consolidated properties and other | (172,652) | ||
Distributions to noncontrolling interest holders in properties | (9,731) | (8,041) | (21,259) |
Contributions from noncontrolling interest holders in properties | 1,507 | 4,552 | 1,738 |
Distributions to limited partners | (2,355,885) | (2,196,041) | (1,877,158) |
Loss on debt extinguishment | (136,777) | (120,953) | (127,573) |
Proceeds from issuance of debt, net of transaction costs | 14,866,205 | 10,468,667 | 3,627,154 |
Repayments of debt | (14,650,168) | (9,112,020) | (5,323,186) |
Proceeds from issuance of debt related to Washington Prime properties, net | 1,003,135 | ||
Net cash used in financing activities | (2,544,743) | (1,473,113) | (2,937,735) |
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (NOTE 3) | (141,075) | 88,852 | (1,104,581) |
CASH AND CASH EQUIVALENTS, beginning of period | 701,134 | 612,282 | 1,716,863 |
CASH AND CASH EQUIVALENTS, end of period | $ 560,059 | $ 701,134 | $ 612,282 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Simon Property Group L.P.Simon (Managing General Partner) | Simon Property Group L.P.Limited Partners | Simon Property Group L.P.Preferred Stock or Units | Simon Property Group L.P.Noncontrolling Interests | Simon Property Group L.P. | Preferred Stock or UnitsSeries J Preferred stock | Common Stock | Accumulated Other Comprehensive Income (Loss) | Capital in Excess of Par Value | Accumulated Deficit | Common Stock Held in Treasury | Noncontrolling Interests | Total |
Balance at Dec. 31, 2013 | $ 44,390 | $ 31 | $ (75,795) | $ 9,217,363 | $ (3,218,686) | $ (117,897) | $ 973,226 | $ 6,822,632 | |||||
Balance at Dec. 31, 2013 | $ 5,805,016 | $ 968,962 | $ 44,390 | $ 4,264 | $ 6,822,632 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Exchange of limited partner units (5,020,919, 489,291,and 70,291 common shares respectively in 2016, 2015 and 2014, Note 10) | 1,297 | (1,297) | |||||||||||
Issuance of limited partner units | 84,910 | 84,910 | 84,910 | 84,910 | |||||||||
Series J preferred stock premium amortization | (328) | (328) | (328) | (328) | |||||||||
Limited partner units exchanged to units | 1,297 | (1,297) | |||||||||||
Stock incentive program (common shares, net: 63,324 in 2016, 63,738 in 2015, 83,509 in 2014) | (14,026) | 14,026 | |||||||||||
Redemption of limited partner units | (12,972) | (1,463) | (14,435) | (12,972) | (1,463) | (14,435) | |||||||
Amortization of stock incentive | 18,256 | 18,256 | 18,256 | 18,256 | |||||||||
Spin-off of Washington Prime | (694,457) | (118,306) | (812,763) | (812,763) | (812,763) | ||||||||
Long-term incentive performance units | 49,938 | 49,938 | 49,938 | 49,938 | |||||||||
Issuance of unit equivalents and other | 18,885 | 12,081 | 30,966 | 662 | 18,281 | (58) | 12,081 | 30,966 | |||||
Adjustment to limited partners' interest from change in ownership in the Operating Partnership | 93,351 | (93,351) | 211,657 | (211,657) | |||||||||
Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests | (1,603,603) | (271,640) | (1,875,243) | ||||||||||
Distributions, excluding distributions on preferred interests classified as temporary equity | (1,600,266) | (271,640) | (3,337) | (19,065) | (1,894,308) | ||||||||
Distributions to noncontrolling other interest holders | (19,065) | (19,065) | |||||||||||
Other comprehensive income | 14,754 | 2,272 | 17,026 | 14,754 | 2,272 | 17,026 | |||||||
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2016, 2015 and 2014, respectively and $4,301 attributable to noncontrolling redeemable interests in properties in 2016) | 1,405,251 | 238,532 | 3,337 | 2,491 | 1,649,611 | 1,408,588 | 241,023 | 1,649,611 | |||||
Balance at Dec. 31, 2014 | 44,062 | 31 | (61,041) | 9,422,237 | (4,208,183) | (103,929) | 858,328 | 5,951,505 | |||||
Balance at Dec. 31, 2014 | 5,049,115 | 858,557 | 44,062 | (229) | 5,951,505 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Exchange of limited partner units (5,020,919, 489,291,and 70,291 common shares respectively in 2016, 2015 and 2014, Note 10) | 7,942 | (7,942) | |||||||||||
Series J preferred stock premium amortization | (329) | (329) | (329) | (329) | |||||||||
Limited partner units exchanged to units | 7,942 | (7,942) | |||||||||||
Stock incentive program (common shares, net: 63,324 in 2016, 63,738 in 2015, 83,509 in 2014) | (13,103) | 13,103 | |||||||||||
Redemption of limited partner units | (147,841) | (14,843) | (162,684) | (147,841) | (14,843) | (162,684) | |||||||
Amortization of stock incentive | 13,692 | 13,692 | 13,692 | 13,692 | |||||||||
Treasury stock purchase | (343,007) | (343,007) | (343,007) | (343,007) | |||||||||
Long-term incentive performance units | 47,279 | 47,279 | 47,279 | 47,279 | |||||||||
Issuance of unit equivalents and other | (10,543) | 4,537 | (6,006) | 43 | (7,285) | (3,301) | 4,537 | (6,006) | |||||
Adjustment to limited partners' interest from change in ownership in the Operating Partnership | 101,480 | (101,480) | 101,480 | (101,480) | |||||||||
Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests | (1,879,182) | (314,944) | (2,194,126) | ||||||||||
Distributions, excluding distributions on preferred interests classified as temporary equity | (1,875,845) | (314,944) | (3,337) | (3,836) | (2,197,962) | ||||||||
Distributions to noncontrolling other interest holders | (3,836) | (3,836) | |||||||||||
Other comprehensive income | (191,645) | (31,934) | (223,579) | (191,645) | (31,934) | (223,579) | |||||||
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2016, 2015 and 2014, respectively and $4,301 attributable to noncontrolling redeemable interests in properties in 2016) | 1,824,383 | 306,756 | 3,337 | 2,984 | 2,137,460 | 1,827,720 | 309,740 | 2,137,460 | |||||
Balance at Dec. 31, 2015 | 43,733 | 31 | (252,686) | 9,384,450 | (4,266,930) | (437,134) | 744,905 | 5,216,369 | |||||
Balance at Dec. 31, 2015 | 4,427,731 | 741,449 | 43,733 | 3,456 | 5,216,369 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Exchange of limited partner units (5,020,919, 489,291,and 70,291 common shares respectively in 2016, 2015 and 2014, Note 10) | 1 | 73,755 | (73,756) | ||||||||||
Series J preferred stock premium amortization | (328) | (328) | (328) | (328) | |||||||||
Limited partner units exchanged to units | 73,756 | (73,756) | |||||||||||
Stock incentive program (common shares, net: 63,324 in 2016, 63,738 in 2015, 83,509 in 2014) | (14,139) | 14,139 | |||||||||||
Amortization of stock incentive | 12,024 | 12,024 | 12,024 | 12,024 | |||||||||
Treasury stock purchase | (255,267) | (255,267) | (255,267) | (255,267) | |||||||||
Long-term incentive performance units | 48,324 | 48,324 | 48,324 | 48,324 | |||||||||
Issuance of unit equivalents and other | 1,889 | (2) | 1,508 | 3,395 | 6,189 | (4,300) | 1,506 | 3,395 | |||||
Adjustment to limited partners' interest from change in ownership in the Operating Partnership | 66,996 | (66,996) | 66,996 | (66,996) | |||||||||
Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests | (2,037,542) | (316,428) | (2,353,970) | ||||||||||
Distributions, excluding distributions on preferred interests classified as temporary equity | (2,034,205) | (316,428) | (3,337) | (2,765) | (2,356,735) | ||||||||
Distributions to noncontrolling other interest holders | (2,765) | (2,765) | |||||||||||
Other comprehensive income | 138,560 | 25,080 | 163,640 | 138,560 | 25,080 | 163,640 | |||||||
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2016, 2015 and 2014, respectively and $4,301 attributable to noncontrolling redeemable interests in properties in 2016) | 1,835,559 | 286,677 | 3,337 | 2,917 | 2,128,490 | 1,838,896 | 289,594 | 2,128,490 | |||||
Balance at Dec. 31, 2016 | $ 43,405 | $ 32 | $ (114,126) | $ 9,523,086 | $ (4,459,387) | $ (682,562) | $ 649,464 | $ 4,959,912 | |||||
Balance at Dec. 31, 2016 | $ 4,267,043 | $ 644,348 | $ 43,405 | $ 5,116 | $ 4,959,912 |
Consolidated Statements of Equ7
Consolidated Statements of Equity (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Exchange of limited partner units, (in shares) | 5,020,919 | 489,291 | 70,291 |
Stock incentive program, shares, net | 63,324 | 63,738 | 83,509 |
Shares of common stock issued | 25,545 | ||
Treasury stock purchase, shares or units | 1,409,197 | 1,903,340 | |
Shares repurchased | 21,041 | 17,030 | |
Net income attributable to preferred interests in the Operating Partnership (in dollars) | $ 1,915,000 | $ 1,915,000 | $ 1,915,000 |
Net income attributable to noncontrolling redeemable interests in properties (in dollars) | $ 4,301,000 | ||
Simon Property Group L.P. | |||
Issuance of limited partner, units | 555,150 | ||
Limited partner units exchanged to common units | 5,020,919 | 489,291 | 70,291 |
Stock incentive program, units, net | 63,324 | 63,738 | 83,509 |
Redemption of units | 944,359 | 87,621 | |
Treasury stock purchase, shares or units | 1,409,197 | 1,903,340 | |
Issuance of equivalents units | 482,779 | 401,203 | 603,287 |
Issuance of common units | $ 21,041 | $ 17,030 | $ 25,545 |
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars) | 1,915,000 | $ 1,915,000 | $ 1,915,000 |
Net income attributable to noncontrolling redeemable interests in properties (in dollars) | $ 4,301,000 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
Organization | |
Organization | 1. Organization Simon Property Group, Inc. is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Delaware partnership subsidiary that owns all of our real estate properties and other assets. Unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Unless otherwise indicated, these notes to consolidated financial statements apply to both Simon and the Operating Partnership. According to the Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage retail real estate properties, which consist primarily of malls, Premium Outlets®, and The Mills®. As of December 31, 2016, we owned or held an interest in 206 income‑producing properties in the United States, which consisted of 108 malls, 67 Premium Outlets, 14 Mills, four lifestyle centers, and 13 other retail properties in 37 states and Puerto Rico. Internationally, as of December 31, 2016, we had ownership interests in nine Premium Outlets in Japan, three Premium Outlets in South Korea, two Premium Outlets in Canada, one Premium Outlet in Mexico, and one Premium Outlet in Malaysia. We also own an interest in six Designer Outlet properties in Europe and one Designer Outlet property in Canada, of which four properties are consolidated. Of the six properties in Europe, two are located in Italy and one each is located in Austria, Germany, the Netherlands, and the United Kingdom. As of December 31, 2016, we owned a 20.3% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris‑based real estate company which owns, or has an interest in, shopping centers located in 16 countries in Europe. We generate the majority of our revenues from leases with retail tenants, including: · base minimum rents, · overage and percentage rents based on tenants’ sales volume, and · recoverable expenditures such as property operating, real estate taxes, repair and maintenance, and advertising and promotional expenditures. Revenues of our management company, after intercompany eliminations, consist primarily of management fees that are typically based upon the revenues of the property being managed. We also grow by generating supplemental revenues from the following activities: · establishing our properties as leading market resource providers for retailers and other businesses and consumer‑focused corporate alliances, including payment systems (such as handling fees relating to the sales of bank‑issued prepaid cards), national marketing alliances, static and digital media initiatives, business development, sponsorship, and events, · offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services, · selling or leasing land adjacent to our properties, commonly referred to as “outlots” or “outparcels,” and · generating interest income on cash deposits and investments in loans, including those made to related entities. |
Basis of Presentation and Conso
Basis of Presentation and Consolidation | 12 Months Ended |
Dec. 31, 2016 | |
Basis of Presentation and Consolidation | |
Basis of Presentation and Consolidation | 2. Basis of Presentation and Consolidation The accompanying consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. We consolidate properties that are wholly owned or properties where we own less than 100% but we control. Control of a property is demonstrated by, among other factors, our ability to refinance debt and sell the property without the consent of any other partner or owner and the inability of any other partner or owner to replace us. We also consolidate a variable interest entity, or VIE, when we are determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE, including management agreements and other contractual arrangements. There have been no changes during 2016 in previous conclusions about whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. During 2016 and 2015, we did not provide financial or other support to a previously identified VIE that we were not previously contractually obligated to provide. Investments in partnerships and joint ventures represent our noncontrolling ownership interests in properties. We account for these investments using the equity method of accounting. We initially record these investments at cost and we subsequently adjust for net equity in income or loss, which we allocate in accordance with the provisions of the applicable partnership or joint venture agreement, cash contributions and distributions, and foreign currency fluctuations, if applicable. The allocation provisions in the partnership or joint venture agreements are not always consistent with the legal ownership interests held by each general or limited partner or joint venture investee primarily due to partner preferences. We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income of the joint ventures within cash distributions and losses in partnerships and joint ventures, at equity in the consolidated balance sheets. The net equity of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes non‑cash charges for depreciation and amortization. As of December 31, 2016, we consolidated 134 wholly‑owned properties and 17 additional properties that are less than wholly‑owned, but which we control or for which we are the primary beneficiary. We account for the remaining 78 properties, or the joint venture properties, as well as our investment in Klépierre, Aéropostale, and HBS Global Properties, or HBS, using the equity method of accounting, as we have determined we have significant influence over their operations. We manage the day‑to‑day operations of 57 of the 78 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, Germany, Canada, and the United Kingdom comprise 17 of the remaining 21 properties. These international properties are managed by joint ventures in which we share control. Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to us based on the partners’ respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests. Our weighted average ownership interest in the Operating Partnership was as follows: For the Year Ended December 31, 2016 2015 2014 Weighted average ownership interest % % % As of December 31, 2016 and 2015, our ownership interest in the Operating Partnership was 86.9% and 85.7%, respectively. We adjust the noncontrolling limited partners’ interest at the end of each period to reflect their interest in the net assets of the Operating Partnership. Preferred unit requirements in the Operating Partnership’s accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units and are recorded when declared. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies. | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies Investment Properties We record investment properties at cost. Investment properties include costs of acquisitions; development, predevelopment, and construction (including allocable salaries and related benefits); tenant allowances and improvements; and interest and real estate taxes incurred during construction. We capitalize improvements and replacements from repair and maintenance when the repair and maintenance extends the useful life, increases capacity, or improves the efficiency of the asset. All other repair and maintenance items are expensed as incurred. We capitalize interest on projects during periods of construction until the projects are ready for their intended purpose based on interest rates in place during the construction period. The amount of interest capitalized during each year is as follows: For the Year Ended December 31, 2016 2015 2014 Capitalized interest $ $ $ We record depreciation on buildings and improvements utilizing the straight‑line method over an estimated original useful life, which is generally 10 to 35 years. We review depreciable lives of investment properties periodically and we make adjustments when necessary to reflect a shorter economic life. We amortize tenant allowances and tenant improvements utilizing the straight‑line method over the term of the related lease or occupancy term of the tenant, if shorter. We record depreciation on equipment and fixtures utilizing the straight‑line method over seven to ten years. We review investment properties for impairment on a property‑by‑property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable. These circumstances include, but are not limited to, declines in a property’s cash flows, ending occupancy or total sales per square foot. We measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization plus its residual value is less than the carrying value of the property. To the extent impairment has occurred, we charge to income the excess of carrying value of the property over its estimated fair value. We estimate fair value using unobservable data such as operating income, estimated capitalization rates, or multiples, leasing prospects and local market information. We may decide to sell properties that are held for use and the sale prices of these properties may differ from their carrying values. We also review our investments, including investments in unconsolidated entities, if events or circumstances change indicating that the carrying amount of our investments may not be recoverable. We will record an impairment charge if we determine that a decline in the fair value of the investments is other‑than‑temporary. Changes in economic and operating conditions that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results. During the fourth quarter of 2016, we determined we would no longer pursue the construction of the Copley residential tower given a change in property approval dynamics, construction pricing in the Boston market and the continued increase in residential supply in the market. Accordingly, we recorded a charge of approximately $31.5 million related to the write-off of pre-development costs, which is included in other expenses in the accompanying statement of operations and comprehensive income. Purchase Accounting We allocate the purchase price of acquisitions and any excess investment in unconsolidated entities to the various components of the acquisition based upon the fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, we may utilize third party valuation specialists. These components typically include buildings, land and intangibles related to in‑place leases and we estimate: · the fair value of land and related improvements and buildings on an as‑if‑vacant basis, · the market value of in‑place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into revenues, · the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and · the value of revenue and recovery of costs foregone during a reasonable lease‑up period, as if the space was vacant. The fair value of buildings is depreciated over the estimated remaining life of the acquired building or related improvements. We amortize tenant improvements, in‑place lease assets and other lease‑related intangibles over the remaining life of the underlying leases. We also estimate the value of other acquired intangible assets, if any, which are amortized over the remaining life of the underlying related intangibles. Discontinued Operations On May 28, 2014, we completed the spin-off of our interests in 98 properties comprised of substantially all of our strip center business and our smaller enclosed malls to Washington Prime Group Inc., or Washington Prime, an independent, publicly traded REIT. The spin-off was effectuated through a distribution of the common shares of Washington Prime to holders of Simon common stock as of the distribution record date, and qualified as a tax-free distribution for U.S. federal income tax purposes. For every two shares of Simon common stock held as of the record date of May 16, 2014, Simon stockholders received one Washington Prime common share on May 28, 2014. At the time of the separation and distribution, Washington Prime owned a percentage of the outstanding units of partnership interest of Washington Prime Group, L.P. that was approximately equal to the percentage of outstanding units of limited partnership interest in the Operating Partnership, or units, owned by us. The remaining units of Washington Prime Group, L.P. were owned by limited partners of the Operating Partnership who received one Washington Prime Group, L.P. unit for every two units they owned in the Operating Partnership. Subsequent to the spin-off, we retained a nominal interest in Washington Prime Group, L.P. We also retained approximately $1.0 billion of proceeds from completed unsecured debt and mortgage debt as part of the spin-off and incurred $38.2 million in transaction costs during 2014 related to the spin-off of Washington Prime. The historical results of operations of the Washington Prime properties have been presented as discontinued operations in our consolidated statements of operations and comprehensive income. The accompanying consolidated statement of cash flows includes, within operating, investing and financing cash flows, those activities which related to our period of ownership of the Washington Prime properties. Summarized financial information for discontinued operations for the year ended December 31, 2014 is present below. For the Year Ended 2014 TOTAL REVENUE $ Property Operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion Provision for credit losses Other Total operating expenses OPERATING INCOME Interest expense Income and other taxes Income from unconsolidated entities Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net CONSOLIDATED NET INCOME Net income attributable to noncontrolling interests NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ Capital expenditures on a cash basis for the year ended December 31, 2014 were $31.9 million. We and Washington Prime entered into property management and transitional services agreements in connection with the spin-off whereby we provided certain services to Washington Prime and its properties that were previously owned by us. Pursuant to the terms of the property management agreements, we managed, leased, and maintained those Washington Prime mall properties under the direction of Washington Prime. In exchange, Washington Prime paid us annual fixed rate property management fees ranging from 2.5% to 4.0% of base minimum and percentage rents, reimbursed us for direct out-of-pocket costs and expenses and also paid us separate fees for any leasing and development services we provided. The property management agreements had an initial term of two years and terminated in 2016 upon the two-year anniversary of the spinoff. We also provided certain support services to the Washington Prime strip centers that were previously owned by us and certain of its central functions to assist Washington Prime as it established its stand-alone processes for various activities that were previously provided by us. These services, which did not constitute significant continuing support of Washington Prime’s operations, included assistance in the areas of information technology, treasury and financial management, payroll, lease administration, taxation and procurement. The charges for such services were intended to allow us to recover costs of providing these services. The transition services agreement terminated in 2016 upon the two-year anniversary of the spinoff. Transitional services fees earned for 2016, 2015, and for the portion of 2014 subsequent to the spin-off were approximately $1.7 million, $5.7 million, and $3.2 million, respectively. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers’ acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits. See Notes 4 and 10 for disclosures about non-cash investing and financing transactions. Marketable and Non‑Marketable Securities Marketable securities consist primarily of the investments of our captive insurance subsidiaries, available‑for‑sale securities, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At December 31, 2016 and 2015, we had marketable securities of $156.2 million and $183.8 million, respectively, generally accounted for as available-for-sale, which are adjusted to their quoted market price with a corresponding adjustment in other comprehensive income (loss). Net unrealized gains recorded in accumulated other comprehensive income (loss) as of December 31, 2016 and 2015 were approximately $15.4 million and $12.6 million, respectively, and represent the valuation adjustments for our marketable securities. The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than 1 year to 10 years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiaries is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment charge is recorded and a new cost basis is established. Our insurance subsidiaries are required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. Our deferred compensation plan investments are classified as trading securities and are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income. On June 24, 2015, we sold our investment in certain marketable securities that were accounted for as an available-for-sale security, with the value adjusted to its quoted market price through other comprehensive income (loss). At the date of sale, we owned 5.71 million shares. The aggregate proceeds received from the sale were $454.0 million, and we recognized a gain on the sale of $80.2 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2015. At December 31, 2016 and 2015, we had investments of $210.5 million and $181.4 million, respectively, in non-marketable securities that we account for under the cost method. We regularly evaluate these investments for any other-than-temporary impairment in their estimated fair value and determined that no material adjustment in the carrying value was required. Fair Value Measurements Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs. The marketable securities we held at December 31, 2016 and 2015 were primarily classified as having Level 1 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs, which consist primarily of foreign currency forward contracts and interest rate swap agreements with a gross asset value of $43.9 million and $27.8 million at December 31, 2016 and 2015, respectively. Note 8 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3 and 4 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates. Gains on Issuances of Stock by Equity Method Investees When one of our equity method investees issues additional shares to third parties, our percentage ownership interest in the investee may decrease. In the event the issuance price per share is higher or lower than our average carrying amount per share, we recognize a noncash gain or loss on the issuance, when appropriate. This noncash gain or loss is recognized in our net income in the period the change of ownership interest occurs. In 2015, as discussed in Note 7, we recorded a non-cash gain of $206.9 million related to Klépierre’s issuance of shares in connection with Klépierre’s acquisition of Corio N.V., or Corio, which is included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. Use of Estimates We prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates. Segment and Geographic Locations Our primary business is the ownership, development, and management of retail real estate. We have aggregated our retail operations, including malls, Premium Outlets, The Mills, and our international investments into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same tenants. As discussed in Note 7, we consolidated various European assets in 2016. As of December 31, 2016, approximately 5.3% of our consolidated long-lived assets and 1.5% of our consolidated total revenues were located outside the United States. As of December 31, 2015, consolidated foreign located long-lived assets and total revenues were nominal. Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31: 2016 2015 Deferred lease costs, net $ $ In-place lease intangibles, net Acquired above market lease intangibles, net Marketable securities of our captive insurance companies Goodwill Other marketable and non-marketable securities Prepaids, notes receivable and other assets, net $ $ Deferred Lease Costs Our deferred leasing costs consist primarily of capitalized salaries and related benefits in connection with lease originations. We record amortization of deferred leasing costs on a straight‑line basis over the terms of the related leases. Details of these deferred costs as of December 31 are as follows: 2016 2015 Deferred lease costs $ $ Accumulated amortization Deferred lease costs, net $ $ Amortization of deferred leasing costs is a component of depreciation and amortization expense. The accompanying consolidated statements of operations and comprehensive income include amortization of deferred leasing costs as follows: For the Year Ended December 31, 2016 2015 2014 Amortization of deferred leasing costs $ $ $ Intangibles The average remaining life of in‑place lease intangibles is approximately 2.8 years and is being amortized on a straight‑line basis and is included with depreciation and amortization in the consolidated statements of operations and comprehensive income. The fair market value of above and below market leases is amortized into revenue over the remaining lease life as a component of reported minimum rents. The weighted average remaining life of these intangibles is approximately 3.3 years. The unamortized amount of below market leases is included in accounts payable, accrued expenses, intangibles and deferred revenues in the consolidated balance sheets and was $116.1 million and $117.8 million as of December 31, 2016 and 2015, respectively. The amount of amortization from continuing operations of above and below market leases, net, which increased revenue for the years ended December 31, 2016, 2015, and 2014, was $5.4 million, $13.6 million, and $11.3 million, respectively. If a lease is terminated prior to the original lease termination, any remaining unamortized intangible is written off to earnings. Details of intangible assets as of December 31 are as follows: 2016 2015 In-place lease intangibles $ $ Accumulated depreciation In-place lease intangibles, net $ $ 2016 2015 Acquired above market lease intangibles $ $ Accumulated amortization Acquired above market lease intangibles, net $ $ Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2016 are as follows: Below Above Impact to Market Market Minimum Leases Leases Rent, Net 2017 $ $ $ 2018 2019 2020 2021 Thereafter $ $ $ Derivative Financial Instruments We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there is no significant ineffectiveness from any of our derivative activities. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities. As of December 31, 2016, we had the following outstanding interest rate derivative: Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swap 1 $ 250.0 million The carrying value of our interest rate swap agreement, at fair value, as of December 31, 2016, is a net asset balance of $21.1 million, all of which is included in deferred costs and other assets. We generally do not apply hedge accounting to interest rate caps which had a nominal value at December 31, 2016. As of December 31, 2015, we had no outstanding interest rate derivatives. We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Japan and Europe. We use currency forward contracts and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date. We had the following Euro:USD forward contracts at December 31, 2016 and December 31, 2015 (in millions): Asset Value as of December 31, December 31, Notional Value Maturity Date 2016 2015 € 50.00 August 12, 2016 $ — $ € 50.00 August 11, 2017 € 50.00 May 15, 2019 € 50.00 May 15, 2019 — € 50.00 May 15, 2020 — € 50.00 May 14, 2021 — Asset balances in the above table are included in deferred costs and other assets. We have designated the above as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro-denominated joint venture investment. The total gross accumulated other comprehensive income (loss) related to our derivative activities, including our share of the other comprehensive income (loss) from joint venture properties, approximated $35.0 million and ($17.7) million as of December 31, 2016 and 2015, respectively. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, "Revenue From Contracts With Customers." ASU 2014-09 amends the existing accounting standards for revenue recognition. The new standard provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property, including real estate. Our revenues that will be impacted by this standard primarily include management, development, leasing and financing fee revenues for services performed related to various domestic joint ventures that we manage, licensing fees earned from various international properties, sales of real estate including land parcels or operating properties, and other ancillary income earned at our properties. In 2016, these revenues were less than 7.0% of consolidated revenue. We expect that the amount and timing of revenue recognition from our joint venture management services referenced above and licensing fee arrangements will be generally consistent with our current measurement and pattern of recognition. In addition, we do not actively sell operating properties as part of our core business strategy and, accordingly, the sale of properties does not constitute a significant part of our revenue and cash flows. As a result, we do not expect the adoption of this standard to have a significant impact on our consolidated financial statements. We expect to adopt the standard using the modified retrospective approach, which requires a cumulative effect adjustment as of the date of adoption. The new standard is effective for us beginning with the first quarter of 2018. In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 makes changes to both the variable interest model and the voting model. We adopted this standard as required on January 1, 2016. All reporting entities involved with limited partnerships and similar entities were required to re-evaluate whether these entities, including the Operating Partnership, are subject to the variable interest model or the voting model and whether they qualify for consolidation. The adoption of this new standard did not result in any material changes to our consolidated financial statements or disclosures, including the disclosures related to the Operating Partnership. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. We adopted this standard as required on January 1, 2016, resulting in a reclassification of $85.5 million from deferred costs and other assets to a reduction of the carrying amount of mortgages and other unsecured indebtedness. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments — Overall: Recognition and Measurement of Financial Assets and Financial Liabilities," which will require entities to measure their equity investments at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicability exception. The practicability exception will be available for equity investments that do not have readily determinable fair values. The guidance will be effective for us beginning with the first quarter of 2018. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases," which will result in lessees recognizing most leased assets and corresponding lease liabilities on the balance sheet. Lessor accounting will remain substantially similar to the current accounting; however, certain refinements were made to conform the standard with the recently issued revenue recognition guidance in ASU 2014-09, specifically related to the allocation and recognition of contract consideration earned from lease and nonlease revenue components. Leasing costs that are eligible to be capitalized as initial direct costs are also limited by ASU 2016-02. Substantially all of our revenue and the revenues of our equity method investments are earned from arrangements that are within the scope of ASU 2016-02, thus we anticipate that the timing of recognition and financial statement presentation of certain revenues, particularly those that relate to consideration from non-lease components, may be affected. Upon adoption of ASU 2016-02, consideration related to these non-lease components will be accounted for using the guidance in ASU 2014-09. Further, leases of land and other arrangements where we are the lessee will be recognized on our balance sheet. We will adopt ASU 2016-02 beginning in the first quarter of 2019 using the modified retrospective approach required by the standard. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses," which introduces new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. Instruments in scope include loans, held-to-maturity debt securities, and net investments in leases as well as reinsurance and trade receivables. This standard will be effective for us in fiscal years beginning after December 15, 2019. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations: Clarifying the Definition of a Business”, which amends guidance that assists preparers in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business, likely resulting in more acquisitions being accounted for as asset acquisitions. There are certain differences in accounting under these models, including the capitalization of transaction expenses in an asset acquisition. The standard is effective for annual periods beginning after December 15, 2018. We will early adopt this standard prospectively as of January 1, 2017 as permitted under the standard. Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows as of December 31: 2016 2015 Limited partners’ interests in the Operating Partnership $ $ Nonredeemable noncontrolling interests in properties, net Total noncontrolling interests reflected in equity $ $ Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties, limited partners’ interests in the Operating Partnership, and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders. A rollforward of noncontrolling interests for the years ended December 31 is as follows: 2016 2015 2014 Noncontrolling interests, beginning of period $ $ $ Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties Distributions to noncontrolling interest holders Other comprehensive income (loss) allocable to noncontrolling interests: Unrealized gain on derivative hedge agreements Net loss (gain) reclassified from accumulated other comprehensive loss into earnings Currency translation adjustments Changes in available-for-sale securities and other Adjustment to limited partners’ interest from change in ownership in the Operating Partnership Units issued to limited partners — — Units exchanged for common shares Units redeemed — Long-term incentive performance units Contributions by noncontrolling interests, net, and other Noncontrolling interests, end of period $ $ $ The Operating Partnership Our evaluation of the appropriateness of classifying the Operating Partnership’s common units of partnership interest, or units, he |
Real Estate Acquisitions and Di
Real Estate Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate Acquisitions and Dispositions | |
Real Estate Acquisitions and Dispositions | 4. Real Estate Acquisitions and Dispositions We acquire interests in properties to generate both current income and long-term appreciation in value. We acquire interests in individual properties or portfolios of retail real estate companies that meet our investment criteria and sell properties which no longer meet our strategic criteria. Unless otherwise noted below, gains and losses on these transactions are included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. We expense acquisition, potential acquisition and disposition related costs as they are incurred. We incurred $4.4 million in transaction costs during 2015 in connection with the acquisitions of Jersey Gardens and University Park Village, which are included in other expenses in the accompanying consolidated statements of operations and comprehensive income. We also incurred $38.2 million in transaction costs during the first six months of 2014 related to the spin-off of Washington Prime. Other than these transaction costs, we incurred a minimal amount of transaction expenses during 2016, 2015, and 2014. Our consolidated and unconsolidated acquisition and disposition activity for the periods presented are as follows: 2016 Acquisitions On January 1, 2016, as discussed further in Note 7, we gained control of the European investee that held our interest in six Designer Outlet properties, requiring a remeasurement of our previously held equity interest to fair value and a corresponding non-cash gain of $12.1 million and which also resulted in the consolidation of two of the six properties, which had been previously unconsolidated. In February 2016, we and our partner, through this European investee, acquired a noncontrolling 75.0% ownership interest in an outlet center in Ochtrup, Germany for cash consideration of approximately $38.3 million. On July 25, 2016, as further discussed in Note 7, this European investee also acquired the remaining 33% interest in two Italian outlet centers in Naples and Venice. The consolidation of these two properties resulted in a remeasurement of our previously held equity interest to fair value and a corresponding non-cash gain of $29.3 million. On April 14, 2016, as discussed further in Note 7, we acquired a 50% interest in The Shops at Crystals. 2015 Acquisitions On January 15, 2015, we acquired a 100% interest in Jersey Gardens (renamed The Mills at Jersey Gardens) in Elizabeth, New Jersey, and University Park Village in Fort Worth, Texas, for $677.9 million of cash and the assumption of existing mortgage debt of $405.0 million. We recorded the assets and liabilities of these properties at estimated fair value at the acquisition date, resulting in a valuation of investment property of $1.1 billion, net lease related intangibles of $3.6 million and mortgage debt premiums of $17.9 million. We amortize these amounts over the estimated life of the related depreciable components of investment property, typically no greater than 40 years, the terms of the applicable leases and the applicable debt maturities, respectively. 2014 Acquisitions On April 10, 2014, as discussed further in Note 7, through a European joint venture, we acquired an additional 22.5% noncontrolling interest in Ashford Designer Outlet, increasing our percentage ownership to 45%. On January 30, 2014, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner, as well as approximately 39 acres of land in Oyster Bay, New York, for approximately $145.8 million, consisting of cash consideration and 555,150 units in the Operating Partnership. Arizona Mills is subject to a mortgage which was $166.9 million at the time of the acquisition. The consolidation of this previously unconsolidated property resulted in a remeasurement of our previously held interest to fair value and a corresponding non-cash gain of $2.7 million in the first quarter of 2014. We now own 100% of this property. On January 10, 2014, we acquired one of our partner’s interests in a portfolio of ten properties for approximately $114.4 million, seven of which were previously consolidated. 2016 Dispositions During 2016, we disposed of our interests in two unconsolidated multi-family residential investments, three consolidated retail properties, and four unconsolidated retail properties. Our share of the gross proceeds from these transactions was $81.8 million. The gain on the consolidated retail properties was $12.4 million. The gain on the unconsolidated retail properties was $22.6 million. The aggregate gain of $36.2 million from the sale of the two unconsolidated multi-family residential investments is included in other income and resulted in an additional $7.2 million in taxes included in income and other taxes. As discussed in Note 7, Klépierre disposed of its interest in certain Scandinavian properties during the fourth quarter resulting in a gain of which our share was $8.1 million. 2015 Dispositions During 2015, we disposed of our interests in three unconsolidated retail properties. The aggregate gain recognized on these transactions was approximately $43.6 million. 2014 Dispositions During 2014, we disposed of our interests in three consolidated retail properties. The aggregate gain recognized on these transactions was approximately $21.8 million. On September 26, 2014, we sold our investment in a hotel located at Coconut Point in Estero, Florida. The gain from this sale was $4.5 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income. |
Per Share and Per Unit Data
Per Share and Per Unit Data | 12 Months Ended |
Dec. 31, 2016 | |
Per Share and Per Unit Data | |
Per Share and Per Unit Data | 5. Per Share and Per Unit Data We determine basic earnings per share and basic earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share and diluted earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding combined with the incremental weighted average number of shares or units, as applicable, that would have been outstanding assuming all potentially dilutive securities were converted into shares of common stock or units, as applicable, at the earliest date possible. The following tables set forth the computation of basic and diluted earnings per share and basic and diluted earnings per unit. Simon For the Year Ended December 31, 2016 2015 2014 Net Income attributable to Common Stockholders — Basic and Diluted $ $ $ Weighted Average Shares Outstanding — Basic and Diluted For the year ended December 31, 2016, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance units, or LTIP units, granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. No securities had a material dilutive effect for the years ended December 31, 2016, 2015, and 2014. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared. The Operating Partnership For the Year Ended December 31, 2016 2015 2014 Net Income attributable to Unitholders — Basic and Diluted $ $ $ Weighted Average Units Outstanding — Basic and Diluted For the year ended December 31, 2016, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the years ended December 31, 2016, 2015, and 2014. We accrue distributions when they are declared. The taxable nature of the dividends declared and Operating Partnership distributions declared for each of the years ended as indicated is summarized as follows: For the Year Ended December 31, 2016 2015 2014 Total dividends/distributions paid per common share/unit $ $ $ Percent taxable as ordinary income % % % Percent taxable as long-term capital gains % % % % % % In January 2017, Simon’s Board of Directors declared a quarterly cash dividend of $1.75 per share of common stock payable on February 28, 2017 to stockholders of record on February 14, 2017. The Operating Partnership’s distribution rate on our units is equal to the dividend rate on Simon’s common stock. |
Investment Properties
Investment Properties | 12 Months Ended |
Dec. 31, 2016 | |
Investment Properties | |
Investment Properties | 6. Investment Properties Investment properties consist of the following as of December 31: 2016 2015 Land $ $ Buildings and improvements Total land, buildings and improvements Furniture, fixtures and equipment Investment properties at cost Less — accumulated depreciation Investment properties at cost, net $ $ Construction in progress included above $ $ |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2016 | |
Investment in Unconsolidated Entities | |
Investments in Unconsolidated Entities | 7. Investments in Unconsolidated Entities Real Estate Joint Ventures and Investments Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties, and diversify our risk in a particular property or portfolio of properties. As discussed in Note 2, we held joint venture interests in 78 properties as of December 31, 2016 and 81 properties as of December 31, 2015. Certain of our joint venture properties are subject to various rights of first refusal, buy‑sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash, borrowings, or the use of limited partnership interests in the Operating Partnership, to acquire the joint venture interest from our partner. We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of December 31, 2016 and 2015, we had construction loans and other advances to related parties totaling $12.3 million and $13.9 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. Unconsolidated Property Transactions On September 15, 2016, we and our partners, through two separate joint ventures, acquired certain assets and liabilities of Aéropostale, a retailer of apparel and accessories, out of bankruptcy. Our noncontrolling interest in the retail operations venture and in the licensing venture is 49.05% and 28.45%, respectively. Our aggregate investment in the ventures was $33.1 million, which includes our share of working capital funded into the retail business. On April 14, 2016, we and a joint venture partner completed the acquisition of The Shops at Crystals, a luxury shopping center on the Las Vegas Strip, for $1.1 billion. The transaction was funded with a combination of cash on hand, cash from our partner, and a $550.0 million 3.74% fixed-rate mortgage financing that will mature on July 1, 2026. We have a 50% noncontrolling interest in this joint venture and will manage the day-to-day operations. Substantially all of our investment has been determined to relate to investment property based on estimated fair values at the acquisition date. On April 5, 2016, Quaker Bridge Mall, in which we own a 50% noncontrolling interest, completed a $180.0 million mortgage financing with a fixed interest rate of 4.50% that matures on May 1, 2026. Proceeds of approximately $180.0 million from the financing were distributed to the joint venture partners in April 2016. On July 22, 2015, we closed on our previously announced transaction with Hudson’s Bay Company, or HBC, to which HBC contributed 42 properties in the U.S. and we committed to contribute $100.0 million for improvements to the properties contributed by HBC in exchange for a noncontrolling interest in the newly formed entity, HBS. As of December 31, 2016, we have funded $30.6 million of this commitment. On September 30, 2015, HBC announced it had closed on the acquisition of Galeria Holding, the parent company of Germany’s leading department store, Kaufhof. In conjunction with the closing, HBS acquired 41 Kaufhof properties in Germany from HBC. All of these properties have been leased to affiliates of HBC. We contributed an additional $178.5 million to HBS upon closing of the Galeria Holding transaction. Our noncontrolling equity interest in HBS is approximately 10.2% at December 31, 2016. Our share of net income, net of amortization of our excess investment, was $2.6 million and $15.2 million for the three and twelve months ended December 31, 2016, respectively. Total assets and total liabilities of HBS as of December 31, 2016 were $4.3 billion and $2.8 billion, respectively, and its total revenues, operating income and consolidated net income were approximately $409.8 million, $233.2 million and $128.7 million, respectively, for the twelve months ended December 31, 2016. On April 13, 2015, we announced a joint venture with Sears Holdings, or Sears, whereby Sears contributed 10 of its properties located at our malls to the joint venture in exchange for a 50% noncontrolling interest in the joint venture. We contributed $114.0 million in cash in exchange for a 50% noncontrolling interest in the joint venture. Sears or its affiliates are leasing back each of the 10 properties from the joint venture. The joint venture has the right to recapture not less than 50% of the space leased to Sears to be used for purposes of redeveloping and releasing the recaptured space. We will provide development, leasing and management services to the joint venture for any recaptured space. On July 7, 2015, we separately invested approximately $33.0 million in exchange for 1,125,760 common shares of Seritage Growth Properties, or Seritage, a public REIT formed by Sears, which we account for as an available-for-sale security. Seritage now holds Sears’ interest in the joint venture. On January 30, 2014, as discussed in Note 4, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner. The consolidation of this previously unconsolidated property resulted in a remeasurement of our previously held interest to fair value and a corresponding non-cash gain of $2.7 million in the first quarter of 2014. As a result of this acquisition, we now own 100% of this property. International Investments We conduct our international operations through joint venture arrangements and account for all of our international joint venture investments using the equity method of accounting. European Investments. At December 31, 2016, we owned 63,924,148 shares, or approximately 20.3%, of Klépierre, which had a quoted market price of $39.50 per share. On July 29, 2014, Klépierre announced that it had entered into a conditional agreement to acquire Corio pursuant to which Corio shareholders received 1.14 Klépierre ordinary shares for each Corio ordinary share. On January 15, 2015, the tender offer transaction closed and the merger was completed on March 31, 2015, reducing our ownership from 28.9% at December 31, 2014 to 18.3%, resulting in a non-cash gain of $206.9 million that was required to be recognized in the first quarter of 2015 as if we had sold a proportionate share of our investment. On May 11, 2015, we purchased 6,290,000 additional shares of Klépierre for $279.4 million bringing our ownership to 20.3%. All of the excess investment related to this additional purchase has been determined to relate to investment property. Our share of net income, net of amortization of our excess investment, was $41.5 million, $6.7 million and $131.5 million for the year ended December 31, 2016, 2015 and 2014, respectively. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre’s results to GAAP, Klépierre’s total assets, total liabilities, and noncontrolling interests were $19.8 billion, $11.8 billion, and $1.4 billion, respectively, as of December 31, 2016 and $20.8 billion, $12.4 billion, and $1.4 billion, respectively, as of December 31, 2015. Klépierre’s total revenues, operating income and consolidated net income were approximately $1.5 billion, $449.9 million and $310.9 million, respectively, for the year ended December 31, 2016, $1.5 billion, $414.8 million and $181.2 million, respectively, for the year ended December 31, 2015, and $1.2 billion, $432.1 million and $1.3 billion, respectively, for the year ended December 31, 2014. During the fourth quarter of 2016, Klépierre completed the disposal of certain Scandinavian properties. In connection with these transactions, we recorded a gain of $8.1 million, which is included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. On April 16, 2014, Klépierre completed the disposal of a portfolio of 126 retail galleries located in France, Spain and Italy. Total gross consideration for the transaction, including transfer duties, was €1.98 billion (€1.65 billion Klépierre’s group share). The net cash proceeds were used by Klépierre to reduce its overall indebtedness. In connection with this transaction, we recorded a gain of $133.9 million, net of the write-off of a portion of our excess investment, which is included in gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. We had an interest in a European investee that had interests in six Designer Outlet properties, as of December 31, 2015. On January 1, 2016, we gained control of the entity through terms of the underlying venture agreement requiring a remeasurement of our previously held equity interest to fair value and a corresponding non-cash gain of $12.1 million in earnings during the first quarter of 2016, which includes amounts reclassified from accumulated other comprehensive income (loss) related to the currency translation adjustment previously recorded on our investment. The gain is included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. As a result of the change in control, we consolidated two of the six outlet properties on January 1, 2016. The consolidation required us to recognize the entity's identifiable assets and liabilities at fair value in our consolidated financial statements along with the related redeemable noncontrolling interest representing our partners' share. The fair value of the consolidated assets and liabilities relates primarily to investment property, investments in unconsolidated entities and assumed mortgage debt. Due to certain redemption rights held by our venture partner, the noncontrolling interest is presented (i) in the accompanying Simon consolidated balance sheet outside of equity in limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties and (ii) in the accompanying Operating Partnership consolidated balance sheet within preferred units, various series, at liquidation value, and noncontrolling redeemable interests in properties. As of December 31, 2016, our legal percentage ownership interests in these entities ranged from 45% to 90%. In February 2016, we and our partner, through this European investee, acquired a noncontrolling 75.0% ownership interest in an outlet center in Ochtrup, Germany for cash consideration of approximately $38.3 million. On July 25, 2016, this European investee also acquired the remaining 33% interest in two Italian outlet centers in Naples and Venice, as well as the remaining interests in related expansion projects and working capital for cash consideration of €145.5 million. This resulted in the consolidation of these two properties on the acquisition date, requiring a remeasurement of our previously held equity interest to fair value and the recognition of a non-cash gain of $29.3 million in earnings during the third quarter of 2016. The gain is included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. The determination of fair value of the consolidated assets and liabilities consists primarily of investment property and lease related intangibles. In addition, we have a noncontrolling interest in a European property management and development company that provides services to the Designer Outlet properties. We also have minority interests in Value Retail PLC and affiliated entities, which own or have interests in and operate nine luxury outlets located throughout Europe and we have a direct minority ownership in three of those outlets. Our investment in these entities is accounted for under the cost method. The carrying value of these non-marketable investments was $140.8 million and $115.4 million at December 31, 2016 and December 31, 2015, respectively, and is included in deferred costs and other assets. On March 19, 2015, we disposed of our interest in a joint venture which had held interests in rights to pre-development projects in Europe, for total proceeds of $19.0 million. We recognized a gain on the sale of $8.3 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income. Asian Joint Ventures. We conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi Estate Co., Ltd. We have a 40% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $227.5 million and $224.6 million as of December 31, 2016 and 2015, respectively, including all related components of accumulated other comprehensive income (loss). We conduct our international Premium Outlet operations in South Korea through a joint venture with Shinsegae International Co. We have a 50% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $130.9 million and $117.0 million as of December 31, 2016 and 2015, respectively, including all related components of accumulated other comprehensive income (loss). Summary Financial Information A summary of our equity method investments and share of income from such investments, excluding Klépierre, our investment in Aéropostale, and HBS, follows. During 2016, we disposed of four retail properties and our investments in two multi-family residential assets. During 2015, we disposed of three retail properties. As discussed in Note 3, on May 28, 2014, we completed the spin-off of Washington Prime, which included ten unconsolidated properties. The net income of these ten properties is included in income from operations of discontinued joint venture interests in the accompanying summary financial information. BALANCE SHEETS December 31, December 31, 2016 2015 Assets: Investment properties, at cost $ $ Less - accumulated depreciation Cash and cash equivalents Tenant receivables and accrued revenue, net Deferred costs and other assets Total assets $ $ Liabilities and Partners’ Deficit: Mortgages $ $ Accounts payable, accrued expenses, intangibles, and deferred revenue Other liabilities Total liabilities Preferred units Partners’ deficit Total liabilities and partners’ deficit $ $ Our Share of: Partners’ deficit $ $ Add: Excess Investment Our net Investment in unconsolidated entities, at equity $ $ “Excess Investment” represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures or other investments acquired and has been determined to relate to the fair value of the investment property, lease related intangibles, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of investment property, typically no greater than 40 years, the terms of the applicable leases and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities. As of December 31, 2016, scheduled principal repayments on joint venture properties’ mortgage indebtedness are as follows: 2017 $ 2018 2019 2020 2021 Thereafter Total principal maturities Net unamortized debt premium Debt issuance costs Total mortgages and unsecured indebtedness $ This debt becomes due in installments over various terms extending through 2035 with interest rates ranging from 0.26% to 9.35% and a weighted average interest rate of 3.97% at December 31, 2016. STATEMENTS OF OPERATIONS For the Year Ended December 31, 2016 2015 2014 REVENUE: Minimum rent $ $ $ Overage rent Tenant reimbursements Other income Total revenue OPERATING EXPENSES: Property operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion Provision for credit losses Other Total operating expenses Operating Income Interest expense Income from Continuing Operations 755,590 Income from operations of discontinued joint venture interests — — Gain on sale or disposal of assets and interests in unconsolidated entities, net — Net Income $ $ $ Third-Party Investors’ Share of Net Income $ $ $ Our Share of Net Income Amortization of Excess Investment Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net — Our Share of Gain on Sale or Disposal of Assets and Interests Included in Other Income in the Consolidated Financial Statements — — Our Share of Loss from Unconsolidated Discontinued Operations — — Income from Unconsolidated Entities $ $ $ Our share of income from unconsolidated entities in the above table, aggregated with our share of results of Klépierre, our investment in Aéropostale, and HBS, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Unless otherwise noted, our share of the gain on sale or disposal of assets and interests in unconsolidated entities, net is reflected within gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. 2016 Dispositions In 2016, we disposed of our interest in four retail properties and two multi-family residential investments. Our share of the net gain on disposition was $22.6 million and $36.2 million, respectively. 2015 Dispositions In 2015, we disposed of our interests in three retail properties. Our share of the net gain on disposition was $43.6 million. |
Indebtedness and Derivative Fin
Indebtedness and Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Debt | |
Indebtedness and Derivative Financial Instruments | 8. Indebtedness and Derivative Financial Instruments Our mortgages and unsecured indebtedness, excluding the impact of derivative instruments, consist of the following as of December 31: 2016 2015 Fixed-Rate Debt: Mortgage notes, including $21,916 and $44,594 net premiums and $15,965 and $11,225 debt issuance costs respectively. Weighted average interest and maturity of 4.15% and 7.0 years at December 31, 2016. $ $ Unsecured notes, including $46,426 and $44,698 net discounts and $65,801 and $52,749 debt issuance costs, respectively. Weighted average interest and maturity of 3.37% and 8.2 years at December 31, 2016. Commercial Paper (see below) Total Fixed-Rate Debt Variable-Rate Debt: Mortgages notes, including $690 and $913 debt issuance costs respectively. Weighted average interest and maturity of 2.10% and 2.8 years at December 31, 2016. Unsecured Term Loan (see below), including $0 and $46 debt issuance costs respectively at December 31, 2016. — Credit Facility (see below), including $15,380 and $20,558 debt issuance costs respectively at December 31, 2016. Total Variable-Rate Debt Total Mortgages and Unsecured Indebtedness $ $ General. Our unsecured debt agreements contain financial covenants and other non‑financial covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender, including adjustments to the applicable interest rate. As of December 31, 2016, we were in compliance with all covenants of our unsecured debt. At December 31, 2016, we or our subsidiaries were the borrowers under 45 non‑recourse mortgage notes secured by mortgages on 48 properties, including two separate pools of cross‑defaulted and cross‑collateralized mortgages encumbering a total of five properties. Under these cross‑default provisions, a default under any mortgage included in the cross‑defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non‑financial covenants which are specific to the properties which serve as collateral for that debt. If the applicable borrower under these non-recourse mortgage notes fails to comply with these covenants, the lender could accelerate the debt and enforce its right against their collateral. At December 31, 2016, the applicable borrowers under these non‑recourse mortgage notes were in compliance with all covenants where non‑compliance could individually, or giving effect to applicable cross‑default provisions in the aggregate, have a material adverse effect on our financial condition, liquidity or results of operations. Unsecured Debt At December 31, 2016, our unsecured debt consisted of $15.4 billion of senior unsecured notes of the Operating Partnership, $316.5 million outstanding under the Operating Partnership’s $3.5 billion supplemental unsecured revolving credit facility, or Supplemental Facility, and $953.7 million outstanding under the Operating Partnership’s global unsecured commercial paper program, or Commercial Paper program. The December 31, 2016 balance on the Credit Facility included $191.5 million (U.S. dollar equivalent) of Yen-denominated borrowings. At December 31, 2016, the outstanding amount under the Commercial Paper program was $953.7 million, of which $79.3 million was related to the U.S. dollar equivalent of Euro-denominated notes. Foreign currency denominated borrowings under both the Supplemental Facility and Commercial Paper program are designated as net investment hedges of a portion of our international investments. On December 31, 2016, we had an aggregate available borrowing capacity of $6.2 billion under the Supplemental Facility and the Operating Partnership’s $4.0 billion unsecured revolving credit facility, or Credit Facility, and together with the Supplemental Facility, the Credit Facilities. The maximum aggregate outstanding balance under the Credit Facilities during the year ended December 31, 2016 was $1.5 billion and the weighted average outstanding balance was $596.4 million. Letters of credit of $18.8 million were outstanding under the Credit Facilities as of December 31, 2016. The Credit Facility’s initial borrowing capacity of $4.0 billion may be increased to $5.0 billion during its term and provides for borrowings denominated in U.S. dollars, Euros, Yen, Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 75% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility is June 30, 2018 and can be extended for an additional year to June 30, 2019 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the Credit Facility is LIBOR plus 80 basis points with an additional facility fee of 10 basis points. On April 6, 2016, the Operating Partnership amended the Supplemental Facility to, among other matters, (i) exercise its $750.0 million accordion feature such that the Supplemental Facility’s borrowing capacity has been increased from $2.75 billion to $3.50 billion and (ii) add a new $750.0 million accordion feature to permit us to further increase the Supplemental Facility’s borrowing capacity to $4.25 billion during its term. The initial maturity date of the Supplemental Facility is June 30, 2019 and can be extended for an additional year to June 30, 2020 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the amended Supplemental Facility is LIBOR plus 80 basis points with an additional facility fee of 10 basis points. The Supplemental Facility provides for borrowings denominated in U.S. dollars, Euros, Yen, Sterling, Canadian dollars and Australian dollars. The Operating Partnership also has available a Commercial Paper program of $1.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euros and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership's other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facilities and if necessary or appropriate, we may make one or more draws under either of the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program. On December 31, 2016, we had $953.7 million outstanding under the Commercial Paper program, comprised of $874.4 million outstanding in U.S. dollar denominated notes and $79.3 million (U.S. dollar equivalent) of Euro denominated notes with weighted average interest rates of 0.83% and -0.25%, respectively. The borrowings mature on various dates from January 3, 2017 to June 16, 2017 and reduce amounts otherwise available under the Credit Facilities. On January 13, 2016, the Operating Partnership issued $550.0 million of senior unsecured notes at a fixed interest rate of 2.50% with a maturity date of July 15, 2021 and $800.0 million of senior unsecured notes at a fixed interest rate of 3.30% with a maturity date of January 15, 2026. Proceeds from the unsecured notes offering were used to pay down the Credit Facility, unencumber three properties and redeem senior unsecured notes at par in February 2016. On May 13, 2016, a wholly-owned subsidiary of the Operating Partnership issued €500.0 million ($566.7 million U.S. dollar equivalent) of senior unsecured notes at a fixed interest rate of 1.25% with a maturity date of May 13, 2025. Proceeds from the unsecured notes offering were used to pay down the Euro-denominated borrowings on the Credit Facilities and to repay at maturity the Euro-denominated borrowings under the Commercial Paper program, and for general corporate purposes. On November 23, 2016, the Operating Partnership issued $550.0 million of senior unsecured notes at a fixed interest rate of 2.35% with a maturity date of January 30, 2022, $750.0 million of senior unsecured notes at a fixed interest rate of 3.25% with a maturity date of November 30, 2026 and $550.0 million of senior unsecured notes at a fixed interest rate of 4.25% with a maturity date of November 30, 2046. Proceeds from the unsecured notes offering were used to pay down the Supplemental Facility, to redeem senior unsecured notes at par in December 2016 and for the early redemption of senior unsecured notes in December 2016. During 2016, the Operating Partnership repaid a $240.0 million unsecured term loan, redeemed at par or repaid at maturity $1.2 billion of senior unsecured notes with fixed interest rates ranging from 2.80% to 6.10% and completed the early redemption of a series of senior unsecured notes comprising $650.0 million with a fixed interest rate of 10.35%. We recorded a $136.8 million loss on extinguishment of debt in the fourth quarter of 2016 as a result of the early redemption. Mortgage Debt Total mortgage indebtedness was $6.5 billion and $6.6 billion at December 31, 2016 and 2015, respectively. During the year ended December 31, 2016, we repaid $638.9 million in mortgage loans, with a weighted average interest rate of 7.03%, unencumbering six properties. On January 1, 2016, as discussed in Note 7, we consolidated the European investee that held our interests in six Designer Outlet properties, as we gained control of the entity. This resulted in the consolidation of two of the six operating properties – Parndorf Designer Outlet and Roermond Designer Outlet, subject to existing acquisition date EURIBOR-based variable mortgage loans of $100.6 million and $196.8 million, respectively (both amounts U.S. dollar equivalents). The loans mature on May 25, 2022 and December 18, 2021 and bear interest at 1.90% and 1.88%, respectively. On July 25, 2016, as discussed in Note 7, this European investee also acquired the remaining 33% interest in two Italian outlet centers in Naples and Venice as well as the remaining interests in related expansion projects. This resulted in the consolidation of these two properties – La Reggia Designer Outlet and Venice Designer Outlet, subject to existing acquisition date EURIBOR-based variable rate mortgage loans of $62.1 million and $89.0 million, respectively (both amounts U.S. dollar equivalents). The loans mature on March 31, 2027 and June 30, 2020, respectively, and bear interest at 1.13% and 1.68%, respectively. Debt Maturity and Other Our scheduled principal repayments on indebtedness as of December 31, 2016 are as follows: 2017 $ 2018 2019 2020 2021 Thereafter Total principal maturities Net unamortized debt discount Debt issuance costs, net Total mortgages and unsecured indebtedness $ Our cash paid for interest in each period, net of any amounts capitalized, was as follows: For the Year Ended December 31, 2016 2015 2014 Cash paid for interest $ $ $ Derivative Financial Instruments Our exposure to market risk due to changes in interest rates primarily relates to our long‑term debt obligations. We manage exposure to interest rate market risk through our risk management strategy by a combination of interest rate protection agreements to effectively fix or cap a portion of variable rate debt. We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposures, with gains and losses on the derivative contracts hedging these exposures. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes. We may enter into treasury lock agreements as part of an anticipated debt issuance. Upon completion of the debt issuance, the fair value of these instruments is recorded as part of accumulated other comprehensive income (loss) and is amortized to interest expense over the life of the debt agreement. The unamortized loss on our treasury locks and terminated hedges recorded in accumulated other comprehensive income (loss) was $35.4 million and $60.8 million as of December 31, 2016 and 2015, respectively. As of December 31, 2016, our outstanding LIBOR based derivative contracts consisted of an interest rate swap agreement with a notional amount of $250.0 million. As of December 31, 2015, we had no outstanding interest rate derivatives. Within the next year, we expect to reclassify to earnings approximately $9.2 million of losses related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss). Debt Issuance Costs Our debt issuance costs consist primarily of financing fees we incurred in order to obtain long-term financing. We record amortization of debt issuance costs on a straight-line basis over the terms of the respective loans or agreements. Details of those debt issuance costs as of December 31 are as follows: 2016 2015 Debt issuance costs $ $ Accumulated amortization Debt issuance costs, net $ $ We report amortization of debt issuance costs, amortization of premiums, and accretion of discounts as part of interest expense. We amortize debt premiums and discounts, which are included in mortgages and unsecured indebtedness, over the remaining terms of the related debt instruments. These debt premiums or discounts arise either at the time of the debt issuance or as part of purchase accounting for the fair value of debt assumed in acquisitions. The accompanying consolidated statements of operations and comprehensive income include amortization from continuing operations as follows: For the Year Ended December 31, 2016 2015 2014 Amortization of debt issuance costs $ $ $ Amortization of debt premiums, net discounts Fair Value of Debt The carrying value of our variable‑rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed‑rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed‑rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed‑rate mortgages and unsecured indebtedness including commercial paper was $22.1 billion and $20.4 billion as of December 31, 2016 and 2015, respectively. The fair values of these financial instruments and the related discount rate assumptions as of December 31 are summarized as follows: 2016 2015 Fair value of fixed-rate mortgages and unsecured indebtedness $ $ Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages % % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness % % |
Rentals under Operating Leases
Rentals under Operating Leases | 12 Months Ended |
Dec. 31, 2016 | |
Rentals under Operating Leases | |
Rentals under Operating Leases | 9. Rentals under Operating Leases Future minimum rentals to be received under non‑cancelable tenant operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on tenant sales volume as of December 31, 2016 are as follows: 2017 $ 2018 2019 2020 2021 Thereafter $ |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity | |
Equity | 10. Equity Simon’s Board of Directors is authorized to reclassify excess common stock into one or more additional classes and series of capital stock, to establish the number of shares in each class or series and to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, and qualifications and terms and conditions of redemption of such class or series, without any further vote or action by the stockholders. The issuance of additional classes or series of capital stock may have the effect of delaying, deferring or preventing a change in control of us without further action of the stockholders. The ability to issue additional classes or series of capital stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or of discouraging a third party from acquiring, a majority of Simon’s outstanding voting stock. Holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders, other than for the election of directors. The holders of Simon’s Class B common stock have the right to elect up to four members of Simon’s Board of Directors. All 8,000 outstanding shares of the Class B common stock are subject to two voting trusts as to which Herbert Simon and David Simon are the trustees. Shares of Class B common stock convert automatically into an equal number of shares of common stock upon the occurrence of certain events and can be converted into shares of common stock at the option of the holders. Common Stock and Unit Issuances and Repurchases In 2016, Simon issued 5,020,919 shares of common stock to fourteen limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. These transactions increased Simon’s ownership interest in the Operating Partnership. On April 2, 2015, Simon’s Board of Directors authorized Simon to repurchase up to $2.0 billion of common stock over a twenty-four month period as market conditions warrant, and on February 13, 2017, Simon’s Board of Directors authorized a two-year extension of the program to March 31, 2019. Simon may repurchase the shares in the open market or in privately negotiated transactions. During the year ended December 31, 2016, Simon repurchased 1,409,197 shares at an average price of $181.14 per share as part of this program. During the year ended December 31, 2015, Simon repurchased 1,903,340 shares at an average price of $180.19 per share as part of this program. As Simon repurchases shares under this program, the Operating Partnership repurchases an equal number of units from Simon. Temporary Equity Simon We classify as temporary equity those securities for which there is the possibility that we could be required to redeem the security for cash irrespective of the probability of such a possibility. As a result, we classify 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 us 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 our control, are accounted for as temporary equity. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded within accumulated deficit. There are no noncontrolling interests redeemable at amounts in excess of fair value as of December 31, 2016 and 2015. The following table summarizes the preferred units in the Operating Partnership and the amount of the noncontrolling redeemable interests in properties as of December 31. 2016 2015 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ $ Other noncontrolling redeemable interests in properties — Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ $ 7.50% Cumulative Redeemable Preferred Units. This series of preferred units accrues cumulative quarterly distributions at a rate of $7.50 annually. The preferred units are redeemable by the Operating Partnership upon the death of the survivor of the original holders, or the transfer of any preferred units to any person or entity other than the persons or entities entitled to the benefits of the original holder. The redemption price is the liquidation value ($100.00 per preferred unit) plus accrued and unpaid distributions, payable either in cash or fully registered shares of common stock at our election. In the event of the death of a holder of the preferred units, the occurrence of certain tax triggering events applicable to the holder, or on or after November 10, 2006, the holder may require the Operating Partnership to redeem the preferred units at the same redemption price payable at the option of the Operating Partnership in either cash or shares of common stock. These preferred units have a carrying value of $25.5 million and are included in limited partners’ preferred interest in the Operating Partnership in the consolidated balance sheets at December 31, 2016 and 2015. The Operating Partnership We classify as temporary equity those securities for which there is the possibility that we could be required to redeem the security for cash, irrespective of the probability of such a possibility. As a result, we classify one series of preferred units and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below. Noncontrolling Redeemable Interests in Properties Redeemable instruments, which typically represent the remaining interest in a property or portfolio of properties, and which are redeemable at the option of the holder or in circumstances that may be outside our control, are accounted for as temporary equity. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded within equity. There are no noncontrolling interests redeemable at amounts in excess of fair value as of December 31, 2016 and 2015. The following table summarizes the preferred units and the amount of the noncontrolling redeemable interests in properties as of December 31. 2016 2015 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ $ Other noncontrolling redeemable interests in properties — Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ $ 7.50% Cumulative Redeemable Preferred Units The 7.50% preferred units accrue cumulative quarterly distributions at a rate of $7.50 annually. We may redeem the preferred units upon the death of the survivor of the original holders, or the transfer of any preferred units to any person or entity other than the persons or entities entitled to the benefits of the original holder. The redemption price is the liquidation value ($100.00 per preferred unit) plus accrued and unpaid distributions, payable either in cash or fully registered shares of common stock of Simon at our election. In the event of the death of a holder of the 7.5% preferred units, the occurrence of certain tax triggering events applicable to the holder, or on or after November 10, 2006, the holder may require the Operating Partnership to redeem the preferred units at the same redemption price payable at the Operating Partnership’s option in either cash or fully registered shares of common stock of Simon. These preferred units have a carrying value of $25.5 million and are included in preferred units, at liquidation value in the consolidated balance sheets at December 31, 2016 and 2015. Permanent Equity Simon Preferred Stock. Dividends on all series of preferred stock are calculated based upon the preferred stock’s preferred return multiplied by the preferred stock’s corresponding liquidation value. The Operating Partnership pays preferred distributions to Simon equal to the dividends Simon pays on the preferred stock issued. Series J 8 3 / 8 % Cumulative Redeemable Preferred Stock. Dividends accrue quarterly at an annual rate of 8 3 / 8 % per share. Simon can redeem this series, in whole or in part, on or after October 15, 2027 at a redemption price of $50.00 per share, plus accumulated and unpaid dividends. This preferred stock was issued at a premium of $7.5 million. The unamortized premium included in the carrying value of the preferred stock at December 31, 2016 and 2015 was $3.6 million and $3.9 million, respectively. The Operating Partnership Series J 8 3 / 8 % Cumulative Redeemable Preferred Units. Distributions accrue quarterly at an annual rate of 8 3 / 8 % per unit on the Series J 8 3 / 8 % preferred units, or Series J preferred units. Simon owns all of the Series J preferred units which have the same economic rights and preferences of an outstanding series of Simon preferred stock. The Operating Partnership can redeem this series, in whole or in part, when Simon can redeem the related preferred stock, on and after October 15, 2027 at a redemption price of $50.00 per unit, plus accumulated and unpaid distributions. The Series J preferred units were issued at a premium of $7.5 million. The unamortized premium included in the carrying value of the preferred units at December 31, 2016 and 2015 was $3.6 million and $3.9 million, respectively. There are 1,000,000 Series J preferred units authorized and 796,948 issued and outstanding. Other Equity Activity Notes Receivable from Former CPI Stockholders. Notes receivable of $14.8 million from stockholders of an entity we acquired in 1998 are reflected as a deduction from capital in excess of par value in the Simon consolidated statements of equity and as a deduction from general partner’s equity in the Operating Partnership consolidated statements of equity in the accompanying financial statements. The notes do not bear interest and become due at the time the underlying shares are sold. The Simon Property Group 1998 Stock Incentive Plan, as amended. This plan, or the 1998 plan, provides for the grant of equity‑based awards with respect to the equity of Simon in the form of options to purchase shares, stock appreciation rights, restricted stock grants and performance‑based unit awards. Options may be granted which are qualified as “incentive stock options” within the meaning of Section 422 of the Internal Revenue Code and options which are not so qualified. An aggregate of 16,300,000 shares of common stock have been reserved for issuance under the 1998 plan. Additionally, the partnership agreement requires Simon to purchase units for cash in an amount equal to the fair market value of such shares. Administration. The 1998 plan is administered by the Compensation Committee of Simon’s Board of Directors, or the Compensation Committee. The Compensation Committee determines which eligible individuals may participate and the type, extent and terms of the awards to be granted to them. In addition, the Compensation Committee interprets the 1998 plan and makes all other determinations deemed advisable for its administration. Options granted to employees become exercisable over the period determined by the Compensation Committee. The exercise price of an employee option may not be less than the fair market value of the shares on the date of grant. Employee options generally vest over a three‑year period and expire ten years from the date of grant. Awards and Compensation for Eligible Directors. Directors who are not also our employees or employees of our affiliates are eligible to receive awards under the 1998 plan. Each independent director receives an annual cash retainer of $100,000, and an annual restricted stock award with a grant date value of $150,000. Committee chairs receive annual retainers for the Company’s Audit, Compensation, and Nominating and Governance Committees of $35,000, $35,000 and $25,000, respectively. Directors receive fixed annual retainers for service on the Audit, Compensation and Nominating and Governance Committees, of $15,000, $15,000, and $10,000, respectively. The Lead Director receives an annual retainer of $50,000. These retainers are paid 50% in cash and 50% in restricted stock. Restricted stock awards vest in full after one year. Once vested, the delivery of the shares of restricted stock (including reinvested dividends) is deferred under our Director Deferred Compensation Plan until the director retires, dies or becomes disabled or otherwise no longer serves as a director. The directors may vote and are entitled to receive dividends on the underlying shares; however, any dividends on the shares of restricted stock must be reinvested in shares of common stock and held in the Director Deferred Compensation Plan until the shares of restricted stock are delivered to the former director. Stock Based Compensation Awards under our stock based compensation plans primarily take the form of LTIP units and restricted stock grants. Restricted stock and awards under the LTIP programs are all performance-based and are based on various individual, corporate and business unit performance measures as further described below. The expense related to these programs, net of amounts capitalized, is included within home and regional office costs and general and administrative costs in the accompanying statements of operations and comprehensive income. LTIP Programs. Every year since 2010, the Compensation Committee has approved long‑term, performance-based incentive compensation programs, or the LTIP programs, for certain senior executive officers. Awards under the LTIP programs take the form of LTIP units, a form of limited partnership interest issued by the Operating Partnership, and will be considered earned if, and only to the extent to which, applicable total shareholder return, or TSR, performance measures are achieved during the performance period. Once earned, LTIP units are subject to a two year vesting period. One-half of the earned LTIP units will vest on January 1 of each of the second and third years following the end of the applicable performance period, subject to the participant maintaining employment with us through those dates and certain other conditions as described in those agreements. Awarded LTIP units not earned are forfeited. Earned and fully vested LTIP units are the equivalent of units. During the performance period, participants are entitled to receive distributions on the LTIP units awarded to them equal to 10% of the regular quarterly distributions paid on a unit of the Operating Partnership. As a result, we account for these LTIP units as participating securities under the two‑class method of computing earnings per share. From 2010 to 2016, the Compensation Committee approved LTIP unit grants as shown in the table below. Grant date fair values of the LTIP units are estimated using a Monte Carlo model, and the resulting expense is recorded regardless of whether the TSR performance measures are achieved if the required service is delivered. The grant date fair values are being amortized into expense over the period from the grant date to the date at which the awards, if any, would become vested. The extent to which LTIP units were earned, and the aggregate grant date fair values adjusted for estimated forfeitures, are as follows: LTIP Program LTIP Units Earned Grant Date Fair Value 2010 LTIP program 1-year 2010 LTIP program 133,673 1-year program — $7.2 million 2-year 2010 LTIP program 337,006 2-year program — $14.8 million 3-year 2010 LTIP program 489,654 3-year program — $23.0 million 2011-2013 LTIP program 469,848 $35.0 million 2012-2014 LTIP program 401,203 $35.0 million 2013-2015 LTIP program 482,779 $29.5 million 2014-2016 LTIP program To be determined in 2017 $30.0 million 2015-2017 LTIP program To be determined in 2018 $27.4 million 2016-2018 LTIP program To be determined in 2019 $28.8 million We recorded compensation expense, net of capitalization, related to these LTIP programs of approximately $31.0 million, $24.9 million, and $27.6 million for the years ended December 31, 2016, 2015 and 2014, respectively. Restricted Stock. The 1998 plan also provides for shares of restricted stock to be granted to certain employees at no cost to those employees, subject to achievement of individual performance and certain financial and return‑based performance measures established by the Compensation Committee related to the most recent year’s performance. Once granted, the shares of restricted stock then vest annually over a three‑year or a four‑year period (as defined in the award). The cost of restricted stock grants, which is based upon the stock’s fair market value on the grant date, is recognized as expense ratably over the vesting period. Through December 31, 2016 a total of 5,658,007 shares of restricted stock, net of forfeitures, have been awarded under the 1998 plan. Information regarding restricted stock awards is summarized in the following table for each of the years presented: For the Year Ended December 31, 2016 2015 2014 Shares of restricted stock awarded during the year, net of forfeitures Weighted average fair value of shares granted during the year $ $ $ Amortization expense $ $ $ We recorded compensation expense, net of capitalization, related to restricted stock for employees and non-employee directors of approximately $9.1 million, $9.4 million, and $12.3 million for the years ended December 31, 2016, 2015 and 2014, respectively. Other Compensation Arrangements. On July 6, 2011, in connection with the execution of an employment agreement, the Compensation Committee granted David Simon, Simon’s Chairman and Chief Executive Officer, a retention award in the form of 1,000,000 LTIP units, or the Award, for his continued service as Simon’s Chairman and Chief Executive Officer through July 5, 2019. Effective December 31, 2013, the Award was modified, or the Current Award, and as a result the LTIP units will now become earned and eligible to vest based on the attainment of Company‑based performance goals, in addition to the service‑based vesting requirement included in the original Award. If the relevant performance criteria are not achieved, all or a portion of the Current Award will be forfeited. The Current Award does not contain an opportunity for Mr. Simon to receive additional LTIP units above and beyond the original Award should our performance exceed the higher end of the performance criteria. The performance criteria of the Current Award are based on the attainment of specific funds from operations, or FFO, per share. If the performance criteria have been met, a maximum of 360,000 LTIP units, or the A units, 360,000 LTIP units, or the B units, and 280,000 LTIP units, or the C units, may become earned on December 31, 2015, December 31, 2016 and December 31, 2017, respectively. Based on the Company’s performance in 2015, 360,000 A units were earned. Based on the Company’s performance in 2016, 360,000 B units were earned. The earned A units will vest on January 1, 2018, earned B units will vest on January 1, 2019 and earned C units will vest on June 30, 2019, subject to Mr. Simon’s continued employment through such applicable date. The grant date fair value of the retention award of $120.3 million is being recognized as expense over the eight‑year term of his employment agreement on a straight‑line basis based through the applicable vesting periods of the A units, B units and C units. Since 2001, we have not granted any options to officers, directors or employees, except for a series of reload options we assumed as part of a prior business combination. As of December 31, 2014, there were no remaining options outstanding. We also maintain a tax‑qualified retirement 401(k) savings plan and offer no other post‑retirement or post‑employment benefits to our employees. Exchange Rights Simon Limited partners in the Operating Partnership have the right to exchange all or any portion of their units for shares of common stock on a one‑for‑one basis or cash, as determined by Simon’s Board of Directors. The amount of cash to be paid if the exchange right is exercised and the cash option is selected will be based on the trading price of Simon’s common stock at that time. At December 31, 2016, Simon had reserved 50,775,934 shares of common stock for possible issuance upon the exchange of units, stock options and Class B common stock. The Operating Partnership Limited partners have the right under the partnership agreement to exchange all or any portion of their units for shares of Simon common stock on a one-for-one basis or cash, as determined by Simon in its sole discretion. If Simon selects cash, Simon cannot cause the Operating Partnership to redeem the exchanged units for cash without contributing cash to the Operating Partnership as partners’ equity sufficient to effect the redemption. If sufficient cash is not contributed, Simon will be deemed to have elected to exchange the units for shares of Simon common stock. The amount of cash to be paid if the exchange right is exercised and the cash option is selected will be based on the trading price of Simon’s common stock at that time. The number of shares of Simon’s common stock issued pursuant to the exercise of the exchange right will be the same as the number of units exchanged. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies. | |
Commitments and Contingencies | 11. Commitments and Contingencies Litigation We are involved from time‑to‑time in various legal and regulatory proceedings that arise in the ordinary course of our business, including, but not limited to, commercial disputes, environmental matters, and litigation in connection with transactions including acquisitions and divestitures. We believe that current proceedings will not have a material adverse effect on our financial position, liquidity, or results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated. In May 2010, Opry Mills sustained significant flood damage. Insurance proceeds of $50 million have been funded by the primary insurer and remediation and restoration work has been completed. The property re‑opened on March 29, 2012. The excess insurance carriers (those providing coverage above $50 million) denied our claim under the policy for additional proceeds (of up to $150 million) to pay further amounts for restoration costs and business interruption losses. In the first quarter of 2015, summary judgment was granted in our favor, concluding that up to $150 million of additional coverage is available under our excess insurance policy for this claim. In July and August 2015, trial on the damages portion of our claim was completed and the jury entered a verdict for damages in the amount of $204.1 million (inclusive of the $50.0 million previously paid by the primary carrier). In April 2016, the court entered final judgment in the amount of the jury verdict, which amount will bear interest from the date of the jury's verdict. We and the excess insurance carries have preserved their rights to appeal certain portions of the trial court’s rulings and the jury’s verdict, respectively. We will continue our efforts through the conclusion of the pending litigation including any and all appeals to recover our losses, including consequential damages, under the excess insurance policies for Opry Mills and we believe recovery is probable, but no assurance can be made that our efforts to recover these funds will be successful. Lease Commitments As of December 31, 2016, a total of 22 of the consolidated properties are subject to ground leases. The termination dates of these ground leases range from 2017 to 2090. These ground leases generally require us to make fixed annual rental payments, or a fixed annual rental payment plus a percentage rent component based upon the revenues or total sales of the property. In addition, we have several regional office locations that are subject to leases with termination dates ranging from 2017 to 2028. These office leases generally require us to make fixed annual rental payments plus pay our share of common area, real estate and utility expenses. Some of our ground and office leases include escalation clauses and renewal options. We incurred ground lease expense and office lease expense, which are included in other expense and home office and regional expense, respectively, as follows: For the Year Ended December 31, 2016 2015 2014 Ground lease expense $ $ $ Office lease expense Future minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and any sublease income, are as follows: 2017 $ 2018 2019 2020 2021 Thereafter $ Insurance We maintain insurance coverage with third party carriers who provide a portion of the coverage for specific layers of potential losses, including commercial general liability, fire, flood, extended coverage and rental loss insurance on all of our properties in the United States. The initial portion of coverage not provided by third party carriers is either insured through our wholly‑owned captive insurance companies, Rosewood Indemnity, Ltd. and Bridgewood Insurance Company, Ltd., or other financial arrangements controlled by us. If required, a third party carrier has, in turn, agreed to provide evidence of coverage for this layer of losses under the terms and conditions of the carrier’s policy. A similar policy written through our captive insurance entities also provides initial coverage for property insurance and certain windstorm risks at the properties located in coastal windstorm locations. We currently maintain insurance coverage against acts of terrorism on all of our properties in the United States on an “all risk” basis in the amount of up to $1 billion. The current U.S. federal laws which provide this coverage are expected to operate through 2020. Despite the existence of this insurance coverage, any threatened or actual terrorist attacks where we operate could adversely affect our property values, revenues, consumer traffic and tenant sales. Guarantees of Indebtedness Joint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non‑recourse to us. As of December 31, 2016 and 2015, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $400.5 million and $353.7 million, respectively (of which we have a right of recovery from our venture partners of $87.3 million and $112.8 million, respectively). Mortgages guaranteed by the Operating Partnership are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount. Concentration of Credit Risk Our malls, Premium Outlets and Mills rely heavily upon anchor tenants to attract customers; however, anchor retailers do not contribute materially to our financial results as many anchor retailers own their spaces. All material operations managed by us are within the United States and no customer or tenant accounts for 5% or more of our consolidated revenues. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions | |
Related Party Transactions | 12. Related Party Transactions Our management company provides management, insurance, and other services to Melvin Simon & Associates, Inc., a related party, unconsolidated joint ventures, and other non‑owned related party properties. Amounts for services provided by our management company and its affiliates to our unconsolidated joint ventures and other related parties were as follows: For the Year Ended December 31, 2016 2015 2014 Amounts charged to unconsolidated joint ventures $ $ $ Amounts charged to properties owned by related parties During 2016, 2015 and 2014, we recorded development, royalty and other fee income, net of elimination, related to our international investments of $14.4 million, $13.6 million and $13.7 million, respectively. Also during 2016, 2015 and 2014, we received fees related to financing activities, net of elimination, provided to unconsolidated joint ventures of $9.1 million, $2.3 million and $4.2 million, respectively. The fees related to our international investments and financing activities are included in other income in the accompanying consolidated statements of operations and comprehensive income. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data (Unaudited) | |
Quarterly Financial Data (Unaudited) | 13. Quarterly Financial Data (Unaudited) Quarterly 2016 and 2015 data is summarized in the table below. Quarterly amounts may not sum to annual amounts due to rounding. First Second Third Fourth Quarter Quarter Quarter Quarter 2016 Total revenue $ $ $ $ Operating income Consolidated net income SPG Inc. Net income attributable to common stockholders $ $ $ $ Net income per share — Basic and Diluted $ $ $ $ Weighted average shares outstanding — Basic and Diluted SPG L.P. Net income attributable to unitholders $ $ $ $ Net income per unit — Basic and Diluted $ $ $ $ Weighted average units outstanding — Basic and Diluted 2015 Total revenue $ $ $ $ Operating income Consolidated net income SPG Inc. Net income attributable to common stockholders $ $ $ $ Net income per share — Basic and Diluted $ $ $ $ Weighted average shares outstanding — Basic and Diluted SPG L.P. Net income attributable to unitholders $ $ $ $ Net income per unit — Basic and Diluted $ $ $ $ Weighted average units outstanding — Basic and Diluted |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
Schedule III Real Estate and Accumulated Depreciation | |
Schedule III Real Estate and Accumulated Depreciation | SCHEDULE III Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2016 (Dollars in thousands) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Malls Barton Creek Square Austin, TX — Battlefield Mall Springfield, MO Bay Park Square Green Bay, WI — Brea Mall Brea (Los Angeles), CA — — (4) Broadway Square Tyler, TX — — (4) Burlington Mall Burlington (Boston), MA — (4) Castleton Square Indianapolis, IN — Cielo Vista Mall El Paso, TX — College Mall Bloomington, IN — Columbia Center Kennewick, WA — — Copley Place Boston, MA — — — — (4) Coral Square Coral Springs (Miami), FL — — Cordova Mall Pensacola, FL — (4) Domain, The Austin, TX — Empire Mall Sioux Falls, SD — (5) Fashion Mall at Keystone, The Indianapolis, IN — — (4) Firewheel Town Center Garland (Dallas), TX — — Forum Shops at Caesars, The Las Vegas, NV — — — — Greenwood Park Mall Greenwood (Indianapolis), IN — Haywood Mall Greenville, SC — (4) Independence Center Independence (Kansas City), MO — (4) Ingram Park Mall San Antonio, TX King of Prussia King of Prussia (Philadelphia), PA — — (5) La Plaza Mall McAllen, TX — Lakeline Mall Cedar Park (Austin), TX — Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2016 (Dollars in thousands) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Mall of Georgia Buford (Atlanta), GA — — (5) McCain Mall N. Little Rock, AR — — Menlo Park Mall Edison (New York), NJ — — (4) Midland Park Mall Midland, TX — Miller Hill Mall Duluth, MN — Montgomery Mall North Wales (Philadelphia), PA — (5) North East Mall Hurst (Dallas), TX — Northgate Mall Seattle, WA — — Ocean County Mall Toms River (New York), NJ — — (4) Orland Square Orland Park (Chicago), IL — — (4) Oxford Valley Mall Langhorne (Philadelphia), PA — (4) Penn Square Mall Oklahoma City, OK — (4) Pheasant Lane Mall Nashua, NH — (5) Phipps Plaza Atlanta, GA — — (4) Plaza Carolina Carolina (San Juan), PR — (4) Prien Lake Mall Lake Charles, LA — Rockaway Townsquare Rockaway (New York), NJ — — (4) Roosevelt Field Garden City (New York), NY — (4) Ross Park Mall Pittsburgh, PA — — Santa Rosa Plaza Santa Rosa, CA — — (4) Shops at Chestnut Hill, The Chestnut Hill (Boston), MA (5) Shops at Nanuet, The Nanuet, NY — — Shops at Riverside, The Hackensack (New York), NJ — (4) (5) South Hills Village Pittsburgh, PA — (4) South Shore Plaza Braintree (Boston), MA — (4) Southdale Center Edina (Minneapolis), MN — (4) (5) Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2016 (Dollars in thousands) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition St. Charles Towne Center Waldorf (Washington, DC), MD — Stanford Shopping Center Palo Alto (San Jose), CA — — — — (4) Summit Mall Akron, OH — Tacoma Mall Tacoma (Seattle), WA — — Tippecanoe Mall Lafayette, IN — Town Center at Boca Raton Boca Raton (Miami), FL — — (4) Town Center at Cobb Kennesaw (Atlanta), GA — (5) Towne East Square Wichita, KS — Treasure Coast Square Jensen Beach, FL — Tyrone Square St. Petersburg (Tampa), FL — University Park Mall Mishawaka, IN — (4) Walt Whitman Shops Huntington Station (New York), NY — (4) White Oaks Mall Springfield, IL Wolfchase Galleria Memphis, TN — (4) Woodland Hills Mall Tulsa, OK — (5) Premium Outlets Albertville Premium Outlets Albertville (Minneapolis), MN — — (4) Allen Premium Outlets Allen (Dallas), TX (4) Aurora Farms Premium Outlets Aurora (Cleveland), OH — — (4) Birch Run Premium Outlets Birch Run (Detroit), MI — (4) Camarillo Premium Outlets Camarillo (Los Angeles), CA — (4) Carlsbad Premium Outlets Carlsbad (San Diego), CA — (4) Carolina Premium Outlets Smithfield (Raleigh), NC (4) Chicago Premium Outlets Aurora (Chicago), IL — (4) Cincinnati Premium Outlets Monroe (Cincinnati), OH — — Clinton Crossing Premium Outlets Clinton, CT — (4) Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2016 (Dollars in thousands Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Ellenton Premium Outlets Ellenton (Tampa), FL — (4) Folsom Premium Outlets Folsom (Sacramento), CA — — (4) Gilroy Premium Outlets Gilroy (San Jose), CA — — (4) Grand Prairie Premium Outlets Grand Prairie (Dallas), TX — — Grove City Premium Outlets Grove City (Pittsburgh), PA — (4) Gulfport Premium Outlets Gulfport, MS — — — (4) Hagerstown Premium Outlets Hagerstown (Baltimore/Washington, DC), MD — (4) Houston Premium Outlets Cypress (Houston), TX — — Jackson Premium Outlets Jackson (New York), NJ — (4) Jersey Shore Premium Outlets Tinton Falls (New York), NJ — — Johnson Creek Premium Outlets Johnson Creek, WI — — (4) Kittery Premium Outlets Kittery, ME — — (4) Las Americas Premium Outlets San Diego, CA — — (4) Las Vegas North Premium Outlets Las Vegas, NV — (4) Las Vegas South Premium Outlets Las Vegas, NV — — (4) Lee Premium Outlets Lee, MA — (4) Leesburg Corner Premium Outlets Leesburg (Washington, DC), VA — — (4) Lighthouse Place Premium Outlets Michigan City (Chicago, IL), IN — — (4) Merrimack Premium Outlets Merrimack, NH — Napa Premium Outlets Napa, CA — — (4) North Bend Premium Outlets North Bend (Seattle), WA — — (4) North Georgia Premium Outlets Dawsonville (Atlanta), GA — — (4) Orlando International Premium Outlets Orlando, FL — — (4) Orlando Vineland Premium Outlets Orlando, FL — (4) Petaluma Village Premium Outlets Petaluma (San Francisco), CA — — (4) Philadelphia Premium Outlets Limerick (Philadelphia), PA — — Phoenix Premium Outlets Chandler (Phoenix), AZ — — — — — Pismo Beach Premium Outlets Pismo Beach, CA — (4) Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2016 (Dollars in thousands) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Pleasant Prairie Premium Outlets Pleasant Prairie (Chicago, IL/Milwaukee), WI — — (4) Puerto Rico Premium Outlets Barceloneta, PR — (4) Queenstown Premium Outlets Queenstown (Baltimore), MD — (4) Rio Grande Valley Premium Outlets Mercedes (McAllen), TX — — Round Rock Premium Outlets Round Rock (Austin), TX — — San Francisco Premium Outlets Livermore (San Francisco), CA — San Marcos Premium Outlets San Marcos (Austin/San Antonio), TX — — (4) Seattle Premium Outlets Tulalip (Seattle), WA — — — — (4) St. Augustine Premium Outlets St. Augustine (Jacksonville), FL — (4) Tampa Premium Outlets Lutz (Tampa), FL — The Crossings Premium Outlets Tannersville, PA — (4) Tucson Premium Outlets Marana (Tucson), AZ — — Vacaville Premium Outlets Vacaville, CA — — (4) Waikele Premium Outlets Waipahu (Honolulu), HI — — (4) Waterloo Premium Outlets Waterloo, NY — — (4) Williamsburg Premium Outlets Williamsburg, VA — (4) Woodburn Premium Outlets Woodburn (Portland), OR — — (4) Woodbury Common Premium Outlets Central Valley (New York), NY — (4) Wrentham Village Premium Outlets Wrentham (Boston), MA — — (4) The Mills Arizona Mills Tempe (Phoenix), AZ — (4) (5) Great Mall Milpitas (San Jose), CA — — (4) (5) Gurnee Mills Gurnee (Chicago), IL — (4) (5) Mills at Jersey Gardens, The Elizabeth, NJ — (4) Opry Mills Nashville, TN — (4) (5) Potomac Mills Woodbridge (Washington, DC), VA — (4) (5) Sawgrass Mills Sunrise (Miami), FL — (4) (5) Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2016 (Dollars in thousands) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Designer Outlets La Reggia Designer Outlet Marcianise (Naples), Italy — (4) (5) (7) Noventa Di Piave Designer Outlet Venice, Italy — (4) (5) (7) Parndorf Designer Outlet Vienna, Austria — (4) (5) (7) Roermond Designer Outlet Roermond, Netherlands — (4) (5) (7) Community Centers ABQ Uptown Albuquerque, NM — (4) University Park Village Fort Worth, TX — (4) Other Properties Bangor Mall Bangor, ME — (5) Calhoun Outlet Marketplace Calhoun, GA — (4) Florida Keys Outlet Marketplace Florida City, FL — (4) Gaffney Outlet Marketplace Gaffney (Greenville/Charlotte), SC — (4) Lebanon Outlet Marketplace Lebanon (Nashville), TN — — (4) Liberty Village Outlet Marketplace Flemington (New York), NJ — — (4) Lincoln Plaza King of Prussia (Philadelphia), PA — — — — (4) Orlando Outlet Marketplace Orlando, FL — — (4) Osage Beach Outlet Marketplace Osage Beach, MO — — (4) Development Projects Other pre-development costs — — Other — — — Currency Translation Adjustment — — — $ $ $ $ $ $ $ $ $ Simon Property Group, Inc. Simon Property Group, L.P. Notes to Schedule III as of December 31, 2016 (Dollars in thousands) All periods presented exclude properties which were spun-off to Washington Prime as further discussed in Note 3 to the consolidated financial statements. (1) Reconciliation of Real Estate Properties: The changes in real estate assets for the years ended December 31, 2016, 2015, and 2014 are as follows: 2016 2015 2014 Balance, beginning of year $ $ $ Acquisitions and consolidations (7) Improvements Disposals and deconsolidations Currency Translation Adjustment — — Balance, close of year $ $ $ The unaudited aggregate cost of real estate assets for U.S. federal income tax purposes as of December 31, 2016 was $29,601,501. (2) Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation for the years ended December 31, 2016, 2015, and 2014 are as follows: 2016 2015 2014 Balance, beginning of year $ $ $ Depreciation expense (7) Disposals and deconsolidations Currency Translation Adjustment — — Balance, close of year $ $ $ Depreciation of our investment in buildings and improvements reflected in the consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as noted below. · Buildings and Improvements — typically 10‑35 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment. · Tenant Allowances and Improvements — shorter of lease term or useful life. (3) Initial cost generally represents net book value at December 20, 1993, except for acquired properties and new developments after December 20, 1993. Initial cost also includes any new developments that are opened during the current year. Costs of disposals and impairments of property are first reflected as a reduction to cost capitalized subsequent to acquisition. (4) Not developed/constructed by us or our predecessors. The date of construction represents the initial acquisition date for assets in which we have acquired multiple interests. (5) Initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting. (6) Encumbrances represent face amount of mortgage debt and exclude any premiums or discounts. Represents the original cost and does not include subsequent currency translation adjustments. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies. | |
Investment Properties | Investment Properties We record investment properties at cost. Investment properties include costs of acquisitions; development, predevelopment, and construction (including allocable salaries and related benefits); tenant allowances and improvements; and interest and real estate taxes incurred during construction. We capitalize improvements and replacements from repair and maintenance when the repair and maintenance extends the useful life, increases capacity, or improves the efficiency of the asset. All other repair and maintenance items are expensed as incurred. We capitalize interest on projects during periods of construction until the projects are ready for their intended purpose based on interest rates in place during the construction period. The amount of interest capitalized during each year is as follows: For the Year Ended December 31, 2016 2015 2014 Capitalized interest $ $ $ We record depreciation on buildings and improvements utilizing the straight‑line method over an estimated original useful life, which is generally 10 to 35 years. We review depreciable lives of investment properties periodically and we make adjustments when necessary to reflect a shorter economic life. We amortize tenant allowances and tenant improvements utilizing the straight‑line method over the term of the related lease or occupancy term of the tenant, if shorter. We record depreciation on equipment and fixtures utilizing the straight‑line method over seven to ten years. We review investment properties for impairment on a property‑by‑property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable. These circumstances include, but are not limited to, declines in a property’s cash flows, ending occupancy or total sales per square foot. We measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization plus its residual value is less than the carrying value of the property. To the extent impairment has occurred, we charge to income the excess of carrying value of the property over its estimated fair value. We estimate fair value using unobservable data such as operating income, estimated capitalization rates, or multiples, leasing prospects and local market information. We may decide to sell properties that are held for use and the sale prices of these properties may differ from their carrying values. We also review our investments, including investments in unconsolidated entities, if events or circumstances change indicating that the carrying amount of our investments may not be recoverable. We will record an impairment charge if we determine that a decline in the fair value of the investments is other‑than‑temporary. Changes in economic and operating conditions that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results. During the fourth quarter of 2016, we determined we would no longer pursue the construction of the Copley residential tower given a change in property approval dynamics, construction pricing in the Boston market and the continued increase in residential supply in the market. Accordingly, we recorded a charge of approximately $31.5 million related to the write-off of pre-development costs, which is included in other expenses in the accompanying statement of operations and comprehensive income. |
Purchase Accounting | Purchase Accounting We allocate the purchase price of acquisitions and any excess investment in unconsolidated entities to the various components of the acquisition based upon the fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, we may utilize third party valuation specialists. These components typically include buildings, land and intangibles related to in‑place leases and we estimate: · the fair value of land and related improvements and buildings on an as‑if‑vacant basis, · the market value of in‑place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into revenues, · the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and · the value of revenue and recovery of costs foregone during a reasonable lease‑up period, as if the space was vacant. The fair value of buildings is depreciated over the estimated remaining life of the acquired building or related improvements. We amortize tenant improvements, in‑place lease assets and other lease‑related intangibles over the remaining life of the underlying leases. We also estimate the value of other acquired intangible assets, if any, which are amortized over the remaining life of the underlying related intangibles. |
Discontinued Operations | Discontinued Operations On May 28, 2014, we completed the spin-off of our interests in 98 properties comprised of substantially all of our strip center business and our smaller enclosed malls to Washington Prime Group Inc., or Washington Prime, an independent, publicly traded REIT. The spin-off was effectuated through a distribution of the common shares of Washington Prime to holders of Simon common stock as of the distribution record date, and qualified as a tax-free distribution for U.S. federal income tax purposes. For every two shares of Simon common stock held as of the record date of May 16, 2014, Simon stockholders received one Washington Prime common share on May 28, 2014. At the time of the separation and distribution, Washington Prime owned a percentage of the outstanding units of partnership interest of Washington Prime Group, L.P. that was approximately equal to the percentage of outstanding units of limited partnership interest in the Operating Partnership, or units, owned by us. The remaining units of Washington Prime Group, L.P. were owned by limited partners of the Operating Partnership who received one Washington Prime Group, L.P. unit for every two units they owned in the Operating Partnership. Subsequent to the spin-off, we retained a nominal interest in Washington Prime Group, L.P. We also retained approximately $1.0 billion of proceeds from completed unsecured debt and mortgage debt as part of the spin-off and incurred $38.2 million in transaction costs during 2014 related to the spin-off of Washington Prime. The historical results of operations of the Washington Prime properties have been presented as discontinued operations in our consolidated statements of operations and comprehensive income. The accompanying consolidated statement of cash flows includes, within operating, investing and financing cash flows, those activities which related to our period of ownership of the Washington Prime properties. Summarized financial information for discontinued operations for the year ended December 31, 2014 is present below. For the Year Ended 2014 TOTAL REVENUE $ Property Operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion Provision for credit losses Other Total operating expenses OPERATING INCOME Interest expense Income and other taxes Income from unconsolidated entities Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net CONSOLIDATED NET INCOME Net income attributable to noncontrolling interests NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ Capital expenditures on a cash basis for the year ended December 31, 2014 were $31.9 million. We and Washington Prime entered into property management and transitional services agreements in connection with the spin-off whereby we provided certain services to Washington Prime and its properties that were previously owned by us. Pursuant to the terms of the property management agreements, we managed, leased, and maintained those Washington Prime mall properties under the direction of Washington Prime. In exchange, Washington Prime paid us annual fixed rate property management fees ranging from 2.5% to 4.0% of base minimum and percentage rents, reimbursed us for direct out-of-pocket costs and expenses and also paid us separate fees for any leasing and development services we provided. The property management agreements had an initial term of two years and terminated in 2016 upon the two-year anniversary of the spinoff. We also provided certain support services to the Washington Prime strip centers that were previously owned by us and certain of its central functions to assist Washington Prime as it established its stand-alone processes for various activities that were previously provided by us. These services, which did not constitute significant continuing support of Washington Prime’s operations, included assistance in the areas of information technology, treasury and financial management, payroll, lease administration, taxation and procurement. The charges for such services were intended to allow us to recover costs of providing these services. The transition services agreement terminated in 2016 upon the two-year anniversary of the spinoff. Transitional services fees earned for 2016, 2015, and for the portion of 2014 subsequent to the spin-off were approximately $1.7 million, $5.7 million, and $3.2 million, respectively. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers’ acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits. See Notes 4 and 10 for disclosures about non-cash investing and financing transactions. |
Marketable and Non-Marketable Securities | Marketable and Non‑Marketable Securities Marketable securities consist primarily of the investments of our captive insurance subsidiaries, available‑for‑sale securities, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At December 31, 2016 and 2015, we had marketable securities of $156.2 million and $183.8 million, respectively, generally accounted for as available-for-sale, which are adjusted to their quoted market price with a corresponding adjustment in other comprehensive income (loss). Net unrealized gains recorded in accumulated other comprehensive income (loss) as of December 31, 2016 and 2015 were approximately $15.4 million and $12.6 million, respectively, and represent the valuation adjustments for our marketable securities. The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than 1 year to 10 years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiaries is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment charge is recorded and a new cost basis is established. Our insurance subsidiaries are required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. Our deferred compensation plan investments are classified as trading securities and are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income. On June 24, 2015, we sold our investment in certain marketable securities that were accounted for as an available-for-sale security, with the value adjusted to its quoted market price through other comprehensive income (loss). At the date of sale, we owned 5.71 million shares. The aggregate proceeds received from the sale were $454.0 million, and we recognized a gain on the sale of $80.2 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2015. At December 31, 2016 and 2015, we had investments of $210.5 million and $181.4 million, respectively, in non-marketable securities that we account for under the cost method. We regularly evaluate these investments for any other-than-temporary impairment in their estimated fair value and determined that no material adjustment in the carrying value was required. |
Fair Value Measurements | Fair Value Measurements Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs. The marketable securities we held at December 31, 2016 and 2015 were primarily classified as having Level 1 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs, which consist primarily of foreign currency forward contracts and interest rate swap agreements with a gross asset value of $43.9 million and $27.8 million at December 31, 2016 and 2015, respectively. Note 8 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3 and 4 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates. |
Gains on Issuances of Stock by Equity Method Investees | Gains on Issuances of Stock by Equity Method Investees When one of our equity method investees issues additional shares to third parties, our percentage ownership interest in the investee may decrease. In the event the issuance price per share is higher or lower than our average carrying amount per share, we recognize a noncash gain or loss on the issuance, when appropriate. This noncash gain or loss is recognized in our net income in the period the change of ownership interest occurs. In 2015, as discussed in Note 7, we recorded a non-cash gain of $206.9 million related to Klépierre’s issuance of shares in connection with Klépierre’s acquisition of Corio N.V., or Corio, which is included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. |
Use of Estimates | Use of Estimates We prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates. |
Segment and Geographic Locations | Segment and Geographic Locations Our primary business is the ownership, development, and management of retail real estate. We have aggregated our retail operations, including malls, Premium Outlets, The Mills, and our international investments into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same tenants. As discussed in Note 7, we consolidated various European assets in 2016. As of December 31, 2016, approximately 5.3% of our consolidated long-lived assets and 1.5% of our consolidated total revenues were located outside the United States. As of December 31, 2015, consolidated foreign located long-lived assets and total revenues were nominal. |
Deferred Costs and Other Assets | Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31: 2016 2015 Deferred lease costs, net $ $ In-place lease intangibles, net Acquired above market lease intangibles, net Marketable securities of our captive insurance companies Goodwill Other marketable and non-marketable securities Prepaids, notes receivable and other assets, net $ $ |
Deferred Lease Costs | Deferred Lease Costs Our deferred leasing costs consist primarily of capitalized salaries and related benefits in connection with lease originations. We record amortization of deferred leasing costs on a straight‑line basis over the terms of the related leases. Details of these deferred costs as of December 31 are as follows: 2016 2015 Deferred lease costs $ $ Accumulated amortization Deferred lease costs, net $ $ Amortization of deferred leasing costs is a component of depreciation and amortization expense. The accompanying consolidated statements of operations and comprehensive income include amortization of deferred leasing costs as follows: For the Year Ended December 31, 2016 2015 2014 Amortization of deferred leasing costs $ $ $ |
Intangibles | Intangibles The average remaining life of in‑place lease intangibles is approximately 2.8 years and is being amortized on a straight‑line basis and is included with depreciation and amortization in the consolidated statements of operations and comprehensive income. The fair market value of above and below market leases is amortized into revenue over the remaining lease life as a component of reported minimum rents. The weighted average remaining life of these intangibles is approximately 3.3 years. The unamortized amount of below market leases is included in accounts payable, accrued expenses, intangibles and deferred revenues in the consolidated balance sheets and was $116.1 million and $117.8 million as of December 31, 2016 and 2015, respectively. The amount of amortization from continuing operations of above and below market leases, net, which increased revenue for the years ended December 31, 2016, 2015, and 2014, was $5.4 million, $13.6 million, and $11.3 million, respectively. If a lease is terminated prior to the original lease termination, any remaining unamortized intangible is written off to earnings. Details of intangible assets as of December 31 are as follows: 2016 2015 In-place lease intangibles $ $ Accumulated depreciation In-place lease intangibles, net $ $ 2016 2015 Acquired above market lease intangibles $ $ Accumulated amortization Acquired above market lease intangibles, net $ $ Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2016 are as follows: Below Above Impact to Market Market Minimum Leases Leases Rent, Net 2017 $ $ $ 2018 2019 2020 2021 Thereafter $ $ $ |
Derivative Financial Instruments | Derivative Financial Instruments We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there is no significant ineffectiveness from any of our derivative activities. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities. As of December 31, 2016, we had the following outstanding interest rate derivative: Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swap 1 $ 250.0 million The carrying value of our interest rate swap agreement, at fair value, as of December 31, 2016, is a net asset balance of $21.1 million, all of which is included in deferred costs and other assets. We generally do not apply hedge accounting to interest rate caps which had a nominal value at December 31, 2016. As of December 31, 2015, we had no outstanding interest rate derivatives. We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Japan and Europe. We use currency forward contracts and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date. We had the following Euro:USD forward contracts at December 31, 2016 and December 31, 2015 (in millions): Asset Value as of December 31, December 31, Notional Value Maturity Date 2016 2015 € 50.00 August 12, 2016 $ — $ € 50.00 August 11, 2017 € 50.00 May 15, 2019 € 50.00 May 15, 2019 — € 50.00 May 15, 2020 — € 50.00 May 14, 2021 — Asset balances in the above table are included in deferred costs and other assets. We have designated the above as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro-denominated joint venture investment. The total gross accumulated other comprehensive income (loss) related to our derivative activities, including our share of the other comprehensive income (loss) from joint venture properties, approximated $35.0 million and ($17.7) million as of December 31, 2016 and 2015, respectively. |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, "Revenue From Contracts With Customers." ASU 2014-09 amends the existing accounting standards for revenue recognition. The new standard provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property, including real estate. Our revenues that will be impacted by this standard primarily include management, development, leasing and financing fee revenues for services performed related to various domestic joint ventures that we manage, licensing fees earned from various international properties, sales of real estate including land parcels or operating properties, and other ancillary income earned at our properties. In 2016, these revenues were less than 7.0% of consolidated revenue. We expect that the amount and timing of revenue recognition from our joint venture management services referenced above and licensing fee arrangements will be generally consistent with our current measurement and pattern of recognition. In addition, we do not actively sell operating properties as part of our core business strategy and, accordingly, the sale of properties does not constitute a significant part of our revenue and cash flows. As a result, we do not expect the adoption of this standard to have a significant impact on our consolidated financial statements. We expect to adopt the standard using the modified retrospective approach, which requires a cumulative effect adjustment as of the date of adoption. The new standard is effective for us beginning with the first quarter of 2018. In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 makes changes to both the variable interest model and the voting model. We adopted this standard as required on January 1, 2016. All reporting entities involved with limited partnerships and similar entities were required to re-evaluate whether these entities, including the Operating Partnership, are subject to the variable interest model or the voting model and whether they qualify for consolidation. The adoption of this new standard did not result in any material changes to our consolidated financial statements or disclosures, including the disclosures related to the Operating Partnership. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. We adopted this standard as required on January 1, 2016, resulting in a reclassification of $85.5 million from deferred costs and other assets to a reduction of the carrying amount of mortgages and other unsecured indebtedness. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments — Overall: Recognition and Measurement of Financial Assets and Financial Liabilities," which will require entities to measure their equity investments at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicability exception. The practicability exception will be available for equity investments that do not have readily determinable fair values. The guidance will be effective for us beginning with the first quarter of 2018. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases," which will result in lessees recognizing most leased assets and corresponding lease liabilities on the balance sheet. Lessor accounting will remain substantially similar to the current accounting; however, certain refinements were made to conform the standard with the recently issued revenue recognition guidance in ASU 2014-09, specifically related to the allocation and recognition of contract consideration earned from lease and nonlease revenue components. Leasing costs that are eligible to be capitalized as initial direct costs are also limited by ASU 2016-02. Substantially all of our revenue and the revenues of our equity method investments are earned from arrangements that are within the scope of ASU 2016-02, thus we anticipate that the timing of recognition and financial statement presentation of certain revenues, particularly those that relate to consideration from non-lease components, may be affected. Upon adoption of ASU 2016-02, consideration related to these non-lease components will be accounted for using the guidance in ASU 2014-09. Further, leases of land and other arrangements where we are the lessee will be recognized on our balance sheet. We will adopt ASU 2016-02 beginning in the first quarter of 2019 using the modified retrospective approach required by the standard. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses," which introduces new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. Instruments in scope include loans, held-to-maturity debt securities, and net investments in leases as well as reinsurance and trade receivables. This standard will be effective for us in fiscal years beginning after December 15, 2019. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations: Clarifying the Definition of a Business”, which amends guidance that assists preparers in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business, likely resulting in more acquisitions being accounted for as asset acquisitions. There are certain differences in accounting under these models, including the capitalization of transaction expenses in an asset acquisition. The standard is effective for annual periods beginning after December 15, 2018. We will early adopt this standard prospectively as of January 1, 2017 as permitted under the standard. |
Noncontrolling Interests | Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows as of December 31: 2016 2015 Limited partners’ interests in the Operating Partnership $ $ Nonredeemable noncontrolling interests in properties, net Total noncontrolling interests reflected in equity $ $ Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties, limited partners’ interests in the Operating Partnership, and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders. A rollforward of noncontrolling interests for the years ended December 31 is as follows: 2016 2015 2014 Noncontrolling interests, beginning of period $ $ $ Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties Distributions to noncontrolling interest holders Other comprehensive income (loss) allocable to noncontrolling interests: Unrealized gain on derivative hedge agreements Net loss (gain) reclassified from accumulated other comprehensive loss into earnings Currency translation adjustments Changes in available-for-sale securities and other Adjustment to limited partners’ interest from change in ownership in the Operating Partnership Units issued to limited partners — — Units exchanged for common shares Units redeemed — Long-term incentive performance units Contributions by noncontrolling interests, net, and other Noncontrolling interests, end of period $ $ $ The Operating Partnership Our evaluation of the appropriateness of classifying the Operating Partnership’s common units of partnership interest, or units, held by Simon and the Operating Partnership's limited partners within permanent equity considered several significant factors. First, as a limited partnership, all decisions relating to the Operating Partnership’s operations and distributions are made by Simon, acting as the Operating Partnership’s sole general partner. The decisions of the general partner are made by Simon's Board of Directors or management. The Operating Partnership has no other governance structure. Secondly, the sole asset of Simon is its interest in the Operating Partnership. As a result, a share of common stock of Simon, or common stock, if owned by the Operating Partnership, is best characterized as being similar to a treasury share and thus not an asset of the Operating Partnership. Limited partners of the Operating Partnership have the right under the Operating Partnership’s partnership agreement to exchange their units for shares of common stock or cash, as selected by Simon as the sole general partner. Accordingly, we classify units held by limited partners in permanent equity because Simon may elect to issue shares of common stock to limited partners exercising their exchange rights rather than using cash. Under the Operating Partnership’s partnership agreement, the Operating Partnership is required to redeem units held by Simon only when Simon has repurchased shares of common stock. We classify units held by Simon in permanent equity because the decision to redeem those units would be made by Simon. Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties) is a component of consolidated net income. A rollforward of noncontrolling interests for the years ended December 31 is as follows: 2016 2015 2014 Noncontrolling nonredeemable interests (deficit) in properties, net — beginning of period $ $ $ Net income attributable to noncontrolling nonredeemable interests Distributions to noncontrolling nonredeemable interestholders Contributions by noncontrolling interests, net, and other Noncontrolling nonredeemable interests (deficit) in properties, net — end of period $ $ $ |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Simon The changes in components of our accumulated other comprehensive income (loss) consisted of the following net of noncontrolling interest as of December 31, 2016: Net unrealized Currency Accumulated gains on translation derivative marketable adjustments losses, net securities Total Beginning balance $ $ $ $ Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income (loss) — Net current-period other comprehensive income (loss) Ending balance $ $ $ $ The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: 2016 2015 2014 Amount reclassified Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) income (loss) net income is presented Currency translation adjustments $ $ — — Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net — — Net income attributable to noncontrolling interests $ $ — — Accumulated derivative losses, net $ $ $ Interest expense — Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net Net income attributable to noncontrolling interests $ $ $ Realized gain on sale of marketable securities $ — $ $ — Other income — — Net income attributable to noncontrolling interests $ — $ $ — The Operating Partnership The changes in accumulated other comprehensive income (loss) by component consisted of the following as of December 31, 2016: Net unrealized Currency Accumulated gains on translation derivative marketable adjustments losses, net securities Total Beginning balance $ $ $ $ Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income (loss) — Net current-period other comprehensive income (loss) Ending balance $ $ $ $ The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: 2016 2015 2014 Amount reclassified Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) income (loss) net income is presented Currency translation adjustments $ $ — $ — Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net $ $ — $ — Accumulated derivative losses, net $ $ $ Interest expense — — Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net $ $ $ Realized gain on sale of marketable securities $ — $ $ — Other income $ — $ $ — |
Revenue Recognition | Revenue Recognition We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We accrue minimum rents on a straight‑line basis over the terms of their respective leases. Substantially all of our retail tenants are also required to pay overage rents based on sales over a stated base amount during the lease year. We recognize overage rents only when each tenant’s sales exceed the applicable sales threshold. We amortize any tenant inducements as a reduction of revenue utilizing the straight‑line method over the term of the related lease or occupancy term of the tenant, if shorter. We structure our leases to allow us to recover a significant portion of our property operating, real estate taxes, repairs and maintenance, and advertising and promotion expenses from our tenants. A substantial portion of our leases, other than those for anchor stores, require the tenant to reimburse us for a substantial portion of our operating expenses, including common area maintenance, or CAM, real estate taxes and insurance. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation. Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. As of December 31, 2016, for substantially all of our leases in the U.S. mall portfolio, we receive a fixed payment from the tenant for the CAM component which is recognized as revenue when earned. When not reimbursed by the fixed‑CAM component, CAM expense reimbursements are based on the tenant’s proportionate share of the allocable operating expenses and CAM capital expenditures for the property. We also receive escrow payments for these reimbursements from substantially all our non‑fixed CAM tenants and monthly fixed CAM payments throughout the year. We accrue reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. Our advertising and promotional costs are expensed as incurred. |
Management Fees and Other Revenues | Management Fees and Other Revenues Management fees and other revenues are generally received from our unconsolidated joint venture properties as well as third parties. Management fee revenue is earned based on a contractual percentage of joint venture property revenue. Development fee revenue is earned on a contractual percentage of hard costs to develop a property. Leasing fee revenue is earned on a contractual per square foot charge based on the square footage of current year leasing activity. We recognize revenue for these services provided when earned based on the underlying activity. Revenues from insurance premiums charged to unconsolidated properties are recognized on a pro‑rata basis over the terms of the policies. Insurance losses on these policies and our self‑insurance for our consolidated properties are reflected in property operating expenses in the accompanying consolidated statements of operations and comprehensive income and include estimates for losses incurred but not reported as well as losses pending settlement. Estimates for losses are based on evaluations by third-party actuaries and management’s estimates. Total insurance reserves for our insurance subsidiaries and other self‑insurance programs as of December 31, 2016 and 2015 approximated $83.5 million and $88.1 million, respectively, and are included in other liabilities in the consolidated balance sheets. Information related to the securities included in the investment portfolio of our captive insurance subsidiaries is included within the “Marketable and Non‑Marketable Securities” section above. |
Allowance for Credit Losses | Allowance for Credit Losses We record a provision for credit losses based on our judgment of a tenant’s creditworthiness, ability to pay and probability of collection. In addition, we also consider the retail sector in which the tenant operates and our historical collection experience in cases of bankruptcy, if applicable. Accounts are written off when they are deemed to be no longer collectible. Presented below is the activity in the allowance for credit losses during the following years: For the Year Ended December 31, 2016 2015 2014 Balance, beginning of period $ $ $ Provision for credit losses Accounts written off, net of recoveries Balance, end of period $ $ $ |
Income Taxes | Income Taxes Simon and certain subsidiaries of the Operating Partnership have elected to be taxed as REITs under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the entity to distribute at least 90% of REIT taxable income to its owners and meet certain other asset and income tests as well as other requirements. We intend to continue to adhere to these requirements and maintain Simon’s REIT status and that of the REIT subsidiaries. As REITs, these entities will generally not be liable for U.S. federal corporate income taxes as long as they distribute in excess of 100% of their REIT taxable income. Thus, we made no provision for U.S. federal income taxes for these entities in the accompanying consolidated financial statements. If Simon or any of the REIT subsidiaries fail to qualify as a REIT, Simon or that entity will be subject to tax at regular corporate rates for the years in which it failed to qualify. If Simon or any of the REIT subsidiaries loses its REIT status it could not elect to be taxed as a REIT for four taxable years following the year during which qualification was lost unless the failure to qualify was due to reasonable cause and certain other conditions were satisfied. We have also elected taxable REIT subsidiary, or TRS, status for some of our subsidiaries. This enables us to provide services that would otherwise be considered impermissible for REITs and participate in activities that do not qualify as “rents from real property”. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income. As a partnership, the allocated share of the Operating Partnership’s income or loss for each year is included in the income tax returns of the partners; accordingly, no accounting for income taxes is required in the accompanying consolidated financial statements other than as discussed above for our taxable REIT subsidiaries. As of December 31, 2016, we had a net deferred tax liability of $265.7 million, which relates to the temporary differences between the carrying value of balance sheet assets and liabilities and their tax bases. Primarily, these differences were created through the consolidation of various European assets in 2016 as discussed further in Note 7. Additionally, we have deferred tax liabilities related to our TRS subsidiaries, consisting of operating losses and other carryforwards for U.S. federal income tax purposes as well as the timing of the deductibility of losses or reserves from insurance subsidiaries. As of December 31, 2015, we had no net deferred tax asset or liability. The net deferred tax liability is included in other liabilities in the accompanying consolidated balance sheets. We are also subject to certain other taxes, including state and local taxes, franchise taxes, as well as income-based and withholding taxes on dividends from certain of our international investments, which are included in income and other taxes in the consolidated statements of operations and comprehensive income. |
Corporate Expenses | Corporate Expenses Home and regional office costs primarily include compensation and personnel related costs, travel, building and office costs, and other expenses for our corporate home office and regional offices. General and administrative expense primarily includes executive compensation, benefits and travel expenses as well as costs of being a public company, including certain legal costs, audit fees, regulatory fees, and certain other professional fees. |
Basis of Presentation and Con23
Basis of Presentation and Consolidation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Basis of Presentation and Consolidation | |
Schedule of weighted average ownership interest in the operating partnership | For the Year Ended December 31, 2016 2015 2014 Weighted average ownership interest % % % |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Significant Accounting Policies | |
Schedule of interest capitalized | For the Year Ended December 31, 2016 2015 2014 Capitalized interest $ $ $ |
Summarized financial information for discontinued operations | For the Year Ended 2014 TOTAL REVENUE $ Property Operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion Provision for credit losses Other Total operating expenses OPERATING INCOME Interest expense Income and other taxes Income from unconsolidated entities Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net CONSOLIDATED NET INCOME Net income attributable to noncontrolling interests NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ |
Schedule of deferred costs and other assets | 2016 2015 Deferred lease costs, net $ $ In-place lease intangibles, net Acquired above market lease intangibles, net Marketable securities of our captive insurance companies Goodwill Other marketable and non-marketable securities Prepaids, notes receivable and other assets, net $ $ |
Schedule of deferred lease costs | 2016 2015 Deferred lease costs $ $ Accumulated amortization Deferred lease costs, net $ $ |
Schedule of amortization from continuing operations, included in statements of operations and comprehensive income | For the Year Ended December 31, 2016 2015 2014 Amortization of deferred leasing costs $ $ $ |
Schedule of intangible assets | 2016 2015 In-place lease intangibles $ $ Accumulated depreciation In-place lease intangibles, net $ $ 2016 2015 Acquired above market lease intangibles $ $ Accumulated amortization Acquired above market lease intangibles, net $ $ |
Schedule of estimated future amortization and the increasing (decreasing) effect on minimum rents for above and below market leases | Below Above Impact to Market Market Minimum Leases Leases Rent, Net 2017 $ $ $ 2018 2019 2020 2021 Thereafter $ $ $ |
Schedule of outstanding interest rate derivatives | Number of Notional Interest Rate Derivative Instruments Amount Interest Rate Swap 1 $ 250.0 million |
Schedule of USD forward contracts | Asset Value as of December 31, December 31, Notional Value Maturity Date 2016 2015 € 50.00 August 12, 2016 $ — $ € 50.00 August 11, 2017 € 50.00 May 15, 2019 € 50.00 May 15, 2019 — € 50.00 May 15, 2020 — € 50.00 May 14, 2021 — |
Schedule of carrying amount of noncontrolling interests | 2016 2015 Limited partners’ interests in the Operating Partnership $ $ Nonredeemable noncontrolling interests in properties, net Total noncontrolling interests reflected in equity $ $ |
Schedule of rollforward of noncontrolling interests | 2016 2015 2014 Noncontrolling interests, beginning of period $ $ $ Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties Distributions to noncontrolling interest holders Other comprehensive income (loss) allocable to noncontrolling interests: Unrealized gain on derivative hedge agreements Net loss (gain) reclassified from accumulated other comprehensive loss into earnings Currency translation adjustments Changes in available-for-sale securities and other Adjustment to limited partners’ interest from change in ownership in the Operating Partnership Units issued to limited partners — — Units exchanged for common shares Units redeemed — Long-term incentive performance units Contributions by noncontrolling interests, net, and other Noncontrolling interests, end of period $ $ $ |
Schedule of changes in components of accumulated other comprehensive income (loss) net of noncontrolling interest | Net unrealized Currency Accumulated gains on translation derivative marketable adjustments losses, net securities Total Beginning balance $ $ $ $ Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income (loss) — Net current-period other comprehensive income (loss) Ending balance $ $ $ $ |
Schedule of reclassifications out of accumulated other comprehensive income (loss) | 2016 2015 2014 Amount reclassified Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) income (loss) net income is presented Currency translation adjustments $ $ — — Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net — — Net income attributable to noncontrolling interests $ $ — — Accumulated derivative losses, net $ $ $ Interest expense — Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net Net income attributable to noncontrolling interests $ $ $ Realized gain on sale of marketable securities $ — $ $ — Other income — — Net income attributable to noncontrolling interests $ — $ $ — |
Schedule of activity in the allowance for credit losses | For the Year Ended December 31, 2016 2015 2014 Balance, beginning of period $ $ $ Provision for credit losses Accounts written off, net of recoveries Balance, end of period $ $ $ |
Simon Property Group L.P. | |
Significant Accounting Policies | |
Schedule of rollforward of noncontrolling interests | 2016 2015 2014 Noncontrolling nonredeemable interests (deficit) in properties, net — beginning of period $ $ $ Net income attributable to noncontrolling nonredeemable interests Distributions to noncontrolling nonredeemable interestholders Contributions by noncontrolling interests, net, and other Noncontrolling nonredeemable interests (deficit) in properties, net — end of period $ $ $ |
Schedule of changes in components of accumulated other comprehensive income (loss) net of noncontrolling interest | The changes in accumulated other comprehensive income (loss) by component consisted of the following as of December 31, 2016: Net unrealized Currency Accumulated gains on translation derivative marketable adjustments losses, net securities Total Beginning balance $ $ $ $ Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income (loss) — Net current-period other comprehensive income (loss) Ending balance $ $ $ $ |
Schedule of reclassifications out of accumulated other comprehensive income (loss) | 2016 2015 2014 Amount reclassified Amount reclassified Amount reclassified Details about accumulated other from accumulated from accumulated from accumulated comprehensive income (loss) other comprehensive other comprehensive other comprehensive Affected line item where components: income (loss) income (loss) income (loss) net income is presented Currency translation adjustments $ $ — $ — Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net $ $ — $ — Accumulated derivative losses, net $ $ $ Interest expense — — Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net $ $ $ Realized gain on sale of marketable securities $ — $ $ — Other income $ — $ $ — |
Per Share and Per Unit Data (Ta
Per Share and Per Unit Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Per Share And Per Unit Data | |
Schedule of computation of basic and diluted earnings per share and basic and diluted earnings per unit | For the Year Ended December 31, 2016 2015 2014 Net Income attributable to Common Stockholders — Basic and Diluted $ $ $ Weighted Average Shares Outstanding — Basic and Diluted |
Schedule of taxable nature of dividends declared | For the Year Ended December 31, 2016 2015 2014 Total dividends/distributions paid per common share/unit $ $ $ Percent taxable as ordinary income % % % Percent taxable as long-term capital gains % % % % % % |
Simon Property Group L.P. | |
Per Share And Per Unit Data | |
Schedule of computation of basic and diluted earnings per share and basic and diluted earnings per unit | For the Year Ended December 31, 2016 2015 2014 Net Income attributable to Unitholders — Basic and Diluted $ $ $ Weighted Average Units Outstanding — Basic and Diluted |
Investment Properties (Tables)
Investment Properties (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investment Properties | |
Schedule of investment properties | 2016 2015 Land $ $ Buildings and improvements Total land, buildings and improvements Furniture, fixtures and equipment Investment properties at cost Less — accumulated depreciation Investment properties at cost, net $ $ Construction in progress included above $ $ |
Investment in Unconsolidated 27
Investment in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investment in Unconsolidated Entities | |
Summary of equity method investments and share of income from such investments, balance sheet | December 31, December 31, 2016 2015 Assets: Investment properties, at cost $ $ Less - accumulated depreciation Cash and cash equivalents Tenant receivables and accrued revenue, net Deferred costs and other assets Total assets $ $ Liabilities and Partners’ Deficit: Mortgages $ $ Accounts payable, accrued expenses, intangibles, and deferred revenue Other liabilities Total liabilities Preferred units Partners’ deficit Total liabilities and partners’ deficit $ $ Our Share of: Partners’ deficit $ $ Add: Excess Investment Our net Investment in unconsolidated entities, at equity $ $ |
Schedule of principal repayments on joint venture properties' mortgage and unsecured indebtedness | As of December 31, 2016, scheduled principal repayments on joint venture properties’ mortgage indebtedness are as follows: 2017 $ 2018 2019 2020 2021 Thereafter Total principal maturities Net unamortized debt premium Debt issuance costs Total mortgages and unsecured indebtedness $ |
Summary of equity method investments and share of income from such investments, statements of operations | For the Year Ended December 31, 2016 2015 2014 REVENUE: Minimum rent $ $ $ Overage rent Tenant reimbursements Other income Total revenue OPERATING EXPENSES: Property operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion Provision for credit losses Other Total operating expenses Operating Income Interest expense Income from Continuing Operations 755,590 Income from operations of discontinued joint venture interests — — Gain on sale or disposal of assets and interests in unconsolidated entities, net — Net Income $ $ $ Third-Party Investors’ Share of Net Income $ $ $ Our Share of Net Income Amortization of Excess Investment Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net — Our Share of Gain on Sale or Disposal of Assets and Interests Included in Other Income in the Consolidated Financial Statements — — Our Share of Loss from Unconsolidated Discontinued Operations — — Income from Unconsolidated Entities $ $ $ |
Indebtedness and Derivative F28
Indebtedness and Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Indebtedness and Derivative Financial Instruments | |
Schedule of mortgages and unsecured indebtedness | 2016 2015 Fixed-Rate Debt: Mortgage notes, including $21,916 and $44,594 net premiums and $15,965 and $11,225 debt issuance costs respectively. Weighted average interest and maturity of 4.15% and 7.0 years at December 31, 2016. $ $ Unsecured notes, including $46,426 and $44,698 net discounts and $65,801 and $52,749 debt issuance costs, respectively. Weighted average interest and maturity of 3.37% and 8.2 years at December 31, 2016. Commercial Paper (see below) Total Fixed-Rate Debt Variable-Rate Debt: Mortgages notes, including $690 and $913 debt issuance costs respectively. Weighted average interest and maturity of 2.10% and 2.8 years at December 31, 2016. Unsecured Term Loan (see below), including $0 and $46 debt issuance costs respectively at December 31, 2016. — Credit Facility (see below), including $15,380 and $20,558 debt issuance costs respectively at December 31, 2016. Total Variable-Rate Debt Total Mortgages and Unsecured Indebtedness $ $ |
Schedule of principal repayments of indebtedness | Our scheduled principal repayments on indebtedness as of December 31, 2016 are as follows: 2017 $ 2018 2019 2020 2021 Thereafter Total principal maturities Net unamortized debt discount Debt issuance costs, net Total mortgages and unsecured indebtedness $ |
Schedule of cash paid for interest in each period, net of any amounts capitalized | For the Year Ended December 31, 2016 2015 2014 Cash paid for interest $ $ $ |
Schedule of debt issuance costs | 2016 2015 Debt issuance costs $ $ Accumulated amortization Debt issuance costs, net $ $ |
Schedule of amortization from continuing operations, included in statements of operations and comprehensive income | For the Year Ended December 31, 2016 2015 2014 Amortization of debt issuance costs $ $ $ Amortization of debt premiums, net discounts |
Schedule of fair value of financial instruments and the related discount rate assumptions | 2016 2015 Fair value of fixed-rate mortgages and unsecured indebtedness $ $ Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages % % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness % % |
Rentals under Operating Leases
Rentals under Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Rentals under Operating Leases | |
Schedule of future minimum rentals to be received under non-cancelable tenant operating leases for each of the next five years and thereafter | Future minimum rentals to be received under non‑cancelable tenant operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on tenant sales volume as of December 31, 2016 are as follows: 2017 $ 2018 2019 2020 2021 Thereafter $ |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties | 2016 2015 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ $ Other noncontrolling redeemable interests in properties — Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ $ |
Schedule of LTIP units earned and aggregate grant date fair values adjusted for estimated forfeitures | LTIP Program LTIP Units Earned Grant Date Fair Value 2010 LTIP program 1-year 2010 LTIP program 133,673 1-year program — $7.2 million 2-year 2010 LTIP program 337,006 2-year program — $14.8 million 3-year 2010 LTIP program 489,654 3-year program — $23.0 million 2011-2013 LTIP program 469,848 $35.0 million 2012-2014 LTIP program 401,203 $35.0 million 2013-2015 LTIP program 482,779 $29.5 million 2014-2016 LTIP program To be determined in 2017 $30.0 million 2015-2017 LTIP program To be determined in 2018 $27.4 million 2016-2018 LTIP program To be determined in 2019 $28.8 million |
Schedule of restricted stock awards | For the Year Ended December 31, 2016 2015 2014 Shares of restricted stock awarded during the year, net of forfeitures Weighted average fair value of shares granted during the year $ $ $ Amortization expense $ $ $ |
Simon Property Group L.P. | |
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties | 2016 2015 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ $ Other noncontrolling redeemable interests in properties — Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ $ |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies. | |
Schedule of ground lease expense and office lease expense | For the Year Ended December 31, 2016 2015 2014 Ground lease expense $ $ $ Office lease expense |
Schedule of future minimum lease payments due under leases, excluding applicable extension options and any sublease income | Future minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and any sublease income, are as follows: 2017 $ 2018 2019 2020 2021 Thereafter $ |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions | |
Schedule of related party transactions | For the Year Ended December 31, 2016 2015 2014 Amounts charged to unconsolidated joint ventures $ $ $ Amounts charged to properties owned by related parties |
Quarterly Financial Data (Una33
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data (Unaudited) | |
Schedule of quarterly financial data | First Second Third Fourth Quarter Quarter Quarter Quarter 2016 Total revenue $ $ $ $ Operating income Consolidated net income SPG Inc. Net income attributable to common stockholders $ $ $ $ Net income per share — Basic and Diluted $ $ $ $ Weighted average shares outstanding — Basic and Diluted SPG L.P. Net income attributable to unitholders $ $ $ $ Net income per unit — Basic and Diluted $ $ $ $ Weighted average units outstanding — Basic and Diluted 2015 Total revenue $ $ $ $ Operating income Consolidated net income SPG Inc. Net income attributable to common stockholders $ $ $ $ Net income per share — Basic and Diluted $ $ $ $ Weighted average shares outstanding — Basic and Diluted SPG L.P. Net income attributable to unitholders $ $ $ $ Net income per unit — Basic and Diluted $ $ $ $ Weighted average units outstanding — Basic and Diluted |
Organization (Details)
Organization (Details) | Dec. 31, 2016statecountryproperty | May 11, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Designer Outlet properties | Consolidated properties | ||||
Real Estate Properties | ||||
Number of properties | 4 | |||
U.S. and Puerto Rico | ||||
Real Estate Properties | ||||
Number of properties | 206 | |||
Number of U.S. states containing property locations | state | 37 | |||
U.S. and Puerto Rico | Malls | ||||
Real Estate Properties | ||||
Number of properties | 108 | |||
U.S. and Puerto Rico | Premium Outlets | ||||
Real Estate Properties | ||||
Number of properties | 67 | |||
U.S. and Puerto Rico | The Mills | ||||
Real Estate Properties | ||||
Number of properties | 14 | |||
U.S. and Puerto Rico | Community/Lifestyles Centers | ||||
Real Estate Properties | ||||
Number of properties | 4 | |||
U.S. and Puerto Rico | Other | ||||
Real Estate Properties | ||||
Number of properties | 13 | |||
Japan | Premium Outlets | ||||
Real Estate Properties | ||||
Number of properties | 9 | |||
South Korea | Premium Outlets | ||||
Real Estate Properties | ||||
Number of properties | 3 | |||
Canada | Premium Outlets | ||||
Real Estate Properties | ||||
Number of properties | 2 | |||
Canada | Designer Outlet properties | ||||
Real Estate Properties | ||||
Number of properties | 1 | |||
Mexico | Premium Outlets | ||||
Real Estate Properties | ||||
Number of properties | 1 | |||
Malaysia | Premium Outlets | ||||
Real Estate Properties | ||||
Number of properties | 1 | |||
Europe | Klepierre | ||||
Real Estate Properties | ||||
Ownership percentage | 20.30% | 20.30% | 18.30% | 28.90% |
Number of countries | country | 16 | |||
Europe | Designer Outlet properties | ||||
Real Estate Properties | ||||
Number of properties | 6 | |||
Italy | Designer Outlet properties | ||||
Real Estate Properties | ||||
Number of properties | 2 | |||
Austria | Designer Outlet properties | ||||
Real Estate Properties | ||||
Number of properties | 1 | |||
Germany | Designer Outlet properties | ||||
Real Estate Properties | ||||
Number of properties | 1 | |||
Netherlands | Designer Outlet properties | ||||
Real Estate Properties | ||||
Number of properties | 1 | |||
United Kingdom | Designer Outlet properties | ||||
Real Estate Properties | ||||
Number of properties | 1 |
Basis of Presentation (Details)
Basis of Presentation (Details) - property | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate Properties | |||
Total number of joint venture properties | 78 | 81 | |
Number of joint venture properties managed by the entity | 57 | ||
Number of International joint venture properties | 17 | ||
Number of joint venture properties managed by others | 21 | ||
Ownership interest: | |||
Weighted average ownership in the Operating Partnership (as a percent) | 86.50% | 85.60% | 85.50% |
Ownership interest in the Operating Partnership (as a percent) | 86.90% | 85.70% | |
Wholly owned properties | |||
Real Estate Properties | |||
Number of properties | 134 | ||
Partially owned properties | |||
Real Estate Properties | |||
Number of properties | 17 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Investment Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment properties | |||
Capitalized interest | $ 31,250 | $ 32,664 | $ 16,500 |
Pre-development cost written off | $ 31,490 | ||
Buildings and improvements | Minimum | |||
Investment properties | |||
Useful life | 10 years | ||
Buildings and improvements | Maximum | |||
Investment properties | |||
Useful life | 35 years | ||
Equipment and fixtures | Minimum | |||
Investment properties | |||
Useful life | 7 years | ||
Equipment and fixtures | Maximum | |||
Investment properties | |||
Useful life | 10 years |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Discontinued Operations (Details) $ in Thousands | May 28, 2014USD ($)property | Jun. 30, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Discontinued Operations | |||||
Amount of retained proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off | $ 1,003,135 | ||||
Transaction Expenses | |||||
Discontinued operations transaction expenses | 38,163 | ||||
Spinoff | Strip Center Business and Small Malls | |||||
Discontinued Operations | |||||
Number of properties merged under spin off into Washington Prime, an independent publicly traded REIT | property | 98 | ||||
Amount of retained proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off | $ 1,000,000 | ||||
Transaction Expenses | |||||
Discontinued operations transaction expenses | $ 38,200 | 38,200 | |||
Summarized financial information for discontinued operations | |||||
TOTAL REVENUE | 262,652 | ||||
Property Operating | 43,175 | ||||
Depreciation and amortization | 76,992 | ||||
Real estate taxes | 32,474 | ||||
Repairs and maintenance | 10,331 | ||||
Advertising and promotion | 3,340 | ||||
Provision for credit losses | 1,494 | ||||
Other | 2,028 | ||||
Total operating expenses | 169,834 | ||||
OPERATING INCOME | 92,818 | ||||
Interest expense | (26,076) | ||||
Income and other taxes | (112) | ||||
Income from unconsolidated entities | 652 | ||||
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net | 242 | ||||
CONSOLIDATED NET INCOME | 67,524 | ||||
Net income attributable to noncontrolling interests | 9,781 | ||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | 57,743 | ||||
Additional disclosures | |||||
Capital expenditures on a cash basis | 31,900 | ||||
Washington Prime Group Inc | Transitional Services | |||||
Additional disclosures | |||||
Transition services fees earned | $ 1,700 | $ 5,700 | $ 3,200 | ||
Washington Prime Group Inc | Spinoff | Strip Center Business and Small Malls | |||||
Discontinued Operations | |||||
Exchange ratio of common shares for entity's stockholders to receive under spin off | 0.50 | ||||
Additional disclosures | |||||
Term of property management agreement | 2 years | ||||
Termination period of transition services agreement | 2 years | ||||
Washington Prime Group Inc | Minimum | |||||
Additional disclosures | |||||
Annual fixed rate property management fees (as a percent) | 2.50% | ||||
Washington Prime Group Inc | Maximum | |||||
Additional disclosures | |||||
Annual fixed rate property management fees (as a percent) | 4.00% | ||||
Washington Prime Group LP | Spinoff | Strip Center Business and Small Malls | |||||
Discontinued Operations | |||||
Exchange ratio of common units for entity's stockholders to receive under spin off | 0.50 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Marketable and Non Marketable Securities (Details) - USD ($) shares in Thousands, $ in Thousands | Jun. 24, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Marketable and Non-Marketable Securities | |||
Net unrealized gains recorded in other comprehensive income (loss) | $ 15,400 | $ 12,600 | |
Gain on sale of investment | 80,187 | ||
Carrying value of investments under the cost method | 210,500 | 181,400 | |
Available for sale securities | |||
Marketable and Non-Marketable Securities | |||
Marketable Securities | $ 156,200 | 183,800 | |
Number of shares owned | 5,710 | ||
Proceeds received from the sale of investments | $ 454,000 | ||
Gain on sale of investment | $ 80,200 | ||
Available for sale securities | Securities in captive insurance subsidiary portfolio | Minimum | |||
Marketable and Non-Marketable Securities | |||
Investment maturity period | 1 year | ||
Available for sale securities | Securities in captive insurance subsidiary portfolio | Maximum | |||
Marketable and Non-Marketable Securities | |||
Investment maturity period | 10 years |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Fair Value Measurements (Details) - Recurring - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Level 2 | ||
Fair Value Measurements | ||
Interest rate swap agreements and foreign currency forward contracts, gross asset balance | $ 43.9 | $ 27.8 |
Level 3 | ||
Fair Value Measurements | ||
Investments | $ 0 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Gains On Issuances Of Stock By Equity Method Investees (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate Joint Ventures and Investments | ||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | $ 84,553 | $ 250,516 | $ 158,308 | |
Klepierre | Europe | ||||
Real Estate Joint Ventures and Investments | ||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | $ 206,900 | $ 206,900 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Segment and Geographic Locations (Details) | 12 Months Ended |
Dec. 31, 2016item | |
Segment Disclosure | |
Number of reportable segments | 1 |
Geographic Concentration Risk | Consolidated Long-Lived Assets | Non-US | |
Concentration of Credit Risk | |
Percentage of risk | 5.30% |
Geographic Concentration Risk | Consolidated Revenues | Non-US | |
Concentration of Credit Risk | |
Percentage of risk | 1.50% |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Deferred Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred costs and other assets | |||
Deferred lease costs, net | $ 250,261 | $ 240,229 | |
In-place lease intangibles, net | 153,015 | 188,219 | |
Acquired above market lease intangibles, net | 112,024 | 67,363 | |
Marketable securities of our captive insurance companies | 58,142 | 87,257 | |
Goodwill | 20,098 | 20,098 | |
Other marketable and non-marketable securities | 308,591 | 278,026 | |
Prepaids, notes receivable and other assets, net | 451,457 | 385,576 | |
Deferred costs and other assets | 1,353,588 | 1,266,768 | |
Deferred Lease Costs | |||
Deferred lease costs, gross | 464,226 | 429,985 | |
Accumulated amortization | (213,965) | (189,756) | |
Deferred lease costs, net | 250,261 | 240,229 | |
Amortization, included in statements of operations and comprehensive income | |||
Amortization of deferred leasing costs | $ 49,993 | $ 43,788 | $ 39,488 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Intangible Assets | |||
Unamortized below market leases included in accounts payable, accrued expenses, intangibles and deferred revenues | $ 116,100 | $ 117,800 | |
Estimated future amortization, and the increasing (decreasing) effect on below market minimum rents | |||
2,017 | 30,015 | ||
2,018 | 24,345 | ||
2,019 | 20,615 | ||
2,020 | 15,950 | ||
2,021 | 7,355 | ||
Thereafter | 17,861 | ||
Lease intangibles assets, net | 116,141 | ||
Estimated future amortization, and the increasing (decreasing) effect on minimum rents | |||
2,017 | 2,340 | ||
2,018 | 995 | ||
2,019 | 1,535 | ||
2,020 | 1,014 | ||
2,021 | (2,496) | ||
Thereafter | 729 | ||
Lease intangibles assets, net | $ 4,117 | ||
In-place lease intangibles | |||
Intangible Assets | |||
Average life of in-place lease intangibles | 2 years 9 months 18 days | ||
Lease intangibles assets, gross | $ 395,713 | 431,712 | |
Accumulated amortization | (242,698) | (243,493) | |
Lease intangibles assets, net | $ 153,015 | 188,219 | |
Above and below market leases | |||
Intangible Assets | |||
Weighted average remaining life of intangible | 3 years 3 months 18 days | ||
Amount of amortization expenses | $ 5,400 | 13,600 | $ 11,300 |
Above Market Leases | |||
Intangible Assets | |||
Lease intangibles assets, gross | 254,581 | 183,625 | |
Accumulated amortization | (142,557) | (116,262) | |
Lease intangibles assets, net | 112,024 | $ 67,363 | |
Estimated future amortization, and the increasing (decreasing) effect on minimum rents | |||
2,017 | (27,675) | ||
2,018 | (23,350) | ||
2,019 | (19,080) | ||
2,020 | (14,936) | ||
2,021 | (9,851) | ||
Thereafter | (17,132) | ||
Lease intangibles assets, net | $ (112,024) |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Derivative Financial Instruments (Details) € in Thousands, $ in Millions | Dec. 31, 2016EUR (€)DerivativeInstrument | Dec. 31, 2016USD ($)DerivativeInstrument | Dec. 31, 2015EUR (€)DerivativeInstrument | Dec. 31, 2015USD ($)DerivativeInstrument |
Derivative Financial Instruments | ||||
Number of credit-risk-related hedging or derivative activities | DerivativeInstrument | 0 | 0 | ||
Gross accumulated other comprehensive income (loss) related to derivative activities | $ 35 | $ (17.7) | ||
May 15, 2019 | ||||
Derivative Financial Instruments | ||||
Notional Amount | € | € 50,000 | |||
Forward contract net, fair value | 1.5 | |||
Interest Rate Contract | ||||
Derivative Financial Instruments | ||||
Number of Instruments | DerivativeInstrument | 0 | 0 | ||
Interest Rate Contract | Designated as Hedging Instrument | ||||
Derivative Financial Instruments | ||||
Number of Instruments | DerivativeInstrument | 0 | 0 | ||
Interest rate swap | ||||
Derivative Financial Instruments | ||||
Notional Amount | $ 250 | |||
Interest rate swap | Designated as Hedging Instrument | ||||
Derivative Financial Instruments | ||||
Number of Instruments | DerivativeInstrument | 1 | 1 | ||
Notional Amount | $ 250 | |||
Interest rate swap | Deferred costs and other assets | Designated as Hedging Instrument | ||||
Derivative Financial Instruments | ||||
Interest rate derivative asset, fair value | 21.1 | |||
Euro-USD currency forward contract | August 12, 2016 | Designated as Hedging Instrument | ||||
Derivative Financial Instruments | ||||
Notional Amount | € | € 50,000 | |||
Forward contract net, fair value | $ 13 | |||
Euro-USD currency forward contract | August 11, 2017 | Designated as Hedging Instrument | ||||
Derivative Financial Instruments | ||||
Notional Amount | € | € 50,000 | 50,000 | ||
Forward contract net, fair value | 15.5 | 13 | ||
Euro-USD currency forward contract | May 15, 2019 | Designated as Hedging Instrument | ||||
Derivative Financial Instruments | ||||
Notional Amount | € | 50,000 | € 50,000 | ||
Forward contract net, fair value | 3.9 | $ 1.8 | ||
Euro-USD currency forward contract | May 15, 2020 | Designated as Hedging Instrument | ||||
Derivative Financial Instruments | ||||
Notional Amount | € | 50,000 | |||
Forward contract net, fair value | 1.1 | |||
Euro-USD currency forward contract | May 14, 2021 | Designated as Hedging Instrument | ||||
Derivative Financial Instruments | ||||
Notional Amount | € | € 50,000 | |||
Forward contract net, fair value | $ 0.6 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2016 | Dec. 31, 2015 | |
New Accounting Pronouncements | |||
Deferred costs and other assets | $ (1,353,588) | $ (1,266,768) | |
Reduction of mortgages and unsecured indebtedness | $ (22,977,104) | $ (22,416,682) | |
Accounting Standards Update 2014-09 | Maximum | |||
New Accounting Pronouncements | |||
Percentage of revenues impacted by ASU (as a percent) | 7.00% | ||
Accounting Standards Update 2015-03 | |||
New Accounting Pronouncements | |||
Deferred costs and other assets | $ 85,500 | ||
Reduction of mortgages and unsecured indebtedness | $ 85,500 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Summary of Significant Accounting Policies. | ||||
Limited partners' interests in the Operating Partnership | $ 644,348 | $ 741,449 | ||
Nonredeemable noncontrolling interests in properties, net | 5,116 | 3,456 | ||
Total noncontrolling interests reflected in equity | $ 649,464 | $ 744,905 | $ 858,328 | $ 973,226 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Rollforward Of Noncontrolling Interest, Simon Group Property, Inc. (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Noncontrolling interests: | |||
Noncontrolling interests, beginning of period | $ 744,905 | $ 858,328 | $ 973,226 |
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties | 289,594 | 309,740 | 241,023 |
Distributions to noncontrolling interest holders | (319,193) | (318,780) | (290,705) |
Other comprehensive income (loss) allocable to noncontrolling interests: | |||
Unrealized gain on derivative hedge agreements | 5,444 | 2,543 | 617 |
Net loss (gain) reclassified from accumulated other comprehensive income into earnings | 19,629 | (9,925) | 1,568 |
Currency translation adjustments | (209) | (22,749) | (14,858) |
Changes in available-for-sale securities and other | 216 | (1,803) | 14,945 |
Other comprehensive income (loss) | 25,080 | (31,934) | 2,272 |
Adjustment to limited partners' interest from change in ownership in the Operating Partnership | (66,996) | (101,480) | (211,657) |
Units issued to limited partners | 84,910 | ||
Units exchanged for common shares | (73,756) | (7,942) | (1,297) |
Units Redeemed | (14,843) | (1,463) | |
Long-term incentive performance units | 48,324 | 47,279 | 49,938 |
Contributions by noncontrolling interests, net, and other | 1,506 | 4,537 | 12,081 |
Noncontrolling interests, end of period | $ 649,464 | $ 744,905 | $ 858,328 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Rollforward Of Noncontrolling Interest, Simon Group Property L.P. (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Noncontrolling interests: | |||
Net income attributable to noncontrolling nonredeemable interests | $ 289,594 | $ 309,740 | $ 241,023 |
Distributions to noncontrolling nonredeemable interest holders | (319,193) | (318,780) | (290,705) |
Contributions by noncontrolling interests, net, and other | 1,506 | 4,537 | 12,081 |
Simon Property Group L.P. | |||
Noncontrolling interests: | |||
Noncontrolling nonredeemable interests (deficit) in properties, beginning of period | 3,456 | (229) | 4,264 |
Net income attributable to noncontrolling nonredeemable interests | 2,917 | 2,984 | 2,491 |
Distributions to noncontrolling nonredeemable interest holders | (2,765) | (3,836) | (19,065) |
Contributions by noncontrolling interests, net, and other | 1,508 | 4,537 | 12,081 |
Noncontrolling nonredeemable interests (deficit) in properties, end of period | $ 5,116 | $ 3,456 | $ (229) |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - AOCI, Simon Property Group, Inc. (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Changes in accumulated other comprehensive income (loss) | |
Beginning balance | $ 4,471,464 |
Ending balance | 4,310,448 |
Accumulated Other Comprehensive Income (Loss) | |
Changes in accumulated other comprehensive income (loss) | |
Beginning balance | (252,686) |
Other comprehensive income (loss) before reclassifications | 8,567 |
Amounts reclassified from accumulated other comprehensive income (loss) | 129,993 |
Net current-period other comprehensive income (loss) | 138,560 |
Ending balance | (114,126) |
Currency translation adjustments, attributable to parent | |
Changes in accumulated other comprehensive income (loss) | |
Beginning balance | (248,285) |
Other comprehensive income (loss) before reclassifications | (28,437) |
Amounts reclassified from accumulated other comprehensive income (loss) | 118,858 |
Net current-period other comprehensive income (loss) | 90,421 |
Ending balance | (157,864) |
Accumulated derivative losses, attributable to parent | |
Changes in accumulated other comprehensive income (loss) | |
Beginning balance | (15,161) |
Other comprehensive income (loss) before reclassifications | 34,400 |
Amounts reclassified from accumulated other comprehensive income (loss) | 11,135 |
Net current-period other comprehensive income (loss) | 45,535 |
Ending balance | 30,374 |
Net unrealized gains on sale of marketable securities | |
Changes in accumulated other comprehensive income (loss) | |
Beginning balance | 10,760 |
Other comprehensive income (loss) before reclassifications | 2,604 |
Net current-period other comprehensive income (loss) | 2,604 |
Ending balance | $ 13,364 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Reclassification Out of AOCI, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Significant Accounting Policies | |||||||||||
Interest expense | $ (857,554) | $ (923,697) | $ (992,601) | ||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | 84,553 | 250,516 | 158,308 | ||||||||
Other income | 276,544 | 325,597 | 200,781 | ||||||||
Net income attributable to noncontrolling interests | (295,810) | (311,655) | (242,938) | ||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | $ 394,431 | $ 504,744 | $ 455,389 | $ 480,995 | $ 392,297 | $ 420,009 | $ 472,944 | $ 539,134 | 1,835,559 | 1,824,383 | 1,405,251 |
Currency translation adjustments | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | (136,806) | ||||||||||
Currency translation adjustments, attributable to noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Net income attributable to noncontrolling interests | 17,948 | ||||||||||
Currency translation adjustments, attributable to parent | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | (118,858) | ||||||||||
Accumulated derivative losses, net | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Interest expense | (12,230) | (10,998) | (10,789) | ||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | (586) | ||||||||||
Accumulated derivative losses, attributable to noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Net income attributable to noncontrolling interests | 1,681 | 1,577 | 1,568 | ||||||||
Accumulated derivative losses, attributable to parent | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | $ (11,135) | (9,421) | $ (9,221) | ||||||||
Realized gain on sale of marketable securities, including Portion Attributable to Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Other income | 80,187 | ||||||||||
Realized gain on sale of marketable securities, attributable to Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Net income attributable to noncontrolling interests | (11,502) | ||||||||||
Net unrealized gains on sale of marketable securities | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | $ 68,685 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - AOCI, Simon Property Group L.P. (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Simon Property Group L.P. | |
Changes in accumulated other comprehensive income (loss) | |
Beginning Balance | $ 5,212,913 |
Ending balance | 4,954,796 |
Accumulated Other Comprehensive Income (Loss) | |
Changes in accumulated other comprehensive income (loss) | |
Other comprehensive income (loss) before reclassifications | 8,567 |
Amounts reclassified from accumulated other comprehensive income (loss) | 129,993 |
Net current-period other comprehensive income (loss) | 138,560 |
Accumulated Other Comprehensive Income (Loss) | Simon Property Group L.P. | |
Changes in accumulated other comprehensive income (loss) | |
Beginning Balance | (295,007) |
Other comprehensive income (loss) before reclassifications | 14,018 |
Amounts reclassified from accumulated other comprehensive income (loss) | 149,622 |
Net current-period other comprehensive income (loss) | 163,640 |
Ending balance | (131,367) |
Currency translation adjustments, attributable to parent | |
Changes in accumulated other comprehensive income (loss) | |
Other comprehensive income (loss) before reclassifications | (28,437) |
Amounts reclassified from accumulated other comprehensive income (loss) | 118,858 |
Net current-period other comprehensive income (loss) | 90,421 |
Currency translation adjustments, attributable to parent | Simon Property Group L.P. | |
Changes in accumulated other comprehensive income (loss) | |
Beginning Balance | (289,866) |
Other comprehensive income (loss) before reclassifications | (28,646) |
Amounts reclassified from accumulated other comprehensive income (loss) | 136,806 |
Net current-period other comprehensive income (loss) | 108,160 |
Ending balance | (181,706) |
Accumulated derivative losses, attributable to parent | |
Changes in accumulated other comprehensive income (loss) | |
Other comprehensive income (loss) before reclassifications | 34,400 |
Amounts reclassified from accumulated other comprehensive income (loss) | 11,135 |
Net current-period other comprehensive income (loss) | 45,535 |
Accumulated derivative losses, attributable to parent | Simon Property Group L.P. | |
Changes in accumulated other comprehensive income (loss) | |
Beginning Balance | (17,704) |
Other comprehensive income (loss) before reclassifications | 39,844 |
Amounts reclassified from accumulated other comprehensive income (loss) | 12,816 |
Net current-period other comprehensive income (loss) | 52,660 |
Ending balance | 34,956 |
Net unrealized gains on sale of marketable securities | |
Changes in accumulated other comprehensive income (loss) | |
Other comprehensive income (loss) before reclassifications | 2,604 |
Net current-period other comprehensive income (loss) | 2,604 |
Net unrealized gains on sale of marketable securities | Simon Property Group L.P. | |
Changes in accumulated other comprehensive income (loss) | |
Beginning Balance | 12,563 |
Other comprehensive income (loss) before reclassifications | 2,820 |
Net current-period other comprehensive income (loss) | 2,820 |
Ending balance | $ 15,383 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Reclassification Out Of AOCI, Simon Property Group, L.P. (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Significant Accounting Policies | |||||||||||
Interest expense | $ (857,554) | $ (923,697) | $ (992,601) | ||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | 84,553 | 250,516 | 158,308 | ||||||||
Other Income | 276,544 | 325,597 | 200,781 | ||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | $ 394,431 | $ 504,744 | $ 455,389 | $ 480,995 | $ 392,297 | $ 420,009 | $ 472,944 | $ 539,134 | 1,835,559 | 1,824,383 | 1,405,251 |
Simon Property Group L.P. | |||||||||||
Significant Accounting Policies | |||||||||||
Interest expense | (857,554) | (923,697) | (992,601) | ||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | 84,553 | 250,516 | 158,308 | ||||||||
Other Income | 276,544 | 325,597 | 200,781 | ||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | $ 453,726 | $ 581,266 | $ 525,447 | $ 561,797 | $ 457,759 | $ 490,344 | $ 552,604 | $ 630,432 | 2,122,236 | 2,131,139 | 1,643,783 |
Currency translation adjustments, attributable to parent | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | (118,858) | ||||||||||
Currency translation adjustments, attributable to parent | Simon Property Group L.P. | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | (136,806) | ||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | (136,806) | ||||||||||
Accumulated derivative losses, attributable to parent | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | (11,135) | (9,421) | (9,221) | ||||||||
Accumulated derivative losses, attributable to parent | Simon Property Group L.P. | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Interest expense | (12,230) | (10,998) | (10,789) | ||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | (586) | ||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | $ (12,816) | (10,998) | $ (10,789) | ||||||||
Net unrealized gains on sale of marketable securities | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | 68,685 | ||||||||||
Net unrealized gains on sale of marketable securities | Simon Property Group L.P. | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Other Income | 80,187 | ||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS | $ 80,187 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies - Allowance for Credit Losses and Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Management Fees and Other Revenues | |||
Insurance reserve for insurance subsidiaries and other self-insurance programs | $ 83,500 | $ 88,100 | |
Allowance for Credit Losses | |||
Balance, beginning of period | 30,094 | 33,282 | $ 32,681 |
Provision for credit losses | 7,319 | 6,635 | 12,001 |
Accounts written off, net of recoveries | (14,915) | (9,823) | (11,400) |
Balance, end of period | 22,498 | 30,094 | $ 33,282 |
Income Taxes | |||
Provision for federal income taxes for REIT entities | 0 | ||
Deferred tax liabilities, net | $ 265,700 | 0 | |
Deferred tax assets, net | $ 0 |
Real Estate Acquisitions and 54
Real Estate Acquisitions and Dispositions (Details) $ in Thousands | Jul. 25, 2016USD ($)property | Jan. 01, 2016USD ($)property | Jan. 15, 2015USD ($) | Sep. 26, 2014USD ($) | Apr. 16, 2014USD ($)property | Apr. 10, 2014 | Jan. 30, 2014USD ($)ashares | Jan. 10, 2014USD ($)propertyitem | Feb. 29, 2016USD ($) | Dec. 31, 2016USD ($)property | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | Apr. 14, 2016 |
Real Estate Properties | ||||||||||||||||||
Discontinued operations transaction expenses | $ 38,163 | |||||||||||||||||
Dispositions | ||||||||||||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | $ 84,553 | $ 250,516 | 158,308 | |||||||||||||||
Simon Property Group L.P. | ||||||||||||||||||
Real Estate Properties | ||||||||||||||||||
Discontinued operations transaction expenses | 38,163 | |||||||||||||||||
Dispositions | ||||||||||||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | 84,553 | 250,516 | 158,308 | |||||||||||||||
Outlet Center In Ochtrup | ||||||||||||||||||
Acquisitions | ||||||||||||||||||
Ownership interest (as a percent) | 75.00% | |||||||||||||||||
Payments to acquire equity method investment | $ 38,300 | |||||||||||||||||
Klepierre | ||||||||||||||||||
Dispositions | ||||||||||||||||||
Number of properties disposed of during the period | property | 126 | |||||||||||||||||
Gain (loss) on disposition | $ 133,900 | |||||||||||||||||
Ashford Designer Outlets | European Joint Venture | ||||||||||||||||||
Acquisitions | ||||||||||||||||||
Additional noncontrolling interest purchased | 22.50% | |||||||||||||||||
Joint venture ownership percentage after transactions | 45.00% | |||||||||||||||||
Strip Center Business and Small Malls | Spinoff | ||||||||||||||||||
Real Estate Properties | ||||||||||||||||||
Discontinued operations transaction expenses | $ 38,200 | $ 38,200 | ||||||||||||||||
Hotel, Estero, Florida | Disposed by Sales | Other income. | ||||||||||||||||||
Dispositions | ||||||||||||||||||
Gain (loss) on disposition of interest in properties | $ 4,500 | |||||||||||||||||
Residential and Retail Properties | Disposed by Sales | ||||||||||||||||||
Dispositions | ||||||||||||||||||
Proceeds from sale or disposal of real estate assets | $ 81,800 | |||||||||||||||||
Scandinavian Properties | Disposed by Sales | Klepierre | ||||||||||||||||||
Dispositions | ||||||||||||||||||
Gain (loss) on disposition of interest in properties | $ 8,100 | |||||||||||||||||
Outlet Centers In Italy | ||||||||||||||||||
Acquisitions | ||||||||||||||||||
Ownership interests acquired (as a percent) | 33.00% | |||||||||||||||||
Number of consolidated properties under step acquisition | property | 2 | |||||||||||||||||
Non-cash gain on step acquisition | $ 29,300 | $ 29,300 | ||||||||||||||||
Cash purchase price for acquisition | $ 145,500 | |||||||||||||||||
The Shops at Crystals | ||||||||||||||||||
Acquisitions | ||||||||||||||||||
Ownership interests acquired (as a percent) | 50.00% | |||||||||||||||||
Jersey Gardens and University Park Village | ||||||||||||||||||
Real Estate Properties | ||||||||||||||||||
Acquisition related transaction costs | $ 4,400 | |||||||||||||||||
Acquisitions | ||||||||||||||||||
Ownership interests acquired (as a percent) | 100.00% | |||||||||||||||||
Cash purchase price for acquisition | $ 677,900 | |||||||||||||||||
Mortgage debt assumed | 405,000 | |||||||||||||||||
Investment properties | 1,100,000 | |||||||||||||||||
Mortgage debt premiums | 17,900 | |||||||||||||||||
Jersey Gardens and University Park Village | Lease related intangibles | ||||||||||||||||||
Acquisitions | ||||||||||||||||||
Lease related intangibles | $ 3,600 | |||||||||||||||||
Jersey Gardens and University Park Village | Maximum | ||||||||||||||||||
Acquisitions | ||||||||||||||||||
Estimated life of investment property | 40 years | |||||||||||||||||
Arizona Mills | ||||||||||||||||||
Acquisitions | ||||||||||||||||||
Ownership interests acquired (as a percent) | 50.00% | |||||||||||||||||
Mortgage debt assumed | $ 166,900 | |||||||||||||||||
Area of Real Estate Property | a | 39 | |||||||||||||||||
Consideration paid | $ 145,800 | |||||||||||||||||
Gain due to acquisition of controlling interest | $ 2,700 | |||||||||||||||||
Ownership interest after acquisition (as a percent) | 100.00% | |||||||||||||||||
Arizona Mills | Simon Property Group L.P. | ||||||||||||||||||
Acquisitions | ||||||||||||||||||
Number of units issued in connection with acquisition of the remaining interest in Arizona Mills | shares | 555,150 | |||||||||||||||||
Portfolio of ten properties | ||||||||||||||||||
Acquisitions | ||||||||||||||||||
Consideration paid | $ 114,400 | |||||||||||||||||
Number of partner's interest acquired | item | 1 | |||||||||||||||||
Number of properties in which additional interest is acquired | property | 10 | |||||||||||||||||
Designer Outlet properties | European Joint Venture | ||||||||||||||||||
Acquisitions | ||||||||||||||||||
Number of properties | property | 6 | 6 | ||||||||||||||||
Designer Outlet properties | European Joint Venture | ||||||||||||||||||
Acquisitions | ||||||||||||||||||
Number of consolidated properties under step acquisition | property | 2 | |||||||||||||||||
Non-cash gain on step acquisition | $ 12,100 | $ 12,100 | ||||||||||||||||
Unconsolidated properties | Maximum | ||||||||||||||||||
Acquisitions | ||||||||||||||||||
Estimated life of investment property | 40 years | |||||||||||||||||
Unconsolidated properties | Residential properties | Disposed by Sales | ||||||||||||||||||
Dispositions | ||||||||||||||||||
Number of properties disposed of during the period | property | 2 | |||||||||||||||||
Unconsolidated properties | Residential properties | Disposed by Sales | Other income. | ||||||||||||||||||
Dispositions | ||||||||||||||||||
Gain (loss) on disposition of interest in properties | $ 36,200 | |||||||||||||||||
Unconsolidated properties | Residential properties | Disposed by Sales | Income and other taxes | ||||||||||||||||||
Dispositions | ||||||||||||||||||
Gain from sale of properties, tax effect | $ 7,200 | |||||||||||||||||
Unconsolidated properties | Retail properties | Disposed by Sales | ||||||||||||||||||
Dispositions | ||||||||||||||||||
Number of properties disposed of during the period | property | 4 | 3 | ||||||||||||||||
Gain (loss) on disposition of interest in properties | $ 22,600 | $ 43,600 | ||||||||||||||||
Unconsolidated properties | Residential properties | Disposed by Sales | ||||||||||||||||||
Dispositions | ||||||||||||||||||
Number of properties disposed of during the period | property | 2 | |||||||||||||||||
Consolidated properties | Retail properties | Disposed by Sales | ||||||||||||||||||
Dispositions | ||||||||||||||||||
Number of properties disposed of during the period | property | 3 | 3 | ||||||||||||||||
Gain (loss) on disposition | $ 12,400 | $ 21,800 | ||||||||||||||||
Consolidated properties | Portfolio of ten properties | ||||||||||||||||||
Acquisitions | ||||||||||||||||||
Number of properties in which additional interest is acquired | property | 7 | |||||||||||||||||
Consolidated properties | Designer Outlet properties | ||||||||||||||||||
Acquisitions | ||||||||||||||||||
Number of properties | property | 4 | 4 |
Per Share and Per Unit Data (De
Per Share and Per Unit Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Per Share And Per Unit Data | ||||||||||||
Net Income attributable to common stockholders or unitholders | $ 394,431 | $ 504,744 | $ 455,389 | $ 480,995 | $ 392,297 | $ 420,009 | $ 472,944 | $ 539,134 | $ 1,835,559 | $ 1,824,383 | $ 1,405,251 | |
Net Income attributable to Common Stockholders — Diluted | $ 1,835,559 | $ 1,824,383 | $ 1,405,251 | |||||||||
Weighted Average Shares Outstanding — Basic and Diluted | 313,684,810 | 314,234,418 | 313,399,467 | 309,416,266 | 309,418,757 | 309,417,298 | 310,498,911 | 311,101,297 | 312,690,756 | 310,102,746 | 310,731,032 | |
Dividends | ||||||||||||
Total dividends paid per common share (in dollars per share) | $ 6.50 | $ 6.05 | $ 5.15 | |||||||||
Percent taxable as ordinary income | 99.70% | 94.30% | 100.00% | |||||||||
Percent taxable as long-term capital gains | 0.30% | 5.70% | 0.00% | |||||||||
Total percentage of dividends paid | 100.00% | 100.00% | 100.00% | |||||||||
Dividends declared per common share (in dollars per share) | $ 1.75 | |||||||||||
Simon Property Group L.P. | ||||||||||||
Per Share And Per Unit Data | ||||||||||||
Net Income attributable to common stockholders or unitholders | $ 453,726 | $ 581,266 | $ 525,447 | $ 561,797 | $ 457,759 | $ 490,344 | $ 552,604 | $ 630,432 | $ 2,122,236 | $ 2,131,139 | $ 1,643,783 | |
Net Income attributable to Common Stockholders — Diluted | $ 2,122,236 | $ 2,131,139 | $ 1,643,783 | |||||||||
Weighted Average Shares Outstanding — Basic and Diluted | 361,186,785 | 361,764,112 | 361,761,991 | 361,394,591 | 361,234,804 | 361,234,111 | 362,762,067 | 363,784,004 | 361,526,633 | 362,244,154 | 363,475,504 |
Investment Properties (Details)
Investment Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment Properties | ||
Land | $ 3,568,935 | $ 3,417,716 |
Buildings and improvements | 31,329,007 | 29,715,169 |
Total land, buildings and improvements | 34,897,942 | 33,132,885 |
Furniture, fixtures and equipment | 328,147 | 330,239 |
Investment properties at cost | 35,226,089 | 33,463,124 |
Less - accumulated depreciation | 10,865,754 | 9,915,386 |
Investment properties at cost, net | 24,360,335 | 23,547,738 |
Construction in progress, included above | $ 506,211 | $ 663,271 |
Investments in Unconsolidated E
Investments in Unconsolidated Entities - Real Estate Joint Ventures and Investments (Details) $ in Millions | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($)property |
Investment in Unconsolidated Entities | ||
Total number of joint venture properties | property | 78 | 81 |
Construction and other related party loans | ||
Investment in Unconsolidated Entities | ||
Loans to related party | $ | $ 12.3 | $ 13.9 |
Investments in Unconsolidated58
Investments in Unconsolidated Entities - Unconsolidated Properties Transactions (Details) $ in Thousands | Sep. 15, 2016USD ($)item | Apr. 14, 2016USD ($) | Apr. 05, 2016USD ($) | Sep. 30, 2015USD ($)property | Jul. 22, 2015USD ($)property | Jul. 07, 2015USD ($)shares | Apr. 13, 2015USD ($)property | Dec. 31, 2016USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jan. 30, 2014 |
Investment in Unconsolidated Entities | |||||||||||||
Equity investment | $ 2,367,583 | $ 2,367,583 | $ 2,481,574 | ||||||||||
Distribution from joint venture financing proceeds | 331,627 | 271,998 | $ 202,269 | ||||||||||
Share of net income, net of amortization of our excess investment | $ 353,334 | $ 284,806 | $ 226,774 | ||||||||||
Arizona Mills | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Ownership interests acquired (as a percent) | 50.00% | ||||||||||||
Gain due to acquisition of controlling interest | $ 2,700 | ||||||||||||
Ownership interest after acquisition (as a percent) | 100.00% | ||||||||||||
The Shops at Crystals | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Ownership interest (as a percent) | 50.00% | ||||||||||||
Payments to acquire equity method investment | $ 1,100,000 | ||||||||||||
Quaker Bridge Mall | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Ownership interest (as a percent) | 50.00% | ||||||||||||
HBS | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Ownership interest (as a percent) | 10.20% | 10.20% | |||||||||||
Committed amount to contribute | $ 100,000 | ||||||||||||
Contributions for improvements to properties | $ 30,600 | $ 30,600 | |||||||||||
Number of Kaufhof properties purchased by the joint venture | property | 41 | ||||||||||||
Contribution to form joint venture | $ 178,500 | ||||||||||||
Share of net income, net of amortization of our excess investment | 2,600 | 15,200 | |||||||||||
Total assets | 4,300,000 | 4,300,000 | |||||||||||
Total liabilities | $ 2,800,000 | 2,800,000 | |||||||||||
Total revenues | 409,800 | ||||||||||||
Total operating income | 233,200 | ||||||||||||
Consolidated net income | $ 128,700 | ||||||||||||
HBS | Hudson Bay Company | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Number of properties contributed to form joint venture | property | 42 | ||||||||||||
Sears Joint Venture | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Ownership interest (as a percent) | 50.00% | ||||||||||||
Contribution to form joint venture | $ 114,000 | ||||||||||||
Sears Joint Venture | Minimum | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Percentage of property space subject to recapture | 50.00% | ||||||||||||
Sears Joint Venture | Sears | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Ownership interest (as a percent) | 50.00% | ||||||||||||
Number of properties contributed to form joint venture | property | 10 | ||||||||||||
Number of property being leased back | property | 10 | ||||||||||||
Seritage Growth Properties | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Payments to acquire equity method investment | $ 33,000 | ||||||||||||
Shares acquired (in shares) | shares | 1,125,760 | ||||||||||||
Aeropostale | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Number of joint ventures | item | 2 | ||||||||||||
Equity investment | $ 33,100 | ||||||||||||
Aeropostale Licensing Joint Venture | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Ownership interest (as a percent) | 28.45% | ||||||||||||
3.74% fixed-rate mortgage maturing July 2026 | The Shops at Crystals | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Debt issued | $ 550,000 | ||||||||||||
Fixed interest rate (as a percent) | 3.74% | ||||||||||||
4.50% fixed-rate mortgage maturing May 2026 | Quaker Bridge Mall | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Debt issued | $ 180,000 | ||||||||||||
Fixed interest rate (as a percent) | 4.50% | ||||||||||||
Distribution from joint venture financing proceeds | $ 180,000 | ||||||||||||
Retail properties | Aeropostale | |||||||||||||
Investment in Unconsolidated Entities | |||||||||||||
Ownership interest (as a percent) | 49.05% |
Investments in Unconsolidated59
Investments in Unconsolidated Entities - International Investments (Details) $ / shares in Units, $ in Thousands, € in Millions | Jul. 25, 2016USD ($)property | Jan. 01, 2016USD ($)property | May 11, 2015USD ($)shares | Mar. 19, 2015USD ($) | Jan. 15, 2015 | Apr. 16, 2014EUR (€)property | Apr. 16, 2014USD ($)property | Feb. 29, 2016USD ($) | Dec. 31, 2016USD ($)property$ / sharesshares | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)property$ / sharesshares | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($) |
Investment in Unconsolidated Entities | |||||||||||||||
Equity investment | $ 2,367,583 | $ 2,367,583 | $ 2,481,574 | ||||||||||||
Distribution from joint venture financing proceeds | 331,627 | 271,998 | $ 202,269 | ||||||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | 84,553 | 250,516 | 158,308 | ||||||||||||
Income from unconsolidated entities | $ 353,334 | $ 284,806 | $ 226,774 | ||||||||||||
Ownership interest (as a percent) | 86.90% | 86.90% | 85.70% | ||||||||||||
Cost method investments included in deferred costs and other assets | $ 210,500 | $ 210,500 | $ 181,400 | ||||||||||||
Outlet Centers In Italy | |||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||
Cash purchase price for acquisition | $ 145,500 | ||||||||||||||
Gain due to acquisition of controlling interest | $ 29,300 | $ 29,300 | |||||||||||||
Number of consolidated properties under step acquisition | property | 2 | ||||||||||||||
Ownership interests acquired (as a percent) | 33.00% | ||||||||||||||
Designer Outlet properties | European Joint Venture | |||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||
Gain due to acquisition of controlling interest | $ 12,100 | $ 12,100 | |||||||||||||
Number of consolidated properties under step acquisition | property | 2 | ||||||||||||||
Designer Outlet properties | Minimum | European Joint Venture | |||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||
Ownership interest (as a percent) | 45.00% | 45.00% | |||||||||||||
Designer Outlet properties | Maximum | European Joint Venture | |||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||
Ownership interest (as a percent) | 90.00% | 90.00% | |||||||||||||
Klepierre | |||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||
Number of properties disposed of during the period | property | 126 | 126 | |||||||||||||
Total gross consideration | € | € 1,980 | ||||||||||||||
Group's share of total consideration | € | € 1,650 | ||||||||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net | $ 133,900 | ||||||||||||||
Klepierre | Corio | |||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||
Ordinary share conversion ratio | 1.14 | ||||||||||||||
Klepierre | Disposed by Sales | Scandinavian Properties | |||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||
Gain (loss) on disposition of interest in properties | $ 8,100 | ||||||||||||||
European Joint Venture | Designer Outlet properties | |||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||
Number of properties | property | 6 | 6 | |||||||||||||
Outlet Center In Ochtrup | |||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||
Ownership percentage | 75.00% | ||||||||||||||
Payments to acquire equity method investment | $ 38,300 | ||||||||||||||
Europe | Disposed by Sales | Pre-Development Europe Projects Joint Venture | |||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||
Aggregate proceeds received | $ 19,000 | ||||||||||||||
Gain on sale or disposal of assets and interests in unconsolidated entities, net | $ 8,300 | ||||||||||||||
Europe | Designer Outlet properties | |||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||
Number of properties | property | 6 | 6 | |||||||||||||
Europe | Klepierre | |||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||
Shares owned | shares | 63,924,148 | 63,924,148 | |||||||||||||
Ownership percentage | 20.30% | 20.30% | 18.30% | 20.30% | 28.90% | ||||||||||
Quoted market price per share (in dollars per share) | $ / shares | $ 39.50 | $ 39.50 | |||||||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | $ 206,900 | $ 206,900 | |||||||||||||
Additional shares acquired (in shares) | shares | 6,290,000 | ||||||||||||||
Payments to acquire equity method investment | $ 279,400 | ||||||||||||||
Income from unconsolidated entities | $ 41,500 | 6,700 | $ 131,500 | ||||||||||||
Total assets | $ 19,800,000 | 19,800,000 | 20,800,000 | ||||||||||||
Total liabilities | 11,800,000 | 11,800,000 | 12,400,000 | ||||||||||||
Noncontrolling interests equity | $ 1,400,000 | 1,400,000 | 1,400,000 | ||||||||||||
Total revenues | 1,500,000 | 1,500,000 | 1,200,000 | ||||||||||||
Total operating income | 449,900 | 414,800 | 432,100 | ||||||||||||
Consolidated net income | $ 310,900 | 181,200 | $ 1,300,000 | ||||||||||||
Europe | Value Retail PLC | |||||||||||||||
Investment in Unconsolidated Entities | |||||||||||||||
Number of luxury outlets owned and operated | property | 9 | 9 | |||||||||||||
Number of outlets in which the entity has a minority direct ownership | property | 3 | 3 | |||||||||||||
Cost method investments included in deferred costs and other assets | $ 140,800 | $ 140,800 | $ 115,400 |
Investments in Unconsolidated60
Investments in Unconsolidated Entities - Asian Joint Ventures (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment in Unconsolidated Entities | ||
Equity investment | $ 2,367,583 | $ 2,481,574 |
Japan | Mitsubishi Estate Co., Ltd. | Premium Outlets | ||
Investment in Unconsolidated Entities | ||
Ownership percentage | 40.00% | |
Equity investment | $ 227,500 | 224,600 |
South Korea | Shinsegae International Co | Premium Outlets | ||
Investment in Unconsolidated Entities | ||
Ownership percentage | 50.00% | |
Equity investment | $ 130,900 | $ 117,000 |
Investments in Unconsolidated61
Investments in Unconsolidated Entities - Balance Sheets (Details) $ in Thousands | May 28, 2014property | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($)property |
Our Share of: | |||
Our net Investment in unconsolidated entities, at equity | $ 2,367,583 | $ 2,481,574 | |
Unconsolidated properties | |||
Assets: | |||
Investment properties, at cost | 17,549,078 | 17,186,884 | |
Less - accumulated depreciation | 5,892,960 | 5,780,261 | |
Investment properties at cost, net | 11,656,118 | 11,406,623 | |
Cash and cash equivalents | 778,455 | 818,805 | |
Tenant receivables and accrued revenue, net | 348,139 | 354,133 | |
Deferred costs and other assets | 351,098 | 482,024 | |
Total assets | 13,133,810 | 13,061,585 | |
Liabilities and Partners' Deficit: | |||
Mortgages | 14,237,576 | 13,827,215 | |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 867,003 | 985,159 | |
Other liabilities | 325,078 | 468,005 | |
Total liabilities | 15,429,657 | 15,280,379 | |
Preferred units | 67,450 | 67,450 | |
Partners' deficit | (2,363,297) | (2,286,244) | |
Total liabilities and equity | 13,133,810 | 13,061,585 | |
Our Share of: | |||
Partners' deficit | (1,018,755) | (854,562) | |
Add: Excess Investment | 1,791,691 | 1,788,749 | |
Our net Investment in unconsolidated entities, at equity | $ 772,936 | $ 934,187 | |
Number of properties merged under spin off into Washington Prime, an independent publicly traded REIT | property | 10 | ||
Unconsolidated properties | Maximum | |||
Our Share of: | |||
Estimated life of investment property | 40 years | ||
Unconsolidated properties | Retail properties | Disposed by Sales | |||
Our Share of: | |||
Number of properties disposed of during the period | property | 4 | 3 |
Investments in Unconsolidated62
Investments in Unconsolidated Entities - Repayments of Mortgages (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Scheduled principal repayments on mortgage indebtedness | ||
2,017 | $ 2,233,249 | |
2,018 | 802,806 | |
2,019 | 742,323 | |
2,020 | 3,563,396 | |
2,021 | 2,740,755 | |
Thereafter | 13,016,921 | |
Total principal maturities | 23,099,450 | |
Net unamortized debt premium | (24,510) | |
Debt issuance costs | (97,836) | $ (85,491) |
Total mortgages and unsecured indebtedness | 22,977,104 | $ 22,416,682 |
Unconsolidated properties | ||
Scheduled principal repayments on mortgage indebtedness | ||
2,017 | 552,579 | |
2,018 | 418,221 | |
2,019 | 704,496 | |
2,020 | 3,180,236 | |
2,021 | 1,832,371 | |
Thereafter | 7,607,451 | |
Total principal maturities | 14,295,354 | |
Net unamortized debt premium | 3,337 | |
Debt issuance costs | (61,115) | |
Total mortgages and unsecured indebtedness | $ 14,237,576 | |
Weighted average interest rate (as a percent) | 3.97% | |
Unconsolidated properties | Minimum | ||
Scheduled principal repayments on mortgage indebtedness | ||
Interest rate on debt (as a percent) | 0.26% | |
Unconsolidated properties | Maximum | ||
Scheduled principal repayments on mortgage indebtedness | ||
Interest rate on debt (as a percent) | 9.35% |
Investments in Unconsolidated63
Investments in Unconsolidated Entities - Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING EXPENSES: | |||
Income from Unconsolidated Entities | $ 353,334 | $ 284,806 | $ 226,774 |
Unconsolidated properties | |||
REVENUE: | |||
Minimum rent | 1,823,674 | 1,801,023 | 1,746,549 |
Overage rent | 200,638 | 191,249 | 183,478 |
Tenant reimbursements | 862,155 | 799,420 | 786,351 |
Other income | 237,782 | 236,726 | 293,419 |
Total revenue | 3,124,249 | 3,028,418 | 3,009,797 |
OPERATING EXPENSES: | |||
Property operating | 538,002 | 530,798 | 574,706 |
Depreciation and amortization | 588,666 | 594,973 | 604,199 |
Real estate taxes | 239,917 | 231,154 | 221,745 |
Repairs and maintenance | 76,380 | 73,286 | 71,203 |
Advertising and promotion | 88,956 | 75,773 | 72,496 |
Provision for credit losses | 7,603 | 4,153 | 6,527 |
Other | 183,435 | 169,504 | 187,729 |
Total operating expenses | 1,722,959 | 1,679,641 | 1,738,605 |
Operating Income | 1,401,290 | 1,348,777 | 1,271,192 |
Interest expense | (585,958) | (593,187) | (598,900) |
Income from Continuing Operations | 815,332 | 755,590 | 672,292 |
Income from operations of discontinued joint venture interests | 5,079 | ||
Gain on sale or disposal of assets and interests in unconsolidated entities, net | 101,051 | 67,176 | |
Net Income | 916,383 | 822,766 | 677,371 |
Third-Party Investors’ Share of Net Income | 452,844 | 405,456 | 348,127 |
Our Share of Net Income | 463,539 | 417,310 | 329,244 |
Amortization of Excess Investment | (94,213) | (94,828) | (99,463) |
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net | (22,636) | (43,589) | |
Our Share of Gain on Sale or Disposal of Assets and Interests Included in Other Income in the Consolidated Financial Statements | (36,153) | ||
Our Share of Loss from Unconsolidated Discontinued Operations | (652) | ||
Income from Unconsolidated Entities | $ 310,537 | $ 278,893 | $ 229,129 |
Investments in Unconsolidated64
Investments in Unconsolidated Entities - Dispositions (Details) - Unconsolidated properties $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($)property | |
Investment in Unconsolidated Entities | ||
Gain on sale or disposal of assets and interests in unconsolidated entities, net | $ 101,051 | $ 67,176 |
Retail properties | Disposed by Sales | ||
Investment in Unconsolidated Entities | ||
Number of properties disposed of during the period | property | 4 | 3 |
Gain on sale or disposal of assets and interests in unconsolidated entities, net | $ 22,600 | $ 43,600 |
Residential properties | Disposed by Sales | ||
Investment in Unconsolidated Entities | ||
Number of properties disposed of during the period | property | 2 | |
Gain on sale or disposal of assets and interests in unconsolidated entities, net | $ 36,200 |
Indebtedness and Derivative F65
Indebtedness and Derivative Financial Instruments (Details) $ in Thousands, € in Millions | Jul. 25, 2016USD ($)property | Jan. 01, 2016USD ($)property | Feb. 29, 2016property | Dec. 31, 2016USD ($)propertyitem | Dec. 31, 2016USD ($)propertyitem | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($) | Nov. 23, 2016USD ($) | May 13, 2016EUR (€) | May 13, 2016USD ($) | Apr. 06, 2016USD ($) | Apr. 05, 2016USD ($) | Jan. 13, 2016USD ($) |
Debt | |||||||||||||
Debt issuance costs | $ 97,836 | $ 97,836 | $ 85,491 | ||||||||||
Total Mortgages and Unsecured Indebtedness | 22,977,104 | 22,977,104 | 22,416,682 | ||||||||||
Loss on debt extinguishment | 136,777 | 120,953 | $ 127,573 | ||||||||||
Fixed-Rate Debt: | |||||||||||||
Fixed-rate mortgages and unsecured indebtedness | 22,083,330 | 22,083,330 | 20,330,537 | ||||||||||
Variable-Rate Debt: | |||||||||||||
Variable-rate mortgages and unsecured indebtedness | 893,774 | 893,774 | 2,086,145 | ||||||||||
Simon Property Group L.P. | |||||||||||||
Debt | |||||||||||||
Total Mortgages and Unsecured Indebtedness | 22,977,104 | 22,977,104 | 22,416,682 | ||||||||||
Loss on debt extinguishment | 136,777 | 120,953 | $ 127,573 | ||||||||||
Senior unsecured notes | Simon Property Group L.P. | |||||||||||||
Debt | |||||||||||||
Number of properties unencumbered | property | 3 | ||||||||||||
Senior Unsecured Notes 1.25% due 2025 | Simon Property Group L.P. | |||||||||||||
Debt | |||||||||||||
Debt issued | € 500 | $ 566,700 | |||||||||||
Interest rate on debt (as a percent) | 1.25% | 1.25% | |||||||||||
Senior Unsecured Notes 2.35% due 2022 | Simon Property Group L.P. | |||||||||||||
Debt | |||||||||||||
Debt issued | $ 550,000 | ||||||||||||
Interest rate on debt (as a percent) | 2.35% | ||||||||||||
Senior Unsecured Notes 3.25% due 2026 | Simon Property Group L.P. | |||||||||||||
Debt | |||||||||||||
Debt issued | $ 750,000 | ||||||||||||
Interest rate on debt (as a percent) | 3.25% | ||||||||||||
Senior Unsecured Notes 4.25% due 2046 | Simon Property Group L.P. | |||||||||||||
Debt | |||||||||||||
Debt issued | $ 550,000 | ||||||||||||
Interest rate on debt (as a percent) | 4.25% | ||||||||||||
Senior Unsecured Notes 2.80% to 6.10% | Simon Property Group L.P. | |||||||||||||
Debt | |||||||||||||
Amount of debt redeemed | $ 1,200,000 | $ 1,200,000 | |||||||||||
Senior Unsecured Notes 2.80% to 6.10% | Minimum | Simon Property Group L.P. | |||||||||||||
Debt | |||||||||||||
Interest rate on debt (as a percent) | 2.80% | 2.80% | |||||||||||
Senior Unsecured Notes 2.80% to 6.10% | Maximum | Simon Property Group L.P. | |||||||||||||
Debt | |||||||||||||
Interest rate on debt (as a percent) | 6.10% | 6.10% | |||||||||||
Senior Unsecured Notes 10.35% | Simon Property Group L.P. | |||||||||||||
Debt | |||||||||||||
Amount of debt redeemed | $ 650,000 | $ 650,000 | |||||||||||
Interest rate on debt (as a percent) | 10.35% | 10.35% | |||||||||||
Loss on debt extinguishment | $ 136,800 | ||||||||||||
Secured Debt | Fixed Rate Mortgages | |||||||||||||
Debt | |||||||||||||
Debt issuance costs | 15,965 | $ 15,965 | 11,225 | ||||||||||
Fixed-Rate Debt: | |||||||||||||
Fixed-rate mortgages and unsecured indebtedness | 5,876,831 | 5,876,831 | 5,974,202 | ||||||||||
Net premiums | $ 21,916 | $ 21,916 | 44,594 | ||||||||||
Weighted-average interest rate, fixed-rate debt (as a percent) | 4.15% | 4.15% | |||||||||||
Weighted average maturity period, fixed-rate debt | 7 years | ||||||||||||
Secured Debt | Variable Rate Mortgages | |||||||||||||
Debt | |||||||||||||
Debt issuance costs | $ 690 | $ 690 | 913 | ||||||||||
Variable-Rate Debt: | |||||||||||||
Variable-rate mortgages and unsecured indebtedness | $ 592,655 | $ 592,655 | 629,087 | ||||||||||
Weighted average interest rate, variable-rate debt (as a percent) | 2.10% | 2.10% | |||||||||||
Weighted average maturity period, variable-rate debt | 2 years 9 months 18 days | ||||||||||||
Secured Debt | Mortgage | |||||||||||||
Debt | |||||||||||||
Total Mortgages and Unsecured Indebtedness | $ 6,500,000 | $ 6,500,000 | 6,600,000 | ||||||||||
Debt repaid | $ 638,900 | ||||||||||||
Weighted interest rate of debt repaid (as a percent) | 7.03% | ||||||||||||
Number of unencumbered properties released on repayment of debt | property | 6 | ||||||||||||
Debt covenants | |||||||||||||
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers | item | 45 | ||||||||||||
Number of properties secured by non-recourse mortgage notes | property | 48 | 48 | |||||||||||
Number of cross-defaulted and cross-collateralized mortgage pools | item | 2 | 2 | |||||||||||
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages | property | 5 | 5 | |||||||||||
Unsecured Debt | Senior unsecured notes | |||||||||||||
Debt | |||||||||||||
Debt issuance costs | $ 65,801 | $ 65,801 | 52,749 | ||||||||||
Fixed-Rate Debt: | |||||||||||||
Fixed-rate mortgages and unsecured indebtedness | 15,252,834 | 15,252,834 | 13,477,678 | ||||||||||
Net discounts | $ 46,426 | $ 46,426 | 44,698 | ||||||||||
Weighted-average interest rate, fixed-rate debt (as a percent) | 3.37% | 3.37% | |||||||||||
Weighted average maturity period, fixed-rate debt | 8 years 2 months 12 days | ||||||||||||
Unsecured Debt | Senior unsecured notes | Simon Property Group L.P. | |||||||||||||
Debt | |||||||||||||
Total Mortgages and Unsecured Indebtedness | $ 15,400,000 | $ 15,400,000 | |||||||||||
Unsecured Debt | Senior Unsecured Notes 2.50% due 2021 | Simon Property Group L.P. | |||||||||||||
Debt | |||||||||||||
Debt issued | $ 550,000 | ||||||||||||
Interest rate on debt (as a percent) | 2.50% | ||||||||||||
Unsecured Debt | Senior Unsecured Notes 3.30% due 2026 | Simon Property Group L.P. | |||||||||||||
Debt | |||||||||||||
Debt issued | $ 800,000 | ||||||||||||
Interest rate on debt (as a percent) | 3.30% | ||||||||||||
Unsecured Debt | Commercial Paper | |||||||||||||
Fixed-Rate Debt: | |||||||||||||
Fixed-rate mortgages and unsecured indebtedness | 953,665 | 953,665 | 878,657 | ||||||||||
Unsecured Debt | Commercial Paper | Simon Property Group L.P. | |||||||||||||
Debt | |||||||||||||
Credit facility, amount outstanding | 953,700 | 953,700 | |||||||||||
Maximum borrowing capacity | 1,000,000 | 1,000,000 | |||||||||||
Unsecured Debt | Commercial Paper | Simon Property Group L.P. | Euro | |||||||||||||
Debt | |||||||||||||
Credit facility, amount outstanding | $ 79,300 | $ 79,300 | |||||||||||
Weighted average interest rate (as a percent) | (0.25%) | (0.25%) | |||||||||||
Unsecured Debt | Commercial Paper | Simon Property Group L.P. | USD | |||||||||||||
Debt | |||||||||||||
Credit facility, amount outstanding | $ 874,400 | $ 874,400 | |||||||||||
Weighted average interest rate (as a percent) | 0.83% | 0.83% | |||||||||||
Unsecured Debt | Credit Facility and the Supplemental Facility | Simon Property Group L.P. | |||||||||||||
Debt | |||||||||||||
Available borrowing capacity | $ 6,200,000 | $ 6,200,000 | |||||||||||
Maximum amount outstanding during period | 1,500,000 | ||||||||||||
Credit facility, weighted average amount outstanding | 596,400 | ||||||||||||
Letters of credit outstanding | 18,800 | 18,800 | |||||||||||
Unsecured Debt | Credit Facility | |||||||||||||
Debt | |||||||||||||
Debt issuance costs | 15,380 | 15,380 | 20,558 | ||||||||||
Variable-Rate Debt: | |||||||||||||
Variable-rate mortgages and unsecured indebtedness | 301,119 | 301,119 | 1,217,104 | ||||||||||
Unsecured Debt | Credit Facility | Simon Property Group L.P. | |||||||||||||
Debt | |||||||||||||
Maximum borrowing capacity | 4,000,000 | 4,000,000 | |||||||||||
Optional expanded maximum borrowing capacity | 5,000,000 | $ 5,000,000 | |||||||||||
Additional facility fee (as a percent) | 0.10% | ||||||||||||
Unsecured Debt | Credit Facility | Simon Property Group L.P. | LIBOR | |||||||||||||
Debt | |||||||||||||
Interest added to reference rate (as a percent) | 0.80% | ||||||||||||
Unsecured Debt | Credit Facility | Simon Property Group L.P. | Yen | |||||||||||||
Debt | |||||||||||||
Credit facility, amount outstanding | 191,500 | $ 191,500 | |||||||||||
Unsecured Debt | Credit Facility | Maximum | Simon Property Group L.P. | |||||||||||||
Debt | |||||||||||||
Percentage of borrowings in currencies other than the U.S. dollar | 0.75% | ||||||||||||
Unsecured Debt | Supplemental Facility | Simon Property Group L.P. | |||||||||||||
Debt | |||||||||||||
Credit facility, amount outstanding | 316,500 | $ 316,500 | |||||||||||
Maximum borrowing capacity | 3,500,000 | $ 3,500,000 | $ 2,750,000 | ||||||||||
Unsecured Debt | Amended Supplemental Facility | Simon Property Group L.P. | |||||||||||||
Debt | |||||||||||||
Maximum borrowing capacity | $ 3,500,000 | ||||||||||||
Additional facility fee (as a percent) | 0.10% | ||||||||||||
Expanded maximum borrowing capacity | $ 4,250,000 | ||||||||||||
Accordion feature to increase borrowing capacity from $2.75 billion to $3.50 billion | 750,000 | ||||||||||||
Accordion feature to increase borrowing capacity from $3.50 billion to $4.25 billion | $ 750,000 | ||||||||||||
Unsecured Debt | Amended Supplemental Facility | Simon Property Group L.P. | LIBOR | |||||||||||||
Debt | |||||||||||||
Interest added to reference rate (as a percent) | 0.80% | ||||||||||||
Unsecured Debt | Term loan | |||||||||||||
Debt | |||||||||||||
Debt issuance costs | $ 0 | $ 0 | 46 | ||||||||||
Variable-Rate Debt: | |||||||||||||
Variable-rate mortgages and unsecured indebtedness | $ 239,954 | ||||||||||||
Unsecured Debt | Term loan | Simon Property Group L.P. | |||||||||||||
Debt | |||||||||||||
Debt repaid | $ 240,000 | ||||||||||||
Outlet Centers In Italy | |||||||||||||
Debt | |||||||||||||
Ownership interests acquired (as a percent) | 33.00% | ||||||||||||
Debt covenants | |||||||||||||
Number of consolidated properties under step acquisition | property | 2 | ||||||||||||
Designer Outlet properties | European Joint Venture | |||||||||||||
Debt covenants | |||||||||||||
Number of properties secured by non-recourse mortgage notes | property | 6 | 6 | |||||||||||
Designer Outlet properties | European Joint Venture | |||||||||||||
Debt covenants | |||||||||||||
Number of consolidated properties under step acquisition | property | 2 | ||||||||||||
Europe | Parndorf Designer Outlet | |||||||||||||
Debt | |||||||||||||
Mortgage debt assumed | $ 100,600 | ||||||||||||
Interest rate on debt (as a percent) | 1.90% | ||||||||||||
Europe | Roermond Designer Outlet | |||||||||||||
Debt | |||||||||||||
Mortgage debt assumed | $ 196,800 | ||||||||||||
Interest rate on debt (as a percent) | 1.88% | ||||||||||||
Europe | La Reggia Designer Outlet | |||||||||||||
Debt | |||||||||||||
Mortgage debt assumed | $ 62,100 | ||||||||||||
Interest rate on debt (as a percent) | 1.13% | ||||||||||||
Europe | Venice Designer Outlet | |||||||||||||
Debt | |||||||||||||
Mortgage debt assumed | $ 89,000 | ||||||||||||
Interest rate on debt (as a percent) | 1.68% | ||||||||||||
Europe | Designer Outlet properties | |||||||||||||
Debt covenants | |||||||||||||
Number of properties secured by non-recourse mortgage notes | property | 6 | 6 |
Indebtedness and Derivative F66
Indebtedness and Derivative Financial Instruments - Maturity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Maturity and Other | |||
2,017 | $ 2,233,249 | ||
2,018 | 802,806 | ||
2,019 | 742,323 | ||
2,020 | 3,563,396 | ||
2,021 | 2,740,755 | ||
Thereafter | 13,016,921 | ||
Total principal maturities | 23,099,450 | ||
Net unamortized debt premium | (24,510) | ||
Debt issuance costs, net | (97,836) | $ (85,491) | |
Total mortgages and unsecured indebtedness | 22,977,104 | 22,416,682 | |
Cash paid for interest | $ 887,118 | $ 943,683 | $ 1,018,911 |
Indebtedness and Derivative F67
Indebtedness and Derivative Financial Instruments - Derivatives (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)DerivativeInstrument | |
Derivative Financial Instruments | ||
Unamortized loss of benefits from treasury and interest rate hedge agreements | $ 35.4 | $ 60.8 |
Amount expected to be reclassified from accumulated other comprehensive loss to earnings within the next year | 9.2 | |
Interest Rate Contract | ||
Derivative Financial Instruments | ||
Number of Instruments | DerivativeInstrument | 0 | |
Interest rate swap | ||
Derivative Financial Instruments | ||
Notional Amount | $ 250 |
Indebtedness and Derivative F68
Indebtedness and Derivative Financial Instruments - Debt Issuance Costs and Discounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt issuance cost | |||
Debt issuance costs | $ 166,041 | $ 137,876 | |
Accumulated amortization | (68,205) | (52,385) | |
Debt issuance costs | 97,836 | 85,491 | |
Amortization of Debt Issuance Costs and Discounts | |||
Amortization of debt issuance costs | 21,703 | 19,349 | $ 21,392 |
Amortization of debt premiums, net discounts | $ (14,583) | $ (16,107) | $ (24,092) |
Indebtedness and Derivative F69
Indebtedness and Derivative Financial Instruments - Fair Value (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Book value | ||
Fair Value of Debt | ||
Fair value of fixed-rate mortgages and unsecured indebtedness | $ 22,100 | $ 20,400 |
Fixed-rate mortgages and unsecured indebtedness | Fair value | ||
Fair Value of Debt | ||
Fair value of fixed-rate mortgages and unsecured indebtedness | $ 22,703 | $ 21,331 |
Mortgage | ||
Fair Value of Debt | ||
Weighted average discount rates assumed in calculation of fair value for debt (as a percent) | 4.12% | 3.46% |
Unsecured Debt | ||
Fair Value of Debt | ||
Weighted average discount rates assumed in calculation of fair value for debt (as a percent) | 3.83% | 3.59% |
Rentals under Operating Lease70
Rentals under Operating Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Future minimum rentals to be received under noncancelable tenant operating leases | |
2,017 | $ 2,859,314 |
2,018 | 2,586,515 |
2,019 | 2,299,751 |
2,020 | 2,067,586 |
2,021 | 1,778,677 |
Thereafter | 4,740,742 |
Future minimum rental receivables | $ 16,332,585 |
Equity - Common Stock and Unit
Equity - Common Stock and Unit Issuances and Repurchases (Details) $ / shares in Units, $ in Billions | Feb. 13, 2017 | Apr. 02, 2015USD ($) | Dec. 31, 2016item$ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014shares |
Equity | |||||
Minimum number of additional classes or series of common stock that the Board is authorized to reclassify from excess common stock | 1 | ||||
Exchange of limited partner units, (in shares) | shares | 5,020,919 | 489,291 | 70,291 | ||
Period common stock is authorized to repurchase | 24 months | ||||
Extension period common stock is authorized for repurchase | 2 years | ||||
Shares repurchased (in shares) | shares | 1,409,197 | 1,903,340 | |||
Average share price repurchased (in dollars per share) | $ / shares | $ 181.14 | $ 180.19 | |||
Class B common stock | |||||
Equity | |||||
Common Stock, Shares, Outstanding | shares | 8,000 | 8,000 | |||
Number of voting trusts which are subject to outstanding shares common stock | 2 | ||||
Common Stock | |||||
Equity | |||||
Number of votes entitled per share to holders of common stock | 1 | ||||
Limited Partners | |||||
Equity | |||||
Exchange of limited partner units, (in shares) | shares | 5,020,919 | ||||
Number of limited partners who received common stock | 14 | ||||
Maximum | |||||
Equity | |||||
Common stock authorized for repurchase | $ | $ 2 | ||||
Maximum | Class B common stock | |||||
Equity | |||||
Number of members of board of directors elected under entitlement of right | 4 |
Equity - Temporary Equity (Deta
Equity - Temporary Equity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)item$ / sharesshares | Dec. 31, 2015USD ($)shares | |
Redeemable preferred stock | ||
Preferred stock stated dividend rate percentage | 8.375% | 8.375% |
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $ 137,762 | $ 25,537 |
Simon Property Group L.P. | ||
Redeemable preferred stock | ||
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $ 137,762 | 25,537 |
7.5% Cumulative Redeemable Preferred Units | ||
Redeemable preferred stock | ||
Number of series of units classified into temporary equity | item | 1 | |
Noncontrolling interests redeemable at amounts in excess of fair value | $ 0 | $ 0 |
Preferred stock stated dividend rate percentage | 7.50% | 7.50% |
Temporary equity, shares authorized | shares | 260,000 | 260,000 |
Temporary equity, shares issued | shares | 255,373 | 255,373 |
Temporary equity, shares outstanding | shares | 255,373 | 255,373 |
Cumulative quarterly distributions on preferred units (in dollars per share) | $ / shares | $ 7.50 | |
Temporary equity redemption price (in dollars per share) | $ / shares | 100 | |
Liquidation preference (in dollars per share) | $ / shares | $ 100 | |
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $ 25,537 | $ 25,537 |
7.5% Cumulative Redeemable Preferred Units | Simon Property Group L.P. | ||
Redeemable preferred stock | ||
Number of series of units classified into temporary equity | item | 1 | |
Noncontrolling interests redeemable at amounts in excess of fair value | $ 0 | $ 0 |
Preferred stock stated dividend rate percentage | 7.50% | 7.50% |
Temporary equity, shares authorized | shares | 260,000 | 260,000 |
Temporary equity, shares issued | shares | 255,373 | 255,373 |
Temporary equity, shares outstanding | shares | 255,373 | 255,373 |
Cumulative quarterly distributions on preferred units (in dollars per share) | $ / shares | $ 7.50 | |
Temporary equity redemption price (in dollars per share) | $ / shares | 100 | |
Liquidation preference (in dollars per share) | $ / shares | $ 100 | |
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $ 25,537 | $ 25,537 |
Other noncontrolling redeemable interest | ||
Redeemable preferred stock | ||
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | 112,225 | |
Other noncontrolling redeemable interest | Simon Property Group L.P. | ||
Redeemable preferred stock | ||
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $ 112,225 |
Equity - Permanent Equity (Deta
Equity - Permanent Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Equity | ||
Preferred stock stated dividend rate percentage | 8.375% | 8.375% |
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Series J 8 3/8% cumulative redeemable preferred stock, shares outstanding | 796,948 | 796,948 |
Series J Preferred stock | ||
Equity | ||
Preferred stock stated dividend rate percentage | 8.375% | 8.375% |
Redemption price of preferred stock (in dollars per share) | $ 50 | |
Premium received on preferred stock issued | $ 7.5 | |
Preferred stock unamortized premium | $ 3.6 | $ 3.9 |
Simon Property Group L.P. | ||
Equity | ||
J 8 3/8% cumulative redeemable preferred stock, units outstanding | 796,948 | 796,948 |
Simon Property Group L.P. | Series J Preferred stock | ||
Equity | ||
Preferred stock stated dividend rate percentage | 8.375% | 8.375% |
Redemption price of preferred stock (in dollars per share) | $ 50 | |
Premium received on preferred stock issued | $ 7.5 | |
Preferred stock unamortized premium | $ 3.6 | $ 3.9 |
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized | 1,000,000 | |
J 8 3/8% cumulative redeemable preferred stock, units issued | 796,948 | |
J 8 3/8% cumulative redeemable preferred stock, units outstanding | 796,948 |
Equity - Stock Based Compensati
Equity - Stock Based Compensation (Details) | Dec. 31, 2013shares | Jul. 06, 2011USD ($)shares | Dec. 31, 2016USD ($)item$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares |
Stock-based incentive plan awards | |||||
Notes Receivable from Former CPI Stockholders | $ 14,800,000 | ||||
Exchange Rights | |||||
Limited partners units, exchange ratio | item | 1 | ||||
Common stock reserved for possible conversion (in shares) | shares | 50,775,934 | ||||
Restricted stock | |||||
Stock-based incentive plan awards | |||||
Compensation expense, net of capitalization | $ 9,100,000 | $ 9,400,000 | $ 12,300,000 | ||
Total number of shares awarded, net of forfeiture | shares | 5,658,007 | ||||
Shares of restricted stock awarded during the year, net of forfeitures | shares | 63,324 | 63,738 | 83,509 | ||
Weighted average fair value of shares granted during the period (in dollars per share) | $ / shares | $ 209.16 | $ 197.17 | $ 166.36 | ||
Amortization expense | $ 12,024,000 | $ 13,692,000 | $ 18,256,000 | ||
Restricted stock | Minimum | |||||
Stock-based incentive plan awards | |||||
Vesting period | 3 years | ||||
Restricted stock | Maximum | |||||
Stock-based incentive plan awards | |||||
Vesting period | 4 years | ||||
Restricted stock | Directors | |||||
Stock-based incentive plan awards | |||||
Vesting period | 1 year | ||||
LTIP Retention Award to Chairman and CEO | |||||
Stock-based incentive plan awards | |||||
Grant Date Fair Value | $ 120,300,000 | ||||
Awards earned | shares | 1,000,000 | ||||
Service period | 8 years | ||||
LTIP Retention Award to Chairman and CEO | A Units | |||||
Stock-based incentive plan awards | |||||
Awards earned | shares | 360,000 | ||||
LTIP Retention Award to Chairman and CEO | A Units | Maximum | |||||
Stock-based incentive plan awards | |||||
Units to be earned (in shares) | shares | 360,000 | ||||
LTIP Retention Award to Chairman and CEO | B Units | |||||
Stock-based incentive plan awards | |||||
Awards earned | shares | 360,000 | ||||
LTIP Retention Award to Chairman and CEO | B Units | Maximum | |||||
Stock-based incentive plan awards | |||||
Units to be earned (in shares) | shares | 360,000 | ||||
LTIP Retention Award to Chairman and CEO | C Units | Maximum | |||||
Stock-based incentive plan awards | |||||
Units to be earned (in shares) | shares | 280,000 | ||||
Employee Options | |||||
Stock-based incentive plan awards | |||||
Vesting period | 3 years | ||||
Expiration period | 10 years | ||||
Options outstanding (in shares) | shares | 0 | ||||
1998 Stock Incentive Plan | |||||
Stock-based incentive plan awards | |||||
Shares reserved for issuance (in shares) | shares | 16,300,000 | ||||
1998 Stock Incentive Plan | Audit Committee Chairman | |||||
Stock-based incentive plan awards | |||||
Retainer | $ 35,000 | ||||
1998 Stock Incentive Plan | Compensation Committee Chairman | |||||
Stock-based incentive plan awards | |||||
Retainer | 35,000 | ||||
1998 Stock Incentive Plan | Nominating And Governance Committee Chairman | |||||
Stock-based incentive plan awards | |||||
Retainer | 25,000 | ||||
1998 Stock Incentive Plan | Audit Committee Member | |||||
Stock-based incentive plan awards | |||||
Retainer | 15,000 | ||||
1998 Stock Incentive Plan | Compensation Committee Member | |||||
Stock-based incentive plan awards | |||||
Retainer | 15,000 | ||||
1998 Stock Incentive Plan | Nominating And Governance Committee Member | |||||
Stock-based incentive plan awards | |||||
Retainer | $ 10,000 | ||||
1998 Stock Incentive Plan | Directors | |||||
Stock-based incentive plan awards | |||||
Retainer fee paid cash (as a percent) | 50.00% | ||||
1998 Stock Incentive Plan | Independent Director | |||||
Stock-based incentive plan awards | |||||
Cash retainer | $ 100,000 | ||||
1998 Stock Incentive Plan | Lead Director | |||||
Stock-based incentive plan awards | |||||
Retainer | $ 50,000 | ||||
1998 Stock Incentive Plan | Restricted stock | Directors | |||||
Stock-based incentive plan awards | |||||
Retainer fee paid in restricted shares (as a percent) | 50.00% | ||||
1998 Stock Incentive Plan | Restricted stock | Independent Director | |||||
Stock-based incentive plan awards | |||||
Grant date value of restricted stock | $ 150,000 | ||||
LTIP program | |||||
Stock-based incentive plan awards | |||||
Vesting period | 2 years | ||||
Vesting rights percentage | 50.00% | ||||
Percent of distributions of Operating Partnership that participants are entitled to receive during performance period | 10.00% | ||||
Compensation expense, net of capitalization | $ 31,000,000 | $ 24,900,000 | $ 27,600,000 | ||
1-year 2010 LTIP Program | LTIP Units | |||||
Stock-based incentive plan awards | |||||
Grant Date Fair Value | $ 7,200,000 | ||||
LTIP Units Earned (in shares) | shares | 133,673 | ||||
Performance period | 1 year | ||||
2-year 2010 LTIP Program | LTIP Units | |||||
Stock-based incentive plan awards | |||||
Grant Date Fair Value | $ 14,800,000 | ||||
LTIP Units Earned (in shares) | shares | 337,006 | ||||
Performance period | 2 years | ||||
3-year 2010 LTIP Program | LTIP Units | |||||
Stock-based incentive plan awards | |||||
Grant Date Fair Value | $ 23,000,000 | ||||
LTIP Units Earned (in shares) | shares | 489,654 | ||||
Performance period | 3 years | ||||
2011-2013 LTIP Program | LTIP Units | |||||
Stock-based incentive plan awards | |||||
Grant Date Fair Value | $ 35,000,000 | ||||
LTIP Units Earned (in shares) | shares | 469,848 | ||||
2012-2014 LTIP Program | LTIP Units | |||||
Stock-based incentive plan awards | |||||
Grant Date Fair Value | $ 35,000,000 | ||||
LTIP Units Earned (in shares) | shares | 401,203 | ||||
2013-2015 LTIP program | LTIP Units | |||||
Stock-based incentive plan awards | |||||
Grant Date Fair Value | $ 29,500,000 | ||||
LTIP Units Earned (in shares) | shares | 482,779 | ||||
2014-2016 LTIP program | LTIP Units | |||||
Stock-based incentive plan awards | |||||
Grant Date Fair Value | $ 30,000,000 | ||||
2015-2017 LTIP program | LTIP Units | |||||
Stock-based incentive plan awards | |||||
Grant Date Fair Value | 27,400,000 | ||||
2016-2018 LTIP program | |||||
Stock-based incentive plan awards | |||||
Grant Date Fair Value | $ 28,800,000 |
Commitments and Contingencies -
Commitments and Contingencies - Litigation (Details) - Opry Mills, Nashville, TN - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended |
May 31, 2010 | Aug. 31, 2015 | Mar. 31, 2015 | |
Insurance | |||
Insurance proceeds funded by insurers | $ 50 | ||
Minimum insurance coverage | 50 | ||
Additional insurance proceeds | $ 150 | ||
Positive Outcome of Litigation | |||
Insurance | |||
Damages awarded, including amounts previously paid | $ 204.1 | ||
Positive Outcome of Litigation | Maximum | |||
Insurance | |||
Summary judgment of additional insurance coverage available under excess insurance policy | $ 150 |
Commitments and Contingencies76
Commitments and Contingencies - Lease and Insurance (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Lease Commitments | |||
Properties subject to ground leases | property | 22 | ||
Future minimum lease payments due under leases | |||
2,017 | $ 30,669 | ||
2,018 | 30,570 | ||
2,019 | 26,963 | ||
2,020 | 24,327 | ||
2,021 | 23,815 | ||
Thereafter | 675,795 | ||
Total | 812,139 | ||
Insurance | |||
Insurance coverage, acts of terrorism | 1,000,000 | ||
Ground | |||
Lease Commitments | |||
Lease expense | 38,764 | $ 38,851 | $ 39,898 |
Office | |||
Lease Commitments | |||
Lease expense | $ 4,105 | $ 4,067 | $ 4,577 |
Commitments and Contingencies77
Commitments and Contingencies - Guarantees of Indebtedness (Details) - Joint venture mortgage indebtedness - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Guarantees of Joint Venture Indebtedness: | ||
Loan guarantee | $ 400.5 | $ 353.7 |
Loan guarantees recoverable | $ 87.3 | $ 112.8 |
Commitments and Contingencies78
Commitments and Contingencies - Concentration of Credit Risk (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Consolidated Revenues | Concentration of credit risk | Minimum | |
Concentration of Credit Risk | |
Percentage of consolidated revenues from a single customer or tenant | 5.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Development, royalty and other fees | |||
Related Party Transactions | |||
Amounts charged to related party | $ 14,400 | $ 13,600 | $ 13,700 |
Unconsolidated joint ventures | Amounts for services provided | |||
Related Party Transactions | |||
Amounts charged to related party | 138,496 | 154,098 | 133,730 |
Unconsolidated joint ventures | Fees for financing activities | |||
Related Party Transactions | |||
Amounts charged to related party | 9,100 | 2,300 | 4,200 |
Properties owned by related parties | Amounts for services provided | |||
Related Party Transactions | |||
Amounts charged to related party | $ 5,384 | $ 4,324 | $ 4,393 |
Quarterly Financial Data (Una80
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total revenue | $ 1,425,966 | $ 1,357,168 | $ 1,315,380 | $ 1,336,715 | $ 1,380,621 | $ 1,320,137 | $ 1,349,110 | $ 1,216,235 | $ 5,435,229 | $ 5,266,103 | $ 4,870,818 |
Operating income | 700,501 | 676,191 | 659,236 | 684,901 | 709,730 | 657,587 | 702,385 | 599,171 | 2,720,828 | 2,668,873 | 2,385,342 |
Consolidated net income | 455,602 | 587,940 | 527,325 | 563,839 | 459,917 | 492,496 | 554,526 | 632,435 | 2,134,706 | 2,139,375 | 1,651,526 |
Net Income attributable to common stockholders or unitholders | $ 394,431 | $ 504,744 | $ 455,389 | $ 480,995 | $ 392,297 | $ 420,009 | $ 472,944 | $ 539,134 | $ 1,835,559 | $ 1,824,383 | $ 1,405,251 |
Net income per share - Basic and Diluted | $ 1.26 | $ 1.61 | $ 1.45 | $ 1.55 | $ 1.27 | $ 1.36 | $ 1.52 | $ 1.73 | $ 5.87 | $ 5.88 | $ 4.52 |
Weighted Average Shares Outstanding — Basic and Diluted | 313,684,810 | 314,234,418 | 313,399,467 | 309,416,266 | 309,418,757 | 309,417,298 | 310,498,911 | 311,101,297 | 312,690,756 | 310,102,746 | 310,731,032 |
Simon Property Group L.P. | |||||||||||
Total revenue | $ 5,435,229 | $ 5,266,103 | $ 4,870,818 | ||||||||
Operating income | 2,720,828 | 2,668,873 | 2,385,342 | ||||||||
Consolidated net income | 2,134,706 | 2,139,375 | 1,651,526 | ||||||||
Net Income attributable to common stockholders or unitholders | $ 453,726 | $ 581,266 | $ 525,447 | $ 561,797 | $ 457,759 | $ 490,344 | $ 552,604 | $ 630,432 | $ 2,122,236 | $ 2,131,139 | $ 1,643,783 |
Net income per share - Basic and Diluted | $ 1.26 | $ 1.61 | $ 1.45 | $ 1.55 | $ 1.27 | $ 1.36 | $ 1.52 | $ 1.73 | $ 5.87 | $ 5.88 | $ 4.52 |
Weighted Average Shares Outstanding — Basic and Diluted | 361,186,785 | 361,764,112 | 361,761,991 | 361,394,591 | 361,234,804 | 361,234,111 | 362,762,067 | 363,784,004 | 361,526,633 | 362,244,154 | 363,475,504 |
Schedule III Real Estate and 81
Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | $ 6,464,225 | |||
Initial Cost | ||||
Land | 3,231,631 | |||
Buildings and Improvements | 24,518,078 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 337,304 | |||
Buildings and Improvements | 6,810,929 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,568,935 | |||
Buildings and Improvements | 31,329,007 | |||
Total | 34,897,942 | $ 33,132,885 | $ 31,014,133 | $ 30,048,230 |
Accumulated Depreciation | 10,664,738 | $ 9,696,420 | $ 8,740,928 | $ 7,896,614 |
Malls | Barton Creek Square, Austin, TX | ||||
Initial Cost | ||||
Land | 2,903 | |||
Buildings and Improvements | 20,929 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 7,983 | |||
Buildings and Improvements | 71,575 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,886 | |||
Buildings and Improvements | 92,504 | |||
Total | 103,390 | |||
Accumulated Depreciation | 58,843 | |||
Malls | Battlefield Mall, Springfield, MO | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 122,131 | |||
Initial Cost | ||||
Land | 3,919 | |||
Buildings and Improvements | 27,231 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,000 | |||
Buildings and Improvements | 64,291 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,919 | |||
Buildings and Improvements | 91,522 | |||
Total | 98,441 | |||
Accumulated Depreciation | 67,333 | |||
Malls | Bay Park Square, Green Bay, WI | ||||
Initial Cost | ||||
Land | 6,358 | |||
Buildings and Improvements | 25,623 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 4,106 | |||
Buildings and Improvements | 26,112 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,464 | |||
Buildings and Improvements | 51,735 | |||
Total | 62,199 | |||
Accumulated Depreciation | 30,309 | |||
Malls | Brea Mall, Brea (Los Angeles), CA | ||||
Initial Cost | ||||
Land | 39,500 | |||
Buildings and Improvements | 209,202 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 48,624 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 39,500 | |||
Buildings and Improvements | 257,826 | |||
Total | 297,326 | |||
Accumulated Depreciation | 127,932 | |||
Malls | Broadway Square, Tyler, TX | ||||
Initial Cost | ||||
Land | 11,306 | |||
Buildings and Improvements | 32,431 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 26,077 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,306 | |||
Buildings and Improvements | 58,508 | |||
Total | 69,814 | |||
Accumulated Depreciation | 33,679 | |||
Malls | Burlington Mall, Burlington (Boston), MA | ||||
Initial Cost | ||||
Land | 46,600 | |||
Buildings and Improvements | 303,618 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 19,600 | |||
Buildings and Improvements | 103,748 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 66,200 | |||
Buildings and Improvements | 407,366 | |||
Total | 473,566 | |||
Accumulated Depreciation | 199,546 | |||
Malls | Castleton Square, Indianapolis, IN | ||||
Initial Cost | ||||
Land | 26,250 | |||
Buildings and Improvements | 98,287 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 7,434 | |||
Buildings and Improvements | 79,358 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 33,684 | |||
Buildings and Improvements | 177,645 | |||
Total | 211,329 | |||
Accumulated Depreciation | 99,635 | |||
Malls | Cielo Vista Mall, El Paso, TX | ||||
Initial Cost | ||||
Land | 1,005 | |||
Buildings and Improvements | 15,262 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 608 | |||
Buildings and Improvements | 55,899 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,613 | |||
Buildings and Improvements | 71,161 | |||
Total | 72,774 | |||
Accumulated Depreciation | 45,235 | |||
Malls | College Mall, Bloomington, IN | ||||
Initial Cost | ||||
Land | 1,003 | |||
Buildings and Improvements | 16,245 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 720 | |||
Buildings and Improvements | 53,359 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,723 | |||
Buildings and Improvements | 69,604 | |||
Total | 71,327 | |||
Accumulated Depreciation | 39,530 | |||
Malls | Columbia Center, Kennewick, WA | ||||
Initial Cost | ||||
Land | 17,441 | |||
Buildings and Improvements | 66,580 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 31,566 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,441 | |||
Buildings and Improvements | 98,146 | |||
Total | 115,587 | |||
Accumulated Depreciation | 52,298 | |||
Malls | Copley Place, Boston, MA | ||||
Initial Cost | ||||
Buildings and Improvements | 378,045 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 159,785 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 537,830 | |||
Total | 537,830 | |||
Accumulated Depreciation | 201,999 | |||
Malls | Coral Square, Coral Springs (Miami), FL | ||||
Initial Cost | ||||
Land | 13,556 | |||
Buildings and Improvements | 93,630 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 22,661 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,556 | |||
Buildings and Improvements | 116,291 | |||
Total | 129,847 | |||
Accumulated Depreciation | 82,854 | |||
Malls | Cordova Mall, Pensacola, FL | ||||
Initial Cost | ||||
Land | 18,626 | |||
Buildings and Improvements | 73,091 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 7,321 | |||
Buildings and Improvements | 65,397 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 25,947 | |||
Buildings and Improvements | 138,488 | |||
Total | 164,435 | |||
Accumulated Depreciation | 62,510 | |||
Malls | Domain, The, Austin, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 191,842 | |||
Initial Cost | ||||
Land | 40,436 | |||
Buildings and Improvements | 197,010 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 142,088 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 40,436 | |||
Buildings and Improvements | 339,098 | |||
Total | 379,534 | |||
Accumulated Depreciation | 125,788 | |||
Malls | Empire Mall, Sioux Falls, SD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 190,000 | |||
Initial Cost | ||||
Land | 35,998 | |||
Buildings and Improvements | 192,186 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 24,845 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 35,998 | |||
Buildings and Improvements | 217,031 | |||
Total | 253,029 | |||
Accumulated Depreciation | 38,305 | |||
Malls | Fashion Mall at Keystone, The, Indianapolis, IN | ||||
Initial Cost | ||||
Buildings and Improvements | 120,579 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 29,145 | |||
Buildings and Improvements | 93,330 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 29,145 | |||
Buildings and Improvements | 213,909 | |||
Total | 243,054 | |||
Accumulated Depreciation | 102,416 | |||
Malls | Firewheel Town Center, Garland (Dallas), TX | ||||
Initial Cost | ||||
Land | 8,485 | |||
Buildings and Improvements | 82,716 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 27,246 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,485 | |||
Buildings and Improvements | 109,962 | |||
Total | 118,447 | |||
Accumulated Depreciation | 51,519 | |||
Malls | Forum Shops at Caesars, The, Las Vegas, NV | ||||
Initial Cost | ||||
Buildings and Improvements | 276,567 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 248,739 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 525,306 | |||
Total | 525,306 | |||
Accumulated Depreciation | 228,438 | |||
Malls | Greenwood Park Mall, Greenwood (Indianapolis), IN | ||||
Initial Cost | ||||
Land | 2,423 | |||
Buildings and Improvements | 23,445 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,253 | |||
Buildings and Improvements | 115,932 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,676 | |||
Buildings and Improvements | 139,377 | |||
Total | 147,053 | |||
Accumulated Depreciation | 75,887 | |||
Malls | Haywood Mall, Greenville, SC | ||||
Initial Cost | ||||
Land | 11,585 | |||
Buildings and Improvements | 133,893 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 6 | |||
Buildings and Improvements | 37,999 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,591 | |||
Buildings and Improvements | 171,892 | |||
Total | 183,483 | |||
Accumulated Depreciation | 97,994 | |||
Malls | Independence Center, Independence (Kansas City), MO | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 200,000 | |||
Initial Cost | ||||
Land | 5,042 | |||
Buildings and Improvements | 45,798 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 42,025 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 5,042 | |||
Buildings and Improvements | 87,823 | |||
Total | 92,865 | |||
Accumulated Depreciation | 47,374 | |||
Malls | Ingram Park Mall, San Antonio, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 133,092 | |||
Initial Cost | ||||
Land | 733 | |||
Buildings and Improvements | 16,972 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 37 | |||
Buildings and Improvements | 25,383 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 770 | |||
Buildings and Improvements | 42,355 | |||
Total | 43,125 | |||
Accumulated Depreciation | 28,012 | |||
Malls | King of Prussia, King of Prussia (Philadelphia), PA | ||||
Initial Cost | ||||
Land | 175,063 | |||
Buildings and Improvements | 1,128,200 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 317,329 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 175,063 | |||
Buildings and Improvements | 1,445,529 | |||
Total | 1,620,592 | |||
Accumulated Depreciation | 243,296 | |||
Malls | La Plaza Mall, McAllen, TX | ||||
Initial Cost | ||||
Land | 87,912 | |||
Buildings and Improvements | 9,828 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 6,569 | |||
Buildings and Improvements | 107,393 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 94,481 | |||
Buildings and Improvements | 117,221 | |||
Total | 211,702 | |||
Accumulated Depreciation | 35,041 | |||
Malls | Lakeline Mall, Cedar Park (Austin), TX | ||||
Initial Cost | ||||
Land | 10,088 | |||
Buildings and Improvements | 81,568 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 14 | |||
Buildings and Improvements | 16,818 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,102 | |||
Buildings and Improvements | 98,386 | |||
Total | 108,488 | |||
Accumulated Depreciation | 54,544 | |||
Malls | Mall of Georgia, Buford (Atlanta), GA | ||||
Initial Cost | ||||
Land | 47,492 | |||
Buildings and Improvements | 326,633 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,700 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 47,492 | |||
Buildings and Improvements | 332,333 | |||
Total | 379,825 | |||
Accumulated Depreciation | 149,660 | |||
Malls | McCain Mall, N. Little Rock, AR | ||||
Initial Cost | ||||
Buildings and Improvements | 9,515 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 10,530 | |||
Buildings and Improvements | 28,945 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,530 | |||
Buildings and Improvements | 38,460 | |||
Total | 48,990 | |||
Accumulated Depreciation | 12,808 | |||
Malls | Menlo Park Mall, Edison (New York), NJ | ||||
Initial Cost | ||||
Land | 65,684 | |||
Buildings and Improvements | 223,252 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 71,007 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 65,684 | |||
Buildings and Improvements | 294,259 | |||
Total | 359,943 | |||
Accumulated Depreciation | 154,740 | |||
Malls | Midland Park Mall, Midland, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 78,807 | |||
Initial Cost | ||||
Land | 687 | |||
Buildings and Improvements | 9,213 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 24,849 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 687 | |||
Buildings and Improvements | 34,062 | |||
Total | 34,749 | |||
Accumulated Depreciation | 20,276 | |||
Malls | Miller Hill Mall, Duluth, MN | ||||
Initial Cost | ||||
Land | 2,965 | |||
Buildings and Improvements | 18,092 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,811 | |||
Buildings and Improvements | 42,181 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,776 | |||
Buildings and Improvements | 60,273 | |||
Total | 65,049 | |||
Accumulated Depreciation | 38,865 | |||
Malls | Montgomery Mall, North Wales (Philadelphia), PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 100,000 | |||
Initial Cost | ||||
Land | 27,105 | |||
Buildings and Improvements | 86,915 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 62,597 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 27,105 | |||
Buildings and Improvements | 149,512 | |||
Total | 176,617 | |||
Accumulated Depreciation | 59,216 | |||
Malls | North East Mall, Hurst (Dallas), TX | ||||
Initial Cost | ||||
Land | 128 | |||
Buildings and Improvements | 12,966 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 19,010 | |||
Buildings and Improvements | 149,629 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 19,138 | |||
Buildings and Improvements | 162,595 | |||
Total | 181,733 | |||
Accumulated Depreciation | 102,679 | |||
Malls | Northgate Mall, Seattle, WA | ||||
Initial Cost | ||||
Land | 23,586 | |||
Buildings and Improvements | 115,992 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 121,976 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 23,586 | |||
Buildings and Improvements | 237,968 | |||
Total | 261,554 | |||
Accumulated Depreciation | 113,611 | |||
Malls | Ocean County Mall, Toms River (New York), NJ | ||||
Initial Cost | ||||
Land | 20,404 | |||
Buildings and Improvements | 124,945 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 32,116 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 20,404 | |||
Buildings and Improvements | 157,061 | |||
Total | 177,465 | |||
Accumulated Depreciation | 81,367 | |||
Malls | Orland Square, Orland Park (Chicago), IL | ||||
Initial Cost | ||||
Land | 35,514 | |||
Buildings and Improvements | 129,906 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 52,261 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 35,514 | |||
Buildings and Improvements | 182,167 | |||
Total | 217,681 | |||
Accumulated Depreciation | 95,615 | |||
Malls | Oxford Valley Mall, Langhorne (Philadelphia), PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 63,931 | |||
Initial Cost | ||||
Land | 24,544 | |||
Buildings and Improvements | 100,287 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 18,942 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 24,544 | |||
Buildings and Improvements | 119,229 | |||
Total | 143,773 | |||
Accumulated Depreciation | 72,372 | |||
Malls | Penn Square Mall, Oklahoma City, OK | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 310,000 | |||
Initial Cost | ||||
Land | 2,043 | |||
Buildings and Improvements | 155,958 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 50,801 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,043 | |||
Buildings and Improvements | 206,759 | |||
Total | 208,802 | |||
Accumulated Depreciation | 109,149 | |||
Malls | Pheasant Lane Mall, Nashua, NH | ||||
Initial Cost | ||||
Land | 3,902 | |||
Buildings and Improvements | 155,068 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 550 | |||
Buildings and Improvements | 47,192 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,452 | |||
Buildings and Improvements | 202,260 | |||
Total | 206,712 | |||
Accumulated Depreciation | 93,096 | |||
Malls | Phipps Plaza, Atlanta, GA | ||||
Initial Cost | ||||
Land | 15,005 | |||
Buildings and Improvements | 210,610 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 65,446 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,005 | |||
Buildings and Improvements | 276,056 | |||
Total | 291,061 | |||
Accumulated Depreciation | 131,792 | |||
Malls | Plaza Carolina, Carolina (San Juan), PR | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 225,000 | |||
Initial Cost | ||||
Land | 15,493 | |||
Buildings and Improvements | 279,560 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 63,728 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,493 | |||
Buildings and Improvements | 343,288 | |||
Total | 358,781 | |||
Accumulated Depreciation | 135,962 | |||
Malls | Prien Lake Mall, Lake Charles, LA | ||||
Initial Cost | ||||
Land | 1,842 | |||
Buildings and Improvements | 2,813 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,053 | |||
Buildings and Improvements | 49,380 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,895 | |||
Buildings and Improvements | 52,193 | |||
Total | 57,088 | |||
Accumulated Depreciation | 26,045 | |||
Malls | Rockaway Townsquare, Rockaway (New York), NJ | ||||
Initial Cost | ||||
Land | 41,918 | |||
Buildings and Improvements | 212,257 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 46,283 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,918 | |||
Buildings and Improvements | 258,540 | |||
Total | 300,458 | |||
Accumulated Depreciation | 128,446 | |||
Malls | Roosevelt Field, Garden City (New York), NY | ||||
Initial Cost | ||||
Land | 163,160 | |||
Buildings and Improvements | 702,008 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,246 | |||
Buildings and Improvements | 344,459 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 164,406 | |||
Buildings and Improvements | 1,046,467 | |||
Total | 1,210,873 | |||
Accumulated Depreciation | 402,839 | |||
Malls | Ross Park Mall, Pittsburgh, PA | ||||
Initial Cost | ||||
Land | 23,541 | |||
Buildings and Improvements | 90,203 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 90,762 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 23,541 | |||
Buildings and Improvements | 180,965 | |||
Total | 204,506 | |||
Accumulated Depreciation | 107,322 | |||
Malls | Santa Rosa Plaza, Santa Rosa, CA | ||||
Initial Cost | ||||
Land | 10,400 | |||
Buildings and Improvements | 87,864 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 27,312 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,400 | |||
Buildings and Improvements | 115,176 | |||
Total | 125,576 | |||
Accumulated Depreciation | 56,048 | |||
Malls | Shops at Chestnut Hill, The, Chestnut Hill (Boston), MA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 120,000 | |||
Initial Cost | ||||
Land | 449 | |||
Buildings and Improvements | 25,102 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 43,257 | |||
Buildings and Improvements | 103,027 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 43,706 | |||
Buildings and Improvements | 128,129 | |||
Total | 171,835 | |||
Accumulated Depreciation | 22,434 | |||
Malls | Shops at Nanuet, The, Nanuet, NY | ||||
Initial Cost | ||||
Land | 28,125 | |||
Buildings and Improvements | 142,860 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 11,351 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 28,125 | |||
Buildings and Improvements | 154,211 | |||
Total | 182,336 | |||
Accumulated Depreciation | 20,843 | |||
Malls | Shops at Riverside, The, Hackensack (New York), NJ | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 130,000 | |||
Initial Cost | ||||
Land | 13,521 | |||
Buildings and Improvements | 238,746 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 44,174 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,521 | |||
Buildings and Improvements | 282,920 | |||
Total | 296,441 | |||
Accumulated Depreciation | 43,357 | |||
Malls | South Hills Village, Pittsburgh, PA | ||||
Initial Cost | ||||
Land | 23,445 | |||
Buildings and Improvements | 125,840 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,472 | |||
Buildings and Improvements | 58,731 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 24,917 | |||
Buildings and Improvements | 184,571 | |||
Total | 209,488 | |||
Accumulated Depreciation | 86,316 | |||
Malls | South Shore Plaza, Braintree (Boston), MA | ||||
Initial Cost | ||||
Land | 101,200 | |||
Buildings and Improvements | 301,495 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 959 | |||
Buildings and Improvements | 162,436 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 102,159 | |||
Buildings and Improvements | 463,931 | |||
Total | 566,090 | |||
Accumulated Depreciation | 210,327 | |||
Malls | Southdale Center, Edina (Minneapolis), MN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 150,206 | |||
Initial Cost | ||||
Land | 40,172 | |||
Buildings and Improvements | 184,967 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 45,675 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 40,172 | |||
Buildings and Improvements | 230,642 | |||
Total | 270,814 | |||
Accumulated Depreciation | 39,374 | |||
Malls | St. Charles Towne Center, Waldorf (Washington, DC), MD | ||||
Initial Cost | ||||
Land | 7,710 | |||
Buildings and Improvements | 52,934 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,180 | |||
Buildings and Improvements | 30,267 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,890 | |||
Buildings and Improvements | 83,201 | |||
Total | 92,091 | |||
Accumulated Depreciation | 53,925 | |||
Malls | Stanford Shopping Center, Palo Alto (San Jose), CA | ||||
Initial Cost | ||||
Buildings and Improvements | 339,537 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 123,251 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 462,788 | |||
Total | 462,788 | |||
Accumulated Depreciation | 148,063 | |||
Malls | Summit Mall, Akron, OH | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 85,000 | |||
Initial Cost | ||||
Land | 15,374 | |||
Buildings and Improvements | 51,137 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 49,423 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,374 | |||
Buildings and Improvements | 100,560 | |||
Total | 115,934 | |||
Accumulated Depreciation | 53,872 | |||
Malls | Tacoma Mall, Tacoma (Seattle), WA | ||||
Initial Cost | ||||
Land | 37,803 | |||
Buildings and Improvements | 125,826 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 91,857 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 37,803 | |||
Buildings and Improvements | 217,683 | |||
Total | 255,486 | |||
Accumulated Depreciation | 114,404 | |||
Malls | Tippecanoe Mall, Lafayette, IN | ||||
Initial Cost | ||||
Land | 2,897 | |||
Buildings and Improvements | 8,439 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,517 | |||
Buildings and Improvements | 47,804 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,414 | |||
Buildings and Improvements | 56,243 | |||
Total | 64,657 | |||
Accumulated Depreciation | 41,595 | |||
Malls | Town Center at Boca Raton, Boca Raton (Miami), FL | ||||
Initial Cost | ||||
Land | 64,200 | |||
Buildings and Improvements | 307,317 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 180,708 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 64,200 | |||
Buildings and Improvements | 488,025 | |||
Total | 552,225 | |||
Accumulated Depreciation | 244,795 | |||
Malls | Town Center at Cobb, Kennesaw (Atlanta), GA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 191,885 | |||
Initial Cost | ||||
Land | 32,355 | |||
Buildings and Improvements | 158,225 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 19,686 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 32,355 | |||
Buildings and Improvements | 177,911 | |||
Total | 210,266 | |||
Accumulated Depreciation | 101,821 | |||
Malls | Towne East Square, Wichita, KS | ||||
Initial Cost | ||||
Land | 8,525 | |||
Buildings and Improvements | 18,479 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 4,108 | |||
Buildings and Improvements | 45,486 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,633 | |||
Buildings and Improvements | 63,965 | |||
Total | 76,598 | |||
Accumulated Depreciation | 44,430 | |||
Malls | Treasure Coast Square, Jensen Beach, FL | ||||
Initial Cost | ||||
Land | 11,124 | |||
Buildings and Improvements | 72,990 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,067 | |||
Buildings and Improvements | 38,213 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,191 | |||
Buildings and Improvements | 111,203 | |||
Total | 125,394 | |||
Accumulated Depreciation | 64,440 | |||
Malls | Tyrone Square, St. Petersburg (Tampa), FL | ||||
Initial Cost | ||||
Land | 15,638 | |||
Buildings and Improvements | 120,962 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,459 | |||
Buildings and Improvements | 51,092 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,097 | |||
Buildings and Improvements | 172,054 | |||
Total | 189,151 | |||
Accumulated Depreciation | 90,365 | |||
Malls | University Park Mall, Mishawaka, IN | ||||
Initial Cost | ||||
Land | 16,768 | |||
Buildings and Improvements | 112,158 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 7,000 | |||
Buildings and Improvements | 57,526 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 23,768 | |||
Buildings and Improvements | 169,684 | |||
Total | 193,452 | |||
Accumulated Depreciation | 139,214 | |||
Malls | Walt Whitman Shops, Huntington Station (New York), NY | ||||
Initial Cost | ||||
Land | 51,700 | |||
Buildings and Improvements | 111,258 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,789 | |||
Buildings and Improvements | 127,103 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 55,489 | |||
Buildings and Improvements | 238,361 | |||
Total | 293,850 | |||
Accumulated Depreciation | 101,692 | |||
Malls | White Oaks Mall, Springfield, IL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 51,500 | |||
Initial Cost | ||||
Land | 3,024 | |||
Buildings and Improvements | 35,692 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 2,102 | |||
Buildings and Improvements | 63,561 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 5,126 | |||
Buildings and Improvements | 99,253 | |||
Total | 104,379 | |||
Accumulated Depreciation | 48,180 | |||
Malls | Wolfchase Galleria, Memphis, TN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 164,555 | |||
Initial Cost | ||||
Land | 15,881 | |||
Buildings and Improvements | 128,276 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 16,757 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,881 | |||
Buildings and Improvements | 145,033 | |||
Total | 160,914 | |||
Accumulated Depreciation | 81,285 | |||
Malls | Woodland Hills Mall, Tulsa, OK | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 88,943 | |||
Initial Cost | ||||
Land | 34,211 | |||
Buildings and Improvements | 187,123 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 28,499 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 34,211 | |||
Buildings and Improvements | 215,622 | |||
Total | 249,833 | |||
Accumulated Depreciation | 114,697 | |||
Premium Outlets | Albertville Premium Outlets, Albertville (Minneapolis), MN | ||||
Initial Cost | ||||
Land | 3,900 | |||
Buildings and Improvements | 97,059 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 8,138 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,900 | |||
Buildings and Improvements | 105,197 | |||
Total | 109,097 | |||
Accumulated Depreciation | 44,086 | |||
Premium Outlets | Allen Premium Outlets, Allen (Dallas), TX | ||||
Initial Cost | ||||
Land | 13,855 | |||
Buildings and Improvements | 43,687 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 9,137 | |||
Buildings and Improvements | 26,102 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 22,992 | |||
Buildings and Improvements | 69,789 | |||
Total | 92,781 | |||
Accumulated Depreciation | 28,265 | |||
Premium Outlets | Aurora Farms Premium Outlets, Aurora (Cleveland), OH | ||||
Initial Cost | ||||
Land | 2,370 | |||
Buildings and Improvements | 24,326 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,796 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,370 | |||
Buildings and Improvements | 30,122 | |||
Total | 32,492 | |||
Accumulated Depreciation | 20,649 | |||
Premium Outlets | Birch Run Premium Outlets, Birch Run (Detroit), MI | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 123,000 | |||
Initial Cost | ||||
Land | 11,477 | |||
Buildings and Improvements | 77,856 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 6,288 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,477 | |||
Buildings and Improvements | 84,144 | |||
Total | 95,621 | |||
Accumulated Depreciation | 25,000 | |||
Premium Outlets | Camarillo Premium Outlets, Camarillo (Los Angeles), CA | ||||
Initial Cost | ||||
Land | 16,670 | |||
Buildings and Improvements | 224,721 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 395 | |||
Buildings and Improvements | 66,193 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,065 | |||
Buildings and Improvements | 290,914 | |||
Total | 307,979 | |||
Accumulated Depreciation | 113,760 | |||
Premium Outlets | Carlsbad Premium Outlets, Carlsbad (San Diego), CA | ||||
Initial Cost | ||||
Land | 12,890 | |||
Buildings and Improvements | 184,990 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 96 | |||
Buildings and Improvements | 6,431 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,986 | |||
Buildings and Improvements | 191,421 | |||
Total | 204,407 | |||
Accumulated Depreciation | 69,030 | |||
Premium Outlets | Carolina Premium Outlets, Smithfield (Raleigh), NC | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 46,338 | |||
Initial Cost | ||||
Land | 3,175 | |||
Buildings and Improvements | 59,863 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,311 | |||
Buildings and Improvements | 6,006 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,486 | |||
Buildings and Improvements | 65,869 | |||
Total | 74,355 | |||
Accumulated Depreciation | 31,820 | |||
Premium Outlets | Chicago Premium Outlets, Aurora (Chicago), IL | ||||
Initial Cost | ||||
Land | 659 | |||
Buildings and Improvements | 118,005 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 13,050 | |||
Buildings and Improvements | 104,688 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,709 | |||
Buildings and Improvements | 222,693 | |||
Total | 236,402 | |||
Accumulated Depreciation | 60,147 | |||
Premium Outlets | Cincinnati Premium Outlets, Monroe (Cincinnati), OH | ||||
Initial Cost | ||||
Land | 14,117 | |||
Buildings and Improvements | 71,520 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,934 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,117 | |||
Buildings and Improvements | 76,454 | |||
Total | 90,571 | |||
Accumulated Depreciation | 27,685 | |||
Premium Outlets | Clinton Crossing Premium Outlets, Clinton, CT | ||||
Initial Cost | ||||
Land | 2,060 | |||
Buildings and Improvements | 107,556 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,532 | |||
Buildings and Improvements | 4,863 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,592 | |||
Buildings and Improvements | 112,419 | |||
Total | 116,011 | |||
Accumulated Depreciation | 47,581 | |||
Premium Outlets | Ellenton Premium Outlets, Ellenton (Tampa), FL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 178,000 | |||
Initial Cost | ||||
Land | 15,807 | |||
Buildings and Improvements | 182,412 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,295 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,807 | |||
Buildings and Improvements | 187,707 | |||
Total | 203,514 | |||
Accumulated Depreciation | 66,763 | |||
Premium Outlets | Folsom Premium Outlets, Folsom (Sacramento), CA | ||||
Initial Cost | ||||
Land | 9,060 | |||
Buildings and Improvements | 50,281 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,667 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,060 | |||
Buildings and Improvements | 54,948 | |||
Total | 64,008 | |||
Accumulated Depreciation | 27,564 | |||
Premium Outlets | Gilroy Premium Outlets, Gilroy (San Jose), CA | ||||
Initial Cost | ||||
Land | 9,630 | |||
Buildings and Improvements | 194,122 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 11,038 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,630 | |||
Buildings and Improvements | 205,160 | |||
Total | 214,790 | |||
Accumulated Depreciation | 84,512 | |||
Premium Outlets | Grand Prairie Premium Outlets, Grand Prairie (Dallas), TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 118,388 | |||
Initial Cost | ||||
Land | 9,497 | |||
Buildings and Improvements | 195,117 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,497 | |||
Buildings and Improvements | 195,117 | |||
Total | 204,614 | |||
Accumulated Depreciation | 29,311 | |||
Premium Outlets | Grove City Premium Outlets, Grove City (Pittsburgh), PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 140,000 | |||
Initial Cost | ||||
Land | 6,421 | |||
Buildings and Improvements | 121,880 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,506 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,421 | |||
Buildings and Improvements | 127,386 | |||
Total | 133,807 | |||
Accumulated Depreciation | 46,129 | |||
Premium Outlets | Gulfport Premium Outlets, Gulfport, MS | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 50,000 | |||
Initial Cost | ||||
Buildings and Improvements | 27,949 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,935 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 30,884 | |||
Total | 30,884 | |||
Accumulated Depreciation | 11,117 | |||
Premium Outlets | Hagerstown Premium Outlets, Hagerstown (Baltimore/Washington, DC), MD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 77,000 | |||
Initial Cost | ||||
Land | 3,576 | |||
Buildings and Improvements | 85,883 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,388 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,576 | |||
Buildings and Improvements | 88,271 | |||
Total | 91,847 | |||
Accumulated Depreciation | 26,509 | |||
Premium Outlets | Houston Premium Outlets, Cypress (Houston), TX | ||||
Initial Cost | ||||
Land | 8,695 | |||
Buildings and Improvements | 69,350 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 44,184 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,695 | |||
Buildings and Improvements | 113,534 | |||
Total | 122,229 | |||
Accumulated Depreciation | 39,090 | |||
Premium Outlets | Jackson Premium Outlets, Jackson (New York), NJ | ||||
Initial Cost | ||||
Land | 6,413 | |||
Buildings and Improvements | 104,013 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3 | |||
Buildings and Improvements | 6,502 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,416 | |||
Buildings and Improvements | 110,515 | |||
Total | 116,931 | |||
Accumulated Depreciation | 40,932 | |||
Premium Outlets | Jersey Shore Premium Outlets, Tinton Falls (New York), NJ | ||||
Initial Cost | ||||
Land | 15,390 | |||
Buildings and Improvements | 50,979 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 75,435 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,390 | |||
Buildings and Improvements | 126,414 | |||
Total | 141,804 | |||
Accumulated Depreciation | 46,191 | |||
Premium Outlets | Johnson Creek Premium Outlets, Johnson Creek, WI | ||||
Initial Cost | ||||
Land | 2,800 | |||
Buildings and Improvements | 39,546 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 7,361 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,800 | |||
Buildings and Improvements | 46,907 | |||
Total | 49,707 | |||
Accumulated Depreciation | 19,114 | |||
Premium Outlets | Kittery Premium Outlets, Kittery, ME | ||||
Initial Cost | ||||
Land | 11,832 | |||
Buildings and Improvements | 94,994 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 8,888 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,832 | |||
Buildings and Improvements | 103,882 | |||
Total | 115,714 | |||
Accumulated Depreciation | 36,365 | |||
Premium Outlets | Las Americas Premium Outlets, San Diego, CA | ||||
Initial Cost | ||||
Land | 45,168 | |||
Buildings and Improvements | 251,878 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 8,010 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 45,168 | |||
Buildings and Improvements | 259,888 | |||
Total | 305,056 | |||
Accumulated Depreciation | 71,448 | |||
Premium Outlets | Las Vegas North Premium Outlets, Las Vegas, NV | ||||
Initial Cost | ||||
Land | 25,435 | |||
Buildings and Improvements | 134,973 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 16,536 | |||
Buildings and Improvements | 147,906 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,971 | |||
Buildings and Improvements | 282,879 | |||
Total | 324,850 | |||
Accumulated Depreciation | 91,466 | |||
Premium Outlets | Las Vegas South Premium Outlets, Las Vegas, NV | ||||
Initial Cost | ||||
Land | 13,085 | |||
Buildings and Improvements | 160,777 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 31,173 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,085 | |||
Buildings and Improvements | 191,950 | |||
Total | 205,035 | |||
Accumulated Depreciation | 65,281 | |||
Premium Outlets | Lee Premium Outlets, Lee, MA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 53,491 | |||
Initial Cost | ||||
Land | 9,167 | |||
Buildings and Improvements | 52,212 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,031 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,167 | |||
Buildings and Improvements | 54,243 | |||
Total | 63,410 | |||
Accumulated Depreciation | 19,333 | |||
Premium Outlets | Leesburg Corner Premium Outlets, Leesburg (Washington, DC), VA | ||||
Initial Cost | ||||
Land | 7,190 | |||
Buildings and Improvements | 162,023 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,647 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,190 | |||
Buildings and Improvements | 167,670 | |||
Total | 174,860 | |||
Accumulated Depreciation | 71,037 | |||
Premium Outlets | Lighthouse Place Premium Outlets, Michigan City (Chicago, IL), IN | ||||
Initial Cost | ||||
Land | 6,630 | |||
Buildings and Improvements | 94,138 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 9,442 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,630 | |||
Buildings and Improvements | 103,580 | |||
Total | 110,210 | |||
Accumulated Depreciation | 48,259 | |||
Premium Outlets | Merrimack Premium Outlets, Merrimack, NH | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 126,534 | |||
Initial Cost | ||||
Land | 17,028 | |||
Buildings and Improvements | 118,428 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,807 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,028 | |||
Buildings and Improvements | 120,235 | |||
Total | 137,263 | |||
Accumulated Depreciation | 24,654 | |||
Premium Outlets | Napa Premium Outlets, Napa, CA | ||||
Initial Cost | ||||
Land | 11,400 | |||
Buildings and Improvements | 45,023 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,740 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,400 | |||
Buildings and Improvements | 49,763 | |||
Total | 61,163 | |||
Accumulated Depreciation | 21,443 | |||
Premium Outlets | North Bend Premium Outlets, North Bend (Seattle), WA | ||||
Initial Cost | ||||
Land | 2,143 | |||
Buildings and Improvements | 36,197 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,125 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,143 | |||
Buildings and Improvements | 40,322 | |||
Total | 42,465 | |||
Accumulated Depreciation | 15,146 | |||
Premium Outlets | North Georgia Premium Outlets, Dawsonville (Atlanta), GA | ||||
Initial Cost | ||||
Land | 4,300 | |||
Buildings and Improvements | 132,325 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,696 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,300 | |||
Buildings and Improvements | 137,021 | |||
Total | 141,321 | |||
Accumulated Depreciation | 54,887 | |||
Premium Outlets | Orlando International Premium Outlets, Orlando, FL | ||||
Initial Cost | ||||
Land | 31,998 | |||
Buildings and Improvements | 472,815 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,563 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 31,998 | |||
Buildings and Improvements | 476,378 | |||
Total | 508,376 | |||
Accumulated Depreciation | 117,299 | |||
Premium Outlets | Orlando Vineland Premium Outlets, Orlando, FL | ||||
Initial Cost | ||||
Land | 14,040 | |||
Buildings and Improvements | 304,410 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 36,023 | |||
Buildings and Improvements | 80,156 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 50,063 | |||
Buildings and Improvements | 384,566 | |||
Total | 434,629 | |||
Accumulated Depreciation | 133,643 | |||
Premium Outlets | Petaluma Village Premium Outlets, Petaluma (San Francisco), CA | ||||
Initial Cost | ||||
Land | 13,322 | |||
Buildings and Improvements | 13,710 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,267 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,322 | |||
Buildings and Improvements | 16,977 | |||
Total | 30,299 | |||
Accumulated Depreciation | 9,971 | |||
Premium Outlets | Philadelphia Premium Outlets, Limerick (Philadelphia), PA | ||||
Initial Cost | ||||
Land | 16,676 | |||
Buildings and Improvements | 105,249 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 17,906 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,676 | |||
Buildings and Improvements | 123,155 | |||
Total | 139,831 | |||
Accumulated Depreciation | 53,886 | |||
Premium Outlets | Phoenix Premium Outlets, Chandler (Phoenix), AZ | ||||
Initial Cost | ||||
Buildings and Improvements | 63,448 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 63,448 | |||
Total | 63,448 | |||
Accumulated Depreciation | 12,969 | |||
Premium Outlets | Pismo Beach Premium Outlets, Pismo Beach, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 36,823 | |||
Initial Cost | ||||
Land | 4,317 | |||
Buildings and Improvements | 19,044 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,944 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,317 | |||
Buildings and Improvements | 20,988 | |||
Total | 25,305 | |||
Accumulated Depreciation | 8,821 | |||
Premium Outlets | Pleasant Prairie Premium Outlets, Pleasant Prairie (Chicago, IL/Milwaukee), WI | ||||
Initial Cost | ||||
Land | 16,823 | |||
Buildings and Improvements | 126,686 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,407 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,823 | |||
Buildings and Improvements | 132,093 | |||
Total | 148,916 | |||
Accumulated Depreciation | 36,143 | |||
Premium Outlets | Puerto Rico Premium Outlets, Barceloneta, PR | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 125,000 | |||
Initial Cost | ||||
Land | 20,586 | |||
Buildings and Improvements | 114,021 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,188 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 20,586 | |||
Buildings and Improvements | 119,209 | |||
Total | 139,795 | |||
Accumulated Depreciation | 32,768 | |||
Premium Outlets | Queenstown Premium Outlets, Queenstown (Baltimore), MD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 64,689 | |||
Initial Cost | ||||
Land | 8,129 | |||
Buildings and Improvements | 61,950 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,424 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,129 | |||
Buildings and Improvements | 66,374 | |||
Total | 74,503 | |||
Accumulated Depreciation | 19,697 | |||
Premium Outlets | Rio Grande Valley Premium Outlets, Mercedes (McAllen), TX | ||||
Initial Cost | ||||
Land | 12,229 | |||
Buildings and Improvements | 41,547 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 31,760 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,229 | |||
Buildings and Improvements | 73,307 | |||
Total | 85,536 | |||
Accumulated Depreciation | 36,098 | |||
Premium Outlets | Round Rock Premium Outlets, Round Rock (Austin), TX | ||||
Initial Cost | ||||
Land | 14,706 | |||
Buildings and Improvements | 82,252 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,564 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,706 | |||
Buildings and Improvements | 85,816 | |||
Total | 100,522 | |||
Accumulated Depreciation | 42,310 | |||
Premium Outlets | San Francisco Premium Outlets, Livermore (San Francisco), CA | ||||
Initial Cost | ||||
Land | 21,925 | |||
Buildings and Improvements | 308,694 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 40,046 | |||
Buildings and Improvements | 51,642 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 61,971 | |||
Buildings and Improvements | 360,336 | |||
Total | 422,307 | |||
Accumulated Depreciation | 47,062 | |||
Premium Outlets | San Marcos Premium Outlets, San Marcos (Austin/San Antonio), TX | ||||
Initial Cost | ||||
Land | 13,180 | |||
Buildings and Improvements | 287,179 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 8,831 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,180 | |||
Buildings and Improvements | 296,010 | |||
Total | 309,190 | |||
Accumulated Depreciation | 73,112 | |||
Premium Outlets | Seattle Premium Outlets, Tulalip (Seattle), WA | ||||
Initial Cost | ||||
Buildings and Improvements | 103,722 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 55,046 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 158,768 | |||
Total | 158,768 | |||
Accumulated Depreciation | 58,507 | |||
Premium Outlets | St. Augustine Premium Outlets, St. Augustine (Jacksonville), FL | ||||
Initial Cost | ||||
Land | 6,090 | |||
Buildings and Improvements | 57,670 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 2 | |||
Buildings and Improvements | 10,954 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,092 | |||
Buildings and Improvements | 68,624 | |||
Total | 74,716 | |||
Accumulated Depreciation | 31,332 | |||
Premium Outlets | Tampa Premium Outlets, Lutz (Tampa), FL | ||||
Initial Cost | ||||
Land | 14,298 | |||
Buildings and Improvements | 97,188 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 121 | |||
Buildings and Improvements | 3,230 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,419 | |||
Buildings and Improvements | 100,418 | |||
Total | 114,837 | |||
Accumulated Depreciation | 5,518 | |||
Premium Outlets | The Crossings Premium Outlets, Tannersville, PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 112,647 | |||
Initial Cost | ||||
Land | 7,720 | |||
Buildings and Improvements | 172,931 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 15,841 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,720 | |||
Buildings and Improvements | 188,772 | |||
Total | 196,492 | |||
Accumulated Depreciation | 69,205 | |||
Premium Outlets | Tucson Premium Outlets, Marana (Tucson), AZ | ||||
Initial Cost | ||||
Land | 12,508 | |||
Buildings and Improvements | 69,677 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,259 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,508 | |||
Buildings and Improvements | 74,936 | |||
Total | 87,444 | |||
Accumulated Depreciation | 4,196 | |||
Premium Outlets | Vacaville Premium Outlets, Vacaville, CA | ||||
Initial Cost | ||||
Land | 9,420 | |||
Buildings and Improvements | 84,850 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 14,879 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,420 | |||
Buildings and Improvements | 99,729 | |||
Total | 109,149 | |||
Accumulated Depreciation | 46,555 | |||
Premium Outlets | Waikele Premium Outlets, Waipahu (Honolulu), HI | ||||
Initial Cost | ||||
Land | 22,630 | |||
Buildings and Improvements | 77,316 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 19,727 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 22,630 | |||
Buildings and Improvements | 97,043 | |||
Total | 119,673 | |||
Accumulated Depreciation | 36,337 | |||
Premium Outlets | Waterloo Premium Outlets, Waterloo, NY | ||||
Initial Cost | ||||
Land | 3,230 | |||
Buildings and Improvements | 75,277 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 9,062 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,230 | |||
Buildings and Improvements | 84,339 | |||
Total | 87,569 | |||
Accumulated Depreciation | 38,852 | |||
Premium Outlets | Williamsburg Premium Outlets, Williamsburg, VA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 185,000 | |||
Initial Cost | ||||
Land | 10,323 | |||
Buildings and Improvements | 223,789 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,858 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,323 | |||
Buildings and Improvements | 229,647 | |||
Total | 239,970 | |||
Accumulated Depreciation | 55,852 | |||
Premium Outlets | Woodburn Premium Outlets, Woodburn (Portland), OR | ||||
Initial Cost | ||||
Land | 9,414 | |||
Buildings and Improvements | 150,414 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,341 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,414 | |||
Buildings and Improvements | 151,755 | |||
Total | 161,169 | |||
Accumulated Depreciation | 23,870 | |||
Premium Outlets | Woodbury Common Premium Outlets, Central Valley (New York), NY | ||||
Initial Cost | ||||
Land | 11,110 | |||
Buildings and Improvements | 862,559 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,658 | |||
Buildings and Improvements | 224,253 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,768 | |||
Buildings and Improvements | 1,086,812 | |||
Total | 1,099,580 | |||
Accumulated Depreciation | 326,600 | |||
Premium Outlets | Wrentham Village Premium Outlets, Wrentham (Boston), MA | ||||
Initial Cost | ||||
Land | 4,900 | |||
Buildings and Improvements | 282,031 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 10,709 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,900 | |||
Buildings and Improvements | 292,740 | |||
Total | 297,640 | |||
Accumulated Depreciation | 113,849 | |||
The Mills | Arizona Mills, Tempe (Phoenix), AZ | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 158,966 | |||
Initial Cost | ||||
Land | 41,936 | |||
Buildings and Improvements | 297,289 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 12,295 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,936 | |||
Buildings and Improvements | 309,584 | |||
Total | 351,520 | |||
Accumulated Depreciation | 33,739 | |||
The Mills | Great Mall, Milpitas (San Jose), CA | ||||
Initial Cost | ||||
Land | 70,496 | |||
Buildings and Improvements | 463,101 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 35,224 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 70,496 | |||
Buildings and Improvements | 498,325 | |||
Total | 568,821 | |||
Accumulated Depreciation | 81,692 | |||
The Mills | Gurnee Mills, Gurnee (Chicago), IL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 273,866 | |||
Initial Cost | ||||
Land | 41,133 | |||
Buildings and Improvements | 297,911 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 12,043 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,133 | |||
Buildings and Improvements | 309,954 | |||
Total | 351,087 | |||
Accumulated Depreciation | 54,403 | |||
The Mills | Mills at Jersey Gardens, The, Elizabeth, NJ | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 350,000 | |||
Initial Cost | ||||
Land | 120,417 | |||
Buildings and Improvements | 865,605 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 7,414 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 120,417 | |||
Buildings and Improvements | 873,019 | |||
Total | 993,436 | |||
Accumulated Depreciation | 66,837 | |||
The Mills | Opry Mills, Nashville, TN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 375,000 | |||
Initial Cost | ||||
Land | 51,000 | |||
Buildings and Improvements | 327,503 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 14,567 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 51,000 | |||
Buildings and Improvements | 342,070 | |||
Total | 393,070 | |||
Accumulated Depreciation | 57,811 | |||
The Mills | Potomac Mills, Woodbridge (Washington, DC), VA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 416,000 | |||
Initial Cost | ||||
Land | 61,755 | |||
Buildings and Improvements | 425,370 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 35,791 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 61,755 | |||
Buildings and Improvements | 461,161 | |||
Total | 522,916 | |||
Accumulated Depreciation | 81,498 | |||
The Mills | Sawgrass Mills, Sunrise (Miami), FL | ||||
Initial Cost | ||||
Land | 194,002 | |||
Buildings and Improvements | 1,641,153 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,395 | |||
Buildings and Improvements | 114,530 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 199,397 | |||
Buildings and Improvements | 1,755,683 | |||
Total | 1,955,080 | |||
Accumulated Depreciation | 278,169 | |||
Designer Outlets | La Reggia Designer Outlet, Marcianise (Naples), Italy | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 56,798 | |||
Initial Cost | ||||
Land | 37,220 | |||
Buildings and Improvements | 233,179 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,502 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 37,220 | |||
Buildings and Improvements | 234,681 | |||
Total | 271,901 | |||
Accumulated Depreciation | 5,761 | |||
Designer Outlets | Noventa Di Piave Designer Outlet, Venice, Italy | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 90,947 | |||
Initial Cost | ||||
Land | 38,793 | |||
Buildings and Improvements | 309,284 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 12,978 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 38,793 | |||
Buildings and Improvements | 322,262 | |||
Total | 361,055 | |||
Accumulated Depreciation | 6,332 | |||
Designer Outlets | Parndorf Designer Outlet, Vienna, Austria | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 97,293 | |||
Initial Cost | ||||
Land | 14,903 | |||
Buildings and Improvements | 221,442 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,048 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,903 | |||
Buildings and Improvements | 222,490 | |||
Total | 237,393 | |||
Accumulated Depreciation | 10,565 | |||
Designer Outlets | Roermond Designer Outlet, Roermond, Netherlands | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 243,232 | |||
Initial Cost | ||||
Land | 15,035 | |||
Buildings and Improvements | 400,094 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,111 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,035 | |||
Buildings and Improvements | 401,205 | |||
Total | 416,240 | |||
Accumulated Depreciation | 16,803 | |||
Community/Lifestyles Centers | ABQ Uptown, Albuquerque, NM | ||||
Initial Cost | ||||
Land | 6,374 | |||
Buildings and Improvements | 75,333 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 4,054 | |||
Buildings and Improvements | 4,675 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,428 | |||
Buildings and Improvements | 80,008 | |||
Total | 90,436 | |||
Accumulated Depreciation | 17,665 | |||
Community/Lifestyles Centers | University Park Village, Fort Worth, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 55,000 | |||
Initial Cost | ||||
Land | 18,031 | |||
Buildings and Improvements | 100,523 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,271 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 18,031 | |||
Buildings and Improvements | 103,794 | |||
Total | 121,825 | |||
Accumulated Depreciation | 7,244 | |||
Other Properties | Bangor Mall, Bangor, ME | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 80,000 | |||
Initial Cost | ||||
Land | 5,478 | |||
Buildings and Improvements | 59,740 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 13,747 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 5,478 | |||
Buildings and Improvements | 73,487 | |||
Total | 78,965 | |||
Accumulated Depreciation | 37,413 | |||
Other Properties | Calhoun Outlet Marketplace, Calhoun GA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 19,316 | |||
Initial Cost | ||||
Land | 1,745 | |||
Buildings and Improvements | 12,529 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,625 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,745 | |||
Buildings and Improvements | 14,154 | |||
Total | 15,899 | |||
Accumulated Depreciation | 7,464 | |||
Other Properties | Florida Keys Outlet Marketplace, Florida City, FL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 17,000 | |||
Initial Cost | ||||
Land | 1,560 | |||
Buildings and Improvements | 1,748 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,460 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,560 | |||
Buildings and Improvements | 5,208 | |||
Total | 6,768 | |||
Accumulated Depreciation | 2,156 | |||
Other Properties | Gaffney Outlet Marketplace, Gaffney (Greenville/Charlotte), SC | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 31,203 | |||
Initial Cost | ||||
Land | 4,056 | |||
Buildings and Improvements | 32,371 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,887 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,056 | |||
Buildings and Improvements | 35,258 | |||
Total | 39,314 | |||
Accumulated Depreciation | 13,319 | |||
Other Properties | Lebanon Outlet Marketplace, Lebanon (Nashville), TN | ||||
Initial Cost | ||||
Land | 1,758 | |||
Buildings and Improvements | 10,189 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 598 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,758 | |||
Buildings and Improvements | 10,787 | |||
Total | 12,545 | |||
Accumulated Depreciation | 4,692 | |||
Other Properties | Liberty Village Marketplace, Flemington (New York), NJ | ||||
Initial Cost | ||||
Land | 5,670 | |||
Buildings and Improvements | 28,904 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,000 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 5,670 | |||
Buildings and Improvements | 30,904 | |||
Total | 36,574 | |||
Accumulated Depreciation | 23,429 | |||
Other Properties | Lincoln Plaza, King of Prussia (Philadelphia), PA | ||||
Initial Cost | ||||
Buildings and Improvements | 21,299 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,704 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 27,003 | |||
Total | 27,003 | |||
Accumulated Depreciation | 14,800 | |||
Other Properties | Orlando Outlet Marketplace, Orlando, FL | ||||
Initial Cost | ||||
Land | 3,367 | |||
Buildings and Improvements | 1,557 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,171 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,367 | |||
Buildings and Improvements | 3,728 | |||
Total | 7,095 | |||
Accumulated Depreciation | 1,550 | |||
Other Properties | Osage Beach Outlet Marketplace, Osage Beach, MO | ||||
Initial Cost | ||||
Land | 9,460 | |||
Buildings and Improvements | 85,804 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 7,135 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,460 | |||
Buildings and Improvements | 92,939 | |||
Total | 102,399 | |||
Accumulated Depreciation | 40,760 | |||
Development Projects | Other pre-development costs | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 44,099 | |||
Initial Cost | ||||
Land | 130,344 | |||
Buildings and Improvements | 86,457 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 130,344 | |||
Buildings and Improvements | 86,457 | |||
Total | 216,801 | |||
Accumulated Depreciation | 76 | |||
Other | ||||
Initial Cost | ||||
Land | 2,615 | |||
Buildings and Improvements | 14,047 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,615 | |||
Buildings and Improvements | 14,047 | |||
Total | 16,662 | |||
Accumulated Depreciation | 7,094 | |||
Currency Translation Adjustment | ||||
Initial Cost | ||||
Land | (3,718) | |||
Buildings and Improvements | (41,037) | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | (3,718) | |||
Buildings and Improvements | (41,037) | |||
Total | (44,755) | |||
Accumulated Depreciation | $ (3,461) |
Schedule III Real Estate and 82
Schedule III Real Estate and Accumulated Depreciation - Changes in Real Estate Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Real Estate Properties: | |||
Balance, beginning of year | $ 33,132,885 | $ 31,014,133 | $ 30,048,230 |
Acquisitions and consolidations | 1,331,511 | 1,190,944 | 393,351 |
Improvements | 658,734 | 995,964 | 791,453 |
Disposals and deconsolidations | (180,433) | (68,156) | (218,901) |
Currency Translation Adjustment | (44,755) | ||
Balance, close of year | 34,897,942 | 33,132,885 | 31,014,133 |
Unaudited aggregate cost of real estate for federal income tax purposes | 29,601,501 | ||
Reconciliation of Accumulated Depreciation: | |||
Balance, beginning of year | 9,696,420 | 8,740,928 | 7,896,614 |
Depreciation expense | 1,089,347 | 1,018,078 | 997,482 |
Disposals and deconsolidations | (117,568) | (62,586) | (153,168) |
Currency Translation Adjustment | (3,461) | ||
Balance, close of year | $ 10,664,738 | $ 9,696,420 | $ 8,740,928 |
Structure | Minimum | |||
Real estate and accumulated depreciation | |||
Depreciable life | 10 years | ||
Structure | Maximum | |||
Real estate and accumulated depreciation | |||
Depreciable life | 35 years | ||
Landscaping and parking lot | |||
Real estate and accumulated depreciation | |||
Depreciable life | 15 years | ||
HVAC equipment | |||
Real estate and accumulated depreciation | |||
Depreciable life | 10 years |