Document and Entity Information
Document and Entity Information - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 31, 2020 | Jun. 30, 2019 | |
Entity Registrant Name | SIMON PROPERTY GROUP, INC. | ||
Entity Central Index Key | 0001063761 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity File Number | 001-14469 | ||
Entity Tax Identification Number | 04-6268599 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 225 West Washington Street | ||
Entity Address, City or Town | Indianapolis | ||
Entity Address, State or Province | IN | ||
Entity Address, Postal Zip Code | 46204 | ||
City Area Code | 317 | ||
Local Phone Number | 636-1600 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 48,849 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Common stock | |||
Title of 12(b) Security | Common stock, $0.0001 par value | ||
Trading Symbol | SPG | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 306,860,960 | ||
Entity Listing, Par Value Per Share | $ 0.0001 | ||
Class B common stock | |||
Entity Common Stock, Shares Outstanding | 8,000 | ||
Entity Listing, Par Value Per Share | $ 0.0001 | ||
Series J Preferred stock | |||
Title of 12(b) Security | 83/8% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value | ||
Trading Symbol | SPGJ | ||
Security Exchange Name | NYSE | ||
Simon Property Group, L.P. | |||
Entity Registrant Name | SIMON PROPERTY GROUP, L.P. | ||
Entity Central Index Key | 0001022344 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity File Number | 001-36110 | ||
Entity Tax Identification Number | 34-1755769 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 225 West Washington Street | ||
Entity Address, City or Town | Indianapolis | ||
Entity Address, State or Province | IN | ||
Entity Address, Postal Zip Code | 46204 | ||
City Area Code | 317 | ||
Local Phone Number | 636-1600 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Simon Property Group, L.P. | Senior Unsecured 2.375% due 2020 | |||
Title of 12(b) Security | 2.375% Senior Unsecured Notes due 2020 | ||
Trading Symbol | SPG/20 | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS: | ||
Investment properties, at cost | $ 37,804,495 | $ 37,092,670 |
Less - accumulated depreciation | 13,905,776 | 12,884,539 |
Investment properties, at cost, net | 23,898,719 | 24,208,131 |
Cash and cash equivalents | 669,373 | 514,335 |
Tenant receivables and accrued revenue, net | 832,151 | 763,815 |
Investment in unconsolidated entities, at equity | 2,371,053 | 2,220,414 |
Investment in Klepierre, at equity | 1,731,649 | 1,769,488 |
Right-of-use assets, net | 514,660 | |
Deferred costs and other assets | 1,214,025 | 1,210,040 |
Total assets | 31,231,630 | 30,686,223 |
LIABILITIES: | ||
Mortgages and unsecured indebtedness | 24,163,230 | 23,305,535 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,390,682 | 1,316,861 |
Cash distributions and losses in unconsolidated entities, at equity | 1,566,294 | 1,536,111 |
Lease liabilities | 516,809 | |
Other liabilities | 464,304 | 500,597 |
Total liabilities | 28,101,319 | 26,659,104 |
Commitments and contingencies | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | 219,061 | 230,163 |
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): | ||
Series J 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847 | 42,420 | 42,748 |
Capital in excess of par value | 9,756,073 | 9,700,418 |
Accumulated deficit | (5,379,952) | (4,893,069) |
Accumulated other comprehensive loss | (118,604) | (126,017) |
Common stock held in treasury, at cost, 13,574,296 and 11,402,103 shares, respectively | (1,773,571) | (1,427,431) |
Total stockholders' equity | 2,526,398 | 3,296,681 |
Noncontrolling interests | 384,852 | 500,275 |
Total equity | 2,911,250 | 3,796,956 |
Total liabilities and equity | 31,231,630 | 30,686,223 |
Simon Property Group, L.P. | ||
ASSETS: | ||
Investment properties, at cost | 37,804,495 | 37,092,670 |
Less - accumulated depreciation | 13,905,776 | 12,884,539 |
Investment properties, at cost, net | 23,898,719 | 24,208,131 |
Cash and cash equivalents | 669,373 | 514,335 |
Tenant receivables and accrued revenue, net | 832,151 | 763,815 |
Investment in unconsolidated entities, at equity | 2,371,053 | 2,220,414 |
Investment in Klepierre, at equity | 1,731,649 | 1,769,488 |
Right-of-use assets, net | 514,660 | |
Deferred costs and other assets | 1,214,025 | 1,210,040 |
Total assets | 31,231,630 | 30,686,223 |
LIABILITIES: | ||
Mortgages and unsecured indebtedness | 24,163,230 | 23,305,535 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,390,682 | 1,316,861 |
Cash distributions and losses in unconsolidated entities, at equity | 1,566,294 | 1,536,111 |
Lease liabilities | 516,809 | |
Other liabilities | 464,304 | 500,597 |
Total liabilities | 28,101,319 | 26,659,104 |
Commitments and contingencies | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | 219,061 | 230,163 |
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): | ||
Preferred units, 796,948 units outstanding. Liquidation value of $39,847 | 42,420 | 42,748 |
General Partner, 306,868,960 and 309,017,468 units outstanding, respectively | 2,483,978 | 3,253,933 |
Limited Partners, 46,740,117 and 46,807,372 units outstanding, respectively | 378,339 | 492,877 |
Total partners' equity | 2,904,737 | 3,789,558 |
Nonredeemable noncontrolling interests in properties, net | 6,513 | 7,398 |
Total equity | 2,911,250 | 3,796,956 |
Total liabilities and equity | 31,231,630 | 30,686,223 |
Common stock | ||
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): | ||
Common stock | 32 | 32 |
Class B common stock | ||
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): | ||
Common stock |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Capital stock, total shares authorized | 850,000,000 | 850,000,000 |
Capital stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Capital stock, shares of excess common stock | 238,000,000 | 238,000,000 |
Capital stock, authorized shares of preferred stock | 100,000,000 | 100,000,000 |
Common stock held in treasury, shares | 13,574,296 | 11,402,103 |
Series J Preferred stock | ||
Preferred stock stated dividend rate percentage | 8.375% | 8.375% |
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Series J 8 3/8% cumulative redeemable preferred stock, shares issued | 796,948 | 796,948 |
Series J 8 3/8% cumulative redeemable preferred stock, shares outstanding | 796,948 | 796,948 |
Preferred units, Liquidation value (in dollars) | $ 39,847 | $ 39,847 |
Common stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 511,990,000 | 511,990,000 |
Common stock, shares issued | 320,435,256 | 320,411,571 |
Common stock, shares outstanding | 320,435,256 | 320,411,571 |
Class B common stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 10,000 | 10,000 |
Common stock, shares issued | 8,000 | 8,000 |
Common stock, shares outstanding | 8,000 | 8,000 |
Simon Property Group, L.P. | ||
Preferred units, units outstanding | 796,948 | 796,948 |
Preferred units, Liquidation value (in dollars) | $ 39,847 | $ 39,847 |
General Partner, units outstanding | 306,868,960 | 309,017,468 |
Limited Partners, units outstanding | 46,740,117 | 46,807,372 |
Simon Property Group, L.P. | Series J Preferred stock | ||
Preferred stock stated dividend rate percentage | 8.375% | 8.375% |
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized | 1,000,000 | |
Preferred units, units outstanding | 796,948 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUE: | |||
Lease income | $ 5,243,771 | ||
Lease income | $ 5,158,420 | $ 5,109,099 | |
Management fees and other revenues | 112,942 | 116,286 | 121,259 |
Other income | 398,476 | 370,582 | 296,978 |
Total revenue | 5,755,189 | 5,645,288 | 5,527,336 |
EXPENSES: | |||
Property operating | 453,145 | 450,636 | 443,177 |
Depreciation and amortization | 1,340,503 | 1,282,454 | 1,275,452 |
Real estate taxes | 468,004 | 457,740 | 440,003 |
Repairs and maintenance | 100,495 | 99,588 | 96,900 |
Advertising and promotion | 150,344 | 151,241 | 150,865 |
Home and regional office costs | 190,109 | 136,677 | 135,150 |
General and administrative | 34,860 | 46,543 | 51,972 |
Other | 109,898 | 94,110 | 131,477 |
Total operating expenses | 2,847,358 | 2,718,989 | 2,724,996 |
OPERATING INCOME BEFORE OTHER ITEMS | 2,907,831 | 2,926,299 | 2,802,340 |
Interest expense | (789,353) | (815,923) | (809,393) |
Loss on extinguishment of debt | (116,256) | (128,618) | |
Income and other taxes | (30,054) | (36,898) | (23,343) |
Income from unconsolidated entities | 444,349 | 475,250 | 400,270 |
Unrealized losses in fair value of equity instruments | (8,212) | (15,212) | |
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 14,883 | 288,827 | 3,647 |
CONSOLIDATED NET INCOME | 2,423,188 | 2,822,343 | 2,244,903 |
Net income attributable to noncontrolling interests | 321,604 | 382,285 | 296,941 |
Preferred dividends | 3,337 | 3,337 | 3,337 |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 2,098,247 | $ 2,436,721 | $ 1,944,625 |
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT: | |||
Net income attributable to common stockholders or unitholders (in dollars per share or unit) | $ 6.81 | $ 7.87 | $ 6.24 |
Consolidated Net Income | $ 2,423,188 | $ 2,822,343 | $ 2,244,903 |
Unrealized (loss) gain on derivative hedge agreements | (4,066) | 21,633 | (35,112) |
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings | 13,634 | 7,020 | (12,122) |
Currency translation adjustments | (1,850) | (47,038) | 45,766 |
Changes in available-for-sale securities and other | 718 | 373 | 5,733 |
Comprehensive income | 2,431,624 | 2,804,331 | 2,249,168 |
Comprehensive income attributable to noncontrolling interests | 322,627 | 379,837 | 297,534 |
Comprehensive income attributable to common stockholders or unitholders | 2,108,997 | 2,424,494 | 1,951,634 |
Simon Property Group, L.P. | |||
REVENUE: | |||
Lease income | 5,243,771 | ||
Lease income | 5,158,420 | 5,109,099 | |
Management fees and other revenues | 112,942 | 116,286 | 121,259 |
Other income | 398,476 | 370,582 | 296,978 |
Total revenue | 5,755,189 | 5,645,288 | 5,527,336 |
EXPENSES: | |||
Property operating | 453,145 | 450,636 | 443,177 |
Depreciation and amortization | 1,340,503 | 1,282,454 | 1,275,452 |
Real estate taxes | 468,004 | 457,740 | 440,003 |
Repairs and maintenance | 100,495 | 99,588 | 96,900 |
Advertising and promotion | 150,344 | 151,241 | 150,865 |
Home and regional office costs | 190,109 | 136,677 | 135,150 |
General and administrative | 34,860 | 46,543 | 51,972 |
Other | 109,898 | 94,110 | 131,477 |
Total operating expenses | 2,847,358 | 2,718,989 | 2,724,996 |
OPERATING INCOME BEFORE OTHER ITEMS | 2,907,831 | 2,926,299 | 2,802,340 |
Interest expense | (789,353) | (815,923) | (809,393) |
Loss on extinguishment of debt | (116,256) | (128,618) | |
Income and other taxes | (30,054) | (36,898) | (23,343) |
Income from unconsolidated entities | 444,349 | 475,250 | 400,270 |
Unrealized losses in fair value of equity instruments | (8,212) | (15,212) | |
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 14,883 | 288,827 | 3,647 |
CONSOLIDATED NET INCOME | 2,423,188 | 2,822,343 | 2,244,903 |
Net income attributable to noncontrolling interests | 991 | 11,327 | 13 |
Preferred dividends | 5,252 | 5,252 | 5,252 |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | 2,416,945 | 2,805,764 | 2,239,638 |
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO: | |||
General Partner | 2,098,247 | 2,436,721 | 1,944,625 |
Limited Partners | $ 318,698 | $ 369,043 | $ 295,013 |
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT: | |||
Net income attributable to common stockholders or unitholders (in dollars per share or unit) | $ 6.81 | $ 7.87 | $ 6.24 |
Consolidated Net Income | $ 2,423,188 | $ 2,822,343 | $ 2,244,903 |
Unrealized (loss) gain on derivative hedge agreements | (4,066) | 21,633 | (35,112) |
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings | 13,634 | 7,020 | (12,122) |
Currency translation adjustments | (1,850) | (47,038) | 45,766 |
Changes in available-for-sale securities and other | 718 | 373 | 5,733 |
Comprehensive income | 2,431,624 | 2,804,331 | 2,249,168 |
Comprehensive income attributable to noncontrolling interests | 1,422 | 7,911 | 2,091 |
Comprehensive income attributable to common stockholders or unitholders | $ 2,430,202 | $ 2,796,420 | $ 2,247,077 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Consolidated Net Income | $ 2,423,188 | $ 2,822,343 | $ 2,244,903 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities | |||
Depreciation and amortization | 1,394,172 | 1,349,776 | 1,357,351 |
Loss on debt extinguishment | 116,256 | 128,618 | |
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | (14,883) | (288,827) | (3,647) |
Gains on sales of marketable securities | (21,541) | ||
Unrealized losses in fair value of equity instruments | 8,212 | 15,212 | |
Gain on interest in unconsolidated entity (Note 6) | (35,621) | ||
Straight-line lease income | (67,139) | (18,325) | (26,543) |
Equity in income of unconsolidated entities | (444,349) | (475,250) | (400,270) |
Distributions of income from unconsolidated entities | 428,769 | 390,137 | 374,101 |
Changes in assets and liabilities | |||
Tenant receivables and accrued revenue, net | (157) | (17,518) | (26,170) |
Deferred costs and other assets | (49,338) | (75,438) | (132,945) |
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities | 13,100 | 84,307 | 99,931 |
Net cash provided by operating activities | 3,807,831 | 3,750,796 | 3,593,788 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisitions | (12,800) | (51,060) | (264,488) |
Funding of loans to related parties | (4,641) | (71,532) | |
Proceeds on loans to related parties | 7,641 | ||
Capital expenditures, net | (876,011) | (781,909) | (732,100) |
Cash impact from the consolidation of properties | 1,045 | 11,276 | 7,536 |
Net proceeds from sale of assets | 6,776 | 183,241 | 19,944 |
Investments in unconsolidated entities | (63,789) | (63,397) | (157,173) |
Purchase of equity instruments | (374,231) | (21,563) | (25,000) |
Proceeds from sales of equity instruments | 25,000 | 56,268 | |
Insurance proceeds for property restoration | 5,662 | 19,083 | |
Distributions of capital from unconsolidated entities and other | 229,000 | 447,464 | 405,078 |
Net cash used in investing activities | (1,076,707) | (236,506) | (761,467) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from sales of common stock, issuance of units and other, net of transaction costs | (328) | (329) | (328) |
Purchase of shares related to stock grant recipients' tax withholdings | (2,955) | (2,911) | (2,789) |
Redemption of limited partner units | (6,846) | (81,506) | |
Purchase of treasury stock | (359,773) | (354,108) | (407,002) |
Distributions to noncontrolling interest holders in properties | (41,549) | (76,963) | (11,295) |
Contributions from noncontrolling interest holders in properties | 139 | 161 | 382 |
Preferred distributions of the Operating Partnership | (1,915) | (1,915) | (1,915) |
Distributions to stockholders and preferred dividends | (2,558,944) | (2,449,071) | (2,231,259) |
Distributions to limited partners | (388,542) | (370,656) | (338,602) |
Cash paid to extinguish debt | (99,975) | (128,618) | |
Proceeds from issuance of debt, net of transaction costs | 13,312,301 | 7,973,719 | 11,668,026 |
Repayments of debt | (12,427,699) | (9,118,685) | (10,456,671) |
Net cash used in financing activities | (2,576,086) | (4,482,264) | (1,910,071) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 155,038 | (967,974) | 922,250 |
CASH AND CASH EQUIVALENTS, beginning of period | 514,335 | 1,482,309 | 560,059 |
CASH AND CASH EQUIVALENTS, end of period | 669,373 | 514,335 | 1,482,309 |
Simon Property Group, L.P. | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Consolidated Net Income | 2,423,188 | 2,822,343 | 2,244,903 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities | |||
Depreciation and amortization | 1,394,172 | 1,349,776 | 1,357,351 |
Loss on debt extinguishment | 116,256 | 128,618 | |
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | (14,883) | (288,827) | (3,647) |
Gains on sales of marketable securities | (21,541) | ||
Unrealized losses in fair value of equity instruments | 8,212 | 15,212 | |
Gain on interest in unconsolidated entity (Note 6) | (35,621) | ||
Straight-line lease income | (67,139) | (18,325) | (26,543) |
Equity in income of unconsolidated entities | (444,349) | (475,250) | (400,270) |
Distributions of income from unconsolidated entities | 428,769 | 390,137 | 374,101 |
Changes in assets and liabilities | |||
Tenant receivables and accrued revenue, net | (157) | (17,518) | (26,170) |
Deferred costs and other assets | (49,338) | (75,438) | (132,945) |
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities | 13,100 | 84,307 | 99,931 |
Net cash provided by operating activities | 3,807,831 | 3,750,796 | 3,593,788 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisitions | (12,800) | (51,060) | (264,488) |
Funding of loans to related parties | (4,641) | (71,532) | |
Proceeds on loans to related parties | 7,641 | ||
Capital expenditures, net | (876,011) | (781,909) | (732,100) |
Cash impact from the consolidation of properties | 1,045 | 11,276 | 7,536 |
Net proceeds from sale of assets | 6,776 | 183,241 | 19,944 |
Investments in unconsolidated entities | (63,789) | (63,397) | (157,173) |
Purchase of equity instruments | (374,231) | (21,563) | (25,000) |
Proceeds from sales of equity instruments | 25,000 | 56,268 | |
Insurance proceeds for property restoration | 5,662 | 19,083 | |
Distributions of capital from unconsolidated entities and other | 229,000 | 447,464 | 405,078 |
Net cash used in investing activities | (1,076,707) | (236,506) | (761,467) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from sales of common stock, issuance of units and other, net of transaction costs | (328) | (329) | (328) |
Purchase of shares related to stock grant recipients' tax withholdings | (2,955) | (2,911) | (2,789) |
Redemption of limited partner units | (6,846) | (81,506) | |
Purchase of general partner units | (359,773) | (354,108) | (407,002) |
Distributions to noncontrolling interest holders in properties | (41,549) | (76,963) | (11,295) |
Contributions from noncontrolling interest holders in properties | 139 | 161 | 382 |
Preferred distributions of the Operating Partnership | (2,949,401) | (2,821,642) | (2,571,776) |
Cash paid to extinguish debt | (99,975) | (128,618) | |
Proceeds from issuance of debt, net of transaction costs | 13,312,301 | 7,973,719 | 11,668,026 |
Repayments of debt | (12,427,699) | (9,118,685) | (10,456,671) |
Net cash used in financing activities | (2,576,086) | (4,482,264) | (1,910,071) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 155,038 | (967,974) | 922,250 |
CASH AND CASH EQUIVALENTS, beginning of period | 514,335 | 1,482,309 | 560,059 |
CASH AND CASH EQUIVALENTS, end of period | $ 669,373 | $ 514,335 | $ 1,482,309 |
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 | Simon Property Group, L.P.Noncontrolling Interests | Simon Property Group, L.P. | Preferred StockSeries 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, 2016 | $ 43,405 | $ 32 | $ (114,126) | $ 9,523,086 | $ (4,459,387) | $ (682,562) | $ 649,464 | $ 4,959,912 | |||||
Balance at Dec. 31, 2016 | $ 4,267,043 | $ 644,348 | $ 43,405 | $ 5,116 | $ 4,959,912 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Exchange of limited partner units (24,000, 92,732 and 500,411 common shares respectively in 2019, 2018 and 2017, Note 8) | 6,005 | (6,005) | |||||||||||
Series J preferred stock premium amortization | (328) | (328) | (328) | (328) | |||||||||
Limited partner units exchanged to common units (24,000. 92,732, and 500,411 units) for 2019, 2018 and 2017 respectively | 6,005 | (6,005) | |||||||||||
Stock incentive program (common shares, net: 90,902 in 2019, 51,756 in 2018, 76,660 in 2017 respectively) | (13,289) | 13,289 | |||||||||||
Stock incentive program (common shares, net: 90,902 in 2019, 51,756 in 2018, 76,660 in 2017 respectively) | 38,305 | 38,305 | |||||||||||
Amortization of stock incentive | 13,911 | 13,911 | 13,911 | 13,911 | |||||||||
Treasury stock purchase (2,247,074, 2,275,194 and 2,468,630 shares in 2019, 2018 and 2017 respectively) | (407,002) | (407,002) | |||||||||||
Treasury unit purchase (2,247,074, 2,275,194 and 2,468,630 units in 2019, 2018 and 2017 respectively) | (407,002) | (407,002) | |||||||||||
Long-term incentive performance units | 38,305 | 38,305 | |||||||||||
Issuance of unit equivalents and other (16,336, 18,680 and 16,161 common shares repurchased in 2019, 2018 and 2017 respectively) | (42,036) | 1 | 382 | (41,653) | 241 | (39,489) | (2,788) | 383 | (41,653) | ||||
Unrealized (loss) gain on hedge activities | (30,505) | (4,607) | (35,112) | (30,505) | (4,607) | (35,112) | |||||||
Currency translation adjustments | 39,726 | 6,040 | 45,766 | 39,726 | 6,040 | 45,766 | |||||||
Changes in available-for-sale securities and other | 4,987 | 746 | 5,733 | 4,987 | 746 | 5,733 | |||||||
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings | (10,535) | (1,587) | (12,122) | (10,535) | (1,587) | (12,122) | |||||||
Other comprehensive income | 3,673 | 592 | 4,265 | 3,673 | 592 | 4,265 | |||||||
Adjustment to limited partners' interest from change in ownership in the Operating Partnership | 84,794 | (84,794) | 84,794 | (84,794) | |||||||||
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests | (2,231,259) | (338,602) | (2,569,861) | ||||||||||
Distributions to other noncontrolling interest partners | (3,851) | (3,851) | |||||||||||
Distributions to limited partners, excluding preferred interests classified as temporary equity | (2,227,922) | (338,602) | (3,337) | (3,851) | (2,573,712) | ||||||||
Net Income (Loss), Excluding Amount Attributable to Preferred Interests in Operating Partnership And Noncontrollling Redeemable Interests | 1,947,962 | 297,104 | 2,245,066 | ||||||||||
Net income, excluding preferred distributions on temporary equity preferred units of $1,915, $1,915 and $1,915 and a ($431), $3,416 and ($2,078) income (loss) attributable to noncontrolling redeemable interests in properties for 2019, 2018 and 2017 respectively | 1,944,625 | 295,013 | 3,337 | 2,091 | 2,245,066 | ||||||||
Balance at Dec. 31, 2017 | 43,077 | 32 | (110,453) | 9,614,748 | (4,782,173) | (1,079,063) | 552,596 | 4,238,764 | |||||
Balance at Dec. 31, 2017 | 3,643,091 | 548,858 | 43,077 | 3,738 | 4,238,764 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Cumulative effect of accounting change | 7,264 | 7,264 | 7,264 | 7,264 | |||||||||
Exchange of limited partner units (24,000, 92,732 and 500,411 common shares respectively in 2019, 2018 and 2017, Note 8) | 1,004 | (1,004) | |||||||||||
Issuance of limited partner units (475,183 units) | 84,103 | 84,103 | 84,103 | 84,103 | |||||||||
Series J preferred stock premium amortization | (329) | (329) | (329) | (329) | |||||||||
Limited partner units exchanged to common units (24,000. 92,732, and 500,411 units) for 2019, 2018 and 2017 respectively | 1,004 | (1,004) | |||||||||||
Stock incentive program (common shares, net: 90,902 in 2019, 51,756 in 2018, 76,660 in 2017 respectively) | (8,651) | 8,651 | |||||||||||
Redemption of limited partner units ( 43,255 and 454,704 units in 2019 and 2018 respectively) | (76,555) | (4,951) | (81,506) | (76,555) | (4,951) | (81,506) | |||||||
Amortization of stock incentive | 12,029 | 12,029 | 12,029 | 12,029 | |||||||||
Treasury stock purchase (2,247,074, 2,275,194 and 2,468,630 shares in 2019, 2018 and 2017 respectively) | (354,108) | (354,108) | |||||||||||
Treasury unit purchase (2,247,074, 2,275,194 and 2,468,630 units in 2019, 2018 and 2017 respectively) | (354,108) | (354,108) | |||||||||||
Long-term incentive performance units | 26,172 | 26,172 | 26,172 | 26,172 | |||||||||
Issuance of unit equivalents and other (16,336, 18,680 and 16,161 common shares repurchased in 2019, 2018 and 2017 respectively) | (110,456) | (2,510) | (112,966) | 1,602 | (109,147) | (2,911) | (2,510) | (112,966) | |||||
Unrealized (loss) gain on hedge activities | 18,781 | 2,852 | 21,633 | 18,781 | 2,852 | 21,633 | |||||||
Currency translation adjustments | (40,766) | (6,271) | (47,038) | (40,766) | (6,271) | (47,038) | |||||||
Changes in available-for-sale securities and other | 324 | 49 | 373 | 324 | 49 | 373 | |||||||
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings | 6,097 | 923 | 7,020 | 6,097 | 923 | 7,020 | |||||||
Other comprehensive income | (15,564) | (2,447) | (18,011) | (15,564) | (2,447) | (18,011) | |||||||
Adjustment to limited partners' interest from change in ownership in the Operating Partnership | 156,241 | (156,241) | 156,241 | (156,241) | |||||||||
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests | (2,449,071) | (370,656) | (2,819,727) | ||||||||||
Distributions to other noncontrolling interest partners | (1,741) | (1,741) | |||||||||||
Distributions to limited partners, excluding preferred interests classified as temporary equity | (2,445,734) | (370,656) | (3,337) | (1,741) | (2,821,468) | ||||||||
Net Income (Loss), Excluding Amount Attributable to Preferred Interests in Operating Partnership And Noncontrollling Redeemable Interests | 2,440,058 | 376,954 | 2,817,012 | ||||||||||
Net income, excluding preferred distributions on temporary equity preferred units of $1,915, $1,915 and $1,915 and a ($431), $3,416 and ($2,078) income (loss) attributable to noncontrolling redeemable interests in properties for 2019, 2018 and 2017 respectively | 2,436,721 | 369,043 | 3,337 | 7,911 | 2,817,012 | ||||||||
Balance at Dec. 31, 2018 | 42,748 | 32 | (126,017) | 9,700,418 | (4,893,069) | (1,427,431) | 500,275 | 3,796,956 | |||||
Balance at Dec. 31, 2018 | 3,253,933 | 492,877 | 42,748 | 7,398 | 3,796,956 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Exchange of limited partner units (24,000, 92,732 and 500,411 common shares respectively in 2019, 2018 and 2017, Note 8) | 253 | (253) | |||||||||||
Series J preferred stock premium amortization | (328) | (328) | (328) | (328) | |||||||||
Limited partner units exchanged to common units (24,000. 92,732, and 500,411 units) for 2019, 2018 and 2017 respectively | 253 | (253) | |||||||||||
Stock incentive program (common shares, net: 90,902 in 2019, 51,756 in 2018, 76,660 in 2017 respectively) | (16,589) | 16,589 | |||||||||||
Redemption of limited partner units ( 43,255 and 454,704 units in 2019 and 2018 respectively) | (6,453) | (393) | (6,846) | (6,453) | (393) | (6,846) | |||||||
Amortization of stock incentive | 12,604 | 12,604 | 12,604 | 12,604 | |||||||||
Treasury stock purchase (2,247,074, 2,275,194 and 2,468,630 shares in 2019, 2018 and 2017 respectively) | (359,773) | (359,773) | |||||||||||
Treasury unit purchase (2,247,074, 2,275,194 and 2,468,630 units in 2019, 2018 and 2017 respectively) | (359,773) | (359,773) | |||||||||||
Long-term incentive performance units | 20,749 | 20,749 | 20,749 | 20,749 | |||||||||
Issuance of unit equivalents and other (16,336, 18,680 and 16,161 common shares repurchased in 2019, 2018 and 2017 respectively) | (32,460) | 139 | (32,321) | 19 | (29,523) | (2,956) | 139 | (32,321) | |||||
Unrealized (loss) gain on hedge activities | (3,553) | (513) | (4,066) | (3,553) | (513) | (4,066) | |||||||
Currency translation adjustments | (1,489) | (361) | (1,850) | (1,489) | (361) | (1,850) | |||||||
Changes in available-for-sale securities and other | 623 | 95 | 718 | 623 | 95 | 718 | |||||||
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings | 11,832 | 1,802 | 13,634 | 11,832 | 1,802 | 13,634 | |||||||
Other comprehensive income | 7,413 | 1,023 | 8,436 | 7,413 | 1,023 | 8,436 | |||||||
Adjustment to limited partners' interest from change in ownership in the Operating Partnership | 65,821 | (65,821) | 65,821 | (65,821) | |||||||||
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests | (2,558,944) | (388,541) | (2,947,485) | ||||||||||
Distributions to other noncontrolling interest partners | (2,446) | (2,446) | |||||||||||
Distributions to limited partners, excluding preferred interests classified as temporary equity | (2,555,607) | (388,541) | (3,337) | (2,446) | (2,949,931) | ||||||||
Net Income (Loss), Excluding Amount Attributable to Preferred Interests in Operating Partnership And Noncontrollling Redeemable Interests | 2,101,584 | 320,120 | 2,421,704 | ||||||||||
Net income, excluding preferred distributions on temporary equity preferred units of $1,915, $1,915 and $1,915 and a ($431), $3,416 and ($2,078) income (loss) attributable to noncontrolling redeemable interests in properties for 2019, 2018 and 2017 respectively | 2,098,247 | 318,698 | 3,337 | 1,422 | 2,421,704 | ||||||||
Balance at Dec. 31, 2019 | $ 42,420 | $ 32 | $ (118,604) | $ 9,756,073 | $ (5,379,952) | $ (1,773,571) | $ 384,852 | $ 2,911,250 | |||||
Balance at Dec. 31, 2019 | $ 2,483,978 | $ 378,339 | $ 42,420 | $ 6,513 | $ 2,911,250 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Exchange of limited partner units, (in shares) | 24,000 | 92,732 | 500,411 |
Issuance of limited partner, units | 475,183 | ||
Stock incentive program, shares, net | 90,902 | 51,756 | 76,660 |
Redemption of Limited Partner Units | 43,255 | 454,704 | |
Treasury stock purchase, shares | 2,247,074 | 2,275,194 | 2,468,630 |
Issuance of equivalents units | 16,336 | 18,680 | 16,161 |
Net income attributable to preferred interests in the Operating Partnership (in dollars) | $ 1,915,000 | $ 1,915,000 | $ 1,915,000 |
Net income (loss) attributable to noncontrolling redeemable interests in properties (in dollars) | $ (431,000) | $ 3,416,000 | $ (2,078,000) |
Simon Property Group, L.P. | |||
Limited partner units exchanged to common units | 24,000 | 92,732 | 500,411 |
Issuance of limited partner, units | 475,183 | ||
Stock incentive program, units, net | 90,902 | 51,756 | 76,660 |
Redemption of Limited Partner Units | 43,255 | 454,704 | |
Treasury unit purchase, units | 2,247,074 | 2,275,194 | 2,468,630 |
Issuance of equivalents units | 16,336 | 18,680 | 103,941 |
Issuance of common units | $ 16,161 | ||
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars) | $ 1,915,000 | $ 1,915,000 | 1,915,000 |
Net income (loss) attributable to noncontrolling redeemable interests in properties (in dollars) | $ (431,000) | $ 3,416,000 | $ (2,078,000) |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
Organization | |
Organization | 1. Organization Simon Property Group, Inc. is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Delaware partnership subsidiary that owns all of our real estate properties and other assets. Unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Unless otherwise indicated, these notes to consolidated financial statements apply to both Simon and the Operating Partnership. According to the Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of We generate the majority of our lease income from retail, dining, entertainment and other tenants including consideration received from: ● Fixed minimum lease consideration and fixed common area maintenance (CAM) reimbursements and, ● Variable lease consideration primarily based on tenants’ sales, as well as reimbursements for real estate taxes, utilities, marketing, and certain other items. 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, 2019 | |
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 2019 in previous conclusions about whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. During the periods presented, we did not provide financial or other support to any identified VIE that we were not contractually obligated to provide. Investments in partnerships and joint ventures represent our noncontrolling ownership interests. We account for these unconsolidated entities using the equity method of accounting. We initially record these investments at cost and we subsequently adjust for net equity in income or loss, which we allocate in accordance with the provisions of the applicable partnership or joint venture agreement, cash contributions and distributions, and foreign currency fluctuations, if applicable. The allocation provisions in the partnership or joint venture agreements are not always consistent with the legal ownership interests held by each general or limited partner or joint venture investee primarily due to partner preferences. We separately report investments in partnerships and joint ventures for which accumulated distributions have exceeded investments in and our share of net income of the partnerships and joint ventures within cash distributions and losses in partnerships and joint ventures, at equity in the consolidated balance sheets. The net equity of certain partnerships and joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes non-cash charges for depreciation and amortization. As of December 31, 2019, we consolidated 133 wholly-owned properties and 18 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We account for the remaining 82 properties, or the joint venture properties, as well as our investment in Klépierre, Aéropostale, Authentic Brands Group LLC, or ABG, HBS Global Properties, or HBS, and Rue Gilt Groupe, or RGG, 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 82 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 21 of the remaining 25 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, 2019 2018 2017 Weighted average ownership interest 86.8 % 86.8 % 86.8 % As of December 31, 2019 and 2018, our ownership interest in the Operating Partnership was 86.8%. 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, 2019 | |
Significant Accounting Policies | |
Significant Accounting Policies | 3. Summary of Significant Accounting Policies Investment Properties Investment properties consist of the following as of December 31: 2019 2018 Land $ 3,692,056 $ 3,673,023 Buildings and improvements 33,664,683 32,994,937 Total land, buildings and improvements 37,356,739 36,667,960 Furniture, fixtures and equipment 447,756 424,710 Investment properties at cost 37,804,495 37,092,670 Less — accumulated depreciation 13,905,776 12,884,539 Investment properties at cost, net $ 23,898,719 $ 24,208,131 Construction in progress included above $ 812,982 $ 561,556 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, 2019 2018 2017 Capitalized interest $ 33,342 $ 19,871 $ 24,754 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 We review investment properties for impairment on a property-by-property basis to identify and evaluate events or changes in circumstances which indicate that the carrying value of investment properties may not be recoverable. These circumstances include, but are not limited to, declines in a property’s cash flows, ending occupancy or total sales per square foot. We measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization during the anticipated holding period plus its residual value is less than the carrying value of the property. To the extent impairment has occurred, we charge to income the excess of carrying value of the property over its estimated fair value. We also review our investments, including investments in unconsolidated entities, to identify and evaluate whether events or changes in circumstances indicate 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. Our evaluation of changes in economic or operating conditions may include developing estimates of forecasted cash flows or operating income before depreciation and amortization to support the recoverability of the carrying amount of the investment. We estimate undiscounted cash flows and fair value using observable and unobservable data such as operating income before depreciation and amortization, estimated capitalization and discount rates, or relevant market multiples, leasing prospects and local market information. 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. Purchase Accounting We allocate the purchase price of asset acquisitions and any excess investment in unconsolidated entities to the various components of the acquisition based upon the relative fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, we may utilize third party valuation specialists. These components typically include buildings, land and intangibles related to in-place leases and we estimate: ● the relative fair value of land and related improvements and buildings on an as-if-vacant basis, ● the market value of in-place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into lease income, ● the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and ● the value of lease income and recovery of costs foregone during a reasonable lease-up period, as if the space was vacant. The relative fair value of buildings is depreciated over the estimated remaining life of the acquired building or related improvements. We amortize tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. We also estimate the value of other acquired intangible assets, if any, which are amortized over the remaining life of the underlying related intangibles. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers’ acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits. See Notes 4 and 8 for disclosures about non-cash investing and financing transactions. Equity Instruments and Debt Securities Equity instruments and debt securities consist primarily of equity instruments, our deferred compensation plan investments, the debt securities of our captive insurance subsidiary, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At December 31, 2019 and 2018, we had equity instruments with readily determinable fair values of $68.2 million and $78.1 million, respectively. Effective January 1, 2018, changes in fair value of these equity instruments are recorded in earnings. We recognized a cumulative effect adjustment of $7.3 million as of January 1, 2018 to reclassify unrealized gains previously reported in accumulated other comprehensive income (loss) as a result of the adoption of Accounting Standards Update (ASU) 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” Non-cash mark-to-market adjustments related to an investment we hold in units of a publicly traded real estate investment trust are included in unrealized losses in fair value of equity instruments in our consolidated statements of operations and comprehensive income. Non-cash mark-to-market adjustments related to other non-real estate securities with readily determinable fair values for the years ended December 31, 2019 and 2018 were $5.0 million and nil, respectively, and these losses were recorded in other expense in our consolidated statements of operations and comprehensive income. At December 31, 2019 and 2018, we had equity instruments without readily determinable fair values of $295.4 million and $175.7 million, respectively, for which we have elected the measurement alternative under this guidance. We regularly evaluate these investments for any impairment in their estimated fair value, as well as any observable price changes for an identical or similar equity instrument of the same issuer, and determined that no material adjustment in the carrying value was required for the years ended December 31, 2019 and 2018. On July 26, 2017, we sold our investment in certain equity instruments. The aggregate proceeds received from the sale were $53.9 million, and we recognized a gain on the sale of $21.5 million, which is included in other income in the accompanying consolidated statement of operations and comprehensive income for the year ended December 31, 2017. Our deferred compensation plan equity instruments are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income. At December 31, 2019 and 2018, we held debt securities of $52.8 million and $40.1 million, respectively, in our captive insurance subsidiary. The types of securities included in the investment portfolio of our captive insurance subsidiary are typically U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than one year to ten years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiary is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment is recorded and a new cost basis is established. Our captive insurance subsidiary is required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. Fair Value Measurements Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs. The equity instruments with readily determinable fair values we held at December 31, 2019 and 2018 were primarily classified as having Level 1 and Level 2 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs, which consist primarily of foreign currency forward contracts and interest rate swap agreements with a gross asset balance of $17.5 million and $10.9 million at December 31, 2019 and 2018, respectively, and a gross liability balance of $3.8 million and $6.2 million at December 31, 2019 and 2018, respectively. Note 7 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 fair value, net operating results of the property, capitalization rates and discount rates. Gains on Issuances of Stock by Equity Method Investees When one of our equity method investees issues additional shares to third parties, our percentage ownership interest in the investee may decrease. In the event the issuance price per share is higher or lower than our average carrying amount per share, we recognize a noncash gain or loss on the issuance, when appropriate. This noncash gain or loss is recognized in our net income in the period the change of ownership interest occurs. Use of Estimates We prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates. Segment and Geographic Locations Our primary business is the ownership, development, and management of premier shopping, dining, entertainment and mixed use real estate. We have aggregated our retail operations, including malls, Premium Outlets, The Mills, and our international investments into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same, tenants. As of December 31, 2019, approximately 6.2% of our consolidated long-lived assets and 2.9% of our consolidated total revenues were derived from assets located outside the United States. As of December 31, 2018, approximately 6.1% of our consolidated long-lived assets and 3.0% of our consolidated total revenues were derived from assets located outside the United States. Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31: 2019 2018 Deferred lease costs, net $ 209,277 $ 249,010 In-place lease intangibles, net 31,417 65,825 Acquired above market lease intangibles, net 44,337 64,813 Marketable securities of our captive insurance companies 52,760 40,099 Goodwill 20,098 20,098 Other marketable and non-marketable securities 363,554 253,732 Prepaids, notes receivable and other assets, net 492,582 516,463 $ 1,214,025 $ 1,210,040 Deferred Lease Costs Our deferred leasing costs consist primarily of initial direct costs and, prior to the adoption of ASC 842, 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: 2019 2018 Deferred lease costs $ 443,313 $ 497,570 Accumulated amortization (234,036) (248,560) Deferred lease costs, net $ 209,277 $ 249,010 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, 2019 2018 2017 Amortization of deferred leasing costs $ 57,201 $ 56,646 $ 54,323 Intangibles The average remaining life of in-place lease intangibles is approximately 2.0 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 lease income over the remaining lease life as a component of reported lease income. The weighted average remaining life of these intangibles is approximately 2.6 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 $44.8 million and $66.7 million as of December 31, 2019 and 2018, respectively. The amount of amortization of above and below market leases, net, which increased lease income for the years ended December 31, 2019, 2018, and 2017, was $1.9 million, $1.0 million and $2.8 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: 2019 2018 In-place lease intangibles $ 196,007 $ 291,613 Accumulated amortization (164,590) (225,788) In-place lease intangibles, net $ 31,417 $ 65,825 2019 2018 Acquired above market lease intangibles $ 252,934 $ 253,973 Accumulated amortization (208,597) (189,160) Acquired above market lease intangibles, net $ 44,337 $ 64,813 Estimated future amortization and the increasing (decreasing) effect on lease income for our above and below market leases as of December 31, 2019 are as follows: Below Above Impact to Market Market Lease Leases Leases Income, Net 2020 $ 16,943 $ (15,642) $ 1,301 2021 7,970 (10,226) (2,256) 2022 5,348 (7,421) (2,073) 2023 4,063 (5,388) (1,325) 2024 3,151 (3,645) (494) Thereafter 7,302 (2,015) 5,287 $ 44,777 $ (44,337) $ 440 Derivative Financial Instruments We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities. As of December 31, 2019 and 2018, we had no outstanding interest rate derivatives. We generally do not apply hedge accounting to interest rate caps, which had a nominal value as of December 31, 2019 and 2018, respectively. 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 gain on our treasury locks and terminated hedges recorded in accumulated other comprehensive income (loss) was $10.6 million as of December 31, 2019, compared to an unamortized loss of $3.0 million as of December 31, 2018. Within the next year, we expect to reclassify to earnings approximately $1.9 million of gains related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss). We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euro. We use currency forward contracts, cross currency swap contracts, and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date. We had the following Euro:USD forward contracts designated as net investment hedges at December 31, 2019 and 2018 (in millions): Asset (Liability) Value as of December 31, December 31, Notional Value Maturity Date 2019 2018 € 50.0 May 15, 2019 — (0.8) € 50.0 March 20, 2020 (0.5) — € 50.0 March 20, 2020 (0.5) — € 50.0 March 20, 2020 (0.5) — € 50.0 May 15, 2020 1.5 (1.5) € 100.0 June 18, 2020 (0.6) — € 90.0 June 18, 2020 (0.5) — € 100.0 December 18, 2020 (0.6) — € 100.0 December 18, 2020 (0.6) — € 50.0 May 14, 2021 1.3 (2.0) Asset balances in the above table are included in deferred costs and other assets. Liability balances in the above table are included in other liabilities. We use a Euro-denominated cross-currency swap agreement to manage our exposure to changes in foreign exchange rates by swapping $150.0 million of 4.38% fixed rate U.S. dollar-denominated debt to 1.37% fixed rate Euro-denominated debt of €121.6 million. The cross-currency swap matures on December 1, 2020. The fair value of our cross-currency swap agreement at December 31, 2019 and 2018 was $14.7 million and $10.9 million, respectively, and is included in deferred costs and other assets. We have designated the currency forward contracts and cross-currency swaps as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro or Yen-denominated joint venture investment. The total gross accumulated other comprehensive income related to Simon’s derivative activities, including our share of other comprehensive income from unconsolidated entities, was $41.2 million and $32.9 million as of December 31, 2019 and 2018, respectively. The total gross accumulated other comprehensive income related to the Operating Partnership’s derivative activities, including our share of the other comprehensive income from unconsolidated entities, was $47.5 million and $37.9 million as of December 31, 2019 and 2018, respectively. Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows as of December 31: 2019 2018 Limited partners’ interests in the Operating Partnership $ 378,339 $ 492,877 Nonredeemable noncontrolling interests in properties, net 6,513 7,398 Total noncontrolling interests reflected in equity $ 384,852 $ 500,275 Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties, limited partners’ interests in the Operating Partnership, and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders. The Operating Partnership Our evaluation of the appropriateness of classifying the Operating Partnership’s common units of partnership interest, or units, held by Simon and the Operating Partnership's limited partners within permanent equity considered several significant factors. First, as a limited partnership, all decisions relating to the Operating Partnership’s operations and distributions are made by Simon, acting as the Operating Partnership’s sole general partner. The decisions of the general partner are made by Simon's Board of Directors or management. The Operating Partnership has no other governance structure. Secondly, the sole asset of Simon is its interest in the Operating Partnership. As a result, a share of common stock of Simon, or common stock, if owned by the Operating Partnership, is best characterized as being similar to a treasury share and thus not an asset of the Operating Partnership. Limited partners of the Operating Partnership have the right under the Operating Partnership’s partnership agreement to exchange their units for shares of common stock or cash, as selected by Simon as the sole general partner. Accordingly, we classify units held by limited partners in permanent equity because Simon may elect to issue shares of common stock to limited partners exercising their exchange rights rather than using cash. Under the Operating Partnership’s partnership agreement, the Operating Partnership is required to redeem units held by Simon only when Simon has repurchased shares of common stock. We classify units held by Simon in permanent equity because the decision to redeem those units would be made by Simon. Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties) is a component of consolidated net income. Accumulated Other Comprehensive Income (Loss) Simon The total gross accumulated other comprehensive income (loss) related to Simon’s currency translation adjustment was ($160.4 million) and ($158.9 million) as of December 31, 2019 and 2018, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: Affected line item where 2019 2018 2017 net income is presented Accumulated derivative losses, net $ (2,782) $ (7,020) $ (9,419) Interest expense (10,852) — — Loss on extinguishment of debt 1,802 923 1,233 Net income attributable to noncontrolling interests $ (11,832) $ (6,097) $ (8,186) Realized gain on sale of marketable securities $ — $ — $ 21,541 Other income — — (2,820) Net income attributable to noncontrolling interests $ — $ — $ 18,721 The Operating Partnership The total gross accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($184.8 million) and ($183.0 million) as of December 31, 2019 and 2018, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: Affected line item where 2019 2018 2017 net income is presented Accumulated derivative losses, net $ (2,782) $ (7,020) $ (9,419) Interest expense (10,852) — — Loss on extinguishment of debt $ (13,634) $ (7,020) $ (9,419) Realized gain on sale of marketable securities $ — $ — $ 21,541 Other income Revenue Recognition We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We accrue fixed lease income on a straight line basis over the terms of the leases. Substantially all of our retail tenants are also required to pay overage rents based on sales over a stated base amount during the lease year. We recognize this variable lease consideration only when each tenant’s sales exceed the applicable sales threshold. We amortize any tenant inducements as a reduction of lease income 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. Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation or otherwise. 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 lease income on a straight-line basis over the term of the lease beginning with the adoption of ASC 842. When not reimbursed by the fixed CAM component, CAM expense reimbursements are based on the tenant’s proportionate share of the allocable operating expenses and CAM capital expenditures for the property. We accrue all variable reimbursements from tenants for recoverable portions of all of these expenses as variable lease consideration in the period the applicable expenditures are incurred. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. Our advertising and promotional costs are expensed as incurred. Provisions for credit losses that are not probable of collection are recognized as a reduction of lease income. Refer to note 9 for further disclosure of lease income. Management Fees and Other Revenues Management fees and other revenues are generally received from our unconsolidated joint venture properties as well as third parties. Management fee revenue is earned based on a contractual percentage of joint venture property revenue. Development fee revenue is earned on a contractual percentage of hard costs to develop a property. Leasing fee revenue is earned on a contractual per square foot charge based on the square footage of current year leasing activity. We recognize revenue for these services provided when earned based on the performance criteria. Revenues from insurance premiums charged to unconsolidated properties are recognized on a pro-rata basis over the terms of the policies. Insurance losses on these policies and our self-insurance for our consolidated properties are reflected in property operating expenses in the accompanying consolidated statements of operations and comprehensive income and include estimates for losses incurred but not reported as well as losses pending settlement. Estimates for losses are based on evaluations by third-party actuaries and management’s estimates. Total insurance reserves for our insurance subsidiaries and other self-insurance programs as of December 31, 2019 and 2018 approximated $74.5 million and $82.5 million, respectively, and are included in other liabilities in the consolidated balance sheets. Information related to the securities included in the investment portfolio of our captive insurance subsidiary is included within the “Equity Instruments and Debt Securities” section above. 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 subsi |
Real Estate Acquisitions and Di
Real Estate Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2019 | |
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 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 on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. We capitalize asset acquisition costs and expense costs related to business combinations, as well as disposition related costs as they are incurred. We incurred a minimal amount of transaction expenses during 2019, 2018, and 2017. Our consolidated and unconsolidated acquisition and disposition activity for the periods presented are as follows: 2019 Acquisitions On September 19, 2019, we acquired the remaining 50% interest in a hotel adjacent to one of our properties for cash consideration of $12.8 million. As of closing, the property was subject to a $21.5 million, 4.02% variable rate mortgage. We accounted for this transaction as an asset acquisition and substantially all our investment relates to investment property. 2018 Acquisitions On September 25, 2018, we acquired the remaining 50% interest in The Outlets at Orange from our joint venture partner. The Operating Partnership issued 475,183 units, or approximately $84.1 million, as consideration for the acquisition. The property is subject to a $215.0 million 4.22% fixed rate mortgage loan. We accounted for this transaction as an asset acquisition and substantially all of our investment has been determined to relate to investment property. 2017 Acquisitions On April 21, 2017, our controlled European investee acquired a 100% interest in an outlet center in Roosendaal, Netherlands for cash consideration of $69.8 million and the assumption of existing mortgage debt of $40.1 million. In May 2017, the assumed loan was refinanced with a $69.0 million mortgage loan due in 2024, after available extension options, with an interest rate of EURIBOR plus 1.85%. 2019 Dispositions During 2019, we disposed of our interests in one multi-family residential investment. Our share of the gross proceeds on this transaction was $17.9 million. Our share of the gain of $16.2 million is included in other income in the accompanying consolidated statement of operation and comprehensive income. We also recorded net gains of $62.1 million, primarily related to Klépierre’s disposition of its interests in certain shopping centers, as discussed in Note 6 to the consolidated financial statements. 2018 Dispositions During 2018, we recorded net gains of $288.8 million primarily related to disposition activity which included the foreclosure of two consolidated retail properties in satisfaction of their $200.0 million and $80.0 million non-recourse mortgage loans and, as discussed in Note 6, our interest in the German department store properties owned through our investment in HBS was sold during the fourth quarter of 2018. Also, as discussed further in Note 6, Klépierre disposed of its interests in certain shopping centers during 2018, resulting in a gain of which our share was $20.2 million. 2017 Dispositions During 2017, we disposed of our interest in one unconsolidated retail property. The loss recognized on this transaction was approximately $1.3 million. As discussed in Note 6, Klépierre disposed of its interests in certain shopping centers during the second quarter, resulting in a gain of which our share was $5.0 million. |
Per Share and Per Unit Data
Per Share and Per Unit Data | 12 Months Ended |
Dec. 31, 2019 | |
Per Share and Per Unit Data | |
Per Share and Per Unit Data | 5. Per Share and Per Unit Data We determine basic earnings per share and basic earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share and diluted earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding combined with the incremental weighted average number of shares or units, as applicable, that would have been outstanding assuming all potentially dilutive securities were converted into shares of common stock or units, as applicable, at the earliest date possible. The following tables set forth the computation of basic and diluted earnings per share and basic and diluted earnings per unit. Simon For the Year Ended December 31, 2019 2018 2017 Net Income attributable to Common Stockholders — Basic and Diluted $ 2,098,247 $ 2,436,721 $ 1,944,625 Weighted Average Shares Outstanding — Basic and Diluted 307,950,112 309,627,178 311,517,345 For the year ended December 31, 2019, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance units, or LTIP units, granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. No securities had a material dilutive effect for the years ended December 31, 2019 2018 2017 The Operating Partnership For the Year Ended December 31, 2019 2018 2017 Net Income attributable to Unitholders — Basic and Diluted $ 2,416,945 $ 2,805,764 $ 2,239,638 Weighted Average Units Outstanding — Basic and Diluted 354,724,019 356,520,452 358,776,632 For the year ended December 31, 2019, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the years ended December 31, 2019 2018 2017 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, 2019 2018 2017 Total dividends/distributions paid per common share/unit $ 8.30 $ 7.90 $ 7.15 Percent taxable as ordinary income 100.00 % 96.20 % 100.00 % Percent taxable as long-term capital gains 0.00 % 3.80 % 0.00 % 100.00 % 100.00 % 100.00 % In the first quarter of 2020, Simon’s Board of Directors declared a quarterly cash dividend of $2.10 per share of common stock payable on February 28, 2020 to stockholders of record on February 14, 2020. The Operating Partnership’s distribution rate on its units is equal to the dividend rate on Simon’s common stock. |
Investment in Unconsolidated En
Investment in Unconsolidated Entities and International Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments in Unconsolidated Entities and International Investments | |
Investments in Unconsolidated Entities and International Investments | 6. Investments in Unconsolidated Entities and International Investments Real Estate Joint Ventures and Investments Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties and diversify our risk in a particular property or portfolio of properties. As discussed in Note 2, we held joint venture interests in 82 properties as of December 31, 2019 and 81 properties as of December 31, 2018. Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash or borrowings, or the use of limited partnership interests in the Operating Partnership, to acquire the joint venture interest from our partner. We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of December 31, 2019 and 2018, we had construction loans and other advances to related parties totaling $78.4 million and $85.8 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. Unconsolidated Entity Transactions On October 16, 2019, we contributed approximately $276.8 million consisting of cash and the Shop Premium Outlets, or SPO, assets for a 45% noncontrolling interest in Rue Gilt Groupe, or RGG, to create a new multi-platform venture dedicated to digital value shopping. We attributed substantially all of our investment to goodwill and certain amortizing and non-amortizing intangibles. On September 19, 2019, as discussed in note 4, we acquired the remaining 50% interest in a hotel adjacent to one of our properties from our joint venture partner. As a result of this acquisition, we now own 100% of this property. During the first quarter of 2019, we disposed of our interests in a multi-family residential investment. Our share of the gross proceeds was $17.9 million. The gain of $16.2 million is included in other income in the accompanying consolidated statement of operations and comprehensive income. On September 25, 2018, as discussed in Note 4, we acquired the remaining 50% interest in The Outlets at Orange from our joint venture partner. The Operating Partnership issued 475,183 units at a price of $176.99 to acquire this remaining interest. As a result of this acquisition, we now own 100% of this property. As of December 31, 2019 and 2018, we had an 11.7%noncontrolling equity interest in HBS, a joint venture we formed with Hudson’s Bay Company. In the fourth quarter of 2019, we recorded an impairment charge of $47.2 million to reduce our investment in HBS to its estimated fair value. During the fourth quarter of 2018, our interest in the German department store properties was sold to Hudson’s Bay Company and SIGNA Retail Holdings resulting in a gain of $91.1 million. These amounts are included in gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the consolidated statements of operations and comprehensive income. Our share of net (loss) income, net of amortization of our excess investment excluding impairment, was ($16.2) million and $15.1 million for the year ended December 31, 2019 and 2018, respectively. Total revenues, operating income before other items and consolidated net (loss) income were approximately $133.4 million, $26.5 million and ($24.7) million, respectively, for the year ended December 31, 2019 and $326.3 million, $196.3 million, and $105.9 million, respectively for the year ended December 31, 2018. On June 7, 2018, Aventura Mall, a property in which we own a noncontrolling 33.3% interest, refinanced its $1.2 billion mortgage loan and its $200.8 million construction loan with a $1.75 billion mortgage loan at a fixed interest rate of 4.12% that matures on July 1, 2028. An early repayment charge of $30.9 million was incurred at the property, which along with the write-off of deferred debt issuance costs of $6.5 million, is included in interest expense in the accompanying combined joint venture statements of operations. Our $12.5 million share of the charge associated with the repayment is included in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Excess proceeds from the financing were distributed to the venture partners. In May 2017, Colorado Mills, a property in which we have a noncontrolling 37.5% interest, sustained significant hail damage. During the second quarter of 2017, the property recorded an impairment charge of approximately $32.5 million based on the net carrying value of the assets damaged, which was fully offset by anticipated insurance recoveries. As of December 31, 2019, the property had received business interruption proceeds and also property damage proceeds of $67.9 million, which resulted in the property recording a $3.0 million gain in 2019. As of December 31, 2018, the property had received business interruption proceeds and also property damage proceeds of $65.9 million, which resulted in the property recording a $33.4 million gain in 2018. For the periods ended December 31, 2019 and 2018, respectively, our $1.1 million and $12.5 million share of the gain is reflected within the gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. In 2016, we and a group of co-investors acquired certain assets and liabilities of Aéropostale, a retailer of apparel and accessories, out of bankruptcy. The interests were acquired through two separate joint ventures, a licensing venture and an operating venture. In April 2018, we contributed our entire interest in the licensing venture in exchange for additional interests in ABG, a brand development, marketing, and entertainment company. As a result, we recognized a $35.6 million non-cash gain representing the increase in value of our previously held interest in the licensing venture, which is included in other income in the accompanying consolidated statements of operations and comprehensive income. At December 31, 2019, our noncontrolling equity method interests in the operations venture of Aéropostale and in ABG were 44.95% and 5.40%, respectively. International Investments We conduct our international operations primarily through joint venture arrangements and account for the majority of these international joint venture investments using the equity method of accounting. European Investments At December 31, 2019, we owned 63,924,148 shares, or approximately 22.2%, of Klépierre, which had a quoted market price of $37.96 per share. Our share of net income, net of amortization of our excess investment, was $145.2 million, $98.8 million and $50.0 million for the years ended December 31, 2019, 2018 and 2017, 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 $19.6 billion, $12.9 billion, and $1.3 billion, respectively, as of December 31, 2019 and $20.0 billion, $12.7 billion, and $1.4 billion, respectively, as of December 31, 2018. Klépierre’s total revenues, operating income before other items and consolidated net income were approximately $1.5 billion, $626.3 million and $655.5 million, respectively, for the year ended December 31, 2019, $1.6 billion, $670.4 million and $693.0 million, respectively, for the year ended December 31, 2018, and $1.5 billion, $545.7 million and $381.3 million, respectively, for the year ended December 31, 2017. During the years ended December 31, 2019, 2018 and 2017, Klépierre completed the disposal of its interests in certain shopping centers. In connection with these disposals, we recorded gains of $58.6 million, $20.2 million and $5.0 million, respectively, representing our share of the gains recognized by Klépierre, which is included in gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. We have an interest in a European investee that had interests in nine Designer Outlet properties, of which six are consolidated by us, as of December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, our legal percentage ownership interests in these properties ranged from 45% to 94%. Due to certain redemption rights held by our venture partner, which will require us to purchase their interests under certain circumstances, the noncontrolling interest is presented (i) in the accompanying Simon consolidated balance sheets outside of equity in limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties and (ii) in the accompanying Operating Partnership consolidated balance sheets within preferred units, various series, at liquidation value, and noncontrolling redeemable interests in properties. On April 7, 2017, this European investee acquired an additional 15.7% investment in the Roermond Designer Outlets Phase 4 expansion for cash consideration of approximately $17.9 million, bringing its total noncontrolling interest in the expansion to 51.3%. On April 21, 2017, this European investee acquired a 100% interest in an outlet center in Roosendaal, Netherlands for cash consideration of $69.8 million and the assumption of existing mortgage debt of $40.1 million. In May 2017, the assumed loan was refinanced with a $69.0 million mortgage loan due in 2024, after available extension options, with an interest rate of EURIBOR plus 1.85%. Substantially all of our investment has been determined to relate to investment property based on estimated fair value at the acquisition date. In addition, we have a 50.0% noncontrolling interest in a European property management and development company that provides services to the Designer Outlet properties. We also have minority interests in Value Retail PLC and affiliated entities, which own or have interests in and operate nine luxury outlets located throughout Europe and we also have a direct minority ownership in three of those outlets. At December 31, 2019 and 2018, the carrying value of these equity instruments without readily determinable fair values was $140.8 million and is included in deferred costs and other assets. Asian Joint Ventures We conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi Estate Co., Ltd. We have a 40%noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $212.1 million and $232.1 million as of December 31, 2019 and 2018, respectively, including all related components of accumulated other comprehensive income (loss). We conduct our international Premium Outlet operations in South Korea through a joint venture with Shinsegae International Co. We have a 50% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $173.9 million and $166.3 million as of December 31, 2019 and 2018, respectively, including all related components of accumulated other comprehensive income (loss). Summary Financial Information A summary of the combined balance sheets and statements of operations of our equity method investments and share of income from such investments, excluding Klépierre, Aéropostale, ABG, HBS, and RGG, follows. COMBINED BALANCE SHEETS December 31, December 31, 2019 2018 Assets: Investment properties, at cost $ 19,525,665 $ 18,807,449 Less - accumulated depreciation 7,407,627 6,834,633 12,118,038 11,972,816 Cash and cash equivalents 1,015,864 1,076,398 Tenant receivables and accrued revenue, net 510,157 445,148 Right-of-use assets, net 185,302 — Deferred costs and other assets 384,663 390,818 Total assets $ 14,214,024 $ 13,885,180 Liabilities and Partners’ Deficit: Mortgages $ 15,391,781 $ 15,235,415 Accounts payable, accrued expenses, intangibles, and deferred revenue 977,112 976,311 Lease liabilities 186,594 — Other liabilities 338,412 344,205 Total liabilities 16,893,899 16,555,931 Preferred units 67,450 67,450 Partners’ deficit (2,747,325) (2,738,201) Total liabilities and partners’ deficit $ 14,214,024 $ 13,885,180 Our Share of: Partners’ deficit $ (1,196,926) $ (1,168,216) Add: Excess Investment 1,525,903 1,594,198 Our net Investment in unconsolidated entities, at equity $ 328,977 $ 425,982 “Excess Investment” represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures or other investments acquired and has been determined to relate to the fair value of the investment properties, intangible assets, including goodwill, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of assets acquired, typically no greater than 40 years, the terms of the applicable leases, the estimated useful lives of the finite lived intangibles, and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities. As of December 31, 2019, scheduled principal repayments on these joint venture properties’ mortgage indebtedness are as follows: 2020 $ 946,309 2021 2,476,864 2022 1,927,938 2023 1,267,179 2024 2,297,118 Thereafter 6,512,206 Total principal maturities 15,427,614 Debt issuance costs (35,833) Total mortgages $ 15,391,781 This debt becomes due in installments over various terms extending through 2035 with interest rates ranging from 0.18% to 10.53% and a weighted average interest rate of 3.94% at December 31, 2019. COMBINED STATEMENTS OF OPERATIONS December 31, 2019 2018 2017 REVENUE: Lease income $ 3,088,594 $ 3,045,668 $ 2,933,655 Other income 322,398 326,575 290,515 Total revenue 3,410,992 3,372,243 3,224,170 OPERATING EXPENSES: Property operating 587,062 590,921 551,885 Depreciation and amortization 681,764 652,968 640,286 Real estate taxes 266,013 259,567 245,646 Repairs and maintenance 85,430 87,408 81,309 Advertising and promotion 89,660 87,349 86,480 Other 196,178 187,292 184,037 Total operating expenses 1,906,107 1,865,505 1,789,643 Operating Income Before Other Items 1,504,885 1,506,738 1,434,527 Interest expense (636,988) (663,693) (593,062) Gain (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net 24,609 33,367 (2,239) Net Income $ 892,506 $ 876,412 $ 839,226 Third-Party Investors’ Share of Net Income $ 460,696 $ 436,767 $ 424,533 Our Share of Net Income $ 431,810 $ 439,645 $ 414,693 Amortization of Excess Investment (83,556) (85,252) (89,804) Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements (9,156) — — Our Share of (Gain) Loss on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net (1,133) (12,513) 1,342 Income from Unconsolidated Entities $ 337,965 $ 341,880 $ 326,231 Our share of income from unconsolidated entities in the above table, aggregated with our share of results of Klépierre, Aéropostale, ABG, HBS, and RGG, 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 (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net is reflected within gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2019 | |
Indebtedness | |
Indebtedness | 7. Indebtedness Our mortgages and unsecured indebtedness, excluding the impact of derivative instruments, consist of the following as of December 31: 2019 2018 Fixed-Rate Debt: Mortgage notes, including $6,775 and $11,822 of net premiums and $15,195 and $14,522 of debt issuance costs, respectively. Weighted average interest and maturity of 3.87% and 4.8 years at December 31, 2019. $ 6,156,595 $ 6,099,787 Unsecured notes, including $54,976 and $44,691 of net discounts and $70,297 and $58,822 of debt issuance costs, respectively. Weighted average interest and maturity of 3.07% and 9.3 years at December 31, 2019. 15,747,267 15,535,468 Commercial Paper (see below) 1,327,050 758,681 Total Fixed-Rate Debt 23,230,912 22,393,936 Variable-Rate Debt: Mortgages notes, including $4,721 and $5,901 of debt issuance costs, respectively. Weighted average interest and maturity of 2.62% and 2.0 years at December 31, 2019. 751,130 736,274 Credit Facility (see below), including $11,067 and $16,930 of debt issuance costs, respectively, at December 31, 2019. 113,933 108,070 Total Variable-Rate Debt 865,063 844,344 Other Debt Obligations 67,255 67,255 Total Mortgages and Unsecured Indebtedness $ 24,163,230 $ 23,305,535 General. At December 31, 2019, our consolidated subsidiaries were the borrowers under 46 non-recourse mortgage notes secured by mortgages on 50 properties and other assets, including two separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of five properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties that serve as collateral for that debt. If the applicable borrower under these non-recourse mortgage notes were to fail to comply with these covenants, the lender could accelerate the debt and enforce its rights against their collateral. At December 31, 2019, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually or in the aggregate, giving effect to applicable cross-default provisions, have a material adverse effect on our financial condition, liquidity or results of operations. Unsecured Debt At December 31, 2019, our unsecured debt consisted of $15.9 billion of senior unsecured notes of the Operating Partnership, $125.0 million outstanding under the Operating Partnership’s $4.0 billion unsecured revolving credit facility, or Credit Facility, and $1.3 billion outstanding under the Operating Partnership’s global unsecured commercial paper program, or Commercial Paper program. On December 31, 2019, we had an aggregate available borrowing capacity of $6.0 billion under the Credit Facility and the Operating Partnership’s $3.5 billion unsecured revolving credit facility, or Supplemental Facility, and together with the Credit Facility, the Credit Facilities. The maximum aggregate outstanding balance under the Credit Facilities during the year ended December 31, 2019 was $130.7 million and the weighted average outstanding balance was $125.1 million. Letters of credit of $11.4 million were outstanding under the Credit Facilities as of December 31, 2019. The Credit Facility’s initial borrowing capacity of $4.0 billion may be increased to $5.0 billion during its term and provides for borrowings denominated in U.S. dollars, Euro, Yen, Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 95% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility is June 30, 2021 and can be extended for an additional year to June 30, 2022 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the Credit Facility is LIBOR plus 77.5 basis points with an additional facility fee of 10 basis points. The Supplemental Facility’s initial borrowing capacity of $3.5 billion may be increased to $4.5 billion during its term and provides for borrowings denominated in U.S. dollars, Euro, Yen, Sterling, Canadian dollars and Australian dollars. The initial maturity date of the Supplemental Facility was extended to June 30, 2022 and can be extended for an additional year to June 30, 2023 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the Supplemental Facility is LIBOR plus 77.5 basis points, with an additional facility fee of 10 basis points. The Operating Partnership also has available a Commercial Paper program of $2.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euro and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership's other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facilities and if necessary or appropriate, we may make one or more draws under either of the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program. On December 31, 2019, we had $1.3 billion outstanding under the Commercial Paper program, of which $1.0 billion was comprised of U.S. dollar denominated notes with a weighted average interest rate of 1.72% and $269.2 million was comprised of Euro denominated notes with a weighted average interest rate of (0.38%). These borrowings have a weighted average maturity date of March 6, 2020 and reduce amounts otherwise available under the Credit Facilities. On February 1, 2019, the Operating Partnership repaid at maturity $600.0 million of senior unsecured notes with a fixed interest rate of 2.20%. On September 13, 2019 the Operating Partnership completed the issuance of the following senior unsecured notes: $1.0 billion with a fixed interest rate of 2.00%, $1.25 billion with a fixed interest rate of 2.45%, and $1.25 billion with a fixed interest rate of 3.25%, with maturity dates of September 13 of 2024, 2029, and 2049, respectively. Proceeds from the unsecured notes offering funded the early redemption of senior unsecured notes in October 2019, as discussed below, and repaid a portion of the indebtedness outstanding under the Commercial Paper program. On October 7, 2019, the Operating Partnership completed the early redemption of its $900 million 4.375% notes due March 1, 2021, $700 million 4.125% notes due December 1, 2021, $600 million 3.375% notes due March 15, 2022 and €375 million of the €750 million 2.375% notes due October 2, 2020. We recorded a $116.3 million loss on extinguishment of debt in the fourth quarter as a result of the early redemption. Mortgage Debt Total mortgage indebtedness was $6.9 billion and $6.8 billion at December 31, 2019 and 2018, respectively. Debt Maturity and Other Our scheduled principal repayments on indebtedness as of December 31, 2019 are as follows: 2020 $ 2,857,060 (1) 2021 1,541,478 2022 2,872,980 2023 1,868,669 2024 2,896,466 Thereafter 12,208,803 Total principal maturities 24,245,456 Net unamortized debt premium 6,775 Net unamortized debt discount (54,976) Debt issuance costs, net (101,280) Other Debt Obligations 67,255 Total mortgages and unsecured indebtedness $ 24,163,230 (1) Includes $1.3 billion in Global Commercial Paper. Our cash paid for interest in each period, net of any amounts capitalized, was as follows: For the Year Ended December 31, 2019 2018 2017 Cash paid for interest $ 803,728 $ 811,971 $ 814,729 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: 2019 2018 Debt issuance costs $ 187,514 $ 204,189 Accumulated amortization (86,234) (108,014) Debt issuance costs, net $ 101,280 $ 96,175 We report amortization of debt issuance costs, amortization of premiums, and accretion of discounts as part of interest expense. We amortize debt premiums and discounts, which are included in mortgages and unsecured indebtedness, over the remaining terms of the related debt instruments. These debt premiums or discounts arise either at the time of the debt issuance or as part of purchase accounting for the fair value of debt assumed in acquisitions. The accompanying consolidated statements of operations and comprehensive income include amortization as follows: For the Year Ended December 31, 2019 2018 2017 Amortization of debt issuance costs $ 21,499 $ 21,445 $ 21,707 Amortization of debt discounts/(premiums) 1,571 1,618 1,357 Fair Value of Debt The carrying value of our variable-rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed-rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed-rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed-rate mortgages and unsecured indebtedness including commercial paper was $23.2 billion and $22.4 billion as of December 31, 2019 and 2018, respectively. The fair values of these financial instruments and the related discount rate assumptions as of December 31 are summarized as follows: December 31, December 31, 2019 2018 Fair value of consolidated fixed rate mortgages and unsecured indebtedness $ 23,231 $ 22,323 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages 3.75 % 4.55 % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 3.67 % 4.50 % |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity | |
Equity | 8. 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 2019, Simon issued 24,000 shares of common stock to a limited partner of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. During the year ended December 31, 2019, the Operating Partnership redeemed 43,255 units from nine limited partners for $6.8 million in cash. In 2018, Simon issued 92,732 shares of common stock to two limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. During the year ended December 31, 2018, the Operating Partnership redeemed 454,704 units from eight limited partners for $81.5 million in cash. These transactions increased Simon’s ownership interest in the Operating Partnership. On September 25, 2018, the Operating Partnership issued 475,183 units in connection with the acquisition of the remaining 50% interest in The Outlets at Orange, as discussed in Note 4. On February 13, 2017, Simon’s Board of Directors authorized a two-year extension of the previously authorized $2.0 billion common stock repurchase plan through March 31, 2019. On February 11, 2019, Simon's Board of Directors authorized a new common stock repurchase plan. Under the new program, the Company may purchase up to $2.0 billion of its common stock during the two-year period ending February 11, 2021. Simon may repurchase the shares in the open market or in privately negotiated transactions as market conditions warrant. During the year ended December 31, 2019, Simon purchased 2,247,074 shares at an average price of $160.11 per share, of which 46,377 shares at an average price of $164.49 were purchased as part of the previous program. During the year ended December 31, 2018, Simon repurchased 2,275,194 shares at an average price of $155.64 per share as part of the previous program. As Simon repurchases shares under this program, the Operating Partnership repurchases an equal number of units from Simon. Temporary Equity Simon Simon classifies as temporary equity those securities for which there is the possibility that Simon could be required to redeem the security for cash irrespective of the probability of such a possibility. As a result, Simon classifies one series of preferred units in the Operating Partnership and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below. Limited Partners’ Preferred Interest in the Operating Partnership and Noncontrolling Redeemable Interests in Properties. The remaining noncontrolling interests in a property or portfolio of properties which are redeemable at the option of the holder or in circumstances that may be outside Simon’s control, are accounted for as temporary equity. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded and presented within accumulated deficit in the consolidated statements of equity in the line issuance of unit equivalents and other. There were no noncontrolling interests redeemable at amounts in excess of fair value as of December 31, 2019 and 2018. 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. 2019 2018 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests in properties 193,524 204,626 Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ 219,061 $ 230,163 7.50% Cumulative Redeemable Preferred Units. November 10, 2006 The Operating Partnership The Operating Partnership classifies as temporary equity those securities for which there is the possibility that the Operating Partnership could be required to redeem the security for cash, irrespective of the probability of such a possibility. As a result, the Operating Partnership classifies one series of preferred units and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below. Noncontrolling Redeemable Interests in Properties 2019 2018 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests in properties 193,524 204,626 Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ 219,061 $ 230,163 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, 2019 and 2018. Permanent Equity Simon Preferred Stock. Series J 8 3 / 8 % Cumulative Redeemable Preferred Stock. 8 3 / 8 % The Operating Partnership Series J 8 3 / 8 % Cumulative Redeemable Preferred Units. 8 3 / 8 % 8 3 / 8 % 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, 2019 and 2018 was $2.6 million and $2.9 million, respectively. There are 1,000,000 Series J preferred units authorized and 796,948 Series J preferred units issued and outstanding Other Equity Activity The Simon Property Group 1998 Stock Incentive Plan, as amended. The 1998 plan is administered by the Compensation Committee of Simon’s Board of Directors, or the Compensation Committee. The Compensation Committee determines which eligible individuals may participate and the type, extent and terms of the awards to be granted to them. In addition, the Compensation Committee interprets the 1998 plan and makes all other determinations deemed advisable for its administration. Options granted to employees become exercisable over the period determined by the Compensation Committee. The exercise price of an employee option may not be less than the fair market value of the shares on the date of grant. Employee options generally vest over a three-year period and expire ten years from the date of grant. Directors who are not also our employees or employees of our affiliates are eligible to receive awards under the 1998 plan. Each independent director receives an annual cash retainer of $110,000, and an annual restricted stock award with a grant date value of $175,000. Committee chairs receive annual retainers for the Company’s Audit, Compensation, and Governance and Nominating Committees of $35,000, $35,000 and $25,000, respectively. Directors receive fixed annual retainers for service on the Audit, Compensation and Governance and Nominating Committees, of $15,000, $15,000, and $10,000, respectively. The Lead Director receives an annual retainer of $50,000. These retainers are paid 50% in cash and 50% in restricted stock. Restricted stock awards vest in full after one year. Once vested, the delivery of the shares of restricted stock (including reinvested dividends) is deferred under our Director Deferred Compensation Plan until the director retires, dies or becomes disabled or otherwise no longer serves as a director. The directors may vote and are entitled to receive dividends on the underlying shares; however, any dividends on the shares of restricted stock must be reinvested in shares of common stock and held in the Director Deferred Compensation Plan until the shares of restricted stock are delivered to the former director. In accordance with its terms, the 1998 Plan expired on December 31, 2018. The shares of common stock that were available for grant under the 1998 Plan at the time of its expiration are not available for grant under the 2019 Plan. The Simon Property Group, L.P. 2019 Stock Incentive Plan. The 2019 plan is administered by 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 2019 plan and makes all other determinations deemed advisable for its administration. Options granted to employees become exercisable over the period determined by the Compensation Committee. The exercise price of an employee option may not be less than the fair market value of the shares on the date of grant. Employee options generally vest over a three-year period and expire ten years from the date of grant. Directors who are not also our employees or employees of our affiliates are eligible to receive awards under the 2019 plan. Each independent director receives an annual cash retainer of $110,000, and an annual restricted stock award with a grant date value of $175,000. Committee chairs receive annual retainers for the Company’s Audit, Compensation, and Governance and Nominating Committees of $35,000, $35,000 and $25,000, respectively. Directors receive fixed annual retainers for service on the Audit, Compensation and Governance and Nominating Committees, of $15,000, $15,000, and $10,000, respectively. The Lead Director receives an annual retainer of $50,000. These retainers are paid 50% in cash and 50% in restricted stock. Restricted stock awards vest in full after one year. Once vested, the delivery of the shares of restricted stock (including reinvested dividends) is deferred under our Director Deferred Compensation Plan until the director retires, dies or becomes disabled or otherwise no longer serves as a director. The directors may vote and are entitled to receive dividends on the underlying shares; however, any dividends on the shares of restricted stock must be reinvested in shares of common stock and held in the Director Deferred Compensation Plan until the shares of restricted stock are delivered to the former director. Stock Based Compensation Awards under our stock based compensation plans primarily take the form of LTIP units and restricted stock grants. Restricted stock and awards under the LTIP programs are either market or performance-based and are based on various individual, corporate and business unit performance measures as further described below. The expense related to these programs, net of amounts capitalized, is included within home and regional office costs and general and administrative costs in the accompanying statements of operations and comprehensive income. LTIP Programs. In 2018, the Compensation Committee established and granted awards under a redesigned LTIP program, or the 2018 LTIP program. Awards under the 2018 LTIP program were granted in two tranches, Tranche A LTIP units and Tranche B LTIP units. Each of the Tranche A LTIP units and the Tranche B LTIP units will be considered earned if, and only to the extent to which, the respective goals based on Funds From Operations, or FFO, per share or Relative TSR Goal performance criteria, as defined in the applicable award agreements, are achieved during the applicable two-year and three-year performance periods of the Tranche A LTIP units and Tranche B LTIP units, respectively. One half of the earned Tranche A LTIP units will vest on January 1, 2021 with the other one-half vesting on January 1, 2022. All of the earned Tranche B LTIP units will vest on January 1, 2022. The grant date fair value of the portion of the LTIP units based on achieving the target FFO performance criteria is $6.1 million for the Tranche A LTIP units and the Tranche B In 2019, the Compensation Committee established and granted awards under a redesigned LTIP program, or the 2019 LTIP program. Awards under the 2019 LTIP program will be considered earned if, and only to the extent to which, the respective performance conditions (based on Funds From Operations, or FFO, per share, and Objective Criteria Goals) and market conditions (based on Relative TSR performance), as defined in the applicable award agreements, are achieved during the applicable three-year measurement period, subject to the recipient’s continued employment through the vesting date. All of the earned LTIP units under the 2019 LTIP program will vest on January 1, 2023. The 2019 LTIP program provides that the amount earned of the performance-based portion of the awards is dependent on Simon’s performance compared to certain criteria and has a maximum potential fair value at issuance of $22.1 million. The grant date fair values of any LTIP units for market-based awards are estimated using a Monte Carlo model, and the resulting fixed expense is recorded regardless of whether the market condition criteria are achieved if the required service is delivered. The grant date fair values of the market-based awards are being amortized into expense over the period from the grant date to the date at which the awards, if earned, would become vested. The expense of the performance-based award is recorded over the period from the grant date to the date at which the awards, if earned, would become vested, based on our assessment as to whether it is probable that the performance criteria will be achieved during the applicable performance periods. The Compensation Committee approved LTIP unit grants as shown in the table below. The extent to which LTIP units were earned, and the aggregate grant date fair value, are as follows: LTIP Program LTIP Units Earned Grant Date Fair Value of TSR Award Grant Date Target Value of Performance-Based Awards 2018 LTIP program - Tranche A To be determined in 2020 $6.1 million $6.1 million 2018 LTIP program - Tranche B To be determined in 2021 $6.1 million $6.1 million 2019 LTIP program To be determined in 2022 $9.5 million $14.7 million We recorded compensation expense, net of capitalization and forfeitures, related to LTIP programs of approximately $15.8 million, $12.0 million, and $14.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. Restricted Stock. For the Year Ended December 31, 2019 2018 2017 Shares of restricted stock awarded during the year, net of forfeitures 90,902 51,756 76,660 Weighted average fair value of shares granted during the year $ 181.94 $ 153.24 $ 170.81 Annual amortization $ 12,604 $ 12,029 $ 13,911 We recorded compensation expense, net of capitalization, related to restricted stock for employees and non-employee directors of approximately $11.0 million, $7.8 million, and $9.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. Other Compensation Arrangements. 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, 2019, Simon had reserved 54,528,976 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. |
Lease Income
Lease Income | 12 Months Ended |
Dec. 31, 2019 | |
Lease Income | |
Lease Income | 9. Lease Income As discussed in Note 3, fixed lease income under our operating leases includes fixed minimum lease consideration and fixed CAM reimbursements recorded on a straight-line basis. Variable lease income includes consideration based on sales, as well as reimbursements for real estate taxes, utilities, marketing, and certain other items. For the Year Ended December 31, 2019 2018 2017 Fixed lease income $ 4,293,401 $ 4,185,174 $ 4,156,971 Variable lease income 950,370 973,246 952,128 Total lease income $ 5,243,771 $ 5,158,420 $ 5,109,099 Lease income for the years ended December 31, 2018 and 2017 has been reclassified to conform to the current year presentation. Minimum fixed lease consideration under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration, as of December 31, 2019, is as follows: 2020 $ 3,553,867 2021 3,182,630 2022 2,785,719 2023 2,293,210 2024 1,825,869 Thereafter 4,700,660 $ 18,341,955 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies. | |
Commitments and Contingencies | 10. Commitments and Contingencies Litigation We are involved from time-to-time in various legal and regulatory proceedings that arise in the ordinary course of our business, including, but not limited to, commercial disputes, environmental matters, and litigation in connection with transactions such as acquisitions and divestitures. We believe that current proceedings will not have a material adverse effect on our financial condition, liquidity, or results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated. During the first quarter of 2019, we settled a lawsuit with our former insurance broker, Aon Risk Services Central Inc., related to the significant flood damage sustained at Opry Mills in May 2010. In accordance with a previous agreement with the prior co-investor in Opry Mills, a portion of the settlement was remitted to the co-investor. Our share of the settlement was approximately $68.0 million, which was recorded as other income in the accompanying consolidated statement of operations and comprehensive income. Lease Commitments As of December 31, 2019, a total of 23 of the consolidated properties are subject to ground leases. The termination dates of these ground leases range from 2021 to 2090, including periods for which exercising an extension option is reasonably assured. These ground leases generally require us to make fixed annual rental payments, or a fixed annual rental payment plus a percentage rent component based upon the revenues or total sales of the property. In addition, we have several regional office locations that are subject to leases with termination dates ranging from 2020 to 2028. These office leases generally require us to make fixed annual rental payments plus pay our share of common area, real estate, and utility expenses. Some of our ground and office leases include escalation clauses. All of our lease arrangements are classified as operating leases. We incurred ground lease expense and office lease expense, which are included in other expense and home office and regional expense, respectively, as follows: For the Year Ended December 31, 2019 Operating Lease Cost Fixed lease cost $ 31,000 Variable lease cost 16,833 Sublease income (694) Total operating lease cost $ 47,139 For the years ended December 31, 2018 and 2017, we incurred $47,320 and $45,345 of lease expense, respectively. For the Year Ended December 31, 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 48,519 Weighted-average remaining lease term - operating leases 35.6 years Weighted-average discount rate - operating leases 4.87% Future minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and renewal options unless reasonably certain of exercise and any sublease income, are as follows: 2020 $ 32,438 2021 32,440 2022 32,451 2023 32,583 2024 32,717 Thereafter 908,701 $ 1,071,330 Impact of discounting (554,521) Operating lease liabilities $ 516,809 Insurance We maintain insurance coverage with third party carriers who provide a portion of the coverage for specific layers of potential losses, including commercial general liability, fire, flood, extended coverage and rental loss insurance on all of our properties in the United States. The initial portion of coverage not provided by third party carriers is either insured through our wholly-owned captive insurance company, Bridgewood Insurance Company, Ltd., or other financial arrangements controlled by us. If required, a third party carrier has, in turn, agreed to provide evidence of coverage for this layer of losses under the terms and conditions of the carrier’s policy. A similar policy written either through our captive insurance company or other financial arrangements controlled by us also provides initial coverage for property insurance and certain windstorm risks at the properties located in coastal windstorm locations. We currently maintain insurance coverage against acts of terrorism on all of our properties in the United States on an “all risk” basis in the amount of up to $1 billion. Despite the existence of this insurance coverage, any threatened or actual terrorist attacks where we operate could adversely affect our property values, revenues, consumer traffic and tenant sales. Hurricane Impacts During the third quarter of 2017, two of our wholly-owned properties located in Puerto Rico sustained significant property damage and business interruption as a result of Hurricane Maria. Since the date of the loss, we have received $73.9 million of insurance proceeds from third-party carriers related to the two properties located in Puerto Rico, of which $45.5 million was used for property restoration and remediation and to reduce the insurance recovery receivable. During the years ended December 31, 2019 and 2018, we recorded $10.5 million and $17.9 million, respectively, as business interruption income, which was recorded in other income in the accompanying consolidated statements of operations and comprehensive income. Guarantees of Indebtedness Joint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non-recourse to us. As of December 31, 2019 and 2018, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $214.8 million and 216.1 million, respectively (of which we have a right of recovery from our venture partners of $10.8 million). Mortgages guaranteed by the Operating Partnership are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which have estimated fair values in excess of the guaranteed amount. Concentration of Credit Risk Our U.S. Malls, Premium Outlets, and The Mills rely upon anchor tenants to attract customers; however, anchors do not contribute materially to our financial results as many anchors own their spaces. All material operations are within the United States and no customer or tenant accounts for 5% or more of our consolidated revenues. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions | |
Related Party Transactions | 11. Related Party Transactions Transactions with Affiliates Our management company provides office space and legal, human resource administration, property specific financing and other support services to Melvin Simon & Associates, Inc., or MSA, a related party, for which we received a fee of $0.6 million in each of 2019, 2018 and 2017. In addition, pursuant to management agreements that provide for our receipt of a management fee and reimbursement of our direct and indirect costs, we have managed since 1993 two shopping centers owned by entities in which David Simon and Herbert Simon have ownership interests, for which we received a fee of $3.9 million, $4.2 million, and $4.2 million in 2019, 2018, and 2017, respectively. Transactions with Unconsolidated Joint Ventures As described in Note 2, our management company provides management, insurance, and other services to certain unconsolidated joint ventures. Amounts received for such services were $108.2 million, $111.5 million, and $116.4 million in 2019, 2018, and 2017, respectively. During 2019, 2018, and 2017, we recorded development, royalty, and other fee income, net of elimination, related to our unconsolidated international joint ventures of $14.8 million, $16.0 million, and $15.5 million, respectively. The fees related to our international investments are included in other income in the accompanying consolidated statements of operations and comprehensive income. Neither MSA, David Simon, or Herb Simon have an ownership interest in any of our unconsolidated joint ventures, except through their ownership interests in the Company or the Operating Partnership. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data (Unaudited) | |
Quarterly Financial Data (Unaudited) | 12. Quarterly Financial Data (Unaudited) Quarterly 2019 and 2018 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 2019 Total revenue $ 1,452,834 $ 1,397,186 $ 1,416,554 $ 1,488,615 Operating income before other items 745,021 680,631 705,302 776,876 Consolidated net income 631,947 572,102 628,724 590,416 Simon Property Group, Inc. Net income attributable to common stockholders $ 548,475 $ 495,324 $ 544,254 $ 510,194 Net income per share — Basic and Diluted $ 1.78 $ 1.60 $ 1.77 $ 1.66 Weighted average shares outstanding — Basic and Diluted 308,978,053 308,708,798 307,275,230 306,868,960 Simon Property Group, L.P. Net income attributable to unitholders $ 631,551 $ 570,389 $ 627,074 $ 587,931 Net income per unit — Basic and Diluted $ 1.78 $ 1.60 $ 1.77 $ 1.66 Weighted average units outstanding — Basic and Diluted 355,778,250 355,491,396 354,038,110 353,619,579 2018 Total revenue (1) $ 1,394,182 $ 1,385,059 $ 1,404,021 $ 1,462,027 Operating income before other items 704,962 727,983 722,843 770,512 Consolidated net income 715,524 631,414 642,212 833,192 Simon Property Group, Inc. Net income attributable to common stockholders $ 620,654 $ 547,004 $ 556,267 $ 712,796 Net income per share — Basic and Diluted $ 2.00 $ 1.77 $ 1.80 $ 2.30 Weighted average shares outstanding — Basic and Diluted 310,583,643 309,355,154 309,294,045 309,293,708 Simon Property Group, L.P. Net income attributable to unitholders $ 714,303 $ 629,822 $ 640,402 $ 821,237 Net income per unit — Basic and Diluted $ 2.00 $ 1.77 $ 1.80 $ 2.30 Weighted average units outstanding — Basic and Diluted 357,446,988 356,181,817 356,073,080 356,396,387 (1) Total revenue has been reclassified to conform to the current year presentation. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Event | |
Subsequent Event. | 13. Subsequent Event On February 10, 2020, we and Taubman Centers, Inc., a publicly held Michigan corporation (“TCO”), issued a joint press release announcing the execution of an Agreement and Plan of Merger (the “Merger Agreement”) dated as of February 9, 2020, pursuant to which, among other things and subject to the satisfaction or waiver of certain conditions, the Operating Partnership will acquire 100% of the equity interests of TCO and, following the transactions contemplated in the Merger Agreement, will hold 80% of the equity interests of The Taubman Realty Group Limited Partnership (“TRG”), with the Taubman Family (as defined in the Merger Agreement) retaining a 20% interest in TRG. Consummation of the transactions contemplated by the Merger Agreement are subject to the satisfaction or waiver of customary closing conditions, including the approval and adoption of the Merger Agreement by (i) shareholders holding two-thirds TRG is engaged in the ownership, management and/or leasing of 26 super-regional shopping centers in the U.S. and Asia. The TRG board will be comprised of 3 Simon designees and 3 Taubman designees. TRG will continue to be managed by its existing executive team. We, through the Operating Partnership, will acquire all of Taubman common stock for $52.50 per share in cash, or $3.6 billion. |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 (Dollars in thousands) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Malls Barton Creek Square Austin, TX $ — $ 2,903 $ 20,929 $ 7,983 $ 92,681 $ 10,886 $ 113,610 $ 124,496 $ 62,531 1981 Battlefield Mall Springfield, MO 115,043 3,919 27,231 3,000 72,652 6,919 99,883 106,802 72,416 1970 Bay Park Square Green Bay, WI — 6,358 25,623 4,106 32,357 10,464 57,980 68,444 34,600 1980 Brea Mall Brea (Los Angeles), CA — 39,500 209,202 2,993 76,253 42,493 285,455 327,948 150,527 1998 (4) Broadway Square Tyler, TX — 11,306 32,431 — 46,983 11,306 79,414 90,720 39,881 1994 (4) Burlington Mall Burlington (Boston), MA — 46,600 303,618 27,458 204,004 74,058 507,622 581,680 236,539 1998 (4) Castleton Square Indianapolis, IN — 26,250 98,287 7,434 79,828 33,684 178,115 211,799 115,286 1972 Cielo Vista Mall El Paso, TX — 1,005 15,262 608 56,715 1,613 71,977 73,590 49,480 1974 College Mall Bloomington, IN — 1,003 16,245 720 70,773 1,723 87,018 88,741 45,621 1965 Columbia Center Kennewick, WA — 17,441 66,580 — 42,401 17,441 108,981 126,422 62,150 1987 Copley Place Boston, MA — — 378,045 — 214,121 — 592,166 592,166 242,594 2002 (4) Coral Square Coral Springs (Miami), FL — 13,556 93,630 — 20,174 13,556 113,804 127,360 88,716 1984 Cordova Mall Pensacola, FL — 18,626 73,091 7,321 69,914 25,947 143,005 168,952 76,474 1998 (4) Domain, The Austin, TX 180,735 40,436 197,010 — 150,597 40,436 347,607 388,043 164,609 2005 Empire Mall Sioux Falls, SD 186,948 35,998 192,186 — 29,900 35,998 222,086 258,084 60,956 1998 (5) Fashion Mall at Keystone, The Indianapolis, IN — — 120,579 29,145 101,367 29,145 221,946 251,091 125,707 1997 (4) Firewheel Town Center Garland (Dallas), TX — 8,438 82,716 — 28,801 8,438 111,517 119,955 62,470 2004 Forum Shops at Caesars, The Las Vegas, NV — — 276,567 — 277,394 — 553,961 553,961 275,437 1992 Greenwood Park Mall Greenwood (Indianapolis), IN — 2,423 23,445 5,253 123,737 7,676 147,182 154,858 88,241 1979 Haywood Mall Greenville, SC — 11,585 133,893 6 42,726 11,591 176,619 188,210 109,736 1998 (4) Ingram Park Mall San Antonio, TX 125,225 733 16,972 37 44,000 770 60,972 61,742 32,240 1979 King of Prussia King of Prussia (Philadelphia), PA — 175,063 1,128,200 — 374,807 175,063 1,503,007 1,678,070 407,464 2003 (5) La Plaza Mall McAllen, TX — 87,912 9,828 6,569 184,222 94,481 194,050 288,531 48,508 1976 Lakeline Mall Cedar Park (Austin), TX — 10,088 81,568 14 25,238 10,102 106,806 116,908 62,704 1995 Lenox Square Atlanta, GA — 38,058 492,411 — 140,839 38,058 633,250 671,308 357,413 1998 (4) Livingston Mall Livingston (New York), NJ — 22,214 105,250 — 48,437 22,214 153,687 175,901 87,664 1998 (4) Mall of Georgia Buford (Atlanta), GA — 47,492 326,633 — 15,033 47,492 341,666 389,158 185,545 1999 (5) Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition McCain Mall N. Little Rock, AR $ — $ — $ 9,515 $ 10,530 $ 29,043 $ 10,530 $ 38,558 $ 49,088 $ 16,385 1973 Menlo Park Mall Edison (New York), NJ — 65,684 223,252 — 81,610 65,684 304,862 370,546 180,763 1997 (4) Midland Park Mall Midland, TX 73,679 687 9,213 1,196 33,966 1,883 43,179 45,062 22,997 1980 Miller Hill Mall Duluth, MN — 2,965 18,092 1,811 44,438 4,776 62,530 67,306 44,752 1973 Montgomery Mall North Wales (Philadelphia), PA 100,000 27,105 86,915 — 64,110 27,105 151,025 178,130 71,996 2004 (5) North East Mall Hurst (Dallas), TX — 128 12,966 19,010 148,122 19,138 161,088 180,226 114,922 1971 Northgate Seattle, WA — 23,610 115,992 — 54,357 23,610 170,349 193,959 82,994 1987 Ocean County Mall Toms River (New York), NJ — 20,404 124,945 3,277 71,607 23,681 196,552 220,233 95,906 1998 (4) Orland Square Orland Park (Chicago), IL — 35,439 129,906 — 79,521 35,439 209,427 244,866 110,562 1997 (4) Oxford Valley Mall Langhorne (Philadelphia), PA 59,541 24,544 100,287 — 21,445 24,544 121,732 146,276 82,499 2003 (4) Penn Square Mall Oklahoma City, OK 310,000 2,043 155,958 — 60,655 2,043 216,613 218,656 129,929 2002 (4) Pheasant Lane Mall Nashua, NH — 3,902 155,068 550 50,798 4,452 205,866 210,318 111,692 2004 (5) Phipps Plaza Atlanta, GA — 15,005 210,610 — 203,514 15,005 414,124 429,129 160,784 1998 (4) Plaza Carolina Carolina (San Juan), PR 225,000 15,493 279,560 — 75,185 15,493 354,745 370,238 164,298 2004 (4) Prien Lake Mall Lake Charles, LA — 1,842 2,813 3,053 60,521 4,895 63,334 68,229 31,771 1972 Rockaway Townsquare Rockaway (New York), NJ — 41,918 212,257 — 66,784 41,918 279,041 320,959 151,799 1998 (4) Roosevelt Field Garden City (New York), NY — 163,160 702,008 1,246 368,267 164,406 1,070,275 1,234,681 500,787 1998 (4) Ross Park Mall Pittsburgh, PA — 23,541 90,203 5,815 129,184 29,356 219,387 248,743 127,819 1986 Santa Rosa Plaza Santa Rosa, CA — 10,400 87,864 — 28,927 10,400 116,791 127,191 66,455 1998 (4) Shops at Chestnut Hill, The Chestnut Hill (Boston), MA 120,000 449 25,102 38,864 106,972 39,313 132,074 171,387 37,688 2002 (5) Shops at Nanuet, The Nanuet, NY — 28,125 142,860 — 10,877 28,125 153,737 181,862 39,309 2013 Shops at Riverside, The Hackensack (New York), NJ 130,000 13,521 238,746 — 258,036 13,521 496,782 510,303 80,710 2007 (4) (5) South Hills Village Pittsburgh, PA — 23,445 125,840 1,472 82,363 24,917 208,203 233,120 103,581 1997 (4) South Shore Plaza Braintree (Boston), MA — 101,200 301,495 — 165,865 101,200 467,360 568,560 254,866 1998 (4) Southdale Center Edina (Minneapolis), MN 141,377 41,430 184,967 — 112,735 41,430 297,702 339,132 65,664 2007 (4) (5) SouthPark Charlotte, NC — 42,092 188,055 100 201,974 42,192 390,029 432,221 213,185 2002 (4) Southridge Mall Greendale (Milwaukee), WI 114,458 12,359 130,111 1,939 14,033 14,298 144,144 158,442 48,103 2007 (4) (5) St. Charles Towne Center Waldorf (Washington, DC), MD — 7,710 52,934 1,180 30,246 8,890 83,180 92,070 59,918 1990 Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Stanford Shopping Center Palo Alto (San Jose), CA $ — $ — $ 339,537 $ — $ 164,618 $ — $ 504,155 $ 504,155 $ 196,441 2003 (4) Summit Mall Akron, OH 85,000 15,374 51,137 — 57,597 15,374 108,734 124,108 64,652 1965 Tacoma Mall Tacoma (Seattle), WA — 37,113 125,826 — 149,126 37,113 274,952 312,065 138,231 1987 Tippecanoe Mall Lafayette, IN — 2,897 8,439 5,517 48,193 8,414 56,632 65,046 44,397 1973 Town Center at Boca Raton Boca Raton (Miami), FL — 64,200 307,317 — 235,698 64,200 543,015 607,215 291,763 1998 (4) Town Center at Cobb Kennesaw (Atlanta), GA 181,632 32,355 158,225 — 24,154 32,355 182,379 214,734 123,820 1998 (5) Towne East Square Wichita, KS — 8,525 18,479 4,108 52,323 12,633 70,802 83,435 47,968 1975 Treasure Coast Square Jensen Beach, FL — 11,124 72,990 3,067 40,463 14,191 113,453 127,644 73,903 1987 Tyrone Square St. Petersburg (Tampa), FL — 15,638 120,962 1,459 51,512 17,097 172,474 189,571 107,064 1972 University Park Mall Mishawaka, IN — 10,762 118,164 7,000 59,528 17,762 177,692 195,454 146,660 1996 (4) Walt Whitman Shops Huntington Station (New York), NY — 51,700 111,258 3,789 127,988 55,489 239,246 294,735 122,578 1998 (4) White Oaks Mall Springfield, IL 47,548 2,907 35,692 2,166 66,683 5,073 102,375 107,448 56,577 1977 Wolfchase Galleria Memphis, TN 156,170 16,407 128,276 — 17,530 16,407 145,806 162,213 93,616 2002 (4) Woodland Hills Mall Tulsa, OK — 34,211 187,123 — 34,550 34,211 221,673 255,884 137,063 2004 (5) Premium Outlets Albertville Premium Outlets Albertville (Minneapolis), MN — 3,900 97,059 — 11,572 3,900 108,631 112,531 52,010 2004 (4) Allen Premium Outlets Allen (Dallas), TX — 20,932 69,788 — 42,478 20,932 112,266 133,198 32,728 2004 (4) Aurora Farms Premium Outlets Aurora (Cleveland), OH — 2,370 24,326 — 9,274 2,370 33,600 35,970 23,826 2004 (4) Birch Run Premium Outlets Birch Run (Detroit), MI 123,000 11,477 77,856 — 8,843 11,477 86,699 98,176 34,066 2010 (4) Camarillo Premium Outlets Camarillo (Los Angeles), CA — 16,670 224,721 395 72,239 17,065 296,960 314,025 140,770 2004 (4) Carlsbad Premium Outlets Carlsbad (San Diego), CA — 12,890 184,990 96 9,907 12,986 194,897 207,883 84,213 2004 (4) Carolina Premium Outlets Smithfield (Raleigh), NC 42,982 3,175 59,863 5,311 7,667 8,486 67,530 76,016 36,402 2004 (4) Chicago Premium Outlets Aurora (Chicago), IL — 659 118,005 13,050 101,399 13,709 219,404 233,113 79,095 2004 (4) Cincinnati Premium Outlets Monroe (Cincinnati), OH — 14,117 71,520 — 5,234 14,117 76,754 90,871 36,619 2008 Clinton Crossing Premium Outlets Clinton, CT — 2,060 107,556 1,532 6,098 3,592 113,654 117,246 57,830 2004 (4) Denver Premium Outlets Thornton (Denver), CO — 11,671 45,335 10 71,266 11,681 116,601 128,282 7,030 2018 Desert Hills Premium Outlets Cabazon (Palm Springs), CA — 3,440 338,679 — 115,468 3,440 454,147 457,587 173,343 2004 (4) Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Ellenton Premium Outlets Ellenton (Tampa), FL $ 178,000 $ 15,807 $ 182,412 $ — $ 7,719 $ 15,807 $ 190,131 $ 205,938 $ 96,640 2010 (4) Folsom Premium Outlets Folsom (Sacramento), CA — 9,060 50,281 — 5,017 9,060 55,298 64,358 30,972 2004 (4) Gilroy Premium Outlets Gilroy (San Jose), CA — 9,630 194,122 — 17,960 9,630 212,082 221,712 100,683 2004 (4) Grand Prairie Premium Outlets Grand Prairie (Dallas), TX 111,607 9,497 194,245 — 2,167 9,497 196,412 205,909 47,912 2012 Grove City Premium Outlets Grove City (Pittsburgh), PA 140,000 6,421 121,880 — 7,358 6,421 129,238 135,659 66,003 2010 (4) Gulfport Premium Outlets Gulfport, MS 50,000 — 27,949 — 7,494 — 35,443 35,443 15,543 2010 (4) Hagerstown Premium Outlets Hagerstown (Baltimore/Washington, DC), MD 74,655 3,576 85,883 — 2,930 3,576 88,813 92,389 36,464 2010 (4) Houston Premium Outlets Cypress (Houston), TX — 8,695 69,350 — 48,112 8,695 117,462 126,157 50,806 2007 Indiana Premium Outlets Edinburgh (Indianapolis), IN — 2,857 47,309 — 19,704 2,857 67,013 69,870 34,573 2004 (4) Jackson Premium Outlets Jackson (New York), NJ — 6,413 104,013 3 8,413 6,416 112,426 118,842 50,036 2004 (4) Jersey Shore Premium Outlets Tinton Falls (New York), NJ — 15,390 50,979 — 79,060 15,390 130,039 145,429 61,084 2007 Johnson Creek Premium Outlets Johnson Creek, WI — 2,800 39,546 — 6,978 2,800 46,524 49,324 22,152 2004 (4) Kittery Premium Outlets Kittery, ME — 11,832 94,994 — 11,024 11,832 106,018 117,850 44,198 2004 (4) Las Americas Premium Outlets San Diego, CA — 45,168 251,878 — 11,088 45,168 262,966 308,134 94,764 2007 (4) Las Vegas North Premium Outlets Las Vegas, NV — 25,435 134,973 16,536 151,951 41,971 286,924 328,895 123,087 2004 (4) Las Vegas South Premium Outlets Las Vegas, NV — 13,085 160,777 — 33,215 13,085 193,992 207,077 82,007 2004 (4) Lee Premium Outlets Lee, MA 50,710 9,167 52,212 — 4,313 9,167 56,525 65,692 27,692 2010 (4) Leesburg Corner Premium Outlets Leesburg (Washington, DC), VA — 7,190 162,023 — 20,557 7,190 182,580 189,770 84,560 2004 (4) Lighthouse Place Premium Outlets Michigan City (Chicago, IL), IN — 6,630 94,138 — 13,222 6,630 107,360 113,990 56,227 2004 (4) Merrimack Premium Outlets Merrimack, NH 119,120 14,975 118,428 — 2,684 14,975 121,112 136,087 38,616 2012 Napa Premium Outlets Napa, CA — 11,400 45,023 — 7,621 11,400 52,644 64,044 25,980 2004 (4) North Bend Premium Outlets North Bend (Seattle), WA — 2,143 36,197 — 5,757 2,143 41,954 44,097 18,761 2004 (4) North Georgia Premium Outlets Dawsonville (Atlanta), GA — 4,300 137,020 — 1,785 4,300 138,805 143,105 63,672 2004 (4) Orlando International Premium Outlets Orlando, FL — 31,998 472,815 — 17,151 31,998 489,966 521,964 165,855 2010 (4) Orlando Vineland Premium Outlets Orlando, FL — 14,040 382,949 36,023 6,279 50,063 389,228 439,291 166,168 2004 (4) Petaluma Village Premium Outlets Petaluma (San Francisco), CA — 13,322 13,710 — 4,428 13,322 18,138 31,460 11,127 2004 (4) Philadelphia Premium Outlets Limerick (Philadelphia), PA — 16,676 105,249 — 26,355 16,676 131,604 148,280 68,622 2006 Phoenix Premium Outlets Chandler (Phoenix), AZ — — 63,082 — 634 — 63,716 63,716 21,380 2013 Pismo Beach Premium Outlets Pismo Beach, CA 34,590 4,317 19,044 — 2,906 4,317 21,950 26,267 12,267 2010 (4) Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition Pleasant Prairie Premium Outlets Pleasant Prairie (Chicago, IL/Milwaukee), WI $ 145,000 $ 16,823 $ 126,686 $ — $ 7,337 $ 16,823 $ 134,023 $ 150,846 $ 50,807 2010 (4) Puerto Rico Premium Outlets Barceloneta, PR 160,000 20,586 114,021 — 9,301 20,586 123,322 143,908 46,781 2010 (4) Queenstown Premium Outlets Queenstown (Baltimore), MD 60,767 8,129 61,950 — 5,095 8,129 67,045 75,174 26,943 2010 (4) Rio Grande Valley Premium Outlets Mercedes (McAllen), TX — 12,229 41,547 — 32,631 12,229 74,178 86,407 42,057 2005 Round Rock Premium Outlets Round Rock (Austin), TX — 14,706 82,252 — 6,541 14,706 88,793 103,499 51,123 2005 San Francisco Premium Outlets Livermore (San Francisco), CA — 21,925 308,694 46,177 75,029 68,102 383,723 451,825 84,035 2012 San Marcos Premium Outlets San Marcos (Austin/San Antonio), TX — 13,180 287,179 — 12,207 13,180 299,386 312,566 105,137 2010 (4) Seattle Premium Outlets Tulalip (Seattle), WA — — 103,722 — 53,899 — 157,621 157,621 72,850 2004 (4) St. Augustine Premium Outlets St. Augustine (Jacksonville), FL — 6,090 57,670 2 12,437 6,092 70,107 76,199 36,240 2004 (4) Tampa Premium Outlets Lutz (Tampa), FL — 14,298 97,188 121 5,135 14,419 102,323 116,742 19,150 2015 The Crossings Premium Outlets Tannersville, PA 105,802 7,720 172,931 — 18,399 7,720 191,330 199,050 84,345 2004 (4) Tucson Premium Outlets Marana (Tucson), AZ — 12,508 69,677 — 5,900 12,508 75,577 88,085 14,223 2015 Vacaville Premium Outlets Vacaville, CA — 9,420 84,850 — 19,156 9,420 104,006 113,426 53,763 2004 (4) Waikele Premium Outlets Waipahu (Honolulu), HI — 22,630 77,316 — 20,953 22,630 98,269 120,899 45,639 2004 (4) Waterloo Premium Outlets Waterloo, NY — 3,230 75,277 — 14,935 3,230 90,212 93,442 45,560 2004 (4) Williamsburg Premium Outlets Williamsburg, VA 185,000 10,323 223,789 — 7,992 10,323 231,781 242,104 80,017 2010 (4) Woodburn Premium Outlets Woodburn (Portland), OR — 9,414 150,414 — 2,983 9,414 153,397 162,811 41,386 2013 (4) Woodbury Common Premium Outlets Central Valley (New York), NY — 11,110 862,559 1,658 262,904 12,768 1,125,463 1,138,231 416,863 2004 (4) Wrentham Village Premium Outlets Wrentham (Boston), MA — 4,900 282,031 — 43,343 4,900 325,374 330,274 137,981 2004 (4) The Mills Arizona Mills Tempe (Phoenix), AZ 149,481 41,936 297,289 — 18,788 41,936 316,077 358,013 64,198 2007 (4) (5) Great Mall Milpitas (San Jose), CA — 69,853 463,101 — 57,898 69,853 520,999 590,852 137,261 2007 (4) (5) Gurnee Mills Gurnee (Chicago), IL 259,455 41,133 297,911 — 30,392 41,133 328,303 369,436 90,091 2007 (4) (5) Mills at Jersey Gardens, The Elizabeth, NJ 350,000 120,417 865,605 — 17,732 120,417 883,337 1,003,754 166,147 2015 (4) Opry Mills Nashville, TN 375,000 51,000 327,503 — 16,815 51,000 344,318 395,318 92,169 2007 (4) (5) Outlets at Orange, The Orange (Los Angeles), CA 215,000 64,973 211,322 — 2,728 64,973 214,050 279,023 9,940 2007 (4) (5) Potomac Mills Woodbridge (Washington, DC), VA 416,000 61,755 425,370 — 40,019 61,755 465,389 527,144 132,379 2007 (4) (5) Sawgrass Mills Sunrise (Miami), FL — 192,981 1,641,153 5,395 205,643 198,376 1,846,796 2,045,172 465,457 2007 (4) (5) Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2019 (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 $ 141,001 $ 37,220 $ 233,179 $ — $ 12,562 $ 37,220 $ 245,741 $ 282,961 $ 37,075 2013 (4) (5) (7) Noventa Di Piave Designer Outlet Venice, Italy 313,701 38,793 309,284 — 60,729 38,793 370,013 408,806 47,723 2013 (4) (5) (7) Parndorf Designer Outlet Vienna, Austria 207,487 14,903 221,442 — 5,331 14,903 226,773 241,676 42,149 2013 (4) (5) (7) Provence Designer Outlet Provence, France 91,855 38,467 77,827 6,169 — 44,636 77,827 122,463 16,397 2017 (4) (5) (7) Roermond Designer Outlet Roermond, Netherlands 257,958 15,035 400,094 — 8,833 15,035 408,927 423,962 72,303 2013 (4) (5) (7) Roosendaal Designer Outlet Roosendaal, Netherlands 65,447 22,191 108,069 — 3,927 22,191 111,996 134,187 15,962 2017 (4) (5) (7) Community Centers ABQ Uptown Albuquerque, NM — 6,374 75,333 4,054 7,532 10,428 82,865 93,293 26,891 2011 (4) University Park Village Fort Worth, TX 55,000 18,031 100,523 — 4,675 18,031 105,198 123,229 18,306 2015 (4) Other Properties Calhoun Outlet Marketplace Calhoun, GA 18,311 1,745 12,529 — 2,471 1,745 15,000 16,745 9,683 2010 (4) Florida Keys Outlet Center Florida City, FL 17,000 1,112 1,748 — 4,127 1,112 5,875 6,987 3,397 2010 (4) Gaffney Outlet Marketplace Gaffney (Greenville/Charlotte), SC 29,581 4,056 32,371 — 6,347 4,056 38,718 42,774 19,448 2010 (4) Lincoln Plaza King of Prussia (Philadelphia), PA — — 21,299 — 12,963 — 34,262 34,262 16,147 2003 (4) Orlando Outlet Marketplace Orlando, FL — 3,367 1,557 — 3,347 3,367 4,904 8,271 2,555 2010 (4) Osage Beach Marketplace Osage Beach, MO — 9,460 85,804 — 8,905 9,460 94,709 104,169 54,997 2004 (4) Other pre-development costs — 107,403 134,874 959 — 108,362 134,874 243,236 78 Other 25,000 3,537 40,304 — — 3,537 40,304 43,841 11,138 Currency Translation Adjustment — 4,300 5,364 — 19,165 4,300 24,529 28,829 (22,517) $ 6,920,866 $ 3,334,769 $ 25,051,178 $ 357,287 $ 8,613,505 $ 3,692,056 $ 33,664,683 $ 37,356,739 $ 13,622,433 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Schedule III as of December 31, 2019 (Dollars in thousands) (1) Reconciliation of Real Estate Properties: The changes in real estate assets for the years ended December 31, 2019, 2018, and 2017 are as follows: 2019 2018 2017 Balance, beginning of year $ 36,667,960 $ 36,014,506 $ 34,897,942 Acquisitions and consolidations (7) 40,990 328,265 328,621 Improvements 899,728 758,135 731,863 Disposals and deconsolidations (219,268) (357,622) (125,499) Currency Translation Adjustment (32,671) (75,324) 181,579 Balance, close of year $ 37,356,739 $ 36,667,960 $ 36,014,506 The unaudited aggregate cost of domestic consolidated real estate assets for U.S. federal income tax purposes as of December 31, 2019 was $21,435,574. (2) Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation for the years ended December 31, 2019, 2018, and 2017 are as follows: 2019 2018 2017 Balance, beginning of year $ 12,632,690 $ 11,704,223 $ 10,664,738 Depreciation expense (7) 1,176,815 1,106,053 1,121,863 Disposals and deconsolidations (194,664) (190,241) (81,187) Currency Translation Adjustment 7,592 12,655 (1,191) Balance, close of year $ 13,622,433 $ 12,632,690 $ 11,704,223 Depreciation of our investment in buildings and improvements reflected in the consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as noted below. ● Buildings and Improvements — typically 10 - 35 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment. ● Tenant Allowances and Improvements — shorter of lease term or useful life. (3) Initial cost generally represents net book value at December 20, 1993, except for acquired properties and new developments after December 20, 1993. Initial cost also includes any new developments that are opened during the current year. Costs of disposals and impairments of property are first reflected as a reduction to cost capitalized subsequent to acquisition. (4) Not developed/constructed by us or our predecessors. The date of construction represents the initial acquisition date for assets in which we have acquired multiple interests. (5) Initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting. (6) Encumbrances represent face amount of mortgage debt and exclude any premiums or discounts and deferred financing costs. (7) Represents the original cost and does not include subsequent currency translation adjustments. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies | |
Investment Properties | Investment Properties Investment properties consist of the following as of December 31: 2019 2018 Land $ 3,692,056 $ 3,673,023 Buildings and improvements 33,664,683 32,994,937 Total land, buildings and improvements 37,356,739 36,667,960 Furniture, fixtures and equipment 447,756 424,710 Investment properties at cost 37,804,495 37,092,670 Less — accumulated depreciation 13,905,776 12,884,539 Investment properties at cost, net $ 23,898,719 $ 24,208,131 Construction in progress included above $ 812,982 $ 561,556 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, 2019 2018 2017 Capitalized interest $ 33,342 $ 19,871 $ 24,754 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 We review investment properties for impairment on a property-by-property basis to identify and evaluate events or changes in circumstances which indicate that the carrying value of investment properties may not be recoverable. These circumstances include, but are not limited to, declines in a property’s cash flows, ending occupancy or total sales per square foot. We measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization during the anticipated holding period plus its residual value is less than the carrying value of the property. To the extent impairment has occurred, we charge to income the excess of carrying value of the property over its estimated fair value. We also review our investments, including investments in unconsolidated entities, to identify and evaluate whether events or changes in circumstances indicate 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. Our evaluation of changes in economic or operating conditions may include developing estimates of forecasted cash flows or operating income before depreciation and amortization to support the recoverability of the carrying amount of the investment. We estimate undiscounted cash flows and fair value using observable and unobservable data such as operating income before depreciation and amortization, estimated capitalization and discount rates, or relevant market multiples, leasing prospects and local market information. 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. |
Purchase Accounting | Purchase Accounting We allocate the purchase price of asset acquisitions and any excess investment in unconsolidated entities to the various components of the acquisition based upon the relative fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, we may utilize third party valuation specialists. These components typically include buildings, land and intangibles related to in-place leases and we estimate: ● the relative fair value of land and related improvements and buildings on an as-if-vacant basis, ● the market value of in-place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into lease income, ● the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and ● the value of lease income and recovery of costs foregone during a reasonable lease-up period, as if the space was vacant. The relative fair value of buildings is depreciated over the estimated remaining life of the acquired building or related improvements. We amortize tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. We also estimate the value of other acquired intangible assets, if any, which are amortized over the remaining life of the underlying related intangibles. |
Cash and Cash Equivalents | 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 8 for disclosures about non-cash investing and financing transactions. |
Equity Instruments and Debt Securities | Equity Instruments and Debt Securities Equity instruments and debt securities consist primarily of equity instruments, our deferred compensation plan investments, the debt securities of our captive insurance subsidiary, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At December 31, 2019 and 2018, we had equity instruments with readily determinable fair values of $68.2 million and $78.1 million, respectively. Effective January 1, 2018, changes in fair value of these equity instruments are recorded in earnings. We recognized a cumulative effect adjustment of $7.3 million as of January 1, 2018 to reclassify unrealized gains previously reported in accumulated other comprehensive income (loss) as a result of the adoption of Accounting Standards Update (ASU) 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” Non-cash mark-to-market adjustments related to an investment we hold in units of a publicly traded real estate investment trust are included in unrealized losses in fair value of equity instruments in our consolidated statements of operations and comprehensive income. Non-cash mark-to-market adjustments related to other non-real estate securities with readily determinable fair values for the years ended December 31, 2019 and 2018 were $5.0 million and nil, respectively, and these losses were recorded in other expense in our consolidated statements of operations and comprehensive income. At December 31, 2019 and 2018, we had equity instruments without readily determinable fair values of $295.4 million and $175.7 million, respectively, for which we have elected the measurement alternative under this guidance. We regularly evaluate these investments for any impairment in their estimated fair value, as well as any observable price changes for an identical or similar equity instrument of the same issuer, and determined that no material adjustment in the carrying value was required for the years ended December 31, 2019 and 2018. On July 26, 2017, we sold our investment in certain equity instruments. The aggregate proceeds received from the sale were $53.9 million, and we recognized a gain on the sale of $21.5 million, which is included in other income in the accompanying consolidated statement of operations and comprehensive income for the year ended December 31, 2017. Our deferred compensation plan equity instruments are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income. At December 31, 2019 and 2018, we held debt securities of $52.8 million and $40.1 million, respectively, in our captive insurance subsidiary. The types of securities included in the investment portfolio of our captive insurance subsidiary are typically U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than one year to ten years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiary is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment is recorded and a new cost basis is established. Our captive insurance subsidiary is required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. |
Fair Value Measurements | Fair Value Measurements Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs. The equity instruments with readily determinable fair values we held at December 31, 2019 and 2018 were primarily classified as having Level 1 and Level 2 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs, which consist primarily of foreign currency forward contracts and interest rate swap agreements with a gross asset balance of $17.5 million and $10.9 million at December 31, 2019 and 2018, respectively, and a gross liability balance of $3.8 million and $6.2 million at December 31, 2019 and 2018, respectively. Note 7 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 fair value, 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. |
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 premier shopping, dining, entertainment and mixed use real estate. We have aggregated our retail operations, including malls, Premium Outlets, The Mills, and our international investments into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same, tenants. As of December 31, 2019, approximately 6.2% of our consolidated long-lived assets and 2.9% of our consolidated total revenues were derived from assets located outside the United States. As of December 31, 2018, approximately 6.1% of our consolidated long-lived assets and 3.0% of our consolidated total revenues were derived from assets located outside the United States. |
Deferred Costs and Other Assets | Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31: 2019 2018 Deferred lease costs, net $ 209,277 $ 249,010 In-place lease intangibles, net 31,417 65,825 Acquired above market lease intangibles, net 44,337 64,813 Marketable securities of our captive insurance companies 52,760 40,099 Goodwill 20,098 20,098 Other marketable and non-marketable securities 363,554 253,732 Prepaids, notes receivable and other assets, net 492,582 516,463 $ 1,214,025 $ 1,210,040 |
Deferred Lease Costs | Deferred Lease Costs Our deferred leasing costs consist primarily of initial direct costs and, prior to the adoption of ASC 842, 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: 2019 2018 Deferred lease costs $ 443,313 $ 497,570 Accumulated amortization (234,036) (248,560) Deferred lease costs, net $ 209,277 $ 249,010 |
Intangibles | Intangibles The average remaining life of in-place lease intangibles is approximately 2.0 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 lease income over the remaining lease life as a component of reported lease income. The weighted average remaining life of these intangibles is approximately 2.6 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 $44.8 million and $66.7 million as of December 31, 2019 and 2018, respectively. The amount of amortization of above and below market leases, net, which increased lease income for the years ended December 31, 2019, 2018, and 2017, was $1.9 million, $1.0 million and $2.8 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: 2019 2018 In-place lease intangibles $ 196,007 $ 291,613 Accumulated amortization (164,590) (225,788) In-place lease intangibles, net $ 31,417 $ 65,825 2019 2018 Acquired above market lease intangibles $ 252,934 $ 253,973 Accumulated amortization (208,597) (189,160) Acquired above market lease intangibles, net $ 44,337 $ 64,813 Estimated future amortization and the increasing (decreasing) effect on lease income for our above and below market leases as of December 31, 2019 are as follows: Below Above Impact to Market Market Lease Leases Leases Income, Net 2020 $ 16,943 $ (15,642) $ 1,301 2021 7,970 (10,226) (2,256) 2022 5,348 (7,421) (2,073) 2023 4,063 (5,388) (1,325) 2024 3,151 (3,645) (494) Thereafter 7,302 (2,015) 5,287 $ 44,777 $ (44,337) $ 440 |
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. 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, 2019 and 2018, we had no outstanding interest rate derivatives. We generally do not apply hedge accounting to interest rate caps, which had a nominal value as of December 31, 2019 and 2018, respectively. 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 gain on our treasury locks and terminated hedges recorded in accumulated other comprehensive income (loss) was $10.6 million as of December 31, 2019, compared to an unamortized loss of $3.0 million as of December 31, 2018. Within the next year, we expect to reclassify to earnings approximately $1.9 million of gains related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss). We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euro. We use currency forward contracts, cross currency swap contracts, and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date. We had the following Euro:USD forward contracts designated as net investment hedges at December 31, 2019 and 2018 (in millions): Asset (Liability) Value as of December 31, December 31, Notional Value Maturity Date 2019 2018 € 50.0 May 15, 2019 — (0.8) € 50.0 March 20, 2020 (0.5) — € 50.0 March 20, 2020 (0.5) — € 50.0 March 20, 2020 (0.5) — € 50.0 May 15, 2020 1.5 (1.5) € 100.0 June 18, 2020 (0.6) — € 90.0 June 18, 2020 (0.5) — € 100.0 December 18, 2020 (0.6) — € 100.0 December 18, 2020 (0.6) — € 50.0 May 14, 2021 1.3 (2.0) Asset balances in the above table are included in deferred costs and other assets. Liability balances in the above table are included in other liabilities. We use a Euro-denominated cross-currency swap agreement to manage our exposure to changes in foreign exchange rates by swapping $150.0 million of 4.38% fixed rate U.S. dollar-denominated debt to 1.37% fixed rate Euro-denominated debt of €121.6 million. The cross-currency swap matures on December 1, 2020. The fair value of our cross-currency swap agreement at December 31, 2019 and 2018 was $14.7 million and $10.9 million, respectively, and is included in deferred costs and other assets. We have designated the currency forward contracts and cross-currency swaps as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro or Yen-denominated joint venture investment. The total gross accumulated other comprehensive income related to Simon’s derivative activities, including our share of other comprehensive income from unconsolidated entities, was $41.2 million and $32.9 million as of December 31, 2019 and 2018, respectively. The total gross accumulated other comprehensive income related to the Operating Partnership’s derivative activities, including our share of the other comprehensive income from unconsolidated entities, was $47.5 million and $37.9 million as of December 31, 2019 and 2018, respectively. |
Noncontrolling Interests | Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows as of December 31: 2019 2018 Limited partners’ interests in the Operating Partnership $ 378,339 $ 492,877 Nonredeemable noncontrolling interests in properties, net 6,513 7,398 Total noncontrolling interests reflected in equity $ 384,852 $ 500,275 Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties, limited partners’ interests in the Operating Partnership, and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders. The Operating Partnership Our evaluation of the appropriateness of classifying the Operating Partnership’s common units of partnership interest, or units, held by Simon and the Operating Partnership's limited partners within permanent equity considered several significant factors. First, as a limited partnership, all decisions relating to the Operating Partnership’s operations and distributions are made by Simon, acting as the Operating Partnership’s sole general partner. The decisions of the general partner are made by Simon's Board of Directors or management. The Operating Partnership has no other governance structure. Secondly, the sole asset of Simon is its interest in the Operating Partnership. As a result, a share of common stock of Simon, or common stock, if owned by the Operating Partnership, is best characterized as being similar to a treasury share and thus not an asset of the Operating Partnership. Limited partners of the Operating Partnership have the right under the Operating Partnership’s partnership agreement to exchange their units for shares of common stock or cash, as selected by Simon as the sole general partner. Accordingly, we classify units held by limited partners in permanent equity because Simon may elect to issue shares of common stock to limited partners exercising their exchange rights rather than using cash. Under the Operating Partnership’s partnership agreement, the Operating Partnership is required to redeem units held by Simon only when Simon has repurchased shares of common stock. We classify units held by Simon in permanent equity because the decision to redeem those units would be made by Simon. Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties) is a component of consolidated net income. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Simon The total gross accumulated other comprehensive income (loss) related to Simon’s currency translation adjustment was ($160.4 million) and ($158.9 million) as of December 31, 2019 and 2018, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: Affected line item where 2019 2018 2017 net income is presented Accumulated derivative losses, net $ (2,782) $ (7,020) $ (9,419) Interest expense (10,852) — — Loss on extinguishment of debt 1,802 923 1,233 Net income attributable to noncontrolling interests $ (11,832) $ (6,097) $ (8,186) Realized gain on sale of marketable securities $ — $ — $ 21,541 Other income — — (2,820) Net income attributable to noncontrolling interests $ — $ — $ 18,721 The Operating Partnership The total gross accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($184.8 million) and ($183.0 million) as of December 31, 2019 and 2018, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31: Affected line item where 2019 2018 2017 net income is presented Accumulated derivative losses, net $ (2,782) $ (7,020) $ (9,419) Interest expense (10,852) — — Loss on extinguishment of debt $ (13,634) $ (7,020) $ (9,419) Realized gain on sale of marketable securities $ — $ — $ 21,541 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 fixed lease income on a straight line basis over the terms of the leases. Substantially all of our retail tenants are also required to pay overage rents based on sales over a stated base amount during the lease year. We recognize this variable lease consideration only when each tenant’s sales exceed the applicable sales threshold. We amortize any tenant inducements as a reduction of lease income 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. Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation or otherwise. 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 lease income on a straight-line basis over the term of the lease beginning with the adoption of ASC 842. When not reimbursed by the fixed CAM component, CAM expense reimbursements are based on the tenant’s proportionate share of the allocable operating expenses and CAM capital expenditures for the property. We accrue all variable reimbursements from tenants for recoverable portions of all of these expenses as variable lease consideration in the period the applicable expenditures are incurred. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. Our advertising and promotional costs are expensed as incurred. Provisions for credit losses that are not probable of collection are recognized as a reduction of lease income. Refer to note 9 for further disclosure of lease income. |
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 performance criteria. Revenues from insurance premiums charged to unconsolidated properties are recognized on a pro-rata basis over the terms of the policies. Insurance losses on these policies and our self-insurance for our consolidated properties are reflected in property operating expenses in the accompanying consolidated statements of operations and comprehensive income and include estimates for losses incurred but not reported as well as losses pending settlement. Estimates for losses are based on evaluations by third-party actuaries and management’s estimates. Total insurance reserves for our insurance subsidiaries and other self-insurance programs as of December 31, 2019 and 2018 approximated $74.5 million and $82.5 million, respectively, and are included in other liabilities in the consolidated balance sheets. Information related to the securities included in the investment portfolio of our captive insurance subsidiary is included within the “Equity Instruments and Debt Securities” section above. |
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 not less than 100% of their REIT taxable income. Thus, we made no provision for U.S. federal income taxes for these entities in the accompanying consolidated financial statements. If Simon or any of the REIT subsidiaries fail to qualify as a REIT, and if available relief provisions do not apply, Simon or that entity will be subject to tax at regular corporate rates for the years in which it failed to qualify. If Simon or any of the REIT subsidiaries loses its REIT status it could not elect to be taxed as a REIT for four taxable years following the year during which qualification was lost unless the failure to qualify was due to reasonable cause and certain other conditions were satisfied. We have also elected taxable REIT subsidiary, or TRS, status for some of our subsidiaries. This enables us to provide services that would otherwise be considered impermissible for REITs and participate in activities that do not qualify as “rents from real property”. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income. As a partnership, the allocated share of the Operating Partnership’s income or loss for each year is included in the income tax returns of the partners; accordingly, no accounting for income taxes is required in the accompanying consolidated financial statements other than as discussed above for our TRSs. As of December 31, 2019 and 2018, we had net deferred tax liabilities of $257.7 million and $278.3 million, respectively, which primarily relate to the temporary differences between the carrying value of balance sheet assets and liabilities and their tax bases. These differences were primarily created through the consolidation of various European assets in 2016. Additionally, we have deferred tax liabilities related to our TRSs, consisting of operating losses and other carryforwards for U.S. federal income tax purposes as well as the timing of the deductibility of losses or reserves from insurance subsidiaries, though these amounts are not material to the financial statements. The net deferred tax liability is included in other liabilities in the accompanying consolidated balance sheets. We are also subject to certain other taxes, including state and local taxes, franchise taxes, as well as income-based and withholding taxes on dividends from certain of our international investments, which are included in income and other taxes in the consolidated statements of operations and comprehensive income. |
Corporate Expenses | Corporate Expenses Home and regional office costs primarily include compensation and personnel related costs, travel, building and office costs, and other expenses for our corporate home office and regional offices. General and administrative expense primarily includes executive compensation, benefits and travel expenses as well as costs of being a public company, including certain legal costs, audit fees, regulatory fees, and certain other professional fees. |
New Accounting Pronouncements | New Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, "Leases," codified as Accounting Standards Codification (ASC) 842, which results in lessees recognizing most leased assets and corresponding lease liabilities on the balance sheet. Certain refinements were made to lessor accounting to conform the standard with the recently issued revenue recognition guidance in ASU 2014-09, “Revenue From Contracts With Customers”, specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. ASC 842 also limits the capitalization of leasing costs to initial direct costs, which, if applied in 2018, would have reduced our capitalized leasing costs and correspondingly increased expenses by approximately $45 million. Substantially all of our revenues and the revenues of our equity method investments in real estate are earned from arrangements that are within the scope of ASC 842. On July 30, 2018, the FASB issued ASU 2018-11, also codified as ASC 842, which created a practical expedient that provides lessors an option not to separate lease and non-lease components when certain criteria are met and instead account for those components as a single lease component. We determined that our lease arrangements meet the criteria under the practical expedient to account for lease and non-lease components as a single lease component, which alleviates the requirement upon adoption of ASC 842 that we reallocate or separately present consideration from lease and non-lease components. On January 1, 2019, we began recognizing consideration received from fixed common area maintenance arrangements on a straight-line basis as this consideration is attributed to the lease component. Further, ASC 842 requires recognition on our consolidated balance sheets of leases of land and other arrangements where we are the lessee. Upon adoption on January 1, 2019, we recognized a right of use asset and corresponding lease liability In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses," which introduced new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. Instruments in scope include loans, held-to-maturity debt securities, and net investments in leases as well as reinsurance and trade receivables. In November 2018, the FASB issued ASU 2018-19, which clarifies that operating lease receivables are outside the scope of the new standard. This standard will be effective for us in fiscal years beginning after December 15, 2019. There was no impact on our consolidated financial statements at adoption. |
Basis of Presentation and Con_2
Basis of Presentation and Consolidation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Basis of Presentation and Consolidation | |
Schedule of weighted average ownership interest in the operating partnership | For the Year Ended December 31, 2019 2018 2017 Weighted average ownership interest 86.8 % 86.8 % 86.8 % |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies | |
Schedule of investment properties | 2019 2018 Land $ 3,692,056 $ 3,673,023 Buildings and improvements 33,664,683 32,994,937 Total land, buildings and improvements 37,356,739 36,667,960 Furniture, fixtures and equipment 447,756 424,710 Investment properties at cost 37,804,495 37,092,670 Less — accumulated depreciation 13,905,776 12,884,539 Investment properties at cost, net $ 23,898,719 $ 24,208,131 Construction in progress included above $ 812,982 $ 561,556 |
Schedule of interest capitalized | For the Year Ended December 31, 2019 2018 2017 Capitalized interest $ 33,342 $ 19,871 $ 24,754 |
Schedule of deferred costs and other assets | 2019 2018 Deferred lease costs, net $ 209,277 $ 249,010 In-place lease intangibles, net 31,417 65,825 Acquired above market lease intangibles, net 44,337 64,813 Marketable securities of our captive insurance companies 52,760 40,099 Goodwill 20,098 20,098 Other marketable and non-marketable securities 363,554 253,732 Prepaids, notes receivable and other assets, net 492,582 516,463 $ 1,214,025 $ 1,210,040 |
Schedule of deferred lease costs | 2019 2018 Deferred lease costs $ 443,313 $ 497,570 Accumulated amortization (234,036) (248,560) Deferred lease costs, net $ 209,277 $ 249,010 |
Schedule of amortization from continuing operations, included in statements of operations and comprehensive income | For the Year Ended December 31, 2019 2018 2017 Amortization of deferred leasing costs $ 57,201 $ 56,646 $ 54,323 |
Schedule of intangible assets | 2019 2018 In-place lease intangibles $ 196,007 $ 291,613 Accumulated amortization (164,590) (225,788) In-place lease intangibles, net $ 31,417 $ 65,825 2019 2018 Acquired above market lease intangibles $ 252,934 $ 253,973 Accumulated amortization (208,597) (189,160) Acquired above market lease intangibles, net $ 44,337 $ 64,813 |
Schedule of estimated future amortization and the increasing (decreasing) effect on lease income for above and below market leases | Below Above Impact to Market Market Lease Leases Leases Income, Net 2020 $ 16,943 $ (15,642) $ 1,301 2021 7,970 (10,226) (2,256) 2022 5,348 (7,421) (2,073) 2023 4,063 (5,388) (1,325) 2024 3,151 (3,645) (494) Thereafter 7,302 (2,015) 5,287 $ 44,777 $ (44,337) $ 440 |
Schedule of Euro:USD forward contracts | Asset (Liability) Value as of December 31, December 31, Notional Value Maturity Date 2019 2018 € 50.0 May 15, 2019 — (0.8) € 50.0 March 20, 2020 (0.5) — € 50.0 March 20, 2020 (0.5) — € 50.0 March 20, 2020 (0.5) — € 50.0 May 15, 2020 1.5 (1.5) € 100.0 June 18, 2020 (0.6) — € 90.0 June 18, 2020 (0.5) — € 100.0 December 18, 2020 (0.6) — € 100.0 December 18, 2020 (0.6) — € 50.0 May 14, 2021 1.3 (2.0) |
Schedule of carrying amount of noncontrolling interests | 2019 2018 Limited partners’ interests in the Operating Partnership $ 378,339 $ 492,877 Nonredeemable noncontrolling interests in properties, net 6,513 7,398 Total noncontrolling interests reflected in equity $ 384,852 $ 500,275 |
Schedule of reclassifications out of accumulated other comprehensive income (loss) | Affected line item where 2019 2018 2017 net income is presented Accumulated derivative losses, net $ (2,782) $ (7,020) $ (9,419) Interest expense (10,852) — — Loss on extinguishment of debt 1,802 923 1,233 Net income attributable to noncontrolling interests $ (11,832) $ (6,097) $ (8,186) Realized gain on sale of marketable securities $ — $ — $ 21,541 Other income — — (2,820) Net income attributable to noncontrolling interests $ — $ — $ 18,721 |
Simon Property Group, L.P. | |
Significant Accounting Policies | |
Schedule of reclassifications out of accumulated other comprehensive income (loss) | Affected line item where 2019 2018 2017 net income is presented Accumulated derivative losses, net $ (2,782) $ (7,020) $ (9,419) Interest expense (10,852) — — Loss on extinguishment of debt $ (13,634) $ (7,020) $ (9,419) Realized gain on sale of marketable securities $ — $ — $ 21,541 Other income |
Per Share and Per Unit Data (Ta
Per Share and Per Unit Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 Net Income attributable to Common Stockholders — Basic and Diluted $ 2,098,247 $ 2,436,721 $ 1,944,625 Weighted Average Shares Outstanding — Basic and Diluted 307,950,112 309,627,178 311,517,345 |
Schedule of taxable nature of dividends and distributions declared | For the Year Ended December 31, 2019 2018 2017 Total dividends/distributions paid per common share/unit $ 8.30 $ 7.90 $ 7.15 Percent taxable as ordinary income 100.00 % 96.20 % 100.00 % Percent taxable as long-term capital gains 0.00 % 3.80 % 0.00 % 100.00 % 100.00 % 100.00 % |
Simon Property Group, L.P. | |
Per Share And Per Unit Data | |
Schedule of computation of basic and diluted earnings per share and basic and diluted earnings per unit | For the Year Ended December 31, 2019 2018 2017 Net Income attributable to Unitholders — Basic and Diluted $ 2,416,945 $ 2,805,764 $ 2,239,638 Weighted Average Units Outstanding — Basic and Diluted 354,724,019 356,520,452 358,776,632 |
Investment in Unconsolidated _2
Investment in Unconsolidated Entities and International Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments in Unconsolidated Entities and International Investments | |
Summary of equity method investments and share of income from such investments, balance sheet | December 31, December 31, 2019 2018 Assets: Investment properties, at cost $ 19,525,665 $ 18,807,449 Less - accumulated depreciation 7,407,627 6,834,633 12,118,038 11,972,816 Cash and cash equivalents 1,015,864 1,076,398 Tenant receivables and accrued revenue, net 510,157 445,148 Right-of-use assets, net 185,302 — Deferred costs and other assets 384,663 390,818 Total assets $ 14,214,024 $ 13,885,180 Liabilities and Partners’ Deficit: Mortgages $ 15,391,781 $ 15,235,415 Accounts payable, accrued expenses, intangibles, and deferred revenue 977,112 976,311 Lease liabilities 186,594 — Other liabilities 338,412 344,205 Total liabilities 16,893,899 16,555,931 Preferred units 67,450 67,450 Partners’ deficit (2,747,325) (2,738,201) Total liabilities and partners’ deficit $ 14,214,024 $ 13,885,180 Our Share of: Partners’ deficit $ (1,196,926) $ (1,168,216) Add: Excess Investment 1,525,903 1,594,198 Our net Investment in unconsolidated entities, at equity $ 328,977 $ 425,982 |
Schedule of principal repayments on joint venture properties' mortgage and unsecured indebtedness | As of December 31, 2019, scheduled principal repayments on these joint venture properties’ mortgage indebtedness are as follows: 2020 $ 946,309 2021 2,476,864 2022 1,927,938 2023 1,267,179 2024 2,297,118 Thereafter 6,512,206 Total principal maturities 15,427,614 Debt issuance costs (35,833) Total mortgages $ 15,391,781 |
Summary of equity method investments and share of income from such investments, statements of operations | December 31, 2019 2018 2017 REVENUE: Lease income $ 3,088,594 $ 3,045,668 $ 2,933,655 Other income 322,398 326,575 290,515 Total revenue 3,410,992 3,372,243 3,224,170 OPERATING EXPENSES: Property operating 587,062 590,921 551,885 Depreciation and amortization 681,764 652,968 640,286 Real estate taxes 266,013 259,567 245,646 Repairs and maintenance 85,430 87,408 81,309 Advertising and promotion 89,660 87,349 86,480 Other 196,178 187,292 184,037 Total operating expenses 1,906,107 1,865,505 1,789,643 Operating Income Before Other Items 1,504,885 1,506,738 1,434,527 Interest expense (636,988) (663,693) (593,062) Gain (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net 24,609 33,367 (2,239) Net Income $ 892,506 $ 876,412 $ 839,226 Third-Party Investors’ Share of Net Income $ 460,696 $ 436,767 $ 424,533 Our Share of Net Income $ 431,810 $ 439,645 $ 414,693 Amortization of Excess Investment (83,556) (85,252) (89,804) Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements (9,156) — — Our Share of (Gain) Loss on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net (1,133) (12,513) 1,342 Income from Unconsolidated Entities $ 337,965 $ 341,880 $ 326,231 |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Indebtedness | |
Schedule of mortgages and unsecured indebtedness | 2019 2018 Fixed-Rate Debt: Mortgage notes, including $6,775 and $11,822 of net premiums and $15,195 and $14,522 of debt issuance costs, respectively. Weighted average interest and maturity of 3.87% and 4.8 years at December 31, 2019. $ 6,156,595 $ 6,099,787 Unsecured notes, including $54,976 and $44,691 of net discounts and $70,297 and $58,822 of debt issuance costs, respectively. Weighted average interest and maturity of 3.07% and 9.3 years at December 31, 2019. 15,747,267 15,535,468 Commercial Paper (see below) 1,327,050 758,681 Total Fixed-Rate Debt 23,230,912 22,393,936 Variable-Rate Debt: Mortgages notes, including $4,721 and $5,901 of debt issuance costs, respectively. Weighted average interest and maturity of 2.62% and 2.0 years at December 31, 2019. 751,130 736,274 Credit Facility (see below), including $11,067 and $16,930 of debt issuance costs, respectively, at December 31, 2019. 113,933 108,070 Total Variable-Rate Debt 865,063 844,344 Other Debt Obligations 67,255 67,255 Total Mortgages and Unsecured Indebtedness $ 24,163,230 $ 23,305,535 |
Schedule of principal repayments of indebtedness | Our scheduled principal repayments on indebtedness as of December 31, 2019 are as follows: 2020 $ 2,857,060 (1) 2021 1,541,478 2022 2,872,980 2023 1,868,669 2024 2,896,466 Thereafter 12,208,803 Total principal maturities 24,245,456 Net unamortized debt premium 6,775 Net unamortized debt discount (54,976) Debt issuance costs, net (101,280) Other Debt Obligations 67,255 Total mortgages and unsecured indebtedness $ 24,163,230 (1) Includes $1.3 billion in Global Commercial Paper. |
Schedule of cash paid for interest in each period, net of any amounts capitalized | For the Year Ended December 31, 2019 2018 2017 Cash paid for interest $ 803,728 $ 811,971 $ 814,729 |
Schedule of debt issuance costs | 2019 2018 Debt issuance costs $ 187,514 $ 204,189 Accumulated amortization (86,234) (108,014) Debt issuance costs, net $ 101,280 $ 96,175 |
Schedule of debt amortization from continuing operations, included in statements of operations and comprehensive income | For the Year Ended December 31, 2019 2018 2017 Amortization of debt issuance costs $ 21,499 $ 21,445 $ 21,707 Amortization of debt discounts/(premiums) 1,571 1,618 1,357 |
Schedule of fair value of financial instruments and the related discount rate assumptions | December 31, December 31, 2019 2018 Fair value of consolidated fixed rate mortgages and unsecured indebtedness $ 23,231 $ 22,323 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages 3.75 % 4.55 % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 3.67 % 4.50 % |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties | 2019 2018 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests in properties 193,524 204,626 Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ 219,061 $ 230,163 |
Schedule of LTIP units earned and aggregate grant date fair values adjusted for estimated forfeitures | LTIP Program LTIP Units Earned Grant Date Fair Value of TSR Award Grant Date Target Value of Performance-Based Awards 2018 LTIP program - Tranche A To be determined in 2020 $6.1 million $6.1 million 2018 LTIP program - Tranche B To be determined in 2021 $6.1 million $6.1 million 2019 LTIP program To be determined in 2022 $9.5 million $14.7 million |
Schedule of restricted stock awards | For the Year Ended December 31, 2019 2018 2017 Shares of restricted stock awarded during the year, net of forfeitures 90,902 51,756 76,660 Weighted average fair value of shares granted during the year $ 181.94 $ 153.24 $ 170.81 Annual amortization $ 12,604 $ 12,029 $ 13,911 |
Simon Property Group, L.P. | |
Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties | 2019 2018 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests in properties 193,524 204,626 Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ 219,061 $ 230,163 |
Lease Income (Tables)
Lease Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lease Income | |
Schedule of lease income | For the Year Ended December 31, 2019 2018 2017 Fixed lease income $ 4,293,401 $ 4,185,174 $ 4,156,971 Variable lease income 950,370 973,246 952,128 Total lease income $ 5,243,771 $ 5,158,420 $ 5,109,099 |
Schedule of minimum fixed lease consideration under tenant operating leases | Minimum fixed lease consideration under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration, as of December 31, 2019, is as follows: 2020 $ 3,553,867 2021 3,182,630 2022 2,785,719 2023 2,293,210 2024 1,825,869 Thereafter 4,700,660 $ 18,341,955 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies. | |
Schedule of lease cost | For the Year Ended December 31, 2019 Operating Lease Cost Fixed lease cost $ 31,000 Variable lease cost 16,833 Sublease income (694) Total operating lease cost $ 47,139 |
Schedule of other lease information | For the Year Ended December 31, 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 48,519 Weighted-average remaining lease term - operating leases 35.6 years Weighted-average discount rate - operating leases 4.87% |
Schedule of future minimum lease payments due | 2020 $ 32,438 2021 32,440 2022 32,451 2023 32,583 2024 32,717 Thereafter 908,701 $ 1,071,330 Impact of discounting (554,521) Operating lease liabilities $ 516,809 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data (Unaudited) | |
Schedule of quarterly financial data | First Second Third Fourth Quarter Quarter Quarter Quarter 2019 Total revenue $ 1,452,834 $ 1,397,186 $ 1,416,554 $ 1,488,615 Operating income before other items 745,021 680,631 705,302 776,876 Consolidated net income 631,947 572,102 628,724 590,416 Simon Property Group, Inc. Net income attributable to common stockholders $ 548,475 $ 495,324 $ 544,254 $ 510,194 Net income per share — Basic and Diluted $ 1.78 $ 1.60 $ 1.77 $ 1.66 Weighted average shares outstanding — Basic and Diluted 308,978,053 308,708,798 307,275,230 306,868,960 Simon Property Group, L.P. Net income attributable to unitholders $ 631,551 $ 570,389 $ 627,074 $ 587,931 Net income per unit — Basic and Diluted $ 1.78 $ 1.60 $ 1.77 $ 1.66 Weighted average units outstanding — Basic and Diluted 355,778,250 355,491,396 354,038,110 353,619,579 2018 Total revenue (1) $ 1,394,182 $ 1,385,059 $ 1,404,021 $ 1,462,027 Operating income before other items 704,962 727,983 722,843 770,512 Consolidated net income 715,524 631,414 642,212 833,192 Simon Property Group, Inc. Net income attributable to common stockholders $ 620,654 $ 547,004 $ 556,267 $ 712,796 Net income per share — Basic and Diluted $ 2.00 $ 1.77 $ 1.80 $ 2.30 Weighted average shares outstanding — Basic and Diluted 310,583,643 309,355,154 309,294,045 309,293,708 Simon Property Group, L.P. Net income attributable to unitholders $ 714,303 $ 629,822 $ 640,402 $ 821,237 Net income per unit — Basic and Diluted $ 2.00 $ 1.77 $ 1.80 $ 2.30 Weighted average units outstanding — Basic and Diluted 357,446,988 356,181,817 356,073,080 356,396,387 (1) Total revenue has been reclassified to conform to the current year presentation. |
Organization (Details)
Organization (Details) | Dec. 31, 2019propertycountrystate |
U.S. and Puerto Rico | |
Real Estate Properties | |
Number of properties | 204 |
Number of U.S. states containing property locations | state | 37 |
U.S. and Puerto Rico | Malls | |
Real Estate Properties | |
Number of properties | 106 |
U.S. and Puerto Rico | Premium Outlets | |
Real Estate Properties | |
Number of properties | 69 |
U.S. and Puerto Rico | The Mills | |
Real Estate Properties | |
Number of properties | 14 |
U.S. and Puerto Rico | Community/Lifestyle Centers | |
Real Estate Properties | |
Number of properties | 4 |
U.S. and Puerto Rico | Other shopping centers or outlet centers | |
Real Estate Properties | |
Number of properties | 11 |
Asia, Europe and Canada | Premium and Designer Outlets | |
Real Estate Properties | |
Number of properties | 29 |
Europe | Klepierre | |
Real Estate Properties | |
Ownership percentage | 22.20% |
Number of countries | country | 15 |
Basis of Presentation and Con_3
Basis of Presentation and Consolidation (Details) - property | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate Properties | |||
Total number of joint venture properties | 82 | 81 | |
Number of joint venture properties managed by the entity | 57 | ||
Number of International joint venture properties | 21 | ||
Number of joint venture properties managed by others | 25 | ||
Simon Property Group, L.P. | |||
Ownership interest: | |||
Ownership interest in the Operating Partnership (as a percent) | 86.80% | 86.80% | |
Simon Property Group, L.P. | Weighted average | |||
Ownership interest: | |||
Ownership interest in the Operating Partnership (as a percent) | 86.80% | 86.80% | 86.80% |
Wholly owned properties | |||
Real Estate Properties | |||
Number of properties | 133 | ||
Partially owned properties | |||
Real Estate Properties | |||
Number of properties | 18 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Investment Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Land | $ 3,692,056 | $ 3,673,023 | |
Buildings and improvements | 33,664,683 | 32,994,937 | |
Total land, buildings and improvements | 37,356,739 | 36,667,960 | |
Furniture, fixtures and equipment | 447,756 | 424,710 | |
Investment properties at cost | 37,804,495 | 37,092,670 | |
Less - accumulated depreciation | 13,905,776 | 12,884,539 | |
Investment properties, at cost, net | 23,898,719 | 24,208,131 | |
Construction in progress, included above | 812,982 | 561,556 | |
Capitalized interest | $ 33,342 | $ 19,871 | $ 24,754 |
Buildings and improvements | Minimum | |||
Useful life | 10 years | ||
Buildings and improvements | Maximum | |||
Useful life | 35 years | ||
Equipment and fixtures | Minimum | |||
Useful life | 7 years | ||
Equipment and fixtures | Maximum | |||
Useful life | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Equity Instruments and Investments (Details) - USD ($) $ in Thousands | Jul. 26, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 |
Equity Instruments and Investments | |||||
Equity instruments with readily determinable fair value | $ 68,200 | $ 78,100 | |||
Cumulative effect adjustment | $ 7,264 | ||||
Equity instruments without readily determinable fair values | 295,400 | 175,700 | |||
Proceeds from sales of equity instruments | $ 53,900 | ||||
Gain (loss) on sale of investment | $ 21,541 | ||||
Debt securities of our captive insurance companies | 52,760 | 40,099 | |||
Adjustment | ASU 2016-01 | |||||
Equity Instruments and Investments | |||||
Cumulative effect adjustment | $ 7,300 | ||||
Other expense | |||||
Equity Instruments and Investments | |||||
Non-cash mark-to-market adjustment | $ 5,000 | $ 0 | |||
Debt Securities | Securities in captive insurance subsidiary portfolio | Minimum | |||||
Equity Instruments and Investments | |||||
Investment maturity period | 1 year | ||||
Debt Securities | Securities in captive insurance subsidiary portfolio | Maximum | |||||
Equity Instruments and Investments | |||||
Investment maturity period | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Fair Value Measurements (Details) $ in Millions | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) |
Fair Value Measurements | ||
Number of investments for which fair value is measured on a recurring basis using Level 3 inputs | item | 0 | |
Level 2 | Recurring | ||
Fair Value Measurements | ||
Interest rate swap agreements and foreign currency forward contracts, gross asset balance | $ 17.5 | $ 10.9 |
Interest rate swap agreements and foreign currency forward contracts, gross liability balance | $ 3.8 | $ 6.2 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Segment and Geographic Locations (Details) - item | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Disclosure | ||
Number of reportable segments | 1 | |
Geographic Concentration Risk | Consolidated Long-Lived Assets | Non-US | ||
Concentration of Credit Risk | ||
Percentage of risk | 6.20% | 6.10% |
Geographic Concentration Risk | Consolidated revenues | Non-US | ||
Concentration of Credit Risk | ||
Percentage of risk | 2.90% | 3.00% |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Deferred Costs and Other Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred costs and other assets | |||
Deferred lease costs, net | $ 209,277 | $ 249,010 | |
In-place lease intangibles, net | 31,417 | 65,825 | |
Acquired above market lease intangibles, net | 44,337 | 64,813 | |
Marketable securities of our captive insurance companies | 52,760 | 40,099 | |
Goodwill | 20,098 | 20,098 | |
Other marketable and non-marketable securities | 363,554 | 253,732 | |
Prepaids, notes receivable and other assets, net | 492,582 | 516,463 | |
Deferred costs and other assets | 1,214,025 | 1,210,040 | |
Deferred Lease Costs | |||
Deferred lease costs | 443,313 | 497,570 | |
Accumulated amortization | (234,036) | (248,560) | |
Deferred lease costs, net | 209,277 | 249,010 | |
Amortization, included in statements of operations and comprehensive income | |||
Amortization of deferred leasing costs | $ 56,646 | $ 54,323 | |
Amortization of deferred leasing costs | $ 57,201 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible Assets | |||
Unamortized below market leases included in accounts payable, accrued expenses, intangibles and deferred revenues | $ 44,800 | $ 66,700 | |
Estimated future amortization, and the increasing (decreasing) effect on below market minimum rents | |||
2020 | 16,943 | ||
2021 | 7,970 | ||
2022 | 5,348 | ||
2023 | 4,063 | ||
2024 | 3,151 | ||
Thereafter | 7,302 | ||
Lease intangibles assets, net | 44,777 | ||
Estimated future amortization, and the increasing (decreasing) effect on minimum rents | |||
2020 | 1,301 | ||
2021 | (2,256) | ||
2022 | (2,073) | ||
2023 | (1,325) | ||
2024 | (494) | ||
Thereafter | 5,287 | ||
Lease intangibles assets, net | $ 440 | ||
In-place lease intangibles | |||
Intangible Assets | |||
Average life of in-place lease intangibles | 2 years | ||
Lease intangibles assets, gross | $ 196,007 | 291,613 | |
Accumulated amortization | (164,590) | (225,788) | |
Lease intangibles assets, net | $ 31,417 | 65,825 | |
Above and below market leases | |||
Intangible Assets | |||
Weighted average remaining life of intangible | 2 years 7 months 6 days | ||
Amount of amortization expenses | $ 1,900 | 1,000 | $ 2,800 |
Above Market Leases | |||
Intangible Assets | |||
Lease intangibles assets, gross | 252,934 | 253,973 | |
Accumulated amortization | (208,597) | (189,160) | |
Lease intangibles assets, net | 44,337 | $ 64,813 | |
Estimated future amortization, and the increasing (decreasing) effect on minimum rents | |||
2020 | (15,642) | ||
2021 | (10,226) | ||
2022 | (7,421) | ||
2023 | (5,388) | ||
2024 | (3,645) | ||
Thereafter | (2,015) | ||
Lease intangibles assets, net | $ (44,337) |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Derivative Financial Instruments (Details) € in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019EUR (€)DerivativeInstrument | Dec. 31, 2019USD ($)DerivativeInstrument | Dec. 31, 2018EUR (€)DerivativeInstrument | Dec. 31, 2018USD ($)DerivativeInstrument | |
Derivative Financial Instruments | ||||||
Number of credit-risk-related hedging or derivative activities | DerivativeInstrument | 0 | 0 | ||||
Unamortized gain (loss) on treasury locks and terminated hedges | $ 10.6 | $ (3) | ||||
Amount expected to be reclassified from accumulated other comprehensive loss to earnings within the next year | $ 1.9 | |||||
Gross accumulated other comprehensive income related to derivative activities | $ 41.2 | $ 32.9 | ||||
Interest rate swap | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Number of Instruments | DerivativeInstrument | 0 | 0 | 0 | 0 | ||
Euro:USD currency forward contract | May 15, 2019 | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Notional Amount | € | € 50 | |||||
Forward contract net, fair value | $ (0.8) | |||||
Euro:USD currency forward contract | March 20, 2020 | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Notional Amount | € | € 50 | |||||
Forward contract net, fair value | $ (0.5) | |||||
Euro:USD currency forward contract | March 20, 2020 | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Notional Amount | € | 50 | |||||
Forward contract net, fair value | (0.5) | |||||
Euro:USD currency forward contract | March 20, 2020 | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Notional Amount | € | 50 | |||||
Forward contract net, fair value | (0.5) | |||||
Euro:USD currency forward contract | May 15, 2020 | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Notional Amount | € | 50 | 50 | ||||
Forward contract net, fair value | 1.5 | (1.5) | ||||
Euro:USD currency forward contract | June 18, 2020 | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Notional Amount | € | 100 | |||||
Forward contract net, fair value | (0.6) | |||||
Euro:USD currency forward contract | June 18, 2020 | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Notional Amount | € | 90 | |||||
Forward contract net, fair value | (0.5) | |||||
Euro:USD currency forward contract | December 18, 2020 | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Notional Amount | € | 100 | |||||
Forward contract net, fair value | (0.6) | |||||
Euro:USD currency forward contract | December 18, 2020 | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Notional Amount | € | 100 | |||||
Forward contract net, fair value | (0.6) | |||||
Euro:USD currency forward contract | May 14, 2021 | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Notional Amount | € | € 50 | € 50 | ||||
Forward contract net, fair value | 1.3 | (2) | ||||
US denominated cross currency swap | Net Investment Hedging | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Notional Amount | $ 150 | |||||
Swapping interest rate | 4.38% | 4.38% | ||||
Euro denominated cross currency swap | Net Investment Hedging | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Notional Amount | € | € 121.6 | |||||
Fixed exchange rate | 1.37% | 1.37% | ||||
Euro denominated cross currency swap | Deferred costs and other assets | Net Investment Hedging | Designated as Hedging Instrument | ||||||
Derivative Financial Instruments | ||||||
Interest rate derivative asset, fair value | $ 14.7 | 10.9 | ||||
Simon Property Group, L.P. | ||||||
Derivative Financial Instruments | ||||||
Gross accumulated other comprehensive income related to derivative activities | $ 47.5 | $ 37.9 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Significant Accounting Policies | ||
Limited partners' interests in the Operating Partnership | $ 378,339 | $ 492,877 |
Nonredeemable noncontrolling interests in properties, net | 6,513 | 7,398 |
Total noncontrolling interests reflected in equity | $ 384,852 | $ 500,275 |
Summary of Significant Accou_12
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Significant Accounting Policies | |||||||||||
Cumulative translation adjustments | $ (160,400) | $ (158,900) | $ (160,400) | $ (158,900) | |||||||
Interest expense | (789,353) | (815,923) | $ (809,393) | ||||||||
Loss on extinguishment of debt | (116,256) | (128,618) | |||||||||
Other Income. | 398,476 | 370,582 | 296,978 | ||||||||
Net income attributable to noncontrolling interests | (321,604) | (382,285) | (296,941) | ||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 510,194 | $ 544,254 | $ 495,324 | $ 548,475 | $ 712,796 | $ 556,267 | $ 547,004 | $ 620,654 | 2,098,247 | 2,436,721 | 1,944,625 |
Accumulated derivative losses, net, including noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Interest expense | (2,782) | (7,020) | (9,419) | ||||||||
Loss on extinguishment of debt | (10,852) | ||||||||||
Accumulated derivative losses, attributable to noncontrolling interests | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Net income attributable to noncontrolling interests | 1,802 | 923 | 1,233 | ||||||||
Accumulated derivative gains (losses), net | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (11,832) | $ (6,097) | (8,186) | ||||||||
Realized gains on sales of marketable securities, including Portion Attributable to Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Other Income. | 21,541 | ||||||||||
Realized gains on sales of marketable securities, attributable to Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Net income attributable to noncontrolling interests | (2,820) | ||||||||||
Net unrealized (losses) gains on marketable securities | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 18,721 |
Summary of Significant Accou_13
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Significant Accounting Policies | |||||||||||
Cumulative translation adjustments | $ (160,400) | $ (158,900) | $ (160,400) | $ (158,900) | |||||||
Interest expense | (789,353) | (815,923) | $ (809,393) | ||||||||
Loss on extinguishment of debt | (116,256) | (128,618) | |||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | 510,194 | $ 544,254 | $ 495,324 | $ 548,475 | 712,796 | $ 556,267 | $ 547,004 | $ 620,654 | 2,098,247 | 2,436,721 | 1,944,625 |
Other Income. | 398,476 | 370,582 | 296,978 | ||||||||
Simon Property Group, L.P. | |||||||||||
Significant Accounting Policies | |||||||||||
Cumulative translation adjustments | (184,800) | (183,000) | (184,800) | (183,000) | |||||||
Interest expense | (789,353) | (815,923) | (809,393) | ||||||||
Loss on extinguishment of debt | (116,256) | (128,618) | |||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 587,931 | $ 627,074 | $ 570,389 | $ 631,551 | $ 821,237 | $ 640,402 | $ 629,822 | $ 714,303 | 2,416,945 | 2,805,764 | 2,239,638 |
Other Income. | 398,476 | 370,582 | 296,978 | ||||||||
Accumulated derivative gains (losses), net | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | (11,832) | (6,097) | (8,186) | ||||||||
Accumulated derivative gains (losses), net | Simon Property Group, L.P. | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Interest expense | (2,782) | (7,020) | (9,419) | ||||||||
Loss on extinguishment of debt | (10,852) | ||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (13,634) | $ (7,020) | (9,419) | ||||||||
Net unrealized (losses) gains on marketable securities | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | 18,721 | ||||||||||
Net unrealized (losses) gains on marketable securities | Simon Property Group, L.P. | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Other Income. | $ 21,541 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies - Allowance for Credit Losses and Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Management Fees and Other Revenues | ||
Insurance reserve for insurance subsidiaries and other self-insurance programs | $ 74.5 | $ 82.5 |
Income Taxes | ||
Provision for federal income taxes for REIT entities | 0 | |
Deferred Tax Liabilities, Net | $ 257.7 | $ 278.3 |
Summary of Significant Accou_15
Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2019 | Jan. 01, 2019 | Jan. 01, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 7,264 | ||||
Right-of-use assets, net | $ 514,660 | ||||
Operating lease liabilities | $ 516,809 | ||||
Minimum | |||||
New Accounting Pronouncements | |||||
Discount rate | 3.97% | ||||
Maximum | |||||
New Accounting Pronouncements | |||||
Discount rate | 5.52% | ||||
ASU 2016-01 | Adjustment | |||||
New Accounting Pronouncements | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 7,300 | ||||
Accounting Standards Update 2016-02 | Restatement Adjustment | |||||
New Accounting Pronouncements | |||||
Right-of-use assets, net | $ 524,000 | ||||
Operating lease liabilities | $ 524,000 | ||||
Accounting Standards Update 2016-02 | Proforma Adjustment | |||||
New Accounting Pronouncements | |||||
Lease expenses | $ 45,000 |
Real Estate Acquisitions and _2
Real Estate Acquisitions and Dispositions (Details) $ in Thousands | Sep. 19, 2019USD ($) | Sep. 25, 2018USD ($)shares | Apr. 21, 2017USD ($) | May 31, 2017USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property |
Acquisitions | |||||||||
Fixed rate debt | $ 23,230,912 | $ 22,393,936 | |||||||
Shopping centers | Disposed by Sales | Klepierre | |||||||||
Dispositions | |||||||||
Gain (loss) on disposition of interest in properties | $ 5,000 | 58,600 | $ 20,200 | $ 5,000 | |||||
Nets gains on disposition | $ 62,100 | ||||||||
Hotel | |||||||||
Acquisitions | |||||||||
Ownership interests acquired (as a percent) | 50.00% | ||||||||
Cash purchase price for acquisition | $ 12,800 | ||||||||
Hotel | Mortgage bearing 4.02% | |||||||||
Acquisitions | |||||||||
Fixed rate debt | $ 21,500 | ||||||||
Variable rate of interest | 4.02% | ||||||||
Outlet Center In Roosendaal | European Joint Venture | |||||||||
Acquisitions | |||||||||
Ownership interests acquired (as a percent) | 100.00% | ||||||||
Cash purchase price for acquisition | $ 69,800 | ||||||||
Mortgage debt assumed | $ 40,100 | ||||||||
Outlet Center In Roosendaal | European Joint Venture | Mortgage Maturing 2024 | |||||||||
Acquisitions | |||||||||
Debt issued to refinance previous mortgage | $ 69,000 | ||||||||
Outlet Center In Roosendaal | European Joint Venture | Mortgage Maturing 2024 | EURIBOR | |||||||||
Acquisitions | |||||||||
Interest added to reference rate (as a percent) | 1.85% | ||||||||
Outlets at Orange | |||||||||
Acquisitions | |||||||||
Ownership interests acquired (as a percent) | 50.00% | ||||||||
Outlets at Orange | Mortgage Maturing April 1, 2024 | |||||||||
Acquisitions | |||||||||
Fixed rate debt | $ 215,000 | ||||||||
Fixed rate of interest | 4.22% | ||||||||
Outlets at Orange | Simon Property Group, L.P. | |||||||||
Acquisitions | |||||||||
Number of units issued in connection with acquisition of the remaining interest in orange outlet | shares | 475,183 | ||||||||
Consideration for the acquisition | $ 84,100 | ||||||||
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale | |||||||||
Dispositions | |||||||||
Number of properties disposed of during the period | property | 2 | ||||||||
Nets gains on disposition | $ 288,800 | ||||||||
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale | Non-recourse $200M Mortgage | |||||||||
Dispositions | |||||||||
Non-recourse mortgage | 200,000 | ||||||||
Consolidated properties | Retail properties | Disposed of by Sales And Means Other than Sale | Non-recourse $80M Mortgage | |||||||||
Dispositions | |||||||||
Non-recourse mortgage | $ 80,000 | ||||||||
Unconsolidated properties | Retail properties | Disposed by Sales | |||||||||
Dispositions | |||||||||
Number of properties disposed of during the period | property | 1 | ||||||||
Gain (loss) on disposition of interest in properties | $ (1,300) | ||||||||
Unconsolidated properties | Residential properties | Disposed by Sales | |||||||||
Dispositions | |||||||||
Number of properties disposed of during the period | property | 1 | ||||||||
Proceeds from sale or disposal of real estate assets | $ 17,900 | $ 17,900 | |||||||
Gain (loss) on disposition of interest in properties | $ 16,200 | $ 16,200 |
Per Share and Per Unit Data (De
Per Share and Per Unit Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Per Share And Per Unit Data | ||||||||||||
Net Income attributable to Common Stockholders - Basic | $ 510,194 | $ 544,254 | $ 495,324 | $ 548,475 | $ 712,796 | $ 556,267 | $ 547,004 | $ 620,654 | $ 2,098,247 | $ 2,436,721 | $ 1,944,625 | |
Net Income attributable to Common Stockholders - Diluted | $ 2,098,247 | $ 2,436,721 | $ 1,944,625 | |||||||||
Weighted Average Shares Outstanding - Basic and Diluted | 306,868,960 | 307,275,230 | 308,708,798 | 308,978,053 | 309,293,708 | 309,294,045 | 309,355,154 | 310,583,643 | 307,950,112 | 309,627,178 | 311,517,345 | |
Dividends | ||||||||||||
Dividends declared per common share (in dollars per share) | $ 2.10 | |||||||||||
Common stock dividends paid (in dollars per share) | $ 8.30 | $ 7.90 | $ 7.15 | |||||||||
Percent taxable as ordinary income | 100.00% | 96.20% | 100.00% | |||||||||
Percent taxable as long-term capital gains | 0.00% | 3.80% | 0.00% | |||||||||
Total percentage of dividends paid | 100.00% | 100.00% | 100.00% | |||||||||
Simon Property Group, L.P. | ||||||||||||
Per Share And Per Unit Data | ||||||||||||
Net Income attributable to Common Stockholders - Basic | $ 587,931 | $ 627,074 | $ 570,389 | $ 631,551 | $ 821,237 | $ 640,402 | $ 629,822 | $ 714,303 | $ 2,416,945 | $ 2,805,764 | $ 2,239,638 | |
Net Income attributable to Common Stockholders - Diluted | $ 2,416,945 | $ 2,805,764 | $ 2,239,638 | |||||||||
Weighted Average Shares Outstanding - Basic and Diluted | 353,619,579 | 354,038,110 | 355,491,396 | 355,778,250 | 356,396,387 | 356,073,080 | 356,181,817 | 357,446,988 | 354,724,019 | 356,520,452 | 358,776,632 |
Investments in Unconsolidated E
Investments in Unconsolidated Entities and International Investments - Real Estate Joint Ventures and Investments (Details) $ in Millions | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property |
Investment in Unconsolidated Entities | ||
Total number of joint venture properties | property | 82 | 81 |
Construction and other related party loans | ||
Investment in Unconsolidated Entities | ||
Loans to related party | $ | $ 78.4 | $ 85.8 |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities and International Investments - Unconsolidated Entity Transactions (Details) $ / shares in Units, $ in Thousands | Oct. 16, 2019USD ($) | Sep. 25, 2018$ / sharesshares | Jun. 07, 2018USD ($) | Sep. 15, 2016item | Apr. 30, 2018USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Sep. 19, 2019 | May 31, 2017 |
Investment in Unconsolidated Entities | ||||||||||||||||
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | $ 14,883 | $ 288,827 | $ 3,647 | |||||||||||||
Insurance proceeds recorded as business interruption | 5,662 | 19,083 | ||||||||||||||
Gain on interest in unconsolidated entities | 35,621 | |||||||||||||||
Share of net income, net of amortization of our excess investment excluding impairment | 444,349 | 475,250 | 400,270 | |||||||||||||
Hotel | ||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
Ownership interests acquired (as a percent) | 50.00% | |||||||||||||||
Ownership interest after acquisition (as a percent) | 100.00% | |||||||||||||||
Outlets at Orange | ||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
Ownership interests acquired (as a percent) | 50.00% | |||||||||||||||
Ownership interest after acquisition (as a percent) | 100.00% | |||||||||||||||
Simon Property Group, L.P. | ||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | 14,883 | 288,827 | 3,647 | |||||||||||||
Insurance proceeds recorded as business interruption | 5,662 | 19,083 | ||||||||||||||
Gain on interest in unconsolidated entities | 35,621 | |||||||||||||||
Share of net income, net of amortization of our excess investment excluding impairment | 444,349 | 475,250 | 400,270 | |||||||||||||
Simon Property Group, L.P. | Outlets at Orange | ||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
Number of units issued in connection with acquisition of the remaining interest in orange outlet | shares | 475,183 | |||||||||||||||
Business acquisition price (in dollars per share) | $ / shares | $ 176.99 | |||||||||||||||
Aventura Mall | ||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
Loan defeasance charge | $ 30,900 | |||||||||||||||
Write off of deferred debt issuance cost | 6,500 | |||||||||||||||
Colorado Mills | ||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
Impairment charges | $ 32,500 | |||||||||||||||
Insurance proceeds recorded as business interruption | $ 65,900 | $ 67,900 | ||||||||||||||
Gain on business interruption | 3,000 | 33,400 | ||||||||||||||
Mortgages | Aventura Mall | ||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
Debt refinanced | 1,200,000 | |||||||||||||||
Construction loan | Aventura Mall | ||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
Debt refinanced | 200,800 | |||||||||||||||
4.12% fixed interest rate mortgage maturing July 2028 | Aventura Mall | ||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
Debt issued | $ 1,750,000 | |||||||||||||||
Fixed interest rate (as a percent) | 4.12% | |||||||||||||||
Aventura Mall | ||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
Ownership interest (as a percent) | 33.30% | |||||||||||||||
Share of early debt repayment charge | $ 12,500 | |||||||||||||||
Colorado Mills | ||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
Ownership interest (as a percent) | 37.50% | |||||||||||||||
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | $ 1,100 | $ 12,500 | ||||||||||||||
Aeropostale | ||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
Number of joint ventures | item | 2 | |||||||||||||||
Aeropostale Retail Operations | ||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
Ownership interest (as a percent) | 44.95% | 44.95% | 44.95% | |||||||||||||
Authentic Brands Group LLC | ||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
Ownership interest (as a percent) | 5.40% | 5.40% | 5.40% | |||||||||||||
Gain on interest in unconsolidated entities | $ 35,600 | |||||||||||||||
HBS | ||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
Ownership interest (as a percent) | 11.70% | 11.70% | 11.70% | 11.70% | 11.70% | 11.70% | ||||||||||
Impairment charge to reduce investment to its estimated fair value | $ 47,200 | |||||||||||||||
Share of net income, net of amortization of our excess investment excluding impairment | $ (16,200) | $ 15,100 | ||||||||||||||
Total revenues | 133,400 | 326,300 | ||||||||||||||
Total operating income before other items | 26,500 | 196,300 | ||||||||||||||
Consolidated net income | (24,700) | $ 105,900 | ||||||||||||||
HBS | Germany | ||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | $ 91,100 | |||||||||||||||
RGG | ||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
Ownership interest (as a percent) | 45.00% | |||||||||||||||
Contribution to form joint venture | $ 276,800 | |||||||||||||||
Unconsolidated properties | Disposed by Sales | Retail properties | ||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
Gain (loss) on disposition of interest in properties | $ (1,300) | |||||||||||||||
Unconsolidated properties | Disposed by Sales | Residential properties | ||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
Proceeds from sale or disposal of real estate assets | $ 17,900 | 17,900 | ||||||||||||||
Gain (loss) on disposition of interest in properties | $ 16,200 | $ 16,200 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities and International Investments - European Investments (Details) $ / shares in Units, $ in Thousands | Apr. 21, 2017USD ($) | Apr. 07, 2017USD ($) | May 31, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2019USD ($)propertyitem$ / sharesshares | Dec. 31, 2018USD ($)propertyitem | Dec. 31, 2017USD ($)itemproperty |
Investment in Unconsolidated Entities | |||||||
Income from unconsolidated entities | $ 444,349 | $ 475,250 | $ 400,270 | ||||
Klepierre | Disposed by Sales | Shopping centers | |||||||
Investment in Unconsolidated Entities | |||||||
Gain (loss) on disposition of interest in properties | $ 5,000 | $ 58,600 | $ 20,200 | $ 5,000 | |||
European Joint Venture | Roermond Designer Outlet | |||||||
Investment in Unconsolidated Entities | |||||||
Ownership interest (as a percent) | 51.30% | ||||||
Ownership interests acquired (as a percent) | 15.70% | ||||||
Cash purchase price for acquisition | $ 17,900 | ||||||
European Joint Venture | Outlet Center In Roosendaal | |||||||
Investment in Unconsolidated Entities | |||||||
Ownership interests acquired (as a percent) | 100.00% | ||||||
Cash purchase price for acquisition | $ 69,800 | ||||||
Mortgage debt assumed | $ 40,100 | ||||||
European Joint Venture | Outlet Center In Roosendaal | Mortgage Maturing 2024 | |||||||
Investment in Unconsolidated Entities | |||||||
Debt issued to refinance previous mortgage | $ 69,000 | ||||||
European Joint Venture | Outlet Center In Roosendaal | Mortgage Maturing 2024 | EURIBOR | |||||||
Investment in Unconsolidated Entities | |||||||
Interest added to reference rate (as a percent) | 1.85% | ||||||
European Joint Venture | Designer Outlet properties | |||||||
Investment in Unconsolidated Entities | |||||||
Number of properties | property | 9 | 9 | 9 | ||||
Number of properties consolidated by entity | item | 6 | 6 | 6 | ||||
European Joint Venture | Designer Outlet properties | Minimum | |||||||
Investment in Unconsolidated Entities | |||||||
Ownership interest (as a percent) | 45.00% | ||||||
European Joint Venture | Designer Outlet properties | Maximum | |||||||
Investment in Unconsolidated Entities | |||||||
Ownership interest (as a percent) | 94.00% | ||||||
European Property Management and Development | Designer Outlet properties | |||||||
Investment in Unconsolidated Entities | |||||||
Ownership interest (as a percent) | 50.00% | ||||||
Europe | Klepierre | |||||||
Investment in Unconsolidated Entities | |||||||
Shares owned | shares | 63,924,148 | ||||||
Ownership interest (as a percent) | 22.20% | ||||||
Quoted market price per share (in dollars per share) | $ / shares | $ 37.96 | ||||||
Income from unconsolidated entities | $ 145,200 | $ 98,800 | $ 50,000 | ||||
Total assets | 19,600,000 | 20,000,000 | |||||
Total liabilities | 12,900,000 | 12,700,000 | |||||
Noncontrolling interests equity | 1,300,000 | 1,400,000 | |||||
Total revenues | 1,500,000 | 1,600,000 | 1,500,000 | ||||
Total operating income before other items | 626,300 | 670,400 | 545,700 | ||||
Consolidated net income | $ 655,500 | 693,000 | $ 381,300 | ||||
Europe | Value Retail PLC | |||||||
Investment in Unconsolidated Entities | |||||||
Number of luxury outlets owned and operated | property | 9 | ||||||
Number of outlets in which the entity has a minority direct ownership | property | 3 | ||||||
Europe | Value Retail PLC | Deferred costs and other assets | |||||||
Investment in Unconsolidated Entities | |||||||
Value of equity instruments | $ 140,800 | $ 140,800 |
Investments in Unconsolidated_4
Investments in Unconsolidated Entities and International Investments - Asian Joint Ventures (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investment in Unconsolidated Entities | ||
Equity investment | $ 1,731,649 | $ 1,769,488 |
Japan | Mitsubishi Estate Co., Ltd. | Premium Outlets | ||
Investment in Unconsolidated Entities | ||
Ownership percentage | 40.00% | 40.00% |
Equity investment | $ 212,100 | $ 232,100 |
South Korea | Shinsegae International Co | Premium Outlets | ||
Investment in Unconsolidated Entities | ||
Ownership percentage | 50.00% | 50.00% |
Equity investment | $ 173,900 | $ 166,300 |
Investments in Unconsolidated_5
Investments in Unconsolidated Entities and International Investments - Combined Balance Sheets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Our Share of: | ||
Equity investment | $ 1,731,649 | $ 1,769,488 |
Unconsolidated properties | ||
Our Share of: | ||
Estimated life of investment property | 40 years | |
Equity Method Investees excluding Klepierre, Aeropostale, ABG, HBS and RGG | Unconsolidated properties | ||
Assets: | ||
Investment properties, at cost | $ 19,525,665 | 18,807,449 |
Less - accumulated depreciation | 7,407,627 | 6,834,633 |
Investment properties at cost, net | 12,118,038 | 11,972,816 |
Cash and cash equivalents | 1,015,864 | 1,076,398 |
Tenant receivables and accrued revenue, net | 510,157 | 445,148 |
Right-of-use assets, net | 185,302 | |
Deferred costs and other assets | 384,663 | 390,818 |
Total assets | 14,214,024 | 13,885,180 |
Liabilities and Partners' Deficit: | ||
Mortgages | 15,391,781 | 15,235,415 |
Accounts payable, accrued expenses, intangibles, and deferred revenue | 977,112 | 976,311 |
Lease liabilities | 186,594 | |
Other liabilities | 338,412 | 344,205 |
Total liabilities | 16,893,899 | 16,555,931 |
Preferred units | 67,450 | 67,450 |
Partners' deficit | (2,747,325) | (2,738,201) |
Total liabilities and partners' deficit | 14,214,024 | 13,885,180 |
Our Share of: | ||
Partners' deficit | (1,196,926) | (1,168,216) |
Add: Excess Investment | 1,525,903 | 1,594,198 |
Equity investment | $ 328,977 | $ 425,982 |
Investments in Unconsolidated_6
Investments in Unconsolidated Entities and International Investments - Repayments of Mortgages (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Scheduled principal repayments on mortgage indebtedness | ||
2020 | $ 2,857,060 | |
2021 | 1,541,478 | |
2022 | 2,872,980 | |
2023 | 1,868,669 | |
2024 | 2,896,466 | |
Thereafter | 12,208,803 | |
Total principal maturities | 24,245,456 | |
Debt issuance costs | (101,280) | $ (96,175) |
Equity Method Investees excluding Klepierre, Aeropostale, ABG, HBS and RGG | Unconsolidated properties | ||
Scheduled principal repayments on mortgage indebtedness | ||
2020 | 946,309 | |
2021 | 2,476,864 | |
2022 | 1,927,938 | |
2023 | 1,267,179 | |
2024 | 2,297,118 | |
Thereafter | 6,512,206 | |
Total principal maturities | 15,427,614 | |
Debt issuance costs | (35,833) | |
Total mortgages | $ 15,391,781 | $ 15,235,415 |
Weighted average interest rate (as a percent) | 3.94% | |
Equity Method Investees excluding Klepierre, Aeropostale, ABG, HBS and RGG | Unconsolidated properties | Minimum | ||
Scheduled principal repayments on mortgage indebtedness | ||
Interest rate on debt (as a percent) | 0.18% | |
Equity Method Investees excluding Klepierre, Aeropostale, ABG, HBS and RGG | Unconsolidated properties | Maximum | ||
Scheduled principal repayments on mortgage indebtedness | ||
Interest rate on debt (as a percent) | 10.53% |
Investments in Unconsolidated_7
Investments in Unconsolidated Entities and International Investments - Combined Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING EXPENSES: | |||
Income from Unconsolidated Entities | $ 444,349 | $ 475,250 | $ 400,270 |
Equity Method Investees excluding Klepierre, Aeropostale, ABG, HBS and RGG | Unconsolidated properties | |||
REVENUE: | |||
Lease income | 3,088,594 | 3,045,668 | 2,933,655 |
Other income | 322,398 | 326,575 | 290,515 |
Total revenue | 3,410,992 | 3,372,243 | 3,224,170 |
OPERATING EXPENSES: | |||
Property operating | 587,062 | 590,921 | 551,885 |
Depreciation and amortization | 681,764 | 652,968 | 640,286 |
Real estate taxes | 266,013 | 259,567 | 245,646 |
Repairs and maintenance | 85,430 | 87,408 | 81,309 |
Advertising and promotion | 89,660 | 87,349 | 86,480 |
Other | 196,178 | 187,292 | 184,037 |
Total operating expenses | 1,906,107 | 1,865,505 | 1,789,643 |
Operating Income Before Other Items | 1,504,885 | 1,506,738 | 1,434,527 |
Interest expense | (636,988) | (663,693) | (593,062) |
Gain (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net | 24,609 | 33,367 | (2,239) |
Net Income | 892,506 | 876,412 | 839,226 |
Third-Party Investors' Share of Net Income | 460,696 | 436,767 | 424,533 |
Our Share of Net Income | 431,810 | 439,645 | 414,693 |
Amortization of Excess Investment | (83,556) | (85,252) | (89,804) |
Our Share of Gain on Sale or Disposal of Assets and Interest in Other Income in the Consolidated Financial Statements | (1,133) | (12,513) | 1,342 |
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net | (9,156) | ||
Income from Unconsolidated Entities | $ 337,965 | $ 341,880 | $ 326,231 |
Indebtedness - Debt (Details)
Indebtedness - Debt (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)itemproperty | Dec. 31, 2018USD ($) | |
Debt | ||
Debt issuance costs | $ 101,280 | $ 96,175 |
Other Debt Obligations | 67,255 | 67,255 |
Total Mortgages and Unsecured Indebtedness | 24,163,230 | 23,305,535 |
Fixed-Rate Debt: | ||
Fixed rate debt | 23,230,912 | 22,393,936 |
Net unamortized debt premium | 6,775 | |
Net discounts | 54,976 | |
Variable-Rate Debt: | ||
Variable-rate mortgages and unsecured indebtedness | 865,063 | 844,344 |
Simon Property Group, L.P. | ||
Debt | ||
Total Mortgages and Unsecured Indebtedness | 24,163,230 | 23,305,535 |
Secured Debt | Mortgages | ||
Debt | ||
Total Mortgages and Unsecured Indebtedness | $ 6,900,000 | 6,800,000 |
Debt covenants | ||
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers | item | 46 | |
Number of properties owned | property | 50 | |
Number of cross-defaulted and cross-collateralized mortgage pools | item | 2 | |
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages | property | 5 | |
Secured Debt | Fixed Rate Mortgages | ||
Debt | ||
Debt issuance costs | $ 15,195 | 14,522 |
Fixed-Rate Debt: | ||
Fixed rate debt | 6,156,595 | 6,099,787 |
Net unamortized debt premium | $ 6,775 | 11,822 |
Weighted average maturity period, fixed-rate debt | 4 years 9 months 18 days | |
Secured Debt | Fixed Rate Mortgages | Weighted average | ||
Fixed-Rate Debt: | ||
Fixed rate of interest | 3.87% | |
Secured Debt | Variable Rate Mortgages | ||
Debt | ||
Debt issuance costs | $ 4,721 | 5,901 |
Variable-Rate Debt: | ||
Variable-rate mortgages and unsecured indebtedness | $ 751,130 | 736,274 |
Weighted average maturity period, variable-rate debt | 2 years | |
Secured Debt | Variable Rate Mortgages | Weighted average | ||
Variable-Rate Debt: | ||
Variable rate of interest | 2.62% | |
Unsecured Debt | Senior unsecured notes | ||
Debt | ||
Debt issuance costs | $ 70,297 | 58,822 |
Fixed-Rate Debt: | ||
Fixed rate debt | 15,747,267 | 15,535,468 |
Net discounts | $ 54,976 | 44,691 |
Weighted average maturity period, fixed-rate debt | 9 years 3 months 18 days | |
Unsecured Debt | Senior unsecured notes | Simon Property Group, L.P. | ||
Debt | ||
Total Mortgages and Unsecured Indebtedness | $ 15,900,000 | |
Unsecured Debt | Senior unsecured notes | Weighted average | ||
Fixed-Rate Debt: | ||
Fixed rate of interest | 3.07% | |
Unsecured Debt | Commercial Paper | ||
Fixed-Rate Debt: | ||
Fixed rate debt | $ 1,327,050 | 758,681 |
Unsecured Debt | Commercial Paper | Simon Property Group, L.P. | ||
Debt | ||
Credit facility, amount outstanding | 1,300,000 | |
Maximum borrowing capacity | 2,000,000 | |
Unsecured Debt | Commercial Paper | Simon Property Group, L.P. | USD | ||
Debt | ||
Credit facility, amount outstanding | $ 1,000,000 | |
Weighted average interest rate (as a percent) | 1.72% | |
Unsecured Debt | Commercial Paper | Simon Property Group, L.P. | Euro | ||
Debt | ||
Credit facility, amount outstanding | $ 269,200 | |
Weighted average interest rate (as a percent) | (0.38%) | |
Unsecured Debt | Credit Facility and the Supplemental Facility | Simon Property Group, L.P. | ||
Debt | ||
Available borrowing capacity | $ 6,000,000 | |
Maximum amount outstanding during period | 130,700 | |
Credit facility, weighted average amount outstanding | 125,100 | |
Letters of credit outstanding | 11,400 | |
Unsecured Debt | Credit Facility | ||
Debt | ||
Debt issuance costs | 11,067 | 16,930 |
Variable-Rate Debt: | ||
Variable-rate mortgages and unsecured indebtedness | 113,933 | $ 108,070 |
Unsecured Debt | Credit Facility | Simon Property Group, L.P. | ||
Debt | ||
Credit facility, amount outstanding | 125,000 | |
Maximum borrowing capacity | 4,000,000 | |
Optional expanded maximum borrowing capacity | $ 5,000,000 | |
Additional facility fee (as a percent) | 0.10% | |
Unsecured Debt | Credit Facility | Simon Property Group, L.P. | LIBOR | ||
Debt | ||
Interest added to reference rate (as a percent) | 0.775% | |
Unsecured Debt | Credit Facility | Maximum | Simon Property Group, L.P. | ||
Debt | ||
Percentage of borrowings in currencies other than the U.S. dollar | 95.00% | |
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | ||
Debt | ||
Maximum borrowing capacity | $ 3,500,000 | |
Optional expanded maximum borrowing capacity | $ 4,500,000 | |
Additional facility fee (as a percent) | 0.10% | |
Unsecured Debt | Supplemental Facility | Simon Property Group, L.P. | LIBOR | ||
Debt | ||
Interest added to reference rate (as a percent) | 0.775% |
Indebtedness - Debt Repaid and
Indebtedness - Debt Repaid and Redeemed (Details) $ in Thousands, € in Millions | Feb. 01, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) | Oct. 07, 2019EUR (€) | Oct. 07, 2019USD ($) | Oct. 06, 2019EUR (€) | Sep. 13, 2019USD ($) | Dec. 31, 2018USD ($) |
Debt | |||||||||
Fixed rate debt | $ 23,230,912 | $ 23,230,912 | $ 22,393,936 | ||||||
Loss on debt extinguishment | 116,256 | $ 128,618 | |||||||
Simon Property Group, L.P. | |||||||||
Debt | |||||||||
Loss on debt extinguishment | 116,256 | $ 128,618 | |||||||
Unsecured Debt | Senior unsecured notes | |||||||||
Debt | |||||||||
Fixed rate debt | 15,747,267 | $ 15,747,267 | $ 15,535,468 | ||||||
Unsecured Debt | Senior unsecured notes | Simon Property Group, L.P. | |||||||||
Debt | |||||||||
Loss on debt extinguishment | $ 116,300 | ||||||||
Unsecured Debt | Senior Unsecured Notes 2.20% | Simon Property Group, L.P. | |||||||||
Debt | |||||||||
Debt repaid | $ 600,000 | ||||||||
Fixed rate of interest | 2.20% | ||||||||
Unsecured Debt | Senior unsecured notes 2.00% due 2024 | Simon Property Group, L.P. | |||||||||
Debt | |||||||||
Debt issued | $ 1,000,000 | ||||||||
Fixed rate of interest | 2.00% | ||||||||
Unsecured Debt | Senior unsecured notes 2.45% due 2029 | Simon Property Group, L.P. | |||||||||
Debt | |||||||||
Debt issued | $ 1,250,000 | ||||||||
Fixed rate of interest | 2.45% | ||||||||
Unsecured Debt | Senior unsecured notes 3.25% due 2049 | Simon Property Group, L.P. | |||||||||
Debt | |||||||||
Debt issued | $ 1,250,000 | ||||||||
Fixed rate of interest | 3.25% | ||||||||
Unsecured Debt | Senior unsecured notes 4.375% due March 1, 2021 | Simon Property Group, L.P. | |||||||||
Debt | |||||||||
Amount of debt redeemed | $ 900,000 | ||||||||
Fixed rate of interest | 4.375% | 4.375% | |||||||
Unsecured Debt | Senior unsecured notes 4.125% due December 1, 2021 | Simon Property Group, L.P. | |||||||||
Debt | |||||||||
Amount of debt redeemed | $ 700,000 | ||||||||
Fixed rate of interest | 4.125% | 4.125% | |||||||
Unsecured Debt | Senior unsecured notes 3.375% due March 15, 2022 | Simon Property Group, L.P. | |||||||||
Debt | |||||||||
Amount of debt redeemed | $ 600,000 | ||||||||
Fixed rate of interest | 3.375% | 3.375% | |||||||
Unsecured Debt | Senior unsecured notes 2.375% due October 2, 2020 | Simon Property Group, L.P. | |||||||||
Debt | |||||||||
Amount of debt redeemed | € | € 375 | ||||||||
Fixed rate debt | € | € 750 | ||||||||
Fixed rate of interest | 2.375% | 2.375% |
Indebtedness - Maturity (Detail
Indebtedness - Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Maturity and Other | ||
2020 | $ 2,857,060 | |
2021 | 1,541,478 | |
2022 | 2,872,980 | |
2023 | 1,868,669 | |
2024 | 2,896,466 | |
Thereafter | 12,208,803 | |
Total principal maturities | 24,245,456 | |
Net unamortized debt premium | 6,775 | |
Net unamortized debt discount | (54,976) | |
Debt issuance costs, net | (101,280) | $ (96,175) |
Other Debt Obligations | 67,255 | 67,255 |
Total mortgages and unsecured indebtedness | $ 24,163,230 | $ 23,305,535 |
Indebtedness - Debt Issuance Co
Indebtedness - Debt Issuance Costs and Discounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Indebtedness | |||
Cash paid for interest | $ 803,728 | $ 811,971 | $ 814,729 |
Debt issuance cost | |||
Debt issuance costs | 187,514 | 204,189 | |
Accumulated amortization | (86,234) | (108,014) | |
Debt issuance costs | 101,280 | 96,175 | |
Amortization of Debt Issuance Costs and Discounts | |||
Amortization of debt issuance costs | 21,499 | 21,445 | 21,707 |
Amortization of debt discounts/(premiums) | $ 1,571 | $ 1,618 | $ 1,357 |
Indebtedness - Fair Value (Deta
Indebtedness - Fair Value (Details) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Book value | ||
Fair Value of Debt | ||
Fair value of consolidated fixed rate mortgages and unsecured indebtedness | $ 23,200,000,000 | $ 22,400,000,000 |
Fixed-rate mortgages and unsecured indebtedness | Fair value | ||
Fair Value of Debt | ||
Fair value of consolidated fixed rate mortgages and unsecured indebtedness | $ 23,231,000,000 | $ 22,323,000,000 |
Discount Rate | Weighted average | Mortgages | ||
Fair Value of Debt | ||
Debt percentage- measurement input | 0.0375 | 0.0455 |
Discount Rate | Weighted average | Unsecured Debt | ||
Fair Value of Debt | ||
Debt percentage- measurement input | 0.0367 | 0.0450 |
Equity - Common Stock and Unit
Equity - Common Stock and Unit Issuances and Repurchases (Details) $ / shares in Units, $ in Millions | Feb. 11, 2019USD ($) | Sep. 25, 2018shares | Feb. 13, 2017USD ($) | Dec. 31, 2019USD ($)item$ / sharesshares | Dec. 31, 2018USD ($)item$ / sharesshares | Dec. 31, 2017shares |
Equity | ||||||
Minimum number of additional classes or series of common stock that the Board is authorized to reclassify from excess common stock | item | 1 | |||||
Exchange of limited partner units, (in shares) | 24,000 | 92,732 | 500,411 | |||
Redemption of units | 43,255 | 454,704 | ||||
Period common stock is authorized to repurchase | 2 years | 2 years | ||||
Common stock authorized for repurchase | $ | $ 2,000 | $ 2,000 | ||||
Shares repurchased (in shares) | 2,247,074 | 2,275,194 | 2,468,630 | |||
Average share price repurchased (in dollars per share) | $ / shares | $ 160.11 | |||||
2017 Share Repurchase Program | ||||||
Equity | ||||||
Shares repurchased (in shares) | 46,377 | 2,275,194 | ||||
Average share price repurchased (in dollars per share) | $ / shares | $ 164.49 | $ 155.64 | ||||
Simon Property Group, L.P. | ||||||
Equity | ||||||
Redemption of units | 43,255 | 454,704 | ||||
Outlets at Orange | ||||||
Equity | ||||||
Ownership interests acquired (as a percent) | 50.00% | |||||
Outlets at Orange | Simon Property Group, L.P. | ||||||
Equity | ||||||
Number of units issued in connection with acquisition of the remaining interest in orange outlet | 475,183 | |||||
Class B common stock | ||||||
Equity | ||||||
Common Stock, Shares, Outstanding | 8,000 | 8,000 | ||||
Number of voting trusts which are subject to outstanding shares common stock | item | 2 | |||||
Common Stock | ||||||
Equity | ||||||
Number of votes entitled per share to holders of common stock | item | 1 | |||||
Limited Partners | ||||||
Equity | ||||||
Exchange of limited partner units, (in shares) | 24,000 | 92,732 | ||||
Number of limited partners who received common stock | item | 2 | |||||
Limited Partners | Simon Property Group, L.P. | ||||||
Equity | ||||||
Redemption of units | 43,255 | 454,704 | ||||
Value of units redeemed | $ | $ 6.8 | $ 81.5 | ||||
Number of limited partners who received common stock | item | 9 | 8 | ||||
Maximum | Class B common stock | ||||||
Equity | ||||||
Number of members of board of directors elected under entitlement of right | item | 4 |
Equity - Temporary Equity (Deta
Equity - Temporary Equity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)item$ / sharesshares | Dec. 31, 2018USD ($)shares | |
Redeemable preferred stock | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $ 219,061 | $ 230,163 |
Simon Property Group, L.P. | ||
Redeemable preferred stock | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $ 219,061 | $ 230,163 |
7.5% Cumulative Redeemable Preferred Units | ||
Redeemable preferred stock | ||
Number of series of units classified into temporary equity | item | 1 | |
Noncontrolling interests redeemable at amounts in excess of fair value | 0 | 0 |
Preferred stock stated dividend rate percentage | 7.50% | 7.50% |
Temporary equity, shares authorized | shares | 260,000 | 260,000 |
Temporary equity, shares issued | shares | 255,373 | 255,373 |
Temporary equity, shares outstanding | shares | 255,373 | 255,373 |
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $ 25,537 | $ 25,537 |
Cumulative quarterly distributions on preferred units (in dollars per share) | $ / shares | $ 7.50 | |
Temporary equity redemption price (in dollars per share) | $ / shares | 100 | |
Liquidation preference (in dollars per share) | $ / shares | $ 100 | |
7.5% Cumulative Redeemable Preferred Units | Simon Property Group, L.P. | ||
Redeemable preferred stock | ||
Number of series of units classified into temporary equity | item | 1 | |
Noncontrolling interests redeemable at amounts in excess of fair value | 0 | 0 |
Preferred stock stated dividend rate percentage | 7.50% | 7.50% |
Temporary equity, shares authorized | shares | 260,000 | 260,000 |
Temporary equity, shares issued | shares | 255,373 | 255,373 |
Temporary equity, shares outstanding | shares | 255,373 | 255,373 |
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $ 25,537 | $ 25,537 |
Cumulative quarterly distributions on preferred units (in dollars per share) | $ / shares | $ 7.50 | |
Temporary equity redemption price (in dollars per share) | $ / shares | 100 | |
Liquidation preference (in dollars per share) | $ / shares | $ 100 | |
Other noncontrolling redeemable interest | ||
Redeemable preferred stock | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $ 193,524 | 204,626 |
Other noncontrolling redeemable interest | Simon Property Group, L.P. | ||
Redeemable preferred stock | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $ 193,524 | $ 204,626 |
Equity - Permanent Equity (Deta
Equity - Permanent Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ 2.6 | $ 2.9 |
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized | 1,000,000 | 1,000,000 |
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 | $ 2.6 | $ 2.9 |
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) | Jul. 06, 2011USD ($)shares | Dec. 31, 2019USD ($)item$ / sharesshares | Dec. 31, 2018USD ($)item$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016shares | Dec. 31, 2015shares |
Exchange Rights | ||||||
Limited partners units, exchange ratio | item | 1 | |||||
Common stock reserved for possible conversion (in shares) | shares | 54,528,976 | |||||
Restricted stock | ||||||
Stock-based incentive plan awards | ||||||
Shares of restricted stock awarded during the year, net of forfeitures | shares | 90,902 | 51,756 | 76,660 | |||
Weighted average fair value of shares granted during the period (in dollars per share) | $ / shares | $ 181.94 | $ 153.24 | $ 170.81 | |||
Annual amortization | $ 12,604,000 | $ 12,029,000 | $ 13,911,000 | |||
Compensation expense, net of capitalization | $ 11,000,000 | $ 7,800,000 | $ 9,000,000 | |||
Restricted stock | Minimum | ||||||
Stock-based incentive plan awards | ||||||
Vesting service period | 3 years | |||||
Restricted stock | Maximum | ||||||
Stock-based incentive plan awards | ||||||
Vesting service period | 4 years | |||||
LTIP Retention Award to Chairman and CEO | ||||||
Stock-based incentive plan awards | ||||||
Awards earned (in units) | shares | 1,000,000 | |||||
Grant Date Fair Value | $ 120,300,000 | |||||
Service period | 8 years | |||||
LTIP Retention Award to Chairman and CEO | A Units | ||||||
Stock-based incentive plan awards | ||||||
Awards earned (in units) | shares | 360,000 | |||||
LTIP Retention Award to Chairman and CEO | B Units | ||||||
Stock-based incentive plan awards | ||||||
Awards earned (in units) | shares | 360,000 | |||||
LTIP Retention Award to Chairman and CEO | C Units | ||||||
Stock-based incentive plan awards | ||||||
Awards earned (in units) | shares | 280,000 | |||||
1998 Stock Incentive Plan | ||||||
Stock-based incentive plan awards | ||||||
Shares reserved for issuance (in shares) | shares | 16,300,000 | |||||
1998 Stock Incentive Plan | Audit Committee Chairman | ||||||
Stock-based incentive plan awards | ||||||
Retainer | $ 35,000 | |||||
1998 Stock Incentive Plan | Compensation Committee Chairman | ||||||
Stock-based incentive plan awards | ||||||
Retainer | 35,000 | |||||
1998 Stock Incentive Plan | Nominating And Governance Committee Chairman | ||||||
Stock-based incentive plan awards | ||||||
Retainer | 25,000 | |||||
1998 Stock Incentive Plan | Audit Committee Member | ||||||
Stock-based incentive plan awards | ||||||
Retainer | 15,000 | |||||
1998 Stock Incentive Plan | Compensation Committee Member | ||||||
Stock-based incentive plan awards | ||||||
Retainer | 15,000 | |||||
1998 Stock Incentive Plan | Nominating And Governance Committee Member | ||||||
Stock-based incentive plan awards | ||||||
Retainer | $ 10,000 | |||||
1998 Stock Incentive Plan | Automatic Awards for Eligible Directors | ||||||
Stock-based incentive plan awards | ||||||
Retainer fee paid cash (as a percent) | 50.00% | |||||
1998 Stock Incentive Plan | Independent Director | ||||||
Stock-based incentive plan awards | ||||||
Cash retainer | $ 110,000 | |||||
1998 Stock Incentive Plan | Lead Director | ||||||
Stock-based incentive plan awards | ||||||
Retainer | $ 50,000 | |||||
1998 Stock Incentive Plan | Restricted stock | ||||||
Stock-based incentive plan awards | ||||||
Total number of shares awarded, net of forfeiture | shares | 5,865,147 | |||||
1998 Stock Incentive Plan | Restricted stock | Automatic Awards for Eligible Directors | ||||||
Stock-based incentive plan awards | ||||||
Vesting service period | 1 year | |||||
Retainer fee paid in restricted shares (as a percent) | 50.00% | |||||
1998 Stock Incentive Plan | Restricted stock | Independent Director | ||||||
Stock-based incentive plan awards | ||||||
Grant date value of restricted stock | $ 175,000 | |||||
1998 Stock Incentive Plan | Employee Options | ||||||
Stock-based incentive plan awards | ||||||
Vesting service period | 3 years | |||||
Expiration period | 10 years | |||||
2019 Stock Incentive Plan | ||||||
Stock-based incentive plan awards | ||||||
Shares reserved for issuance (in shares) | shares | 8,000,000 | |||||
2019 Stock Incentive Plan | Audit Committee Chairman | ||||||
Stock-based incentive plan awards | ||||||
Retainer | $ 35,000 | |||||
2019 Stock Incentive Plan | Compensation Committee Chairman | ||||||
Stock-based incentive plan awards | ||||||
Retainer | 35,000 | |||||
2019 Stock Incentive Plan | Nominating And Governance Committee Chairman | ||||||
Stock-based incentive plan awards | ||||||
Retainer | 25,000 | |||||
2019 Stock Incentive Plan | Audit Committee Member | ||||||
Stock-based incentive plan awards | ||||||
Retainer | 15,000 | |||||
2019 Stock Incentive Plan | Compensation Committee Member | ||||||
Stock-based incentive plan awards | ||||||
Retainer | 15,000 | |||||
2019 Stock Incentive Plan | Nominating And Governance Committee Member | ||||||
Stock-based incentive plan awards | ||||||
Retainer | $ 10,000 | |||||
2019 Stock Incentive Plan | Automatic Awards for Eligible Directors | ||||||
Stock-based incentive plan awards | ||||||
Retainer fee paid cash (as a percent) | 50.00% | |||||
2019 Stock Incentive Plan | Independent Director | ||||||
Stock-based incentive plan awards | ||||||
Cash retainer | $ 110,000 | |||||
2019 Stock Incentive Plan | Lead Director | ||||||
Stock-based incentive plan awards | ||||||
Retainer | $ 50,000 | |||||
2019 Stock Incentive Plan | Restricted stock | ||||||
Stock-based incentive plan awards | ||||||
Total number of shares awarded, net of forfeiture | shares | 12,178 | |||||
2019 Stock Incentive Plan | Restricted stock | Automatic Awards for Eligible Directors | ||||||
Stock-based incentive plan awards | ||||||
Vesting service period | 1 year | |||||
Retainer fee paid in restricted shares (as a percent) | 50.00% | |||||
2019 Stock Incentive Plan | Restricted stock | Independent Director | ||||||
Stock-based incentive plan awards | ||||||
Grant date value of restricted stock | $ 175,000 | |||||
2019 Stock Incentive Plan | Employee Options | ||||||
Stock-based incentive plan awards | ||||||
Vesting service period | 3 years | |||||
Expiration period | 10 years | |||||
LTIP programs | ||||||
Stock-based incentive plan awards | ||||||
Percent of distributions of Operating Partnership that participants are entitled to receive during performance period | 10.00% | |||||
Compensation expense, net of capitalization | $ 15,800,000 | $ 12,000,000 | $ 14,000,000 | |||
2018 LTIP program | LTIP Units | ||||||
Stock-based incentive plan awards | ||||||
Number of tranches | item | 2 | |||||
Grant Date Fair Value | $ 12,100,000 | |||||
2018 LTIP program | LTIP Units | Maximum | ||||||
Stock-based incentive plan awards | ||||||
Grant Date Fair Value | $ 18,200,000 | |||||
2018 LTIP program | LTIP Units | Tranche A | ||||||
Stock-based incentive plan awards | ||||||
Performance period | 2 years | |||||
Grant Date Fair Value | $ 6,100,000 | |||||
Grant Date Target Value | $ 6,100,000 | |||||
2018 LTIP program | LTIP Units | Tranche B | ||||||
Stock-based incentive plan awards | ||||||
Performance period | 3 years | |||||
Grant Date Fair Value | $ 6,100,000 | |||||
Grant Date Target Value | $ 6,100,000 | |||||
2019 LTIP program | LTIP Units | ||||||
Stock-based incentive plan awards | ||||||
Performance period | 3 years | |||||
Grant Date Fair Value | $ 9,500,000 | |||||
Grant Date Target Value | 14,700,000 | |||||
2019 LTIP program | LTIP Units | Maximum | ||||||
Stock-based incentive plan awards | ||||||
Grant Date Target Value | $ 22,100,000 |
Lease Income (Details)
Lease Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lease Income | |||
Fixed-lease income | $ 4,293,401 | $ 4,185,174 | $ 4,156,971 |
Variable lease income | 950,370 | 973,246 | 952,128 |
Total lease income | 5,243,771 | $ 5,158,420 | $ 5,109,099 |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |||
2020 | 3,553,867 | ||
2021 | 3,182,630 | ||
2022 | 2,785,719 | ||
2023 | 2,293,210 | ||
2024 | 1,825,869 | ||
Thereafter | 4,700,660 | ||
Future minimum rental receivables | $ 18,341,955 |
Commitments and Contingencies -
Commitments and Contingencies - Litigation (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Opry Mills, Nashville, TN | Other income | |
Insurance | |
Gain on litigation settlement | $ 68 |
Commitments and Contingencies_2
Commitments and Contingencies - Lease Commitments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Lease Commitments | |||
Properties subject to ground leases | property | 23 | ||
Lease Cost | |||
Fixed lease cost | $ 31,000 | ||
Variable lease cost | 16,833 | ||
Sublease income | (694) | ||
Total operating lease cost | 47,139 | ||
Lease expense | $ 47,320 | $ 45,345 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows from operating leases | $ 48,519 | ||
Weighted-average remaining lease term - operating leases | 35 years 7 months 6 days | ||
Weighted-average discount rate - operating leases | 4.87% | ||
Operating Lease Liabilities | |||
2020 | $ 32,438 | ||
2021 | 32,440 | ||
2022 | 32,451 | ||
2023 | 32,583 | ||
2024 | 32,717 | ||
Thereafter | 908,701 | ||
Future minimum gross lease payments | 1,071,330 | ||
Impact of discounting | (554,521) | ||
Operating lease liabilities | $ 516,809 |
Commitments and Contingencies_3
Commitments and Contingencies - Lease and Insurance (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Insurance | |
Insurance coverage, acts of terrorism | $ 1 |
Commitments and Contingencies_4
Commitments and Contingencies - Hurricane Impacts (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | 27 Months Ended | |
Sep. 30, 2017property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | |
Hurricane Impact | ||||
Insurance proceeds recorded as business interruption | $ 5,662 | $ 19,083 | ||
Loss from Catastrophes | PUERTO RICO | Wholly owned properties | ||||
Hurricane Impact | ||||
Number of properties significantly damaged | property | 2 | |||
Total insurance proceeds received | $ 73,900 | |||
Insurance proceeds received and used for property restoration and remediation | $ 45,500 | |||
Loss from Catastrophes | PUERTO RICO | Wholly owned properties | Other income | ||||
Hurricane Impact | ||||
Insurance proceeds recorded as business interruption | $ 10,500 | $ 17,900 |
Commitments and Contingencies_5
Commitments and Contingencies - Guarantees of Indebtedness (Details) - Joint Venture Mortgage and Indebtedness - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Guarantees of Joint Venture Indebtedness: | ||
Loan guarantee | $ 214.8 | $ 216.1 |
Loan guarantees recoverable | $ 10.8 | $ 10.8 |
Commitments and Contingencies_6
Commitments and Contingencies - Concentration of Credit Risk (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Consolidated revenues | Concentration of credit risk | Maximum | |
Concentration of Credit Risk | |
Percentage of consolidated revenues from a single customer or tenant | 5.00% |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Melvin Simon & Associates, Inc. | Amounts for services provided | |||
Related Party Transactions | |||
Amounts charged to related party | $ 0.6 | $ 0.6 | $ 0.6 |
Properties owned by related parties | Amounts for services provided | |||
Related Party Transactions | |||
Number of shopping centers owned by related parties in which management services are provided | property | 2 | ||
Amounts charged to related party | $ 3.9 | 4.2 | 4.2 |
Unconsolidated Joint Ventures | Amounts for services provided | |||
Related Party Transactions | |||
Amounts charged to related party | 108.2 | 111.5 | 116.4 |
Unconsolidated Joint Ventures | Development, royalty and other fees | |||
Related Party Transactions | |||
Amounts charged to related party | $ 14.8 | $ 16 | $ 15.5 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total revenue | $ 1,488,615 | $ 1,416,554 | $ 1,397,186 | $ 1,452,834 | $ 1,462,027 | $ 1,404,021 | $ 1,385,059 | $ 1,394,182 | $ 5,755,189 | $ 5,645,288 | $ 5,527,336 |
Operating income before other items | 776,876 | 705,302 | 680,631 | 745,021 | 770,512 | 722,843 | 727,983 | 704,962 | 2,907,831 | 2,926,299 | 2,802,340 |
Consolidated net income | 590,416 | 628,724 | 572,102 | 631,947 | 833,192 | 642,212 | 631,414 | 715,524 | 2,423,188 | 2,822,343 | 2,244,903 |
Net Income attributable to common stockholders or unitholders | $ 510,194 | $ 544,254 | $ 495,324 | $ 548,475 | $ 712,796 | $ 556,267 | $ 547,004 | $ 620,654 | $ 2,098,247 | $ 2,436,721 | $ 1,944,625 |
Net income per share - Basic and Diluted | $ 1.66 | $ 1.77 | $ 1.60 | $ 1.78 | $ 2.30 | $ 1.80 | $ 1.77 | $ 2 | $ 6.81 | $ 7.87 | $ 6.24 |
Weighted Average Shares Outstanding - Basic and Diluted | 306,868,960 | 307,275,230 | 308,708,798 | 308,978,053 | 309,293,708 | 309,294,045 | 309,355,154 | 310,583,643 | 307,950,112 | 309,627,178 | 311,517,345 |
Simon Property Group, L.P. | |||||||||||
Total revenue | $ 5,755,189 | $ 5,645,288 | $ 5,527,336 | ||||||||
Operating income before other items | 2,907,831 | 2,926,299 | 2,802,340 | ||||||||
Consolidated net income | 2,423,188 | 2,822,343 | 2,244,903 | ||||||||
Net Income attributable to common stockholders or unitholders | $ 587,931 | $ 627,074 | $ 570,389 | $ 631,551 | $ 821,237 | $ 640,402 | $ 629,822 | $ 714,303 | $ 2,416,945 | $ 2,805,764 | $ 2,239,638 |
Net income per share - Basic and Diluted | $ 1.66 | $ 1.77 | $ 1.60 | $ 1.78 | $ 2.30 | $ 1.80 | $ 1.77 | $ 2 | $ 6.81 | $ 7.87 | $ 6.24 |
Weighted Average Shares Outstanding - Basic and Diluted | 353,619,579 | 354,038,110 | 355,491,396 | 355,778,250 | 356,396,387 | 356,073,080 | 356,181,817 | 357,446,988 | 354,724,019 | 356,520,452 | 358,776,632 |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event - Michigan corporation ("TCO") $ / shares in Units, $ in Billions | Feb. 10, 2020USD ($)person$ / shares |
Subsequent event | |
Ownership interests acquired (as a percent) | 100.00% |
Outstanding voting stock ( as a percent) | 67.00% |
Share price (in dollars per share) | $ / shares | $ 52.50 |
Cash purchase price for acquisition | $ | $ 3.6 |
Simon Property Group, L.P. | |
Subsequent event | |
Percentage of ownership interest after transaction held by parent | 80.00% |
Number of designees | 3 |
Taubman Realty Group L.P. | |
Subsequent event | |
Percentage of ownership interest retained by TRG | 20.00% |
Number of designees | 3 |
US and Asia | Taubman Realty Group L.P. | |
Subsequent event | |
Number of super-regional shopping centers | 26 |
Schedule III Real Estate and _2
Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | $ 6,920,866 | |||
Initial Cost | ||||
Land | 3,334,769 | |||
Buildings and Improvements | 25,051,178 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 357,287 | |||
Buildings and Improvements | 8,613,505 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,692,056 | |||
Buildings and Improvements | 33,664,683 | |||
Total | 37,356,739 | $ 36,667,960 | $ 36,014,506 | $ 34,897,942 |
Accumulated Depreciation | 13,622,433 | $ 12,632,690 | $ 11,704,223 | $ 10,664,738 |
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 | 92,681 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,886 | |||
Buildings and Improvements | 113,610 | |||
Total | 124,496 | |||
Accumulated Depreciation | 62,531 | |||
Malls | Battlefield Mall, Springfield, MO | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 115,043 | |||
Initial Cost | ||||
Land | 3,919 | |||
Buildings and Improvements | 27,231 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,000 | |||
Buildings and Improvements | 72,652 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,919 | |||
Buildings and Improvements | 99,883 | |||
Total | 106,802 | |||
Accumulated Depreciation | 72,416 | |||
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 | 32,357 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,464 | |||
Buildings and Improvements | 57,980 | |||
Total | 68,444 | |||
Accumulated Depreciation | 34,600 | |||
Malls | Brea Mall, Brea (Los Angeles), CA | ||||
Initial Cost | ||||
Land | 39,500 | |||
Buildings and Improvements | 209,202 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 2,993 | |||
Buildings and Improvements | 76,253 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 42,493 | |||
Buildings and Improvements | 285,455 | |||
Total | 327,948 | |||
Accumulated Depreciation | 150,527 | |||
Malls | Broadway Square, Tyler, TX | ||||
Initial Cost | ||||
Land | 11,306 | |||
Buildings and Improvements | 32,431 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 46,983 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,306 | |||
Buildings and Improvements | 79,414 | |||
Total | 90,720 | |||
Accumulated Depreciation | 39,881 | |||
Malls | Burlington Mall, Burlington (Boston), MA | ||||
Initial Cost | ||||
Land | 46,600 | |||
Buildings and Improvements | 303,618 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 27,458 | |||
Buildings and Improvements | 204,004 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 74,058 | |||
Buildings and Improvements | 507,622 | |||
Total | 581,680 | |||
Accumulated Depreciation | 236,539 | |||
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 | 79,828 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 33,684 | |||
Buildings and Improvements | 178,115 | |||
Total | 211,799 | |||
Accumulated Depreciation | 115,286 | |||
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 | 56,715 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,613 | |||
Buildings and Improvements | 71,977 | |||
Total | 73,590 | |||
Accumulated Depreciation | 49,480 | |||
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 | 70,773 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,723 | |||
Buildings and Improvements | 87,018 | |||
Total | 88,741 | |||
Accumulated Depreciation | 45,621 | |||
Malls | Columbia Center, Kennewick, WA | ||||
Initial Cost | ||||
Land | 17,441 | |||
Buildings and Improvements | 66,580 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 42,401 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,441 | |||
Buildings and Improvements | 108,981 | |||
Total | 126,422 | |||
Accumulated Depreciation | 62,150 | |||
Malls | Copley Place, Boston, MA | ||||
Initial Cost | ||||
Buildings and Improvements | 378,045 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 214,121 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 592,166 | |||
Total | 592,166 | |||
Accumulated Depreciation | 242,594 | |||
Malls | Coral Square, Coral Springs (Miami), FL | ||||
Initial Cost | ||||
Land | 13,556 | |||
Buildings and Improvements | 93,630 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 20,174 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,556 | |||
Buildings and Improvements | 113,804 | |||
Total | 127,360 | |||
Accumulated Depreciation | 88,716 | |||
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 | 69,914 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 25,947 | |||
Buildings and Improvements | 143,005 | |||
Total | 168,952 | |||
Accumulated Depreciation | 76,474 | |||
Malls | Domain, The, Austin, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 180,735 | |||
Initial Cost | ||||
Land | 40,436 | |||
Buildings and Improvements | 197,010 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 150,597 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 40,436 | |||
Buildings and Improvements | 347,607 | |||
Total | 388,043 | |||
Accumulated Depreciation | 164,609 | |||
Malls | Empire Mall, Sioux Falls, SD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 186,948 | |||
Initial Cost | ||||
Land | 35,998 | |||
Buildings and Improvements | 192,186 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 29,900 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 35,998 | |||
Buildings and Improvements | 222,086 | |||
Total | 258,084 | |||
Accumulated Depreciation | 60,956 | |||
Malls | Fashion Mall at Keystone, The, Indianapolis, IN | ||||
Initial Cost | ||||
Buildings and Improvements | 120,579 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 29,145 | |||
Buildings and Improvements | 101,367 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 29,145 | |||
Buildings and Improvements | 221,946 | |||
Total | 251,091 | |||
Accumulated Depreciation | 125,707 | |||
Malls | Firewheel Town Center, Garland (Dallas), TX | ||||
Initial Cost | ||||
Land | 8,438 | |||
Buildings and Improvements | 82,716 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 28,801 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,438 | |||
Buildings and Improvements | 111,517 | |||
Total | 119,955 | |||
Accumulated Depreciation | 62,470 | |||
Malls | Forum Shops at Caesars, The, Las Vegas, NV | ||||
Initial Cost | ||||
Buildings and Improvements | 276,567 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 277,394 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 553,961 | |||
Total | 553,961 | |||
Accumulated Depreciation | 275,437 | |||
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 | 123,737 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,676 | |||
Buildings and Improvements | 147,182 | |||
Total | 154,858 | |||
Accumulated Depreciation | 88,241 | |||
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 | 42,726 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,591 | |||
Buildings and Improvements | 176,619 | |||
Total | 188,210 | |||
Accumulated Depreciation | 109,736 | |||
Malls | Ingram Park Mall, San Antonio, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 125,225 | |||
Initial Cost | ||||
Land | 733 | |||
Buildings and Improvements | 16,972 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 37 | |||
Buildings and Improvements | 44,000 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 770 | |||
Buildings and Improvements | 60,972 | |||
Total | 61,742 | |||
Accumulated Depreciation | 32,240 | |||
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 | 374,807 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 175,063 | |||
Buildings and Improvements | 1,503,007 | |||
Total | 1,678,070 | |||
Accumulated Depreciation | 407,464 | |||
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 | 184,222 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 94,481 | |||
Buildings and Improvements | 194,050 | |||
Total | 288,531 | |||
Accumulated Depreciation | 48,508 | |||
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 | 25,238 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,102 | |||
Buildings and Improvements | 106,806 | |||
Total | 116,908 | |||
Accumulated Depreciation | 62,704 | |||
Malls | Lenox Square, Atlanta, GA | ||||
Initial Cost | ||||
Land | 38,058 | |||
Buildings and Improvements | 492,411 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 140,839 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 38,058 | |||
Buildings and Improvements | 633,250 | |||
Total | 671,308 | |||
Accumulated Depreciation | 357,413 | |||
Malls | Livingston Mall, Livingston (New York), NJ | ||||
Initial Cost | ||||
Land | 22,214 | |||
Buildings and Improvements | 105,250 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 48,437 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 22,214 | |||
Buildings and Improvements | 153,687 | |||
Total | 175,901 | |||
Accumulated Depreciation | 87,664 | |||
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 | 15,033 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 47,492 | |||
Buildings and Improvements | 341,666 | |||
Total | 389,158 | |||
Accumulated Depreciation | 185,545 | |||
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 | 29,043 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,530 | |||
Buildings and Improvements | 38,558 | |||
Total | 49,088 | |||
Accumulated Depreciation | 16,385 | |||
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 | 81,610 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 65,684 | |||
Buildings and Improvements | 304,862 | |||
Total | 370,546 | |||
Accumulated Depreciation | 180,763 | |||
Malls | Midland Park Mall, Midland, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 73,679 | |||
Initial Cost | ||||
Land | 687 | |||
Buildings and Improvements | 9,213 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,196 | |||
Buildings and Improvements | 33,966 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,883 | |||
Buildings and Improvements | 43,179 | |||
Total | 45,062 | |||
Accumulated Depreciation | 22,997 | |||
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 | 44,438 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,776 | |||
Buildings and Improvements | 62,530 | |||
Total | 67,306 | |||
Accumulated Depreciation | 44,752 | |||
Malls | Montgomery Mall, North Wales (Philadelphia), PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 100,000 | |||
Initial Cost | ||||
Land | 27,105 | |||
Buildings and Improvements | 86,915 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 64,110 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 27,105 | |||
Buildings and Improvements | 151,025 | |||
Total | 178,130 | |||
Accumulated Depreciation | 71,996 | |||
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 | 148,122 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 19,138 | |||
Buildings and Improvements | 161,088 | |||
Total | 180,226 | |||
Accumulated Depreciation | 114,922 | |||
Malls | Northgate, Seattle, WA | ||||
Initial Cost | ||||
Land | 23,610 | |||
Buildings and Improvements | 115,992 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 54,357 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 23,610 | |||
Buildings and Improvements | 170,349 | |||
Total | 193,959 | |||
Accumulated Depreciation | 82,994 | |||
Malls | Ocean County Mall, Toms River (New York), NJ | ||||
Initial Cost | ||||
Land | 20,404 | |||
Buildings and Improvements | 124,945 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,277 | |||
Buildings and Improvements | 71,607 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 23,681 | |||
Buildings and Improvements | 196,552 | |||
Total | 220,233 | |||
Accumulated Depreciation | 95,906 | |||
Malls | Orland Square, Orland Park (Chicago), IL | ||||
Initial Cost | ||||
Land | 35,439 | |||
Buildings and Improvements | 129,906 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 79,521 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 35,439 | |||
Buildings and Improvements | 209,427 | |||
Total | 244,866 | |||
Accumulated Depreciation | 110,562 | |||
Malls | Oxford Valley Mall, Langhorne (Philadelphia), PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 59,541 | |||
Initial Cost | ||||
Land | 24,544 | |||
Buildings and Improvements | 100,287 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 21,445 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 24,544 | |||
Buildings and Improvements | 121,732 | |||
Total | 146,276 | |||
Accumulated Depreciation | 82,499 | |||
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 | 60,655 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,043 | |||
Buildings and Improvements | 216,613 | |||
Total | 218,656 | |||
Accumulated Depreciation | 129,929 | |||
Malls | Pheasant Lane Mall, Nashua, NH | ||||
Initial Cost | ||||
Land | 3,902 | |||
Buildings and Improvements | 155,068 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 550 | |||
Buildings and Improvements | 50,798 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,452 | |||
Buildings and Improvements | 205,866 | |||
Total | 210,318 | |||
Accumulated Depreciation | 111,692 | |||
Malls | Phipps Plaza, Atlanta, GA | ||||
Initial Cost | ||||
Land | 15,005 | |||
Buildings and Improvements | 210,610 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 203,514 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,005 | |||
Buildings and Improvements | 414,124 | |||
Total | 429,129 | |||
Accumulated Depreciation | 160,784 | |||
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 | 75,185 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,493 | |||
Buildings and Improvements | 354,745 | |||
Total | 370,238 | |||
Accumulated Depreciation | 164,298 | |||
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 | 60,521 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,895 | |||
Buildings and Improvements | 63,334 | |||
Total | 68,229 | |||
Accumulated Depreciation | 31,771 | |||
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 | 66,784 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,918 | |||
Buildings and Improvements | 279,041 | |||
Total | 320,959 | |||
Accumulated Depreciation | 151,799 | |||
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 | 368,267 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 164,406 | |||
Buildings and Improvements | 1,070,275 | |||
Total | 1,234,681 | |||
Accumulated Depreciation | 500,787 | |||
Malls | Ross Park Mall, Pittsburgh, PA | ||||
Initial Cost | ||||
Land | 23,541 | |||
Buildings and Improvements | 90,203 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,815 | |||
Buildings and Improvements | 129,184 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 29,356 | |||
Buildings and Improvements | 219,387 | |||
Total | 248,743 | |||
Accumulated Depreciation | 127,819 | |||
Malls | Santa Rosa Plaza, Santa Rosa, CA | ||||
Initial Cost | ||||
Land | 10,400 | |||
Buildings and Improvements | 87,864 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 28,927 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,400 | |||
Buildings and Improvements | 116,791 | |||
Total | 127,191 | |||
Accumulated Depreciation | 66,455 | |||
Malls | Shops at Chestnut Hill, The, Chestnut Hill (Boston), MA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 120,000 | |||
Initial Cost | ||||
Land | 449 | |||
Buildings and Improvements | 25,102 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 38,864 | |||
Buildings and Improvements | 106,972 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 39,313 | |||
Buildings and Improvements | 132,074 | |||
Total | 171,387 | |||
Accumulated Depreciation | 37,688 | |||
Malls | Shops at Nanuet, The, Nanuet, NY | ||||
Initial Cost | ||||
Land | 28,125 | |||
Buildings and Improvements | 142,860 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 10,877 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 28,125 | |||
Buildings and Improvements | 153,737 | |||
Total | 181,862 | |||
Accumulated Depreciation | 39,309 | |||
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 | 258,036 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,521 | |||
Buildings and Improvements | 496,782 | |||
Total | 510,303 | |||
Accumulated Depreciation | 80,710 | |||
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 | 82,363 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 24,917 | |||
Buildings and Improvements | 208,203 | |||
Total | 233,120 | |||
Accumulated Depreciation | 103,581 | |||
Malls | South Shore Plaza, Braintree (Boston), MA | ||||
Initial Cost | ||||
Land | 101,200 | |||
Buildings and Improvements | 301,495 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 165,865 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 101,200 | |||
Buildings and Improvements | 467,360 | |||
Total | 568,560 | |||
Accumulated Depreciation | 254,866 | |||
Malls | Southdale Center, Edina (Minneapolis), MN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 141,377 | |||
Initial Cost | ||||
Land | 41,430 | |||
Buildings and Improvements | 184,967 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 112,735 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,430 | |||
Buildings and Improvements | 297,702 | |||
Total | 339,132 | |||
Accumulated Depreciation | 65,664 | |||
Malls | SouthPark, Charlotte, NC | ||||
Initial Cost | ||||
Land | 42,092 | |||
Buildings and Improvements | 188,055 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 100 | |||
Buildings and Improvements | 201,974 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 42,192 | |||
Buildings and Improvements | 390,029 | |||
Total | 432,221 | |||
Accumulated Depreciation | 213,185 | |||
Malls | Southridge Mall, Greendale (Milwaukee), WI | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 114,458 | |||
Initial Cost | ||||
Land | 12,359 | |||
Buildings and Improvements | 130,111 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,939 | |||
Buildings and Improvements | 14,033 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,298 | |||
Buildings and Improvements | 144,144 | |||
Total | 158,442 | |||
Accumulated Depreciation | 48,103 | |||
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 | 30,246 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,890 | |||
Buildings and Improvements | 83,180 | |||
Total | 92,070 | |||
Accumulated Depreciation | 59,918 | |||
Malls | Stanford Shopping Center, Palo Alto (San Jose), CA | ||||
Initial Cost | ||||
Buildings and Improvements | 339,537 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 164,618 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 504,155 | |||
Total | 504,155 | |||
Accumulated Depreciation | 196,441 | |||
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 | 57,597 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,374 | |||
Buildings and Improvements | 108,734 | |||
Total | 124,108 | |||
Accumulated Depreciation | 64,652 | |||
Malls | Tacoma Mall, Tacoma (Seattle), WA | ||||
Initial Cost | ||||
Land | 37,113 | |||
Buildings and Improvements | 125,826 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 149,126 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 37,113 | |||
Buildings and Improvements | 274,952 | |||
Total | 312,065 | |||
Accumulated Depreciation | 138,231 | |||
Malls | Tippecanoe Mall, Lafayette, IN | ||||
Initial Cost | ||||
Land | 2,897 | |||
Buildings and Improvements | 8,439 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,517 | |||
Buildings and Improvements | 48,193 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,414 | |||
Buildings and Improvements | 56,632 | |||
Total | 65,046 | |||
Accumulated Depreciation | 44,397 | |||
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 | 235,698 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 64,200 | |||
Buildings and Improvements | 543,015 | |||
Total | 607,215 | |||
Accumulated Depreciation | 291,763 | |||
Malls | Town Center at Cobb, Kennesaw (Atlanta), GA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 181,632 | |||
Initial Cost | ||||
Land | 32,355 | |||
Buildings and Improvements | 158,225 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 24,154 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 32,355 | |||
Buildings and Improvements | 182,379 | |||
Total | 214,734 | |||
Accumulated Depreciation | 123,820 | |||
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 | 52,323 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,633 | |||
Buildings and Improvements | 70,802 | |||
Total | 83,435 | |||
Accumulated Depreciation | 47,968 | |||
Malls | Treasure Coast Square, Jensen Beach, FL | ||||
Initial Cost | ||||
Land | 11,124 | |||
Buildings and Improvements | 72,990 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,067 | |||
Buildings and Improvements | 40,463 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,191 | |||
Buildings and Improvements | 113,453 | |||
Total | 127,644 | |||
Accumulated Depreciation | 73,903 | |||
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 | 51,512 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,097 | |||
Buildings and Improvements | 172,474 | |||
Total | 189,571 | |||
Accumulated Depreciation | 107,064 | |||
Malls | University Park Mall, Mishawaka, IN | ||||
Initial Cost | ||||
Land | 10,762 | |||
Buildings and Improvements | 118,164 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 7,000 | |||
Buildings and Improvements | 59,528 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,762 | |||
Buildings and Improvements | 177,692 | |||
Total | 195,454 | |||
Accumulated Depreciation | 146,660 | |||
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 | 127,988 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 55,489 | |||
Buildings and Improvements | 239,246 | |||
Total | 294,735 | |||
Accumulated Depreciation | 122,578 | |||
Malls | White Oaks Mall, Springfield, IL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 47,548 | |||
Initial Cost | ||||
Land | 2,907 | |||
Buildings and Improvements | 35,692 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 2,166 | |||
Buildings and Improvements | 66,683 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 5,073 | |||
Buildings and Improvements | 102,375 | |||
Total | 107,448 | |||
Accumulated Depreciation | 56,577 | |||
Malls | Wolfchase Galleria, Memphis, TN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 156,170 | |||
Initial Cost | ||||
Land | 16,407 | |||
Buildings and Improvements | 128,276 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 17,530 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,407 | |||
Buildings and Improvements | 145,806 | |||
Total | 162,213 | |||
Accumulated Depreciation | 93,616 | |||
Malls | Woodland Hills Mall, Tulsa, OK | ||||
Initial Cost | ||||
Land | 34,211 | |||
Buildings and Improvements | 187,123 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 34,550 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 34,211 | |||
Buildings and Improvements | 221,673 | |||
Total | 255,884 | |||
Accumulated Depreciation | 137,063 | |||
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 | 11,572 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,900 | |||
Buildings and Improvements | 108,631 | |||
Total | 112,531 | |||
Accumulated Depreciation | 52,010 | |||
Premium Outlets | Allen Premium Outlets, Allen (Dallas), TX | ||||
Initial Cost | ||||
Land | 20,932 | |||
Buildings and Improvements | 69,788 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 42,478 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 20,932 | |||
Buildings and Improvements | 112,266 | |||
Total | 133,198 | |||
Accumulated Depreciation | 32,728 | |||
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 | 9,274 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,370 | |||
Buildings and Improvements | 33,600 | |||
Total | 35,970 | |||
Accumulated Depreciation | 23,826 | |||
Premium Outlets | Birch Run Premium Outlets, Birch Run (Detroit), MI | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 123,000 | |||
Initial Cost | ||||
Land | 11,477 | |||
Buildings and Improvements | 77,856 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 8,843 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,477 | |||
Buildings and Improvements | 86,699 | |||
Total | 98,176 | |||
Accumulated Depreciation | 34,066 | |||
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 | 72,239 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,065 | |||
Buildings and Improvements | 296,960 | |||
Total | 314,025 | |||
Accumulated Depreciation | 140,770 | |||
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 | 9,907 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,986 | |||
Buildings and Improvements | 194,897 | |||
Total | 207,883 | |||
Accumulated Depreciation | 84,213 | |||
Premium Outlets | Carolina Premium Outlets, Smithfield (Raleigh), NC | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 42,982 | |||
Initial Cost | ||||
Land | 3,175 | |||
Buildings and Improvements | 59,863 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,311 | |||
Buildings and Improvements | 7,667 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,486 | |||
Buildings and Improvements | 67,530 | |||
Total | 76,016 | |||
Accumulated Depreciation | 36,402 | |||
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 | 101,399 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,709 | |||
Buildings and Improvements | 219,404 | |||
Total | 233,113 | |||
Accumulated Depreciation | 79,095 | |||
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 | 5,234 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,117 | |||
Buildings and Improvements | 76,754 | |||
Total | 90,871 | |||
Accumulated Depreciation | 36,619 | |||
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 | 6,098 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,592 | |||
Buildings and Improvements | 113,654 | |||
Total | 117,246 | |||
Accumulated Depreciation | 57,830 | |||
Premium Outlets | Denver Premium Outlets, Thornton (Denver), CO | ||||
Initial Cost | ||||
Land | 11,671 | |||
Buildings and Improvements | 45,335 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 10 | |||
Buildings and Improvements | 71,266 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,681 | |||
Buildings and Improvements | 116,601 | |||
Total | 128,282 | |||
Accumulated Depreciation | 7,030 | |||
Premium Outlets | Desert Hills Premium Outlets, Cabazon (Palm Springs), CA | ||||
Initial Cost | ||||
Land | 3,440 | |||
Buildings and Improvements | 338,679 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 115,468 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,440 | |||
Buildings and Improvements | 454,147 | |||
Total | 457,587 | |||
Accumulated Depreciation | 173,343 | |||
Premium Outlets | Ellenton Premium Outlets, Ellenton (Tampa), FL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 178,000 | |||
Initial Cost | ||||
Land | 15,807 | |||
Buildings and Improvements | 182,412 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 7,719 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,807 | |||
Buildings and Improvements | 190,131 | |||
Total | 205,938 | |||
Accumulated Depreciation | 96,640 | |||
Premium Outlets | Folsom Premium Outlets, Folsom (Sacramento), CA | ||||
Initial Cost | ||||
Land | 9,060 | |||
Buildings and Improvements | 50,281 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,017 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,060 | |||
Buildings and Improvements | 55,298 | |||
Total | 64,358 | |||
Accumulated Depreciation | 30,972 | |||
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 | 17,960 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,630 | |||
Buildings and Improvements | 212,082 | |||
Total | 221,712 | |||
Accumulated Depreciation | 100,683 | |||
Premium Outlets | Grand Prairie Premium Outlets, Grand Prairie (Dallas), TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 111,607 | |||
Initial Cost | ||||
Land | 9,497 | |||
Buildings and Improvements | 194,245 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,167 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,497 | |||
Buildings and Improvements | 196,412 | |||
Total | 205,909 | |||
Accumulated Depreciation | 47,912 | |||
Premium Outlets | Grove City Premium Outlets, Grove City (Pittsburgh), PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 140,000 | |||
Initial Cost | ||||
Land | 6,421 | |||
Buildings and Improvements | 121,880 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 7,358 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,421 | |||
Buildings and Improvements | 129,238 | |||
Total | 135,659 | |||
Accumulated Depreciation | 66,003 | |||
Premium Outlets | Gulfport Premium Outlets, Gulfport, MS | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 50,000 | |||
Initial Cost | ||||
Buildings and Improvements | 27,949 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 7,494 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 35,443 | |||
Total | 35,443 | |||
Accumulated Depreciation | 15,543 | |||
Premium Outlets | Hagerstown Premium Outlets, Hagerstown (Baltimore/Washington, DC), MD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 74,655 | |||
Initial Cost | ||||
Land | 3,576 | |||
Buildings and Improvements | 85,883 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,930 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,576 | |||
Buildings and Improvements | 88,813 | |||
Total | 92,389 | |||
Accumulated Depreciation | 36,464 | |||
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 | 48,112 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,695 | |||
Buildings and Improvements | 117,462 | |||
Total | 126,157 | |||
Accumulated Depreciation | 50,806 | |||
Premium Outlets | Indiana Premium Outlets, Edinburgh (Indianapolis), IN | ||||
Initial Cost | ||||
Land | 2,857 | |||
Buildings and Improvements | 47,309 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 19,704 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,857 | |||
Buildings and Improvements | 67,013 | |||
Total | 69,870 | |||
Accumulated Depreciation | 34,573 | |||
Premium Outlets | Jackson Premium Outlets, Jackson (New York), NJ | ||||
Initial Cost | ||||
Land | 6,413 | |||
Buildings and Improvements | 104,013 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3 | |||
Buildings and Improvements | 8,413 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,416 | |||
Buildings and Improvements | 112,426 | |||
Total | 118,842 | |||
Accumulated Depreciation | 50,036 | |||
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 | 79,060 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,390 | |||
Buildings and Improvements | 130,039 | |||
Total | 145,429 | |||
Accumulated Depreciation | 61,084 | |||
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 | 6,978 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,800 | |||
Buildings and Improvements | 46,524 | |||
Total | 49,324 | |||
Accumulated Depreciation | 22,152 | |||
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 | 11,024 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,832 | |||
Buildings and Improvements | 106,018 | |||
Total | 117,850 | |||
Accumulated Depreciation | 44,198 | |||
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 | 11,088 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 45,168 | |||
Buildings and Improvements | 262,966 | |||
Total | 308,134 | |||
Accumulated Depreciation | 94,764 | |||
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 | 151,951 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,971 | |||
Buildings and Improvements | 286,924 | |||
Total | 328,895 | |||
Accumulated Depreciation | 123,087 | |||
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 | 33,215 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,085 | |||
Buildings and Improvements | 193,992 | |||
Total | 207,077 | |||
Accumulated Depreciation | 82,007 | |||
Premium Outlets | Lee Premium Outlets, Lee, MA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 50,710 | |||
Initial Cost | ||||
Land | 9,167 | |||
Buildings and Improvements | 52,212 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,313 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,167 | |||
Buildings and Improvements | 56,525 | |||
Total | 65,692 | |||
Accumulated Depreciation | 27,692 | |||
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 | 20,557 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,190 | |||
Buildings and Improvements | 182,580 | |||
Total | 189,770 | |||
Accumulated Depreciation | 84,560 | |||
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 | 13,222 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,630 | |||
Buildings and Improvements | 107,360 | |||
Total | 113,990 | |||
Accumulated Depreciation | 56,227 | |||
Premium Outlets | Merrimack Premium Outlets, Merrimack, NH | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 119,120 | |||
Initial Cost | ||||
Land | 14,975 | |||
Buildings and Improvements | 118,428 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,684 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,975 | |||
Buildings and Improvements | 121,112 | |||
Total | 136,087 | |||
Accumulated Depreciation | 38,616 | |||
Premium Outlets | Napa Premium Outlets, Napa, CA | ||||
Initial Cost | ||||
Land | 11,400 | |||
Buildings and Improvements | 45,023 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 7,621 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,400 | |||
Buildings and Improvements | 52,644 | |||
Total | 64,044 | |||
Accumulated Depreciation | 25,980 | |||
Premium Outlets | North Bend Premium Outlets, North Bend (Seattle), WA | ||||
Initial Cost | ||||
Land | 2,143 | |||
Buildings and Improvements | 36,197 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,757 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,143 | |||
Buildings and Improvements | 41,954 | |||
Total | 44,097 | |||
Accumulated Depreciation | 18,761 | |||
Premium Outlets | North Georgia Premium Outlets, Dawsonville (Atlanta), GA | ||||
Initial Cost | ||||
Land | 4,300 | |||
Buildings and Improvements | 137,020 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,785 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,300 | |||
Buildings and Improvements | 138,805 | |||
Total | 143,105 | |||
Accumulated Depreciation | 63,672 | |||
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 | 17,151 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 31,998 | |||
Buildings and Improvements | 489,966 | |||
Total | 521,964 | |||
Accumulated Depreciation | 165,855 | |||
Premium Outlets | Orlando Vineland Premium Outlets, Orlando, FL | ||||
Initial Cost | ||||
Land | 14,040 | |||
Buildings and Improvements | 382,949 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 36,023 | |||
Buildings and Improvements | 6,279 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 50,063 | |||
Buildings and Improvements | 389,228 | |||
Total | 439,291 | |||
Accumulated Depreciation | 166,168 | |||
Premium Outlets | Petaluma Village Premium Outlets, Petaluma (San Francisco), CA | ||||
Initial Cost | ||||
Land | 13,322 | |||
Buildings and Improvements | 13,710 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,428 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,322 | |||
Buildings and Improvements | 18,138 | |||
Total | 31,460 | |||
Accumulated Depreciation | 11,127 | |||
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 | 26,355 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,676 | |||
Buildings and Improvements | 131,604 | |||
Total | 148,280 | |||
Accumulated Depreciation | 68,622 | |||
Premium Outlets | Phoenix Premium Outlets, Chandler (Phoenix), AZ | ||||
Initial Cost | ||||
Buildings and Improvements | 63,082 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 634 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 63,716 | |||
Total | 63,716 | |||
Accumulated Depreciation | 21,380 | |||
Premium Outlets | Pismo Beach Premium Outlets, Pismo Beach, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 34,590 | |||
Initial Cost | ||||
Land | 4,317 | |||
Buildings and Improvements | 19,044 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,906 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,317 | |||
Buildings and Improvements | 21,950 | |||
Total | 26,267 | |||
Accumulated Depreciation | 12,267 | |||
Premium Outlets | Pleasant Prairie Premium Outlets, Pleasant Prairie (Chicago, IL/Milwaukee), WI | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 145,000 | |||
Initial Cost | ||||
Land | 16,823 | |||
Buildings and Improvements | 126,686 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 7,337 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,823 | |||
Buildings and Improvements | 134,023 | |||
Total | 150,846 | |||
Accumulated Depreciation | 50,807 | |||
Premium Outlets | Puerto Rico Premium Outlets, Barceloneta, PR | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 160,000 | |||
Initial Cost | ||||
Land | 20,586 | |||
Buildings and Improvements | 114,021 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 9,301 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 20,586 | |||
Buildings and Improvements | 123,322 | |||
Total | 143,908 | |||
Accumulated Depreciation | 46,781 | |||
Premium Outlets | Queenstown Premium Outlets, Queenstown (Baltimore), MD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 60,767 | |||
Initial Cost | ||||
Land | 8,129 | |||
Buildings and Improvements | 61,950 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,095 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,129 | |||
Buildings and Improvements | 67,045 | |||
Total | 75,174 | |||
Accumulated Depreciation | 26,943 | |||
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 | 32,631 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,229 | |||
Buildings and Improvements | 74,178 | |||
Total | 86,407 | |||
Accumulated Depreciation | 42,057 | |||
Premium Outlets | Round Rock Premium Outlets, Round Rock (Austin), TX | ||||
Initial Cost | ||||
Land | 14,706 | |||
Buildings and Improvements | 82,252 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 6,541 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,706 | |||
Buildings and Improvements | 88,793 | |||
Total | 103,499 | |||
Accumulated Depreciation | 51,123 | |||
Premium Outlets | San Francisco Premium Outlets, Livermore (San Francisco), CA | ||||
Initial Cost | ||||
Land | 21,925 | |||
Buildings and Improvements | 308,694 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 46,177 | |||
Buildings and Improvements | 75,029 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 68,102 | |||
Buildings and Improvements | 383,723 | |||
Total | 451,825 | |||
Accumulated Depreciation | 84,035 | |||
Premium Outlets | San Marcos Premium Outlets, San Marcos (Austin/San Antonio), TX | ||||
Initial Cost | ||||
Land | 13,180 | |||
Buildings and Improvements | 287,179 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 12,207 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,180 | |||
Buildings and Improvements | 299,386 | |||
Total | 312,566 | |||
Accumulated Depreciation | 105,137 | |||
Premium Outlets | Seattle Premium Outlets, Tulalip (Seattle), WA | ||||
Initial Cost | ||||
Buildings and Improvements | 103,722 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 53,899 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 157,621 | |||
Total | 157,621 | |||
Accumulated Depreciation | 72,850 | |||
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 | 12,437 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,092 | |||
Buildings and Improvements | 70,107 | |||
Total | 76,199 | |||
Accumulated Depreciation | 36,240 | |||
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 | 5,135 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,419 | |||
Buildings and Improvements | 102,323 | |||
Total | 116,742 | |||
Accumulated Depreciation | 19,150 | |||
Premium Outlets | The Crossings Premium Outlets, Tannersville, PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 105,802 | |||
Initial Cost | ||||
Land | 7,720 | |||
Buildings and Improvements | 172,931 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 18,399 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,720 | |||
Buildings and Improvements | 191,330 | |||
Total | 199,050 | |||
Accumulated Depreciation | 84,345 | |||
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 | 5,900 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,508 | |||
Buildings and Improvements | 75,577 | |||
Total | 88,085 | |||
Accumulated Depreciation | 14,223 | |||
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 | 19,156 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,420 | |||
Buildings and Improvements | 104,006 | |||
Total | 113,426 | |||
Accumulated Depreciation | 53,763 | |||
Premium Outlets | Waikele Premium Outlets, Waipahu (Honolulu), HI | ||||
Initial Cost | ||||
Land | 22,630 | |||
Buildings and Improvements | 77,316 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 20,953 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 22,630 | |||
Buildings and Improvements | 98,269 | |||
Total | 120,899 | |||
Accumulated Depreciation | 45,639 | |||
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 | 14,935 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,230 | |||
Buildings and Improvements | 90,212 | |||
Total | 93,442 | |||
Accumulated Depreciation | 45,560 | |||
Premium Outlets | Williamsburg Premium Outlets, Williamsburg, VA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 185,000 | |||
Initial Cost | ||||
Land | 10,323 | |||
Buildings and Improvements | 223,789 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 7,992 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,323 | |||
Buildings and Improvements | 231,781 | |||
Total | 242,104 | |||
Accumulated Depreciation | 80,017 | |||
Premium Outlets | Woodburn Premium Outlets, Woodburn (Portland), OR | ||||
Initial Cost | ||||
Land | 9,414 | |||
Buildings and Improvements | 150,414 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,983 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,414 | |||
Buildings and Improvements | 153,397 | |||
Total | 162,811 | |||
Accumulated Depreciation | 41,386 | |||
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 | 262,904 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,768 | |||
Buildings and Improvements | 1,125,463 | |||
Total | 1,138,231 | |||
Accumulated Depreciation | 416,863 | |||
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 | 43,343 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,900 | |||
Buildings and Improvements | 325,374 | |||
Total | 330,274 | |||
Accumulated Depreciation | 137,981 | |||
The Mills | Arizona Mills, Tempe (Phoenix), AZ | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 149,481 | |||
Initial Cost | ||||
Land | 41,936 | |||
Buildings and Improvements | 297,289 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 18,788 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,936 | |||
Buildings and Improvements | 316,077 | |||
Total | 358,013 | |||
Accumulated Depreciation | 64,198 | |||
The Mills | Great Mall, Milpitas (San Jose), CA | ||||
Initial Cost | ||||
Land | 69,853 | |||
Buildings and Improvements | 463,101 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 57,898 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 69,853 | |||
Buildings and Improvements | 520,999 | |||
Total | 590,852 | |||
Accumulated Depreciation | 137,261 | |||
The Mills | Gurnee Mills, Gurnee (Chicago), IL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 259,455 | |||
Initial Cost | ||||
Land | 41,133 | |||
Buildings and Improvements | 297,911 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 30,392 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,133 | |||
Buildings and Improvements | 328,303 | |||
Total | 369,436 | |||
Accumulated Depreciation | 90,091 | |||
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 | 17,732 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 120,417 | |||
Buildings and Improvements | 883,337 | |||
Total | 1,003,754 | |||
Accumulated Depreciation | 166,147 | |||
The Mills | Opry Mills, Nashville, TN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 375,000 | |||
Initial Cost | ||||
Land | 51,000 | |||
Buildings and Improvements | 327,503 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 16,815 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 51,000 | |||
Buildings and Improvements | 344,318 | |||
Total | 395,318 | |||
Accumulated Depreciation | 92,169 | |||
The Mills | Outlets at Orange, The, Orange (Los Angeles), CA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 215,000 | |||
Initial Cost | ||||
Land | 64,973 | |||
Buildings and Improvements | 211,322 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,728 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 64,973 | |||
Buildings and Improvements | 214,050 | |||
Total | 279,023 | |||
Accumulated Depreciation | 9,940 | |||
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 | 40,019 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 61,755 | |||
Buildings and Improvements | 465,389 | |||
Total | 527,144 | |||
Accumulated Depreciation | 132,379 | |||
The Mills | Sawgrass Mills, Sunrise (Miami), FL | ||||
Initial Cost | ||||
Land | 192,981 | |||
Buildings and Improvements | 1,641,153 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,395 | |||
Buildings and Improvements | 205,643 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 198,376 | |||
Buildings and Improvements | 1,846,796 | |||
Total | 2,045,172 | |||
Accumulated Depreciation | 465,457 | |||
Designer Outlets | La Reggia Designer Outlet, Marcianise (Naples), Italy | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 141,001 | |||
Initial Cost | ||||
Land | 37,220 | |||
Buildings and Improvements | 233,179 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 12,562 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 37,220 | |||
Buildings and Improvements | 245,741 | |||
Total | 282,961 | |||
Accumulated Depreciation | 37,075 | |||
Designer Outlets | Noventa Di Piave Designer Outlet, Venice, Italy | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 313,701 | |||
Initial Cost | ||||
Land | 38,793 | |||
Buildings and Improvements | 309,284 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 60,729 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 38,793 | |||
Buildings and Improvements | 370,013 | |||
Total | 408,806 | |||
Accumulated Depreciation | 47,723 | |||
Designer Outlets | Parndorf Designer Outlet, Vienna, Austria | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 207,487 | |||
Initial Cost | ||||
Land | 14,903 | |||
Buildings and Improvements | 221,442 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,331 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,903 | |||
Buildings and Improvements | 226,773 | |||
Total | 241,676 | |||
Accumulated Depreciation | 42,149 | |||
Designer Outlets | Provence Designer Outlet, Provence, France | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 91,855 | |||
Initial Cost | ||||
Land | 38,467 | |||
Buildings and Improvements | 77,827 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 6,169 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 44,636 | |||
Buildings and Improvements | 77,827 | |||
Total | 122,463 | |||
Accumulated Depreciation | 16,397 | |||
Designer Outlets | Roermond Designer Outlet, Roermond, Netherlands | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 257,958 | |||
Initial Cost | ||||
Land | 15,035 | |||
Buildings and Improvements | 400,094 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 8,833 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,035 | |||
Buildings and Improvements | 408,927 | |||
Total | 423,962 | |||
Accumulated Depreciation | 72,303 | |||
Designer Outlets | Roosendaal Designer Outlet, Roosendaal, Netherlands | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 65,447 | |||
Initial Cost | ||||
Land | 22,191 | |||
Buildings and Improvements | 108,069 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,927 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 22,191 | |||
Buildings and Improvements | 111,996 | |||
Total | 134,187 | |||
Accumulated Depreciation | 15,962 | |||
Community/Lifestyle Centers | ABQ Uptown, Albuquerque, NM | ||||
Initial Cost | ||||
Land | 6,374 | |||
Buildings and Improvements | 75,333 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 4,054 | |||
Buildings and Improvements | 7,532 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,428 | |||
Buildings and Improvements | 82,865 | |||
Total | 93,293 | |||
Accumulated Depreciation | 26,891 | |||
Community/Lifestyle Centers | University Park Village, Fort Worth, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 55,000 | |||
Initial Cost | ||||
Land | 18,031 | |||
Buildings and Improvements | 100,523 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,675 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 18,031 | |||
Buildings and Improvements | 105,198 | |||
Total | 123,229 | |||
Accumulated Depreciation | 18,306 | |||
Other Properties | Calhoun Outlet Marketplace, Calhoun, GA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 18,311 | |||
Initial Cost | ||||
Land | 1,745 | |||
Buildings and Improvements | 12,529 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,471 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,745 | |||
Buildings and Improvements | 15,000 | |||
Total | 16,745 | |||
Accumulated Depreciation | 9,683 | |||
Other Properties | Florida Keys Outlet Center, Florida City, FL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 17,000 | |||
Initial Cost | ||||
Land | 1,112 | |||
Buildings and Improvements | 1,748 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,127 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,112 | |||
Buildings and Improvements | 5,875 | |||
Total | 6,987 | |||
Accumulated Depreciation | 3,397 | |||
Other Properties | Gaffney Outlet Marketplace, Gaffney (Greenville/Charlotte), SC | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 29,581 | |||
Initial Cost | ||||
Land | 4,056 | |||
Buildings and Improvements | 32,371 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 6,347 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,056 | |||
Buildings and Improvements | 38,718 | |||
Total | 42,774 | |||
Accumulated Depreciation | 19,448 | |||
Other Properties | Lincoln Plaza, King of Prussia (Philadelphia), PA | ||||
Initial Cost | ||||
Buildings and Improvements | 21,299 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 12,963 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 34,262 | |||
Total | 34,262 | |||
Accumulated Depreciation | 16,147 | |||
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 | 3,347 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,367 | |||
Buildings and Improvements | 4,904 | |||
Total | 8,271 | |||
Accumulated Depreciation | 2,555 | |||
Other Properties | Osage Beach Marketplace, Osage Beach, MO | ||||
Initial Cost | ||||
Land | 9,460 | |||
Buildings and Improvements | 85,804 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 8,905 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,460 | |||
Buildings and Improvements | 94,709 | |||
Total | 104,169 | |||
Accumulated Depreciation | 54,997 | |||
Development Projects | Other pre-development costs | ||||
Initial Cost | ||||
Land | 107,403 | |||
Buildings and Improvements | 134,874 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 959 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 108,362 | |||
Buildings and Improvements | 134,874 | |||
Total | 243,236 | |||
Accumulated Depreciation | 78 | |||
Other | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 25,000 | |||
Initial Cost | ||||
Land | 3,537 | |||
Buildings and Improvements | 40,304 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,537 | |||
Buildings and Improvements | 40,304 | |||
Total | 43,841 | |||
Accumulated Depreciation | 11,138 | |||
Currency Translation Adjustment | ||||
Initial Cost | ||||
Land | 4,300 | |||
Buildings and Improvements | 5,364 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 19,165 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,300 | |||
Buildings and Improvements | 24,529 | |||
Total | 28,829 | |||
Accumulated Depreciation | $ (22,517) |
Schedule III Real Estate and _3
Schedule III Real Estate and Accumulated Depreciation - Changes in Real Estate Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Real Estate Properties: | |||
Balance, beginning of year | $ 36,667,960 | $ 36,014,506 | $ 34,897,942 |
Acquisitions and consolidations | 40,990 | 328,265 | 328,621 |
Improvements | 899,728 | 758,135 | 731,863 |
Disposals and deconsolidations | (219,268) | (357,622) | (125,499) |
Currency Translation Adjustment | (32,671) | (75,324) | 181,579 |
Balance, close of year | 37,356,739 | 36,667,960 | 36,014,506 |
Unaudited aggregate cost of real estate for federal income tax purposes | 21,435,574 | ||
Reconciliation of Accumulated Depreciation: | |||
Balance, beginning of year | 12,632,690 | 11,704,223 | 10,664,738 |
Depreciation expense | 1,176,815 | 1,106,053 | 1,121,863 |
Disposals and deconsolidations | (194,664) | (190,241) | (81,187) |
Currency Translation Adjustment | 7,592 | 12,655 | (1,191) |
Balance, close of year | $ 13,622,433 | $ 12,632,690 | $ 11,704,223 |
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 |